EFES
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 8 filings
Turnover
≈ €170,000
Estimated: probably between €130,000 and €230,000
Total assets
€148,980▲ 15.5%
2024 · €128,939
Net result
-€3,568▼ 114%
2024 · -€1,664
Working capital
-€45,128▼ 18.5%
2024 · -€38,086
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€2,236
▼ 96.6%
2025
20182025
Net result
-€3,568
▼ 114%
2025
middle half of the sector
20182025
Equity
€9,733
▼ 26.8%
2025
middle half of the sector
20182025
Total assets
€148,980
▲ 15.5%
2025
middle half of the sector
20182025
Debt
€139,246
▲ 20.4%
2025
20182025
Working capital
-€45,128
▼ 18.5%
2025
lowest quarter of the sector
20182025
Solvency
6.5%
▼ 3.8pp
2025
middle half of the sector
20182025
Current ratio
0.68
▲ 0.01
2025
middle half of the sector
20182025
Return on assets (ROA)
-2.4%
▼ 1.1pp
2025
middle half of the sector
20182025
Staff (FTE)
1.2
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€3,795-€29,476▲ 677%-€23,978-€1,966▲ 91.8%€1,741€54,168▲ 31×€66,417▲ 22.6%€2,236▼ 96.6%
Net result€2,483-€20,962▲ 744%-€30,327below the sector's middle half€2,886within the sector's middle half€376within the sector's middle half▼ 87.0%€1,956within the sector's middle half▲ 421%-€1,664within the sector's middle half-€3,568within the sector's middle half▼ 114%
Equity€8,683-€37,575▲ 333%€9,748within the sector's middle half▼ 74.1%€12,633within the sector's middle half▲ 29.6%€13,009within the sector's middle half▲ 3.0%€14,966within the sector's middle half▲ 15.0%€13,301within the sector's middle half▼ 11.1%€9,733within the sector's middle half▼ 26.8%
Total assets€17,024-€50,351▲ 196%€52,274within the sector's middle half▲ 3.8%€70,311within the sector's middle half▲ 34.5%€71,345within the sector's middle half▲ 1.5%€70,138within the sector's middle half▼ 1.7%€128,939within the sector's middle half▲ 83.8%€148,980within the sector's middle half▲ 15.5%
Debt€8,341-€12,776▲ 53.2%€42,526▲ 233%€57,678▲ 35.6%€58,336▲ 1.1%€55,173▼ 5.4%€115,638▲ 110%€139,246▲ 20.4%
Working capital€10,403-€27,354▲ 163%-€6,566within the sector's middle half-€9,116within the sector's middle half▼ 38.8%-€24,659within the sector's middle half▼ 171%-€16,533within the sector's middle half▲ 33.0%-€38,086below the sector's middle half▼ 130%-€45,128below the sector's middle half▼ 18.5%
Solvency51.0%-74.6%▲ 23.6pp18.6%within the sector's middle half▼ 56.0pp18.0%within the sector's middle half▼ 0.7pp18.2%within the sector's middle half▲ 0.3pp21.3%within the sector's middle half▲ 3.1pp10.3%within the sector's middle half▼ 11.0pp6.5%within the sector's middle half▼ 3.8pp
Current ratio2.57-3.14▲ 0.570.85within the sector's middle half▼ 2.300.84within the sector's middle half=0.58within the sector's middle half▼ 0.260.70within the sector's middle half▲ 0.120.67within the sector's middle half▼ 0.030.68within the sector's middle half▲ 0.01
Return on assets (ROA)14.6%-41.6%▲ 27.0pp-58.0%below the sector's middle half▼ 99.6pp4.1%within the sector's middle half▲ 62.1pp0.5%within the sector's middle half▼ 3.6pp2.8%within the sector's middle half▲ 2.3pp-1.3%within the sector's middle half▼ 4.1pp-2.4%within the sector's middle half▼ 1.1pp
Staff (FTE)0.31.2▲ 300%1.2
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 97% lower than in 2024.
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 €148,980
Fixed assets
€54,862 ▲ 6.8%
Current assets
€94,118 ▲ 21.4%
Equity and liabilities €148,980
Equity
€9,733 ▼ 26.8%
Debt
€139,246 ▲ 20.4%
Debt's share of the balance-sheet total rises from 89.7% to 93.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€12,280▼
2024 · €78,274
Cash flow
€6,476▼
2024 · €10,192
Quick ratio
0.65▲
2024 · 0.64
Debt to equity
14.31▲
2024 · 8.69
ROE
-36.7%▼
2024 · -12.5%
Interest coverage
over 100▲
2024 · 1.25
Debt ≤ 1 year
€139,246▲
2024 · €115,638
Income taxes
€5,708▲
2024 · €5,261
Staff costs
€11,787▲
2024 · €7,780
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 2 |
| part-time | 1 | 1 | 2 |
| in full-time equivalents | 0.3 | 0.3 | 0.9 |
| Average over the year, in full-time equivalents | 0.1 | 0.4 | 0.4 |
| On a permanent contract | 1 | 1 | 2 |
| Joined | 1 | 1 | 1 |
| Left | 0 | 1 | 0 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €12,035 | €16,541 | €4,316 | €31,745 | €13,519 |
| Financial fixed assets | - | €9,000 | - | - | - |
| Depreciation and write-downs of the year | €6,599 | €9,622 | €10,485 | €11,857 | €10,044 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €17,355 | - | €12,822 | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | €3,752 | €8,623 | €7,780 | €11,787 | ▲ 51.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,800 | €2,555 | €4,342 | €6,599 | €9,622 | €10,485 | €11,857 | €10,044 | ▼ 15.3% |
| Other operating charges640/8 | - | - | - | €2,401 | €3,990 | €7,587 | €11,029 | €8,410 | ▼ 23.7% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €2,571 | - |
| Gross operating margin9900 | €8,068 | €36,527 | -€5,628 | €7,034 | €19,104 | €80,864 | €97,083 | €35,048 | ▼ 63.9% |
| Operating profit (loss)9901 | €3,795 | €29,476 | -€23,978 | -€1,966 | €1,741 | €54,168 | €66,417 | €2,236 | ▼ 96.6% |
| Financial income75/76B | - | - | - | - | €126 | €0 | €1 | €0 | ▼ 84.2% |
| Recurring financial income75 | - | €8 | €37 | - | €126 | €0 | €1 | €0 | ▼ 84.2% |
| Financial charges65/66B | - | - | - | €55 | €179 | €49,791 | €62,821 | €97 | ▼ 99.8% |
| Recurring financial charges65 | €37 | €1,713 | €375 | €55 | €179 | €49,791 | €62,821 | €97 | ▼ 99.8% |
| Profit (loss) for the period before taxes9903 | €3,758 | €27,772 | -€24,316 | -€2,021 | €1,687 | €4,378 | €3,597 | €2,140 | ▼ 40.5% |
| Income taxes67/77 | €1,275 | €6,810 | €6,011 | -€4,907 | €1,311 | €2,421 | €5,261 | €5,708 | ▲ 8.5% |
| Profit (loss) for the period9904 | €2,483 | €20,962 | -€30,327 | €2,886 | €376 | €1,956 | -€1,664 | -€3,568 | ▼ 114% |
| Profit (loss) for the period to be appropriated9905 | €2,483 | €20,962 | -€30,327 | €2,886 | €376 | €1,956 | -€1,664 | -€3,568 | ▼ 114% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €17,024 | €50,351 | €52,274 | €70,311 | €71,345 | €70,138 | €128,939 | €148,980 | ▲ 15.5% |
| Fixed assets21/28 | - | €10,221 | €16,313 | €21,749 | €37,668 | €31,498 | €51,387 | €54,862 | ▲ 6.8% |
| Tangible fixed assets22/27 | - | €10,221 | €16,313 | €21,749 | €28,668 | €22,498 | €42,387 | €45,862 | ▲ 8.2% |
| Land and buildings22 | - | - | - | €3,750 | €7,351 | €6,451 | €28,721 | €36,526 | ▲ 27.2% |
| Plant, machinery and equipment23 | - | - | - | €12,202 | €8,082 | €5,895 | €7,924 | €6,415 | ▼ 19.0% |
| Furniture and vehicles24 | - | - | - | €5,797 | €12,410 | €9,740 | €5,742 | €2,921 | ▼ 49.1% |
| Leasing and similar rights25 | - | - | - | - | €825 | €412 | €0 | €0 | - |
| Financial fixed assets28 | - | - | - | - | €9,000 | €9,000 | €9,000 | €9,000 | = |
| Current assets29/58 | €17,024 | €40,131 | €35,960 | €48,562 | €33,678 | €38,640 | €77,552 | €94,118 | ▲ 21.4% |
| Stocks and contracts in progress3 | - | €1,561 | €2,327 | €1,992 | €2,863 | €2,692 | €2,988 | €3,509 | ▲ 17.4% |
| Stocks30/36 | - | - | - | €1,992 | €2,863 | €2,692 | €2,988 | €3,509 | ▲ 17.4% |
| Amounts receivable within one year40/41 | €10,165 | €6,004 | €21,700 | €18,019 | €27,249 | €650 | €3,973 | €3,776 | ▼ 4.9% |
| Trade receivables40 | - | - | - | - | - | - | €283 | €283 | = |
| Other amounts receivable41 | - | - | - | €18,019 | €27,249 | €650 | €3,689 | €3,493 | ▼ 5.3% |
| Cash at bank and in hand54/58 | €4,060 | €12,566 | €1,932 | €2,551 | €3,565 | €35,299 | €70,591 | €85,514 | ▲ 21.1% |
| Deferred charges and accrued income490/1 | - | - | - | €26,000 | - | - | - | €1,318 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €17,024 | €50,351 | €52,274 | €70,311 | €71,345 | €70,138 | €128,939 | €148,980 | ▲ 15.5% |
| Equity10/15 | €8,683 | €37,575 | €9,748 | €12,633 | €13,009 | €14,966 | €13,301 | €9,733 | ▼ 26.8% |
| Contributions10/11 | €6,200 | €14,130 | - | €16,630 | €16,630 | €16,630 | €16,630 | €16,630 | = |
| Reserves13 | €2,483 | €23,445 | €23,445 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | - | - | -€30,327 | -€5,857 | -€5,481 | -€3,524 | -€5,189 | -€8,757 | ▼ 68.8% |
| Amounts payable17/49 | €8,341 | €12,776 | €42,526 | €57,678 | €58,336 | €55,173 | €115,638 | €139,246 | ▲ 20.4% |
| Amounts payable within one year42/48 | €6,621 | €12,776 | €42,526 | €57,678 | €58,336 | €55,173 | €115,638 | €139,246 | ▲ 20.4% |
| Trade debts44 | €1,792 | €2,823 | €20,484 | €15,275 | €19,381 | €18,243 | €39,574 | €13,867 | ▼ 65.0% |
| Suppliers440/4 | - | - | - | €15,275 | €19,381 | €18,243 | €39,574 | €13,867 | ▼ 65.0% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €42,640 | €80,640 | ▲ 89.1% |
| Taxes, remuneration and social security45 | - | - | - | €1,839 | €9,257 | €4,556 | €10,192 | €13,551 | ▲ 33.0% |
| Taxes450/3 | - | - | - | €1,839 | €8,889 | €4,556 | €8,994 | €11,435 | ▲ 27.1% |
| Remuneration and social security454/9 | - | - | - | - | €369 | - | €1,199 | €2,116 | ▲ 76.5% |
| Other amounts payable47/48 | - | - | - | €40,564 | €29,698 | €32,373 | €23,232 | €31,188 | ▲ 34.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,483 | €20,962 | -€30,327 | €2,886 | €376 | €1,956 | -€1,664 | -€3,568 | ▼ 114% |
| + Depreciation and write-downs630 | €2,800 | €2,555 | €4,342 | €6,599 | €9,622 | €10,485 | €11,857 | €10,044 | ▼ 15.3% |
| Operating cash flow (approximation) | €5,283 | €23,517 | -€25,985 | €9,485 | €9,998 | €12,442 | €10,192 | €6,476 | ▼ 36.5% |
| Investment in fixed assets (approximation) | - | - | -€10,435 | -€12,035 | -€25,541 | -€4,316 | -€31,745 | -€13,519 | ▲ 57.4% |
| Change in cash | - | €8,506 | -€10,633 | €618 | €1,014 | €31,734 | €35,292 | €14,923 | ▼ 57.7% |
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, 849 companies had the same profile as EFES has now. Two years later, 91.9% were still going and 4.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a small loss
91.9%
was still going
3.3%
stopped otherwise
4.7%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EFES itself: 1.0% 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 849 companies, not a prediction for EFES. 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 | 24-07-2026 | 2026-00325858 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00330828 | |
| 31-12-2023 | micro format | 19-07-2024 | 2024-00261330 | |
| 31-12-2022 | micro format | 27-07-2023 | 2023-00276639 | |
| 31-12-2021 | micro format | 25-07-2022 | 2022-20216549 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-56200246 | |
| 31-12-2019 | micro format | 02-07-2020 | 2020-24400058 | |
| 31-12-2018 | micro format | 18-08-2019 | 2019-47200203 |