BoFor
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 16 filings
Equity
€198,911▼ 17.0%
2024 · €239,664
Total assets
€284,240▲ 4.6%
2024 · €271,780
Net result
€43,251▲ 3.1%
2024 · €41,954
Working capital
€195,638▼ 14.2%
2024 · €227,938
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€37,420
2025
20182025
Net result
€43,251
▲ 3.1%
2025
middle half of the sector
20182025
Equity
€198,911
▼ 17.0%
2025
middle half of the sector
20182025
Total assets
€284,240
▲ 4.6%
2025
middle half of the sector
20182025
Debt
€85,328
▲ 166%
2025
20182025
Working capital
€195,638
▼ 14.2%
2025
highest quarter of the sector
20182025
Solvency
70.0%
▼ 18.2pp
2025
middle half of the sector
20182025
Current ratio
3.29
▼ 4.80
2025
middle half of the sector
20182025
Return on assets (ROA)
15.2%
▼ 0.2pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€43,388-€26,703▼ 38.5%€59,166▲ 122%€36,372▼ 38.5%€58,859▲ 61.8%€67,531▲ 14.7%€55,652▼ 17.6%-€37,420
Net result€29,465-€17,866▼ 39.4%€41,236within the sector's middle half▲ 131%€24,902within the sector's middle half▼ 39.6%€42,037within the sector's middle half▲ 68.8%€50,863within the sector's middle half▲ 21.0%€41,954within the sector's middle half▼ 17.5%€43,251within the sector's middle half▲ 3.1%
Equity€136,266-€154,132▲ 13.1%€195,368within the sector's middle half▲ 26.8%€161,270within the sector's middle half▼ 17.5%€203,307within the sector's middle half▲ 26.1%€227,169within the sector's middle half▲ 11.7%€239,664within the sector's middle half▲ 5.5%€198,911within the sector's middle half▼ 17.0%
Total assets€155,795-€181,573▲ 16.5%€207,082below the sector's middle half▲ 14.0%€179,288below the sector's middle half▼ 13.4%€221,069below the sector's middle half▲ 23.3%€233,894below the sector's middle half▲ 5.8%€271,780below the sector's middle half▲ 16.2%€284,240within the sector's middle half▲ 4.6%
Debt€19,529-€27,441▲ 40.5%€11,715▼ 57.3%€18,019▲ 53.8%€17,762▼ 1.4%€6,725▼ 62.1%€32,117▲ 378%€85,328▲ 166%
Working capital€128,049-€147,081▲ 14.9%€188,856within the sector's middle half▲ 28.4%€155,138within the sector's middle half▼ 17.9%€194,274within the sector's middle half▲ 25.2%€214,000within the sector's middle half▲ 10.2%€227,938within the sector's middle half▲ 6.5%€195,638above the sector's middle half▼ 14.2%
Solvency87.5%-84.9%▼ 2.6pp94.3%above the sector's middle half▲ 9.5pp89.9%above the sector's middle half▼ 4.4pp92.0%above the sector's middle half▲ 2.0pp97.1%above the sector's middle half▲ 5.2pp88.2%above the sector's middle half▼ 8.9pp70.0%within the sector's middle half▼ 18.2pp
Current ratio7.56-6.36▼ 1.2017.12above the sector's middle half▲ 10.769.61above the sector's middle half▼ 7.5111.94above the sector's middle half▲ 2.3332.82above the sector's middle half▲ 20.888.10above the sector's middle half▼ 24.723.29within the sector's middle half▼ 4.80
Return on assets (ROA)18.9%-9.8%▼ 9.1pp19.9%above the sector's middle half▲ 10.1pp13.9%above the sector's middle half▼ 6.0pp19.0%above the sector's middle half▲ 5.1pp21.7%above the sector's middle half▲ 2.7pp15.4%above the sector's middle half▼ 6.3pp15.2%within the sector's middle half▼ 0.2pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €37,420, after a profit of €55,652 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €284,240
Fixed assets
€3,273 ▼ 72.1%
Current assets
€280,967 ▲ 8.0%
Equity and liabilities €284,240
Equity
€198,911 ▼ 17.0%
Debt
€85,328 ▲ 166%
Debt's share of the balance-sheet total rises from 11.8% to 30.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€34,968▼
2024 · €57,863
Cash flow
€45,704▲
2024 · €44,165
Debt to equity
0.43▲
2024 · 0.13
ROE
21.7%▲
2024 · 17.5%
Interest coverage
-178.11▼
2024 · over 100
Debt ≤ 1 year
€85,328▲
2024 · €32,117
Income taxes
€4,486▼
2024 · €17,059
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €3,569 | €5,405 | €768 | - |
| Depreciation and write-downs of the year | €380 | €668 | €1,269 | €2,211 | €2,453 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,166 | €1,166 | €539 | €380 | €668 | €1,269 | €2,211 | €2,453 | ▲ 10.9% |
| Other operating charges640/8 | - | - | - | €967 | €646 | €1,036 | €505 | €631 | ▲ 24.8% |
| Gross operating margin9900 | €46,398 | €29,028 | €60,827 | €37,719 | €60,173 | €69,836 | €58,369 | -€34,337 | - |
| Operating profit (loss)9901 | €43,388 | €26,703 | €59,166 | €36,372 | €58,859 | €67,531 | €55,652 | -€37,420 | - |
| Financial income75/76B | - | - | - | €0 | €267 | €3,496 | €3,670 | €85,354 | ▲ 23× |
| Recurring financial income75 | - | €0 | €0 | €0 | €267 | €3,496 | €3,670 | €85,354 | ▲ 23× |
| Financial charges65/66B | - | - | - | €293 | €295 | €399 | €309 | €196 | ▼ 36.6% |
| Recurring financial charges65 | €239 | €244 | €264 | €293 | €295 | €399 | €309 | €196 | ▼ 36.6% |
| Profit (loss) for the period before taxes9903 | €43,149 | €26,459 | €58,903 | €36,079 | €58,831 | €70,628 | €59,013 | €47,738 | ▼ 19.1% |
| Income taxes67/77 | €13,684 | €8,593 | €17,667 | €11,178 | €16,795 | €19,766 | €17,059 | €4,486 | ▼ 73.7% |
| Profit (loss) for the period9904 | €29,465 | €17,866 | €41,236 | €24,902 | €42,037 | €50,863 | €41,954 | €43,251 | ▲ 3.1% |
| Profit (loss) for the period to be appropriated9905 | €29,465 | €17,866 | €41,236 | €24,902 | €42,037 | €50,863 | €41,954 | €43,251 | ▲ 3.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €155,795 | €181,573 | €207,082 | €179,288 | €221,069 | €233,894 | €271,780 | €284,240 | ▲ 4.6% |
| Fixed assets21/28 | €8,217 | €7,051 | €6,512 | €6,132 | €9,033 | €13,169 | €11,726 | €3,273 | ▼ 72.1% |
| Tangible fixed assets22/27 | €2,217 | €1,051 | €512 | €132 | €3,033 | €7,169 | €5,726 | €3,273 | ▼ 42.8% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €758 | €502 | ▼ 33.7% |
| Furniture and vehicles24 | - | - | - | €132 | €3,033 | €7,169 | €4,968 | €2,771 | ▼ 44.2% |
| Financial fixed assets28 | €6,000 | €6,000 | €6,000 | €6,000 | €6,000 | €6,000 | €6,000 | €0 | ▼ 100% |
| Current assets29/58 | €147,577 | €174,521 | €200,571 | €173,157 | €212,036 | €220,725 | €260,054 | €280,967 | ▲ 8.0% |
| Amounts receivable after more than one year29 | - | - | - | - | €75,000 | €117,502 | €112,589 | €107,532 | ▼ 4.5% |
| Other amounts receivable291 | - | - | - | - | €75,000 | €117,502 | €112,589 | €107,532 | ▼ 4.5% |
| Amounts receivable within one year40/41 | €49,816 | €61,603 | €48,400 | €60,085 | €59,290 | €70,293 | €85,646 | €18,732 | ▼ 78.1% |
| Trade receivables40 | - | - | - | €56,265 | €59,290 | €65,518 | €75,538 | €12,010 | ▼ 84.1% |
| Other amounts receivable41 | - | - | - | €3,820 | €0 | €4,775 | €10,108 | €6,721 | ▼ 33.5% |
| Current investments50/53 | €90,000 | €100,000 | €135,000 | €100,000 | €15,000 | €0 | - | - | - |
| Cash at bank and in hand54/58 | €7,344 | €12,538 | €16,802 | €12,694 | €61,356 | €32,544 | €61,453 | €154,327 | ▲ 151% |
| Deferred charges and accrued income490/1 | - | - | - | €378 | €1,390 | €386 | €367 | €375 | ▲ 2.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €155,795 | €181,573 | €207,082 | €179,288 | €221,069 | €233,894 | €271,780 | €284,240 | ▲ 4.6% |
| Equity10/15 | €136,266 | €154,132 | €195,368 | €161,270 | €203,307 | €227,169 | €239,664 | €198,911 | ▼ 17.0% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €117,320 | €135,186 | €176,422 | €142,324 | €184,361 | €208,223 | €220,718 | €179,965 | ▼ 18.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €140,464 | €182,501 | €208,223 | €220,718 | €179,965 | ▼ 18.5% |
| Profit (loss) carried forward14 | €346 | €346 | €346 | €346 | €346 | €346 | €346 | €346 | = |
| Amounts payable17/49 | €19,529 | €27,441 | €11,715 | €18,019 | €17,762 | €6,725 | €32,117 | €85,328 | ▲ 166% |
| Amounts payable within one year42/48 | €19,529 | €27,441 | €11,715 | €18,019 | €17,762 | €6,725 | €32,117 | €85,328 | ▲ 166% |
| Trade debts44 | €1,972 | €1,552 | €345 | €308 | €2,186 | €473 | €259 | €976 | ▲ 277% |
| Suppliers440/4 | - | - | - | €308 | €2,186 | €473 | €259 | €976 | ▲ 277% |
| Taxes, remuneration and social security45 | - | - | - | €7,967 | €11,942 | €4,709 | €1,690 | €5,167 | ▲ 206% |
| Taxes450/3 | - | - | - | €7,967 | €11,942 | €4,709 | €1,690 | €5,167 | ▲ 206% |
| Other amounts payable47/48 | - | - | - | €9,744 | €3,634 | €1,544 | €30,168 | €79,185 | ▲ 162% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,465 | €17,866 | €41,236 | €24,902 | €42,037 | €50,863 | €41,954 | €43,251 | ▲ 3.1% |
| + Depreciation and write-downs630 | €1,166 | €1,166 | €539 | €380 | €668 | €1,269 | €2,211 | €2,453 | ▲ 10.9% |
| Operating cash flow (approximation) | €30,631 | €19,032 | €41,775 | €25,282 | €42,705 | €52,132 | €44,165 | €45,704 | ▲ 3.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€3,569 | -€5,405 | -€768 | €6,000 | - |
| Change in cash | - | €5,194 | €4,265 | -€4,109 | €48,662 | -€28,811 | €28,908 | €92,875 | ▲ 221% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 34,693 companies had the same profile as BoFor has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of BoFor itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 34,693 companies, not a prediction for BoFor. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-07-2026 | 2026-00332983 | |
| 31-12-2024 | abbreviated format | 20-06-2025 | 2025-00156616 | |
| 31-12-2023 | abbreviated format | 26-07-2024 | 2024-00288777 | |
| 31-12-2022 | abbreviated format | 27-07-2023 | 2023-00279149 | |
| 31-12-2021 | abbreviated format | 25-07-2022 | 2022-20218053 | |
| 31-12-2020 | abbreviated format | 29-07-2021 | 2021-42300055 | |
| 31-12-2019 | abbreviated format | 16-07-2020 | 2020-30700141 | |
| 31-12-2018 | abbreviated format | 25-07-2019 | 2019-37800300 | |
| 31-12-2017 | abbreviated format | 26-07-2018 | 2018-38700107 | |
| 31-12-2016 | abbreviated format | 24-07-2017 | 2017-34900373 |