FAG
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 08-07-2026 at the NBB all 15 filings
Turnover
≈ €780,000
Estimated: probably between €640,000 and €850,000
EBIT margin
Not included in this filing
Net result
€21,747▼ 73.0%
2024 · €80,424
Working capital
-€8,783
2024 · €57,445
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€33,569
▼ 68.5%
2025
20182025
Net result
€21,747
▼ 73.0%
2025
middle half of the sector
20182025
Equity
€11,749
▼ 76.5%
2025
middle half of the sector
20182025
Total assets
€134,822
▼ 60.6%
2025
middle half of the sector
20182025
Debt
€123,073
▼ 57.8%
2025
20182025
Working capital
-€8,783
2025
middle half of the sector
20182025
Solvency
8.7%
▼ 5.9pp
2025
middle half of the sector
20182025
Current ratio
0.93
▼ 0.31
2025
middle half of the sector
20182025
Return on assets (ROA)
16.1%
▼ 7.4pp
2025
highest quarter of the sector
20182025
Staff (FTE)
6.1
▼ 21.8%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€30,991-€2,328▼ 92.5%€13,542▲ 482%€26,989▲ 99.3%€11,609▼ 57.0%€72,762▲ 527%€106,494▲ 46.4%€33,569▼ 68.5%
Net result€29,790--€6,027€16,456within the sector's middle half€27,056within the sector's middle half▲ 64.4%€6,904within the sector's middle half▼ 74.5%€51,644above the sector's middle half▲ 648%€80,424above the sector's middle half▲ 55.7%€21,747within the sector's middle half▼ 73.0%
Equity€40,545-€34,518▼ 14.9%€50,974within the sector's middle half▲ 47.7%€78,030above the sector's middle half▲ 53.1%€84,934above the sector's middle half▲ 8.8%€136,578above the sector's middle half▲ 60.8%€50,002within the sector's middle half▼ 63.4%€11,749within the sector's middle half▼ 76.5%
Total assets€382,109-€317,315▼ 17.0%€253,902within the sector's middle half▼ 20.0%€275,007above the sector's middle half▲ 8.3%€231,191within the sector's middle half▼ 15.9%€280,976above the sector's middle half▲ 21.5%€341,872above the sector's middle half▲ 21.7%€134,822within the sector's middle half▼ 60.6%
Debt€341,564-€282,797▼ 17.2%€202,928▼ 28.2%€196,977▼ 2.9%€146,257▼ 25.7%€144,398▼ 1.3%€291,870▲ 102%€123,073▼ 57.8%
Working capital-€43,501--€81,088▼ 86.4%-€33,608within the sector's middle half▲ 58.6%€28,663within the sector's middle half€46,490above the sector's middle half▲ 62.2%€116,076above the sector's middle half▲ 150%€57,445above the sector's middle half▼ 50.5%-€8,783within the sector's middle half
Solvency10.6%-10.9%▲ 0.3pp20.1%within the sector's middle half▲ 9.2pp28.4%within the sector's middle half▲ 8.3pp36.7%within the sector's middle half▲ 8.4pp48.6%within the sector's middle half▲ 11.9pp14.6%within the sector's middle half▼ 34.0pp8.7%within the sector's middle half▼ 5.9pp
Current ratio0.74-0.50▼ 0.240.69within the sector's middle half▲ 0.191.24within the sector's middle half▲ 0.551.53within the sector's middle half▲ 0.292.26above the sector's middle half▲ 0.731.24within the sector's middle half▼ 1.020.93within the sector's middle half▼ 0.31
Return on assets (ROA)7.8%--1.9%▼ 9.7pp6.5%within the sector's middle half▲ 8.4pp9.8%within the sector's middle half▲ 3.4pp3.0%within the sector's middle half▼ 6.9pp18.4%above the sector's middle half▲ 15.4pp23.5%above the sector's middle half▲ 5.1pp16.1%above the sector's middle half▼ 7.4pp
Staff (FTE)5.1-6.1▲ 19.6%5.9within the sector's middle half▼ 3.3%5.3▼ 10.2%9▲ 69.8%8.2▼ 8.9%7.8▼ 4.9%6.1within the sector's middle half▼ 21.8%
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 68% lower than in 2024 and the lowest since 2022.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €134,822
Fixed assets
€20,532 ▼ 56.4%
Current assets
€114,291 ▼ 61.2%
Equity and liabilities €134,822
Equity
€11,749 ▼ 76.5%
Debt
€123,073 ▼ 57.8%
Debt's share of the balance-sheet total rises from 85.4% to 91.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€63,405▼
2024 · €137,773
Cash flow
€51,583▼
2024 · €111,703
Quick ratio
0.84▼
2024 · 1.21
Debt to equity
10.48▲
2024 · 5.84
ROE
185.1%▲
2024 · 160.8%
Interest coverage
15.82▼
2024 · 45.39
Debt ≤ 1 year
€123,073▼
2024 · €237,320
Debt > 1 year
€0▼
2024 · €53,000
Income taxes
€8,266▼
2024 · €23,854
Staff costs
€202,947▲
2024 · €159,103
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 | 11 | 10 | 11 | 8 | 14 |
| full-time | 3 | 4 | 2 | 2 | 2 |
| part-time | 8 | 6 | 9 | 6 | 12 |
| in full-time equivalents | 5.7 | 6.2 | 5 | 4.3 | 7.2 |
| Average over the year, in full-time equivalents | 4.7 | 7 | 5.5 | 5.6 | 6.1 |
| On a permanent contract | 4 | 3 | 3 | 3 | 3 |
| Joined | 6 | 7 | 7 | 6 | 24 |
| Left | 3 | 6 | 7 | 9 | 19 |
| Training hours | - | - | - | - | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,055 | €4,370 | €8,329 | €5,312 | €9,941 |
| Depreciation and write-downs of the year | €37,561 | €32,865 | €32,274 | €31,279 | €29,836 |
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 | - | - | - | - | - | - | €7,262 | €5,153 | ▼ 29.0% |
| Remuneration, social security and pensions62 | - | - | - | €102,385 | €140,588 | €166,042 | €159,103 | €202,947 | ▲ 27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €53,860 | €59,086 | €58,182 | €37,561 | €32,865 | €32,274 | €31,279 | €29,836 | ▼ 4.6% |
| Other operating charges640/8 | - | - | - | €8,578 | €3,235 | €3,956 | €4,163 | €3,374 | ▼ 18.9% |
| Non-recurring operating charges66A | - | - | - | €30 | - | €527 | €41 | €0 | ▼ 100% |
| Gross operating margin9900 | €261,855 | €253,805 | €180,027 | €175,543 | €188,297 | €275,561 | €301,080 | €269,726 | ▼ 10.4% |
| Operating profit (loss)9901 | €30,991 | €2,328 | €13,542 | €26,989 | €11,609 | €72,762 | €106,494 | €33,569 | ▼ 68.5% |
| Financial income75/76B | - | - | - | €13,526 | €2,653 | €571 | €819 | €451 | ▼ 44.9% |
| Recurring financial income75 | €5 | - | €10,000 | €13,037 | €904 | €571 | €819 | €451 | ▼ 44.9% |
| Non-recurring financial income76B | - | - | - | €489 | €1,749 | - | - | - | - |
| Financial charges65/66B | - | - | - | €5,566 | €4,249 | €3,107 | €3,035 | €4,007 | ▲ 32.0% |
| Recurring financial charges65 | €11,286 | €10,471 | €7,524 | €5,566 | €4,142 | €3,107 | €3,035 | €4,007 | ▲ 32.0% |
| Non-recurring financial charges66B | - | - | - | - | €107 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €39,561 | -€5,104 | €21,457 | €34,949 | €10,013 | €70,226 | €104,278 | €30,013 | ▼ 71.2% |
| Income taxes67/77 | €9,771 | €923 | €5,001 | €7,893 | €3,109 | €18,582 | €23,854 | €8,266 | ▼ 65.3% |
| Profit (loss) for the period9904 | €29,790 | -€6,027 | €16,456 | €27,056 | €6,904 | €51,644 | €80,424 | €21,747 | ▼ 73.0% |
| Profit (loss) for the period to be appropriated9905 | €29,790 | -€6,027 | €16,456 | €27,056 | €6,904 | €51,644 | €80,424 | €21,747 | ▼ 73.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €382,109 | €317,315 | €253,902 | €275,007 | €231,191 | €280,976 | €341,872 | €134,822 | ▼ 60.6% |
| Fixed assets21/28 | €258,272 | €236,899 | €178,717 | €125,514 | €97,019 | €73,074 | €47,107 | €20,532 | ▼ 56.4% |
| Intangible fixed assets21 | €45,000 | €25,000 | €5,000 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €213,272 | €211,899 | €173,717 | €125,514 | €97,019 | €73,074 | €47,107 | €20,532 | ▼ 56.4% |
| Plant, machinery and equipment23 | - | - | - | €125,514 | €97,019 | €70,316 | €41,992 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | - | - | €2,758 | €5,115 | €0 | ▼ 100% |
| Other tangible fixed assets26 | - | - | - | - | - | - | - | €20,532 | - |
| Current assets29/58 | €123,837 | €80,416 | €75,185 | €149,493 | €134,172 | €207,902 | €294,765 | €114,291 | ▼ 61.2% |
| Stocks and contracts in progress3 | €8,980 | €8,266 | €5,717 | €7,617 | €9,750 | €10,969 | €8,730 | €11,191 | ▲ 28.2% |
| Stocks30/36 | - | - | - | €7,617 | €9,750 | €10,969 | €8,730 | €11,191 | ▲ 28.2% |
| Amounts receivable within one year40/41 | €229 | - | - | €2,107 | €3,892 | - | - | €5,996 | - |
| Trade receivables40 | - | - | - | - | - | - | - | €4,246 | - |
| Other amounts receivable41 | - | - | - | €2,107 | €3,892 | - | - | €1,750 | - |
| Cash at bank and in hand54/58 | €111,823 | €66,733 | €65,679 | €137,993 | €118,159 | €196,498 | €285,585 | €94,819 | ▼ 66.8% |
| Deferred charges and accrued income490/1 | - | - | - | €1,776 | €2,371 | €435 | €450 | €2,286 | ▲ 408% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €382,109 | €317,315 | €253,902 | €275,007 | €231,191 | €280,976 | €341,872 | €134,822 | ▼ 60.6% |
| Equity10/15 | €40,545 | €34,518 | €50,974 | €78,030 | €84,934 | €136,578 | €50,002 | €11,749 | ▼ 76.5% |
| Contributions10/11 | €6,300 | €6,300 | - | €6,300 | €6,300 | €6,300 | €6,300 | €6,300 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €21,860 | €21,860 | €41,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €20,000 | €20,000 | €41,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €32,385 | €26,358 | €42,814 | €49,870 | €56,774 | €88,418 | €41,842 | €3,589 | ▼ 91.4% |
| Amounts payable17/49 | €341,564 | €282,797 | €202,928 | €196,977 | €146,257 | €144,398 | €291,870 | €123,073 | ▼ 57.8% |
| Amounts payable after more than one year17 | €174,226 | €121,293 | €93,803 | €76,147 | €58,000 | €51,600 | €53,000 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €1,147 | - | - | - | - | - |
| Trade debts175 | - | - | - | €75,000 | €58,000 | €51,600 | €53,000 | - | - |
| Other amounts payable178/9 | - | - | - | - | - | - | - | €0 | - |
| Amounts payable within one year42/48 | €167,338 | €161,504 | €108,793 | €120,830 | €87,682 | €91,826 | €237,320 | €123,073 | ▼ 48.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,792 | €1,147 | - | - | - | - |
| Trade debts44 | €40,756 | €52,043 | €33,254 | €53,603 | €45,549 | €42,683 | €17,974 | €77,484 | ▲ 331% |
| Suppliers440/4 | - | - | - | €53,603 | €45,549 | €42,683 | €17,974 | €77,484 | ▲ 331% |
| Taxes, remuneration and social security45 | - | - | - | €54,922 | €39,678 | €49,110 | €98,417 | €45,076 | ▼ 54.2% |
| Taxes450/3 | - | - | - | €25,339 | €20,746 | €24,687 | €76,833 | €14,789 | ▼ 80.8% |
| Remuneration and social security454/9 | - | - | - | €29,583 | €18,932 | €24,423 | €21,584 | €30,287 | ▲ 40.3% |
| Other amounts payable47/48 | - | - | - | €5,513 | €1,308 | €33 | €120,929 | €513 | ▼ 99.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | €575 | €972 | €1,550 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,790 | -€6,027 | €16,456 | €27,056 | €6,904 | €51,644 | €80,424 | €21,747 | ▼ 73.0% |
| + Depreciation and write-downs630 | €53,860 | €59,086 | €58,182 | €37,561 | €32,865 | €32,274 | €31,279 | €29,836 | ▼ 4.6% |
| Operating cash flow (approximation) | €83,650 | €53,059 | €74,638 | €64,617 | €39,769 | €83,918 | €111,703 | €51,583 | ▼ 53.8% |
| Investment in fixed assets (approximation) | - | -€37,713 | €0 | €15,642 | -€4,370 | -€8,329 | -€5,312 | -€3,261 | ▲ 38.6% |
| Change in cash | - | -€45,090 | -€1,054 | €72,314 | -€19,834 | €78,339 | €89,087 | -€190,766 | - |
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, 1,325 companies had the same profile as FAG has now. Two years later, 95.2% were still going and 1.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
95.2%
was still going
3.2%
stopped otherwise
1.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FAG itself: 1.2% 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 1,325 companies, not a prediction for FAG. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 08-07-2026 | 2026-00267937 | |
| 31-12-2024 | micro format | 09-07-2025 | 2025-00250557 | |
| 31-12-2023 | micro format | 26-08-2024 | 2024-00371996 | |
| 31-12-2022 | micro format | 13-06-2023 | 2023-00126228 | |
| 31-12-2021 | micro format | 25-08-2022 | 2022-20327491 | |
| 31-12-2020 | full format | 28-10-2021 | 2021-73900565 | |
| 31-12-2019 | full format | 22-09-2020 | 2020-54900371 | |
| 31-12-2018 | full format | 26-09-2019 | 2019-66200076 | |
| 31-12-2017 | full format | 25-09-2018 | 2018-64600424 | |
| 31-12-2016 | full format | 25-08-2017 | 2017-48400126 |