Keraf
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 14-07-2026 at the NBB all 46 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €2.3m
Estimated: probably between €1.6m and €3.2m
EBIT margin
Not included in this filing
Net result
€66,877▼ 66.5%
2024 · €199,557
Working capital
€1.7m▲ 5.0%
2024 · €1.6m
In the rankings
#7 oldest company in Kontich, Wholesale and retail trade sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€92,703
▼ 64.1%
2025
20182025
Net result
€66,877
▼ 66.5%
2025
middle half of the sector
20182025
Equity
€1.8m
▲ 3.9%
2025
middle half of the sector
20182025
Total assets
€1.9m
▼ 15.9%
2025
middle half of the sector
20182025
Debt
€137,357
▼ 75.8%
2025
20182025
Working capital
€1.7m
▲ 5.0%
2025
middle half of the sector
20182025
Solvency
92.9%
▲ 17.6pp
2025
highest quarter of the sector
20182025
Current ratio
13.54
▲ 9.64
2025
highest quarter of the sector
20182025
Return on assets (ROA)
3.5%
▼ 5.2pp
2025
middle half of the sector
20182025
Staff (FTE)
5
▲ 16.3%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.2m-€0.1m▼ 14.4%€0.08m▼ 40.4%€0.3m▲ 287%€0.5m▲ 70.4%€0.4m▼ 32.4%€0.3m▼ 26.6%€0.09m▼ 64.1%
Net result€0.1m-€0.08m▼ 20.4%€0.05mwithin the sector's middle half▼ 43.7%€0.2mabove the sector's middle half▲ 362%€0.4mabove the sector's middle half▲ 74.7%€0.3mabove the sector's middle half▼ 31.1%€0.2mabove the sector's middle half▼ 24.7%€0.07mwithin the sector's middle half▼ 66.5%
Equity€0.5m-€0.6m▲ 16.2%€0.7mwithin the sector's middle half▲ 7.8%€0.9mwithin the sector's middle half▲ 33.6%€1.3mabove the sector's middle half▲ 44.0%€1.5mabove the sector's middle half▲ 21.0%€1.7mabove the sector's middle half▲ 13.1%€1.8mwithin the sector's middle half▲ 3.9%
Total assets€1.6m-€1.5m▼ 5.1%€1.2mwithin the sector's middle half▼ 19.8%€1.4mwithin the sector's middle half▲ 20.1%€2.2mwithin the sector's middle half▲ 53.0%€2.2mwithin the sector's middle half▲ 2.4%€2.3mwithin the sector's middle half▲ 2.7%€1.9mwithin the sector's middle half▼ 15.9%
Debt€1.0m-€0.9m▼ 15.9%€0.5m▼ 39.1%€0.5m▲ 3.4%€0.9m▲ 67.4%€0.7m▼ 23.2%€0.6m▼ 19.6%€0.1m▼ 75.8%
Working capital€0.5m-€0.6m▲ 4.3%€0.6mwithin the sector's middle half▲ 5.9%€0.8mwithin the sector's middle half▲ 32.3%€1.2mabove the sector's middle half▲ 49.3%€1.4mabove the sector's middle half▲ 19.8%€1.6mabove the sector's middle half▲ 14.5%€1.7mwithin the sector's middle half▲ 5.0%
Solvency33.5%-41.1%▲ 7.5pp55.2%within the sector's middle half▲ 14.2pp61.4%within the sector's middle half▲ 6.2pp57.8%within the sector's middle half▼ 3.6pp68.4%above the sector's middle half▲ 10.5pp75.2%above the sector's middle half▲ 6.9pp92.9%above the sector's middle half▲ 17.6pp
Current ratio1.60-1.71▲ 0.112.18within the sector's middle half▲ 0.472.46within the sector's middle half▲ 0.282.30within the sector's middle half▼ 0.163.04within the sector's middle half▲ 0.743.89above the sector's middle half▲ 0.8513.54above the sector's middle half▲ 9.64
Return on assets (ROA)6.8%-5.7%▼ 1.1pp4.0%within the sector's middle half▼ 1.7pp15.5%above the sector's middle half▲ 11.4pp17.7%above the sector's middle half▲ 2.2pp11.9%above the sector's middle half▼ 5.8pp8.7%within the sector's middle half▼ 3.2pp3.5%within the sector's middle half▼ 5.2pp
Staff (FTE)5.8-6.1▲ 5.2%6within the sector's middle half▼ 1.6%5.7within the sector's middle half▼ 5.0%4.6within the sector's middle half▼ 19.3%4.3within the sector's middle half▼ 6.5%4.3within the sector's middle half=5within the sector's middle half▲ 16.3%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 64% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
Large changes and their cause
- 2025 Net result -66% on 2024. The accounts now follow the full format, last year the abbreviated format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.9m
Fixed assets
€69,627 ▼ 19.5%
Current assets
€1.9m ▼ 15.7%
Equity and liabilities €1.9m
Equity
€1.8m ▲ 3.9%
Debt
€137,357 ▼ 75.8%
Debt's share of the balance-sheet total falls from 24.8% to 7.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€109,522▼
2024 · €274,081
Cash flow
€83,696▼
2024 · €215,558
Quick ratio
2.85▲
2024 · 0.94
Debt to equity
0.08▼
2024 · 0.33
ROE
3.7%▼
2024 · 11.6%
Interest coverage
11.44▼
2024 · over 100
Debt ≤ 1 year
€137,357▼
2024 · €566,465
Income taxes
€26,500▼
2024 · €68,330
Staff costs
€342,900▲
2024 · €285,725
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 | 5 | 5 | 4 | 5 | 5 |
| full-time | 5 | 5 | 4 | 5 | 5 |
| part-time | 0 | 0 | 0 | 0 | 0 |
| in full-time equivalents | 5 | 5 | 4 | 5 | 5 |
| Average over the year, in full-time equivalents | 5.7 | 4.6 | 4.3 | 4.3 | 5 |
| On a permanent contract | 5 | 4 | 4 | 5 | 5 |
| Joined | 0 | 1 | 0 | 1 | - |
| Left | 1 | 1 | 1 | 0 | - |
| Training hours | - | - | - | 0 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €1,355 | - | - | - | - |
| Carrying value of the other pledged assets | €6,775 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €26,660 | €19,047 | €55,048 | €4,846 | - |
| Financial fixed assets | €31,605 | - | - | - | €0 |
| Depreciation and write-downs of the year | €29,418 | €28,804 | €22,144 | €16,001 | €16,819 |
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 | - | - | - | - | - | €14,132 | €1,240 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €317,145 | €277,304 | €289,505 | €285,725 | €342,900 | ▲ 20.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,111 | €34,122 | €33,800 | €29,418 | €28,804 | €22,144 | €16,001 | €16,819 | ▲ 5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0 | -€120,100 | -€113,708 | €0 | - | - |
| Other operating charges640/8 | - | - | - | €5,143 | €3,134 | €9,766 | €3,412 | €3,100 | ▼ 9.2% |
| Gross operating margin9900 | €592,288 | €596,591 | €373,312 | €657,053 | €709,390 | €559,551 | €563,218 | €455,522 | ▼ 19.1% |
| Operating profit (loss)9901 | €154,765 | €132,484 | €78,983 | €305,346 | €520,248 | €351,844 | €258,080 | €92,703 | ▼ 64.1% |
| Financial income75/76B | - | - | - | €13,669 | €14,638 | €19,335 | €10,227 | €10,251 | ▲ 0.2% |
| Recurring financial income75 | €15,548 | €12,553 | €9,049 | €13,669 | €14,638 | €19,335 | €10,227 | €10,251 | ▲ 0.2% |
| Financial charges65/66B | - | - | - | €15,265 | €11,905 | €12,427 | €420 | €9,577 | ▲ 23× |
| Recurring financial charges65 | €10,916 | €15,786 | €17,131 | €15,265 | €11,905 | €12,427 | €420 | €9,577 | ▲ 23× |
| Profit (loss) for the period before taxes9903 | €159,397 | €129,250 | €70,901 | €303,749 | €522,982 | €358,751 | €267,887 | €93,377 | ▼ 65.1% |
| Income taxes67/77 | €53,000 | €44,611 | €23,259 | €83,551 | €138,203 | €93,802 | €68,330 | €26,500 | ▼ 61.2% |
| Profit (loss) for the period9904 | €106,397 | €84,639 | €47,643 | €220,198 | €384,779 | €264,949 | €199,557 | €66,877 | ▼ 66.5% |
| Profit (loss) for the period to be appropriated9905 | €106,397 | €84,639 | €47,643 | €220,198 | €384,779 | €264,949 | €199,557 | €66,877 | ▼ 66.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.6m | €1.5m | €1.2m | €1.4m | €2.2m | €2.2m | €2.3m | €1.9m | ▼ 15.9% |
| Formation expenses20 | €0 | €0 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €0.1m | €0.1m | €0.07m | €0.07m | €0.06m | €0.1m | €0.09m | €0.07m | ▼ 19.5% |
| Intangible fixed assets21 | €0 | €0 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.09m | €0.1m | €0.06m | €0.04m | €0.03m | €0.06m | €0.05m | €0.04m | ▼ 32.0% |
| Plant, machinery and equipment23 | - | - | - | €0.02m | €0.03m | €0.02m | €0.01m | €0.006m | ▼ 44.5% |
| Furniture and vehicles24 | - | - | - | €0.004m | €0.001m | €0.03m | €0.03m | €0.02m | ▼ 30.5% |
| Leasing and similar rights25 | - | - | - | €0.007m | €0 | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €0.008m | €0.001m | €0.01m | €0.02m | €0.01m | ▼ 25.7% |
| Financial fixed assets28 | €0.007m | €0.007m | €0.002m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Current assets29/58 | €1.5m | €1.4m | €1.1m | €1.4m | €2.1m | €2.1m | €2.2m | €1.9m | ▼ 15.7% |
| Stocks and contracts in progress3 | €0.7m | €0.7m | €0.6m | €0.8m | €1.2m | €1.6m | €1.7m | €1.5m | ▼ 12.1% |
| Stocks30/36 | - | - | - | €0.8m | €1.2m | €1.6m | €1.7m | €1.5m | ▼ 12.1% |
| Amounts receivable within one year40/41 | €0.6m | €0.6m | €0.4m | €0.4m | €0.8m | €0.4m | €0.4m | €0.3m | ▼ 21.6% |
| Trade receivables40 | - | - | - | €0.4m | €0.8m | €0.4m | €0.4m | €0.3m | ▼ 25.8% |
| Other amounts receivable41 | - | - | - | €0 | - | €0.001m | €0.01m | €0.02m | ▲ 125% |
| Current investments50/53 | €0 | €0 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.1m | €0.07m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.09m | ▼ 40.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €349 | €0.005m | €0.003m | ▼ 30.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.6m | €1.5m | €1.2m | €1.4m | €2.2m | €2.2m | €2.3m | €1.9m | ▼ 15.9% |
| Equity10/15 | €0.5m | €0.6m | €0.7m | €0.9m | €1.3m | €1.5m | €1.7m | €1.8m | ▲ 3.9% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Profit (loss) carried forward14 | €0.5m | €0.5m | €0.6m | €0.8m | €1.2m | €1.5m | €1.7m | €1.7m | ▲ 4.0% |
| Amounts payable17/49 | €1.0m | €0.9m | €0.5m | €0.5m | €0.9m | €0.7m | €0.6m | €0.1m | ▼ 75.8% |
| Amounts payable after more than one year17 | €0.1m | €0.07m | €0.01m | €0 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.9m | €0.8m | €0.5m | €0.5m | €0.9m | €0.7m | €0.6m | €0.1m | ▼ 75.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.001m | €0 | - | - | - | - |
| Trade debts44 | €0.8m | €0.7m | €0.4m | €0.4m | €0.7m | €0.6m | €0.5m | €0.08m | ▼ 84.5% |
| Suppliers440/4 | - | - | - | €0.4m | €0.7m | €0.6m | €0.5m | €0.08m | ▼ 84.5% |
| Advances received on contracts in progress46 | - | - | - | €4 | €4 | €4 | €4 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.2m | €0.07m | €0.07m | €0.06m | ▼ 11.5% |
| Taxes450/3 | - | - | - | €0.09m | €0.2m | €0.05m | €0.04m | €0.03m | ▼ 27.8% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.02m | €0.03m | €0.03m | €0.03m | ▲ 14.2% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | €0.005m | €0.001m | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €106,397 | €84,639 | €47,643 | €220,198 | €384,779 | €264,949 | €199,557 | €66,877 | ▼ 66.5% |
| + Depreciation and write-downs630 | €23,111 | €34,122 | €33,800 | €29,418 | €28,804 | €22,144 | €16,001 | €16,819 | ▲ 5.1% |
| Operating cash flow (approximation) | €129,508 | €118,761 | €81,442 | €249,616 | €413,582 | €287,093 | €215,558 | €83,696 | ▼ 61.2% |
| Investment in fixed assets (approximation) | - | -€40,423 | €4,591 | -€36,718 | -€19,047 | -€55,048 | -€4,846 | €0 | - |
| Change in cash | - | -€82,086 | €30,983 | €2,851 | €5,343 | €15,913 | €29,844 | -€60,217 | - |
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 Keraf has now. Two years later, 94.3% 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
94.3%
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 Keraf itself: 0.1% 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 Keraf. 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 46 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 14-07-2026 | 2026-00313198 | |
| 31-12-2024 | abbreviated format | 26-05-2025 | 2025-00113839 | |
| 31-12-2023 | abbreviated format | 02-07-2024 | 2024-00222746 | |
| 31-12-2022 | abbreviated format | 06-07-2023 | 2023-00220278 | |
| 31-12-2021 | abbreviated format | 28-07-2022 | 2022-20246648 | |
| 31-12-2020 | abbreviated format | 29-06-2021 | 2021-29600305 | |
| 31-12-2019 | abbreviated format | 27-07-2020 | 2020-34800308 | |
| 31-12-2018 | abbreviated format | 24-06-2019 | 2019-22500239 | |
| 31-12-2017 | abbreviated format | 21-06-2018 | 2018-21400078 | |
| 31-12-2016 | abbreviated format | 30-06-2017 | 2017-25200440 |