B.ELEGANCE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 42 filings
Equity
€76,027▼ 15.9%
2024 · €90,433
Total assets
€131,356▼ 10.1%
2024 · €146,125
Net result
-€14,405▼ 719%
2024 · -€1,759
Working capital
€73,022▼ 14.6%
2024 · €85,506
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€14,044
▼ 515%
2025
20182025
Net result
-€14,405
▼ 719%
2025
lowest quarter of the sector
20182025
Equity
€76,027
▼ 15.9%
2025
middle half of the sector
20182025
Total assets
€131,356
▼ 10.1%
2025
middle half of the sector
20182025
Debt
€55,329
▼ 0.7%
2025
20182025
Working capital
€73,022
▼ 14.6%
2025
middle half of the sector
20182025
Solvency
57.9%
▼ 4.0pp
2025
middle half of the sector
20182025
Current ratio
2.32
▼ 0.22
2025
middle half of the sector
20182025
Return on assets (ROA)
-11.0%
▼ 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
Operating result-€974-€14,640€368▼ 97.5%€13,259▲ 36×€14,718▲ 11.0%-€42,884-€2,284▲ 94.7%-€14,044▼ 515%
Net result-€2,934-€11,143-€1,230within the sector's middle half€10,257within the sector's middle half€9,064within the sector's middle half▼ 11.6%-€38,396below the sector's middle half-€1,759within the sector's middle half▲ 95.4%-€14,405below the sector's middle half▼ 719%
Equity€114,354-€119,497▲ 4.5%€118,267within the sector's middle half▼ 1.0%€121,524within the sector's middle half▲ 2.8%€130,588within the sector's middle half▲ 7.5%€92,192within the sector's middle half▼ 29.4%€90,433within the sector's middle half▼ 1.9%€76,027within the sector's middle half▼ 15.9%
Total assets€223,005-€221,877▼ 0.5%€206,444within the sector's middle half▼ 7.0%€219,708within the sector's middle half▲ 6.4%€208,508within the sector's middle half▼ 5.1%€168,632within the sector's middle half▼ 19.1%€146,125within the sector's middle half▼ 13.3%€131,356within the sector's middle half▼ 10.1%
Debt€108,651-€102,379▼ 5.8%€88,177▼ 13.9%€98,185▲ 11.3%€77,921▼ 20.6%€76,440▼ 1.9%€55,693▼ 27.1%€55,329▼ 0.7%
Working capital€112,398-€119,206▲ 6.1%€113,284above the sector's middle half▼ 5.0%€114,640above the sector's middle half▲ 1.2%€119,224above the sector's middle half▲ 4.0%€82,450within the sector's middle half▼ 30.8%€85,506within the sector's middle half▲ 3.7%€73,022within the sector's middle half▼ 14.6%
Solvency51.3%-53.9%▲ 2.6pp57.3%within the sector's middle half▲ 3.4pp55.3%within the sector's middle half▼ 2.0pp62.6%within the sector's middle half▲ 7.3pp54.7%within the sector's middle half▼ 8.0pp61.9%within the sector's middle half▲ 7.2pp57.9%within the sector's middle half▼ 4.0pp
Current ratio2.30-2.38▲ 0.082.46within the sector's middle half▲ 0.082.20within the sector's middle half▼ 0.262.53within the sector's middle half▲ 0.332.08within the sector's middle half▼ 0.452.54within the sector's middle half▲ 0.462.32within the sector's middle half▼ 0.22
Return on assets (ROA)-1.3%-5.0%▲ 6.3pp-0.6%within the sector's middle half▼ 5.6pp4.7%within the sector's middle half▲ 5.3pp4.3%within the sector's middle half▼ 0.3pp-22.8%below the sector's middle half▼ 27.1pp-1.2%within the sector's middle half▲ 21.6pp-11.0%below the sector's middle half▼ 9.8pp
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 loss of €14,044, larger than the loss of €2,284 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €131,356
Fixed assets
€3,005 ▼ 39.0%
Current assets
€128,351 ▼ 9.1%
Equity and liabilities €131,356
Equity
€76,027 ▼ 15.9%
Debt
€55,329 ▼ 0.7%
Debt's share of the balance-sheet total rises from 38.1% to 42.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€12,123▼
2024 · €2,531
Cash flow
-€12,484▼
2024 · €3,055
Quick ratio
0.38▼
2024 · 0.50
Debt to equity
0.73▲
2024 · 0.62
ROE
-18.9%▼
2024 · -1.9%
Interest coverage
-77.80▼
2024 · 10.75
Debt ≤ 1 year
€55,329▼
2024 · €55,693
Income taxes
€289▲
2024 · -€715
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 | €3,599 | €4,500 | €3,296 | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €9,650 | €2,798 | €4,558 | €4,814 | €1,921 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €9,050 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €195 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,180 | €8,180 | €8,778 | €9,650 | €2,798 | €4,558 | €4,814 | €1,921 | ▼ 60.1% |
| Other operating charges640/8 | - | - | - | €964 | €1,381 | €8,513 | €727 | €1,151 | ▲ 58.2% |
| Non-recurring operating charges66A | - | - | - | - | €12,642 | €36,071 | €1,574 | €0 | ▼ 100% |
| Gross operating margin9900 | €51,998 | €23,674 | €11,018 | €24,067 | €31,538 | €6,258 | €4,832 | -€10,972 | - |
| Operating profit (loss)9901 | -€974 | €14,640 | €368 | €13,259 | €14,718 | -€42,884 | -€2,284 | -€14,044 | ▼ 515% |
| Financial income75/76B | - | - | - | €463 | €48 | €5,103 | €45 | €84 | ▲ 87.2% |
| Recurring financial income75 | €826 | €508 | €355 | €463 | €48 | €40 | €45 | €84 | ▲ 87.2% |
| Non-recurring financial income76B | - | - | - | - | - | €5,064 | - | - | - |
| Financial charges65/66B | - | - | - | €508 | €443 | €344 | €235 | €156 | ▼ 33.8% |
| Recurring financial charges65 | €1,047 | €1,263 | €691 | €508 | €443 | €344 | €235 | €156 | ▼ 33.8% |
| Profit (loss) for the period before taxes9903 | -€1,195 | €13,885 | €31 | €13,214 | €14,323 | -€38,124 | -€2,474 | -€14,116 | ▼ 471% |
| Income taxes67/77 | €1,739 | €2,742 | €1,262 | €2,957 | €5,259 | €272 | -€715 | €289 | - |
| Profit (loss) for the period9904 | -€2,934 | €11,143 | -€1,230 | €10,257 | €9,064 | -€38,396 | -€1,759 | -€14,405 | ▼ 719% |
| Profit (loss) for the period to be appropriated9905 | -€2,934 | €11,143 | -€1,230 | €10,257 | €9,064 | -€38,396 | -€1,759 | -€14,405 | ▼ 719% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €223,005 | €221,877 | €206,444 | €219,708 | €208,508 | €168,632 | €146,125 | €131,356 | ▼ 10.1% |
| Fixed assets21/28 | €24,406 | €16,226 | €15,713 | €9,662 | €11,364 | €9,741 | €4,926 | €3,005 | ▼ 39.0% |
| Tangible fixed assets22/27 | €24,406 | €16,226 | €15,713 | €9,662 | €11,364 | €9,741 | €4,926 | €3,005 | ▼ 39.0% |
| Plant, machinery and equipment23 | - | - | - | €2,792 | €1,986 | €1,181 | €376 | €4 | ▼ 99.0% |
| Furniture and vehicles24 | - | - | - | €6,557 | €9,377 | €7,098 | €3,240 | €1,840 | ▼ 43.2% |
| Other tangible fixed assets26 | - | - | - | €313 | - | €1,462 | €1,311 | €1,161 | ▼ 11.4% |
| Current assets29/58 | €198,599 | €205,650 | €190,731 | €210,047 | €197,144 | €158,891 | €141,199 | €128,351 | ▼ 9.1% |
| Stocks and contracts in progress3 | €117,752 | €136,858 | €134,006 | €147,289 | €154,077 | €129,367 | €113,567 | €107,067 | ▼ 5.7% |
| Stocks30/36 | - | - | - | €147,289 | €154,077 | €129,367 | €113,567 | €107,067 | ▼ 5.7% |
| Amounts receivable within one year40/41 | €64,660 | €58,688 | €47,847 | €55,248 | €34,433 | €17,811 | €25,976 | €18,835 | ▼ 27.5% |
| Trade receivables40 | - | - | - | €53,432 | €34,355 | €15,846 | €23,098 | €16,386 | ▼ 29.1% |
| Other amounts receivable41 | - | - | - | €1,816 | €78 | €1,965 | €2,878 | €2,450 | ▼ 14.9% |
| Cash at bank and in hand54/58 | €15,295 | €9,128 | €8,442 | €7,175 | €8,013 | €11,479 | €1,430 | €2,249 | ▲ 57.2% |
| Deferred charges and accrued income490/1 | - | - | - | €336 | €622 | €234 | €226 | €200 | ▼ 11.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €223,005 | €221,877 | €206,444 | €219,708 | €208,508 | €168,632 | €146,125 | €131,356 | ▼ 10.1% |
| Equity10/15 | €114,354 | €119,497 | €118,267 | €121,524 | €130,588 | €92,192 | €90,433 | €76,027 | ▼ 15.9% |
| Contributions10/11 | €37,200 | €37,200 | - | €37,200 | €37,200 | €37,200 | €37,200 | €37,200 | = |
| Reserves13 | €16,099 | €16,099 | €16,099 | €16,099 | €16,099 | €16,099 | €16,099 | €16,099 | = |
| Non-distributable reserves130/1 | - | - | - | €3,720 | €3,720 | €3,720 | €3,720 | €3,720 | = |
| Reserves not available under the articles1311 | - | - | - | €3,720 | €3,720 | €3,720 | €3,720 | €3,720 | = |
| Distributable reserves133 | - | - | - | €12,379 | €12,379 | €12,379 | €12,379 | €12,379 | = |
| Profit (loss) carried forward14 | €61,055 | €66,198 | €64,968 | €68,225 | €77,289 | €38,893 | €37,134 | €22,729 | ▼ 38.8% |
| Amounts payable17/49 | €108,651 | €102,379 | €88,177 | €98,185 | €77,921 | €76,440 | €55,693 | €55,329 | ▼ 0.7% |
| Amounts payable after more than one year17 | €22,404 | €15,934 | €10,730 | €2,778 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €2,778 | - | - | - | - | - |
| Amounts payable within one year42/48 | €86,201 | €86,445 | €77,447 | €95,407 | €77,921 | €76,440 | €55,693 | €55,329 | ▼ 0.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8,148 | €3,101 | - | - | - | - |
| Trade debts44 | €12,146 | €19,469 | €12,292 | €25,034 | €9,350 | €5,048 | €4,877 | €8,682 | ▲ 78.0% |
| Suppliers440/4 | - | - | - | €25,034 | €9,350 | €5,048 | €4,877 | €8,682 | ▲ 78.0% |
| Taxes, remuneration and social security45 | - | - | - | €5,096 | €13,027 | €13,408 | €3,521 | €1,017 | ▼ 71.1% |
| Taxes450/3 | - | - | - | €5,096 | €9,527 | €7,908 | €3,521 | €1,017 | ▼ 71.1% |
| Remuneration and social security454/9 | - | - | - | - | €3,500 | €5,500 | - | - | - |
| Other amounts payable47/48 | - | - | - | €57,129 | €52,443 | €57,985 | €47,295 | €45,630 | ▼ 3.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,934 | €11,143 | -€1,230 | €10,257 | €9,064 | -€38,396 | -€1,759 | -€14,405 | ▼ 719% |
| + Depreciation and write-downs630 | €8,180 | €8,180 | €8,778 | €9,650 | €2,798 | €4,558 | €4,814 | €1,921 | ▼ 60.1% |
| Operating cash flow (approximation) | €5,245 | €19,323 | €7,548 | €19,906 | €11,862 | -€33,838 | €3,055 | -€12,484 | - |
| Investment in fixed assets (approximation) | - | €0 | -€8,264 | -€3,599 | -€4,500 | -€2,936 | €0 | €0 | ▼ 100% |
| Change in cash | - | -€6,168 | -€686 | -€1,268 | €838 | €3,466 | -€10,049 | €819 | - |
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, 5,831 companies had the same profile as B.ELEGANCE has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of B.ELEGANCE itself: 1.0% 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 5,831 companies, not a prediction for B.ELEGANCE. 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 42 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-07-2026 | 2026-00334396 | |
| 31-12-2024 | micro format | 23-10-2025 | 2025-00547716 | |
| 31-12-2023 | micro format | 27-09-2024 | 2024-00474770 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00393772 | |
| 31-12-2021 | micro format | 28-10-2022 | 2022-20475414 | |
| 31-12-2020 | micro format | 09-11-2021 | 2021-76800122 | |
| 31-12-2019 | micro format | 30-11-2020 | 2020-72600424 | |
| 31-12-2018 | micro format | 26-08-2019 | 2019-51100589 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-61600097 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-59800204 |