DE AREND
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-05-2026 PDF all 34 filings
Equity
-€94,669▼ 11.4%
2024 · -€84,967
Total assets
€41,743▲ 6.4%
2024 · €39,219
Net result
-€9,702▼ 8.9%
2024 · -€8,907
Working capital
-€128,639▼ 16.0%
2024 · -€110,871
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€9,350
▼ 5.6%
2025
20182025
Net result
-€9,702
▼ 8.9%
2025
lowest quarter of the sector
20182025
Equity
-€94,669
▼ 11.4%
2025
lowest quarter of the sector
20182025
Total assets
€41,743
▲ 6.4%
2025
lowest quarter of the sector
20182025
Debt
€136,412
▲ 9.8%
2025
20182025
Working capital
-€128,639
▼ 16.0%
2025
lowest quarter of the sector
20182025
Solvency
-226.8%
▼ 10.1pp
2025
lowest quarter of the sector
20182025
Current ratio
0.06
▼ 0.05
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-23.2%
▼ 0.5pp
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
Operating result-€3--€19,840▼ 586,880%-€2,584▲ 87.0%-€4,614▼ 78.6%-€27,141▼ 488%-€13,372▲ 50.7%-€8,857▲ 33.8%-€9,350▼ 5.6%
Net result€3,470--€20,125-€3,124below the sector's middle half▲ 84.5%-€4,668below the sector's middle half▼ 49.4%-€27,182below the sector's middle half▼ 482%-€13,415below the sector's middle half▲ 50.6%-€8,907below the sector's middle half▲ 33.6%-€9,702below the sector's middle half▼ 8.9%
Equity-€7,546--€27,671▼ 267%-€30,795below the sector's middle half▼ 11.3%-€35,463below the sector's middle half▼ 15.2%-€62,645below the sector's middle half▼ 76.7%-€76,060below the sector's middle half▼ 21.4%-€84,967below the sector's middle half▼ 11.7%-€94,669below the sector's middle half▼ 11.4%
Total assets€98,172-€91,208▼ 7.1%€80,605within the sector's middle half▼ 11.6%€75,524within the sector's middle half▼ 6.3%€50,350below the sector's middle half▼ 33.3%€71,000within the sector's middle half▲ 41.0%€39,219below the sector's middle half▼ 44.8%€41,743below the sector's middle half▲ 6.4%
Debt€105,718-€118,879▲ 12.4%€111,400▼ 6.3%€110,987▼ 0.4%€112,995▲ 1.8%€147,060▲ 30.1%€124,186▼ 15.6%€136,412▲ 9.8%
Working capital€2,218--€18,073-€18,308below the sector's middle half▼ 1.3%-€20,450below the sector's middle half▼ 11.7%-€45,105below the sector's middle half▼ 121%-€51,629below the sector's middle half▼ 14.5%-€110,871below the sector's middle half▼ 115%-€128,639below the sector's middle half▼ 16.0%
Solvency-7.7%--30.3%▼ 22.7pp-38.2%below the sector's middle half▼ 7.9pp-47.0%below the sector's middle half▼ 8.8pp-124.4%below the sector's middle half▼ 77.5pp-107.1%below the sector's middle half▲ 17.3pp-216.6%below the sector's middle half▼ 109.5pp-226.8%below the sector's middle half▼ 10.1pp
Current ratio1.04-0.73▼ 0.310.70below the sector's middle half▼ 0.040.66below the sector's middle half▼ 0.040.27below the sector's middle half▼ 0.390.46below the sector's middle half▲ 0.190.11below the sector's middle half▼ 0.360.06below the sector's middle half▼ 0.05
Return on assets (ROA)3.5%--22.1%▼ 25.6pp-3.9%below the sector's middle half▲ 18.2pp-6.2%below the sector's middle half▼ 2.3pp-54.0%below the sector's middle half▼ 47.8pp-18.9%below the sector's middle half▲ 35.1pp-22.7%below the sector's middle half▼ 3.8pp-23.2%below the sector's middle half▼ 0.5pp
Staff (FTE)0.8-0.6▼ 25.0%
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 €9,350, larger than the loss of €8,857 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €41,743
Fixed assets
€33,970 ▲ 30.0%
Current assets
€7,773 ▼ 40.6%
Equity and liabilities
Equity-€94,669
Debt€136,412
Equity is negative. Debt (€136,412) exceeds the balance-sheet total (€41,743).
Key figures and ratios
EBITDA
-€8,666▼
2024 · -€8,411
Cash flow
-€9,018▼
2024 · -€8,462
Quick ratio
0.01▼
2024 · 0.04
Interest coverage
-24.57▲
2024 · -164.93
Debt ≤ 1 year
€136,412▲
2024 · €123,965
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.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €8,529 |
| Depreciation and write-downs of the year | €2,527 | €2,527 | €6,890 | €445 | €684 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,889 | €2,889 | €2,889 | €2,527 | €2,527 | €6,890 | €445 | €684 | ▲ 53.7% |
| Other operating charges640/8 | - | - | - | €1,224 | €1,244 | €2,674 | €1,411 | €1,455 | ▲ 3.1% |
| Gross operating margin9900 | €23,562 | €9,534 | €1,522 | -€863 | -€23,371 | -€3,808 | -€7,001 | -€7,211 | ▼ 3.0% |
| Operating profit (loss)9901 | -€3 | -€19,840 | -€2,584 | -€4,614 | -€27,141 | -€13,372 | -€8,857 | -€9,350 | ▼ 5.6% |
| Financial income75/76B | - | - | - | €7 | €0 | - | €0 | €0 | ▼ 100% |
| Recurring financial income75 | €3,524 | €0 | - | €7 | €0 | - | €0 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €61 | €41 | €42 | €51 | €353 | ▲ 591% |
| Recurring financial charges65 | €51 | €285 | €540 | €61 | €41 | €42 | €51 | €353 | ▲ 591% |
| Profit (loss) for the period before taxes9903 | €3,470 | -€20,125 | -€3,124 | -€4,668 | -€27,182 | -€13,415 | -€8,907 | -€9,702 | ▼ 8.9% |
| Profit (loss) for the period9904 | €3,470 | -€20,125 | -€3,124 | -€4,668 | -€27,182 | -€13,415 | -€8,907 | -€9,702 | ▼ 8.9% |
| Profit (loss) for the period to be appropriated9905 | €3,470 | -€20,125 | -€3,124 | -€4,668 | -€27,182 | -€13,415 | -€8,907 | -€9,702 | ▼ 8.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €98,172 | €91,208 | €80,605 | €75,524 | €50,350 | €71,000 | €39,219 | €41,743 | ▲ 6.4% |
| Fixed assets21/28 | €44,291 | €41,402 | €38,514 | €35,987 | €33,460 | €26,570 | €26,125 | €33,970 | ▲ 30.0% |
| Tangible fixed assets22/27 | €44,291 | €41,402 | €38,514 | €35,987 | €33,460 | €26,570 | €26,125 | €33,970 | ▲ 30.0% |
| Land and buildings22 | - | - | - | €35,987 | €33,460 | €26,570 | €26,125 | €33,970 | ▲ 30.0% |
| Current assets29/58 | €53,881 | €49,806 | €42,092 | €39,537 | €16,890 | €44,430 | €13,094 | €7,773 | ▼ 40.6% |
| Stocks and contracts in progress3 | €39,550 | €35,000 | €30,000 | €29,700 | €10,000 | €10,000 | €8,000 | €6,750 | ▼ 15.6% |
| Stocks30/36 | - | - | - | €29,700 | €10,000 | €10,000 | €8,000 | €6,750 | ▼ 15.6% |
| Amounts receivable within one year40/41 | €604 | €1,270 | €314 | €1,584 | €802 | €0 | - | €294 | - |
| Other amounts receivable41 | - | - | - | €1,584 | €802 | €0 | - | €294 | - |
| Cash at bank and in hand54/58 | €13,083 | €12,010 | €10,592 | €7,564 | €6,089 | €34,430 | €4,839 | €466 | ▼ 90.4% |
| Deferred charges and accrued income490/1 | - | - | - | €689 | €0 | - | €255 | €263 | ▲ 3.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €98,172 | €91,208 | €80,605 | €75,524 | €50,350 | €71,000 | €39,219 | €41,743 | ▲ 6.4% |
| Equity10/15 | -€7,546 | -€27,671 | -€30,795 | -€35,463 | -€62,645 | -€76,060 | -€84,967 | -€94,669 | ▼ 11.4% |
| Contributions10/11 | €30,987 | €30,987 | - | €30,987 | €30,987 | €30,987 | €30,987 | €30,987 | = |
| Reserves13 | €571 | €571 | €571 | €571 | €571 | €571 | €571 | €571 | = |
| Non-distributable reserves130/1 | - | - | - | €571 | €571 | €571 | €571 | €571 | = |
| Reserves not available under the articles1311 | - | - | - | €571 | €571 | €571 | €571 | €571 | = |
| Profit (loss) carried forward14 | -€39,103 | -€59,228 | -€62,352 | -€67,020 | -€94,203 | -€107,617 | -€116,525 | -€126,227 | ▼ 8.3% |
| Amounts payable17/49 | €105,718 | €118,879 | €111,400 | €110,987 | €112,995 | €147,060 | €124,186 | €136,412 | ▲ 9.8% |
| Amounts payable after more than one year17 | €54,000 | €51,000 | €51,000 | €51,000 | €51,000 | €51,000 | €0 | - | - |
| Financial debts170/4 | - | - | - | €51,000 | €51,000 | €51,000 | €0 | - | - |
| Amounts payable within one year42/48 | €51,664 | €67,879 | €60,400 | €59,987 | €61,995 | €96,060 | €123,965 | €136,412 | ▲ 10.0% |
| Trade debts44 | €2,596 | €6,716 | €632 | €0 | €1,345 | €409 | €0 | €1,447 | - |
| Suppliers440/4 | - | - | - | €0 | €1,345 | €409 | €0 | €1,447 | - |
| Other amounts payable47/48 | - | - | - | €59,987 | €60,650 | €95,650 | €123,965 | €134,965 | ▲ 8.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €221 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,470 | -€20,125 | -€3,124 | -€4,668 | -€27,182 | -€13,415 | -€8,907 | -€9,702 | ▼ 8.9% |
| + Depreciation and write-downs630 | €2,889 | €2,889 | €2,889 | €2,527 | €2,527 | €6,890 | €445 | €684 | ▲ 53.7% |
| Operating cash flow (approximation) | €6,358 | -€17,237 | -€235 | -€2,141 | -€24,655 | -€6,524 | -€8,462 | -€9,018 | ▼ 6.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | -€0 | -€8,529 | ▼ 21,322,150% |
| Change in cash | - | -€1,073 | -€1,418 | -€3,027 | -€1,476 | €28,342 | -€29,591 | -€4,373 | ▲ 85.2% |
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, 6,619 companies had the same profile as DE AREND has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DE AREND 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 6,619 companies, not a prediction for DE AREND. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-05-2026 | 2026-00122193 | |
| 31-12-2024 | micro format | 02-06-2025 | 2025-00112686 | |
| 31-12-2023 | micro format | 01-06-2024 | 2024-00104394 | |
| 31-12-2022 | micro format | 23-05-2023 | 2023-00091544 | |
| 31-12-2021 | micro format | 30-05-2022 | 2022-20036583 | |
| 31-12-2020 | micro format | 29-05-2021 | 2021-16000209 | |
| 31-12-2019 | micro format | 27-05-2020 | 2020-13200328 | |
| 31-12-2018 | micro format | 31-05-2019 | 2019-16100490 | |
| 31-12-2017 | micro format | 11-06-2018 | 2018-17400389 | |
| 31-12-2016 | micro format | 11-07-2017 | 2017-30400532 |