KIRMAN
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 26 filings
Turnover
≈ €1.2m
Estimated: probably between €950,000 and €2.0m
EBIT margin
Not included in this filing
Net result
€26,334▲ 28.3%
2024 · €20,526
Working capital
-€124,610▼ 78.9%
2024 · -€69,640
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€1,277
2025
20182025
Net result
€26,334
▲ 28.3%
2025
middle half of the sector
20182025
Equity
€207,115
▼ 3.9%
2025
middle half of the sector
20182025
Total assets
€607,857
▼ 10.5%
2025
middle half of the sector
20182025
Debt
€400,742
▼ 10.2%
2025
20182025
Working capital
-€124,610
▼ 78.9%
2025
lowest quarter of the sector
20182025
Solvency
34.1%
▲ 2.4pp
2025
middle half of the sector
20182025
Current ratio
0.53
▼ 0.19
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
4.3%
▲ 1.3pp
2025
middle half of the sector
20182025
Staff (FTE)
6.5
=
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€49,332-€18,792▼ 61.9%€99,335▲ 429%€50,300▼ 49.4%€35,487▼ 29.4%-€3,927€34,820-€1,277
Net result€24,824--€2,823€68,188above the sector's middle half€31,179above the sector's middle half▼ 54.3%€12,517within the sector's middle half▼ 59.9%-€16,919below the sector's middle half€20,526within the sector's middle half€26,334within the sector's middle half▲ 28.3%
Equity€156,775-€151,633▼ 3.3%€177,501above the sector's middle half▲ 17.1%€205,366above the sector's middle half▲ 15.7%€216,556within the sector's middle half▲ 5.4%€197,317within the sector's middle half▼ 8.9%€215,523within the sector's middle half▲ 9.2%€207,115within the sector's middle half▼ 3.9%
Total assets€732,864-€708,995▼ 3.3%€784,501above the sector's middle half▲ 10.6%€837,670above the sector's middle half▲ 6.8%€864,257within the sector's middle half▲ 3.2%€758,391within the sector's middle half▼ 12.2%€679,452within the sector's middle half▼ 10.4%€607,857within the sector's middle half▼ 10.5%
Debt€551,005-€533,474▼ 3.2%€584,307▲ 9.5%€609,813▲ 4.4%€627,397▲ 2.9%€541,966▼ 13.6%€446,017▼ 17.7%€400,742▼ 10.2%
Working capital-€25,266--€43,604▼ 72.6%-€331within the sector's middle half▲ 99.2%-€13,940below the sector's middle half▼ 4,115%-€28,397below the sector's middle half▼ 104%-€71,685below the sector's middle half▼ 152%-€69,640below the sector's middle half▲ 2.9%-€124,610below the sector's middle half▼ 78.9%
Solvency21.4%-21.4%=22.6%within the sector's middle half▲ 1.2pp24.5%within the sector's middle half▲ 1.9pp25.1%within the sector's middle half▲ 0.5pp26.0%within the sector's middle half▲ 1.0pp31.7%within the sector's middle half▲ 5.7pp34.1%within the sector's middle half▲ 2.4pp
Current ratio0.87-0.80▼ 0.081.00within the sector's middle half▲ 0.200.94within the sector's middle half▼ 0.060.91below the sector's middle half▼ 0.030.75below the sector's middle half▼ 0.160.72below the sector's middle half▼ 0.030.53below the sector's middle half▼ 0.19
Return on assets (ROA)3.4%--0.4%▼ 3.8pp8.7%within the sector's middle half▲ 9.1pp3.7%within the sector's middle half▼ 5.0pp1.4%within the sector's middle half▼ 2.3pp-2.2%below the sector's middle half▼ 3.7pp3.0%within the sector's middle half▲ 5.3pp4.3%within the sector's middle half▲ 1.3pp
Staff (FTE)4.8-4.4▼ 8.3%6.26.4within the sector's middle half▲ 3.2%6.5within the sector's middle half▲ 1.6%6.5within the sector's middle half=6.5within the sector's middle half=
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 €1,277, after a profit of €34,820 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €607,857
Fixed assets
€469,525 ▼ 6.1%
Current assets
€138,332 ▼ 22.8%
Equity and liabilities €607,857
Equity
€207,115 ▼ 3.9%
Provisions
€0 ▼ 100%
Debt
€400,742 ▼ 10.2%
Debt's share of the balance-sheet total rises from 65.6% to 65.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€33,385▼
2024 · €73,894
Cash flow
€60,996▲
2024 · €59,599
Quick ratio
0.20▼
2024 · 0.30
Debt to equity
1.93▼
2024 · 2.07
ROE
12.7%▲
2024 · 9.5%
Interest coverage
2.36▼
2024 · 5.85
Debt ≤ 1 year
€262,942▲
2024 · €248,846
Debt > 1 year
€137,801▼
2024 · €197,171
Income taxes
€10,957▲
2024 · €5,292
Staff costs
€286,318▲
2024 · €266,854
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 |
|---|---|---|---|
| Employees at the balance-sheet date | 6 | 6 | 6 |
| full-time | 4 | 3 | 3 |
| part-time | 2 | 3 | 3 |
| in full-time equivalents | 5.3 | 4.8 | 4.8 |
| Average over the year, in full-time equivalents | 6.2 | 6.4 | 6.5 |
| On a permanent contract | 5 | 4 | 4 |
| Joined | 10 | 11 | 14 |
| Left | 11 | 11 | 14 |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €126,263 | €6,950 | €2,130 | €3,738 | €4,788 |
| Financial fixed assets | - | - | €598 | - | - |
| Depreciation and write-downs of the year | €31,831 | €42,995 | €41,259 | €39,074 | €34,662 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €253,529 | €267,009 | €280,382 | €266,854 | €286,318 | ▲ 7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,508 | €21,508 | €21,686 | €31,831 | €42,995 | €41,259 | €39,074 | €34,662 | ▼ 11.3% |
| Other operating charges640/8 | - | - | - | €12,535 | €11,881 | €14,430 | €14,629 | €14,988 | ▲ 2.5% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €53 | - | - |
| Gross operating margin9900 | €233,982 | €223,290 | €348,785 | €348,195 | €357,372 | €332,143 | €355,429 | €334,691 | ▼ 5.8% |
| Operating profit (loss)9901 | €49,332 | €18,792 | €99,335 | €50,300 | €35,487 | -€3,927 | €34,820 | -€1,277 | - |
| Financial income75/76B | - | - | - | €2,338 | €2,760 | €2,374 | €2,437 | €34,775 | ▲ 14× |
| Recurring financial income75 | €2,558 | €2,320 | €2,320 | €2,338 | €2,760 | €2,374 | €2,437 | €34,775 | ▲ 14× |
| Financial charges65/66B | - | - | - | €17,097 | €20,190 | €16,160 | €12,635 | €14,120 | ▲ 11.8% |
| Recurring financial charges65 | €17,861 | €21,615 | €24,997 | €17,097 | €20,190 | €16,160 | €12,635 | €14,120 | ▲ 11.8% |
| Profit (loss) for the period before taxes9903 | €34,029 | -€503 | €76,658 | €35,541 | €18,058 | -€17,713 | €24,622 | €19,378 | ▼ 21.3% |
| Transfer from deferred taxes780 | - | - | - | €1,195 | €1,195 | €1,195 | €1,195 | €17,913 | ▲ 15× |
| Income taxes67/77 | €10,400 | €3,515 | €9,665 | €5,558 | €6,736 | €401 | €5,292 | €10,957 | ▲ 107% |
| Profit (loss) for the period9904 | €24,824 | -€2,823 | €68,188 | €31,179 | €12,517 | -€16,919 | €20,526 | €26,334 | ▲ 28.3% |
| Profit (loss) for the period to be appropriated9905 | €24,824 | -€2,823 | €68,188 | €31,179 | €12,517 | -€16,919 | €20,526 | €26,334 | ▲ 28.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €732,864 | €708,995 | €784,501 | €837,670 | €864,257 | €758,391 | €679,452 | €607,857 | ▼ 10.5% |
| Fixed assets21/28 | €557,813 | €536,305 | €522,764 | €617,196 | €581,151 | €542,620 | €500,247 | €469,525 | ▼ 6.1% |
| Tangible fixed assets22/27 | €557,763 | €536,255 | €522,714 | €617,147 | €581,102 | €541,973 | €499,599 | €468,877 | ▼ 6.1% |
| Land and buildings22 | - | - | - | €536,877 | €512,281 | €486,568 | €461,475 | €438,045 | ▼ 5.1% |
| Plant, machinery and equipment23 | - | - | - | €19,317 | €18,320 | €13,836 | €8,064 | €9,321 | ▲ 15.6% |
| Furniture and vehicles24 | - | - | - | €60,953 | €50,501 | €41,569 | €30,060 | €21,511 | ▼ 28.4% |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €648 | €648 | €648 | = |
| Current assets29/58 | €175,052 | €172,690 | €261,738 | €220,474 | €283,105 | €215,771 | €179,206 | €138,332 | ▼ 22.8% |
| Stocks and contracts in progress3 | €102,504 | €90,779 | €103,715 | €111,156 | €106,417 | €101,658 | €104,311 | €85,549 | ▼ 18.0% |
| Stocks30/36 | - | - | - | €111,156 | €106,417 | €101,658 | €104,311 | €85,549 | ▼ 18.0% |
| Amounts receivable within one year40/41 | €6,032 | €28,576 | €13,123 | €19,349 | €67,020 | €34,470 | €36,815 | €21,964 | ▼ 40.3% |
| Trade receivables40 | - | - | - | €14,687 | €58,973 | €15,726 | €15,805 | €15,914 | ▲ 0.7% |
| Other amounts receivable41 | - | - | - | €4,663 | €8,046 | €18,744 | €21,010 | €6,050 | ▼ 71.2% |
| Cash at bank and in hand54/58 | €66,516 | €47,335 | €133,515 | €89,969 | €108,821 | €77,654 | €33,776 | €26,515 | ▼ 21.5% |
| Deferred charges and accrued income490/1 | - | - | - | - | €848 | €1,988 | €4,303 | €4,303 | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €732,864 | €708,995 | €784,501 | €837,670 | €864,257 | €758,391 | €679,452 | €607,857 | ▼ 10.5% |
| Equity10/15 | €156,775 | €151,633 | €177,501 | €205,366 | €216,556 | €197,317 | €215,523 | €207,115 | ▼ 3.9% |
| Contributions10/11 | €89,000 | €89,000 | - | €89,000 | €89,000 | €89,000 | €89,000 | €89,000 | = |
| Reserves13 | €8,900 | €8,900 | €8,900 | €40,079 | €52,595 | €43,695 | €43,695 | €43,695 | = |
| Non-distributable reserves130/1 | - | - | - | €8,900 | €8,900 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €8,900 | €8,900 | - | - | - | - |
| Distributable reserves133 | - | - | - | €31,179 | €43,695 | €43,695 | €43,695 | €43,695 | = |
| Profit (loss) carried forward14 | €10,213 | €7,390 | €35,579 | €35,579 | €35,579 | €27,560 | €48,085 | €74,420 | ▲ 54.8% |
| Investment grants15 | - | - | - | €40,709 | €39,382 | €37,062 | €34,742 | - | - |
| Provisions and deferred taxes16 | €25,084 | €23,889 | €22,693 | €22,492 | €20,303 | €19,108 | €17,913 | - | - |
| Deferred taxes168 | - | - | - | €22,492 | €20,303 | €19,108 | €17,913 | - | - |
| Amounts payable17/49 | €551,005 | €533,474 | €584,307 | €609,813 | €627,397 | €541,966 | €446,017 | €400,742 | ▼ 10.2% |
| Amounts payable after more than one year17 | €350,687 | €317,180 | €322,239 | €375,399 | €315,895 | €254,511 | €197,171 | €137,801 | ▼ 30.1% |
| Financial debts170/4 | - | - | - | €341,399 | €287,895 | €232,511 | €175,171 | €115,801 | ▼ 33.9% |
| Other amounts payable178/9 | - | - | - | €34,000 | €28,000 | €22,000 | €22,000 | €22,000 | = |
| Amounts payable within one year42/48 | €200,318 | €216,294 | €262,068 | €234,414 | €311,503 | €287,455 | €248,846 | €262,942 | ▲ 5.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €51,674 | €56,029 | €55,384 | €57,340 | €59,371 | ▲ 3.5% |
| Financial debts43 | - | - | - | - | - | €2,569 | €2,537 | €2,537 | = |
| Credit institutions430/8 | - | - | - | - | - | €2,569 | €2,537 | €2,537 | = |
| Trade debts44 | €3,194 | €36,112 | €31,012 | €124,154 | €205,762 | €173,862 | €143,986 | €151,185 | ▲ 5.0% |
| Suppliers440/4 | - | - | - | €124,154 | €205,762 | €173,862 | €143,986 | €151,185 | ▲ 5.0% |
| Taxes, remuneration and social security45 | - | - | - | €58,585 | €49,712 | €55,640 | €44,983 | €49,849 | ▲ 10.8% |
| Taxes450/3 | - | - | - | €26,236 | €14,232 | €13,603 | €11,192 | €13,939 | ▲ 24.5% |
| Remuneration and social security454/9 | - | - | - | €32,349 | €35,480 | €42,037 | €33,791 | €35,910 | ▲ 6.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,824 | -€2,823 | €68,188 | €31,179 | €12,517 | -€16,919 | €20,526 | €26,334 | ▲ 28.3% |
| + Depreciation and write-downs630 | €21,508 | €21,508 | €21,686 | €31,831 | €42,995 | €41,259 | €39,074 | €34,662 | ▼ 11.3% |
| Operating cash flow (approximation) | €46,332 | €18,685 | €89,875 | €63,009 | €55,511 | €24,340 | €59,599 | €60,996 | ▲ 2.3% |
| Investment in fixed assets (approximation) | - | €0 | -€8,145 | -€126,263 | -€6,950 | -€2,728 | €3,300 | -€3,941 | - |
| Change in cash | - | -€19,180 | €86,179 | -€43,546 | €18,852 | -€31,167 | -€43,878 | -€7,261 | ▲ 83.5% |
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, 17,041 companies had the same profile as KIRMAN has now. Two years later, 94.4% 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
94.4%
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 KIRMAN itself: 0.6% 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 KIRMAN. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 15-07-2026 | 2026-00306072 | |
| 31-12-2024 | abbreviated format | 23-07-2025 | 2025-00298324 | |
| 31-12-2024 | full format | 02-07-2025 | 2025-00222911 | |
| 31-12-2023 | full format | 30-09-2024 | 2024-00482573 | |
| 31-12-2022 | full format | 31-08-2023 | 2023-00439973 | |
| 31-12-2021 | micro format | 07-09-2022 | 2022-20420967 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-45600254 | |
| 31-12-2019 | micro format | 09-10-2020 | 2020-61200378 | |
| 31-12-2018 | full format | 30-09-2019 | 2019-67300475 | |
| 31-12-2017 | full format | 29-08-2018 | 2018-53700504 |