ACTIVE MANAGEMENT
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 28 days after the deadline Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00482767.
Annual accounts 2025 filed on 28-08-2026 at the NBB all 28 filings
Turnover
€1.9m
EBIT margin
-5.7%
Net result
-€161,049▼ 21.0%
2024 · -€133,079
Working capital
-€1,559▲ 96.5%
2024 · -€44,504
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
-€150,023
▼ 36.0%
2025
20192025
Net result
-€161,049
▼ 21.0%
2025
lowest quarter of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€425,257
▼ 27.5%
2025
middle half of the sector
20192025
Total assets
€930,828
▼ 36.4%
2025
middle half of the sector
20192025
Debt
€505,571
▼ 42.4%
2025
20192025
Working capital
-€1,559
▲ 96.5%
2025
lowest quarter of the sector
20192025
Solvency
45.7%
▲ 5.6pp
2025
middle half of the sector
20192025
Current ratio
0.99
▲ 0.09
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-17.3%
▼ 8.2pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
0
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€1.9m
Operating result-€0.004m-€0.006m€0.01m▲ 94.6%-€0.009m€0.2m-€0.1m-€0.2m▼ 36.0%
Net result-€0.004m-€0.006mwithin the sector's middle half€0.008mwithin the sector's middle half▲ 43.1%-€0.01mbelow the sector's middle half€0.1mwithin the sector's middle half-€0.1mbelow the sector's middle half-€0.2mbelow the sector's middle half▼ 21.0%
EBIT margin-5.7%
Equity€0.6m-€0.6mabove the sector's middle half▲ 1.0%€0.6mabove the sector's middle half▲ 1.4%€0.6mabove the sector's middle half▼ 1.8%€0.7mabove the sector's middle half▲ 18.6%€0.6mwithin the sector's middle half▼ 18.5%€0.4mwithin the sector's middle half▼ 27.5%
Total assets€0.6m-€0.7mabove the sector's middle half▲ 6.0%€0.6mabove the sector's middle half▼ 6.8%€1.0mabove the sector's middle half▲ 66.2%€2.1mabove the sector's middle half▲ 101%€1.5mwithin the sector's middle half▼ 29.9%€0.9mwithin the sector's middle half▼ 36.4%
Debt€0.03m-€0.06m▲ 115%€0.006m▼ 89.5%€0.4m▲ 68×€1.4m▲ 218%€0.9m▼ 35.9%€0.5m▼ 42.4%
Working capital€0.6m-€0.6mabove the sector's middle half▲ 5.1%€0.6mabove the sector's middle half▼ 2.6%€0.4mabove the sector's middle half▼ 33.8%€0.01mbelow the sector's middle half▼ 96.7%-€0.04mbelow the sector's middle half-€0.002mbelow the sector's middle half▲ 96.5%
Solvency95.6%-91.0%above the sector's middle half▼ 4.5pp99.0%above the sector's middle half▲ 8.0pp58.5%within the sector's middle half▼ 40.5pp34.5%within the sector's middle half▼ 24.0pp40.1%within the sector's middle half▲ 5.6pp45.7%within the sector's middle half▲ 5.6pp
Current ratio22.56-19.04above the sector's middle half▼ 3.5298.84above the sector's middle half▲ 79.792.25within the sector's middle half▼ 96.591.01below the sector's middle half▼ 1.230.90below the sector's middle half▼ 0.110.99below the sector's middle half▲ 0.09
Return on assets (ROA)-0.7%-0.9%within the sector's middle half▲ 1.5pp1.3%within the sector's middle half▲ 0.5pp-1.1%within the sector's middle half▼ 2.4pp5.4%within the sector's middle half▲ 6.5pp-9.1%below the sector's middle half▼ 14.5pp-17.3%below the sector's middle half▼ 8.2pp
Staff (FTE)0below the sector's middle half
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 a loss of €150,023, larger than the loss of €110,290 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €930,828
Fixed assets
€690,078 ▼ 34.3%
Current assets
€240,750 ▼ 41.8%
Equity and liabilities €930,828
Equity
€425,257 ▼ 27.5%
Debt
€505,571 ▼ 42.4%
Debt's share of the balance-sheet total falls from 59.9% to 54.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€259,712▼
2024 · €582,972
Cash flow
€248,686▼
2024 · €560,182
Debt to equity
1.19▼
2024 · 1.50
ROE
-37.9%▼
2024 · -22.7%
Interest coverage
23.56▼
2024 · 27.12
Debt ≤ 1 year
€242,309▼
2024 · €457,992
Debt > 1 year
€263,262▼
2024 · €418,665
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €317,565 | €994,535 | €677,525 | €114,153 |
| Depreciation and write-downs of the year | €17,550 | €229,026 | €693,262 | €409,735 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | - | €2.0m | - | - |
| Turnover70 | - | - | - | - | - | €1.9m | - | - |
| Other operating income74 | - | - | - | - | - | €0.006m | - | - |
| Non-recurring operating income76A | - | - | - | - | - | €0.02m | €0.03m | ▲ 21.5% |
| Operating charges60/66A | - | - | - | - | - | €2.1m | - | - |
| Goods for resale, raw materials and consumables60 | - | - | - | - | - | €1.0m | - | - |
| Purchases600/8 | - | - | - | - | - | €0.4m | - | - |
| Change in stocks: decrease (increase)609 | - | - | - | - | - | €0.6m | - | - |
| Services and other goods61 | - | - | - | - | - | €0.4m | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €0.02m | €0.2m | €0.7m | €0.4m | ▼ 40.9% |
| Other operating charges640/8 | - | - | - | €0.004m | €0.04m | €0.02m | €0.01m | ▼ 43.2% |
| Non-recurring operating charges66A | - | - | - | €300 | - | - | €0.01m | - |
| Gross operating margin9900 | -€0.004m | €0.006m | €0.01m | €0.01m | €0.4m | - | €0.3m | - |
| Operating profit (loss)9901 | -€0.004m | €0.006m | €0.01m | -€0.009m | €0.2m | -€0.1m | -€0.2m | ▼ 36.0% |
| Financial income75/76B | - | - | - | €103 | €50 | €0 | €0 | ▼ 53.3% |
| Recurring financial income75 | - | - | - | €103 | €50 | €0 | €0 | ▼ 53.3% |
| Other financial income752/9 | - | - | - | - | - | €0 | - | - |
| Financial charges65/66B | - | - | - | €0.002m | €0.01m | €0.02m | €0.01m | ▼ 51.6% |
| Recurring financial charges65 | €171 | €188 | €193 | €0.002m | €0.01m | €0.02m | €0.01m | ▼ 51.6% |
| Debt charges650 | - | - | - | - | - | €0.02m | - | - |
| Other financial charges652/9 | - | - | - | - | - | €0.001m | - | - |
| Profit (loss) for the period before taxes9903 | -€0.004m | €0.006m | €0.01m | -€0.01m | €0.1m | -€0.1m | -€0.2m | ▼ 21.0% |
| Income taxes67/77 | - | - | €0.003m | - | €0.04m | €0 | - | - |
| Taxes670/3 | - | - | - | - | - | €0 | - | - |
| Profit (loss) for the period9904 | -€0.004m | €0.006m | €0.008m | -€0.01m | €0.1m | -€0.1m | -€0.2m | ▼ 21.0% |
| Profit (loss) for the period to be appropriated9905 | -€0.004m | €0.006m | €0.008m | -€0.01m | €0.1m | -€0.1m | -€0.2m | ▼ 21.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.6m | €0.7m | €0.6m | €1.0m | €2.1m | €1.5m | €0.9m | ▼ 36.4% |
| Fixed assets21/28 | - | - | - | €0.3m | €1.1m | €1.0m | €0.7m | ▼ 34.3% |
| Tangible fixed assets22/27 | - | - | - | €0.3m | €1.1m | €1.0m | €0.7m | ▼ 34.3% |
| Plant, machinery and equipment23 | - | - | - | €0.3m | €1.1m | €0.6m | €0.4m | ▼ 39.0% |
| Furniture and vehicles24 | - | - | - | - | €0.003m | €0.04m | €0.03m | ▼ 22.2% |
| Leasing and similar rights25 | - | - | - | - | - | €0.4m | €0.3m | ▼ 28.6% |
| Current assets29/58 | €0.6m | €0.7m | €0.6m | €0.7m | €1.0m | €0.4m | €0.2m | ▼ 41.8% |
| Stocks and contracts in progress3 | - | - | - | - | €0.6m | €395 | €0 | ▼ 100% |
| Stocks30/36 | - | - | - | - | €0.6m | €395 | €0 | ▼ 100% |
| Goods purchased for resale34 | - | - | - | - | - | €395 | - | - |
| Amounts receivable within one year40/41 | €0.6m | €0.6m | €0.6m | €0.7m | €0.3m | €0.2m | €0.2m | ▼ 31.8% |
| Trade receivables40 | - | - | - | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 31.8% |
| Other amounts receivable41 | - | - | - | €0.4m | €0.07m | €0 | - | - |
| Cash at bank and in hand54/58 | €0.02m | €0.03m | €0.02m | €0.006m | €0.03m | €0.1m | €0.03m | ▼ 78.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.05m | €0.05m | €0.03m | €0.05m | ▲ 63.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.6m | €0.7m | €0.6m | €1.0m | €2.1m | €1.5m | €0.9m | ▼ 36.4% |
| Equity10/15 | €0.6m | €0.6m | €0.6m | €0.6m | €0.7m | €0.6m | €0.4m | ▼ 27.5% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Tax-exempt reserves132 | - | - | - | €0.02m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | - | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €0.4m | €0.2m | ▼ 40.4% |
| Amounts payable17/49 | €0.03m | €0.06m | €0.006m | €0.4m | €1.4m | €0.9m | €0.5m | ▼ 42.4% |
| Amounts payable after more than one year17 | - | - | - | €0.1m | €0.2m | €0.4m | €0.3m | ▼ 37.1% |
| Financial debts170/4 | - | - | - | €0.1m | €0.2m | €0.4m | €0.3m | ▼ 37.1% |
| Leasing and similar obligations172 | - | - | - | - | - | €0.3m | - | - |
| Credit institutions173 | - | - | - | - | - | €0.1m | - | - |
| Amounts payable within one year42/48 | €0.03m | €0.04m | €0.006m | €0.3m | €1.0m | €0.5m | €0.2m | ▼ 47.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.1m | €0.2m | €0.2m | ▼ 14.2% |
| Trade debts44 | €0.01m | €0.03m | €0.003m | €0.3m | €0.1m | €0.06m | €0.04m | ▼ 32.5% |
| Suppliers440/4 | - | - | - | €0.3m | €0.1m | €0.06m | €0.04m | ▼ 32.5% |
| Taxes, remuneration and social security45 | - | - | - | - | €0.04m | €0.02m | €0.004m | ▼ 81.9% |
| Taxes450/3 | - | - | - | - | €0.04m | €0.02m | €0.004m | ▼ 81.9% |
| Other amounts payable47/48 | - | - | - | €0.05m | €0.7m | €0.2m | €0.01m | ▼ 93.4% |
| Accrued charges and deferred income492/3 | - | - | - | €69 | €0.1m | €312 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,125 | €5,753 | €8,230 | -€11,156 | €112,682 | -€133,079 | -€161,049 | ▼ 21.0% |
| + Depreciation and write-downs630 | - | - | - | €17,550 | €229,026 | €693,262 | €409,735 | ▼ 40.9% |
| Operating cash flow (approximation) | -€4,125 | €5,753 | €8,230 | €6,394 | €341,708 | €560,182 | €248,686 | ▼ 55.6% |
| Investment in fixed assets (approximation) | - | - | - | - | -€994,535 | -€677,525 | -€50,026 | ▲ 92.6% |
| Change in cash | - | €10,648 | -€11,220 | -€12,658 | €19,253 | €123,447 | -€116,426 | - |
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, 929 companies had the same profile as ACTIVE MANAGEMENT has now. Two years later, 90.1% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
90.1%
was still going
8.8%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of ACTIVE MANAGEMENT itself: 0.5% 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 929 companies, not a prediction for ACTIVE MANAGEMENT. 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 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 28-08-2026 | 2026-00482767 | |
| 31-12-2024 | full format | 28-08-2025 | 2025-00462703 | |
| 30-06-2023 | abbreviated format | 29-01-2024 | 2024-00011553 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00024682 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-04800335 | |
| 30-06-2020 | micro format | 18-02-2021 | 2021-05600573 | |
| 30-06-2019 | micro format | 02-12-2019 | 2019-75200419 | |
| 30-06-2018 | micro format | 22-11-2018 | 2018-72600448 | |
| 30-06-2017 | micro format | 17-11-2017 | 2017-69800179 | |
| 30-06-2016 | abbreviated format | 23-12-2016 | 2016-71500247 |