Borremans
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 82 days after the deadline Filed on 21 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00565150.
Annual accounts 2025 filed on 21-10-2026 at the NBB all 31 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€6.9m
EBIT margin
0.0%
Net result
-€7,046
2024 · €9,076
Working capital
€76,603▼ 1.2%
2024 · €77,568
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€168,381
▲ 869%
2025
20192025
Net result
-€7,046
2025
lowest quarter of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€568,537
▼ 5.2%
2025
middle half of the sector
20192025
Total assets
€4.8m
▲ 5.8%
2025
middle half of the sector
20192025
Debt
€4.2m
▲ 7.4%
2025
20192025
Working capital
€76,603
▼ 1.2%
2025
lowest quarter of the sector
20192025
Solvency
11.8%
▼ 1.4pp
2025
lowest quarter of the sector
20192025
Current ratio
1.03
▼ 0.01
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-0.1%
▼ 0.3pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
22.8
▼ 3.4%
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
Turnover€6.9m
Operating result-€0.007m--€0.08m▼ 1,136%-€0.04m▲ 55.5%€0.04m€0.001m▼ 96.9%€0.02m▲ 13×€0.2m▲ 869%
Net result-€0.008m--€0.007mbelow the sector's middle half▲ 13.4%€0.003mbelow the sector's middle half€0.007mwithin the sector's middle half▲ 166%€0.01mwithin the sector's middle half▲ 57.2%€0.009mwithin the sector's middle half▼ 13.4%-€0.007mbelow the sector's middle half
EBIT margin0.0%
Equity€0.5m-€0.4mwithin the sector's middle half▼ 16.5%€0.7mwithin the sector's middle half▲ 58.1%€0.7mwithin the sector's middle half▼ 3.6%€0.6mwithin the sector's middle half▼ 5.7%€0.6mwithin the sector's middle half▼ 2.4%€0.6mwithin the sector's middle half▼ 5.2%
Total assets€0.7m-€0.6mwithin the sector's middle half▼ 14.0%€3.5mabove the sector's middle half▲ 458%€3.5mabove the sector's middle half▼ 1.5%€3.6mabove the sector's middle half▲ 3.3%€4.6mabove the sector's middle half▲ 27.7%€4.8mwithin the sector's middle half▲ 5.8%
Debt€0.2m-€0.2m▼ 8.0%€2.8m▲ 14×€2.8m▼ 1.1%€3.0m▲ 5.4%€4.0m▲ 34.0%€4.2m▲ 7.4%
Working capital€0.3m-€0.2mwithin the sector's middle half▼ 34.0%€0.3mwithin the sector's middle half▲ 61.5%€0.1mwithin the sector's middle half▼ 61.3%€0.1mwithin the sector's middle half▲ 9.3%€0.08mwithin the sector's middle half▼ 43.6%€0.08mbelow the sector's middle half▼ 1.2%
Solvency70.1%-68.0%above the sector's middle half▼ 2.1pp19.3%below the sector's middle half▼ 48.7pp18.9%below the sector's middle half▼ 0.4pp17.2%below the sector's middle half▼ 1.6pp13.2%below the sector's middle half▼ 4.1pp11.8%below the sector's middle half▼ 1.4pp
Current ratio2.53-2.08within the sector's middle half▼ 0.451.26within the sector's middle half▼ 0.821.08below the sector's middle half▼ 0.181.08below the sector's middle half=1.03below the sector's middle half▼ 0.051.03below the sector's middle half▼ 0.01
Return on assets (ROA)-1.0%--1.1%below the sector's middle half=0.1%below the sector's middle half▲ 1.1pp0.2%below the sector's middle half▲ 0.1pp0.3%within the sector's middle half▲ 0.1pp0.2%within the sector's middle half▼ 0.1pp-0.1%below the sector's middle half▼ 0.3pp
Staff (FTE)5.7-5within the sector's middle half▼ 12.3%17.5above the sector's middle half▲ 250%23.4above the sector's middle half▲ 33.7%23.6above the sector's middle half▲ 0.9%23.6above the sector's middle half=22.8within the sector's middle half▼ 3.4%
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 9.7 times that of 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.8m
Fixed assets
€2.0m ▼ 7.1%
Current assets
€2.8m ▲ 16.9%
Equity and liabilities €4.8m
Equity
€568,537 ▼ 5.2%
Debt
€4.2m ▲ 7.4%
Debt's share of the balance-sheet total rises from 86.8% to 88.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€438,869▲
2024 · €242,031
Cash flow
€263,443▲
2024 · €233,735
Quick ratio
0.92▲
2024 · 0.92
Debt to equity
7.47▲
2024 · 6.59
ROE
-1.2%▼
2024 · 1.5%
Interest coverage
2.12▼
2024 · 3.57
Debt ≤ 1 year
€2.8m▲
2024 · €2.4m
Debt > 1 year
€1.5m▼
2024 · €1.6m
Income taxes
€10,522▲
2024 · €4,683
Staff costs
€1.1m▲
2024 · €959,065
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 | 30 | 32 | 26 | 33 | 32 |
| full-time | 24 | 27 | 20 | 28 | 31 |
| part-time | 6 | 5 | 6 | 5 | 1 |
| in full-time equivalents | 27.9 | 30 | 24 | 30.9 | 31.5 |
| Average over the year, in full-time equivalents | 17.5 | 23.4 | 23.6 | 23.4 | 22.8 |
| On a permanent contract | 23 | 20 | 18 | 17 | 13 |
| Joined | 420 | 820 | 937 | 1,218 | 1,814 |
| Left | 395 | 818 | 943 | 1,211 | 1,815 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €1.4m | - | - | - | €1.7m |
| Mortgages, amount registered | - | - | - | - | €1.4m |
| Carrying value of the mortgaged assets | - | - | - | - | €1.2m |
| Pledge on the business | - | - | - | - | €1.2m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1.8m | €10,324 | €178,873 | €635,345 | €120,395 |
| Financial fixed assets | - | - | - | €7,550 | - |
| Depreciation and write-downs of the year | €150,269 | €190,571 | €196,124 | €224,659 | €270,488 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 to 2025 · 3 entries · €33,603 awarded · €4,360 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €3,915 | €3,260 |
| 2024 | 2 | €29,688 | €1,100 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | €6.9m | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €5.8m | - | - | - |
| Remuneration, social security and pensions62 | - | - | €0.9m | €0.9m | €0.9m | €1.0m | €1.1m | ▲ 12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.06m | €0.06m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 20.4% |
| Other operating charges640/8 | - | - | €0.03m | €0.03m | €0.02m | €0.02m | €0.04m | ▲ 49.9% |
| Non-recurring operating charges66A | - | - | - | - | €0.009m | - | - | - |
| Gross operating margin9900 | €0.3m | €0.2m | €1.0m | €1.2m | €1.1m | €1.2m | €1.6m | ▲ 26.5% |
| Operating profit (loss)9901 | -€0.007m | -€0.08m | -€0.04m | €0.04m | €0.001m | €0.02m | €0.2m | ▲ 869% |
| Financial income75/76B | - | - | €0.08m | €0.04m | €0.07m | €0.06m | €0.04m | ▼ 33.7% |
| Recurring financial income75 | €119 | €0.08m | €0.08m | €0.04m | €0.07m | €0.06m | €0.04m | ▼ 33.7% |
| Financial charges65/66B | - | - | €0.04m | €0.08m | €0.06m | €0.07m | €0.2m | ▲ 206% |
| Recurring financial charges65 | €0.001m | €0.003m | €0.04m | €0.08m | €0.06m | €0.07m | €0.2m | ▲ 206% |
| Profit (loss) for the period before taxes9903 | -€0.008m | -€0.007m | €0.003m | €0.007m | €0.01m | €0.01m | €0.003m | ▼ 74.7% |
| Income taxes67/77 | €115 | - | - | €435 | €0.001m | €0.005m | €0.01m | ▲ 125% |
| Profit (loss) for the period9904 | -€0.008m | -€0.007m | €0.003m | €0.007m | €0.01m | €0.009m | -€0.007m | - |
| Profit (loss) for the period to be appropriated9905 | -€0.008m | -€0.007m | €0.003m | €0.007m | €0.01m | €0.009m | -€0.007m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.7m | €0.6m | €3.5m | €3.5m | €3.6m | €4.6m | €4.8m | ▲ 5.8% |
| Fixed assets21/28 | €0.2m | €0.2m | €1.9m | €1.7m | €1.7m | €2.1m | €2.0m | ▼ 7.1% |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €1.9m | €1.7m | €1.7m | €2.1m | €2.0m | ▼ 7.1% |
| Land and buildings22 | - | - | €0.9m | €0.8m | €0.7m | €0.7m | €0.6m | ▼ 5.4% |
| Plant, machinery and equipment23 | - | - | €0.9m | €0.8m | €0.9m | €1.3m | €1.3m | ▼ 5.5% |
| Furniture and vehicles24 | - | - | €0.09m | €0.07m | €0.05m | €0.05m | €0.03m | ▼ 40.2% |
| Leasing and similar rights25 | - | - | €0.04m | €0.03m | €0.02m | €0.05m | €0.03m | ▼ 34.0% |
| Other tangible fixed assets26 | - | - | - | - | €0.01m | €0.007m | €0.005m | ▼ 32.2% |
| Financial fixed assets28 | - | - | - | - | - | €0.008m | €0.008m | = |
| Current assets29/58 | €0.5m | €0.4m | €1.6m | €1.7m | €1.9m | €2.4m | €2.8m | ▲ 16.9% |
| Stocks and contracts in progress3 | €0.07m | €0.07m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 8.5% |
| Stocks30/36 | - | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 8.5% |
| Amounts receivable within one year40/41 | €0.3m | €0.3m | €1.3m | €1.2m | €1.4m | €1.8m | €2.2m | ▲ 21.8% |
| Trade receivables40 | - | - | €0.7m | €1.0m | €0.6m | €0.9m | €1.3m | ▲ 49.8% |
| Other amounts receivable41 | - | - | €0.6m | €0.2m | €0.8m | €0.9m | €0.9m | ▼ 5.2% |
| Current investments50/53 | - | - | - | - | - | €498 | €498 | = |
| Cash at bank and in hand54/58 | €0.09m | €0.02m | €0.1m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 3.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.01m | €0.02m | €0.03m | ▲ 38.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.7m | €0.6m | €3.5m | €3.5m | €3.6m | €4.6m | €4.8m | ▲ 5.8% |
| Equity10/15 | €0.5m | €0.4m | €0.7m | €0.7m | €0.6m | €0.6m | €0.6m | ▼ 5.2% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Issued capital100 | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €0.06m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 3.7% |
| Non-distributable reserves130/1 | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Legal reserve130 | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Tax-exempt reserves132 | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Distributable reserves133 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 4.8% |
| Profit (loss) carried forward14 | €0.1m | - | - | - | - | - | - | - |
| Investment grants15 | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 16.7% |
| Amounts payable17/49 | €0.2m | €0.2m | €2.8m | €2.8m | €3.0m | €4.0m | €4.2m | ▲ 7.4% |
| Amounts payable after more than one year17 | €0.02m | €0.01m | €1.6m | €1.2m | €1.2m | €1.6m | €1.5m | ▼ 8.6% |
| Financial debts170/4 | - | - | €1.3m | €1.2m | €1.2m | €1.6m | €1.5m | ▼ 8.6% |
| Other amounts payable178/9 | - | - | €0.3m | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €1.3m | €1.6m | €1.7m | €2.4m | €2.8m | ▲ 17.5% |
| Current portion of amounts payable after more than one year42 | - | - | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 2.6% |
| Financial debts43 | - | - | €0.5m | €0.7m | €0.3m | €0.3m | €0.7m | ▲ 117% |
| Credit institutions430/8 | - | - | €0.5m | €0.7m | €0.3m | €0.3m | €0.7m | ▲ 117% |
| Trade debts44 | €0.2m | €0.1m | €0.6m | €0.7m | €0.8m | €1.3m | €1.3m | ▼ 0.8% |
| Suppliers440/4 | - | - | €0.6m | €0.7m | €0.8m | €1.3m | €1.3m | ▼ 0.8% |
| Taxes, remuneration and social security45 | - | - | €0.1m | €0.07m | €0.06m | €0.1m | €0.2m | ▲ 65.6% |
| Taxes450/3 | - | - | €0.01m | €0.02m | €0.02m | €0.03m | €0.1m | ▲ 261% |
| Remuneration and social security454/9 | - | - | €0.1m | €0.05m | €0.04m | €0.08m | €0.07m | ▼ 15.4% |
| Other amounts payable47/48 | - | - | - | - | €0.5m | €0.5m | €0.4m | ▼ 2.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €124 | €0.02m | ▲ 134× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.008m | -€0.007m | €0.003m | €0.007m | €0.01m | €0.009m | -€0.007m | - |
| + Depreciation and write-downs630 | €0.06m | €0.06m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 20.4% |
| Operating cash flow (approximation) | €0.06m | €0.05m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 12.7% |
| Investment in fixed assets (approximation) | - | -€0.08m | -€1.8m | -€0.01m | -€0.2m | -€0.6m | -€0.1m | ▲ 81.3% |
| Change in cash | - | -€0.07m | €0.1m | €0.2m | -€0.006m | €0.07m | -€0.01m | - |
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, 2,507 companies had the same profile as Borremans has now. Two years later, 96.4% were still going and 1.6% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a small loss
96.4%
was still going
1.8%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Borremans itself: 1.1% 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 2,507 companies, not a prediction for Borremans. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 21-10-2026 | 2026-00565150 | |
| 31-12-2024 | abbreviated format | 21-10-2025 | 2025-00546201 | |
| 31-12-2023 | abbreviated format | 16-10-2024 | 2024-00508074 | |
| 31-12-2022 | abbreviated format | 07-10-2023 | 2023-00475808 | |
| 31-12-2021 | abbreviated format | 03-08-2022 | 2022-20265128 | |
| 31-03-2020 | abbreviated format | 30-09-2020 | 2020-56700490 | |
| 31-03-2019 | abbreviated format | 16-09-2019 | 2019-64500185 | |
| 31-03-2018 | abbreviated format | 25-10-2018 | 2018-70400040 | |
| 31-03-2017 | abbreviated format | 29-09-2017 | 2017-65200447 | |
| 31-03-2016 | abbreviated format | 03-10-2016 | 2016-64800078 |