FORTUIN4
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 5 filings
Turnover
≈ €1.6m
Estimated: probably between €1.4m and €1.9m
Total assets
€816,833▼ 4.7%
2024 · €856,921
Net result
-€71,420
2024 · €13,258
Working capital
-€200,938▼ 3.9%
2024 · -€193,337
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
-€49,156
2025
20212025
Net result
-€71,420
2025
lowest quarter of the sector
20212025
Equity
-€8,610
2025
lowest quarter of the sector
20212025
Total assets
€816,833
▼ 4.7%
2025
highest quarter of the sector
20212025
Debt
€825,444
▲ 3.9%
2025
20212025
Working capital
-€200,938
▼ 3.9%
2025
lowest quarter of the sector
20212025
Solvency
-1.1%
▼ 8.4pp
2025
middle half of the sector
20212025
Current ratio
0.42
▲ 0.08
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
-8.7%
▼ 10.3pp
2025
lowest quarter of the sector
20212025
Staff (FTE)
30.6
▲ 6.6%
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result-€453-€56,860€25,721▼ 54.8%€44,862▲ 74.4%-€49,156
Net result-€3,129below the sector's middle half-€41,821above the sector's middle half-€7,741below the sector's middle half€13,258within the sector's middle half-€71,420below the sector's middle half
Equity€15,471within the sector's middle half-€57,292within the sector's middle half▲ 270%€49,551within the sector's middle half▼ 13.5%€62,809within the sector's middle half▲ 26.8%-€8,610below the sector's middle half
Total assets€505,584above the sector's middle half-€915,928above the sector's middle half▲ 81.2%€945,704above the sector's middle half▲ 3.3%€856,921above the sector's middle half▼ 9.4%€816,833above the sector's middle half▼ 4.7%
Debt€490,113-€858,636▲ 75.2%€896,153▲ 4.4%€794,112▼ 11.4%€825,444▲ 3.9%
Working capital€131,272above the sector's middle half--€104,633below the sector's middle half-€172,687below the sector's middle half▼ 65.0%-€193,337below the sector's middle half▼ 12.0%-€200,938below the sector's middle half▼ 3.9%
Solvency3.1%within the sector's middle half-6.3%within the sector's middle half▲ 3.2pp5.2%within the sector's middle half▼ 1.0pp7.3%within the sector's middle half▲ 2.1pp-1.1%within the sector's middle half▼ 8.4pp
Current ratio3.27above the sector's middle half-0.48below the sector's middle half▼ 2.790.32below the sector's middle half▼ 0.150.33below the sector's middle half▲ 0.010.42below the sector's middle half▲ 0.08
Return on assets (ROA)-0.6%within the sector's middle half-4.6%within the sector's middle half▲ 5.2pp-0.8%within the sector's middle half▼ 5.4pp1.5%within the sector's middle half▲ 2.4pp-8.7%below the sector's middle half▼ 10.3pp
Staff (FTE)28.730.6▲ 6.6%
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 a loss of €49,156, after a profit of €44,862 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €810,283
Fixed assets
€667,737 ▼ 10.8%
Current assets
€142,546 ▲ 49.3%
Equity and liabilities
Equity-€8,610
Debt€825,444
Equity is negative. Debt (€825,444) exceeds the balance-sheet total (€816,833).
Key figures and ratios
EBITDA
€86,033▼
2024 · €178,775
Cash flow
€63,770▼
2024 · €147,172
Quick ratio
0.31▲
2024 · 0.22
Interest coverage
3.67▼
2024 · 5.90
Debt ≤ 1 year
€343,484▲
2024 · €288,815
Debt > 1 year
€481,960▼
2024 · €501,729
Income taxes
€594▼
2024 · €1,326
Staff costs
€570,541▲
2024 · €539,556
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2024 | 31-12-2025 |
|---|---|---|
| Employees at the balance-sheet date | 18 | 7 |
| full-time | 4 | 5 |
| part-time | 14 | 2 |
| in full-time equivalents | 7.6 | 6.3 |
| Average over the year, in full-time equivalents | 12.6 | 14.3 |
| On a permanent contract | 3 | 5 |
| Joined | 224 | 343 |
| Left | 222 | 354 |
Source: social balance sheet in the 2024 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €283,667 | €548,377 | €142,978 | €32,677 | €0 |
| Intangible fixed assets | - | €20,363 | €15,954 | - | €3,041 |
| Financial fixed assets | - | €21,000 | - | - | €0 |
| Depreciation and write-downs of the year | - | €84,976 | €123,688 | €133,913 | €135,189 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €1,000 awarded · €1,000 paidAnnual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €392,611 | €708,927 | €539,556 | €570,541 | ▲ 5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €84,976 | €123,688 | €133,913 | €135,189 | ▲ 1.0% |
| Other operating charges640/8 | €810 | €4,817 | €817 | €3,094 | €2,109 | ▼ 31.8% |
| Gross operating margin9900 | €357 | €539,265 | €859,154 | €721,425 | €658,683 | ▼ 8.7% |
| Operating profit (loss)9901 | -€453 | €56,860 | €25,721 | €44,862 | -€49,156 | - |
| Financial income75/76B | - | - | €75 | €0 | €1,789 | - |
| Recurring financial income75 | - | - | €75 | €0 | €1,789 | - |
| Financial charges65/66B | €2,676 | €15,008 | €30,897 | €30,278 | €23,459 | ▼ 22.5% |
| Recurring financial charges65 | €2,676 | €15,008 | €30,831 | €30,278 | €23,459 | ▼ 22.5% |
| Non-recurring financial charges66B | - | - | €66 | €0 | - | - |
| Profit (loss) for the period before taxes9903 | -€3,129 | €41,852 | -€5,100 | €14,584 | -€70,826 | - |
| Income taxes67/77 | - | €31 | €2,641 | €1,326 | €594 | ▼ 55.2% |
| Profit (loss) for the period9904 | -€3,129 | €41,821 | -€7,741 | €13,258 | -€71,420 | - |
| Profit (loss) for the period to be appropriated9905 | -€3,129 | €41,821 | -€7,741 | €13,258 | -€71,420 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €505,584 | €915,928 | €945,704 | €856,921 | €816,833 | ▼ 4.7% |
| Formation expenses20 | €32,750 | €26,200 | €19,650 | €13,100 | €6,550 | ▼ 50.0% |
| Fixed assets21/28 | €283,667 | €794,981 | €843,029 | €748,343 | €667,737 | ▼ 10.8% |
| Intangible fixed assets21 | - | €16,670 | €26,943 | €19,679 | €12,416 | ▼ 36.9% |
| Tangible fixed assets22/27 | €283,667 | €757,311 | €795,086 | €707,664 | €634,321 | ▼ 10.4% |
| Plant, machinery and equipment23 | €77,300 | €145,265 | €150,541 | €130,207 | €130,211 | = |
| Furniture and vehicles24 | €30,100 | €87,665 | €85,622 | €83,541 | €72,806 | ▼ 12.9% |
| Leasing and similar rights25 | - | €47,903 | €77,493 | €54,289 | €16,804 | ▼ 69.0% |
| Other tangible fixed assets26 | €176,267 | €476,478 | €481,430 | €439,627 | €414,500 | ▼ 5.7% |
| Financial fixed assets28 | - | €21,000 | €21,000 | €21,000 | €21,000 | = |
| Current assets29/58 | €189,167 | €94,746 | €83,025 | €95,478 | €142,546 | ▲ 49.3% |
| Stocks and contracts in progress3 | - | €25,350 | €30,594 | €31,601 | €34,906 | ▲ 10.5% |
| Stocks30/36 | - | €25,350 | €30,594 | €31,601 | €34,906 | ▲ 10.5% |
| Amounts receivable within one year40/41 | €34,605 | €33,330 | €2,219 | €10,643 | €78,967 | ▲ 642% |
| Trade receivables40 | €400 | €23,880 | €2,038 | €10,212 | €78,536 | ▲ 669% |
| Other amounts receivable41 | €34,205 | €9,450 | €180 | €431 | €431 | = |
| Cash at bank and in hand54/58 | €154,562 | €33,726 | €47,701 | €50,648 | €28,674 | ▼ 43.4% |
| Deferred charges and accrued income490/1 | - | €2,340 | €2,511 | €2,586 | €0 | ▼ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €505,584 | €915,928 | €945,704 | €856,921 | €816,833 | ▼ 4.7% |
| Equity10/15 | €15,471 | €57,292 | €49,551 | €62,809 | -€8,610 | - |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | - | €38,692 | €38,692 | €51,951 | €51,951 | = |
| Distributable reserves133 | - | €38,692 | €38,692 | €51,951 | €51,951 | = |
| Profit (loss) carried forward14 | -€3,129 | €0 | -€7,741 | -€7,741 | -€79,161 | ▼ 923% |
| Amounts payable17/49 | €490,113 | €858,636 | €896,153 | €794,112 | €825,444 | ▲ 3.9% |
| Amounts payable after more than one year17 | €432,218 | €659,256 | €640,442 | €501,729 | €481,960 | ▼ 3.9% |
| Financial debts170/4 | €432,218 | €659,256 | €640,442 | €501,729 | €481,960 | ▼ 3.9% |
| Amounts payable within one year42/48 | €57,895 | €199,379 | €255,712 | €288,815 | €343,484 | ▲ 18.9% |
| Current portion of amounts payable after more than one year42 | - | €74,766 | €138,639 | €133,589 | €112,704 | ▼ 15.6% |
| Trade debts44 | €57,895 | €82,041 | €69,621 | €83,382 | €89,932 | ▲ 7.9% |
| Suppliers440/4 | €57,895 | €82,041 | €69,621 | €83,382 | €89,932 | ▲ 7.9% |
| Taxes, remuneration and social security45 | - | €42,572 | €27,452 | €43,525 | €16,013 | ▼ 63.2% |
| Taxes450/3 | - | €28,568 | €9,686 | €25,738 | €11,806 | ▼ 54.1% |
| Remuneration and social security454/9 | - | €14,004 | €17,766 | €17,787 | €4,207 | ▼ 76.3% |
| Other amounts payable47/48 | - | - | €20,000 | €28,319 | €124,835 | ▲ 341% |
| Accrued charges and deferred income492/3 | - | - | - | €3,569 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,129 | €41,821 | -€7,741 | €13,258 | -€71,420 | - |
| + Depreciation and write-downs630 | - | €84,976 | €123,688 | €133,913 | €135,189 | ▲ 1.0% |
| Operating cash flow (approximation) | -€3,129 | €126,797 | €115,947 | €147,172 | €63,770 | ▼ 56.7% |
| Investment in fixed assets (approximation) | - | -€596,291 | -€171,736 | -€39,227 | -€54,583 | ▼ 39.1% |
| Change in cash | - | -€120,836 | €13,976 | €2,947 | -€21,975 | - |
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, 1,167 companies had the same profile as FORTUIN4 has now. Two years later, 94.9% were still going and 2.0% had gone bankrupt.
- Small
- 5 to 10 years old
- negative equity
- a small loss
94.9%
was still going
2.8%
stopped otherwise
2.0%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FORTUIN4 itself: 2.5% 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 1,167 companies, not a prediction for FORTUIN4. 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 | 28-07-2026 | 2026-00339555 | |
| 31-12-2024 | micro format | 27-06-2025 | 2025-00185322 | |
| 31-12-2023 | micro format | 16-07-2024 | 2024-00248658 | |
| 31-12-2022 | micro format | 06-04-2023 | 2023-00054970 | |
| 31-12-2021 | micro format | 18-08-2022 | 2022-20293837 |