SOFARNO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-06-2026 PDF all 33 filings
Equity
€412,715▼ 1.3%
2024 · €418,346
Total assets
€457,396▼ 0.7%
2024 · €460,711
Net result
-€5,630
2024 · €333,707
Working capital
€414,284▼ 1.1%
2024 · €418,841
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€10,606
2025
20182025
Net result
-€5,630
2025
20182025
Equity
€412,715
▼ 1.3%
2025
20182025
Total assets
€457,396
▼ 0.7%
2025
20182025
Debt
€41,681
▲ 5.9%
2025
20182025
Working capital
€414,284
▼ 1.1%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€13,533--€12,491€38,529€6,937▼ 82.0%€16,527▲ 138%-€15,731€482,090-€10,606
Net result€9,096--€12,990€27,576€2,977▼ 89.2%€10,386▲ 249%-€16,474€333,707-€5,630
Equity€73,164-€60,174▼ 17.8%€87,750▲ 45.8%€90,728▲ 3.4%€101,113▲ 11.4%€84,639▼ 16.3%€418,346▲ 394%€412,715▼ 1.3%
Total assets€148,756-€127,673▼ 14.2%€150,312▲ 17.7%€124,214▼ 17.4%€126,388▲ 1.8%€108,545▼ 14.1%€460,711▲ 324%€457,396▼ 0.7%
Debt€72,592-€64,499▼ 11.1%€59,561▼ 7.7%€30,486▼ 48.8%€22,275▼ 26.9%€20,905▼ 6.1%€39,365▲ 88.3%€41,681▲ 5.9%
Working capital€1,417--€3,234€34,144€46,923▲ 37.4%€63,654▲ 35.7%€55,262▼ 13.2%€418,841▲ 658%€414,284▼ 1.1%
The operating result for 2025 is a loss of €10,606, after a profit of €482,090 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 €457,396
Fixed assets
€1,432 ▼ 42.8%
Current assets
€455,965 ▼ 0.5%
Equity and liabilities €457,396
Equity
€412,715 ▼ 1.3%
Provisions
€3,000 =
Debt
€41,681 ▲ 5.9%
Debt's share of the balance-sheet total rises from 8.5% to 9.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€9,533▼
2024 · €482,893
Cash flow
-€4,557▼
2024 · €334,509
Current ratio
10.94▼
2024 · 11.64
Debt to equity
0.10▲
2024 · 0.09
ROE
-1.4%▼
2024 · 79.8%
ROA
-1.2%▼
2024 · 72.4%
Interest coverage
-15.19▼
2024 · over 100
Debt ≤ 1 year
€41,681▲
2024 · €39,365
Income taxes
€245▼
2024 · €148,824
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 | - | - | - | €3,220 | - |
| Financial fixed assets | - | €1,130 | - | - | - |
| Depreciation and write-downs of the year | €16,877 | €8,065 | €8,065 | €803 | €1,073 |
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 | €16,389 | €16,877 | €16,877 | €16,877 | €8,065 | €8,065 | €803 | €1,073 | ▲ 33.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €97,681 | -€25,696 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €4,587 | €3,906 | €4,644 | €5,002 | €997 | ▼ 80.1% |
| Gross operating margin9900 | €33,909 | €22,880 | €59,410 | €126,082 | €2,802 | -€3,022 | €487,895 | -€8,536 | - |
| Operating profit (loss)9901 | €13,533 | -€12,491 | €38,529 | €6,937 | €16,527 | -€15,731 | €482,090 | -€10,606 | - |
| Financial income75/76B | - | - | - | - | €0 | €0 | €954 | €5,848 | ▲ 513% |
| Recurring financial income75 | - | - | €26 | - | €0 | €0 | €954 | €5,848 | ▲ 513% |
| Financial charges65/66B | - | - | - | €361 | €471 | €521 | €514 | €627 | ▲ 22.2% |
| Recurring financial charges65 | €232 | €258 | €279 | €361 | €471 | €521 | €514 | €627 | ▲ 22.2% |
| Profit (loss) for the period before taxes9903 | €13,301 | -€12,748 | €38,275 | €6,576 | €16,056 | -€16,253 | €482,530 | -€5,385 | - |
| Income taxes67/77 | €4,205 | €242 | €10,699 | €3,599 | €5,670 | €221 | €148,824 | €245 | ▼ 99.8% |
| Profit (loss) for the period9904 | €9,096 | -€12,990 | €27,576 | €2,977 | €10,386 | -€16,474 | €333,707 | -€5,630 | - |
| Profit (loss) for the period to be appropriated9905 | €9,096 | -€12,990 | €27,576 | €2,977 | €10,386 | -€16,474 | €333,707 | -€5,630 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €148,756 | €127,673 | €150,312 | €124,214 | €126,388 | €108,545 | €460,711 | €457,396 | ▼ 0.7% |
| Fixed assets21/28 | €96,562 | €81,148 | €64,272 | €47,395 | €40,459 | €32,377 | €2,505 | €1,432 | ▼ 42.8% |
| Tangible fixed assets22/27 | €96,280 | €80,866 | €63,989 | €47,112 | €39,047 | €30,981 | €2,417 | €1,344 | ▼ 44.4% |
| Land and buildings22 | - | - | - | €47,112 | €39,047 | €30,981 | - | - | - |
| Furniture and vehicles24 | - | - | - | - | - | - | €2,417 | €1,344 | ▼ 44.4% |
| Financial fixed assets28 | €283 | €283 | €283 | €283 | €1,413 | €1,396 | €88 | €88 | = |
| Current assets29/58 | €52,194 | €46,525 | €86,040 | €76,819 | €85,929 | €76,168 | €458,206 | €455,965 | ▼ 0.5% |
| Amounts receivable within one year40/41 | €31,175 | €25,031 | €44,231 | €37,600 | €15,410 | €16,834 | €27,790 | €18,805 | ▼ 32.3% |
| Trade receivables40 | - | - | - | €23,520 | - | - | - | - | - |
| Other amounts receivable41 | - | - | - | €14,080 | €15,410 | €16,834 | €27,790 | €18,805 | ▼ 32.3% |
| Current investments50/53 | - | - | - | - | - | - | €373,415 | €377,578 | ▲ 1.1% |
| Cash at bank and in hand54/58 | €19,610 | €19,457 | €40,673 | €38,057 | €68,902 | €57,648 | €54,826 | €57,149 | ▲ 4.2% |
| Deferred charges and accrued income490/1 | - | - | - | €1,162 | €1,617 | €1,685 | €2,175 | €2,433 | ▲ 11.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €148,756 | €127,673 | €150,312 | €124,214 | €126,388 | €108,545 | €460,711 | €457,396 | ▼ 0.7% |
| Equity10/15 | €73,164 | €60,174 | €87,750 | €90,728 | €101,113 | €84,639 | €418,346 | €412,715 | ▼ 1.3% |
| Contributions10/11 | €31,000 | €31,000 | - | €31,000 | €31,000 | €31,000 | €31,000 | €31,000 | = |
| Reserves13 | €38,100 | €28,100 | €55,675 | €58,575 | €68,875 | €53,275 | €386,975 | €386,975 | = |
| Non-distributable reserves130/1 | - | - | - | €3,100 | €3,100 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €3,100 | €3,100 | - | - | - | - |
| Distributable reserves133 | - | - | - | €55,475 | €65,775 | €53,275 | €386,975 | €386,975 | = |
| Profit (loss) carried forward14 | €4,064 | €1,074 | €1,075 | €1,153 | €1,238 | €364 | €371 | -€5,260 | - |
| Provisions and deferred taxes16 | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Provisions for liabilities and charges160/5 | - | - | - | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Other liabilities and charges164/5 | - | - | - | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Amounts payable17/49 | €72,592 | €64,499 | €59,561 | €30,486 | €22,275 | €20,905 | €39,365 | €41,681 | ▲ 5.9% |
| Amounts payable after more than one year17 | €21,815 | €14,740 | €7,665 | €590 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €590 | - | - | - | - | - |
| Amounts payable within one year42/48 | €50,777 | €49,759 | €51,897 | €29,897 | €22,275 | €20,905 | €39,365 | €41,681 | ▲ 5.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,075 | €590 | - | - | - | - |
| Trade debts44 | €7,640 | €13,599 | €1,343 | €2,661 | €1,875 | €1,245 | €1,377 | €972 | ▼ 29.4% |
| Suppliers440/4 | - | - | - | €2,661 | €1,875 | €1,245 | €1,377 | €972 | ▼ 29.4% |
| Taxes, remuneration and social security45 | - | - | - | €3,750 | €7,343 | €7,415 | €33,803 | €33,638 | ▼ 0.5% |
| Taxes450/3 | - | - | - | €955 | €3,601 | €3,559 | €29,659 | €29,647 | = |
| Remuneration and social security454/9 | - | - | - | €2,795 | €3,742 | €3,856 | €4,144 | €3,991 | ▼ 3.7% |
| Other amounts payable47/48 | - | - | - | €16,411 | €12,467 | €12,246 | €4,186 | €7,071 | ▲ 68.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,096 | -€12,990 | €27,576 | €2,977 | €10,386 | -€16,474 | €333,707 | -€5,630 | - |
| + Depreciation and write-downs630 | €16,389 | €16,877 | €16,877 | €16,877 | €8,065 | €8,065 | €803 | €1,073 | ▲ 33.7% |
| Operating cash flow (approximation) | €25,485 | €3,887 | €44,453 | €19,854 | €18,451 | -€8,408 | €334,509 | -€4,557 | - |
| Investment in fixed assets (approximation) | - | -€1,463 | €0 | €0 | -€1,130 | €17 | €29,069 | €0 | ▼ 100% |
| Change in cash | - | -€152 | €21,216 | -€2,616 | €30,845 | -€11,254 | -€2,822 | €2,323 | - |
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, 8,617 companies had the same profile as SOFARNO has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SOFARNO 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 8,617 companies, not a prediction for SOFARNO. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 01-06-2026 | 2026-00133304 | |
| 31-12-2024 | micro format | 19-06-2025 | 2025-00160249 | |
| 31-12-2023 | micro format | 28-05-2024 | 2024-00099855 | |
| 31-12-2022 | micro format | 16-06-2023 | 2023-00137471 | |
| 31-12-2021 | micro format | 12-07-2022 | 2022-20181340 | |
| 31-12-2020 | micro format | 02-06-2021 | 2021-16900027 | |
| 31-12-2019 | micro format | 08-05-2020 | 2020-11700563 | |
| 31-12-2018 | micro format | 29-05-2019 | 2019-15200556 | |
| 31-12-2017 | micro format | 31-05-2018 | 2018-15100465 | |
| 31-12-2016 | micro format | 22-06-2017 | 2017-20300408 |