Budgetslager
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 5 days after the deadline Filed on 5 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00382772.
Annual accounts 2025 filed on 05-08-2026 at the NBB all 42 filings
Turnover
€12.6m▼ 8.3%
2024 · €13.7m
EBIT margin
-2.1%▲ 0.1pp
2024 · -2.3%
Net result
-€334,687▲ 2.3%
2024 · -€342,628
Working capital
€312,593▼ 25.9%
2024 · €421,759
In the rankings
#5 employer in Wommelgem, Wholesale and retail trade sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€12.6m
▼ 8.3%
2025
20182025
Operating result
-€269,846
▲ 13.9%
2025
20182025
Net result
-€334,687
▲ 2.3%
2025
lowest quarter of the sector
20182025
EBIT margin
-2.1%
▲ 0.1pp
2025
20182025
Equity
€536,542
▼ 38.4%
2025
middle half of the sector
20182025
Total assets
€7.6m
▼ 4.2%
2025
highest quarter of the sector
20182025
Debt
€7.1m
=
2025
20182025
Working capital
€312,593
▼ 25.9%
2025
middle half of the sector
20182025
Solvency
7.1%
▼ 3.9pp
2025
lowest quarter of the sector
20182025
Current ratio
1.04
▼ 0.02
2025
middle half of the sector
20182025
Return on assets (ROA)
-4.4%
▼ 0.1pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
66.1
▲ 7.3%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€21.6m-€20.3m▼ 5.9%€19.6m▼ 3.5%€16.8m▼ 14.2%€14.5m▼ 13.9%€14.5m▲ 0.1%€13.7m▼ 5.7%€12.6m▼ 8.3%
Operating result€0.1m-€0.1m▼ 11.5%€0.08m▼ 13.6%€0.08m▲ 0.7%-€0.4m€0.09m-€0.3m-€0.3m▲ 13.9%
Net result€0.01m-€0.02m▲ 29.3%€0.01mwithin the sector's middle half▼ 20.5%€0.01mwithin the sector's middle half▼ 1.8%-€0.5mbelow the sector's middle half€0.008mwithin the sector's middle half-€0.3mbelow the sector's middle half-€0.3mbelow the sector's middle half▲ 2.3%
EBIT margin0.5%-0.5%=0.4%▼ 0.1pp0.5%▲ 0.1pp-2.9%▼ 3.4pp0.7%▲ 3.5pp-2.3%▼ 2.9pp-2.1%▲ 0.1pp
Equity€1.7m-€1.7m▲ 1.1%€1.7mabove the sector's middle half▲ 0.9%€1.7mabove the sector's middle half▲ 0.8%€1.2mabove the sector's middle half▼ 29.0%€1.2mabove the sector's middle half▲ 0.7%€0.9mabove the sector's middle half▼ 28.2%€0.5mwithin the sector's middle half▼ 38.4%
Total assets€7.7m-€7.8m▲ 0.8%€7.5mabove the sector's middle half▼ 3.3%€7.6mabove the sector's middle half▲ 0.5%€7.4mabove the sector's middle half▼ 1.9%€7.7mabove the sector's middle half▲ 3.7%€7.9mabove the sector's middle half▲ 2.8%€7.6mabove the sector's middle half▼ 4.2%
Debt€6.1m-€6.1m▲ 0.8%€5.9m▼ 4.5%€5.9m▲ 0.4%€6.2m▲ 5.9%€6.5m▲ 4.3%€7.1m▲ 8.6%€7.1m=
Working capital€0.5m-€0.3m▼ 29.3%€0.4mabove the sector's middle half▲ 31.9%€0.8mabove the sector's middle half▲ 77.3%€0.6mabove the sector's middle half▼ 25.8%€0.7mabove the sector's middle half▲ 20.6%€0.4mwithin the sector's middle half▼ 39.1%€0.3mwithin the sector's middle half▼ 25.9%
Solvency21.3%-21.4%▲ 0.1pp22.3%within the sector's middle half▲ 0.9pp22.4%within the sector's middle half▲ 0.1pp16.2%within the sector's middle half▼ 6.2pp15.7%within the sector's middle half▼ 0.5pp11.0%below the sector's middle half▼ 4.8pp7.1%below the sector's middle half▼ 3.9pp
Current ratio1.08-1.05▼ 0.031.08within the sector's middle half▲ 0.021.14within the sector's middle half▲ 0.061.09within the sector's middle half▼ 0.041.11within the sector's middle half▲ 0.011.06within the sector's middle half▼ 0.051.04within the sector's middle half▼ 0.02
Return on assets (ROA)0.2%-0.2%▲ 0.1pp0.2%within the sector's middle half=0.2%below the sector's middle half=-6.6%below the sector's middle half▼ 6.8pp0.1%within the sector's middle half▲ 6.7pp-4.3%below the sector's middle half▼ 4.4pp-4.4%below the sector's middle half▼ 0.1pp
Staff (FTE)139.2-134.1▼ 3.7%124.6above the sector's middle half▼ 7.1%112.7above the sector's middle half▼ 9.6%94.2above the sector's middle half▼ 16.4%77.8above the sector's middle half▼ 17.4%61.6above the sector's middle half▼ 20.8%66.1above the sector's middle half▲ 7.3%
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 €269,846, smaller than the loss of €313,483 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.6m
Fixed assets
€233,249 ▼ 48.1%
Current assets
€7.4m ▼ 1.6%
Equity and liabilities €7.6m
Equity
€536,542 ▼ 38.4%
Debt
€7.1m =
Debt's share of the balance-sheet total rises from 89.0% to 92.9%. Equity is lower.
Key figures and ratios
EBITDA
-€104,554▲
2024 · -€131,045
Cash flow
-€169,395▼
2024 · -€160,190
Quick ratio
1.02▼
2024 · 1.03
Debt to equity
13.16▲
2024 · 8.11
ROE
-62.4%▼
2024 · -39.3%
Interest coverage
-12.97▲
2024 · -14.05
Debt ≤ 1 year
€7.1m▼
2024 · €7.1m
Income taxes
€3,357▲
2024 · -€24,473
Customer credit
195 days▲
2024 · 173 days
Supplier credit
322 days▲
2024 · 300 days
Staff costs
€2.3m▼
2024 · €2.6m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 117 | 98 | 85 | 68 | 71 |
| full-time | 71 | 62 | 56 | 45 | 42 |
| part-time | 46 | 36 | 29 | 23 | 29 |
| in full-time equivalents | 101 | 88.4 | 77.8 | 61.6 | 63.7 |
| Average over the year, in full-time equivalents | 112.7 | 94.2 | 77.8 | 61.6 | 66.1 |
| On a permanent contract | 109 | 97 | 85 | 68 | 65 |
| Joined | 58 | 16 | 20 | 9 | 8 |
| Left | 80 | 35 | 21 | 26 | 17 |
| Agency workers, average number | 17.7 | 21.6 | 27.9 | 35.4 | 29.4 |
| Training hours | 45 | 192 | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €70,774 | €18,710 | €2,035 | €122,675 | - |
| Depreciation and write-downs of the year | €300,660 | €279,169 | €232,799 | €182,438 | €165,292 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €9,180 | €9,180 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €5,296 awarded · €5,296 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €293 | €293 |
| 2024 | 1 | €1,987 | €1,987 |
| 2023 | 1 | €2,094 | €2,094 |
| 2022 | 1 | €922 | €922 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €16.9m | €14.6m | €14.9m | €13.8m | €12.8m | ▼ 7.2% |
| Turnover70 | €21.6m | €20.3m | €19.6m | €16.8m | €14.5m | €14.5m | €13.7m | €12.6m | ▼ 8.3% |
| Other operating income74 | - | - | - | €0.04m | €0.07m | €0.4m | €0.09m | €0.2m | ▲ 150% |
| Operating charges60/66A | - | - | - | €16.8m | €15.0m | €14.8m | €14.1m | €13.1m | ▼ 7.4% |
| Goods for resale, raw materials and consumables60 | - | - | - | €9.7m | €8.7m | €8.6m | €8.0m | €7.6m | ▼ 5.1% |
| Purchases600/8 | - | - | - | €9.7m | €8.7m | €8.6m | €8.0m | €7.6m | ▼ 5.3% |
| Change in stocks: decrease (increase)609 | - | - | - | €0.04m | -€0.02m | -€0.006m | €0.02m | €0.03m | ▲ 62.3% |
| Services and other goods61 | - | - | - | €2.9m | €2.8m | €2.8m | €3.2m | €2.9m | ▼ 8.4% |
| Remuneration, social security and pensions62 | - | - | - | €3.9m | €3.2m | €3.1m | €2.6m | €2.3m | ▼ 13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 9.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.02m | €0.005m | -€0.008m | - | - | - |
| Other operating charges640/8 | - | - | - | €0.06m | €0.07m | €0.05m | €0.1m | €0.1m | ▼ 7.5% |
| Operating profit (loss)9901 | €0.1m | €0.1m | €0.08m | €0.08m | -€0.4m | €0.09m | -€0.3m | -€0.3m | ▲ 13.9% |
| Financial income75/76B | - | - | - | €0.01m | €0.009m | - | - | - | - |
| Recurring financial income75 | €0.01m | €0.01m | €0.01m | €0.01m | €0.009m | - | - | - | - |
| Income from current assets751 | - | - | - | €0.01m | €0.009m | - | - | - | - |
| Financial charges65/66B | - | - | - | €0.05m | €0.06m | €0.06m | €0.05m | €0.06m | ▲ 14.7% |
| Recurring financial charges65 | €0.07m | €0.05m | €0.05m | €0.05m | €0.06m | €0.06m | €0.05m | €0.06m | ▲ 14.7% |
| Debt charges650 | €0.03m | €0.02m | €0.02m | €0.02m | €0.02m | €0.01m | €0.009m | €0.008m | ▼ 13.6% |
| Other financial charges652/9 | - | - | - | €0.03m | €0.04m | €0.05m | €0.04m | €0.05m | ▲ 20.6% |
| Profit (loss) for the period before taxes9903 | €0.05m | €0.05m | €0.04m | €0.04m | -€0.5m | €0.04m | -€0.4m | -€0.3m | ▲ 9.7% |
| Income taxes67/77 | €0.04m | €0.04m | €0.03m | €0.03m | €0.03m | €0.03m | -€0.02m | €0.003m | - |
| Taxes670/3 | - | - | - | €0.03m | €0.03m | €0.03m | - | €0.003m | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | - | €0.02m | - | - |
| Profit (loss) for the period9904 | €0.01m | €0.02m | €0.01m | €0.01m | -€0.5m | €0.008m | -€0.3m | -€0.3m | ▲ 2.3% |
| Transfer from tax-exempt reserves789 | - | - | - | - | €252 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.01m | €0.02m | €0.01m | €0.01m | -€0.5m | €0.008m | -€0.3m | -€0.3m | ▲ 2.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €7.7m | €7.8m | €7.5m | €7.6m | €7.4m | €7.7m | €7.9m | €7.6m | ▼ 4.2% |
| Fixed assets21/28 | €1.4m | €1.4m | €1.3m | €1.1m | €0.8m | €0.6m | €0.4m | €0.2m | ▼ 48.1% |
| Intangible fixed assets21 | - | €0.004m | €0.003m | €0.002m | €0.001m | €402 | - | - | - |
| Tangible fixed assets22/27 | €1.4m | €1.4m | €1.3m | €1.1m | €0.8m | €0.6m | €0.4m | €0.2m | ▼ 48.1% |
| Plant, machinery and equipment23 | - | - | - | €0.3m | €0.2m | €0.1m | €0.1m | €0.08m | ▼ 42.9% |
| Furniture and vehicles24 | - | - | - | €0.007m | €0.002m | €0.001m | €0.001m | €0.001m | ▼ 6.7% |
| Leasing and similar rights25 | - | - | - | - | - | €0 | €0 | €0 | - |
| Other tangible fixed assets26 | - | - | - | €0.7m | €0.6m | €0.4m | €0.3m | €0.1m | ▼ 50.7% |
| Current assets29/58 | €6.3m | €6.4m | €6.2m | €6.5m | €6.7m | €7.2m | €7.5m | €7.4m | ▼ 1.6% |
| Stocks and contracts in progress3 | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 14.6% |
| Stocks30/36 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 14.6% |
| Goods purchased for resale34 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 14.6% |
| Amounts receivable within one year40/41 | €5.4m | €5.6m | €5.5m | €5.8m | €6.2m | €6.6m | €6.6m | €6.7m | ▲ 2.8% |
| Trade receivables40 | - | - | - | €5.8m | €6.2m | €6.6m | €6.5m | €6.7m | ▲ 3.4% |
| Other amounts receivable41 | - | - | - | €0.05m | €0.01m | €0.008m | €0.07m | €0.03m | ▼ 53.2% |
| Cash at bank and in hand54/58 | €0.7m | €0.5m | €0.4m | €0.4m | €0.2m | €0.3m | €0.6m | €0.3m | ▼ 53.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.04m | €0.04m | €0.04m | €0.09m | €0.1m | ▲ 56.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €7.7m | €7.8m | €7.5m | €7.6m | €7.4m | €7.7m | €7.9m | €7.6m | ▼ 4.2% |
| Equity10/15 | €1.7m | €1.7m | €1.7m | €1.7m | €1.2m | €1.2m | €0.9m | €0.5m | ▼ 38.4% |
| Contributions10/11 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Capital10 | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Issued capital100 | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Reserves13 | €0.6m | €0.6m | €0.6m | €0.6m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Non-distributable reserves130/1 | - | - | - | €0.4m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Legal reserve130 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Other1319 | - | - | - | €0.3m | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €252 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.2m | - | - | - | - | - |
| Profit (loss) carried forward14 | €0.05m | €0.07m | €0.08m | €0.1m | €0.1m | €0.1m | -€0.2m | -€0.6m | ▼ 146% |
| Provisions and deferred taxes16 | €0.001m | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €6.1m | €6.1m | €5.9m | €5.9m | €6.2m | €6.5m | €7.1m | €7.1m | = |
| Amounts payable within one year42/48 | €5.8m | €6.1m | €5.8m | €5.7m | €6.1m | €6.5m | €7.1m | €7.1m | ▼ 0.1% |
| Trade debts44 | €4.7m | €5.2m | €4.8m | €5.0m | €5.3m | €6.0m | €6.6m | €6.7m | ▲ 1.8% |
| Suppliers440/4 | - | - | - | €5.0m | €5.3m | €6.0m | €6.6m | €6.7m | ▲ 1.8% |
| Taxes, remuneration and social security45 | - | - | - | €0.7m | €0.7m | €0.5m | €0.4m | €0.4m | ▼ 10.2% |
| Taxes450/3 | - | - | - | €0.06m | €0.1m | €0.03m | €0 | €0 | - |
| Remuneration and social security454/9 | - | - | - | €0.7m | €0.6m | €0.4m | €0.4m | €0.4m | ▼ 10.2% |
| Other amounts payable47/48 | - | - | - | - | - | €0 | €0.09m | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.2m | €0.2m | €0.04m | €0 | €0.009m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,926 | €18,012 | €14,320 | €14,060 | -€491,337 | €8,307 | -€342,628 | -€334,687 | ▲ 2.3% |
| + Depreciation and write-downs630 | €332,531 | €329,944 | €340,408 | €300,660 | €279,169 | €232,799 | €182,438 | €165,292 | ▼ 9.4% |
| Operating cash flow (approximation) | €346,457 | €347,956 | €354,728 | €314,720 | -€212,168 | €241,106 | -€160,190 | -€169,395 | ▼ 5.7% |
| Investment in fixed assets (approximation) | - | -€284,112 | -€267,795 | -€70,774 | €12,798 | -€2,035 | -€75,653 | €50,929 | - |
| Change in cash | - | -€194,123 | -€64,818 | -€14,405 | -€180,776 | €84,970 | €292,821 | -€318,772 | - |
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, 140 companies had the same profile as Budgetslager has now. Two years later, 96.4% were still going and 2.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency under 10%
- a small loss
96.4%
was still going
1.4%
stopped otherwise
2.1%
went bankrupt
That fits the bankruptcy probability of Budgetslager itself: 1.7% 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 140 companies, not a prediction for Budgetslager. 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 42 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 05-08-2026 | 2026-00382772 | |
| 31-12-2024 | full format | 26-08-2025 | 2025-00422902 | |
| 31-12-2023 | full format | 27-08-2024 | 2024-00386661 | |
| 31-12-2022 | full format | 27-07-2023 | 2023-00303775 | |
| 31-12-2021 | full format | 22-07-2022 | 2022-20220072 | |
| 31-12-2020 | full format | 22-07-2021 | 2021-39400332 | |
| 31-12-2019 | full format | 30-06-2020 | 2020-24600046 | |
| 31-12-2018 | full format | 21-06-2019 | 2019-21800050 | |
| 31-12-2017 | full format | 19-06-2018 | 2018-20600213 | |
| 31-12-2016 | full format | 14-06-2017 | 2017-17700511 |