BOFO
ActiveSummary
BOFO has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €84,020 and a net result of €70,550. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 30% of 10485 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability90▲+37
Solvency45▲+16
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
1.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5,000 at 30 days acceptable
Liquidity short (current ratio 0.71 against 0.43 in 2024; short-term debt: 42.7% and cash: 25.5% of total assets), and 79.9% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
20.1%
Return on assets
16.8%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €84,020
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 20-08-2026, 20 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
20 d late
2024
30 d late
2023
29 d late
2022
30 d late
2021
31 d late
2020
31 d late
2019
31 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 29 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€70,550
2024 · -€14,393
Working capital
-€51,696▲ 36.7%
2024 · -€81,706
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€27,257▲ 23.3%€40,862▲ 49.9%-€2,983-€378▲ 87.3%€84,125
Net result€17,828▲ 65.7%€32,055▲ 79.8%-€16,365-€14,393▲ 12.1%€70,550
Equity€12,174€44,229▲ 263%€27,864▼ 37.0%€13,471▼ 51.7%€84,020▲ 524%
Total assets€563,688▼ 8.1%€520,831▼ 7.6%€383,849▼ 26.3%€322,033▼ 16.1%€419,043▲ 30.1%
Debt€551,513▼ 10.9%€476,602▼ 13.6%€355,985▼ 25.3%€308,563▼ 13.3%€332,523▲ 7.8%
Working capital-€67,163▲ 31.0%-€25,623▲ 61.8%-€89,005▼ 247%-€81,706▲ 8.2%-€51,696▲ 36.7%
Staff (FTE)4.8▼ 4.0%4.9▲ 2.1%4.6▼ 6.1%4.6=7.3▲ 58.7%
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €84,125 after a loss of €378 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €419,043
Fixed assets
€291,773 ▲ 11.6%
Current assets
€127,270 ▲ 110%
Equity and liabilities €419,043
Equity
€84,020 ▲ 524%
Provisions
€2,500
Debt
€332,523 ▲ 7.8%
Debt's share of the balance-sheet total falls from 95.8% to 79.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€141,046▲
2024 · €66,358
Cash flow
€127,471▲
2024 · €52,343
Current ratio
0.71▲
2024 · 0.43
Quick ratio
0.65▲
2024 · 0.40
Debt to equity
3.96▼
2024 · 22.91
ROE
84.0%▲
2024 · -106.8%
ROA
16.8%▲
2024 · -4.5%
Interest coverage
11.52▲
2024 · 4.73
Debt ≤ 1 year
€178,966▲
2024 · €142,219
Debt > 1 year
€153,164▼
2024 · €165,952
Income taxes
€1,364
Staff costs
€235,966▲
2024 · €148,854
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,049 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 96% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.5%
went bankrupt
2.3%
stopped otherwise
96%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.5% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 5,049 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €131,711 | €138,174 | €148,771 | €148,854 | €235,966 | ▲ 58.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €77,628 | €77,088 | €72,276 | €66,736 | €56,921 | ▼ 14.7% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | €2,500 | - |
| Other operating charges640/8 | €8,214 | €8,721 | €9,469 | €9,679 | €11,852 | ▲ 22.4% |
| Gross operating margin9900 | €244,809 | €264,846 | €227,533 | €224,891 | €391,363 | ▲ 74.0% |
| Operating profit (loss)9901 | €27,257 | €40,862 | -€2,983 | -€378 | €84,125 | ▲ 22,383% |
| Financial income75/76B | €5 | €2 | €4 | €3 | €31 | ▲ 803% |
| Recurring financial income75 | €5 | €2 | €4 | €3 | €31 | ▲ 803% |
| Financial charges65/66B | €9,433 | €8,809 | €13,386 | €14,019 | €12,242 | ▼ 12.7% |
| Recurring financial charges65 | €9,433 | €8,809 | €13,386 | €14,019 | €12,242 | ▼ 12.7% |
| Profit (loss) for the period before taxes9903 | €17,828 | €32,055 | -€16,365 | -€14,393 | €71,913 | ▲ 600% |
| Income taxes67/77 | - | - | - | - | €1,364 | - |
| Profit (loss) for the period9904 | €17,828 | €32,055 | -€16,365 | -€14,393 | €70,550 | ▲ 590% |
| Profit (loss) for the period to be appropriated9905 | €17,828 | €32,055 | -€16,365 | -€14,393 | €70,550 | ▲ 590% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €563,688 | €520,831 | €383,849 | €322,033 | €419,043 | ▲ 30.1% |
| Fixed assets21/28 | €471,594 | €396,863 | €324,587 | €261,521 | €291,773 | ▲ 11.6% |
| Intangible fixed assets21 | - | - | - | - | €8,986 | - |
| Tangible fixed assets22/27 | €471,594 | €396,863 | €324,587 | €261,521 | €282,787 | ▲ 8.1% |
| Land and buildings22 | €323,481 | €293,337 | €263,193 | €233,950 | €207,414 | ▼ 11.3% |
| Plant, machinery and equipment23 | €142,922 | €101,262 | €59,602 | €23,605 | €32,927 | ▲ 39.5% |
| Furniture and vehicles24 | €5,191 | €2,264 | €1,793 | €3,966 | €42,445 | ▲ 970% |
| Current assets29/58 | €92,094 | €123,968 | €59,262 | €60,513 | €127,270 | ▲ 110% |
| Stocks and contracts in progress3 | €3,945 | €3,917 | €3,840 | €3,760 | €11,471 | ▲ 205% |
| Stocks30/36 | €3,945 | €3,917 | €3,840 | €3,760 | €11,471 | ▲ 205% |
| Amounts receivable within one year40/41 | €20 | €55 | €177 | €775 | €2,972 | ▲ 284% |
| Trade receivables40 | €20 | €55 | €177 | €775 | €2,972 | ▲ 284% |
| Cash at bank and in hand54/58 | €85,379 | €116,645 | €52,455 | €51,161 | €106,789 | ▲ 109% |
| Deferred charges and accrued income490/1 | €2,750 | €3,351 | €2,790 | €4,817 | €6,038 | ▲ 25.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €563,688 | €520,831 | €383,849 | €322,033 | €419,043 | ▲ 30.1% |
| Equity10/15 | €12,174 | €44,229 | €27,864 | €13,471 | €84,020 | ▲ 524% |
| Contributions10/11 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Capital10 | €100,000 | €100,000 | €100,000 | - | - | - |
| Issued capital100 | €100,000 | €100,000 | €100,000 | - | - | - |
| Profit (loss) carried forward14 | -€87,826 | -€55,771 | -€72,136 | -€86,529 | -€15,980 | ▲ 81.5% |
| Provisions and deferred taxes16 | - | - | - | - | €2,500 | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | €2,500 | - |
| Other liabilities and charges164/5 | - | - | - | - | €2,500 | - |
| Amounts payable17/49 | €551,513 | €476,602 | €355,985 | €308,563 | €332,523 | ▲ 7.8% |
| Amounts payable after more than one year17 | €391,557 | €325,911 | €206,931 | €165,952 | €153,164 | ▼ 7.7% |
| Financial debts170/4 | €391,557 | €325,911 | €206,931 | €165,952 | €153,164 | ▼ 7.7% |
| Amounts payable within one year42/48 | €159,256 | €149,591 | €148,267 | €142,219 | €178,966 | ▲ 25.8% |
| Current portion of amounts payable after more than one year42 | €65,646 | €65,646 | €57,646 | €40,979 | €39,860 | ▼ 2.7% |
| Trade debts44 | €23,914 | €33,294 | €36,252 | €58,226 | €58,613 | ▲ 0.7% |
| Suppliers440/4 | €23,914 | €33,294 | €36,252 | €58,226 | €58,613 | ▲ 0.7% |
| Taxes, remuneration and social security45 | €27,816 | €28,530 | €34,368 | €23,013 | €60,494 | ▲ 163% |
| Taxes450/3 | €5,421 | €5,479 | €5,870 | €3,628 | €14,032 | ▲ 287% |
| Remuneration and social security454/9 | €22,395 | €23,051 | €28,498 | €19,385 | €46,462 | ▲ 140% |
| Other amounts payable47/48 | €41,880 | €22,120 | €20,000 | €20,000 | €20,000 | = |
| Accrued charges and deferred income492/3 | €700 | €1,100 | €787 | €393 | €393 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,828 | €32,055 | -€16,365 | -€14,393 | €70,550 | ▲ 590% |
| + Depreciation and write-downs630 | €77,628 | €77,088 | €72,276 | €66,736 | €56,921 | ▼ 14.7% |
| Operating cash flow (approximation) | €95,457 | €109,142 | €55,910 | €52,343 | €127,471 | ▲ 144% |
| Investment in fixed assets (approximation) | - | -€2,357 | €0 | -€3,669 | -€87,173 | ▼ 2,276% |
| Change in cash | - | €31,266 | -€64,190 | -€1,295 | €55,628 | ▲ 4,396% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
20-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 20 days late
2025
31-12
Financial
Back to profitnet €70,550
Net result €70,550 after 2 loss-making years.
30-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 30 days late
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 29 days late
2023
31-12
Financial
Weakest financial yearnet -€16,365
Net result drops to -€16,365, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 30 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 31 days late
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 31 days late
2020
31-12
Financial
Back to profitnet €10,759
Net result €10,759 after 2 loss-making years.
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 31 days late
2019
27-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 27 days late
2018
23-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 23 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Liège · 4 establishment units since 2014
Ground area
1,027 m²
Building footprint
449 m²
Volume, LiDAR
2,889 m³
4 parcels, Wallonia · tallest building 15.2 m, ±5 floors. Linked by address, not a title deed.
4 establishment units
BOFO
since 20142.231.726.015
Boulangerie Fonk
since 20252.375.233.258
Boulangerie Fonk
since 20262.388.443.866
Boulangerie Fonk
since 20262.392.981.486
4 parcels
Wallonia
4
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 82032E0547/00G003 | Wallonia | 359 m² | 1 · 87 m² | - |
| 82032E0221/00H000 | Wallonia | 287 m² | 1 · 131 m² | - |
| 63072G0754/00M000 | Wallonia | 204 m² | 1 · 74 m² | 11.7 m · 3 fl. |
| 62817B0446/00E009 | Wallonia | 177 m² | 1 · 156 m² | 15.2 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
4 of 4 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 ownerOwners 1
-
50%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Food safety, FASFC
3 sitesSpa2.388.443.866
Vielsalm2.375.233.258
Liège2.231.726.015
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Of 2,403 companies in sector 47241 we hold annual accounts for 1,101. 927 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded16-06-2014
Fiscal year end31-12
Activities, NACEBEL 2025
47241Retail sale of bread and pastry (bakery outlets)
56112Limited-service restaurants, excluding mobile food services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0553828131
Also
9925:BE0553828131
Registered
25-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.