Broodback
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00464912.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 16 filings
Turnover
≈ €410,000
Estimated: probably between €270,000 and €630,000
Total assets
€629,563▼ 1.2%
2024 · €637,302
Net result
€96,310
2024 · -€62,483
Working capital
€43,493▼ 76.4%
2024 · €184,142
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€117,834
2025
20192025
Net result
€96,310
2025
highest quarter of the sector
20192025
Equity
€376,695
▲ 34.3%
2025
highest quarter of the sector
20192025
Total assets
€629,563
▼ 1.2%
2025
highest quarter of the sector
20192025
Debt
€252,868
▼ 29.2%
2025
20192025
Working capital
€43,493
▼ 76.4%
2025
middle half of the sector
20192025
Solvency
59.8%
▲ 15.8pp
2025
highest quarter of the sector
20192025
Current ratio
1.45
▼ 0.06
2025
middle half of the sector
20192025
Return on assets (ROA)
15.3%
▲ 25.1pp
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€63,009-€43,150▼ 31.5%€12,235▼ 71.6%€18,273▲ 49.4%€11,931▼ 34.7%-€62,967€117,834
Net result€46,586-€29,272above the sector's middle half▼ 37.2%€7,624within the sector's middle half▼ 74.0%€11,184within the sector's middle half▲ 46.7%€7,253within the sector's middle half▼ 35.1%-€62,483below the sector's middle half€96,310above the sector's middle half
Equity€290,759-€318,407above the sector's middle half▲ 9.5%€326,031above the sector's middle half▲ 2.4%€335,615above the sector's middle half▲ 2.9%€342,868above the sector's middle half▲ 2.2%€280,385above the sector's middle half▼ 18.2%€376,695above the sector's middle half▲ 34.3%
Total assets€316,653-€368,943within the sector's middle half▲ 16.5%€369,621within the sector's middle half▲ 0.2%€354,762within the sector's middle half▼ 4.0%€916,511above the sector's middle half▲ 158%€637,302above the sector's middle half▼ 30.5%€629,563above the sector's middle half▼ 1.2%
Debt€25,894-€50,536▲ 95.2%€43,590▼ 13.7%€19,148▼ 56.1%€573,642▲ 30×€356,917▼ 37.8%€252,868▼ 29.2%
Working capital€200,255-€200,753above the sector's middle half▲ 0.2%€225,125above the sector's middle half▲ 12.1%€257,033above the sector's middle half▲ 14.2%€313,452above the sector's middle half▲ 22.0%€184,142above the sector's middle half▼ 41.3%€43,493within the sector's middle half▼ 76.4%
Solvency91.8%-86.3%above the sector's middle half▼ 5.5pp88.2%above the sector's middle half▲ 1.9pp94.6%above the sector's middle half▲ 6.4pp37.4%within the sector's middle half▼ 57.2pp44.0%within the sector's middle half▲ 6.6pp59.8%above the sector's middle half▲ 15.8pp
Current ratio8.73-5.59above the sector's middle half▼ 3.146.16above the sector's middle half▲ 0.5714.42above the sector's middle half▲ 8.261.55within the sector's middle half▼ 12.881.52within the sector's middle half▼ 0.031.45within the sector's middle half▼ 0.06
Return on assets (ROA)14.7%-7.9%within the sector's middle half▼ 6.8pp2.1%within the sector's middle half▼ 5.9pp3.2%within the sector's middle half▲ 1.1pp0.8%within the sector's middle half▼ 2.4pp-9.8%below the sector's middle half▼ 10.6pp15.3%above the sector's middle half▲ 25.1pp
above
within
below
The sector band is the middle half of the companies in Manufacture of food products (NACE 10). 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 a profit of €117,834, after a loss of €62,967 in 2024. It is the highest result since 2021.
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 €629,563
Fixed assets
€490,148 ▲ 409%
Current assets
€139,415 ▼ 74.2%
Equity and liabilities €629,563
Equity
€376,695 ▲ 34.3%
Debt
€252,868 ▼ 29.2%
Debt's share of the balance-sheet total falls from 56.0% to 40.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€156,960▲
2024 · -€50,650
Cash flow
€135,437▲
2024 · -€50,167
Debt to equity
0.67▼
2024 · 1.27
ROE
25.6%▲
2024 · -22.3%
Interest coverage
18.23▲
2024 · -204.18
Debt ≤ 1 year
€95,922▼
2024 · €356,917
Debt > 1 year
€156,946
Income taxes
€13,333▲
2024 · €383
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 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €10,704 | €19,884 | €79,103 | €432,195 |
| Financial fixed assets | - | €75 | €40 | - |
| Depreciation and write-downs of the year | €32,732 | €13,589 | €12,316 | €39,126 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €1,696 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €38,477 | €37,307 | €32,491 | €32,732 | €13,589 | €12,316 | €39,126 | ▲ 218% |
| Other operating charges640/8 | - | - | - | €2,883 | €2,431 | €1,703 | €3,998 | ▲ 135% |
| Non-recurring operating charges66A | - | - | - | €296 | €55,536 | - | €663 | - |
| Gross operating margin9900 | €103,784 | €82,292 | €49,495 | €54,184 | €85,183 | -€48,948 | €161,622 | - |
| Operating profit (loss)9901 | €63,009 | €43,150 | €12,235 | €18,273 | €11,931 | -€62,967 | €117,834 | - |
| Financial income75/76B | - | - | - | - | €523 | €1,115 | €419 | ▼ 62.4% |
| Recurring financial income75 | €149 | €342 | €2,140 | - | €523 | €1,115 | €419 | ▼ 62.4% |
| Financial charges65/66B | - | - | - | €2,003 | €907 | €248 | €8,610 | ▲ 35× |
| Recurring financial charges65 | €1,229 | €4,042 | €2,851 | €2,003 | €907 | €248 | €8,610 | ▲ 35× |
| Profit (loss) for the period before taxes9903 | €61,929 | €39,450 | €11,523 | €16,270 | €11,547 | -€62,100 | €109,643 | - |
| Income taxes67/77 | €15,343 | €10,177 | €3,899 | €5,086 | €4,294 | €383 | €13,333 | ▲ 35× |
| Profit (loss) for the period9904 | €46,586 | €29,272 | €7,624 | €11,184 | €7,253 | -€62,483 | €96,310 | - |
| Profit (loss) for the period to be appropriated9905 | €46,586 | €29,272 | €7,624 | €11,184 | €7,253 | -€62,483 | €96,310 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €316,653 | €368,943 | €369,621 | €354,762 | €916,511 | €637,302 | €629,563 | ▼ 1.2% |
| Fixed assets21/28 | €90,504 | €124,456 | €100,906 | €78,582 | €29,416 | €96,242 | €490,148 | ▲ 409% |
| Tangible fixed assets22/27 | €90,364 | €124,316 | €100,766 | €78,442 | €29,201 | €95,987 | €489,893 | ▲ 410% |
| Land and buildings22 | - | - | - | €666 | €17,918 | €35,453 | €36,878 | ▲ 4.0% |
| Plant, machinery and equipment23 | - | - | - | €34,388 | €1,557 | €25,610 | €245,152 | ▲ 857% |
| Furniture and vehicles24 | - | - | - | €23,213 | €9,726 | €237 | - | - |
| Other tangible fixed assets26 | - | - | - | €20,175 | - | €34,688 | €207,862 | ▲ 499% |
| Financial fixed assets28 | €140 | €140 | €140 | €140 | €215 | €255 | €255 | = |
| Current assets29/58 | €226,149 | €244,487 | €268,715 | €276,180 | €887,095 | €541,060 | €139,415 | ▼ 74.2% |
| Stocks and contracts in progress3 | €11,225 | €8,634 | €11,303 | €14,806 | - | - | - | - |
| Stocks30/36 | - | - | - | €14,806 | - | - | - | - |
| Amounts receivable within one year40/41 | €3,009 | €7,101 | €14,857 | €14,279 | €16,757 | €21,338 | €17,146 | ▼ 19.6% |
| Trade receivables40 | - | - | - | €1,054 | €12,399 | €19,146 | €17,048 | ▼ 11.0% |
| Other amounts receivable41 | - | - | - | €13,225 | €4,358 | €2,193 | €99 | ▼ 95.5% |
| Current investments50/53 | €16,622 | €46,370 | €56,627 | €56,627 | €56,627 | €57,477 | €28,159 | ▼ 51.0% |
| Cash at bank and in hand54/58 | €190,741 | €174,324 | €181,834 | €186,303 | €806,824 | €455,009 | €92,553 | ▼ 79.7% |
| Deferred charges and accrued income490/1 | - | - | - | €4,166 | €6,887 | €7,236 | €1,556 | ▼ 78.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €316,653 | €368,943 | €369,621 | €354,762 | €916,511 | €637,302 | €629,563 | ▼ 1.2% |
| Equity10/15 | €290,759 | €318,407 | €326,031 | €335,615 | €342,868 | €280,385 | €376,695 | ▲ 34.3% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €272,159 | €299,807 | €307,431 | €317,015 | €324,268 | €261,785 | €358,095 | ▲ 36.8% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | - | - |
| Distributable reserves133 | - | - | - | €315,155 | €322,408 | €259,925 | €358,095 | ▲ 37.8% |
| Amounts payable17/49 | €25,894 | €50,536 | €43,590 | €19,148 | €573,642 | €356,917 | €252,868 | ▼ 29.2% |
| Amounts payable after more than one year17 | - | €6,802 | - | - | - | - | €156,946 | - |
| Financial debts170/4 | - | - | - | - | - | - | €156,946 | - |
| Amounts payable within one year42/48 | €25,894 | €43,734 | €43,590 | €19,148 | €573,642 | €356,917 | €95,922 | ▼ 73.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €14,085 | - | - | €15,507 | - |
| Trade debts44 | €5,428 | €9,090 | €7,729 | €700 | €150 | €4,458 | - | - |
| Suppliers440/4 | - | - | - | €700 | €150 | €4,458 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €480 | - | €4,823 | €21,099 | ▲ 337% |
| Taxes450/3 | - | - | - | €480 | - | €383 | €13,228 | ▲ 35× |
| Remuneration and social security454/9 | - | - | - | - | - | €4,440 | €7,871 | ▲ 77.3% |
| Other amounts payable47/48 | - | - | - | €3,883 | €573,493 | €347,636 | €59,316 | ▼ 82.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €46,586 | €29,272 | €7,624 | €11,184 | €7,253 | -€62,483 | €96,310 | - |
| + Depreciation and write-downs630 | €38,477 | €37,307 | €32,491 | €32,732 | €13,589 | €12,316 | €39,126 | ▲ 218% |
| Operating cash flow (approximation) | €85,063 | €66,580 | €40,115 | €43,916 | €20,843 | -€50,167 | €135,437 | - |
| Investment in fixed assets (approximation) | - | -€71,259 | -€8,942 | -€10,408 | €35,577 | -€79,143 | -€433,032 | ▼ 447% |
| Change in cash | - | -€16,417 | €7,510 | €4,469 | €620,520 | -€351,815 | -€362,456 | ▼ 3.0% |
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 Broodback 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 Broodback itself: 0.3% 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 Broodback. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00464912 | |
| 30-06-2024 | micro format | 29-01-2025 | 2025-00013617 | |
| 30-06-2023 | micro format | 27-02-2024 | 2024-00034713 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00011492 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-04000407 | |
| 30-06-2020 | micro format | 13-01-2021 | 2021-00900373 | |
| 30-06-2019 | micro format | 30-01-2020 | 2020-03000400 | |
| 30-06-2018 | micro format | 15-01-2019 | 2019-01500214 | |
| 30-06-2017 | micro format | 05-01-2018 | 2018-00500569 | |
| 30-06-2016 | abbreviated format | 27-01-2017 | 2017-02300558 |