BASRA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 11 filings
Turnover
€238,332▼ 30.5%
2024 · €342,967
EBIT margin
9.5%▲ 4.8pp
2024 · 4.7%
Net result
€22,087▲ 40.0%
2024 · €15,772
Working capital
€12,553
2024 · -€9,290
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€238,332
▼ 30.5%
2025
20182025
Operating result
€22,622
▲ 40.0%
2025
20182025
Net result
€22,087
▲ 40.0%
2025
middle half of the sector
20182025
EBIT margin
9.5%
▲ 4.8pp
2025
20182025
Equity
€10,348
2025
middle half of the sector
20182025
Total assets
€45,050
▲ 68.4%
2025
lowest quarter of the sector
20182025
Debt
€34,702
▼ 9.8%
2025
20182025
Working capital
€12,553
2025
middle half of the sector
20182025
Solvency
23.0%
▲ 66.9pp
2025
middle half of the sector
20182025
Current ratio
1.39
▲ 0.68
2025
middle half of the sector
20182025
Return on assets (ROA)
49.0%
▼ 9.9pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€658,994-€278,152€439,633▲ 58.1%€437,595▼ 0.5%€342,967▼ 21.6%€238,332▼ 30.5%
Operating result-€8,248-€17,693€8,802▼ 50.3%-€3,378-€30,245▼ 795%-€11,147▲ 63.1%€16,157€22,622▲ 40.0%
Net result-€9,366-€15,544€7,677within the sector's middle half▼ 50.6%-€3,441below the sector's middle half-€30,380below the sector's middle half▼ 783%-€11,613below the sector's middle half▲ 61.8%€15,772within the sector's middle half€22,087within the sector's middle half▲ 40.0%
EBIT margin-1.3%--1.2%-6.9%▼ 5.7pp-2.5%▲ 4.3pp4.7%▲ 7.3pp9.5%▲ 4.8pp
Equity-€5,298-€10,246€17,923within the sector's middle half▲ 74.9%€14,483within the sector's middle half▼ 19.2%-€15,898below the sector's middle half-€27,511below the sector's middle half▼ 73.1%-€11,739below the sector's middle half▲ 57.3%€10,348within the sector's middle half
Total assets€33,784-€77,696▲ 130%€34,367below the sector's middle half▼ 55.8%€84,318within the sector's middle half▲ 145%€42,217below the sector's middle half▼ 49.9%€38,852below the sector's middle half▼ 8.0%€26,749below the sector's middle half▼ 31.2%€45,050below the sector's middle half▲ 68.4%
Debt€39,081-€67,450▲ 72.6%€16,443▼ 75.6%€69,835▲ 325%€58,114▼ 16.8%€66,363▲ 14.2%€38,488▼ 42.0%€34,702▼ 9.8%
Working capital-€5,298-€10,246€17,923within the sector's middle half▲ 74.9%-€3,117within the sector's middle half-€29,098below the sector's middle half▼ 833%-€29,461below the sector's middle half▼ 1.2%-€9,290within the sector's middle half▲ 68.5%€12,553within the sector's middle half
Solvency-15.7%-13.2%▲ 28.9pp52.2%within the sector's middle half▲ 39.0pp17.2%within the sector's middle half▼ 35.0pp-37.7%below the sector's middle half▼ 54.8pp-70.8%below the sector's middle half▼ 33.2pp-43.9%below the sector's middle half▲ 26.9pp23.0%within the sector's middle half▲ 66.9pp
Current ratio0.86-1.15▲ 0.292.09within the sector's middle half▲ 0.940.96within the sector's middle half▼ 1.130.50below the sector's middle half▼ 0.460.50below the sector's middle half▲ 0.010.71below the sector's middle half▲ 0.201.39within the sector's middle half▲ 0.68
Return on assets (ROA)-27.7%-20.0%▲ 47.7pp22.3%above the sector's middle half▲ 2.3pp-4.1%below the sector's middle half▼ 26.4pp-72.0%below the sector's middle half▼ 67.9pp-29.9%below the sector's middle half▲ 42.1pp59.0%above the sector's middle half▲ 88.9pp49.0%above the sector's middle half▼ 9.9pp
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 40% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Balance-sheet composition
Equity and liabilities €45,050
Equity
€10,348
Debt
€34,702
Debt's share of the balance-sheet total is 77.0%.
Key figures and ratios
EBITDA
€27,022▲
2024 · €20,557
Cash flow
€26,487▲
2024 · €20,172
Quick ratio
0.92▲
2024 · 0.46
Debt to equity
3.35
ROE
213.4%
Interest coverage
over 100▲
2024 · 53.38
Debt ≤ 1 year
€32,497▲
2024 · €31,639
Debt > 1 year
€2,205▼
2024 · €6,850
Income taxes
€572
Customer credit
35 days▲
2024 · 8 days
Supplier credit
38 days▲
2024 · 25 days
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 | €22,000 | - | - | - | - |
| Depreciation and write-downs of the year | €4,400 | €4,400 | €4,400 | €4,400 | €4,400 |
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 | €658,994 | - | - | €278,152 | €439,633 | €437,595 | €342,967 | €238,332 | ▼ 30.5% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €277,128 | €465,276 | €441,879 | €324,583 | €217,436 | ▼ 33.0% |
| Remuneration, social security and pensions62 | - | - | - | €6,925 | €202 | €1,938 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,024 | - | - | €4,400 | €4,400 | €4,400 | €4,400 | €4,400 | = |
| Other operating charges640/8 | - | - | - | €15 | - | €515 | €320 | €210 | ▼ 34.3% |
| Gross operating margin9900 | -€5,224 | €17,920 | €8,911 | €7,962 | -€25,643 | -€4,294 | €20,877 | €27,232 | ▲ 30.4% |
| Operating profit (loss)9901 | -€8,248 | €17,693 | €8,802 | -€3,378 | -€30,245 | -€11,147 | €16,157 | €22,622 | ▲ 40.0% |
| Financial income75/76B | - | - | - | - | - | - | - | €183 | - |
| Recurring financial income75 | - | - | €171 | - | - | - | - | €183 | - |
| Financial charges65/66B | - | - | - | €63 | €135 | €467 | €385 | €146 | ▼ 62.2% |
| Recurring financial charges65 | €1,118 | €499 | €461 | €63 | €135 | €467 | €385 | €146 | ▼ 62.2% |
| Profit (loss) for the period before taxes9903 | -€9,366 | €17,194 | €8,513 | -€3,441 | -€30,380 | -€11,613 | €15,772 | €22,659 | ▲ 43.7% |
| Income taxes67/77 | - | €1,650 | €836 | - | - | - | - | €572 | - |
| Profit (loss) for the period9904 | -€9,366 | €15,544 | €7,677 | -€3,441 | -€30,380 | -€11,613 | €15,772 | €22,087 | ▲ 40.0% |
| Profit (loss) for the period to be appropriated9905 | -€9,366 | €15,544 | €7,677 | -€3,441 | -€30,380 | -€11,613 | €15,772 | €22,087 | ▲ 40.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €33,784 | €77,696 | €34,367 | €84,318 | €42,217 | €38,852 | €26,749 | €45,050 | ▲ 68.4% |
| Fixed assets21/28 | - | - | - | €17,600 | €13,200 | €8,800 | €4,400 | - | - |
| Tangible fixed assets22/27 | - | - | - | €17,600 | €13,200 | €8,800 | €4,400 | - | - |
| Furniture and vehicles24 | - | - | - | €17,600 | €13,200 | €8,800 | €4,400 | - | - |
| Current assets29/58 | €33,784 | €77,696 | €34,367 | €66,718 | €29,017 | €30,052 | €22,349 | €45,050 | ▲ 102% |
| Stocks and contracts in progress3 | €31,401 | €8,351 | €10,151 | €45,592 | €16,942 | €10,801 | €7,704 | €15,303 | ▲ 98.6% |
| Stocks30/36 | - | - | - | €45,592 | €16,942 | €10,801 | €7,704 | €15,303 | ▲ 98.6% |
| Amounts receivable within one year40/41 | €2,374 | €13,858 | €19,806 | €20,561 | €7,764 | €13,614 | €7,964 | €22,772 | ▲ 186% |
| Trade receivables40 | - | - | - | €13,880 | - | €5,503 | - | - | - |
| Other amounts receivable41 | - | - | - | €6,681 | €7,764 | €8,111 | €7,964 | €22,772 | ▲ 186% |
| Cash at bank and in hand54/58 | €10 | €55,487 | €4,410 | €565 | €4,311 | €5,638 | €6,681 | €6,975 | ▲ 4.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €33,784 | €77,696 | €34,367 | €84,318 | €42,217 | €38,852 | €26,749 | €45,050 | ▲ 68.4% |
| Equity10/15 | -€5,298 | €10,246 | €17,923 | €14,483 | -€15,898 | -€27,511 | -€11,739 | €10,348 | - |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| 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 | = |
| Profit (loss) carried forward14 | -€11,498 | €2,186 | €9,863 | €6,423 | -€23,958 | -€35,571 | -€19,799 | €2,288 | - |
| Amounts payable17/49 | €39,081 | €67,450 | €16,443 | €69,835 | €58,114 | €66,363 | €38,488 | €34,702 | ▼ 9.8% |
| Amounts payable after more than one year17 | - | - | - | - | - | €6,850 | €6,850 | €2,205 | ▼ 67.8% |
| Financial debts170/4 | - | - | - | - | - | €6,850 | €6,850 | €2,205 | ▼ 67.8% |
| Amounts payable within one year42/48 | €39,081 | €67,450 | €16,443 | €69,835 | €58,114 | €59,513 | €31,639 | €32,497 | ▲ 2.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €4,445 | - | - | - |
| Trade debts44 | €18,157 | €55,883 | €13,958 | €64,911 | €55,784 | €51,550 | €22,600 | €22,886 | ▲ 1.3% |
| Suppliers440/4 | - | - | - | €64,911 | €55,784 | €51,550 | €22,600 | €22,886 | ▲ 1.3% |
| Taxes, remuneration and social security45 | - | - | - | €4,924 | €2,330 | €3,518 | €9,039 | €9,611 | ▲ 6.3% |
| Taxes450/3 | - | - | - | €1,650 | €1,650 | €1,650 | €4,716 | €5,288 | ▲ 12.1% |
| Remuneration and social security454/9 | - | - | - | €3,274 | €680 | €1,868 | €4,323 | €4,323 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,366 | €15,544 | €7,677 | -€3,441 | -€30,380 | -€11,613 | €15,772 | €22,087 | ▲ 40.0% |
| + Depreciation and write-downs630 | €3,024 | - | - | €4,400 | €4,400 | €4,400 | €4,400 | €4,400 | = |
| Operating cash flow (approximation) | -€6,342 | €15,544 | €7,677 | €959 | -€25,980 | -€7,213 | €20,172 | €26,487 | ▲ 31.3% |
| Investment in fixed assets (approximation) | - | - | - | - | €0 | €0 | €0 | - | - |
| Change in cash | - | €55,478 | -€51,078 | -€3,845 | €3,747 | €1,326 | €1,044 | €294 | ▼ 71.9% |
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, 5,053 companies had the same profile as BASRA has now. Two years later, 95.8% were still going and 1.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.4%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BASRA 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 5,053 companies, not a prediction for BASRA. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-07-2026 | 2026-00349558 | |
| 31-12-2024 | micro format | 29-09-2025 | 2025-00509799 | |
| 31-12-2023 | micro format | 21-02-2025 | 2025-00041424 | |
| 31-12-2022 | micro format | 22-02-2024 | 2024-00036196 | |
| 31-12-2021 | micro format | 20-03-2023 | 2023-00043251 | |
| 31-12-2020 | micro format | 21-10-2021 | 2021-72600001 | |
| 31-12-2019 | abbreviated format | 27-11-2020 | 2020-73700391 | |
| 31-12-2018 | abbreviated format | 19-12-2019 | 2019-77600575 | |
| 31-12-2017 | abbreviated format | 18-02-2019 | 2019-05200502 | |
| 31-12-2016 | abbreviated format | 01-08-2018 | 2018-43600288 |