FARO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-07-2026 at the NBB all 37 filings
Turnover
≈ €170,000
Estimated: probably between €100,000 and €340,000
Total assets
€49,420▼ 1.6%
2024 · €50,204
Net result
€3▼ 93.8%
2024 · €42
Working capital
€22,805▼ 1.7%
2024 · €23,202
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€140
▼ 18.6%
2025
20182025
Net result
€3
▼ 93.8%
2025
middle half of the sector
20182025
Equity
€35,823
=
2025
middle half of the sector
20182025
Total assets
€49,420
▼ 1.6%
2025
lowest quarter of the sector
20182025
Debt
€13,596
▼ 5.5%
2025
20182025
Working capital
€22,805
▼ 1.7%
2025
middle half of the sector
20182025
Solvency
72.5%
▲ 1.1pp
2025
highest quarter of the sector
20182025
Current ratio
3.04
▲ 0.15
2025
middle half of the sector
20182025
Return on assets (ROA)
0.0%
▼ 0.1pp
2025
middle half of the sector
20182025
Staff (FTE)
2
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€1,163-€130-€1,936-€2,634▼ 36.1%€1,002€1,229▲ 22.7%€173▼ 86.0%€140▼ 18.6%
Net result-€1,312-€44-€2,313within the sector's middle half-€2,860below the sector's middle half▼ 23.7%€861within the sector's middle half€825within the sector's middle half▼ 4.2%€42within the sector's middle half▼ 94.9%€3within the sector's middle half▼ 93.8%
Equity€39,221-€39,265▲ 0.1%€36,952within the sector's middle half▼ 5.9%€34,092within the sector's middle half▼ 7.7%€34,954within the sector's middle half▲ 2.5%€35,778within the sector's middle half▲ 2.4%€35,821within the sector's middle half▲ 0.1%€35,823within the sector's middle half=
Total assets€51,666-€48,597▼ 5.9%€42,826below the sector's middle half▼ 11.9%€40,841below the sector's middle half▼ 4.6%€43,510below the sector's middle half▲ 6.5%€48,763below the sector's middle half▲ 12.1%€50,204below the sector's middle half▲ 3.0%€49,420below the sector's middle half▼ 1.6%
Debt€12,445-€9,332▼ 25.0%€5,874▼ 37.1%€6,749▲ 14.9%€8,557▲ 26.8%€12,985▲ 51.7%€14,383▲ 10.8%€13,596▼ 5.5%
Working capital€30,464-€30,701▲ 0.8%€27,785within the sector's middle half▼ 9.5%€26,330within the sector's middle half▼ 5.2%€23,627within the sector's middle half▼ 10.3%€25,334within the sector's middle half▲ 7.2%€23,202within the sector's middle half▼ 8.4%€22,805within the sector's middle half▼ 1.7%
Solvency75.9%-80.8%▲ 4.9pp86.3%above the sector's middle half▲ 5.5pp83.5%above the sector's middle half▼ 2.8pp80.3%above the sector's middle half▼ 3.1pp73.4%above the sector's middle half▼ 7.0pp71.4%above the sector's middle half▼ 2.0pp72.5%above the sector's middle half▲ 1.1pp
Current ratio3.88-5.18▲ 1.296.81above the sector's middle half▲ 1.645.71above the sector's middle half▼ 1.104.31above the sector's middle half▼ 1.403.32within the sector's middle half▼ 0.982.89within the sector's middle half▼ 0.433.04within the sector's middle half▲ 0.15
Return on assets (ROA)-2.5%-0.1%▲ 2.6pp-5.4%below the sector's middle half▼ 5.5pp-7.0%below the sector's middle half▼ 1.6pp2.0%within the sector's middle half▲ 9.0pp1.7%within the sector's middle half▼ 0.3pp0.1%within the sector's middle half▼ 1.6pp0.0%within the sector's middle half▼ 0.1pp
Staff (FTE)0.6-0.5▼ 16.7%0.5below the sector's middle half=2▲ 300%2=2=2=2=
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 19% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €48,679
Fixed assets
€14,711 ▲ 6.9%
Current assets
€33,968 ▼ 4.2%
Equity and liabilities €49,420
Equity
€35,823 =
Debt
€13,596 ▼ 5.5%
Debt's share of the balance-sheet total falls from 28.6% to 27.5%. Debt is lower.
Key figures and ratios
EBITDA
€2,019▲
2024 · €1,811
Cash flow
€1,881▲
2024 · €1,681
Quick ratio
2.89▲
2024 · 2.83
Debt to equity
0.38▼
2024 · 0.40
ROE
0.0%▼
2024 · 0.1%
Interest coverage
13.75▲
2024 · 11.75
Debt ≤ 1 year
€11,163▼
2024 · €12,271
Income taxes
€2
Staff costs
€29,151▲
2024 · €21,969
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 | 2 | 2 | 2 | 2 | 2 |
| part-time | 2 | 2 | 2 | 2 | 2 |
| in full-time equivalents | 0.5 | 0.5 | 0.5 | 0.5 | 0.6 |
| Average over the year, in full-time equivalents | 0.5 | 0.5 | 0.5 | 0.5 | 0.6 |
| On a permanent contract | 2 | 2 | 2 | 2 | 2 |
| Training hours | 13 | 15 | 14 | 15 | 18 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €4,677 | €3,368 | €2,656 | €2,045 |
| Financial fixed assets | €3 | €3 | €3 | €14 | €554 |
| Depreciation and write-downs of the year | €1,332 | €861 | €1,437 | €1,639 | €1,879 |
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 | - | - | - | - | - | €853 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €15,491 | €19,743 | €20,926 | €21,969 | €29,151 | ▲ 32.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,264 | €1,394 | €1,429 | €1,332 | €861 | €1,437 | €1,639 | €1,879 | ▲ 14.6% |
| Other operating charges640/8 | - | - | - | €874 | €875 | €918 | €930 | €945 | ▲ 1.5% |
| Gross operating margin9900 | €19,135 | €20,964 | €15,312 | €15,061 | €22,480 | €24,511 | €24,710 | €32,115 | ▲ 30.0% |
| Operating profit (loss)9901 | -€1,163 | €130 | -€1,936 | -€2,634 | €1,002 | €1,229 | €173 | €140 | ▼ 18.6% |
| Financial income75/76B | - | - | - | €10 | €71 | €17 | €24 | €11 | ▼ 55.4% |
| Recurring financial income75 | €19 | €29 | €3 | €10 | €71 | €17 | €24 | €11 | ▼ 55.4% |
| Financial charges65/66B | - | - | - | €234 | €211 | €418 | €154 | €147 | ▼ 4.7% |
| Recurring financial charges65 | €164 | €115 | €379 | €234 | €211 | €418 | €154 | €147 | ▼ 4.7% |
| Profit (loss) for the period before taxes9903 | -€1,309 | €44 | -€2,312 | -€2,859 | €862 | €827 | €42 | €4 | ▼ 90.0% |
| Income taxes67/77 | €2 | - | €0 | €0 | €0 | €2 | - | €2 | - |
| Profit (loss) for the period9904 | -€1,312 | €44 | -€2,313 | -€2,860 | €861 | €825 | €42 | €3 | ▼ 93.8% |
| Profit (loss) for the period to be appropriated9905 | -€1,312 | €44 | -€2,313 | -€2,860 | €861 | €825 | €42 | €3 | ▼ 93.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €51,666 | €48,597 | €42,826 | €40,841 | €43,510 | €48,763 | €50,204 | €49,420 | ▼ 1.6% |
| Formation expenses20 | - | - | - | - | - | - | €975 | €741 | ▼ 24.0% |
| Fixed assets21/28 | €10,636 | €10,543 | €10,260 | €8,924 | €12,743 | €12,530 | €13,756 | €14,711 | ▲ 6.9% |
| Tangible fixed assets22/27 | €6,973 | €6,879 | €6,594 | €5,262 | €9,079 | €8,863 | €10,075 | €10,476 | ▲ 4.0% |
| Plant, machinery and equipment23 | - | - | - | €3,406 | €7,667 | €5,216 | €6,664 | €6,386 | ▼ 4.2% |
| Furniture and vehicles24 | - | - | - | €946 | €632 | €2,997 | €2,892 | €2,426 | ▼ 16.1% |
| Other tangible fixed assets26 | - | - | - | €910 | €780 | €650 | €520 | €1,664 | ▲ 220% |
| Financial fixed assets28 | €3,663 | €3,664 | €3,666 | €3,661 | €3,664 | €3,667 | €3,681 | €4,236 | ▲ 15.1% |
| Current assets29/58 | €41,030 | €38,054 | €32,566 | €31,918 | €30,767 | €36,233 | €35,473 | €33,968 | ▼ 4.2% |
| Stocks and contracts in progress3 | €810 | €1,150 | €1,150 | €1,085 | €665 | €700 | €700 | €1,700 | ▲ 143% |
| Stocks30/36 | - | - | - | €1,085 | €665 | €700 | €700 | €1,700 | ▲ 143% |
| Amounts receivable within one year40/41 | €8,581 | €5,206 | €2,783 | €3,554 | €5,952 | €4,235 | €3,931 | €3,458 | ▼ 12.0% |
| Trade receivables40 | - | - | - | €1,551 | €5,949 | €4,235 | €3,928 | €3,419 | ▼ 12.9% |
| Other amounts receivable41 | - | - | - | €2,003 | €3 | - | €4 | €39 | ▲ 983% |
| Cash at bank and in hand54/58 | €30,504 | €29,888 | €26,432 | €25,271 | €23,802 | €25,964 | €30,579 | €27,283 | ▼ 10.8% |
| Deferred charges and accrued income490/1 | - | - | - | €2,008 | €348 | €5,333 | €262 | €1,527 | ▲ 483% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €51,666 | €48,597 | €42,826 | €40,841 | €43,510 | €48,763 | €50,204 | €49,420 | ▼ 1.6% |
| Equity10/15 | €39,221 | €39,265 | €36,952 | €34,092 | €34,954 | €35,778 | €35,821 | €35,823 | = |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Contributions outside capital11 | - | - | - | €18,592 | - | - | - | - | - |
| Other1109/19 | - | - | - | €18,592 | - | - | - | - | - |
| Reserves13 | €20,629 | €20,673 | €18,360 | €15,500 | €16,362 | €17,186 | €17,229 | €17,231 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €2,788 | €2,788 | €2,788 | €2,788 | €2,788 | = |
| Distributable reserves133 | - | - | - | €10,853 | €11,714 | €12,539 | €14,441 | €14,443 | = |
| Amounts payable17/49 | €12,445 | €9,332 | €5,874 | €6,749 | €8,557 | €12,985 | €14,383 | €13,596 | ▼ 5.5% |
| Amounts payable within one year42/48 | €10,567 | €7,353 | €4,781 | €5,587 | €7,140 | €10,899 | €12,271 | €11,163 | ▼ 9.0% |
| Trade debts44 | €511 | €396 | €372 | €805 | €349 | €1,598 | €613 | €760 | ▲ 23.9% |
| Suppliers440/4 | - | - | - | €805 | €349 | €1,598 | €613 | €760 | ▲ 23.9% |
| Taxes, remuneration and social security45 | - | - | - | €4,782 | €6,131 | €6,262 | €7,753 | €8,273 | ▲ 6.7% |
| Taxes450/3 | - | - | - | €2,415 | €2,955 | €2,994 | €4,154 | €3,617 | ▼ 12.9% |
| Remuneration and social security454/9 | - | - | - | €2,367 | €3,177 | €3,267 | €3,599 | €4,655 | ▲ 29.4% |
| Other amounts payable47/48 | - | - | - | - | €660 | €3,040 | €3,905 | €2,130 | ▼ 45.5% |
| Accrued charges and deferred income492/3 | - | - | - | €1,162 | €1,417 | €2,086 | €2,113 | €2,434 | ▲ 15.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,312 | €44 | -€2,313 | -€2,860 | €861 | €825 | €42 | €3 | ▼ 93.8% |
| + Depreciation and write-downs630 | €1,264 | €1,394 | €1,429 | €1,332 | €861 | €1,437 | €1,639 | €1,879 | ▲ 14.6% |
| Operating cash flow (approximation) | -€48 | €1,438 | -€884 | -€1,528 | €1,722 | €2,262 | €1,681 | €1,881 | ▲ 11.9% |
| Investment in fixed assets (approximation) | - | -€1,301 | -€1,146 | €5 | -€4,680 | -€1,224 | -€2,865 | -€2,834 | ▲ 1.1% |
| Change in cash | - | -€615 | -€3,457 | -€1,161 | -€1,469 | €2,162 | €4,615 | -€3,296 | - |
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 FARO 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 FARO 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 FARO. 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 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-07-2026 | 2026-00324533 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00345415 | |
| 31-12-2023 | micro format | 29-07-2024 | 2024-00319787 | |
| 31-12-2022 | micro format | 19-07-2023 | 2023-00250511 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20394666 | |
| 31-12-2020 | micro format | 27-07-2021 | 2021-41200483 | |
| 31-12-2019 | micro format | 30-07-2020 | 2020-37200365 | |
| 31-12-2018 | micro format | 25-07-2019 | 2019-38300313 | |
| 31-12-2017 | micro format | 30-07-2018 | 2018-40800529 | |
| 31-12-2016 | micro format | 25-07-2017 | 2017-35600372 |