EBRAFOR
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 26-12-2025 PDF all 48 filings
Turnover
≈ €2.2m
Estimated: probably between €1.5m and €3.6m
EBIT margin
Not included in this filing
Net result
€77,744▲ 1.2%
2024 · €76,853
Working capital
€523,492▲ 5.4%
2024 · €496,746
In the rankings
#1 oldest company in Vielsalm, Agriculture, forestry and fishing sector#4 company by total assets in Vielsalm, Agriculture, forestry and fishing sector#10 employer in the province of Luxembourg, Forestry sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€243,616
▲ 30.7%
2025
20192025
Net result
€77,744
▲ 1.2%
2025
middle half of the sector
20192025
Equity
€1.2m
▲ 6.9%
2025
middle half of the sector
20192025
Total assets
€5.4m
▼ 6.9%
2025
highest quarter of the sector
20192025
Debt
€4.2m
▼ 10.2%
2025
20192025
Working capital
€523,492
▲ 5.4%
2025
middle half of the sector
20192025
Solvency
22.2%
▲ 2.9pp
2025
lowest quarter of the sector
20192025
Current ratio
1.14
▲ 0.03
2025
middle half of the sector
20192025
Return on assets (ROA)
1.4%
▲ 0.1pp
2025
middle half of the sector
20192025
Staff (FTE)
8.4
▲ 40.0%
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.1m-€0.1m▲ 18.7%€0.08m▼ 45.5%€0.2m▲ 111%€0.2m=€0.2m▲ 9.2%€0.2m▲ 30.7%
Net result€0.04m-€0.06mwithin the sector's middle half▲ 54.6%€0.02mwithin the sector's middle half▼ 62.7%€0.09mwithin the sector's middle half▲ 318%€0.09mwithin the sector's middle half▲ 6.0%€0.08mwithin the sector's middle half▼ 15.8%€0.08mwithin the sector's middle half▲ 1.2%
Equity€0.8m-€0.8mwithin the sector's middle half▲ 7.0%€0.9mwithin the sector's middle half▲ 2.4%€1.0mwithin the sector's middle half▲ 9.9%€1.0mwithin the sector's middle half▲ 9.5%€1.1mwithin the sector's middle half▲ 7.3%€1.2mwithin the sector's middle half▲ 6.9%
Total assets€3.6m-€2.4mwithin the sector's middle half▼ 32.8%€5.6mabove the sector's middle half▲ 136%€5.0mabove the sector's middle half▼ 11.1%€4.6mabove the sector's middle half▼ 8.7%€5.8mabove the sector's middle half▲ 27.0%€5.4mabove the sector's middle half▼ 6.9%
Debt€2.8m-€1.5m▼ 44.2%€4.8m▲ 209%€4.1m▼ 14.9%€3.5m▼ 13.1%€4.7m▲ 32.8%€4.2m▼ 10.2%
Working capital€0.5m-€0.3mwithin the sector's middle half▼ 35.1%€0.09mwithin the sector's middle half▼ 70.3%€0.4mwithin the sector's middle half▲ 309%€0.5mwithin the sector's middle half▲ 47.3%€0.5mwithin the sector's middle half▼ 7.8%€0.5mwithin the sector's middle half▲ 5.4%
Solvency22.3%-35.5%within the sector's middle half▲ 13.2pp15.4%below the sector's middle half▼ 20.1pp19.1%below the sector's middle half▲ 3.6pp22.9%below the sector's middle half▲ 3.8pp19.3%below the sector's middle half▼ 3.5pp22.2%below the sector's middle half▲ 2.9pp
Current ratio1.20-1.22within the sector's middle half▲ 0.021.02within the sector's middle half▼ 0.201.09within the sector's middle half▲ 0.071.15within the sector's middle half▲ 0.061.11within the sector's middle half▼ 0.041.14within the sector's middle half▲ 0.03
Return on assets (ROA)1.0%-2.3%within the sector's middle half▲ 1.3pp0.4%below the sector's middle half▼ 1.9pp1.7%within the sector's middle half▲ 1.4pp2.0%within the sector's middle half▲ 0.3pp1.3%within the sector's middle half▼ 0.7pp1.4%within the sector's middle half▲ 0.1pp
Staff (FTE)5.5-6within the sector's middle half▲ 9.1%6within the sector's middle half=6.1within the sector's middle half▲ 1.7%4.3within the sector's middle half▼ 29.5%6within the sector's middle half▲ 39.5%8.4above the sector's middle half▲ 40.0%
above
within
below
The sector band is the middle half of the companies in Forestry and logging (NACE 02). 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 31% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.4m
Fixed assets
€1.0m ▲ 37.1%
Current assets
€4.4m ▼ 13.5%
Equity and liabilities €5.4m
Equity
€1.2m ▲ 6.9%
Debt
€4.2m ▼ 10.2%
Debt's share of the balance-sheet total falls from 80.7% to 77.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€586,245▲
2024 · €452,444
Cash flow
€420,373▲
2024 · €342,895
Quick ratio
0.22▲
2024 · 0.08
Debt to equity
3.50▼
2024 · 4.17
ROE
6.5%▼
2024 · 6.8%
Interest coverage
4.19▼
2024 · 5.59
Debt ≤ 1 year
€3.8m▼
2024 · €4.6m
Debt > 1 year
€356,153▲
2024 · €127,542
Income taxes
€25,943▼
2024 · €28,568
Supplier credit
72 days▼
2024 · 123 days
Staff costs
€549,564▲
2024 · €300,936
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 6 | 5 | 8 | 9 |
| full-time | 6 | 5 | 7 | 8 |
| part-time | - | - | 1 | 1 |
| in full-time equivalents | 6 | 5 | 7.4 | 8.4 |
| Average over the year, in full-time equivalents | 6.1 | 4.3 | 6 | 8.4 |
| On a permanent contract | 6 | 5 | 6 | 8 |
| Joined | 2 | 3 | 5 | 3 |
| Left | 2 | 4 | 2 | 2 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €26,149 | €127,572 | €557,814 | €787,655 |
| Depreciation and write-downs of the year | €320,480 | €295,196 | €266,042 | €342,629 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.001m | €0.004m | €0.1m | €0.01m | ▼ 91.6% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €10.9m | €10.5m | €7.7m | €8.0m | ▲ 4.3% |
| Remuneration, social security and pensions62 | - | - | - | €0.3m | €0.2m | €0.3m | €0.5m | ▲ 82.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 28.8% |
| Other operating charges640/8 | - | - | - | €0.02m | €0.03m | €0.04m | €0.04m | ▼ 6.0% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €0.09m | - |
| Gross operating margin9900 | €0.5m | €0.6m | €0.7m | €0.8m | €0.7m | €0.8m | €1.3m | ▲ 58.8% |
| Operating profit (loss)9901 | €0.1m | €0.1m | €0.08m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 30.7% |
| Financial income75/76B | - | - | - | €2 | €0 | €1 | €0 | ▼ 96.1% |
| Recurring financial income75 | €122 | €298 | €0.001m | €2 | €0 | €1 | €0 | ▼ 96.1% |
| Financial charges65/66B | - | - | - | €0.05m | €0.04m | €0.08m | €0.1m | ▲ 72.8% |
| Recurring financial charges65 | €0.08m | €0.06m | €0.06m | €0.05m | €0.04m | €0.08m | €0.1m | ▲ 72.8% |
| Profit (loss) for the period before taxes9903 | €0.05m | €0.09m | €0.03m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 1.6% |
| Income taxes67/77 | €0.01m | €0.04m | €0.005m | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 9.2% |
| Profit (loss) for the period9904 | €0.04m | €0.06m | €0.02m | €0.09m | €0.09m | €0.08m | €0.08m | ▲ 1.2% |
| Profit (loss) for the period to be appropriated9905 | €0.04m | €0.06m | €0.02m | €0.09m | €0.09m | €0.08m | €0.08m | ▲ 1.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €3.6m | €2.4m | €5.6m | €5.0m | €4.6m | €5.8m | €5.4m | ▼ 6.9% |
| Fixed assets21/28 | €0.7m | €0.7m | €1.0m | €0.7m | €0.5m | €0.8m | €1.0m | ▲ 37.1% |
| Intangible fixed assets21 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Tangible fixed assets22/27 | €0.7m | €0.7m | €1.0m | €0.7m | €0.5m | €0.8m | €1.0m | ▲ 37.1% |
| Plant, machinery and equipment23 | - | - | - | €0.03m | €0.02m | €0.03m | €0.05m | ▲ 91.4% |
| Furniture and vehicles24 | - | - | - | €0.6m | €0.5m | €0.7m | €0.6m | ▼ 15.3% |
| Leasing and similar rights25 | - | - | - | - | - | - | €0.4m | - |
| Current assets29/58 | €2.8m | €1.7m | €4.7m | €4.3m | €4.1m | €5.1m | €4.4m | ▼ 13.5% |
| Stocks and contracts in progress3 | €1.9m | €0.5m | €3.5m | €3.0m | €2.6m | €4.7m | €3.5m | ▼ 25.3% |
| Stocks30/36 | - | - | - | €3.0m | €2.6m | €4.7m | €3.5m | ▼ 25.3% |
| Amounts receivable within one year40/41 | €0.8m | €1.0m | €1.1m | €1.2m | €1.4m | €0.3m | €0.8m | ▲ 149% |
| Trade receivables40 | - | - | - | €1.1m | €1.3m | €0.3m | €0.8m | ▲ 172% |
| Other amounts receivable41 | - | - | - | €0.04m | €0.05m | €0.03m | €0.02m | ▼ 35.3% |
| Cash at bank and in hand54/58 | €0.07m | €0.2m | €0.06m | €0.2m | €0.05m | €0.03m | €0.07m | ▲ 119% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €3.6m | €2.4m | €5.6m | €5.0m | €4.6m | €5.8m | €5.4m | ▼ 6.9% |
| Equity10/15 | €0.8m | €0.8m | €0.9m | €1.0m | €1.0m | €1.1m | €1.2m | ▲ 6.9% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Distributable reserves133 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Profit (loss) carried forward14 | €0.1m | €0.2m | €0.2m | €0.3m | €0.4m | €0.5m | €0.5m | ▲ 16.6% |
| Amounts payable17/49 | €2.8m | €1.5m | €4.8m | €4.1m | €3.5m | €4.7m | €4.2m | ▼ 10.2% |
| Amounts payable after more than one year17 | €0.4m | €0.2m | €0.2m | €0.09m | €0 | €0.1m | €0.4m | ▲ 179% |
| Financial debts170/4 | - | - | - | €0.09m | €0 | €0.1m | €0.4m | ▲ 179% |
| Amounts payable within one year42/48 | €2.4m | €1.4m | €4.6m | €4.0m | €3.5m | €4.6m | €3.8m | ▼ 15.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.09m | €0.1m | €0.4m | ▲ 250% |
| Financial debts43 | - | - | - | €0.2m | €0.08m | €1.4m | €1.4m | ▲ 2.7% |
| Credit institutions430/8 | - | - | - | €0.2m | €0.08m | €1.4m | €1.4m | ▲ 2.7% |
| Trade debts44 | €0.7m | €0.6m | €3.8m | €3.1m | €2.7m | €2.6m | €1.6m | ▼ 39.2% |
| Suppliers440/4 | - | - | - | €3.1m | €2.7m | €2.6m | €1.6m | ▼ 39.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.2m | €0.05m | €0.05m | ▲ 3.0% |
| Taxes450/3 | - | - | - | €0.07m | €0.2m | €0.03m | €0.02m | ▼ 40.2% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.02m | €0.02m | €0.03m | ▲ 66.5% |
| Other amounts payable47/48 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €35,734 | €55,228 | €20,589 | €86,052 | €91,224 | €76,853 | €77,744 | ▲ 1.2% |
| + Depreciation and write-downs630 | €115,705 | €205,462 | €246,198 | €320,480 | €295,196 | €266,042 | €342,629 | ▲ 28.8% |
| Operating cash flow (approximation) | €151,438 | €260,689 | €266,787 | €406,532 | €386,419 | €342,895 | €420,373 | ▲ 22.6% |
| Investment in fixed assets (approximation) | - | -€190,440 | -€491,702 | -€26,149 | -€123,898 | -€512,503 | -€622,238 | ▼ 21.4% |
| Change in cash | - | €99,485 | -€110,578 | €108,921 | -€125,869 | -€15,861 | €36,658 | - |
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, 3,984 companies had the same profile as EBRAFOR has now. Two years later, 96.5% were still going and 1.1% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.5%
was still going
2.3%
stopped otherwise
1.1%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EBRAFOR itself: 0.6% 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 3,984 companies, not a prediction for EBRAFOR. 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 48 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 26-12-2025 | 2025-00590481 | |
| 30-06-2024 | full format | 16-12-2024 | 2024-00616247 | |
| 30-06-2023 | full format | 27-12-2023 | 2023-00537167 | |
| 30-06-2022 | full format | 21-12-2022 | 2022-20542004 | |
| 30-06-2021 | full format | 21-12-2021 | 2021-80800425 | |
| 30-06-2020 | full format | 23-12-2020 | 2020-76600585 | |
| 30-06-2019 | full format | 29-12-2019 | 2019-77600408 | |
| 30-06-2018 | full format | 26-12-2018 | 2018-75600346 | |
| 30-06-2017 | full format | 22-12-2017 | 2017-72600332 | |
| 30-06-2016 | full format | 28-12-2016 | 2016-71600400 |