De Wolf
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 46 days after the deadline Filed on 15 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00517065.
Annual accounts 2025 filed on 15-09-2026 at the NBB all 10 filings
Turnover
≈ €15,000
Estimated: probably between €7,800 and €32,000
Total assets
€46,198▲ 3.5%
2024 · €44,640
Net result
-€364
2024 · €3,836
Working capital
€23,516▼ 1.5%
2024 · €23,880
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€1,119
2025
20182025
Net result
-€364
2025
lowest quarter of the sector
20182025
Equity
€26,116
▼ 1.4%
2025
lowest quarter of the sector
20182025
Total assets
€46,198
▲ 3.5%
2025
lowest quarter of the sector
20182025
Debt
€20,082
▲ 10.6%
2025
20182025
Working capital
€23,516
▼ 1.5%
2025
middle half of the sector
20182025
Solvency
56.5%
▼ 2.8pp
2025
middle half of the sector
20182025
Current ratio
2.17
▼ 0.14
2025
middle half of the sector
20182025
Return on assets (ROA)
-0.8%
▼ 9.4pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€4,068-€172▼ 95.8%€9,647▲ 56×€11,391▲ 18.1%-€985-€3,389▼ 244%€4,227-€1,119
Net result€3,022-€310▼ 89.7%€6,547within the sector's middle half▲ 21×€8,054within the sector's middle half▲ 23.0%-€164below the sector's middle half-€3,473below the sector's middle half▼ 2,018%€3,836within the sector's middle half-€364below the sector's middle half
Equity€11,370-€11,680▲ 2.7%€18,227within the sector's middle half▲ 56.0%€26,281within the sector's middle half▲ 44.2%€26,117below the sector's middle half▼ 0.6%€22,644below the sector's middle half▼ 13.3%€26,480below the sector's middle half▲ 16.9%€26,116below the sector's middle half▼ 1.4%
Total assets€30,795-€30,159▼ 2.1%€39,049below the sector's middle half▲ 29.5%€46,220below the sector's middle half▲ 18.4%€48,839below the sector's middle half▲ 5.7%€49,162below the sector's middle half▲ 0.7%€44,640below the sector's middle half▼ 9.2%€46,198below the sector's middle half▲ 3.5%
Debt€19,425-€18,478▼ 4.9%€20,823▲ 12.7%€19,939▼ 4.2%€22,722▲ 14.0%€26,518▲ 16.7%€18,160▼ 31.5%€20,082▲ 10.6%
Working capital€8,934-€9,244▲ 3.5%€16,275within the sector's middle half▲ 76.1%€24,823within the sector's middle half▲ 52.5%€23,525within the sector's middle half▼ 5.2%€20,044within the sector's middle half▼ 14.8%€23,880within the sector's middle half▲ 19.1%€23,516within the sector's middle half▼ 1.5%
Solvency36.9%-38.7%▲ 1.8pp46.7%within the sector's middle half▲ 7.9pp56.9%within the sector's middle half▲ 10.2pp53.5%within the sector's middle half▼ 3.4pp46.1%within the sector's middle half▼ 7.4pp59.3%within the sector's middle half▲ 13.3pp56.5%within the sector's middle half▼ 2.8pp
Current ratio1.46-1.50▲ 0.041.81within the sector's middle half▲ 0.302.32within the sector's middle half▲ 0.512.04within the sector's middle half▼ 0.281.76within the sector's middle half▼ 0.282.31within the sector's middle half▲ 0.562.17within the sector's middle half▼ 0.14
Return on assets (ROA)9.8%-1.0%▼ 8.8pp16.8%above the sector's middle half▲ 15.7pp17.4%above the sector's middle half▲ 0.7pp-0.3%below the sector's middle half▼ 17.8pp-7.1%below the sector's middle half▼ 6.7pp8.6%within the sector's middle half▲ 15.7pp-0.8%below the sector's middle half▼ 9.4pp
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 €1,119, after a profit of €4,227 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 €46,198
Fixed assets
€2,600 =
Current assets
€43,598 ▲ 3.7%
Equity and liabilities €46,198
Equity
€26,116 ▼ 1.4%
Debt
€20,082 ▲ 10.6%
Debt's share of the balance-sheet total rises from 40.7% to 43.5%. Equity is lower and debt is higher.
Key figures and ratios
Quick ratio
1.01▲
2024 · 0.84
Debt to equity
0.77▲
2024 · 0.69
ROE
-1.4%▼
2024 · 14.5%
Debt ≤ 1 year
€20,082▲
2024 · €18,160
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | €6,893 | €302 | €2,736 | €2,844 | €2,725 | ▼ 4.2% |
| Gross operating margin9900 | €5,987 | €2,624 | €13,077 | €18,284 | -€683 | -€653 | €7,071 | €1,606 | ▼ 77.3% |
| Operating profit (loss)9901 | €4,068 | €172 | €9,647 | €11,391 | -€985 | -€3,389 | €4,227 | -€1,119 | - |
| Financial income75/76B | - | - | - | €165 | €36 | - | - | €800 | - |
| Recurring financial income75 | €0 | €390 | €17 | €165 | €36 | - | - | €800 | - |
| Financial charges65/66B | - | - | - | €765 | -€785 | €84 | €391 | €45 | ▼ 88.5% |
| Recurring financial charges65 | €442 | €252 | €662 | €765 | -€785 | €84 | €391 | €45 | ▼ 88.5% |
| Profit (loss) for the period before taxes9903 | €3,626 | €310 | €9,002 | €10,791 | -€164 | -€3,473 | €3,836 | -€364 | - |
| Income taxes67/77 | €604 | - | €2,456 | €2,737 | - | - | - | - | - |
| Profit (loss) for the period9904 | €3,022 | €310 | €6,547 | €8,054 | -€164 | -€3,473 | €3,836 | -€364 | - |
| Profit (loss) for the period to be appropriated9905 | €3,022 | €310 | €6,547 | €8,054 | -€164 | -€3,473 | €3,836 | -€364 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €30,795 | €30,159 | €39,049 | €46,220 | €48,839 | €49,162 | €44,640 | €46,198 | ▲ 3.5% |
| Fixed assets21/28 | €2,600 | €2,600 | €2,600 | €2,600 | €2,600 | €2,600 | €2,600 | €2,600 | = |
| Financial fixed assets28 | €2,600 | €2,600 | €2,600 | €2,600 | €2,600 | €2,600 | €2,600 | €2,600 | = |
| Current assets29/58 | €28,195 | €27,559 | €36,449 | €43,620 | €46,239 | €46,562 | €42,040 | €43,598 | ▲ 3.7% |
| Stocks and contracts in progress3 | €16,450 | €16,450 | €16,750 | €19,050 | €19,050 | €23,597 | €26,710 | €23,326 | ▼ 12.7% |
| Stocks30/36 | - | - | - | €19,050 | €19,050 | €23,597 | €26,710 | €23,326 | ▼ 12.7% |
| Amounts receivable within one year40/41 | €9,231 | €1,396 | €1,803 | €1,197 | €1,776 | - | €5,943 | - | - |
| Trade receivables40 | - | - | - | - | - | - | €5,943 | - | - |
| Other amounts receivable41 | - | - | - | €1,197 | €1,776 | - | - | - | - |
| Current investments50/53 | €570 | €5,860 | €3,143 | €3,754 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €1,944 | €3,853 | €14,754 | €19,619 | €25,413 | €22,965 | €9,387 | €20,272 | ▲ 116% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €30,795 | €30,159 | €39,049 | €46,220 | €48,839 | €49,162 | €44,640 | €46,198 | ▲ 3.5% |
| Equity10/15 | €11,370 | €11,680 | €18,227 | €26,281 | €26,117 | €22,644 | €26,480 | €26,116 | ▼ 1.4% |
| Contributions10/11 | €10,000 | €10,000 | - | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Capital10 | - | - | - | - | €10,000 | - | - | - | - |
| Issued capital100 | - | - | - | - | €10,000 | - | - | - | - |
| Reserves13 | €69 | €69 | €69 | €69 | €69 | €69 | €69 | €69 | = |
| Non-distributable reserves130/1 | - | - | - | €69 | €69 | €69 | €69 | €69 | = |
| Reserves not available under the articles1311 | - | - | - | €69 | €69 | €69 | €69 | €69 | = |
| Profit (loss) carried forward14 | €1,302 | €1,612 | €8,158 | €16,212 | €16,048 | €12,575 | €16,411 | €16,047 | ▼ 2.2% |
| Amounts payable17/49 | €19,425 | €18,478 | €20,823 | €19,939 | €22,722 | €26,518 | €18,160 | €20,082 | ▲ 10.6% |
| Amounts payable within one year42/48 | €19,261 | €18,315 | €20,174 | €18,797 | €22,714 | €26,518 | €18,160 | €20,082 | ▲ 10.6% |
| Trade debts44 | €4,630 | €3,851 | €3,056 | - | €3,411 | €11,418 | €594 | €2,989 | ▲ 403% |
| Suppliers440/4 | - | - | - | - | €3,411 | €11,418 | €594 | €2,989 | ▲ 403% |
| Advances received on contracts in progress46 | - | - | - | - | €3,432 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €4,225 | €3,965 | €3,194 | €5,660 | €7,019 | ▲ 24.0% |
| Taxes450/3 | - | - | - | €4,225 | €3,965 | €3,194 | €5,660 | €7,019 | ▲ 24.0% |
| Other amounts payable47/48 | - | - | - | €14,572 | €11,906 | €11,906 | €11,906 | €10,074 | ▼ 15.4% |
| Accrued charges and deferred income492/3 | - | - | - | €1,142 | €8 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,022 | €310 | €6,547 | €8,054 | -€164 | -€3,473 | €3,836 | -€364 | - |
| Operating cash flow (approximation) | €3,022 | €310 | €6,547 | €8,054 | -€164 | -€3,473 | €3,836 | -€364 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €1,910 | €10,900 | €4,866 | €5,794 | -€2,448 | -€13,578 | €10,885 | - |
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, 6,908 companies had the same profile as De Wolf has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of De Wolf itself: 0.6% 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 6,908 companies, not a prediction for De Wolf. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 15-09-2026 | 2026-00517065 | |
| 31-12-2024 | abbreviated format | 13-11-2025 | 2025-00566787 | |
| 31-12-2023 | abbreviated format | 28-01-2025 | 2025-00012637 | |
| 31-12-2022 | abbreviated format | 15-11-2024 | 2024-00601766 | |
| 31-12-2021 | micro format | 09-08-2022 | 2022-20277459 | |
| 31-12-2020 | micro format | 26-08-2021 | 2021-54000155 | |
| 31-12-2019 | micro format | 02-10-2020 | 2020-58600555 | |
| 31-12-2018 | micro format | 20-07-2019 | 2019-35600527 | |
| 31-12-2017 | micro format | 18-09-2018 | 2018-63900369 | |
| 31-12-2016 | abbreviated format | 25-09-2017 | 2017-64500055 |