Bones
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 22-06-2026 at the NBB all 10 filings
Turnover
≈ €1.7m
Estimated: probably between €1.2m and €2.9m
Total assets
€575,808▼ 15.3%
2024 · €679,637
Net result
€202,899▲ 15.5%
2024 · €175,618
Working capital
€316,855▲ 192%
2024 · €108,370
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€309,788
▲ 29.0%
2025
20192025
Net result
€202,899
▲ 15.5%
2025
highest quarter of the sector
20192025
Equity
€344,495
▲ 143%
2025
highest quarter of the sector
20192025
Total assets
€575,808
▼ 15.3%
2025
middle half of the sector
20192025
Debt
€231,313
▼ 57.0%
2025
20192025
Working capital
€316,855
▲ 192%
2025
highest quarter of the sector
20192025
Solvency
59.8%
▲ 39.0pp
2025
highest quarter of the sector
20192025
Current ratio
2.40
▲ 1.19
2025
highest quarter of the sector
20192025
Return on assets (ROA)
35.2%
▲ 9.4pp
2025
highest quarter of the sector
20192025
Staff (FTE)
19.8
▲ 7.0%
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€229,463-€66,827▼ 70.9%€34,481▼ 48.4%€68,594▲ 98.9%€176,395▲ 157%€240,144▲ 36.1%€309,788▲ 29.0%
Net result€156,171-€47,823above the sector's middle half▼ 69.4%€40,831within the sector's middle half▼ 14.6%€59,151within the sector's middle half▲ 44.9%€133,570above the sector's middle half▲ 126%€175,618above the sector's middle half▲ 31.5%€202,899above the sector's middle half▲ 15.5%
Equity€384,002-€431,826above the sector's middle half▲ 12.5%€472,657above the sector's middle half▲ 9.5%€531,808above the sector's middle half▲ 12.5%€285,978within the sector's middle half▼ 46.2%€141,596within the sector's middle half▼ 50.5%€344,495above the sector's middle half▲ 143%
Total assets€571,893-€565,955within the sector's middle half▼ 1.0%€612,321within the sector's middle half▲ 8.2%€672,305within the sector's middle half▲ 9.8%€884,314within the sector's middle half▲ 31.5%€679,637within the sector's middle half▼ 23.1%€575,808within the sector's middle half▼ 15.3%
Debt€187,891-€134,129▼ 28.6%€139,665▲ 4.1%€140,497▲ 0.6%€598,336▲ 326%€538,042▼ 10.1%€231,313▼ 57.0%
Working capital€319,578-€380,203above the sector's middle half▲ 19.0%€445,621above the sector's middle half▲ 17.2%€509,509above the sector's middle half▲ 14.3%€266,557above the sector's middle half▼ 47.7%€108,370within the sector's middle half▼ 59.3%€316,855above the sector's middle half▲ 192%
Solvency67.1%-76.3%above the sector's middle half▲ 9.2pp77.2%above the sector's middle half▲ 0.9pp79.1%above the sector's middle half▲ 1.9pp32.3%within the sector's middle half▼ 46.8pp20.8%within the sector's middle half▼ 11.5pp59.8%above the sector's middle half▲ 39.0pp
Current ratio2.70-3.93above the sector's middle half▲ 1.234.38above the sector's middle half▲ 0.454.88above the sector's middle half▲ 0.511.45within the sector's middle half▼ 3.441.20within the sector's middle half▼ 0.252.40above the sector's middle half▲ 1.19
Return on assets (ROA)27.3%-8.4%within the sector's middle half▼ 18.9pp6.7%within the sector's middle half▼ 1.8pp8.8%within the sector's middle half▲ 2.1pp15.1%above the sector's middle half▲ 6.3pp25.8%above the sector's middle half▲ 10.7pp35.2%above the sector's middle half▲ 9.4pp
Staff (FTE)15.8-12.8above the sector's middle half▼ 19.0%12.1within the sector's middle half▼ 5.5%16.6above the sector's middle half▲ 37.2%19.4above the sector's middle half▲ 16.9%18.5above the sector's middle half▼ 4.6%19.8above the sector's middle half▲ 7.0%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 29% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €575,808
Fixed assets
€32,035 ▼ 7.1%
Current assets
€543,773 ▼ 15.7%
Equity and liabilities €575,808
Equity
€344,495 ▲ 143%
Debt
€231,313 ▼ 57.0%
Debt's share of the balance-sheet total falls from 79.2% to 40.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€318,371▲
2024 · €247,475
Cash flow
€211,482▲
2024 · €182,948
Quick ratio
2.33▲
2024 · 1.17
Debt to equity
0.67▼
2024 · 3.80
ROE
58.9%▼
2024 · 124.0%
Interest coverage
9.61▼
2024 · 31.43
Debt ≤ 1 year
€226,919▼
2024 · €536,770
Income taxes
€80,674▲
2024 · €64,727
Staff costs
€689,119▲
2024 · €652,421
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 19 | 25 | 24 | 26 | 26 |
| full-time | 8 | 11 | 10 | 8 | 10 |
| part-time | 11 | 14 | 14 | 18 | 16 |
| in full-time equivalents | 15.2 | 18.1 | 19 | 21.8 | 21.4 |
| Average over the year, in full-time equivalents | 12.1 | 16.6 | 19.4 | 18.5 | 19.8 |
| On a permanent contract | 10 | 11 | 10 | 10 | 11 |
| Joined | 96 | 130 | 173 | 109 | 111 |
| Left | 94 | 124 | 174 | 107 | 111 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €0 | €12,975 | €9,391 | €18,833 | €6,120 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €21,162 | €16,042 | €18,026 | €7,331 | €8,583 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €0.4m | €0.6m | €0.7m | €0.7m | €0.7m | ▲ 5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.02m | €0.02m | €0.02m | €0.02m | €0.007m | €0.009m | ▲ 17.1% |
| Other operating charges640/8 | - | - | €0.004m | €0.002m | €0.003m | €0.003m | €0.005m | ▲ 59.1% |
| Gross operating margin9900 | €0.8m | €0.5m | €0.5m | €0.7m | €0.9m | €0.9m | €1.0m | ▲ 12.1% |
| Operating profit (loss)9901 | €0.2m | €0.07m | €0.03m | €0.07m | €0.2m | €0.2m | €0.3m | ▲ 29.0% |
| Financial income75/76B | - | - | €0.01m | €0.01m | €0.01m | €0.008m | €0.007m | ▼ 14.2% |
| Recurring financial income75 | €0.007m | €0.007m | €0.01m | €0.01m | €0.01m | €0.008m | €0.007m | ▼ 14.2% |
| Financial charges65/66B | - | - | €0.006m | €0.007m | €0.008m | €0.008m | €0.03m | ▲ 321% |
| Recurring financial charges65 | €0.007m | €0.008m | €0.006m | €0.007m | €0.008m | €0.008m | €0.03m | ▲ 321% |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.07m | €0.04m | €0.07m | €0.2m | €0.2m | €0.3m | ▲ 18.0% |
| Income taxes67/77 | €0.07m | €0.02m | €0 | €0.01m | €0.05m | €0.06m | €0.08m | ▲ 24.6% |
| Profit (loss) for the period9904 | €0.2m | €0.05m | €0.04m | €0.06m | €0.1m | €0.2m | €0.2m | ▲ 15.5% |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.05m | €0.04m | €0.06m | €0.1m | €0.2m | €0.2m | ▲ 15.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €571,893 | €565,955 | €612,321 | €672,305 | €884,314 | €679,637 | €575,808 | ▼ 15.3% |
| Fixed assets21/28 | €64,448 | €55,860 | €34,697 | €31,631 | €22,995 | €34,498 | €32,035 | ▼ 7.1% |
| Tangible fixed assets22/27 | €64,448 | €55,860 | €34,697 | €31,631 | €22,995 | €34,498 | €32,035 | ▼ 7.1% |
| Land and buildings22 | - | - | €29,255 | €16,253 | €5,117 | €4,227 | €3,337 | ▼ 21.1% |
| Plant, machinery and equipment23 | - | - | €5,443 | €11,382 | €7,588 | €23,703 | €17,957 | ▼ 24.2% |
| Furniture and vehicles24 | - | - | - | €3,996 | €10,290 | €6,567 | €10,741 | ▲ 63.5% |
| Current assets29/58 | €507,445 | €510,095 | €577,624 | €640,674 | €861,319 | €645,140 | €543,773 | ▼ 15.7% |
| Stocks and contracts in progress3 | €15,035 | €14,975 | €16,355 | €15,674 | €15,833 | €15,677 | €15,402 | ▼ 1.8% |
| Stocks30/36 | - | - | €16,355 | €15,674 | €15,833 | €15,677 | €15,402 | ▼ 1.8% |
| Amounts receivable within one year40/41 | €277,141 | €363,458 | €396,254 | €478,541 | €590,240 | €315,915 | €86,034 | ▼ 72.8% |
| Trade receivables40 | - | - | €200 | €3,027 | €2,566 | €7,575 | €7,085 | ▼ 6.5% |
| Other amounts receivable41 | - | - | €396,054 | €475,514 | €587,674 | €308,340 | €78,949 | ▼ 74.4% |
| Cash at bank and in hand54/58 | €207,253 | €128,814 | €159,352 | €143,791 | €253,331 | €310,914 | €437,793 | ▲ 40.8% |
| Deferred charges and accrued income490/1 | - | - | €5,663 | €2,668 | €1,915 | €2,634 | €4,544 | ▲ 72.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €571,893 | €565,955 | €612,321 | €672,305 | €884,314 | €679,637 | €575,808 | ▼ 15.3% |
| Equity10/15 | €384,002 | €431,826 | €472,657 | €531,808 | €285,978 | €141,596 | €344,495 | ▲ 143% |
| Contributions10/11 | €50,000 | - | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Reserves13 | €5,000 | €5,000 | €5,000 | €5,000 | €235,978 | €91,596 | €294,495 | ▲ 222% |
| Non-distributable reserves130/1 | - | - | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | €5,000 | €5,000 | €235,978 | €91,596 | €294,495 | ▲ 222% |
| Profit (loss) carried forward14 | €329,002 | €376,826 | €417,657 | €476,808 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €187,891 | €134,129 | €139,665 | €140,497 | €598,336 | €538,042 | €231,313 | ▼ 57.0% |
| Amounts payable within one year42/48 | €187,867 | €129,892 | €132,004 | €131,165 | €594,762 | €536,770 | €226,919 | ▼ 57.7% |
| Financial debts43 | - | - | €0 | - | - | - | - | - |
| Credit institutions430/8 | - | - | €0 | - | - | - | - | - |
| Trade debts44 | €24,380 | €58,347 | €36,272 | €27,243 | €75,958 | €83,834 | €81,256 | ▼ 3.1% |
| Suppliers440/4 | - | - | €36,272 | €27,243 | €75,958 | €83,834 | €81,256 | ▼ 3.1% |
| Taxes, remuneration and social security45 | - | - | €89,607 | €96,958 | €132,340 | €124,639 | €132,886 | ▲ 6.6% |
| Taxes450/3 | - | - | €29,959 | €48,104 | €65,116 | €84,670 | €77,356 | ▼ 8.6% |
| Remuneration and social security454/9 | - | - | €59,648 | €48,853 | €67,224 | €39,969 | €55,530 | ▲ 38.9% |
| Other amounts payable47/48 | - | - | €6,125 | €6,964 | €386,463 | €328,297 | €12,777 | ▼ 96.1% |
| Accrued charges and deferred income492/3 | - | - | €7,661 | €9,332 | €3,574 | €1,272 | €4,394 | ▲ 245% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €156,171 | €47,823 | €40,831 | €59,151 | €133,570 | €175,618 | €202,899 | ▲ 15.5% |
| + Depreciation and write-downs630 | €25,936 | €20,435 | €21,162 | €16,042 | €18,026 | €7,331 | €8,583 | ▲ 17.1% |
| Operating cash flow (approximation) | €182,107 | €68,259 | €61,994 | €75,193 | €151,597 | €182,948 | €211,482 | ▲ 15.6% |
| Investment in fixed assets (approximation) | - | -€11,847 | €0 | -€12,975 | -€9,391 | -€18,833 | -€6,120 | ▲ 67.5% |
| Change in cash | - | -€78,439 | €30,538 | -€15,561 | €109,540 | €57,583 | €126,879 | ▲ 120% |
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, 17,811 companies had the same profile as Bones has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of Bones 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 17,811 companies, not a prediction for Bones. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 22-06-2026 | 2026-00189392 | |
| 31-12-2024 | abbreviated format | 23-06-2025 | 2025-00171559 | |
| 31-12-2023 | abbreviated format | 24-06-2024 | 2024-00162079 | |
| 31-12-2022 | abbreviated format | 24-07-2023 | 2023-00263622 | |
| 31-12-2021 | abbreviated format | 12-07-2022 | 2022-20193326 | |
| 30-09-2020 | abbreviated format | 03-05-2021 | 2021-13400144 | |
| 30-09-2019 | abbreviated format | 29-04-2020 | 2020-10900522 | |
| 30-09-2018 | abbreviated format | 15-04-2019 | 2019-10100450 | |
| 30-09-2017 | abbreviated format | 25-04-2018 | 2018-10600164 | |
| 30-09-2016 | abbreviated format | 04-05-2017 | 2017-11300471 |