FONCIMA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-06-2026 at the NBB all 4 filings
Every figure per financial year
The operating result for 2025 is 26% higher than in 2024 and the highest since 2022. It is the third rise in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €1.7m | €179,049 | €38,100 | €26,500 |
| Intangible fixed assets | €211,250 | - | - | - |
| Depreciation and write-downs of the year | €218,574 | €42,522 | €47,535 | €49,712 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €218,574 | €42,522 | €47,535 | €49,712 | ▲ 4.6% |
| Other operating charges640/8 | €684 | €6,407 | €7,892 | €8,661 | ▲ 9.7% |
| Gross operating margin9900 | -€2,410 | €66,898 | €109,277 | €126,388 | ▲ 15.7% |
| Operating profit (loss)9901 | -€221,668 | €17,969 | €53,849 | €68,015 | ▲ 26.3% |
| Financial income75/76B | - | €0 | - | - | - |
| Recurring financial income75 | - | €0 | - | - | - |
| Financial charges65/66B | €14,268 | €70,508 | €80,669 | €105,192 | ▲ 30.4% |
| Recurring financial charges65 | €14,268 | €70,508 | €80,669 | €105,192 | ▲ 30.4% |
| Profit (loss) for the period before taxes9903 | -€235,936 | -€52,540 | -€26,820 | -€37,177 | ▼ 38.6% |
| Profit (loss) for the period9904 | -€235,936 | -€52,540 | -€26,820 | -€37,177 | ▼ 38.6% |
| Profit (loss) for the period to be appropriated9905 | -€235,936 | -€52,540 | -€26,820 | -€37,177 | ▼ 38.6% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €1.7m | €1.8m | €1.8m | €1.8m | ▼ 0.9% |
| Fixed assets21/28 | €1.7m | €1.8m | €1.8m | €1.8m | ▼ 1.3% |
| Tangible fixed assets22/27 | €1.7m | €1.8m | €1.8m | €1.8m | ▼ 1.3% |
| Land and buildings22 | €1.7m | €1.8m | €1.8m | €1.8m | ▼ 1.3% |
| Current assets29/58 | €0.007m | €0.008m | €0.002m | €0.009m | ▲ 367% |
| Cash at bank and in hand54/58 | €0.007m | €0.008m | €0.002m | €0.009m | ▲ 367% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €1.7m | €1.8m | €1.8m | €1.8m | ▼ 0.9% |
| Equity10/15 | -€0.1m | -€0.2m | -€0.2m | -€0.3m | ▼ 17.3% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | -€0.2m | -€0.3m | -€0.3m | -€0.4m | ▼ 11.8% |
| Amounts payable17/49 | €1.8m | €2.0m | €2.0m | €2.1m | ▲ 1.0% |
| Amounts payable within one year42/48 | €1.8m | €2.0m | €2.0m | €2.1m | ▲ 1.0% |
| Current portion of amounts payable after more than one year42 | €1.2m | €1.4m | €1.4m | €1.8m | ▲ 28.6% |
| Trade debts44 | €0.02m | €174 | €0.01m | €0.01m | ▲ 10.8% |
| Suppliers440/4 | €0.02m | €174 | €0.01m | €0.01m | ▲ 10.8% |
| Other amounts payable47/48 | €0.7m | €0.6m | €0.6m | €0.3m | ▼ 59.8% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€235,936 | -€52,540 | -€26,820 | -€37,177 | ▼ 38.6% |
| + Depreciation and write-downs630 | €218,574 | €42,522 | €47,535 | €49,712 | ▲ 4.6% |
| Operating cash flow (approximation) | -€17,362 | -€10,018 | €20,715 | €12,535 | ▼ 39.5% |
| Investment in fixed assets (approximation) | - | -€179,049 | -€38,100 | -€26,500 | ▲ 30.4% |
| Change in cash | - | €1,022 | -€6,136 | €7,289 | - |
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, 1,251 companies had the same profile as FONCIMA has now. Two years later, 96.6% were still going and 1.0% had gone bankrupt.
- Small
- 2 to 5 years old
- negative equity
- a small loss
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FONCIMA itself: 0.6% 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 1,251 companies, not a prediction for FONCIMA. 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.