KASPER
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 37 days after the deadline Filed on 6 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00504012.
Annual accounts 2025 filed on 06-09-2026 at the NBB all 9 filings
Turnover
≈ €180,000
Estimated: probably between €150,000 and €240,000
Total assets
€19,615▼ 28.7%
2024 · €27,495
Net result
€52,146▲ 96.9%
2024 · €26,479
Working capital
-€1,554▲ 97.2%
2024 · -€54,960
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€54,912
▲ 94.5%
2025
20182025
Net result
€52,146
▲ 96.9%
2025
highest quarter of the sector
20182025
Equity
€247
2025
middle half of the sector
20182025
Total assets
€19,615
▼ 28.7%
2025
lowest quarter of the sector
20182025
Debt
€19,368
▼ 75.6%
2025
20182025
Working capital
-€1,554
▲ 97.2%
2025
middle half of the sector
20182025
Solvency
1.3%
▲ 190.0pp
2025
middle half of the sector
20182025
Current ratio
0.92
▲ 0.61
2025
middle half of the sector
20182025
Return on assets (ROA)
265.8%
▲ 169.5pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€30,752--€9,131▲ 70.3%-€6,853▲ 24.9%-€30,425▼ 344%-€852▲ 97.2%€7,382€28,236▲ 283%€54,912▲ 94.5%
Net result-€30,800--€9,131▲ 70.4%-€6,998within the sector's middle half▲ 23.4%-€30,566below the sector's middle half▼ 337%-€4,377within the sector's middle half▲ 85.7%€5,854within the sector's middle half€26,479above the sector's middle half▲ 352%€52,146above the sector's middle half▲ 96.9%
Equity-€33,160--€42,291▼ 27.5%-€49,289below the sector's middle half▼ 16.5%-€79,855below the sector's middle half▼ 62.0%-€84,232below the sector's middle half▼ 5.5%-€78,378below the sector's middle half▲ 7.0%-€51,899below the sector's middle half▲ 33.8%€247within the sector's middle half
Total assets€10,368-€9,544▼ 7.9%€7,257below the sector's middle half▼ 24.0%€15,749below the sector's middle half▲ 117%€15,514below the sector's middle half▼ 1.5%€15,004below the sector's middle half▼ 3.3%€27,495below the sector's middle half▲ 83.2%€19,615below the sector's middle half▼ 28.7%
Debt€43,528-€51,835▲ 19.1%€56,547▲ 9.1%€95,604▲ 69.1%€99,746▲ 4.3%€93,382▼ 6.4%€79,393▼ 15.0%€19,368▼ 75.6%
Working capital-€33,160--€42,291▼ 27.5%-€49,289below the sector's middle half▼ 16.5%-€82,125below the sector's middle half▼ 66.6%-€86,132below the sector's middle half▼ 4.9%-€82,698below the sector's middle half▲ 4.0%-€54,960below the sector's middle half▲ 33.5%-€1,554within the sector's middle half▲ 97.2%
Solvency-319.8%--443.1%▼ 123.3pp-679.2%below the sector's middle half▼ 236.1pp-507.0%below the sector's middle half▲ 172.1pp-542.9%below the sector's middle half▼ 35.9pp-522.4%below the sector's middle half▲ 20.6pp-188.8%below the sector's middle half▲ 333.6pp1.3%within the sector's middle half▲ 190.0pp
Current ratio0.24-0.18▼ 0.050.13below the sector's middle half▼ 0.060.14below the sector's middle half▲ 0.010.11below the sector's middle half▼ 0.030.11below the sector's middle half=0.31below the sector's middle half▲ 0.190.92within the sector's middle half▲ 0.61
Return on assets (ROA)-297.1%--95.7%▲ 201.4pp-96.4%below the sector's middle half▼ 0.8pp-194.1%below the sector's middle half▼ 97.6pp-28.2%below the sector's middle half▲ 165.9pp39.0%above the sector's middle half▲ 67.2pp96.3%above the sector's middle half▲ 57.3pp265.8%above the sector's middle half▲ 169.5pp
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 94% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
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 €19,615
Fixed assets
€1,801 ▼ 41.2%
Current assets
€17,814 ▼ 27.1%
Equity and liabilities €19,615
Equity
€247
Debt
€19,368
Debt's share of the balance-sheet total is 98.7%.
Key figures and ratios
EBITDA
€56,172▲
2024 · €29,496
Cash flow
€53,406▲
2024 · €27,739
Interest coverage
20.12▲
2024 · 16.79
Debt ≤ 1 year
€19,368▼
2024 · €79,393
The equity ratios are withheld because equity of €247 is too small for a meaningful ratio.
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 | €2,400 | €2,900 | €999 | - | - |
| Depreciation and write-downs of the year | €130 | €769 | €1,079 | €1,260 | €1,260 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €130 | €769 | €1,079 | €1,260 | €1,260 | = |
| Other operating charges640/8 | - | - | - | - | - | - | €370 | €258 | ▼ 30.2% |
| Gross operating margin9900 | -€30,682 | -€9,131 | -€6,853 | -€30,295 | -€83 | €8,460 | €29,866 | €56,430 | ▲ 88.9% |
| Operating profit (loss)9901 | -€30,752 | -€9,131 | -€6,853 | -€30,425 | -€852 | €7,382 | €28,236 | €54,912 | ▲ 94.5% |
| Financial income75/76B | - | - | - | - | - | €0 | - | €25 | - |
| Recurring financial income75 | - | - | - | - | - | €0 | - | €25 | - |
| Financial charges65/66B | - | - | - | €141 | €3,524 | €1,527 | €1,757 | €2,791 | ▲ 58.9% |
| Recurring financial charges65 | €48 | - | €145 | €141 | €3,524 | €1,527 | €1,757 | €2,791 | ▲ 58.9% |
| Profit (loss) for the period before taxes9903 | -€30,800 | -€9,131 | -€6,998 | -€30,566 | -€4,377 | €5,854 | €26,479 | €52,146 | ▲ 96.9% |
| Profit (loss) for the period9904 | -€30,800 | -€9,131 | -€6,998 | -€30,566 | -€4,377 | €5,854 | €26,479 | €52,146 | ▲ 96.9% |
| Profit (loss) for the period to be appropriated9905 | -€30,800 | -€9,131 | -€6,998 | -€30,566 | -€4,377 | €5,854 | €26,479 | €52,146 | ▲ 96.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €10,368 | €9,544 | €7,257 | €15,749 | €15,514 | €15,004 | €27,495 | €19,615 | ▼ 28.7% |
| Fixed assets21/28 | - | - | - | €2,270 | €4,400 | €4,321 | €3,061 | €1,801 | ▼ 41.2% |
| Tangible fixed assets22/27 | - | - | - | €2,270 | €4,400 | €4,321 | €3,061 | €1,801 | ▼ 41.2% |
| Furniture and vehicles24 | - | - | - | €2,270 | €4,400 | €4,321 | €3,061 | €1,801 | ▼ 41.2% |
| Current assets29/58 | €10,368 | €9,544 | €7,257 | €13,479 | €11,114 | €10,683 | €24,434 | €17,814 | ▼ 27.1% |
| Stocks and contracts in progress3 | - | - | - | - | - | €3,426 | €3,426 | - | - |
| Stocks30/36 | - | - | - | - | - | €3,426 | €3,426 | - | - |
| Amounts receivable within one year40/41 | €160 | €772 | €287 | €12,383 | €826 | €180 | €14,939 | €12,265 | ▼ 17.9% |
| Trade receivables40 | - | - | - | €11,656 | €826 | - | €14,939 | €12,265 | ▼ 17.9% |
| Other amounts receivable41 | - | - | - | €727 | - | €180 | - | - | - |
| Cash at bank and in hand54/58 | €10,208 | €8,772 | €6,970 | €1,096 | €10,288 | €7,078 | €6,069 | €5,549 | ▼ 8.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €10,368 | €9,544 | €7,257 | €15,749 | €15,514 | €15,004 | €27,495 | €19,615 | ▼ 28.7% |
| Equity10/15 | -€33,160 | -€42,291 | -€49,289 | -€79,855 | -€84,232 | -€78,378 | -€51,899 | €247 | - |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Contributions outside capital11 | - | - | - | €6,200 | - | - | - | - | - |
| Other1109/19 | - | - | - | €6,200 | - | - | - | - | - |
| Profit (loss) carried forward14 | -€39,360 | -€48,491 | -€55,489 | -€86,055 | -€90,432 | -€84,578 | -€58,099 | -€5,953 | ▲ 89.8% |
| Amounts payable17/49 | €43,528 | €51,835 | €56,547 | €95,604 | €99,746 | €93,382 | €79,393 | €19,368 | ▼ 75.6% |
| Amounts payable within one year42/48 | €43,528 | €51,835 | €56,547 | €95,604 | €97,246 | €93,382 | €79,393 | €19,368 | ▼ 75.6% |
| Financial debts43 | - | - | - | €1,500 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €1,500 | - | - | - | - | - |
| Trade debts44 | €26,106 | €23,450 | €745 | - | €4,323 | €51,459 | €16,378 | €10,805 | ▼ 34.0% |
| Suppliers440/4 | - | - | - | - | €4,323 | €51,459 | €16,378 | €10,805 | ▼ 34.0% |
| Taxes, remuneration and social security45 | - | - | - | €9,132 | €604 | €289 | €5,044 | €4,284 | ▼ 15.1% |
| Taxes450/3 | - | - | - | €474 | €604 | €289 | €5,044 | €4,284 | ▼ 15.1% |
| Remuneration and social security454/9 | - | - | - | €8,658 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €84,972 | €92,319 | €41,633 | €57,972 | €4,279 | ▼ 92.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | €2,500 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€30,800 | -€9,131 | -€6,998 | -€30,566 | -€4,377 | €5,854 | €26,479 | €52,146 | ▲ 96.9% |
| + Depreciation and write-downs630 | - | - | - | €130 | €769 | €1,079 | €1,260 | €1,260 | = |
| Operating cash flow (approximation) | -€30,800 | -€9,131 | -€6,998 | -€30,435 | -€3,608 | €6,933 | €27,739 | €53,406 | ▲ 92.5% |
| Investment in fixed assets (approximation) | - | - | - | - | -€2,900 | -€999 | €0 | €0 | - |
| Change in cash | - | -€1,436 | -€1,802 | -€5,874 | €9,192 | -€3,210 | -€1,009 | -€520 | ▲ 48.5% |
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, 2,153 companies had the same profile as KASPER has now. Two years later, 96.1% were still going and 1.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.1%
was still going
2.2%
stopped otherwise
1.7%
went bankrupt
That fits the bankruptcy probability of KASPER itself: 2.0% 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 2,153 companies, not a prediction for KASPER. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 06-09-2026 | 2026-00504012 | |
| 31-12-2024 | micro format | 26-09-2025 | 2025-00524320 | |
| 31-12-2023 | micro format | 25-10-2024 | 2024-00514564 | |
| 31-12-2022 | micro format | 15-07-2023 | 2023-00242885 | |
| 31-12-2021 | micro format | 23-08-2022 | 2022-20327859 | |
| 31-12-2020 | micro format | 07-07-2021 | 2021-32100493 | |
| 31-12-2019 | micro format | 01-07-2020 | 2020-24800477 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-61300255 | |
| 31-12-2017 | micro format | 24-07-2018 | 2018-37200006 |