IROHA
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 5 days after the deadline Filed on 5 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00385633.
Annual accounts 2025 filed on 05-08-2026 at the NBB all 25 filings
Turnover
≈ €140,000
Estimated: probably between €110,000 and €180,000
Total assets
€69,569▲ 34.2%
2024 · €51,846
Net result
€18,804▲ 73.2%
2024 · €10,854
Working capital
€53,795▲ 49.2%
2024 · €36,048
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€24,625
▲ 104%
2025
20182025
Net result
€18,804
▲ 73.2%
2025
middle half of the sector
20182025
Equity
€63,849
▲ 41.7%
2025
middle half of the sector
20182025
Total assets
€69,569
▲ 34.2%
2025
middle half of the sector
20182025
Debt
€5,720
▼ 15.9%
2025
20182025
Working capital
€53,795
▲ 49.2%
2025
highest quarter of the sector
20182025
Solvency
91.8%
▲ 4.9pp
2025
highest quarter of the sector
20182025
Current ratio
10.43
▲ 4.12
2025
highest quarter of the sector
20182025
Return on assets (ROA)
27.0%
▲ 6.1pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€6,551-€6,130▼ 6.4%-€2,731€2,790€9,227▲ 231%€944▼ 89.8%€12,084▲ 13×€24,625▲ 104%
Net result€5,861-€4,320▼ 26.3%-€2,965within the sector's middle half€2,756within the sector's middle half€8,300within the sector's middle half▲ 201%€698within the sector's middle half▼ 91.6%€10,854within the sector's middle half▲ 16×€18,804within the sector's middle half▲ 73.2%
Equity€21,895-€25,403▲ 16.0%€22,438within the sector's middle half▼ 11.7%€25,194within the sector's middle half▲ 12.3%€33,493within the sector's middle half▲ 32.9%€34,191within the sector's middle half▲ 2.1%€45,045within the sector's middle half▲ 31.7%€63,849within the sector's middle half▲ 41.7%
Total assets€29,086-€31,839▲ 9.5%€23,714below the sector's middle half▼ 25.5%€29,850below the sector's middle half▲ 25.9%€40,731below the sector's middle half▲ 36.5%€40,159below the sector's middle half▼ 1.4%€51,846within the sector's middle half▲ 29.1%€69,569within the sector's middle half▲ 34.2%
Debt€7,191-€6,436▼ 10.5%€1,276▼ 80.2%€4,656▲ 265%€7,238▲ 55.4%€5,968▼ 17.6%€6,801▲ 14.0%€5,720▼ 15.9%
Working capital€17,807-€22,797▲ 28.0%€20,815within the sector's middle half▼ 8.7%€25,415within the sector's middle half▲ 22.1%€31,646within the sector's middle half▲ 24.5%€29,410within the sector's middle half▼ 7.1%€36,048within the sector's middle half▲ 22.6%€53,795above the sector's middle half▲ 49.2%
Solvency75.3%-79.8%▲ 4.5pp94.6%above the sector's middle half▲ 14.8pp84.4%above the sector's middle half▼ 10.2pp82.2%above the sector's middle half▼ 2.2pp85.1%above the sector's middle half▲ 2.9pp86.9%above the sector's middle half▲ 1.7pp91.8%above the sector's middle half▲ 4.9pp
Current ratio3.54-4.58▲ 1.0417.32above the sector's middle half▲ 12.748.42above the sector's middle half▼ 8.907.34above the sector's middle half▼ 1.085.94above the sector's middle half▼ 1.406.31above the sector's middle half▲ 0.3710.43above the sector's middle half▲ 4.12
Return on assets (ROA)20.2%-13.6%▼ 6.6pp-12.5%below the sector's middle half▼ 26.1pp9.2%within the sector's middle half▲ 21.7pp20.4%above the sector's middle half▲ 11.1pp1.7%within the sector's middle half▼ 18.6pp20.9%above the sector's middle half▲ 19.2pp27.0%above the sector's middle half▲ 6.1pp
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 104% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €68,745
Fixed assets
€9,247 ▲ 17.0%
Current assets
€59,498 ▲ 38.9%
Equity and liabilities €69,569
Equity
€63,849 ▲ 41.7%
Debt
€5,720 ▼ 15.9%
Debt's share of the balance-sheet total falls from 13.1% to 8.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€27,064▲
2024 · €14,022
Cash flow
€21,242▲
2024 · €12,792
Quick ratio
9.97▲
2024 · 5.82
Debt to equity
0.09▼
2024 · 0.15
ROE
29.5%▲
2024 · 24.1%
Interest coverage
30.40▲
2024 · 16.79
Debt ≤ 1 year
€5,703▼
2024 · €6,790
Income taxes
€7,121▲
2024 · €2,082
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €3,836 | €400 | €6,150 | €3,502 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €616 | €751 | €1,106 | €1,938 | €2,439 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,969 | €2,094 | €2,152 | €616 | €751 | €1,106 | €1,938 | €2,439 | ▲ 25.8% |
| Other operating charges640/8 | - | - | - | €594 | €881 | €946 | €962 | €983 | ▲ 2.2% |
| Gross operating margin9900 | €9,794 | €9,515 | €499 | €4,000 | €10,859 | €2,996 | €14,984 | €28,047 | ▲ 87.2% |
| Operating profit (loss)9901 | €6,551 | €6,130 | -€2,731 | €2,790 | €9,227 | €944 | €12,084 | €24,625 | ▲ 104% |
| Financial income75/76B | - | - | - | €675 | €1,367 | €1,191 | €1,687 | €2,189 | ▲ 29.8% |
| Recurring financial income75 | €297 | €405 | €148 | €675 | €1,367 | €1,191 | €1,687 | €2,189 | ▲ 29.8% |
| Financial charges65/66B | - | - | - | €585 | €1,464 | €1,367 | €835 | €890 | ▲ 6.6% |
| Recurring financial charges65 | €748 | €693 | €382 | €585 | €1,464 | €1,367 | €835 | €890 | ▲ 6.6% |
| Profit (loss) for the period before taxes9903 | €6,101 | €5,842 | -€2,965 | €2,879 | €9,130 | €768 | €12,935 | €25,924 | ▲ 100% |
| Income taxes67/77 | €240 | €1,522 | - | €123 | €830 | €70 | €2,082 | €7,121 | ▲ 242% |
| Profit (loss) for the period9904 | €5,861 | €4,320 | -€2,965 | €2,756 | €8,300 | €698 | €10,854 | €18,804 | ▲ 73.2% |
| Profit (loss) for the period to be appropriated9905 | €5,861 | €4,320 | -€2,965 | €2,756 | €8,300 | €698 | €10,854 | €18,804 | ▲ 73.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €29,086 | €31,839 | €23,714 | €29,850 | €40,731 | €40,159 | €51,846 | €69,569 | ▲ 34.2% |
| Formation expenses20 | €3,312 | €1,656 | - | - | - | €1,388 | €1,106 | €824 | ▼ 25.5% |
| Fixed assets21/28 | €966 | €1,023 | €1,623 | €1,008 | €4,093 | €3,409 | €7,902 | €9,247 | ▲ 17.0% |
| Tangible fixed assets22/27 | €609 | €666 | €1,266 | €651 | €3,736 | €3,052 | €7,545 | €8,890 | ▲ 17.8% |
| Plant, machinery and equipment23 | - | - | - | - | €3,056 | €2,358 | €1,660 | €1,703 | ▲ 2.6% |
| Furniture and vehicles24 | - | - | - | €292 | €123 | - | - | €288 | - |
| Other tangible fixed assets26 | - | - | - | €358 | €557 | €694 | €5,886 | €6,899 | ▲ 17.2% |
| Financial fixed assets28 | €357 | €357 | €357 | €357 | €357 | €357 | €357 | €357 | = |
| Current assets29/58 | €24,808 | €29,159 | €22,090 | €28,842 | €36,638 | €35,362 | €42,838 | €59,498 | ▲ 38.9% |
| Stocks and contracts in progress3 | €1,619 | €1,893 | €1,662 | €1,771 | €2,870 | €3,398 | €3,313 | €2,616 | ▼ 21.0% |
| Stocks30/36 | - | - | - | €1,771 | €2,870 | €3,398 | €3,313 | €2,616 | ▼ 21.0% |
| Amounts receivable within one year40/41 | - | €1,210 | €4,404 | €3,206 | €3,955 | €10,071 | €7,451 | €7,192 | ▼ 3.5% |
| Trade receivables40 | - | - | - | €1,321 | €2,064 | €4,971 | €3,103 | €6,274 | ▲ 102% |
| Other amounts receivable41 | - | - | - | €1,885 | €1,891 | €5,100 | €4,348 | €918 | ▼ 78.9% |
| Cash at bank and in hand54/58 | €22,797 | €25,413 | €14,765 | €23,550 | €29,768 | €21,593 | €31,770 | €49,337 | ▲ 55.3% |
| Deferred charges and accrued income490/1 | - | - | - | €316 | €45 | €300 | €304 | €353 | ▲ 16.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €29,086 | €31,839 | €23,714 | €29,850 | €40,731 | €40,159 | €51,846 | €69,569 | ▲ 34.2% |
| Equity10/15 | €21,895 | €25,403 | €22,438 | €25,194 | €33,493 | €34,191 | €45,045 | €63,849 | ▲ 41.7% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €3,303 | €6,811 | €5,367 | €6,602 | €14,901 | €15,599 | €26,453 | €45,257 | ▲ 71.1% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Distributable reserves133 | - | - | - | €4,743 | €13,042 | €15,599 | €26,453 | €45,257 | ▲ 71.1% |
| Profit (loss) carried forward14 | - | - | -€1,521 | - | - | - | - | - | - |
| Amounts payable17/49 | €7,191 | €6,436 | €1,276 | €4,656 | €7,238 | €5,968 | €6,801 | €5,720 | ▼ 15.9% |
| Amounts payable within one year42/48 | €7,001 | €6,363 | €1,276 | €3,427 | €4,993 | €5,953 | €6,790 | €5,703 | ▼ 16.0% |
| Trade debts44 | €1,666 | €2,479 | €776 | €921 | €3,022 | €4,397 | €5,488 | €3,465 | ▼ 36.9% |
| Suppliers440/4 | - | - | - | €921 | €3,022 | €4,397 | €5,488 | €3,465 | ▼ 36.9% |
| Taxes, remuneration and social security45 | - | - | - | €2,507 | €346 | €1,020 | €1,266 | €2,078 | ▲ 64.2% |
| Taxes450/3 | - | - | - | €2,507 | €346 | €1,020 | €1,266 | €2,078 | ▲ 64.2% |
| Other amounts payable47/48 | - | - | - | - | €1,624 | €535 | €36 | €161 | ▲ 344% |
| Accrued charges and deferred income492/3 | - | - | - | €1,229 | €2,246 | €15 | €12 | €17 | ▲ 47.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,861 | €4,320 | -€2,965 | €2,756 | €8,300 | €698 | €10,854 | €18,804 | ▲ 73.2% |
| + Depreciation and write-downs630 | €1,969 | €2,094 | €2,152 | €616 | €751 | €1,106 | €1,938 | €2,439 | ▲ 25.8% |
| Operating cash flow (approximation) | €7,830 | €6,414 | -€812 | €3,371 | €9,050 | €1,804 | €12,792 | €21,242 | ▲ 66.1% |
| Investment in fixed assets (approximation) | - | -€2,151 | -€2,752 | €0 | -€3,836 | -€422 | -€6,432 | -€3,784 | ▲ 41.2% |
| Change in cash | - | €2,616 | -€10,648 | €8,785 | €6,218 | -€8,175 | €10,177 | €17,567 | ▲ 72.6% |
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, 31,368 companies had the same profile as IROHA has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of IROHA 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 31,368 companies, not a prediction for IROHA. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 05-08-2026 | 2026-00385633 | |
| 31-12-2024 | micro format | 03-07-2025 | 2025-00230958 | |
| 31-12-2023 | micro format | 25-07-2024 | 2024-00282780 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00304759 | |
| 31-12-2021 | micro format | 09-08-2022 | 2022-20280757 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-60000111 | |
| 31-12-2019 | micro format | 22-08-2020 | 2020-43700201 | |
| 31-12-2018 | micro format | 31-07-2019 | 2019-41600491 | |
| 31-12-2017 | micro format | 16-06-2018 | 2018-19400134 | |
| 31-12-2016 | micro format | 07-06-2017 | 2017-15200036 |