EXPRESS 2
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 69 days after the deadline Filed on 8 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00552908.
Annual accounts 2025 filed on 08-10-2026 at the NBB all 16 filings
Turnover
€475,207▲ 59.3%
2021 · €298,266
EBIT margin
3.9%▼ 23.8pp
2021 · 27.7%
Net result
-€57,423
2024 · €766
Working capital
-€13,007
2024 · €27,802
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€50,458
2025
20182025
Net result
-€57,423
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€27,219
▼ 67.8%
2025
middle half of the sector
20182025
Total assets
€127,081
▼ 29.2%
2025
middle half of the sector
20182025
Debt
€99,862
▲ 5.3%
2025
20182025
Working capital
-€13,007
2025
middle half of the sector
20182025
Solvency
21.4%
▼ 25.7pp
2025
middle half of the sector
20182025
Current ratio
0.87
▼ 0.42
2025
middle half of the sector
20182025
Return on assets (ROA)
-45.2%
▼ 45.6pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
3.4
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€292,791-€291,726▼ 0.4%€177,101▼ 39.3%€298,266▲ 68.4%€475,207▲ 59.3%
Operating result€2,220--€25,679€18,933€82,727▲ 337%€18,673▼ 77.4%€15,008▼ 19.6%€4,342▼ 71.1%-€50,458
Net result€205--€27,655€18,636within the sector's middle half€82,542within the sector's middle half▲ 343%€2,299within the sector's middle half▼ 97.2%€9,945within the sector's middle half▲ 333%€766within the sector's middle half▼ 92.3%-€57,423below the sector's middle half
EBIT margin0.8%--8.8%▼ 9.6pp10.7%▲ 19.5pp27.7%▲ 17.0pp3.9%▼ 23.8pp
Equity-€1,891--€29,546▼ 1,462%-€10,910below the sector's middle half▲ 63.1%€71,633within the sector's middle half€73,932within the sector's middle half▲ 3.2%€83,876above the sector's middle half▲ 13.5%€84,642within the sector's middle half▲ 0.9%€27,219within the sector's middle half▼ 67.8%
Total assets€37,536-€15,738▼ 58.1%€20,857below the sector's middle half▲ 32.5%€104,804below the sector's middle half▲ 402%€101,854below the sector's middle half▼ 2.8%€183,579within the sector's middle half▲ 80.2%€179,522within the sector's middle half▼ 2.2%€127,081within the sector's middle half▼ 29.2%
Debt€39,427-€45,284▲ 14.9%€31,767▼ 29.8%€33,172▲ 4.4%€27,923▼ 15.8%€99,703▲ 257%€94,880▼ 4.8%€99,862▲ 5.3%
Working capital-€12,473--€40,128▼ 222%-€18,798within the sector's middle half▲ 53.2%€66,439within the sector's middle half€52,269within the sector's middle half▼ 21.3%€13,604within the sector's middle half▼ 74.0%€27,802within the sector's middle half▲ 104%-€13,007within the sector's middle half
Solvency-5.0%--187.7%▼ 182.7pp-52.3%below the sector's middle half▲ 135.4pp68.3%above the sector's middle half▲ 120.7pp72.6%above the sector's middle half▲ 4.2pp45.7%within the sector's middle half▼ 26.9pp47.1%within the sector's middle half▲ 1.5pp21.4%within the sector's middle half▼ 25.7pp
Current ratio0.68-0.11▼ 0.570.41below the sector's middle half▲ 0.293.00above the sector's middle half▲ 2.592.87above the sector's middle half▼ 0.131.14within the sector's middle half▼ 1.741.29within the sector's middle half▲ 0.160.87within the sector's middle half▼ 0.42
Return on assets (ROA)0.5%--175.7%▼ 176.3pp89.4%above the sector's middle half▲ 265.1pp78.8%above the sector's middle half▼ 10.6pp2.3%within the sector's middle half▼ 76.5pp5.4%within the sector's middle half▲ 3.2pp0.4%within the sector's middle half▼ 5.0pp-45.2%below the sector's middle half▼ 45.6pp
Staff (FTE)4.33.8within the sector's middle half▼ 11.6%2.9below the sector's middle half▼ 23.7%3.1within the sector's middle half▲ 6.9%3.43.4=
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 2025 is a loss of €50,458, after a profit of €4,342 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €127,081
Fixed assets
€40,226 ▼ 29.2%
Current assets
€86,855 ▼ 29.2%
Equity and liabilities €127,081
Equity
€27,219 ▼ 67.8%
Debt
€99,862 ▲ 5.3%
Debt's share of the balance-sheet total rises from 52.9% to 78.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€33,843▼
2024 · €20,554
Cash flow
-€40,809▼
2024 · €16,978
Debt to equity
3.67▲
2024 · 1.12
ROE
-211.0%▼
2024 · 0.9%
Interest coverage
-5.85▼
2024 · 53.77
Debt ≤ 1 year
€99,862▲
2024 · €94,880
Income taxes
€1,183▼
2024 · €4,072
Staff costs
€206,659▲
2024 · €171,946
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 4 | 5 | 5 |
| full-time | 1 | 2 | 2 |
| part-time | 3 | 3 | 3 |
| in full-time equivalents | 2.8 | 3.3 | 3.3 |
| Average over the year, in full-time equivalents | 3.1 | 3.3 | 3.3 |
| On a permanent contract | 4 | 5 | 5 |
| Joined | 149 | 59 | 59 |
| Left | 150 | 58 | 58 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €22,353 | €46,977 | €2,780 | - |
| Depreciation and write-downs of the year | €2,694 | €5,885 | €9,338 | €16,212 | €16,614 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €292,791 | €291,726 | €177,101 | €298,266 | €475,207 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €153,331 | €315,449 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €58,238 | €130,336 | €155,937 | €171,946 | €206,659 | ▲ 20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,694 | €0 | €2,694 | €2,694 | €5,885 | €9,338 | €16,212 | €16,614 | ▲ 2.5% |
| Other operating charges640/8 | - | - | - | €1,276 | €4,864 | €5,480 | €1,846 | €4,311 | ▲ 133% |
| Gross operating margin9900 | €128,595 | €140,802 | €87,922 | €144,935 | €159,758 | €185,763 | €194,346 | €177,127 | ▼ 8.9% |
| Operating profit (loss)9901 | €2,220 | -€25,679 | €18,933 | €82,727 | €18,673 | €15,008 | €4,342 | -€50,458 | - |
| Financial income75/76B | - | - | - | €502 | €2,019 | €2,141 | €1,718 | €0 | ▼ 100.0% |
| Recurring financial income75 | €0 | €125 | €180 | €502 | €2,019 | €2,141 | €1 | €0 | ▼ 63.4% |
| Non-recurring financial income76B | - | - | - | - | - | - | €1,718 | - | - |
| Financial charges65/66B | - | - | - | €687 | €2,713 | €2,651 | €1,223 | €5,783 | ▲ 373% |
| Recurring financial charges65 | €1,941 | €2,053 | €359 | €180 | €2,095 | €2,651 | €382 | €5,783 | ▲ 15× |
| Non-recurring financial charges66B | - | - | - | €507 | €618 | - | €840 | - | - |
| Profit (loss) for the period before taxes9903 | €205 | -€27,655 | €18,666 | €82,542 | €17,980 | €14,497 | €4,838 | -€56,240 | - |
| Transfer from deferred taxes780 | - | - | - | - | - | €34 | - | - | - |
| Income taxes67/77 | €0 | €0 | €29 | - | €15,681 | €4,587 | €4,072 | €1,183 | ▼ 70.9% |
| Profit (loss) for the period9904 | €205 | -€27,655 | €18,636 | €82,542 | €2,299 | €9,945 | €766 | -€57,423 | - |
| Profit (loss) for the period to be appropriated9905 | €205 | -€27,655 | €18,636 | €82,542 | €2,299 | €9,945 | €766 | -€57,423 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €37,536 | €15,738 | €20,857 | €104,804 | €101,854 | €183,579 | €179,522 | €127,081 | ▼ 29.2% |
| Formation expenses20 | €0 | €0 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €10,582 | €10,582 | €7,888 | €5,194 | €21,662 | €70,272 | €56,841 | €40,226 | ▼ 29.2% |
| Intangible fixed assets21 | €4,000 | €4,000 | €3,500 | €3,000 | €2,500 | €2,000 | €1,500 | €1,000 | ▼ 33.3% |
| Tangible fixed assets22/27 | €6,582 | €6,582 | €4,388 | €2,194 | €19,162 | €68,272 | €55,341 | €39,226 | ▼ 29.1% |
| Plant, machinery and equipment23 | - | - | - | €2,194 | €3,185 | €17,622 | €16,106 | €11,407 | ▼ 29.2% |
| Furniture and vehicles24 | - | - | - | - | €11,307 | €46,482 | €35,569 | €24,656 | ▼ 30.7% |
| Other tangible fixed assets26 | - | - | - | - | €4,670 | €4,168 | €3,666 | €3,164 | ▼ 13.7% |
| Financial fixed assets28 | €0 | €0 | €0 | - | - | - | - | - | - |
| Current assets29/58 | €26,954 | €5,156 | €12,969 | €99,610 | €80,192 | €113,307 | €122,682 | €86,855 | ▼ 29.2% |
| Stocks and contracts in progress3 | €0 | €0 | €0 | - | - | - | €4,516 | - | - |
| Stocks30/36 | - | - | - | - | - | - | €4,516 | - | - |
| Amounts receivable within one year40/41 | €9,275 | €1,169 | €7,237 | €30,017 | €16,030 | €32,824 | €34,915 | €26,478 | ▼ 24.2% |
| Trade receivables40 | - | - | - | €29,493 | €14,265 | €17,578 | €17,105 | €8,946 | ▼ 47.7% |
| Other amounts receivable41 | - | - | - | €524 | €1,766 | €15,246 | €17,810 | €17,532 | ▼ 1.6% |
| Current investments50/53 | €0 | €0 | €0 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €17,679 | €3,987 | €5,732 | €69,593 | €62,162 | €78,026 | €80,286 | €59,154 | ▼ 26.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | €2,000 | €2,457 | €2,965 | €1,223 | ▼ 58.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €37,536 | €15,738 | €20,857 | €104,804 | €101,854 | €183,579 | €179,522 | €127,081 | ▼ 29.2% |
| Equity10/15 | -€1,891 | -€29,546 | -€10,910 | €71,633 | €73,932 | €83,876 | €84,642 | €27,219 | ▼ 67.8% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €0 | €0 | €0 | €53,033 | €55,332 | €55,332 | €55,332 | €55,332 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €51,173 | €53,472 | €53,472 | €53,472 | €53,472 | = |
| Profit (loss) carried forward14 | -€20,491 | -€48,146 | -€29,510 | - | - | €9,945 | €10,711 | -€46,713 | - |
| Provisions and deferred taxes16 | €0 | €0 | €0 | - | - | - | - | - | - |
| Amounts payable17/49 | €39,427 | €45,284 | €31,767 | €33,172 | €27,923 | €99,703 | €94,880 | €99,862 | ▲ 5.3% |
| Amounts payable after more than one year17 | €0 | €0 | €0 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €39,427 | €45,284 | €31,767 | €33,172 | €27,923 | €99,703 | €94,880 | €99,862 | ▲ 5.3% |
| Trade debts44 | €20,765 | €18,519 | €13,931 | €16,974 | €6,064 | €84,836 | €76,647 | €72,073 | ▼ 6.0% |
| Suppliers440/4 | - | - | - | €16,974 | €6,064 | €84,836 | €76,647 | €72,073 | ▼ 6.0% |
| Taxes, remuneration and social security45 | - | - | - | €16,197 | €21,209 | €14,217 | €17,583 | €27,454 | ▲ 56.1% |
| Taxes450/3 | - | - | - | €12,492 | €15,593 | €14,167 | €16,575 | €15,765 | ▼ 4.9% |
| Remuneration and social security454/9 | - | - | - | €3,706 | €5,616 | €50 | €1,008 | €11,689 | ▲ 12× |
| Other amounts payable47/48 | - | - | - | - | €650 | €651 | €651 | €335 | ▼ 48.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €205 | -€27,655 | €18,636 | €82,542 | €2,299 | €9,945 | €766 | -€57,423 | - |
| + Depreciation and write-downs630 | €2,694 | €0 | €2,694 | €2,694 | €5,885 | €9,338 | €16,212 | €16,614 | ▲ 2.5% |
| Operating cash flow (approximation) | €2,899 | -€27,655 | €21,330 | €85,236 | €8,184 | €19,282 | €16,978 | -€40,809 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€22,353 | -€57,947 | -€2,780 | €0 | - |
| Change in cash | - | -€13,693 | €1,745 | €63,861 | -€7,431 | €15,865 | €2,260 | -€21,132 | - |
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, 1,294 companies had the same profile as EXPRESS 2 has now. Two years later, 89.6% were still going and 4.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
89.6%
was still going
5.9%
stopped otherwise
4.1%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EXPRESS 2 itself: 2.7% 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 1,294 companies, not a prediction for EXPRESS 2. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 08-10-2026 | 2026-00552908 | |
| 31-12-2024 | micro format | 11-12-2025 | 2025-00579625 | |
| 31-12-2023 | micro format | 08-12-2024 | 2024-00611752 | |
| 31-12-2022 | abbreviated format | 04-07-2023 | 2023-00195973 | |
| 31-12-2021 | abbreviated format | 23-06-2022 | 2022-20084898 | |
| 31-12-2020 | abbreviated format | 17-06-2021 | 2021-21300063 | |
| 31-12-2019 | abbreviated format | 10-07-2020 | 2020-28500495 | |
| 31-12-2018 | abbreviated format | 30-07-2019 | 2019-41300078 | |
| 31-12-2017 | abbreviated format | 03-07-2018 | 2018-28000557 | |
| 31-12-2016 | abbreviated format | 05-07-2017 | 2017-28100570 |