iii
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 19-01-2026 PDF all 29 filings
Turnover
≈ €400,000
Estimated: probably between €220,000 and €660,000
Total assets
€374,689▼ 12.3%
2024 · €427,276
Net result
-€84▲ 94.8%
2024 · -€1,626
Working capital
€30,453▼ 40.4%
2024 · €51,113
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€7,819
▲ 25.2%
2025
20192025
Net result
-€84
▲ 94.8%
2025
middle half of the sector
20192025
Equity
€202,108
▼ 9.4%
2025
highest quarter of the sector
20192025
Total assets
€374,689
▼ 12.3%
2025
highest quarter of the sector
20192025
Debt
€172,582
▼ 15.4%
2025
20192025
Working capital
€30,453
▼ 40.4%
2025
middle half of the sector
20192025
Solvency
53.9%
▲ 1.7pp
2025
middle half of the sector
20192025
Current ratio
1.80
▼ 0.43
2025
middle half of the sector
20192025
Return on assets (ROA)
0.0%
▲ 0.4pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€164,760-€32,261▼ 80.4%€44,442▲ 37.8%€23,098▼ 48.0%€13,725▼ 40.6%€6,243▼ 54.5%€7,819▲ 25.2%
Net result€110,420-€22,485within the sector's middle half▼ 79.6%€30,532above the sector's middle half▲ 35.8%€13,774within the sector's middle half▼ 54.9%€4,925within the sector's middle half▼ 64.2%-€1,626within the sector's middle half-€84within the sector's middle half▲ 94.8%
Equity€171,487-€193,972above the sector's middle half▲ 13.1%€221,969above the sector's middle half▲ 14.4%€219,893above the sector's middle half▼ 0.9%€224,818above the sector's middle half▲ 2.2%€223,192above the sector's middle half▼ 0.7%€202,108above the sector's middle half▼ 9.4%
Total assets€433,125-€444,294above the sector's middle half▲ 2.6%€436,776above the sector's middle half▼ 1.7%€408,136above the sector's middle half▼ 6.6%€470,380above the sector's middle half▲ 15.3%€427,276above the sector's middle half▼ 9.2%€374,689above the sector's middle half▼ 12.3%
Debt€261,639-€250,322▼ 4.3%€214,807▼ 14.2%€188,243▼ 12.4%€245,562▲ 30.4%€204,084▼ 16.9%€172,582▼ 15.4%
Working capital€23,036-€62,640within the sector's middle half▲ 172%€77,248within the sector's middle half▲ 23.3%€52,693within the sector's middle half▼ 31.8%€50,736within the sector's middle half▼ 3.7%€51,113within the sector's middle half▲ 0.7%€30,453within the sector's middle half▼ 40.4%
Solvency39.6%-43.7%within the sector's middle half▲ 4.1pp50.8%within the sector's middle half▲ 7.2pp53.9%within the sector's middle half▲ 3.1pp47.8%within the sector's middle half▼ 6.1pp52.2%within the sector's middle half▲ 4.4pp53.9%within the sector's middle half▲ 1.7pp
Current ratio1.26-2.12within the sector's middle half▲ 0.862.68within the sector's middle half▲ 0.572.16within the sector's middle half▼ 0.531.98within the sector's middle half▼ 0.172.23within the sector's middle half▲ 0.251.80within the sector's middle half▼ 0.43
Return on assets (ROA)25.5%-5.1%within the sector's middle half▼ 20.4pp7.0%within the sector's middle half▲ 1.9pp3.4%within the sector's middle half▼ 3.6pp1.0%within the sector's middle half▼ 2.3pp-0.4%within the sector's middle half▼ 1.4pp0.0%within the sector's middle half▲ 0.4pp
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 25% higher than in 2024. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The 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 €374,689
Fixed assets
€306,276 ▼ 8.5%
Current assets
€68,414 ▼ 26.1%
Equity and liabilities €374,689
Equity
€202,108 ▼ 9.4%
Debt
€172,582 ▼ 15.4%
Debt's share of the balance-sheet total falls from 47.8% to 46.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€41,051▲
2024 · €40,487
Cash flow
€33,148▲
2024 · €32,618
Debt to equity
0.85▼
2024 · 0.91
ROE
0.0%▲
2024 · -0.7%
Interest coverage
6.49▲
2024 · 5.46
Debt ≤ 1 year
€37,961▼
2024 · €41,412
Debt > 1 year
€129,997▼
2024 · €157,318
Income taxes
€1,807▲
2024 · €1,319
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Mortgages, amount registered | €50,000 | €50,000 | €50,000 | €50,000 |
| Mortgage mandates | €175,000 | €175,000 | €175,000 | €175,000 |
| Carrying value of the mortgaged assets | €286,337 | €290,633 | €272,963 | €256,692 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €16,516 | €87,924 | €876 | €4,756 |
| Depreciation and write-downs of the year | €20,372 | €29,631 | €34,244 | €33,232 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1,644 | €10,407 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,920 | €18,021 | €20,042 | €20,372 | €29,631 | €34,244 | €33,232 | ▼ 3.0% |
| Other operating charges640/8 | - | - | - | €1,532 | €1,730 | €2,086 | €1,991 | ▼ 4.5% |
| Non-recurring operating charges66A | - | - | - | - | €228 | - | - | - |
| Gross operating margin9900 | €189,684 | €52,286 | €66,800 | €45,002 | €45,313 | €42,573 | €43,042 | ▲ 1.1% |
| Operating profit (loss)9901 | €164,760 | €32,261 | €44,442 | €23,098 | €13,725 | €6,243 | €7,819 | ▲ 25.2% |
| Financial income75/76B | - | - | - | €1,365 | €1,296 | €870 | €231 | ▼ 73.4% |
| Recurring financial income75 | €3,191 | €2,919 | €2,683 | €1,365 | €1,296 | €870 | €231 | ▼ 73.4% |
| Financial charges65/66B | - | - | - | €3,725 | €6,344 | €7,420 | €6,328 | ▼ 14.7% |
| Recurring financial charges65 | €3,679 | €4,126 | €4,391 | €3,725 | €6,344 | €7,420 | €6,328 | ▼ 14.7% |
| Profit (loss) for the period before taxes9903 | €163,639 | €31,054 | €42,733 | €20,737 | €8,677 | -€307 | €1,723 | - |
| Income taxes67/77 | €53,218 | €8,569 | €12,201 | €6,963 | €3,752 | €1,319 | €1,807 | ▲ 37.0% |
| Profit (loss) for the period9904 | €110,420 | €22,485 | €30,532 | €13,774 | €4,925 | -€1,626 | -€84 | ▲ 94.8% |
| Profit (loss) for the period to be appropriated9905 | €110,420 | €22,485 | €30,532 | €13,774 | €4,925 | -€1,626 | -€84 | ▲ 94.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €433,125 | €444,294 | €436,776 | €408,136 | €470,380 | €427,276 | €374,689 | ▼ 12.3% |
| Fixed assets21/28 | €320,961 | €325,619 | €313,682 | €309,826 | €368,120 | €334,751 | €306,276 | ▼ 8.5% |
| Tangible fixed assets22/27 | €314,711 | €319,369 | €307,432 | €303,576 | €361,870 | €328,501 | €300,026 | ▼ 8.7% |
| Land and buildings22 | - | - | - | €286,337 | €290,633 | €272,963 | €256,692 | ▼ 6.0% |
| Plant, machinery and equipment23 | - | - | - | €438 | €343 | €248 | €153 | ▼ 38.3% |
| Furniture and vehicles24 | - | - | - | €4,503 | €60,121 | €46,044 | €32,253 | ▼ 30.0% |
| Other tangible fixed assets26 | - | - | - | €12,299 | €10,773 | €9,246 | €10,927 | ▲ 18.2% |
| Financial fixed assets28 | €6,250 | €6,250 | €6,250 | €6,250 | €6,250 | €6,250 | €6,250 | = |
| Current assets29/58 | €112,164 | €118,676 | €123,093 | €98,309 | €102,260 | €92,524 | €68,414 | ▼ 26.1% |
| Amounts receivable after more than one year29 | - | - | - | €30,000 | €30,000 | €20,000 | - | - |
| Other amounts receivable291 | - | - | - | €30,000 | €30,000 | €20,000 | - | - |
| Amounts receivable within one year40/41 | €71,329 | €39,358 | €60,957 | €52,350 | €49,705 | €41,564 | €34,380 | ▼ 17.3% |
| Trade receivables40 | - | - | - | €49,221 | €43,457 | €35,869 | €33,669 | ▼ 6.1% |
| Other amounts receivable41 | - | - | - | €3,129 | €6,248 | €5,695 | €712 | ▼ 87.5% |
| Cash at bank and in hand54/58 | - | €38,860 | €21,673 | €15,495 | €20,700 | €29,996 | €33,000 | ▲ 10.0% |
| Deferred charges and accrued income490/1 | - | - | - | €464 | €1,855 | €964 | €1,033 | ▲ 7.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €433,125 | €444,294 | €436,776 | €408,136 | €470,380 | €427,276 | €374,689 | ▼ 12.3% |
| Equity10/15 | €171,487 | €193,972 | €221,969 | €219,893 | €224,818 | €223,192 | €202,108 | ▼ 9.4% |
| Contributions10/11 | €18,600 | - | - | €2,750 | €2,750 | €2,750 | €2,750 | = |
| Reserves13 | €150,352 | €172,837 | €203,369 | €217,143 | €222,068 | €220,442 | €199,358 | ▼ 9.6% |
| Distributable reserves133 | - | - | - | €217,143 | €222,068 | €220,442 | €199,358 | ▼ 9.6% |
| Amounts payable17/49 | €261,639 | €250,322 | €214,807 | €188,243 | €245,562 | €204,084 | €172,582 | ▼ 15.4% |
| Amounts payable after more than one year17 | €169,944 | €192,169 | €166,326 | €140,307 | €190,022 | €157,318 | €129,997 | ▼ 17.4% |
| Financial debts170/4 | - | - | - | €140,307 | €157,193 | €124,490 | €97,168 | ▼ 21.9% |
| Other amounts payable178/9 | - | - | - | - | €32,829 | €32,829 | €32,829 | = |
| Amounts payable within one year42/48 | €89,128 | €56,035 | €45,845 | €45,616 | €51,524 | €41,412 | €37,961 | ▼ 8.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €26,019 | €37,951 | €32,703 | €27,321 | ▼ 16.5% |
| Trade debts44 | €4,604 | €17,864 | €5,481 | €4,333 | €5,724 | €4,974 | €4,392 | ▼ 11.7% |
| Suppliers440/4 | - | - | - | €4,333 | €5,724 | €4,974 | €4,392 | ▼ 11.7% |
| Taxes, remuneration and social security45 | - | - | - | €2,303 | €3,348 | €1,666 | €1,547 | ▼ 7.1% |
| Taxes450/3 | - | - | - | €2,303 | €3,348 | €1,666 | €1,547 | ▼ 7.1% |
| Other amounts payable47/48 | - | - | - | €12,962 | €4,502 | €2,069 | €4,699 | ▲ 127% |
| Accrued charges and deferred income492/3 | - | - | - | €2,319 | €4,016 | €5,354 | €4,624 | ▼ 13.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €110,420 | €22,485 | €30,532 | €13,774 | €4,925 | -€1,626 | -€84 | ▲ 94.8% |
| + Depreciation and write-downs630 | €21,920 | €18,021 | €20,042 | €20,372 | €29,631 | €34,244 | €33,232 | ▼ 3.0% |
| Operating cash flow (approximation) | €132,340 | €40,507 | €50,573 | €34,146 | €34,555 | €32,618 | €33,148 | ▲ 1.6% |
| Investment in fixed assets (approximation) | - | -€22,678 | -€8,105 | -€16,516 | -€87,924 | -€876 | -€4,756 | ▼ 443% |
| Change in cash | - | - | -€17,187 | -€6,178 | €5,205 | €9,296 | €3,004 | ▼ 67.7% |
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, 12,322 companies had the same profile as iii has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of iii 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 12,322 companies, not a prediction for iii. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 19-01-2026 | 2026-00009763 | |
| 30-06-2024 | micro format | 15-01-2025 | 2025-00005301 | |
| 30-06-2023 | micro format | 30-01-2024 | 2024-00013382 | |
| 30-06-2022 | micro format | 03-01-2023 | 2023-20551814 | |
| 30-06-2021 | micro format | 23-02-2022 | 2022-06200136 | |
| 30-06-2020 | micro format | 14-12-2020 | 2020-75400333 | |
| 30-06-2019 | micro format | 30-01-2020 | 2020-02900458 | |
| 30-06-2018 | abbreviated format | 28-11-2019 | 2019-74500466 | |
| 30-06-2017 | abbreviated format | 08-02-2018 | 2018-04800350 | |
| 30-06-2016 | abbreviated format | 24-01-2017 | 2017-02000543 |