EGETRA
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 16-06-2026 at the NBB all 41 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€10.2m▼ 22.6%
2022 · €13.1m
EBIT margin
17.7%▲ 3.9pp
2022 · 13.7%
Net result
€615,921▼ 22.2%
2024 · €791,513
Working capital
€4.4m▲ 8.1%
2024 · €4.0m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€664,459
▼ 30.9%
2025
20182025
Net result
€615,921
▼ 22.2%
2025
highest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€4.1m
▲ 1.6%
2025
middle half of the sector
20182025
Total assets
€6.9m
▲ 12.6%
2025
middle half of the sector
20182025
Debt
€2.8m
▲ 34.1%
2025
20182025
Working capital
€4.4m
▲ 8.1%
2025
highest quarter of the sector
20182025
Solvency
59.9%
▼ 6.4pp
2025
middle half of the sector
20182025
Current ratio
2.82
▼ 0.22
2025
middle half of the sector
20182025
Return on assets (ROA)
8.9%
▼ 4.0pp
2025
highest quarter of the sector
20182025
Staff (FTE)
6.1
▼ 16.4%
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
Turnover€9.5m-€9.9m▲ 3.4%€8.8m▼ 10.6%€10.9m▲ 23.2%€13.1m▲ 21.0%€10.2m▼ 22.6%
Operating result€1.2m-€0.7m▼ 41.4%€0.8m▲ 15.9%€1.2m▲ 44.9%€1.8m▲ 49.0%€1.8m▼ 0.4%€1.0m▼ 46.5%€0.7m▼ 30.9%
Net result€0.9m-€0.5m▼ 46.6%€0.7mabove the sector's middle half▲ 38.4%€0.9mabove the sector's middle half▲ 39.4%€1.4mabove the sector's middle half▲ 52.3%€1.3mabove the sector's middle half▼ 3.8%€0.8mabove the sector's middle half▼ 41.2%€0.6mabove the sector's middle half▼ 22.2%
EBIT margin12.9%-7.3%▼ 5.6pp9.5%▲ 2.2pp11.1%▲ 1.7pp13.7%▲ 2.6pp17.7%▲ 3.9pp
Equity€2.9m-€3.4m▲ 16.3%€4.1mabove the sector's middle half▲ 19.4%€3.2mwithin the sector's middle half▼ 21.7%€4.6mwithin the sector's middle half▲ 44.0%€3.7mwithin the sector's middle half▼ 18.6%€4.1mabove the sector's middle half▲ 9.2%€4.1mwithin the sector's middle half▲ 1.6%
Total assets€5.6m-€5.0m▼ 10.4%€5.0mwithin the sector's middle half▲ 0.4%€6.8mwithin the sector's middle half▲ 35.4%€7.9mwithin the sector's middle half▲ 15.0%€5.7mwithin the sector's middle half▼ 27.4%€6.1mabove the sector's middle half▲ 7.6%€6.9mwithin the sector's middle half▲ 12.6%
Debt€2.7m-€1.6m▼ 39.5%€1.0m▼ 39.6%€3.6m▲ 273%€3.3m▼ 10.3%€2.0m▼ 39.6%€2.1m▲ 4.8%€2.8m▲ 34.1%
Working capital€2.8m-€3.4m▲ 20.2%€4.0mabove the sector's middle half▲ 17.2%€3.1mwithin the sector's middle half▼ 21.4%€4.7mabove the sector's middle half▲ 49.6%€3.7mabove the sector's middle half▼ 21.1%€4.0mabove the sector's middle half▲ 9.8%€4.4mabove the sector's middle half▲ 8.1%
Solvency52.3%-67.8%▲ 15.5pp80.6%above the sector's middle half▲ 12.8pp46.6%within the sector's middle half▼ 34.0pp58.4%within the sector's middle half▲ 11.7pp65.4%above the sector's middle half▲ 7.0pp66.3%within the sector's middle half▲ 0.9pp59.9%within the sector's middle half▼ 6.4pp
Current ratio2.07-3.26▲ 1.195.27above the sector's middle half▲ 2.011.87within the sector's middle half▼ 3.402.52within the sector's middle half▲ 0.652.89above the sector's middle half▲ 0.373.04within the sector's middle half▲ 0.162.82within the sector's middle half▼ 0.22
Return on assets (ROA)15.9%-9.5%▼ 6.4pp13.1%above the sector's middle half▲ 3.6pp13.5%above the sector's middle half▲ 0.4pp17.8%above the sector's middle half▲ 4.4pp23.6%above the sector's middle half▲ 5.8pp12.9%above the sector's middle half▼ 10.7pp8.9%above the sector's middle half▼ 4.0pp
Staff (FTE)8.6-8.3▼ 3.5%8.1within the sector's middle half▼ 2.4%7.5within the sector's middle half▼ 7.4%7.5within the sector's middle half=7.5within the sector's middle half=7.3within the sector's middle half▼ 2.7%6.1within the sector's middle half▼ 16.4%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 31% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.9m
Fixed assets
€149,236 ▲ 20.6%
Current assets
€6.8m ▲ 12.4%
Equity and liabilities €6.9m
Equity
€4.1m ▲ 1.6%
Debt
€2.8m ▲ 34.1%
Debt's share of the balance-sheet total rises from 33.7% to 40.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€690,102▼
2024 · €998,509
Cash flow
€641,564▼
2024 · €827,978
Quick ratio
1.52▼
2024 · 1.67
Debt to equity
0.67▲
2024 · 0.51
ROE
14.9%▼
2024 · 19.4%
Interest coverage
2.31▼
2024 · 5.93
Debt ≤ 1 year
€2.4m▲
2024 · €2.0m
Debt > 1 year
€355,409▲
2024 · €45,699
Income taxes
€28,412▼
2024 · €115,925
Staff costs
€554,294▼
2024 · €638,598
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 8 | 8 | 8 | 7 | 6 |
| full-time | 7 | 7 | 7 | 7 | 6 |
| part-time | 1 | 1 | 1 | 0 | 0 |
| in full-time equivalents | 7.5 | 7.5 | 7.5 | 7 | 6 |
| Average over the year, in full-time equivalents | 7.5 | 7.5 | 6.9 | 7.3 | 6.1 |
| On a permanent contract | 8 | 8 | 8 | 7 | 6 |
| Joined | - | - | 1 | 0 | 3 |
| Left | - | - | 1 | 1 | 4 |
| Agency workers, average number | - | - | 0.4 | - | - |
| Training hours | - | - | - | 12 | 12 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | - | €79,055 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €16,929 | €47,990 | €1,045 | €84,503 | €40,324 |
| Intangible fixed assets | - | - | - | - | €10,850 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €49,878 | €43,693 | €42,421 | €36,466 | €25,644 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €4,892 | €4,900 | €5,587 | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €4,714 awarded · €347 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €4,500 | €0 |
| 2024 | 1 | €80 | €80 |
| 2023 | 1 | €134 | €267 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | €9.9m | - | €10.9m | €13.3m | €10.3m | - | - | - |
| Turnover70 | €9.5m | €9.9m | €8.8m | €10.9m | €13.1m | €10.2m | - | - | - |
| Other operating income74 | - | €0.07m | - | €0.06m | €0.2m | €0.08m | - | - | - |
| Non-recurring operating income76A | - | €0.007m | - | - | €0.006m | - | €0.005m | €0 | ▼ 100% |
| Operating charges60/66A | - | €9.2m | - | €9.7m | €11.5m | €8.5m | - | - | - |
| Goods for resale, raw materials and consumables60 | - | €7.9m | - | €8.6m | €10.3m | €7.2m | - | - | - |
| Purchases600/8 | - | €8.1m | - | €9.3m | €11.2m | €6.1m | - | - | - |
| Change in stocks: decrease (increase)609 | - | -€0.1m | - | -€0.7m | -€0.9m | €1.1m | - | - | - |
| Services and other goods61 | - | €0.5m | - | €0.5m | €0.6m | €0.6m | - | - | - |
| Remuneration, social security and pensions62 | - | €0.7m | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | ▼ 13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.09m | €0.07m | €0.06m | €0.05m | €0.04m | €0.04m | €0.04m | €0.03m | ▼ 29.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | -€0.01m | - | -€0.03m | - | - | -€0.02m | €0 | - |
| Other operating charges640/8 | - | €0.02m | - | €0.03m | €0.009m | €0.004m | €0.03m | €0.005m | ▼ 82.2% |
| Gross operating margin9900 | - | - | - | - | - | - | €1.6m | €1.2m | ▼ 23.9% |
| Operating profit (loss)9901 | €1.2m | €0.7m | €0.8m | €1.2m | €1.8m | €1.8m | €1.0m | €0.7m | ▼ 30.9% |
| Financial income75/76B | - | €0.06m | - | €0.1m | €0.5m | €0.3m | €0.1m | €0.3m | ▲ 145% |
| Recurring financial income75 | €0.2m | €0.06m | €0.1m | €0.1m | €0.5m | €0.3m | €0.1m | €0.3m | ▲ 145% |
| Income from current assets751 | - | €0.002m | - | €328 | €0.006m | €0.02m | - | - | - |
| Other financial income752/9 | - | €0.06m | - | €0.1m | €0.5m | €0.3m | - | - | - |
| Financial charges65/66B | - | €0.1m | - | €0.1m | €0.4m | €0.3m | €0.2m | €0.3m | ▲ 77.4% |
| Recurring financial charges65 | €0.1m | €0.1m | €0.09m | €0.1m | €0.4m | €0.3m | €0.2m | €0.3m | ▲ 77.4% |
| Debt charges650 | €0.001m | €0.001m | €0.001m | €0.001m | €0.002m | €0.004m | - | - | - |
| Other financial charges652/9 | - | €0.1m | - | €0.1m | €0.4m | €0.3m | - | - | - |
| Profit (loss) for the period before taxes9903 | €1.3m | €0.7m | €0.9m | €1.2m | €1.9m | €1.8m | €0.9m | €0.6m | ▼ 29.0% |
| Income taxes67/77 | €0.4m | €0.2m | €0.2m | €0.3m | €0.5m | €0.5m | €0.1m | €0.03m | ▼ 75.5% |
| Taxes670/3 | - | €0.2m | - | €0.3m | €0.5m | €0.5m | - | - | - |
| Tax adjustments and reversals of tax provisions77 | - | €177 | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €0.9m | €0.5m | €0.7m | €0.9m | €1.4m | €1.3m | €0.8m | €0.6m | ▼ 22.2% |
| Profit (loss) for the period to be appropriated9905 | €0.9m | €0.5m | €0.7m | €0.9m | €1.4m | €1.3m | €0.8m | €0.6m | ▼ 22.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €5.6m | €5.0m | €5.0m | €6.8m | €7.9m | €5.7m | €6.1m | €6.9m | ▲ 12.6% |
| Formation expenses20 | - | - | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.08m | €0.1m | €0.1m | ▲ 20.6% |
| Intangible fixed assets21 | - | - | €0 | - | - | - | - | €0.01m | - |
| Tangible fixed assets22/27 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.08m | €0.1m | €0.1m | ▲ 12.4% |
| Plant, machinery and equipment23 | - | €0.001m | - | - | €0.002m | €0.001m | €402 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | €0.09m | - | €0.1m | €0.09m | €0.06m | €0.09m | €0.07m | ▼ 18.7% |
| Other tangible fixed assets26 | - | €0.04m | - | €0.02m | €0.02m | €0.02m | €0.04m | €0.07m | ▲ 86.9% |
| Financial fixed assets28 | €55 | €55 | €55 | €55 | €55 | €55 | €55 | €55 | = |
| Other financial fixed assets284/8 | - | €55 | - | €55 | €55 | €55 | - | - | - |
| Amounts receivable and cash guarantees285/8 | - | €55 | - | €55 | €55 | €55 | - | - | - |
| Current assets29/58 | €5.5m | €4.9m | €4.9m | €6.7m | €7.7m | €5.6m | €6.0m | €6.8m | ▲ 12.4% |
| Stocks and contracts in progress3 | €2.5m | €2.6m | €2.2m | €2.9m | €3.8m | €2.8m | €2.7m | €3.1m | ▲ 14.7% |
| Stocks30/36 | - | €2.6m | - | €2.9m | €3.8m | €2.8m | €2.7m | €3.1m | ▲ 14.7% |
| Goods purchased for resale34 | - | €2.6m | - | €2.9m | €3.8m | €2.8m | - | - | - |
| Amounts receivable within one year40/41 | €2.0m | €1.7m | €1.0m | €2.4m | €1.5m | €1.4m | €1.7m | €2.9m | ▲ 68.9% |
| Trade receivables40 | - | €1.6m | - | €2.4m | €1.5m | €1.4m | €1.5m | €1.2m | ▼ 16.7% |
| Other amounts receivable41 | - | €0.1m | - | - | - | - | €0.2m | €1.6m | ▲ 612% |
| Cash at bank and in hand54/58 | €1.0m | €0.6m | €1.7m | €1.4m | €2.4m | €1.5m | €1.6m | €0.8m | ▼ 52.7% |
| Deferred charges and accrued income490/1 | - | €0.01m | - | €0.05m | €0.02m | €0.01m | €0.01m | €0.03m | ▲ 125% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €5.6m | €5.0m | €5.0m | €6.8m | €7.9m | €5.7m | €6.1m | €6.9m | ▲ 12.6% |
| Equity10/15 | €2.9m | €3.4m | €4.1m | €3.2m | €4.6m | €3.7m | €4.1m | €4.1m | ▲ 1.6% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | - | €0.3m | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Issued capital100 | - | €0.3m | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Legal reserve130 | - | €0.1m | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Tax-exempt reserves132 | - | €0.003m | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Profit (loss) carried forward14 | €2.5m | €3.0m | €3.6m | €2.7m | €4.1m | €3.3m | €3.6m | €3.7m | ▲ 1.8% |
| Amounts payable17/49 | €2.7m | €1.6m | €1.0m | €3.6m | €3.3m | €2.0m | €2.1m | €2.8m | ▲ 34.1% |
| Amounts payable after more than one year17 | - | - | - | - | €0.03m | €0.02m | €0.05m | €0.4m | ▲ 678% |
| Financial debts170/4 | - | - | - | - | €0.03m | €0.02m | €0.05m | €0.4m | ▲ 678% |
| Credit institutions173 | - | - | - | - | €0.03m | €0.02m | - | - | - |
| Amounts payable within one year42/48 | €2.6m | €1.5m | €0.9m | €3.6m | €3.1m | €1.9m | €2.0m | €2.4m | ▲ 21.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.009m | €0.009m | €0.02m | €0.1m | ▲ 610% |
| Financial debts43 | - | €0.08m | - | €0.06m | €0.08m | - | - | - | - |
| Credit institutions430/8 | - | €0.08m | - | - | - | - | - | - | - |
| Other loans439 | - | - | - | €0.06m | €0.08m | - | - | - | - |
| Trade debts44 | €1.6m | €1.3m | €0.8m | €3.4m | €2.6m | €1.4m | €1.2m | €1.6m | ▲ 30.9% |
| Suppliers440/4 | - | €1.3m | - | €3.4m | €2.6m | €1.4m | €1.2m | €1.6m | ▲ 30.9% |
| Taxes, remuneration and social security45 | - | €0.1m | - | €0.2m | €0.4m | €0.5m | €0.3m | €0.08m | ▼ 68.3% |
| Taxes450/3 | - | €0.02m | - | €0.1m | €0.3m | €0.4m | €0.2m | €0.03m | ▼ 85.2% |
| Remuneration and social security454/9 | - | €0.1m | - | €0.06m | €0.07m | €0.08m | €0.07m | €0.05m | ▼ 16.3% |
| Other amounts payable47/48 | - | - | - | - | - | - | €0.5m | €0.6m | ▲ 23.6% |
| Accrued charges and deferred income492/3 | - | €0.1m | - | €0.05m | €0.2m | €0.004m | €0.05m | €0.02m | ▼ 51.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.9m | €0.5m | €0.7m | €0.9m | €1.4m | €1.3m | €0.8m | €0.6m | ▼ 22.2% |
| + Depreciation and write-downs630 | €0.09m | €0.07m | €0.06m | €0.05m | €0.04m | €0.04m | €0.04m | €0.03m | ▼ 29.7% |
| Operating cash flow (approximation) | €1.0m | €0.6m | €0.7m | €1.0m | €1.4m | €1.4m | €0.8m | €0.6m | ▼ 22.5% |
| Investment in fixed assets (approximation) | - | -€0.07m | -€0.06m | -€0.02m | -€0.05m | -€0.001m | -€0.08m | -€0.05m | ▲ 39.4% |
| Change in cash | - | -€0.4m | €1.1m | -€0.3m | €1.0m | -€0.9m | €0.1m | -€0.8m | - |
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, 31,368 companies had the same profile as EGETRA has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EGETRA 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 31,368 companies, not a prediction for EGETRA. 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 41 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 16-06-2026 | 2026-00170317 | |
| 31-12-2024 | abbreviated format | 19-08-2025 | 2025-00386845 | |
| 31-12-2023 | full format | 01-07-2024 | 2024-00198367 | |
| 31-12-2022 | full format | 19-07-2023 | 2023-00259740 | |
| 31-12-2021 | full format | 15-07-2022 | 2022-20197635 | |
| 31-12-2020 | full format | 30-06-2021 | 2021-27800263 | |
| 31-12-2019 | full format | 27-08-2020 | 2020-50300218 | |
| 31-12-2018 | full format | 27-06-2019 | 2019-28800275 | |
| 31-12-2017 | full format | 07-09-2018 | 2018-62600465 | |
| 31-12-2016 | full format | 23-08-2017 | 2017-49400232 |