KAR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 5 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€456,031▼ 30.6%
2021 · €656,843
EBIT margin
-4.4%▼ 6.3pp
2021 · 1.9%
Net result
-€49,770
2024 · €7,515
Working capital
-€9,026
2024 · €39,438
Multi-year overview
2021 to 2025, 5 financial yearsTurnover
no figure
2025
20212025
Operating result
-€48,193
2025
20212025
Net result
-€49,770
2025
lowest quarter of the sector
20212025
EBIT margin
no figure
2025
20212025
Equity
-€8,184
2025
lowest quarter of the sector
20212025
Total assets
€14,271
▼ 75.1%
2025
lowest quarter of the sector
20212025
Debt
€22,454
▲ 43.4%
2025
20212025
Working capital
-€9,026
2025
middle half of the sector
20212025
Solvency
-57.3%
▼ 130.0pp
2025
lowest quarter of the sector
20212025
Current ratio
0.60
▼ 2.92
2025
middle half of the sector
20212025
Return on assets (ROA)
-348.8%
▼ 361.9pp
2025
lowest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Turnover€656,843-€456,031▼ 30.6%
Operating result€12,778--€20,056€38,874€11,505▼ 70.4%-€48,193
Net result€9,466within the sector's middle half--€22,533below the sector's middle half€32,139above the sector's middle half€7,515within the sector's middle half▼ 76.6%-€49,770below the sector's middle half
EBIT margin1.9%--4.4%▼ 6.3pp
Equity€24,466within the sector's middle half-€1,932within the sector's middle half▼ 92.1%€34,071within the sector's middle half▲ 18×€41,586within the sector's middle half▲ 22.1%-€8,184below the sector's middle half
Total assets€111,995within the sector's middle half-€80,518within the sector's middle half▼ 28.1%€49,178within the sector's middle half▼ 38.9%€57,247below the sector's middle half▲ 16.4%€14,271below the sector's middle half▼ 75.1%
Debt€87,529-€78,585▼ 10.2%€15,107▼ 80.8%€15,661▲ 3.7%€22,454▲ 43.4%
Working capital-€7,540within the sector's middle half--€17,097within the sector's middle half▼ 127%€29,072within the sector's middle half€39,438within the sector's middle half▲ 35.7%-€9,026within the sector's middle half
Solvency21.8%within the sector's middle half-2.4%within the sector's middle half▼ 19.4pp69.3%above the sector's middle half▲ 66.9pp72.6%above the sector's middle half▲ 3.4pp-57.3%below the sector's middle half▼ 130.0pp
Current ratio0.82within the sector's middle half-0.63within the sector's middle half▼ 0.202.92above the sector's middle half▲ 2.303.52above the sector's middle half▲ 0.590.60within the sector's middle half▼ 2.92
Return on assets (ROA)8.5%within the sector's middle half--28.0%below the sector's middle half▼ 36.4pp65.4%above the sector's middle half▲ 93.3pp13.1%within the sector's middle half▼ 52.2pp-348.8%below the sector's middle half▼ 361.9pp
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 €48,193, after a profit of €11,505 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €14,271
Fixed assets
€842 ▼ 60.8%
Current assets
€13,428 ▼ 75.6%
Equity and liabilities
Equity-€8,184
Debt€22,454
Equity is negative. Debt (€22,454) exceeds the balance-sheet total (€14,271).
Key figures and ratios
EBITDA
-€45,979▼
2024 · €14,355
Cash flow
-€47,556▼
2024 · €10,365
Quick ratio
0.33▼
2024 · 3.31
Interest coverage
-25.46▼
2024 · 12.72
Debt ≤ 1 year
€22,454▲
2024 · €15,661
Staff costs
€78,347▲
2024 · €48,277
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | €81,198 | - | - | - | €907 |
| Depreciation and write-downs of the year | €4,187 | €23,570 | €3,563 | €2,850 | €2,214 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €656,843 | €456,031 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €487,895 | €379,043 | - | - | - | - |
| Remuneration, social security and pensions62 | €162,300 | €75,698 | €58,416 | €48,277 | €78,347 | ▲ 62.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,187 | €23,570 | €3,563 | €2,850 | €2,214 | ▼ 22.3% |
| Other operating charges640/8 | €1,689 | €2,836 | €51,566 | €3,318 | €9,006 | ▲ 171% |
| Gross operating margin9900 | €180,955 | €82,047 | €152,420 | €65,950 | €41,374 | ▼ 37.3% |
| Operating profit (loss)9901 | €12,778 | -€20,056 | €38,874 | €11,505 | -€48,193 | - |
| Financial income75/76B | €0 | €346 | €672 | €0 | €229 | ▲ 7,630× |
| Recurring financial income75 | €0 | €346 | €672 | €0 | €229 | ▲ 7,630× |
| Financial charges65/66B | €1,924 | €2,823 | €4,338 | €1,128 | €1,806 | ▲ 60.0% |
| Recurring financial charges65 | €1,924 | €2,823 | €4,338 | €1,128 | €1,806 | ▲ 60.0% |
| Profit (loss) for the period before taxes9903 | €10,854 | -€22,533 | €35,209 | €10,376 | -€49,770 | - |
| Income taxes67/77 | €1,389 | - | €3,070 | €2,861 | - | - |
| Profit (loss) for the period9904 | €9,466 | -€22,533 | €32,139 | €7,515 | -€49,770 | - |
| Profit (loss) for the period to be appropriated9905 | €9,466 | -€22,533 | €32,139 | €7,515 | -€49,770 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €111,995 | €80,518 | €49,178 | €57,247 | €14,271 | ▼ 75.1% |
| Fixed assets21/28 | €77,011 | €51,725 | €4,999 | €2,149 | €842 | ▼ 60.8% |
| Tangible fixed assets22/27 | €77,011 | €51,725 | €4,999 | €2,149 | €842 | ▼ 60.8% |
| Plant, machinery and equipment23 | - | - | - | - | €815 | - |
| Furniture and vehicles24 | €13,841 | €8,562 | €4,999 | €2,149 | €27 | ▼ 98.7% |
| Leasing and similar rights25 | €63,170 | €43,163 | - | - | - | - |
| Current assets29/58 | €34,984 | €28,793 | €44,180 | €55,098 | €13,428 | ▼ 75.6% |
| Stocks and contracts in progress3 | €3,218 | €3,700 | €4,496 | €3,194 | €5,936 | ▲ 85.9% |
| Stocks30/36 | €3,218 | €3,700 | €4,496 | €3,194 | €5,936 | ▲ 85.9% |
| Amounts receivable within one year40/41 | €21,059 | €15,435 | €27,479 | €49,700 | €5,193 | ▼ 89.6% |
| Trade receivables40 | €9,190 | €2,299 | €8,921 | €3,384 | - | - |
| Other amounts receivable41 | €11,869 | €13,136 | €18,558 | €46,315 | €5,193 | ▼ 88.8% |
| Cash at bank and in hand54/58 | €10,707 | €9,657 | €12,205 | €2,205 | €2,300 | ▲ 4.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €111,995 | €80,518 | €49,178 | €57,247 | €14,271 | ▼ 75.1% |
| Equity10/15 | €24,466 | €1,932 | €34,071 | €41,586 | -€8,184 | - |
| Contributions10/11 | €15,000 | €15,000 | €15,000 | €15,000 | €15,000 | = |
| Contributions outside capital11 | - | - | - | €15,000 | - | - |
| Other1109/19 | - | - | - | €15,000 | - | - |
| Profit (loss) carried forward14 | €9,466 | -€13,068 | €19,071 | €26,586 | -€23,184 | - |
| Amounts payable17/49 | €87,529 | €78,585 | €15,107 | €15,661 | €22,454 | ▲ 43.4% |
| Amounts payable after more than one year17 | €45,005 | €32,696 | - | - | - | - |
| Financial debts170/4 | €45,005 | €32,696 | - | - | - | - |
| Amounts payable within one year42/48 | €42,524 | €45,890 | €15,107 | €15,661 | €22,454 | ▲ 43.4% |
| Current portion of amounts payable after more than one year42 | €11,652 | €12,310 | - | - | - | - |
| Financial debts43 | - | - | €912 | €7,729 | - | - |
| Credit institutions430/8 | - | - | €912 | €7,729 | - | - |
| Trade debts44 | €22,504 | €17,164 | €5,726 | €0 | €7,722 | - |
| Suppliers440/4 | €22,504 | €17,164 | €5,726 | €0 | €7,722 | - |
| Taxes, remuneration and social security45 | €8,104 | €16,416 | €8,470 | €7,931 | €3,441 | ▼ 56.6% |
| Taxes450/3 | €1,389 | €1,389 | €3,070 | €5,931 | €3,441 | ▼ 42.0% |
| Remuneration and social security454/9 | €6,715 | €15,027 | €5,399 | €2,000 | - | - |
| Other amounts payable47/48 | €264 | - | - | - | €11,291 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,466 | -€22,533 | €32,139 | €7,515 | -€49,770 | - |
| + Depreciation and write-downs630 | €4,187 | €23,570 | €3,563 | €2,850 | €2,214 | ▼ 22.3% |
| Operating cash flow (approximation) | €13,653 | €1,037 | €35,702 | €10,365 | -€47,556 | - |
| Investment in fixed assets (approximation) | - | €1,716 | €43,163 | €0 | -€907 | - |
| Change in cash | - | -€1,050 | €2,548 | -€10,000 | €95 | - |
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, 6,008 companies had the same profile as KAR has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of KAR itself: 6.3% 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 6,008 companies, not a prediction for KAR. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00211450 | |
| 31-12-2024 | abbreviated format | 21-01-2026 | 2026-00010894 | |
| 31-12-2023 | micro format | 18-09-2024 | 2024-00464654 | |
| 31-12-2022 | micro format | 25-07-2023 | 2023-00280384 | |
| 31-12-2021 | micro format | 31-05-2022 | 2022-20039278 |