Deferm
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 4 days after the deadline Filed on 4 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00034174.
Annual accounts 2025 filed on 04-02-2026 PDF all 13 filings
Turnover
≈ €190,000
Estimated: probably between €120,000 and €320,000
Total assets
€104,508▲ 107%
2024 · €50,546
Net result
€37,938▲ 191%
2024 · €13,028
Working capital
€53,724▲ 715%
2024 · €6,595
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€56,196
▲ 199%
2025
20192025
Net result
€37,938
▲ 191%
2025
highest quarter of the sector
20192025
Equity
€49,307
▲ 334%
2025
middle half of the sector
20192025
Total assets
€104,508
▲ 107%
2025
middle half of the sector
20192025
Debt
€55,201
▲ 40.9%
2025
20192025
Working capital
€53,724
▲ 715%
2025
highest quarter of the sector
20192025
Solvency
47.2%
▲ 24.7pp
2025
middle half of the sector
20192025
Current ratio
2.22
▲ 1.05
2025
middle half of the sector
20192025
Return on assets (ROA)
36.3%
▲ 10.5pp
2025
highest quarter of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€15,416-€3,819▼ 75.2%€4,676▲ 22.4%-€2,930€9,452€18,806▲ 99.0%€56,196▲ 199%
Net result€10,430-€1,953within the sector's middle half▼ 81.3%€1,775within the sector's middle half▼ 9.1%-€4,215within the sector's middle half€6,253within the sector's middle half€13,028within the sector's middle half▲ 108%€37,938above the sector's middle half▲ 191%
Equity€11,252-€13,205within the sector's middle half▲ 17.4%€14,980within the sector's middle half▲ 13.4%€10,765within the sector's middle half▼ 28.1%€17,017within the sector's middle half▲ 58.1%€11,369within the sector's middle half▼ 33.2%€49,307within the sector's middle half▲ 334%
Total assets€49,857-€56,676within the sector's middle half▲ 13.7%€27,550below the sector's middle half▼ 51.4%€22,405below the sector's middle half▼ 18.7%€29,118below the sector's middle half▲ 30.0%€50,546below the sector's middle half▲ 73.6%€104,508within the sector's middle half▲ 107%
Debt€38,605-€43,471▲ 12.6%€12,571▼ 71.1%€11,641▼ 7.4%€12,101▲ 4.0%€39,177▲ 224%€55,201▲ 40.9%
Working capital€10,423-€12,226within the sector's middle half▲ 17.3%€11,376within the sector's middle half▼ 6.9%€8,212within the sector's middle half▼ 27.8%€9,703within the sector's middle half▲ 18.2%€6,595within the sector's middle half▼ 32.0%€53,724above the sector's middle half▲ 715%
Solvency22.6%-23.3%within the sector's middle half▲ 0.7pp54.4%within the sector's middle half▲ 31.1pp48.0%within the sector's middle half▼ 6.3pp58.4%above the sector's middle half▲ 10.4pp22.5%within the sector's middle half▼ 35.9pp47.2%within the sector's middle half▲ 24.7pp
Current ratio1.27-1.28within the sector's middle half▲ 0.011.90within the sector's middle half▲ 0.621.71within the sector's middle half▼ 0.201.80within the sector's middle half▲ 0.101.17within the sector's middle half▼ 0.632.22within the sector's middle half▲ 1.05
Return on assets (ROA)20.9%-3.4%within the sector's middle half▼ 17.5pp6.4%within the sector's middle half▲ 3.0pp-18.8%below the sector's middle half▼ 25.3pp21.5%above the sector's middle half▲ 40.3pp25.8%above the sector's middle half▲ 4.3pp36.3%above the sector's middle half▲ 10.5pp
Staff (FTE)0.50.1▼ 80.0%
above
within
below
The sector band is the middle half of the companies in Sports, amusement and recreation activities (NACE 93). 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 199% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €104,508
Fixed assets
€6,833 ▲ 43.1%
Current assets
€97,676 ▲ 113%
Equity and liabilities €104,508
Equity
€49,307 ▲ 334%
Debt
€55,201 ▲ 40.9%
Debt's share of the balance-sheet total falls from 77.5% to 52.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€60,209▲
2024 · €22,172
Cash flow
€41,951▲
2024 · €16,394
Debt to equity
1.12▼
2024 · 3.45
ROE
76.9%▼
2024 · 114.6%
Interest coverage
23.50▼
2024 · over 100
Debt ≤ 1 year
€43,951▲
2024 · €39,177
Income taxes
€15,696▲
2024 · €5,666
Staff costs
€266▲
2024 · €225
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 |
|---|---|
| Joined | 0 |
| Left | 1 |
Source: social balance sheet in the 2022 annual accounts
Investments
| Item | 30-06-2020 | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €782 | - | €6,824 | €826 | €6,072 |
| Depreciation and write-downs of the year | €633 | €1,050 | €2,063 | €3,366 | €4,013 |
Source: notes to the 2020 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €3,385 | €55 | €225 | €266 | ▲ 18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €542 | €633 | €1,323 | €1,050 | €2,063 | €3,366 | €4,013 | ▲ 19.2% |
| Other operating charges640/8 | - | €1,000 | - | €1,290 | €1,341 | €1,220 | €1,293 | ▲ 6.0% |
| Gross operating margin9900 | €18,086 | €5,452 | €21,690 | €2,795 | €12,910 | €23,617 | €61,768 | ▲ 162% |
| Operating profit (loss)9901 | €15,416 | €3,819 | €4,676 | -€2,930 | €9,452 | €18,806 | €56,196 | ▲ 199% |
| Financial income75/76B | - | €2 | - | €160 | - | - | - | - |
| Recurring financial income75 | €0 | €2 | €11 | €160 | - | - | - | - |
| Financial charges65/66B | - | €56 | - | €141 | €74 | €112 | €2,562 | ▲ 23× |
| Recurring financial charges65 | €962 | €56 | €270 | €141 | €74 | €112 | €2,562 | ▲ 23× |
| Profit (loss) for the period before taxes9903 | €14,454 | €3,765 | €4,417 | -€2,912 | €9,377 | €18,694 | €53,634 | ▲ 187% |
| Income taxes67/77 | €4,024 | €1,812 | €2,642 | €1,303 | €3,125 | €5,666 | €15,696 | ▲ 177% |
| Profit (loss) for the period9904 | €10,430 | €1,953 | €1,775 | -€4,215 | €6,253 | €13,028 | €37,938 | ▲ 191% |
| Profit (loss) for the period to be appropriated9905 | €8,921 | €1,953 | €5,675 | -€4,215 | €6,253 | €13,028 | €37,938 | ▲ 191% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €49,857 | €56,676 | €27,550 | €22,405 | €29,118 | €50,546 | €104,508 | ▲ 107% |
| Fixed assets21/28 | €829 | €979 | €3,603 | €2,553 | €7,314 | €4,774 | €6,833 | ▲ 43.1% |
| Tangible fixed assets22/27 | €829 | €979 | €3,603 | €2,553 | €7,314 | €4,774 | €6,833 | ▲ 43.1% |
| Plant, machinery and equipment23 | - | - | - | €733 | €493 | €254 | €3,041 | ▲ 12× |
| Furniture and vehicles24 | - | €979 | - | €1,820 | €6,821 | €4,520 | €3,792 | ▼ 16.1% |
| Current assets29/58 | €49,028 | €55,697 | €23,947 | €19,852 | €21,804 | €45,772 | €97,676 | ▲ 113% |
| Stocks and contracts in progress3 | - | - | €2,500 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €37,861 | €27,357 | €2,892 | €10,975 | €3,808 | €11,510 | €44,306 | ▲ 285% |
| Trade receivables40 | - | €27,357 | - | €10,975 | €709 | €4,715 | €44,306 | ▲ 840% |
| Other amounts receivable41 | - | - | - | - | €3,099 | €6,795 | - | - |
| Cash at bank and in hand54/58 | €9,832 | €25,234 | €16,101 | €8,636 | €15,253 | €31,698 | €48,882 | ▲ 54.2% |
| Deferred charges and accrued income490/1 | - | €3,106 | - | €242 | €2,743 | €2,564 | €4,488 | ▲ 75.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €49,857 | €56,676 | €27,550 | €22,405 | €29,118 | €50,546 | €104,508 | ▲ 107% |
| Equity10/15 | €11,252 | €13,205 | €14,980 | €10,765 | €17,017 | €11,369 | €49,307 | ▲ 334% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | - | - | - |
| Reserves13 | €5,204 | €5,204 | €1,304 | €1,304 | €1,304 | €11,327 | €49,227 | ▲ 335% |
| Non-distributable reserves130/1 | - | €77 | - | €77 | €77 | - | - | - |
| Reserves not available under the articles1311 | - | €77 | - | €77 | €77 | - | - | - |
| Tax-exempt reserves132 | - | €5,127 | - | €1,227 | €1,227 | €1,227 | €1,227 | = |
| Distributable reserves133 | - | - | - | - | - | €10,100 | €48,000 | ▲ 375% |
| Profit (loss) carried forward14 | -€12,552 | -€10,599 | -€4,924 | -€9,139 | -€2,886 | €42 | €80 | ▲ 90.7% |
| Amounts payable17/49 | €38,605 | €43,471 | €12,571 | €11,641 | €12,101 | €39,177 | €55,201 | ▲ 40.9% |
| Amounts payable within one year42/48 | €38,605 | €43,471 | €12,571 | €11,641 | €12,101 | €39,177 | €43,951 | ▲ 12.2% |
| Trade debts44 | €3,141 | €22,784 | €3,664 | €2,226 | €3,870 | €5,423 | €11,136 | ▲ 105% |
| Suppliers440/4 | - | €22,784 | - | €2,226 | €3,870 | €5,423 | €11,136 | ▲ 105% |
| Taxes, remuneration and social security45 | - | €3,346 | - | €5,934 | €8,231 | €15,077 | €15,531 | ▲ 3.0% |
| Taxes450/3 | - | €3,346 | - | €5,934 | €8,231 | €15,077 | €15,531 | ▲ 3.0% |
| Other amounts payable47/48 | - | €17,341 | - | €3,481 | - | €18,677 | €17,284 | ▼ 7.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €11,250 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,430 | €1,953 | €1,775 | -€4,215 | €6,253 | €13,028 | €37,938 | ▲ 191% |
| + Depreciation and write-downs630 | €542 | €633 | €1,323 | €1,050 | €2,063 | €3,366 | €4,013 | ▲ 19.2% |
| Operating cash flow (approximation) | €10,972 | €2,586 | €3,099 | -€3,165 | €8,316 | €16,394 | €41,951 | ▲ 156% |
| Investment in fixed assets (approximation) | - | -€783 | -€3,948 | €0 | -€6,824 | -€826 | -€6,072 | ▼ 635% |
| Change in cash | - | €15,402 | -€9,133 | -€7,466 | €6,618 | €16,445 | €17,184 | ▲ 4.5% |
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, 34,693 companies had the same profile as Deferm has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Deferm itself: 0.2% 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 34,693 companies, not a prediction for Deferm. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 04-02-2026 | 2026-00034174 | |
| 30-06-2024 | micro format | 14-01-2025 | 2025-00006097 | |
| 30-06-2023 | micro format | 15-01-2024 | 2024-00003374 | |
| 30-06-2022 | micro format | 06-02-2023 | 2023-00024653 | |
| 30-06-2021 | micro format | 22-12-2021 | 2021-81300545 | |
| 30-06-2020 | micro format | 14-01-2021 | 2021-01000511 | |
| 30-06-2019 | micro format | 22-01-2020 | 2020-02100532 | |
| 30-06-2018 | micro format | 03-01-2019 | 2019-00800032 | |
| 30-06-2017 | micro format | 27-12-2017 | 2017-73500090 | |
| 30-06-2016 | abbreviated format | 23-01-2017 | 2017-02000390 |