Ive Schelfhout
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-12-2025 PDF all 34 filings
Turnover
≈ €43,000
Estimated: probably between €16,000 and €92,000
Total assets
€46,145▲ 1.2%
2024 · €45,594
Net result
€1,359▲ 13.4%
2024 · €1,198
Working capital
€38,543▲ 7.6%
2024 · €35,831
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€794
▲ 14.7%
2025
20192025
Net result
€1,359
▲ 13.4%
2025
middle half of the sector
20192025
Equity
€44,676
▲ 3.1%
2025
middle half of the sector
20192025
Total assets
€46,145
▲ 1.2%
2025
lowest quarter of the sector
20192025
Debt
€1,469
▼ 35.5%
2025
20192025
Working capital
€38,543
▲ 7.6%
2025
middle half of the sector
20192025
Solvency
96.8%
▲ 1.8pp
2025
highest quarter of the sector
20192025
Current ratio
27.24
▲ 10.51
2025
highest quarter of the sector
20192025
Return on assets (ROA)
2.9%
▲ 0.3pp
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€4,226-€3,449▼ 18.4%€9,563▲ 177%€8,090▼ 15.4%€5,474▼ 32.3%€692▼ 87.4%€794▲ 14.7%
Net result€3,866-€3,422within the sector's middle half▼ 11.5%€8,805within the sector's middle half▲ 157%€6,289within the sector's middle half▼ 28.6%€4,536within the sector's middle half▼ 27.9%€1,198within the sector's middle half▼ 73.6%€1,359within the sector's middle half▲ 13.4%
Equity€19,067-€22,489within the sector's middle half▲ 17.9%€31,294within the sector's middle half▲ 39.2%€37,583within the sector's middle half▲ 20.1%€42,118within the sector's middle half▲ 12.1%€43,316within the sector's middle half▲ 2.8%€44,676within the sector's middle half▲ 3.1%
Total assets€21,948-€24,708below the sector's middle half▲ 12.6%€33,818below the sector's middle half▲ 36.9%€50,704below the sector's middle half▲ 49.9%€48,877below the sector's middle half▼ 3.6%€45,594below the sector's middle half▼ 6.7%€46,145below the sector's middle half▲ 1.2%
Debt€2,881-€2,219▼ 23.0%€2,524▲ 13.8%€13,122▲ 420%€6,759▼ 48.5%€2,278▼ 66.3%€1,469▼ 35.5%
Working capital€12,316-€16,246within the sector's middle half▲ 31.9%€25,831within the sector's middle half▲ 59.0%€28,489within the sector's middle half▲ 10.3%€33,500within the sector's middle half▲ 17.6%€35,831within the sector's middle half▲ 7.0%€38,543within the sector's middle half▲ 7.6%
Solvency86.9%-91.0%above the sector's middle half▲ 4.1pp92.5%above the sector's middle half▲ 1.5pp74.1%above the sector's middle half▼ 18.4pp86.2%above the sector's middle half▲ 12.1pp95.0%above the sector's middle half▲ 8.8pp96.8%above the sector's middle half▲ 1.8pp
Current ratio7.86-8.32above the sector's middle half▲ 0.4711.24above the sector's middle half▲ 2.913.37above the sector's middle half▼ 7.876.12above the sector's middle half▲ 2.7516.73above the sector's middle half▲ 10.6127.24above the sector's middle half▲ 10.51
Return on assets (ROA)17.6%-13.8%within the sector's middle half▼ 3.8pp26.0%above the sector's middle half▲ 12.2pp12.4%above the sector's middle half▼ 13.6pp9.3%within the sector's middle half▼ 3.1pp2.6%within the sector's middle half▼ 6.7pp2.9%within the sector's middle half▲ 0.3pp
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 15% 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 €46,145
Fixed assets
€6,133 ▼ 18.1%
Current assets
€40,012 ▲ 5.0%
Equity and liabilities €46,145
Equity
€44,676 ▲ 3.1%
Debt
€1,469 ▼ 35.5%
Debt's share of the balance-sheet total falls from 5.0% to 3.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€2,146▲
2024 · €2,045
Cash flow
€2,712▲
2024 · €2,551
Debt to equity
0.03▼
2024 · 0.05
ROE
3.0%▲
2024 · 2.8%
Interest coverage
15.33▼
2024 · 24.35
Debt ≤ 1 year
€1,469▼
2024 · €2,278
Income taxes
€1,072▲
2024 · €926
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €5,720 | - | - | - |
| Depreciation and write-downs of the year | €993 | €1,352 | €1,352 | €1,352 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,592 | €1,592 | €780 | €993 | €1,352 | €1,352 | €1,352 | = |
| Other operating charges640/8 | - | - | - | €1,671 | €2,077 | €2,319 | €1,967 | ▼ 15.2% |
| Gross operating margin9900 | €6,428 | €5,508 | €10,811 | €10,753 | €8,903 | €4,363 | €4,114 | ▼ 5.7% |
| Operating profit (loss)9901 | €4,226 | €3,449 | €9,563 | €8,090 | €5,474 | €692 | €794 | ▲ 14.7% |
| Financial income75/76B | - | - | - | €1,173 | €1,698 | €1,516 | €1,778 | ▲ 17.3% |
| Recurring financial income75 | €42 | €399 | €580 | €1,173 | €1,698 | €1,516 | €1,778 | ▲ 17.3% |
| Financial charges65/66B | - | - | - | €32 | €34 | €84 | €140 | ▲ 66.7% |
| Recurring financial charges65 | €15 | €84 | €21 | €32 | €34 | €84 | €140 | ▲ 66.7% |
| Profit (loss) for the period before taxes9903 | €4,252 | €3,764 | €10,122 | €9,231 | €7,138 | €2,124 | €2,432 | ▲ 14.5% |
| Income taxes67/77 | €387 | €342 | €1,317 | €2,942 | €2,602 | €926 | €1,072 | ▲ 15.8% |
| Profit (loss) for the period9904 | €3,866 | €3,422 | €8,805 | €6,289 | €4,536 | €1,198 | €1,359 | ▲ 13.4% |
| Profit (loss) for the period to be appropriated9905 | €3,866 | €3,422 | €8,805 | €6,289 | €4,536 | €1,198 | €1,359 | ▲ 13.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €21,948 | €24,708 | €33,818 | €50,704 | €48,877 | €45,594 | €46,145 | ▲ 1.2% |
| Fixed assets21/28 | €7,835 | €6,243 | €5,463 | €10,190 | €8,838 | €7,485 | €6,133 | ▼ 18.1% |
| Tangible fixed assets22/27 | €7,835 | €6,243 | €5,463 | €10,190 | €8,838 | €7,485 | €6,133 | ▼ 18.1% |
| Land and buildings22 | - | - | - | - | - | €0 | €0 | - |
| Plant, machinery and equipment23 | - | - | - | €10,190 | €8,838 | €7,485 | €6,133 | ▼ 18.1% |
| Current assets29/58 | €14,112 | €18,464 | €28,355 | €40,514 | €40,039 | €38,109 | €40,012 | ▲ 5.0% |
| Amounts receivable within one year40/41 | €2,827 | €7,712 | €18,720 | €37,250 | €36,131 | €36,763 | €36,260 | ▼ 1.4% |
| Trade receivables40 | - | - | - | €9,004 | €1,113 | €1,132 | - | - |
| Other amounts receivable41 | - | - | - | €28,246 | €35,018 | €35,631 | €36,260 | ▲ 1.8% |
| Cash at bank and in hand54/58 | €11,285 | €10,752 | €9,634 | €2,572 | €3,129 | €533 | €1,682 | ▲ 216% |
| Deferred charges and accrued income490/1 | - | - | - | €692 | €779 | €814 | €2,070 | ▲ 154% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €21,948 | €24,708 | €33,818 | €50,704 | €48,877 | €45,594 | €46,145 | ▲ 1.2% |
| Equity10/15 | €19,067 | €22,489 | €31,294 | €37,583 | €42,118 | €43,316 | €44,676 | ▲ 3.1% |
| Contributions10/11 | €6,197 | - | - | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Reserves13 | €12,870 | €16,292 | €25,097 | €31,385 | €35,921 | €37,119 | €38,479 | ▲ 3.7% |
| Non-distributable reserves130/1 | - | - | - | €1,900 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,900 | - | - | - | - |
| Distributable reserves133 | - | - | - | €29,485 | €35,921 | €37,119 | €38,479 | ▲ 3.7% |
| Amounts payable17/49 | €2,881 | €2,219 | €2,524 | €13,122 | €6,759 | €2,278 | €1,469 | ▼ 35.5% |
| Amounts payable within one year42/48 | €1,796 | €2,219 | €2,524 | €12,025 | €6,539 | €2,278 | €1,469 | ▼ 35.5% |
| Trade debts44 | €1,410 | €1,876 | €1,207 | €9,083 | €3,936 | €1,352 | €397 | ▼ 70.7% |
| Suppliers440/4 | - | - | - | €9,083 | €3,936 | €1,352 | €397 | ▼ 70.7% |
| Taxes, remuneration and social security45 | - | - | - | €2,942 | €2,602 | €926 | €1,072 | ▲ 15.8% |
| Taxes450/3 | - | - | - | €2,942 | €2,602 | €926 | €1,072 | ▲ 15.8% |
| Accrued charges and deferred income492/3 | - | - | - | €1,097 | €220 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,866 | €3,422 | €8,805 | €6,289 | €4,536 | €1,198 | €1,359 | ▲ 13.4% |
| + Depreciation and write-downs630 | €1,592 | €1,592 | €780 | €993 | €1,352 | €1,352 | €1,352 | = |
| Operating cash flow (approximation) | €5,458 | €5,014 | €9,585 | €7,281 | €5,888 | €2,551 | €2,712 | ▲ 6.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€5,720 | €0 | €0 | €0 | - |
| Change in cash | - | -€533 | -€1,118 | -€7,062 | €557 | -€2,596 | €1,149 | - |
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, 17,041 companies had the same profile as Ive Schelfhout has now. Two years later, 94.4% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.4%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Ive Schelfhout 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 17,041 companies, not a prediction for Ive Schelfhout. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 23-12-2025 | 2025-00588613 | |
| 30-06-2024 | micro format | 20-12-2024 | 2024-00621134 | |
| 30-06-2023 | micro format | 22-12-2023 | 2023-00535369 | |
| 30-06-2022 | micro format | 04-01-2023 | 2023-20552385 | |
| 30-06-2021 | micro format | 23-12-2021 | 2021-81300246 | |
| 30-06-2020 | micro format | 29-12-2020 | 2020-77200242 | |
| 30-06-2019 | micro format | 23-12-2019 | 2019-76900397 | |
| 30-06-2018 | micro format | 04-12-2018 | 2018-73400556 | |
| 30-06-2017 | micro format | 21-12-2017 | 2017-72400403 | |
| 30-06-2016 | abbreviated format | 22-12-2016 | 2016-70800480 |