89
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 14 filings
Turnover
≈ €290,000
Estimated: probably between €190,000 and €500,000
Total assets
€276,528▲ 20.3%
2024 · €229,903
Net result
€8,935▲ 586%
2024 · €1,303
Working capital
-€20,393▼ 52.7%
2024 · -€13,353
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€21,981
▲ 200%
2025
20182025
Net result
€8,935
▲ 586%
2025
middle half of the sector
20182025
Equity
-€9,228
▲ 49.2%
2025
lowest quarter of the sector
20182025
Total assets
€276,528
▲ 20.3%
2025
middle half of the sector
20182025
Debt
€285,755
▲ 15.2%
2025
20182025
Working capital
-€20,393
▼ 52.7%
2025
lowest quarter of the sector
20182025
Solvency
-3.3%
▲ 4.6pp
2025
lowest quarter of the sector
20182025
Current ratio
0.92
▼ 0.02
2025
middle half of the sector
20182025
Return on assets (ROA)
3.2%
▲ 2.7pp
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-€4,273-€4,425€14,230▲ 222%€12,866▼ 9.6%€13,580▲ 5.5%-€55,144€7,329€21,981▲ 200%
Net result-€9,959--€3,874▲ 61.1%€9,790within the sector's middle half€7,253within the sector's middle half▼ 25.9%€5,667within the sector's middle half▼ 21.9%-€60,074below the sector's middle half€1,303within the sector's middle half€8,935within the sector's middle half▲ 586%
Equity€21,773-€17,898▼ 17.8%€27,689within the sector's middle half▲ 54.7%€34,942within the sector's middle half▲ 26.2%€40,609within the sector's middle half▲ 16.2%-€19,465below the sector's middle half-€18,162below the sector's middle half▲ 6.7%-€9,228below the sector's middle half▲ 49.2%
Total assets€149,123-€151,268▲ 1.4%€163,051within the sector's middle half▲ 7.8%€205,417within the sector's middle half▲ 26.0%€265,130within the sector's middle half▲ 29.1%€227,391within the sector's middle half▼ 14.2%€229,903within the sector's middle half▲ 1.1%€276,528within the sector's middle half▲ 20.3%
Debt€127,350-€133,370▲ 4.7%€135,363▲ 1.5%€170,475▲ 25.9%€224,521▲ 31.7%€246,856▲ 9.9%€248,065▲ 0.5%€285,755▲ 15.2%
Working capital€14,574-€12,283▼ 15.7%-€13,267below the sector's middle half€13,498within the sector's middle half€26,981within the sector's middle half▲ 99.9%-€23,349below the sector's middle half-€13,353below the sector's middle half▲ 42.8%-€20,393below the sector's middle half▼ 52.7%
Solvency14.6%-11.8%▼ 2.8pp17.0%within the sector's middle half▲ 5.1pp17.0%within the sector's middle half=15.3%within the sector's middle half▼ 1.7pp-8.6%below the sector's middle half▼ 23.9pp-7.9%below the sector's middle half▲ 0.7pp-3.3%below the sector's middle half▲ 4.6pp
Current ratio1.11-1.09▼ 0.020.90within the sector's middle half▼ 0.191.09within the sector's middle half▲ 0.191.13within the sector's middle half▲ 0.040.90below the sector's middle half▼ 0.230.94within the sector's middle half▲ 0.040.92within the sector's middle half▼ 0.02
Return on assets (ROA)-6.7%--2.6%▲ 4.1pp6.0%within the sector's middle half▲ 8.6pp3.5%within the sector's middle half▼ 2.5pp2.1%within the sector's middle half▼ 1.4pp-26.4%below the sector's middle half▼ 28.6pp0.6%within the sector's middle half▲ 27.0pp3.2%within the sector's middle half▲ 2.7pp
Staff (FTE)0.50.5below the sector's middle half=11=
above
within
below
The sector band is the middle half of the companies in Manufacture of furniture (NACE 31). 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 200% higher than in 2024 and the highest since 2018. 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 €276,528
Fixed assets
€26,760 ▲ 72.1%
Current assets
€249,768 ▲ 16.5%
Equity and liabilities
Equity-€9,228
Debt€285,755
Equity is negative. Debt (€285,755) exceeds the balance-sheet total (€276,528).
Key figures and ratios
EBITDA
€31,175▲
2024 · €14,803
Cash flow
€18,129▲
2024 · €8,776
Quick ratio
0.12▲
2024 · 0.08
Interest coverage
2.42▼
2024 · 2.51
Debt ≤ 1 year
€270,161▲
2024 · €227,711
Debt > 1 year
€15,595=
2024 · €15,595
Income taxes
€187▲
2024 · €140
Staff costs
€55,878▲
2024 · €30,953
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 |
|---|---|---|
| Employees at the balance-sheet date | 1 | 1 |
| full-time | 0 | 0 |
| part-time | 1 | 1 |
| in full-time equivalents | 0.5 | 0.5 |
| Average over the year, in full-time equivalents | 0.6 | 0.6 |
| On a permanent contract | 1 | 1 |
Source: social balance sheet in the 2022 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €548 | - | €1,655 | - | €24,659 |
| Financial fixed assets | €3,300 | - | - | - | €0 |
| Depreciation and write-downs of the year | €7,843 | €7,816 | €7,859 | €7,474 | €9,194 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €14,585 | €21,650 | €23,145 | €30,953 | €55,878 | ▲ 80.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,901 | €1,461 | €426 | €7,843 | €7,816 | €7,859 | €7,474 | €9,194 | ▲ 23.0% |
| Other operating charges640/8 | - | - | - | €1,810 | €3,287 | €2,729 | €2,172 | €8,296 | ▲ 282% |
| Non-recurring operating charges66A | - | - | - | €0 | - | €12,330 | €0 | - | - |
| Gross operating margin9900 | €17,662 | €30,143 | €24,744 | €37,104 | €46,333 | -€9,081 | €47,928 | €95,349 | ▲ 98.9% |
| Operating profit (loss)9901 | -€4,273 | €4,425 | €14,230 | €12,866 | €13,580 | -€55,144 | €7,329 | €21,981 | ▲ 200% |
| Financial income75/76B | - | - | - | €4 | €0 | €83 | €17 | €8 | ▼ 55.9% |
| Recurring financial income75 | €101 | €0 | €149 | €4 | €0 | €83 | €17 | €8 | ▼ 55.9% |
| Financial charges65/66B | - | - | - | €4,444 | €4,515 | €4,881 | €5,904 | €12,866 | ▲ 118% |
| Recurring financial charges65 | €5,788 | €7,330 | €4,452 | €4,444 | €4,515 | €4,881 | €5,904 | €12,866 | ▲ 118% |
| Non-recurring financial charges66B | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€9,959 | -€3,641 | €9,905 | €8,427 | €9,066 | -€59,943 | €1,442 | €9,122 | ▲ 532% |
| Income taxes67/77 | - | €233 | €114 | €1,174 | €3,398 | €132 | €140 | €187 | ▲ 34.3% |
| Profit (loss) for the period9904 | -€9,959 | -€3,874 | €9,790 | €7,253 | €5,667 | -€60,074 | €1,303 | €8,935 | ▲ 586% |
| Profit (loss) for the period to be appropriated9905 | -€9,959 | -€3,874 | €9,790 | €7,253 | €5,667 | -€60,074 | €1,303 | €8,935 | ▲ 586% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €149,123 | €151,268 | €163,051 | €205,417 | €265,130 | €227,391 | €229,903 | €276,528 | ▲ 20.3% |
| Fixed assets21/28 | €7,199 | €5,737 | €41,033 | €37,039 | €29,223 | €23,018 | €15,545 | €26,760 | ▲ 72.1% |
| Tangible fixed assets22/27 | €2,949 | €1,487 | €36,783 | €29,489 | €21,673 | €15,468 | €7,995 | €23,460 | ▲ 193% |
| Plant, machinery and equipment23 | - | - | - | €28,389 | €21,247 | €15,468 | €7,995 | €703 | ▼ 91.2% |
| Furniture and vehicles24 | - | - | - | €1,099 | €426 | €0 | - | €5,841 | - |
| Other tangible fixed assets26 | - | - | - | - | - | - | - | €16,916 | - |
| Financial fixed assets28 | €4,250 | €4,250 | €4,250 | €7,550 | €7,550 | €7,550 | €7,550 | €3,300 | ▼ 56.3% |
| Current assets29/58 | €141,924 | €145,531 | €122,018 | €168,378 | €235,907 | €204,373 | €214,358 | €249,768 | ▲ 16.5% |
| Stocks and contracts in progress3 | €97,722 | €115,187 | €107,754 | €143,480 | €206,032 | €189,369 | €195,360 | €217,644 | ▲ 11.4% |
| Stocks30/36 | - | - | - | €143,480 | €206,032 | €189,369 | €195,360 | €217,644 | ▲ 11.4% |
| Amounts receivable within one year40/41 | €14,643 | €14,438 | €10,749 | €20,856 | €24,372 | €13,523 | €18,126 | €27,437 | ▲ 51.4% |
| Trade receivables40 | - | - | - | €20,856 | €23,303 | €13,464 | €17,618 | €27,437 | ▲ 55.7% |
| Other amounts receivable41 | - | - | - | €0 | €1,069 | €59 | €509 | €0 | ▼ 100% |
| Deferred charges and accrued income490/1 | - | - | - | €4,042 | €5,503 | €1,481 | €871 | €4,687 | ▲ 438% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €149,123 | €151,268 | €163,051 | €205,417 | €265,130 | €227,391 | €229,903 | €276,528 | ▲ 20.3% |
| Equity10/15 | €21,773 | €17,898 | €27,689 | €34,942 | €40,609 | -€19,465 | -€18,162 | -€9,228 | ▲ 49.2% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €3,173 | €2,067 | €9,089 | €16,342 | €22,009 | €22,009 | €22,009 | €22,009 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Tax-exempt reserves132 | - | - | - | €207 | €207 | €207 | €207 | €207 | = |
| Distributable reserves133 | - | - | - | €14,274 | €19,942 | €19,942 | €19,942 | €21,802 | ▲ 9.3% |
| Profit (loss) carried forward14 | - | -€2,769 | - | - | - | -€60,074 | -€58,771 | -€49,837 | ▲ 15.2% |
| Amounts payable17/49 | €127,350 | €133,370 | €135,363 | €170,475 | €224,521 | €246,856 | €248,065 | €285,755 | ▲ 15.2% |
| Amounts payable after more than one year17 | - | - | - | €15,595 | €15,595 | €15,595 | €15,595 | €15,595 | = |
| Financial debts170/4 | - | - | - | €15,595 | €15,595 | €15,595 | €15,595 | €15,595 | = |
| Amounts payable within one year42/48 | €127,350 | €133,248 | €135,285 | €154,880 | €208,926 | €227,722 | €227,711 | €270,161 | ▲ 18.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,405 | €29,405 | €29,405 | €24,405 | €16,905 | ▼ 30.7% |
| Financial debts43 | - | - | - | €12,617 | €11,867 | €16,188 | €12,360 | €12,457 | ▲ 0.8% |
| Credit institutions430/8 | - | - | - | €12,617 | €11,867 | €14,358 | €12,360 | €12,457 | ▲ 0.8% |
| Other loans439 | - | - | - | - | - | €1,830 | €0 | - | - |
| Trade debts44 | €33,185 | €60,188 | €65,192 | €40,614 | €82,851 | €80,451 | €71,940 | €98,821 | ▲ 37.4% |
| Suppliers440/4 | - | - | - | €40,614 | €82,851 | €80,451 | €71,940 | €98,821 | ▲ 37.4% |
| Taxes, remuneration and social security45 | - | - | - | €13,313 | €9,609 | €13,867 | €20,426 | €26,178 | ▲ 28.2% |
| Taxes450/3 | - | - | - | €8,059 | €4,593 | €7,660 | €13,732 | €15,650 | ▲ 14.0% |
| Remuneration and social security454/9 | - | - | - | €5,255 | €5,016 | €6,207 | €6,695 | €10,528 | ▲ 57.3% |
| Other amounts payable47/48 | - | - | - | €78,930 | €75,194 | €87,810 | €98,579 | €115,799 | ▲ 17.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | €3,540 | €4,760 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,959 | -€3,874 | €9,790 | €7,253 | €5,667 | -€60,074 | €1,303 | €8,935 | ▲ 586% |
| + Depreciation and write-downs630 | €2,901 | €1,461 | €426 | €7,843 | €7,816 | €7,859 | €7,474 | €9,194 | ▲ 23.0% |
| Operating cash flow (approximation) | -€7,058 | -€2,413 | €10,217 | €15,096 | €13,483 | -€52,215 | €8,776 | €18,129 | ▲ 107% |
| Investment in fixed assets (approximation) | - | €0 | -€35,723 | -€3,848 | €0 | -€1,655 | €0 | -€20,409 | - |
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, 1,379 companies had the same profile as 89 has now. Two years later, 94.3% were still going and 2.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a profit under 5% of the balance sheet
94.3%
was still going
3.2%
stopped otherwise
2.4%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of 89 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 1,379 companies, not a prediction for 89. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-06-2026 | 2026-00189023 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00437365 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00431216 | |
| 31-12-2022 | micro format | 02-10-2023 | 2023-00471622 | |
| 31-12-2021 | micro format | 09-06-2022 | 2022-20057131 | |
| 31-12-2020 | micro format | 08-03-2021 | 2021-07100177 | |
| 31-12-2019 | micro format | 10-07-2020 | 2020-29100036 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-56400273 | |
| 31-12-2017 | micro format | 06-06-2018 | 2018-16100419 | |
| 31-12-2016 | micro format | 09-05-2017 | 2017-11600312 |