TOMFRO
ActiveFinancials · financial year 2026, full format
Annual accounts 2026 filed on 16-09-2026 at the NBB all 11 filings
Turnover
€1.3m▼ 6.7%
2025 · €1.4m
EBIT margin
-2.9%▼ 4.0pp
2025 · 1.1%
Net result
-€44,914
2025 · €5,980
Working capital
€35,240
2025 · -€3,852
Multi-year overview
2019 to 2026, 8 financial yearsTurnover
€1.3m
▼ 6.7%
2026
20192026
Operating result
-€38,666
2026
20192026
Net result
-€44,914
2026
20192026
EBIT margin
-2.9%
▼ 4.0pp
2026
20192026
Equity
€6,667
▼ 87.1%
2026
20192026
Total assets
€287,910
▼ 9.9%
2026
20192026
Debt
€281,244
▲ 4.9%
2026
20192026
Working capital
€35,240
2026
20192026
Staff (FTE)
4.8
▼ 5.9%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Turnover€1.4m€1.4m▲ 5.8%€1.5m▲ 1.7%€1.5m▼ 0.3%€1.5m▲ 2.0%€1.4m▼ 3.6%€1.3m▼ 6.7%
Operating result€0.07m-€0.09m▲ 14.1%€0.08m▼ 9.3%€0.06m▼ 16.0%€0.05m▼ 29.7%€0.02m▼ 46.6%€0.02m▼ 34.1%-€0.04m
Net result€0.04m-€0.05m▲ 22.5%€0.05m▼ 5.0%€0.04m▼ 15.9%€0.03m▼ 33.4%€0.01m▼ 57.0%€0.006m▼ 50.1%-€0.04m
EBIT margin6.3%5.4%▼ 0.9pp4.4%▼ 0.9pp3.1%▼ 1.3pp1.6%▼ 1.5pp1.1%▼ 0.5pp-2.9%▼ 4.0pp
Equity€0.06m-€0.08m▲ 36.4%€0.08m▼ 0.2%€0.09m▲ 7.8%€0.09m▲ 3.2%€0.1m▲ 12.8%€0.05m▼ 51.2%€0.007m▼ 87.1%
Total assets€0.4m-€0.4m▼ 1.8%€0.4m▼ 8.0%€0.4m▲ 2.0%€0.4m▼ 8.5%€0.3m▼ 4.5%€0.3m▼ 5.5%€0.3m▼ 9.9%
Debt€0.4m-€0.3m▼ 8.4%€0.3m▼ 10.0%€0.3m▲ 0.3%€0.3m▼ 12.0%€0.2m▼ 10.8%€0.3m▲ 15.3%€0.3m▲ 4.9%
Working capital-€0.05m--€0.03m▲ 42.1%-€0.03m▼ 24.0%-€0.02m▲ 42.1%-€0.006m▲ 72.7%€0.03m-€0.004m€0.04m
Staff (FTE)5.2-5.8▲ 11.5%6▲ 3.4%6=6=6.1▲ 1.7%5.1▼ 16.4%4.8▼ 5.9%
The operating result for 2026 is a loss of €38,666, after a profit of €16,043 in 2025. It is the lowest result since 2022.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €287,910
Fixed assets
€45,827 ▼ 17.3%
Current assets
€242,083 ▼ 8.4%
Equity and liabilities €287,910
Equity
€6,667 ▼ 87.1%
Debt
€281,244 ▲ 4.9%
Debt's share of the balance-sheet total rises from 83.9% to 97.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€29,060▼
2025 · €41,243
Cash flow
-€35,308▼
2025 · €31,180
Current ratio
1.17▲
2025 · 0.99
Quick ratio
0.20▼
2025 · 0.28
Debt to equity
42.19▲
2025 · 5.20
ROE
-673.7%▼
2025 · 11.6%
ROA
-15.6%▼
2025 · 1.9%
Interest coverage
-16.39▼
2025 · 18.55
Debt ≤ 1 year
€206,844▼
2025 · €267,998
Debt > 1 year
€74,400
Income taxes
€200▼
2025 · €3,860
Customer credit
1 day▲
2025 · 1 day
Supplier credit
64 days▲
2025 · 58 days
Staff costs
€146,491▲
2025 · €135,906
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 6 | 6 | 6 | 5 | 5 |
| full-time | 6 | 6 | 6 | 3 | 3 |
| part-time | - | - | - | 2 | 2 |
| in full-time equivalents | 6 | 6 | 6 | 4.6 | 4.6 |
| Average over the year, in full-time equivalents | 6 | 6 | 6.1 | 5.1 | 4.8 |
| On a permanent contract | 1 | 3 | 3 | 2 | 2 |
| Joined | 4 | 4 | 4 | 8 | 3 |
| Left | 4 | 4 | 4 | 9 | 3 |
| Training hours | 5,143 | 5,207 | 5,059 | 2,602 | 1,861 |
Source: social balance sheet in the 2022 to 2026 annual accounts
Overdue debts
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Overdue social security (RSZ) debts | - | - | - | - | €623 |
Source: notes to the 2022 to 2026 annual accounts (statement of debts)
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | €15,062 | €16,340 |
| Debts guaranteed by Belgian public bodies | €45,971 | €32,328 | €18,482 | - | - |
| Pledge on the business | €200,000 | €200,000 | €200,000 | €200,000 | €200,000 |
Source: notes to the 2022 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,380 | €2,170 | €3,320 | €2,159 | €7,949 |
| Depreciation and write-downs of the year | €24,179 | €24,797 | €25,074 | €25,200 | €9,606 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €1.5m | €1.5m | €1.5m | €1.4m | €1.3m | ▼ 6.4% |
| Turnover70 | - | €1.4m | €1.4m | €1.5m | €1.5m | €1.5m | €1.4m | €1.3m | ▼ 6.7% |
| Other operating income74 | - | - | - | €0.02m | €0.01m | €0.004m | €0.01m | €0.01m | ▲ 40.5% |
| Operating charges60/66A | - | - | - | €1.4m | €1.4m | €1.5m | €1.4m | €1.4m | ▼ 2.6% |
| Goods for resale, raw materials and consumables60 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.8m | ▼ 5.1% |
| Purchases600/8 | - | - | - | €1.0m | €0.9m | €1.0m | €0.9m | €0.9m | ▼ 1.4% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.02m | €0.01m | -€0.01m | €0.02m | -€0.01m | - |
| Services and other goods61 | - | - | - | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | ▲ 3.2% |
| Remuneration, social security and pensions62 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.03m | €0.03m | €0.01m | ▼ 61.9% |
| Other operating charges640/8 | - | - | - | €0.005m | €0.006m | €0.02m | €0.005m | €0.006m | ▲ 22.6% |
| Gross operating margin9900 | €0.2m | - | - | - | - | - | - | - | - |
| Operating profit (loss)9901 | €0.07m | €0.09m | €0.08m | €0.06m | €0.05m | €0.02m | €0.02m | -€0.04m | - |
| Financial income75/76B | - | - | - | €136 | €364 | €0.001m | €336 | €78 | ▼ 76.8% |
| Recurring financial income75 | €346 | €300 | €368 | €136 | €364 | €0.001m | €336 | €78 | ▼ 76.8% |
| Other financial income752/9 | - | - | - | €136 | €364 | €0.001m | €336 | €78 | ▼ 76.8% |
| Financial charges65/66B | - | - | - | €0.009m | €0.009m | €0.008m | €0.007m | €0.006m | ▼ 6.3% |
| Recurring financial charges65 | €0.01m | €0.01m | €0.01m | €0.009m | €0.009m | €0.008m | €0.007m | €0.006m | ▼ 6.3% |
| Debt charges650 | - | €0.004m | €0.003m | €0.002m | €0.002m | €0.003m | €0.002m | €0.002m | ▼ 20.2% |
| Other financial charges652/9 | - | - | - | €0.007m | €0.006m | €0.005m | €0.004m | €0.004m | ▲ 0.9% |
| Profit (loss) for the period before taxes9903 | €0.06m | €0.08m | €0.07m | €0.06m | €0.04m | €0.02m | €0.01m | -€0.04m | - |
| Income taxes67/77 | €0.02m | €0.02m | €0.02m | €0.01m | €0.01m | €0.005m | €0.004m | €200 | ▼ 94.8% |
| Taxes670/3 | - | - | - | €0.01m | €0.01m | €0.005m | €0.004m | €200 | ▼ 94.8% |
| Profit (loss) for the period9904 | €0.04m | €0.05m | €0.05m | €0.04m | €0.03m | €0.01m | €0.006m | -€0.04m | - |
| Profit (loss) for the period to be appropriated9905 | €0.04m | €0.05m | €0.05m | €0.04m | €0.03m | €0.01m | €0.006m | -€0.04m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €419,735 | €412,230 | €379,429 | €386,990 | €354,234 | €338,123 | €319,579 | €287,910 | ▼ 9.9% |
| Fixed assets21/28 | €188,771 | €167,348 | €143,654 | €122,855 | €100,227 | €78,473 | €55,433 | €45,827 | ▼ 17.3% |
| Tangible fixed assets22/27 | €188,771 | €167,348 | €143,417 | €122,618 | €99,991 | €78,237 | €55,196 | €45,590 | ▼ 17.4% |
| Plant, machinery and equipment23 | - | - | - | €121,043 | €98,786 | €77,403 | €54,733 | €45,499 | ▼ 16.9% |
| Furniture and vehicles24 | - | - | - | €1,575 | €1,204 | €833 | €462 | €91 | ▼ 80.2% |
| Financial fixed assets28 | - | - | €237 | €237 | €237 | €237 | €237 | €237 | = |
| Other financial fixed assets284/8 | - | - | - | €237 | €237 | €237 | €237 | €237 | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €237 | €237 | €237 | €237 | €237 | = |
| Current assets29/58 | €230,964 | €244,882 | €235,776 | €264,135 | €254,007 | €259,650 | €264,146 | €242,083 | ▼ 8.4% |
| Stocks and contracts in progress3 | €178,353 | €201,884 | €192,479 | €210,861 | €196,247 | €209,521 | €187,808 | €199,715 | ▲ 6.3% |
| Stocks30/36 | - | - | - | €210,861 | €196,247 | €209,521 | €187,808 | €199,715 | ▲ 6.3% |
| Goods purchased for resale34 | - | - | - | €210,861 | €196,247 | €209,521 | €187,808 | €199,715 | ▲ 6.3% |
| Amounts receivable within one year40/41 | €2,006 | €9,887 | €3,426 | €7,049 | €8,414 | €10,666 | €4,045 | €8,853 | ▲ 119% |
| Trade receivables40 | - | - | - | - | - | €4,976 | €3,343 | €3,121 | ▼ 6.6% |
| Other amounts receivable41 | - | - | - | €7,049 | €8,414 | €5,689 | €703 | €5,732 | ▲ 716% |
| Cash at bank and in hand54/58 | €49,808 | €32,247 | €38,294 | €44,360 | €46,708 | €35,342 | €67,293 | €29,952 | ▼ 55.5% |
| Deferred charges and accrued income490/1 | - | - | - | €1,865 | €2,638 | €4,121 | €4,999 | €3,564 | ▼ 28.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €419,735 | €412,230 | €379,429 | €386,990 | €354,234 | €338,123 | €319,579 | €287,910 | ▼ 9.9% |
| Equity10/15 | €61,809 | €84,279 | €84,132 | €90,707 | €93,612 | €105,601 | €51,581 | €6,667 | ▼ 87.1% |
| Contributions10/11 | €50,000 | €50,000 | - | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Reserves13 | €5,000 | €5,000 | €34,000 | €34,000 | €43,000 | €55,000 | - | - | - |
| Non-distributable reserves130/1 | - | - | - | €5,000 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €5,000 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €29,000 | €43,000 | €55,000 | - | - | - |
| Profit (loss) carried forward14 | €6,809 | €29,279 | €132 | €6,707 | €612 | €601 | €1,581 | -€43,333 | - |
| Amounts payable17/49 | €357,926 | €327,951 | €295,297 | €296,283 | €260,622 | €232,523 | €267,998 | €281,244 | ▲ 4.9% |
| Amounts payable after more than one year17 | €47,748 | €35,748 | €23,432 | €10,790 | - | - | - | €74,400 | - |
| Financial debts170/4 | - | - | - | €10,790 | - | - | - | - | - |
| Credit institutions173 | - | - | - | €10,790 | - | - | - | - | - |
| Other amounts payable178/9 | - | - | - | - | - | - | - | €74,400 | - |
| Amounts payable within one year42/48 | €279,694 | €273,110 | €270,774 | €284,402 | €259,530 | €232,523 | €267,998 | €206,844 | ▼ 22.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €35,182 | €32,328 | €18,482 | €15,062 | €16,340 | ▲ 8.5% |
| Financial debts43 | - | - | - | €12,830 | €82 | - | - | €2,876 | - |
| Credit institutions430/8 | - | - | - | €12,830 | €82 | - | - | €2,876 | - |
| Trade debts44 | €165,018 | €170,164 | €137,455 | €143,020 | €134,917 | €155,881 | €142,517 | €147,987 | ▲ 3.8% |
| Suppliers440/4 | - | - | - | €143,020 | €134,917 | €155,881 | €142,517 | €147,987 | ▲ 3.8% |
| Taxes, remuneration and social security45 | - | - | - | €28,016 | €32,204 | €33,160 | €35,419 | €39,220 | ▲ 10.7% |
| Taxes450/3 | - | - | - | €3,707 | €4,264 | €3,708 | €9,302 | €6,086 | ▼ 34.6% |
| Remuneration and social security454/9 | - | - | - | €24,310 | €27,940 | €29,452 | €26,116 | €33,135 | ▲ 26.9% |
| Other amounts payable47/48 | - | - | - | €65,354 | €60,000 | €25,000 | €75,000 | €420 | ▼ 99.4% |
| Accrued charges and deferred income492/3 | - | - | - | €1,092 | €1,092 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €42,837 | €52,470 | €49,853 | €41,928 | €27,905 | €11,989 | €5,980 | -€44,914 | - |
| + Depreciation and write-downs630 | €23,679 | €24,123 | €23,931 | €24,179 | €24,797 | €25,074 | €25,200 | €9,606 | ▼ 61.9% |
| Operating cash flow (approximation) | €66,516 | €76,593 | €73,784 | €66,107 | €52,703 | €37,063 | €31,180 | -€35,308 | - |
| Investment in fixed assets (approximation) | - | -€2,700 | -€237 | -€3,380 | -€2,170 | -€3,320 | -€2,159 | €0 | - |
| Change in cash | - | -€17,562 | €6,048 | €6,065 | €2,348 | -€11,366 | €31,951 | -€37,341 | - |
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, 642 companies had the same profile as TOMFRO has now. Two years later, 89.7% were still going and 3.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency under 10%
- a loss of 10% of the balance sheet or more
89.7%
was still going
5.5%
stopped otherwise
3.6%
went bankrupt
Another 1.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TOMFRO 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 642 companies, not a prediction for TOMFRO. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | full format | 16-09-2026 | 2026-00513985 | |
| 31-03-2025 | unclassified schema | 10-10-2025 | 2025-00541783 | |
| 31-03-2024 | unclassified schema | 11-10-2024 | 2024-00504830 | |
| 31-03-2023 | unclassified schema | 29-09-2023 | 2023-00463904 | |
| 31-03-2022 | unclassified schema | 08-11-2022 | 2022-20518556 | |
| 31-03-2021 | unclassified schema | 16-11-2021 | 2021-77500046 | |
| 31-03-2020 | full format | 19-11-2020 | 2020-71200404 | |
| 31-03-2019 | full format | 14-10-2019 | 2019-70100388 | |
| 31-03-2018 | full format | 16-10-2018 | 2018-69500282 | |
| 31-03-2017 | full format | 20-10-2017 | 2017-67600501 |