FEBELFARMA
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00485681.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 23 filings
Turnover
€59,365▲ 48.4%
2024 · €40,015
EBIT margin
27.9%▼ 1419.3pp
2024 · 1447.2%
Net result
€45,753▼ 92.5%
2024 · €608,557
Working capital
€2.0m▲ 2.3%
2024 · €2.0m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€59,365
▲ 48.4%
2025
20182025
Operating result
€16,535
▼ 97.1%
2025
20182025
Net result
€45,753
▼ 92.5%
2025
middle half of the sector
20182025
EBIT margin
27.9%
▼ 1419.3pp
2025
20182025
Equity
€2.0m
▲ 2.3%
2025
middle half of the sector
20182025
Total assets
€2.1m
▲ 3.1%
2025
middle half of the sector
20182025
Debt
€29,699
▲ 105%
2025
20182025
Working capital
€2.0m
▲ 2.3%
2025
highest quarter of the sector
20182025
Solvency
98.6%
▼ 0.7pp
2025
highest quarter of the sector
20182025
Current ratio
70.17
2025
highest quarter of the sector
20182025
Return on assets (ROA)
2.2%
▼ 28.3pp
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
Turnover€0.03m-€0.03m=€0.03m▼ 18.3%€0.02m▼ 14.3%€0.02m▼ 29.6%€0.03m▲ 91.7%€0.04m▲ 34.4%€0.06m▲ 48.4%
Operating result€0.02m-€0.02m▲ 18.8%€0.02m▲ 6.2%-€0.2m€0.04m€0.003m▼ 91.2%€0.6m▲ 170×€0.02m▼ 97.1%
Net result€0.02m-€0.02m▲ 13.3%€0.2mabove the sector's middle half▲ 737%-€0.1mbelow the sector's middle half€0.04mwithin the sector's middle half€0.02mwithin the sector's middle half▼ 39.6%€0.6mabove the sector's middle half▲ 25×€0.05mwithin the sector's middle half▼ 92.5%
EBIT margin53.5%-63.6%▲ 10.1pp82.7%▲ 19.1pp-759.7%▼ 842.4pp251.0%▲ 1010.7pp11.5%▼ 239.5pp1447.2%▲ 1435.7pp27.9%▼ 1419.3pp
Equity€1.3m-€1.3m▲ 1.7%€1.4mwithin the sector's middle half▲ 13.8%€1.3mwithin the sector's middle half▼ 9.5%€1.3mwithin the sector's middle half▲ 3.1%€1.4mwithin the sector's middle half▲ 1.8%€2.0mwithin the sector's middle half▲ 44.3%€2.0mwithin the sector's middle half▲ 2.3%
Total assets€2.1m-€2.0m▼ 2.7%€1.6mwithin the sector's middle half▼ 18.5%€1.3mwithin the sector's middle half▼ 20.0%€1.4mwithin the sector's middle half▲ 3.5%€1.4mwithin the sector's middle half▲ 1.9%€2.0mwithin the sector's middle half▲ 44.2%€2.1mwithin the sector's middle half▲ 3.1%
Debt€0.8m-€0.7m▼ 9.4%€0.2m▼ 73.7%€0.004m▼ 97.9%€0.009m▲ 132%€0.01m▲ 20.8%€0.01m▲ 28.9%€0.03m▲ 105%
Working capital€1.7m-€1.8m▲ 3.5%€1.6mabove the sector's middle half▼ 9.9%€1.3mabove the sector's middle half▼ 20.1%€1.3mabove the sector's middle half▲ 3.1%€1.4mabove the sector's middle half▲ 1.8%€2.0mabove the sector's middle half▲ 44.5%€2.0mabove the sector's middle half▲ 2.3%
Solvency60.4%-63.1%▲ 2.7pp88.1%above the sector's middle half▲ 25.0pp99.7%above the sector's middle half▲ 11.6pp99.3%above the sector's middle half▼ 0.4pp99.2%above the sector's middle half▼ 0.1pp99.3%above the sector's middle half▲ 0.1pp98.6%above the sector's middle half▼ 0.7pp
Current ratio17.72-70.17above the sector's middle half
Return on assets (ROA)0.9%-1.0%▲ 0.1pp10.7%within the sector's middle half▲ 9.6pp-10.4%below the sector's middle half▼ 21.1pp3.0%within the sector's middle half▲ 13.4pp1.8%within the sector's middle half▼ 1.2pp30.5%above the sector's middle half▲ 28.7pp2.2%within the sector's middle half▼ 28.3pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 97% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.1m
Fixed assets
€9,661 =
Current assets
€2.0m ▲ 3.1%
Equity and liabilities €2.1m
Equity
€2.0m ▲ 2.3%
Debt
€29,699 ▲ 105%
Debt's share of the balance-sheet total rises from 0.7% to 1.4%. Equity and debt are higher.
Key figures and ratios
Debt to equity
0.01▲
2024 · 0.01
ROE
2.3%▼
2024 · 30.7%
Debt ≤ 1 year
€29,182▲
2024 · €14,518
Income taxes
€21,953▲
2024 · €3,182
Customer credit
192 days▼
2024 · 283 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Auditor
The auditor is Moore Audit.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €1,500 | €2,000 | €2,000 | €2,231 | €2,066 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €22,062 | €49,656 | €29,774 | €617,953 | €59,365 | ▼ 90.4% |
| Turnover70 | €31,531 | €31,531 | €25,749 | €22,062 | €15,531 | €29,774 | €40,015 | €59,365 | ▲ 48.4% |
| Non-recurring operating income76A | - | - | - | - | €34,124 | - | €577,939 | - | - |
| Operating charges60/66A | - | - | - | €189,681 | €10,679 | €26,363 | €38,880 | €42,830 | ▲ 10.2% |
| Services and other goods61 | - | - | - | €3,728 | €8,654 | €24,496 | €37,301 | €41,037 | ▲ 10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,500 | €6,990 | - | - | - | - | - | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €184,418 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €1,535 | €1,919 | €1,867 | €1,579 | €1,793 | ▲ 13.6% |
| Non-recurring operating charges66A | - | - | - | - | €106 | - | - | - | - |
| Operating profit (loss)9901 | €16,878 | €20,052 | €21,295 | -€167,619 | €38,976 | €3,411 | €579,073 | €16,535 | ▼ 97.1% |
| Financial income75/76B | - | - | - | €31,422 | €4,025 | €29,888 | €33,720 | €52,076 | ▲ 54.4% |
| Recurring financial income75 | €22,318 | €22,000 | €11,236 | €12,799 | €3,655 | €29,888 | €33,720 | €52,076 | ▲ 54.4% |
| Income from financial fixed assets750 | - | - | - | €11,420 | €252 | €84 | €252 | €292 | ▲ 15.8% |
| Income from current assets751 | - | - | - | €1,379 | €3,403 | €19,683 | €33,468 | €51,784 | ▲ 54.7% |
| Other financial income752/9 | - | - | - | €0 | - | €10,121 | - | - | - |
| Non-recurring financial income76B | - | - | - | €18,623 | €370 | - | - | - | - |
| Financial charges65/66B | - | - | - | €401 | €547 | €1,088 | €1,055 | €904 | ▼ 14.3% |
| Recurring financial charges65 | €14,033 | €12,105 | €8,257 | €401 | €547 | €1,088 | €1,055 | €904 | ▼ 14.3% |
| Debt charges650 | €13,882 | €11,947 | €8,056 | €100 | - | - | - | - | - |
| Other financial charges652/9 | - | - | - | €301 | €547 | €1,088 | €1,055 | €904 | ▼ 14.3% |
| Profit (loss) for the period before taxes9903 | €25,163 | €30,191 | €180,920 | -€136,597 | €42,455 | €32,211 | €611,738 | €67,707 | ▼ 88.9% |
| Income taxes67/77 | €6,713 | €9,296 | €5,948 | €480 | €2,300 | €7,952 | €3,182 | €21,953 | ▲ 590% |
| Taxes670/3 | - | - | - | €480 | €2,300 | €8,000 | €4,000 | €21,953 | ▲ 449% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | €48 | €818 | - | - |
| Profit (loss) for the period9904 | €18,449 | €20,895 | €174,972 | -€137,077 | €40,155 | €24,259 | €608,557 | €45,753 | ▼ 92.5% |
| Profit (loss) for the period to be appropriated9905 | €18,449 | €20,895 | €174,972 | -€137,077 | €40,155 | €24,259 | €608,557 | €45,753 | ▼ 92.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.1m | €2.0m | €1.6m | €1.3m | €1.4m | €1.4m | €2.0m | €2.1m | ▲ 3.1% |
| Fixed assets21/28 | €0.2m | €0.2m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Intangible fixed assets21 | €0.007m | €1 | €1 | €1 | €1 | €1 | €1 | €1 | = |
| Financial fixed assets28 | €0.2m | €0.2m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Affiliated companies280/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Participating interests280 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Current assets29/58 | €1.8m | €1.8m | €1.6m | €1.3m | €1.3m | €1.4m | €2.0m | €2.0m | ▲ 3.1% |
| Amounts receivable within one year40/41 | €0.2m | €0.3m | €0.4m | €0.2m | €0.3m | €0.6m | €1.8m | €1.9m | ▲ 0.6% |
| Trade receivables40 | - | - | - | €0.02m | €0.03m | €0.05m | €0.03m | €0.03m | ▲ 0.9% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.3m | €0.5m | €1.8m | €1.8m | ▲ 0.6% |
| Current investments50/53 | €1.5m | €1.4m | €1.2m | €1.1m | €1.0m | €0.8m | €0.1m | €0.1m | ▼ 1.1% |
| Other investments51/53 | - | - | - | €1.1m | €1.0m | €0.8m | €0.1m | €0.1m | ▼ 1.1% |
| Cash at bank and in hand54/58 | €0.01m | €0.007m | €0.03m | - | - | - | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.003m | €0.02m | €0.03m | €0.09m | ▲ 155% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.1m | €2.0m | €1.6m | €1.3m | €1.4m | €1.4m | €2.0m | €2.1m | ▲ 3.1% |
| Equity10/15 | €1.3m | €1.3m | €1.4m | €1.3m | €1.3m | €1.4m | €2.0m | €2.0m | ▲ 2.3% |
| Contributions10/11 | €0.6m | €0.6m | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Reserves13 | €0.7m | €0.7m | €0.9m | €0.8m | €0.8m | €0.8m | €1.4m | €1.5m | ▲ 3.2% |
| Non-distributable reserves130/1 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Reserves not available under the articles1311 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Distributable reserves133 | - | - | - | €0.7m | €0.8m | €0.8m | €1.4m | €1.4m | ▲ 3.3% |
| Amounts payable17/49 | €0.8m | €0.7m | €0.2m | €0.004m | €0.009m | €0.01m | €0.01m | €0.03m | ▲ 105% |
| Amounts payable after more than one year17 | €0.7m | €0.7m | €0.2m | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.1m | €0.009m | €0.003m | €0.003m | €0.008m | €0.01m | €0.01m | €0.03m | ▲ 101% |
| Trade debts44 | €0.002m | €0.001m | €454 | €0.003m | €0.006m | €0.004m | €0.003m | €0.01m | ▲ 321% |
| Suppliers440/4 | - | - | - | €0.003m | €0.006m | €0.004m | €0.003m | €0.01m | ▲ 321% |
| Taxes, remuneration and social security45 | - | - | - | €480 | €0.002m | €0.006m | €0.003m | €0.02m | ▲ 464% |
| Taxes450/3 | - | - | - | €480 | €0.002m | €0.006m | €0.003m | €0.02m | ▲ 464% |
| Other amounts payable47/48 | - | - | - | - | - | - | €0.009m | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.001m | €0.001m | - | €0.001m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,449 | €20,895 | €174,972 | -€137,077 | €40,155 | €24,259 | €608,557 | €45,753 | ▼ 92.5% |
| + Depreciation and write-downs630 | €10,500 | €6,990 | - | - | - | - | - | - | - |
| Operating cash flow (approximation) | €28,949 | €27,886 | €174,972 | -€137,077 | €40,155 | €24,259 | €608,557 | €45,753 | ▼ 92.5% |
| Investment in fixed assets (approximation) | - | €13,836 | €188,751 | €487 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€3,650 | €24,693 | - | - | - | - | - | - |
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, 14,766 companies had the same profile as FEBELFARMA has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FEBELFARMA itself: 0.4% 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 14,766 companies, not a prediction for FEBELFARMA. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 31-08-2026 | 2026-00485681 | |
| 31-12-2024 | full format | 28-08-2025 | 2025-00439053 | |
| 31-12-2023 | full format | 30-08-2024 | 2024-00429699 | |
| 31-12-2022 | full format | 31-08-2023 | 2023-00424403 | |
| 31-12-2021 | full format | 27-06-2022 | 2022-20108240 | |
| 31-12-2020 | full format | 14-06-2021 | 2021-19900184 | |
| 31-12-2019 | full format | 22-06-2020 | 2020-19800047 | |
| 31-12-2018 | full format | 14-06-2019 | 2019-18800108 | |
| 31-12-2017 | full format | 13-06-2018 | 2018-20100022 | |
| 31-12-2016 | full format | 24-05-2017 | 2017-13400518 |