DELFEM
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 12-06-2026 PDF all 8 filings
Turnover
≈ €12,000
Estimated: probably between €7,200 and €20,000
Total assets
€18,464▲ 49.8%
2023 · €12,329
Net result
-€608
2023 · €22,562
Working capital
-€44,615▲ 24.0%
2023 · -€58,671
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
-€585
2025
20182025
Net result
-€608
2025
middle half of the sector
20182025
Equity
-€44,615
2025
lowest quarter of the sector
20182025
Total assets
€18,464
2025
lowest quarter of the sector
20182025
Debt
€63,079
2025
20182025
Working capital
-€44,615
2025
lowest quarter of the sector
20182025
Solvency
-241.6%
2025
lowest quarter of the sector
20182025
Current ratio
0.29
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-3.3%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232025
Operating result-€6,865--€26,034▼ 279%-€10,478▲ 59.8%-€16,295▼ 55.5%-€4,241▲ 74.0%€22,904-€585-
Net result-€7,880--€27,148▼ 245%-€10,683below the sector's middle half▲ 60.6%-€16,330below the sector's middle half▼ 52.9%-€4,295within the sector's middle half▲ 73.7%€22,562above the sector's middle half-€608within the sector's middle half-
Equity-€43,909--€71,057▼ 61.8%-€73,008below the sector's middle half▼ 2.7%-€89,338below the sector's middle half▼ 22.4%-€81,233below the sector's middle half▲ 9.1%-€58,671below the sector's middle half▲ 27.8%-€44,615below the sector's middle half-
Total assets€42,238-€38,617▼ 8.6%€34,109below the sector's middle half▼ 11.7%€33,603below the sector's middle half▼ 1.5%€32,046below the sector's middle half▼ 4.6%€12,329below the sector's middle half▼ 61.5%€18,464below the sector's middle half-
Debt€86,147-€109,674▲ 27.3%€107,117▼ 2.3%€122,941▲ 14.8%€113,279▼ 7.9%€71,000▼ 37.3%€63,079-
Working capital-€46,242--€74,706▼ 61.6%-€72,933below the sector's middle half▲ 2.4%-€93,381below the sector's middle half▼ 28.0%-€81,233below the sector's middle half▲ 13.0%-€58,671below the sector's middle half▲ 27.8%-€44,615below the sector's middle half-
Solvency-104.0%--184.0%▼ 80.0pp-214.0%below the sector's middle half▼ 30.0pp-265.9%below the sector's middle half▼ 51.8pp-253.5%below the sector's middle half▲ 12.4pp-475.9%below the sector's middle half▼ 222.4pp-241.6%below the sector's middle half-
Current ratio0.32-0.24▼ 0.080.25below the sector's middle half▲ 0.010.24below the sector's middle half▼ 0.010.28below the sector's middle half▲ 0.040.17below the sector's middle half▼ 0.110.29below the sector's middle half-
Return on assets (ROA)-18.7%--70.3%▼ 51.6pp-31.3%below the sector's middle half▲ 39.0pp-48.6%below the sector's middle half▼ 17.3pp-13.4%below the sector's middle half▲ 35.2pp183.0%above the sector's middle half▲ 196.4pp-3.3%within the sector's middle half-
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 a loss of €585, against €22,904 in 2023. Comparable figures for the intervening years are unavailable.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Key figures and ratios
Debt ≤ 1 year
€63,079▼
2023 · €71,000
Income taxes
€16
Staff costs
€817▼
2023 · €57,898
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €196 | - | - | - |
| Depreciation and write-downs of the year | €5,419 | €4,043 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €12,886 | €40,923 | €57,898 | €817 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,170 | €5,419 | €5,419 | €5,419 | €4,043 | - | - | - |
| Other operating charges640/8 | - | - | - | €659 | €3,602 | €1,036 | €807 | - |
| Gross operating margin9900 | €62,635 | €77,161 | €42,821 | €2,669 | €44,327 | €81,838 | €1,039 | - |
| Operating profit (loss)9901 | -€6,865 | -€26,034 | -€10,478 | -€16,295 | -€4,241 | €22,904 | -€585 | - |
| Financial income75/76B | - | - | - | - | - | - | €54 | - |
| Recurring financial income75 | - | - | - | - | - | - | €54 | - |
| Financial charges65/66B | - | - | - | €35 | €54 | €342 | €61 | - |
| Recurring financial charges65 | €1,015 | €1,114 | €205 | €35 | €54 | €342 | €61 | - |
| Profit (loss) for the period before taxes9903 | -€7,880 | -€27,148 | -€10,683 | -€16,330 | -€4,295 | €22,562 | -€592 | - |
| Income taxes67/77 | - | - | - | - | - | - | €16 | - |
| Profit (loss) for the period9904 | -€7,880 | -€27,148 | -€10,683 | -€16,330 | -€4,295 | €22,562 | -€608 | - |
| Profit (loss) for the period to be appropriated9905 | -€7,880 | -€27,148 | -€10,683 | -€16,330 | -€4,295 | €22,562 | -€608 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €42,238 | €38,617 | €34,109 | €33,603 | €32,046 | €12,329 | €18,464 | - |
| Formation expenses20 | €588 | €392 | €196 | - | - | - | - | - |
| Fixed assets21/28 | €19,712 | €14,489 | €9,266 | €4,043 | - | - | - | - |
| Tangible fixed assets22/27 | €19,712 | €14,489 | €9,266 | €4,043 | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €4,043 | - | - | - | - |
| Current assets29/58 | €21,938 | €23,736 | €24,647 | €29,560 | €32,046 | €12,329 | €18,464 | - |
| Stocks and contracts in progress3 | €5,638 | €5,638 | €3,733 | €6,190 | €7,214 | €6,510 | - | - |
| Stocks30/36 | - | - | - | €6,190 | €7,214 | €6,510 | - | - |
| Amounts receivable within one year40/41 | - | €9,408 | €9,762 | €4,033 | €7,190 | €1,269 | €7,047 | - |
| Trade receivables40 | - | - | - | €4,033 | €7,190 | €1,269 | €7,047 | - |
| Current investments50/53 | - | - | - | - | - | - | €6,114 | - |
| Cash at bank and in hand54/58 | €16,300 | €8,690 | €1,806 | €9,991 | €8,296 | €4,550 | €5,303 | - |
| Deferred charges and accrued income490/1 | - | - | - | €9,346 | €9,346 | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €42,238 | €38,617 | €34,109 | €33,603 | €32,046 | €12,329 | €18,464 | - |
| Equity10/15 | -€43,909 | -€71,057 | -€73,008 | -€89,338 | -€81,233 | -€58,671 | -€44,615 | - |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €18,600 | €18,600 | €18,600 | - |
| Capital10 | - | - | - | €6,200 | €18,600 | €18,600 | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | €18,600 | - | - |
| Uncalled capital101 | - | - | - | €12,400 | - | - | - | - |
| Profit (loss) carried forward14 | -€50,109 | -€77,257 | -€79,208 | -€95,538 | -€99,833 | -€77,271 | -€63,215 | - |
| Amounts payable17/49 | €86,147 | €109,674 | €107,117 | €122,941 | €113,279 | €71,000 | €63,079 | - |
| Amounts payable after more than one year17 | €17,967 | €11,232 | €9,537 | - | - | - | - | - |
| Amounts payable within one year42/48 | €68,180 | €98,442 | €97,580 | €122,941 | €113,279 | €71,000 | €63,079 | - |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,537 | - | - | - | - |
| Trade debts44 | €18,653 | €17,458 | €17,195 | €19,528 | €17,163 | €10,605 | €1,629 | - |
| Suppliers440/4 | - | - | - | €19,528 | €17,163 | €10,605 | €1,629 | - |
| Taxes, remuneration and social security45 | - | - | - | €7,020 | €9,260 | €3,444 | €1,858 | - |
| Taxes450/3 | - | - | - | €2,130 | €5,860 | - | €1,858 | - |
| Remuneration and social security454/9 | - | - | - | €4,890 | €3,400 | €3,444 | - | - |
| Other amounts payable47/48 | - | - | - | €86,856 | €86,856 | €56,951 | €59,592 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7,880 | -€27,148 | -€10,683 | -€16,330 | -€4,295 | €22,562 | -€608 | - |
| + Depreciation and write-downs630 | €5,170 | €5,419 | €5,419 | €5,419 | €4,043 | - | - | - |
| Operating cash flow (approximation) | -€2,710 | -€21,729 | -€5,264 | -€10,911 | -€252 | €22,562 | -€608 | - |
| Investment in fixed assets (approximation) | - | -€196 | -€196 | -€196 | - | - | - | - |
| Change in cash | - | -€7,610 | -€6,884 | €8,185 | -€1,695 | -€3,746 | - | - |
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, 1,564 companies had the same profile as DELFEM has now. Two years later, 88.9% were still going and 5.1% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a small loss
88.9%
was still going
5.4%
stopped otherwise
5.1%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DELFEM itself: 1.5% 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 1,564 companies, not a prediction for DELFEM. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 12-06-2026 | 2026-00157155 | |
| 31-12-2023 | micro format | 19-06-2024 | 2024-00145293 | |
| 31-12-2022 | micro format | 29-06-2023 | 2023-00185527 | |
| 31-12-2021 | micro format | 13-06-2022 | 2022-20062309 | |
| 31-12-2020 | micro format | 18-06-2021 | 2021-21700115 | |
| 31-12-2019 | micro format | 21-12-2020 | 2020-76500528 | |
| 31-12-2018 | micro format | 11-07-2019 | 2019-31800498 | |
| 31-12-2017 | micro format | 02-08-2018 | 2018-43300152 |