EDITRA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 14 filings
Turnover
≈ €34,000
Estimated: probably between €13,000 and €76,000
Total assets
€535,684▼ 21.1%
2024 · €678,604
Net result
€18,139▼ 47.2%
2024 · €34,336
Working capital
€493,370▼ 18.0%
2024 · €601,323
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€3,056
▼ 86.3%
2025
20182025
Net result
€18,139
▼ 47.2%
2025
middle half of the sector
20182025
Equity
€518,952
▼ 13.6%
2025
highest quarter of the sector
20182025
Total assets
€535,684
▼ 21.1%
2025
middle half of the sector
20182025
Debt
€16,732
▼ 78.5%
2025
20182025
Working capital
€493,370
▼ 18.0%
2025
highest quarter of the sector
20182025
Solvency
96.9%
▲ 8.3pp
2025
highest quarter of the sector
20182025
Current ratio
31.41
▲ 22.63
2025
highest quarter of the sector
20182025
Return on assets (ROA)
3.4%
▼ 1.7pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€76,095-€131,730▲ 73.1%€82,884▼ 37.1%€98,329▲ 18.6%€188,417▲ 91.6%€86,766▼ 53.9%€22,358▼ 74.2%€3,056▼ 86.3%
Net result€61,363-€100,015▲ 63.0%€69,845above the sector's middle half▼ 30.2%€81,218above the sector's middle half▲ 16.3%€142,049above the sector's middle half▲ 74.9%€75,632above the sector's middle half▼ 46.8%€34,336above the sector's middle half▼ 54.6%€18,139within the sector's middle half▼ 47.2%
Equity€492,537-€592,553▲ 20.3%€662,397above the sector's middle half▲ 11.8%€743,615above the sector's middle half▲ 12.3%€885,665above the sector's middle half▲ 19.1%€627,856above the sector's middle half▼ 29.1%€600,828above the sector's middle half▼ 4.3%€518,952above the sector's middle half▼ 13.6%
Total assets€588,004-€613,375▲ 4.3%€673,923within the sector's middle half▲ 9.9%€755,550within the sector's middle half▲ 12.1%€931,005within the sector's middle half▲ 23.2%€633,955within the sector's middle half▼ 31.9%€678,604within the sector's middle half▲ 7.0%€535,684within the sector's middle half▼ 21.1%
Debt€95,466-€20,822▼ 78.2%€11,525▼ 44.6%€11,935▲ 3.6%€45,340▲ 280%€6,100▼ 86.5%€77,776▲ 13×€16,732▼ 78.5%
Working capital€485,936-€591,461▲ 21.7%€661,215above the sector's middle half▲ 11.8%€743,480above the sector's middle half▲ 12.4%€886,815above the sector's middle half▲ 19.3%€627,856above the sector's middle half▼ 29.2%€601,323above the sector's middle half▼ 4.2%€493,370above the sector's middle half▼ 18.0%
Solvency83.8%-96.6%▲ 12.8pp98.3%above the sector's middle half▲ 1.7pp98.4%above the sector's middle half▲ 0.1pp95.1%above the sector's middle half▼ 3.3pp99.0%above the sector's middle half▲ 3.9pp88.5%above the sector's middle half▼ 10.5pp96.9%above the sector's middle half▲ 8.3pp
Current ratio6.23-29.41▲ 23.1858.37above the sector's middle half▲ 28.9764.51above the sector's middle half▲ 6.1421.07above the sector's middle half▼ 43.448.78above the sector's middle half31.41above the sector's middle half▲ 22.63
Return on assets (ROA)10.4%-16.3%▲ 5.9pp10.4%above the sector's middle half▼ 5.9pp10.7%above the sector's middle half▲ 0.4pp15.3%above the sector's middle half▲ 4.5pp11.9%above the sector's middle half▼ 3.3pp5.1%within the sector's middle half▼ 6.9pp3.4%within the sector's middle half▼ 1.7pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 86% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
Turnover and EBIT margin are not published. The 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 €535,684
Fixed assets
€26,091
Current assets
€509,593
Equity and liabilities €535,684
Equity
€518,952 ▼ 13.6%
Debt
€16,732 ▼ 78.5%
Debt's share of the balance-sheet total falls from 11.5% to 3.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€4,681
Cash flow
€19,764
Debt to equity
0.03▼
2024 · 0.13
ROE
3.5%▼
2024 · 5.7%
Interest coverage
33.43
Debt ≤ 1 year
€16,222▼
2024 · €77,281
Income taxes
€6,094▼
2024 · €11,678
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 | - | - | - | - | €27,716 |
| Depreciation and write-downs of the year | €819 | €364 | - | - | €1,625 |
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 | €7,980 | €7,980 | €1,662 | €819 | €364 | - | - | €1,625 | - |
| Other operating charges640/8 | - | - | - | €3,781 | €3,894 | €4,740 | €5,456 | €5,079 | ▼ 6.9% |
| Gross operating margin9900 | €87,558 | €144,153 | €88,550 | €102,929 | €192,675 | €91,507 | €27,814 | €9,760 | ▼ 64.9% |
| Operating profit (loss)9901 | €76,095 | €131,730 | €82,884 | €98,329 | €188,417 | €86,766 | €22,358 | €3,056 | ▼ 86.3% |
| Financial income75/76B | - | - | - | €12,634 | €12,005 | €16,217 | €23,846 | €21,317 | ▼ 10.6% |
| Recurring financial income75 | €8,993 | €11,119 | €12,088 | €12,634 | €12,005 | €16,217 | €23,846 | €21,317 | ▼ 10.6% |
| Financial charges65/66B | - | - | - | €100 | €100 | €100 | €190 | €140 | ▼ 26.4% |
| Recurring financial charges65 | €471 | €245 | €76 | €100 | €100 | €100 | €190 | €140 | ▼ 26.4% |
| Profit (loss) for the period before taxes9903 | €84,617 | €142,604 | €94,896 | €110,863 | €200,322 | €102,884 | €46,014 | €24,233 | ▼ 47.3% |
| Income taxes67/77 | €23,254 | €42,589 | €25,052 | €29,645 | €58,273 | €27,251 | €11,678 | €6,094 | ▼ 47.8% |
| Profit (loss) for the period9904 | €61,363 | €100,015 | €69,845 | €81,218 | €142,049 | €75,632 | €34,336 | €18,139 | ▼ 47.2% |
| Profit (loss) for the period to be appropriated9905 | €61,363 | €100,015 | €69,845 | €81,218 | €142,049 | €75,632 | €34,336 | €18,139 | ▼ 47.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €588,004 | €613,375 | €673,923 | €755,550 | €931,005 | €633,955 | €678,604 | €535,684 | ▼ 21.1% |
| Fixed assets21/28 | €9,072 | €1,092 | €1,183 | €364 | - | - | €0 | €26,091 | - |
| Tangible fixed assets22/27 | €9,072 | €1,092 | €1,183 | €364 | - | - | €0 | €26,091 | - |
| Land and buildings22 | - | - | - | €364 | - | - | €0 | €26,091 | - |
| Furniture and vehicles24 | - | - | - | - | - | - | €0 | €0 | - |
| Current assets29/58 | €578,932 | €612,283 | €672,740 | €755,187 | €931,005 | €633,955 | €678,604 | €509,593 | ▼ 24.9% |
| Amounts receivable within one year40/41 | €373,780 | €419,019 | €336,964 | €347,133 | €478,822 | €403,682 | €390,952 | €298,282 | ▼ 23.7% |
| Trade receivables40 | - | - | - | €81,912 | €211,322 | €85,666 | €15,666 | €28,875 | ▲ 84.3% |
| Other amounts receivable41 | - | - | - | €265,221 | €267,500 | €318,016 | €375,286 | €269,407 | ▼ 28.2% |
| Current investments50/53 | - | - | - | - | - | - | €158,686 | €150,190 | ▼ 5.4% |
| Cash at bank and in hand54/58 | €197,423 | €185,413 | €323,819 | €395,420 | €440,177 | €214,101 | €105,103 | €40,751 | ▼ 61.2% |
| Deferred charges and accrued income490/1 | - | - | - | €12,634 | €12,005 | €16,172 | €23,863 | €20,369 | ▼ 14.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €588,004 | €613,375 | €673,923 | €755,550 | €931,005 | €633,955 | €678,604 | €535,684 | ▼ 21.1% |
| Equity10/15 | €492,537 | €592,553 | €662,397 | €743,615 | €885,665 | €627,856 | €600,828 | €518,952 | ▼ 13.6% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €396,664 | €496,680 | €566,524 | €647,742 | €789,792 | €531,983 | €504,955 | €423,079 | ▼ 16.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €645,882 | €787,932 | €531,983 | €504,955 | €423,079 | ▼ 16.2% |
| Profit (loss) carried forward14 | €89,673 | €89,673 | €89,673 | €89,673 | €89,673 | €89,673 | €89,673 | €89,673 | = |
| Amounts payable17/49 | €95,466 | €20,822 | €11,525 | €11,935 | €45,340 | €6,100 | €77,776 | €16,732 | ▼ 78.5% |
| Amounts payable after more than one year17 | €2,025 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €92,995 | €20,822 | €11,525 | €11,706 | €44,190 | €6,100 | €77,281 | €16,222 | ▼ 79.0% |
| Trade debts44 | €3,722 | €17 | - | €296 | €159 | €909 | €3,344 | €1,621 | ▼ 51.5% |
| Suppliers440/4 | - | - | - | €296 | €159 | €909 | €3,344 | €1,621 | ▼ 51.5% |
| Taxes, remuneration and social security45 | - | - | - | €6,844 | €39,465 | - | €2,449 | €155 | ▼ 93.7% |
| Taxes450/3 | - | - | - | €6,844 | €39,465 | - | €2,449 | €155 | ▼ 93.7% |
| Other amounts payable47/48 | - | - | - | €4,566 | €4,566 | €5,191 | €71,488 | €14,446 | ▼ 79.8% |
| Accrued charges and deferred income492/3 | - | - | - | €228 | €1,150 | - | €495 | €510 | ▲ 3.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €61,363 | €100,015 | €69,845 | €81,218 | €142,049 | €75,632 | €34,336 | €18,139 | ▼ 47.2% |
| + Depreciation and write-downs630 | €7,980 | €7,980 | €1,662 | €819 | €364 | - | - | €1,625 | - |
| Operating cash flow (approximation) | €69,344 | €107,996 | €71,507 | €82,037 | €142,413 | €75,632 | €34,336 | €19,764 | ▼ 42.4% |
| Investment in fixed assets (approximation) | - | €0 | -€1,753 | €0 | - | - | - | -€27,716 | - |
| Change in cash | - | -€12,011 | €138,406 | €71,600 | €44,758 | -€226,076 | -€108,998 | -€64,352 | ▲ 41.0% |
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, 6,049 companies had the same profile as EDITRA has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of EDITRA itself: 0.1% 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 6,049 companies, not a prediction for EDITRA. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00229938 | |
| 31-12-2024 | micro format | 11-07-2025 | 2025-00267165 | |
| 31-12-2023 | micro format | 10-07-2024 | 2024-00235450 | |
| 31-12-2022 | micro format | 18-07-2023 | 2023-00251236 | |
| 31-12-2021 | micro format | 24-06-2022 | 2022-20096912 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-30900340 | |
| 31-12-2019 | micro format | 17-07-2020 | 2020-31400111 | |
| 31-12-2018 | micro format | 07-06-2019 | 2019-16800146 | |
| 31-12-2017 | micro format | 08-06-2018 | 2018-17700380 | |
| 31-12-2016 | abbreviated format | 26-06-2017 | 2017-22300188 |