Karbakeli
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 68 days after the deadline Filed on 7 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00550015.
Annual accounts 2025 filed on 07-10-2026 at the NBB all 10 filings
Turnover
≈ €480,000
Estimated: probably between €350,000 and €590,000
Total assets
€850,314▲ 2.6%
2024 · €828,700
Net result
€26,815▲ 64.0%
2024 · €16,352
Working capital
€792,939▲ 4.7%
2024 · €757,031
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€12,889
2025
20182025
Net result
€26,815
▲ 64.0%
2025
highest quarter of the sector
20182025
Equity
€803,019
▲ 3.5%
2025
highest quarter of the sector
20182025
Total assets
€850,314
▲ 2.6%
2025
highest quarter of the sector
20182025
Debt
€47,295
▼ 9.9%
2025
20182025
Working capital
€792,939
▲ 4.7%
2025
highest quarter of the sector
20182025
Solvency
94.4%
▲ 0.8pp
2025
highest quarter of the sector
20182025
Current ratio
17.77
▲ 2.35
2025
highest quarter of the sector
20182025
Return on assets (ROA)
3.2%
▲ 1.2pp
2025
middle half of the sector
20182025
Staff (FTE)
3.5
▲ 45.8%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€119,181-€165,450▲ 38.8%€294,268▲ 77.9%€210,553▼ 28.4%€79,723▼ 62.1%€27,970▼ 64.9%-€2,514€12,889
Net result€84,779-€112,412▲ 32.6%€234,619above the sector's middle half▲ 109%€163,328above the sector's middle half▼ 30.4%€71,082above the sector's middle half▼ 56.5%€32,294above the sector's middle half▼ 54.6%€16,352within the sector's middle half▼ 49.4%€26,815above the sector's middle half▲ 64.0%
Equity€146,116-€258,528▲ 76.9%€493,147above the sector's middle half▲ 90.8%€656,475above the sector's middle half▲ 33.1%€727,557above the sector's middle half▲ 10.8%€759,852above the sector's middle half▲ 4.4%€776,204above the sector's middle half▲ 2.2%€803,019above the sector's middle half▲ 3.5%
Total assets€192,088-€403,187▲ 110%€697,832above the sector's middle half▲ 73.1%€825,464above the sector's middle half▲ 18.3%€820,536above the sector's middle half▼ 0.6%€801,537above the sector's middle half▼ 2.3%€828,700above the sector's middle half▲ 3.4%€850,314above the sector's middle half▲ 2.6%
Debt€45,972-€144,659▲ 215%€204,685▲ 41.5%€168,989▼ 17.4%€92,979▼ 45.0%€41,685▼ 55.2%€52,497▲ 25.9%€47,295▼ 9.9%
Working capital€123,123-€244,046▲ 98.2%€448,015above the sector's middle half▲ 83.6%€579,786above the sector's middle half▲ 29.4%€662,151above the sector's middle half▲ 14.2%€714,996above the sector's middle half▲ 8.0%€757,031above the sector's middle half▲ 5.9%€792,939above the sector's middle half▲ 4.7%
Solvency76.1%-64.1%▼ 11.9pp70.7%above the sector's middle half▲ 6.5pp79.5%above the sector's middle half▲ 8.9pp88.7%above the sector's middle half▲ 9.1pp94.8%above the sector's middle half▲ 6.1pp93.7%above the sector's middle half▼ 1.1pp94.4%above the sector's middle half▲ 0.8pp
Current ratio3.68-2.69▼ 0.993.55above the sector's middle half▲ 0.864.66above the sector's middle half▲ 1.128.12above the sector's middle half▲ 3.4618.15above the sector's middle half▲ 10.0315.42above the sector's middle half▼ 2.7317.77above the sector's middle half▲ 2.35
Return on assets (ROA)44.1%-27.9%▼ 16.3pp33.6%above the sector's middle half▲ 5.7pp19.8%within the sector's middle half▼ 13.8pp8.7%within the sector's middle half▼ 11.1pp4.0%within the sector's middle half▼ 4.6pp2.0%within the sector's middle half▼ 2.1pp3.2%within the sector's middle half▲ 1.2pp
Staff (FTE)3.4-3.6▲ 5.9%2.3within the sector's middle half▼ 36.1%4.2▲ 82.6%3.7▼ 11.9%3.4▼ 8.1%2.4▼ 29.4%3.5▲ 45.8%
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 profit of €12,889, after a loss of €2,514 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 €850,314
Fixed assets
€10,080 ▼ 47.4%
Current assets
€840,235 ▲ 3.8%
Equity and liabilities €850,314
Equity
€803,019 ▲ 3.5%
Debt
€47,295 ▼ 9.9%
Debt's share of the balance-sheet total falls from 6.3% to 5.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€18,569▲
2024 · €5,610
Cash flow
€32,495▲
2024 · €24,476
Debt to equity
0.06▼
2024 · 0.07
ROE
3.3%▲
2024 · 2.1%
Interest coverage
29.34▲
2024 · 5.26
Debt ≤ 1 year
€47,295▼
2024 · €52,497
Income taxes
€12,569▲
2024 · €5,679
Staff costs
€134,717▲
2024 · €82,685
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 6 | 5 | 6 | 5 | 6 |
| full-time | 2 | 3 | 3 | 2 | 2 |
| part-time | 4 | 2 | 3 | 3 | 4 |
| in full-time equivalents | 3.8 | 3.5 | 3.7 | 2.8 | 3.1 |
| Average over the year, in full-time equivalents | 2.8 | 3.4 | 3.4 | 2 | 3.3 |
| On a permanent contract | 4 | 4 | 4 | 2 | 2 |
| Joined | 14 | 77 | 58 | 30 | 11 |
| Left | 14 | 78 | 57 | 31 | 10 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €31,407 | €806 | - | €605 | €1,521 |
| Depreciation and write-downs of the year | €17,943 | €22,748 | €20,551 | €8,124 | €5,680 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €620 | - | - | €2,066 | - |
| Remuneration, social security and pensions62 | - | - | - | €73,779 | €106,414 | €129,972 | €82,685 | €134,717 | ▲ 62.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,511 | €8,511 | €14,898 | €17,943 | €22,748 | €20,551 | €8,124 | €5,680 | ▼ 30.1% |
| Other operating charges640/8 | - | - | - | €5,113 | €7,016 | €4,891 | €6,115 | €1,528 | ▼ 75.0% |
| Gross operating margin9900 | €265,145 | €261,515 | €362,922 | €307,389 | €215,901 | €183,384 | €94,410 | €154,813 | ▲ 64.0% |
| Operating profit (loss)9901 | €119,181 | €165,450 | €294,268 | €210,553 | €79,723 | €27,970 | -€2,514 | €12,889 | - |
| Financial income75/76B | - | - | - | €14,232 | €18,073 | €21,641 | €25,611 | €27,128 | ▲ 5.9% |
| Recurring financial income75 | €6,721 | €18,859 | €18,330 | €14,232 | €18,073 | €21,641 | €25,611 | €26,666 | ▲ 4.1% |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €462 | - |
| Financial charges65/66B | - | - | - | €2,371 | €1,983 | €1,431 | €1,067 | €633 | ▼ 40.7% |
| Recurring financial charges65 | €2,128 | €1,600 | €2,626 | €2,371 | €1,983 | €1,431 | €1,067 | €633 | ▼ 40.7% |
| Profit (loss) for the period before taxes9903 | €123,775 | €182,709 | €309,972 | €222,415 | €95,814 | €48,180 | €22,031 | €39,384 | ▲ 78.8% |
| Income taxes67/77 | €38,996 | €70,297 | €75,353 | €59,086 | €24,732 | €15,885 | €5,679 | €12,569 | ▲ 121% |
| Profit (loss) for the period9904 | €84,779 | €112,412 | €234,619 | €163,328 | €71,082 | €32,294 | €16,352 | €26,815 | ▲ 64.0% |
| Profit (loss) for the period to be appropriated9905 | €84,779 | €112,412 | €234,619 | €163,328 | €71,082 | €32,294 | €16,352 | €26,815 | ▲ 64.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €192,088 | €403,187 | €697,832 | €825,464 | €820,536 | €801,537 | €828,700 | €850,314 | ▲ 2.6% |
| Fixed assets21/28 | €22,993 | €14,482 | €73,885 | €87,349 | €65,406 | €44,856 | €19,173 | €10,080 | ▼ 47.4% |
| Tangible fixed assets22/27 | €22,993 | €14,482 | €73,885 | €87,349 | €65,406 | €44,856 | €19,173 | €10,080 | ▼ 47.4% |
| Plant, machinery and equipment23 | - | - | - | €13,527 | €10,261 | €8,269 | €6,790 | €6,051 | ▼ 10.9% |
| Furniture and vehicles24 | - | - | - | €72,255 | €53,979 | €35,820 | €12,016 | €4,028 | ▼ 66.5% |
| Other tangible fixed assets26 | - | - | - | €1,567 | €1,167 | €767 | €367 | - | - |
| Current assets29/58 | €169,095 | €388,705 | €623,947 | €738,116 | €755,130 | €756,681 | €809,528 | €840,235 | ▲ 3.8% |
| Amounts receivable after more than one year29 | - | - | - | €525,000 | €525,000 | €525,000 | €525,000 | €525,000 | = |
| Other amounts receivable291 | - | - | - | €525,000 | €525,000 | €525,000 | €525,000 | €525,000 | = |
| Amounts receivable within one year40/41 | €155,754 | €98,388 | €26,501 | €40,387 | €137,884 | €197,413 | €233,365 | €294,091 | ▲ 26.0% |
| Trade receivables40 | - | - | - | €561 | €561 | €561 | €561 | €9,031 | ▲ 16× |
| Other amounts receivable41 | - | - | - | €39,826 | €137,323 | €196,852 | €232,804 | €285,059 | ▲ 22.4% |
| Cash at bank and in hand54/58 | €13,341 | €40,316 | €172,446 | €172,729 | €92,246 | €34,268 | €51,162 | €21,144 | ▼ 58.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €192,088 | €403,187 | €697,832 | €825,464 | €820,536 | €801,537 | €828,700 | €850,314 | ▲ 2.6% |
| Equity10/15 | €146,116 | €258,528 | €493,147 | €656,475 | €727,557 | €759,852 | €776,204 | €803,019 | ▲ 3.5% |
| Contributions10/11 | €9,300 | €9,300 | - | €9,300 | €9,300 | €9,300 | €9,300 | €9,300 | = |
| Reserves13 | €1,860 | €113,860 | €113,860 | €113,860 | €113,860 | €146,154 | €146,154 | €172,970 | ▲ 18.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €112,000 | €112,000 | €144,294 | €144,294 | €171,110 | ▲ 18.6% |
| Profit (loss) carried forward14 | €134,956 | €135,368 | €369,987 | €533,315 | €604,397 | €604,397 | €620,749 | €620,749 | = |
| Amounts payable17/49 | €45,972 | €144,659 | €204,685 | €168,989 | €92,979 | €41,685 | €52,497 | €47,295 | ▼ 9.9% |
| Amounts payable after more than one year17 | - | - | €28,753 | €10,660 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €10,660 | - | - | - | - | - |
| Amounts payable within one year42/48 | €45,972 | €144,659 | €175,932 | €158,330 | €92,979 | €41,685 | €52,497 | €47,295 | ▼ 9.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €29,820 | €22,377 | €11,825 | - | - | - |
| Trade debts44 | €15,656 | €61,612 | €81,955 | €75,643 | €54,106 | €20,145 | €15,900 | €18,648 | ▲ 17.3% |
| Suppliers440/4 | - | - | - | €75,643 | €54,106 | €20,145 | €15,900 | €18,648 | ▲ 17.3% |
| Taxes, remuneration and social security45 | - | - | - | €52,866 | €16,496 | €9,715 | €16,448 | €28,323 | ▲ 72.2% |
| Taxes450/3 | - | - | - | €39,506 | €4,802 | - | €8,594 | €13,874 | ▲ 61.4% |
| Remuneration and social security454/9 | - | - | - | €13,360 | €11,694 | €9,715 | €7,854 | €14,450 | ▲ 84.0% |
| Other amounts payable47/48 | - | - | - | - | - | - | €20,148 | €324 | ▼ 98.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €84,779 | €112,412 | €234,619 | €163,328 | €71,082 | €32,294 | €16,352 | €26,815 | ▲ 64.0% |
| + Depreciation and write-downs630 | €8,511 | €8,511 | €14,898 | €17,943 | €22,748 | €20,551 | €8,124 | €5,680 | ▼ 30.1% |
| Operating cash flow (approximation) | €93,290 | €120,923 | €249,517 | €181,272 | €93,830 | €52,845 | €24,476 | €32,495 | ▲ 32.8% |
| Investment in fixed assets (approximation) | - | €0 | -€74,301 | -€31,407 | -€806 | €0 | €17,559 | €3,413 | ▼ 80.6% |
| Change in cash | - | €26,976 | €132,130 | €282 | -€80,483 | -€57,977 | €16,894 | -€30,018 | - |
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, 10,904 companies had the same profile as Karbakeli has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Karbakeli itself: 0.7% 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 10,904 companies, not a prediction for Karbakeli. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-10-2026 | 2026-00550015 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00333016 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00388275 | |
| 31-12-2022 | micro format | 03-07-2023 | 2023-00193922 | |
| 31-12-2021 | micro format | 23-08-2022 | 2022-20314228 | |
| 31-12-2020 | micro format | 30-09-2021 | 2021-70200246 | |
| 31-12-2019 | micro format | 29-09-2020 | 2020-57000289 | |
| 31-12-2018 | abbreviated format | 12-08-2019 | 2019-47000404 | |
| 31-12-2017 | abbreviated format | 28-06-2018 | 2018-25800440 | |
| 31-12-2016 | abbreviated format | 19-07-2017 | 2017-34800041 |