BORIDEX
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 7 filings
Turnover
≈ €370,000
Estimated: probably between €270,000 and €440,000
Total assets
€149,959▲ 4.0%
2024 · €144,140
Net result
€61,754▲ 93.5%
2024 · €31,908
Working capital
€64,832▲ 128%
2024 · €28,393
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€72,026
▲ 52.3%
2025
20192025
Net result
€61,754
▲ 93.5%
2025
highest quarter of the sector
20192025
Equity
€80,314
▲ 60.4%
2025
middle half of the sector
20192025
Total assets
€149,959
▲ 4.0%
2025
middle half of the sector
20192025
Debt
€69,645
▼ 26.0%
2025
20192025
Working capital
€64,832
▲ 128%
2025
highest quarter of the sector
20192025
Solvency
53.6%
▲ 18.8pp
2025
middle half of the sector
20192025
Current ratio
2.17
▲ 0.70
2025
highest quarter of the sector
20192025
Return on assets (ROA)
41.2%
▲ 19.0pp
2025
highest quarter of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€13,807-€53,014▲ 284%€58,692▲ 10.7%€35,744▼ 39.1%€23,894▼ 33.2%€47,280▲ 97.9%€72,026▲ 52.3%
Net result€10,240-€40,658above the sector's middle half▲ 297%€43,378above the sector's middle half▲ 6.7%€27,126above the sector's middle half▼ 37.5%€15,049within the sector's middle half▼ 44.5%€31,908above the sector's middle half▲ 112%€61,754above the sector's middle half▲ 93.5%
Equity€10,140-€49,198within the sector's middle half▲ 385%€90,976above the sector's middle half▲ 84.9%€76,102within the sector's middle half▼ 16.3%€68,152within the sector's middle half▼ 10.4%€50,060within the sector's middle half▼ 26.5%€80,314within the sector's middle half▲ 60.4%
Total assets€61,500-€106,088within the sector's middle half▲ 72.5%€200,695within the sector's middle half▲ 89.2%€243,323above the sector's middle half▲ 21.2%€169,277within the sector's middle half▼ 30.4%€144,140within the sector's middle half▼ 14.8%€149,959within the sector's middle half▲ 4.0%
Debt€51,360-€56,890▲ 10.8%€109,719▲ 92.9%€167,221▲ 52.4%€101,125▼ 39.5%€94,080▼ 7.0%€69,645▼ 26.0%
Working capital€10,140-€45,062above the sector's middle half▲ 344%€86,241above the sector's middle half▲ 91.4%€54,888above the sector's middle half▼ 36.4%€50,434above the sector's middle half▼ 8.1%€28,393within the sector's middle half▼ 43.7%€64,832above the sector's middle half▲ 128%
Solvency16.5%-46.4%within the sector's middle half▲ 29.9pp45.3%within the sector's middle half▼ 1.0pp31.3%within the sector's middle half▼ 14.1pp40.3%within the sector's middle half▲ 9.0pp34.7%within the sector's middle half▼ 5.5pp53.6%within the sector's middle half▲ 18.8pp
Current ratio1.20-1.79within the sector's middle half▲ 0.592.59above the sector's middle half▲ 0.801.58within the sector's middle half▼ 1.012.06within the sector's middle half▲ 0.481.47within the sector's middle half▼ 0.592.17above the sector's middle half▲ 0.70
Return on assets (ROA)16.7%-38.3%above the sector's middle half▲ 21.7pp21.6%within the sector's middle half▼ 16.7pp11.1%within the sector's middle half▼ 10.5pp8.9%within the sector's middle half▼ 2.3pp22.1%above the sector's middle half▲ 13.2pp41.2%above the sector's middle half▲ 19.0pp
Staff (FTE)6.2above the sector's middle half10.4▲ 67.7%
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 52% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €149,959
Fixed assets
€29,781 ▼ 46.7%
Current assets
€120,178 ▲ 36.2%
Equity and liabilities €149,959
Equity
€80,314 ▲ 60.4%
Debt
€69,645 ▼ 26.0%
Debt's share of the balance-sheet total falls from 65.3% to 46.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€98,130▲
2024 · €72,711
Cash flow
€87,858▲
2024 · €57,339
Quick ratio
2.10▲
2024 · 1.41
Debt to equity
0.87▼
2024 · 1.88
ROE
76.9%▲
2024 · 63.7%
Interest coverage
38.02▲
2024 · 17.77
Debt ≤ 1 year
€55,346▼
2024 · €59,861
Debt > 1 year
€14,299▼
2024 · €34,219
Income taxes
€7,790▼
2024 · €11,281
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 |
|---|---|
| Employees at the balance-sheet date | 4 |
| part-time | 4 |
| in full-time equivalents | 0.6 |
| Average over the year, in full-time equivalents | 2.7 |
| On a permanent contract | 4 |
| Joined | 11 |
| Left | 10 |
Source: social balance sheet in the 2021 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €66,552 | €53,190 | €2,007 | €9,979 | - |
| Depreciation and write-downs of the year | €10,421 | €15,574 | €24,402 | €25,431 | €26,105 |
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 | - | - | €55,808 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €522 | €10,421 | €15,574 | €24,402 | €25,431 | €26,105 | ▲ 2.6% |
| Other operating charges640/8 | - | - | €853 | €1,172 | €1,049 | €1,075 | €1,181 | ▲ 9.8% |
| Gross operating margin9900 | €13,807 | €93,785 | €125,774 | €52,491 | €49,345 | €73,787 | €99,311 | ▲ 34.6% |
| Operating profit (loss)9901 | €13,807 | €53,014 | €58,692 | €35,744 | €23,894 | €47,280 | €72,026 | ▲ 52.3% |
| Financial income75/76B | - | - | €40 | €279 | €208 | - | €100 | - |
| Recurring financial income75 | - | - | €40 | €279 | €208 | - | €100 | - |
| Financial charges65/66B | - | - | €4,323 | €2,192 | €3,450 | €4,092 | €2,581 | ▼ 36.9% |
| Recurring financial charges65 | - | €2,899 | €4,323 | €2,192 | €3,450 | €4,092 | €2,581 | ▼ 36.9% |
| Profit (loss) for the period before taxes9903 | €13,807 | €50,116 | €54,410 | €33,831 | €20,652 | €43,189 | €69,544 | ▲ 61.0% |
| Income taxes67/77 | €3,567 | €9,458 | €11,031 | €6,705 | €5,603 | €11,281 | €7,790 | ▼ 30.9% |
| Profit (loss) for the period9904 | €10,240 | €40,658 | €43,378 | €27,126 | €15,049 | €31,908 | €61,754 | ▲ 93.5% |
| Profit (loss) for the period to be appropriated9905 | €10,240 | €40,658 | €43,378 | €27,126 | €15,049 | €31,908 | €61,754 | ▲ 93.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €61,500 | €106,088 | €200,695 | €243,323 | €169,277 | €144,140 | €149,959 | ▲ 4.0% |
| Fixed assets21/28 | - | €4,136 | €60,267 | €93,733 | €71,338 | €55,885 | €29,781 | ▼ 46.7% |
| Tangible fixed assets22/27 | - | €4,016 | €60,147 | €93,613 | €71,218 | €55,765 | €29,661 | ▼ 46.8% |
| Plant, machinery and equipment23 | - | - | €59,793 | €50,625 | €37,223 | €30,622 | €13,356 | ▼ 56.4% |
| Furniture and vehicles24 | - | - | €354 | €42,988 | €33,994 | €25,144 | €16,305 | ▼ 35.2% |
| Financial fixed assets28 | - | €120 | €120 | €120 | €120 | €120 | €120 | = |
| Current assets29/58 | €61,500 | €101,952 | €140,428 | €149,590 | €97,939 | €88,254 | €120,178 | ▲ 36.2% |
| Amounts receivable after more than one year29 | - | - | €11,000 | €34,500 | - | - | - | - |
| Other amounts receivable291 | - | - | €11,000 | €34,500 | - | - | - | - |
| Stocks and contracts in progress3 | - | - | - | €11,500 | €5,340 | €3,780 | €3,700 | ▼ 2.1% |
| Stocks30/36 | - | - | - | €11,500 | €5,340 | €3,780 | €3,700 | ▼ 2.1% |
| Amounts receivable within one year40/41 | €61,500 | €50,814 | €51,569 | €68,837 | €76,210 | €68,045 | €66,140 | ▼ 2.8% |
| Trade receivables40 | - | - | €47,900 | €47,900 | €48,838 | €47,991 | €47,900 | ▼ 0.2% |
| Other amounts receivable41 | - | - | €3,669 | €20,937 | €27,371 | €20,054 | €18,240 | ▼ 9.0% |
| Cash at bank and in hand54/58 | - | €51,139 | €77,859 | €34,753 | €16,389 | €16,429 | €50,338 | ▲ 206% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €61,500 | €106,088 | €200,695 | €243,323 | €169,277 | €144,140 | €149,959 | ▲ 4.0% |
| Equity10/15 | €10,140 | €49,198 | €90,976 | €76,102 | €68,152 | €50,060 | €80,314 | ▲ 60.4% |
| Contributions10/11 | - | - | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | = |
| Reserves13 | €7,500 | €47,000 | €89,000 | €74,000 | €66,000 | €48,000 | €78,000 | ▲ 62.5% |
| Distributable reserves133 | - | - | €89,000 | €74,000 | €66,000 | €48,000 | €78,000 | ▲ 62.5% |
| Profit (loss) carried forward14 | €1,140 | €698 | €476 | €602 | €652 | €560 | €814 | ▲ 45.4% |
| Amounts payable17/49 | €51,360 | €56,890 | €109,719 | €167,221 | €101,125 | €94,080 | €69,645 | ▼ 26.0% |
| Amounts payable after more than one year17 | - | - | €55,532 | €72,519 | €53,620 | €34,219 | €14,299 | ▼ 58.2% |
| Financial debts170/4 | - | - | €55,532 | €72,519 | €53,620 | €34,219 | €14,299 | ▼ 58.2% |
| Amounts payable within one year42/48 | €51,360 | €56,890 | €54,187 | €94,702 | €47,505 | €59,861 | €55,346 | ▼ 7.5% |
| Current portion of amounts payable after more than one year42 | - | - | €9,930 | €18,413 | €18,899 | €19,401 | €19,920 | ▲ 2.7% |
| Trade debts44 | €1,193 | €27,298 | €28,615 | €21,119 | €4,706 | €20,460 | €3,926 | ▼ 80.8% |
| Suppliers440/4 | - | - | €28,615 | €21,119 | €4,706 | €20,460 | €3,926 | ▼ 80.8% |
| Taxes, remuneration and social security45 | - | - | €13,925 | €11,931 | €900 | - | - | - |
| Taxes450/3 | - | - | €11,031 | €11,931 | €900 | - | - | - |
| Remuneration and social security454/9 | - | - | €2,894 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | €1,718 | €43,239 | €23,000 | €20,000 | €31,500 | ▲ 57.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,240 | €40,658 | €43,378 | €27,126 | €15,049 | €31,908 | €61,754 | ▲ 93.5% |
| + Depreciation and write-downs630 | - | €522 | €10,421 | €15,574 | €24,402 | €25,431 | €26,105 | ▲ 2.6% |
| Operating cash flow (approximation) | €10,240 | €41,180 | €53,799 | €42,701 | €39,451 | €57,339 | €87,858 | ▲ 53.2% |
| Investment in fixed assets (approximation) | - | - | -€66,552 | -€49,040 | -€2,007 | -€9,979 | €0 | - |
| Change in cash | - | - | €26,720 | -€43,106 | -€18,364 | €40 | €33,909 | ▲ 847× |
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, 26,972 companies had the same profile as BORIDEX has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BORIDEX itself: 0.7% 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 26,972 companies, not a prediction for BORIDEX. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00368152 | |
| 31-12-2024 | micro format | 25-07-2025 | 2025-00308415 | |
| 31-12-2023 | micro format | 23-08-2024 | 2024-00364936 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00310393 | |
| 31-12-2021 | micro format | 31-07-2022 | 2022-20272882 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-63800078 | |
| 31-12-2019 | micro format | 29-10-2020 | 2020-66300070 |