CLOVERLEAF
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 5 filings
Turnover
≈ €150
Estimated: probably between €78 and €350
Total assets
€595,909▼ 1.6%
2024 · €605,882
Net result
-€31,792▲ 1.9%
2024 · -€32,413
Working capital
-€295,311▼ 6.6%
2024 · -€276,913
Multi-year overview
2022 to 2025, 5 financial yearsOperating result
-€31,738
▲ 1.9%
2025
20222025
Net result
-€31,792
▲ 1.9%
2025
lowest quarter of the sector
20222025
Equity
€293,955
▼ 9.8%
2025
middle half of the sector
20222025
Total assets
€595,909
▼ 1.6%
2025
middle half of the sector
20222025
Debt
€301,954
▲ 7.8%
2025
20222025
Working capital
-€295,311
▼ 6.6%
2025
lowest quarter of the sector
20222025
Solvency
49.3%
▼ 4.4pp
2025
middle half of the sector
20222025
Current ratio
0.02
▲ 0.01
2025
lowest quarter of the sector
20222025
Return on assets (ROA)
-5.3%
=
2025
lowest quarter of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20222022202320242025
Operating result-€1,986--€35,552▼ 1,690%-€32,360▲ 9.0%-€31,738▲ 1.9%
Net result-€1,986within the sector's middle half--€35,417below the sector's middle half▼ 1,684%-€32,413below the sector's middle half▲ 8.5%-€31,792below the sector's middle half▲ 1.9%
Equity€395,564above the sector's middle half-€393,578above the sector's middle half-€358,161above the sector's middle half▼ 9.0%€325,747above the sector's middle half▼ 9.0%€293,955within the sector's middle half▼ 9.8%
Total assets€585,629above the sector's middle half-€584,606above the sector's middle half-€590,600above the sector's middle half▲ 1.0%€605,882above the sector's middle half▲ 2.6%€595,909within the sector's middle half▼ 1.6%
Debt€190,066-€191,028-€232,440▲ 21.7%€280,135▲ 20.5%€301,954▲ 7.8%
Working capital-€187,835below the sector's middle half--€188,937below the sector's middle half--€222,718below the sector's middle half▼ 17.9%-€276,913below the sector's middle half▼ 24.3%-€295,311below the sector's middle half▼ 6.6%
Solvency67.5%above the sector's middle half-67.3%above the sector's middle half-60.6%above the sector's middle half▼ 6.7pp53.8%within the sector's middle half▼ 6.9pp49.3%within the sector's middle half▼ 4.4pp
Current ratio0.01below the sector's middle half-0.01below the sector's middle half-0.04below the sector's middle half▲ 0.030.01below the sector's middle half▼ 0.030.02below the sector's middle half▲ 0.01
Return on assets (ROA)-0.3%within the sector's middle half--6.0%below the sector's middle half▼ 5.7pp-5.3%below the sector's middle half▲ 0.6pp-5.3%below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Sports, amusement and recreation activities (NACE 93). 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 €31,738, smaller than the loss of €32,360 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 €595,909
Fixed assets
€589,266 ▼ 2.2%
Current assets
€6,643 ▲ 106%
Equity and liabilities €595,909
Equity
€293,955 ▼ 9.8%
Debt
€301,954 ▲ 7.8%
Debt's share of the balance-sheet total rises from 46.2% to 50.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€8,780▲
2024 · -€11,202
Cash flow
-€8,834▲
2024 · -€11,255
Debt to equity
1.03▲
2024 · 0.86
ROE
-10.8%▼
2024 · -10.0%
Interest coverage
-162.59▲
2024 · -211.36
Debt ≤ 1 year
€301,954▲
2024 · €280,135
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 13-12-2022 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €17,024 | €42,940 | €9,565 |
| Depreciation and write-downs of the year | - | €883 | €18,661 | €21,158 | €22,959 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €883 | €18,661 | €21,158 | €22,959 | ▲ 8.5% |
| Other operating charges640/8 | - | - | €12,382 | €4,090 | €8,806 | ▲ 115% |
| Gross operating margin9900 | - | -€1,102 | -€4,510 | -€7,112 | €27 | - |
| Operating profit (loss)9901 | - | -€1,986 | -€35,552 | -€32,360 | -€31,738 | ▲ 1.9% |
| Financial charges65/66B | - | - | - | €53 | €54 | ▲ 1.9% |
| Recurring financial charges65 | - | - | - | €53 | €54 | ▲ 1.9% |
| Profit (loss) for the period before taxes9903 | - | -€1,986 | -€35,552 | -€32,413 | -€31,792 | ▲ 1.9% |
| Income taxes67/77 | - | - | -€135 | - | - | - |
| Profit (loss) for the period9904 | - | -€1,986 | -€35,417 | -€32,413 | -€31,792 | ▲ 1.9% |
| Profit (loss) for the period to be appropriated9905 | - | -€1,986 | -€35,417 | -€32,413 | -€31,792 | ▲ 1.9% |
| Line | 2022 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €585,629 | €584,606 | €590,600 | €605,882 | €595,909 | ▼ 1.6% |
| Fixed assets21/28 | €583,398 | €582,515 | €580,878 | €602,660 | €589,266 | ▼ 2.2% |
| Tangible fixed assets22/27 | €583,398 | €582,515 | €580,878 | €602,660 | €589,266 | ▼ 2.2% |
| Land and buildings22 | €570,139 | €569,379 | €576,844 | €597,361 | €585,079 | ▼ 2.1% |
| Plant, machinery and equipment23 | €13,260 | €13,136 | €4,034 | €5,299 | €4,188 | ▼ 21.0% |
| Current assets29/58 | €2,231 | €2,091 | €9,722 | €3,222 | €6,643 | ▲ 106% |
| Cash at bank and in hand54/58 | - | - | €7,291 | €657 | €4,312 | ▲ 556% |
| Deferred charges and accrued income490/1 | €2,231 | €2,091 | €2,431 | €2,565 | €2,331 | ▼ 9.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €585,629 | €584,606 | €590,600 | €605,882 | €595,909 | ▼ 1.6% |
| Equity10/15 | €395,564 | €393,578 | €358,161 | €325,747 | €293,955 | ▼ 9.8% |
| Contributions10/11 | €420,000 | €420,000 | €420,000 | €420,000 | €420,000 | = |
| Capital10 | €420,000 | €420,000 | €420,000 | €420,000 | €420,000 | = |
| Issued capital100 | €420,000 | €420,000 | €420,000 | €420,000 | €420,000 | = |
| Reserves13 | €2,307 | €2,307 | €2,307 | €2,307 | €2,307 | = |
| Non-distributable reserves130/1 | €2,307 | €2,307 | €2,307 | €2,307 | €2,307 | = |
| Legal reserve130 | €2,307 | €2,307 | €2,307 | €2,307 | €2,307 | = |
| Profit (loss) carried forward14 | -€26,744 | -€28,730 | -€64,147 | -€96,560 | -€128,352 | ▼ 32.9% |
| Amounts payable17/49 | €190,066 | €191,028 | €232,440 | €280,135 | €301,954 | ▲ 7.8% |
| Amounts payable within one year42/48 | €190,066 | €191,028 | €232,440 | €280,135 | €301,954 | ▲ 7.8% |
| Trade debts44 | - | €1,562 | €2,414 | €1,043 | €2,880 | ▲ 176% |
| Suppliers440/4 | - | €1,562 | €2,414 | €1,043 | €2,880 | ▲ 176% |
| Other amounts payable47/48 | €190,066 | €189,466 | €230,026 | €279,092 | €299,074 | ▲ 7.2% |
| Line | 2022 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | - | -€1,986 | -€35,417 | -€32,413 | -€31,792 | ▲ 1.9% |
| + Depreciation and write-downs630 | - | €883 | €18,661 | €21,158 | €22,959 | ▲ 8.5% |
| Operating cash flow (approximation) | - | -€1,102 | -€16,756 | -€11,255 | -€8,834 | ▲ 21.5% |
| Investment in fixed assets (approximation) | - | - | -€17,024 | -€42,940 | -€9,565 | ▲ 77.7% |
| Change in cash | - | - | - | -€6,633 | €3,654 | - |
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, 2,686 companies had the same profile as CLOVERLEAF has now. Two years later, 93.7% were still going and 0.6% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a small loss
93.7%
was still going
5.4%
stopped otherwise
0.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CLOVERLEAF itself: 0.4% 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 2,686 companies, not a prediction for CLOVERLEAF. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 23-07-2026 | 2026-00322524 | |
| 31-12-2024 | micro format | 26-07-2025 | 2025-00312449 | |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00478112 | |
| 31-12-2022 | micro format | 29-09-2023 | 2023-00461423 | |
| 13-12-2022 | micro format | 11-05-2023 | 2023-00085436 |