BLANCO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-05-2026 PDF all 49 filings
Turnover
≈ €540,000
Estimated: probably between €270,000 and €990,000
Total assets
€644,659▼ 3.8%
2024 · €670,134
Net result
€69,401▼ 37.7%
2024 · €111,374
Working capital
-€50,006▼ 79.9%
2024 · -€27,801
In the rankings
#6 oldest company in Wetteren, Wholesale and retail trade sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€86,380
▼ 33.4%
2025
20182025
Net result
€69,401
▼ 37.7%
2025
highest quarter of the sector
20182025
Equity
€331,204
▲ 26.5%
2025
highest quarter of the sector
20182025
Total assets
€644,659
▼ 3.8%
2025
highest quarter of the sector
20182025
Debt
€313,455
▼ 23.2%
2025
20182025
Working capital
-€50,006
▼ 79.9%
2025
lowest quarter of the sector
20182025
Solvency
51.4%
▲ 12.3pp
2025
middle half of the sector
20182025
Current ratio
0.65
▼ 0.15
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
10.8%
▼ 5.9pp
2025
middle half 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-€464,854-€112,850€90,576▼ 19.7%€118,480▲ 30.8%€91,022▼ 23.2%€102,384▲ 12.5%€129,659▲ 26.6%€86,380▼ 33.4%
Net result-€502,994-€89,519€68,813above the sector's middle half▼ 23.1%€97,443above the sector's middle half▲ 41.6%€73,175above the sector's middle half▼ 24.9%€83,495above the sector's middle half▲ 14.1%€111,374above the sector's middle half▲ 33.4%€69,401above the sector's middle half▼ 37.7%
Equity-€262,014--€172,495▲ 34.2%-€103,683below the sector's middle half▲ 39.9%-€6,240below the sector's middle half▲ 94.0%€66,935within the sector's middle half€150,429within the sector's middle half▲ 125%€261,804above the sector's middle half▲ 74.0%€331,204above the sector's middle half▲ 26.5%
Total assets€230,075-€692,949▲ 201%€642,283above the sector's middle half▼ 7.3%€647,725above the sector's middle half▲ 0.8%€646,431above the sector's middle half▼ 0.2%€646,554above the sector's middle half=€670,134above the sector's middle half▲ 3.6%€644,659above the sector's middle half▼ 3.8%
Debt€492,090-€865,445▲ 75.9%€745,966▼ 13.8%€653,965▼ 12.3%€579,496▼ 11.4%€496,125▼ 14.4%€408,331▼ 17.7%€313,455▼ 23.2%
Working capital-€115,577--€134,062▼ 16.0%-€142,125below the sector's middle half▼ 6.0%-€106,136below the sector's middle half▲ 25.3%-€103,240below the sector's middle half▲ 2.7%-€55,106below the sector's middle half▲ 46.6%-€27,801below the sector's middle half▲ 49.6%-€50,006below the sector's middle half▼ 79.9%
Solvency-113.9%--24.9%▲ 89.0pp-16.1%below the sector's middle half▲ 8.8pp-1.0%below the sector's middle half▲ 15.2pp10.4%within the sector's middle half▲ 11.3pp23.3%within the sector's middle half▲ 12.9pp39.1%within the sector's middle half▲ 15.8pp51.4%within the sector's middle half▲ 12.3pp
Current ratio0.46-0.36▼ 0.100.18below the sector's middle half▼ 0.180.35below the sector's middle half▲ 0.170.41below the sector's middle half▲ 0.050.59below the sector's middle half▲ 0.180.80below the sector's middle half▲ 0.210.65below the sector's middle half▼ 0.15
Return on assets (ROA)-218.6%-12.9%▲ 231.5pp10.7%within the sector's middle half▼ 2.2pp15.0%above the sector's middle half▲ 4.3pp11.3%within the sector's middle half▼ 3.7pp12.9%above the sector's middle half▲ 1.6pp16.6%above the sector's middle half▲ 3.7pp10.8%within the sector's middle half▼ 5.9pp
Staff (FTE)1.1-
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.
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 €644,659
Fixed assets
€549,854 ▼ 1.4%
Current assets
€94,805 ▼ 15.8%
Equity and liabilities €644,659
Equity
€331,204 ▲ 26.5%
Debt
€313,455 ▼ 23.2%
Debt's share of the balance-sheet total falls from 60.9% to 48.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€95,857▼
2024 · €139,293
Cash flow
€78,878▼
2024 · €121,009
Debt to equity
0.95▼
2024 · 1.56
ROE
21.0%▼
2024 · 42.5%
Interest coverage
5.74▼
2024 · 6.87
Debt ≤ 1 year
€144,811▲
2024 · €140,375
Debt > 1 year
€167,074▼
2024 · €265,216
Income taxes
€276▲
2024 · €250
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 | €1,653 | - | €826 | - | €1,771 |
| Depreciation and write-downs of the year | €14,381 | €13,525 | €9,698 | €9,634 | €9,477 |
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 | - | - | - | - | €1,924 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,804 | €15,804 | €14,710 | €14,381 | €13,525 | €9,698 | €9,634 | €9,477 | ▼ 1.6% |
| Other operating charges640/8 | - | - | - | €9,096 | €19,376 | €11,355 | €11,045 | €11,850 | ▲ 7.3% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €1,731 | €0 | ▼ 100% |
| Gross operating margin9900 | €102,330 | €135,239 | €114,822 | €141,957 | €125,847 | €123,437 | €152,070 | €107,707 | ▼ 29.2% |
| Operating profit (loss)9901 | -€464,854 | €112,850 | €90,576 | €118,480 | €91,022 | €102,384 | €129,659 | €86,380 | ▼ 33.4% |
| Financial income75/76B | - | - | - | - | - | €1 | €2,230 | €0 | ▼ 100.0% |
| Recurring financial income75 | €2,235 | €635 | €37 | - | - | €1 | €2,230 | €0 | ▼ 100.0% |
| Financial charges65/66B | - | - | - | €20,809 | €17,624 | €18,681 | €20,265 | €16,703 | ▼ 17.6% |
| Recurring financial charges65 | €39,641 | €23,366 | €21,342 | €20,809 | €17,624 | €18,681 | €20,265 | €16,703 | ▼ 17.6% |
| Profit (loss) for the period before taxes9903 | -€502,259 | €90,118 | €69,272 | €97,670 | €73,398 | €83,704 | €111,624 | €69,677 | ▼ 37.6% |
| Income taxes67/77 | €735 | €599 | €459 | €228 | €224 | €209 | €250 | €276 | ▲ 10.4% |
| Profit (loss) for the period9904 | -€502,994 | €89,519 | €68,813 | €97,443 | €73,175 | €83,495 | €111,374 | €69,401 | ▼ 37.7% |
| Profit (loss) for the period to be appropriated9905 | -€502,994 | €89,519 | €68,813 | €97,443 | €73,175 | €83,495 | €111,374 | €69,401 | ▼ 37.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €230,075 | €692,949 | €642,283 | €647,725 | €646,431 | €646,554 | €670,134 | €644,659 | ▼ 3.8% |
| Fixed assets21/28 | €132,298 | €616,494 | €610,551 | €589,591 | €576,067 | €567,194 | €557,560 | €549,854 | ▼ 1.4% |
| Tangible fixed assets22/27 | €132,298 | €116,494 | €110,551 | €89,591 | €76,067 | €67,194 | €57,560 | €49,854 | ▼ 13.4% |
| Land and buildings22 | - | - | - | €88,144 | €75,075 | €66,076 | €57,077 | €49,759 | ▼ 12.8% |
| Furniture and vehicles24 | - | - | - | €1,447 | €992 | €1,118 | €483 | €94 | ▼ 80.4% |
| Financial fixed assets28 | - | €500,000 | €500,000 | €500,000 | €500,000 | €500,000 | €500,000 | €500,000 | = |
| Current assets29/58 | €97,777 | €76,455 | €31,732 | €58,134 | €70,364 | €79,360 | €112,574 | €94,805 | ▼ 15.8% |
| Amounts receivable within one year40/41 | €61,388 | €34,571 | €21,545 | €38,320 | €39,911 | €39,911 | €38,639 | €28,006 | ▼ 27.5% |
| Trade receivables40 | - | - | - | €22,975 | €21,523 | €21,523 | €19,708 | €9,075 | ▼ 54.0% |
| Other amounts receivable41 | - | - | - | €15,345 | €18,388 | €18,388 | €18,931 | €18,931 | = |
| Cash at bank and in hand54/58 | €35,266 | €37,445 | €10,187 | €19,814 | €30,453 | €39,344 | €34,309 | €27,234 | ▼ 20.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €105 | €39,626 | €39,565 | ▼ 0.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €230,075 | €692,949 | €642,283 | €647,725 | €646,431 | €646,554 | €670,134 | €644,659 | ▼ 3.8% |
| Equity10/15 | -€262,014 | -€172,495 | -€103,683 | -€6,240 | €66,935 | €150,429 | €261,804 | €331,204 | ▲ 26.5% |
| Contributions10/11 | €124,000 | €124,000 | €124,000 | €124,000 | €124,000 | €124,000 | €124,000 | €124,000 | = |
| Capital10 | - | - | - | €124,000 | €124,000 | €124,000 | €124,000 | €124,000 | = |
| Issued capital100 | - | - | - | €124,000 | €124,000 | €124,000 | €124,000 | €124,000 | = |
| Reserves13 | €381,268 | €381,268 | €381,268 | €381,268 | €381,268 | €381,268 | €381,268 | €381,268 | = |
| Non-distributable reserves130/1 | - | - | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Legal reserve130 | - | - | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Tax-exempt reserves132 | - | - | - | €868 | €868 | €868 | €868 | €868 | = |
| Distributable reserves133 | - | - | - | €368,000 | €368,000 | €368,000 | €368,000 | €368,000 | = |
| Profit (loss) carried forward14 | -€767,282 | -€677,763 | -€608,950 | -€511,508 | -€438,333 | -€354,838 | -€243,464 | -€174,063 | ▲ 28.5% |
| Amounts payable17/49 | €492,090 | €865,445 | €745,966 | €653,965 | €579,496 | €496,125 | €408,331 | €313,455 | ▼ 23.2% |
| Amounts payable after more than one year17 | €278,736 | €652,497 | €572,109 | €489,695 | €405,197 | €361,072 | €265,216 | €167,074 | ▼ 37.0% |
| Financial debts170/4 | - | - | - | €489,695 | €405,197 | €361,072 | €265,216 | €167,074 | ▼ 37.0% |
| Amounts payable within one year42/48 | €213,354 | €210,517 | €173,857 | €164,270 | €173,605 | €134,466 | €140,375 | €144,811 | ▲ 3.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €82,414 | €87,367 | €98,925 | €100,400 | €101,328 | ▲ 0.9% |
| Financial debts43 | - | - | - | €55,000 | €55,000 | €0 | - | - | - |
| Credit institutions430/8 | - | - | - | €55,000 | €55,000 | €0 | - | - | - |
| Trade debts44 | €101,071 | €45,437 | €4,141 | €934 | €6,749 | €5,768 | €13,302 | €18,259 | ▲ 37.3% |
| Suppliers440/4 | - | - | - | €934 | €6,749 | €5,768 | €13,302 | €18,259 | ▲ 37.3% |
| Advances received on contracts in progress46 | - | - | - | - | - | €2,737 | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €7,938 | €6,874 | €7,097 | €6,275 | €6,754 | ▲ 7.6% |
| Taxes450/3 | - | - | - | €5,545 | €4,481 | €4,461 | €3,605 | €4,066 | ▲ 12.8% |
| Remuneration and social security454/9 | - | - | - | €2,393 | €2,393 | €2,636 | €2,670 | €2,688 | ▲ 0.7% |
| Other amounts payable47/48 | - | - | - | €17,984 | €17,615 | €19,939 | €20,397 | €18,471 | ▼ 9.4% |
| Accrued charges and deferred income492/3 | - | - | - | - | €695 | €587 | €2,739 | €1,569 | ▼ 42.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€502,994 | €89,519 | €68,813 | €97,443 | €73,175 | €83,495 | €111,374 | €69,401 | ▼ 37.7% |
| + Depreciation and write-downs630 | €15,804 | €15,804 | €14,710 | €14,381 | €13,525 | €9,698 | €9,634 | €9,477 | ▼ 1.6% |
| Operating cash flow (approximation) | -€487,190 | €105,323 | €83,523 | €111,824 | €86,699 | €93,193 | €121,009 | €78,878 | ▼ 34.8% |
| Investment in fixed assets (approximation) | - | -€500,000 | -€8,767 | €6,579 | €0 | -€826 | €0 | -€1,771 | - |
| Change in cash | - | €2,180 | -€27,259 | €9,628 | €10,639 | €8,891 | -€5,035 | -€7,075 | ▼ 40.5% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-05-2026 | 2026-00127678 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00450260 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00405326 | |
| 31-12-2022 | micro format | 14-07-2023 | 2023-00235653 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20347401 | |
| 31-12-2020 | micro format | 29-10-2021 | 2021-76100425 | |
| 31-12-2019 | abbreviated format | 30-10-2020 | 2020-67300585 | |
| 31-12-2018 | abbreviated format | 12-09-2019 | 2019-64200264 | |
| 31-12-2017 | abbreviated format | 25-06-2018 | 2018-25600521 | |
| 31-12-2016 | abbreviated format | 14-07-2017 | 2017-31600430 |