Itabel
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 21-07-2026 at the NBB all 28 filings
Turnover
€301,692
EBIT margin
29.9%
Net result
€102,240▲ 26.1%
2024 · €81,100
Working capital
€889,491▲ 16.9%
2024 · €760,870
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€150,437
▲ 53.2%
2025
20182025
Net result
€102,240
▲ 26.1%
2025
highest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€965,568
▲ 11.6%
2025
highest quarter of the sector
20182025
Total assets
€1.2m
▼ 2.7%
2025
highest quarter of the sector
20182025
Debt
€240,481
▼ 35.9%
2025
20182025
Working capital
€889,491
▲ 16.9%
2025
highest quarter of the sector
20182025
Solvency
80.1%
▲ 10.3pp
2025
highest quarter of the sector
20182025
Current ratio
7.30
▲ 3.53
2025
highest quarter of the sector
20182025
Return on assets (ROA)
8.5%
▲ 1.9pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.3m
Operating result€0.06m-€0.07m▲ 5.3%€0.09m▲ 36.8%€0.1m▲ 21.1%€0.1m▲ 0.8%€0.1m▼ 8.5%€0.1m▼ 2.5%€0.2m▲ 53.2%
Net result€0.04m-€0.04m▲ 13.1%€0.06mabove the sector's middle half▲ 36.5%€0.07mabove the sector's middle half▲ 20.6%€0.08mabove the sector's middle half▲ 8.7%€0.08mabove the sector's middle half▼ 5.2%€0.08mabove the sector's middle half▲ 8.0%€0.1mabove the sector's middle half▲ 26.1%
EBIT margin29.9%
Equity€0.6m-€0.6m▲ 7.5%€0.7mabove the sector's middle half▲ 9.6%€0.8mabove the sector's middle half▲ 10.5%€0.8mabove the sector's middle half▲ 10.4%€0.8mabove the sector's middle half▼ 2.2%€0.9mabove the sector's middle half▲ 4.8%€1.0mabove the sector's middle half▲ 11.6%
Total assets€0.8m-€0.8m▼ 4.5%€0.9mabove the sector's middle half▲ 12.7%€1.0mabove the sector's middle half▲ 12.9%€1.1mabove the sector's middle half▲ 10.4%€1.2mabove the sector's middle half▲ 9.7%€1.2mabove the sector's middle half▲ 5.6%€1.2mabove the sector's middle half▼ 2.7%
Debt€0.2m-€0.1m▼ 38.0%€0.2m▲ 27.9%€0.2m▲ 23.0%€0.2m▲ 10.6%€0.3m▲ 54.2%€0.4m▲ 7.4%€0.2m▼ 35.9%
Working capital€0.4m-€0.5m▲ 13.6%€0.6mabove the sector's middle half▲ 15.1%€0.6mabove the sector's middle half▲ 10.4%€0.7mabove the sector's middle half▲ 7.7%€0.7mabove the sector's middle half▼ 1.6%€0.8mabove the sector's middle half▲ 10.7%€0.9mabove the sector's middle half▲ 16.9%
Solvency73.7%-82.9%▲ 9.3pp80.6%above the sector's middle half▼ 2.3pp78.9%above the sector's middle half▼ 1.7pp78.8%above the sector's middle half=70.3%above the sector's middle half▼ 8.6pp69.8%within the sector's middle half▼ 0.5pp80.1%above the sector's middle half▲ 10.3pp
Current ratio5.04-13.72▲ 8.688.69above the sector's middle half▼ 5.036.65above the sector's middle half▼ 2.036.12above the sector's middle half▼ 0.543.70above the sector's middle half▼ 2.423.77above the sector's middle half▲ 0.077.30above the sector's middle half▲ 3.53
Return on assets (ROA)4.9%-5.8%▲ 0.9pp7.0%within the sector's middle half▲ 1.2pp7.5%within the sector's middle half▲ 0.5pp7.4%within the sector's middle half▼ 0.1pp6.4%within the sector's middle half▼ 1.0pp6.5%within the sector's middle half▲ 0.1pp8.5%within the sector's middle half▲ 1.9pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 53% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.2m
Fixed assets
€175,291 ▼ 14.1%
Current assets
€1.0m ▼ 0.5%
Equity and liabilities €1.2m
Equity
€965,568 ▲ 11.6%
Debt
€240,481 ▼ 35.9%
Debt's share of the balance-sheet total falls from 30.2% to 19.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€183,176▲
2024 · €131,750
Cash flow
€134,979▲
2024 · €114,683
Debt to equity
0.25▼
2024 · 0.43
ROE
10.6%▲
2024 · 9.4%
Interest coverage
16.54▲
2024 · 10.37
Debt ≤ 1 year
€141,268▼
2024 · €274,965
Debt > 1 year
€90,000=
2024 · €90,000
Income taxes
€47,528▲
2024 · €36,784
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €38,160 | €60,414 | €29,909 | €5,360 | €3,987 |
| Depreciation and write-downs of the year | €26,184 | €31,027 | €33,207 | €33,583 | €32,739 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | €301,692 | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | - | €9,835 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | €1,487 | €1,014 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,127 | €30,306 | €24,323 | €26,184 | €31,027 | €33,207 | €33,583 | €32,739 | ▼ 2.5% |
| Other operating charges640/8 | - | - | - | €5,152 | €5,101 | €5,402 | €4,492 | €3,013 | ▼ 32.9% |
| Gross operating margin9900 | €95,307 | €101,947 | €119,430 | €140,509 | €147,676 | €140,328 | €136,242 | €186,189 | ▲ 36.7% |
| Operating profit (loss)9901 | €62,563 | €65,894 | €90,115 | €109,173 | €110,061 | €100,704 | €98,167 | €150,437 | ▲ 53.2% |
| Financial income75/76B | - | - | - | €4,005 | €4,554 | €12,776 | €32,420 | €10,404 | ▼ 67.9% |
| Recurring financial income75 | €922 | €154 | €676 | €4,005 | €4,554 | €12,776 | €32,420 | €10,404 | ▼ 67.9% |
| Financial charges65/66B | - | - | - | €389 | €2,759 | €7,188 | €12,703 | €11,073 | ▼ 12.8% |
| Recurring financial charges65 | €7,983 | €7,200 | €6,578 | €389 | €2,759 | €7,188 | €12,703 | €11,073 | ▼ 12.8% |
| Profit (loss) for the period before taxes9903 | €55,502 | €58,848 | €84,214 | €112,789 | €111,856 | €106,292 | €117,884 | €149,768 | ▲ 27.0% |
| Income taxes67/77 | €16,370 | €14,597 | €23,825 | €39,934 | €32,663 | €31,207 | €36,784 | €47,528 | ▲ 29.2% |
| Profit (loss) for the period9904 | €39,133 | €44,251 | €60,388 | €72,855 | €79,194 | €75,085 | €81,100 | €102,240 | ▲ 26.1% |
| Transfer from tax-exempt reserves789 | - | - | - | €25,487 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €39,133 | €44,251 | €60,388 | €98,342 | €79,194 | €75,085 | €81,100 | €102,240 | ▲ 26.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.8m | €0.8m | €0.9m | €1.0m | €1.1m | €1.2m | €1.2m | €1.2m | ▼ 2.7% |
| Fixed assets21/28 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 14.1% |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 14.1% |
| Land and buildings22 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 10.2% |
| Plant, machinery and equipment23 | - | - | - | €198 | €0.002m | €0.002m | €0.002m | €0.001m | ▼ 35.0% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.008m | €0.03m | €0.02m | €0.008m | ▼ 53.9% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Current assets29/58 | €0.6m | €0.6m | €0.7m | €0.8m | €0.8m | €0.9m | €1.0m | €1.0m | ▼ 0.5% |
| Stocks and contracts in progress3 | €0.002m | €0.002m | €0.003m | €0.003m | €0.002m | €0.002m | €338 | - | - |
| Stocks30/36 | - | - | - | €0.003m | €0.002m | €0.002m | €338 | - | - |
| Amounts receivable within one year40/41 | €0.002m | €0.004m | €0.004m | €0.004m | €0.004m | €0.001m | - | - | - |
| Trade receivables40 | - | - | - | €0.003m | €0.003m | €0.001m | - | - | - |
| Other amounts receivable41 | - | - | - | €153 | €105 | €16 | - | - | - |
| Current investments50/53 | €0.05m | €0.05m | €0.4m | €0.4m | €0.05m | €0.9m | €0.9m | €0.8m | ▼ 5.9% |
| Cash at bank and in hand54/58 | €0.5m | €0.5m | €0.3m | €0.4m | €0.8m | €0.09m | €0.2m | €0.2m | ▲ 24.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.004m | €0.003m | €0.003m | €0.003m | ▲ 7.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.8m | €0.8m | €0.9m | €1.0m | €1.1m | €1.2m | €1.2m | €1.2m | ▼ 2.7% |
| Equity10/15 | €0.6m | €0.6m | €0.7m | €0.8m | €0.8m | €0.8m | €0.9m | €1.0m | ▲ 11.6% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.6m | €0.6m | €0.7m | €0.7m | €0.8m | €0.8m | €0.8m | €0.9m | ▲ 11.9% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.7m | €0.8m | €0.8m | €0.8m | €0.9m | ▲ 11.9% |
| Amounts payable17/49 | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | €0.2m | ▼ 35.9% |
| Amounts payable after more than one year17 | €0.1m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Financial debts170/4 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Amounts payable within one year42/48 | €0.1m | €0.04m | €0.08m | €0.1m | €0.1m | €0.3m | €0.3m | €0.1m | ▼ 48.6% |
| Financial debts43 | - | - | - | €484 | €0.001m | €0.001m | - | - | - |
| Credit institutions430/8 | - | - | - | €484 | - | €0.001m | - | - | - |
| Other loans439 | - | - | - | - | €0.001m | - | - | - | - |
| Trade debts44 | €0.003m | €0.002m | €0.001m | €0.01m | €0.02m | €0.01m | €0.003m | €0.002m | ▼ 32.1% |
| Suppliers440/4 | - | - | - | €0.01m | €0.02m | €0.01m | €0.003m | €0.002m | ▼ 32.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.02m | €0.03m | €0.04m | €0.03m | ▼ 31.0% |
| Taxes450/3 | - | - | - | €0.02m | €0.02m | €0.03m | €0.04m | €0.03m | ▼ 31.0% |
| Other amounts payable47/48 | - | - | - | €0.08m | €0.1m | €0.2m | €0.2m | €0.1m | ▼ 51.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.004m | €0.01m | €0.009m | ▼ 7.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €39,133 | €44,251 | €60,388 | €72,855 | €79,194 | €75,085 | €81,100 | €102,240 | ▲ 26.1% |
| + Depreciation and write-downs630 | €29,127 | €30,306 | €24,323 | €26,184 | €31,027 | €33,207 | €33,583 | €32,739 | ▼ 2.5% |
| Operating cash flow (approximation) | €68,260 | €74,557 | €84,711 | €99,038 | €110,221 | €108,292 | €114,683 | €134,979 | ▲ 17.7% |
| Investment in fixed assets (approximation) | - | -€4,577 | -€7,709 | -€38,160 | -€60,414 | -€29,909 | -€5,360 | -€3,987 | ▲ 25.6% |
| Change in cash | - | -€11,048 | -€189,977 | €99,677 | €373,863 | -€689,103 | €96,384 | €45,017 | ▼ 53.3% |
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, 20,136 companies had the same profile as Itabel has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of Itabel itself: < 0.1% 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 20,136 companies, not a prediction for Itabel. 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 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 21-07-2026 | 2026-00314164 | |
| 31-12-2024 | micro format | 22-07-2025 | 2025-00312898 | |
| 31-12-2023 | micro format | 13-07-2024 | 2024-00255557 | |
| 31-12-2022 | micro format | 03-05-2023 | 2023-00081113 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20108536 | |
| 31-12-2020 | micro format | 10-06-2021 | 2021-19000308 | |
| 31-12-2019 | micro format | 09-06-2020 | 2020-16200412 | |
| 31-12-2018 | micro format | 26-08-2019 | 2019-52300454 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-41500539 | |
| 31-12-2016 | micro format | 04-01-2018 | 2018-00500249 |