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KABA

Active
Private limited companyfounded 2022active for 3 yearsBrusselstraat 3, 2018 Antwerpen, BelgiumKBO/BCE: BE 0793.817.514

Financials · financial year 2025, micro format

Annual accounts 2025 filed on 22-04-2026 PDF all 3 filings

Equity
€7,689▼ 68.7%
2024 · €24,546
Total assets
€33,056▲ 11.6%
2024 · €29,626
Net result
-€16,857
2024 · €15,144
Working capital
-€2,968
2024 · €23,374
Multi-year overview
2023 to 2025, 3 financial years
Operating result
-€14,866
2025
20232025
Net result
-€16,857
2025
lowest quarter of the sector
20232025
Equity
€7,689
▼ 68.7% 2025
middle half of the sector
20232025
Total assets
€33,056
▲ 11.6% 2025
lowest quarter of the sector
20232025
Debt
€25,367
▲ 399% 2025
20232025
Working capital
-€2,968
2025
middle half of the sector
20232025
Solvency
23.3%
▼ 59.6pp 2025
middle half of the sector
20232025
Current ratio
0.88
▼ 4.72 2025
middle half of the sector
20232025
Return on assets (ROA)
-51.0%
▼ 102.1pp 2025
lowest quarter of the sector
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable unfavourable
Line202320242025
Operating result€8,902-€22,780▲ 156%-€14,866
Net result€8,902within the sector's middle half-€15,144within the sector's middle half▲ 70.1%-€16,857below the sector's middle half
Equity€9,402within the sector's middle half-€24,546within the sector's middle half▲ 161%€7,689within the sector's middle half▼ 68.7%
Total assets€12,400below the sector's middle half-€29,626below the sector's middle half▲ 139%€33,056below the sector's middle half▲ 11.6%
Debt€2,998-€5,080▲ 69.4%€25,367▲ 399%
Working capital€9,402within the sector's middle half-€23,374within the sector's middle half▲ 149%-€2,968within the sector's middle half
Solvency75.8%above the sector's middle half-82.9%above the sector's middle half▲ 7.0pp23.3%within the sector's middle half▼ 59.6pp
Current ratio4.14above the sector's middle half-5.60above the sector's middle half▲ 1.470.88within the sector's middle half▼ 4.72
Return on assets (ROA)71.8%above the sector's middle half-51.1%above the sector's middle half▼ 20.7pp-51.0%below the sector's middle half▼ 102.1pp
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 a loss of €14,866, after a profit of €22,780 in 2024. It is the lowest result since 2023.

Turnover and EBIT margin are not published. The micro format does not require them.

Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €33,056
Fixed assets €11,759 ▲ 903%
Current assets €21,297 ▼ 25.2%
Equity and liabilities €33,056
Equity €7,689 ▼ 68.7%
Debt €25,367 ▲ 399%
Debt's share of the balance-sheet total rises from 17.1% to 76.7%. Equity is lower and debt is higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
-€13,549▼
2024 · €22,969
Cash flow
-€15,539▼
2024 · €15,333
Debt to equity
3.30▲
2024 · 0.21
ROE
-219.2%▼
2024 · 61.7%
Interest coverage
-6.80▼
2024 · 25.41
Debt ≤ 1 year
€24,265▲
2024 · €5,080
Debt > 1 year
€1,102
Staff costs
€11,062▲
2024 · €3,142
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Investments

fixed assets acquired
Item30-09-202330-09-202430-09-2025
Tangible fixed assets-€1,361€6,106
Financial fixed assets--€6,270
Depreciation and write-downs of the year-€189€1,317

Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 43 lines
Balance sheet Code20242025
Assets
Total assets20/58€29,626€33,056▲
Fixed assets21/28€1,172€11,759▲
Tangible fixed assets22/27€1,172€5,489▲
Plant, machinery and equipment23-€3,176
Furniture and vehicles24€1,172€899▼
Other tangible fixed assets26-€1,414
Financial fixed assets28-€6,270
Current assets29/58€28,454€21,297▼
Amounts receivable within one year40/41€11,949€13,328▲
Trade receivables40€8,688€11,750▲
Other amounts receivable41€3,261€1,578▼
Cash at bank and in hand54/58€16,505€7,969▼
Equity and liabilities
Total equity and liabilities10/49€29,626€33,056▲
Equity10/15€24,546€7,689▼
Contributions10/11€500€500=
Contributions outside capital11€500€500=
Other1109/19€500€500=
Profit (loss) carried forward14€24,046€7,189▼
Amounts payable17/49€5,080€25,367▲
Amounts payable after more than one year17-€1,102
Financial debts170/4-€1,102
Amounts payable within one year42/48€5,080€24,265▲
Current portion of amounts payable after more than one year42-€1,865
Trade debts44-€1,806
Suppliers440/4-€1,806
Taxes, remuneration and social security45€4,760-
Taxes450/3€4,760-
Other amounts payable47/48€320€20,593▲
Income statement Code20242025
Remuneration, social security and pensions62€3,142€11,062▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€189€1,317▲
Other operating charges640/8€856€293▼
Gross operating margin9900€26,967-€2,194▼
Operating profit (loss)9901€22,780-€14,866▼
Financial income75/76B-€1
Recurring financial income75-€1
Financial charges65/66B€904€1,991▲
Recurring financial charges65€904€1,991▲
Profit (loss) for the period before taxes9903€21,876-€16,857▼
Income taxes67/77€6,732-
Profit (loss) for the period9904€15,144-€16,857▼
Profit (loss) for the period to be appropriated9905€15,144-€16,857▼
Appropriation of the result
Profit (loss) to be appropriated9906€24,046€7,189▼
Profit (loss) brought forward from the previous period14P€8,902€24,046▲

The notes to these accounts have 6 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 22-04-2026.

Line202320242025Change
Goods, raw materials, services and sundry goods60/61€32,769---
Remuneration, social security and pensions62-€3,142€11,062▲ 252%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630-€189€1,317▲ 597%
Other operating charges640/8€309€856€293▼ 65.8%
Gross operating margin9900€9,211€26,967-€2,194-
Operating profit (loss)9901€8,902€22,780-€14,866-
Financial income75/76B--€1-
Recurring financial income75--€1-
Financial charges65/66B-€904€1,991▲ 120%
Recurring financial charges65-€904€1,991▲ 120%
Profit (loss) for the period before taxes9903€8,902€21,876-€16,857-
Income taxes67/77-€6,732--
Profit (loss) for the period9904€8,902€15,144-€16,857-
Profit (loss) for the period to be appropriated9905€8,902€15,144-€16,857-
Line202320242025Change
Assets
Total assets20/58€12,400€29,626€33,056▲ 11.6%
Fixed assets21/28-€1,172€11,759▲ 903%
Tangible fixed assets22/27-€1,172€5,489▲ 368%
Plant, machinery and equipment23--€3,176-
Furniture and vehicles24-€1,172€899▼ 23.3%
Other tangible fixed assets26--€1,414-
Financial fixed assets28--€6,270-
Current assets29/58€12,400€28,454€21,297▼ 25.2%
Amounts receivable within one year40/41€4,193€11,949€13,328▲ 11.5%
Trade receivables40€3,090€8,688€11,750▲ 35.2%
Other amounts receivable41€1,103€3,261€1,578▼ 51.6%
Cash at bank and in hand54/58€8,207€16,505€7,969▼ 51.7%
Equity and liabilities
Total equity and liabilities10/49€12,400€29,626€33,056▲ 11.6%
Equity10/15€9,402€24,546€7,689▼ 68.7%
Contributions10/11€500€500€500=
Contributions outside capital11-€500€500=
Other1109/19-€500€500=
Profit (loss) carried forward14€8,902€24,046€7,189▼ 70.1%
Amounts payable17/49€2,998€5,080€25,367▲ 399%
Amounts payable after more than one year17--€1,102-
Financial debts170/4--€1,102-
Amounts payable within one year42/48€2,998€5,080€24,265▲ 378%
Current portion of amounts payable after more than one year42--€1,865-
Trade debts44€1,446-€1,806-
Suppliers440/4€1,446-€1,806-
Taxes, remuneration and social security45-€4,760--
Taxes450/3-€4,760--
Other amounts payable47/48€1,552€320€20,593▲ 64×
Line202320242025Change
Profit (loss) for the period9904€8,902€15,144-€16,857-
+ Depreciation and write-downs630-€189€1,317▲ 597%
Operating cash flow (approximation)€8,902€15,333-€15,539-
Investment in fixed assets (approximation)---€11,904-
Change in cash-€8,298-€8,536-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 1,207 companies had the same profile as KABA has now. Two years later, 90.1% were still going and 4.6% had gone bankrupt.

  • Micro
  • 2 to 5 years old
  • solvency 10 to 30%
  • a loss of 10% of the balance sheet or more
90.1% was still going
4.6% stopped otherwise
4.6% went bankrupt

Another 0.7% stopped without a precise date, possibly only after those two years.

That fits the bankruptcy probability of KABA itself: 2.5% 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 1,207 companies, not a prediction for KABA. 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.

Filings with the National Bank (3)
Financial year Type Filed Reference Document
30-09-2025 micro format 22-04-2026 2026-00084973 PDF
30-09-2024 micro format 04-06-2025 2025-00119026 PDF
30-09-2023 micro format 27-03-2024 2024-00050274 PDF

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