FARMA - BOVAN
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 76 days after the deadline Filed on 15 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00564691.
Annual accounts 2025 filed on 15-10-2026 at the NBB all 38 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€18,521
2024 · €26,752
Working capital
€157,433▼ 40.1%
2024 · €262,735
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€21,929
2025
20182025
Net result
-€18,521
2025
lowest quarter of the sector
20182025
Equity
€159,962
▼ 10.4%
2025
middle half of the sector
20182025
Total assets
€411,627
▼ 26.2%
2025
lowest quarter of the sector
20182025
Debt
€251,664
▼ 33.6%
2025
20182025
Working capital
€157,433
▼ 40.1%
2025
middle half of the sector
20182025
Solvency
38.9%
▲ 6.8pp
2025
middle half of the sector
20182025
Current ratio
2.26
▼ 0.52
2025
middle half of the sector
20182025
Return on assets (ROA)
-4.5%
▼ 9.3pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0
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€17,229--€2,591€14,330€50,032▲ 249%-€19,552€40,369€30,696▼ 24.0%-€21,929
Net result€18,624-€1,722▼ 90.8%€17,631within the sector's middle half▲ 924%€40,204within the sector's middle half▲ 128%-€19,527below the sector's middle half€40,975within the sector's middle half€26,752within the sector's middle half▼ 34.7%-€18,521below the sector's middle half
Equity€70,726-€72,448▲ 2.4%€90,079within the sector's middle half▲ 24.3%€130,283within the sector's middle half▲ 44.6%€110,756within the sector's middle half▼ 15.0%€151,731within the sector's middle half▲ 37.0%€178,483within the sector's middle half▲ 17.6%€159,962within the sector's middle half▼ 10.4%
Total assets€696,978-€751,608▲ 7.8%€700,688within the sector's middle half▼ 6.8%€618,672within the sector's middle half▼ 11.7%€529,538within the sector's middle half▼ 14.4%€552,153within the sector's middle half▲ 4.3%€557,513within the sector's middle half▲ 1.0%€411,627below the sector's middle half▼ 26.2%
Debt€626,252-€679,160▲ 8.4%€610,609▼ 10.1%€488,389▼ 20.0%€418,781▼ 14.3%€400,422▼ 4.4%€379,030▼ 5.3%€251,664▼ 33.6%
Working capital€207,924-€228,899▲ 10.1%€265,854within the sector's middle half▲ 16.1%€325,133within the sector's middle half▲ 22.3%€324,680within the sector's middle half▼ 0.1%€384,013within the sector's middle half▲ 18.3%€262,735within the sector's middle half▼ 31.6%€157,433within the sector's middle half▼ 40.1%
Solvency10.1%-9.6%▼ 0.5pp12.9%below the sector's middle half▲ 3.2pp21.1%within the sector's middle half▲ 8.2pp20.9%within the sector's middle half▼ 0.1pp27.5%within the sector's middle half▲ 6.6pp32.0%within the sector's middle half▲ 4.5pp38.9%within the sector's middle half▲ 6.8pp
Current ratio1.91-1.82▼ 0.102.25within the sector's middle half▲ 0.444.61above the sector's middle half▲ 2.3616.91above the sector's middle half▲ 12.302.79within the sector's middle half2.26within the sector's middle half▼ 0.52
Return on assets (ROA)2.7%-0.2%▼ 2.4pp2.5%within the sector's middle half▲ 2.3pp6.5%within the sector's middle half▲ 4.0pp-3.7%below the sector's middle half▼ 10.2pp7.4%within the sector's middle half▲ 11.1pp4.8%within the sector's middle half▼ 2.6pp-4.5%below the sector's middle half▼ 9.3pp
Staff (FTE)1-1=1below the sector's middle half=1below the sector's middle half=0below the sector's middle half▼ 100%0below the sector's middle half0below the sector's middle half0below 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 a loss of €21,929, after a profit of €30,696 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €411,627
Fixed assets
€129,659 ▼ 12.3%
Current assets
€281,968 ▼ 31.2%
Equity and liabilities €411,627
Equity
€159,962 ▼ 10.4%
Debt
€251,664 ▼ 33.6%
Debt's share of the balance-sheet total falls from 68.0% to 61.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€3,710▼
2024 · €48,915
Cash flow
-€301▼
2024 · €44,971
Debt to equity
1.57▼
2024 · 2.12
ROE
-11.6%▼
2024 · 15.0%
Interest coverage
-20.35▼
2024 · over 100
Debt ≤ 1 year
€124,535▼
2024 · €146,901
Debt > 1 year
€127,130▼
2024 · €232,130
Income taxes
€0▼
2024 · €7,676
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 |
|---|---|
| Employees at the balance-sheet date | 1 |
| full-time | 1 |
| part-time | 0 |
| in full-time equivalents | 1 |
| Average over the year, in full-time equivalents | 1 |
| On a permanent contract | 1 |
Source: social balance sheet in the 2021 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €398,381 | €398,381 | €398,380 | €232,130 | €127,130 |
| Mortgages, amount registered | €325,000 | €325,000 | €325,000 | €325,000 | €325,000 |
| Carrying value of the mortgaged assets | €202,535 | €184,316 | €166,097 | €147,878 | €129,659 |
| Pledge on the business | €72,448 | €72,448 | €72,448 | €72,448 | €72,448 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Subsidies and aid
Flemish government
2022 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €35,385 | -€7 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,921 | €19,323 | €19,323 | €19,075 | €19,075 | €18,359 | €18,219 | €18,219 | = |
| Other operating charges640/8 | - | - | - | €12,601 | €2,942 | €3,227 | €3,455 | €3,563 | ▲ 3.1% |
| Gross operating margin9900 | €91,969 | €72,760 | €90,971 | €117,093 | €2,458 | €61,954 | €52,370 | -€147 | - |
| Operating profit (loss)9901 | €17,229 | -€2,591 | €14,330 | €50,032 | -€19,552 | €40,369 | €30,696 | -€21,929 | - |
| Financial income75/76B | - | - | - | €7,300 | €6,065 | €5,578 | €4,008 | €3,590 | ▼ 10.4% |
| Recurring financial income75 | €1,769 | €5,210 | €6,027 | €7,300 | €6,065 | €5,578 | €4,008 | €3,590 | ▼ 10.4% |
| Financial charges65/66B | - | - | - | €1,181 | €377 | €452 | €275 | €182 | ▼ 33.7% |
| Recurring financial charges65 | €374 | €897 | €2,725 | €1,181 | €377 | €452 | €275 | €182 | ▼ 33.7% |
| Profit (loss) for the period before taxes9903 | €18,624 | €1,722 | €17,631 | €56,151 | -€13,864 | €45,494 | €34,428 | -€18,521 | - |
| Income taxes67/77 | - | - | - | €15,947 | €5,662 | €4,520 | €7,676 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €18,624 | €1,722 | €17,631 | €40,204 | -€19,527 | €40,975 | €26,752 | -€18,521 | - |
| Profit (loss) for the period to be appropriated9905 | €18,624 | €1,722 | €17,631 | €40,204 | -€19,527 | €40,975 | €26,752 | -€18,521 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €696,978 | €751,608 | €700,688 | €618,672 | €529,538 | €552,153 | €557,513 | €411,627 | ▼ 26.2% |
| Fixed assets21/28 | €261,253 | €241,930 | €222,606 | €203,531 | €184,456 | €166,097 | €147,878 | €129,659 | ▼ 12.3% |
| Tangible fixed assets22/27 | €261,253 | €241,930 | €222,606 | €203,531 | €184,456 | €166,097 | €147,878 | €129,659 | ▼ 12.3% |
| Land and buildings22 | - | - | - | €202,535 | €184,316 | €166,097 | €147,878 | €129,659 | ▼ 12.3% |
| Plant, machinery and equipment23 | - | - | - | €280 | €140 | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | €716 | €0 | - | - | - | - |
| Current assets29/58 | €435,725 | €509,679 | €478,081 | €415,141 | €345,082 | €386,056 | €409,635 | €281,968 | ▼ 31.2% |
| Stocks and contracts in progress3 | €124,558 | €120,348 | €96,117 | €96,117 | €57,708 | €0 | - | - | - |
| Stocks30/36 | - | - | - | €96,117 | €57,708 | €0 | - | - | - |
| Amounts receivable within one year40/41 | €205,535 | €332,156 | €361,609 | €318,668 | €285,214 | €382,481 | €394,946 | €281,660 | ▼ 28.7% |
| Trade receivables40 | - | - | - | €85,843 | €55,946 | €188,442 | €246,016 | €132,455 | ▼ 46.2% |
| Other amounts receivable41 | - | - | - | €232,825 | €229,268 | €194,039 | €148,930 | €149,205 | ▲ 0.2% |
| Cash at bank and in hand54/58 | €105,000 | €56,518 | €20,355 | €356 | €2,160 | €3,575 | €14,689 | €308 | ▼ 97.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €696,978 | €751,608 | €700,688 | €618,672 | €529,538 | €552,153 | €557,513 | €411,627 | ▼ 26.2% |
| Equity10/15 | €70,726 | €72,448 | €90,079 | €130,283 | €110,756 | €151,731 | €178,483 | €159,962 | ▼ 10.4% |
| Contributions10/11 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Capital10 | - | - | - | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Issued capital100 | - | - | - | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Reserves13 | €9,567 | €10,475 | €28,106 | €68,310 | €48,783 | €89,758 | €116,510 | €97,989 | ▼ 15.9% |
| Non-distributable reserves130/1 | - | - | - | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Legal reserve130 | - | - | - | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Distributable reserves133 | - | - | - | €62,112 | €42,586 | €83,560 | €110,312 | €91,792 | ▼ 16.8% |
| Profit (loss) carried forward14 | -€814 | €0 | - | - | - | - | - | - | - |
| Amounts payable17/49 | €626,252 | €679,160 | €610,609 | €488,389 | €418,781 | €400,422 | €379,030 | €251,664 | ▼ 33.6% |
| Amounts payable after more than one year17 | €398,381 | €398,381 | €398,381 | €398,381 | €398,380 | €398,380 | €232,130 | €127,130 | ▼ 45.2% |
| Financial debts170/4 | - | - | - | €398,381 | €398,380 | €398,380 | €232,130 | €127,130 | ▼ 45.2% |
| Amounts payable within one year42/48 | €227,801 | €280,779 | €212,227 | €90,008 | €20,402 | €2,043 | €146,901 | €124,535 | ▼ 15.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €106,750 | €106,750 | = |
| Trade debts44 | €216,073 | €269,640 | €198,200 | €68,345 | €5,386 | €2,043 | €10,704 | €17,785 | ▲ 66.2% |
| Suppliers440/4 | - | - | - | €68,345 | €5,386 | €2,043 | €10,704 | €17,785 | ▲ 66.2% |
| Taxes, remuneration and social security45 | - | - | - | €15,099 | €15,016 | €0 | €29,447 | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | €15,099 | €15,016 | €0 | €29,447 | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | - | €0 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €6,564 | €0 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,624 | €1,722 | €17,631 | €40,204 | -€19,527 | €40,975 | €26,752 | -€18,521 | - |
| + Depreciation and write-downs630 | €19,921 | €19,323 | €19,323 | €19,075 | €19,075 | €18,359 | €18,219 | €18,219 | = |
| Operating cash flow (approximation) | €38,545 | €21,045 | €36,954 | €59,279 | -€452 | €59,334 | €44,971 | -€301 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€48,482 | -€36,163 | -€19,999 | €1,804 | €1,415 | €11,114 | -€14,380 | - |
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, 12,322 companies had the same profile as FARMA - BOVAN has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of FARMA - BOVAN itself is higher: 1.5% within 12 months. It rests on far more data about FARMA - BOVAN than the profile alone.
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 12,322 companies, not a prediction for FARMA - BOVAN. 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 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 15-10-2026 | 2026-00564691 | |
| 31-12-2024 | abbreviated format | 29-09-2025 | 2025-00520342 | |
| 31-12-2023 | abbreviated format | 11-10-2024 | 2024-00509193 | |
| 31-12-2022 | abbreviated format | 09-10-2023 | 2023-00483830 | |
| 31-12-2021 | abbreviated format | 21-12-2022 | 2022-20546032 | |
| 31-12-2020 | abbreviated format | 16-12-2021 | 2021-80600573 | |
| 31-12-2019 | abbreviated format | 10-12-2020 | 2020-75100494 | |
| 31-12-2018 | abbreviated format | 30-12-2019 | 2019-78000298 | |
| 31-12-2017 | abbreviated format | 26-06-2018 | 2018-23900432 | |
| 31-12-2016 | abbreviated format | 22-09-2017 | 2017-62700571 |