F. BOLLEN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 07-01-2026 PDF all 22 filings
Turnover
≈ €93,000
Estimated: probably between €67,000 and €130,000
Total assets
€779,513▼ 4.5%
2024 · €816,663
Net result
€36,626▼ 84.7%
2024 · €239,910
Working capital
€768,635▼ 1.7%
2024 · €781,833
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€31,891
▼ 4.2%
2025
20192025
Net result
€36,626
▼ 84.7%
2025
middle half of the sector
20192025
Equity
€768,858
▼ 2.3%
2025
highest quarter of the sector
20192025
Total assets
€779,513
▼ 4.5%
2025
highest quarter of the sector
20192025
Debt
€10,655
▼ 64.1%
2025
20192025
Working capital
€768,635
▼ 1.7%
2025
highest quarter of the sector
20192025
Solvency
98.6%
▲ 2.3pp
2025
highest quarter of the sector
20192025
Current ratio
75.86
▲ 48.21
2025
highest quarter of the sector
20192025
Return on assets (ROA)
4.7%
▼ 24.7pp
2025
lowest 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€78,978-€100,751▲ 27.6%€112,850▲ 12.0%€324,003▲ 187%€51,313▼ 84.2%€33,302▼ 35.1%€31,891▼ 4.2%
Net result€56,314-€72,135above the sector's middle half▲ 28.1%€80,516above the sector's middle half▲ 11.6%€223,864above the sector's middle half▲ 178%€36,765within the sector's middle half▼ 83.6%€239,910above the sector's middle half▲ 553%€36,626within the sector's middle half▼ 84.7%
Equity€313,840-€385,976above the sector's middle half▲ 23.0%€434,341above the sector's middle half▲ 12.5%€580,716above the sector's middle half▲ 33.7%€617,481above the sector's middle half▲ 6.3%€786,945above the sector's middle half▲ 27.4%€768,858above the sector's middle half▼ 2.3%
Total assets€343,242-€423,619within the sector's middle half▲ 23.4%€503,848within the sector's middle half▲ 18.9%€698,161above the sector's middle half▲ 38.6%€637,399above the sector's middle half▼ 8.7%€816,663above the sector's middle half▲ 28.1%€779,513above the sector's middle half▼ 4.5%
Debt€29,401-€37,643▲ 28.0%€69,507▲ 84.6%€117,445▲ 69.0%€19,919▼ 83.0%€29,718▲ 49.2%€10,655▼ 64.1%
Working capital€182,435-€236,598above the sector's middle half▲ 29.7%€300,402above the sector's middle half▲ 27.0%€451,057above the sector's middle half▲ 50.2%€495,153above the sector's middle half▲ 9.8%€781,833above the sector's middle half▲ 57.9%€768,635above the sector's middle half▼ 1.7%
Solvency91.4%-91.1%above the sector's middle half▼ 0.3pp86.2%above the sector's middle half▼ 4.9pp83.2%above the sector's middle half▼ 3.0pp96.9%above the sector's middle half▲ 13.7pp96.4%above the sector's middle half▼ 0.5pp98.6%above the sector's middle half▲ 2.3pp
Current ratio7.20-7.29above the sector's middle half▲ 0.085.34above the sector's middle half▼ 1.944.85above the sector's middle half▼ 0.4926.30above the sector's middle half▲ 21.4527.66above the sector's middle half▲ 1.3675.86above the sector's middle half▲ 48.21
Return on assets (ROA)16.4%-17.0%within the sector's middle half▲ 0.6pp16.0%within the sector's middle half▼ 1.0pp32.1%above the sector's middle half▲ 16.1pp5.8%within the sector's middle half▼ 26.3pp29.4%within the sector's middle half▲ 23.6pp4.7%below the sector's middle half▼ 24.7pp
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 4% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
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 €779,513
Fixed assets
€610 ▼ 88.9%
Current assets
€778,903 ▼ 4.0%
Equity and liabilities €779,513
Equity
€768,858 ▼ 2.3%
Debt
€10,655 ▼ 64.1%
Debt's share of the balance-sheet total falls from 3.6% to 1.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€36,781▼
2024 · €40,477
Cash flow
€41,516▼
2024 · €247,084
Debt to equity
0.01▼
2024 · 0.04
ROE
4.8%▼
2024 · 30.5%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€10,267▼
2024 · €29,331
Income taxes
€15,376▼
2024 · €32,579
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €3,051 | - | - | - |
| Depreciation and write-downs of the year | €7,332 | €7,332 | €7,175 | €4,890 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €2,876 awarded · €2,876 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €746 | €746 |
| 2024 | 1 | €740 | €740 |
| 2023 | 1 | €619 | €619 |
| 2022 | 1 | €771 | €771 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €205,000 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,122 | €2,485 | €6,916 | €7,332 | €7,332 | €7,175 | €4,890 | ▼ 31.8% |
| Other operating charges640/8 | - | - | - | €1,308 | €1,488 | €1,485 | €1,054 | ▼ 29.0% |
| Non-recurring operating charges66A | - | - | - | - | €669 | - | - | - |
| Gross operating margin9900 | €85,986 | €105,137 | €121,023 | €332,642 | €60,801 | €41,962 | €37,835 | ▼ 9.8% |
| Operating profit (loss)9901 | €78,978 | €100,751 | €112,850 | €324,003 | €51,313 | €33,302 | €31,891 | ▼ 4.2% |
| Financial income75/76B | - | - | - | €223 | €982 | €239,303 | €20,179 | ▼ 91.6% |
| Recurring financial income75 | €84 | €51 | €44 | €223 | €982 | €239,303 | €20,179 | ▼ 91.6% |
| Non-recurring financial income76B | - | - | - | - | - | €239,303 | - | - |
| Financial charges65/66B | - | - | - | €81 | €95 | €116 | €69 | ▼ 40.8% |
| Recurring financial charges65 | €29 | €32 | €49 | €81 | €95 | €116 | €69 | ▼ 40.8% |
| Profit (loss) for the period before taxes9903 | €79,032 | €100,770 | €112,845 | €324,145 | €52,199 | €272,489 | €52,002 | ▼ 80.9% |
| Income taxes67/77 | €22,719 | €28,635 | €32,329 | €100,281 | €15,434 | €32,579 | €15,376 | ▼ 52.8% |
| Profit (loss) for the period9904 | €56,314 | €72,135 | €80,516 | €223,864 | €36,765 | €239,910 | €36,626 | ▼ 84.7% |
| Profit (loss) for the period to be appropriated9905 | €56,314 | €72,135 | €80,516 | €223,864 | €36,765 | €239,910 | €36,626 | ▼ 84.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €343,242 | €423,619 | €503,848 | €698,161 | €637,399 | €816,663 | €779,513 | ▼ 4.5% |
| Fixed assets21/28 | €131,405 | €149,377 | €134,287 | €130,006 | €122,675 | €5,500 | €610 | ▼ 88.9% |
| Tangible fixed assets22/27 | €1,405 | €29,377 | €24,287 | €20,006 | €12,675 | €5,500 | €610 | ▼ 88.9% |
| Furniture and vehicles24 | - | - | - | €20,006 | €12,675 | €5,500 | €610 | ▼ 88.9% |
| Financial fixed assets28 | €130,000 | €120,000 | €110,000 | €110,000 | €110,000 | - | - | - |
| Current assets29/58 | €211,837 | €274,241 | €369,561 | €568,155 | €514,724 | €811,163 | €778,903 | ▼ 4.0% |
| Amounts receivable after more than one year29 | - | - | - | €15,456 | €10,048 | €311,255 | €276,667 | ▼ 11.1% |
| Other amounts receivable291 | - | - | - | €15,456 | €10,048 | €311,255 | €276,667 | ▼ 11.1% |
| Amounts receivable within one year40/41 | €100,742 | €98,921 | €24,987 | €61,114 | €49,508 | €70,349 | €31,479 | ▼ 55.3% |
| Trade receivables40 | - | - | - | €55,756 | €44,100 | €34,890 | €26,890 | ▼ 22.9% |
| Other amounts receivable41 | - | - | - | €5,357 | €5,408 | €35,459 | €4,589 | ▼ 87.1% |
| Cash at bank and in hand54/58 | €110,287 | €174,482 | €322,405 | €490,218 | €453,681 | €428,080 | €461,197 | ▲ 7.7% |
| Deferred charges and accrued income490/1 | - | - | - | €1,367 | €1,488 | €1,480 | €9,561 | ▲ 546% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €343,242 | €423,619 | €503,848 | €698,161 | €637,399 | €816,663 | €779,513 | ▼ 4.5% |
| Equity10/15 | €313,840 | €385,976 | €434,341 | €580,716 | €617,481 | €786,945 | €768,858 | ▼ 2.3% |
| Contributions10/11 | €70,000 | - | - | €70,000 | €70,000 | €70,000 | €70,000 | = |
| Reserves13 | €243,840 | €315,976 | €364,341 | €510,716 | €547,481 | €716,945 | €698,858 | ▼ 2.5% |
| Non-distributable reserves130/1 | - | - | - | €9,000 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €9,000 | - | - | - | - |
| Distributable reserves133 | - | - | - | €501,716 | €547,481 | €716,945 | €698,858 | ▼ 2.5% |
| Amounts payable17/49 | €29,401 | €37,643 | €69,507 | €117,445 | €19,919 | €29,718 | €10,655 | ▼ 64.1% |
| Amounts payable within one year42/48 | €29,401 | €37,643 | €69,159 | €117,098 | €19,571 | €29,331 | €10,267 | ▼ 65.0% |
| Trade debts44 | - | €2,697 | €1,205 | €1,198 | €1,590 | €138 | €123 | ▼ 10.8% |
| Suppliers440/4 | - | - | - | €1,198 | €1,590 | €138 | €123 | ▼ 10.8% |
| Taxes, remuneration and social security45 | - | - | - | €37,465 | €16,884 | €28,857 | €8,500 | ▼ 70.5% |
| Taxes450/3 | - | - | - | €37,465 | €16,884 | €28,857 | €8,500 | ▼ 70.5% |
| Other amounts payable47/48 | - | - | - | €78,434 | €1,098 | €336 | €1,644 | ▲ 389% |
| Accrued charges and deferred income492/3 | - | - | - | €348 | €348 | €387 | €387 | = |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €56,314 | €72,135 | €80,516 | €223,864 | €36,765 | €239,910 | €36,626 | ▼ 84.7% |
| + Depreciation and write-downs630 | €6,122 | €2,485 | €6,916 | €7,332 | €7,332 | €7,175 | €4,890 | ▼ 31.8% |
| Operating cash flow (approximation) | €62,435 | €74,620 | €87,432 | €231,196 | €44,097 | €247,084 | €41,516 | ▼ 83.2% |
| Investment in fixed assets (approximation) | - | -€20,457 | €8,174 | -€3,051 | €0 | €110,000 | €0 | ▼ 100% |
| Change in cash | - | €64,195 | €147,922 | €167,813 | -€36,537 | -€25,601 | €33,117 | - |
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, 14,766 companies had the same profile as F. BOLLEN has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of F. BOLLEN 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 14,766 companies, not a prediction for F. BOLLEN. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 07-01-2026 | 2026-00002892 | |
| 30-06-2024 | micro format | 07-01-2025 | 2025-00000013 | |
| 30-06-2023 | micro format | 04-01-2024 | 2024-00542524 | |
| 30-06-2022 | micro format | 03-01-2023 | 2023-20552148 | |
| 30-06-2021 | micro format | 06-01-2022 | 2022-00400472 | |
| 30-06-2020 | micro format | 05-01-2021 | 2021-00100129 | |
| 30-06-2019 | micro format | 08-01-2020 | 2020-00400151 | |
| 30-06-2018 | micro format | 03-01-2019 | 2019-00100160 | |
| 30-06-2017 | micro format | 05-01-2018 | 2018-00200451 | |
| 30-06-2016 | abbreviated format | 05-01-2017 | 2017-00200314 |