BOFORCE
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 16 filings
Turnover
≈ €260,000
Estimated: probably between €170,000 and €600,000
EBIT margin
Not included in this filing
Net result
€70,379▲ 160%
2024 · €27,070
Working capital
€29,282
2024 · -€44,114
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€100,583
▲ 106%
2025
20182025
Net result
€70,379
▲ 160%
2025
middle half of the sector
20182025
Equity
€362,721
▲ 24.1%
2025
middle half of the sector
20182025
Total assets
€363,203
▲ 0.6%
2025
lowest quarter of the sector
20182025
Debt
€481
▼ 99.3%
2025
20182025
Working capital
€29,282
2025
middle half of the sector
20182025
Solvency
99.9%
▲ 18.9pp
2025
highest quarter of the sector
20182025
Current ratio
66.66
▲ 66.31
2025
highest quarter of the sector
20182025
Return on assets (ROA)
19.4%
▲ 11.9pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€13,646-€14,120▲ 3.5%-€9,766€50,015€14,756▼ 70.5%-€22,935€48,856€100,583▲ 106%
Net result€12,231-€12,645▲ 3.4%-€10,343below the sector's middle half€48,473within the sector's middle half€12,488within the sector's middle half▼ 74.2%-€25,385below the sector's middle half€27,070within the sector's middle half€70,379within the sector's middle half▲ 160%
Equity€281,394-€282,039▲ 0.2%€271,696within the sector's middle half▼ 3.7%€290,169within the sector's middle half▲ 6.8%€290,657within the sector's middle half▲ 0.2%€265,272within the sector's middle half▼ 8.7%€292,342within the sector's middle half▲ 10.2%€362,721within the sector's middle half▲ 24.1%
Total assets€323,762-€313,672▼ 3.1%€312,740below the sector's middle half▼ 0.3%€365,083below the sector's middle half▲ 16.7%€389,415below the sector's middle half▲ 6.7%€359,488below the sector's middle half▼ 7.7%€360,947below the sector's middle half▲ 0.4%€363,203below the sector's middle half▲ 0.6%
Debt€42,369-€31,633▼ 25.3%€41,045▲ 29.8%€74,914▲ 82.5%€98,758▲ 31.8%€94,215▼ 4.6%€68,605▼ 27.2%€481▼ 99.3%
Working capital-€33,320--€25,925▲ 22.2%-€36,878within the sector's middle half▼ 42.2%-€58,689within the sector's middle half▼ 59.1%-€74,774within the sector's middle half▼ 27.4%-€88,035within the sector's middle half▼ 17.7%-€44,114within the sector's middle half▲ 49.9%€29,282within the sector's middle half
Solvency86.9%-89.9%▲ 3.0pp86.9%above the sector's middle half▼ 3.0pp79.5%above the sector's middle half▼ 7.4pp74.6%above the sector's middle half▼ 4.8pp73.8%above the sector's middle half▼ 0.8pp81.0%above the sector's middle half▲ 7.2pp99.9%above the sector's middle half▲ 18.9pp
Current ratio0.20-0.17▼ 0.020.10below the sector's middle half▼ 0.080.20below the sector's middle half▲ 0.100.23below the sector's middle half▲ 0.030.05below the sector's middle half▼ 0.180.35below the sector's middle half▲ 0.2966.66above the sector's middle half▲ 66.31
Return on assets (ROA)3.8%-4.0%▲ 0.3pp-3.3%below the sector's middle half▼ 7.3pp13.3%above the sector's middle half▲ 16.6pp3.2%within the sector's middle half▼ 10.1pp-7.1%below the sector's middle half▼ 10.3pp7.5%above the sector's middle half▲ 14.6pp19.4%above the sector's middle half▲ 11.9pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 106% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €363,203
Fixed assets
€333,474 ▼ 1.3%
Current assets
€29,728 ▲ 27.9%
Equity and liabilities €363,203
Equity
€362,721 ▲ 24.1%
Debt
€481 ▼ 99.3%
Debt's share of the balance-sheet total falls from 19.0% to 0.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€121,806▲
2024 · €68,191
Cash flow
€91,602▲
2024 · €46,405
Debt to equity
0.00▼
2024 · 0.23
ROE
19.4%▲
2024 · 9.3%
Interest coverage
76.15▲
2024 · 15.98
Debt ≤ 1 year
€446▼
2024 · €67,365
Income taxes
€28,604▲
2024 · €17,529
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 | €59,593 | €34,034 | €6,023 | €2,484 | €16,999 |
| Depreciation and write-downs of the year | €9,034 | €16,984 | €18,518 | €19,335 | €21,222 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €20,856 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,183 | €19,618 | €10,977 | €9,034 | €16,984 | €18,518 | €19,335 | €21,222 | ▲ 9.8% |
| Other operating charges640/8 | - | - | - | €3,255 | €3,393 | €4,132 | €10,945 | €1,973 | ▼ 82.0% |
| Gross operating margin9900 | €33,885 | €36,290 | €3,187 | €62,304 | €35,133 | -€285 | €79,136 | €123,779 | ▲ 56.4% |
| Operating profit (loss)9901 | €13,646 | €14,120 | -€9,766 | €50,015 | €14,756 | -€22,935 | €48,856 | €100,583 | ▲ 106% |
| Financial income75/76B | - | - | - | - | - | €0 | €10 | - | - |
| Recurring financial income75 | - | - | €0 | - | - | €0 | €10 | - | - |
| Financial charges65/66B | - | - | - | €1,468 | €2,124 | €2,447 | €4,267 | €1,600 | ▼ 62.5% |
| Recurring financial charges65 | €1,087 | €500 | €230 | €1,468 | €2,124 | €2,447 | €4,267 | €1,600 | ▼ 62.5% |
| Profit (loss) for the period before taxes9903 | €12,559 | €13,620 | -€9,996 | €48,547 | €12,633 | -€25,382 | €44,599 | €98,984 | ▲ 122% |
| Income taxes67/77 | €328 | €975 | €347 | €74 | €144 | €3 | €17,529 | €28,604 | ▲ 63.2% |
| Profit (loss) for the period9904 | €12,231 | €12,645 | -€10,343 | €48,473 | €12,488 | -€25,385 | €27,070 | €70,379 | ▲ 160% |
| Profit (loss) for the period to be appropriated9905 | €12,231 | €12,645 | -€10,343 | €48,473 | €12,488 | -€25,385 | €27,070 | €70,379 | ▲ 160% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €323,762 | €313,672 | €312,740 | €365,083 | €389,415 | €359,488 | €360,947 | €363,203 | ▲ 0.6% |
| Fixed assets21/28 | €315,533 | €308,176 | €308,652 | €349,993 | €367,042 | €354,548 | €337,697 | €333,474 | ▼ 1.3% |
| Tangible fixed assets22/27 | €315,533 | €308,176 | €308,652 | €349,993 | €367,042 | €354,548 | €337,697 | €333,474 | ▼ 1.3% |
| Land and buildings22 | - | - | - | €309,910 | €335,487 | €332,206 | €322,396 | €312,718 | ▼ 3.0% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €1,350 | - |
| Furniture and vehicles24 | - | - | - | €40,083 | €31,555 | €22,342 | €15,301 | €17,457 | ▲ 14.1% |
| Other tangible fixed assets26 | - | - | - | - | - | - | - | €1,950 | - |
| Current assets29/58 | €8,229 | €5,496 | €4,088 | €15,090 | €22,373 | €4,940 | €23,250 | €29,728 | ▲ 27.9% |
| Amounts receivable within one year40/41 | - | - | €2,178 | €475 | €13,933 | €470 | €548 | €2,936 | ▲ 436% |
| Trade receivables40 | - | - | - | €475 | €10,481 | €470 | €548 | €847 | ▲ 54.7% |
| Other amounts receivable41 | - | - | - | - | €3,452 | - | - | €2,089 | - |
| Cash at bank and in hand54/58 | €6,999 | €4,237 | €607 | €12,913 | €6,630 | €2,538 | €21,287 | €25,316 | ▲ 18.9% |
| Deferred charges and accrued income490/1 | - | - | - | €1,702 | €1,809 | €1,932 | €1,416 | €1,476 | ▲ 4.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €323,762 | €313,672 | €312,740 | €365,083 | €389,415 | €359,488 | €360,947 | €363,203 | ▲ 0.6% |
| Equity10/15 | €281,394 | €282,039 | €271,696 | €290,169 | €290,657 | €265,272 | €292,342 | €362,721 | ▲ 24.1% |
| Contributions10/11 | €70,000 | €70,000 | €70,000 | €70,000 | €70,000 | €70,000 | €70,000 | €70,000 | = |
| Capital10 | - | - | - | €70,000 | €70,000 | €70,000 | €70,000 | €70,000 | = |
| Issued capital100 | - | - | - | €70,000 | €70,000 | €70,000 | €70,000 | €70,000 | = |
| Reserves13 | €192,081 | €192,081 | €192,081 | €192,081 | €192,081 | €192,081 | €192,081 | €192,081 | = |
| Non-distributable reserves130/1 | - | - | - | €7,000 | €7,000 | €7,000 | €7,000 | €7,000 | = |
| Legal reserve130 | - | - | - | €7,000 | €7,000 | €7,000 | €7,000 | €7,000 | = |
| Tax-exempt reserves132 | - | - | - | €135,231 | €135,231 | €135,231 | €135,231 | €135,231 | = |
| Distributable reserves133 | - | - | - | €49,851 | €49,851 | €49,851 | €49,851 | €49,851 | = |
| Profit (loss) carried forward14 | €19,312 | €19,958 | €9,614 | €28,087 | €28,576 | €3,191 | €30,261 | €100,640 | ▲ 233% |
| Amounts payable17/49 | €42,369 | €31,633 | €41,045 | €74,914 | €98,758 | €94,215 | €68,605 | €481 | ▼ 99.3% |
| Amounts payable within one year42/48 | €41,549 | €31,421 | €40,967 | €73,780 | €97,147 | €92,975 | €67,365 | €446 | ▼ 99.3% |
| Trade debts44 | €238 | €15,602 | €38,217 | €1,804 | €45,007 | €52,375 | €798 | €446 | ▼ 44.1% |
| Suppliers440/4 | - | - | - | €1,804 | €45,007 | €52,375 | €798 | €446 | ▼ 44.1% |
| Taxes, remuneration and social security45 | - | - | - | €1,975 | €140 | €600 | €26,567 | - | - |
| Taxes450/3 | - | - | - | €1,975 | €140 | €600 | €26,567 | - | - |
| Other amounts payable47/48 | - | - | - | €70,000 | €52,000 | €40,000 | €40,000 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €1,135 | €1,612 | €1,241 | €1,241 | €35 | ▼ 97.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,231 | €12,645 | -€10,343 | €48,473 | €12,488 | -€25,385 | €27,070 | €70,379 | ▲ 160% |
| + Depreciation and write-downs630 | €17,183 | €19,618 | €10,977 | €9,034 | €16,984 | €18,518 | €19,335 | €21,222 | ▲ 9.8% |
| Operating cash flow (approximation) | €29,414 | €32,263 | €634 | €57,507 | €29,473 | -€6,867 | €46,405 | €91,602 | ▲ 97.4% |
| Investment in fixed assets (approximation) | - | -€12,261 | -€11,453 | -€50,374 | -€34,034 | -€6,023 | -€2,484 | -€16,999 | ▼ 584% |
| Change in cash | - | -€2,762 | -€3,631 | €12,306 | -€6,282 | -€4,092 | €18,749 | €4,029 | ▼ 78.5% |
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 BOFORCE 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 BOFORCE 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 BOFORCE. 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 | full format | 02-07-2026 | 2026-00270824 | |
| 31-12-2024 | abbreviated format | 31-07-2025 | 2025-00358907 | |
| 31-12-2023 | abbreviated format | 29-07-2024 | 2024-00330714 | |
| 31-12-2022 | abbreviated format | 25-07-2023 | 2023-00307082 | |
| 31-12-2021 | abbreviated format | 25-08-2022 | 2022-20392825 | |
| 31-12-2020 | abbreviated format | 21-06-2021 | 2021-22400599 | |
| 31-12-2019 | abbreviated format | 17-06-2020 | 2020-17800109 | |
| 31-12-2018 | abbreviated format | 31-07-2019 | 2019-42400122 | |
| 31-12-2017 | micro format | 24-07-2018 | 2018-36800578 | |
| 31-12-2016 | micro format | 27-07-2017 | 2017-37300123 |