FARCAS
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 26 filings
Turnover
≈ €1.0m
Estimated: probably between €710,000 and €2.0m
EBIT margin
Not included in this filing
Net result
€43,352▼ 13.9%
2024 · €50,350
Working capital
-€115,484▲ 31.6%
2024 · -€168,723
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€84,526
▼ 8.4%
2025
20182025
Net result
€43,352
▼ 13.9%
2025
middle half of the sector
20182025
Equity
€726,896
▲ 6.3%
2025
middle half of the sector
20182025
Total assets
€1.6m
▲ 3.9%
2025
middle half of the sector
20182025
Debt
€915,495
▲ 2.0%
2025
20182025
Working capital
-€115,484
▲ 31.6%
2025
lowest quarter of the sector
20182025
Solvency
44.3%
▲ 1.0pp
2025
middle half of the sector
20182025
Current ratio
0.82
▲ 0.10
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
2.6%
▼ 0.5pp
2025
middle half of the sector
20182025
Staff (FTE)
1
=
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€0.07m-€0.09m▲ 39.2%€0.1m▲ 3.3%€0.04m▼ 58.0%€0.1m▲ 145%€0.07m▼ 25.8%€0.09m▲ 25.3%€0.08m▼ 8.4%
Net result€0.02m-€0.04m▲ 79.4%€0.05mwithin the sector's middle half▲ 26.3%€0.006mbelow the sector's middle half▼ 88.6%€0.06mwithin the sector's middle half▲ 945%€0.03mwithin the sector's middle half▼ 41.7%€0.05mwithin the sector's middle half▲ 45.1%€0.04mwithin the sector's middle half▼ 13.9%
Equity€0.4m-€0.5m▲ 8.9%€0.5mwithin the sector's middle half▲ 10.3%€0.5mwithin the sector's middle half▲ 1.1%€0.6mwithin the sector's middle half▲ 11.0%€0.6mwithin the sector's middle half▲ 5.8%€0.7mwithin the sector's middle half▲ 8.0%€0.7mwithin the sector's middle half▲ 6.3%
Total assets€1.4m-€1.4m▲ 2.9%€1.4mwithin the sector's middle half▼ 1.7%€1.5mwithin the sector's middle half▲ 6.9%€1.5mwithin the sector's middle half▲ 1.2%€1.5mwithin the sector's middle half▲ 1.3%€1.6mwithin the sector's middle half▲ 2.4%€1.6mwithin the sector's middle half▲ 3.9%
Debt€1.0m-€1.0m▲ 0.1%€0.9m▼ 7.7%€1.0m▲ 10.4%€0.9m▼ 4.3%€0.9m▼ 1.7%€0.9m▼ 1.5%€0.9m▲ 2.0%
Working capital€0.01m-€0.04m▲ 195%€0.08mwithin the sector's middle half▲ 93.2%-€0.3mbelow the sector's middle half-€0.3mbelow the sector's middle half▲ 15.6%-€0.2mbelow the sector's middle half▲ 13.7%-€0.2mbelow the sector's middle half▲ 27.3%-€0.1mbelow the sector's middle half▲ 31.6%
Solvency31.8%-33.7%▲ 1.9pp37.8%within the sector's middle half▲ 4.1pp35.8%within the sector's middle half▼ 2.0pp39.2%within the sector's middle half▲ 3.5pp41.0%within the sector's middle half▲ 1.8pp43.2%within the sector's middle half▲ 2.2pp44.3%within the sector's middle half▲ 1.0pp
Current ratio1.02-1.07▲ 0.041.14within the sector's middle half▲ 0.070.45below the sector's middle half▼ 0.690.53below the sector's middle half▲ 0.080.61below the sector's middle half▲ 0.080.72below the sector's middle half▲ 0.120.82below the sector's middle half▲ 0.10
Return on assets (ROA)1.6%-2.7%▲ 1.2pp3.5%within the sector's middle half▲ 0.8pp0.4%below the sector's middle half▼ 3.2pp3.9%within the sector's middle half▲ 3.5pp2.2%within the sector's middle half▼ 1.7pp3.2%within the sector's middle half▲ 0.9pp2.6%within the sector's middle half▼ 0.5pp
Staff (FTE)0.8-0.8=0.9below the sector's middle half▲ 12.5%1below the sector's middle half▲ 11.1%1below the sector's middle half=1below the sector's middle half=1below the sector's middle half=1below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 8% lower than 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 €1.6m
Fixed assets
€1.1m ▼ 2.7%
Current assets
€536,201 ▲ 20.7%
Equity and liabilities €1.6m
Equity
€726,896 ▲ 6.3%
Debt
€915,495 ▲ 2.0%
Debt's share of the balance-sheet total falls from 56.8% to 55.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€122,609▼
2024 · €129,735
Cash flow
€81,435▼
2024 · €87,785
Quick ratio
0.70▲
2024 · 0.60
Debt to equity
1.26▼
2024 · 1.31
ROE
6.0%▼
2024 · 7.4%
Interest coverage
5.25▲
2024 · 5.19
Debt ≤ 1 year
€651,685▲
2024 · €612,817
Debt > 1 year
€262,891▼
2024 · €283,144
Income taxes
€22,353▼
2024 · €23,996
Staff costs
€90,640▲
2024 · €89,412
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 | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €429,614 | €389,744 | €356,717 | €321,232 | €283,144 |
| Mortgages, amount registered | €87,395 | €87,395 | €87,395 | €87,395 | €87,395 |
| Mortgage mandates | €525,000 | €525,000 | €525,000 | €525,000 | €525,000 |
| Carrying value of the mortgaged assets | €671,283 | €653,713 | €638,141 | €615,144 | €596,909 |
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 | €549,062 | €19,999 | €2,434 | €1,684 | €7,121 |
| Depreciation and write-downs of the year | €83,770 | €42,909 | €40,112 | €37,435 | €38,083 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2024 · 2 entries · €4,000 awarded · €4,000 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €2,000 | €2,000 |
| 2023 | 1 | €2,000 | €2,000 |
Schemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €65,833 | €69,804 | €89,500 | €89,412 | €90,640 | ▲ 1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €28,490 | €28,690 | €28,532 | €83,770 | €42,909 | €40,112 | €37,435 | €38,083 | ▲ 1.7% |
| Other operating charges640/8 | - | - | - | €7,315 | €8,898 | €10,473 | €10,971 | €10,816 | ▼ 1.4% |
| Non-recurring operating charges66A | - | - | - | - | €74 | - | €16,349 | - | - |
| Gross operating margin9900 | €151,440 | €181,161 | €195,822 | €197,374 | €220,966 | €213,731 | €246,466 | €224,065 | ▼ 9.1% |
| Operating profit (loss)9901 | €67,026 | €93,308 | €96,417 | €40,456 | €99,282 | €73,647 | €92,300 | €84,526 | ▼ 8.4% |
| Financial income75/76B | - | - | - | €4,457 | €2,649 | €4,716 | €7,033 | €4,555 | ▼ 35.2% |
| Recurring financial income75 | €2,891 | €1,474 | €3,346 | €4,457 | €2,649 | €4,716 | €7,033 | €4,555 | ▼ 35.2% |
| Financial charges65/66B | - | - | - | €32,788 | €25,081 | €31,369 | €24,988 | €23,376 | ▼ 6.5% |
| Recurring financial charges65 | €37,720 | €37,187 | €31,660 | €32,788 | €25,081 | €31,369 | €24,988 | €23,376 | ▼ 6.5% |
| Profit (loss) for the period before taxes9903 | €32,197 | €57,595 | €68,103 | €12,125 | €76,849 | €46,994 | €74,345 | €65,705 | ▼ 11.6% |
| Income taxes67/77 | €10,213 | €18,163 | €18,302 | €6,430 | €17,368 | €12,293 | €23,996 | €22,353 | ▼ 6.8% |
| Profit (loss) for the period9904 | €21,984 | €39,432 | €49,801 | €5,694 | €59,481 | €34,701 | €50,350 | €43,352 | ▼ 13.9% |
| Transfer from tax-exempt reserves789 | - | - | - | €906 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €21,780 | €39,276 | €49,645 | €6,601 | €59,481 | €34,701 | €50,350 | €43,352 | ▼ 13.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.4m | €1.4m | €1.4m | €1.5m | €1.5m | €1.5m | €1.6m | €1.6m | ▲ 3.9% |
| Fixed assets21/28 | €0.8m | €0.8m | €0.8m | €1.2m | €1.2m | €1.2m | €1.1m | €1.1m | ▼ 2.7% |
| Tangible fixed assets22/27 | €0.8m | €0.8m | €0.8m | €1.2m | €1.2m | €1.2m | €1.1m | €1.1m | ▼ 2.7% |
| Land and buildings22 | - | - | - | €1.2m | €1.2m | €1.2m | €1.1m | €1.1m | ▼ 3.0% |
| Plant, machinery and equipment23 | - | - | - | €0.03m | €0.04m | €0.04m | €0.02m | €0.02m | ▲ 8.8% |
| Furniture and vehicles24 | - | - | - | €0.002m | €0.001m | €0.001m | €0.001m | €0.002m | ▲ 228% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Current assets29/58 | €0.6m | €0.6m | €0.6m | €0.3m | €0.3m | €0.4m | €0.4m | €0.5m | ▲ 20.7% |
| Stocks and contracts in progress3 | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.09m | €0.08m | €0.08m | ▲ 5.5% |
| Stocks30/36 | - | - | - | €0.08m | €0.08m | €0.09m | €0.08m | €0.08m | ▲ 5.5% |
| Amounts receivable within one year40/41 | €0.02m | €0.02m | €0.006m | €0.03m | €0.02m | €0.02m | €0.02m | €0.05m | ▲ 219% |
| Trade receivables40 | - | - | - | €0.02m | €0.02m | €0.01m | €0.01m | €0.05m | ▲ 303% |
| Other amounts receivable41 | - | - | - | €0.01m | €0.001m | €0.001m | €0.004m | €0.003m | ▼ 34.5% |
| Current investments50/53 | - | - | - | - | - | €0.1m | €0.2m | €0.3m | ▲ 19.2% |
| Cash at bank and in hand54/58 | €0.4m | €0.5m | €0.5m | €0.1m | €0.2m | €0.2m | €0.1m | €0.1m | ▲ 7.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.001m | €0.002m | €0.002m | €0.001m | ▼ 19.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.4m | €1.4m | €1.4m | €1.5m | €1.5m | €1.5m | €1.6m | €1.6m | ▲ 3.9% |
| Equity10/15 | €0.4m | €0.5m | €0.5m | €0.5m | €0.6m | €0.6m | €0.7m | €0.7m | ▲ 6.3% |
| Contributions10/11 | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Capital10 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Issued capital100 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Reserves13 | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | €0.6m | €0.6m | ▲ 7.8% |
| Non-distributable reserves130/1 | - | - | - | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Legal reserve130 | - | - | - | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Tax-exempt reserves132 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Distributable reserves133 | - | - | - | €0.4m | €0.5m | €0.5m | €0.6m | €0.6m | ▲ 7.9% |
| Profit (loss) carried forward14 | €0.001m | €223 | €0.05m | €0.06m | €0.006m | €0.04m | €0.05m | €0.05m | = |
| Amounts payable17/49 | €1.0m | €1.0m | €0.9m | €1.0m | €0.9m | €0.9m | €0.9m | €0.9m | ▲ 2.0% |
| Amounts payable after more than one year17 | €0.4m | €0.4m | €0.3m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | ▼ 7.2% |
| Financial debts170/4 | - | - | - | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | ▼ 7.2% |
| Amounts payable within one year42/48 | €0.5m | €0.6m | €0.5m | €0.6m | €0.6m | €0.6m | €0.6m | €0.7m | ▲ 6.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.02m | ▼ 42.4% |
| Trade debts44 | €0.06m | €0.08m | €0.04m | €0.07m | €0.07m | €0.05m | €0.06m | €0.1m | ▲ 101% |
| Suppliers440/4 | - | - | - | €0.07m | €0.07m | €0.05m | €0.06m | €0.1m | ▲ 101% |
| Advances received on contracts in progress46 | - | - | - | €0.01m | €141 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.02m | €0.02m | €0.04m | €0.06m | ▲ 64.6% |
| Taxes450/3 | - | - | - | €0.007m | €0.003m | €0.009m | €0.02m | €0.04m | ▲ 104% |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | ▲ 17.8% |
| Other amounts payable47/48 | - | - | - | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | ▼ 5.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | €0.005m | €0.004m | €0.002m | €0.001m | ▼ 47.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €21,984 | €39,432 | €49,801 | €5,694 | €59,481 | €34,701 | €50,350 | €43,352 | ▼ 13.9% |
| + Depreciation and write-downs630 | €28,490 | €28,690 | €28,532 | €83,770 | €42,909 | €40,112 | €37,435 | €38,083 | ▲ 1.7% |
| Operating cash flow (approximation) | €50,474 | €68,122 | €78,334 | €89,465 | €102,390 | €74,813 | €87,785 | €81,435 | ▼ 7.2% |
| Investment in fixed assets (approximation) | - | -€2,903 | -€173 | -€549,062 | -€19,925 | -€2,434 | €14,665 | -€7,121 | - |
| Change in cash | - | €76,250 | €12,705 | -€399,975 | €53,029 | -€39,646 | -€11,078 | €10,576 | - |
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, 17,041 companies had the same profile as FARCAS has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FARCAS 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 17,041 companies, not a prediction for FARCAS. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 24-07-2026 | 2026-00325254 | |
| 31-12-2024 | abbreviated format | 24-07-2025 | 2025-00300636 | |
| 31-12-2023 | abbreviated format | 26-07-2024 | 2024-00285949 | |
| 31-12-2022 | abbreviated format | 20-07-2023 | 2023-00252680 | |
| 31-12-2021 | abbreviated format | 15-07-2022 | 2022-20190042 | |
| 31-12-2020 | abbreviated format | 29-07-2021 | 2021-42300285 | |
| 31-12-2019 | abbreviated format | 29-07-2020 | 2020-35700570 | |
| 31-12-2018 | abbreviated format | 26-07-2019 | 2019-38600083 | |
| 31-12-2017 | abbreviated format | 10-07-2018 | 2018-31200366 | |
| 31-12-2016 | abbreviated format | 26-07-2017 | 2017-36200093 |