Ferm
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 20-04-2026 PDF all 20 filings
Every figure per financial year
The operating result for 2025 is a loss of €322,122, smaller than the loss of €550,016 in 2024.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 86 | 85 | 84 | 79 |
| full-time | 45 | 44 | 46 | 39 |
| part-time | 41 | 41 | 38 | 40 |
| in full-time equivalents | 73 | 72 | 72 | 67 |
| Average over the year, in full-time equivalents | 74 | 74 | 72 | 68 |
| On a permanent contract | 86 | 85 | 84 | 79 |
| Joined | 17 | 20 | 11 | 12 |
| Left | 15 | 21 | 12 | 17 |
| Training hours | 2,504 | 2,394 | 3,569 | 2,580 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Pledge on other assets, amount secured | - | €1.1m | €4.0m | €4.0m | €4.0m |
| Carrying value of the other pledged assets | - | €1.0m | €3.8m | €3.8m | €3.8m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €465,557 | €1.3m | €1.5m | €29,424 | €19,097 |
| Intangible fixed assets | €14,670 | - | - | €1.2m | €674,673 |
| Financial fixed assets | - | - | €750 | - | - |
| Depreciation and write-downs of the year | €220,347 | €169,411 | €109,050 | €947,955 | €1.1m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €11,495 | €12,759 | €13,020 | €14,003 | €14,599 |
| Other work by the auditor | - | €786 | €786 | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 17 entries · €16.3m awarded · €15.9m paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 5 | €4.3m | €4.3m |
| 2024 | 4 | €4.2m | €4.3m |
| 2023 | 5 | €4.2m | €4.5m |
| 2022 | 3 | €3.6m | €2.8m |
Federal government
2023 · 1 entry · €250,000 in total| Year | Department | Transactions | Amount |
|---|---|---|---|
| 2023 | FOD Economie | 1 | €250,000 |
European research
1 project · €78,848 EU contribution| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €9.8m | €10.2m | €11.0m | €10.7m | €10.8m | ▲ 0.7% |
| Turnover70 | €0.2m | €0.3m | €0.1m | €0.1m | €0.2m | €0.1m | €0.6m | €0.5m | ▼ 6.0% |
| Membership fees, donations, legacies and grants73 | - | - | - | €6.0m | €5.9m | €6.0m | €10.0m | €10.1m | ▲ 0.3% |
| Other operating income74 | - | - | - | €3.7m | €4.1m | €4.8m | €0.08m | €0.2m | ▲ 97.3% |
| Operating charges60/66A | - | - | - | €9.8m | €10.5m | €10.6m | €11.3m | €11.1m | ▼ 1.3% |
| Goods for resale, raw materials and consumables60 | - | - | - | €0.06m | €0.1m | €0.05m | €0.1m | €0.07m | ▼ 27.7% |
| Purchases600/8 | - | - | - | €0.03m | €0.1m | €0.05m | €0.05m | €0.05m | ▼ 3.1% |
| Change in stocks: decrease (increase)609 | - | - | - | €0.03m | €0.004m | -€0.001m | €0.04m | €0.02m | ▼ 60.6% |
| Services and other goods61 | - | - | - | €3.6m | €4.0m | €3.7m | €3.4m | €3.2m | ▼ 6.7% |
| Remuneration, social security and pensions62 | - | - | - | €5.8m | €6.2m | €6.7m | €6.8m | €6.8m | = |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.9m | €1.1m | ▲ 11.5% |
| Other operating charges640/8 | - | - | - | €0.04m | €0.03m | €0.06m | €0.04m | €0.03m | ▼ 24.0% |
| Operating profit (loss)9901 | -€0.2m | -€0.6m | -€0.5m | €0.05m | -€0.3m | €0.4m | -€0.6m | -€0.3m | ▲ 41.4% |
| Financial income75/76B | - | - | - | €0.03m | €0.02m | €0.04m | €0.5m | €0.1m | ▼ 78.1% |
| Recurring financial income75 | €0.06m | €0.007m | €0.009m | €0.03m | €0.02m | €0.04m | €0.5m | €0.1m | ▼ 78.1% |
| Income from current assets751 | - | - | - | €22 | €1 | €12 | €4 | €1 | ▼ 75.0% |
| Other financial income752/9 | - | - | - | €0.03m | €0.02m | €0.04m | €0.5m | €0.1m | ▼ 78.1% |
| Financial charges65/66B | - | - | - | €0.02m | €0.02m | €0.09m | €0.1m | €0.1m | ▲ 1.0% |
| Recurring financial charges65 | €0.05m | -€0.03m | €0.008m | €0.02m | €0.02m | €0.09m | €0.1m | €0.1m | ▲ 1.0% |
| Debt charges650 | €0.01m | €0.005m | €0.008m | €0.02m | €0.02m | €0.09m | €0.1m | €0.1m | ▲ 17.6% |
| Other financial charges652/9 | - | - | - | €160 | €0.002m | €0.001m | €0.02m | €0.001m | ▼ 95.0% |
| Profit (loss) for the period before taxes9903 | -€0.2m | -€0.5m | -€0.5m | €0.06m | -€0.3m | €0.3m | -€0.2m | -€0.3m | ▼ 88.6% |
| Profit (loss) for the period9904 | -€0.2m | -€0.5m | -€0.5m | €0.06m | -€0.3m | €0.3m | -€0.2m | -€0.3m | ▼ 88.6% |
| Profit (loss) for the period to be appropriated9905 | -€0.2m | -€0.5m | -€0.5m | €0.06m | -€0.3m | €0.3m | -€0.2m | -€0.3m | ▼ 88.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €6.9m | €8.9m | €7.4m | €11.2m | €13.4m | €14.5m | €15.6m | €14.9m | ▼ 4.7% |
| Fixed assets21/28 | €0.5m | €0.7m | €0.7m | €0.9m | €2.0m | €3.5m | €3.8m | €3.4m | ▼ 9.7% |
| Intangible fixed assets21 | - | €0.2m | €0.2m | €0.07m | €0.2m | €0.2m | €3.5m | €3.1m | ▼ 10.3% |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.2m | €0.6m | €1.6m | €3.1m | €0.03m | €0.03m | ▼ 12.9% |
| Plant, machinery and equipment23 | - | - | - | €0.1m | €0.08m | €0.04m | €0.03m | €0.03m | ▼ 5.3% |
| Furniture and vehicles24 | - | - | - | €0.005m | €0.01m | €0.008m | €0.005m | €0.002m | ▼ 55.9% |
| Assets under construction and advance payments27 | - | - | - | €0.5m | €1.5m | €3.0m | - | - | - |
| Financial fixed assets28 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 1.0% |
| Affiliated companies280/1 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Participating interests280 | - | - | - | - | - | €250 | €250 | €250 | = |
| Amounts receivable281 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Companies linked by participating interests282/3 | - | - | - | - | - | €0.001m | €0.001m | €0.001m | = |
| Participating interests282 | - | - | - | - | - | €0.001m | €0.001m | €0.001m | = |
| Other financial fixed assets284/8 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.09m | ▼ 2.8% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.09m | ▼ 2.8% |
| Current assets29/58 | €6.5m | €8.2m | €6.7m | €10.2m | €11.4m | €11.0m | €11.9m | €11.5m | ▼ 3.1% |
| Amounts receivable after more than one year29 | - | - | - | €0.05m | €0.05m | €0.7m | €1.1m | €1.1m | = |
| Other amounts receivable291 | - | - | - | €0.05m | €0.05m | €0.7m | €1.1m | €1.1m | = |
| Stocks and contracts in progress3 | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 11.0% |
| Stocks30/36 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 11.0% |
| Goods purchased for resale34 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 9.8% |
| Advance payments36 | - | - | - | - | - | - | €0.002m | - | - |
| Amounts receivable within one year40/41 | €2.0m | €3.7m | €3.2m | €3.1m | €4.0m | €2.9m | €3.0m | €2.5m | ▼ 16.0% |
| Trade receivables40 | - | - | - | €1.9m | €2.6m | €1.9m | €2.0m | €1.7m | ▼ 17.9% |
| Other amounts receivable41 | - | - | - | €1.2m | €1.4m | €1.1m | €1.0m | €0.9m | ▼ 11.8% |
| Current investments50/53 | €2.6m | €2.6m | €2.6m | €6.5m | €7.0m | €7.1m | €7.5m | €7.6m | ▲ 1.3% |
| Cash at bank and in hand54/58 | €1.5m | €1.6m | €0.6m | €0.4m | €0.07m | €0.06m | €0.06m | €0.1m | ▲ 51.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.009m | €0.009m | ▼ 2.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €6.9m | €8.9m | €7.4m | €11.2m | €13.4m | €14.5m | €15.6m | €14.9m | ▼ 4.7% |
| Equity10/15 | €3.8m | €3.3m | €2.8m | €6.4m | €6.7m | €7.1m | €6.9m | €6.5m | ▼ 5.1% |
| Contributions10/11 | - | - | - | €0.05m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.05m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | - | - | - | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | = |
| Profit (loss) carried forward14 | €1.9m | €1.4m | €1.7m | €5.2m | €5.4m | €5.8m | €5.6m | €5.2m | ▼ 6.2% |
| Provisions and deferred taxes16 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0 | €0 | - |
| Provisions for liabilities and charges160/5 | - | - | - | €0.002m | €0.002m | €0.002m | €0 | €0 | - |
| Other liabilities and charges164/5 | - | - | - | €0.002m | €0.002m | €0.002m | €0 | €0 | - |
| Amounts payable17/49 | €3.1m | €5.6m | €4.6m | €4.7m | €6.7m | €7.4m | €8.7m | €8.4m | ▼ 4.4% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €1.2m | €0.8m | ▼ 34.2% |
| Financial debts170/4 | - | - | - | - | - | - | €1.2m | €0.8m | ▼ 34.2% |
| Credit institutions173 | - | - | - | - | - | - | €1.2m | €0.8m | ▼ 34.2% |
| Amounts payable within one year42/48 | €2.6m | €3.6m | €3.5m | €3.6m | €5.2m | €5.5m | €5.8m | €5.8m | ▼ 0.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €0.4m | €0.4m | ▲ 3.3% |
| Financial debts43 | - | - | - | - | - | €2.1m | €2.2m | €2.5m | ▲ 11.9% |
| Credit institutions430/8 | - | - | - | - | - | €2.1m | €2.2m | €2.5m | ▲ 11.9% |
| Trade debts44 | €1.5m | €2.4m | €2.3m | €2.2m | €3.8m | €1.8m | €1.6m | €1.5m | ▼ 7.1% |
| Suppliers440/4 | - | - | - | €2.2m | €3.8m | €1.8m | €1.6m | €1.5m | ▼ 7.1% |
| Taxes, remuneration and social security45 | - | - | - | €1.3m | €1.5m | €1.6m | €1.5m | €1.3m | ▼ 14.8% |
| Taxes450/3 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 9.8% |
| Remuneration and social security454/9 | - | - | - | €1.1m | €1.2m | €1.3m | €1.3m | €1.1m | ▼ 15.7% |
| Accrued charges and deferred income492/3 | - | - | - | €1.1m | €1.5m | €1.9m | €1.7m | €1.8m | ▲ 3.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.2m | -€0.5m | -€0.5m | €0.06m | -€0.3m | €0.3m | -€0.2m | -€0.3m | ▼ 88.6% |
| + Depreciation and write-downs630 | €0.02m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.9m | €1.1m | ▲ 11.5% |
| Operating cash flow (approximation) | -€0.2m | -€0.4m | -€0.2m | €0.3m | -€0.2m | €0.5m | €0.8m | €0.7m | ▼ 7.2% |
| Investment in fixed assets (approximation) | - | -€0.4m | -€0.2m | -€0.5m | -€1.3m | -€1.5m | -€1.2m | -€0.7m | ▲ 44.1% |
| Change in cash | - | €0.07m | -€1.0m | -€0.2m | -€0.3m | -€0.02m | €0.005m | €0.03m | ▲ 518% |
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, 830 companies had the same profile as Ferm has now. Two years later, 96.5% were still going and 0.6% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a small loss
That fits the bankruptcy probability of Ferm 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 830 companies, not a prediction for Ferm. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 20-04-2026 | 2026-00083060 | |
| 31-12-2024 | abbreviated format | 10-04-2025 | 2025-00067511 | |
| 31-12-2023 | abbreviated format | 22-04-2024 | 2024-00066263 | |
| 31-12-2022 | abbreviated format | 21-04-2023 | 2023-00062785 | |
| 31-12-2021 | abbreviated format | 31-03-2022 | 2022-09700588 | |
| 31-12-2020 | abbreviated format | 23-04-2021 | 2021-11000596 | |
| 31-12-2019 | abbreviated format | 18-06-2020 | 2020-18700026 | |
| 31-12-2018 | abbreviated format | 15-04-2019 | 2019-10000296 | |
| 31-12-2017 | abbreviated format | 29-03-2018 | 2018-08500125 | |
| 31-12-2016 | abbreviated format | 13-04-2017 | 2017-09400415 |