ABASE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-04-2026 PDF all 39 filings
Turnover
≈ €480,000
Estimated: probably between €220,000 and €1.2m
Total assets
€109,411▲ 2.9%
2024 · €106,315
Net result
€11,909
2024 · -€9,817
Working capital
€11,529
2024 · -€2,235
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€22,933
2025
20192025
Net result
€11,909
2025
middle half of the sector
20192025
Equity
€21,225
▲ 128%
2025
middle half of the sector
20192025
Total assets
€109,411
▲ 2.9%
2025
middle half of the sector
20192025
Debt
€88,186
▼ 9.1%
2025
20192025
Working capital
€11,529
2025
middle half of the sector
20192025
Solvency
19.4%
▲ 10.6pp
2025
middle half of the sector
20192025
Current ratio
1.15
▲ 0.18
2025
middle half of the sector
20192025
Return on assets (ROA)
10.9%
▲ 20.1pp
2025
middle half of the sector
20192025
Staff (FTE)
5
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€3,171-€13,390▲ 322%€12,656▼ 5.5%€6,194▼ 51.1%€24,053▲ 288%-€4,427€22,933
Net result-€2,787-€6,576within the sector's middle half€5,037within the sector's middle half▼ 23.4%€142within the sector's middle half▼ 97.2%€12,098within the sector's middle half▲ 85×-€9,817below the sector's middle half€11,909within the sector's middle half
Equity-€4,720-€1,856below the sector's middle half€6,893below the sector's middle half▲ 271%€7,035within the sector's middle half▲ 2.1%€19,133within the sector's middle half▲ 172%€9,316within the sector's middle half▼ 51.3%€21,225within the sector's middle half▲ 128%
Total assets€111,839-€102,495within the sector's middle half▼ 8.4%€79,370within the sector's middle half▼ 22.6%€78,824within the sector's middle half▼ 0.7%€112,928within the sector's middle half▲ 43.3%€106,315within the sector's middle half▼ 5.9%€109,411within the sector's middle half▲ 2.9%
Debt€116,559-€100,639▼ 13.7%€72,477▼ 28.0%€71,789▼ 0.9%€93,795▲ 30.7%€96,999▲ 3.4%€88,186▼ 9.1%
Working capital-€25,554--€13,357below the sector's middle half▲ 47.7%€8,268within the sector's middle half€11,662within the sector's middle half▲ 41.0%€4,541within the sector's middle half▼ 61.1%-€2,235within the sector's middle half€11,529within the sector's middle half
Solvency-4.2%-1.8%below the sector's middle half▲ 6.0pp8.7%within the sector's middle half▲ 6.9pp8.9%within the sector's middle half▲ 0.2pp16.9%within the sector's middle half▲ 8.0pp8.8%within the sector's middle half▼ 8.2pp19.4%within the sector's middle half▲ 10.6pp
Current ratio0.74-0.84below the sector's middle half▲ 0.111.16within the sector's middle half▲ 0.321.21within the sector's middle half▲ 0.051.06within the sector's middle half▼ 0.140.97within the sector's middle half▼ 0.091.15within the sector's middle half▲ 0.18
Return on assets (ROA)-2.5%-6.4%within the sector's middle half▲ 8.9pp6.3%within the sector's middle half▼ 0.1pp0.2%within the sector's middle half▼ 6.2pp10.7%within the sector's middle half▲ 10.5pp-9.2%below the sector's middle half▼ 19.9pp10.9%within the sector's middle half▲ 20.1pp
Staff (FTE)7.3-5.9above the sector's middle half▼ 19.2%5.8▼ 1.7%5.1▼ 12.1%5.1=5
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 a profit of €22,933, after a loss of €4,427 in 2024.
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 €109,411
Fixed assets
€21,554 ▼ 27.4%
Current assets
€87,857 ▲ 14.6%
Equity and liabilities €109,411
Equity
€21,225 ▲ 128%
Debt
€88,186 ▼ 9.1%
Debt's share of the balance-sheet total falls from 91.2% to 80.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€31,429▲
2024 · €4,263
Cash flow
€20,405▲
2024 · -€1,127
Debt to equity
4.15▼
2024 · 10.41
ROE
56.1%▲
2024 · -105.4%
Interest coverage
5.44▲
2024 · 0.82
Debt ≤ 1 year
€76,328▼
2024 · €78,873
Debt > 1 year
€11,126▼
2024 · €17,063
Income taxes
€5,256▲
2024 · €229
Staff costs
€92,556▼
2024 · €103,380
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 31-12-2023 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 7 | 6 | 7 |
| full-time | 3 | 3 | 3 |
| part-time | 4 | 3 | 4 |
| in full-time equivalents | 5.1 | 4.8 | 5.6 |
| Average over the year, in full-time equivalents | 5.1 | 5.1 | 5 |
| On a permanent contract | 3 | 3 | 2 |
| Joined | 14 | 18 | 12 |
| Left | 15 | 19 | 11 |
| Training hours | - | 5,099 | 3,204 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €276 | €38,739 | €503 | €502 |
| Depreciation and write-downs of the year | €9,167 | €4,379 | €8,690 | €8,496 |
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 | - | - | - | €5,000 | €12,500 | - | €4,545 | - |
| Remuneration, social security and pensions62 | - | - | - | €101,678 | €159,618 | €103,380 | €92,556 | ▼ 10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,112 | €12,972 | €10,793 | €9,167 | €4,379 | €8,690 | €8,496 | ▼ 2.2% |
| Other operating charges640/8 | - | - | - | €1,860 | €3,077 | €1,704 | €1,751 | ▲ 2.8% |
| Non-recurring operating charges66A | - | - | - | - | €197 | - | €129 | - |
| Gross operating margin9900 | €128,741 | €121,660 | €128,252 | €118,899 | €191,324 | €109,347 | €125,865 | ▲ 15.1% |
| Operating profit (loss)9901 | €3,171 | €13,390 | €12,656 | €6,194 | €24,053 | -€4,427 | €22,933 | - |
| Financial income75/76B | - | - | - | €20 | €289 | €46 | €8 | ▼ 82.6% |
| Recurring financial income75 | €13 | €19 | €101 | €20 | €289 | €46 | €8 | ▼ 82.6% |
| Financial charges65/66B | - | - | - | €2,380 | €5,553 | €5,207 | €5,776 | ▲ 10.9% |
| Recurring financial charges65 | €5,149 | €5,170 | €3,326 | €2,380 | €5,553 | €5,207 | €5,776 | ▲ 10.9% |
| Profit (loss) for the period before taxes9903 | -€1,965 | €8,239 | €9,431 | €3,834 | €18,789 | -€9,588 | €17,165 | - |
| Income taxes67/77 | €822 | €1,663 | €4,394 | €3,692 | €6,691 | €229 | €5,256 | ▲ 23× |
| Profit (loss) for the period9904 | -€2,787 | €6,576 | €5,037 | €142 | €12,098 | -€9,817 | €11,909 | - |
| Profit (loss) for the period to be appropriated9905 | -€2,787 | €6,576 | €5,037 | €142 | €12,098 | -€9,817 | €11,909 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €111,839 | €102,495 | €79,370 | €78,824 | €112,928 | €106,315 | €109,411 | ▲ 2.9% |
| Fixed assets21/28 | €40,634 | €29,808 | €19,592 | €10,701 | €37,864 | €29,677 | €21,554 | ▼ 27.4% |
| Tangible fixed assets22/27 | €40,609 | €29,783 | €19,567 | €10,676 | €37,839 | €29,652 | €21,529 | ▼ 27.4% |
| Furniture and vehicles24 | - | - | - | €1,836 | €3,368 | €2,188 | €1,050 | ▼ 52.0% |
| Leasing and similar rights25 | - | - | - | €7,197 | €31,104 | €24,696 | €18,289 | ▼ 25.9% |
| Other tangible fixed assets26 | - | - | - | €1,643 | €3,367 | €2,768 | €2,190 | ▼ 20.9% |
| Financial fixed assets28 | €25 | €25 | €25 | €25 | €25 | €25 | €25 | = |
| Current assets29/58 | €71,205 | €72,687 | €59,778 | €68,123 | €75,064 | €76,638 | €87,857 | ▲ 14.6% |
| Amounts receivable within one year40/41 | €30,470 | €32,290 | €34,322 | €45,295 | €58,891 | €64,285 | €78,614 | ▲ 22.3% |
| Trade receivables40 | - | - | - | €25,178 | €38,463 | €35,566 | €43,143 | ▲ 21.3% |
| Other amounts receivable41 | - | - | - | €20,117 | €20,428 | €28,719 | €35,471 | ▲ 23.5% |
| Cash at bank and in hand54/58 | €8,503 | €12,090 | €158 | €1,025 | €304 | €86 | €201 | ▲ 134% |
| Deferred charges and accrued income490/1 | - | - | - | €21,803 | €15,869 | €12,267 | €9,042 | ▼ 26.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €111,839 | €102,495 | €79,370 | €78,824 | €112,928 | €106,315 | €109,411 | ▲ 2.9% |
| Equity10/15 | -€4,720 | €1,856 | €6,893 | €7,035 | €19,133 | €9,316 | €21,225 | ▲ 128% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | - | €18,600 | - | - | - | - |
| Share premium1100/10 | - | - | - | €18,600 | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€25,180 | -€18,604 | -€13,567 | -€13,425 | -€1,327 | -€11,144 | €765 | - |
| Amounts payable17/49 | €116,559 | €100,639 | €72,477 | €71,789 | €93,795 | €96,999 | €88,186 | ▼ 9.1% |
| Amounts payable after more than one year17 | €19,084 | €13,843 | €20,904 | €15,260 | €22,712 | €17,063 | €11,126 | ▼ 34.8% |
| Financial debts170/4 | - | - | - | €2,760 | €22,712 | €17,063 | €11,126 | ▼ 34.8% |
| Other amounts payable178/9 | - | - | - | €12,500 | - | - | - | - |
| Amounts payable within one year42/48 | €96,759 | €86,044 | €51,510 | €56,461 | €70,523 | €78,873 | €76,328 | ▼ 3.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,181 | €4,937 | €5,189 | €5,453 | ▲ 5.1% |
| Financial debts43 | - | - | - | €21,979 | €42,946 | €44,864 | €40,052 | ▼ 10.7% |
| Credit institutions430/8 | - | - | - | €21,979 | €42,946 | €44,864 | €40,052 | ▼ 10.7% |
| Trade debts44 | €5,912 | €4,126 | €2,157 | €2,294 | €2,466 | €4,149 | €4,088 | ▼ 1.5% |
| Suppliers440/4 | - | - | - | €2,294 | €2,466 | €4,149 | €4,088 | ▼ 1.5% |
| Taxes, remuneration and social security45 | - | - | - | €27,007 | €20,174 | €24,671 | €26,735 | ▲ 8.4% |
| Taxes450/3 | - | - | - | €12,503 | €5,667 | €10,017 | €12,557 | ▲ 25.4% |
| Remuneration and social security454/9 | - | - | - | €14,504 | €14,507 | €14,654 | €14,178 | ▼ 3.2% |
| Accrued charges and deferred income492/3 | - | - | - | €68 | €560 | €1,063 | €732 | ▼ 31.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,787 | €6,576 | €5,037 | €142 | €12,098 | -€9,817 | €11,909 | - |
| + Depreciation and write-downs630 | €13,112 | €12,972 | €10,793 | €9,167 | €4,379 | €8,690 | €8,496 | ▼ 2.2% |
| Operating cash flow (approximation) | €10,325 | €19,548 | €15,830 | €9,309 | €16,477 | -€1,127 | €20,405 | - |
| Investment in fixed assets (approximation) | - | -€2,146 | -€577 | -€276 | -€31,542 | -€503 | -€373 | ▲ 25.8% |
| Change in cash | - | €3,587 | -€11,932 | €867 | -€721 | -€218 | €115 | - |
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, 3,818 companies had the same profile as ABASE has now. Two years later, 95.1% were still going and 1.0% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.1%
was still going
3.7%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ABASE itself: 0.2% 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 3,818 companies, not a prediction for ABASE. 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 39 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-04-2026 | 2026-00088730 | |
| 31-12-2024 | micro format | 23-06-2025 | 2025-00163063 | |
| 31-12-2023 | micro format | 02-05-2024 | 2024-00078920 | |
| 30-06-2022 | micro format | 22-11-2022 | 2022-20524286 | |
| 30-06-2021 | micro format | 27-12-2021 | 2021-81800528 | |
| 30-06-2020 | micro format | 23-11-2020 | 2020-71500136 | |
| 30-06-2019 | micro format | 15-10-2019 | 2019-70400475 | |
| 30-06-2018 | micro format | 28-12-2018 | 2018-75900552 | |
| 31-12-2016 | micro format | 04-04-2017 | 2017-08800058 | |
| 31-12-2015 | full format | 23-02-2016 | 2016-04900345 |