BELGIAN TIMBER
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, 2026-00484992.
Annual accounts 2025 filed on 28-08-2026 at the NBB all 17 filings
Turnover
€67,330▼ 29.0%
2019 · €94,819
EBIT margin
-10.5%▼ 15.3pp
2019 · 4.8%
Net result
€4,214▼ 41.3%
2024 · €7,175
Working capital
€211,178▲ 2.0%
2024 · €206,964
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€3,441
▼ 32.7%
2025
20182025
Net result
€4,214
▼ 41.3%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€211,062
▲ 2.0%
2025
lowest quarter of the sector
20182025
Total assets
€243,311
▲ 10.1%
2025
lowest quarter of the sector
20182025
Debt
€32,133
▲ 128%
2025
20182025
Working capital
€211,178
▲ 2.0%
2025
middle half of the sector
20182025
Solvency
86.7%
▼ 6.8pp
2025
highest quarter of the sector
20182025
Current ratio
7.57
▼ 8.13
2025
highest quarter of the sector
20182025
Return on assets (ROA)
1.7%
▼ 1.5pp
2025
middle half of the sector
20182025
Staff (FTE)
2.1
▼ 30.0%
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
Turnover€87,046-€94,819▲ 8.9%€67,330▼ 29.0%
Operating result€1,080-€4,531▲ 319%-€7,082€4,468€3,559▼ 20.3%€4,724▲ 32.7%€5,112▲ 8.2%€3,441▼ 32.7%
Net result€2,840-€6,582▲ 132%-€4,781below the sector's middle half€4,033below the sector's middle half€2,984below the sector's middle half▼ 26.0%€8,540within the sector's middle half▲ 186%€7,175within the sector's middle half▼ 16.0%€4,214within the sector's middle half▼ 41.3%
EBIT margin1.2%-4.8%▲ 3.5pp-10.5%▼ 15.3pp
Equity€182,314-€188,896▲ 3.6%€184,115within the sector's middle half▼ 2.5%€188,148within the sector's middle half▲ 2.2%€191,132within the sector's middle half▲ 1.6%€199,672within the sector's middle half▲ 4.5%€206,847within the sector's middle half▲ 3.6%€211,062below the sector's middle half▲ 2.0%
Total assets€194,666-€198,285▲ 1.9%€192,789below the sector's middle half▼ 2.8%€205,865below the sector's middle half▲ 6.8%€205,613below the sector's middle half▼ 0.1%€213,885below the sector's middle half▲ 4.0%€221,037below the sector's middle half▲ 3.3%€243,311below the sector's middle half▲ 10.1%
Debt€12,148-€9,228▼ 24.0%€8,557▼ 7.3%€17,600▲ 106%€14,365▼ 18.4%€14,096▼ 1.9%€14,073▼ 0.2%€32,133▲ 128%
Working capital€182,468-€189,057▲ 3.6%€184,231within the sector's middle half▼ 2.6%€188,265within the sector's middle half▲ 2.2%€191,249within the sector's middle half▲ 1.6%€199,789within the sector's middle half▲ 4.5%€206,964within the sector's middle half▲ 3.6%€211,178within the sector's middle half▲ 2.0%
Solvency93.7%-95.3%▲ 1.6pp95.5%above the sector's middle half▲ 0.2pp91.4%above the sector's middle half▼ 4.1pp93.0%above the sector's middle half▲ 1.6pp93.4%above the sector's middle half▲ 0.4pp93.6%above the sector's middle half▲ 0.2pp86.7%above the sector's middle half▼ 6.8pp
Current ratio16.02-21.49▲ 5.4722.53above the sector's middle half▲ 1.0411.70above the sector's middle half▼ 10.8314.31above the sector's middle half▲ 2.6215.17above the sector's middle half▲ 0.8615.71above the sector's middle half▲ 0.537.57above the sector's middle half▼ 8.13
Return on assets (ROA)1.5%-3.3%▲ 1.9pp-2.5%below the sector's middle half▼ 5.8pp2.0%within the sector's middle half▲ 4.4pp1.5%within the sector's middle half▼ 0.5pp4.0%within the sector's middle half▲ 2.5pp3.2%within the sector's middle half▼ 0.7pp1.7%within the sector's middle half▼ 1.5pp
Staff (FTE)3-3=2.6below the sector's middle half▼ 13.3%2.5within the sector's middle half▼ 3.8%2.5within the sector's middle half=2.9within the sector's middle half▲ 16.0%3within the sector's middle half▲ 3.4%2.1below the sector's middle half▼ 30.0%
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 33% lower than in 2024 and the lowest since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €243,311
Equity
€211,062 ▲ 2.0%
Provisions
€117 =
Debt
€32,133 ▲ 128%
Debt's share of the balance-sheet total rises from 6.4% to 13.2%. Equity and debt are higher.
Key figures and ratios
Debt to equity
0.15▲
2024 · 0.07
ROE
2.0%▼
2024 · 3.5%
Debt ≤ 1 year
€32,133▲
2024 · €14,073
Staff costs
€62,268▼
2024 · €96,439
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 | 3 | 3 | 3 | 3 | 2 |
| full-time | 2 | 2 | 3 | 3 | 2 |
| part-time | 1 | 1 | - | - | - |
| in full-time equivalents | 2.5 | 2.5 | 3 | 3 | 2 |
| Average over the year, in full-time equivalents | 2.5 | 2.5 | 2.9 | 3 | 2.1 |
| On a permanent contract | 3 | 3 | 3 | 3 | 2 |
| Joined | - | - | - | - | 0 |
| Left | - | - | - | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €87,046 | €94,819 | €67,330 | - | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €73,440 | €47,982 | €91,899 | €96,439 | €62,268 | ▼ 35.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €90 | - | - | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €459 | €460 | €499 | €513 | €528 | ▲ 2.8% |
| Non-recurring operating charges66A | - | - | - | - | - | €12 | €0 | - | - |
| Gross operating margin9900 | - | - | - | €78,366 | €52,000 | €97,134 | €102,064 | €66,237 | ▼ 35.1% |
| Operating profit (loss)9901 | €1,080 | €4,531 | -€7,082 | €4,468 | €3,559 | €4,724 | €5,112 | €3,441 | ▼ 32.7% |
| Financial income75/76B | - | - | - | - | - | €4,900 | €3,097 | €1,878 | ▼ 39.4% |
| Recurring financial income75 | €2,176 | €2,482 | €2,647 | - | - | €4,900 | €3,097 | €1,878 | ▼ 39.4% |
| Financial charges65/66B | - | - | - | €434 | €575 | €1,084 | €1,033 | €1,105 | ▲ 6.9% |
| Recurring financial charges65 | €416 | €431 | €346 | €434 | €575 | €1,084 | €1,033 | €1,105 | ▲ 6.9% |
| Profit (loss) for the period before taxes9903 | €2,840 | €6,582 | -€4,781 | €4,033 | €2,984 | €8,540 | €7,175 | €4,214 | ▼ 41.3% |
| Profit (loss) for the period9904 | €2,840 | €6,582 | -€4,781 | €4,033 | €2,984 | €8,540 | €7,175 | €4,214 | ▼ 41.3% |
| Profit (loss) for the period to be appropriated9905 | €2,840 | €6,582 | -€4,781 | €4,033 | €2,984 | €8,540 | €7,175 | €4,214 | ▼ 41.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €194,666 | €198,285 | €192,789 | €205,865 | €205,613 | €213,885 | €221,037 | €243,311 | ▲ 10.1% |
| Fixed assets21/28 | €50 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | - | - | - | €0 | - | - | - | - | - |
| Financial fixed assets28 | €50 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €194,616 | €198,285 | €192,789 | €205,865 | €205,613 | €213,885 | €221,037 | €243,311 | ▲ 10.1% |
| Amounts receivable within one year40/41 | €192,204 | €193,390 | €190,141 | €205,865 | €205,613 | €208,985 | €217,940 | €238,424 | ▲ 9.4% |
| Trade receivables40 | - | - | - | €87,334 | €18,921 | €21,596 | €25,344 | €16,400 | ▼ 35.3% |
| Other amounts receivable41 | - | - | - | €118,530 | €186,693 | €187,388 | €192,596 | €222,024 | ▲ 15.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €4,900 | €3,097 | €4,887 | ▲ 57.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €194,666 | €198,285 | €192,789 | €205,865 | €205,613 | €213,885 | €221,037 | €243,311 | ▲ 10.1% |
| Equity10/15 | €182,314 | €188,896 | €184,115 | €188,148 | €191,132 | €199,672 | €206,847 | €211,062 | ▲ 2.0% |
| Contributions10/11 | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | = |
| Capital10 | - | - | - | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | = |
| Issued capital100 | - | - | - | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | = |
| Reserves13 | €1,947 | €1,947 | €1,947 | €1,947 | €1,947 | €1,947 | €1,947 | €1,947 | = |
| Non-distributable reserves130/1 | - | - | - | €1,947 | €1,947 | €1,947 | €1,947 | €1,947 | = |
| Legal reserve130 | - | - | - | €1,947 | €1,947 | €1,947 | €1,947 | €1,947 | = |
| Profit (loss) carried forward14 | -€119,633 | -€113,050 | -€117,832 | -€113,798 | -€110,815 | -€102,275 | -€95,099 | -€90,885 | ▲ 4.4% |
| Provisions and deferred taxes16 | €204 | €160 | €117 | €117 | €117 | €117 | €117 | €117 | = |
| Provisions for liabilities and charges160/5 | - | - | - | €117 | €117 | €117 | €117 | €117 | = |
| Pensions and similar obligations160 | - | - | - | €117 | €117 | €117 | €117 | €117 | = |
| Amounts payable17/49 | €12,148 | €9,228 | €8,557 | €17,600 | €14,365 | €14,096 | €14,073 | €32,133 | ▲ 128% |
| Amounts payable within one year42/48 | €12,148 | €9,228 | €8,557 | €17,600 | €14,365 | €14,096 | €14,073 | €32,133 | ▲ 128% |
| Trade debts44 | €3,705 | €898 | €1,557 | - | €4,169 | €2,465 | €3,820 | €27,386 | ▲ 617% |
| Suppliers440/4 | - | - | - | - | €4,169 | €2,465 | €3,820 | €27,386 | ▲ 617% |
| Taxes, remuneration and social security45 | - | - | - | €17,600 | €10,196 | €11,631 | €10,253 | €4,747 | ▼ 53.7% |
| Taxes450/3 | - | - | - | €562 | €483 | €405 | €106 | €291 | ▲ 174% |
| Remuneration and social security454/9 | - | - | - | €17,038 | €9,713 | €11,226 | €10,146 | €4,455 | ▼ 56.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,840 | €6,582 | -€4,781 | €4,033 | €2,984 | €8,540 | €7,175 | €4,214 | ▼ 41.3% |
| + Depreciation and write-downs630 | €90 | - | - | - | - | - | - | - | - |
| Operating cash flow (approximation) | €2,931 | €6,582 | -€4,781 | €4,033 | €2,984 | €8,540 | €7,175 | €4,214 | ▼ 41.3% |
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, 10,904 companies had the same profile as BELGIAN TIMBER has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of BELGIAN TIMBER 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 10,904 companies, not a prediction for BELGIAN TIMBER. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 28-08-2026 | 2026-00484992 | |
| 31-12-2024 | abbreviated format | 27-08-2025 | 2025-00442175 | |
| 31-12-2023 | abbreviated format | 30-09-2024 | 2024-00485966 | |
| 31-12-2022 | abbreviated format | 19-07-2023 | 2023-00267827 | |
| 31-12-2021 | abbreviated format | 29-09-2022 | 2022-20439573 | |
| 31-12-2020 | full format | 25-08-2021 | 2021-53600514 | |
| 31-12-2019 | full format | 30-06-2020 | 2020-25300186 | |
| 31-12-2018 | full format | 16-07-2019 | 2019-34000409 | |
| 31-12-2017 | full format | 20-07-2018 | 2018-35900155 | |
| 31-12-2016 | full format | 13-07-2017 | 2017-31100196 |