KAFFRA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-03-2026 PDF all 17 filings
Turnover
≈ €590,000
Estimated: probably between €490,000 and €720,000
Total assets
€461,108▲ 15.8%
2024 · €398,165
Net result
€139,360▲ 135%
2024 · €59,328
Working capital
€312,406▼ 1.5%
2024 · €317,204
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€186,197
▲ 120%
2025
20192025
Net result
€139,360
▲ 135%
2025
highest quarter of the sector
20192025
Equity
€340,771
=
2025
highest quarter of the sector
20192025
Total assets
€461,108
▲ 15.8%
2025
highest quarter of the sector
20192025
Debt
€120,337
▲ 110%
2025
20192025
Working capital
€312,406
▼ 1.5%
2025
highest quarter of the sector
20192025
Solvency
73.9%
▼ 11.7pp
2025
highest quarter of the sector
20192025
Current ratio
3.60
▼ 2.93
2025
highest quarter of the sector
20192025
Return on assets (ROA)
30.2%
▲ 15.3pp
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€40,407-€14,307▼ 64.6%€44,804▲ 213%€15,563▼ 65.3%€40,238▲ 159%€84,565▲ 110%€186,197▲ 120%
Net result€29,790-€10,474within the sector's middle half▼ 64.8%€37,997above the sector's middle half▲ 263%€9,401within the sector's middle half▼ 75.3%€27,808above the sector's middle half▲ 196%€59,328above the sector's middle half▲ 113%€139,360above the sector's middle half▲ 135%
Equity€225,763-€236,237above the sector's middle half▲ 4.6%€274,233above the sector's middle half▲ 16.1%€283,634above the sector's middle half▲ 3.4%€296,443above the sector's middle half▲ 4.5%€340,771above the sector's middle half▲ 15.0%€340,771above the sector's middle half=
Total assets€281,757-€310,142above the sector's middle half▲ 10.1%€328,474above the sector's middle half▲ 5.9%€346,776above the sector's middle half▲ 5.6%€378,924above the sector's middle half▲ 9.3%€398,165above the sector's middle half▲ 5.1%€461,108above the sector's middle half▲ 15.8%
Debt€55,994-€73,905▲ 32.0%€54,241▼ 26.6%€63,141▲ 16.4%€82,481▲ 30.6%€57,394▼ 30.4%€120,337▲ 110%
Working capital€211,038-€223,495above the sector's middle half▲ 5.9%€259,291above the sector's middle half▲ 16.0%€256,093above the sector's middle half▼ 1.2%€265,839above the sector's middle half▲ 3.8%€317,204above the sector's middle half▲ 19.3%€312,406above the sector's middle half▼ 1.5%
Solvency80.1%-76.2%above the sector's middle half▼ 4.0pp83.5%above the sector's middle half▲ 7.3pp81.8%above the sector's middle half▼ 1.7pp78.2%above the sector's middle half▼ 3.6pp85.6%above the sector's middle half▲ 7.4pp73.9%above the sector's middle half▼ 11.7pp
Current ratio4.86-4.99above the sector's middle half▲ 0.127.00above the sector's middle half▲ 2.015.31above the sector's middle half▼ 1.694.22above the sector's middle half▼ 1.096.53above the sector's middle half▲ 2.303.60above the sector's middle half▼ 2.93
Return on assets (ROA)10.6%-3.4%within the sector's middle half▼ 7.2pp11.6%within the sector's middle half▲ 8.2pp2.7%within the sector's middle half▼ 8.9pp7.3%within the sector's middle half▲ 4.6pp14.9%within the sector's middle half▲ 7.6pp30.2%above the sector's middle half▲ 15.3pp
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 120% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €461,108
Fixed assets
€28,365 ▲ 20.4%
Current assets
€432,743 ▲ 15.5%
Equity and liabilities €461,108
Equity
€340,771 =
Debt
€120,337 ▲ 110%
Debt's share of the balance-sheet total rises from 14.4% to 26.1%. Debt is higher.
Key figures and ratios
EBITDA
€195,779▲
2024 · €92,566
Cash flow
€148,941▲
2024 · €67,329
Quick ratio
3.49▼
2024 · 6.35
Debt to equity
0.35▲
2024 · 0.17
ROE
40.9%▲
2024 · 17.4%
Interest coverage
39.84▲
2024 · 21.85
Debt ≤ 1 year
€120,337▲
2024 · €57,394
Income taxes
€42,389▲
2024 · €21,026
Staff costs
€5,278▲
2024 · €2,538
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €14,427 | €11,186 | €7,597 | €14,229 |
| Financial fixed assets | - | - | - | €150 |
| Depreciation and write-downs of the year | €9,077 | €11,908 | €8,001 | €9,581 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €12,966 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €2,181 | €2,243 | €2,538 | €5,278 | ▲ 108% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,718 | €7,141 | €8,463 | €9,077 | €11,908 | €8,001 | €9,581 | ▲ 19.8% |
| Other operating charges640/8 | - | - | - | €1,385 | €1,562 | €1,665 | €2,069 | ▲ 24.3% |
| Non-recurring operating charges66A | - | - | - | - | - | €661 | €0 | ▼ 100% |
| Gross operating margin9900 | €51,130 | €22,405 | €55,091 | €28,207 | €55,950 | €97,431 | €203,125 | ▲ 108% |
| Operating profit (loss)9901 | €40,407 | €14,307 | €44,804 | €15,563 | €40,238 | €84,565 | €186,197 | ▲ 120% |
| Financial income75/76B | - | - | - | €58 | €15 | €25 | €465 | ▲ 19× |
| Recurring financial income75 | €3 | €58 | €135 | €58 | €15 | €25 | €465 | ▲ 19× |
| Financial charges65/66B | - | - | - | €2,938 | €3,461 | €4,236 | €4,914 | ▲ 16.0% |
| Recurring financial charges65 | €3,237 | €3,892 | €3,670 | €2,938 | €3,461 | €4,236 | €4,914 | ▲ 16.0% |
| Profit (loss) for the period before taxes9903 | €37,173 | €10,474 | €41,269 | €12,683 | €36,792 | €80,354 | €181,749 | ▲ 126% |
| Income taxes67/77 | €7,383 | - | €3,272 | €3,282 | €8,983 | €21,026 | €42,389 | ▲ 102% |
| Profit (loss) for the period9904 | €29,790 | €10,474 | €37,997 | €9,401 | €27,808 | €59,328 | €139,360 | ▲ 135% |
| Profit (loss) for the period to be appropriated9905 | €29,790 | €10,474 | €37,997 | €9,401 | €27,808 | €59,328 | €139,360 | ▲ 135% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €281,757 | €310,142 | €328,474 | €346,776 | €378,924 | €398,165 | €461,108 | ▲ 15.8% |
| Fixed assets21/28 | €16,111 | €30,617 | €25,977 | €31,326 | €30,604 | €23,567 | €28,365 | ▲ 20.4% |
| Tangible fixed assets22/27 | €16,076 | €30,582 | €25,942 | €31,291 | €30,569 | €23,532 | €28,180 | ▲ 19.8% |
| Land and buildings22 | - | - | - | €1,424 | €1,187 | €949 | €712 | ▼ 25.0% |
| Plant, machinery and equipment23 | - | - | - | €18,327 | €18,218 | €15,909 | €17,007 | ▲ 6.9% |
| Furniture and vehicles24 | - | - | - | €11,540 | €11,164 | €6,674 | €10,461 | ▲ 56.7% |
| Financial fixed assets28 | €35 | €35 | €35 | €35 | €35 | €35 | €185 | ▲ 429% |
| Current assets29/58 | €265,646 | €279,525 | €302,498 | €315,450 | €348,319 | €374,597 | €432,743 | ▲ 15.5% |
| Stocks and contracts in progress3 | €10,994 | €7,474 | €7,095 | €10,000 | €9,850 | €10,016 | €12,232 | ▲ 22.1% |
| Stocks30/36 | - | - | - | €10,000 | €9,850 | €10,016 | €12,232 | ▲ 22.1% |
| Amounts receivable within one year40/41 | €184,753 | €184,012 | €190,359 | €162,727 | €148,550 | €119,511 | €28,234 | ▼ 76.4% |
| Trade receivables40 | - | - | - | €1,696 | €1,927 | €1,387 | €2,235 | ▲ 61.2% |
| Other amounts receivable41 | - | - | - | €161,032 | €146,624 | €118,124 | €25,999 | ▼ 78.0% |
| Cash at bank and in hand54/58 | €67,229 | €85,279 | €101,593 | €137,724 | €188,675 | €243,081 | €390,376 | ▲ 60.6% |
| Deferred charges and accrued income490/1 | - | - | - | €4,998 | €1,244 | €1,989 | €1,902 | ▼ 4.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €281,757 | €310,142 | €328,474 | €346,776 | €378,924 | €398,165 | €461,108 | ▲ 15.8% |
| Equity10/15 | €225,763 | €236,237 | €274,233 | €283,634 | €296,443 | €340,771 | €340,771 | = |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €207,163 | €217,637 | €255,633 | €265,034 | €277,843 | €322,171 | €322,171 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | - | €263,174 | €275,983 | €322,171 | €322,171 | = |
| Profit (loss) carried forward14 | - | - | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €55,994 | €73,905 | €54,241 | €63,141 | €82,481 | €57,394 | €120,337 | ▲ 110% |
| Amounts payable after more than one year17 | €1,387 | €17,876 | €11,034 | €3,785 | €0 | - | - | - |
| Financial debts170/4 | - | - | - | €3,785 | €0 | - | - | - |
| Amounts payable within one year42/48 | €54,608 | €56,030 | €43,207 | €59,356 | €82,481 | €57,394 | €120,337 | ▲ 110% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,249 | €3,785 | €8,532 | €0 | ▼ 100% |
| Financial debts43 | - | - | - | €4,054 | €6,399 | €0 | €10,665 | - |
| Credit institutions430/8 | - | - | - | €4,054 | €6,399 | €0 | €10,665 | - |
| Trade debts44 | €20,231 | €29,094 | €20,961 | €27,024 | €39,804 | €9,884 | €14,872 | ▲ 50.5% |
| Suppliers440/4 | - | - | - | €27,024 | €39,804 | €9,884 | €14,872 | ▲ 50.5% |
| Taxes, remuneration and social security45 | - | - | - | €21,029 | €27,993 | €34,478 | €52,992 | ▲ 53.7% |
| Taxes450/3 | - | - | - | €21,029 | €25,993 | €32,478 | €50,992 | ▲ 57.0% |
| Remuneration and social security454/9 | - | - | - | - | €2,000 | €2,000 | €2,000 | = |
| Other amounts payable47/48 | - | - | - | - | €4,500 | €4,500 | €41,808 | ▲ 829% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,790 | €10,474 | €37,997 | €9,401 | €27,808 | €59,328 | €139,360 | ▲ 135% |
| + Depreciation and write-downs630 | €8,718 | €7,141 | €8,463 | €9,077 | €11,908 | €8,001 | €9,581 | ▲ 19.8% |
| Operating cash flow (approximation) | €38,508 | €17,615 | €46,460 | €18,478 | €39,716 | €67,329 | €148,941 | ▲ 121% |
| Investment in fixed assets (approximation) | - | -€21,647 | -€3,822 | -€14,427 | -€11,186 | -€964 | -€14,379 | ▼ 1,392% |
| Change in cash | - | €18,049 | €16,314 | €36,132 | €50,951 | €54,406 | €147,294 | ▲ 171% |
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, 17,811 companies had the same profile as KAFFRA has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of KAFFRA 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 17,811 companies, not a prediction for KAFFRA. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 30-03-2026 | 2026-00066628 | |
| 30-09-2024 | micro format | 31-03-2025 | 2025-00061063 | |
| 30-09-2023 | micro format | 29-03-2024 | 2024-00053068 | |
| 30-09-2022 | micro format | 24-04-2023 | 2023-00063854 | |
| 30-09-2021 | micro format | 25-03-2022 | 2022-08600147 | |
| 30-09-2020 | micro format | 29-03-2021 | 2021-08800091 | |
| 30-09-2019 | micro format | 01-04-2020 | 2020-08300321 | |
| 30-09-2018 | micro format | 29-03-2019 | 2019-08400594 | |
| 30-09-2017 | micro format | 12-04-2018 | 2018-09600537 | |
| 30-09-2016 | abbreviated format | 03-04-2017 | 2017-08700526 |