INTER PARTES
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 19 filings
Equity
€113,892▲ 0.4%
2024 · €113,482
Total assets
€224,228▼ 8.7%
2024 · €245,648
Net result
€411▼ 2.2%
2024 · €420
Working capital
€38,047▼ 18.1%
2024 · €46,475
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€9,967
2025
20182025
Net result
€411
▼ 2.2%
2025
middle half of the sector
20182025
Equity
€113,892
▲ 0.4%
2025
highest quarter of the sector
20182025
Total assets
€224,228
▼ 8.7%
2025
middle half of the sector
20182025
Debt
€110,335
▼ 16.5%
2025
20182025
Working capital
€38,047
▼ 18.1%
2025
middle half of the sector
20182025
Solvency
50.8%
▲ 4.6pp
2025
middle half of the sector
20182025
Current ratio
1.34
▼ 0.01
2025
middle half of the sector
20182025
Return on assets (ROA)
0.2%
=
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€16,173-€10,810€304▼ 97.2%-€10,121€14,574€28,219▲ 93.6%€6,537▼ 76.8%-€9,967
Net result-€18,481-€10,260-€198within the sector's middle half€1,485within the sector's middle half€8,167within the sector's middle half▲ 450%€21,190above the sector's middle half▲ 159%€420within the sector's middle half▼ 98.0%€411within the sector's middle half▼ 2.2%
Equity€72,158-€82,418▲ 14.2%€82,221above the sector's middle half▼ 0.2%€83,706above the sector's middle half▲ 1.8%€91,872above the sector's middle half▲ 9.8%€113,062above the sector's middle half▲ 23.1%€113,482above the sector's middle half▲ 0.4%€113,892above the sector's middle half▲ 0.4%
Total assets€210,571-€177,222▼ 15.8%€144,629within the sector's middle half▼ 18.4%€176,303within the sector's middle half▲ 21.9%€180,754within the sector's middle half▲ 2.5%€248,215above the sector's middle half▲ 37.3%€245,648above the sector's middle half▼ 1.0%€224,228within the sector's middle half▼ 8.7%
Debt€138,412-€94,804▼ 31.5%€62,409▼ 34.2%€92,598▲ 48.4%€88,882▼ 4.0%€135,153▲ 52.1%€132,166▼ 2.2%€110,335▼ 16.5%
Working capital-€52,250--€16,405▲ 68.6%-€4,178within the sector's middle half▲ 74.5%€13,607within the sector's middle half€27,146within the sector's middle half▲ 99.5%€50,293above the sector's middle half▲ 85.3%€46,475above the sector's middle half▼ 7.6%€38,047within the sector's middle half▼ 18.1%
Solvency34.3%-46.5%▲ 12.2pp56.8%within the sector's middle half▲ 10.3pp47.5%within the sector's middle half▼ 9.4pp50.8%within the sector's middle half▲ 3.3pp45.6%within the sector's middle half▼ 5.3pp46.2%within the sector's middle half▲ 0.6pp50.8%within the sector's middle half▲ 4.6pp
Current ratio0.62-0.80▲ 0.180.93within the sector's middle half▲ 0.131.15within the sector's middle half▲ 0.211.31within the sector's middle half▲ 0.161.37within the sector's middle half▲ 0.071.35within the sector's middle half▼ 0.021.34within the sector's middle half▼ 0.01
Return on assets (ROA)-8.8%-5.8%▲ 14.6pp-0.1%within the sector's middle half▼ 5.9pp0.8%within the sector's middle half▲ 1.0pp4.5%within the sector's middle half▲ 3.7pp8.5%within the sector's middle half▲ 4.0pp0.2%within the sector's middle half▼ 8.4pp0.2%within the sector's middle half=
Staff (FTE)4.2-6.3▲ 50.0%5.5above the sector's middle half▼ 12.7%4▼ 27.3%4=6▲ 50.0%0.5▼ 91.7%
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 €9,967, after a profit of €6,537 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €224,228
Fixed assets
€75,845 ▲ 13.2%
Current assets
€148,383 ▼ 16.9%
Equity and liabilities €224,228
Equity
€113,892 ▲ 0.4%
Debt
€110,335 ▼ 16.5%
Debt's share of the balance-sheet total falls from 53.8% to 49.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
-€9,667▼
2024 · €6,868
Cash flow
€711▼
2024 · €750
Debt to equity
0.97▼
2024 · 1.16
ROE
0.4%▼
2024 · 0.4%
Interest coverage
-52.03▼
2024 · 14.15
Debt ≤ 1 year
€110,335▼
2024 · €132,166
Income taxes
€547▼
2024 · €9,879
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 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 4 | 6 | - |
| part-time | 4 | 4 | 6 | - |
| in full-time equivalents | 1 | 1 | 2 | - |
| Average over the year, in full-time equivalents | 1 | 1 | 2 | 0.2 |
| On a permanent contract | - | - | 6 | - |
| Joined | 4 | - | 2 | 0 |
| Left | 0 | - | 0 | 6 |
Source: social balance sheet in the 2021 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,199 | - | €454 | - | - |
| Financial fixed assets | €286 | €511 | €319 | €4,703 | €9,139 |
| Depreciation and write-downs of the year | €17,785 | €5,884 | €2,731 | €331 | €301 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 to 2025 · 2 entries · €14,249 awarded · €14,249 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €9,388 | €9,388 |
| 2024 | 1 | €4,861 | €4,861 |
Schemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €10,145 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €27,086 | €17,939 | €30,887 | €4,265 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,649 | €25,487 | €18,043 | €17,785 | €5,884 | €2,731 | €331 | €301 | ▼ 9.1% |
| Other operating charges640/8 | - | - | - | €1,225 | €1,223 | €1,359 | €2,019 | €683 | ▼ 66.2% |
| Gross operating margin9900 | €35,996 | €70,759 | €35,996 | €35,976 | €39,619 | €63,196 | €13,152 | -€8,983 | - |
| Operating profit (loss)9901 | -€16,173 | €10,810 | €304 | -€10,121 | €14,574 | €28,219 | €6,537 | -€9,967 | - |
| Financial income75/76B | - | - | - | €14,139 | €24 | - | €4,247 | €11,110 | ▲ 162% |
| Recurring financial income75 | €743 | €64 | €1 | €14,139 | €24 | - | €4,247 | €11,110 | ▲ 162% |
| Financial charges65/66B | - | - | - | €2,534 | €5,787 | €1,979 | €486 | €186 | ▼ 61.7% |
| Recurring financial charges65 | €527 | €614 | €443 | €2,534 | €5,787 | €1,979 | €486 | €186 | ▼ 61.7% |
| Profit (loss) for the period before taxes9903 | -€15,957 | €10,260 | -€138 | €1,485 | €8,811 | €26,240 | €10,299 | €957 | ▼ 90.7% |
| Income taxes67/77 | €2,524 | - | €59 | - | €645 | €5,050 | €9,879 | €547 | ▼ 94.5% |
| Profit (loss) for the period9904 | -€18,481 | €10,260 | -€198 | €1,485 | €8,167 | €21,190 | €420 | €411 | ▼ 2.2% |
| Profit (loss) for the period to be appropriated9905 | -€18,481 | €10,260 | -€198 | €1,485 | €8,167 | €21,190 | €420 | €411 | ▼ 2.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €210,571 | €177,222 | €144,629 | €176,303 | €180,754 | €248,215 | €245,648 | €224,228 | ▼ 8.7% |
| Fixed assets21/28 | €124,409 | €111,472 | €86,399 | €70,099 | €64,726 | €62,769 | €67,007 | €75,845 | ▲ 13.2% |
| Tangible fixed assets22/27 | €57,223 | €43,736 | €25,693 | €9,108 | €3,224 | €947 | €483 | €182 | ▼ 62.3% |
| Plant, machinery and equipment23 | - | - | - | €8,406 | €3,120 | €843 | €483 | €182 | ▼ 62.3% |
| Furniture and vehicles24 | - | - | - | €702 | €104 | €104 | - | - | - |
| Financial fixed assets28 | €67,186 | €67,736 | €60,706 | €60,991 | €61,502 | €61,822 | €66,524 | €75,663 | ▲ 13.7% |
| Current assets29/58 | €86,162 | €65,750 | €58,231 | €106,205 | €116,028 | €185,446 | €178,641 | €148,383 | ▼ 16.9% |
| Stocks and contracts in progress3 | €24,000 | €11,000 | €3,500 | €15,900 | €4,100 | €1,320 | - | - | - |
| Stocks30/36 | - | - | - | €6,900 | €4,100 | €1,320 | - | - | - |
| Contracts in progress37 | - | - | - | €9,000 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €3,541 | €3,541 | €4,197 | €10,635 | €26,896 | €3,864 | - | €6,184 | - |
| Trade receivables40 | - | - | - | - | €22,065 | €324 | - | - | - |
| Other amounts receivable41 | - | - | - | €10,635 | €4,832 | €3,541 | - | €6,184 | - |
| Cash at bank and in hand54/58 | €58,621 | €51,209 | €50,533 | €79,669 | €85,032 | €180,262 | €178,641 | €141,654 | ▼ 20.7% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €545 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €210,571 | €177,222 | €144,629 | €176,303 | €180,754 | €248,215 | €245,648 | €224,228 | ▼ 8.7% |
| Equity10/15 | €72,158 | €82,418 | €82,221 | €83,706 | €91,872 | €113,062 | €113,482 | €113,892 | ▲ 0.4% |
| Contributions10/11 | €10,000 | €10,000 | - | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €1,900 | €1,900 | €1,900 | €1,900 | €1,900 | €1,900 | €1,900 | €1,900 | = |
| Non-distributable reserves130/1 | - | - | - | €1,900 | €1,900 | €1,900 | €1,900 | €1,900 | = |
| Reserves not available under the articles1311 | - | - | - | €1,900 | €1,900 | €1,900 | €1,900 | €1,900 | = |
| Profit (loss) carried forward14 | €60,258 | €70,518 | €70,321 | €71,806 | €79,972 | €101,162 | €101,582 | €101,992 | ▲ 0.4% |
| Amounts payable17/49 | €138,412 | €94,804 | €62,409 | €92,598 | €88,882 | €135,153 | €132,166 | €110,335 | ▼ 16.5% |
| Amounts payable after more than one year17 | - | €12,649 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €138,412 | €82,154 | €62,409 | €92,598 | €88,882 | €135,153 | €132,166 | €110,335 | ▼ 16.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10 | - | - | - | - | - |
| Trade debts44 | €63,405 | €13,544 | €10,391 | €27,183 | €4,897 | €16,101 | €10,038 | €1,218 | ▼ 87.9% |
| Suppliers440/4 | - | - | - | €27,183 | €4,897 | €16,101 | €10,038 | €1,218 | ▼ 87.9% |
| Taxes, remuneration and social security45 | - | - | - | €185 | €0 | €13,735 | €3,331 | €2,321 | ▼ 30.3% |
| Taxes450/3 | - | - | - | - | - | €5,145 | €3,331 | €2,321 | ▼ 30.3% |
| Remuneration and social security454/9 | - | - | - | €185 | €0 | €8,590 | - | - | - |
| Other amounts payable47/48 | - | - | - | €65,220 | €83,985 | €105,317 | €118,797 | €106,796 | ▼ 10.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€18,481 | €10,260 | -€198 | €1,485 | €8,167 | €21,190 | €420 | €411 | ▼ 2.2% |
| + Depreciation and write-downs630 | €23,649 | €25,487 | €18,043 | €17,785 | €5,884 | €2,731 | €331 | €301 | ▼ 9.1% |
| Operating cash flow (approximation) | €5,168 | €35,747 | €17,845 | €19,269 | €14,050 | €23,920 | €750 | €711 | ▼ 5.2% |
| Investment in fixed assets (approximation) | - | -€12,550 | €7,030 | -€1,485 | -€511 | -€773 | -€4,569 | -€9,139 | ▼ 100% |
| Change in cash | - | -€7,412 | -€676 | €29,136 | €5,363 | €95,230 | -€1,621 | -€36,987 | ▼ 2,181% |
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, 17,041 companies had the same profile as INTER PARTES has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of INTER PARTES 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 17,041 companies, not a prediction for INTER PARTES. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-07-2026 | 2026-00327712 | |
| 31-12-2024 | micro format | 27-07-2025 | 2025-00313294 | |
| 31-12-2023 | micro format | 23-08-2024 | 2024-00363284 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00292452 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20368731 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-43600149 | |
| 31-12-2019 | micro format | 30-10-2020 | 2020-65600359 | |
| 31-12-2018 | micro format | 29-12-2019 | 2019-77800558 | |
| 31-12-2017 | micro format | 30-09-2018 | 2018-67000519 | |
| 31-12-2016 | micro format | 17-07-2017 | 2017-32300390 |