Brandsplus
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 08-07-2026 at the NBB all 9 filings
Turnover
€9.5m
EBIT margin
8.3%
Net result
€154,270▼ 52.6%
2024 · €325,210
Working capital
€611,104▲ 46.8%
2024 · €416,415
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€140,984
▼ 60.9%
2025
20192025
Net result
€154,270
▼ 52.6%
2025
middle half of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€633,473
▲ 32.2%
2025
middle half of the sector
20192025
Total assets
€1.6m
▲ 80.0%
2025
middle half of the sector
20192025
Debt
€941,149
▲ 138%
2025
20192025
Working capital
€611,104
▲ 46.8%
2025
middle half of the sector
20192025
Solvency
40.2%
▼ 14.5pp
2025
middle half of the sector
20192025
Current ratio
1.65
▼ 0.40
2025
middle half of the sector
20192025
Return on assets (ROA)
9.8%
▼ 27.4pp
2025
highest quarter of the sector
20192025
Staff (FTE)
1
=
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€9.5m-
Operating result€0.8m-€0.5m▼ 38.3%€0.2m▼ 60.3%-€0.5m€0.1m€0.4m▲ 213%€0.1m▼ 60.9%
Net result€0.5m-€0.3mabove the sector's middle half▼ 44.2%€0.05mwithin the sector's middle half▼ 81.9%-€0.7mbelow the sector's middle half€0.003mbelow the sector's middle half€0.3mabove the sector's middle half▲ 96×€0.2mwithin the sector's middle half▼ 52.6%
EBIT margin8.3%-
Equity€1.1m-€1.0mabove the sector's middle half▼ 3.3%€0.8mabove the sector's middle half▼ 19.5%€0.2mwithin the sector's middle half▼ 82.0%€0.2mwithin the sector's middle half▲ 2.2%€0.5mwithin the sector's middle half▲ 211%€0.6mwithin the sector's middle half▲ 32.2%
Total assets€2.5m-€2.4mabove the sector's middle half▼ 4.2%€2.8mabove the sector's middle half▲ 17.6%€5.2mabove the sector's middle half▲ 86.7%€2.4mabove the sector's middle half▼ 53.2%€0.9mwithin the sector's middle half▼ 64.2%€1.6mwithin the sector's middle half▲ 80.0%
Debt€1.4m-€1.3m▼ 4.9%€2.0m▲ 46.3%€5.1m▲ 159%€2.3m▼ 54.8%€0.4m▼ 82.7%€0.9m▲ 138%
Working capital€1.0m-€1.0mabove the sector's middle half▲ 1.6%€0.8mabove the sector's middle half▼ 19.6%€0.08mwithin the sector's middle half▼ 90.0%€0.1mwithin the sector's middle half▲ 47.9%€0.4mwithin the sector's middle half▲ 236%€0.6mwithin the sector's middle half▲ 46.8%
Solvency43.2%-43.6%within the sector's middle half▲ 0.4pp29.9%within the sector's middle half▼ 13.8pp2.9%below the sector's middle half▼ 27.0pp6.3%below the sector's middle half▲ 3.4pp54.8%within the sector's middle half▲ 48.5pp40.2%within the sector's middle half▼ 14.5pp
Current ratio1.74-1.83within the sector's middle half▲ 0.091.45within the sector's middle half▼ 0.391.02below the sector's middle half▼ 0.431.06below the sector's middle half▲ 0.042.05within the sector's middle half▲ 1.001.65within the sector's middle half▼ 0.40
Return on assets (ROA)19.1%-11.1%within the sector's middle half▼ 8.0pp1.7%within the sector's middle half▼ 9.4pp-13.1%below the sector's middle half▼ 14.8pp0.1%below the sector's middle half▲ 13.3pp37.2%above the sector's middle half▲ 37.0pp9.8%above the sector's middle half▼ 27.4pp
Staff (FTE)4.6-4.3within the sector's middle half▼ 6.5%4.7within the sector's middle half▲ 9.3%4.6within the sector's middle half▼ 2.1%3.6within the sector's middle half▼ 21.7%1below the sector's middle half▼ 72.2%1below the sector's middle half=
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 61% lower than in 2024.
Large changes and their cause
- 2025 Net result -53% on 2024. The accounts now follow the full format, last year the abbreviated format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.6m
Fixed assets
€25,084 ▼ 60.5%
Current assets
€1.5m ▲ 90.9%
Equity and liabilities €1.6m
Equity
€633,473 ▲ 32.2%
Debt
€941,149 ▲ 138%
Debt's share of the balance-sheet total rises from 45.2% to 59.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€166,926▼
2024 · €403,177
Cash flow
€180,212▼
2024 · €367,777
Quick ratio
1.65▼
2024 · 2.02
Debt to equity
1.49▲
2024 · 0.83
ROE
24.4%▼
2024 · 67.9%
Interest coverage
5.68▼
2024 · 7.77
Debt ≤ 1 year
€938,435▲
2024 · €395,090
Income taxes
€201▼
2024 · €207
Staff costs
€72,685▼
2024 · €158,409
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 1 | 1 | 1 |
| full-time | 4 | 1 | 1 | 1 |
| part-time | 1 | 0 | 0 | 0 |
| in full-time equivalents | 4.8 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 4.6 | 3.6 | 1 | 1 |
| On a permanent contract | 5 | 1 | 1 | 1 |
| Joined | 7 | 2 | - | - |
| Left | 9 | 6 | - | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €1.0m | €450,000 | - | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €100,002 | €3,737 | €32,392 | - |
| Financial fixed assets | - | €0 | €0 | €0 |
| Depreciation and write-downs of the year | €54,602 | €46,336 | €42,567 | €25,942 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 4 entries · €11,768 awarded · €11,768 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €1,152 | €1,152 |
| 2022 | 3 | €10,616 | €10,616 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €9.5m | - | - | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.3m | €0.3m | €0.2m | €0.07m | ▼ 54.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.03m | €0.03m | €0.05m | €0.05m | €0.04m | €0.03m | ▼ 39.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.007m | €0.02m | €0.008m | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €0.01m | €0.006m | €0.01m | €0.001m | ▼ 87.1% |
| Non-recurring operating charges66A | - | - | - | €0.001m | €0 | - | €0.002m | - |
| Gross operating margin9900 | - | €0.9m | €0.4m | -€0.1m | €0.5m | €0.6m | €0.2m | ▼ 58.3% |
| Operating profit (loss)9901 | €0.8m | €0.5m | €0.2m | -€0.5m | €0.1m | €0.4m | €0.1m | ▼ 60.9% |
| Financial income75/76B | - | - | - | €0.08m | €0.06m | €0.02m | €0.04m | ▲ 157% |
| Recurring financial income75 | €0.1m | €0.1m | €0.05m | €0.08m | €0.06m | €0.02m | €0.04m | ▲ 157% |
| Financial charges65/66B | - | - | - | €0.3m | €0.2m | €0.05m | €0.03m | ▼ 43.4% |
| Recurring financial charges65 | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | €0.05m | €0.03m | ▼ 43.4% |
| Debt charges650 | €0.02m | - | - | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.7m | €0.4m | €0.07m | -€0.7m | €0.004m | €0.3m | €0.2m | ▼ 52.5% |
| Income taxes67/77 | €0.2m | €0.1m | €0.02m | €0.002m | €0.001m | €207 | €201 | ▼ 2.5% |
| Profit (loss) for the period9904 | €0.5m | €0.3m | €0.05m | -€0.7m | €0.003m | €0.3m | €0.2m | ▼ 52.6% |
| Profit (loss) for the period to be appropriated9905 | €0.5m | €0.3m | €0.05m | -€0.7m | €0.003m | €0.3m | €0.2m | ▼ 52.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.5m | €2.4m | €2.8m | €5.2m | €2.4m | €0.9m | €1.6m | ▲ 80.0% |
| Fixed assets21/28 | €0.07m | €0.09m | €0.08m | €0.1m | €0.07m | €0.06m | €0.03m | ▼ 60.5% |
| Tangible fixed assets22/27 | €0.06m | €0.07m | €0.07m | €0.1m | €0.06m | €0.05m | €0.03m | ▼ 50.8% |
| Plant, machinery and equipment23 | - | - | - | €0.09m | €0.05m | €0.04m | €0.02m | ▼ 58.3% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.01m | €0.01m | €0.008m | ▼ 19.4% |
| Financial fixed assets28 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0 | ▼ 100% |
| Current assets29/58 | €2.4m | €2.3m | €2.7m | €5.1m | €2.4m | €0.8m | €1.5m | ▲ 90.9% |
| Stocks and contracts in progress3 | €0.2m | €0.4m | €0.6m | €1.7m | €0.5m | €0.01m | €0.003m | ▼ 81.6% |
| Stocks30/36 | - | - | - | €1.7m | €0.5m | €0.01m | €0.003m | ▼ 81.6% |
| Amounts receivable within one year40/41 | €1.6m | €1.1m | €1.8m | €2.6m | €1.6m | €0.6m | €1.3m | ▲ 113% |
| Trade receivables40 | - | - | - | €2.5m | €1.6m | €0.05m | €0.1m | ▲ 178% |
| Other amounts receivable41 | - | - | - | €0.1m | €0.004m | €0.6m | €1.2m | ▲ 108% |
| Cash at bank and in hand54/58 | €0.5m | €0.7m | €0.2m | €0.7m | €0.1m | €0.1m | €0.2m | ▲ 36.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.1m | €0.1m | €0.03m | €0.02m | ▼ 23.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.5m | €2.4m | €2.8m | €5.2m | €2.4m | €0.9m | €1.6m | ▲ 80.0% |
| Equity10/15 | €1.1m | €1.0m | €0.8m | €0.2m | €0.2m | €0.5m | €0.6m | ▲ 32.2% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €1.0m | €1.0m | €0.8m | €0.09m | €0.09m | €0.4m | €0.6m | ▲ 37.0% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €0.08m | €0.09m | €0.4m | €0.6m | ▲ 37.5% |
| Profit (loss) carried forward14 | - | - | - | €0 | - | - | - | - |
| Amounts payable17/49 | €1.4m | €1.3m | €2.0m | €5.1m | €2.3m | €0.4m | €0.9m | ▲ 138% |
| Amounts payable within one year42/48 | €1.4m | €1.3m | €1.9m | €5.0m | €2.2m | €0.4m | €0.9m | ▲ 138% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1.6m | €0.5m | €0 | - | - |
| Financial debts43 | - | - | - | - | - | - | €0.5m | - |
| Credit institutions430/8 | - | - | - | - | - | - | €0.5m | - |
| Trade debts44 | €0.3m | €0.1m | €0.7m | €2.9m | €0.6m | €0.3m | €0.2m | ▼ 16.9% |
| Suppliers440/4 | - | - | - | €2.9m | €0.6m | €0.3m | €0.2m | ▼ 16.9% |
| Advances received on contracts in progress46 | - | - | - | - | €0.09m | €0.08m | €0.03m | ▼ 65.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.1m | €0.03m | €0.02m | ▼ 6.9% |
| Taxes450/3 | - | - | - | €0.001m | €0.1m | €0.01m | €0.01m | ▲ 0.1% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.01m | €0.02m | €0.01m | ▼ 11.4% |
| Other amounts payable47/48 | - | - | - | €0.5m | €0.9m | €0 | €0.1m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.05m | €0.04m | €0.001m | €0.003m | ▲ 268% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €474,518 | €264,635 | €47,946 | -€684,110 | €3,388 | €325,210 | €154,270 | ▼ 52.6% |
| + Depreciation and write-downs630 | €11,688 | €25,146 | €33,080 | €54,602 | €46,336 | €42,567 | €25,942 | ▼ 39.1% |
| Operating cash flow (approximation) | €486,206 | €289,781 | €81,026 | -€629,508 | €49,724 | €367,777 | €180,212 | ▼ 51.0% |
| Investment in fixed assets (approximation) | - | -€42,912 | -€28,292 | -€89,697 | -€3,737 | -€31,792 | €12,500 | - |
| Change in cash | - | €236,128 | -€467,487 | €466,882 | -€578,597 | €21,874 | €53,358 | ▲ 144% |
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, 34,693 companies had the same profile as Brandsplus has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Brandsplus 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 34,693 companies, not a prediction for Brandsplus. 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 |
|---|---|---|---|---|
| 31-12-2025 | full format | 08-07-2026 | 2026-00270601 | |
| 31-12-2024 | abbreviated format | 20-06-2025 | 2025-00159767 | |
| 31-12-2023 | abbreviated format | 19-06-2024 | 2024-00146547 | |
| 31-12-2022 | abbreviated format | 20-07-2023 | 2023-00255050 | |
| 31-10-2021 | abbreviated format | 16-03-2022 | 2022-07700533 | |
| 31-10-2020 | abbreviated format | 04-05-2021 | 2021-13100544 | |
| 31-10-2019 | full format | 02-01-2020 | 2020-00300163 | |
| 31-10-2018 | full format | 10-04-2019 | 2019-09700526 | |
| 30-11-2017 | abbreviated format | 23-01-2018 | 2018-02100079 |