DAMFRA
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 61 days after the deadline Filed on 30 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00536422.
Annual accounts 2025 filed on 30-09-2026 at the NBB all 6 filings
Turnover
≈ €570,000
Estimated: probably between €470,000 and €690,000
Total assets
€482,086▼ 12.0%
2024 · €547,634
Net result
€51,744▼ 36.6%
2024 · €81,563
Working capital
-€2,768
2024 · €11,513
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€83,231
▼ 35.2%
2025
20202025
Net result
€51,744
▼ 36.6%
2025
highest quarter of the sector
20202025
Equity
€71,424
▼ 16.5%
2025
middle half of the sector
20202025
Total assets
€482,086
▼ 12.0%
2025
highest quarter of the sector
20202025
Debt
€410,662
▼ 11.1%
2025
20202025
Working capital
-€2,768
2025
middle half of the sector
20202025
Solvency
14.8%
▼ 0.8pp
2025
middle half of the sector
20202025
Current ratio
0.98
▼ 0.10
2025
middle half of the sector
20202025
Return on assets (ROA)
10.7%
▼ 4.2pp
2025
middle half of the sector
20202025
Staff (FTE)
no figure
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€8,834-€65,963▲ 647%€19,968▼ 69.7%€7,408▼ 62.9%€128,434▲ 17×€83,231▼ 35.2%
Net result€6,203within the sector's middle half-€50,550above the sector's middle half▲ 715%€13,377within the sector's middle half▼ 73.5%-€249within the sector's middle half€81,563above the sector's middle half€51,744above the sector's middle half▼ 36.6%
Equity€36,203within the sector's middle half-€86,753above the sector's middle half▲ 140%€100,130above the sector's middle half▲ 15.4%€69,881within the sector's middle half▼ 30.2%€85,563within the sector's middle half▲ 22.4%€71,424within the sector's middle half▼ 16.5%
Total assets€144,834within the sector's middle half-€171,447within the sector's middle half▲ 18.4%€167,308within the sector's middle half▼ 2.4%€501,488above the sector's middle half▲ 200%€547,634above the sector's middle half▲ 9.2%€482,086above the sector's middle half▼ 12.0%
Debt€108,631-€84,694▼ 22.0%€67,178▼ 20.7%€431,607▲ 542%€462,071▲ 7.1%€410,662▼ 11.1%
Working capital-€1,502within the sector's middle half-€45,719above the sector's middle half€53,166above the sector's middle half▲ 16.3%€1,946within the sector's middle half▼ 96.3%€11,513within the sector's middle half▲ 492%-€2,768within the sector's middle half
Solvency25.0%within the sector's middle half-50.6%within the sector's middle half▲ 25.6pp59.8%above the sector's middle half▲ 9.2pp13.9%within the sector's middle half▼ 45.9pp15.6%within the sector's middle half▲ 1.7pp14.8%within the sector's middle half▼ 0.8pp
Current ratio0.97within the sector's middle half-2.06within the sector's middle half▲ 1.092.30above the sector's middle half▲ 0.241.02within the sector's middle half▼ 1.281.07within the sector's middle half▲ 0.050.98within the sector's middle half▼ 0.10
Return on assets (ROA)4.3%within the sector's middle half-29.5%above the sector's middle half▲ 25.2pp8.0%within the sector's middle half▼ 21.5pp0.0%within the sector's middle half▼ 8.0pp14.9%within the sector's middle half▲ 14.9pp10.7%within the sector's middle half▼ 4.2pp
Staff (FTE)1.2within the sector's middle half-1.4▲ 16.7%1.9▲ 35.7%2.2▲ 15.8%2.5▲ 13.6%
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 35% lower than in 2024.
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 €482,086
Fixed assets
€361,374 ▼ 5.0%
Current assets
€120,712 ▼ 27.8%
Equity and liabilities €482,086
Equity
€71,424 ▼ 16.5%
Debt
€410,662 ▼ 11.1%
Debt's share of the balance-sheet total rises from 84.4% to 85.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€108,529▼
2024 · €153,836
Cash flow
€77,042▼
2024 · €106,965
Quick ratio
0.93▼
2024 · 1.02
Debt to equity
5.75▲
2024 · 5.40
ROE
72.4%▼
2024 · 95.3%
Interest coverage
8.51▼
2024 · 9.18
Debt ≤ 1 year
€123,480▼
2024 · €155,634
Debt > 1 year
€287,181▼
2024 · €306,438
Income taxes
€18,843▼
2024 · €30,782
Staff costs
€81,042▲
2024 · €74,710
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 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 4 | 3 | 2 |
| full-time | 1 | 2 | 1 | 2 |
| part-time | 1 | 2 | 2 | - |
| in full-time equivalents | 1.6 | 2.9 | 2 | 2 |
| Average over the year, in full-time equivalents | 1.4 | 1.9 | 2.2 | 2.5 |
| On a permanent contract | 1 | 1 | 1 | 1 |
| Joined | 8 | 57 | 12 | 30 |
| Left | 8 | 55 | 13 | 31 |
Source: social balance sheet in the 2021 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €2,225 | €397,570 | €2,304 | €6,184 |
| Depreciation and write-downs of the year | €11,611 | €11,612 | €62,843 | €25,402 | €25,298 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €1,355 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | €31,658 | €70,758 | €67,365 | €74,710 | €81,042 | ▲ 8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,560 | €11,611 | €11,612 | €62,843 | €25,402 | €25,298 | ▼ 0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €7,116 | - | - | - |
| Other operating charges640/8 | - | €324 | €592 | €215 | €3,936 | €3,644 | ▼ 7.4% |
| Non-recurring operating charges66A | - | €25 | €433 | - | €150 | €1,327 | ▲ 784% |
| Gross operating margin9900 | €37,335 | €109,581 | €103,363 | €144,947 | €232,632 | €194,542 | ▼ 16.4% |
| Operating profit (loss)9901 | €8,834 | €65,963 | €19,968 | €7,408 | €128,434 | €83,231 | ▼ 35.2% |
| Financial income75/76B | - | €55 | €50 | €39 | €667 | €104 | ▼ 84.5% |
| Recurring financial income75 | €26 | €55 | €50 | €6 | €667 | €104 | ▼ 84.5% |
| Non-recurring financial income76B | - | - | - | €33 | - | - | - |
| Financial charges65/66B | - | €3,221 | €3,322 | €7,684 | €16,756 | €12,747 | ▼ 23.9% |
| Recurring financial charges65 | €2,657 | €3,221 | €3,322 | €7,684 | €16,756 | €12,747 | ▼ 23.9% |
| Profit (loss) for the period before taxes9903 | €6,203 | €62,797 | €16,696 | -€237 | €112,346 | €70,587 | ▼ 37.2% |
| Income taxes67/77 | - | €12,247 | €3,319 | €12 | €30,782 | €18,843 | ▼ 38.8% |
| Profit (loss) for the period9904 | €6,203 | €50,550 | €13,377 | -€249 | €81,563 | €51,744 | ▼ 36.6% |
| Profit (loss) for the period to be appropriated9905 | €6,203 | €50,550 | €13,377 | -€249 | €81,563 | €51,744 | ▼ 36.6% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €144,834 | €171,447 | €167,308 | €501,488 | €547,634 | €482,086 | ▼ 12.0% |
| Formation expenses20 | €31 | - | - | - | - | - | - |
| Fixed assets21/28 | €94,326 | €82,746 | €73,359 | €403,585 | €380,488 | €361,374 | ▼ 5.0% |
| Intangible fixed assets21 | €72,590 | €64,590 | €56,590 | €48,590 | €40,590 | €32,590 | ▼ 19.7% |
| Tangible fixed assets22/27 | €16,974 | €13,394 | €12,007 | €354,734 | €339,636 | €328,522 | ▼ 3.3% |
| Land and buildings22 | - | - | - | €342,579 | €330,579 | €318,579 | ▼ 3.6% |
| Plant, machinery and equipment23 | - | - | - | - | €2,180 | €1,719 | ▼ 21.1% |
| Furniture and vehicles24 | - | €13,394 | €12,007 | €12,155 | €6,877 | €8,224 | ▲ 19.6% |
| Financial fixed assets28 | €4,762 | €4,762 | €4,762 | €261 | €262 | €262 | = |
| Current assets29/58 | €50,477 | €88,701 | €93,949 | €97,903 | €167,146 | €120,712 | ▼ 27.8% |
| Stocks and contracts in progress3 | €3,900 | €5,692 | €5,170 | €4,600 | €8,800 | €5,750 | ▼ 34.7% |
| Stocks30/36 | - | €5,692 | €5,170 | €4,600 | €8,800 | €5,750 | ▼ 34.7% |
| Amounts receivable within one year40/41 | €2,414 | €943 | €1,146 | €2,218 | €3,311 | €2,359 | ▼ 28.8% |
| Trade receivables40 | - | €309 | - | - | €1,052 | €174 | ▼ 83.5% |
| Other amounts receivable41 | - | €634 | €1,146 | €2,218 | €2,259 | €2,185 | ▼ 3.3% |
| Cash at bank and in hand54/58 | €43,576 | €82,066 | €87,633 | €91,085 | €155,035 | €112,604 | ▼ 27.4% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €144,834 | €171,447 | €167,308 | €501,488 | €547,634 | €482,086 | ▼ 12.0% |
| Equity10/15 | €36,203 | €86,753 | €100,130 | €69,881 | €85,563 | €71,424 | ▼ 16.5% |
| Contributions10/11 | - | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Profit (loss) carried forward14 | €6,203 | €56,753 | €70,130 | €39,881 | €55,563 | €41,424 | ▼ 25.4% |
| Amounts payable17/49 | €108,631 | €84,694 | €67,178 | €431,607 | €462,071 | €410,662 | ▼ 11.1% |
| Amounts payable after more than one year17 | €56,652 | €41,712 | €26,395 | €335,650 | €306,438 | €287,181 | ▼ 6.3% |
| Financial debts170/4 | - | €41,712 | €26,395 | €335,650 | €306,438 | €287,181 | ▼ 6.3% |
| Amounts payable within one year42/48 | €51,979 | €42,982 | €40,783 | €95,957 | €155,634 | €123,480 | ▼ 20.7% |
| Current portion of amounts payable after more than one year42 | - | €14,940 | €15,318 | - | €29,213 | €19,256 | ▼ 34.1% |
| Financial debts43 | - | - | - | €33,522 | - | - | - |
| Credit institutions430/8 | - | - | - | €33,522 | - | - | - |
| Trade debts44 | €5,392 | €4,062 | €12,060 | €9,751 | €9,265 | €1,944 | ▼ 79.0% |
| Suppliers440/4 | - | €4,062 | €12,060 | €9,751 | €9,265 | €1,944 | ▼ 79.0% |
| Advances received on contracts in progress46 | - | - | - | - | - | €180 | - |
| Taxes, remuneration and social security45 | - | €22,200 | €13,405 | €22,684 | €51,203 | €36,148 | ▼ 29.4% |
| Taxes450/3 | - | €22,200 | €13,405 | €13,954 | €46,540 | €30,224 | ▼ 35.1% |
| Remuneration and social security454/9 | - | - | - | €8,730 | €4,663 | €5,924 | ▲ 27.0% |
| Other amounts payable47/48 | - | €1,780 | - | €30,000 | €65,952 | €65,952 | = |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,203 | €50,550 | €13,377 | -€249 | €81,563 | €51,744 | ▼ 36.6% |
| + Depreciation and write-downs630 | €9,560 | €11,611 | €11,612 | €62,843 | €25,402 | €25,298 | ▼ 0.4% |
| Operating cash flow (approximation) | €15,763 | €62,161 | €24,989 | €62,594 | €106,965 | €77,042 | ▼ 28.0% |
| Investment in fixed assets (approximation) | - | -€31 | -€2,225 | -€393,069 | -€2,305 | -€6,184 | ▼ 168% |
| Change in cash | - | €38,490 | €5,567 | €3,452 | €63,950 | -€42,431 | - |
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, 2,684 companies had the same profile as DAMFRA has now. Two years later, 97.3% were still going and 1.3% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
1.2%
stopped otherwise
1.3%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of DAMFRA itself is higher: 2.4% within 12 months. It rests on far more data about DAMFRA than the profile alone.
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 2,684 companies, not a prediction for DAMFRA. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-09-2026 | 2026-00536422 | |
| 31-12-2024 | micro format | 25-09-2025 | 2025-00504051 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00398400 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00283328 | |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20251009 | |
| 31-12-2020 | micro format | 22-07-2021 | 2021-38700326 |