BR
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 26-02-2026 PDF all 9 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €2.7m
Estimated: probably between €1.9m and €3.8m
Total assets
€542,491▼ 23.4%
2024 · €707,911
Net result
€38,137▲ 35×
2024 · €1,090
Working capital
-€45,998▲ 61.1%
2024 · -€118,309
In the rankings
#5 employer in Zoersel, Wholesale and retail trade sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€52,628
▲ 218%
2025
20192025
Net result
€38,137
▲ 35×
2025
middle half of the sector
20192025
Equity
-€41,752
▲ 47.7%
2025
lowest quarter of the sector
20192025
Total assets
€542,491
▼ 23.4%
2025
middle half of the sector
20192025
Debt
€584,243
▼ 25.8%
2025
20192025
Working capital
-€45,998
▲ 61.1%
2025
lowest quarter of the sector
20192025
Solvency
-7.7%
▲ 3.6pp
2025
lowest quarter of the sector
20192025
Current ratio
0.86
▲ 0.17
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
7.0%
▲ 6.9pp
2025
middle half of the sector
20192025
Staff (FTE)
10.3
▲ 10.8%
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.05m-€0.06m▲ 24.4%-€0.1m-€0.005m▲ 96.0%€0.02m€0.02m▼ 21.8%€0.05m▲ 218%
Net result€0.04m-€0.05mabove the sector's middle half▲ 31.6%-€0.1mbelow the sector's middle half-€0.02mbelow the sector's middle half▲ 84.3%€0.005mwithin the sector's middle half€0.001mbelow the sector's middle half▼ 79.6%€0.04mwithin the sector's middle half▲ 35×
Equity€0.03m-€0.08mwithin the sector's middle half▲ 175%-€0.06mbelow the sector's middle half-€0.09mbelow the sector's middle half▼ 34.7%-€0.08mbelow the sector's middle half▲ 6.2%-€0.08mbelow the sector's middle half▲ 1.3%-€0.04mbelow the sector's middle half▲ 47.7%
Total assets€0.4m-€0.9mabove the sector's middle half▲ 118%€1.1mwithin the sector's middle half▲ 15.6%€0.9mwithin the sector's middle half▼ 19.1%€0.7mwithin the sector's middle half▼ 14.3%€0.7mwithin the sector's middle half▼ 2.9%€0.5mwithin the sector's middle half▼ 23.4%
Debt€0.4m-€0.8m▲ 114%€1.1m▲ 34.2%€0.9m▼ 16.0%€0.8m▼ 13.6%€0.8m▼ 2.8%€0.6m▼ 25.8%
Working capital-€0.06m--€0.1mbelow the sector's middle half▼ 88.5%-€0.2mbelow the sector's middle half▼ 96.3%-€0.2mbelow the sector's middle half▲ 16.7%-€0.1mbelow the sector's middle half▲ 29.6%-€0.1mbelow the sector's middle half▲ 15.8%-€0.05mbelow the sector's middle half▲ 61.1%
Solvency6.8%-8.6%within the sector's middle half▲ 1.8pp-6.1%below the sector's middle half▼ 14.7pp-10.1%below the sector's middle half▼ 4.1pp-11.1%below the sector's middle half▼ 1.0pp-11.3%below the sector's middle half▼ 0.2pp-7.7%below the sector's middle half▲ 3.6pp
Current ratio0.74-0.65below the sector's middle half▼ 0.090.44below the sector's middle half▼ 0.210.44below the sector's middle half=0.55below the sector's middle half▲ 0.110.69below the sector's middle half▲ 0.140.86below the sector's middle half▲ 0.17
Return on assets (ROA)9.0%-5.5%within the sector's middle half▼ 3.6pp-13.5%below the sector's middle half▼ 19.0pp-2.6%below the sector's middle half▲ 10.9pp0.7%within the sector's middle half▲ 3.3pp0.2%below the sector's middle half▼ 0.6pp7.0%within the sector's middle half▲ 6.9pp
Staff (FTE)6.3-7.5above the sector's middle half▲ 19.0%12.2above the sector's middle half▲ 62.7%13.4above the sector's middle half▲ 9.8%9above the sector's middle half▼ 32.8%9.3above the sector's middle half▲ 3.3%10.3above the sector's middle half▲ 10.8%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 3.2 times that of 2024 and the highest since 2021. It is a recovery after the fall in 2024.
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 €542,491
Fixed assets
€252,448 ▼ 42.6%
Current assets
€290,042 ▲ 8.2%
Equity and liabilities
Equity-€41,752
Debt€584,243
Equity is negative. Debt (€584,243) exceeds the balance-sheet total (€542,491).
Key figures and ratios
EBITDA
€133,075▼
2024 · €140,298
Cash flow
€118,584▼
2024 · €124,862
Quick ratio
0.64▲
2024 · 0.47
Interest coverage
9.18▲
2024 · 9.01
Debt ≤ 1 year
€336,041▼
2024 · €386,418
Debt > 1 year
€248,202▼
2024 · €401,381
Staff costs
€416,248▲
2024 · €338,693
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 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 11 | 12 | 8 | 11 |
| full-time | 10 | 8 | 7 | 8 |
| part-time | 1 | 4 | 1 | 3 |
| in full-time equivalents | 10.7 | 10.8 | 7.7 | 10 |
| Average over the year, in full-time equivalents | 13.4 | 9 | 9.3 | 10.3 |
| On a permanent contract | 11 | 9 | 8 | 11 |
| Joined | 426 | 525 | 866 | 965 |
| Left | 430 | 524 | 870 | 962 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €13,193 | €5,315 | €8,538 | €121,069 |
| Depreciation and write-downs of the year | €162,996 | €139,249 | €123,772 | €80,447 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €853 awarded · €853 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €353 | €353 |
| 2024 | 1 | €353 | €353 |
| 2023 | 1 | €147 | €147 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €7,282 | €0 | - | €23,183 | - |
| Remuneration, social security and pensions62 | - | - | - | €452,847 | €352,902 | €338,693 | €416,248 | ▲ 22.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €52,680 | €90,529 | €144,559 | €162,996 | €139,249 | €123,772 | €80,447 | ▼ 35.0% |
| Other operating charges640/8 | - | - | - | €7,670 | €8,976 | €4,636 | €3,224 | ▼ 30.5% |
| Non-recurring operating charges66A | - | - | - | - | €198 | €1,105 | - | - |
| Gross operating margin9900 | €299,907 | €408,891 | €442,580 | €618,693 | €522,457 | €484,732 | €552,546 | ▲ 14.0% |
| Operating profit (loss)9901 | €47,524 | €59,127 | -€120,130 | -€4,821 | €21,131 | €16,525 | €52,628 | ▲ 218% |
| Financial income75/76B | - | - | - | €54 | €1,176 | €134 | - | - |
| Recurring financial income75 | €42 | €123 | €29 | €54 | €1,176 | €134 | - | - |
| Financial charges65/66B | - | - | - | €17,493 | €16,955 | €15,569 | €14,491 | ▼ 6.9% |
| Recurring financial charges65 | €5,474 | €9,561 | €21,987 | €17,493 | €16,955 | €15,569 | €14,491 | ▼ 6.9% |
| Profit (loss) for the period before taxes9903 | €42,092 | €49,689 | -€142,088 | -€22,260 | €5,353 | €1,090 | €38,137 | ▲ 35× |
| Income taxes67/77 | €4,333 | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €37,759 | €49,689 | -€142,088 | -€22,260 | €5,353 | €1,090 | €38,137 | ▲ 35× |
| Profit (loss) for the period to be appropriated9905 | €37,759 | €49,689 | -€142,088 | -€22,260 | €5,353 | €1,090 | €38,137 | ▲ 35× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.4m | €0.9m | €1.1m | €0.9m | €0.7m | €0.7m | €0.5m | ▼ 23.4% |
| Formation expenses20 | €398 | €214 | €30 | - | - | - | - | - |
| Fixed assets21/28 | €0.2m | €0.7m | €0.9m | €0.7m | €0.6m | €0.4m | €0.3m | ▼ 42.6% |
| Intangible fixed assets21 | €0.005m | €0.003m | €0.001m | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.2m | €0.7m | €0.9m | €0.7m | €0.6m | €0.4m | €0.3m | ▼ 42.6% |
| Land and buildings22 | - | - | - | €0.3m | €0.3m | €0.2m | €0.02m | ▼ 90.6% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.1m | €0.06m | €0.06m | ▼ 13.4% |
| Furniture and vehicles24 | - | - | - | €0.005m | €0.004m | €0.005m | €0.003m | ▼ 38.6% |
| Leasing and similar rights25 | - | - | - | €0.02m | €0.01m | €0.005m | €0.04m | ▲ 755% |
| Other tangible fixed assets26 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 9.2% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0 | - | - | - |
| Current assets29/58 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 8.2% |
| Stocks and contracts in progress3 | €0.04m | €0.04m | €0.08m | €0.1m | €0.09m | €0.09m | €0.07m | ▼ 14.9% |
| Stocks30/36 | - | - | - | €0.1m | €0.09m | €0.09m | €0.07m | ▼ 14.9% |
| Amounts receivable within one year40/41 | €0.1m | €0.1m | €0.07m | €0.03m | €0.06m | €0.2m | €0.09m | ▼ 41.8% |
| Trade receivables40 | - | - | - | €0.02m | €0.04m | €0.1m | €0.02m | ▼ 80.6% |
| Other amounts receivable41 | - | - | - | €0.01m | €0.01m | €0.04m | €0.07m | ▲ 66.1% |
| Cash at bank and in hand54/58 | €0.04m | €0.06m | €0.05m | €0.03m | €0.02m | €0.02m | €0.1m | ▲ 536% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.005m | €0.001m | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.4m | €0.9m | €1.1m | €0.9m | €0.7m | €0.7m | €0.5m | ▼ 23.4% |
| Equity10/15 | €0.03m | €0.08m | -€0.06m | -€0.09m | -€0.08m | -€0.08m | -€0.04m | ▲ 47.7% |
| Contributions10/11 | €0.006m | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Profit (loss) carried forward14 | €0.02m | €0.07m | -€0.07m | -€0.09m | -€0.09m | -€0.09m | -€0.05m | ▲ 44.2% |
| Amounts payable17/49 | €0.4m | €0.8m | €1.1m | €0.9m | €0.8m | €0.8m | €0.6m | ▼ 25.8% |
| Amounts payable after more than one year17 | €0.1m | €0.5m | €0.7m | €0.6m | €0.5m | €0.4m | €0.2m | ▼ 38.2% |
| Financial debts170/4 | - | - | - | €0.6m | €0.5m | €0.4m | €0.2m | ▼ 38.2% |
| Amounts payable within one year42/48 | €0.3m | €0.4m | €0.4m | €0.4m | €0.3m | €0.4m | €0.3m | ▼ 13.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.1m | €0.07m | ▼ 32.1% |
| Financial debts43 | - | - | - | - | €0.02m | €0.02m | - | - |
| Credit institutions430/8 | - | - | - | - | €0.02m | €0.02m | - | - |
| Trade debts44 | €0.09m | €0.2m | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 32.8% |
| Suppliers440/4 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 32.8% |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.03m | €0.03m | €0.04m | ▲ 26.8% |
| Taxes450/3 | - | - | - | €0.001m | €99 | €0.001m | €0.001m | ▲ 93.0% |
| Remuneration and social security454/9 | - | - | - | €0.05m | €0.02m | €0.03m | €0.04m | ▲ 25.3% |
| Other amounts payable47/48 | - | - | - | €0.04m | €300 | €0 | €0.06m | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.001m | €0 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €37,759 | €49,689 | -€142,088 | -€22,260 | €5,353 | €1,090 | €38,137 | ▲ 35× |
| + Depreciation and write-downs630 | €52,680 | €90,529 | €144,559 | €162,996 | €139,249 | €123,772 | €80,447 | ▼ 35.0% |
| Operating cash flow (approximation) | €90,439 | €140,218 | €2,471 | €140,736 | €144,602 | €124,862 | €118,584 | ▼ 5.0% |
| Investment in fixed assets (approximation) | - | -€539,664 | -€326,278 | €2,449 | -€2,717 | -€5,701 | €106,907 | - |
| Change in cash | - | €18,342 | -€12,414 | -€18,207 | -€11,358 | €1,726 | €102,923 | ▲ 60× |
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, 265 companies had the same profile as BR has now. Two years later, 94.3% were still going and 1.1% had gone bankrupt.
- Small
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
94.3%
was still going
3.4%
stopped otherwise
1.1%
went bankrupt
Another 1.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of BR itself is higher: 1.8% within 12 months. It rests on far more data about BR than the profile alone.
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 265 companies, not a prediction for BR. 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.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 26-02-2026 | 2026-00043834 | |
| 30-09-2024 | abbreviated format | 10-03-2025 | 2025-00048158 | |
| 30-09-2023 | abbreviated format | 08-04-2024 | 2024-00060364 | |
| 30-09-2022 | abbreviated format | 02-03-2023 | 2023-00035233 | |
| 30-09-2021 | abbreviated format | 31-03-2022 | 2022-09800263 | |
| 30-09-2020 | micro format | 24-03-2021 | 2021-08700201 | |
| 30-09-2019 | micro format | 10-04-2020 | 2020-09100309 | |
| 30-09-2018 | micro format | 29-03-2019 | 2019-08500215 | |
| 30-09-2017 | micro format | 09-03-2018 | 2018-06500053 |