Feu Vert
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 01-06-2026 PDF all 4 filings
Turnover
€395,251▲ 2.9%
2024 · €384,288
EBIT margin
65.9%▼ 2.9pp
2024 · 68.9%
Net result
€189,788▲ 0.7%
2024 · €188,388
Working capital
-€192,102▲ 49.2%
2024 · -€377,886
Multi-year overview
2022 to 2025, 4 financial yearsTurnover
€395,251
▲ 2.9%
2025
20222025
Operating result
€260,649
▼ 1.5%
2025
20222025
Net result
€189,788
▲ 0.7%
2025
middle half of the sector
20222025
EBIT margin
65.9%
▼ 2.9pp
2025
20222025
Equity
€379,176
▲ 100%
2025
middle half of the sector
20222025
Total assets
€820,064
▼ 10.3%
2025
middle half of the sector
20222025
Debt
€440,888
▼ 39.2%
2025
20222025
Working capital
-€192,102
▲ 49.2%
2025
lowest quarter of the sector
20222025
Solvency
46.2%
▲ 25.5pp
2025
middle half of the sector
20222025
Current ratio
0.08
▲ 0.08
2025
lowest quarter of the sector
20222025
Return on assets (ROA)
23.1%
▲ 2.5pp
2025
highest quarter of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Turnover€0.03m-€0.2m▲ 644%€0.4m▲ 82.6%€0.4m▲ 2.9%
Operating result€0.003m-€0.1m▲ 40×€0.3m▲ 92.5%€0.3m▼ 1.5%
Net result-€0.01mbelow the sector's middle half-€0.09mwithin the sector's middle half€0.2mwithin the sector's middle half▲ 102%€0.2mwithin the sector's middle half▲ 0.7%
EBIT margin12.2%-65.3%▲ 53.1pp68.9%▲ 3.5pp65.9%▼ 2.9pp
Equity-€0.01mbelow the sector's middle half-€0.001mbelow the sector's middle half€0.2mwithin the sector's middle half▲ 189×€0.4mwithin the sector's middle half▲ 100%
Total assets€1.2mwithin the sector's middle half-€1.1mwithin the sector's middle half▼ 12.5%€0.9mwithin the sector's middle half▼ 15.5%€0.8mwithin the sector's middle half▼ 10.3%
Debt€1.2m-€1.1m▼ 13.5%€0.7m▼ 32.9%€0.4m▼ 39.2%
Working capital-€0.4mbelow the sector's middle half--€0.5mbelow the sector's middle half▼ 23.1%-€0.4mbelow the sector's middle half▲ 29.6%-€0.2mbelow the sector's middle half▲ 49.2%
Solvency-1.0%below the sector's middle half-0.1%below the sector's middle half▲ 1.1pp20.7%within the sector's middle half▲ 20.6pp46.2%within the sector's middle half▲ 25.5pp
Current ratio0.36below the sector's middle half-0.14below the sector's middle half▼ 0.220.01below the sector's middle half▼ 0.130.08below the sector's middle half▲ 0.08
Return on assets (ROA)-1.1%below the sector's middle half-8.6%within the sector's middle half▲ 9.7pp20.6%above the sector's middle half▲ 12.0pp23.1%above the sector's middle half▲ 2.5pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 2% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €820,064
Fixed assets
€802,515 ▼ 11.9%
Current assets
€17,549 ▲ 460%
Equity and liabilities €820,064
Equity
€379,176 ▲ 100%
Debt
€440,888 ▼ 39.2%
Debt's share of the balance-sheet total falls from 79.3% to 53.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€369,330▼
2024 · €370,307
Cash flow
€298,469▲
2024 · €293,996
Debt to equity
1.16▼
2024 · 3.83
ROE
50.1%▼
2024 · 99.5%
Interest coverage
46.47▲
2024 · 30.00
Debt ≤ 1 year
€209,651▼
2024 · €381,021
Debt > 1 year
€231,116▼
2024 · €343,815
Income taxes
€63,263▼
2024 · €63,967
Customer credit
6 days▲
2024 · 3 days
Supplier credit
76 days▼
2024 · 493 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | €348,815 |
| Pledge on other assets, amount secured | - | - | €750,000 | €750,000 |
| Carrying value of the other pledged assets | - | - | €914,331 | €802,515 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €999,765 | €96,297 | €24,076 | - |
| Depreciation and write-downs of the year | €13,656 | €58,514 | €105,608 | €108,681 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Turnover70 | €28,300 | €210,465 | €384,288 | €395,251 | ▲ 2.9% |
| Non-recurring operating income76A | - | €1,227 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €12,809 | €15,534 | €13,981 | €25,921 | ▲ 85.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,656 | €58,514 | €105,608 | €108,681 | ▲ 2.9% |
| Other operating charges640/8 | €0 | - | - | - | - |
| Non-recurring operating charges66A | - | €137 | - | - | - |
| Gross operating margin9900 | €17,111 | €196,159 | €370,307 | €369,330 | ▼ 0.3% |
| Operating profit (loss)9901 | €3,455 | €137,508 | €264,699 | €260,649 | ▼ 1.5% |
| Financial income75/76B | €1,814 | €57 | - | €350 | - |
| Recurring financial income75 | €1,814 | €57 | - | €350 | - |
| Financial charges65/66B | €18,978 | €12,892 | €12,344 | €7,948 | ▼ 35.6% |
| Recurring financial charges65 | €18,978 | €12,892 | €12,344 | €7,948 | ▼ 35.6% |
| Profit (loss) for the period before taxes9903 | -€13,709 | €124,673 | €252,355 | €253,051 | ▲ 0.3% |
| Income taxes67/77 | - | €31,442 | €63,967 | €63,263 | ▼ 1.1% |
| Profit (loss) for the period9904 | -€13,709 | €93,231 | €188,388 | €189,788 | ▲ 0.7% |
| Profit (loss) for the period to be appropriated9905 | -€13,709 | €93,231 | €188,388 | €189,788 | ▲ 0.7% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €1.2m | €1.1m | €0.9m | €0.8m | ▼ 10.3% |
| Fixed assets21/28 | €1.0m | €1.0m | €0.9m | €0.8m | ▼ 11.9% |
| Tangible fixed assets22/27 | €1.0m | €1.0m | €0.9m | €0.8m | ▼ 11.9% |
| Plant, machinery and equipment23 | €0.3m | €0.9m | €0.9m | €0.8m | ▼ 11.9% |
| Assets under construction and advance payments27 | €0.7m | €0.09m | - | - | - |
| Current assets29/58 | €0.2m | €0.09m | €0.003m | €0.02m | ▲ 460% |
| Amounts receivable within one year40/41 | €0.2m | €0.09m | €0.003m | €0.02m | ▲ 460% |
| Trade receivables40 | €0.1m | - | - | €0.007m | - |
| Other amounts receivable41 | €0.2m | €0.09m | €0.003m | €0.01m | ▲ 242% |
| Deferred charges and accrued income490/1 | €79 | - | - | - | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €1.2m | €1.1m | €0.9m | €0.8m | ▼ 10.3% |
| Equity10/15 | -€0.01m | €0.001m | €0.2m | €0.4m | ▲ 100% |
| Contributions10/11 | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Profit (loss) carried forward14 | -€0.01m | - | €0.2m | €0.4m | ▲ 101% |
| Amounts payable17/49 | €1.2m | €1.1m | €0.7m | €0.4m | ▼ 39.2% |
| Amounts payable after more than one year17 | €0.6m | €0.5m | €0.3m | €0.2m | ▼ 32.8% |
| Financial debts170/4 | €0.6m | €0.5m | €0.3m | €0.2m | ▼ 32.8% |
| Amounts payable within one year42/48 | €0.7m | €0.6m | €0.4m | €0.2m | ▼ 45.0% |
| Current portion of amounts payable after more than one year42 | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 1.7% |
| Trade debts44 | €0.4m | €0.1m | €0.02m | €0.005m | ▼ 71.4% |
| Suppliers440/4 | €0.4m | €0.1m | €0.02m | €0.005m | ▼ 71.4% |
| Taxes, remuneration and social security45 | - | €0.001m | €0.02m | €0.02m | ▼ 3.8% |
| Taxes450/3 | - | €0.001m | €0.02m | €0.02m | ▼ 3.8% |
| Other amounts payable47/48 | €0.2m | €0.4m | €0.2m | €0.07m | ▼ 70.1% |
| Accrued charges and deferred income492/3 | - | - | €107 | €121 | ▲ 13.1% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€13,709 | €93,231 | €188,388 | €189,788 | ▲ 0.7% |
| + Depreciation and write-downs630 | €13,656 | €58,514 | €105,608 | €108,681 | ▲ 2.9% |
| Operating cash flow (approximation) | -€53 | €151,745 | €293,996 | €298,469 | ▲ 1.5% |
| Investment in fixed assets (approximation) | - | -€64,063 | -€24,076 | €0 | - |
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, 3,127 companies had the same profile as Feu Vert has now. Two years later, 97.2% were still going and 0.8% had gone bankrupt.
- Small
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
97.2%
was still going
1.9%
stopped otherwise
0.8%
went bankrupt
That fits the bankruptcy probability of Feu Vert itself: 0.8% 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 3,127 companies, not a prediction for Feu Vert. 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.