BLIN
ActiveFinancials · financial year 2024, full format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 4 November 2026.
Annual accounts 2024 filed on 16-06-2025 PDF all 29 filings
Turnover
≈ €4.0m
Estimated: probably between €3.0m and €7.3m
EBIT margin
Not included in this filing
Net result
€28,808
2023 · -€274,965
Working capital
€130,654▼ 27.8%
2023 · €180,953
Multi-year overview
2018 to 2024, 7 financial yearsOperating result
€40,726
2024
20182024
Net result
€28,808
2024
middle half of the sector
20182024
Equity
-€80,657
▲ 26.3%
2024
lowest quarter of the sector
20182024
Total assets
€928,840
▼ 2.9%
2024
lowest quarter of the sector
20182024
Debt
€1.0m
▼ 5.3%
2024
20182024
Working capital
€130,654
▼ 27.8%
2024
middle half of the sector
20182024
Solvency
-8.7%
▲ 2.8pp
2024
lowest quarter of the sector
20182024
Current ratio
1.17
▼ 0.07
2024
middle half of the sector
20182024
Return on assets (ROA)
3.1%
▲ 31.9pp
2024
middle half of the sector
20182024
Staff (FTE)
13
▲ 8.3%
2024
middle half of the sector
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Operating result€0.06m-€0.1m▲ 122%-€0.01m€0.02m€0.02m▼ 3.2%-€0.3m€0.04m
Net result€0.03m-€0.1m▲ 271%-€0.02mbelow the sector's middle half€0.007mbelow the sector's middle half€0.002mwithin the sector's middle half▼ 68.9%-€0.3mbelow the sector's middle half€0.03mwithin the sector's middle half
Equity€0.2m-€0.2m▲ 11.6%€0.2mbelow the sector's middle half▼ 10.5%€0.2mbelow the sector's middle half▲ 4.6%€0.2mabove the sector's middle half▲ 1.4%-€0.1mbelow the sector's middle half-€0.08mbelow the sector's middle half▲ 26.3%
Total assets€0.9m-€1.0m▲ 9.7%€1.0mwithin the sector's middle half▼ 6.2%€0.8mbelow the sector's middle half▼ 15.6%€0.8mabove the sector's middle half▼ 4.6%€1.0mwithin the sector's middle half▲ 23.0%€0.9mbelow the sector's middle half▼ 2.9%
Debt€0.8m-€0.9m▲ 9.3%€0.8m▼ 5.3%€0.7m▼ 19.5%€0.6m▼ 6.0%€1.1m▲ 74.1%€1.0m▼ 5.3%
Working capital€0.03m-€0.1m▲ 239%€0.1mwithin the sector's middle half▲ 9.5%€0.1mwithin the sector's middle half▼ 13.9%€0.1mabove the sector's middle half▲ 27.8%€0.2mwithin the sector's middle half▲ 30.8%€0.1mwithin the sector's middle half▼ 27.8%
Solvency16.7%-17.0%▲ 0.3pp16.2%below the sector's middle half▼ 0.8pp20.0%within the sector's middle half▲ 3.9pp21.3%within the sector's middle half▲ 1.2pp-11.4%below the sector's middle half▼ 32.7pp-8.7%below the sector's middle half▲ 2.8pp
Current ratio1.05-1.14▲ 0.091.16within the sector's middle half▲ 0.021.17within the sector's middle half=1.23within the sector's middle half▲ 0.061.24within the sector's middle half▲ 0.021.17within the sector's middle half▼ 0.07
Return on assets (ROA)3.4%-11.5%▲ 8.1pp-1.9%below the sector's middle half▼ 13.4pp0.9%below the sector's middle half▲ 2.8pp0.3%within the sector's middle half▼ 0.6pp-28.7%below the sector's middle half▼ 29.0pp3.1%within the sector's middle half▲ 31.9pp
Staff (FTE)10-10=8within the sector's middle half▼ 20.0%10within the sector's middle half▲ 25.0%12▲ 20.0%12within the sector's middle half=13within the sector's middle half▲ 8.3%
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 2024 is a profit of €40,726, after a loss of €270,779 in 2023. It is the highest result since 2020.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €928,840
Fixed assets
€39,236 ▲ 7.5%
Current assets
€889,604 ▼ 3.3%
Equity and liabilities
Equity-€80,657
Debt€1.0m
Equity is negative. Debt (€1.0m) exceeds the balance-sheet total (€928,840).
Key figures and ratios
EBITDA
€56,488▲
2023 · -€257,875
Cash flow
€44,570▲
2023 · -€262,061
Quick ratio
0.38▼
2023 · 0.38
Interest coverage
2.34▲
2023 · -65.35
Debt ≤ 1 year
€758,950▲
2023 · €738,971
Debt > 1 year
€250,547▼
2023 · €326,929
Income taxes
-€12,819
Staff costs
€574,491▲
2023 · €524,858
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 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 10 | 12 | 12 | 13 |
| full-time | 10 | 12 | 12 | 13 |
| in full-time equivalents | 10 | 12 | 12 | 13 |
| Average over the year, in full-time equivalents | 10 | 12 | 12 | 13 |
| On a permanent contract | 10 | 12 | 12 | 13 |
Source: social balance sheet in the 2021 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €9,795 | €5,959 | €19,236 | €18,487 |
| Depreciation and write-downs of the year | €32,222 | €30,851 | €12,904 | €15,762 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €409,695 | €421,835 | €524,858 | €574,491 | ▲ 9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €47,414 | €38,210 | €33,474 | €32,222 | €30,851 | €12,904 | €15,762 | ▲ 22.1% |
| Other operating charges640/8 | - | - | - | €18,501 | €10,945 | €12,219 | €24,054 | ▲ 96.9% |
| Gross operating margin9900 | €664,174 | €742,054 | €377,850 | €480,268 | €482,846 | €279,202 | €655,033 | ▲ 135% |
| Operating profit (loss)9901 | €59,199 | €131,482 | -€10,266 | €19,850 | €19,215 | -€270,779 | €40,726 | - |
| Recurring financial income75 | €117 | €7,336 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €5,624 | €9,004 | €4,186 | €24,737 | ▲ 491% |
| Recurring financial charges65 | €10,255 | €9,347 | €7,868 | €5,316 | €8,847 | €3,946 | €24,151 | ▲ 512% |
| Non-recurring financial charges66B | - | - | - | €308 | €157 | €240 | €586 | ▲ 144% |
| Profit (loss) for the period before taxes9903 | €48,856 | €130,526 | -€18,386 | €14,226 | €10,211 | -€274,965 | €15,989 | - |
| Income taxes67/77 | €17,011 | €12,326 | - | €7,110 | €8,000 | - | -€12,819 | - |
| Profit (loss) for the period9904 | €31,845 | €118,200 | -€18,386 | €7,116 | €2,211 | -€274,965 | €28,808 | - |
| Profit (loss) for the period to be appropriated9905 | €31,845 | €118,200 | -€18,386 | €7,116 | €2,211 | -€274,965 | €28,808 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.9m | €1.0m | €1.0m | €0.8m | €0.8m | €1.0m | €0.9m | ▼ 2.9% |
| Fixed assets21/28 | €0.2m | €0.1m | €0.08m | €0.06m | €0.03m | €0.04m | €0.04m | ▲ 7.5% |
| Tangible fixed assets22/27 | €0.2m | €0.1m | €0.07m | €0.05m | €0.03m | €0.03m | €0.04m | ▲ 8.2% |
| Plant, machinery and equipment23 | - | - | - | €0.03m | €0.03m | €0.03m | €0.02m | ▼ 20.0% |
| Furniture and vehicles24 | - | - | - | €0.02m | - | €0.003m | €0.01m | ▲ 290% |
| Financial fixed assets28 | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Current assets29/58 | €0.7m | €0.9m | €0.9m | €0.8m | €0.7m | €0.9m | €0.9m | ▼ 3.3% |
| Stocks and contracts in progress3 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.6m | €0.6m | ▼ 5.0% |
| Stocks30/36 | - | - | - | €0.5m | €0.5m | €0.6m | €0.6m | ▼ 5.0% |
| Amounts receivable within one year40/41 | €0.001m | €0.2m | €0.05m | €0.06m | - | - | - | - |
| Other amounts receivable41 | - | - | - | €0.06m | - | - | - | - |
| Cash at bank and in hand54/58 | €0.3m | €0.2m | €0.3m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 0.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.9m | €1.0m | €1.0m | €0.8m | €0.8m | €1.0m | €0.9m | ▼ 2.9% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | -€0.1m | -€0.08m | ▲ 26.3% |
| Contributions10/11 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Capital10 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Issued capital100 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Uncalled capital101 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Legal reserve130 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Profit (loss) carried forward14 | €0.1m | €0.2m | €0.1m | €0.2m | €0.2m | -€0.1m | -€0.09m | ▲ 24.5% |
| Amounts payable17/49 | €0.8m | €0.9m | €0.8m | €0.7m | €0.6m | €1.1m | €1.0m | ▼ 5.3% |
| Amounts payable after more than one year17 | €0.07m | €0.05m | €0.01m | - | - | €0.3m | €0.3m | ▼ 23.4% |
| Financial debts170/4 | - | - | - | - | - | €0.3m | €0.3m | ▼ 23.4% |
| Amounts payable within one year42/48 | €0.7m | €0.8m | €0.8m | €0.7m | €0.6m | €0.7m | €0.8m | ▲ 2.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.01m | - | €0.07m | €0.08m | ▲ 5.1% |
| Trade debts44 | €0.6m | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | €0.6m | ▲ 13.8% |
| Suppliers440/4 | - | - | - | €0.5m | €0.5m | €0.5m | €0.6m | ▲ 13.8% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 22.0% |
| Taxes450/3 | - | - | - | €0.05m | €0.03m | €0.05m | €0.02m | ▼ 56.5% |
| Remuneration and social security454/9 | - | - | - | €0.08m | €0.07m | €0.09m | €0.09m | ▼ 4.6% |
| Other amounts payable47/48 | - | - | - | - | €23 | €0.02m | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.003m | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,845 | €118,200 | -€18,386 | €7,116 | €2,211 | -€274,965 | €28,808 | - |
| + Depreciation and write-downs630 | €47,414 | €38,210 | €33,474 | €32,222 | €30,851 | €12,904 | €15,762 | ▲ 22.1% |
| Operating cash flow (approximation) | €79,259 | €156,410 | €15,088 | €39,338 | €33,062 | -€262,061 | €44,570 | - |
| Investment in fixed assets (approximation) | - | €52,172 | -€643 | -€9,795 | -€5,959 | -€19,236 | -€18,487 | ▲ 3.9% |
| Change in cash | - | -€57,840 | €98,525 | -€116,665 | €13,160 | €78,569 | €1,230 | ▼ 98.4% |
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, 519 companies had the same profile as BLIN has now. Two years later, 91.7% were still going and 2.9% had gone bankrupt.
- Small
- 20 years or older
- negative equity
- a profit under 5% of the balance sheet
91.7%
was still going
3.9%
stopped otherwise
2.9%
went bankrupt
Another 1.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BLIN itself: 3.0% 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 519 companies, not a prediction for BLIN. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | full format | 16-06-2025 | 2025-00140481 | |
| 31-12-2023 | full format | 10-06-2024 | 2024-00117728 | |
| 31-12-2022 | micro format | 29-06-2023 | 2023-00171549 | |
| 31-12-2021 | full format | 13-06-2022 | 2022-20058881 | |
| 31-12-2020 | full format | 21-06-2021 | 2021-22500483 | |
| 31-12-2019 | full format | 15-06-2020 | 2020-17700288 | |
| 31-12-2018 | full format | 26-06-2019 | 2019-24200182 | |
| 31-12-2017 | full format | 18-06-2018 | 2018-20100397 | |
| 31-12-2016 | full format | 09-01-2018 | 2018-00800112 | |
| 31-12-2015 | full format | 29-11-2016 | 2016-68800164 |