EFESIM
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 17 filings
Turnover
≈ €400,000
Estimated: probably between €300,000 and €490,000
Total assets
€337,855▲ 5.9%
2024 · €319,010
Net result
€44,632▲ 140%
2024 · €18,615
Working capital
-€18,477▼ 31.4%
2024 · -€14,057
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€71,032
▲ 131%
2025
20182025
Net result
€44,632
▲ 140%
2025
highest quarter of the sector
20182025
Equity
€122,170
▲ 57.6%
2025
highest quarter of the sector
20182025
Total assets
€337,855
▲ 5.9%
2025
highest quarter of the sector
20182025
Debt
€215,684
▼ 10.7%
2025
20182025
Working capital
-€18,477
▼ 31.4%
2025
middle half of the sector
20182025
Solvency
36.2%
▲ 11.9pp
2025
middle half of the sector
20182025
Current ratio
0.75
▲ 0.19
2025
middle half of the sector
20182025
Return on assets (ROA)
13.2%
▲ 7.4pp
2025
middle half of the sector
20182025
Staff (FTE)
5.2
▲ 2.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€10,602-€6,157▼ 41.9%€32,836▲ 433%€4,131▼ 87.4%€228▼ 94.5%€15,690▲ 69×€30,782▲ 96.2%€71,032▲ 131%
Net result€3,372-€416▼ 87.7%€25,208above the sector's middle half▲ 61×-€1,149within the sector's middle half€7,576within the sector's middle half€7,817within the sector's middle half▲ 3.2%€18,615within the sector's middle half▲ 138%€44,632above the sector's middle half▲ 140%
Equity€16,796-€17,212▲ 2.5%€42,420within the sector's middle half▲ 146%€41,270within the sector's middle half▼ 2.7%€48,846within the sector's middle half▲ 18.4%€58,924within the sector's middle half▲ 20.6%€77,538within the sector's middle half▲ 31.6%€122,170above the sector's middle half▲ 57.6%
Total assets€249,776-€252,681▲ 1.2%€267,761above the sector's middle half▲ 6.0%€377,630above the sector's middle half▲ 41.0%€357,146above the sector's middle half▼ 5.4%€335,615above the sector's middle half▼ 6.0%€319,010above the sector's middle half▼ 4.9%€337,855above the sector's middle half▲ 5.9%
Debt€232,980-€235,470▲ 1.1%€225,341▼ 4.3%€336,359▲ 49.3%€308,300▼ 8.3%€276,691▼ 10.3%€241,471▼ 12.7%€215,684▼ 10.7%
Working capital-€19,260--€34,604▼ 79.7%-€10,348within the sector's middle half▲ 70.1%-€27,035below the sector's middle half▼ 161%-€26,985within the sector's middle half▲ 0.2%-€16,423within the sector's middle half▲ 39.1%-€14,057within the sector's middle half▲ 14.4%-€18,477within the sector's middle half▼ 31.4%
Solvency6.7%-6.8%▲ 0.1pp15.8%within the sector's middle half▲ 9.0pp10.9%within the sector's middle half▼ 4.9pp13.7%within the sector's middle half▲ 2.7pp17.6%within the sector's middle half▲ 3.9pp24.3%within the sector's middle half▲ 6.7pp36.2%within the sector's middle half▲ 11.9pp
Current ratio0.26-0.15▼ 0.120.73within the sector's middle half▲ 0.580.45below the sector's middle half▼ 0.280.41below the sector's middle half▼ 0.040.51within the sector's middle half▲ 0.100.56within the sector's middle half▲ 0.050.75within the sector's middle half▲ 0.19
Return on assets (ROA)1.4%-0.2%▼ 1.2pp9.4%within the sector's middle half▲ 9.2pp-0.3%within the sector's middle half▼ 9.7pp2.1%within the sector's middle half▲ 2.4pp2.3%within the sector's middle half▲ 0.2pp5.8%within the sector's middle half▲ 3.5pp13.2%within the sector's middle half▲ 7.4pp
Staff (FTE)0.9-0.7▼ 22.2%1.4within the sector's middle half▲ 100%3.1▲ 121%4.3▲ 38.7%4.8▲ 11.6%5.1▲ 6.3%5.2▲ 2.0%
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 131% higher than in 2024 and the highest since 2018. It is the third rise in a row, after the fall in 2022.
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 €337,855
Fixed assets
€282,281 ▼ 6.3%
Current assets
€55,574 ▲ 216%
Equity and liabilities €337,855
Equity
€122,170 ▲ 57.6%
Debt
€215,684 ▼ 10.7%
Debt's share of the balance-sheet total falls from 75.7% to 63.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€90,149▲
2024 · €50,198
Cash flow
€63,750▲
2024 · €38,031
Quick ratio
0.74▲
2024 · 0.47
Debt to equity
1.77▼
2024 · 3.11
ROE
36.5%▲
2024 · 24.0%
Interest coverage
12.93▲
2024 · 9.39
Debt ≤ 1 year
€74,051▲
2024 · €31,669
Debt > 1 year
€141,292▼
2024 · €209,803
Income taxes
€19,509▲
2024 · €7,025
Staff costs
€34,023▲
2024 · €33,456
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 5 | 5 | 4 | 5 |
| part-time | 2 | 5 | 5 | 4 | 5 |
| in full-time equivalents | 0.6 | 2 | 1.5 | 1 | 1.3 |
| Average over the year, in full-time equivalents | 1 | 1.7 | 1.6 | 1.4 | 1.3 |
| On a permanent contract | - | - | - | - | 0 |
| Joined | 1 | 4 | 4 | 4 | 4 |
| Left | 3 | 1 | 3 | 3 | 4 |
| Training hours | - | - | - | - | 4 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts guaranteed by Belgian public bodies | - | - | - | - | €161,031 |
| Mortgages, amount registered | - | - | - | - | €321,200 |
| Carrying value of the mortgaged assets | - | - | - | - | €281,756 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €134,625 | €5,306 | - | €1,980 | €0 |
| Depreciation and write-downs of the year | €19,303 | €22,280 | €19,699 | €19,416 | €19,117 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €17,403 | €27,051 | €41,953 | €33,456 | €34,023 | ▲ 1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,213 | €14,617 | €16,058 | €19,303 | €22,280 | €19,699 | €19,416 | €19,117 | ▼ 1.5% |
| Other operating charges640/8 | - | - | - | €3,931 | €8,276 | €2,097 | €2,109 | €5,428 | ▲ 157% |
| Operating charges capitalised as restructuring costs649 | - | - | - | - | - | - | - | €0 | - |
| Gross operating margin9900 | €31,683 | €28,297 | €71,285 | €44,769 | €57,835 | €79,440 | €85,763 | €129,600 | ▲ 51.1% |
| Operating profit (loss)9901 | €10,602 | €6,157 | €32,836 | €4,131 | €228 | €15,690 | €30,782 | €71,032 | ▲ 131% |
| Financial income75/76B | - | - | - | - | €24,001 | - | €203 | €84 | ▼ 58.5% |
| Recurring financial income75 | €4 | - | - | - | €24,001 | - | €203 | €84 | ▼ 58.5% |
| Financial charges65/66B | - | - | - | €5,281 | €8,317 | €6,119 | €5,345 | €6,975 | ▲ 30.5% |
| Recurring financial charges65 | €5,270 | €5,558 | €3,523 | €5,281 | €8,317 | €6,119 | €5,345 | €6,975 | ▲ 30.5% |
| Profit (loss) for the period before taxes9903 | €5,336 | €599 | €29,313 | -€1,149 | €15,912 | €9,571 | €25,639 | €64,141 | ▲ 150% |
| Income taxes67/77 | €1,964 | €183 | €4,104 | - | €8,336 | €1,754 | €7,025 | €19,509 | ▲ 178% |
| Profit (loss) for the period9904 | €3,372 | €416 | €25,208 | -€1,149 | €7,576 | €7,817 | €18,615 | €44,632 | ▲ 140% |
| Profit (loss) for the period to be appropriated9905 | €3,372 | €416 | €25,208 | -€1,149 | €7,576 | €7,817 | €18,615 | €44,632 | ▲ 140% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €249,776 | €252,681 | €267,761 | €377,630 | €357,146 | €335,615 | €319,010 | €337,855 | ▲ 5.9% |
| Fixed assets21/28 | €242,852 | €246,691 | €240,185 | €355,507 | €338,533 | €318,834 | €301,398 | €282,281 | ▼ 6.3% |
| Tangible fixed assets22/27 | €242,627 | €246,466 | €239,960 | €355,282 | €338,308 | €318,609 | €301,173 | €282,056 | ▼ 6.3% |
| Land and buildings22 | - | - | - | €351,332 | €336,824 | €317,591 | €300,621 | €281,756 | ▼ 6.3% |
| Plant, machinery and equipment23 | - | - | - | €3,250 | €884 | €518 | €152 | - | - |
| Furniture and vehicles24 | - | - | - | €699 | €599 | €500 | €400 | €300 | ▼ 25.0% |
| Financial fixed assets28 | €225 | €225 | €225 | €225 | €225 | €225 | €225 | €225 | = |
| Current assets29/58 | €6,924 | €5,991 | €27,575 | €22,123 | €18,613 | €16,781 | €17,612 | €55,574 | ▲ 216% |
| Stocks and contracts in progress3 | €280 | €461 | €1,081 | €3,397 | €2,499 | €2,614 | €2,855 | €908 | ▼ 68.2% |
| Stocks30/36 | - | - | - | €3,397 | €2,499 | €2,614 | €2,855 | €908 | ▼ 68.2% |
| Amounts receivable within one year40/41 | €3,424 | €2,954 | €1,854 | €3,642 | €2,007 | €1,768 | €636 | €6,268 | ▲ 886% |
| Trade receivables40 | - | - | - | - | €80 | €121 | - | €6,268 | - |
| Other amounts receivable41 | - | - | - | €3,642 | €1,926 | €1,646 | €636 | - | - |
| Cash at bank and in hand54/58 | €3,220 | €2,576 | €24,641 | €15,084 | €11,598 | €9,818 | €11,004 | €47,660 | ▲ 333% |
| Deferred charges and accrued income490/1 | - | - | - | - | €2,510 | €2,581 | €3,118 | €737 | ▼ 76.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €249,776 | €252,681 | €267,761 | €377,630 | €357,146 | €335,615 | €319,010 | €337,855 | ▲ 5.9% |
| Equity10/15 | €16,796 | €17,212 | €42,420 | €41,270 | €48,846 | €58,924 | €77,538 | €122,170 | ▲ 57.6% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €400 | €400 | €400 | = |
| Reserves13 | €2,331 | €2,331 | €36,220 | €35,070 | €42,646 | €58,524 | €77,138 | €121,770 | ▲ 57.9% |
| Non-distributable reserves130/1 | - | - | - | €1,855 | €1,855 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,855 | €1,855 | - | - | - | - |
| Distributable reserves133 | - | - | - | €33,215 | €40,791 | €58,524 | €77,138 | €121,770 | ▲ 57.9% |
| Profit (loss) carried forward14 | €8,264 | €8,680 | - | - | - | - | - | - | - |
| Amounts payable17/49 | €232,980 | €235,470 | €225,341 | €336,359 | €308,300 | €276,691 | €241,471 | €215,684 | ▼ 10.7% |
| Amounts payable after more than one year17 | €206,796 | €194,875 | €186,632 | €287,201 | €262,702 | €243,487 | €209,803 | €141,292 | ▼ 32.7% |
| Financial debts170/4 | - | - | - | €216,057 | €199,162 | €180,317 | €161,031 | €141,292 | ▼ 12.3% |
| Other amounts payable178/9 | - | - | - | €71,144 | €63,540 | €63,170 | €48,772 | - | - |
| Amounts payable within one year42/48 | €26,184 | €40,595 | €37,923 | €49,158 | €45,598 | €33,204 | €31,669 | €74,051 | ▲ 134% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,026 | €18,413 | €18,845 | €19,287 | €19,739 | ▲ 2.3% |
| Trade debts44 | €13,092 | €29,230 | €20,984 | €25,039 | €10,852 | €1,576 | €906 | €8,397 | ▲ 827% |
| Suppliers440/4 | - | - | - | €25,039 | €10,852 | €1,576 | €906 | €8,397 | ▲ 827% |
| Taxes, remuneration and social security45 | - | - | - | €6,094 | €16,333 | €12,784 | €11,476 | €33,711 | ▲ 194% |
| Taxes450/3 | - | - | - | €5,579 | €13,213 | €3,705 | €8,779 | €29,159 | ▲ 232% |
| Remuneration and social security454/9 | - | - | - | €515 | €3,121 | €9,079 | €2,698 | €4,551 | ▲ 68.7% |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €12,204 | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €342 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,372 | €416 | €25,208 | -€1,149 | €7,576 | €7,817 | €18,615 | €44,632 | ▲ 140% |
| + Depreciation and write-downs630 | €13,213 | €14,617 | €16,058 | €19,303 | €22,280 | €19,699 | €19,416 | €19,117 | ▼ 1.5% |
| Operating cash flow (approximation) | €16,585 | €15,033 | €41,266 | €18,154 | €29,856 | €27,516 | €38,031 | €63,750 | ▲ 67.6% |
| Investment in fixed assets (approximation) | - | -€18,456 | -€9,553 | -€134,625 | -€5,306 | €0 | -€1,980 | €0 | - |
| Change in cash | - | -€644 | €22,065 | -€9,557 | -€3,486 | -€1,780 | €1,186 | €36,657 | ▲ 31× |
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, 34,693 companies had the same profile as EFESIM has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of EFESIM itself: 0.4% 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 34,693 companies, not a prediction for EFESIM. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-06-2026 | 2026-00191856 | |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00207235 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00175434 | |
| 31-12-2022 | micro format | 01-07-2023 | 2023-00186027 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20322620 | |
| 31-12-2020 | micro format | 30-09-2021 | 2021-69200248 | |
| 31-12-2019 | micro format | 27-08-2020 | 2020-45000136 | |
| 31-12-2018 | micro format | 03-07-2019 | 2019-27100516 | |
| 31-12-2017 | micro format | 06-07-2018 | 2018-29100158 | |
| 31-12-2016 | abbreviated format | 30-06-2017 | 2017-23700174 |