BURGO ARDENNES
ActiveBURGO ARDENNES has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €87.06M and a net result of €11.51M. Equity remains stable across the filed fiscal years (±0.5% per year). Its solvency ranks better than 40% of 73 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
66
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability69▼-2
Solvency65▲+3
Growth67=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2M at 30 days acceptable
Liquidity tight (current ratio 1.16 against 1.25 in 2024; short-term debt: 51.6% and cash: 4.6% of total assets), and 60.4% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
39.6%
Return on assets
5.2%
Age of the figures
9 mo
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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 17
Relative position
BE, all sectors
reference
Sector 17
higher
← fewer bankruptcies
more bankruptcies →
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 30-06-2026, 31 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
31 d early
2024
118 d late
2023
54 d early
2022
7 d early
2021
18 d early
2020
61 d early
2019
17 d early
← before the deadline
after the deadline →
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
20-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€379.08M▼ 0.1%
2024 · €379.33M
2018: €299.77M
2019: €294.36M
2020: €262.38M
2021: €322.41M
2022: €423.70M
2023: €411.31M
2024: €379.33M
2018 → 2025
EBIT margin
5.3%▼ 0.9pp
2024 · 6.2%
2018: 4.6%
2019: 2.1%
2020: 2.8%
2021: 4.3%
2022: 4.4%
2023: 4.9%
2024: 6.2%
2018 → 2025
Net result
€11.51M▼ 24.0%
2024 · €15.14M
2018: €8.35M
2019: €1.65M
2020: €2.61M
2021: €8.51M
2022: €11.26M
2023: €11.61M
2024: €15.14M
2018 → 2025
Working capital
€18.58M▼ 38.5%
2024 · €30.21M
2018: €21.91M
2019: €36.18M
2020: €22.19M
2021: €27.46M
2022: €34.95M
2023: €30.35M
2024: €30.21M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€322.41M-€423.70M▲ 31.4%€411.31M▼ 2.9%€379.33M▼ 7.8%€379.08M▼ 0.1%
Equity€84.91M-€85.14M▲ 0.3%€87.47M▲ 2.7%€87.33M▼ 0.2%€87.06M▼ 0.3%
Operating result€13.74M-€18.71M▲ 36.1%€20.04M▲ 7.1%€23.33M▲ 16.4%€19.94M▼ 14.5%
Net result€8.51M-€11.26M▲ 32.3%€11.61M▲ 3.1%€15.14M▲ 30.4%€11.51M▼ 24.0%
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 15% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €219.81M
Fixed assets
€87.89M▲ 4.8%
Current assets
€131.92M▼ 12.4%
Equity and liabilities €219.81M
Equity
€87.06M▼ 0.3%
Provisions
€12.96M▼ 29.8%
Debt
€119.78M▼ 6.9%
The debt ratio falls from 54.9% to 54.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€33.41M▼
2024 · €37.17M
Cash flow
€24.98M▼
2024 · €28.97M
Solvency
39.6%▲
2024 · 37.3%
Current ratio
1.16▼
2024 · 1.25
Quick ratio
0.74▼
2024 · 0.88
Debt / equity
1.38▼
2024 · 1.47
ROE
13.2%▼
2024 · 17.3%
ROA
5.2%▼
2024 · 6.5%
Interest coverage
17.93▼
2024 · 26.20
Debt
€119.78M▼
2024 · €128.59M
Debt ≤ 1 year
€113.34M▼
2024 · €120.34M
Debt > 1 year
€6.39M▼
2024 · €8.15M
Income taxes
€5.20M▼
2024 · €5.97M
Staff costs
€53.46M▲
2024 · €52.33M
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€234.40M€219.81M▼
Formation expenses20€0€0▲
Fixed assets21/28€83.85M€87.89M▲
Intangible fixed assets21€10.31M€11.20M▲
Tangible fixed assets22/27€71.23M€74.38M▲
Land and buildings22€10.88M€10.80M▼
Plant, machinery and equipment23€54.84M€57.10M▲
Furniture and vehicles24€993k€800k▼
Leasing and similar rights25€1.05M€2.18M▲
Other tangible fixed assets26€0€0=
Assets under construction and advance payments27€3.47M€3.51M▲
Financial fixed assets28€2.31M€2.31M=
Affiliated companies280/1€1.75M€1.75M=
Participating interests280€952k€952k=
Amounts receivable281€800k€800k=
Companies linked by participating interests282/3€0-
Participating interests282€0-
Amounts receivable283€0-
Other financial fixed assets284/8€562k€562k=
Shares284€0-
Amounts receivable and cash guarantees285/8€562k€562k=
Current assets29/58€150.55M€131.92M▼
Amounts receivable after more than one year29€0-
Trade receivables290€0-
Other amounts receivable291€0-
Stocks and contracts in progress3€45.05M€48.60M▲
Stocks30/36€45.05M€48.60M▲
Raw materials and consumables30/31€20.97M€24.70M▲
Work in progress32€9.40M€10.49M▲
Finished goods33€14.69M€13.41M▼
Goods purchased for resale34€0-
Property held for sale35€0-
Advance payments36€0-
Contracts in progress37€0-
Amounts receivable within one year40/41€91.68M€72.83M▼
Trade receivables40€42.57M€62.89M▲
Other amounts receivable41€49.11M€9.95M▼
Current investments50/53€2.70M€0▼
Other investments51/53€2.70M€0▼
Cash at bank and in hand54/58€10.83M€10.13M▼
Deferred charges and accrued income490/1€283k€362k▲
Equity and liabilities
Total equity and liabilities10/49€234.40M€219.81M▼
Equity10/15€87.33M€87.06M▼
Contributions10/11€75.00M€75.00M=
Capital10€75.00M€75.00M=
Issued capital100€75.00M€75.00M=
Reserves13€7.50M€7.50M=
Non-distributable reserves130/1€7.50M€7.50M=
Legal reserve130€7.50M€7.50M=
Profit (loss) carried forward14€3.28M€3.29M▲
Investment grants15€1.55M€1.27M▼
Provisions and deferred taxes16€18.48M€12.96M▼
Provisions for liabilities and charges160/5€18.48M€12.96M▼
Pensions and similar obligations160€2.35M€1.80M▼
Major repairs and maintenance162€4.55M€0▼
Environmental obligations163€8.81M€8.57M▼
Other liabilities and charges164/5€2.76M€2.59M▼
Deferred taxes168€0-
Amounts payable17/49€128.59M€119.78M▼
Amounts payable after more than one year17€8.15M€6.39M▼
Financial debts170/4€7.42M€5.86M▼
Subordinated loans170€0-
Unsubordinated bonds171€0-
Leasing and similar obligations172€691k€1.26M▲
Credit institutions173€6.73M€4.60M▼
Other loans174€0-
Trade debts175€734k€528k▼
Suppliers1750€734k€528k▼
Amounts payable within one year42/48€120.34M€113.34M▼
Current portion of amounts payable after more than one year42€2.88M€2.98M▲
Financial debts43€21.91M€18.56M▼
Credit institutions430/8€21.91M€18.56M▼
Other loans439€0-
Trade debts44€66.58M€68.58M▲
Suppliers440/4€66.58M€68.58M▲
Taxes, remuneration and social security45€13.96M€11.72M▼
Taxes450/3€3.88M€2.39M▼
Remuneration and social security454/9€10.08M€9.33M▼
Other amounts payable47/48€15.00M€11.50M▼
Accrued charges and deferred income492/3€99k€57k▼
Income statement
Code20242025
Operating income70/76A€409.87M€396.76M▼
Turnover70€379.33M€379.08M▼
Change in stocks of work in progress, finished goods and contracts in progress71€3.84M€-731k▼
Own construction capitalised72€75k€202k▲
Other operating income74€26.63M€18.21M▼
Non-recurring operating income76A€0€0=
Operating charges60/66A€386.54M€376.82M▼
Goods for resale, raw materials and consumables60€203.96M€199.25M▼
Purchases600/8€196.59M€202.95M▲
Change in stocks: decrease (increase)609€7.36M€-3.70M▼
Services and other goods61€107.36M€110.34M▲
Remuneration, social security and pensions62€52.33M€53.46M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€13.84M€13.47M▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-1.28M€-574k▲
Provisions for liabilities and charges: additions (uses and reversals)635/8€4.34M€-5.52M▼
Other operating charges640/8€5.99M€6.38M▲
Operating profit (loss)9901€23.33M€19.94M▼
Financial income75/76B€1.98M€727k▼
Recurring financial income75€1.16M€727k▼
Income from financial fixed assets750€250k€354k▲
Income from current assets751€55k€38k▼
Other financial income752/9€851k€336k▼
Non-recurring financial income76B€820k€0▼
Financial charges65/66B€4.20M€3.96M▼
Recurring financial charges65€3.34M€3.96M▲
Debt charges650€1.42M€1.86M▲
Other financial charges652/9€1.92M€2.09M▲
Non-recurring financial charges66B€863k€0▼
Profit (loss) for the period before taxes9903€21.11M€16.71M▼
Income taxes67/77€5.97M€5.20M▼
Taxes670/3€5.97M€5.20M▼
Profit (loss) for the period9904€15.14M€11.51M▼
Profit (loss) for the period to be appropriated9905€15.14M€11.51M▼
Appropriation of the result
Profit (loss) to be appropriated9906€18.28M€14.79M▼
Profit (loss) brought forward from the previous period14P€3.14M€3.28M▲
Profit to be distributed694/7€15.00M€11.50M▼
Return on contributions (dividend)694€15.00M€11.50M▼
Social balance
Average headcount (FTE)9087595.9591.5▼
The notes to these accounts (105 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
30-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
26-11
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 118 days late
2024
31-12
Financial
Highest result since 2018net €15.14M ▲30.4%
Operating result €23.33M, net result €15.14M, both a record.
07-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
24-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
13-07
NBB filing
Annual accounts filed
fiscal year 2021 · unclassified schema
2021
31-05
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
14-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Weakest financial yearnet €1.65M ▼80.2%
Net result drops to €1.65M, the lowest in the series; recovery starts the following year.
24-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
14-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
26-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
29 acts for this company are 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, Virton · 1 establishment unit since 1994
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue de la Papeterie,St-Mard 16762 VirtonGround area
19.7 ha
Building footprint
5.6 ha
Volume, LiDAR
948,122 m³
Parcel 85035B1556/00C000, Wallonia · tallest building 30.9 m, ±6 floors. Linked by address, not a title deed.
1 establishment unit
Rue de la Papeterie,St-Mard 1, 6762 Virton
since 19942.102.929.910
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 85035B1556/00C000 | Wallonia | 19.7 ha | 1 · 5.6 ha | 30.9 m · 6 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Group per the LEI register
1 parent companyParent company:BURGO GROUP S.P.A.
Recognitions · licences · registrations
Food safety, FASFC
1 siteVirton2.102.929.910
Legal Entity Identifier
9845002D151E8C8FC446
Similar companies · same sector, comparable size
Of 31 companies in sector 17110 we hold annual accounts for 27. 1 is within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded10-02-1994
Fiscal year end31-12
Activities, NACEBEL
17110Manufacture of paper and paper products
17120Manufacture of paper and paper products
21121
21122
46492Wholesale trade
Sources
Crossroads Bank for EnterprisesNational Bank · 32 filingsAddress and cadastre registers
Data from official sources, last processed on 20-09-2026. Scores and ratios are computed by Checked and are not a credit decision.