Ferme ANDRE
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 16 filings
Turnover
≈ €1.2m
Estimated: probably between €930,000 and €1.7m
EBIT margin
Not included in this filing
Net result
-€31,274
2024 · €20,726
Working capital
€203,812▼ 18.5%
2024 · €250,162
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€24,817
2025
20182025
Net result
-€31,274
2025
lowest quarter of the sector
20182025
Equity
€279,656
▼ 10.1%
2025
middle half of the sector
20182025
Total assets
€908,403
▲ 98.9%
2025
middle half of the sector
20182025
Debt
€628,747
▲ 332%
2025
20182025
Working capital
€203,812
▼ 18.5%
2025
middle half of the sector
20182025
Solvency
30.8%
▼ 37.3pp
2025
middle half of the sector
20182025
Current ratio
1.87
▼ 0.85
2025
middle half of the sector
20182025
Return on assets (ROA)
-3.4%
▼ 8.0pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
2.6
=
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€58,022-€67,605▲ 16.5%€122,650▲ 81.4%€75,577▼ 38.4%-€9,805€37,205€33,155▼ 10.9%-€24,817
Net result€39,979-€60,811▲ 52.1%€94,776within the sector's middle half▲ 55.9%€57,406within the sector's middle half▼ 39.4%-€9,836below the sector's middle half€20,524within the sector's middle half€20,726within the sector's middle half▲ 1.0%-€31,274below the sector's middle half
Equity€235,843-€279,912▲ 18.7%€343,946within the sector's middle half▲ 22.9%€379,109within the sector's middle half▲ 10.2%€368,531within the sector's middle half▼ 2.8%€299,205within the sector's middle half▼ 18.8%€310,931within the sector's middle half▲ 3.9%€279,656within the sector's middle half▼ 10.1%
Total assets€409,929-€425,250▲ 3.7%€513,310within the sector's middle half▲ 20.7%€539,888within the sector's middle half▲ 5.2%€478,146within the sector's middle half▼ 11.4%€412,030below the sector's middle half▼ 13.8%€456,605below the sector's middle half▲ 10.8%€908,403within the sector's middle half▲ 98.9%
Debt€173,586-€144,963▼ 16.5%€169,114▲ 16.7%€160,654▼ 5.0%€109,615▼ 31.8%€112,825▲ 2.9%€145,674▲ 29.1%€628,747▲ 332%
Working capital€194,752-€244,055▲ 25.3%€302,136within the sector's middle half▲ 23.8%€339,043within the sector's middle half▲ 12.2%€314,248within the sector's middle half▼ 7.3%€248,242within the sector's middle half▼ 21.0%€250,162within the sector's middle half▲ 0.8%€203,812within the sector's middle half▼ 18.5%
Solvency57.5%-65.8%▲ 8.3pp67.0%above the sector's middle half▲ 1.2pp70.2%above the sector's middle half▲ 3.2pp77.1%above the sector's middle half▲ 6.9pp72.6%above the sector's middle half▼ 4.5pp68.1%above the sector's middle half▼ 4.5pp30.8%within the sector's middle half▼ 37.3pp
Current ratio2.42-3.04▲ 0.612.98above the sector's middle half▼ 0.063.16above the sector's middle half▲ 0.183.87above the sector's middle half▲ 0.713.20above the sector's middle half▼ 0.672.72above the sector's middle half▼ 0.481.87within the sector's middle half▼ 0.85
Return on assets (ROA)9.8%-14.3%▲ 4.5pp18.5%above the sector's middle half▲ 4.2pp10.6%within the sector's middle half▼ 7.8pp-2.1%below the sector's middle half▼ 12.7pp5.0%within the sector's middle half▲ 7.0pp4.5%within the sector's middle half▼ 0.4pp-3.4%below the sector's middle half▼ 8.0pp
Staff (FTE)2.4-1.7▼ 29.2%2.5within the sector's middle half▲ 47.1%2.7within the sector's middle half▲ 8.0%2.7within the sector's middle half=2.4below the sector's middle half▼ 11.1%2.6within the sector's middle half▲ 8.3%2.6below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 €24,817, after a profit of €33,155 in 2024. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €908,403
Fixed assets
€469,736 ▲ 673%
Current assets
€438,667 ▲ 10.8%
Equity and liabilities €908,403
Equity
€279,656 ▼ 10.1%
Debt
€628,747 ▲ 332%
Debt's share of the balance-sheet total rises from 31.9% to 69.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€15,350▼
2024 · €56,775
Cash flow
€8,894▼
2024 · €44,346
Quick ratio
1.37▼
2024 · 2.09
Debt to equity
2.25▲
2024 · 0.47
ROE
-11.2%▼
2024 · 6.7%
Interest coverage
0.91▼
2024 · 4.75
Debt ≤ 1 year
€234,855▲
2024 · €145,674
Debt > 1 year
€389,535
Income taxes
€673▼
2024 · €8,176
Staff costs
€122,649▲
2024 · €117,347
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 | 4 | 3 | 3 | 3 | 3 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| part-time | 3 | 2 | 2 | 2 | 2 |
| in full-time equivalents | 2.7 | 2.3 | 2.3 | 2.3 | 2.2 |
| Average over the year, in full-time equivalents | 2.7 | 2.7 | 2.4 | 2.6 | 2.3 |
| On a permanent contract | 4 | 3 | 3 | 3 | 2 |
| Joined | - | 14 | 95 | 106 | 0 |
| Left | - | 15 | 95 | 105 | 126 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €12,750 | €3,750 | - | - | - |
| Pledge on the business | €105,500 | €105,500 | €105,500 | €105,500 | €105,500 |
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 | €8,279 | €36,988 | €17,033 | €32,001 | €449,135 |
| Intangible fixed assets | €759 | - | - | €1,425 | - |
| Depreciation and write-downs of the year | €23,528 | €20,737 | €17,281 | €23,620 | €40,168 |
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 | - | - | - | - | - | €68 | €199 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €94,830 | €104,773 | €110,303 | €117,347 | €122,649 | ▲ 4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,854 | €20,859 | €20,390 | €23,528 | €20,737 | €17,281 | €23,620 | €40,168 | ▲ 70.1% |
| Other operating charges640/8 | - | - | - | €570 | €2,190 | €1,116 | €1,375 | €2,994 | ▲ 118% |
| Non-recurring operating charges66A | - | - | - | - | €833 | - | €333 | €192 | ▼ 42.3% |
| Gross operating margin9900 | €149,058 | €137,965 | €230,265 | €194,505 | €118,727 | €165,905 | €175,831 | €141,186 | ▼ 19.7% |
| Operating profit (loss)9901 | €58,022 | €67,605 | €122,650 | €75,577 | -€9,805 | €37,205 | €33,155 | -€24,817 | - |
| Financial income75/76B | - | - | - | €7,467 | €7,107 | €6,817 | €7,691 | €11,090 | ▲ 44.2% |
| Recurring financial income75 | €5,089 | €5,617 | €2,022 | €7,467 | €7,107 | €6,817 | €7,691 | €11,090 | ▲ 44.2% |
| Financial charges65/66B | - | - | - | €7,908 | €7,043 | €17,508 | €11,944 | €16,875 | ▲ 41.3% |
| Recurring financial charges65 | €4,151 | €3,787 | €3,929 | €7,846 | €7,043 | €10,091 | €11,944 | €16,875 | ▲ 41.3% |
| Non-recurring financial charges66B | - | - | - | €62 | - | €7,417 | - | - | - |
| Profit (loss) for the period before taxes9903 | €58,960 | €72,117 | €120,743 | €75,135 | -€9,741 | €26,514 | €28,902 | -€30,602 | - |
| Transfer from deferred taxes780 | - | - | - | €125 | €125 | - | - | - | - |
| Income taxes67/77 | €19,106 | €11,431 | €26,092 | €17,855 | €220 | €5,991 | €8,176 | €673 | ▼ 91.8% |
| Profit (loss) for the period9904 | €39,979 | €60,811 | €94,776 | €57,406 | -€9,836 | €20,524 | €20,726 | -€31,274 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €243 | €243 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €40,221 | €61,054 | €95,019 | €57,648 | -€9,593 | €20,524 | €20,726 | -€31,274 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €409,929 | €425,250 | €513,310 | €539,888 | €478,146 | €412,030 | €456,605 | €908,403 | ▲ 98.9% |
| Fixed assets21/28 | €78,120 | €61,277 | €58,431 | €43,941 | €54,283 | €50,963 | €60,769 | €469,736 | ▲ 673% |
| Intangible fixed assets21 | - | - | - | €539 | €286 | €33 | €1,227 | €752 | ▼ 38.7% |
| Tangible fixed assets22/27 | €78,070 | €61,227 | €58,381 | €43,352 | €53,947 | €50,879 | €59,491 | €468,934 | ▲ 688% |
| Land and buildings22 | - | - | - | €10,237 | €12,852 | €16,106 | €12,688 | €65,547 | ▲ 417% |
| Plant, machinery and equipment23 | - | - | - | €29,318 | €35,435 | €29,651 | €44,123 | €399,363 | ▲ 805% |
| Furniture and vehicles24 | - | - | - | €3,797 | €5,052 | €4,720 | €2,483 | €4,024 | ▲ 62.1% |
| Other tangible fixed assets26 | - | - | - | - | €607 | €402 | €197 | - | - |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €331,809 | €363,973 | €454,879 | €495,947 | €423,863 | €361,068 | €395,836 | €438,667 | ▲ 10.8% |
| Stocks and contracts in progress3 | €92,799 | €103,654 | €112,718 | €132,234 | €90,189 | €95,852 | €91,650 | €115,866 | ▲ 26.4% |
| Stocks30/36 | - | - | - | €132,234 | €90,189 | €95,852 | €91,650 | €115,866 | ▲ 26.4% |
| Amounts receivable within one year40/41 | €1,954 | €3,309 | €7,898 | €20,559 | €29,291 | €23,617 | €42,235 | €84,448 | ▲ 100.0% |
| Trade receivables40 | - | - | - | €8,022 | €7,768 | €7,932 | €8,822 | €22,725 | ▲ 158% |
| Other amounts receivable41 | - | - | - | €12,537 | €21,523 | €15,685 | €33,413 | €61,724 | ▲ 84.7% |
| Current investments50/53 | €81,356 | €81,356 | €81,352 | €81,352 | €81,352 | €102 | €102 | €102 | = |
| Cash at bank and in hand54/58 | €149,340 | €169,740 | €246,890 | €251,441 | €209,349 | €232,655 | €247,925 | €216,969 | ▼ 12.5% |
| Deferred charges and accrued income490/1 | - | - | - | €10,360 | €13,682 | €8,841 | €13,925 | €21,281 | ▲ 52.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €409,929 | €425,250 | €513,310 | €539,888 | €478,146 | €412,030 | €456,605 | €908,403 | ▲ 98.9% |
| Equity10/15 | €235,843 | €279,912 | €343,946 | €379,109 | €368,531 | €299,205 | €310,931 | €279,656 | ▼ 10.1% |
| Contributions10/11 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Capital10 | - | - | - | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Issued capital100 | - | - | - | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Reserves13 | €84,721 | €84,478 | €84,235 | €83,993 | €83,750 | €2,500 | €2,500 | €2,500 | = |
| Non-distributable reserves130/1 | - | - | - | €83,750 | €83,750 | €2,500 | €2,500 | €2,500 | = |
| Legal reserve130 | - | - | - | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Own shares acquired1312 | - | - | - | €81,250 | €81,250 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €243 | - | - | - | - | - |
| Profit (loss) carried forward14 | €123,153 | €168,207 | €233,226 | €269,374 | €259,781 | €271,705 | €283,431 | €252,156 | ▼ 11.0% |
| Investment grants15 | - | - | - | €742 | - | - | - | - | - |
| Provisions and deferred taxes16 | €500 | €375 | €250 | €125 | - | - | - | - | - |
| Deferred taxes168 | - | - | - | €125 | - | - | - | - | - |
| Amounts payable17/49 | €173,586 | €144,963 | €169,114 | €160,654 | €109,615 | €112,825 | €145,674 | €628,747 | ▲ 332% |
| Amounts payable after more than one year17 | €30,750 | €21,750 | €12,750 | €3,750 | - | - | - | €389,535 | - |
| Financial debts170/4 | - | - | - | €3,750 | - | - | - | €389,535 | - |
| Amounts payable within one year42/48 | €137,057 | €119,918 | €152,743 | €156,904 | €109,615 | €112,825 | €145,674 | €234,855 | ▲ 61.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,000 | €3,750 | - | - | €41,086 | - |
| Financial debts43 | - | - | - | €10 | €28 | €96 | €17 | €38 | ▲ 121% |
| Credit institutions430/8 | - | - | - | €10 | €28 | €96 | €17 | €38 | ▲ 121% |
| Trade debts44 | €63,978 | €72,709 | €76,898 | €112,689 | €95,203 | €85,598 | €99,889 | €173,738 | ▲ 73.9% |
| Suppliers440/4 | - | - | - | €112,689 | €95,203 | €85,598 | €99,889 | €173,738 | ▲ 73.9% |
| Taxes, remuneration and social security45 | - | - | - | €13,572 | €10,634 | €18,531 | €39,468 | €19,993 | ▼ 49.3% |
| Taxes450/3 | - | - | - | €2,301 | - | €5,991 | €16,867 | €8,850 | ▼ 47.5% |
| Remuneration and social security454/9 | - | - | - | €11,272 | €10,634 | €12,540 | €22,601 | €11,143 | ▼ 50.7% |
| Other amounts payable47/48 | - | - | - | €21,632 | - | €8,600 | €6,300 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €4,357 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €39,979 | €60,811 | €94,776 | €57,406 | -€9,836 | €20,524 | €20,726 | -€31,274 | - |
| + Depreciation and write-downs630 | €26,854 | €20,859 | €20,390 | €23,528 | €20,737 | €17,281 | €23,620 | €40,168 | ▲ 70.1% |
| Operating cash flow (approximation) | €66,833 | €81,670 | €115,166 | €80,934 | €10,901 | €37,804 | €44,346 | €8,894 | ▼ 79.9% |
| Investment in fixed assets (approximation) | - | -€4,016 | -€17,544 | -€9,038 | -€31,079 | -€13,960 | -€33,426 | -€449,135 | ▼ 1,244% |
| Change in cash | - | €20,400 | €77,150 | €4,551 | -€42,093 | €23,306 | €15,270 | -€30,956 | - |
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, 6,908 companies had the same profile as Ferme ANDRE has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Ferme ANDRE 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 6,908 companies, not a prediction for Ferme ANDRE. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 24-07-2026 | 2026-00328101 | |
| 31-12-2024 | full format | 29-07-2025 | 2025-00323800 | |
| 31-12-2023 | full format | 29-07-2024 | 2024-00305656 | |
| 31-12-2022 | full format | 27-07-2023 | 2023-00298465 | |
| 31-12-2021 | full format | 27-07-2022 | 2022-20239626 | |
| 31-12-2020 | full format | 28-04-2021 | 2021-11800230 | |
| 31-12-2019 | full format | 22-05-2020 | 2020-13100177 | |
| 31-12-2018 | full format | 23-05-2019 | 2019-14000562 | |
| 31-12-2017 | full format | 16-05-2018 | 2018-13200549 | |
| 31-12-2016 | full format | 28-06-2017 | 2017-23900586 |