BLITZ
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 22 filings
Turnover
≈ €150,000
Estimated: probably between €70,000 and €360,000
Total assets
€217,588▼ 6.2%
2024 · €232,061
Net result
€3,605
2024 · -€320
Working capital
-€30,120▲ 29.3%
2024 · -€42,593
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€4,700
▲ 265%
2025
20182025
Net result
€3,605
2025
20182025
Equity
€88,174
▲ 4.3%
2025
20182025
Total assets
€217,588
▼ 6.2%
2025
20182025
Debt
€129,414
▼ 12.3%
2025
20182025
Working capital
-€30,120
▲ 29.3%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€130,250-€2,921▼ 97.8%€38,719▲ 13×€57,559▲ 48.7%€34,972▼ 39.2%-€1,531€1,287€4,700▲ 265%
Net result€116,122-€281▼ 99.8%€33,535▲ 120×€34,118▲ 1.7%€19,618▼ 42.5%-€3,555-€320▲ 91.0%€3,605
Equity€4,059-€4,339▲ 6.9%€37,874▲ 773%€71,992▲ 90.1%€88,444▲ 22.9%€84,889▼ 4.0%€84,569▼ 0.4%€88,174▲ 4.3%
Total assets€232,222-€223,033▼ 4.0%€275,305▲ 23.4%€301,963▲ 9.7%€279,011▼ 7.6%€254,815▼ 8.7%€232,061▼ 8.9%€217,588▼ 6.2%
Debt€228,164-€218,694▼ 4.2%€237,431▲ 8.6%€229,971▼ 3.1%€190,567▼ 17.1%€169,926▼ 10.8%€147,492▼ 13.2%€129,414▼ 12.3%
Working capital-€171,507--€161,281▲ 6.0%-€110,088▲ 31.7%-€76,550▲ 30.5%-€53,908▲ 29.6%-€57,991▼ 7.6%-€42,593▲ 26.6%-€30,120▲ 29.3%
The operating result for 2025 is nearly 3.7 times that of 2024. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The 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 €217,588
Fixed assets
€144,309 ▼ 8.5%
Current assets
€73,279 ▼ 1.4%
Equity and liabilities €217,588
Equity
€88,174 ▲ 4.3%
Debt
€129,414 ▼ 12.3%
Debt's share of the balance-sheet total falls from 63.6% to 59.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€18,117▲
2024 · €14,704
Cash flow
€17,021▲
2024 · €13,097
Current ratio
0.71▲
2024 · 0.64
Debt to equity
1.47▼
2024 · 1.74
ROE
4.1%▲
2024 · -0.4%
ROA
1.7%▲
2024 · -0.1%
Interest coverage
10.46▲
2024 · 7.91
Debt ≤ 1 year
€103,399▼
2024 · €116,929
Debt > 1 year
€21,908▼
2024 · €26,655
Income taxes
-€147▼
2024 · -€35
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 | €5,124 | - | €9,772 | - | - |
| Depreciation and write-downs of the year | €13,501 | €13,746 | €13,945 | €13,417 | €13,417 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,026 | €13,026 | €13,029 | €13,501 | €13,746 | €13,945 | €13,417 | €13,417 | = |
| Other operating charges640/8 | - | - | - | €1,858 | €1,780 | €2,293 | €1,813 | €1,787 | ▼ 1.5% |
| Gross operating margin9900 | €145,248 | €18,253 | €53,094 | €72,919 | €50,498 | €14,706 | €16,517 | €19,903 | ▲ 20.5% |
| Operating profit (loss)9901 | €130,250 | €2,921 | €38,719 | €57,559 | €34,972 | -€1,531 | €1,287 | €4,700 | ▲ 265% |
| Financial income75/76B | - | - | - | €0 | €0 | €10 | €217 | €490 | ▲ 126% |
| Recurring financial income75 | €1 | €0 | €1 | €0 | €0 | €10 | €217 | €490 | ▲ 126% |
| Financial charges65/66B | - | - | - | €10,156 | €5,758 | €2,036 | €1,858 | €1,732 | ▼ 6.8% |
| Recurring financial charges65 | €14,129 | €2,641 | €3,306 | €10,156 | €5,758 | €2,036 | €1,858 | €1,732 | ▼ 6.8% |
| Profit (loss) for the period before taxes9903 | €116,122 | €281 | €35,415 | €47,403 | €29,214 | -€3,557 | -€354 | €3,458 | - |
| Income taxes67/77 | - | - | €1,880 | €13,285 | €9,596 | -€2 | -€35 | -€147 | ▼ 326% |
| Profit (loss) for the period9904 | €116,122 | €281 | €33,535 | €34,118 | €19,618 | -€3,555 | -€320 | €3,605 | - |
| Profit (loss) for the period to be appropriated9905 | €116,122 | €281 | €33,535 | €34,118 | €19,618 | -€3,555 | -€320 | €3,605 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €232,222 | €223,033 | €275,305 | €301,963 | €279,011 | €254,815 | €232,061 | €217,588 | ▼ 6.2% |
| Fixed assets21/28 | €226,698 | €213,672 | €201,683 | €193,306 | €179,560 | €175,387 | €157,725 | €144,309 | ▼ 8.5% |
| Tangible fixed assets22/27 | €226,698 | €213,672 | €201,683 | €193,306 | €179,560 | €175,387 | €157,725 | €144,309 | ▼ 8.5% |
| Land and buildings22 | - | - | - | €192,477 | €178,939 | €174,974 | €157,725 | €144,309 | ▼ 8.5% |
| Plant, machinery and equipment23 | - | - | - | - | €621 | €413 | - | - | - |
| Furniture and vehicles24 | - | - | - | €829 | - | - | - | - | - |
| Current assets29/58 | €5,524 | €9,361 | €73,621 | €108,657 | €99,451 | €79,428 | €74,336 | €73,279 | ▼ 1.4% |
| Amounts receivable within one year40/41 | €2,823 | - | €7,917 | €14,859 | €4,815 | €1,407 | €57 | €147 | ▲ 158% |
| Trade receivables40 | - | - | - | €14,859 | €3,351 | - | - | - | - |
| Other amounts receivable41 | - | - | - | - | €1,464 | €1,407 | €57 | €147 | ▲ 158% |
| Current investments50/53 | - | - | - | - | - | €15,241 | €16,886 | - | - |
| Cash at bank and in hand54/58 | €2,276 | €8,536 | €63,928 | €90,204 | €94,118 | €62,233 | €56,950 | €72,663 | ▲ 27.6% |
| Deferred charges and accrued income490/1 | - | - | - | €3,594 | €517 | €548 | €443 | €469 | ▲ 5.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €232,222 | €223,033 | €275,305 | €301,963 | €279,011 | €254,815 | €232,061 | €217,588 | ▼ 6.2% |
| Equity10/15 | €4,059 | €4,339 | €37,874 | €71,992 | €88,444 | €84,889 | €84,569 | €88,174 | ▲ 4.3% |
| Contributions10/11 | €35,200 | €35,200 | - | €35,200 | €35,200 | €35,200 | €35,200 | €35,200 | = |
| Reserves13 | - | - | €2,674 | €36,792 | €53,244 | €53,244 | €53,244 | €53,244 | = |
| Distributable reserves133 | - | - | - | €36,792 | €53,244 | €53,244 | €53,244 | €53,244 | = |
| Profit (loss) carried forward14 | -€31,141 | -€30,861 | - | - | - | -€3,555 | -€3,875 | -€270 | ▲ 93.0% |
| Amounts payable17/49 | €228,164 | €218,694 | €237,431 | €229,971 | €190,567 | €169,926 | €147,492 | €129,414 | ▼ 12.3% |
| Amounts payable after more than one year17 | €51,132 | €47,277 | €50,971 | €41,814 | €35,497 | €31,181 | €26,655 | €21,908 | ▼ 17.8% |
| Financial debts170/4 | - | - | - | €41,814 | €35,497 | €31,181 | €26,655 | €21,908 | ▼ 17.8% |
| Amounts payable within one year42/48 | €177,031 | €170,641 | €183,709 | €185,207 | €153,359 | €137,420 | €116,929 | €103,399 | ▼ 11.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,498 | €8,162 | €4,316 | €4,526 | €4,747 | ▲ 4.9% |
| Trade debts44 | €164 | €2,078 | €8,010 | €6,213 | €2,583 | €1,809 | €488 | €2,356 | ▲ 383% |
| Suppliers440/4 | - | - | - | €6,213 | €2,583 | €1,809 | €488 | €2,356 | ▲ 383% |
| Taxes, remuneration and social security45 | - | - | - | €4,868 | €2,202 | €77 | €97 | - | - |
| Taxes450/3 | - | - | - | €4,868 | €2,202 | €77 | €97 | - | - |
| Other amounts payable47/48 | - | - | - | €163,628 | €140,413 | €131,218 | €111,818 | €96,296 | ▼ 13.9% |
| Accrued charges and deferred income492/3 | - | - | - | €2,950 | €1,711 | €1,325 | €3,908 | €4,107 | ▲ 5.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €116,122 | €281 | €33,535 | €34,118 | €19,618 | -€3,555 | -€320 | €3,605 | - |
| + Depreciation and write-downs630 | €13,026 | €13,026 | €13,029 | €13,501 | €13,746 | €13,945 | €13,417 | €13,417 | = |
| Operating cash flow (approximation) | €129,148 | €13,306 | €46,563 | €47,619 | €33,364 | €10,390 | €13,097 | €17,021 | ▲ 30.0% |
| Investment in fixed assets (approximation) | - | €0 | -€1,040 | -€5,124 | €0 | -€9,772 | €4,245 | €0 | ▼ 100% |
| Change in cash | - | €6,261 | €55,391 | €26,276 | €3,915 | -€31,885 | -€5,283 | €15,713 | - |
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, 17,041 companies had the same profile as BLITZ has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BLITZ itself: 0.1% 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 17,041 companies, not a prediction for BLITZ. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00364413 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00199273 | |
| 31-12-2023 | micro format | 30-07-2024 | 2024-00315645 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00298664 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20260623 | |
| 31-12-2020 | micro format | 29-07-2021 | 2021-43000114 | |
| 31-12-2019 | micro format | 31-07-2020 | 2020-37900448 | |
| 31-12-2018 | micro format | 30-07-2019 | 2019-41900594 | |
| 31-12-2017 | micro format | 14-08-2018 | 2018-46600177 | |
| 31-12-2016 | micro format | 28-07-2017 | 2017-38800579 |