FABEL
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 17 filings
Turnover
≈ €160,000
Estimated: probably between €92,000 and €240,000
EBIT margin
Not included in this filing
Net result
-€5,705
2024 · €10,975
Working capital
-€13,272▲ 55.6%
2024 · -€29,899
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€5,396
2025
20182025
Net result
-€5,705
2025
lowest quarter of the sector
20182025
Equity
€9,089
▼ 38.6%
2025
lowest quarter of the sector
20182025
Total assets
€56,975
▼ 14.2%
2025
lowest quarter of the sector
20182025
Debt
€47,887
▼ 7.2%
2025
20182025
Working capital
-€13,272
▲ 55.6%
2025
lowest quarter of the sector
20182025
Solvency
16.0%
▼ 6.3pp
2025
lowest quarter of the sector
20182025
Current ratio
0.72
▲ 0.30
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-10.0%
▼ 26.5pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0.5
=
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€6,815-€70,804▲ 939%€11,778▼ 83.4%-€35,972-€9,661▲ 73.1%€1,514€11,669▲ 671%-€5,396
Net result-€1,638-€48,638€4,674within the sector's middle half▼ 90.4%-€37,168below the sector's middle half-€10,757below the sector's middle half▲ 71.1%€787below the sector's middle half€10,975within the sector's middle half▲ 14×-€5,705below the sector's middle half
Equity€37,755-€56,393▲ 49.4%€61,066below the sector's middle half▲ 8.3%€23,898below the sector's middle half▼ 60.9%€13,141below the sector's middle half▼ 45.0%€13,928below the sector's middle half▲ 6.0%€14,794below the sector's middle half▲ 6.2%€9,089below the sector's middle half▼ 38.6%
Total assets€293,402-€213,212▼ 27.3%€166,357below the sector's middle half▼ 22.0%€70,678below the sector's middle half▼ 57.5%€42,186below the sector's middle half▼ 40.3%€34,551below the sector's middle half▼ 18.1%€66,405below the sector's middle half▲ 92.2%€56,975below the sector's middle half▼ 14.2%
Debt€255,647-€156,819▼ 38.7%€105,290▼ 32.9%€46,779▼ 55.6%€29,045▼ 37.9%€20,623▼ 29.0%€51,612▲ 150%€47,887▼ 7.2%
Working capital€11,868-€47,932▲ 304%€35,753within the sector's middle half▼ 25.4%€4,192below the sector's middle half▼ 88.3%€5,198within the sector's middle half▲ 24.0%€7,546within the sector's middle half▲ 45.2%-€29,899below the sector's middle half-€13,272below the sector's middle half▲ 55.6%
Solvency12.9%-26.4%▲ 13.6pp36.7%within the sector's middle half▲ 10.3pp33.8%within the sector's middle half▼ 2.9pp31.1%within the sector's middle half▼ 2.7pp40.3%within the sector's middle half▲ 9.2pp22.3%within the sector's middle half▼ 18.0pp16.0%below the sector's middle half▼ 6.3pp
Current ratio1.16-1.40▲ 0.251.41within the sector's middle half▲ 0.011.12within the sector's middle half▼ 0.281.26within the sector's middle half▲ 0.131.47within the sector's middle half▲ 0.210.42below the sector's middle half▼ 1.050.72below the sector's middle half▲ 0.30
Return on assets (ROA)-0.6%-22.8%▲ 23.4pp2.8%within the sector's middle half▼ 20.0pp-52.6%below the sector's middle half▼ 55.4pp-25.5%below the sector's middle half▲ 27.1pp2.3%within the sector's middle half▲ 27.8pp16.5%above the sector's middle half▲ 14.3pp-10.0%below the sector's middle half▼ 26.5pp
Staff (FTE)2.1-1.7▼ 19.0%1.6below the sector's middle half▼ 5.9%1.1below the sector's middle half▼ 31.3%0.5below the sector's middle half0.5below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). 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 a loss of €5,396, after a profit of €11,669 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €56,975
Fixed assets
€22,361 ▼ 50.0%
Current assets
€34,615 ▲ 59.4%
Equity and liabilities €56,975
Equity
€9,089 ▼ 38.6%
Debt
€47,887 ▼ 7.2%
Debt's share of the balance-sheet total rises from 77.7% to 84.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€16,936▼
2024 · €32,720
Cash flow
€16,627▼
2024 · €32,026
Debt to equity
5.27▲
2024 · 3.49
ROE
-62.8%▼
2024 · 74.2%
Interest coverage
over 100▲
2024 · 92.24
Debt ≤ 1 year
€47,887▼
2024 · €51,612
Income taxes
€188▼
2024 · €405
Staff costs
€16,237▲
2024 · €10,980
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | - | 1 | 1 |
| part-time | - | 1 | 1 |
| in full-time equivalents | - | 0.5 | 0.5 |
| Average over the year, in full-time equivalents | 1.1 | 0.5 | 0.5 |
| Joined | 1 | 1 | 6 |
| Left | 4 | 0 | 6 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €17,130 | - | €1,346 | €61,983 | - |
| Depreciation and write-downs of the year | €18,789 | €15,983 | €5,955 | €21,051 | €22,332 |
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 | - | - | - | €29,567 | - | - | €10,980 | €16,237 | ▲ 47.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €28,173 | €21,637 | €22,068 | €18,789 | €15,983 | €5,955 | €21,051 | €22,332 | ▲ 6.1% |
| Other operating charges640/8 | - | - | - | €7,735 | €423 | €469 | €472 | €487 | ▲ 3.2% |
| Gross operating margin9900 | €100,893 | €140,813 | €76,120 | €20,119 | €6,746 | €7,938 | €44,173 | €33,660 | ▼ 23.8% |
| Operating profit (loss)9901 | €6,815 | €70,804 | €11,778 | -€35,972 | -€9,661 | €1,514 | €11,669 | -€5,396 | - |
| Financial income75/76B | - | - | - | €6 | - | €76 | €65 | €5 | ▼ 91.8% |
| Recurring financial income75 | - | - | - | €6 | - | €76 | €65 | €5 | ▼ 91.8% |
| Financial charges65/66B | - | - | - | €602 | €658 | €436 | €355 | €126 | ▼ 64.4% |
| Recurring financial charges65 | €7,737 | €14,613 | €1,343 | €602 | €658 | €436 | €355 | €126 | ▼ 64.4% |
| Profit (loss) for the period before taxes9903 | -€922 | €56,191 | €10,435 | -€36,568 | -€10,319 | €1,154 | €11,379 | -€5,517 | - |
| Income taxes67/77 | €716 | €7,553 | €5,762 | €601 | €439 | €367 | €405 | €188 | ▼ 53.6% |
| Profit (loss) for the period9904 | -€1,638 | €48,638 | €4,674 | -€37,168 | -€10,757 | €787 | €10,975 | -€5,705 | - |
| Profit (loss) for the period to be appropriated9905 | -€1,638 | €48,638 | €4,674 | -€37,168 | -€10,757 | €787 | €10,975 | -€5,705 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €293,402 | €213,212 | €166,357 | €70,678 | €42,186 | €34,551 | €66,405 | €56,975 | ▼ 14.2% |
| Fixed assets21/28 | €205,481 | €45,938 | €42,869 | €32,692 | €16,709 | €10,828 | €44,693 | €22,361 | ▼ 50.0% |
| Tangible fixed assets22/27 | €205,481 | €45,938 | €42,869 | €32,692 | €16,709 | €10,828 | €44,693 | €22,361 | ▼ 50.0% |
| Furniture and vehicles24 | - | - | - | €32,692 | €16,709 | €10,828 | €44,693 | €22,361 | ▼ 50.0% |
| Current assets29/58 | €87,922 | €167,274 | €123,488 | €37,986 | €25,477 | €23,723 | €21,712 | €34,615 | ▲ 59.4% |
| Stocks and contracts in progress3 | €35,366 | €37,372 | €39,816 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €40,112 | €17,412 | €14,098 | €7,402 | €9,260 | €2,795 | €4,578 | €15,085 | ▲ 230% |
| Trade receivables40 | - | - | - | €1,851 | €9,078 | €329 | €4,578 | €12,944 | ▲ 183% |
| Other amounts receivable41 | - | - | - | €5,551 | €182 | €2,467 | - | €2,141 | - |
| Cash at bank and in hand54/58 | €11,080 | €109,545 | €68,870 | €29,868 | €15,509 | €20,271 | €16,912 | €18,519 | ▲ 9.5% |
| Deferred charges and accrued income490/1 | - | - | - | €716 | €707 | €657 | €222 | €1,011 | ▲ 356% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €293,402 | €213,212 | €166,357 | €70,678 | €42,186 | €34,551 | €66,405 | €56,975 | ▼ 14.2% |
| Equity10/15 | €37,755 | €56,393 | €61,066 | €23,898 | €13,141 | €13,928 | €14,794 | €9,089 | ▼ 38.6% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €3,400 | €3,400 | = |
| Reserves13 | €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 | - | - | - | - |
| Profit (loss) carried forward14 | €23,495 | €42,133 | €46,806 | €9,638 | -€1,119 | €1,528 | €11,394 | €5,689 | ▼ 50.1% |
| Amounts payable17/49 | €255,647 | €156,819 | €105,290 | €46,779 | €29,045 | €20,623 | €51,612 | €47,887 | ▼ 7.2% |
| Amounts payable after more than one year17 | €178,093 | €36,448 | €17,556 | €12,986 | €8,766 | €4,438 | - | - | - |
| Financial debts170/4 | - | - | - | €12,986 | €8,766 | €4,438 | - | - | - |
| Amounts payable within one year42/48 | €76,054 | €119,342 | €87,734 | €33,794 | €20,279 | €16,177 | €51,612 | €47,887 | ▼ 7.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €21,671 | €4,220 | €4,328 | - | - | - |
| Trade debts44 | €26,343 | €33,867 | €40,326 | €9,696 | €8,811 | €10,998 | €3,347 | €4,253 | ▲ 27.1% |
| Suppliers440/4 | - | - | - | €9,696 | €8,811 | €10,998 | €3,347 | €4,253 | ▲ 27.1% |
| Taxes, remuneration and social security45 | - | - | - | €738 | €6,792 | €851 | €2,043 | €4,868 | ▲ 138% |
| Taxes450/3 | - | - | - | €406 | €5,092 | €851 | €1,181 | €2,228 | ▲ 88.7% |
| Remuneration and social security454/9 | - | - | - | €332 | €1,700 | - | €862 | €2,640 | ▲ 206% |
| Other amounts payable47/48 | - | - | - | €1,689 | €456 | - | €46,222 | €38,767 | ▼ 16.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €8 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,638 | €48,638 | €4,674 | -€37,168 | -€10,757 | €787 | €10,975 | -€5,705 | - |
| + Depreciation and write-downs630 | €28,173 | €21,637 | €22,068 | €18,789 | €15,983 | €5,955 | €21,051 | €22,332 | ▲ 6.1% |
| Operating cash flow (approximation) | €26,535 | €70,275 | €26,741 | -€18,379 | €5,226 | €6,742 | €32,026 | €16,627 | ▼ 48.1% |
| Investment in fixed assets (approximation) | - | €137,906 | -€18,999 | -€8,611 | €0 | -€74 | -€54,917 | €0 | - |
| Change in cash | - | €98,465 | -€40,675 | -€39,002 | -€14,358 | €4,761 | -€3,358 | €1,606 | - |
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, 1,294 companies had the same profile as FABEL has now. Two years later, 89.6% were still going and 4.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
89.6%
was still going
5.9%
stopped otherwise
4.1%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FABEL 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 1,294 companies, not a prediction for FABEL. 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 | abbreviated format | 01-07-2026 | 2026-00246101 | |
| 31-12-2024 | abbreviated format | 01-07-2025 | 2025-00216476 | |
| 31-12-2023 | abbreviated format | 01-07-2024 | 2024-00195803 | |
| 31-12-2022 | abbreviated format | 03-07-2023 | 2023-00195998 | |
| 31-12-2021 | abbreviated format | 05-07-2022 | 2022-20162610 | |
| 31-12-2020 | abbreviated format | 17-08-2021 | 2021-50400357 | |
| 31-12-2019 | abbreviated format | 06-07-2020 | 2020-26800488 | |
| 31-12-2018 | full format | 03-07-2019 | 2019-28800551 | |
| 31-12-2017 | full format | 08-08-2018 | 2018-44600331 | |
| 31-12-2016 | full format | 04-08-2017 | 2017-41400062 |