KITOS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 38 filings
Turnover
≈ €210,000
Estimated: probably between €85,000 and €490,000
Total assets
€332,981▼ 5.9%
2024 · €353,996
Net result
-€8,482▼ 170%
2024 · -€3,137
Working capital
€27,262▼ 17.8%
2024 · €33,184
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€1,325
2025
20182025
Net result
-€8,482
▼ 170%
2025
lowest quarter of the sector
20182025
Equity
€81,987
▼ 9.4%
2025
lowest quarter of the sector
20182025
Total assets
€332,981
▼ 5.9%
2025
lowest quarter of the sector
20182025
Debt
€236,160
▼ 5.0%
2025
20182025
Working capital
€27,262
▼ 17.8%
2025
middle half of the sector
20182025
Solvency
24.6%
▼ 0.9pp
2025
middle half of the sector
20182025
Current ratio
1.19
▼ 0.03
2025
middle half of the sector
20182025
Return on assets (ROA)
-2.5%
▼ 1.7pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0
2025
lowest 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€2,785-€18,314▲ 558%€24,799▲ 35.4%€9,146▼ 63.1%€27,703▲ 203%€9,186▼ 66.8%€5,777▼ 37.1%-€1,325
Net result-€413-€9,861€14,572within the sector's middle half▲ 47.8%€1,917below the sector's middle half▼ 86.8%€14,268within the sector's middle half▲ 644%-€898below the sector's middle half-€3,137below the sector's middle half▼ 249%-€8,482below the sector's middle half▼ 170%
Equity€53,886-€63,748▲ 18.3%€78,319below the sector's middle half▲ 22.9%€80,236below the sector's middle half▲ 2.4%€94,504below the sector's middle half▲ 17.8%€93,606below the sector's middle half▼ 1.0%€90,469below the sector's middle half▼ 3.4%€81,987below the sector's middle half▼ 9.4%
Total assets€364,063-€326,252▼ 10.4%€311,290below the sector's middle half▼ 4.6%€322,195below the sector's middle half▲ 3.5%€350,675below the sector's middle half▲ 8.8%€342,602below the sector's middle half▼ 2.3%€353,996below the sector's middle half▲ 3.3%€332,981below the sector's middle half▼ 5.9%
Debt€295,343-€247,670▼ 16.1%€218,136▼ 11.9%€227,124▲ 4.1%€241,336▲ 6.3%€234,162▼ 3.0%€248,693▲ 6.2%€236,160▼ 5.0%
Working capital-€107,233--€124,942▼ 16.5%-€97,000below the sector's middle half▲ 22.4%-€65,921below the sector's middle half▲ 32.0%-€57,330below the sector's middle half▲ 13.0%€44,961below the sector's middle half€33,184below the sector's middle half▼ 26.2%€27,262within the sector's middle half▼ 17.8%
Solvency14.8%-19.5%▲ 4.7pp25.2%within the sector's middle half▲ 5.6pp24.9%within the sector's middle half▼ 0.3pp26.9%within the sector's middle half▲ 2.0pp27.3%within the sector's middle half▲ 0.4pp25.6%within the sector's middle half▼ 1.8pp24.6%within the sector's middle half▼ 0.9pp
Current ratio0.57-0.48▼ 0.090.53below the sector's middle half▲ 0.050.67below the sector's middle half▲ 0.130.75below the sector's middle half▲ 0.081.35within the sector's middle half▲ 0.611.22within the sector's middle half▼ 0.131.19within the sector's middle half▼ 0.03
Return on assets (ROA)-0.1%-3.0%▲ 3.1pp4.7%within the sector's middle half▲ 1.7pp0.6%below the sector's middle half▼ 4.1pp4.1%within the sector's middle half▲ 3.5pp-0.3%below the sector's middle half▼ 4.3pp-0.9%below the sector's middle half▼ 0.6pp-2.5%below the sector's middle half▼ 1.7pp
Staff (FTE)0below the sector's middle half0below the sector's middle half
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 a loss of €1,325, after a profit of €5,777 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated 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 €332,981
Fixed assets
€164,507 ▼ 3.5%
Current assets
€168,474 ▼ 8.2%
Equity and liabilities €332,981
Equity
€81,987 ▼ 9.4%
Provisions
€14,834 =
Debt
€236,160 ▼ 5.0%
Debt's share of the balance-sheet total rises from 70.3% to 70.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€14,712▼
2024 · €20,216
Cash flow
€7,555▼
2024 · €11,302
Quick ratio
0.48▼
2024 · 0.62
Debt to equity
2.88▲
2024 · 2.75
ROE
-10.3%▼
2024 · -3.5%
Interest coverage
2.12▼
2024 · 2.54
Debt ≤ 1 year
€141,212▼
2024 · €150,317
Debt > 1 year
€94,947▼
2024 · €98,376
Income taxes
€225▼
2024 · €949
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 | - | €2,335 | - | €14,612 | €10,049 |
| Depreciation and write-downs of the year | €10,817 | €10,463 | €10,806 | €14,439 | €16,037 |
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 | - | - | - | - | - | - | €10,598 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,602 | €13,968 | €11,171 | €10,817 | €10,463 | €10,806 | €14,439 | €16,037 | ▲ 11.1% |
| Other operating charges640/8 | - | - | - | €5,077 | €5,086 | €5,412 | €4,364 | €3,394 | ▼ 22.2% |
| Non-recurring operating charges66A | - | - | - | - | - | €732 | €0 | - | - |
| Gross operating margin9900 | €20,747 | €36,671 | €40,715 | €25,040 | €43,252 | €26,136 | €24,579 | €18,106 | ▼ 26.3% |
| Operating profit (loss)9901 | €2,785 | €18,314 | €24,799 | €9,146 | €27,703 | €9,186 | €5,777 | -€1,325 | - |
| Financial income75/76B | - | - | - | €35 | €10 | €3,077 | €0 | €14 | ▲ 472× |
| Recurring financial income75 | €24 | €351 | €28 | €35 | €10 | €3,077 | €0 | €14 | ▲ 472× |
| Financial charges65/66B | - | - | - | €2,342 | €2,312 | €8,363 | €7,965 | €6,946 | ▼ 12.8% |
| Recurring financial charges65 | €4,754 | €2,263 | €2,267 | €2,342 | €2,312 | €8,363 | €7,965 | €6,946 | ▼ 12.8% |
| Profit (loss) for the period before taxes9903 | €530 | €18,479 | €22,560 | €6,839 | €25,401 | €3,899 | -€2,188 | -€8,257 | ▼ 277% |
| Income taxes67/77 | €942 | €8,617 | €7,988 | €4,922 | €11,133 | €4,797 | €949 | €225 | ▼ 76.3% |
| Profit (loss) for the period9904 | -€413 | €9,861 | €14,572 | €1,917 | €14,268 | -€898 | -€3,137 | -€8,482 | ▼ 170% |
| Profit (loss) for the period to be appropriated9905 | -€413 | €9,861 | €14,572 | €1,917 | €14,268 | -€898 | -€3,137 | -€8,482 | ▼ 170% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €364,063 | €326,252 | €311,290 | €322,195 | €350,675 | €342,602 | €353,996 | €332,981 | ▼ 5.9% |
| Formation expenses20 | - | - | - | - | - | €0 | - | - | - |
| Fixed assets21/28 | €223,992 | €211,245 | €200,074 | €189,257 | €181,129 | €170,323 | €170,495 | €164,507 | ▼ 3.5% |
| Intangible fixed assets21 | €72 | - | - | - | - | €0 | - | - | - |
| Tangible fixed assets22/27 | €222,016 | €209,342 | €198,170 | €187,353 | €179,225 | €168,419 | €168,592 | €162,603 | ▼ 3.6% |
| Land and buildings22 | - | - | - | €187,133 | €177,105 | €167,078 | €157,050 | €153,209 | ▼ 2.4% |
| Plant, machinery and equipment23 | - | - | - | €220 | €2,120 | €1,341 | €563 | €1,998 | ▲ 255% |
| Furniture and vehicles24 | - | - | - | - | - | €0 | €10,979 | €7,397 | ▼ 32.6% |
| Financial fixed assets28 | €1,904 | €1,904 | €1,904 | €1,904 | €1,904 | €1,904 | €1,904 | €1,904 | = |
| Current assets29/58 | €140,072 | €115,007 | €111,216 | €132,938 | €169,546 | €172,279 | €183,501 | €168,474 | ▼ 8.2% |
| Stocks and contracts in progress3 | €51,108 | €5,018 | €4,068 | €25,426 | €67,323 | €89,620 | €90,913 | €100,006 | ▲ 10.0% |
| Stocks30/36 | - | - | - | €25,426 | €67,323 | €89,620 | €90,913 | €100,006 | ▲ 10.0% |
| Amounts receivable within one year40/41 | €83,682 | €103,645 | €102,649 | €100,086 | €101,787 | €82,542 | €90,708 | €64,376 | ▼ 29.0% |
| Trade receivables40 | - | - | - | €96,080 | €98,355 | €76,633 | €23,044 | €2,161 | ▼ 90.6% |
| Other amounts receivable41 | - | - | - | €4,006 | €3,432 | €5,910 | €67,664 | €62,215 | ▼ 8.1% |
| Cash at bank and in hand54/58 | €5,281 | €6,344 | €4,498 | €7,426 | €435 | €117 | €1,879 | €3,320 | ▲ 76.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €773 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €364,063 | €326,252 | €311,290 | €322,195 | €350,675 | €342,602 | €353,996 | €332,981 | ▼ 5.9% |
| Equity10/15 | €53,886 | €63,748 | €78,319 | €80,236 | €94,504 | €93,606 | €90,469 | €81,987 | ▼ 9.4% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | - | - | - |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | - | - | - |
| Reserves13 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €0 | - | - |
| Legal reserve130 | - | - | - | €6,200 | €6,200 | €6,200 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | - | €0 | - | - |
| Distributable reserves133 | - | - | - | - | - | - | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | -€14,314 | -€4,452 | €10,119 | €12,036 | €26,304 | €25,406 | €22,269 | €13,787 | ▼ 38.1% |
| Provisions and deferred taxes16 | €14,834 | €14,834 | €14,834 | €14,834 | €14,834 | €14,834 | €14,834 | €14,834 | = |
| Provisions for liabilities and charges160/5 | - | - | - | €14,834 | €14,834 | €14,834 | €14,834 | €14,834 | = |
| Other liabilities and charges164/5 | - | - | - | €14,834 | €14,834 | €14,834 | €14,834 | €14,834 | = |
| Amounts payable17/49 | €295,343 | €247,670 | €218,136 | €227,124 | €241,336 | €234,162 | €248,693 | €236,160 | ▼ 5.0% |
| Amounts payable after more than one year17 | €40,016 | - | - | €16,154 | - | €90,000 | €98,376 | €94,947 | ▼ 3.5% |
| Financial debts170/4 | - | - | - | €16,154 | - | €90,000 | €98,376 | €94,947 | ▼ 3.5% |
| Amounts payable within one year42/48 | €247,305 | €239,949 | €208,215 | €198,860 | €226,876 | €127,318 | €150,317 | €141,212 | ▼ 6.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €13,846 | €14,742 | €2,303 | €3,205 | €3,429 | ▲ 7.0% |
| Financial debts43 | - | - | - | €8,000 | €8,000 | €8,000 | €0 | - | - |
| Credit institutions430/8 | - | - | - | €8,000 | €8,000 | €8,000 | €0 | - | - |
| Trade debts44 | €9,842 | €27,974 | €35,666 | €30,328 | €41,321 | €14,070 | €19,117 | €5,602 | ▼ 70.7% |
| Suppliers440/4 | - | - | - | €30,328 | €41,321 | €14,070 | €19,117 | €5,602 | ▼ 70.7% |
| Taxes, remuneration and social security45 | - | - | - | - | €4,316 | €5,840 | €15,524 | €1,871 | ▼ 87.9% |
| Taxes450/3 | - | - | - | - | €4,316 | €5,840 | €15,524 | €1,871 | ▼ 87.9% |
| Other amounts payable47/48 | - | - | - | €146,686 | €158,497 | €97,105 | €112,471 | €130,310 | ▲ 15.9% |
| Accrued charges and deferred income492/3 | - | - | - | €12,111 | €14,460 | €16,844 | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€413 | €9,861 | €14,572 | €1,917 | €14,268 | -€898 | -€3,137 | -€8,482 | ▼ 170% |
| + Depreciation and write-downs630 | €13,602 | €13,968 | €11,171 | €10,817 | €10,463 | €10,806 | €14,439 | €16,037 | ▲ 11.1% |
| Operating cash flow (approximation) | €13,190 | €23,829 | €25,743 | €12,734 | €24,732 | €9,908 | €11,302 | €7,555 | ▼ 33.2% |
| Investment in fixed assets (approximation) | - | -€1,221 | €0 | €0 | -€2,335 | €0 | -€14,612 | -€10,049 | ▲ 31.2% |
| Change in cash | - | €1,063 | -€1,846 | €2,928 | -€6,991 | -€318 | €1,762 | €1,440 | ▼ 18.3% |
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, 2,450 companies had the same profile as KITOS has now. Two years later, 93.3% were still going and 1.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a small loss
93.3%
was still going
5.1%
stopped otherwise
1.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of KITOS itself is lower: 0.2% within 12 months. It rests on far more data about KITOS than the profile alone.
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 2,450 companies, not a prediction for KITOS. 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 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 01-07-2026 | 2026-00240010 | |
| 31-12-2024 | abbreviated format | 10-07-2025 | 2025-00262324 | |
| 31-12-2023 | abbreviated format | 02-07-2024 | 2024-00201387 | |
| 31-12-2022 | abbreviated format | 18-07-2023 | 2023-00250371 | |
| 31-12-2021 | abbreviated format | 12-08-2022 | 2022-20290133 | |
| 31-12-2020 | abbreviated format | 28-10-2021 | 2021-74500497 | |
| 31-12-2019 | abbreviated format | 07-10-2020 | 2020-59800283 | |
| 31-12-2018 | abbreviated format | 01-07-2019 | 2019-26500484 | |
| 31-12-2017 | abbreviated format | 02-07-2018 | 2018-27900024 | |
| 31-12-2016 | abbreviated format | 26-07-2017 | 2017-36400354 |