KNOCK
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 33 filings
Turnover
≈ €19,000
Estimated: probably between €10,000 and €41,000
EBIT margin
Not included in this filing
Net result
-€38,134▼ 203%
2024 · -€12,580
Working capital
-€85,225▲ 70.2%
2024 · -€286,152
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€38,018
▼ 206%
2025
20182025
Net result
-€38,134
▼ 203%
2025
lowest quarter of the sector
20182025
Equity
-€5,699
2025
lowest quarter of the sector
20182025
Total assets
€284,928
▼ 11.6%
2025
lowest quarter of the sector
20182025
Debt
€290,628
▲ 0.3%
2025
20182025
Working capital
-€85,225
▲ 70.2%
2025
middle half of the sector
20182025
Solvency
-2.0%
▼ 12.1pp
2025
lowest quarter of the sector
20182025
Current ratio
0.06
▲ 0.05
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-13.4%
▼ 9.5pp
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-€1,301--€6,111▼ 370%-€16,248▼ 166%€572-€21,381-€4,815▲ 77.5%-€12,444▼ 158%-€38,018▼ 206%
Net result-€1,519--€6,314▼ 316%-€16,547below the sector's middle half▼ 162%€175within the sector's middle half-€21,738below the sector's middle half-€5,191within the sector's middle half▲ 76.1%-€12,580below the sector's middle half▼ 142%-€38,134below the sector's middle half▼ 203%
Equity€94,629-€88,315▼ 6.7%€71,768within the sector's middle half▼ 18.7%€71,943within the sector's middle half▲ 0.2%€50,205within the sector's middle half▼ 30.2%€45,014within the sector's middle half▼ 10.3%€32,434within the sector's middle half▼ 27.9%-€5,699below the sector's middle half
Total assets€118,355-€111,859▼ 5.5%€107,632below the sector's middle half▼ 3.8%€99,964below the sector's middle half▼ 7.1%€92,117below the sector's middle half▼ 7.8%€81,803below the sector's middle half▼ 11.2%€322,282within the sector's middle half▲ 294%€284,928below the sector's middle half▼ 11.6%
Debt€23,725-€23,544▼ 0.8%€35,864▲ 52.3%€28,021▼ 21.9%€41,912▲ 49.6%€36,788▼ 12.2%€289,847▲ 688%€290,628▲ 0.3%
Working capital-€14,838--€13,370▲ 9.9%-€27,768within the sector's middle half▼ 108%-€24,918within the sector's middle half▲ 10.3%-€37,632within the sector's middle half▼ 51.0%-€34,002within the sector's middle half▲ 9.6%-€286,152below the sector's middle half▼ 742%-€85,225within the sector's middle half▲ 70.2%
Solvency80.0%-79.0%▼ 1.0pp66.7%above the sector's middle half▼ 12.3pp72.0%above the sector's middle half▲ 5.3pp54.5%within the sector's middle half▼ 17.5pp55.0%within the sector's middle half▲ 0.5pp10.1%within the sector's middle half▼ 45.0pp-2.0%below the sector's middle half▼ 12.1pp
Current ratio0.37-0.43▲ 0.060.23below the sector's middle half▼ 0.210.11below the sector's middle half▼ 0.120.10below the sector's middle half▼ 0.010.08below the sector's middle half▼ 0.030.01below the sector's middle half▼ 0.060.06below the sector's middle half▲ 0.05
Return on assets (ROA)-1.3%--5.6%▼ 4.4pp-15.4%below the sector's middle half▼ 9.7pp0.2%within the sector's middle half▲ 15.5pp-23.6%below the sector's middle half▼ 23.8pp-6.3%below the sector's middle half▲ 17.3pp-3.9%below the sector's middle half▲ 2.4pp-13.4%below the sector's middle half▼ 9.5pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 €38,018, larger than the loss of €12,444 in 2024. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €284,928
Fixed assets
€279,525 ▼ 12.3%
Current assets
€5,403 ▲ 46.2%
Equity and liabilities
Equity-€5,699
Debt€290,628
Equity is negative. Debt (€290,628) exceeds the balance-sheet total (€284,928).
Key figures and ratios
EBITDA
€1,087▼
2024 · €13,333
Cash flow
€971▼
2024 · €13,198
Interest coverage
9.39▼
2024 · 98.22
Debt ≤ 1 year
€90,628▼
2024 · €289,847
Debt > 1 year
€200,000
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | €6,500 | - | - | €265,347 | - |
| Depreciation and write-downs of the year | €9,174 | €9,024 | €8,821 | €25,778 | €39,105 |
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 | €8,014 | €7,782 | €9,110 | €9,174 | €9,024 | €8,821 | €25,778 | €39,105 | ▲ 51.7% |
| Other operating charges640/8 | - | - | - | €3,270 | €3,507 | €3,451 | €4,385 | €4,419 | ▲ 0.8% |
| Gross operating margin9900 | €9,793 | €4,815 | -€3,884 | €13,016 | -€8,851 | €7,457 | €17,719 | €5,506 | ▼ 68.9% |
| Operating profit (loss)9901 | -€1,301 | -€6,111 | -€16,248 | €572 | -€21,381 | -€4,815 | -€12,444 | -€38,018 | ▼ 206% |
| Recurring financial income75 | - | €1 | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €397 | €357 | €376 | €136 | €116 | ▼ 14.7% |
| Recurring financial charges65 | €218 | €203 | €299 | €397 | €357 | €376 | €136 | €116 | ▼ 14.7% |
| Profit (loss) for the period before taxes9903 | -€1,519 | -€6,314 | -€16,547 | €175 | -€21,738 | -€5,191 | -€12,580 | -€38,134 | ▼ 203% |
| Profit (loss) for the period9904 | -€1,519 | -€6,314 | -€16,547 | €175 | -€21,738 | -€5,191 | -€12,580 | -€38,134 | ▼ 203% |
| Profit (loss) for the period to be appropriated9905 | -€1,519 | -€6,314 | -€16,547 | €175 | -€21,738 | -€5,191 | -€12,580 | -€38,134 | ▼ 203% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €118,355 | €111,859 | €107,632 | €99,964 | €92,117 | €81,803 | €322,282 | €284,928 | ▼ 11.6% |
| Fixed assets21/28 | €109,468 | €101,685 | €99,536 | €96,861 | €87,837 | €79,016 | €318,586 | €279,525 | ▼ 12.3% |
| Tangible fixed assets22/27 | €109,468 | €101,685 | €99,536 | €96,861 | €87,837 | €79,016 | €318,586 | €279,525 | ▼ 12.3% |
| Land and buildings22 | - | - | - | €84,542 | €77,457 | €70,372 | €68,364 | €56,202 | ▼ 17.8% |
| Plant, machinery and equipment23 | - | - | - | €5,820 | €3,880 | €2,145 | €243,722 | €216,823 | ▼ 11.0% |
| Furniture and vehicles24 | - | - | - | €6,500 | €6,500 | €6,500 | €6,500 | €6,500 | = |
| Current assets29/58 | €8,887 | €10,174 | €8,096 | €3,103 | €4,280 | €2,786 | €3,696 | €5,403 | ▲ 46.2% |
| Amounts receivable within one year40/41 | €182 | €845 | €71 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €8,706 | €8,850 | €7,541 | €2,740 | €3,907 | €2,412 | €3,660 | €5,403 | ▲ 47.6% |
| Deferred charges and accrued income490/1 | - | - | - | €363 | €373 | €375 | €36 | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €118,355 | €111,859 | €107,632 | €99,964 | €92,117 | €81,803 | €322,282 | €284,928 | ▼ 11.6% |
| Equity10/15 | €94,629 | €88,315 | €71,768 | €71,943 | €50,205 | €45,014 | €32,434 | -€5,699 | - |
| Contributions10/11 | €109,073 | €109,073 | €109,073 | €109,073 | €109,073 | €109,073 | €109,073 | €109,073 | = |
| Capital10 | - | - | - | €109,073 | €109,073 | €109,073 | €109,073 | €109,073 | = |
| Issued capital100 | - | - | - | €109,073 | €109,073 | €109,073 | €109,073 | €109,073 | = |
| Revaluation surpluses12 | - | - | - | €158,652 | €158,652 | €158,652 | €158,652 | €158,652 | = |
| Profit (loss) carried forward14 | -€173,096 | -€179,410 | -€195,957 | -€195,782 | -€217,520 | -€222,711 | -€235,291 | -€273,424 | ▼ 16.2% |
| Amounts payable17/49 | €23,725 | €23,544 | €35,864 | €28,021 | €41,912 | €36,788 | €289,847 | €290,628 | ▲ 0.3% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | - | €200,000 | - |
| Other amounts payable178/9 | - | - | - | - | - | - | - | €200,000 | - |
| Amounts payable within one year42/48 | €23,725 | €23,544 | €35,864 | €28,021 | €41,912 | €36,788 | €289,847 | €90,628 | ▼ 68.7% |
| Trade debts44 | €390 | - | €8,360 | €4,404 | €5,796 | €4,788 | - | €781 | - |
| Suppliers440/4 | - | - | - | €4,404 | €5,796 | €4,788 | - | €781 | - |
| Other amounts payable47/48 | - | - | - | €23,617 | €36,117 | €32,000 | €289,847 | €89,847 | ▼ 69.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,519 | -€6,314 | -€16,547 | €175 | -€21,738 | -€5,191 | -€12,580 | -€38,134 | ▼ 203% |
| + Depreciation and write-downs630 | €8,014 | €7,782 | €9,110 | €9,174 | €9,024 | €8,821 | €25,778 | €39,105 | ▲ 51.7% |
| Operating cash flow (approximation) | €6,495 | €1,468 | -€7,438 | €9,349 | -€12,714 | €3,630 | €13,198 | €971 | ▼ 92.6% |
| Investment in fixed assets (approximation) | - | €0 | -€6,960 | -€6,500 | €0 | €0 | -€265,347 | -€44 | ▲ 100.0% |
| Change in cash | - | €144 | -€1,309 | -€4,801 | €1,167 | -€1,495 | €1,248 | €1,744 | ▲ 39.7% |
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, 6,619 companies had the same profile as KNOCK has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of KNOCK itself: 1.9% 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 6,619 companies, not a prediction for KNOCK. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 16-07-2026 | 2026-00307310 | |
| 31-12-2024 | micro format | 02-07-2025 | 2025-00226259 | |
| 31-12-2023 | micro format | 29-07-2024 | 2024-00324903 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00434213 | |
| 31-12-2021 | micro format | 31-07-2022 | 2022-20263894 | |
| 31-12-2020 | micro format | 29-07-2021 | 2021-44200309 | |
| 31-12-2019 | micro format | 29-07-2020 | 2020-36200270 | |
| 31-12-2018 | full format | 30-07-2019 | 2019-42200480 | |
| 31-12-2017 | full format | 20-08-2018 | 2018-47800265 | |
| 31-12-2016 | full format | 06-06-2017 | 2017-15000450 |