BACKYARD 52
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 09-06-2026 at the NBB all 10 filings
Turnover
≈ €120,000
Estimated: probably between €63,000 and €220,000
Total assets
€272,880▼ 26.5%
2024 · €371,205
Net result
-€111,814▼ 24.4%
2024 · -€89,909
Working capital
-€591,463▼ 16.7%
2024 · -€506,977
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€110,814
▼ 24.6%
2025
20182025
Net result
-€111,814
▼ 24.4%
2025
lowest quarter of the sector
20182025
Equity
-€418,550
▼ 36.5%
2025
lowest quarter of the sector
20182025
Total assets
€272,880
▼ 26.5%
2025
lowest quarter of the sector
20182025
Debt
€691,430
▲ 2.0%
2025
20182025
Working capital
-€591,463
▼ 16.7%
2025
lowest quarter of the sector
20182025
Solvency
-153.4%
▼ 70.8pp
2025
lowest quarter of the sector
20182025
Current ratio
0.14
▼ 0.11
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-41.0%
▼ 16.8pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
2
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€48,182--€16,096▲ 66.6%-€228,079▼ 1,317%-€51,020▲ 77.6%-€79,322▼ 55.5%€20,998-€88,921-€110,814▼ 24.6%
Net result-€90,493--€51,447▲ 43.1%-€228,095below the sector's middle half▼ 343%-€51,057below the sector's middle half▲ 77.6%-€76,898below the sector's middle half▼ 50.6%€19,944within the sector's middle half-€89,909below the sector's middle half-€111,814below the sector's middle half▼ 24.4%
Equity€10,726-€119,280▲ 11×-€108,815below the sector's middle half-€159,872below the sector's middle half▼ 46.9%-€236,770below the sector's middle half▼ 48.1%-€216,827below the sector's middle half▲ 8.4%-€306,736below the sector's middle half▼ 41.5%-€418,550below the sector's middle half▼ 36.5%
Total assets€848,588-€772,796▼ 8.9%€469,837within the sector's middle half▼ 39.2%€453,543below the sector's middle half▼ 3.5%€417,991above the sector's middle half▼ 7.8%€432,184above the sector's middle half▲ 3.4%€371,205below the sector's middle half▼ 14.1%€272,880below the sector's middle half▼ 26.5%
Debt€837,862-€653,517▼ 22.0%€578,652▼ 11.5%€613,415▲ 6.0%€654,761▲ 6.7%€649,011▼ 0.9%€677,940▲ 4.5%€691,430▲ 2.0%
Working capital-€691,961--€487,711▲ 29.5%-€569,688below the sector's middle half▼ 16.8%-€610,169below the sector's middle half▼ 7.1%-€334,044below the sector's middle half▲ 45.3%-€345,164below the sector's middle half▼ 3.3%-€506,977below the sector's middle half▼ 46.9%-€591,463below the sector's middle half▼ 16.7%
Solvency1.3%-15.4%▲ 14.2pp-23.2%below the sector's middle half▼ 38.6pp-35.2%below the sector's middle half▼ 12.1pp-56.6%below the sector's middle half▼ 21.4pp-50.2%below the sector's middle half▲ 6.5pp-82.6%below the sector's middle half▼ 32.5pp-153.4%below the sector's middle half▼ 70.8pp
Current ratio0.13-0.17▲ 0.050.02below the sector's middle half▼ 0.160.01below the sector's middle half▼ 0.010.40below the sector's middle half▲ 0.390.37below the sector's middle half▼ 0.030.25below the sector's middle half▼ 0.120.14below the sector's middle half▼ 0.11
Return on assets (ROA)-10.7%--6.7%▲ 4.0pp-48.5%below the sector's middle half▼ 41.9pp-11.3%below the sector's middle half▲ 37.3pp-18.4%below the sector's middle half▼ 7.1pp4.6%within the sector's middle half▲ 23.0pp-24.2%below the sector's middle half▼ 28.8pp-41.0%below the sector's middle half▼ 16.8pp
Staff (FTE)8.9-6.7▼ 24.7%5.1within the sector's middle half▼ 23.9%1.62▲ 25.0%2within the sector's middle half=2within 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 €110,814, larger than the loss of €88,921 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or 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 €272,880
Fixed assets
€172,913 ▼ 13.6%
Current assets
€99,966 ▼ 41.5%
Equity and liabilities
Equity-€418,550
Debt€691,430
Equity is negative. Debt (€691,430) exceeds the balance-sheet total (€272,880).
Key figures and ratios
EBITDA
-€83,486▼
2024 · -€61,593
Cash flow
-€84,486▼
2024 · -€62,581
Quick ratio
0.03▼
2024 · 0.03
Interest coverage
-83.48▼
2024 · -62.34
Debt ≤ 1 year
€691,430▲
2024 · €677,940
Staff costs
€105,903▼
2024 · €105,967
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 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | - | 2 | 2 | 2 | 2 |
| full-time | - | 2 | 2 | 2 | 2 |
| part-time | - | - | - | 0 | 0 |
| in full-time equivalents | - | 2 | 2 | 2 | 2 |
| Average over the year, in full-time equivalents | - | 1.6 | 2 | 2 | 2 |
| On a permanent contract | - | 2 | 2 | 2 | 2 |
| Joined | 0 | 2 | - | - | - |
| Left | 4 | 0 | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €185,333 | €54,181 | - | - |
| Financial fixed assets | €27,500 | - | - | - | €0 |
| Depreciation and write-downs of the year | €38,075 | €48,046 | €23,117 | €27,328 | €27,328 |
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 | - | - | - | - | €74,427 | €103,953 | €105,967 | €105,903 | ▼ 0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €86,750 | €88,785 | €68,075 | €38,075 | €48,046 | €23,117 | €27,328 | €27,328 | = |
| Other operating charges640/8 | - | - | - | €2,989 | €2,032 | €2,065 | €3,707 | €2,881 | ▼ 22.3% |
| Gross operating margin9900 | €377,782 | €366,080 | €58,851 | -€9,957 | €45,183 | €150,133 | €48,080 | €25,297 | ▼ 47.4% |
| Operating profit (loss)9901 | -€48,182 | -€16,096 | -€228,079 | -€51,020 | -€79,322 | €20,998 | -€88,921 | -€110,814 | ▼ 24.6% |
| Financial income75/76B | - | - | - | €0 | €3,068 | - | - | - | - |
| Recurring financial income75 | €24 | €336 | €128 | €0 | €3,068 | - | - | - | - |
| Financial charges65/66B | - | - | - | €37 | €645 | €1,054 | €988 | €1,000 | ▲ 1.2% |
| Recurring financial charges65 | €42,336 | €35,687 | €143 | €37 | €645 | €1,054 | €988 | €1,000 | ▲ 1.2% |
| Profit (loss) for the period before taxes9903 | -€90,493 | -€51,447 | -€228,095 | -€51,057 | -€76,898 | €19,944 | -€89,909 | -€111,814 | ▼ 24.4% |
| Profit (loss) for the period9904 | -€90,493 | -€51,447 | -€228,095 | -€51,057 | -€76,898 | €19,944 | -€89,909 | -€111,814 | ▼ 24.4% |
| Profit (loss) for the period to be appropriated9905 | -€90,493 | -€51,447 | -€228,095 | -€51,057 | -€76,898 | €19,944 | -€89,909 | -€111,814 | ▼ 24.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €848,588 | €772,796 | €469,837 | €453,543 | €417,991 | €432,184 | €371,205 | €272,880 | ▼ 26.5% |
| Formation expenses20 | €60,000 | €30,000 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €688,226 | €639,895 | €460,872 | €450,297 | €196,505 | €227,569 | €200,241 | €172,913 | ▼ 13.6% |
| Tangible fixed assets22/27 | €688,226 | €639,895 | €460,872 | €422,797 | €169,005 | €200,069 | €172,741 | €145,413 | ▼ 15.8% |
| Land and buildings22 | - | - | - | - | €161,503 | €194,315 | €168,734 | €143,154 | ▼ 15.2% |
| Plant, machinery and equipment23 | - | - | - | - | €6,136 | €4,676 | €450 | €1,755 | ▲ 290% |
| Furniture and vehicles24 | - | - | - | - | €1,366 | €1,079 | €3,557 | €504 | ▼ 85.8% |
| Other tangible fixed assets26 | - | - | - | €422,797 | - | - | - | - | - |
| Financial fixed assets28 | - | - | - | €27,500 | €27,500 | €27,500 | €27,500 | €27,500 | = |
| Current assets29/58 | €100,362 | €102,901 | €8,965 | €3,246 | €221,486 | €204,615 | €170,964 | €99,966 | ▼ 41.5% |
| Stocks and contracts in progress3 | €15,754 | €8,658 | - | - | €151,495 | €179,107 | €147,521 | €78,546 | ▼ 46.8% |
| Stocks30/36 | - | - | - | - | €151,495 | €179,107 | €147,521 | €78,546 | ▼ 46.8% |
| Amounts receivable within one year40/41 | €21,496 | €29,760 | €7,012 | - | €16,990 | - | - | - | - |
| Other amounts receivable41 | - | - | - | - | €16,990 | - | - | - | - |
| Cash at bank and in hand54/58 | €41,164 | €48,940 | €1,068 | €571 | €53,000 | €24,922 | €23,443 | €21,207 | ▼ 9.5% |
| Deferred charges and accrued income490/1 | - | - | - | €2,674 | - | €586 | €0 | €214 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €848,588 | €772,796 | €469,837 | €453,543 | €417,991 | €432,184 | €371,205 | €272,880 | ▼ 26.5% |
| Equity10/15 | €10,726 | €119,280 | -€108,815 | -€159,872 | -€236,770 | -€216,827 | -€306,736 | -€418,550 | ▼ 36.5% |
| Contributions10/11 | €240,000 | €400,000 | - | €400,000 | €400,000 | €400,000 | €400,000 | €400,000 | = |
| Profit (loss) carried forward14 | -€229,274 | -€280,720 | -€508,815 | -€559,872 | -€636,770 | -€616,827 | -€706,736 | -€818,550 | ▼ 15.8% |
| Amounts payable17/49 | €837,862 | €653,517 | €578,652 | €613,415 | €654,761 | €649,011 | €677,940 | €691,430 | ▲ 2.0% |
| Amounts payable after more than one year17 | - | - | - | - | €99,232 | €99,232 | €0 | - | - |
| Financial debts170/4 | - | - | - | - | €99,232 | €99,232 | €0 | - | - |
| Amounts payable within one year42/48 | €792,322 | €590,612 | €578,652 | €613,415 | €555,530 | €549,779 | €677,940 | €691,430 | ▲ 2.0% |
| Financial debts43 | - | - | - | €490,300 | - | - | - | - | - |
| Other loans439 | - | - | - | €490,300 | - | - | - | - | - |
| Trade debts44 | €39,674 | €49,840 | €10,665 | €10,480 | €199,373 | €9,161 | €60,711 | €52,292 | ▼ 13.9% |
| Suppliers440/4 | - | - | - | €10,480 | €199,373 | €9,161 | €60,711 | €52,292 | ▼ 13.9% |
| Taxes, remuneration and social security45 | - | - | - | - | €8,496 | €42,978 | €17,229 | €29,137 | ▲ 69.1% |
| Taxes450/3 | - | - | - | - | - | €28,698 | €234 | €11,733 | ▲ 50× |
| Remuneration and social security454/9 | - | - | - | - | €8,496 | €14,280 | €16,996 | €17,405 | ▲ 2.4% |
| Other amounts payable47/48 | - | - | - | €112,635 | €347,661 | €497,640 | €600,000 | €610,000 | ▲ 1.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€90,493 | -€51,447 | -€228,095 | -€51,057 | -€76,898 | €19,944 | -€89,909 | -€111,814 | ▼ 24.4% |
| + Depreciation and write-downs630 | €86,750 | €88,785 | €68,075 | €38,075 | €48,046 | €23,117 | €27,328 | €27,328 | = |
| Operating cash flow (approximation) | -€3,743 | €37,338 | -€160,020 | -€12,982 | -€28,852 | €43,061 | -€62,581 | -€84,486 | ▼ 35.0% |
| Investment in fixed assets (approximation) | - | -€40,453 | €110,948 | -€27,500 | €205,746 | -€54,181 | €0 | €0 | - |
| Change in cash | - | €7,777 | -€47,872 | -€497 | €52,429 | -€28,078 | -€1,479 | -€2,236 | ▼ 51.2% |
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, 6,907 companies had the same profile as BACKYARD 52 has now. Two years later, 85.4% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.4%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BACKYARD 52 itself: 5.9% 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 6,907 companies, not a prediction for BACKYARD 52. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 09-06-2026 | 2026-00162576 | |
| 31-12-2024 | abbreviated format | 30-06-2025 | 2025-00208041 | |
| 31-12-2023 | micro format | 03-09-2024 | 2024-00442575 | |
| 31-12-2022 | micro format | 27-06-2023 | 2023-00170194 | |
| 31-12-2021 | abbreviated format | 12-12-2022 | 2022-20535588 | |
| 31-12-2020 | abbreviated format | 11-10-2021 | 2021-71700227 | |
| 31-12-2019 | abbreviated format | 20-08-2020 | 2020-43400572 | |
| 31-12-2018 | abbreviated format | 02-08-2019 | 2019-42600164 | |
| 31-12-2017 | abbreviated format | 28-08-2018 | 2018-50500565 | |
| 31-12-2016 | abbreviated format | 20-06-2017 | 2017-18400275 |