ABDA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 14-07-2026 at the NBB all 20 filings
Turnover
€1.3m▼ 8.6%
2023 · €1.4m
EBIT margin
5.7%▼ 2.2pp
2023 · 7.9%
Net result
€302▼ 99.5%
2024 · €65,938
Working capital
€390,658▼ 3.2%
2024 · €403,418
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€79,336
▲ 9.0%
2025
20182025
Net result
€302
▼ 99.5%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€406,537
▲ 0.1%
2025
middle half of the sector
20182025
Total assets
€681,808
▲ 1.9%
2025
middle half of the sector
20182025
Debt
€275,271
▲ 4.8%
2025
20182025
Working capital
€390,658
▼ 3.2%
2025
middle half of the sector
20182025
Solvency
59.6%
▼ 1.1pp
2025
middle half of the sector
20182025
Current ratio
2.42
▼ 0.12
2025
middle half of the sector
20182025
Return on assets (ROA)
0.0%
▼ 9.8pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.6m-€0.8m▲ 29.0%€1.1m▲ 38.0%€1.4m▲ 21.4%€1.4m€1.3m▼ 8.6%
Operating result€0.01m-€0.04m▲ 177%€0.09m▲ 124%€0.1m▲ 16.4%€0.08m▼ 25.4%€0.1m▲ 46.2%€0.07m▼ 34.2%€0.08m▲ 9.0%
Net result€0.01m-€0.04m▲ 197%€0.07mwithin the sector's middle half▲ 99.8%€0.08mwithin the sector's middle half▲ 6.8%€0.06mwithin the sector's middle half▼ 20.1%€0.06mwithin the sector's middle half▼ 9.4%€0.07mwithin the sector's middle half▲ 19.7%€302within the sector's middle half▼ 99.5%
EBIT margin2.2%-4.8%▲ 2.6pp7.8%▲ 3.0pp7.4%▼ 0.3pp7.9%5.7%▼ 2.2pp
Equity€0.04m-€0.08m▲ 86.0%€0.1mwithin the sector's middle half▲ 92.4%€0.2mwithin the sector's middle half▲ 51.3%€0.3mwithin the sector's middle half▲ 27.1%€0.3mwithin the sector's middle half▲ 19.3%€0.4mwithin the sector's middle half▲ 19.4%€0.4mwithin the sector's middle half▲ 0.1%
Total assets€0.06m-€0.08m▲ 36.7%€0.2mbelow the sector's middle half▲ 137%€0.2mbelow the sector's middle half▲ 17.5%€0.4mbelow the sector's middle half▲ 49.8%€0.7mwithin the sector's middle half▲ 87.8%€0.7mwithin the sector's middle half▲ 1.1%€0.7mwithin the sector's middle half▲ 1.9%
Debt€0.02m-€0.007m▼ 63.5%€0.05m▲ 598%€0.01m▼ 78.9%€0.07m▲ 512%€0.3m▲ 378%€0.3m▼ 18.3%€0.3m▲ 4.8%
Working capital€0.03m-€0.07m▲ 152%€0.1mwithin the sector's middle half▲ 114%€0.2mwithin the sector's middle half▲ 56.7%€0.3mwithin the sector's middle half▲ 29.2%€0.3mwithin the sector's middle half▲ 19.5%€0.4mwithin the sector's middle half▲ 19.5%€0.4mwithin the sector's middle half▼ 3.2%
Solvency67.0%-91.2%▲ 24.2pp74.0%above the sector's middle half▼ 17.2pp95.3%above the sector's middle half▲ 21.3pp80.9%above the sector's middle half▼ 14.4pp51.4%within the sector's middle half▼ 29.5pp60.7%within the sector's middle half▲ 9.3pp59.6%within the sector's middle half▼ 1.1pp
Current ratio2.27-9.75▲ 7.483.68above the sector's middle half▼ 6.0720.85above the sector's middle half▲ 17.175.19above the sector's middle half▼ 15.662.05within the sector's middle half▼ 3.142.54within the sector's middle half▲ 0.492.42within the sector's middle half▼ 0.12
Return on assets (ROA)19.4%-42.2%▲ 22.8pp35.5%above the sector's middle half▼ 6.6pp32.3%above the sector's middle half▼ 3.2pp17.2%above the sector's middle half▼ 15.1pp8.3%within the sector's middle half▼ 8.9pp9.9%within the sector's middle half▲ 1.5pp0.0%below the sector's middle half▼ 9.8pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 9% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €681,808
Fixed assets
€15,879 ▲ 464%
Current assets
€665,929 =
Equity and liabilities €681,808
Equity
€406,537 ▲ 0.1%
Debt
€275,271 ▲ 4.8%
Debt's share of the balance-sheet total rises from 39.3% to 40.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€83,027
Cash flow
€3,993
Debt to equity
0.68▲
2024 · 0.65
ROE
0.1%▼
2024 · 16.2%
Interest coverage
7.97
Debt ≤ 1 year
€275,271▲
2024 · €262,787
Income taxes
€68,636▲
2024 · €6,591
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 | - | - | - | - | €16,752 |
| Depreciation and write-downs of the year | €3,019 | €3,019 | - | - | €3,690 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €0.6m | €0.8m | €1.1m | €1.4m | - | €1.4m | €1.3m | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €1.3m | €1.2m | €1.3m | €1.2m | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.004m | €0.004m | €0.003m | €0.003m | €0.003m | - | - | €0.004m | - |
| Other operating charges640/8 | - | - | - | €0.006m | €0.009m | €0.007m | €0.006m | €0.01m | ▲ 61.0% |
| Gross operating margin9900 | €0.04m | €0.06m | €0.1m | €0.1m | €0.09m | €0.1m | €0.08m | €0.09m | ▲ 17.6% |
| Operating profit (loss)9901 | €0.01m | €0.04m | €0.09m | €0.1m | €0.08m | €0.1m | €0.07m | €0.08m | ▲ 9.0% |
| Financial income75/76B | - | - | - | - | - | €474 | €277 | €20 | ▼ 92.9% |
| Recurring financial income75 | €0 | €0.002m | €0 | - | - | €3 | €277 | €20 | ▼ 92.9% |
| Non-recurring financial income76B | - | - | - | - | - | €471 | - | - | - |
| Financial charges65/66B | - | - | - | €0.01m | €0.002m | €0.001m | €0.001m | €0.01m | ▲ 21× |
| Recurring financial charges65 | €0.002m | €0.004m | €0.002m | €0.001m | €0.001m | €0.001m | €0.001m | €0.01m | ▲ 21× |
| Non-recurring financial charges66B | - | - | - | €0.01m | €0.001m | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.01m | €0.04m | €0.08m | €0.09m | €0.07m | €0.1m | €0.07m | €0.07m | ▼ 5.0% |
| Income taxes67/77 | €0 | €0.002m | €0.004m | €0.01m | €0.01m | €0.06m | €0.007m | €0.07m | ▲ 941% |
| Profit (loss) for the period9904 | €0.01m | €0.04m | €0.07m | €0.08m | €0.06m | €0.06m | €0.07m | €302 | ▼ 99.5% |
| Profit (loss) for the period to be appropriated9905 | €0.01m | €0.04m | €0.07m | €0.08m | €0.06m | €0.06m | €0.07m | €302 | ▼ 99.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €61,866 | €84,567 | €200,415 | €235,443 | €352,593 | €662,017 | €669,022 | €681,808 | ▲ 1.9% |
| Formation expenses20 | €0 | €0 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €15,595 | €11,875 | €8,856 | €5,837 | €2,817 | €2,817 | €2,817 | €15,879 | ▲ 464% |
| Intangible fixed assets21 | €0 | €0 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €12,778 | €9,058 | €6,039 | €3,019 | - | - | - | €13,062 | - |
| Land and buildings22 | - | - | - | €3,019 | - | - | - | - | - |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €13,062 | - |
| Financial fixed assets28 | €2,817 | €2,817 | €2,817 | €2,817 | €2,817 | €2,817 | €2,817 | €2,817 | = |
| Current assets29/58 | €46,271 | €72,691 | €191,559 | €229,606 | €349,776 | €659,200 | €666,204 | €665,929 | = |
| Stocks and contracts in progress3 | €0 | €0 | €0 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €29,017 | €42,182 | €119,186 | €56,092 | €42,872 | €335,363 | €492,452 | €501,611 | ▲ 1.9% |
| Trade receivables40 | - | - | - | €55,759 | €41,164 | €335,363 | €489,075 | €497,099 | ▲ 1.6% |
| Other amounts receivable41 | - | - | - | €333 | €1,708 | - | €3,377 | €4,512 | ▲ 33.6% |
| Current investments50/53 | €0 | €0 | €0 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €17,254 | €30,509 | €72,372 | €171,864 | €304,504 | €322,682 | €173,752 | €164,318 | ▼ 5.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1,650 | €2,400 | €1,156 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €61,866 | €84,567 | €200,415 | €235,443 | €352,593 | €662,017 | €669,022 | €681,808 | ▲ 1.9% |
| Equity10/15 | €41,464 | €77,110 | €148,331 | €224,430 | €285,227 | €340,297 | €406,235 | €406,537 | ▲ 0.1% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €13,853 | €49,500 | €120,721 | €196,820 | €257,617 | €307,617 | €367,617 | €367,617 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €194,960 | €255,757 | €305,757 | €365,757 | €365,757 | = |
| Profit (loss) carried forward14 | €9,011 | €9,011 | €9,011 | €9,011 | €9,011 | €14,080 | €20,018 | €20,320 | ▲ 1.5% |
| Provisions and deferred taxes16 | €0 | €0 | €0 | - | - | - | - | - | - |
| Amounts payable17/49 | €20,402 | €7,456 | €52,083 | €11,012 | €67,366 | €321,720 | €262,787 | €275,271 | ▲ 4.8% |
| Amounts payable after more than one year17 | €0 | €0 | €0 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €20,402 | €7,456 | €52,083 | €11,012 | €67,366 | €321,720 | €262,787 | €275,271 | ▲ 4.8% |
| Trade debts44 | €1,405 | €2,649 | €20,096 | €1,433 | €61,527 | €310,910 | €251,983 | €263,832 | ▲ 4.7% |
| Suppliers440/4 | - | - | - | €1,433 | €61,527 | €310,910 | €251,983 | €263,832 | ▲ 4.7% |
| Advances received on contracts in progress46 | - | - | - | €2,950 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €6,630 | €5,839 | €6,899 | €10,804 | €11,439 | ▲ 5.9% |
| Taxes450/3 | - | - | - | €6,630 | €5,839 | €6,899 | €10,804 | €11,439 | ▲ 5.9% |
| Other amounts payable47/48 | - | - | - | - | - | €3,911 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,993 | €35,647 | €71,221 | €76,099 | €60,797 | €55,070 | €65,938 | €302 | ▼ 99.5% |
| + Depreciation and write-downs630 | €3,719 | €3,719 | €3,019 | €3,019 | €3,019 | - | - | €3,690 | - |
| Operating cash flow (approximation) | €15,713 | €39,366 | €74,240 | €79,118 | €63,817 | €55,070 | €65,938 | €3,993 | ▼ 93.9% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | -€16,752 | - |
| Change in cash | - | €13,255 | €41,863 | €99,492 | €132,639 | €18,178 | -€148,929 | -€9,434 | ▲ 93.7% |
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, 14,766 companies had the same profile as ABDA has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ABDA 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 14,766 companies, not a prediction for ABDA. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 14-07-2026 | 2026-00293583 | |
| 31-12-2024 | abbreviated format | 25-09-2025 | 2025-00511515 | |
| 31-12-2023 | abbreviated format | 30-09-2024 | 2024-00483163 | |
| 31-12-2022 | abbreviated format | 26-08-2023 | 2023-00358014 | |
| 31-12-2021 | abbreviated format | 26-08-2022 | 2022-20321156 | |
| 31-12-2020 | abbreviated format | 16-06-2021 | 2021-20700285 | |
| 31-12-2019 | abbreviated format | 28-08-2020 | 2020-46200586 | |
| 31-12-2018 | abbreviated format | 28-06-2019 | 2019-25500272 | |
| 31-12-2017 | abbreviated format | 03-07-2018 | 2018-28000494 | |
| 31-12-2016 | abbreviated format | 05-07-2017 | 2017-28100538 |