HOBBY SELECT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-10-2025 PDF all 23 filings
Turnover
≈ €960,000
Estimated: probably between €740,000 and €1.5m
Total assets
€449,064▼ 10.8%
2024 · €503,460
Net result
€4,559
2024 · -€8,302
Working capital
€17,358▼ 57.1%
2024 · €40,459
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€17,420
▲ 119%
2025
20192025
Net result
€4,559
2025
middle half of the sector
20192025
Equity
€65,392
▲ 7.5%
2025
middle half of the sector
20192025
Total assets
€449,064
▼ 10.8%
2025
highest quarter of the sector
20192025
Debt
€383,672
▼ 13.3%
2025
20192025
Working capital
€17,358
▼ 57.1%
2025
middle half of the sector
20192025
Solvency
14.6%
▲ 2.5pp
2025
middle half of the sector
20192025
Current ratio
1.13
▼ 0.18
2025
middle half of the sector
20192025
Return on assets (ROA)
1.0%
▲ 2.7pp
2025
middle half of the sector
20192025
Staff (FTE)
4.2
▲ 20.0%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€24,606-€32,120▲ 30.5%€91,007▲ 183%€19,798▼ 78.2%€337▼ 98.3%€7,940▲ 24×€17,420▲ 119%
Net result€3,230-€13,592within the sector's middle half▲ 321%€60,610above the sector's middle half▲ 346%€1,454within the sector's middle half▼ 97.6%-€13,178below the sector's middle half-€8,302below the sector's middle half▲ 37.0%€4,559within the sector's middle half
Equity€6,657-€20,249within the sector's middle half▲ 204%€80,859within the sector's middle half▲ 299%€82,313within the sector's middle half▲ 1.8%€69,135below the sector's middle half▼ 16.0%€60,833below the sector's middle half▼ 12.0%€65,392within the sector's middle half▲ 7.5%
Total assets€651,746-€618,416above the sector's middle half▼ 5.1%€590,198above the sector's middle half▼ 4.6%€572,208above the sector's middle half▼ 3.0%€690,388within the sector's middle half▲ 20.7%€503,460below the sector's middle half▼ 27.1%€449,064above the sector's middle half▼ 10.8%
Debt€645,089-€598,167▼ 7.3%€509,338▼ 14.9%€489,894▼ 3.8%€621,253▲ 26.8%€442,627▼ 28.8%€383,672▼ 13.3%
Working capital€4,272-€43,579within the sector's middle half▲ 920%€71,272within the sector's middle half▲ 63.5%€62,355within the sector's middle half▼ 12.5%€107,555within the sector's middle half▲ 72.5%€40,459within the sector's middle half▼ 62.4%€17,358within the sector's middle half▼ 57.1%
Solvency1.0%-3.3%below the sector's middle half▲ 2.3pp13.7%within the sector's middle half▲ 10.4pp14.4%within the sector's middle half▲ 0.7pp10.0%below the sector's middle half▼ 4.4pp12.1%below the sector's middle half▲ 2.1pp14.6%within the sector's middle half▲ 2.5pp
Current ratio1.03-1.33within the sector's middle half▲ 0.301.62within the sector's middle half▲ 0.291.44within the sector's middle half▼ 0.181.44within the sector's middle half=1.32within the sector's middle half▼ 0.131.13within the sector's middle half▼ 0.18
Return on assets (ROA)0.5%-2.2%within the sector's middle half▲ 1.7pp10.3%within the sector's middle half▲ 8.1pp0.3%within the sector's middle half▼ 10.0pp-1.9%below the sector's middle half▼ 2.2pp-1.6%below the sector's middle half▲ 0.3pp1.0%within the sector's middle half▲ 2.7pp
Staff (FTE)4.3-4.2above the sector's middle half▼ 2.3%4.5▲ 7.1%5.1▲ 13.3%4.3within the sector's middle half▼ 15.7%3.5within the sector's middle half▼ 18.6%4.2▲ 20.0%
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 119% higher than in 2024. It is the second rise in a row, after the fall in 2023.
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 €449,064
Fixed assets
€300,238 ▼ 10.3%
Current assets
€148,826 ▼ 11.7%
Equity and liabilities €449,064
Equity
€65,392 ▲ 7.5%
Debt
€383,672 ▼ 13.3%
Debt's share of the balance-sheet total falls from 87.9% to 85.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€52,822▲
2024 · €42,484
Cash flow
€39,961▲
2024 · €26,242
Quick ratio
0.19▼
2024 · 0.35
Debt to equity
5.87▼
2024 · 7.28
ROE
7.0%▲
2024 · -13.6%
Interest coverage
3.34▲
2024 · 2.55
Debt ≤ 1 year
€131,468▲
2024 · €128,146
Debt > 1 year
€251,191▼
2024 · €314,156
Income taxes
€197▲
2024 · €164
Staff costs
€105,472▼
2024 · €135,779
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 4 | 4 | 5 |
| full-time | 0 | 0 | 0 | 0 |
| part-time | 5 | 4 | 4 | 5 |
| in full-time equivalents | 4.5 | 3.6 | 2.8 | 3.2 |
| Average over the year, in full-time equivalents | 4.6 | 4.3 | 3.5 | 3.1 |
| On a permanent contract | 5 | 4 | 3 | 4 |
| Joined | 2 | - | 4 | 46 |
| Left | - | 0 | 0 | 45 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Mortgages, amount registered | €953,700 | €953,700 | €953,700 | €953,700 |
| Carrying value of the mortgaged assets | €366,201 | €336,667 | €304,658 | €292,022 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €5,056 | €30,158 | €784 |
| Financial fixed assets | €1,001 | €65 | - | - |
| Depreciation and write-downs of the year | €35,776 | €33,504 | €34,544 | €35,402 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 3 entries · €9,866 awarded · €9,866 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €7,491 | €7,491 |
| 2024 | 1 | €2,000 | €2,000 |
| 2022 | 1 | €375 | €375 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €177,610 | €154,191 | €135,779 | €105,472 | ▼ 22.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €66,624 | €50,249 | €39,608 | €35,776 | €33,504 | €34,544 | €35,402 | ▲ 2.5% |
| Other operating charges640/8 | - | - | - | €7,163 | €10,088 | €12,466 | €11,619 | ▼ 6.8% |
| Gross operating margin9900 | €257,296 | €235,483 | €268,260 | €240,347 | €198,120 | €190,729 | €169,912 | ▼ 10.9% |
| Operating profit (loss)9901 | €24,606 | €32,120 | €91,007 | €19,798 | €337 | €7,940 | €17,420 | ▲ 119% |
| Financial income75/76B | - | - | - | €991 | €5,234 | €583 | €3,169 | ▲ 444% |
| Recurring financial income75 | €1,193 | €1,464 | €3,683 | €991 | €5,234 | €583 | €3,169 | ▲ 444% |
| Financial charges65/66B | - | - | - | €17,929 | €18,627 | €16,661 | €15,833 | ▼ 5.0% |
| Recurring financial charges65 | €22,455 | €19,875 | €19,227 | €17,929 | €18,627 | €16,661 | €15,833 | ▼ 5.0% |
| Profit (loss) for the period before taxes9903 | €3,344 | €13,710 | €75,462 | €2,860 | -€13,056 | -€8,138 | €4,756 | - |
| Income taxes67/77 | €115 | €117 | €14,852 | €1,406 | €123 | €164 | €197 | ▲ 20.1% |
| Profit (loss) for the period9904 | €3,230 | €13,592 | €60,610 | €1,454 | -€13,178 | -€8,302 | €4,559 | - |
| Profit (loss) for the period to be appropriated9905 | €3,230 | €13,592 | €60,610 | €1,454 | -€13,178 | -€8,302 | €4,559 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €651,746 | €618,416 | €590,198 | €572,208 | €690,388 | €503,460 | €449,064 | ▼ 10.8% |
| Fixed assets21/28 | €492,072 | €441,852 | €403,477 | €368,702 | €339,241 | €334,855 | €300,238 | ▼ 10.3% |
| Intangible fixed assets21 | €3,443 | €230 | €115 | €0 | - | - | - | - |
| Tangible fixed assets22/27 | €488,611 | €441,576 | €403,334 | €367,673 | €339,225 | €334,839 | €300,222 | ▼ 10.3% |
| Land and buildings22 | - | - | - | €366,201 | €336,667 | €324,891 | €292,022 | ▼ 10.1% |
| Plant, machinery and equipment23 | - | - | - | €1,071 | €2,558 | €3,234 | €3,016 | ▼ 6.8% |
| Furniture and vehicles24 | - | - | - | €400 | €0 | - | - | - |
| Other tangible fixed assets26 | - | - | - | - | - | €6,714 | €5,184 | ▼ 22.8% |
| Financial fixed assets28 | €18 | €46 | €28 | €1,030 | €16 | €16 | €16 | = |
| Current assets29/58 | €159,674 | €176,564 | €186,721 | €203,505 | €351,147 | €168,605 | €148,826 | ▼ 11.7% |
| Stocks and contracts in progress3 | €139,754 | €148,792 | €159,874 | €168,137 | €128,681 | €124,095 | €124,349 | ▲ 0.2% |
| Stocks30/36 | - | - | - | €168,137 | €128,681 | €124,095 | €124,349 | ▲ 0.2% |
| Amounts receivable within one year40/41 | €1,277 | €583 | €7,942 | €6,501 | €107,430 | €271 | €3,799 | ▲ 14× |
| Trade receivables40 | - | - | - | €1,638 | €104,955 | €271 | €1,510 | ▲ 458% |
| Other amounts receivable41 | - | - | - | €4,863 | €2,475 | €0 | €2,289 | - |
| Cash at bank and in hand54/58 | €16,932 | €25,491 | €14,942 | €21,143 | €110,932 | €40,833 | €16,100 | ▼ 60.6% |
| Deferred charges and accrued income490/1 | - | - | - | €7,724 | €4,103 | €3,406 | €4,578 | ▲ 34.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €651,746 | €618,416 | €590,198 | €572,208 | €690,388 | €503,460 | €449,064 | ▼ 10.8% |
| Equity10/15 | €6,657 | €20,249 | €80,859 | €82,313 | €69,135 | €60,833 | €65,392 | ▲ 7.5% |
| Contributions10/11 | €74,500 | €74,500 | €74,500 | €74,500 | €74,500 | €74,500 | €74,500 | = |
| Capital10 | - | - | - | €74,500 | €74,500 | €74,500 | €74,500 | = |
| Issued capital100 | - | - | - | €74,500 | €74,500 | €74,500 | €74,500 | = |
| Reserves13 | - | - | €6,359 | €7,813 | €7,813 | €7,813 | €7,813 | = |
| Non-distributable reserves130/1 | - | - | - | €391 | €391 | €391 | €391 | = |
| Legal reserve130 | - | - | - | €391 | €391 | €391 | €391 | = |
| Distributable reserves133 | - | - | - | €7,423 | €7,423 | €7,423 | €7,423 | = |
| Profit (loss) carried forward14 | -€67,843 | -€54,251 | - | - | -€13,178 | -€21,480 | -€16,922 | ▲ 21.2% |
| Amounts payable17/49 | €645,089 | €598,167 | €509,338 | €489,894 | €621,253 | €442,627 | €383,672 | ▼ 13.3% |
| Amounts payable after more than one year17 | €473,519 | €441,890 | €391,474 | €348,512 | €377,261 | €314,156 | €251,191 | ▼ 20.0% |
| Financial debts170/4 | - | - | - | €348,512 | €377,261 | €314,156 | €251,191 | ▼ 20.0% |
| Amounts payable within one year42/48 | €155,401 | €132,985 | €115,449 | €141,151 | €243,592 | €128,146 | €131,468 | ▲ 2.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €34,183 | €51,378 | €52,561 | €53,774 | ▲ 2.3% |
| Financial debts43 | - | - | - | - | - | €9,862 | €10,605 | ▲ 7.5% |
| Credit institutions430/8 | - | - | - | - | - | €9,862 | €10,605 | ▲ 7.5% |
| Trade debts44 | €46,659 | €56,025 | €36,535 | €61,421 | €156,936 | €36,172 | €43,417 | ▲ 20.0% |
| Suppliers440/4 | - | - | - | €61,421 | €156,936 | €36,172 | €43,417 | ▲ 20.0% |
| Advances received on contracts in progress46 | - | - | - | - | - | €90 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €34,629 | €27,388 | €26,464 | €21,164 | ▼ 20.0% |
| Taxes450/3 | - | - | - | €2,948 | €3,476 | €6,099 | €1,864 | ▼ 69.4% |
| Remuneration and social security454/9 | - | - | - | €31,681 | €23,912 | €20,364 | €19,300 | ▼ 5.2% |
| Other amounts payable47/48 | - | - | - | €10,918 | €7,890 | €2,997 | €2,507 | ▼ 16.3% |
| Accrued charges and deferred income492/3 | - | - | - | €232 | €400 | €325 | €1,013 | ▲ 212% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,230 | €13,592 | €60,610 | €1,454 | -€13,178 | -€8,302 | €4,559 | - |
| + Depreciation and write-downs630 | €66,624 | €50,249 | €39,608 | €35,776 | €33,504 | €34,544 | €35,402 | ▲ 2.5% |
| Operating cash flow (approximation) | €69,854 | €63,841 | €100,218 | €37,230 | €20,326 | €26,242 | €39,961 | ▲ 52.3% |
| Investment in fixed assets (approximation) | - | -€28 | -€1,233 | -€1,001 | -€4,042 | -€30,158 | -€784 | ▲ 97.4% |
| Change in cash | - | €8,559 | -€10,550 | €6,201 | €89,789 | -€70,099 | -€24,734 | ▲ 64.7% |
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, 3,984 companies had the same profile as HOBBY SELECT has now. Two years later, 96.5% were still going and 1.1% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.5%
was still going
2.3%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of HOBBY SELECT 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 3,984 companies, not a prediction for HOBBY SELECT. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | micro format | 30-10-2025 | 2025-00555632 | |
| 31-03-2024 | abbreviated format | 30-10-2024 | 2024-00519549 | |
| 31-03-2023 | abbreviated format | 30-10-2023 | 2023-00496174 | |
| 31-03-2022 | micro format | 31-08-2022 | 2022-20364439 | |
| 31-03-2021 | micro format | 21-10-2021 | 2021-72400141 | |
| 31-03-2020 | micro format | 24-08-2020 | 2020-43800179 | |
| 31-03-2019 | micro format | 19-07-2019 | 2019-34400456 | |
| 31-03-2018 | micro format | 11-07-2018 | 2018-31900220 | |
| 31-03-2017 | micro format | 03-07-2017 | 2017-26400128 | |
| 31-03-2016 | abbreviated format | 27-07-2016 | 2016-37200108 |