De Blick
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 04-12-2025 PDF all 3 filings
Turnover
≈ €1.0m
Estimated: probably between €680,000 and €1.9m
Total assets
€645,168▲ 10.6%
2024 · €583,149
Net result
€88,046▲ 16.0%
2024 · €75,915
Working capital
€106,611
2024 · -€3,141
Multi-year overview
2023 to 2025, 3 financial yearsOperating result
€129,004
▲ 19.1%
2025
20232025
Net result
€88,046
▲ 16.0%
2025
middle half of the sector
20232025
Equity
€228,566
▲ 62.7%
2025
middle half of the sector
20232025
Total assets
€645,168
▲ 10.6%
2025
middle half of the sector
20232025
Debt
€416,602
▼ 5.9%
2025
20232025
Working capital
€106,611
2025
middle half of the sector
20232025
Solvency
35.4%
▲ 11.3pp
2025
middle half of the sector
20232025
Current ratio
1.26
▲ 0.27
2025
middle half of the sector
20232025
Return on assets (ROA)
13.6%
▲ 0.6pp
2025
highest quarter of the sector
20232025
Staff (FTE)
1.1
▲ 37.5%
2025
lowest quarter of the sector
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Operating result€80,497-€108,283▲ 34.5%€129,004▲ 19.1%
Net result€54,605above the sector's middle half-€75,915within the sector's middle half▲ 39.0%€88,046within the sector's middle half▲ 16.0%
Equity€64,605within the sector's middle half-€140,520within the sector's middle half▲ 118%€228,566within the sector's middle half▲ 62.7%
Total assets€506,483above the sector's middle half-€583,149within the sector's middle half▲ 15.1%€645,168within the sector's middle half▲ 10.6%
Debt€441,878-€442,629▲ 0.2%€416,602▼ 5.9%
Working capital-€109,312below the sector's middle half--€3,141below the sector's middle half▲ 97.1%€106,611within the sector's middle half
Solvency12.8%within the sector's middle half-24.1%within the sector's middle half▲ 11.3pp35.4%within the sector's middle half▲ 11.3pp
Current ratio0.75below the sector's middle half-0.99below the sector's middle half▲ 0.241.26within the sector's middle half▲ 0.27
Return on assets (ROA)10.8%within the sector's middle half-13.0%above the sector's middle half▲ 2.2pp13.6%above the sector's middle half▲ 0.6pp
Staff (FTE)1-0.8below the sector's middle half▼ 20.0%1.1below the sector's middle half▲ 37.5%
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 19% higher than in 2024 and the highest since 2023. It is the second rise in a row.
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 €645,168
Fixed assets
€125,303 ▼ 16.5%
Current assets
€519,865 ▲ 20.0%
Equity and liabilities €645,168
Equity
€228,566 ▲ 62.7%
Debt
€416,602 ▼ 5.9%
Debt's share of the balance-sheet total falls from 75.9% to 64.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€168,338▲
2024 · €148,140
Cash flow
€127,379▲
2024 · €115,772
Quick ratio
0.42▲
2024 · 0.22
Debt to equity
1.82▼
2024 · 3.15
ROE
38.5%▼
2024 · 54.0%
Interest coverage
38.64▼
2024 · 43.43
Debt ≤ 1 year
€413,254▼
2024 · €436,264
Income taxes
€43,650▲
2024 · €36,219
Staff costs
€38,640▲
2024 · €37,407
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 2 |
| part-time | 1 | 1 | 2 |
| in full-time equivalents | 0.8 | 0.8 | 1 |
| Average over the year, in full-time equivalents | 0.8 | 0.8 | 1.1 |
| On a permanent contract | 1 | 1 | 1 |
| Joined | 1 | - | 2 |
| Left | 0 | - | 1 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|
| Tangible fixed assets | €85,925 | €12,591 | €30,507 |
| Intangible fixed assets | €111,058 | - | - |
| Depreciation and write-downs of the year | €19,690 | €39,857 | €39,334 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Non-recurring operating income76A | - | €500 | - | - |
| Remuneration, social security and pensions62 | €29,214 | €37,407 | €38,640 | ▲ 3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,690 | €39,857 | €39,334 | ▼ 1.3% |
| Other operating charges640/8 | €3,766 | €2,199 | €1,407 | ▼ 36.0% |
| Non-recurring operating charges66A | - | - | €5,898 | - |
| Gross operating margin9900 | €133,168 | €187,746 | €214,282 | ▲ 14.1% |
| Operating profit (loss)9901 | €80,497 | €108,283 | €129,004 | ▲ 19.1% |
| Financial income75/76B | €1,678 | €7,262 | €7,049 | ▼ 2.9% |
| Recurring financial income75 | €1,678 | €7,262 | €7,049 | ▼ 2.9% |
| Financial charges65/66B | €1,066 | €3,411 | €4,357 | ▲ 27.7% |
| Recurring financial charges65 | €1,066 | €3,411 | €4,357 | ▲ 27.7% |
| Profit (loss) for the period before taxes9903 | €81,109 | €112,134 | €131,696 | ▲ 17.4% |
| Income taxes67/77 | €26,504 | €36,219 | €43,650 | ▲ 20.5% |
| Profit (loss) for the period9904 | €54,605 | €75,915 | €88,046 | ▲ 16.0% |
| Profit (loss) for the period to be appropriated9905 | €54,605 | €75,915 | €88,046 | ▲ 16.0% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €506,483 | €583,149 | €645,168 | ▲ 10.6% |
| Fixed assets21/28 | €177,293 | €150,027 | €125,303 | ▼ 16.5% |
| Intangible fixed assets21 | €99,009 | €76,798 | €54,586 | ▼ 28.9% |
| Tangible fixed assets22/27 | €78,283 | €73,229 | €70,717 | ▼ 3.4% |
| Plant, machinery and equipment23 | €9,629 | €13,820 | €10,042 | ▼ 27.3% |
| Furniture and vehicles24 | €20,496 | €15,898 | €20,915 | ▲ 31.6% |
| Other tangible fixed assets26 | €48,158 | €43,511 | €39,760 | ▼ 8.6% |
| Current assets29/58 | €329,191 | €433,122 | €519,865 | ▲ 20.0% |
| Stocks and contracts in progress3 | €302,757 | €338,993 | €345,733 | ▲ 2.0% |
| Stocks30/36 | €302,757 | €338,993 | €345,733 | ▲ 2.0% |
| Amounts receivable within one year40/41 | €777 | €4,741 | €4,246 | ▼ 10.4% |
| Trade receivables40 | €777 | €4,741 | €4,246 | ▼ 10.4% |
| Cash at bank and in hand54/58 | €19,047 | €83,468 | €164,285 | ▲ 96.8% |
| Deferred charges and accrued income490/1 | €6,609 | €5,921 | €5,601 | ▼ 5.4% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €506,483 | €583,149 | €645,168 | ▲ 10.6% |
| Equity10/15 | €64,605 | €140,520 | €228,566 | ▲ 62.7% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €54,605 | €130,520 | €218,566 | ▲ 67.5% |
| Distributable reserves133 | €54,605 | €130,520 | €218,566 | ▲ 67.5% |
| Amounts payable17/49 | €441,878 | €442,629 | €416,602 | ▼ 5.9% |
| Amounts payable within one year42/48 | €438,502 | €436,264 | €413,254 | ▼ 5.3% |
| Trade debts44 | €6,848 | €6,946 | €7,492 | ▲ 7.9% |
| Suppliers440/4 | €6,848 | €6,946 | €7,492 | ▲ 7.9% |
| Taxes, remuneration and social security45 | €38,462 | €53,828 | €61,526 | ▲ 14.3% |
| Taxes450/3 | €34,870 | €48,076 | €57,597 | ▲ 19.8% |
| Remuneration and social security454/9 | €3,593 | €5,752 | €3,929 | ▼ 31.7% |
| Other amounts payable47/48 | €393,191 | €375,490 | €344,236 | ▼ 8.3% |
| Accrued charges and deferred income492/3 | €3,376 | €6,366 | €3,348 | ▼ 47.4% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €54,605 | €75,915 | €88,046 | ▲ 16.0% |
| + Depreciation and write-downs630 | €19,690 | €39,857 | €39,334 | ▼ 1.3% |
| Operating cash flow (approximation) | €74,295 | €115,772 | €127,379 | ▲ 10.0% |
| Investment in fixed assets (approximation) | - | -€12,591 | -€14,610 | ▼ 16.0% |
| Change in cash | - | €64,420 | €80,818 | ▲ 25.5% |
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, 39,278 companies had the same profile as De Blick has now. Two years later, 95.9% were still going and 1.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.9%
was still going
2.3%
stopped otherwise
1.8%
went bankrupt
That fits the bankruptcy probability of De Blick itself: 0.5% 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 39,278 companies, not a prediction for De Blick. 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.