EXCALIBUR
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 5 November 2026.
Annual accounts 2024 filed on 04-07-2025 PDF all 26 filings
Turnover
≈ €250,000
Estimated: probably between €210,000 and €340,000
EBIT margin
Not included in this filing
Net result
€37,735▲ 9.6%
2023 · €34,442
Working capital
€22,101▼ 64.6%
2023 · €62,447
Multi-year overview
2018 to 2024, 7 financial yearsOperating result
€57,969
▲ 54.2%
2024
20182024
Net result
€37,735
▲ 9.6%
2024
highest quarter of the sector
20182024
Equity
€22,126
▼ 64.6%
2024
middle half of the sector
20182024
Total assets
€124,838
▲ 70.5%
2024
middle half of the sector
20182024
Debt
€102,712
▲ 856%
2024
20182024
Working capital
€22,101
▼ 64.6%
2024
middle half of the sector
20182024
Solvency
17.7%
▼ 67.6pp
2024
middle half of the sector
20182024
Current ratio
1.22
▼ 5.60
2024
middle half of the sector
20182024
Return on assets (ROA)
30.2%
▼ 16.8pp
2024
highest quarter of the sector
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Operating result€1,231-€1,332▲ 8.2%-€9,078-€3,557▲ 60.8%-€2,452▲ 31.1%€37,586€57,969▲ 54.2%
Net result-€581-€334-€9,953within the sector's middle half-€4,612below the sector's middle half▲ 53.7%-€3,982within the sector's middle half▲ 13.7%€34,442within the sector's middle half€37,735above the sector's middle half▲ 9.6%
Equity€46,244-€46,578▲ 0.7%€36,625within the sector's middle half▼ 21.4%€32,012within the sector's middle half▼ 12.6%€28,030within the sector's middle half▼ 12.4%€62,472within the sector's middle half▲ 123%€22,126within the sector's middle half▼ 64.6%
Total assets€47,966-€63,380▲ 32.1%€44,659below the sector's middle half▼ 29.5%€38,547below the sector's middle half▼ 13.7%€48,397within the sector's middle half▲ 25.6%€73,216below the sector's middle half▲ 51.3%€124,838within the sector's middle half▲ 70.5%
Debt€1,722-€16,802▲ 876%€8,035▼ 52.2%€6,535▼ 18.7%€20,366▲ 212%€10,743▼ 47.2%€102,712▲ 856%
Working capital€32,038-€37,445▲ 16.9%€17,454within the sector's middle half▼ 53.4%€19,623within the sector's middle half▲ 12.4%€21,726within the sector's middle half▲ 10.7%€62,447within the sector's middle half▲ 187%€22,101within the sector's middle half▼ 64.6%
Solvency96.4%-73.5%▼ 22.9pp82.0%above the sector's middle half▲ 8.5pp83.0%above the sector's middle half▲ 1.0pp57.9%within the sector's middle half▼ 25.1pp85.3%above the sector's middle half▲ 27.4pp17.7%within the sector's middle half▼ 67.6pp
Current ratio19.61-3.23▼ 16.383.17above the sector's middle half▼ 0.064.00above the sector's middle half▲ 0.832.07within the sector's middle half▼ 1.946.81above the sector's middle half▲ 4.751.22within the sector's middle half▼ 5.60
Return on assets (ROA)-1.2%-0.5%▲ 1.7pp-22.3%below the sector's middle half▼ 22.8pp-12.0%below the sector's middle half▲ 10.3pp-8.2%within the sector's middle half▲ 3.7pp47.0%above the sector's middle half▲ 55.3pp30.2%above the sector's middle half▼ 16.8pp
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 2024 is 54% higher than in 2023 and the highest since 2018. It is the fourth rise in a row, after the fall in 2020.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €124,838
Fixed assets
€25 =
Current assets
€124,813 ▲ 70.5%
Equity and liabilities €124,838
Equity
€22,126 ▼ 64.6%
Debt
€102,712 ▲ 856%
Debt's share of the balance-sheet total rises from 14.7% to 82.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€57,969▲
2023 · €43,920
Cash flow
€37,735▼
2023 · €40,776
Quick ratio
1.18▼
2023 · 6.57
Debt to equity
4.64▲
2023 · 0.17
ROE
170.5%▲
2023 · 55.1%
Interest coverage
24.17▲
2023 · 21.17
Debt ≤ 1 year
€102,712▲
2023 · €10,743
Income taxes
€17,836▲
2023 · €1,069
Staff costs
€6,607▲
2023 · €5,173
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 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €10,849 | €21,583 | €5,173 | €6,607 | ▲ 27.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,348 | €5,248 | €7,427 | €6,781 | €6,085 | €6,335 | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €1,765 | €3,508 | €4,439 | €4,607 | ▲ 3.8% |
| Gross operating margin9900 | €12,753 | €9,654 | -€539 | €15,838 | €28,725 | €53,532 | €69,183 | ▲ 29.2% |
| Operating profit (loss)9901 | €1,231 | €1,332 | -€9,078 | -€3,557 | -€2,452 | €37,586 | €57,969 | ▲ 54.2% |
| Financial income75/76B | - | - | - | - | €0 | - | - | - |
| Recurring financial income75 | - | - | - | - | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €1,056 | €1,530 | €2,075 | €2,398 | ▲ 15.6% |
| Recurring financial charges65 | €728 | €998 | €875 | €1,056 | €1,530 | €2,075 | €2,398 | ▲ 15.6% |
| Profit (loss) for the period before taxes9903 | €502 | €334 | -€9,953 | -€4,612 | -€3,982 | €35,511 | €55,571 | ▲ 56.5% |
| Income taxes67/77 | €1,083 | - | - | - | - | €1,069 | €17,836 | ▲ 17× |
| Profit (loss) for the period9904 | -€581 | €334 | -€9,953 | -€4,612 | -€3,982 | €34,442 | €37,735 | ▲ 9.6% |
| Profit (loss) for the period to be appropriated9905 | -€581 | €334 | -€9,953 | -€4,612 | -€3,982 | €34,442 | €37,735 | ▲ 9.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €47,966 | €63,380 | €44,659 | €38,547 | €48,397 | €73,216 | €124,838 | ▲ 70.5% |
| Fixed assets21/28 | €14,206 | €9,133 | €19,170 | €12,389 | €6,304 | €25 | €25 | = |
| Tangible fixed assets22/27 | €14,181 | €9,108 | €19,145 | €12,364 | €6,279 | €0 | €0 | - |
| Plant, machinery and equipment23 | - | - | - | €722 | €457 | €0 | €0 | - |
| Furniture and vehicles24 | - | - | - | €11,643 | €5,822 | - | - | - |
| Financial fixed assets28 | €25 | €25 | €25 | €25 | €25 | €25 | €25 | = |
| Current assets29/58 | €33,760 | €54,247 | €25,489 | €26,158 | €42,093 | €73,191 | €124,813 | ▲ 70.5% |
| Stocks and contracts in progress3 | €1,600 | €1,150 | €1,000 | €2,200 | €1,350 | €2,600 | €3,706 | ▲ 42.5% |
| Stocks30/36 | - | - | - | €2,200 | €1,350 | €2,600 | €3,706 | ▲ 42.5% |
| Amounts receivable within one year40/41 | €5,728 | €11,290 | €1,733 | €924 | €432 | €413 | €1,183 | ▲ 187% |
| Trade receivables40 | - | - | - | €529 | €0 | - | €770 | - |
| Other amounts receivable41 | - | - | - | €394 | €432 | €413 | €413 | = |
| Cash at bank and in hand54/58 | €25,464 | €41,808 | €21,179 | €21,947 | €37,920 | €67,717 | €118,088 | ▲ 74.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1,087 | €2,391 | €2,461 | €1,836 | ▼ 25.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €47,966 | €63,380 | €44,659 | €38,547 | €48,397 | €73,216 | €124,838 | ▲ 70.5% |
| Equity10/15 | €46,244 | €46,578 | €36,625 | €32,012 | €28,030 | €62,472 | €22,126 | ▼ 64.6% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €3,534 | €3,534 | €3,534 | €3,534 | €3,534 | €3,534 | €3,534 | = |
| Non-distributable reserves130/1 | - | - | - | €3,534 | €3,534 | €3,534 | €1,859 | ▼ 47.4% |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Other1319 | - | - | - | €1,675 | €1,675 | €1,675 | - | - |
| Tax-exempt reserves132 | - | - | - | - | - | - | €1,675 | - |
| Profit (loss) carried forward14 | €24,118 | €24,452 | €14,498 | €9,886 | €5,904 | €40,346 | €0 | ▼ 100% |
| Amounts payable17/49 | €1,722 | €16,802 | €8,035 | €6,535 | €20,366 | €10,743 | €102,712 | ▲ 856% |
| Amounts payable within one year42/48 | €1,722 | €16,802 | €8,035 | €6,535 | €20,366 | €10,743 | €102,712 | ▲ 856% |
| Trade debts44 | €863 | €3,773 | €896 | €1,957 | €12,851 | €3,901 | €3,976 | ▲ 1.9% |
| Suppliers440/4 | - | - | - | €1,957 | €12,851 | €3,901 | €3,976 | ▲ 1.9% |
| Taxes, remuneration and social security45 | - | - | - | €543 | €3,425 | €3,155 | €40,712 | ▲ 13× |
| Taxes450/3 | - | - | - | - | €2,582 | €1,614 | €40,712 | ▲ 25× |
| Remuneration and social security454/9 | - | - | - | €543 | €843 | €1,541 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €4,034 | €4,090 | €3,687 | €58,024 | ▲ 16× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€581 | €334 | -€9,953 | -€4,612 | -€3,982 | €34,442 | €37,735 | ▲ 9.6% |
| + Depreciation and write-downs630 | €6,348 | €5,248 | €7,427 | €6,781 | €6,085 | €6,335 | €0 | ▼ 100% |
| Operating cash flow (approximation) | €5,767 | €5,582 | -€2,527 | €2,168 | €2,104 | €40,776 | €37,735 | ▼ 7.5% |
| Investment in fixed assets (approximation) | - | -€175 | -€17,464 | €0 | €0 | -€56 | €0 | - |
| Change in cash | - | €16,344 | -€20,629 | €768 | €15,973 | €29,797 | €50,372 | ▲ 69.0% |
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, 3,818 companies had the same profile as EXCALIBUR has now. Two years later, 95.1% were still going and 1.0% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.1%
was still going
3.7%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EXCALIBUR itself: 1.2% 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 3,818 companies, not a prediction for EXCALIBUR. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 04-07-2025 | 2025-00246392 | |
| 31-12-2023 | full format | 25-06-2024 | 2024-00165541 | |
| 31-12-2022 | micro format | 06-10-2023 | 2023-00481241 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20257828 | |
| 31-12-2020 | full format | 10-08-2021 | 2021-47400266 | |
| 31-12-2019 | full format | 09-09-2020 | 2020-52200060 | |
| 31-12-2018 | full format | 11-06-2019 | 2019-17100528 | |
| 31-12-2017 | full format | 19-07-2018 | 2018-35300349 | |
| 31-12-2016 | full format | 06-06-2017 | 2017-14800303 | |
| 31-12-2015 | full format | 25-07-2016 | 2016-34800097 |