INTRAMARKET
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 19-05-2026 PDF all 38 filings
Turnover
≈ €3.3m
Estimated: probably between €2.9m and €3.9m
Total assets
€1.7m▼ 2.7%
2024 · €1.7m
Net result
€38,925▼ 43.5%
2024 · €68,901
Working capital
€371,729▼ 20.3%
2024 · €466,568
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€77,573
▼ 36.3%
2025
20182025
Net result
€38,925
▼ 43.5%
2025
middle half of the sector
20182025
Equity
€630,285
▼ 9.8%
2025
middle half of the sector
20182025
Total assets
€1.7m
▼ 2.7%
2025
middle half of the sector
20182025
Debt
€1.0m
▲ 2.2%
2025
20182025
Working capital
€371,729
▼ 20.3%
2025
highest quarter of the sector
20182025
Solvency
38.1%
▼ 3.0pp
2025
middle half of the sector
20182025
Current ratio
1.63
▼ 0.19
2025
middle half of the sector
20182025
Return on assets (ROA)
2.4%
▼ 1.7pp
2025
middle half of the sector
20182025
Staff (FTE)
21
▲ 2.4%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.04m-€0.1m▲ 188%€0.08m▼ 29.4%€0.05m▼ 40.0%€0.06m▲ 24.1%€0.2m▲ 179%€0.1m▼ 28.0%€0.08m▼ 36.3%
Net result€0.03m-€0.08m▲ 222%€0.05mwithin the sector's middle half▼ 38.3%€0.03mwithin the sector's middle half▼ 34.7%€0.05mwithin the sector's middle half▲ 49.8%€0.1mwithin the sector's middle half▲ 120%€0.07mwithin the sector's middle half▼ 38.5%€0.04mwithin the sector's middle half▼ 43.5%
Equity€0.4m-€0.4m▲ 23.8%€0.5mwithin the sector's middle half▲ 14.6%€0.5mwithin the sector's middle half▲ 8.8%€0.5mwithin the sector's middle half▲ 0.5%€0.7mwithin the sector's middle half▲ 20.2%€0.7mwithin the sector's middle half▲ 5.7%€0.6mwithin the sector's middle half▼ 9.8%
Total assets€0.8m-€1.0m▲ 28.2%€1.3mwithin the sector's middle half▲ 24.2%€1.3mwithin the sector's middle half▼ 2.6%€1.3mwithin the sector's middle half▲ 0.6%€1.6mwithin the sector's middle half▲ 24.7%€1.7mwithin the sector's middle half▲ 8.3%€1.7mwithin the sector's middle half▼ 2.7%
Debt€0.5m-€0.6m▲ 31.7%€0.8m▲ 31.3%€0.7m▼ 9.9%€0.7m▲ 0.6%€0.9m▲ 28.2%€1.0m▲ 10.2%€1.0m▲ 2.2%
Working capital€0.3m-€0.3m▲ 14.1%€0.3mwithin the sector's middle half▲ 7.4%€0.3mwithin the sector's middle half▲ 1.0%€0.4mwithin the sector's middle half▲ 8.6%€0.4mwithin the sector's middle half▲ 8.9%€0.5mwithin the sector's middle half▲ 14.8%€0.4mabove the sector's middle half▼ 20.3%
Solvency43.9%-42.4%▼ 1.5pp39.1%within the sector's middle half▼ 3.3pp43.7%within the sector's middle half▲ 4.6pp43.6%within the sector's middle half=42.0%within the sector's middle half▼ 1.6pp41.0%within the sector's middle half▼ 1.0pp38.1%within the sector's middle half▼ 3.0pp
Current ratio1.94-1.98▲ 0.041.75within the sector's middle half▼ 0.231.72within the sector's middle half▼ 0.041.77within the sector's middle half▲ 0.061.78within the sector's middle half▲ 0.011.83within the sector's middle half▲ 0.051.63within the sector's middle half▼ 0.19
Return on assets (ROA)3.2%-8.1%▲ 4.9pp4.0%within the sector's middle half▼ 4.1pp2.7%within the sector's middle half▼ 1.3pp4.0%within the sector's middle half▲ 1.3pp7.1%within the sector's middle half▲ 3.1pp4.0%within the sector's middle half▼ 3.1pp2.4%within the sector's middle half▼ 1.7pp
Staff (FTE)12.6-14.9▲ 18.3%16.7within the sector's middle half▲ 12.1%19.3above the sector's middle half▲ 15.6%21.9above the sector's middle half▲ 13.5%21.1above the sector's middle half▼ 3.7%20.5above the sector's middle half▼ 2.8%21above the sector's middle half▲ 2.4%
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 36% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €1.7m
Fixed assets
€698,270 ▲ 3.7%
Current assets
€957,570 ▼ 6.9%
Equity and liabilities €1.7m
Equity
€630,285 ▼ 9.8%
Debt
€1.0m ▲ 2.2%
Debt's share of the balance-sheet total rises from 59.0% to 61.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€376,754▼
2024 · €377,415
Cash flow
€338,106▲
2024 · €324,590
Debt to equity
1.63▲
2024 · 1.44
ROE
6.2%▼
2024 · 9.9%
Interest coverage
11.16▼
2024 · 11.18
Debt ≤ 1 year
€585,841▲
2024 · €562,523
Debt > 1 year
€437,619▼
2024 · €438,670
Income taxes
€15,331▼
2024 · €29,346
Staff costs
€1.2m▲
2024 · €1.2m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 21 | 22 | 20 | 21 | 23 |
| full-time | 21 | 21 | 19 | 19 | 21 |
| part-time | - | 1 | 1 | 2 | 2 |
| in full-time equivalents | 21 | 21.8 | 19.8 | 20.7 | 22.7 |
| Average over the year, in full-time equivalents | 19.3 | 21.9 | 21.1 | 20.5 | 21 |
| On a permanent contract | 21 | 22 | 20 | 21 | 23 |
| Joined | 4 | 1 | 3 | 3 | 3 |
| Left | 1 | 0 | 5 | 2 | 3 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €145,777 | €226,495 | €475,600 | €332,647 | €325,823 |
| Intangible fixed assets | - | - | - | €2,000 | - |
| Depreciation and write-downs of the year | €211,663 | €242,886 | €234,799 | €255,689 | €299,181 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 5 entries · €12,404 awarded · €11,435 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €1,463 | €494 |
| 2024 | 1 | €930 | €930 |
| 2023 | 2 | €9,431 | €9,431 |
| 2022 | 1 | €580 | €580 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.02m | €0.008m | €0.02m | €0.05m | €0.007m | ▼ 86.6% |
| Remuneration, social security and pensions62 | - | - | - | €0.9m | €1.1m | €1.2m | €1.2m | €1.2m | ▲ 5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 17.0% |
| Other operating charges640/8 | - | - | - | €0.09m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 17.2% |
| Non-recurring operating charges66A | - | - | - | - | - | €0.001m | €0.05m | €0.002m | ▼ 95.8% |
| Gross operating margin9900 | €0.8m | €1.0m | €1.1m | €1.3m | €1.5m | €1.7m | €1.7m | €1.8m | ▲ 2.2% |
| Operating profit (loss)9901 | €0.04m | €0.1m | €0.08m | €0.05m | €0.06m | €0.2m | €0.1m | €0.08m | ▼ 36.3% |
| Financial income75/76B | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 1.6% |
| Recurring financial income75 | €0.003m | €0.001m | €0.008m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 1.6% |
| Financial charges65/66B | - | - | - | €0.01m | €0.01m | €0.02m | €0.03m | €0.03m | = |
| Recurring financial charges65 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.02m | €0.03m | €0.03m | = |
| Profit (loss) for the period before taxes9903 | €0.03m | €0.1m | €0.08m | €0.05m | €0.06m | €0.2m | €0.1m | €0.05m | ▼ 44.8% |
| Income taxes67/77 | €0.007m | €0.02m | €0.03m | €0.02m | €0.01m | €0.05m | €0.03m | €0.02m | ▼ 47.8% |
| Profit (loss) for the period9904 | €0.03m | €0.08m | €0.05m | €0.03m | €0.05m | €0.1m | €0.07m | €0.04m | ▼ 43.5% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.03m | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.03m | €0.08m | €0.1m | €0.06m | €0.05m | €0.1m | €0.07m | €0.04m | ▼ 43.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.8m | €1.0m | €1.3m | €1.3m | €1.3m | €1.6m | €1.7m | €1.7m | ▼ 2.7% |
| Fixed assets21/28 | €0.2m | €0.4m | €0.5m | €0.4m | €0.4m | €0.6m | €0.7m | €0.7m | ▲ 3.7% |
| Intangible fixed assets21 | - | - | - | - | - | - | €0.002m | €0.001m | ▼ 23.8% |
| Tangible fixed assets22/27 | €0.2m | €0.4m | €0.5m | €0.4m | €0.4m | €0.6m | €0.7m | €0.7m | ▲ 3.8% |
| Land and buildings22 | - | - | - | €0.005m | €0.004m | €0.003m | €0.006m | €0.003m | ▼ 42.8% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.01m | €0.008m | €0.005m | €0.005m | ▲ 7.2% |
| Furniture and vehicles24 | - | - | - | €0.4m | €0.3m | €0.6m | €0.6m | €0.7m | ▲ 7.9% |
| Leasing and similar rights25 | - | - | - | - | €0.09m | €0.07m | €0.05m | €0.03m | ▼ 42.9% |
| Financial fixed assets28 | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Current assets29/58 | €0.6m | €0.6m | €0.8m | €0.8m | €0.9m | €0.9m | €1.0m | €1.0m | ▼ 6.9% |
| Amounts receivable after more than one year29 | - | - | - | €0.03m | €0.05m | €0.05m | €0.05m | €0.06m | ▲ 33.3% |
| Trade receivables290 | - | - | - | - | - | €0.05m | €0.05m | €0.06m | ▲ 33.3% |
| Other amounts receivable291 | - | - | - | €0.03m | €0.05m | - | - | - | - |
| Amounts receivable within one year40/41 | €0.4m | €0.4m | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 16.7% |
| Trade receivables40 | - | - | - | €0.3m | €0.3m | €0.3m | €0.4m | €0.3m | ▼ 11.9% |
| Other amounts receivable41 | - | - | - | €0.08m | €0.09m | €0.1m | €0.09m | €0.06m | ▼ 35.7% |
| Current investments50/53 | - | - | - | - | - | €0.2m | €0.2m | €0.2m | ▲ 11.2% |
| Cash at bank and in hand54/58 | €0.2m | €0.3m | €0.4m | €0.4m | €0.4m | €0.2m | €0.3m | €0.3m | ▼ 16.9% |
| Deferred charges and accrued income490/1 | - | - | - | €288 | - | €0.002m | €0.01m | €0.03m | ▲ 194% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.8m | €1.0m | €1.3m | €1.3m | €1.3m | €1.6m | €1.7m | €1.7m | ▼ 2.7% |
| Equity10/15 | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | €0.7m | €0.7m | €0.6m | ▼ 9.8% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.3m | €0.4m | €0.5m | €0.5m | €0.5m | €0.6m | €0.7m | €0.6m | ▼ 9.6% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.008m | €0.008m | €0.008m | €0.008m | €0.008m | = |
| Distributable reserves133 | - | - | - | €0.5m | €0.5m | €0.6m | €0.7m | €0.6m | ▼ 9.7% |
| Investment grants15 | - | - | - | €0.02m | €0.01m | €0.01m | €0.006m | €0.002m | ▼ 61.3% |
| Amounts payable17/49 | €0.5m | €0.6m | €0.8m | €0.7m | €0.7m | €0.9m | €1.0m | €1.0m | ▲ 2.2% |
| Amounts payable after more than one year17 | €0.2m | €0.3m | €0.3m | €0.2m | €0.2m | €0.4m | €0.4m | €0.4m | ▼ 0.2% |
| Financial debts170/4 | - | - | - | €0.2m | €0.2m | €0.4m | €0.4m | €0.4m | ▼ 0.2% |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.5m | €0.5m | €0.5m | €0.5m | €0.6m | €0.6m | ▲ 4.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 24.9% |
| Financial debts43 | - | - | - | - | - | €0.02m | €0.03m | €0.01m | ▼ 55.9% |
| Other loans439 | - | - | - | - | - | €0.02m | €0.03m | €0.01m | ▼ 55.9% |
| Trade debts44 | €0.08m | €0.06m | €0.09m | €0.08m | €0.08m | €0.09m | €0.1m | €0.09m | ▼ 25.1% |
| Suppliers440/4 | - | - | - | €0.08m | €0.08m | €0.09m | €0.1m | €0.09m | ▼ 25.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.2m | ▲ 10.6% |
| Taxes450/3 | - | - | - | €0.06m | €0.08m | €0.02m | €0.03m | €0.03m | ▲ 5.7% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 11.7% |
| Other amounts payable47/48 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | ▼ 0.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.002m | €0.002m | €0.002m | €0.002m | ▼ 10.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26,172 | €84,326 | €52,035 | €33,979 | €50,902 | €112,035 | €68,901 | €38,925 | ▼ 43.5% |
| + Depreciation and write-downs630 | €142,440 | €182,689 | €185,129 | €211,663 | €242,886 | €234,799 | €255,689 | €299,181 | ▲ 17.0% |
| Operating cash flow (approximation) | €168,611 | €267,016 | €237,164 | €245,642 | €293,788 | €346,834 | €324,590 | €338,106 | ▲ 4.2% |
| Investment in fixed assets (approximation) | - | -€343,602 | -€283,580 | -€145,777 | -€217,363 | -€475,600 | -€284,673 | -€324,304 | ▼ 13.9% |
| Change in cash | - | €48,466 | €161,852 | €6,492 | -€10,449 | -€172,747 | €75,554 | -€54,705 | - |
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, 14,766 companies had the same profile as INTRAMARKET has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of INTRAMARKET 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 14,766 companies, not a prediction for INTRAMARKET. 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 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 19-05-2026 | 2026-00113453 | |
| 31-12-2024 | abbreviated format | 12-06-2025 | 2025-00133100 | |
| 31-12-2023 | abbreviated format | 13-08-2024 | 2024-00342058 | |
| 31-12-2022 | abbreviated format | 10-08-2023 | 2023-00322469 | |
| 31-12-2021 | abbreviated format | 20-07-2022 | 2022-20204058 | |
| 31-12-2020 | abbreviated format | 05-08-2021 | 2021-45900409 | |
| 31-12-2019 | abbreviated format | 31-08-2020 | 2020-47100045 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-55300519 | |
| 31-12-2017 | abbreviated format | 14-07-2018 | 2018-32700286 | |
| 31-12-2016 | abbreviated format | 15-08-2017 | 2017-43400024 |