Amuzzi
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 27 filings
Equity
-€713,602▼ 11.5%
2024 · -€640,081
Total assets
€143,442▼ 22.0%
2024 · €183,899
Net result
-€73,521▲ 4.1%
2024 · -€76,632
Working capital
-€475,232▼ 10.7%
2024 · -€429,345
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€69,367
▲ 8.8%
2025
20182025
Net result
-€73,521
▲ 4.1%
2025
lowest quarter of the sector
20182025
Equity
-€713,602
▼ 11.5%
2025
lowest quarter of the sector
20182025
Total assets
€143,442
▼ 22.0%
2025
lowest quarter of the sector
20182025
Debt
€857,044
▲ 4.0%
2025
20182025
Working capital
-€475,232
▼ 10.7%
2025
lowest quarter of the sector
20182025
Solvency
-497.5%
▼ 149.4pp
2025
lowest quarter of the sector
20182025
Current ratio
0.02
▼ 0.03
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-51.3%
▼ 9.6pp
2025
lowest quarter 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-€15,472--€53,410▼ 245%-€63,090▼ 18.1%-€175,841▼ 179%-€174,678▲ 0.7%-€146,033▲ 16.4%-€76,043▲ 47.9%-€69,367▲ 8.8%
Net result-€16,296--€53,718▼ 230%-€63,472below the sector's middle half▼ 18.2%-€176,331below the sector's middle half▼ 178%-€175,470below the sector's middle half▲ 0.5%-€147,193below the sector's middle half▲ 16.1%-€76,632below the sector's middle half▲ 47.9%-€73,521below the sector's middle half▲ 4.1%
Equity€52,734--€983-€64,455below the sector's middle half▼ 6,455%-€240,787below the sector's middle half▼ 274%-€416,256below the sector's middle half▼ 72.9%-€563,449below the sector's middle half▼ 35.4%-€640,081below the sector's middle half▼ 13.6%-€713,602below the sector's middle half▼ 11.5%
Total assets€504,369-€461,928▼ 8.4%€445,336below the sector's middle half▼ 3.6%€332,587above the sector's middle half▼ 25.3%€183,612within the sector's middle half▼ 44.8%€12,175below the sector's middle half▼ 93.4%€183,899within the sector's middle half▲ 15×€143,442below the sector's middle half▼ 22.0%
Debt€451,635-€462,912▲ 2.5%€509,791▲ 10.1%€573,374▲ 12.5%€599,868▲ 4.6%€575,624▼ 4.0%€823,980▲ 43.1%€857,044▲ 4.0%
Working capital€264,473-€215,104▼ 18.7%€193,561within the sector's middle half▼ 10.0%€127,909above the sector's middle half▼ 33.9%-€56,395below the sector's middle half-€198,896below the sector's middle half▼ 253%-€429,345below the sector's middle half▼ 116%-€475,232below the sector's middle half▼ 10.7%
Solvency10.5%--0.2%▼ 10.7pp-14.5%below the sector's middle half▼ 14.3pp-72.4%below the sector's middle half▼ 57.9pp-226.7%below the sector's middle half▼ 154.3pp-348.1%below the sector's middle half-497.5%below the sector's middle half▼ 149.4pp
Current ratio2.10-1.87▼ 0.231.77within the sector's middle half▼ 0.101.62within the sector's middle half▼ 0.140.76below the sector's middle half▼ 0.870.03below the sector's middle half▼ 0.720.05below the sector's middle half▲ 0.020.02below the sector's middle half▼ 0.03
Return on assets (ROA)-3.2%--11.6%▼ 8.4pp-14.3%below the sector's middle half▼ 2.6pp-53.0%below the sector's middle half▼ 38.8pp-95.6%below the sector's middle half▼ 42.5pp-41.7%below the sector's middle half-51.3%below the sector's middle half▼ 9.6pp
Staff (FTE)1.6-0.5▼ 68.8%0.5below the sector's middle half=1▲ 100%1=
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 €69,367, smaller than the loss of €76,043 in 2024.
Large changes and their cause
- 2024 Total assets +1,410% on 2023. Merger absorbing Entertainment Shop, Official Gazette 04-06-2024.
- 2021 Net result -178% on 2020. The accounts now follow the micro format, last year the abbreviated format.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €143,442
Fixed assets
€131,278 ▼ 17.4%
Current assets
€12,164 ▼ 51.3%
Equity and liabilities
Equity-€713,602
Debt€857,044
Equity is negative. Debt (€857,044) exceeds the balance-sheet total (€143,442).
Key figures and ratios
EBITDA
-€42,500▲
2024 · -€45,321
Cash flow
-€46,655▼
2024 · -€45,909
Quick ratio
0.01▼
2024 · 0.03
Interest coverage
-10.74▲
2024 · -100.45
Debt ≤ 1 year
€487,395▲
2024 · €454,332
Debt > 1 year
€369,649=
2024 · €369,649
Income taxes
€196▲
2024 · €189
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 | 31-12-2021 | 31-12-2022 |
|---|---|---|
| Employees at the balance-sheet date | 1 | 1 |
| part-time | 1 | 1 |
| in full-time equivalents | 0.5 | 0.5 |
| Average over the year, in full-time equivalents | 0.5 | 0.5 |
| On a permanent contract | 1 | 1 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €12,180 | - | €75,367 | - |
| Intangible fixed assets | - | - | - | €112,810 | - |
| Depreciation and write-downs of the year | - | €3,001 | €4,060 | €30,723 | €26,866 |
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 | - | - | - | €10,496 | €9,446 | -€1,136 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €3,001 | €4,060 | €30,723 | €26,866 | ▼ 12.6% |
| Other operating charges640/8 | - | - | - | €1,961 | €1,212 | €286 | €1,220 | €985 | ▼ 19.3% |
| Gross operating margin9900 | €30,514 | -€39,827 | -€59,415 | -€163,384 | -€161,018 | -€142,823 | -€44,101 | -€41,515 | ▲ 5.9% |
| Operating profit (loss)9901 | -€15,472 | -€53,410 | -€63,090 | -€175,841 | -€174,678 | -€146,033 | -€76,043 | -€69,367 | ▲ 8.8% |
| Financial income75/76B | - | - | - | €7 | €0 | - | €51 | €1 | ▼ 99.0% |
| Recurring financial income75 | €47 | €55 | €27 | €7 | €0 | - | €51 | €1 | ▼ 99.0% |
| Financial charges65/66B | - | - | - | €498 | €792 | €1,159 | €451 | €3,959 | ▲ 777% |
| Recurring financial charges65 | €871 | €362 | €410 | €498 | €792 | €1,159 | €451 | €3,959 | ▲ 777% |
| Profit (loss) for the period before taxes9903 | -€16,296 | -€53,718 | -€63,472 | -€176,331 | -€175,470 | -€147,193 | -€76,443 | -€73,325 | ▲ 4.1% |
| Income taxes67/77 | - | - | - | - | - | - | €189 | €196 | ▲ 4.1% |
| Profit (loss) for the period9904 | -€16,296 | -€53,718 | -€63,472 | -€176,331 | -€175,470 | -€147,193 | -€76,632 | -€73,521 | ▲ 4.1% |
| Profit (loss) for the period to be appropriated9905 | -€16,296 | -€53,718 | -€63,472 | -€176,331 | -€175,470 | -€147,193 | -€76,632 | -€73,521 | ▲ 4.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €504,369 | €461,928 | €445,336 | €332,587 | €183,612 | €12,175 | €183,899 | €143,442 | ▼ 22.0% |
| Fixed assets21/28 | - | - | - | - | €9,178 | €5,119 | €158,913 | €131,278 | ▼ 17.4% |
| Intangible fixed assets21 | - | - | - | - | - | - | €101,529 | €90,248 | ▼ 11.1% |
| Tangible fixed assets22/27 | - | - | - | - | €9,178 | €5,119 | €57,384 | €41,030 | ▼ 28.5% |
| Plant, machinery and equipment23 | - | - | - | - | €1,110 | €700 | €975 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | - | €8,068 | €4,418 | €56,409 | €41,030 | ▼ 27.3% |
| Current assets29/58 | €504,369 | €461,928 | €445,336 | €332,587 | €174,433 | €7,056 | €24,986 | €12,164 | ▼ 51.3% |
| Stocks and contracts in progress3 | €485,856 | €445,395 | €439,224 | €295,000 | €147,500 | - | €10,976 | €7,810 | ▼ 28.8% |
| Stocks30/36 | - | - | - | €295,000 | €147,500 | - | €10,976 | €7,810 | ▼ 28.8% |
| Amounts receivable within one year40/41 | €6,256 | €2,630 | €2,620 | €32,136 | €16,865 | €2,701 | €2,886 | €4,228 | ▲ 46.5% |
| Trade receivables40 | - | - | - | €32,096 | €16,707 | - | €2,886 | €1,082 | ▼ 62.5% |
| Other amounts receivable41 | - | - | - | €40 | €158 | €2,701 | €0 | €3,146 | - |
| Current investments50/53 | €3,266 | €3,266 | €3,266 | €3,266 | €3,266 | €3,266 | €3,266 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €8,523 | €4,199 | €226 | €2,067 | €6,802 | €1,089 | €970 | €126 | ▼ 87.0% |
| Deferred charges and accrued income490/1 | - | - | - | €118 | - | - | €6,888 | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €504,369 | €461,928 | €445,336 | €332,587 | €183,612 | €12,175 | €183,899 | €143,442 | ▼ 22.0% |
| Equity10/15 | €52,734 | -€983 | -€64,455 | -€240,787 | -€416,256 | -€563,449 | -€640,081 | -€713,602 | ▼ 11.5% |
| Contributions10/11 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Capital10 | - | - | - | €61,973 | €61,973 | €61,973 | €0 | - | - |
| Issued capital100 | - | - | - | €61,973 | €61,973 | €61,973 | €0 | - | - |
| Contributions outside capital11 | - | - | - | - | - | - | €61,973 | €61,973 | = |
| Other1109/19 | - | - | - | - | - | - | €61,973 | €61,973 | = |
| Reserves13 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | €0 | - | - |
| Non-distributable reserves130/1 | - | - | - | €6,197 | €6,197 | €6,197 | €0 | - | - |
| Legal reserve130 | - | - | - | €6,197 | €6,197 | €6,197 | €0 | - | - |
| Profit (loss) carried forward14 | -€15,436 | -€69,154 | -€132,626 | -€308,957 | -€484,427 | -€631,620 | -€702,054 | -€775,576 | ▼ 10.5% |
| Amounts payable17/49 | €451,635 | €462,912 | €509,791 | €573,374 | €599,868 | €575,624 | €823,980 | €857,044 | ▲ 4.0% |
| Amounts payable after more than one year17 | €211,680 | €213,400 | €255,256 | €368,696 | €368,696 | €369,671 | €369,649 | €369,649 | = |
| Other amounts payable178/9 | - | - | - | €368,696 | €368,696 | €369,671 | €369,649 | €369,649 | = |
| Amounts payable within one year42/48 | €239,896 | €246,825 | €251,775 | €204,678 | €230,828 | €205,953 | €454,332 | €487,395 | ▲ 7.3% |
| Financial debts43 | - | - | - | - | - | - | €627 | €1,253 | ▲ 100% |
| Credit institutions430/8 | - | - | - | - | - | - | €627 | €1,253 | ▲ 100% |
| Trade debts44 | €71,076 | €66,233 | €64,908 | €8,895 | €15,106 | €1,943 | €18,653 | €22,744 | ▲ 21.9% |
| Suppliers440/4 | - | - | - | €8,895 | €15,106 | €1,943 | €18,653 | €22,744 | ▲ 21.9% |
| Taxes, remuneration and social security45 | - | - | - | €5,196 | €1,136 | €460 | €1,684 | €376 | ▼ 77.7% |
| Taxes450/3 | - | - | - | €2,596 | - | €460 | €1,684 | €376 | ▼ 77.7% |
| Remuneration and social security454/9 | - | - | - | €2,600 | €1,136 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €190,586 | €214,586 | €203,550 | €433,368 | €463,022 | ▲ 6.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | €344 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€16,296 | -€53,718 | -€63,472 | -€176,331 | -€175,470 | -€147,193 | -€76,632 | -€73,521 | ▲ 4.1% |
| + Depreciation and write-downs630 | - | - | - | - | €3,001 | €4,060 | €30,723 | €26,866 | ▼ 12.6% |
| Operating cash flow (approximation) | -€16,296 | -€53,718 | -€63,472 | -€176,331 | -€172,468 | -€143,133 | -€45,909 | -€46,655 | ▼ 1.6% |
| Investment in fixed assets (approximation) | - | - | - | - | - | €0 | -€184,517 | €768 | - |
| Change in cash | - | -€4,324 | -€3,972 | €1,841 | €4,735 | -€5,713 | -€118 | -€845 | ▼ 613% |
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, 6,619 companies had the same profile as Amuzzi has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Amuzzi itself: 2.6% 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 6,619 companies, not a prediction for Amuzzi. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 03-07-2026 | 2026-00275722 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00483619 | |
| 31-12-2023 | micro format | 23-05-2024 | 2024-00099842 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00390095 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20356272 | |
| 31-12-2020 | abbreviated format | 31-08-2021 | 2021-61200084 | |
| 31-12-2019 | micro format | 14-08-2020 | 2020-41300112 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-58300215 | |
| 31-12-2017 | abbreviated format | 29-06-2018 | 2018-25300403 | |
| 31-12-2016 | abbreviated format | 27-06-2017 | 2017-22600043 |