FAREGO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 4 filings
Turnover
€169,590
EBIT margin
2.1%
Net result
€44▼ 98.0%
2024 · €2,143
Working capital
€8,539
2024 · -€1,104
Multi-year overview
2022 to 2025, 4 financial yearsTurnover
€169,590
2025
20222025
Operating result
€3,494
▼ 56.1%
2025
20222025
Net result
€44
▼ 98.0%
2025
middle half of the sector
20222025
EBIT margin
2.1%
2025
20222025
Equity
€28,714
▲ 0.2%
2025
middle half of the sector
20222025
Total assets
€62,378
▼ 16.7%
2025
middle half of the sector
20222025
Debt
€33,664
▼ 27.2%
2025
20222025
Working capital
€8,539
2025
middle half of the sector
20222025
Solvency
46.0%
▲ 7.7pp
2025
middle half of the sector
20222025
Current ratio
1.38
▲ 0.43
2025
middle half of the sector
20222025
Return on assets (ROA)
0.1%
▼ 2.8pp
2025
middle half of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Turnover€169,590
Operating result€18,083-€9,056▼ 49.9%€7,957▼ 12.1%€3,494▼ 56.1%
Net result€15,424within the sector's middle half-€6,104within the sector's middle half▼ 60.4%€2,143within the sector's middle half▼ 64.9%€44within the sector's middle half▼ 98.0%
EBIT margin2.1%
Equity€20,424within the sector's middle half-€26,527within the sector's middle half▲ 29.9%€28,670within the sector's middle half▲ 8.1%€28,714within the sector's middle half▲ 0.2%
Total assets€42,860below the sector's middle half-€92,396within the sector's middle half▲ 116%€74,885within the sector's middle half▼ 19.0%€62,378within the sector's middle half▼ 16.7%
Debt€22,436-€65,868▲ 194%€46,215▼ 29.8%€33,664▼ 27.2%
Working capital€2,352within the sector's middle half--€11,137below the sector's middle half-€1,104below the sector's middle half▲ 90.1%€8,539within the sector's middle half
Solvency47.7%within the sector's middle half-28.7%within the sector's middle half▼ 18.9pp38.3%within the sector's middle half▲ 9.6pp46.0%within the sector's middle half▲ 7.7pp
Current ratio1.15within the sector's middle half-0.65below the sector's middle half▼ 0.500.95below the sector's middle half▲ 0.301.38within the sector's middle half▲ 0.43
Return on assets (ROA)36.0%above the sector's middle half-6.6%within the sector's middle half▼ 29.4pp2.9%within the sector's middle half▼ 3.7pp0.1%within the sector's middle half▼ 2.8pp
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 56% lower than in 2024 and the lowest since 2022. It is the third fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €62,378
Fixed assets
€31,421 ▼ 40.0%
Current assets
€30,957 ▲ 37.6%
Equity and liabilities €62,378
Equity
€28,714 ▲ 0.2%
Debt
€33,664 ▼ 27.2%
Debt's share of the balance-sheet total falls from 61.7% to 54.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€24,656▼
2024 · €30,110
Cash flow
€21,206▼
2024 · €24,296
Debt to equity
1.17▼
2024 · 1.61
ROE
0.2%▼
2024 · 7.5%
Interest coverage
13.16▲
2024 · 11.53
Debt ≤ 1 year
€22,418▼
2024 · €23,605
Debt > 1 year
€11,046▼
2024 · €22,417
Income taxes
€1,577▼
2024 · €3,202
Customer credit
34 days
Supplier credit
20 days
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 | €39,804 | €55,954 | €3,031 | €450 |
| Depreciation and write-downs of the year | €6,712 | €9,538 | €22,153 | €21,162 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Turnover70 | - | - | - | €169,590 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €150,555 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,712 | €9,538 | €22,153 | €21,162 | ▼ 4.5% |
| Other operating charges640/8 | €1,359 | €2,727 | €987 | €1,209 | ▲ 22.5% |
| Non-recurring operating charges66A | - | - | - | €251 | - |
| Gross operating margin9900 | €26,154 | €21,321 | €31,097 | €26,117 | ▼ 16.0% |
| Operating profit (loss)9901 | €18,083 | €9,056 | €7,957 | €3,494 | ▼ 56.1% |
| Financial income75/76B | - | €0 | - | - | - |
| Recurring financial income75 | - | €0 | - | - | - |
| Financial charges65/66B | €459 | €922 | €2,612 | €1,874 | ▼ 28.3% |
| Recurring financial charges65 | €459 | €922 | €2,612 | €1,874 | ▼ 28.3% |
| Profit (loss) for the period before taxes9903 | €17,624 | €8,134 | €5,344 | €1,620 | ▼ 69.7% |
| Income taxes67/77 | €2,200 | €2,030 | €3,202 | €1,577 | ▼ 50.8% |
| Profit (loss) for the period9904 | €15,424 | €6,104 | €2,143 | €44 | ▼ 98.0% |
| Profit (loss) for the period to be appropriated9905 | €15,424 | €6,104 | €2,143 | €44 | ▼ 98.0% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €42,860 | €92,396 | €74,885 | €62,378 | ▼ 16.7% |
| Fixed assets21/28 | €25,091 | €71,507 | €52,385 | €31,421 | ▼ 40.0% |
| Tangible fixed assets22/27 | €25,091 | €71,507 | €52,385 | €31,421 | ▼ 40.0% |
| Furniture and vehicles24 | €25,091 | €71,507 | €52,385 | €31,421 | ▼ 40.0% |
| Current assets29/58 | €17,769 | €20,889 | €22,500 | €30,957 | ▲ 37.6% |
| Amounts receivable within one year40/41 | €10,797 | €12,312 | €17,460 | €19,588 | ▲ 12.2% |
| Trade receivables40 | €10,128 | €11,600 | €16,600 | €15,790 | ▼ 4.9% |
| Other amounts receivable41 | €669 | €712 | €860 | €3,798 | ▲ 342% |
| Cash at bank and in hand54/58 | €6,369 | €6,421 | €2,865 | €6,781 | ▲ 137% |
| Deferred charges and accrued income490/1 | €603 | €2,156 | €2,176 | €4,587 | ▲ 111% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €42,860 | €92,396 | €74,885 | €62,378 | ▼ 16.7% |
| Equity10/15 | €20,424 | €26,527 | €28,670 | €28,714 | ▲ 0.2% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Profit (loss) carried forward14 | €15,424 | €21,527 | €23,670 | €23,714 | ▲ 0.2% |
| Amounts payable17/49 | €22,436 | €65,868 | €46,215 | €33,664 | ▼ 27.2% |
| Amounts payable after more than one year17 | €6,846 | €33,650 | €22,417 | €11,046 | ▼ 50.7% |
| Financial debts170/4 | €6,846 | €33,650 | €22,417 | €11,046 | ▼ 50.7% |
| Amounts payable within one year42/48 | €15,416 | €32,026 | €23,605 | €22,418 | ▼ 5.0% |
| Current portion of amounts payable after more than one year42 | €6,166 | €23,384 | €11,234 | €11,370 | ▲ 1.2% |
| Trade debts44 | €3,300 | €2,642 | €7,953 | €8,148 | ▲ 2.5% |
| Suppliers440/4 | €3,300 | €2,642 | €7,953 | €8,148 | ▲ 2.5% |
| Taxes, remuneration and social security45 | €5,900 | €6,000 | €4,400 | €2,900 | ▼ 34.1% |
| Taxes450/3 | €2,200 | €2,300 | - | €500 | - |
| Remuneration and social security454/9 | €3,700 | €3,700 | €4,400 | €2,400 | ▼ 45.5% |
| Other amounts payable47/48 | €50 | - | €18 | - | - |
| Accrued charges and deferred income492/3 | €174 | €192 | €194 | €200 | ▲ 3.2% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,424 | €6,104 | €2,143 | €44 | ▼ 98.0% |
| + Depreciation and write-downs630 | €6,712 | €9,538 | €22,153 | €21,162 | ▼ 4.5% |
| Operating cash flow (approximation) | €22,136 | €15,642 | €24,296 | €21,206 | ▼ 12.7% |
| Investment in fixed assets (approximation) | - | -€55,954 | -€3,031 | -€199 | ▲ 93.4% |
| Change in cash | - | €53 | -€3,557 | €3,917 | - |
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, 5,047 companies had the same profile as FAREGO has now. Two years later, 93.9% were still going and 2.2% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
93.9%
was still going
3.8%
stopped otherwise
2.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FAREGO itself: 2.2% 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 5,047 companies, not a prediction for FAREGO. 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.