FERIANI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 25 filings
Turnover
≈ €280,000
Estimated: probably between €190,000 and €440,000
Total assets
€1.1m▲ 17.2%
2024 · €905,589
Net result
-€176,642▲ 26.1%
2024 · -€239,086
Working capital
-€464,961▼ 54.1%
2024 · -€301,742
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€160,231
▲ 29.9%
2025
20182025
Net result
-€176,642
▲ 26.1%
2025
lowest quarter of the sector
20182025
Equity
-€336,003
▼ 111%
2025
lowest quarter of the sector
20182025
Total assets
€1.1m
▲ 17.2%
2025
highest quarter of the sector
20182025
Debt
€1.4m
▲ 31.2%
2025
20182025
Working capital
-€464,961
▼ 54.1%
2025
lowest quarter of the sector
20182025
Solvency
-31.6%
▼ 14.0pp
2025
lowest quarter of the sector
20182025
Current ratio
0.65
▼ 0.05
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-16.6%
▲ 9.8pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
3.9
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.03m--€0.02m▲ 46.1%€0.01m-€0.03m€0.09m€0.04m▼ 58.8%-€0.2m-€0.2m▲ 29.9%
Net result-€0.03m--€0.02m▲ 25.9%€0.002mwithin the sector's middle half-€0.04mbelow the sector's middle half€0.08mabove the sector's middle half€0.03mwithin the sector's middle half▼ 63.3%-€0.2mbelow the sector's middle half-€0.2mbelow the sector's middle half▲ 26.1%
Equity€0.04m-€0.02m▼ 54.4%€0.01mwithin the sector's middle half▼ 28.9%-€0.03mbelow the sector's middle half€0.05mwithin the sector's middle half€0.08mwithin the sector's middle half▲ 58.5%-€0.2mbelow the sector's middle half-€0.3mbelow the sector's middle half▼ 111%
Total assets€0.4m-€0.4m▲ 2.4%€0.3mabove the sector's middle half▼ 9.4%€0.5mabove the sector's middle half▲ 56.4%€0.8mabove the sector's middle half▲ 46.1%€0.8mabove the sector's middle half▼ 1.1%€0.9mabove the sector's middle half▲ 15.1%€1.1mabove the sector's middle half▲ 17.2%
Debt€0.3m-€0.4m▲ 8.8%€0.3m▼ 8.5%€0.6m▲ 71.1%€0.7m▲ 29.7%€0.7m▼ 5.1%€1.1m▲ 50.6%€1.4m▲ 31.2%
Working capital€0.1m-€0.1m▲ 16.7%€0.1mabove the sector's middle half▼ 13.9%-€0.07mbelow the sector's middle half-€0.03mbelow the sector's middle half▲ 65.7%€0.02mwithin the sector's middle half-€0.3mbelow the sector's middle half-€0.5mbelow the sector's middle half▼ 54.1%
Solvency10.1%-4.5%▼ 5.6pp3.5%below the sector's middle half▼ 1.0pp-5.5%below the sector's middle half▼ 9.0pp6.3%below the sector's middle half▲ 11.8pp10.1%below the sector's middle half▲ 3.8pp-17.6%below the sector's middle half▼ 27.7pp-31.6%below the sector's middle half▼ 14.0pp
Current ratio1.43-1.53▲ 0.091.48within the sector's middle half▼ 0.050.85below the sector's middle half▼ 0.630.96below the sector's middle half▲ 0.111.03within the sector's middle half▲ 0.070.70below the sector's middle half▼ 0.330.65below the sector's middle half▼ 0.05
Return on assets (ROA)-7.4%--5.4%▲ 2.0pp0.5%within the sector's middle half▲ 5.8pp-7.7%below the sector's middle half▼ 8.2pp10.1%within the sector's middle half▲ 17.8pp3.7%within the sector's middle half▼ 6.3pp-26.4%below the sector's middle half▼ 30.1pp-16.6%below the sector's middle half▲ 9.8pp
Staff (FTE)0.61.8▲ 200%2.5▲ 38.9%3.9
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). 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 €160,231, smaller than the loss of €228,500 in 2024.
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 €1.1m
Fixed assets
€195,907 ▼ 6.4%
Current assets
€865,868 ▲ 24.4%
Equity and liabilities
Equity-€336,003
Debt€1.4m
Equity is negative. Debt (€1.4m) exceeds the balance-sheet total (€1.1m).
Key figures and ratios
EBITDA
-€129,938▲
2024 · -€201,523
Cash flow
-€146,349▲
2024 · -€212,109
Quick ratio
0.08▼
2024 · 0.10
Interest coverage
-11.94▲
2024 · -18.93
Debt ≤ 1 year
€1.3m▲
2024 · €998,048
Debt > 1 year
€66,950=
2024 · €66,950
Income taxes
€156
Staff costs
€228,917▲
2024 · €191,183
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 3 | 4 |
| full-time | 1 | 1 | 2 | 3 |
| part-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1.8 | 1.8 | 2.8 | 0.8 |
| Average over the year, in full-time equivalents | 0.6 | 1.8 | 2.5 | 3.9 |
| On a permanent contract | 2 | 2 | 3 | 4 |
| Joined | 2 | - | 2 | 1 |
| Left | 0 | - | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €88,204 | €38,700 | €2,119 | €108,845 | €17,043 |
| Financial fixed assets | €31,500 | - | - | - | - |
| Depreciation and write-downs of the year | €11,243 | €16,277 | €16,923 | €26,977 | €30,294 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2024 · 2 entries · €3,600 awarded · €3,854 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €3,600 | €3,600 |
| 2023 | 1 | €0 | €254 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €3,983 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €21,265 | €87,917 | €134,436 | €191,183 | €228,917 | ▲ 19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,007 | €5,591 | €4,139 | €11,243 | €16,277 | €16,923 | €26,977 | €30,294 | ▲ 12.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €127,060 | - | - | - |
| Other operating charges640/8 | - | - | - | €2,147 | €3,566 | €2,287 | €9,535 | €13,473 | ▲ 41.3% |
| Gross operating margin9900 | -€23,074 | -€8,801 | €18,243 | €593 | €197,120 | €317,540 | -€804 | €112,452 | - |
| Operating profit (loss)9901 | -€31,650 | -€17,049 | €10,697 | -€34,062 | €89,359 | €36,834 | -€228,500 | -€160,231 | ▲ 29.9% |
| Financial income75/76B | - | - | - | €239 | €20 | €544 | €60 | €3 | ▼ 94.8% |
| Recurring financial income75 | €2,706 | €20 | €95 | €239 | €20 | €544 | €60 | €3 | ▼ 94.8% |
| Financial charges65/66B | - | - | - | €8,375 | €9,191 | €7,983 | €10,646 | €16,259 | ▲ 52.7% |
| Recurring financial charges65 | €10,856 | €3,095 | €8,238 | €8,375 | €9,191 | €7,983 | €10,646 | €10,884 | ▲ 2.2% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €5,375 | - |
| Profit (loss) for the period before taxes9903 | -€27,612 | -€20,124 | €2,554 | -€42,198 | €80,189 | €29,394 | -€239,086 | -€176,487 | ▲ 26.2% |
| Income taxes67/77 | €214 | €495 | €871 | - | - | - | - | €156 | - |
| Profit (loss) for the period9904 | -€27,826 | -€20,619 | €1,683 | -€42,198 | €80,189 | €29,394 | -€239,086 | -€176,642 | ▲ 26.1% |
| Profit (loss) for the period to be appropriated9905 | -€27,826 | -€20,619 | €1,683 | -€42,198 | €80,189 | €29,394 | -€239,086 | -€176,642 | ▲ 26.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.4m | €0.4m | €0.3m | €0.5m | €0.8m | €0.8m | €0.9m | €1.1m | ▲ 17.2% |
| Fixed assets21/28 | €0.02m | €0.02m | €0.01m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 6.4% |
| Intangible fixed assets21 | €0.004m | €0.002m | - | €0 | €0 | €0 | €0 | €0 | - |
| Tangible fixed assets22/27 | €0.01m | €0.02m | €0.01m | €0.09m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 7.5% |
| Land and buildings22 | - | - | - | €0.08m | €0.1m | €0.09m | €0.2m | €0.2m | ▼ 6.3% |
| Plant, machinery and equipment23 | - | - | - | €0.008m | €0.006m | €0.005m | €0.005m | €0.002m | ▼ 46.9% |
| Furniture and vehicles24 | - | - | - | €0.002m | €0.005m | €0.004m | €0.001m | €0.001m | ▼ 21.4% |
| Financial fixed assets28 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Current assets29/58 | €0.4m | €0.4m | €0.3m | €0.4m | €0.7m | €0.7m | €0.7m | €0.9m | ▲ 24.4% |
| Stocks and contracts in progress3 | €0.3m | €0.3m | €0.3m | €0.3m | €0.6m | €0.5m | €0.6m | €0.8m | ▲ 28.0% |
| Stocks30/36 | - | - | - | €0.3m | €0.6m | €0.5m | €0.6m | €0.8m | ▲ 28.0% |
| Amounts receivable within one year40/41 | €0.07m | €0.06m | €0.04m | €0.04m | €0.06m | €0.1m | €0.05m | €0.06m | ▲ 12.8% |
| Trade receivables40 | - | - | - | €0.04m | €0.06m | €0.1m | €0.05m | €0.06m | ▲ 12.8% |
| Cash at bank and in hand54/58 | €0.02m | €0.01m | €0.02m | €0.07m | €0.04m | €0.02m | €0.04m | €0.04m | ▼ 7.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | - | - | €0.003m | €0.001m | ▼ 61.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.4m | €0.4m | €0.3m | €0.5m | €0.8m | €0.8m | €0.9m | €1.1m | ▲ 17.2% |
| Equity10/15 | €0.04m | €0.02m | €0.01m | -€0.03m | €0.05m | €0.08m | -€0.2m | -€0.3m | ▼ 111% |
| Contributions10/11 | €0.006m | €0.006m | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | ▲ 0.8% |
| Reserves13 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Tax-exempt reserves132 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Distributable reserves133 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Profit (loss) carried forward14 | - | -€0.02m | -€0.03m | -€0.07m | €0.01m | €0.04m | -€0.2m | -€0.4m | ▼ 89.5% |
| Amounts payable17/49 | €0.3m | €0.4m | €0.3m | €0.6m | €0.7m | €0.7m | €1.1m | €1.4m | ▲ 31.2% |
| Amounts payable after more than one year17 | €0.09m | €0.1m | €0.1m | €0.08m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Financial debts170/4 | - | - | - | €0.08m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Amounts payable within one year42/48 | €0.3m | €0.2m | €0.2m | €0.5m | €0.7m | €0.6m | €1.0m | €1.3m | ▲ 33.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.01m | €0.002m | €0.002m | €0.002m | = |
| Trade debts44 | €0.03m | €0.02m | €0.03m | €0.09m | €0.2m | €0.09m | €0.2m | €0.2m | ▲ 8.9% |
| Suppliers440/4 | - | - | - | €0.09m | €0.2m | €0.09m | €0.2m | €0.2m | ▲ 8.9% |
| Advances received on contracts in progress46 | - | - | - | - | €0.02m | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.03m | €0.05m | €0.07m | €0.05m | ▼ 28.8% |
| Taxes450/3 | - | - | - | €0.02m | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 5.7% |
| Remuneration and social security454/9 | - | - | - | €0.007m | - | €0.02m | €0.03m | €0.02m | ▼ 51.9% |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.4m | €0.5m | €0.8m | €1.1m | ▲ 43.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€27,826 | -€20,619 | €1,683 | -€42,198 | €80,189 | €29,394 | -€239,086 | -€176,642 | ▲ 26.1% |
| + Depreciation and write-downs630 | €6,007 | €5,591 | €4,139 | €11,243 | €16,277 | €16,923 | €26,977 | €30,294 | ▲ 12.3% |
| Operating cash flow (approximation) | -€21,819 | -€15,028 | €5,822 | -€30,955 | €96,466 | €46,317 | -€212,109 | -€146,349 | ▲ 31.0% |
| Investment in fixed assets (approximation) | - | -€7,036 | €1,647 | -€119,704 | -€38,700 | -€1,884 | -€108,845 | -€16,918 | ▲ 84.5% |
| Change in cash | - | -€13,341 | €12,833 | €48,195 | -€33,275 | -€22,363 | €24,232 | -€3,100 | - |
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, 6,619 companies had the same profile as FERIANI has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of FERIANI itself is lower: 0.8% within 12 months. It rests on far more data about FERIANI 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 6,619 companies, not a prediction for FERIANI. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-07-2026 | 2026-00345890 | |
| 31-12-2024 | micro format | 24-07-2025 | 2025-00301181 | |
| 31-12-2023 | micro format | 29-07-2024 | 2024-00296597 | |
| 31-12-2022 | micro format | 05-07-2023 | 2023-00203825 | |
| 31-12-2021 | micro format | 20-07-2022 | 2022-20210728 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-62100390 | |
| 31-12-2019 | micro format | 23-07-2020 | 2020-34600469 | |
| 31-12-2018 | micro format | 29-07-2019 | 2019-38900320 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-41900059 | |
| 31-12-2016 | micro format | 08-08-2017 | 2017-42100133 |