BOLD
ActiveFinancials · financial year 2026, full format
Annual accounts 2026 filed on 28-10-2026 at the NBB all 26 filings
Turnover
€247,115▼ 11.8%
2025 · €280,264
EBIT margin
-44.9%▼ 10.5pp
2025 · -34.4%
Net result
€58,810
2025 · -€241,715
Working capital
€2.4m▲ 1.7%
2025 · €2.4m
Multi-year overview
2019 to 2026, 8 financial yearsTurnover
€247,115
▼ 11.8%
2026
20192026
Operating result
-€111,035
▼ 15.0%
2026
20192026
Net result
€58,810
2026
20192026
EBIT margin
-44.9%
▼ 10.5pp
2026
20192026
Equity
€3.1m
▲ 1.9%
2026
20192026
Total assets
€4.3m
▲ 2.2%
2026
20192026
Debt
€1.2m
▲ 3.0%
2026
20192026
Working capital
€2.4m
▲ 1.7%
2026
20192026
Solvency
72.8%
▼ 0.2pp
2026
20192026
Current ratio
7.50
▼ 2.14
2026
20192026
Return on assets (ROA)
1.4%
▲ 7.1pp
2026
20192026
Staff (FTE)
2
=
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Turnover€1.0m-€0.7m▼ 25.0%€10.8m▲ 15×€0.1m▼ 98.9%€0.2m▲ 69.5%€0.2m▲ 10.4%€0.3m▲ 22.2%€0.2m▼ 11.8%
Operating result€0.01m-€0.2m▲ 13×€4.8m▲ 26×-€0.2m-€0.2m▼ 11.7%-€0.1m▲ 24.6%-€0.1m▲ 26.0%-€0.1m▼ 15.0%
Net result€0.02m-€0.2m▲ 873%€3.7mabove the sector's middle half▲ 21×-€0.2mbelow the sector's middle half-€0.3mbelow the sector's middle half▼ 40.9%-€0.09mbelow the sector's middle half▲ 70.1%-€0.2mbelow the sector's middle half▼ 167%€0.06m
EBIT margin1.5%-25.6%▲ 24.1pp44.7%▲ 19.0pp-126.5%▼ 171.2pp-83.4%▲ 43.1pp-56.9%▲ 26.5pp-34.4%▲ 22.5pp-44.9%▼ 10.5pp
Equity€0.004m-€0.2m▲ 42×€3.9mwithin the sector's middle half▲ 22×€3.7mwithin the sector's middle half▼ 5.5%€3.4mwithin the sector's middle half▼ 8.2%€3.3mwithin the sector's middle half▼ 2.7%€3.1mwithin the sector's middle half▼ 7.3%€3.1m▲ 1.9%
Total assets€0.5m-€0.6m▲ 3.5%€4.3mwithin the sector's middle half▲ 683%€4.9mwithin the sector's middle half▲ 13.4%€4.5mwithin the sector's middle half▼ 7.9%€4.4mwithin the sector's middle half▼ 1.8%€4.2mwithin the sector's middle half▼ 5.4%€4.3m▲ 2.2%
Debt€0.5m-€0.4m▼ 30.0%€0.4m▲ 9.6%€1.2m▲ 195%€1.1m▼ 6.8%€1.1m▲ 0.9%€1.1m▲ 0.3%€1.2m▲ 3.0%
Working capital-€0.2m--€0.02m▲ 90.7%€2.8mwithin the sector's middle half€3.3mwithin the sector's middle half▲ 20.9%€2.8mwithin the sector's middle half▼ 17.3%€2.6mwithin the sector's middle half▼ 4.0%€2.4mwithin the sector's middle half▼ 9.8%€2.4m▲ 1.7%
Solvency0.8%-32.9%▲ 32.1pp90.6%above the sector's middle half▲ 57.7pp75.5%above the sector's middle half▼ 15.1pp75.3%above the sector's middle half▼ 0.3pp74.6%above the sector's middle half▼ 0.7pp73.0%above the sector's middle half▼ 1.5pp72.8%▼ 0.2pp
Current ratio0.63-0.95▲ 0.328.04above the sector's middle half▲ 7.0926.75above the sector's middle half▲ 18.7121.66above the sector's middle half▼ 5.0913.72above the sector's middle half▼ 7.959.65above the sector's middle half▼ 4.077.50▼ 2.14
Return on assets (ROA)3.4%-32.1%▲ 28.7pp86.4%above the sector's middle half▲ 54.3pp-4.4%below the sector's middle half▼ 90.8pp-6.7%below the sector's middle half▼ 2.3pp-2.0%below the sector's middle half▲ 4.7pp-5.8%below the sector's middle half▼ 3.7pp1.4%▲ 7.1pp
Staff (FTE)3.4-1.6▼ 52.9%2.4below the sector's middle half▲ 50.0%2below the sector's middle half▼ 16.7%2below the sector's middle half=2below the sector's middle half=2below the sector's middle half=2=
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 2026 is a loss of €111,035, larger than the loss of €96,538 in 2025.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €4.3m
Fixed assets
€1.5m ▼ 2.9%
Current assets
€2.8m ▲ 5.1%
Equity and liabilities €4.3m
Equity
€3.1m ▲ 1.9%
Debt
€1.2m ▲ 3.0%
Debt's share of the balance-sheet total rises from 27.0% to 27.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
-€66,749▼
2025 · -€50,777
Cash flow
€103,096▲
2025 · -€195,954
Quick ratio
7.14▼
2025 · 9.14
Debt to equity
0.37▲
2025 · 0.37
ROE
1.9%▲
2025 · -7.9%
Interest coverage
-3.05▼
2025 · -2.33
Debt ≤ 1 year
€373,130▲
2025 · €275,994
Debt > 1 year
€757,662▼
2025 · €832,848
Income taxes
€71▼
2025 · €75
Customer credit
0 days▼
2025 · 13 days
Supplier credit
258 days▲
2025 · 78 days
Staff costs
€95,296▼
2025 · €102,890
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 2 |
| full-time | 2 | 2 | 2 | 2 |
| in full-time equivalents | 2 | 2 | 2 | 2 |
| Average over the year, in full-time equivalents | 2 | 2 | 2 | 2 |
| On a permanent contract | 2 | 2 | 2 | 2 |
Source: social balance sheet in the 2023 to 2026 annual accounts
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €1.1m | €1.1m | €980,727 | €907,199 | €832,848 |
| Mortgages, amount registered | - | €25,000 | €25,000 | €25,000 | €25,000 |
| Mortgage mandates | - | €1.1m | €1.1m | €1.1m | €1.1m |
| Carrying value of the mortgaged assets | - | €1.6m | €1.6m | €1.5m | €1.5m |
Source: notes to the 2022 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €297,660 | €230,474 | - | - | - |
| Depreciation and write-downs of the year | €35,109 | €41,980 | €46,256 | €45,761 | €44,286 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €585 awarded · €585 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €0.1m | €0.2m | €0.2m | €0.3m | €0.3m | ▼ 11.5% |
| Turnover70 | €1.0m | €0.7m | €10.8m | €0.1m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 11.8% |
| Other operating income74 | - | - | - | €0.002m | €0.002m | €0.004m | €0.006m | €0.006m | ▲ 3.1% |
| Operating charges60/66A | - | - | - | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 4.8% |
| Goods for resale, raw materials and consumables60 | - | - | - | €0.04m | €0.09m | €0.09m | €0.1m | €0.1m | ▼ 0.7% |
| Purchases600/8 | - | - | - | - | €0.08m | €0.09m | €0.1m | €0.1m | ▼ 4.6% |
| Change in stocks: decrease (increase)609 | - | - | - | €0.007m | €0.01m | -€0.005m | €0.002m | €0.007m | ▲ 257% |
| Services and other goods61 | - | - | - | €0.1m | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 8.5% |
| Remuneration, social security and pensions62 | - | - | - | €0.06m | €0.07m | €0.09m | €0.1m | €0.1m | ▼ 7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | - | €0.05m | €0.04m | €0.04m | €0.05m | €0.05m | €0.04m | ▼ 3.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | -€0.01m | - |
| Other operating charges640/8 | - | - | - | €0.001m | €0.003m | €0.004m | €0.007m | €0.02m | ▲ 141% |
| Operating profit (loss)9901 | €0.01m | €0.2m | €4.8m | -€0.2m | -€0.2m | -€0.1m | -€0.1m | -€0.1m | ▼ 15.0% |
| Financial income75/76B | - | - | - | - | €0.03m | €0.004m | €0.001m | €0.001m | ▲ 14.4% |
| Recurring financial income75 | €0.02m | €0.005m | €0.08m | €0.001m | €0.03m | €0.004m | €0.001m | €0.001m | ▲ 14.4% |
| Income from financial fixed assets750 | - | - | - | - | - | €0 | - | - | - |
| Income from current assets751 | - | - | - | - | - | €0.004m | €271 | €0.001m | ▲ 155% |
| Other financial income752/9 | - | - | - | €0.001m | €0.03m | €39 | €334 | - | - |
| Financial charges65/66B | - | - | - | €0.06m | €0.2m | -€0.04m | €0.1m | -€0.2m | - |
| Recurring financial charges65 | €0.02m | €0.01m | €0.2m | €0.06m | €0.2m | -€0.04m | €0.1m | -€0.2m | - |
| Debt charges650 | - | - | €0.001m | €0.006m | €0.01m | €0.01m | €0.02m | €0.02m | ▲ 0.2% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | €0.04m | €0.1m | -€0.06m | €0.03m | -€0.2m | - |
| Other financial charges652/9 | - | - | - | €0.01m | €0.006m | €0.01m | €0.09m | €0.004m | ▼ 95.9% |
| Profit (loss) for the period before taxes9903 | €0.02m | €0.2m | €4.8m | -€0.2m | -€0.3m | -€0.09m | -€0.2m | €0.06m | - |
| Income taxes67/77 | - | - | €1.0m | €62 | €65 | €71 | €75 | €71 | ▼ 5.4% |
| Taxes670/3 | - | - | - | €62 | €65 | €71 | €75 | €71 | ▼ 5.4% |
| Profit (loss) for the period9904 | €0.02m | €0.2m | €3.7m | -€0.2m | -€0.3m | -€0.09m | -€0.2m | €0.06m | - |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | €0.3m | €0 | €0.7m | - |
| Profit (loss) for the period to be appropriated9905 | €0.02m | €0.2m | €2.7m | -€0.2m | -€0.3m | €0.2m | -€0.2m | €0.8m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.5m | €0.6m | €4.3m | €4.9m | €4.5m | €4.4m | €4.2m | €4.3m | ▲ 2.2% |
| Fixed assets21/28 | €0.2m | €0.2m | €1.2m | €1.4m | €1.6m | €1.6m | €1.5m | €1.5m | ▼ 2.9% |
| Tangible fixed assets22/27 | - | - | €1.2m | €1.4m | €1.6m | €1.6m | €1.5m | €1.5m | ▼ 2.9% |
| Land and buildings22 | - | - | - | €1.4m | €1.6m | €1.6m | €1.5m | €1.5m | ▼ 2.9% |
| Furniture and vehicles24 | - | - | - | €0.008m | €0.005m | €0.003m | €0.001m | €0 | ▼ 100% |
| Financial fixed assets28 | €0.2m | €0.2m | - | - | - | - | - | - | - |
| Current assets29/58 | €0.3m | €0.4m | €3.1m | €3.5m | €2.9m | €2.9m | €2.7m | €2.8m | ▲ 5.1% |
| Stocks and contracts in progress3 | €0.1m | €0.1m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 4.6% |
| Stocks30/36 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 4.6% |
| Goods purchased for resale34 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 4.6% |
| Amounts receivable within one year40/41 | €0.09m | €0.03m | €0.2m | €0.05m | €0.01m | €0.01m | €0.01m | €0.001m | ▼ 94.1% |
| Trade receivables40 | - | - | - | €0.003m | €0.001m | €486 | - | €162 | - |
| Other amounts receivable41 | - | - | - | €0.05m | €0.009m | €0.009m | €0.01m | €413 | ▼ 95.7% |
| Current investments50/53 | €37 | €37 | €1.1m | €2.6m | €2.6m | €2.7m | €2.5m | €2.6m | ▲ 5.8% |
| Other investments51/53 | - | - | - | €2.6m | €2.6m | €2.7m | €2.5m | €2.6m | ▲ 5.8% |
| Cash at bank and in hand54/58 | €0.1m | €0.2m | €1.8m | €0.6m | €0.2m | €0.04m | €0.02m | €0.03m | ▲ 51.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.007m | €0.007m | €0.009m | €0.002m | €0.002m | ▼ 1.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.5m | €0.6m | €4.3m | €4.9m | €4.5m | €4.4m | €4.2m | €4.3m | ▲ 2.2% |
| Equity10/15 | €0.004m | €0.2m | €3.9m | €3.7m | €3.4m | €3.3m | €3.1m | €3.1m | ▲ 1.9% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.06m | €0.06m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Tax-exempt reserves132 | - | - | - | €1.1m | €1.1m | €0.7m | €0.7m | - | - |
| Distributable reserves133 | - | - | - | - | - | €0.3m | €0.3m | €1.1m | ▲ 229% |
| Profit (loss) carried forward14 | -€0.1m | €0.06m | €2.8m | €2.6m | €2.3m | €2.2m | €1.9m | €2.0m | ▲ 3.0% |
| Amounts payable17/49 | €0.5m | €0.4m | €0.4m | €1.2m | €1.1m | €1.1m | €1.1m | €1.2m | ▲ 3.0% |
| Amounts payable after more than one year17 | - | - | - | €1.1m | €1.0m | €0.9m | €0.8m | €0.8m | ▼ 9.0% |
| Financial debts170/4 | - | - | - | €1.1m | €1.0m | €0.9m | €0.8m | €0.8m | ▼ 9.0% |
| Credit institutions173 | - | - | - | €1.1m | €1.0m | €0.9m | €0.8m | €0.8m | ▼ 9.0% |
| Amounts payable within one year42/48 | €0.5m | €0.4m | €0.4m | €0.1m | €0.1m | €0.2m | €0.3m | €0.4m | ▲ 35.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.08m | ▲ 1.1% |
| Trade debts44 | €0.3m | €0.2m | €0.1m | €0.03m | €0.04m | €0.02m | €0.03m | €0.09m | ▲ 228% |
| Suppliers440/4 | - | - | - | €0.03m | €0.04m | €0.02m | €0.03m | €0.09m | ▲ 228% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.01m | €0.01m | €0.02m | €0.02m | ▲ 20.1% |
| Taxes450/3 | - | - | - | €0.004m | €0.006m | €71 | €0.001m | €0.003m | ▲ 156% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.008m | €0.01m | €0.01m | €0.02m | ▲ 7.6% |
| Other amounts payable47/48 | - | - | - | €0.002m | €0.002m | €0.1m | €0.2m | €0.2m | ▲ 20.8% |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.001m | €0.01m | €0.02m | €0.03m | ▲ 60.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.02m | €0.2m | €3.7m | -€0.2m | -€0.3m | -€0.09m | -€0.2m | €0.06m | - |
| + Depreciation and write-downs630 | €0.01m | - | €0.05m | €0.04m | €0.04m | €0.05m | €0.05m | €0.04m | ▼ 3.2% |
| Operating cash flow (approximation) | €0.03m | €0.2m | €3.8m | -€0.2m | -€0.3m | -€0.04m | -€0.2m | €0.1m | - |
| Investment in fixed assets (approximation) | - | €0 | -€1.0m | -€0.3m | -€0.2m | -€0 | €0 | €0 | - |
| Change in cash | - | €0.04m | €1.6m | -€1.2m | -€0.5m | -€0.1m | -€0.02m | €0.009m | - |
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 BOLD 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 BOLD 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 BOLD. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | full format | 28-10-2026 | 2026-00570441 | |
| 31-03-2025 | full format | 27-10-2025 | 2025-00550036 | |
| 31-03-2024 | full format | 31-10-2024 | 2024-00522992 | |
| 31-03-2023 | full format | 18-10-2023 | 2023-00488966 | |
| 31-03-2022 | full format | 31-10-2022 | 2022-20479214 | |
| 31-03-2021 | full format | 26-10-2021 | 2021-73100592 | |
| 31-03-2020 | full format | 21-10-2020 | 2020-62400440 | |
| 31-03-2019 | full format | 21-10-2019 | 2019-70800288 | |
| 31-03-2018 | full format | 09-10-2018 | 2018-68900489 | |
| 31-03-2017 | full format | 29-12-2017 | 2017-73400546 |