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Euregio Separation

Active
Private limited companyfounded 2022active for 4 yearsTiendenstraat 5-8, 3690 Zutendaal, BelgiumKBO/BCE: BE 0793.288.962

Financials · financial year 2025, micro format

Annual accounts 2025 filed on 14-07-2026 at the NBB all 3 filings

Equity
-€109,104
2024 · €56,354
Total assets
€499,258▲ 701%
2024 · €62,338
Net result
-€165,458▼ 11,266%
2024 · -€1,456
Working capital
-€219,890
2024 · €56,354
Multi-year overview
2023 to 2025, 3 financial years
Operating result
-€115,058
▼ 21,460% 2025
20232025
Net result
-€165,458
▼ 11,266% 2025
lowest quarter of the sector
20232025
Equity
-€109,104
2025
lowest quarter of the sector
20232025
Total assets
€499,258
▲ 701% 2025
middle half of the sector
20232025
Debt
€608,362
▲ 102× 2025
20232025
Working capital
-€219,890
2025
lowest quarter of the sector
20232025
Solvency
-21.9%
▼ 112.3pp 2025
lowest quarter of the sector
20232025
Current ratio
0.04
▼ 10.37 2025
lowest quarter of the sector
20232025
Return on assets (ROA)
-33.1%
▼ 30.8pp 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-€1,592--€534▲ 66.5%-€115,058▼ 21,460%
Net result-€2,190within the sector's middle half--€1,456within the sector's middle half▲ 33.5%-€165,458below the sector's middle half▼ 11,266%
Equity€57,810within the sector's middle half-€56,354within the sector's middle half▼ 2.5%-€109,104below the sector's middle half
Total assets€62,595below the sector's middle half-€62,338below the sector's middle half▼ 0.4%€499,258within the sector's middle half▲ 701%
Debt€4,785-€5,984▲ 25.1%€608,362▲ 102×
Working capital€57,810within the sector's middle half-€56,354within the sector's middle half▼ 2.5%-€219,890below the sector's middle half
Solvency92.4%above the sector's middle half-90.4%above the sector's middle half▼ 2.0pp-21.9%below the sector's middle half▼ 112.3pp
Current ratio13.08above the sector's middle half-10.42above the sector's middle half▼ 2.660.04below the sector's middle half▼ 10.37
Return on assets (ROA)-3.5%within the sector's middle half--2.3%within the sector's middle half▲ 1.2pp-33.1%below the sector's middle half▼ 30.8pp
above within below The sector band is the middle half of the companies in Waste collection, recovery and disposal activities (NACE 38). 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 €115,058, larger than the loss of €534 in 2024. It is the lowest result since 2023.

Turnover and EBIT margin are not published. The micro format does not require them.

Balance-sheet composition
Assets €499,258
Fixed assets €489,099
Current assets €10,159
Equity and liabilities
Equity-€109,104
Debt€608,362
Equity is negative. Debt (€608,362) exceeds the balance-sheet total (€499,258).
Key figures and ratios
2025 value · change against 2024
EBITDA
-€637
Cash flow
-€51,038
Interest coverage
-0.01
Debt ≤ 1 year
€230,049▲
2024 · €5,984
Debt > 1 year
€378,313
Income taxes
-€419▼
2024 · €419
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

fixed assets acquired
Item202320242025
Tangible fixed assets--€603,520
Depreciation and write-downs of the year--€114,421

Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 35 lines
Balance sheet Code20242025
Assets
Total assets20/58€62,338€499,258▲
Fixed assets21/28-€489,099
Tangible fixed assets22/27-€489,099
Leasing and similar rights25-€489,099
Current assets29/58€62,338€10,159▼
Amounts receivable within one year40/41€53,788€7,732▼
Trade receivables40€53,788€4,659▼
Other amounts receivable41€0€3,074▲
Cash at bank and in hand54/58€8,550€2,427▼
Equity and liabilities
Total equity and liabilities10/49€62,338€499,258▲
Equity10/15€56,354-€109,104▼
Contributions10/11€60,000€60,000=
Profit (loss) carried forward14-€3,646-€169,104▼
Amounts payable17/49€5,984€608,362▲
Amounts payable after more than one year17-€378,313
Financial debts170/4-€378,313
Amounts payable within one year42/48€5,984€230,049▲
Current portion of amounts payable after more than one year42-€114,784
Trade debts44€3,775€40,765▲
Suppliers440/4€3,775€40,765▲
Taxes, remuneration and social security45€2,209€0▼
Taxes450/3€2,209€0▼
Other amounts payable47/48-€74,500
Income statement Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630-€114,421
Other operating charges640/8€449€462▲
Gross operating margin9900-€84-€175▼
Operating profit (loss)9901-€534-€115,058▼
Financial charges65/66B€503€50,819▲
Recurring financial charges65€503€50,819▲
Profit (loss) for the period before taxes9903-€1,037-€165,877▼
Income taxes67/77€419-€419▼
Profit (loss) for the period9904-€1,456-€165,458▼
Profit (loss) for the period to be appropriated9905-€1,456-€165,458▼
Appropriation of the result
Profit (loss) to be appropriated9906-€3,646-€169,104▼
Profit (loss) brought forward from the previous period14P-€2,190-€3,646▼

The notes to these accounts have 7 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 14-07-2026.

Line202320242025Change
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630--€114,421-
Other operating charges640/8€794€449€462▲ 2.8%
Gross operating margin9900-€798-€84-€175▼ 108%
Operating profit (loss)9901-€1,592-€534-€115,058▼ 21,460%
Financial charges65/66B€598€503€50,819▲ 101×
Recurring financial charges65€598€503€50,819▲ 101×
Profit (loss) for the period before taxes9903-€2,190-€1,037-€165,877▼ 15,895%
Income taxes67/77-€419-€419-
Profit (loss) for the period9904-€2,190-€1,456-€165,458▼ 11,266%
Profit (loss) for the period to be appropriated9905-€2,190-€1,456-€165,458▼ 11,266%
Line202320242025Change
Assets
Total assets20/58€62,595€62,338€499,258▲ 701%
Fixed assets21/28--€489,099-
Tangible fixed assets22/27--€489,099-
Leasing and similar rights25--€489,099-
Current assets29/58€62,595€62,338€10,159▼ 83.7%
Amounts receivable within one year40/41€4,902€53,788€7,732▼ 85.6%
Trade receivables40-€53,788€4,659▼ 91.3%
Other amounts receivable41€4,902€0€3,074-
Cash at bank and in hand54/58€57,694€8,550€2,427▼ 71.6%
Equity and liabilities
Total equity and liabilities10/49€62,595€62,338€499,258▲ 701%
Equity10/15€57,810€56,354-€109,104-
Contributions10/11€60,000€60,000€60,000=
Profit (loss) carried forward14-€2,190-€3,646-€169,104▼ 4,539%
Amounts payable17/49€4,785€5,984€608,362▲ 102×
Amounts payable after more than one year17--€378,313-
Financial debts170/4--€378,313-
Amounts payable within one year42/48€4,785€5,984€230,049▲ 38×
Current portion of amounts payable after more than one year42--€114,784-
Trade debts44€4,049€3,775€40,765▲ 980%
Suppliers440/4€4,049€3,775€40,765▲ 980%
Taxes, remuneration and social security45€736€2,209€0▼ 100%
Taxes450/3€736€2,209€0▼ 100%
Other amounts payable47/48--€74,500-
Line202320242025Change
Profit (loss) for the period9904-€2,190-€1,456-€165,458▼ 11,266%
+ Depreciation and write-downs630--€114,421-
Operating cash flow (approximation)-€2,190-€1,456-€51,038▼ 3,406%
Change in cash--€49,143-€6,124▲ 87.5%

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 490 companies had the same profile as Euregio Separation has now. Two years later, 88.8% were still going and 6.7% had gone bankrupt.

  • Small
  • 2 to 5 years old
  • negative equity
  • a loss of 10% of the balance sheet or more
88.8% was still going
3.9% stopped otherwise
6.7% went bankrupt

Another 0.6% stopped without a precise date, possibly only after those two years.

That fits the bankruptcy probability of Euregio Separation itself: 1.8% 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 490 companies, not a prediction for Euregio Separation. 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 (3)
Financial year Type Filed Reference Document
31-12-2025 micro format 14-07-2026 2026-00290099 PDF
31-12-2024 micro format 24-06-2025 2025-00168886 PDF
31-12-2023 micro format 12-07-2024 2024-00238763 PDF

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