FERTRI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 13-05-2026 PDF all 35 filings
Turnover
≈ €1.8m
Estimated: probably between €1.5m and €2.1m
EBIT margin
Not included in this filing
Net result
€19,816▼ 43.9%
2024 · €35,349
Working capital
€126,365▼ 29.2%
2024 · €178,393
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€32,469
▼ 40.6%
2025
20182025
Net result
€19,816
▼ 43.9%
2025
middle half of the sector
20182025
Equity
€171,160
▼ 23.4%
2025
highest quarter of the sector
20182025
Total assets
€372,020
▼ 4.4%
2025
highest quarter of the sector
20182025
Debt
€200,860
▲ 21.0%
2025
20182025
Working capital
€126,365
▼ 29.2%
2025
highest quarter of the sector
20182025
Solvency
46.0%
▼ 11.4pp
2025
middle half of the sector
20182025
Current ratio
1.63
▼ 0.44
2025
middle half of the sector
20182025
Return on assets (ROA)
5.3%
▼ 3.8pp
2025
middle half of the sector
20182025
Staff (FTE)
17.5
▲ 18.2%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€52,370--€13,697-€60,880▼ 344%€88,396€78,159▼ 11.6%€105,044▲ 34.4%€54,663▼ 48.0%€32,469▼ 40.6%
Net result€39,570--€15,744-€64,566below the sector's middle half▼ 310%€84,598above the sector's middle half€69,609above the sector's middle half▼ 17.7%€71,657above the sector's middle half▲ 2.9%€35,349above the sector's middle half▼ 50.7%€19,816within the sector's middle half▼ 43.9%
Equity€132,443-€116,699▼ 11.9%€52,132within the sector's middle half▼ 55.3%€136,730within the sector's middle half▲ 162%€176,339above the sector's middle half▲ 29.0%€217,996above the sector's middle half▲ 23.6%€223,345above the sector's middle half▲ 2.5%€171,160above the sector's middle half▼ 23.4%
Total assets€280,971-€189,973▼ 32.4%€139,404within the sector's middle half▼ 26.6%€267,391within the sector's middle half▲ 91.8%€341,501above the sector's middle half▲ 27.7%€374,095above the sector's middle half▲ 9.5%€389,326above the sector's middle half▲ 4.1%€372,020above the sector's middle half▼ 4.4%
Debt€148,528-€73,274▼ 50.7%€87,272▲ 19.1%€130,661▲ 49.7%€165,162▲ 26.4%€156,099▼ 5.5%€165,981▲ 6.3%€200,860▲ 21.0%
Working capital€75,031-€71,577▼ 4.6%€80,403above the sector's middle half▲ 12.3%€145,988above the sector's middle half▲ 81.6%€165,699above the sector's middle half▲ 13.5%€195,245above the sector's middle half▲ 17.8%€178,393above the sector's middle half▼ 8.6%€126,365above the sector's middle half▼ 29.2%
Solvency47.1%-61.4%▲ 14.3pp37.4%within the sector's middle half▼ 24.0pp51.1%within the sector's middle half▲ 13.7pp51.6%within the sector's middle half▲ 0.5pp58.3%above the sector's middle half▲ 6.6pp57.4%within the sector's middle half▼ 0.9pp46.0%within the sector's middle half▼ 11.4pp
Current ratio1.51-1.98▲ 0.473.95above the sector's middle half▲ 1.972.57above the sector's middle half▼ 1.382.18above the sector's middle half▼ 0.392.36above the sector's middle half▲ 0.172.07within the sector's middle half▼ 0.281.63within the sector's middle half▼ 0.44
Return on assets (ROA)14.1%--8.3%▼ 22.4pp-46.3%below the sector's middle half▼ 38.0pp31.6%above the sector's middle half▲ 78.0pp20.4%above the sector's middle half▼ 11.3pp19.2%above the sector's middle half▼ 1.2pp9.1%within the sector's middle half▼ 10.1pp5.3%within the sector's middle half▼ 3.8pp
Staff (FTE)15.5-13.2▼ 14.8%8.5within the sector's middle half▼ 35.6%8.2within the sector's middle half▼ 3.5%12.7▲ 54.9%14.8▲ 16.5%14.8=17.5▲ 18.2%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 41% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €372,020
Fixed assets
€45,399 ▲ 1.0%
Current assets
€326,621 ▼ 5.2%
Equity and liabilities €372,020
Equity
€171,160 ▼ 23.4%
Debt
€200,860 ▲ 21.0%
Debt's share of the balance-sheet total rises from 42.6% to 54.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€39,825▼
2024 · €61,768
Cash flow
€27,171▼
2024 · €42,454
Quick ratio
1.51▼
2024 · 1.95
Debt to equity
1.17▲
2024 · 0.74
ROE
11.6%▼
2024 · 15.8%
Interest coverage
8.15▼
2024 · 17.49
Debt ≤ 1 year
€200,257▲
2024 · €165,981
Income taxes
€7,780▼
2024 · €15,810
Staff costs
€653,985▲
2024 · €616,690
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 | 5 | 6 | 8 | 9 | 9 |
| full-time | 5 | 6 | 7 | 8 | 8 |
| part-time | - | - | 1 | 1 | 1 |
| in full-time equivalents | 5 | 6 | 7.8 | 8.2 | 8.6 |
| Average over the year, in full-time equivalents | 8.2 | 12.7 | 14.8 | 14.8 | 17.5 |
| On a permanent contract | 4 | 4 | 6 | 6 | 7 |
| Joined | 18 | 55 | 53 | 44 | 68 |
| Left | 21 | 57 | 52 | 43 | 68 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,446 | €9,655 | €8,124 | €17,283 | €1,503 |
| Financial fixed assets | - | €2,000 | - | - | €14,781 |
| Depreciation and write-downs of the year | €10,925 | €4,373 | €5,065 | €7,105 | €7,356 |
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 | - | - | - | - | €8,453 | €145 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €219,402 | €459,285 | €566,149 | €616,690 | €653,985 | ▲ 6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,930 | €16,793 | €14,253 | €10,925 | €4,373 | €5,065 | €7,105 | €7,356 | ▲ 3.5% |
| Other operating charges640/8 | - | - | - | €1,051 | €3,323 | €6,054 | €4,081 | €7,447 | ▲ 82.5% |
| Non-recurring operating charges66A | - | - | - | - | €11,485 | - | - | - | - |
| Gross operating margin9900 | €482,332 | €520,640 | €115,271 | €319,775 | €556,625 | €682,312 | €682,539 | €701,257 | ▲ 2.7% |
| Operating profit (loss)9901 | €52,370 | -€13,697 | -€60,880 | €88,396 | €78,159 | €105,044 | €54,663 | €32,469 | ▼ 40.6% |
| Financial income75/76B | - | - | - | €242 | €285 | €267 | €28 | €12 | ▼ 58.0% |
| Recurring financial income75 | €28 | €242 | €208 | €242 | €285 | €267 | €28 | €12 | ▼ 58.0% |
| Financial charges65/66B | - | - | - | €3,450 | €2,681 | €3,057 | €3,532 | €4,886 | ▲ 38.3% |
| Recurring financial charges65 | €1,473 | €1,647 | €3,662 | €3,450 | €2,681 | €3,057 | €3,532 | €4,886 | ▲ 38.3% |
| Profit (loss) for the period before taxes9903 | €50,925 | -€15,101 | -€64,333 | €85,188 | €75,763 | €102,253 | €51,159 | €27,596 | ▼ 46.1% |
| Income taxes67/77 | €11,355 | €643 | €233 | €591 | €6,154 | €30,597 | €15,810 | €7,780 | ▼ 50.8% |
| Profit (loss) for the period9904 | €39,570 | -€15,744 | -€64,566 | €84,598 | €69,609 | €71,657 | €35,349 | €19,816 | ▼ 43.9% |
| Profit (loss) for the period to be appropriated9905 | €39,570 | -€15,744 | -€64,566 | €84,598 | €69,609 | €71,657 | €35,349 | €19,816 | ▼ 43.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €280,971 | €189,973 | €139,404 | €267,391 | €341,501 | €374,095 | €389,326 | €372,020 | ▼ 4.4% |
| Fixed assets21/28 | €57,439 | €45,150 | €31,730 | €28,250 | €35,532 | €34,774 | €44,952 | €45,399 | ▲ 1.0% |
| Tangible fixed assets22/27 | €44,319 | €32,029 | €18,609 | €15,129 | €20,411 | €19,653 | €29,831 | €15,497 | ▼ 48.1% |
| Plant, machinery and equipment23 | - | - | - | €5,673 | €13,126 | €13,357 | €14,190 | €9,886 | ▼ 30.3% |
| Furniture and vehicles24 | - | - | - | €7,970 | €6,129 | €5,470 | €15,148 | €5,449 | ▼ 64.0% |
| Other tangible fixed assets26 | - | - | - | €1,487 | €1,156 | €825 | €494 | €162 | ▼ 67.1% |
| Financial fixed assets28 | €13,121 | €13,121 | €13,121 | €13,121 | €15,121 | €15,121 | €15,121 | €29,902 | ▲ 97.8% |
| Current assets29/58 | €223,531 | €144,823 | €107,674 | €239,141 | €305,969 | €339,321 | €344,374 | €326,621 | ▼ 5.2% |
| Stocks and contracts in progress3 | €17,708 | €21,245 | €14,255 | €16,521 | €16,514 | €21,662 | €20,401 | €24,419 | ▲ 19.7% |
| Stocks30/36 | - | - | - | €16,521 | €16,514 | €21,662 | €20,401 | €24,419 | ▲ 19.7% |
| Amounts receivable within one year40/41 | €56,418 | €32,031 | €10,396 | €16,562 | €24,273 | €38,910 | €34,007 | €37,020 | ▲ 8.9% |
| Trade receivables40 | - | - | - | €4,798 | €7,814 | €18,578 | €10,538 | €17,035 | ▲ 61.7% |
| Other amounts receivable41 | - | - | - | €11,764 | €16,459 | €20,333 | €23,470 | €19,984 | ▼ 14.9% |
| Cash at bank and in hand54/58 | €137,896 | €82,725 | €72,771 | €198,429 | €244,580 | €264,704 | €268,102 | €256,009 | ▼ 4.5% |
| Deferred charges and accrued income490/1 | - | - | - | €7,629 | €20,603 | €14,045 | €21,863 | €9,174 | ▼ 58.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €280,971 | €189,973 | €139,404 | €267,391 | €341,501 | €374,095 | €389,326 | €372,020 | ▼ 4.4% |
| Equity10/15 | €132,443 | €116,699 | €52,132 | €136,730 | €176,339 | €217,996 | €223,345 | €171,160 | ▼ 23.4% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €66,662 | €66,662 | €66,662 | €66,662 | €66,662 | €66,662 | €66,662 | €66,662 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Tax-exempt reserves132 | - | - | - | €290 | €290 | €290 | €290 | €290 | = |
| Distributable reserves133 | - | - | - | €64,513 | €64,513 | €64,513 | €64,513 | €64,513 | = |
| Profit (loss) carried forward14 | €47,189 | €31,445 | -€33,122 | €51,476 | €91,085 | €132,742 | €138,091 | €85,906 | ▼ 37.8% |
| Amounts payable17/49 | €148,528 | €73,274 | €87,272 | €130,661 | €165,162 | €156,099 | €165,981 | €200,860 | ▲ 21.0% |
| Amounts payable after more than one year17 | - | - | €60,000 | €37,508 | €24,892 | €12,023 | - | - | - |
| Financial debts170/4 | - | - | - | €37,508 | €24,892 | €12,023 | - | - | - |
| Amounts payable within one year42/48 | €148,500 | €73,246 | €27,272 | €93,153 | €140,271 | €144,076 | €165,981 | €200,257 | ▲ 20.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €13,619 | €13,867 | €14,061 | €13,273 | €2,234 | ▼ 83.2% |
| Trade debts44 | €44,128 | €21,112 | €13,500 | €21,439 | €15,762 | €45,517 | €41,344 | €40,189 | ▼ 2.8% |
| Suppliers440/4 | - | - | - | €21,439 | €15,762 | €45,517 | €41,344 | €40,189 | ▼ 2.8% |
| Taxes, remuneration and social security45 | - | - | - | €58,094 | €80,642 | €54,498 | €81,364 | €85,834 | ▲ 5.5% |
| Taxes450/3 | - | - | - | €29,884 | €19,426 | €24,842 | €17,197 | €21,704 | ▲ 26.2% |
| Remuneration and social security454/9 | - | - | - | €28,210 | €61,216 | €29,656 | €64,167 | €64,130 | ▼ 0.1% |
| Other amounts payable47/48 | - | - | - | - | €30,000 | €30,000 | €30,000 | €72,000 | ▲ 140% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €603 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €39,570 | -€15,744 | -€64,566 | €84,598 | €69,609 | €71,657 | €35,349 | €19,816 | ▼ 43.9% |
| + Depreciation and write-downs630 | €18,930 | €16,793 | €14,253 | €10,925 | €4,373 | €5,065 | €7,105 | €7,356 | ▲ 3.5% |
| Operating cash flow (approximation) | €58,500 | €1,049 | -€50,313 | €95,523 | €73,983 | €76,722 | €42,454 | €27,171 | ▼ 36.0% |
| Investment in fixed assets (approximation) | - | -€4,504 | -€833 | -€7,446 | -€11,655 | -€4,307 | -€17,283 | -€7,802 | ▲ 54.9% |
| Change in cash | - | -€55,171 | -€9,954 | €125,658 | €46,151 | €20,125 | €3,397 | -€12,093 | - |
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, 20,136 companies had the same profile as FERTRI has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of FERTRI 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 20,136 companies, not a prediction for FERTRI. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 13-05-2026 | 2026-00111119 | |
| 31-12-2024 | micro format | 22-05-2025 | 2025-00106455 | |
| 31-12-2023 | micro format | 20-06-2024 | 2024-00154425 | |
| 31-12-2022 | micro format | 20-06-2023 | 2023-00149033 | |
| 31-12-2021 | full format | 15-06-2022 | 2022-20065995 | |
| 31-12-2020 | full format | 22-07-2021 | 2021-39200279 | |
| 31-12-2019 | full format | 24-06-2020 | 2020-23500126 | |
| 31-12-2018 | micro format | 23-07-2019 | 2019-37400277 | |
| 31-12-2017 | micro format | 02-07-2018 | 2018-29900184 | |
| 31-12-2016 | micro format | 19-07-2017 | 2017-32900505 |