BRAAST
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 17 filings
Turnover
€148,227▼ 18.8%
2024 · €182,522
EBIT margin
-3.2%▼ 31.5pp
2024 · 28.3%
Net result
-€9,664
2024 · €43,885
Working capital
€57,215▲ 28.6%
2024 · €44,479
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€148,227
▼ 18.8%
2025
20182025
Operating result
-€4,805
2025
20182025
Net result
-€9,664
2025
lowest quarter of the sector
20182025
EBIT margin
-3.2%
▼ 31.5pp
2025
20182025
Equity
€52,823
▼ 15.5%
2025
middle half of the sector
20182025
Total assets
€172,228
▼ 20.9%
2025
lowest quarter of the sector
20182025
Debt
€119,405
▼ 23.0%
2025
20182025
Working capital
€57,215
▲ 28.6%
2025
middle half of the sector
20182025
Solvency
30.7%
▲ 2.0pp
2025
middle half of the sector
20182025
Current ratio
2.33
▲ 0.31
2025
middle half of the sector
20182025
Return on assets (ROA)
-5.6%
▼ 25.8pp
2025
lowest quarter 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
Turnover€257,606€273,562▲ 6.2%€380,482▲ 39.1%€331,629▼ 12.8%€182,522▼ 45.0%€148,227▼ 18.8%
Operating result-€13,448--€10,489▲ 22.0%-€5,693▲ 45.7%-€5,791▼ 1.7%€41,124-€70,235€51,649-€4,805
Net result-€17,445-€995-€10,141below the sector's middle half-€10,237below the sector's middle half▼ 0.9%€33,837above the sector's middle half-€79,110below the sector's middle half€43,885above the sector's middle half-€9,664below the sector's middle half
EBIT margin-2.2%-2.1%▲ 0.1pp10.8%▲ 12.9pp-21.2%▼ 32.0pp28.3%▲ 49.5pp-3.2%▼ 31.5pp
Equity€151,885-€152,880▲ 0.7%€142,739above the sector's middle half▼ 6.6%€132,502above the sector's middle half▼ 7.2%€166,339above the sector's middle half▲ 25.5%€18,602within the sector's middle half▼ 88.8%€62,487within the sector's middle half▲ 236%€52,823within the sector's middle half▼ 15.5%
Total assets€598,555-€518,643▼ 13.4%€453,203above the sector's middle half▼ 12.6%€378,306above the sector's middle half▼ 16.5%€374,242above the sector's middle half▼ 1.1%€226,513within the sector's middle half▼ 39.5%€217,619within the sector's middle half▼ 3.9%€172,228below the sector's middle half▼ 20.9%
Debt€446,671-€365,763▼ 18.1%€310,464▼ 15.1%€245,803▼ 20.8%€207,903▼ 15.4%€207,912=€155,133▼ 25.4%€119,405▼ 23.0%
Working capital€80,659-€74,812▼ 7.2%€84,363above the sector's middle half▲ 12.8%€85,728above the sector's middle half▲ 1.6%€121,106above the sector's middle half▲ 41.3%-€15,647below the sector's middle half€44,479within the sector's middle half€57,215within the sector's middle half▲ 28.6%
Solvency25.4%-29.5%▲ 4.1pp31.5%within the sector's middle half▲ 2.0pp35.0%within the sector's middle half▲ 3.5pp44.4%within the sector's middle half▲ 9.4pp8.2%within the sector's middle half▼ 36.2pp28.7%within the sector's middle half▲ 20.5pp30.7%within the sector's middle half▲ 2.0pp
Current ratio1.73-1.75▲ 0.021.97within the sector's middle half▲ 0.222.17within the sector's middle half▲ 0.202.67within the sector's middle half▲ 0.510.75below the sector's middle half▼ 1.922.02within the sector's middle half▲ 1.282.33within the sector's middle half▲ 0.31
Return on assets (ROA)-2.9%-0.2%▲ 3.1pp-2.2%below the sector's middle half▼ 2.4pp-2.7%below the sector's middle half▼ 0.5pp9.0%within the sector's middle half▲ 11.7pp-34.9%below the sector's middle half▼ 44.0pp20.2%above the sector's middle half▲ 55.1pp-5.6%below the sector's middle half▼ 25.8pp
Staff (FTE)1.1-1.1=
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 a loss of €4,805, after a profit of €51,649 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €172,228
Fixed assets
€71,903 ▼ 44.5%
Current assets
€100,325 ▲ 14.0%
Equity and liabilities €172,228
Equity
€52,823 ▼ 15.5%
Debt
€119,405 ▼ 23.0%
Debt's share of the balance-sheet total falls from 71.3% to 69.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€52,916▼
2024 · €102,656
Cash flow
€48,057▼
2024 · €94,892
Debt to equity
2.26▼
2024 · 2.48
ROE
-18.3%▼
2024 · 70.2%
Interest coverage
10.89▼
2024 · 13.41
Debt ≤ 1 year
€43,110▼
2024 · €43,516
Debt > 1 year
€76,295▼
2024 · €111,617
Customer credit
4 days▼
2024 · 42 days
Supplier credit
10 days▼
2024 · 29 days
Staff costs
€82▼
2024 · €10,700
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 | - | €23,076 | €68,595 | - | - |
| Depreciation and write-downs of the year | €62,542 | €61,456 | €68,597 | €51,007 | €57,721 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | €257,606 | €273,562 | €380,482 | €331,629 | €182,522 | €148,227 | ▼ 18.8% |
| Non-recurring operating income76A | - | - | - | €500 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €216,889 | €243,047 | €177,407 | €65,751 | €84,571 | ▲ 28.6% |
| Remuneration, social security and pensions62 | - | - | - | €29,811 | €40,006 | €75,466 | €10,700 | €82 | ▼ 99.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €75,909 | €63,288 | €64,670 | €62,542 | €61,456 | €68,597 | €51,007 | €57,721 | ▲ 13.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €81,943 | - | - | - |
| Other operating charges640/8 | - | - | - | €4,882 | €9,611 | €24,769 | €34,545 | €20,811 | ▼ 39.8% |
| Gross operating margin9900 | €105,172 | €98,204 | €86,778 | €91,445 | €152,196 | €180,539 | €147,902 | €73,809 | ▼ 50.1% |
| Operating profit (loss)9901 | -€13,448 | -€10,489 | -€5,693 | -€5,791 | €41,124 | -€70,235 | €51,649 | -€4,805 | - |
| Financial income75/76B | - | - | - | €12 | - | €2 | €0 | €0 | ▼ 17.6% |
| Recurring financial income75 | €7,107 | €18,867 | - | €12 | - | €2 | €0 | €0 | ▼ 17.6% |
| Non-recurring financial income76B | - | - | - | €12 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €4,458 | €3,903 | €8,876 | €7,654 | €4,860 | ▼ 36.5% |
| Recurring financial charges65 | €10,754 | €7,383 | €4,451 | €4,458 | €3,903 | €8,876 | €7,654 | €4,860 | ▼ 36.5% |
| Profit (loss) for the period before taxes9903 | -€17,095 | €995 | -€10,145 | -€10,237 | €37,221 | -€79,110 | €43,996 | -€9,664 | - |
| Income taxes67/77 | €350 | - | -€3 | - | €3,384 | - | €111 | - | - |
| Profit (loss) for the period9904 | -€17,445 | €995 | -€10,141 | -€10,237 | €33,837 | -€79,110 | €43,885 | -€9,664 | - |
| Profit (loss) for the period to be appropriated9905 | -€17,445 | €995 | -€10,141 | -€10,237 | €33,837 | -€79,110 | €43,885 | -€9,664 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €598,555 | €518,643 | €453,203 | €378,306 | €374,242 | €226,513 | €217,619 | €172,228 | ▼ 20.9% |
| Fixed assets21/28 | €406,954 | €343,666 | €281,555 | €219,013 | €180,633 | €180,631 | €129,624 | €71,903 | ▼ 44.5% |
| Intangible fixed assets21 | - | - | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €406,954 | €343,666 | €281,555 | €219,013 | €180,633 | €180,631 | €129,624 | €71,903 | ▼ 44.5% |
| Land and buildings22 | - | - | - | €213,924 | €124,170 | €76,399 | €45,174 | €13,950 | ▼ 69.1% |
| Plant, machinery and equipment23 | - | - | - | €1,788 | €33,551 | €24,238 | €15,967 | €7,805 | ▼ 51.1% |
| Furniture and vehicles24 | - | - | - | €3,302 | €22,912 | €79,995 | €68,482 | €50,148 | ▼ 26.8% |
| Current assets29/58 | €191,602 | €174,978 | €171,647 | €159,293 | €193,609 | €45,882 | €87,995 | €100,325 | ▲ 14.0% |
| Stocks and contracts in progress3 | €101,065 | €88,767 | €103,689 | €90,200 | €82,243 | €300 | - | - | - |
| Stocks30/36 | - | - | - | €90,200 | €82,243 | €300 | - | - | - |
| Amounts receivable within one year40/41 | €8,563 | €10,457 | €7,630 | €16,705 | €55,298 | €10,000 | €51,192 | €26,265 | ▼ 48.7% |
| Trade receivables40 | - | - | - | - | €20,540 | - | €20,841 | €1,427 | ▼ 93.2% |
| Other amounts receivable41 | - | - | - | €16,705 | €34,758 | €10,000 | €30,351 | €24,837 | ▼ 18.2% |
| Cash at bank and in hand54/58 | €78,947 | €72,889 | €60,329 | €52,388 | €56,068 | €35,582 | €36,803 | €74,060 | ▲ 101% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €598,555 | €518,643 | €453,203 | €378,306 | €374,242 | €226,513 | €217,619 | €172,228 | ▼ 20.9% |
| Equity10/15 | €151,885 | €152,880 | €142,739 | €132,502 | €166,339 | €18,602 | €62,487 | €52,823 | ▼ 15.5% |
| Contributions10/11 | €50,000 | €50,000 | - | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Reserves13 | €119,330 | €119,330 | €119,330 | €119,330 | €153,167 | €84,539 | €84,539 | €84,539 | = |
| Non-distributable reserves130/1 | - | - | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves not available under the articles1311 | - | - | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Distributable reserves133 | - | - | - | €114,330 | €148,167 | €79,539 | €79,539 | €79,539 | = |
| Profit (loss) carried forward14 | -€17,445 | -€16,450 | -€26,591 | -€36,828 | -€36,828 | -€115,938 | -€72,053 | -€81,717 | ▼ 13.4% |
| Amounts payable17/49 | €446,671 | €365,763 | €310,464 | €245,803 | €207,903 | €207,912 | €155,133 | €119,405 | ▼ 23.0% |
| Amounts payable after more than one year17 | €332,653 | €265,598 | €223,179 | €172,239 | €135,400 | €146,383 | €111,617 | €76,295 | ▼ 31.6% |
| Financial debts170/4 | - | - | - | €172,239 | €135,400 | €146,383 | €111,617 | €76,295 | ▼ 31.6% |
| Amounts payable within one year42/48 | €110,943 | €100,165 | €87,284 | €73,564 | €72,503 | €61,529 | €43,516 | €43,110 | ▼ 0.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €50,940 | €36,843 | €49,245 | €34,766 | €35,322 | ▲ 1.6% |
| Trade debts44 | €1,250 | €8,394 | €6,175 | €13,162 | €17,878 | - | €5,163 | €2,213 | ▼ 57.1% |
| Suppliers440/4 | - | - | - | €13,162 | €17,878 | - | €5,163 | €2,213 | ▼ 57.1% |
| Taxes, remuneration and social security45 | - | - | - | €6,862 | €17,782 | €10,258 | €3,587 | €5,576 | ▲ 55.4% |
| Taxes450/3 | - | - | - | €6,862 | €12,841 | €4,244 | €3,587 | €5,576 | ▲ 55.4% |
| Remuneration and social security454/9 | - | - | - | - | €4,941 | €6,014 | - | - | - |
| Other amounts payable47/48 | - | - | - | €2,600 | - | €2,026 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€17,445 | €995 | -€10,141 | -€10,237 | €33,837 | -€79,110 | €43,885 | -€9,664 | - |
| + Depreciation and write-downs630 | €75,909 | €63,288 | €64,670 | €62,542 | €61,456 | €68,597 | €51,007 | €57,721 | ▲ 13.2% |
| Operating cash flow (approximation) | €58,464 | €64,283 | €54,529 | €52,306 | €95,293 | -€10,513 | €94,892 | €48,057 | ▼ 49.4% |
| Investment in fixed assets (approximation) | - | €0 | -€2,560 | €0 | -€23,076 | -€68,595 | €0 | €0 | - |
| Change in cash | - | -€6,057 | -€12,560 | -€7,941 | €3,680 | -€20,486 | €1,221 | €37,257 | ▲ 31× |
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, 6,908 companies had the same profile as BRAAST has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BRAAST itself: 0.3% 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 6,908 companies, not a prediction for BRAAST. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 28-07-2026 | 2026-00341040 | |
| 31-12-2024 | micro format | 23-06-2025 | 2025-00183204 | |
| 31-12-2023 | micro format | 29-07-2024 | 2024-00293985 | |
| 31-12-2022 | micro format | 17-07-2023 | 2023-00240054 | |
| 31-12-2021 | micro format | 04-07-2022 | 2022-20123704 | |
| 31-12-2020 | micro format | 22-07-2021 | 2021-38800066 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-46900149 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-55400298 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-53200233 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-52300083 |