KREAMAT
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 35 filings
Turnover
≈ €2.3m
Estimated: probably between €1.5m and €3.7m
EBIT margin
Not included in this filing
Net result
€162,319▲ 25×
2024 · €6,577
Working capital
€1.2m▲ 0.7%
2024 · €1.2m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€369,370
▲ 174%
2025
20182025
Net result
€162,319
▲ 25×
2025
middle half of the sector
20182025
Equity
€1.2m
▲ 15.3%
2025
middle half of the sector
20182025
Total assets
€3.3m
▼ 1.1%
2025
middle half of the sector
20182025
Debt
€2.1m
▼ 8.7%
2025
20182025
Working capital
€1.2m
▲ 0.7%
2025
middle half of the sector
20182025
Solvency
36.9%
▲ 5.3pp
2025
middle half of the sector
20182025
Current ratio
2.10
▼ 0.05
2025
middle half of the sector
20182025
Return on assets (ROA)
4.9%
▲ 4.7pp
2025
middle half of the sector
20182025
Staff (FTE)
14.7
▲ 2.8%
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€0.1m-€0.09m▼ 9.4%€0.04m▼ 57.7%€0.1m▲ 230%€0.1m▼ 20.1%-€0.2m€0.1m€0.4m▲ 174%
Net result-€0.004m-€0.001m-€0.05mbelow the sector's middle half€0.008mwithin the sector's middle half€0.002mwithin the sector's middle half▼ 78.3%-€0.4mbelow the sector's middle half€0.007mwithin the sector's middle half€0.2mwithin the sector's middle half▲ 25×
Equity€1.4m-€1.4m▲ 0.1%€1.4mabove the sector's middle half▼ 3.2%€1.4mabove the sector's middle half▲ 0.6%€1.4mabove the sector's middle half▲ 0.1%€1.1mabove the sector's middle half▼ 25.0%€1.1mabove the sector's middle half▲ 0.6%€1.2mwithin the sector's middle half▲ 15.3%
Total assets€4.1m-€4.2m▲ 1.1%€3.9mabove the sector's middle half▼ 6.6%€3.8mabove the sector's middle half▼ 2.8%€3.7mabove the sector's middle half▼ 2.6%€3.3mabove the sector's middle half▼ 9.0%€3.3mabove the sector's middle half▼ 0.2%€3.3mwithin the sector's middle half▼ 1.1%
Debt€2.7m-€2.7m▲ 1.7%€2.5m▼ 8.5%€2.4m▼ 4.7%€2.3m▼ 4.3%€2.3m▲ 0.8%€2.3m▼ 0.5%€2.1m▼ 8.7%
Working capital€0.3m-€1.0m▲ 194%€0.7mabove the sector's middle half▼ 27.4%€1.4mabove the sector's middle half▲ 104%€1.4mabove the sector's middle half▼ 1.3%€1.1mabove the sector's middle half▼ 24.6%€1.2mabove the sector's middle half▲ 15.2%€1.2mwithin the sector's middle half▲ 0.7%
Solvency34.9%-34.5%▼ 0.4pp35.8%within the sector's middle half▲ 1.3pp37.0%within the sector's middle half▲ 1.3pp38.1%within the sector's middle half▲ 1.0pp31.4%within the sector's middle half▼ 6.7pp31.6%within the sector's middle half▲ 0.2pp36.9%within the sector's middle half▲ 5.3pp
Current ratio1.16-1.60▲ 0.441.43within the sector's middle half▼ 0.172.46within the sector's middle half▲ 1.032.34within the sector's middle half▼ 0.121.93within the sector's middle half▼ 0.422.15within the sector's middle half▲ 0.222.10within the sector's middle half▼ 0.05
Return on assets (ROA)-0.1%-0.0%▲ 0.1pp-1.2%below the sector's middle half▼ 1.2pp0.2%below the sector's middle half▲ 1.4pp0.0%below the sector's middle half▼ 0.2pp-10.5%below the sector's middle half▼ 10.5pp0.2%within the sector's middle half▲ 10.7pp4.9%within the sector's middle half▲ 4.7pp
Staff (FTE)15.9-15.6▼ 1.9%15.8within the sector's middle half▲ 1.3%13.1within the sector's middle half▼ 17.1%13.3within the sector's middle half▲ 1.5%13.5within the sector's middle half▲ 1.5%14.3within the sector's middle half▲ 5.9%14.7within the sector's middle half▲ 2.8%
above
within
below
The sector band is the middle half of the companies in Manufacture of furniture (NACE 31). 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 174% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Large changes and their cause
- 2025 Net result +2,368% 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 €3.3m
Fixed assets
€925,920 ▼ 10.1%
Current assets
€2.4m ▲ 2.9%
Equity and liabilities €3.3m
Equity
€1.2m ▲ 15.3%
Debt
€2.1m ▼ 8.7%
Debt's share of the balance-sheet total falls from 68.4% to 63.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€500,123▲
2024 · €268,675
Cash flow
€293,072▲
2024 · €140,610
Quick ratio
0.94▲
2024 · 0.75
Debt to equity
1.71▼
2024 · 2.16
ROE
13.3%▲
2024 · 0.6%
Interest coverage
2.35▲
2024 · 2.01
Debt ≤ 1 year
€1.1m▲
2024 · €1.1m
Debt > 1 year
€944,309▼
2024 · €1.2m
Income taxes
€3,008▼
2024 · €3,268
Staff costs
€754,747▲
2024 · €670,568
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 | 13 | 14 | 14 | 17 | 16 |
| full-time | 13 | 13 | 13 | 14 | 13 |
| part-time | - | 1 | 1 | 3 | 3 |
| in full-time equivalents | 13 | 13.2 | 13.2 | 15 | 14.6 |
| Average over the year, in full-time equivalents | 13.1 | 13.3 | 13.5 | 14.3 | 14.7 |
| On a permanent contract | 13 | 14 | 14 | 17 | 15 |
| Joined | 0 | 2 | 3 | 5 | 0 |
| Left | 3 | 1 | 3 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €8,896 | €8,700 | €71,217 | €44,243 | €26,832 |
| Depreciation and write-downs of the year | €194,501 | €162,953 | €150,665 | €134,033 | €130,753 |
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 | - | - | - | - | €0.02m | €0.02m | €0.008m | €0.009m | ▲ 16.9% |
| Remuneration, social security and pensions62 | - | - | - | €0.4m | €0.5m | €0.6m | €0.7m | €0.8m | ▲ 12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 2.4% |
| Other operating charges640/8 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.05m | ▲ 30.8% |
| Non-recurring operating charges66A | - | - | - | - | - | €0.05m | - | €0.002m | - |
| Gross operating margin9900 | €1.0m | €0.9m | €0.8m | €0.8m | €0.8m | €0.6m | €1.0m | €1.3m | ▲ 33.7% |
| Operating profit (loss)9901 | €0.1m | €0.09m | €0.04m | €0.1m | €0.1m | -€0.2m | €0.1m | €0.4m | ▲ 174% |
| Financial income75/76B | - | - | - | - | €0.008m | €0.01m | €0.009m | €0.009m | ▼ 0.2% |
| Recurring financial income75 | €0.001m | €0.01m | €0.008m | - | €0.008m | €0.01m | €0.009m | €0.009m | ▼ 0.2% |
| Financial charges65/66B | - | - | - | €0.1m | €0.09m | €0.1m | €0.1m | €0.2m | ▲ 59.4% |
| Recurring financial charges65 | €0.1m | €0.09m | €0.09m | €0.1m | €0.09m | €0.1m | €0.1m | €0.2m | ▲ 59.4% |
| Profit (loss) for the period before taxes9903 | €0.001m | €0.007m | -€0.04m | €0.02m | €0.01m | -€0.3m | €0.01m | €0.2m | ▲ 17× |
| Income taxes67/77 | €0.005m | €0.007m | €0.002m | €0.008m | €0.01m | €0.003m | €0.003m | €0.003m | ▼ 8.0% |
| Profit (loss) for the period9904 | -€0.004m | €0.001m | -€0.05m | €0.008m | €0.002m | -€0.4m | €0.007m | €0.2m | ▲ 25× |
| Profit (loss) for the period to be appropriated9905 | -€0.004m | €0.001m | -€0.05m | €0.008m | €0.002m | -€0.4m | €0.007m | €0.2m | ▲ 25× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.1m | €4.2m | €3.9m | €3.8m | €3.7m | €3.3m | €3.3m | €3.3m | ▼ 1.1% |
| Fixed assets21/28 | €1.8m | €1.6m | €1.5m | €1.4m | €1.2m | €1.1m | €1.0m | €0.9m | ▼ 10.1% |
| Intangible fixed assets21 | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | €0.09m | €0.05m | - | - |
| Tangible fixed assets22/27 | €1.6m | €1.4m | €1.2m | €1.1m | €1.0m | €1.0m | €1.0m | €0.9m | ▼ 6.0% |
| Land and buildings22 | - | - | - | €1.1m | €1.0m | €1.0m | €0.9m | €0.8m | ▼ 8.1% |
| Plant, machinery and equipment23 | - | - | - | €0.006m | €0.01m | €0.07m | €0.05m | €0.05m | ▲ 12.8% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.01m | €0.006m | €0.002m | €0.01m | ▲ 627% |
| Leasing and similar rights25 | - | - | - | - | - | - | €0.05m | €0.05m | ▼ 11.5% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Current assets29/58 | €2.4m | €2.6m | €2.4m | €2.4m | €2.5m | €2.2m | €2.3m | €2.4m | ▲ 2.9% |
| Stocks and contracts in progress3 | €1.4m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.3m | ▼ 13.1% |
| Stocks30/36 | - | - | - | €1.5m | €1.5m | €1.5m | €1.5m | €1.3m | ▼ 13.1% |
| Amounts receivable within one year40/41 | €0.8m | €0.8m | €0.7m | €0.5m | €0.7m | €0.5m | €0.7m | €0.6m | ▼ 14.3% |
| Trade receivables40 | - | - | - | €0.5m | €0.7m | €0.5m | €0.6m | €0.5m | ▼ 16.5% |
| Other amounts receivable41 | - | - | - | €152 | €0.02m | €0.03m | €0.04m | €0.04m | ▲ 24.7% |
| Current investments50/53 | €0.002m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Cash at bank and in hand54/58 | €0.1m | €0.2m | €0.07m | €0.2m | €0.05m | €0.1m | €0.1m | €0.5m | ▲ 303% |
| Deferred charges and accrued income490/1 | - | - | - | €0.1m | €0.2m | €0.04m | €0.03m | €0.04m | ▲ 13.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.1m | €4.2m | €3.9m | €3.8m | €3.7m | €3.3m | €3.3m | €3.3m | ▼ 1.1% |
| Equity10/15 | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.1m | €1.1m | €1.2m | ▲ 15.3% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Issued capital100 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Contributions outside capital11 | - | - | - | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | = |
| Share premium1100/10 | - | - | - | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | = |
| Reserves13 | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | = |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Legal reserve130 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Distributable reserves133 | - | - | - | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | = |
| Profit (loss) carried forward14 | -€0.02m | -€0.02m | -€0.06m | -€0.05m | -€0.05m | -€0.4m | -€0.4m | -€0.2m | ▲ 40.9% |
| Amounts payable17/49 | €2.7m | €2.7m | €2.5m | €2.4m | €2.3m | €2.3m | €2.3m | €2.1m | ▼ 8.7% |
| Amounts payable after more than one year17 | €0.6m | €1.1m | €0.9m | €1.4m | €1.2m | €1.1m | €1.2m | €0.9m | ▼ 21.7% |
| Financial debts170/4 | - | - | - | €1.4m | €1.2m | €1.1m | €1.2m | €0.9m | ▼ 21.7% |
| Amounts payable within one year42/48 | €2.0m | €1.6m | €1.6m | €1.0m | €1.1m | €1.2m | €1.1m | €1.1m | ▲ 5.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 55.1% |
| Financial debts43 | - | - | - | - | - | - | - | €0.05m | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €0.05m | - |
| Trade debts44 | €0.7m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | €0.2m | ▼ 38.3% |
| Suppliers440/4 | - | - | - | €0.5m | €0.5m | €0.5m | €0.4m | €0.2m | ▼ 38.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.1m | €0.2m | €0.1m | €0.2m | ▲ 26.9% |
| Taxes450/3 | - | - | - | €0.04m | €0.05m | €0.06m | €0.06m | €0.06m | ▲ 8.5% |
| Remuneration and social security454/9 | - | - | - | €0.06m | €0.09m | €0.1m | €0.08m | €0.1m | ▲ 39.2% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▼ 7.2% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.008m | €0.003m | €0.007m | ▲ 119% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,241 | €881 | -€46,145 | €7,684 | €1,667 | -€350,702 | €6,577 | €162,319 | ▲ 25× |
| + Depreciation and write-downs630 | €287,210 | €297,908 | €260,219 | €194,501 | €162,953 | €150,665 | €134,033 | €130,753 | ▼ 2.4% |
| Operating cash flow (approximation) | €282,970 | €298,789 | €214,073 | €202,185 | €164,621 | -€200,037 | €140,610 | €293,072 | ▲ 108% |
| Investment in fixed assets (approximation) | - | -€110,000 | -€232,946 | -€8,896 | -€8,700 | -€71,217 | -€44,243 | -€26,832 | ▲ 39.4% |
| Change in cash | - | €76,814 | -€117,233 | €165,286 | -€188,461 | €76,345 | -€6,878 | €353,426 | - |
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, 14,766 companies had the same profile as KREAMAT has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of KREAMAT 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 14,766 companies, not a prediction for KREAMAT. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 27-07-2026 | 2026-00334734 | |
| 31-12-2024 | abbreviated format | 14-07-2025 | 2025-00264848 | |
| 31-12-2023 | abbreviated format | 17-07-2024 | 2024-00252914 | |
| 31-12-2022 | abbreviated format | 17-07-2023 | 2023-00240397 | |
| 31-12-2021 | abbreviated format | 20-07-2022 | 2022-20205656 | |
| 31-12-2020 | abbreviated format | 31-08-2021 | 2021-60900217 | |
| 31-12-2019 | abbreviated format | 08-10-2020 | 2020-59900420 | |
| 31-12-2018 | abbreviated format | 27-09-2019 | 2019-67200003 | |
| 31-12-2017 | abbreviated format | 30-07-2018 | 2018-40800347 | |
| 31-12-2016 | abbreviated format | 30-08-2017 | 2017-54000290 |