BORAAR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-01-2026 PDF all 38 filings
Turnover
≈ €290,000
Estimated: probably between €150,000 and €630,000
Total assets
€202,109▲ 6.7%
2024 · €189,447
Net result
€10,153▲ 38.7%
2024 · €7,322
Working capital
€62,260▲ 95.9%
2024 · €31,779
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€12,985
▲ 37.8%
2025
20192025
Net result
€10,153
▲ 38.7%
2025
middle half of the sector
20192025
Equity
€115,605
▲ 9.6%
2025
middle half of the sector
20192025
Total assets
€202,109
▲ 6.7%
2025
middle half of the sector
20192025
Debt
€86,505
▲ 3.0%
2025
20192025
Working capital
€62,260
▲ 95.9%
2025
middle half of the sector
20192025
Solvency
57.2%
▲ 1.5pp
2025
middle half of the sector
20192025
Current ratio
1.72
▲ 0.34
2025
middle half of the sector
20192025
Return on assets (ROA)
5.0%
▲ 1.2pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€3,193-€999-€1,709€8,554€13,880▲ 62.3%€9,420▼ 32.1%€12,985▲ 37.8%
Net result-€3,986-€641within the sector's middle half€12,058within the sector's middle half▲ 19×€8,179within the sector's middle half▼ 32.2%€12,802within the sector's middle half▲ 56.5%€7,322within the sector's middle half▼ 42.8%€10,153within the sector's middle half▲ 38.7%
Equity€64,450-€65,091within the sector's middle half▲ 1.0%€77,149within the sector's middle half▲ 18.5%€85,328within the sector's middle half▲ 10.6%€98,130within the sector's middle half▲ 15.0%€105,452within the sector's middle half▲ 7.5%€115,605within the sector's middle half▲ 9.6%
Total assets€90,228-€96,073within the sector's middle half▲ 6.5%€122,324within the sector's middle half▲ 27.3%€143,091within the sector's middle half▲ 17.0%€162,371within the sector's middle half▲ 13.5%€189,447within the sector's middle half▲ 16.7%€202,109within the sector's middle half▲ 6.7%
Debt€25,778-€30,982▲ 20.2%€45,175▲ 45.8%€57,763▲ 27.9%€64,241▲ 11.2%€83,995▲ 30.7%€86,505▲ 3.0%
Working capital€47,540-€52,720within the sector's middle half▲ 10.9%€39,582within the sector's middle half▼ 24.9%€14,476within the sector's middle half▼ 63.4%€40,144within the sector's middle half▲ 177%€31,779within the sector's middle half▼ 20.8%€62,260within the sector's middle half▲ 95.9%
Solvency71.4%-67.8%above the sector's middle half▼ 3.7pp63.1%within the sector's middle half▼ 4.7pp59.6%within the sector's middle half▼ 3.4pp60.4%within the sector's middle half▲ 0.8pp55.7%within the sector's middle half▼ 4.8pp57.2%within the sector's middle half▲ 1.5pp
Current ratio2.84-2.70within the sector's middle half▼ 0.141.88within the sector's middle half▼ 0.831.25within the sector's middle half▼ 0.631.62within the sector's middle half▲ 0.371.38within the sector's middle half▼ 0.251.72within the sector's middle half▲ 0.34
Return on assets (ROA)-4.4%-0.7%within the sector's middle half▲ 5.1pp9.9%within the sector's middle half▲ 9.2pp5.7%within the sector's middle half▼ 4.1pp7.9%within the sector's middle half▲ 2.2pp3.9%within the sector's middle half▼ 4.0pp5.0%within the sector's middle half▲ 1.2pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 38% higher than in 2024. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The micro 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 €202,109
Fixed assets
€53,344 ▼ 27.6%
Current assets
€148,765 ▲ 28.5%
Equity and liabilities €202,109
Equity
€115,605 ▲ 9.6%
Debt
€86,505 ▲ 3.0%
Debt's share of the balance-sheet total falls from 44.3% to 42.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€34,683▲
2024 · €26,899
Cash flow
€31,851▲
2024 · €24,800
Quick ratio
1.65▲
2024 · 1.22
Debt to equity
0.75▼
2024 · 0.80
ROE
8.8%▲
2024 · 6.9%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€86,505▲
2024 · €83,995
Income taxes
€2,699▲
2024 · €1,958
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €43,000 | €1,859 | €11,264 | €1,370 |
| Depreciation and write-downs of the year | €9,715 | €14,724 | €17,479 | €21,698 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €2,066 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,540 | €4,540 | €9,310 | €9,715 | €14,724 | €17,479 | €21,698 | ▲ 24.1% |
| Other operating charges640/8 | - | - | - | €2,771 | €2,423 | €2,772 | €2,827 | ▲ 2.0% |
| Gross operating margin9900 | €3,596 | €7,066 | €9,808 | €21,040 | €31,027 | €29,670 | €37,510 | ▲ 26.4% |
| Operating profit (loss)9901 | -€3,193 | €999 | -€1,709 | €8,554 | €13,880 | €9,420 | €12,985 | ▲ 37.8% |
| Financial income75/76B | - | - | - | €25 | €0 | €0 | €15 | - |
| Recurring financial income75 | €1 | - | €15,600 | €25 | €0 | €0 | €15 | - |
| Financial charges65/66B | - | - | - | €172 | €138 | €140 | €148 | ▲ 5.3% |
| Recurring financial charges65 | €483 | €59 | €96 | €172 | €138 | €140 | €148 | ▲ 5.3% |
| Profit (loss) for the period before taxes9903 | -€3,676 | €940 | €13,795 | €8,407 | €13,742 | €9,280 | €12,852 | ▲ 38.5% |
| Income taxes67/77 | €311 | €299 | €1,737 | €228 | €940 | €1,958 | €2,699 | ▲ 37.9% |
| Profit (loss) for the period9904 | -€3,986 | €641 | €12,058 | €8,179 | €12,802 | €7,322 | €10,153 | ▲ 38.7% |
| Profit (loss) for the period to be appropriated9905 | -€3,986 | €641 | €12,058 | €8,179 | €12,802 | €7,322 | €10,153 | ▲ 38.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €90,228 | €96,073 | €122,324 | €143,091 | €162,371 | €189,447 | €202,109 | ▲ 6.7% |
| Fixed assets21/28 | €16,911 | €12,371 | €37,567 | €70,851 | €57,986 | €73,673 | €53,344 | ▼ 27.6% |
| Tangible fixed assets22/27 | €16,911 | €12,371 | €37,567 | €70,851 | €57,986 | €73,673 | €53,344 | ▼ 27.6% |
| Land and buildings22 | - | - | - | €7,809 | €7,787 | €7,765 | €7,743 | ▼ 0.3% |
| Plant, machinery and equipment23 | - | - | - | €6,240 | €7,467 | €6,618 | €5,769 | ▼ 12.8% |
| Furniture and vehicles24 | - | - | - | €56,802 | €42,732 | €59,290 | €39,832 | ▼ 32.8% |
| Current assets29/58 | €73,318 | €83,702 | €84,757 | €72,240 | €104,385 | €115,774 | €148,765 | ▲ 28.5% |
| Stocks and contracts in progress3 | €40,625 | €42,300 | €9,300 | €15,000 | €25,025 | €13,213 | €5,996 | ▼ 54.6% |
| Stocks30/36 | - | - | - | €15,000 | €25,025 | €13,213 | €5,996 | ▼ 54.6% |
| Amounts receivable within one year40/41 | €21,633 | €15,720 | €14,847 | €33,635 | €19,922 | €20,352 | €19,823 | ▼ 2.6% |
| Trade receivables40 | - | - | - | €32,250 | €19,862 | €20,352 | €19,823 | ▼ 2.6% |
| Other amounts receivable41 | - | - | - | €1,385 | €60 | €0 | - | - |
| Cash at bank and in hand54/58 | €7,365 | €22,257 | €57,953 | €22,201 | €56,951 | €79,789 | €120,287 | ▲ 50.8% |
| Deferred charges and accrued income490/1 | - | - | - | €1,403 | €2,487 | €2,420 | €2,659 | ▲ 9.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €90,228 | €96,073 | €122,324 | €143,091 | €162,371 | €189,447 | €202,109 | ▲ 6.7% |
| Equity10/15 | €64,450 | €65,091 | €77,149 | €85,328 | €98,130 | €105,452 | €115,605 | ▲ 9.6% |
| Contributions10/11 | €44,621 | €44,621 | - | €44,621 | €44,621 | €44,621 | €44,621 | = |
| Reserves13 | €30,361 | €30,361 | €32,528 | €40,707 | €53,509 | €60,831 | €70,984 | ▲ 16.7% |
| Distributable reserves133 | - | - | - | €40,707 | €53,509 | €60,831 | €70,984 | ▲ 16.7% |
| Profit (loss) carried forward14 | -€10,531 | -€9,890 | - | - | - | - | - | - |
| Amounts payable17/49 | €25,778 | €30,982 | €45,175 | €57,763 | €64,241 | €83,995 | €86,505 | ▲ 3.0% |
| Amounts payable within one year42/48 | €25,778 | €30,982 | €45,175 | €57,763 | €64,241 | €83,995 | €86,505 | ▲ 3.0% |
| Trade debts44 | €9,101 | €12,624 | €6,075 | €4,500 | €8,700 | €8,900 | €7,260 | ▼ 18.4% |
| Suppliers440/4 | - | - | - | €4,500 | €8,700 | €8,900 | €7,260 | ▼ 18.4% |
| Taxes, remuneration and social security45 | - | - | - | €3,158 | €5,488 | €5,067 | €9,242 | ▲ 82.4% |
| Taxes450/3 | - | - | - | €3,158 | €5,488 | €5,067 | €9,242 | ▲ 82.4% |
| Other amounts payable47/48 | - | - | - | €50,105 | €50,053 | €70,028 | €70,003 | = |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,986 | €641 | €12,058 | €8,179 | €12,802 | €7,322 | €10,153 | ▲ 38.7% |
| + Depreciation and write-downs630 | €4,540 | €4,540 | €9,310 | €9,715 | €14,724 | €17,479 | €21,698 | ▲ 24.1% |
| Operating cash flow (approximation) | €553 | €5,180 | €21,368 | €17,894 | €27,526 | €24,800 | €31,851 | ▲ 28.4% |
| Investment in fixed assets (approximation) | - | €0 | -€34,505 | -€43,000 | -€1,859 | -€33,165 | -€1,370 | ▲ 95.9% |
| Change in cash | - | €14,892 | €35,696 | -€35,752 | €34,749 | €22,838 | €40,498 | ▲ 77.3% |
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, 31,368 companies had the same profile as BORAAR has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BORAAR 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 31,368 companies, not a prediction for BORAAR. 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 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 27-01-2026 | 2026-00014887 | |
| 30-06-2024 | micro format | 23-12-2024 | 2024-00623853 | |
| 30-06-2023 | micro format | 20-12-2023 | 2023-00532402 | |
| 30-06-2022 | micro format | 26-01-2023 | 2023-00004994 | |
| 30-06-2021 | micro format | 25-11-2021 | 2021-78200241 | |
| 30-06-2020 | micro format | 25-11-2020 | 2020-71900109 | |
| 30-06-2019 | micro format | 13-12-2019 | 2019-76100408 | |
| 30-06-2018 | micro format | 28-11-2018 | 2018-73000178 | |
| 30-06-2017 | micro format | 22-12-2017 | 2017-72900007 | |
| 30-06-2016 | abbreviated format | 13-12-2016 | 2016-70500223 |