BORVAN
ActiveSummary
BORVAN has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €287,429 and a net result of -€18,403. Equity is shrinking by ~2.6% per year across the filed fiscal years. Its solvency ranks better than 21% of 1755 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability17▼-25
Solvency44▼-1
Growth32=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €16,000 at 30 days acceptable
Liquidity ample (current ratio 3.83 against 1.95 in 2024; short-term debt: 2.9% and cash: 0.8% of total assets), but 81.2% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 01
Relative position
BE, all sectors
reference
Crop and animal production, hunting and related service activities (NACE 01)
about 70% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€18,403
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 1755 sector peers (2025).
NBB · sector comparisonPosition among 1755 sector peers
Solvency
better than 21%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 15-07-2026, 16 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
16 d early
2024
28 d late
2023
61 d late
2022
31 d late
2021
30 d late
2020
27 d late
2019
56 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 31 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 37% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€287,429▼ 6.0%
2024 · €305,831
Total assets
€1.5m▼ 0.2%
2024 · €1.5m
Net result
-€18,403▼ 76.8%
2024 · -€10,409
Working capital
€125,050▲ 61.6%
2024 · €77,390
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€5,281▲ 78.0%€2,133-€16,074-€19,744▼ 22.8%-€27,100▼ 37.3%
Net result-€5,691▲ 76.9%€3,102-€11,680-€10,409▲ 10.9%-€18,403▼ 76.8%
Equity€324,818▼ 1.7%€327,920▲ 1.0%€316,240▼ 3.6%€305,831▼ 3.3%€287,429▼ 6.0%
Total assets€1.6m▼ 2.0%€1.6m▲ 0.6%€1.6m▼ 3.5%€1.5m▼ 2.4%€1.5m▼ 0.2%
Debt€1.3m▼ 2.0%€1.3m▲ 0.5%€1.3m▼ 3.5%€1.2m▼ 2.2%€1.2m▲ 1.2%
Working capital€58,203▼ 13.2%€114,396▲ 96.5%€87,208▼ 23.8%€77,390▼ 11.3%€125,050▲ 61.6%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €27,100 in 2025 against €19,744 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.5m
Fixed assets
€1.4m ▼ 1.0%
Current assets
€169,277 ▲ 6.6%
Equity and liabilities €1.5m
Equity
€287,429 ▼ 6.0%
Debt
€1.2m ▲ 1.2%
Debt's share of the balance-sheet total rises from 80.1% to 81.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€1,089▼
2024 · €5,513
Cash flow
€7,609▼
2024 · €14,849
Current ratio
3.83▲
2024 · 1.95
Debt to equity
4.33▲
2024 · 4.02
ROE
-6.4%▼
2024 · -3.4%
ROA
-1.2%▼
2024 · -0.7%
Interest coverage
-1.08▼
2024 · 2.92
Debt ≤ 1 year
€44,227▼
2024 · €81,448
Debt > 1 year
€1.2m▲
2024 · €1.1m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,179 | €24,169 | €24,457 | €25,257 | €26,012 | ▲ 3.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €452 | €298 | ▼ 34.1% |
| Other operating charges640/8 | €5,944 | €4,079 | €4,814 | €18,181 | €18,629 | ▲ 2.5% |
| Gross operating margin9900 | €26,842 | €30,381 | €13,196 | €24,146 | €17,839 | ▼ 26.1% |
| Operating profit (loss)9901 | -€5,281 | €2,133 | -€16,074 | -€19,744 | -€27,100 | ▼ 37.3% |
| Financial income75/76B | €6,330 | €5,939 | €7,550 | €11,222 | €9,705 | ▼ 13.5% |
| Recurring financial income75 | €6,330 | €5,939 | €7,550 | €11,222 | €9,705 | ▼ 13.5% |
| Financial charges65/66B | €6,740 | €4,969 | €3,157 | €1,886 | €1,007 | ▼ 46.6% |
| Recurring financial charges65 | €6,740 | €4,969 | €3,157 | €1,886 | €1,007 | ▼ 46.6% |
| Profit (loss) for the period before taxes9903 | -€5,691 | €3,102 | -€11,680 | -€10,409 | -€18,403 | ▼ 76.8% |
| Profit (loss) for the period9904 | -€5,691 | €3,102 | -€11,680 | -€10,409 | -€18,403 | ▼ 76.8% |
| Profit (loss) for the period to be appropriated9905 | -€5,691 | €3,102 | -€11,680 | -€10,409 | -€18,403 | ▼ 76.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.6m | €1.6m | €1.6m | €1.5m | €1.5m | ▼ 0.2% |
| Fixed assets21/28 | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | ▼ 1.0% |
| Tangible fixed assets22/27 | €835,078 | €810,909 | €801,767 | €776,510 | €762,994 | ▼ 1.7% |
| Land and buildings22 | €835,078 | €810,909 | €788,540 | €766,346 | €755,029 | ▼ 1.5% |
| Plant, machinery and equipment23 | - | - | €3,565 | €2,798 | €2,031 | ▼ 27.4% |
| Furniture and vehicles24 | - | - | €9,663 | €7,366 | €5,934 | ▼ 19.4% |
| Financial fixed assets28 | €600,122 | €600,122 | €600,122 | €600,122 | €600,122 | = |
| Current assets29/58 | €185,823 | €219,489 | €171,975 | €158,838 | €169,277 | ▲ 6.6% |
| Amounts receivable after more than one year29 | €173,126 | €187,623 | €134,885 | €121,974 | €130,725 | ▲ 7.2% |
| Other amounts receivable291 | €173,126 | €187,623 | €134,885 | €121,974 | €130,725 | ▲ 7.2% |
| Amounts receivable within one year40/41 | €11,694 | €13,433 | €21,101 | €21,265 | €24,771 | ▲ 16.5% |
| Trade receivables40 | - | €1,586 | €9,825 | €6,265 | €9,771 | ▲ 56.0% |
| Other amounts receivable41 | €11,694 | €11,847 | €11,276 | €15,000 | €15,000 | = |
| Cash at bank and in hand54/58 | - | €1,915 | €13,502 | €13,058 | €11,718 | ▼ 10.3% |
| Deferred charges and accrued income490/1 | €1,004 | €16,518 | €2,487 | €2,541 | €2,064 | ▼ 18.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.6m | €1.6m | €1.6m | €1.5m | €1.5m | ▼ 0.2% |
| Equity10/15 | €324,818 | €327,920 | €316,240 | €305,831 | €287,429 | ▼ 6.0% |
| Contributions10/11 | €332,000 | €332,000 | €332,000 | €332,000 | €332,000 | = |
| Reserves13 | €33,200 | €33,200 | €33,200 | €0 | - | - |
| Non-distributable reserves130/1 | €33,200 | €33,200 | €33,200 | €0 | - | - |
| Reserves not available under the articles1311 | €33,200 | €33,200 | €33,200 | €0 | - | - |
| Profit (loss) carried forward14 | -€40,382 | -€37,280 | -€48,960 | -€26,169 | -€44,571 | ▼ 70.3% |
| Amounts payable17/49 | €1.3m | €1.3m | €1.3m | €1.2m | €1.2m | ▲ 1.2% |
| Amounts payable after more than one year17 | €1.2m | €1.2m | €1.2m | €1.1m | €1.2m | ▲ 4.4% |
| Financial debts170/4 | €295,162 | €193,333 | €113,333 | €33,333 | €0 | ▼ 100% |
| Advances received on contracts in progress176 | - | - | - | - | €210,000 | - |
| Other amounts payable178/9 | €870,067 | €1.0m | €1.1m | €1.1m | €973,997 | ▼ 11.5% |
| Amounts payable within one year42/48 | €127,620 | €105,093 | €84,767 | €81,448 | €44,227 | ▼ 45.7% |
| Current portion of amounts payable after more than one year42 | €112,060 | €101,829 | €80,000 | €80,000 | €33,333 | ▼ 58.3% |
| Financial debts43 | €4,651 | - | - | - | - | - |
| Credit institutions430/8 | €4,651 | - | - | - | - | - |
| Trade debts44 | €9,730 | €2,040 | €2,514 | €247 | €10,848 | ▲ 4,300% |
| Suppliers440/4 | €9,730 | €2,040 | €2,514 | €247 | €10,848 | ▲ 4,300% |
| Taxes, remuneration and social security45 | €1,179 | €1,223 | €2,252 | €1,201 | €46 | ▼ 96.2% |
| Taxes450/3 | €1,179 | €1,223 | €2,252 | €1,201 | €46 | ▼ 96.2% |
| Accrued charges and deferred income492/3 | €3,355 | €31 | €2,413 | €14,024 | €16,740 | ▲ 19.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,691 | €3,102 | -€11,680 | -€10,409 | -€18,403 | ▼ 76.8% |
| + Depreciation and write-downs630 | €26,179 | €24,169 | €24,457 | €25,257 | €26,012 | ▲ 3.0% |
| Operating cash flow (approximation) | €20,488 | €27,271 | €12,776 | €14,849 | €7,609 | ▼ 48.8% |
| Investment in fixed assets (approximation) | - | €0 | -€15,315 | €0 | -€12,496 | - |
| Change in cash | - | - | €11,588 | -€445 | -€1,340 | ▼ 201% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
15-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 28 days late
2024
30-09
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 61 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 31 days late
2022
31-12
Financial
Back to profitnet €3,102
Net result €3,102 after 2 loss-making years.
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 30 days late
2021
27-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 27 days late
2020
31-12
Financial
Weakest financial yearnet -€24,605
Net result drops to -€24,605, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity doublescurrent ratio 1.53
Current ratio from 0.76 to 1.53; short-term debt falls from €191,463 to €125,364.
25-09
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 56 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 30 days late
2018
20-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Dentergem · 1 establishment unit since 1987
Ground area
5,061 m²
Building footprint
2,215 m²
Volume, LiDAR
13,500 m³
2 parcels, Flanders · tallest building 10.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Ingelmunstersteenweg 167, 8780 Oostrozebeke
since 19872.029.608.105
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 37006A0240/00D000 | Flanders | 4,917 m² | 1 · 2,071 m² | 8.4 m · 2 fl. |
| 37010E1055/00D004 | Flanders | 144 m² | 1 · 144 m² | 10.3 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
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Of 1,269 companies in sector 01420 we hold annual accounts for 138. 104 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded17-06-1987
Fiscal year end31-12
Activities, NACEBEL 2025
01420Raising of other cattle and buffaloes
64210Activities of holding companies
68110Buying and selling of own real estate
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
Scores and ratios are computed by Checked and are not a credit decision.