FERREM
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-05-2026 PDF all 5 filings
Turnover
€85,931
EBIT margin
20.1%
Net result
€20,634▼ 17.3%
2024 · €24,956
Working capital
€60,206▲ 72.4%
2024 · €34,919
Multi-year overview
2021 to 2025, 5 financial yearsTurnover
no figure
2025
20212025
Operating result
€24,778
▼ 25.3%
2025
20212025
Net result
€20,634
▼ 17.3%
2025
middle half of the sector
20212025
EBIT margin
no figure
2025
20212025
Equity
€60,113
▲ 52.3%
2025
middle half of the sector
20212025
Total assets
€78,605
▼ 22.3%
2025
middle half of the sector
20212025
Debt
€18,492
▼ 70.0%
2025
20212025
Working capital
€60,206
▲ 72.4%
2025
middle half of the sector
20212025
Solvency
76.5%
▲ 37.5pp
2025
highest quarter of the sector
20212025
Current ratio
4.27
▲ 2.71
2025
highest quarter of the sector
20212025
Return on assets (ROA)
26.2%
▲ 1.6pp
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Turnover€85,931-
Operating result€17,295-€18,153▲ 5.0%€35,061▲ 93.1%€33,180▼ 5.4%€24,778▼ 25.3%
Net result€11,523within the sector's middle half-€13,203within the sector's middle half▲ 14.6%€26,796above the sector's middle half▲ 103%€24,956above the sector's middle half▼ 6.9%€20,634within the sector's middle half▼ 17.3%
EBIT margin20.1%-
Equity€14,523within the sector's middle half-€27,727within the sector's middle half▲ 90.9%€54,523within the sector's middle half▲ 96.6%€39,479within the sector's middle half▼ 27.6%€60,113within the sector's middle half▲ 52.3%
Total assets€44,649below the sector's middle half-€61,781below the sector's middle half▲ 38.4%€87,753within the sector's middle half▲ 42.0%€101,218within the sector's middle half▲ 15.3%€78,605within the sector's middle half▼ 22.3%
Debt€30,126-€34,055▲ 13.0%€33,230▼ 2.4%€61,739▲ 85.8%€18,492▼ 70.0%
Working capital€7,530within the sector's middle half-€20,775within the sector's middle half▲ 176%€46,832within the sector's middle half▲ 125%€34,919within the sector's middle half▼ 25.4%€60,206within the sector's middle half▲ 72.4%
Solvency32.5%within the sector's middle half-44.9%within the sector's middle half▲ 12.4pp62.1%within the sector's middle half▲ 17.3pp39.0%within the sector's middle half▼ 23.1pp76.5%above the sector's middle half▲ 37.5pp
Current ratio1.41within the sector's middle half-1.77within the sector's middle half▲ 0.362.47within the sector's middle half▲ 0.701.57within the sector's middle half▼ 0.914.27above the sector's middle half▲ 2.71
Return on assets (ROA)25.8%above the sector's middle half-21.4%above the sector's middle half▼ 4.4pp30.5%above the sector's middle half▲ 9.2pp24.7%above the sector's middle half▼ 5.9pp26.2%above the sector's middle half▲ 1.6pp
above
within
below
The sector band is the middle half of the companies in Printing and reproduction of recorded media (NACE 18). 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 25% lower than in 2024. It is the second fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €78,605
Equity
€60,113 ▲ 52.3%
Debt
€18,492 ▼ 70.0%
Debt's share of the balance-sheet total falls from 61.0% to 23.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€24,778▼
2024 · €37,648
Cash flow
€20,634▼
2024 · €29,424
Quick ratio
3.28▲
2024 · 1.27
Debt to equity
0.31▼
2024 · 1.56
ROE
34.3%▼
2024 · 63.2%
Interest coverage
11.42▼
2024 · over 100
Debt ≤ 1 year
€18,399▼
2024 · €61,626
Income taxes
€6,291▼
2024 · €7,923
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 | €23,530 | - | - | - | €1,023 |
| Depreciation and write-downs of the year | €4,624 | €4,882 | €4,882 | €4,468 | €0 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €85,931 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €67,230 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,624 | €4,882 | €4,882 | €4,468 | €0 | ▼ 100% |
| Other operating charges640/8 | €450 | €234 | €173 | €182 | €1,294 | ▲ 612% |
| Gross operating margin9900 | €22,369 | €23,269 | €40,116 | €37,830 | €26,072 | ▼ 31.1% |
| Operating profit (loss)9901 | €17,295 | €18,153 | €35,061 | €33,180 | €24,778 | ▼ 25.3% |
| Financial income75/76B | €15 | €7 | €72 | €0 | €4,317 | ▲ 107,926× |
| Recurring financial income75 | €15 | €7 | €72 | €0 | €13 | ▲ 318× |
| Non-recurring financial income76B | - | - | - | - | €4,304 | - |
| Financial charges65/66B | €380 | €324 | €287 | €301 | €2,170 | ▲ 621% |
| Recurring financial charges65 | €380 | €324 | €287 | €301 | €2,170 | ▲ 621% |
| Profit (loss) for the period before taxes9903 | €16,930 | €17,836 | €34,846 | €32,879 | €26,925 | ▼ 18.1% |
| Income taxes67/77 | €5,406 | €4,632 | €8,050 | €7,923 | €6,291 | ▼ 20.6% |
| Profit (loss) for the period9904 | €11,523 | €13,203 | €26,796 | €24,956 | €20,634 | ▼ 17.3% |
| Profit (loss) for the period to be appropriated9905 | €11,523 | €13,203 | €26,796 | €24,956 | €20,634 | ▼ 17.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €44,649 | €61,781 | €87,753 | €101,218 | €78,605 | ▼ 22.3% |
| Fixed assets21/28 | €18,905 | €14,023 | €9,141 | €4,673 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €18,905 | €14,023 | €9,141 | €4,673 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | €907 | €467 | €26 | €0 | - | - |
| Leasing and similar rights25 | €17,999 | €13,557 | €9,115 | €4,673 | €0 | ▼ 100% |
| Current assets29/58 | €25,744 | €47,758 | €78,612 | €96,545 | €78,605 | ▼ 18.6% |
| Stocks and contracts in progress3 | - | €19,136 | €18,561 | €18,312 | €18,255 | ▼ 0.3% |
| Stocks30/36 | - | €19,136 | €18,561 | €18,312 | €18,255 | ▼ 0.3% |
| Amounts receivable within one year40/41 | €16,507 | €17,484 | €15,095 | €6,262 | €22,559 | ▲ 260% |
| Trade receivables40 | €16,507 | €17,484 | €15,095 | €6,262 | €22,559 | ▲ 260% |
| Cash at bank and in hand54/58 | €8,889 | €9,693 | €43,506 | €70,567 | €36,777 | ▼ 47.9% |
| Deferred charges and accrued income490/1 | €349 | €1,445 | €1,451 | €1,404 | €1,014 | ▼ 27.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €44,649 | €61,781 | €87,753 | €101,218 | €78,605 | ▼ 22.3% |
| Equity10/15 | €14,523 | €27,727 | €54,523 | €39,479 | €60,113 | ▲ 52.3% |
| Contributions10/11 | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | €11,523 | €24,727 | €51,523 | €36,479 | €57,113 | ▲ 56.6% |
| Distributable reserves133 | €11,523 | €24,727 | €51,523 | €36,479 | €57,113 | ▲ 56.6% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €30,126 | €34,055 | €33,230 | €61,739 | €18,492 | ▼ 70.0% |
| Amounts payable after more than one year17 | €11,708 | €7,052 | €1,400 | €0 | - | - |
| Financial debts170/4 | €11,708 | €7,052 | €1,400 | €0 | - | - |
| Amounts payable within one year42/48 | €18,214 | €26,983 | €31,780 | €61,626 | €18,399 | ▼ 70.1% |
| Current portion of amounts payable after more than one year42 | €5,511 | €4,656 | €4,727 | €474 | €0 | ▼ 100% |
| Trade debts44 | €2,956 | €3,829 | €1,943 | €760 | €1,275 | ▲ 67.8% |
| Suppliers440/4 | €2,956 | €3,829 | €1,943 | €760 | €1,275 | ▲ 67.8% |
| Taxes, remuneration and social security45 | €9,520 | €17,347 | €22,930 | €23,924 | €14,094 | ▼ 41.1% |
| Taxes450/3 | €7,720 | €15,547 | €21,130 | €21,874 | €11,644 | ▼ 46.8% |
| Remuneration and social security454/9 | €1,800 | €1,800 | €1,800 | €2,050 | €2,450 | ▲ 19.5% |
| Other amounts payable47/48 | €227 | €1,151 | €2,180 | €36,467 | €3,029 | ▼ 91.7% |
| Accrued charges and deferred income492/3 | €204 | €20 | €51 | €113 | €93 | ▼ 17.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,523 | €13,203 | €26,796 | €24,956 | €20,634 | ▼ 17.3% |
| + Depreciation and write-downs630 | €4,624 | €4,882 | €4,882 | €4,468 | €0 | ▼ 100% |
| Operating cash flow (approximation) | €16,148 | €18,085 | €31,678 | €29,424 | €20,634 | ▼ 29.9% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €4,673 | - |
| Change in cash | - | €804 | €33,813 | €27,061 | -€33,790 | - |
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, 26,972 companies had the same profile as FERREM has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FERREM 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 26,972 companies, not a prediction for FERREM. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-05-2026 | 2026-00120338 | |
| 31-12-2024 | micro format | 25-03-2025 | 2025-00055278 | |
| 31-12-2023 | micro format | 03-07-2024 | 2024-00212072 | |
| 31-12-2022 | micro format | 06-06-2023 | 2023-00108543 | |
| 31-12-2021 | micro format | 10-06-2022 | 2022-20057718 |