GREEN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-01-2026 PDF all 27 filings
Turnover
€60,635
EBIT margin
29.9%
Net result
€5,896▼ 40.5%
2024 · €9,911
Working capital
-€893▲ 86.5%
2024 · -€6,622
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€13,766
▼ 25.4%
2025
20192025
Net result
€5,896
▼ 40.5%
2025
middle half of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
-€4,342
▲ 57.6%
2025
lowest quarter of the sector
20192025
Total assets
€38,120
▲ 2.3%
2025
lowest quarter of the sector
20192025
Debt
€42,462
▼ 10.6%
2025
20192025
Working capital
-€893
▲ 86.5%
2025
middle half of the sector
20192025
Solvency
-11.4%
▲ 16.1pp
2025
lowest quarter of the sector
20192025
Current ratio
0.97
▲ 0.20
2025
middle half of the sector
20192025
Return on assets (ROA)
15.5%
▼ 11.1pp
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€60,635
Operating result€2,402-€2,430▲ 1.2%-€4,454€18,144€21,364▲ 17.7%€18,464▼ 13.6%€13,766▼ 25.4%
Net result-€593-€163within the sector's middle half-€7,066below the sector's middle half€16,113within the sector's middle half€12,749within the sector's middle half▼ 20.9%€9,911within the sector's middle half▼ 22.3%€5,896within the sector's middle half▼ 40.5%
EBIT margin29.9%
Equity-€42,108--€41,945below the sector's middle half▲ 0.4%-€49,011below the sector's middle half▼ 16.8%-€32,899below the sector's middle half▲ 32.9%-€20,149below the sector's middle half▲ 38.8%-€10,238below the sector's middle half▲ 49.2%-€4,342below the sector's middle half▲ 57.6%
Total assets€18,973-€12,258below the sector's middle half▼ 35.4%€14,404below the sector's middle half▲ 17.5%€10,899below the sector's middle half▼ 24.3%€24,131below the sector's middle half▲ 121%€37,273below the sector's middle half▲ 54.5%€38,120below the sector's middle half▲ 2.3%
Debt€61,081-€54,203▼ 11.3%€63,415▲ 17.0%€43,797▼ 30.9%€44,280▲ 1.1%€47,511▲ 7.3%€42,462▼ 10.6%
Working capital-€39,608--€32,793below the sector's middle half▲ 17.2%-€43,323below the sector's middle half▼ 32.1%-€32,643below the sector's middle half▲ 24.7%-€21,157below the sector's middle half▲ 35.2%-€6,622within the sector's middle half▲ 68.7%-€893within the sector's middle half▲ 86.5%
Solvency-221.9%--342.2%below the sector's middle half▼ 120.2pp-340.3%below the sector's middle half▲ 1.9pp-301.9%below the sector's middle half▲ 38.4pp-83.5%below the sector's middle half▲ 218.4pp-27.5%below the sector's middle half▲ 56.0pp-11.4%below the sector's middle half▲ 16.1pp
Current ratio0.32-0.27below the sector's middle half▼ 0.050.25below the sector's middle half▼ 0.020.25below the sector's middle half=0.25below the sector's middle half=0.77below the sector's middle half▲ 0.520.97within the sector's middle half▲ 0.20
Return on assets (ROA)-3.1%-1.3%within the sector's middle half▲ 4.5pp-49.1%below the sector's middle half▼ 50.4pp147.8%above the sector's middle half▲ 196.9pp52.8%above the sector's middle half▼ 95.0pp26.6%above the sector's middle half▼ 26.2pp15.5%above the sector's middle half▼ 11.1pp
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 25% lower than in 2024. It is the second fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €38,120
Fixed assets
€10,317 ▼ 32.0%
Current assets
€27,803 ▲ 25.8%
Equity and liabilities
Equity-€4,342
Debt€42,462
Equity is negative. Debt (€42,462) exceeds the balance-sheet total (€38,120).
Key figures and ratios
EBITDA
€18,614▼
2024 · €23,313
Cash flow
€10,745▼
2024 · €14,760
Quick ratio
0.96▲
2024 · 0.75
Interest coverage
4.49▼
2024 · 7.75
Debt ≤ 1 year
€28,696▼
2024 · €28,729
Debt > 1 year
€13,767▼
2024 · €18,783
Income taxes
€3,723▼
2024 · €5,547
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.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €21,146 | €3,098 | - |
| Depreciation and write-downs of the year | - | €4,229 | €4,849 | €4,849 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €60,635 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €48,951 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €4,229 | €4,849 | €4,849 | = |
| Other operating charges640/8 | - | - | - | €707 | €1,327 | €1,195 | €880 | ▼ 26.3% |
| Gross operating margin9900 | €3,401 | €3,623 | -€3,293 | €18,851 | €26,920 | €24,508 | €19,495 | ▼ 20.5% |
| Operating profit (loss)9901 | €2,402 | €2,430 | -€4,454 | €18,144 | €21,364 | €18,464 | €13,766 | ▼ 25.4% |
| Financial income75/76B | - | - | - | €3 | €9 | €0 | - | - |
| Recurring financial income75 | - | €43 | €0 | €3 | €9 | €0 | - | - |
| Financial charges65/66B | - | - | - | €2,034 | €2,836 | €3,007 | €4,146 | ▲ 37.9% |
| Recurring financial charges65 | €2,770 | €2,177 | €2,180 | €2,034 | €2,836 | €3,007 | €4,146 | ▲ 37.9% |
| Profit (loss) for the period before taxes9903 | -€368 | €296 | -€6,634 | €16,113 | €18,537 | €15,457 | €9,620 | ▼ 37.8% |
| Income taxes67/77 | €226 | €133 | €432 | - | €5,787 | €5,547 | €3,723 | ▼ 32.9% |
| Profit (loss) for the period9904 | -€593 | €163 | -€7,066 | €16,113 | €12,749 | €9,911 | €5,896 | ▼ 40.5% |
| Profit (loss) for the period to be appropriated9905 | -€593 | €163 | -€7,066 | €16,113 | €12,749 | €9,911 | €5,896 | ▼ 40.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €18,973 | €12,258 | €14,404 | €10,899 | €24,131 | €37,273 | €38,120 | ▲ 2.3% |
| Fixed assets21/28 | - | - | - | - | €16,917 | €15,166 | €10,317 | ▼ 32.0% |
| Tangible fixed assets22/27 | - | - | - | - | €16,917 | €15,166 | €10,317 | ▼ 32.0% |
| Plant, machinery and equipment23 | - | - | - | - | - | €2,479 | €1,859 | ▼ 25.0% |
| Furniture and vehicles24 | - | - | - | - | €16,917 | €12,687 | €8,458 | ▼ 33.3% |
| Current assets29/58 | €18,973 | €12,258 | €14,404 | €10,899 | €7,214 | €22,107 | €27,803 | ▲ 25.8% |
| Stocks and contracts in progress3 | €7,229 | €8,033 | €7,110 | €958 | €764 | €525 | €375 | ▼ 28.6% |
| Stocks30/36 | - | - | - | €958 | €764 | €525 | €375 | ▼ 28.6% |
| Amounts receivable within one year40/41 | €11,744 | €4,225 | €6,524 | €9,940 | €6,451 | €21,582 | €27,428 | ▲ 27.1% |
| Trade receivables40 | - | - | - | €9,940 | €6,451 | €10,761 | €5,193 | ▼ 51.7% |
| Other amounts receivable41 | - | - | - | - | - | €10,821 | €22,235 | ▲ 105% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €18,973 | €12,258 | €14,404 | €10,899 | €24,131 | €37,273 | €38,120 | ▲ 2.3% |
| Equity10/15 | -€42,108 | -€41,945 | -€49,011 | -€32,899 | -€20,149 | -€10,238 | -€4,342 | ▲ 57.6% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | - | - | - | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Issued capital100 | - | - | - | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Profit (loss) carried forward14 | -€60,700 | -€60,537 | -€67,603 | -€51,491 | -€38,741 | -€28,830 | -€22,934 | ▲ 20.5% |
| Amounts payable17/49 | €61,081 | €54,203 | €63,415 | €43,797 | €44,280 | €47,511 | €42,462 | ▼ 10.6% |
| Amounts payable after more than one year17 | €2,500 | €8,392 | €5,688 | €255 | €15,909 | €18,783 | €13,767 | ▼ 26.7% |
| Financial debts170/4 | - | - | - | €255 | €15,909 | €18,783 | €13,767 | ▼ 26.7% |
| Amounts payable within one year42/48 | €58,581 | €45,051 | €57,727 | €43,542 | €28,371 | €28,729 | €28,696 | ▼ 0.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €2,933 | €4,459 | €6,601 | €8,022 | ▲ 21.5% |
| Financial debts43 | - | - | - | €9,089 | €6,852 | €5,292 | €7,166 | ▲ 35.4% |
| Credit institutions430/8 | - | - | - | €9,089 | €6,852 | €5,292 | €7,166 | ▲ 35.4% |
| Trade debts44 | €19,591 | €2,659 | €8,757 | €5,379 | €2,360 | €5,341 | €5,884 | ▲ 10.2% |
| Suppliers440/4 | - | - | - | €5,379 | €2,360 | €5,341 | €5,884 | ▲ 10.2% |
| Taxes, remuneration and social security45 | - | - | - | €1,555 | €9,446 | €11,495 | €7,623 | ▼ 33.7% |
| Taxes450/3 | - | - | - | €1,555 | €9,446 | €11,495 | €7,623 | ▼ 33.7% |
| Other amounts payable47/48 | - | - | - | €24,586 | €5,255 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€593 | €163 | -€7,066 | €16,113 | €12,749 | €9,911 | €5,896 | ▼ 40.5% |
| + Depreciation and write-downs630 | - | - | - | - | €4,229 | €4,849 | €4,849 | = |
| Operating cash flow (approximation) | -€593 | €163 | -€7,066 | €16,113 | €16,979 | €14,760 | €10,745 | ▼ 27.2% |
| Investment in fixed assets (approximation) | - | - | - | - | - | -€3,098 | €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, 3,794 companies had the same profile as GREEN 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 GREEN itself: 0.8% 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 GREEN. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 28-01-2026 | 2026-00016083 | |
| 30-06-2024 | micro format | 30-01-2025 | 2025-00015095 | |
| 30-06-2023 | micro format | 21-02-2024 | 2024-00032539 | |
| 30-06-2022 | micro format | 27-01-2023 | 2023-00006044 | |
| 30-06-2021 | micro format | 28-01-2022 | 2022-02300491 | |
| 30-06-2020 | micro format | 24-08-2020 | 2020-43700566 | |
| 30-06-2019 | micro format | 24-03-2020 | 2020-07400422 | |
| 30-06-2018 | abbreviated format | 01-02-2019 | 2019-04400084 | |
| 30-06-2017 | micro format | 06-02-2018 | 2018-04600019 | |
| 31-12-2015 | abbreviated format | 19-09-2016 | 2016-60300513 |