FERGO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 33 filings
Turnover
≈ €39,000
Estimated: probably between €26,000 and €62,000
Total assets
€472,027▼ 17.9%
2024 · €574,618
Net result
-€89,817▼ 4.5%
2024 · -€85,918
Working capital
-€277,648▼ 6.0%
2024 · -€261,993
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€88,349
▼ 5.2%
2025
20182025
Net result
-€89,817
▼ 4.5%
2025
lowest quarter of the sector
20182025
Equity
€168,339
▼ 34.8%
2025
middle half of the sector
20182025
Total assets
€472,027
▼ 17.9%
2025
lowest quarter of the sector
20182025
Debt
€303,688
▼ 4.0%
2025
20182025
Working capital
-€277,648
▼ 6.0%
2025
lowest quarter of the sector
20182025
Solvency
35.7%
▼ 9.3pp
2025
middle half of the sector
20182025
Current ratio
0.07
▼ 0.02
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-19.0%
▼ 4.1pp
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-€0.1m--€0.1m▲ 14.2%-€0.1m▼ 12.1%-€0.1m▼ 1.7%-€0.1m▲ 14.8%-€0.1m▼ 6.7%-€0.08m▲ 23.6%-€0.09m▼ 5.2%
Net result-€0.1m--€0.1m▲ 13.8%-€0.1mbelow the sector's middle half▼ 10.7%-€0.1mbelow the sector's middle half▼ 1.1%-€0.1mbelow the sector's middle half▲ 14.8%-€0.1mbelow the sector's middle half▼ 5.5%-€0.09mbelow the sector's middle half▲ 25.3%-€0.09mbelow the sector's middle half▼ 4.5%
Equity€0.9m-€0.8m▼ 12.2%€0.7mabove the sector's middle half▼ 15.4%€0.6mabove the sector's middle half▼ 18.4%€0.5mabove the sector's middle half▼ 19.2%€0.3mabove the sector's middle half▼ 25.0%€0.3mwithin the sector's middle half▼ 25.0%€0.2mwithin the sector's middle half▼ 34.8%
Total assets€1.3m-€1.2m▼ 10.3%€1.0mwithin the sector's middle half▼ 13.5%€0.9mwithin the sector's middle half▼ 11.5%€0.8mwithin the sector's middle half▼ 12.9%€0.7mwithin the sector's middle half▼ 14.6%€0.6mwithin the sector's middle half▼ 13.8%€0.5mbelow the sector's middle half▼ 17.9%
Debt€0.4m-€0.3m▼ 5.6%€0.3m▼ 9.1%€0.3m▲ 3.8%€0.3m▼ 2.0%€0.3m▲ 0.2%€0.3m▼ 1.8%€0.3m▼ 4.0%
Working capital-€0.09m--€0.1m▼ 27.1%-€0.2mbelow the sector's middle half▼ 57.3%-€0.2mbelow the sector's middle half▼ 20.9%-€0.2mbelow the sector's middle half▼ 8.8%-€0.3mbelow the sector's middle half▼ 11.5%-€0.3mbelow the sector's middle half▼ 0.9%-€0.3mbelow the sector's middle half▼ 6.0%
Solvency71.8%-70.3%▼ 1.5pp68.7%above the sector's middle half▼ 1.5pp63.4%above the sector's middle half▼ 5.4pp58.8%within the sector's middle half▼ 4.6pp51.6%within the sector's middle half▼ 7.2pp44.9%within the sector's middle half▼ 6.7pp35.7%within the sector's middle half▼ 9.3pp
Current ratio0.60-0.49▼ 0.110.14below the sector's middle half▼ 0.340.10below the sector's middle half▼ 0.050.07below the sector's middle half▼ 0.030.05below the sector's middle half▼ 0.020.09below the sector's middle half▲ 0.040.07below the sector's middle half▼ 0.02
Return on assets (ROA)-10.2%--9.8%▲ 0.4pp-12.5%below the sector's middle half▼ 2.7pp-14.3%below the sector's middle half▼ 1.8pp-14.0%below the sector's middle half▲ 0.3pp-17.2%below the sector's middle half▼ 3.3pp-15.0%below the sector's middle half▲ 2.3pp-19.0%below the sector's middle half▼ 4.1pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 €88,349, larger than the loss of €83,991 in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €472,027
Fixed assets
€450,869 ▼ 17.8%
Current assets
€21,158 ▼ 19.4%
Equity and liabilities €472,027
Equity
€168,339 ▼ 34.8%
Debt
€303,688 ▼ 4.0%
Debt's share of the balance-sheet total rises from 55.1% to 64.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€12,776▼
2024 · €25,493
Cash flow
€11,308▼
2024 · €23,565
Debt to equity
1.80▲
2024 · 1.23
ROE
-53.4%▼
2024 · -33.3%
Interest coverage
4.83▼
2024 · 6.74
Debt ≤ 1 year
€298,805▲
2024 · €288,252
Debt > 1 year
€4,007▼
2024 · €27,334
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €4,510 | €3,636 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €108,778 | €110,301 | €109,968 | €109,484 | €101,126 |
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 | - | - | - | - | €2,499 | €8,746 | €32,000 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €109,549 | €109,549 | €111,033 | €108,778 | €110,301 | €109,968 | €109,484 | €101,126 | ▼ 7.6% |
| Other operating charges640/8 | - | - | - | €3,242 | €1,833 | €2,158 | €1,822 | €1,713 | ▼ 5.9% |
| Non-recurring operating charges66A | - | - | - | - | €625 | €0 | - | - | - |
| Gross operating margin9900 | €5,384 | €5,270 | -€6,984 | -€9,027 | €9,651 | €2,154 | €27,314 | €14,490 | ▼ 47.0% |
| Operating profit (loss)9901 | -€123,707 | -€106,179 | -€119,065 | -€121,047 | -€103,108 | -€109,973 | -€83,991 | -€88,349 | ▼ 5.2% |
| Financial income75/76B | - | - | - | - | - | €2 | €1,855 | €1,175 | ▼ 36.6% |
| Recurring financial income75 | €156 | €101 | €1 | - | - | €2 | €105 | €120 | ▲ 14.7% |
| Non-recurring financial income76B | - | - | - | - | - | - | €1,750 | €1,055 | ▼ 39.7% |
| Financial charges65/66B | - | - | - | €6,913 | €5,860 | €4,982 | €3,782 | €2,643 | ▼ 30.1% |
| Recurring financial charges65 | €9,047 | €8,273 | €7,540 | €6,913 | €5,860 | €4,982 | €3,782 | €2,643 | ▼ 30.1% |
| Profit (loss) for the period before taxes9903 | -€132,598 | -€114,351 | -€126,604 | -€127,960 | -€108,968 | -€114,953 | -€85,918 | -€89,817 | ▼ 4.5% |
| Income taxes67/77 | - | - | - | - | - | €1 | €0 | - | - |
| Profit (loss) for the period9904 | -€132,598 | -€114,351 | -€126,604 | -€127,960 | -€108,968 | -€114,953 | -€85,918 | -€89,817 | ▼ 4.5% |
| Profit (loss) for the period to be appropriated9905 | -€132,598 | -€114,351 | -€126,604 | -€127,960 | -€108,968 | -€114,953 | -€85,918 | -€89,817 | ▼ 4.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.3m | €1.2m | €1.0m | €0.9m | €0.8m | €0.7m | €0.6m | €0.5m | ▼ 17.9% |
| Fixed assets21/28 | €1.2m | €1.1m | €1.0m | €0.9m | €0.8m | €0.7m | €0.5m | €0.5m | ▼ 17.8% |
| Tangible fixed assets22/27 | €1.2m | €1.1m | €1.0m | €0.9m | €0.8m | €0.7m | €0.5m | €0.5m | ▼ 17.8% |
| Land and buildings22 | - | - | - | €0.9m | €0.8m | €0.7m | €0.5m | €0.5m | ▼ 17.8% |
| Furniture and vehicles24 | - | - | - | €0.001m | - | - | - | - | - |
| Current assets29/58 | €0.1m | €0.1m | €0.03m | €0.02m | €0.02m | €0.01m | €0.03m | €0.02m | ▼ 19.4% |
| Amounts receivable within one year40/41 | €338 | €76 | - | €0.001m | €0.001m | €0 | €31 | €36 | ▲ 14.7% |
| Trade receivables40 | - | - | - | €0.001m | €0.001m | €0 | - | - | - |
| Other amounts receivable41 | - | - | - | - | - | - | €31 | €36 | ▲ 14.7% |
| Cash at bank and in hand54/58 | €0.1m | €0.1m | €0.03m | €0.02m | €0.02m | €0.01m | €0.03m | €0.02m | ▼ 19.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.001m | €0.001m | €258 | €282 | ▲ 9.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.3m | €1.2m | €1.0m | €0.9m | €0.8m | €0.7m | €0.6m | €0.5m | ▼ 17.9% |
| Equity10/15 | €0.9m | €0.8m | €0.7m | €0.6m | €0.5m | €0.3m | €0.3m | €0.2m | ▼ 34.8% |
| Contributions10/11 | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Capital10 | - | - | - | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Issued capital100 | - | - | - | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Profit (loss) carried forward14 | -€0.3m | -€0.4m | -€0.6m | -€0.7m | -€0.8m | -€0.9m | -€1.0m | -€1.1m | ▼ 9.1% |
| Amounts payable17/49 | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 4.0% |
| Amounts payable after more than one year17 | €0.1m | €0.1m | €0.1m | €0.09m | €0.07m | €0.05m | €0.03m | €0.004m | ▼ 85.3% |
| Financial debts170/4 | - | - | - | €0.09m | €0.07m | €0.05m | €0.03m | €0.004m | ▼ 85.3% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 3.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 5.3% |
| Trade debts44 | €0.003m | €306 | - | €0.009m | €0.003m | €0.002m | €162 | €0.002m | ▲ 15× |
| Suppliers440/4 | - | - | - | €0.009m | €0.003m | €0.002m | €162 | €0.002m | ▲ 15× |
| Taxes, remuneration and social security45 | - | - | - | - | - | €104 | €160 | €0.001m | ▲ 251% |
| Taxes450/3 | - | - | - | - | - | €104 | €160 | €0.001m | ▲ 251% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 2.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.001m | €50 | €0.001m | €0.001m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€132,598 | -€114,351 | -€126,604 | -€127,960 | -€108,968 | -€114,953 | -€85,918 | -€89,817 | ▼ 4.5% |
| + Depreciation and write-downs630 | €109,549 | €109,549 | €111,033 | €108,778 | €110,301 | €109,968 | €109,484 | €101,126 | ▼ 7.6% |
| Operating cash flow (approximation) | -€23,049 | -€4,802 | -€15,571 | -€19,182 | €1,333 | -€4,985 | €23,565 | €11,308 | ▼ 52.0% |
| Investment in fixed assets (approximation) | - | €0 | -€30,079 | €0 | €0 | €0 | -€4,510 | -€3,636 | ▲ 19.4% |
| Change in cash | - | -€23,682 | -€78,566 | -€6,942 | -€5,437 | -€3,694 | €13,430 | -€5,130 | - |
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, 929 companies had the same profile as FERGO has now. Two years later, 90.1% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
90.1%
was still going
8.8%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of FERGO itself: 0.2% 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 929 companies, not a prediction for FERGO. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 02-07-2026 | 2026-00242044 | |
| 31-12-2024 | micro format | 18-07-2025 | 2025-00289006 | |
| 31-12-2023 | micro format | 01-07-2024 | 2024-00201828 | |
| 31-12-2022 | micro format | 11-07-2023 | 2023-00246767 | |
| 31-12-2021 | micro format | 13-07-2022 | 2022-20190033 | |
| 31-12-2020 | micro format | 13-07-2021 | 2021-36000068 | |
| 31-12-2019 | micro format | 07-07-2020 | 2020-27300421 | |
| 31-12-2018 | micro format | 30-07-2019 | 2019-42000170 | |
| 31-12-2017 | micro format | 03-07-2018 | 2018-28000189 | |
| 31-12-2016 | micro format | 18-08-2017 | 2017-47100514 |