FLIMAR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 40 filings
Turnover
€132,438▲ 34.3%
2021 · €98,611
EBIT margin
29.7%▲ 18.4pp
2021 · 11.3%
Net result
€21,170▼ 15.6%
2024 · €25,094
Working capital
-€197,976▲ 9.9%
2024 · -€219,658
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€38,316
▼ 48.4%
2025
20182025
Net result
€21,170
▼ 15.6%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
-€196,626
▲ 9.7%
2025
lowest quarter of the sector
20182025
Total assets
€43,173
▼ 41.8%
2025
lowest quarter of the sector
20182025
Debt
€239,799
▼ 17.9%
2025
20182025
Working capital
-€197,976
▲ 9.9%
2025
lowest quarter of the sector
20182025
Solvency
-455.4%
▼ 162.1pp
2025
lowest quarter of the sector
20182025
Current ratio
0.17
▼ 0.07
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
49.0%
▲ 15.2pp
2025
highest quarter of the sector
20182025
Staff (FTE)
1.4
▲ 40.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€106,464-€126,724▲ 19.0%€100,298▼ 20.9%€98,611▼ 1.7%€132,438▲ 34.3%
Operating result€8,752-€24,475▲ 180%€23,244▼ 5.0%€11,148▼ 52.0%€39,338▲ 253%€43,562▲ 10.7%€74,311▲ 70.6%€38,316▼ 48.4%
Net result-€20,787-€16,302€16,437within the sector's middle half▲ 0.8%€9,872within the sector's middle half▼ 39.9%€39,338above the sector's middle half▲ 298%€31,937above the sector's middle half▼ 18.8%€25,094above the sector's middle half▼ 21.4%€21,170within the sector's middle half▼ 15.6%
EBIT margin8.2%-19.3%▲ 11.1pp23.2%▲ 3.9pp11.3%▼ 11.9pp29.7%▲ 18.4pp
Equity-€356,776--€340,474▲ 4.6%-€324,037below the sector's middle half▲ 4.8%-€314,165below the sector's middle half▲ 3.0%-€274,827below the sector's middle half▲ 12.5%-€242,890below the sector's middle half▲ 11.6%-€217,796below the sector's middle half▲ 10.3%-€196,626below the sector's middle half▲ 9.7%
Total assets€77,975-€51,015▼ 34.6%€138,397within the sector's middle half▲ 171%€130,726below the sector's middle half▼ 5.5%€167,040within the sector's middle half▲ 27.8%€57,195below the sector's middle half▼ 65.8%€74,238within the sector's middle half▲ 29.8%€43,173below the sector's middle half▼ 41.8%
Debt€434,751-€391,489▼ 10.0%€462,434▲ 18.1%€444,891▼ 3.8%€441,867▼ 0.7%€288,585▼ 34.7%€292,034▲ 1.2%€239,799▼ 17.9%
Working capital-€358,235--€340,978▲ 4.8%-€323,761below the sector's middle half▲ 5.0%-€317,688below the sector's middle half▲ 1.9%-€278,163below the sector's middle half▲ 12.4%-€234,364below the sector's middle half▲ 15.7%-€219,658below the sector's middle half▲ 6.3%-€197,976below the sector's middle half▲ 9.9%
Solvency-457.6%--667.4%▼ 209.8pp-234.1%below the sector's middle half▲ 433.3pp-240.3%below the sector's middle half▼ 6.2pp-164.5%below the sector's middle half▲ 75.8pp-424.7%below the sector's middle half▼ 260.1pp-293.4%below the sector's middle half▲ 131.3pp-455.4%below the sector's middle half▼ 162.1pp
Current ratio0.17-0.12▼ 0.050.29below the sector's middle half▲ 0.170.28below the sector's middle half▼ 0.010.37below the sector's middle half▲ 0.090.19below the sector's middle half▼ 0.180.25below the sector's middle half▲ 0.060.17below the sector's middle half▼ 0.07
Return on assets (ROA)-26.7%-32.0%▲ 58.6pp11.9%within the sector's middle half▼ 20.1pp7.6%within the sector's middle half▼ 4.3pp23.6%above the sector's middle half▲ 16.0pp55.8%above the sector's middle half▲ 32.3pp33.8%above the sector's middle half▼ 22.0pp49.0%above the sector's middle half▲ 15.2pp
Staff (FTE)1below the sector's middle half11=1.4▲ 40.0%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 48% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €43,173
Fixed assets
€1,349 ▼ 27.5%
Current assets
€41,824 ▼ 42.2%
Equity and liabilities
Equity-€196,626
Debt€239,799
Equity is negative. Debt (€239,799) exceeds the balance-sheet total (€43,173).
Key figures and ratios
EBITDA
€39,479▼
2024 · €75,423
Cash flow
€22,332▼
2024 · €26,206
Quick ratio
0.17▼
2024 · 0.24
Interest coverage
3.91▲
2024 · 3.38
Debt ≤ 1 year
€239,799▼
2024 · €292,034
Income taxes
€7,057▼
2024 · €26,881
Staff costs
€27,234▼
2024 · €31,456
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.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 3 |
| full-time | 1 | 1 | 1 |
| part-time | - | - | 2 |
| in full-time equivalents | 1 | 1 | 1.5 |
| Average over the year, in full-time equivalents | 1 | 1 | 1.4 |
| On a permanent contract | 1 | 1 | 1 |
| Joined | - | - | 2 |
| Left | - | - | 0 |
| Training hours | - | 3 | 3 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,410 | - | - | - | €650 |
| Depreciation and write-downs of the year | €1,336 | €1,337 | €1,112 | €1,112 | €1,163 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €106,464 | €126,724 | €100,298 | €98,611 | €132,438 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €67,991 | €61,568 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €17,869 | €30,146 | €30,124 | €31,456 | €27,234 | ▼ 13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,165 | €655 | €655 | €1,336 | €1,337 | €1,112 | €1,112 | €1,163 | ▲ 4.5% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | €5,100 | -€11,450 | - | - |
| Other operating charges640/8 | - | - | - | €266 | €50 | - | - | - | - |
| Gross operating margin9900 | €40,248 | €46,977 | €39,518 | €30,619 | €70,871 | €79,898 | €95,429 | €66,713 | ▼ 30.1% |
| Operating profit (loss)9901 | €8,752 | €24,475 | €23,244 | €11,148 | €39,338 | €43,562 | €74,311 | €38,316 | ▼ 48.4% |
| Financial income75/76B | - | - | - | €2 | - | €2 | €0 | €1 | ▲ 350% |
| Recurring financial income75 | €1,163 | €1,100 | €193 | €2 | - | €2 | €0 | €1 | ▲ 350% |
| Financial charges65/66B | - | - | - | €1,278 | - | - | €22,336 | €10,091 | ▼ 54.8% |
| Recurring financial charges65 | €18,597 | €9,273 | €12,000 | €1,278 | - | - | €22,336 | €10,091 | ▼ 54.8% |
| Profit (loss) for the period before taxes9903 | -€8,682 | €16,302 | €11,437 | €9,872 | €39,338 | €43,563 | €51,975 | €28,226 | ▼ 45.7% |
| Income taxes67/77 | €12,105 | - | -€5,000 | - | - | €11,626 | €26,881 | €7,057 | ▼ 73.7% |
| Profit (loss) for the period9904 | -€20,787 | €16,302 | €16,437 | €9,872 | €39,338 | €31,937 | €25,094 | €21,170 | ▼ 15.6% |
| Profit (loss) for the period to be appropriated9905 | -€20,787 | €16,302 | €16,437 | €9,872 | €39,338 | €31,937 | €25,094 | €21,170 | ▼ 15.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €77,975 | €51,015 | €138,397 | €130,726 | €167,040 | €57,195 | €74,238 | €43,173 | ▼ 41.8% |
| Fixed assets21/28 | €4,659 | €4,004 | €3,349 | €5,423 | €4,086 | €2,974 | €1,862 | €1,349 | ▼ 27.5% |
| Tangible fixed assets22/27 | €4,659 | €4,004 | €3,349 | €5,423 | €4,086 | €2,974 | €1,862 | €1,349 | ▼ 27.5% |
| Plant, machinery and equipment23 | - | - | - | €5,423 | €4,086 | €2,974 | €1,862 | €1,349 | ▼ 27.5% |
| Current assets29/58 | €73,316 | €47,011 | €135,048 | €125,303 | €162,954 | €54,221 | €72,376 | €41,824 | ▼ 42.2% |
| Stocks and contracts in progress3 | €320 | €1,220 | €1,470 | €1,470 | €1,210 | €1,410 | €1,185 | €1,435 | ▲ 21.1% |
| Stocks30/36 | - | - | - | €1,470 | €1,210 | €1,410 | €1,185 | €1,435 | ▲ 21.1% |
| Amounts receivable within one year40/41 | €10,719 | €38,671 | €49,634 | €29,373 | €27,862 | €30,025 | €64,506 | €33,176 | ▼ 48.6% |
| Trade receivables40 | - | - | - | €9,833 | €8,322 | €10,485 | €44,966 | €28,232 | ▼ 37.2% |
| Other amounts receivable41 | - | - | - | €19,540 | €19,540 | €19,540 | €19,540 | €4,943 | ▼ 74.7% |
| Cash at bank and in hand54/58 | €62,277 | €7,120 | €83,944 | €94,460 | €133,882 | €22,787 | €6,685 | €7,213 | ▲ 7.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €77,975 | €51,015 | €138,397 | €130,726 | €167,040 | €57,195 | €74,238 | €43,173 | ▼ 41.8% |
| Equity10/15 | -€356,776 | -€340,474 | -€324,037 | -€314,165 | -€274,827 | -€242,890 | -€217,796 | -€196,626 | ▲ 9.7% |
| Contributions10/11 | €31,235 | €31,235 | €31,235 | €31,235 | €31,235 | €31,235 | €31,235 | €31,235 | = |
| Capital10 | - | - | - | €31,235 | €31,235 | - | - | - | - |
| Issued capital100 | - | - | - | €31,235 | €31,235 | - | - | - | - |
| Profit (loss) carried forward14 | -€388,011 | -€371,709 | -€355,272 | -€345,400 | -€306,062 | -€274,125 | -€249,031 | -€227,861 | ▲ 8.5% |
| Provisions and deferred taxes16 | - | - | - | - | - | €11,500 | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | €11,500 | - | - | - |
| Environmental obligations163 | - | - | - | - | - | €11,500 | - | - | - |
| Amounts payable17/49 | €434,751 | €391,489 | €462,434 | €444,891 | €441,867 | €288,585 | €292,034 | €239,799 | ▼ 17.9% |
| Amounts payable within one year42/48 | €431,551 | €387,989 | €458,809 | €442,991 | €441,117 | €288,585 | €292,034 | €239,799 | ▼ 17.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €3,000 | - |
| Trade debts44 | €7,504 | - | €799 | €13,300 | €8,484 | €2,303 | €8,026 | - | - |
| Suppliers440/4 | - | - | - | €13,300 | €8,484 | €2,303 | €8,026 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €10,178 | €13,029 | €24,677 | €14,066 | €10,083 | ▼ 28.3% |
| Taxes450/3 | - | - | - | €9,354 | €7,081 | €20,423 | €7,533 | €4,553 | ▼ 39.6% |
| Remuneration and social security454/9 | - | - | - | €824 | €5,948 | €4,254 | €6,533 | €5,529 | ▼ 15.4% |
| Other amounts payable47/48 | - | - | - | €419,513 | €419,604 | €261,605 | €269,943 | €226,717 | ▼ 16.0% |
| Accrued charges and deferred income492/3 | - | - | - | €1,900 | €750 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€20,787 | €16,302 | €16,437 | €9,872 | €39,338 | €31,937 | €25,094 | €21,170 | ▼ 15.6% |
| + Depreciation and write-downs630 | €1,165 | €655 | €655 | €1,336 | €1,337 | €1,112 | €1,112 | €1,163 | ▲ 4.5% |
| Operating cash flow (approximation) | -€19,622 | €16,957 | €17,092 | €11,208 | €40,675 | €33,050 | €26,206 | €22,332 | ▼ 14.8% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€3,410 | €0 | -€0 | €0 | -€650 | - |
| Change in cash | - | -€55,157 | €76,824 | €10,516 | €39,422 | -€111,095 | -€16,101 | €528 | - |
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, 3,794 companies had the same profile as FLIMAR has now. Two years later, 91.5% were still going and 2.7% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
91.5%
was still going
5.3%
stopped otherwise
2.7%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FLIMAR 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 3,794 companies, not a prediction for FLIMAR. 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 40 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 13-07-2026 | 2026-00285996 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00427400 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00405625 | |
| 31-12-2022 | micro format | 27-07-2023 | 2023-00279592 | |
| 31-12-2021 | abbreviated format | 07-07-2022 | 2022-20185003 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-65600195 | |
| 31-12-2019 | full format | 28-03-2021 | 2021-08700369 | |
| 31-12-2018 | full format | 08-12-2019 | 2019-75700559 | |
| 31-12-2017 | full format | 22-08-2018 | 2018-48000446 | |
| 31-12-2016 | full format | 31-08-2017 | 2017-56800072 |