EXTREE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 21 filings
Turnover
≈ €480,000
Estimated: probably between €400,000 and €580,000
Total assets
€156,174▲ 6.0%
2024 · €147,278
Net result
€15,664▲ 17.6%
2024 · €13,320
Working capital
€39,495▲ 46.8%
2024 · €26,895
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€21,999
▲ 63.7%
2025
20182025
Net result
€15,664
▲ 17.6%
2025
middle half of the sector
20182025
Equity
€72,509
▲ 4.9%
2025
middle half of the sector
20182025
Total assets
€156,174
▲ 6.0%
2025
middle half of the sector
20182025
Debt
€83,665
▲ 7.1%
2025
20182025
Working capital
€39,495
▲ 46.8%
2025
middle half of the sector
20182025
Solvency
46.4%
▼ 0.5pp
2025
middle half of the sector
20182025
Current ratio
1.51
▲ 0.10
2025
middle half of the sector
20182025
Return on assets (ROA)
10.0%
▲ 1.0pp
2025
middle half of the sector
20182025
Staff (FTE)
15.4
▼ 1.3%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€15,510--€1,888-€9,198▼ 387%€40,990-€22,532-€29▲ 99.9%€13,440€21,999▲ 63.7%
Net result€10,703--€290-€14,405below the sector's middle half▼ 4,868%€35,031above the sector's middle half-€22,126below the sector's middle half€313within the sector's middle half€13,320within the sector's middle half▲ 43×€15,664within the sector's middle half▲ 17.6%
Equity€74,427-€74,137▼ 0.4%€45,407within the sector's middle half▼ 38.8%€77,638above the sector's middle half▲ 71.0%€55,512within the sector's middle half▼ 28.5%€55,825within the sector's middle half▲ 0.6%€69,145within the sector's middle half▲ 23.9%€72,509within the sector's middle half▲ 4.9%
Total assets€117,421-€118,179▲ 0.6%€91,181within the sector's middle half▼ 22.8%€129,516within the sector's middle half▲ 42.0%€100,350within the sector's middle half▼ 22.5%€108,013within the sector's middle half▲ 7.6%€147,278within the sector's middle half▲ 36.4%€156,174within the sector's middle half▲ 6.0%
Debt€42,994-€44,042▲ 2.4%€45,774▲ 3.9%€51,878▲ 13.3%€44,837▼ 13.6%€52,187▲ 16.4%€78,133▲ 49.7%€83,665▲ 7.1%
Working capital€21,330-€31,751▲ 48.9%€12,221within the sector's middle half▼ 61.5%€49,099above the sector's middle half▲ 302%€25,389within the sector's middle half▼ 48.3%€5,251within the sector's middle half▼ 79.3%€26,895within the sector's middle half▲ 412%€39,495within the sector's middle half▲ 46.8%
Solvency63.4%-62.7%▼ 0.7pp49.8%within the sector's middle half▼ 12.9pp59.9%above the sector's middle half▲ 10.1pp55.3%within the sector's middle half▼ 4.6pp51.7%within the sector's middle half▼ 3.6pp46.9%within the sector's middle half▼ 4.7pp46.4%within the sector's middle half▼ 0.5pp
Current ratio1.50-1.72▲ 0.221.27within the sector's middle half▼ 0.451.95within the sector's middle half▲ 0.681.57within the sector's middle half▼ 0.381.10within the sector's middle half▼ 0.471.41within the sector's middle half▲ 0.311.51within the sector's middle half▲ 0.10
Return on assets (ROA)9.1%--0.2%▼ 9.4pp-15.8%below the sector's middle half▼ 15.6pp27.0%above the sector's middle half▲ 42.8pp-22.0%below the sector's middle half▼ 49.1pp0.3%within the sector's middle half▲ 22.3pp9.0%within the sector's middle half▲ 8.8pp10.0%within the sector's middle half▲ 1.0pp
Staff (FTE)7.1-6▼ 15.5%4.3above the sector's middle half▼ 28.3%12▲ 179%18.1▲ 50.8%15.4▼ 14.9%15.6▲ 1.3%15.4▼ 1.3%
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 64% higher than in 2024. It is the third rise in a row, after the fall in 2022.
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 €156,174
Fixed assets
€39,958 ▼ 27.0%
Current assets
€116,216 ▲ 25.6%
Equity and liabilities €156,174
Equity
€72,509 ▲ 4.9%
Debt
€83,665 ▲ 7.1%
Debt's share of the balance-sheet total rises from 53.1% to 53.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€40,947▲
2024 · €30,702
Cash flow
€34,612▲
2024 · €30,581
Quick ratio
1.47▲
2024 · 1.40
Debt to equity
1.15▲
2024 · 1.13
ROE
21.6%▲
2024 · 19.3%
Interest coverage
48.89▼
2024 · 54.51
Debt ≤ 1 year
€76,721▲
2024 · €65,618
Debt > 1 year
€6,943▼
2024 · €12,515
Income taxes
€6,218▲
2024 · €261
Staff costs
€121,876▼
2024 · €160,539
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 | 2 | 3 | 3 | 3 | 2 |
| full-time | 1 | 1 | 1 | - | - |
| part-time | 1 | 2 | 2 | 3 | 2 |
| in full-time equivalents | 1.5 | 2.2 | 2.2 | 1.5 | 1.4 |
| Average over the year, in full-time equivalents | 3 | 5.1 | 4.4 | 3.3 | 2.4 |
| On a permanent contract | 2 | 2 | 3 | 2 | 2 |
| Joined | 31 | 31 | 24 | 26 | 23 |
| Left | 30 | 30 | 24 | 26 | 24 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,500 | €12,490 | €8,941 | €21,451 | €4,141 |
| Intangible fixed assets | - | - | €24,000 | - | - |
| Depreciation and write-downs of the year | €9,801 | €10,905 | €12,490 | €17,261 | €18,948 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €134 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €85,853 | €137,778 | €133,516 | €160,539 | €121,876 | ▼ 24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,168 | €12,626 | €12,177 | €9,801 | €10,905 | €12,490 | €17,261 | €18,948 | ▲ 9.8% |
| Other operating charges640/8 | - | - | - | €1,347 | €1,487 | €1,748 | €1,413 | €1,522 | ▲ 7.7% |
| Gross operating margin9900 | €128,148 | €116,373 | €68,718 | €137,991 | €127,638 | €147,725 | €192,653 | €164,344 | ▼ 14.7% |
| Operating profit (loss)9901 | €15,510 | -€1,888 | -€9,198 | €40,990 | -€22,532 | -€29 | €13,440 | €21,999 | ▲ 63.7% |
| Financial income75/76B | - | - | - | €837 | €648 | €878 | €704 | €721 | ▲ 2.4% |
| Recurring financial income75 | €124 | €2,090 | €467 | €837 | €648 | €878 | €704 | €721 | ▲ 2.4% |
| Financial charges65/66B | - | - | - | €396 | €241 | €422 | €563 | €838 | ▲ 48.7% |
| Recurring financial charges65 | €366 | €536 | €523 | €396 | €241 | €422 | €563 | €838 | ▲ 48.7% |
| Profit (loss) for the period before taxes9903 | €15,268 | -€334 | -€9,254 | €41,432 | -€22,125 | €428 | €13,581 | €21,882 | ▲ 61.1% |
| Income taxes67/77 | €4,565 | -€44 | €5,151 | €6,401 | €1 | €115 | €261 | €6,218 | ▲ 24× |
| Profit (loss) for the period9904 | €10,703 | -€290 | -€14,405 | €35,031 | -€22,126 | €313 | €13,320 | €15,664 | ▲ 17.6% |
| Profit (loss) for the period to be appropriated9905 | €10,703 | -€290 | -€14,405 | €35,031 | -€22,126 | €313 | €13,320 | €15,664 | ▲ 17.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €117,421 | €118,179 | €91,181 | €129,516 | €100,350 | €108,013 | €147,278 | €156,174 | ▲ 6.0% |
| Fixed assets21/28 | €53,097 | €42,386 | €33,186 | €28,539 | €30,124 | €50,575 | €54,764 | €39,958 | ▼ 27.0% |
| Intangible fixed assets21 | - | - | - | - | - | €21,567 | €16,767 | €11,967 | ▼ 28.6% |
| Tangible fixed assets22/27 | €53,097 | €42,386 | €33,186 | €28,539 | €30,124 | €29,007 | €37,997 | €27,990 | ▼ 26.3% |
| Land and buildings22 | - | - | - | €20,343 | €13,761 | €15,826 | €10,302 | €6,314 | ▼ 38.7% |
| Plant, machinery and equipment23 | - | - | - | €7,531 | €12,039 | €10,208 | €25,174 | €20,709 | ▼ 17.7% |
| Furniture and vehicles24 | - | - | - | €665 | €4,323 | €2,974 | €2,522 | €968 | ▼ 61.6% |
| Current assets29/58 | €64,324 | €75,793 | €57,996 | €100,977 | €70,226 | €57,438 | €92,514 | €116,216 | ▲ 25.6% |
| Stocks and contracts in progress3 | - | €3,250 | €2,911 | €2,860 | €6,987 | €2,691 | €679 | €3,298 | ▲ 386% |
| Stocks30/36 | - | - | - | €2,860 | €6,987 | €2,691 | €679 | €3,298 | ▲ 386% |
| Amounts receivable within one year40/41 | €34,248 | €53,940 | €29,791 | €45,605 | €37,172 | €36,935 | €37,910 | €35,813 | ▼ 5.5% |
| Trade receivables40 | - | - | - | €3,869 | - | €2,545 | €2,818 | - | - |
| Other amounts receivable41 | - | - | - | €41,736 | €37,172 | €34,390 | €35,093 | €35,813 | ▲ 2.1% |
| Cash at bank and in hand54/58 | €30,076 | €16,552 | €20,969 | €50,043 | €22,220 | €14,275 | €49,488 | €72,375 | ▲ 46.2% |
| Deferred charges and accrued income490/1 | - | - | - | €2,469 | €3,847 | €3,536 | €4,437 | €4,730 | ▲ 6.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €117,421 | €118,179 | €91,181 | €129,516 | €100,350 | €108,013 | €147,278 | €156,174 | ▲ 6.0% |
| Equity10/15 | €74,427 | €74,137 | €45,407 | €77,638 | €55,512 | €55,825 | €69,145 | €72,509 | ▲ 4.9% |
| Contributions10/11 | €30,000 | €30,000 | - | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Reserves13 | €44,427 | €44,137 | €29,812 | €62,043 | €62,043 | €62,356 | €62,356 | €42,509 | ▼ 31.8% |
| Non-distributable reserves130/1 | - | - | - | €3,000 | €3,000 | €3,000 | €3,000 | - | - |
| Reserves not available under the articles1311 | - | - | - | €3,000 | €3,000 | €3,000 | €3,000 | - | - |
| Distributable reserves133 | - | - | - | €59,043 | €59,043 | €59,356 | €59,356 | €42,509 | ▼ 28.4% |
| Profit (loss) carried forward14 | - | - | -€14,405 | -€14,405 | -€36,530 | -€36,530 | -€23,211 | - | - |
| Amounts payable17/49 | €42,994 | €44,042 | €45,774 | €51,878 | €44,837 | €52,187 | €78,133 | €83,665 | ▲ 7.1% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €12,515 | €6,943 | ▼ 44.5% |
| Financial debts170/4 | - | - | - | - | - | - | €12,515 | €6,943 | ▼ 44.5% |
| Amounts payable within one year42/48 | €42,994 | €44,042 | €45,774 | €51,878 | €44,837 | €52,187 | €65,618 | €76,721 | ▲ 16.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €6,438 | €5,571 | ▼ 13.5% |
| Trade debts44 | €27,232 | €34,977 | €20,897 | €31,017 | €40,828 | €10,643 | €38,640 | €29,833 | ▼ 22.8% |
| Suppliers440/4 | - | - | - | €31,017 | €40,828 | €10,643 | €38,640 | €29,833 | ▼ 22.8% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €730 | - |
| Taxes, remuneration and social security45 | - | - | - | €18,062 | €4,010 | €10,775 | €17,182 | €21,300 | ▲ 24.0% |
| Taxes450/3 | - | - | - | €9,293 | - | €5,457 | €4,031 | €9,767 | ▲ 142% |
| Remuneration and social security454/9 | - | - | - | €8,769 | €4,010 | €5,318 | €13,151 | €11,533 | ▼ 12.3% |
| Other amounts payable47/48 | - | - | - | €2,800 | - | €30,769 | €3,358 | €19,287 | ▲ 474% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,703 | -€290 | -€14,405 | €35,031 | -€22,126 | €313 | €13,320 | €15,664 | ▲ 17.6% |
| + Depreciation and write-downs630 | €13,168 | €12,626 | €12,177 | €9,801 | €10,905 | €12,490 | €17,261 | €18,948 | ▲ 9.8% |
| Operating cash flow (approximation) | €23,871 | €12,336 | -€2,228 | €44,832 | -€11,220 | €12,803 | €30,581 | €34,612 | ▲ 13.2% |
| Investment in fixed assets (approximation) | - | -€1,915 | -€2,977 | -€5,154 | -€12,490 | -€32,941 | -€21,451 | -€4,141 | ▲ 80.7% |
| Change in cash | - | -€13,524 | €4,417 | €29,074 | -€27,823 | -€7,945 | €35,213 | €22,887 | ▼ 35.0% |
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, 20,136 companies had the same profile as EXTREE has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of EXTREE itself: 0.2% 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 20,136 companies, not a prediction for EXTREE. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00376927 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00359438 | |
| 31-12-2023 | micro format | 14-08-2024 | 2024-00346328 | |
| 31-12-2022 | micro format | 07-08-2023 | 2023-00326065 | |
| 31-12-2021 | micro format | 01-07-2022 | 2022-20121828 | |
| 31-12-2020 | micro format | 17-08-2021 | 2021-49900556 | |
| 31-12-2019 | micro format | 30-07-2020 | 2020-37000524 | |
| 31-12-2018 | micro format | 04-07-2019 | 2019-29600152 | |
| 31-12-2017 | micro format | 16-08-2018 | 2018-46000463 | |
| 31-12-2016 | micro format | 18-08-2017 | 2017-44800471 |