GREENBOW
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 24-12-2025 PDF all 21 filings
Turnover
≈ €1.6m
Estimated: probably between €1.2m and €2.6m
Total assets
€2.3m▲ 34.6%
2024 · €1.7m
Net result
€169,443▼ 6.2%
2024 · €180,737
Working capital
€840,844▲ 59.4%
2024 · €527,522
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
€270,479
▲ 2.0%
2025
20182025
Net result
€169,443
▼ 6.2%
2025
highest quarter of the sector
20182025
Equity
€682,327
▲ 33.0%
2025
highest quarter of the sector
20182025
Total assets
€2.3m
▲ 34.6%
2025
highest quarter of the sector
20182025
Debt
€1.6m
▲ 35.2%
2025
20182025
Working capital
€840,844
▲ 59.4%
2025
highest quarter of the sector
20182025
Solvency
29.4%
▼ 0.3pp
2025
middle half of the sector
20182025
Current ratio
1.69
▲ 0.10
2025
middle half of the sector
20182025
Return on assets (ROA)
7.3%
▼ 3.2pp
2025
middle half of the sector
20182025
Staff (FTE)
1.2
▲ 9.1%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220242025
Operating result€0.04m-€0.04m▲ 2.0%€0.03m▼ 11.7%€0.06m▲ 101%€0.1m▲ 50.5%€0.3m-€0.3m▲ 2.0%
Net result€0.02m-€0.02m▲ 6.3%€0.02mabove the sector's middle half▲ 18.9%€0.04mabove the sector's middle half▲ 67.1%€0.06mabove the sector's middle half▲ 56.4%€0.2mabove the sector's middle half-€0.2mabove the sector's middle half▼ 6.2%
Equity€0.2m-€0.2m▲ 10.7%€0.2mabove the sector's middle half▲ 11.5%€0.3mabove the sector's middle half▲ 17.2%€0.3mabove the sector's middle half▲ 23.0%€0.5mwithin the sector's middle half-€0.7mabove the sector's middle half▲ 33.0%
Total assets€0.4m-€0.4m▼ 1.4%€0.4mabove the sector's middle half▲ 1.8%€0.5mabove the sector's middle half▲ 13.1%€0.4mabove the sector's middle half▼ 22.5%€1.7mwithin the sector's middle half-€2.3mabove the sector's middle half▲ 34.6%
Debt€0.3m-€0.2m▼ 10.3%€0.2m▼ 6.9%€0.2m▲ 8.6%€0.06m▼ 75.5%€1.2m-€1.6m▲ 35.2%
Working capital€0.05m-€0.07m▲ 57.8%€0.06mwithin the sector's middle half▼ 18.2%€0.1mabove the sector's middle half▲ 78.2%€0.3mabove the sector's middle half▲ 181%€0.5mabove the sector's middle half-€0.8mabove the sector's middle half▲ 59.4%
Solvency42.2%-47.4%▲ 5.2pp51.9%within the sector's middle half▲ 4.5pp53.8%within the sector's middle half▲ 1.9pp85.4%above the sector's middle half▲ 31.6pp29.7%within the sector's middle half-29.4%within the sector's middle half▼ 0.3pp
Current ratio1.64-2.32▲ 0.672.21within the sector's middle half▼ 0.112.38within the sector's middle half▲ 0.176.33above the sector's middle half▲ 3.951.59within the sector's middle half-1.69within the sector's middle half▲ 0.10
Return on assets (ROA)4.2%-4.6%▲ 0.3pp5.3%within the sector's middle half▲ 0.8pp7.9%within the sector's middle half▲ 2.6pp15.9%above the sector's middle half▲ 8.0pp10.5%within the sector's middle half-7.3%within the sector's middle half▼ 3.2pp
Staff (FTE)1.1below the sector's middle half-1.2below the sector's middle half▲ 9.1%
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 2% higher than in 2024 and the highest since 2018.
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 €2.3m
Fixed assets
€270,553 ▼ 11.6%
Current assets
€2.1m ▲ 44.5%
Equity and liabilities €2.3m
Equity
€682,327 ▲ 33.0%
Debt
€1.6m ▲ 35.2%
Debt's share of the balance-sheet total rises from 70.3% to 70.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€356,803▼
2024 · €377,775
Cash flow
€255,767▼
2024 · €293,403
Quick ratio
0.87▲
2024 · 0.72
Debt to equity
2.40▲
2024 · 2.36
ROE
24.8%▼
2024 · 35.2%
Interest coverage
6.40▼
2024 · 9.11
Debt ≤ 1 year
€1.2m▲
2024 · €892,389
Debt > 1 year
€428,622▲
2024 · €320,468
Income taxes
€56,572▲
2024 · €54,379
Staff costs
€62,439▼
2024 · €109,966
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2024 | 30-09-2025 |
|---|---|---|
| Employees at the balance-sheet date | 1 | 1 |
| full-time | 1 | 1 |
| in full-time equivalents | 1 | 1 |
| Average over the year, in full-time equivalents | 1.1 | 1.2 |
| On a permanent contract | 1 | 1 |
| Joined | 20 | 11 |
| Left | 19 | 11 |
Source: social balance sheet in the 2024 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | €410,021 | €50,668 |
| Financial fixed assets | - | - | €135 | €299 |
| Depreciation and write-downs of the year | €17,478 | €8,368 | €112,665 | €86,324 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €3,581 awarded · €3,536 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €1,670 | €1,673 |
| 2024 | 1 | €48 | €0 |
| 2023 | 1 | €1,863 | €1,863 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €5,000 | €4,525 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | €109,966 | €62,439 | ▼ 43.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,186 | €17,336 | €17,534 | €17,478 | €8,368 | €112,665 | €86,324 | ▼ 23.4% |
| Other operating charges640/8 | - | - | - | €2,347 | €7,832 | €644 | €9,859 | ▲ 15× |
| Non-recurring operating charges66A | - | - | - | - | €40,973 | - | - | - |
| Gross operating margin9900 | €53,535 | €54,433 | €50,668 | €83,516 | €153,011 | €488,385 | €429,101 | ▼ 12.1% |
| Operating profit (loss)9901 | €35,161 | €35,874 | €31,678 | €63,691 | €95,838 | €265,110 | €270,479 | ▲ 2.0% |
| Financial income75/76B | - | - | - | €1 | - | €11,455 | €11,263 | ▼ 1.7% |
| Recurring financial income75 | €1 | €1 | €32 | €1 | - | €11,455 | €11,263 | ▼ 1.7% |
| Financial charges65/66B | - | - | - | €2,790 | €3,644 | €41,448 | €55,727 | ▲ 34.5% |
| Recurring financial charges65 | €3,165 | €2,850 | €2,896 | €2,790 | €3,644 | €41,448 | €55,727 | ▲ 34.5% |
| Profit (loss) for the period before taxes9903 | €31,997 | €33,025 | €31,814 | €60,902 | €92,194 | €235,116 | €226,015 | ▼ 3.9% |
| Income taxes67/77 | €13,227 | €13,068 | €8,083 | €21,239 | €30,170 | €54,379 | €56,572 | ▲ 4.0% |
| Profit (loss) for the period9904 | €18,770 | €19,957 | €23,731 | €39,663 | €62,024 | €180,737 | €169,443 | ▼ 6.2% |
| Transfer from tax-exempt reserves789 | - | - | - | €4,600 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €18,770 | €19,957 | €23,731 | €44,263 | €62,024 | €180,737 | €169,443 | ▼ 6.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.4m | €0.4m | €0.4m | €0.5m | €0.4m | €1.7m | €2.3m | ▲ 34.6% |
| Fixed assets21/28 | €0.3m | €0.3m | €0.3m | €0.3m | €0.03m | €0.3m | €0.3m | ▼ 11.6% |
| Tangible fixed assets22/27 | €0.3m | €0.3m | €0.3m | €0.3m | €0.03m | €0.3m | €0.3m | ▼ 11.7% |
| Land and buildings22 | - | - | - | €0.3m | €0.008m | €0.06m | €0.06m | ▼ 2.7% |
| Plant, machinery and equipment23 | - | - | - | €427 | €25 | €0.03m | €0.03m | ▼ 13.5% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.02m | €0.2m | €0.2m | ▼ 12.2% |
| Leasing and similar rights25 | - | - | - | - | - | €0.02m | €0.02m | ▼ 28.5% |
| Financial fixed assets28 | - | - | - | - | - | €135 | €434 | ▲ 221% |
| Current assets29/58 | €0.1m | €0.1m | €0.1m | €0.2m | €0.4m | €1.4m | €2.1m | ▲ 44.5% |
| Stocks and contracts in progress3 | €0.01m | €0.002m | €0.004m | €0.005m | €0.005m | €0.8m | €1.0m | ▲ 29.3% |
| Stocks30/36 | - | - | - | €0.005m | €0.005m | €0.8m | €1.0m | ▲ 29.3% |
| Amounts receivable within one year40/41 | €0.04m | €0.03m | €0.02m | €0.02m | €0.05m | €0.5m | €1.0m | ▲ 74.1% |
| Trade receivables40 | - | - | - | €0.02m | €0.05m | €0.5m | €0.9m | ▲ 64.7% |
| Other amounts receivable41 | - | - | - | - | - | €4 | €0.05m | ▲ 12,529× |
| Cash at bank and in hand54/58 | €0.06m | €0.1m | €0.08m | €0.2m | €0.3m | €0.09m | €0.09m | ▼ 1.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.002m | €0.009m | €0.009m | ▼ 1.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.4m | €0.4m | €0.4m | €0.5m | €0.4m | €1.7m | €2.3m | ▲ 34.6% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.5m | €0.7m | ▲ 33.0% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.06m | €0.08m | €0.1m | €0.1m | €0.3m | €0.5m | €0.7m | ▲ 34.7% |
| Non-distributable reserves130/1 | - | - | - | €0.004m | €0.004m | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.004m | €0.004m | - | - | - |
| Distributable reserves133 | - | - | - | €0.1m | €0.3m | €0.5m | €0.7m | ▲ 34.7% |
| Profit (loss) carried forward14 | €0.1m | €0.1m | €0.1m | €0.1m | - | - | - | - |
| Amounts payable17/49 | €0.3m | €0.2m | €0.2m | €0.2m | €0.06m | €1.2m | €1.6m | ▲ 35.2% |
| Amounts payable after more than one year17 | €0.2m | €0.2m | €0.2m | €0.2m | - | €0.3m | €0.4m | ▲ 33.7% |
| Financial debts170/4 | - | - | - | €0.2m | - | €0.3m | €0.4m | ▲ 33.7% |
| Amounts payable within one year42/48 | €0.07m | €0.06m | €0.05m | €0.08m | €0.06m | €0.9m | €1.2m | ▲ 35.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.01m | - | €0.1m | €0.2m | ▲ 79.0% |
| Financial debts43 | - | - | - | - | - | €0.5m | €0.5m | ▲ 8.4% |
| Credit institutions430/8 | - | - | - | - | - | €0.5m | €0.5m | ▲ 8.4% |
| Trade debts44 | €0.005m | €0.01m | €0.01m | €0.01m | €0.02m | €0.2m | €0.3m | ▲ 46.0% |
| Suppliers440/4 | - | - | - | €0.01m | €0.02m | €0.2m | €0.3m | ▲ 46.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.04m | €0.04m | €0.07m | ▲ 74.7% |
| Taxes450/3 | - | - | - | €0.03m | €0.04m | €0.03m | €0.06m | ▲ 82.6% |
| Remuneration and social security454/9 | - | - | - | - | - | €0.005m | €0.006m | ▲ 23.6% |
| Other amounts payable47/48 | - | - | - | €0.02m | - | €0.08m | €0.1m | ▲ 83.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €80 | €447 | ▲ 462% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,770 | €19,957 | €23,731 | €39,663 | €62,024 | €180,737 | €169,443 | ▼ 6.2% |
| + Depreciation and write-downs630 | €17,186 | €17,336 | €17,534 | €17,478 | €8,368 | €112,665 | €86,324 | ▼ 23.4% |
| Operating cash flow (approximation) | €35,956 | €37,293 | €41,265 | €57,141 | €70,392 | €293,403 | €255,767 | ▼ 12.8% |
| Investment in fixed assets (approximation) | - | -€712 | -€45,159 | €0 | €278,572 | - | -€50,967 | - |
| Change in cash | - | €32,730 | -€15,483 | €78,240 | €142,261 | - | -€893 | - |
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, 3,818 companies had the same profile as GREENBOW has now. Two years later, 95.1% were still going and 1.0% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.1%
was still going
3.7%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GREENBOW itself: 0.3% 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 3,818 companies, not a prediction for GREENBOW. 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 |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 24-12-2025 | 2025-00589632 | |
| 30-09-2024 | abbreviated format | 14-02-2025 | 2025-00034573 | |
| 31-12-2022 | micro format | 22-12-2023 | 2023-00535278 | |
| 31-12-2021 | micro format | 04-07-2022 | 2022-20171813 | |
| 31-12-2020 | micro format | 25-06-2021 | 2021-29000518 | |
| 31-12-2019 | micro format | 01-07-2020 | 2020-26600541 | |
| 31-12-2018 | micro format | 03-07-2019 | 2019-27700511 | |
| 31-12-2017 | micro format | 04-07-2018 | 2018-30400597 | |
| 31-12-2016 | micro format | 10-07-2017 | 2017-30900246 | |
| 31-12-2015 | abbreviated format | 28-06-2016 | 2016-24400033 |