ISBA
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 39 days after the deadline Filed on 8 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00511357.
Annual accounts 2025 filed on 08-09-2026 at the NBB all 25 filings
Turnover
≈ €10,000
Estimated: probably between €5,200 and €25,000
Total assets
€15,684▲ 17.1%
2024 · €13,399
Net result
-€1,124
2024 · €9,449
Working capital
€8,704▼ 11.4%
2024 · €9,828
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€793
▼ 91.8%
2025
20182025
Net result
-€1,124
2025
lowest quarter of the sector
20182025
Equity
€9,155
▼ 10.9%
2025
lowest quarter of the sector
20182025
Total assets
€15,684
▲ 17.1%
2025
lowest quarter of the sector
20182025
Debt
€6,529
▲ 109%
2025
20182025
Working capital
€8,704
▼ 11.4%
2025
middle half of the sector
20182025
Solvency
58.4%
▼ 18.3pp
2025
middle half of the sector
20182025
Current ratio
2.33
▼ 1.82
2025
middle half of the sector
20182025
Return on assets (ROA)
-7.2%
▼ 77.7pp
2025
lowest 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-€400--€5,283▼ 1,221%-€6,765▼ 28.0%€169€4,453▲ 26×€8,262▲ 85.6%€9,643▲ 16.7%€793▼ 91.8%
Net result-€515--€5,402▼ 949%-€6,879below the sector's middle half▼ 27.3%€129within the sector's middle half€4,453within the sector's middle half▲ 35×€8,122within the sector's middle half▲ 82.4%€9,449within the sector's middle half▲ 16.3%-€1,124below the sector's middle half
Equity€408--€4,995-€11,874below the sector's middle half▼ 138%-€11,745below the sector's middle half▲ 1.1%-€7,292below the sector's middle half▲ 37.9%€830below the sector's middle half€10,279within the sector's middle half▲ 12×€9,155below the sector's middle half▼ 10.9%
Total assets€1,618-€593▼ 63.4%€2,732below the sector's middle half▲ 361%€507below the sector's middle half▼ 81.5%€3,872below the sector's middle half▲ 664%€9,864below the sector's middle half▲ 155%€13,399below the sector's middle half▲ 35.8%€15,684below the sector's middle half▲ 17.1%
Debt€1,211-€5,587▲ 362%€14,605▲ 161%€12,251▼ 16.1%€11,164▼ 8.9%€9,034▼ 19.1%€3,120▼ 65.5%€6,529▲ 109%
Working capital-€43--€5,446▼ 12,485%-€12,325below the sector's middle half▼ 126%-€12,196below the sector's middle half▲ 1.0%-€7,743within the sector's middle half▲ 36.5%€379within the sector's middle half€9,828within the sector's middle half▲ 26×€8,704within the sector's middle half▼ 11.4%
Solvency8.4%within the sector's middle half76.7%above the sector's middle half▲ 68.3pp58.4%within the sector's middle half▼ 18.3pp
Current ratio1.04within the sector's middle half4.15above the sector's middle half▲ 3.112.33within the sector's middle half▼ 1.82
Return on assets (ROA)82.3%above the sector's middle half70.5%above the sector's middle half▼ 11.8pp-7.2%below the sector's middle half▼ 77.7pp
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 92% lower than in 2024.
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 €15,684
Fixed assets
€451 =
Current assets
€15,233 ▲ 17.6%
Equity and liabilities €15,684
Equity
€9,155 ▼ 10.9%
Debt
€6,529 ▲ 109%
Debt's share of the balance-sheet total rises from 23.3% to 41.6%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
0.71▲
2024 · 0.30
ROE
-12.3%▼
2024 · 91.9%
Debt ≤ 1 year
€6,529▲
2024 · €3,120
Income taxes
€1,734
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €175 | - |
| Remuneration, social security and pensions62 | - | - | - | €363 | €348 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €167 | €272 | €257 | €257 | €175 | ▼ 31.8% |
| Gross operating margin9900 | €121 | -€5,046 | -€6,740 | €699 | €5,072 | €8,519 | €9,900 | €968 | ▼ 90.2% |
| Operating profit (loss)9901 | -€400 | -€5,283 | -€6,765 | €169 | €4,453 | €8,262 | €9,643 | €793 | ▼ 91.8% |
| Financial income75/76B | - | - | - | - | - | - | - | €30 | - |
| Recurring financial income75 | - | - | - | - | - | - | - | €30 | - |
| Financial charges65/66B | - | - | - | €40 | - | €140 | €195 | €213 | ▲ 9.3% |
| Recurring financial charges65 | €115 | €119 | €114 | €40 | - | €140 | €195 | €213 | ▲ 9.3% |
| Profit (loss) for the period before taxes9903 | -€515 | -€5,402 | -€6,879 | €129 | €4,453 | €8,122 | €9,449 | €610 | ▼ 93.5% |
| Income taxes67/77 | - | - | - | - | - | - | - | €1,734 | - |
| Profit (loss) for the period9904 | -€515 | -€5,402 | -€6,879 | €129 | €4,453 | €8,122 | €9,449 | -€1,124 | - |
| Profit (loss) for the period to be appropriated9905 | -€515 | -€5,402 | -€6,879 | €129 | €4,453 | €8,122 | €9,449 | -€1,124 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1,618 | €593 | €2,732 | €507 | €3,872 | €9,864 | €13,399 | €15,684 | ▲ 17.1% |
| Fixed assets21/28 | €451 | €451 | €451 | €451 | €451 | €451 | €451 | €451 | = |
| Financial fixed assets28 | €451 | €451 | €451 | €451 | €451 | €451 | €451 | €451 | = |
| Current assets29/58 | €1,167 | €142 | €2,281 | €56 | €3,421 | €9,413 | €12,948 | €15,233 | ▲ 17.6% |
| Amounts receivable within one year40/41 | - | - | - | - | €182 | €182 | - | - | - |
| Trade receivables40 | - | - | - | - | €182 | €182 | - | - | - |
| Cash at bank and in hand54/58 | €1,167 | €142 | €2,281 | €56 | €3,240 | €9,231 | €12,948 | €15,233 | ▲ 17.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1,618 | €593 | €2,732 | €507 | €3,872 | €9,864 | €13,399 | €15,684 | ▲ 17.1% |
| Equity10/15 | €408 | -€4,995 | -€11,874 | -€11,745 | -€7,292 | €830 | €10,279 | €9,155 | ▼ 10.9% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | - | - | - | €18,592 | €18,592 | - | - | - | - |
| Issued capital100 | - | - | - | €18,592 | €18,592 | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | - | €18,592 | €18,592 | €18,592 | = |
| Other1109/19 | - | - | - | - | - | €18,592 | €18,592 | €18,592 | = |
| Profit (loss) carried forward14 | -€18,184 | -€23,587 | -€30,466 | -€30,337 | -€25,884 | -€17,762 | -€8,313 | -€9,437 | ▼ 13.5% |
| Amounts payable17/49 | €1,211 | €5,587 | €14,605 | €12,251 | €11,164 | €9,034 | €3,120 | €6,529 | ▲ 109% |
| Amounts payable within one year42/48 | €1,211 | €5,587 | €14,605 | €12,251 | €11,164 | €9,034 | €3,120 | €6,529 | ▲ 109% |
| Financial debts43 | - | - | - | €606 | - | - | €978 | €3,275 | ▲ 235% |
| Credit institutions430/8 | - | - | - | €606 | - | - | €978 | €3,275 | ▲ 235% |
| Trade debts44 | €1,211 | €674 | €10,405 | €9,345 | €9,023 | €6,892 | - | - | - |
| Suppliers440/4 | - | - | - | €9,345 | €9,023 | €6,892 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €2,300 | €2,141 | €2,142 | €2,142 | €1,112 | ▼ 48.1% |
| Taxes450/3 | - | - | - | - | - | - | €2,142 | €1,112 | ▼ 48.1% |
| Remuneration and social security454/9 | - | - | - | €2,300 | €2,141 | €2,142 | - | - | - |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €2,142 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€515 | -€5,402 | -€6,879 | €129 | €4,453 | €8,122 | €9,449 | -€1,124 | - |
| Operating cash flow (approximation) | -€515 | -€5,402 | -€6,879 | €129 | €4,453 | €8,122 | €9,449 | -€1,124 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€1,026 | €2,139 | -€2,225 | €3,184 | €5,992 | €3,717 | €2,285 | ▼ 38.5% |
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 ISBA 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 ISBA itself: 0.4% 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 ISBA. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 08-09-2026 | 2026-00511357 | |
| 31-12-2024 | micro format | 23-10-2025 | 2025-00549211 | |
| 31-12-2023 | micro format | 13-08-2024 | 2024-00354001 | |
| 31-12-2022 | micro format | 04-09-2023 | 2023-00443845 | |
| 31-12-2021 | micro format | 04-09-2022 | 2022-20410917 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-66300534 | |
| 31-12-2019 | micro format | 31-10-2020 | 2020-66100013 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-60700508 | |
| 31-12-2017 | micro format | 01-08-2018 | 2018-41900572 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-52600150 |