FILIPPUS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 24 filings
Turnover
≈ €260,000
Estimated: probably between €120,000 and €420,000
Total assets
€333,626▼ 0.2%
2024 · €334,401
Net result
-€12,438▼ 18.5%
2024 · -€10,498
Working capital
-€65,748▼ 10.5%
2024 · -€59,519
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€5,681
▼ 49.2%
2025
20182025
Net result
-€12,438
▼ 18.5%
2025
lowest quarter of the sector
20182025
Equity
€31,027
▼ 28.6%
2025
middle half of the sector
20182025
Total assets
€333,626
▼ 0.2%
2025
middle half of the sector
20182025
Debt
€302,599
▲ 4.0%
2025
20182025
Working capital
-€65,748
▼ 10.5%
2025
lowest quarter of the sector
20182025
Solvency
9.3%
▼ 3.7pp
2025
middle half of the sector
20182025
Current ratio
0.72
=
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-3.7%
▼ 0.6pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€16,191-€14,372▼ 11.2%-€7,575-€10,522▼ 38.9%-€14,579▼ 38.6%-€2,127▲ 85.4%-€3,809▼ 79.1%-€5,681▼ 49.2%
Net result€523-€4,871▲ 831%€145within the sector's middle half▼ 97.0%-€16,480below the sector's middle half-€20,216below the sector's middle half▼ 22.7%-€7,358below the sector's middle half▲ 63.6%-€10,498below the sector's middle half▼ 42.7%-€12,438below the sector's middle half▼ 18.5%
Equity€93,000-€97,871▲ 5.2%€98,016within the sector's middle half▲ 0.1%€81,536within the sector's middle half▼ 16.8%€61,320within the sector's middle half▼ 24.8%€53,962within the sector's middle half▼ 12.0%€43,465within the sector's middle half▼ 19.5%€31,027within the sector's middle half▼ 28.6%
Total assets€385,244-€389,815▲ 1.2%€386,085within the sector's middle half▼ 1.0%€372,018within the sector's middle half▼ 3.6%€359,478within the sector's middle half▼ 3.4%€342,106within the sector's middle half▼ 4.8%€334,401within the sector's middle half▼ 2.3%€333,626within the sector's middle half▼ 0.2%
Debt€292,244-€291,944▼ 0.1%€288,069▼ 1.3%€290,482▲ 0.8%€298,158▲ 2.6%€288,144▼ 3.4%€290,936▲ 1.0%€302,599▲ 4.0%
Working capital-€47,103--€39,449▲ 16.2%-€33,552below the sector's middle half▲ 14.9%-€42,135below the sector's middle half▼ 25.6%-€54,827below the sector's middle half▼ 30.1%-€56,586below the sector's middle half▼ 3.2%-€59,519below the sector's middle half▼ 5.2%-€65,748below the sector's middle half▼ 10.5%
Solvency24.1%-25.1%▲ 1.0pp25.4%within the sector's middle half▲ 0.3pp21.9%within the sector's middle half▼ 3.5pp17.1%within the sector's middle half▼ 4.9pp15.8%within the sector's middle half▼ 1.3pp13.0%within the sector's middle half▼ 2.8pp9.3%within the sector's middle half▼ 3.7pp
Current ratio0.71-0.77▲ 0.060.81below the sector's middle half▲ 0.040.78below the sector's middle half▼ 0.040.73below the sector's middle half▼ 0.050.72below the sector's middle half▼ 0.010.72below the sector's middle half=0.72below the sector's middle half=
Return on assets (ROA)0.1%-1.2%▲ 1.1pp0.0%within the sector's middle half▼ 1.2pp-4.4%below the sector's middle half▼ 4.5pp-5.6%below the sector's middle half▼ 1.2pp-2.2%within the sector's middle half▲ 3.5pp-3.1%within the sector's middle half▼ 1.0pp-3.7%below the sector's middle half▼ 0.6pp
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 a loss of €5,681, larger than the loss of €3,809 in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €333,626
Fixed assets
€167,257 ▼ 8.1%
Current assets
€166,369 ▲ 9.1%
Equity and liabilities €333,626
Equity
€31,027 ▼ 28.6%
Debt
€302,599 ▲ 4.0%
Debt's share of the balance-sheet total rises from 87.0% to 90.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€9,016▼
2024 · €10,888
Cash flow
€2,259▼
2024 · €4,200
Quick ratio
0.03▼
2024 · 0.04
Debt to equity
9.75▲
2024 · 6.69
ROE
-40.1%▼
2024 · -24.2%
Interest coverage
1.33▼
2024 · 1.63
Debt ≤ 1 year
€232,117▲
2024 · €211,967
Debt > 1 year
€70,482▼
2024 · €78,969
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €1,159 | - | - |
| Depreciation and write-downs of the year | €15,421 | €15,421 | €15,048 | €14,697 | €14,697 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €9,500 awarded · €9,500 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €1,620 | €1,620 |
| 2024 | 1 | €2,520 | €2,520 |
| 2023 | 1 | €2,400 | €2,400 |
| 2022 | 1 | €2,960 | €2,960 |
Schemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,013 | €16,388 | €15,421 | €15,421 | €15,421 | €15,048 | €14,697 | €14,697 | = |
| Other operating charges640/8 | - | - | - | €5,596 | €5,946 | €5,770 | €7,934 | €6,736 | ▼ 15.1% |
| Gross operating margin9900 | €37,796 | €36,298 | €13,672 | €10,495 | €6,788 | €18,691 | €18,822 | €15,752 | ▼ 16.3% |
| Operating profit (loss)9901 | €16,191 | €14,372 | -€7,575 | -€10,522 | -€14,579 | -€2,127 | -€3,809 | -€5,681 | ▼ 49.2% |
| Financial income75/76B | - | - | - | - | €1 | €5 | €1 | €7 | ▲ 13× |
| Recurring financial income75 | €2 | €8 | €3 | - | €1 | €5 | €1 | €7 | ▲ 13× |
| Financial charges65/66B | - | - | - | €5,958 | €5,638 | €5,236 | €6,689 | €6,764 | ▲ 1.1% |
| Recurring financial charges65 | €15,254 | €7,400 | €6,264 | €5,958 | €5,638 | €5,236 | €6,689 | €6,764 | ▲ 1.1% |
| Profit (loss) for the period before taxes9903 | €939 | €6,980 | €244 | -€16,480 | -€20,216 | -€7,358 | -€10,498 | -€12,438 | ▼ 18.5% |
| Income taxes67/77 | €416 | €2,109 | €99 | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €523 | €4,871 | €145 | -€16,480 | -€20,216 | -€7,358 | -€10,498 | -€12,438 | ▼ 18.5% |
| Profit (loss) for the period to be appropriated9905 | €523 | €4,871 | €145 | -€16,480 | -€20,216 | -€7,358 | -€10,498 | -€12,438 | ▼ 18.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €385,244 | €389,815 | €386,085 | €372,018 | €359,478 | €342,106 | €334,401 | €333,626 | ▼ 0.2% |
| Fixed assets21/28 | €271,317 | €256,804 | €241,383 | €225,961 | €210,540 | €196,651 | €181,954 | €167,257 | ▼ 8.1% |
| Tangible fixed assets22/27 | €271,317 | €256,804 | €241,383 | €225,961 | €210,540 | €196,651 | €181,954 | €167,257 | ▼ 8.1% |
| Land and buildings22 | - | - | - | €225,211 | €210,165 | €196,651 | €177,861 | €163,703 | ▼ 8.0% |
| Plant, machinery and equipment23 | - | - | - | €750 | €375 | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | - | - | - | €4,093 | €3,554 | ▼ 13.2% |
| Current assets29/58 | €113,927 | €133,011 | €144,702 | €146,057 | €148,938 | €145,455 | €152,447 | €166,369 | ▲ 9.1% |
| Stocks and contracts in progress3 | €111,489 | €125,575 | €132,509 | €139,705 | €138,662 | €137,385 | €144,847 | €158,591 | ▲ 9.5% |
| Stocks30/36 | - | - | - | €139,705 | €138,662 | €137,385 | €144,847 | €158,591 | ▲ 9.5% |
| Amounts receivable within one year40/41 | €1,594 | €2,399 | €2,757 | €2,036 | €7,453 | €2,959 | €3,407 | €4,041 | ▲ 18.6% |
| Trade receivables40 | - | - | - | €1,385 | €7,159 | €2,574 | €2,101 | €1,931 | ▼ 8.1% |
| Other amounts receivable41 | - | - | - | €651 | €294 | €385 | €1,306 | €2,110 | ▲ 61.5% |
| Cash at bank and in hand54/58 | €672 | €4,284 | €9,436 | €4,316 | €2,763 | €5,051 | €3,253 | €3,120 | ▼ 4.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | €60 | €60 | €941 | €617 | ▼ 34.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €385,244 | €389,815 | €386,085 | €372,018 | €359,478 | €342,106 | €334,401 | €333,626 | ▼ 0.2% |
| Equity10/15 | €93,000 | €97,871 | €98,016 | €81,536 | €61,320 | €53,962 | €43,465 | €31,027 | ▼ 28.6% |
| Contributions10/11 | €90,000 | €90,000 | - | €90,000 | €90,000 | €90,000 | €90,000 | €90,000 | = |
| Reserves13 | €2,533 | €7,404 | €7,549 | €7,549 | €7,549 | €7,549 | €7,549 | €7,549 | = |
| Non-distributable reserves130/1 | - | - | - | €7,404 | €7,404 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €7,404 | €7,404 | - | - | - | - |
| Distributable reserves133 | - | - | - | €145 | €145 | €7,549 | €7,549 | €7,549 | = |
| Profit (loss) carried forward14 | €467 | €467 | €467 | -€16,013 | -€36,229 | -€43,587 | -€54,084 | -€66,522 | ▼ 23.0% |
| Amounts payable17/49 | €292,244 | €291,944 | €288,069 | €290,482 | €298,158 | €288,144 | €290,936 | €302,599 | ▲ 4.0% |
| Amounts payable after more than one year17 | €128,814 | €119,484 | €109,815 | €102,290 | €94,393 | €86,103 | €78,969 | €70,482 | ▼ 10.7% |
| Financial debts170/4 | - | - | - | €102,290 | €94,393 | €86,103 | €78,969 | €70,482 | ▼ 10.7% |
| Amounts payable within one year42/48 | €161,030 | €172,460 | €178,254 | €188,192 | €203,765 | €202,041 | €211,967 | €232,117 | ▲ 9.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,525 | €7,898 | €8,289 | €7,867 | €8,488 | ▲ 7.9% |
| Trade debts44 | €42,079 | €42,468 | €40,650 | €41,261 | €47,380 | €37,787 | €42,442 | €56,262 | ▲ 32.6% |
| Suppliers440/4 | - | - | - | €41,261 | €47,380 | €37,787 | €42,442 | €56,262 | ▲ 32.6% |
| Advances received on contracts in progress46 | - | - | - | - | €320 | - | - | €819 | - |
| Taxes, remuneration and social security45 | - | - | - | €275 | - | - | - | - | - |
| Taxes450/3 | - | - | - | €275 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €139,131 | €148,167 | €155,965 | €161,657 | €166,548 | ▲ 3.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €523 | €4,871 | €145 | -€16,480 | -€20,216 | -€7,358 | -€10,498 | -€12,438 | ▼ 18.5% |
| + Depreciation and write-downs630 | €16,013 | €16,388 | €15,421 | €15,421 | €15,421 | €15,048 | €14,697 | €14,697 | = |
| Operating cash flow (approximation) | €16,536 | €21,259 | €15,566 | -€1,059 | -€4,795 | €7,690 | €4,200 | €2,259 | ▼ 46.2% |
| Investment in fixed assets (approximation) | - | -€1,875 | €0 | €1 | €0 | -€1,159 | €0 | €0 | ▼ 100% |
| Change in cash | - | €3,612 | €5,152 | -€5,120 | -€1,553 | €2,288 | -€1,798 | -€133 | ▲ 92.6% |
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, 974 companies had the same profile as FILIPPUS has now. Two years later, 92.8% were still going and 2.3% had gone bankrupt.
- Micro
- 20 years or older
- solvency under 10%
- a small loss
92.8%
was still going
4.5%
stopped otherwise
2.3%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FILIPPUS itself: 0.7% 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 974 companies, not a prediction for FILIPPUS. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-07-2026 | 2026-00334310 | |
| 31-12-2024 | micro format | 23-09-2025 | 2025-00499896 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00436624 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00423281 | |
| 31-12-2021 | micro format | 25-06-2022 | 2022-20132760 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-62300417 | |
| 31-12-2019 | abbreviated format | 01-07-2020 | 2020-24700021 | |
| 31-12-2018 | abbreviated format | 21-06-2019 | 2019-21300128 | |
| 31-12-2017 | abbreviated format | 12-06-2018 | 2018-17800265 | |
| 31-12-2016 | abbreviated format | 11-08-2017 | 2017-43200462 |