DIFARMEX
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-04-2026 PDF all 31 filings
Turnover
€18,720
EBIT margin
28.8%
Net result
-€4,091
2024 · €8,660
Working capital
-€89,032▼ 5,400%
2024 · -€1,619
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€4,045
2025
20182025
Net result
-€4,091
2025
20182025
EBIT margin
no figure
2025
20182025
Equity
€200,895
▼ 2.0%
2025
20182025
Total assets
€290,081
▼ 3.0%
2025
20182025
Debt
€89,186
▼ 5.3%
2025
20182025
Working capital
-€89,032
▼ 5,400%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€18,720-
Operating result€5,390-€4,403▼ 18.3%€4,326▼ 1.8%€6,367▲ 47.2%€6,102▼ 4.2%€7,270▲ 19.1%€8,706▲ 19.7%-€4,045
Net result€3,788-€3,568▼ 5.8%€3,779▲ 5.9%€5,989▲ 58.5%€5,975▼ 0.2%€7,220▲ 20.8%€8,660▲ 19.9%-€4,091
EBIT margin28.8%-
Equity€169,796-€173,364▲ 2.1%€177,142▲ 2.2%€183,131▲ 3.4%€189,107▲ 3.3%€196,327▲ 3.8%€204,986▲ 4.4%€200,895▼ 2.0%
Total assets€354,947-€343,890▼ 3.1%€332,246▼ 3.4%€322,452▼ 2.9%€317,421▼ 1.6%€304,011▼ 4.2%€299,190▼ 1.6%€290,081▼ 3.0%
Debt€185,152-€170,526▼ 7.9%€155,104▼ 9.0%€139,321▼ 10.2%€128,314▼ 7.9%€107,684▼ 16.1%€94,204▼ 12.5%€89,186▼ 5.3%
Working capital-€62,880--€55,466▲ 11.8%-€48,170▲ 13.2%-€38,109▲ 20.9%-€22,416▲ 41.2%-€16,957▲ 24.4%-€1,619▲ 90.5%-€89,032▼ 5,400%
The operating result for 2025 is a loss of €4,045, after a profit of €8,706 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €290,081
Fixed assets
€289,994 ▼ 2.3%
Current assets
€87 ▼ 96.6%
Equity and liabilities €290,081
Equity
€200,895 ▼ 2.0%
Debt
€89,186 ▼ 5.3%
Debt's share of the balance-sheet total falls from 31.5% to 30.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€2,632▼
2024 · €15,383
Cash flow
€2,585▼
2024 · €15,336
Current ratio
0.00▼
2024 · 0.61
Debt to equity
0.44▼
2024 · 0.46
ROE
-2.0%▼
2024 · 4.2%
ROA
-1.4%▼
2024 · 2.9%
Interest coverage
56.82▼
2024 · over 100
Debt ≤ 1 year
€89,119▲
2024 · €4,138
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €18,720 | - | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | €3,267 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,826 | €11,826 | €11,826 | €9,712 | €9,712 | €8,238 | €6,677 | €6,677 | = |
| Other operating charges640/8 | - | - | - | €1,062 | €730 | €1,117 | €1,212 | €1,248 | ▲ 2.9% |
| Gross operating margin9900 | €18,219 | €17,244 | €17,209 | €17,141 | €16,544 | €16,625 | €16,595 | €3,879 | ▼ 76.6% |
| Operating profit (loss)9901 | €5,390 | €4,403 | €4,326 | €6,367 | €6,102 | €7,270 | €8,706 | -€4,045 | - |
| Financial charges65/66B | - | - | - | €378 | €127 | €50 | €46 | €46 | = |
| Recurring financial charges65 | €1,602 | €836 | €547 | €378 | €127 | €50 | €46 | €46 | = |
| Profit (loss) for the period before taxes9903 | €3,788 | €3,568 | €3,779 | €5,989 | €5,975 | €7,220 | €8,660 | -€4,091 | - |
| Profit (loss) for the period9904 | €3,788 | €3,568 | €3,779 | €5,989 | €5,975 | €7,220 | €8,660 | -€4,091 | - |
| Profit (loss) for the period to be appropriated9905 | €3,788 | €3,568 | €3,779 | €5,989 | €5,975 | €7,220 | €8,660 | -€4,091 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €354,947 | €343,890 | €332,246 | €322,452 | €317,421 | €304,011 | €299,190 | €290,081 | ▼ 3.0% |
| Fixed assets21/28 | €354,662 | €342,836 | €331,009 | €321,298 | €311,586 | €303,348 | €296,671 | €289,994 | ▼ 2.3% |
| Tangible fixed assets22/27 | €354,662 | €342,836 | €331,009 | €321,298 | €311,586 | €303,348 | €296,671 | €289,994 | ▼ 2.3% |
| Land and buildings22 | - | - | - | €321,298 | €311,586 | €303,348 | €296,671 | €289,994 | ▼ 2.3% |
| Current assets29/58 | €286 | €1,054 | €1,237 | €1,155 | €5,835 | €663 | €2,519 | €87 | ▼ 96.6% |
| Amounts receivable within one year40/41 | - | - | - | - | - | - | €851 | - | - |
| Other amounts receivable41 | - | - | - | - | - | - | €851 | - | - |
| Cash at bank and in hand54/58 | €10 | €773 | €951 | €861 | €4,556 | €305 | €33 | €87 | ▲ 162% |
| Deferred charges and accrued income490/1 | - | - | - | €294 | €1,279 | €358 | €1,635 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €354,947 | €343,890 | €332,246 | €322,452 | €317,421 | €304,011 | €299,190 | €290,081 | ▼ 3.0% |
| Equity10/15 | €169,796 | €173,364 | €177,142 | €183,131 | €189,107 | €196,327 | €204,986 | €200,895 | ▼ 2.0% |
| Contributions10/11 | €86,769 | €86,769 | €86,769 | €86,769 | €86,769 | €86,769 | €86,769 | €86,769 | = |
| Capital10 | - | - | - | €86,769 | €86,769 | €86,769 | €86,769 | €86,769 | = |
| Issued capital100 | - | - | - | €86,769 | €86,769 | €86,769 | €86,769 | €86,769 | = |
| Revaluation surpluses12 | - | - | - | €186,540 | €186,540 | €186,540 | €186,540 | €186,540 | = |
| Reserves13 | €4,462 | €4,462 | €4,462 | €4,462 | €4,462 | €4,462 | €4,462 | €4,462 | = |
| Non-distributable reserves130/1 | - | - | - | €4,462 | €4,462 | €4,462 | €4,462 | €4,462 | = |
| Legal reserve130 | - | - | - | €4,462 | €4,462 | €4,462 | €4,462 | €4,462 | = |
| Profit (loss) carried forward14 | -€107,975 | -€104,407 | -€100,629 | -€94,639 | -€88,664 | -€81,444 | -€72,784 | -€76,876 | ▼ 5.6% |
| Amounts payable17/49 | €185,152 | €170,526 | €155,104 | €139,321 | €128,314 | €107,684 | €94,204 | €89,186 | ▼ 5.3% |
| Amounts payable after more than one year17 | €121,987 | €113,952 | €105,642 | €100,000 | €100,000 | €90,000 | €90,000 | - | - |
| Financial debts170/4 | - | - | - | €100,000 | €100,000 | €90,000 | €90,000 | - | - |
| Amounts payable within one year42/48 | €63,165 | €56,520 | €49,407 | €39,264 | €28,250 | €17,620 | €4,138 | €89,119 | ▲ 22× |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,642 | - | - | - | - | - |
| Trade debts44 | €0 | - | €10 | - | €1,034 | €395 | €1,272 | - | - |
| Suppliers440/4 | - | - | - | - | €1,034 | €395 | €1,272 | - | - |
| Other amounts payable47/48 | - | - | - | €33,622 | €27,217 | €17,225 | €2,866 | €89,119 | ▲ 31× |
| Accrued charges and deferred income492/3 | - | - | - | €57 | €64 | €64 | €66 | €67 | ▲ 2.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,788 | €3,568 | €3,779 | €5,989 | €5,975 | €7,220 | €8,660 | -€4,091 | - |
| + Depreciation and write-downs630 | €11,826 | €11,826 | €11,826 | €9,712 | €9,712 | €8,238 | €6,677 | €6,677 | = |
| Operating cash flow (approximation) | €15,614 | €15,394 | €15,605 | €15,701 | €15,687 | €15,458 | €15,336 | €2,585 | ▼ 83.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €763 | €178 | -€90 | €3,695 | -€4,251 | -€272 | €54 | - |
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, 12,322 companies had the same profile as DIFARMEX has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DIFARMEX 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 12,322 companies, not a prediction for DIFARMEX. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-04-2026 | 2026-00095387 | |
| 31-12-2024 | micro format | 15-05-2025 | 2025-00095543 | |
| 31-12-2023 | micro format | 08-05-2024 | 2024-00084463 | |
| 31-12-2022 | micro format | 23-05-2023 | 2023-00092919 | |
| 31-12-2021 | micro format | 09-06-2022 | 2022-20052848 | |
| 31-12-2020 | micro format | 28-05-2021 | 2021-15900298 | |
| 31-12-2019 | micro format | 10-06-2020 | 2020-16000278 | |
| 31-12-2018 | micro format | 30-04-2019 | 2019-11500229 | |
| 31-12-2017 | micro format | 05-06-2018 | 2018-15500462 | |
| 31-12-2016 | micro format | 17-05-2017 | 2017-12100556 |