EFE
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 3 days after the deadline Filed on 3 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00029980.
Annual accounts 2025 filed on 03-02-2026 PDF all 25 filings
Turnover
≈ €250,000
Estimated: probably between €190,000 and €300,000
Total assets
€147,494▼ 1.9%
2024 · €150,380
Net result
€38,267▲ 18.0%
2024 · €32,426
Working capital
€72,224▲ 71.0%
2024 · €42,245
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€54,739
▲ 20.2%
2025
20192025
Net result
€38,267
▲ 18.0%
2025
highest quarter of the sector
20192025
Equity
€75,956
▲ 79.5%
2025
middle half of the sector
20192025
Total assets
€147,494
▼ 1.9%
2025
middle half of the sector
20192025
Debt
€71,538
▼ 33.8%
2025
20192025
Working capital
€72,224
▲ 71.0%
2025
highest quarter of the sector
20192025
Solvency
51.5%
▲ 23.4pp
2025
middle half of the sector
20192025
Current ratio
2.09
▲ 0.65
2025
middle half of the sector
20192025
Return on assets (ROA)
25.9%
▲ 4.4pp
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€7,441-€5,689▼ 23.5%-€2,874-€3,752▼ 30.5%-€24,192▼ 545%€45,551€54,739▲ 20.2%
Net result€3,324-€1,551within the sector's middle half▼ 53.3%-€7,717below the sector's middle half-€9,517below the sector's middle half▼ 23.3%-€28,444below the sector's middle half▼ 199%€32,426above the sector's middle half€38,267above the sector's middle half▲ 18.0%
Equity€54,027-€55,577within the sector's middle half▲ 2.9%€47,860within the sector's middle half▼ 13.9%€38,343within the sector's middle half▼ 19.9%€9,899within the sector's middle half▼ 74.2%€42,325within the sector's middle half▲ 328%€75,956within the sector's middle half▲ 79.5%
Total assets€96,768-€125,486within the sector's middle half▲ 29.7%€151,841within the sector's middle half▲ 21.0%€133,416within the sector's middle half▼ 12.1%€107,206within the sector's middle half▼ 19.6%€150,380within the sector's middle half▲ 40.3%€147,494within the sector's middle half▼ 1.9%
Debt€42,741-€69,909▲ 63.6%€103,981▲ 48.7%€95,073▼ 8.6%€97,308▲ 2.4%€108,056▲ 11.0%€71,538▼ 33.8%
Working capital€46,919-€55,395above the sector's middle half▲ 18.1%€46,980above the sector's middle half▼ 15.2%€40,093above the sector's middle half▼ 14.7%€12,794within the sector's middle half▼ 68.1%€42,245within the sector's middle half▲ 230%€72,224above the sector's middle half▲ 71.0%
Solvency55.8%-44.3%within the sector's middle half▼ 11.5pp31.5%within the sector's middle half▼ 12.8pp28.7%within the sector's middle half▼ 2.8pp9.2%within the sector's middle half▼ 19.5pp28.1%within the sector's middle half▲ 18.9pp51.5%within the sector's middle half▲ 23.4pp
Current ratio3.89-3.13above the sector's middle half▼ 0.761.65within the sector's middle half▼ 1.491.56within the sector's middle half▼ 0.091.16within the sector's middle half▼ 0.401.44within the sector's middle half▲ 0.282.09within the sector's middle half▲ 0.65
Return on assets (ROA)3.4%-1.2%within the sector's middle half▼ 2.2pp-5.1%below the sector's middle half▼ 6.3pp-7.1%within the sector's middle half▼ 2.1pp-26.5%below the sector's middle half▼ 19.4pp21.6%above the sector's middle half▲ 48.1pp25.9%above the sector's middle half▲ 4.4pp
Staff (FTE)0.2below the sector's middle half0.2=0.3▲ 50.0%0.1
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 20% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €147,494
Fixed assets
€9,011 ▼ 22.0%
Current assets
€138,483 ▼ 0.2%
Equity and liabilities €147,494
Equity
€75,956 ▲ 79.5%
Debt
€71,538 ▼ 33.8%
Debt's share of the balance-sheet total falls from 71.9% to 48.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€58,320▲
2024 · €48,623
Cash flow
€41,848▲
2024 · €35,499
Quick ratio
2.02▲
2024 · 1.35
Debt to equity
0.94▼
2024 · 2.55
ROE
50.4%▼
2024 · 76.6%
Interest coverage
14.50▲
2024 · 14.20
Debt ≤ 1 year
€66,259▼
2024 · €96,580
Debt > 1 year
€5,279▼
2024 · €11,475
Income taxes
€12,470▲
2024 · €9,701
Staff costs
€7,678▼
2024 · €10,616
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2024 |
|---|---|---|
| Average over the year, in full-time equivalents | 0.3 | 0.1 |
| Joined | 274 | 129 |
| Left | 274 | 129 |
Source: social balance sheet in the 2022 to 2024 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2,540 | - | - | - |
| Depreciation and write-downs of the year | €13,126 | €7,048 | €3,073 | €3,581 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €24,625 | €2,053 | €10,616 | €7,678 | ▼ 27.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,205 | €12,742 | €12,776 | €13,126 | €7,048 | €3,073 | €3,581 | ▲ 16.5% |
| Other operating charges640/8 | - | - | - | €2,366 | €3,160 | €2,393 | €2,033 | ▼ 15.0% |
| Gross operating margin9900 | €22,892 | €25,441 | €33,037 | €36,365 | -€11,931 | €61,632 | €68,031 | ▲ 10.4% |
| Operating profit (loss)9901 | €7,441 | €5,689 | -€2,874 | -€3,752 | -€24,192 | €45,551 | €54,739 | ▲ 20.2% |
| Financial income75/76B | - | - | - | - | €151 | €0 | €19 | ▲ 42× |
| Recurring financial income75 | €69 | - | €13 | - | €151 | €0 | €19 | ▲ 42× |
| Financial charges65/66B | - | - | - | €4,780 | €3,949 | €3,424 | €4,021 | ▲ 17.4% |
| Recurring financial charges65 | €2,203 | €4,120 | €4,624 | €4,780 | €3,949 | €3,424 | €4,021 | ▲ 17.4% |
| Profit (loss) for the period before taxes9903 | €5,307 | €1,569 | -€7,485 | -€8,532 | -€27,990 | €42,127 | €50,737 | ▲ 20.4% |
| Income taxes67/77 | €1,984 | €18 | €232 | €985 | €455 | €9,701 | €12,470 | ▲ 28.5% |
| Profit (loss) for the period9904 | €3,324 | €1,551 | -€7,717 | -€9,517 | -€28,444 | €32,426 | €38,267 | ▲ 18.0% |
| Profit (loss) for the period to be appropriated9905 | €3,324 | €1,551 | -€7,717 | -€9,517 | -€28,444 | €32,426 | €38,267 | ▲ 18.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €96,768 | €125,486 | €151,841 | €133,416 | €107,206 | €150,380 | €147,494 | ▼ 1.9% |
| Fixed assets21/28 | €33,615 | €44,129 | €32,262 | €21,676 | €14,628 | €11,555 | €9,011 | ▼ 22.0% |
| Tangible fixed assets22/27 | €33,615 | €44,129 | €32,262 | €21,676 | €14,628 | €11,555 | €9,011 | ▼ 22.0% |
| Land and buildings22 | - | - | - | €6,385 | €5,494 | €4,603 | €3,711 | ▼ 19.4% |
| Plant, machinery and equipment23 | - | - | - | €11,317 | €9,135 | €6,953 | €5,300 | ▼ 23.8% |
| Furniture and vehicles24 | - | - | - | €3,975 | - | - | - | - |
| Current assets29/58 | €63,153 | €81,357 | €119,579 | €111,740 | €92,578 | €138,825 | €138,483 | ▼ 0.2% |
| Stocks and contracts in progress3 | €8,022 | €8,022 | €8,022 | €8,022 | €8,022 | €8,022 | €4,605 | ▼ 42.6% |
| Stocks30/36 | - | - | - | €8,022 | €8,022 | €8,022 | €4,605 | ▼ 42.6% |
| Amounts receivable within one year40/41 | €51,532 | €10,000 | €15,724 | €12,942 | €15,381 | €14,589 | €37,864 | ▲ 160% |
| Trade receivables40 | - | - | - | €177 | - | €3,636 | €25,492 | ▲ 601% |
| Other amounts receivable41 | - | - | - | €12,765 | €15,381 | €10,953 | €12,372 | ▲ 13.0% |
| Cash at bank and in hand54/58 | €3,599 | €63,335 | €95,834 | €90,223 | €69,175 | €116,214 | €96,014 | ▼ 17.4% |
| Deferred charges and accrued income490/1 | - | - | - | €553 | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €96,768 | €125,486 | €151,841 | €133,416 | €107,206 | €150,380 | €147,494 | ▼ 1.9% |
| Equity10/15 | €54,027 | €55,577 | €47,860 | €38,343 | €9,899 | €42,325 | €75,956 | ▲ 79.5% |
| Contributions10/11 | €12,500 | - | - | €12,500 | €12,500 | €12,500 | €12,500 | = |
| Reserves13 | €11,859 | €43,077 | €35,360 | €25,843 | €25,843 | €29,825 | €63,456 | ▲ 113% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | - | €23,984 | €23,984 | €27,966 | €61,597 | ▲ 120% |
| Profit (loss) carried forward14 | €29,667 | - | - | - | -€28,444 | - | - | - |
| Amounts payable17/49 | €42,741 | €69,909 | €103,981 | €95,073 | €97,308 | €108,056 | €71,538 | ▼ 33.8% |
| Amounts payable after more than one year17 | €26,507 | €43,947 | €31,383 | €23,426 | €17,523 | €11,475 | €5,279 | ▼ 54.0% |
| Financial debts170/4 | - | - | - | €23,426 | €17,523 | €11,475 | €5,279 | ▼ 54.0% |
| Amounts payable within one year42/48 | €16,234 | €25,962 | €72,599 | €71,647 | €79,785 | €96,580 | €66,259 | ▼ 31.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,957 | €5,903 | €6,048 | €6,196 | ▲ 2.5% |
| Trade debts44 | €2,296 | €11,789 | €44,543 | €61,110 | €72,427 | €75,271 | €28,707 | ▼ 61.9% |
| Suppliers440/4 | - | - | - | €61,110 | €72,427 | €75,271 | €28,707 | ▼ 61.9% |
| Advances received on contracts in progress46 | - | - | - | - | - | €4,121 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €2,580 | €1,454 | €11,141 | €31,356 | ▲ 181% |
| Taxes450/3 | - | - | - | €2,161 | €1,440 | €11,141 | €31,356 | ▲ 181% |
| Remuneration and social security454/9 | - | - | - | €419 | €15 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,324 | €1,551 | -€7,717 | -€9,517 | -€28,444 | €32,426 | €38,267 | ▲ 18.0% |
| + Depreciation and write-downs630 | €11,205 | €12,742 | €12,776 | €13,126 | €7,048 | €3,073 | €3,581 | ▲ 16.5% |
| Operating cash flow (approximation) | €14,529 | €14,293 | €5,058 | €3,609 | -€21,396 | €35,499 | €41,848 | ▲ 17.9% |
| Investment in fixed assets (approximation) | - | -€23,256 | -€909 | -€2,540 | €0 | €0 | -€1,037 | - |
| Change in cash | - | €59,736 | €32,498 | -€5,611 | -€21,047 | €47,039 | -€20,200 | - |
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, 31,368 companies had the same profile as EFE has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EFE itself: 0.1% 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 31,368 companies, not a prediction for EFE. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 03-02-2026 | 2026-00029980 | |
| 30-06-2024 | micro format | 16-12-2024 | 2024-00616850 | |
| 30-06-2023 | micro format | 30-01-2024 | 2024-00013476 | |
| 30-06-2022 | micro format | 13-01-2023 | 2023-20557817 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-03600003 | |
| 30-06-2020 | micro format | 29-01-2021 | 2021-03000561 | |
| 30-06-2019 | micro format | 23-12-2019 | 2019-77100506 | |
| 30-06-2018 | micro format | 18-12-2018 | 2018-74700322 | |
| 30-06-2017 | micro format | 18-12-2017 | 2017-72200132 | |
| 30-06-2016 | abbreviated format | 19-12-2016 | 2016-70600054 |