MISERE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-06-2026 PDF all 30 filings
Turnover
≈ €380,000
Estimated: probably between €280,000 and €460,000
Total assets
€94,740▼ 19.8%
2024 · €118,129
Net result
€12,927▼ 34.2%
2024 · €19,653
Working capital
€34,015▲ 195%
2024 · €11,540
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€19,687
▼ 17.8%
2025
20182025
Net result
€12,927
▼ 34.2%
2025
middle half of the sector
20182025
Equity
€79,036
▲ 19.6%
2025
middle half of the sector
20182025
Total assets
€94,740
▼ 19.8%
2025
middle half of the sector
20182025
Debt
€15,704
▼ 69.8%
2025
20182025
Working capital
€34,015
▲ 195%
2025
middle half of the sector
20182025
Solvency
83.4%
▲ 27.5pp
2025
highest quarter of the sector
20182025
Current ratio
3.17
▲ 1.94
2025
highest quarter of the sector
20182025
Return on assets (ROA)
13.6%
▼ 3.0pp
2025
middle half of the sector
20182025
Staff (FTE)
1.9
▼ 5.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€37,534--€627▲ 98.3%-€9,687▼ 1,445%€66,298-€20,197-€7,598▲ 62.4%€23,964€19,687▼ 17.8%
Net result-€5,318--€1,842▲ 65.4%-€14,208below the sector's middle half▼ 671%€65,168above the sector's middle half-€29,784below the sector's middle half-€6,857within the sector's middle half▲ 77.0%€19,653within the sector's middle half€12,927within the sector's middle half▼ 34.2%
Equity€56,732-€54,890▼ 3.2%€40,682within the sector's middle half▼ 25.9%€150,850above the sector's middle half▲ 271%€53,312within the sector's middle half▼ 64.7%€46,456within the sector's middle half▼ 12.9%€66,109within the sector's middle half▲ 42.3%€79,036within the sector's middle half▲ 19.6%
Total assets€97,013-€78,484▼ 19.1%€122,259within the sector's middle half▲ 55.8%€365,324above the sector's middle half▲ 199%€143,889within the sector's middle half▼ 60.6%€102,389within the sector's middle half▼ 28.8%€118,129within the sector's middle half▲ 15.4%€94,740within the sector's middle half▼ 19.8%
Debt€40,281-€23,594▼ 41.4%€81,577▲ 246%€214,474▲ 163%€90,577▼ 57.8%€55,933▼ 38.2%€52,019▼ 7.0%€15,704▼ 69.8%
Working capital-€26,529--€3,276▲ 87.7%-€2,807within the sector's middle half▲ 14.3%€107,910above the sector's middle half€11,516within the sector's middle half▼ 89.3%-€8,818within the sector's middle half€11,540within the sector's middle half€34,015within the sector's middle half▲ 195%
Solvency58.5%-69.9%▲ 11.5pp33.3%within the sector's middle half▼ 36.7pp41.3%within the sector's middle half▲ 8.0pp37.1%within the sector's middle half▼ 4.2pp45.4%within the sector's middle half▲ 8.3pp56.0%within the sector's middle half▲ 10.6pp83.4%above the sector's middle half▲ 27.5pp
Current ratio0.34-0.86▲ 0.520.96within the sector's middle half▲ 0.101.50within the sector's middle half▲ 0.541.15within the sector's middle half▼ 0.360.84within the sector's middle half▼ 0.301.22within the sector's middle half▲ 0.383.17above the sector's middle half▲ 1.94
Return on assets (ROA)-5.5%--2.3%▲ 3.1pp-11.6%below the sector's middle half▼ 9.3pp17.8%within the sector's middle half▲ 29.5pp-20.7%below the sector's middle half▼ 38.5pp-6.7%within the sector's middle half▲ 14.0pp16.6%within the sector's middle half▲ 23.3pp13.6%within the sector's middle half▼ 3.0pp
Staff (FTE)4-6▲ 50.0%6above the sector's middle half=18.52.8▼ 84.9%2▼ 28.6%1.9▼ 5.0%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 18% lower than in 2024.
Turnover and EBIT margin are not published. The micro 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 €94,740
Fixed assets
€45,021 ▼ 17.5%
Current assets
€49,719 ▼ 21.8%
Equity and liabilities €94,740
Equity
€79,036 ▲ 19.6%
Debt
€15,704 ▼ 69.8%
Debt's share of the balance-sheet total falls from 44.0% to 16.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€39,469▼
2024 · €42,854
Cash flow
€32,709▼
2024 · €38,543
Quick ratio
2.09▲
2024 · 1.02
Debt to equity
0.20▼
2024 · 0.79
ROE
16.4%▼
2024 · 29.7%
Interest coverage
8.89▼
2024 · 9.88
Debt ≤ 1 year
€15,704▼
2024 · €52,019
Income taxes
€2,352
Staff costs
€76,591▼
2024 · €92,405
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 21 | 3 | 2 | 2 |
| full-time | 1 | 1 | 1 | 2 |
| part-time | 20 | 2 | 1 | - |
| in full-time equivalents | 6.1 | 2.2 | 1.6 | 2 |
| Average over the year, in full-time equivalents | 5.9 | 2.3 | 1.9 | 1.9 |
| On a permanent contract | 5 | 3 | 2 | 2 |
| Joined | 48 | 2 | 1 | 2 |
| Left | 46 | 20 | 2 | 2 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €13,294 | €35,063 | €17,359 | €18,185 | €10,234 |
| Depreciation and write-downs of the year | €27,728 | €9,669 | €15,939 | €18,889 | €19,783 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €343,146 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €112,637 | €185,320 | €158,419 | €92,405 | €76,591 | ▼ 17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €27,214 | €25,096 | €25,220 | €27,728 | €9,669 | €15,939 | €18,889 | €19,783 | ▲ 4.7% |
| Other operating charges640/8 | - | - | - | €3,443 | €5,958 | €6,364 | €567 | €5,734 | ▲ 912% |
| Non-recurring operating charges66A | - | - | - | - | €480 | - | - | - | - |
| Gross operating margin9900 | €95,080 | €171,968 | €110,007 | €210,106 | €181,230 | €173,124 | €135,825 | €121,795 | ▼ 10.3% |
| Operating profit (loss)9901 | -€37,534 | -€627 | -€9,687 | €66,298 | -€20,197 | -€7,598 | €23,964 | €19,687 | ▼ 17.8% |
| Financial income75/76B | - | - | - | €361 | €424 | €4,406 | €25 | €30 | ▲ 21.7% |
| Recurring financial income75 | €220 | €219 | €574 | €361 | €424 | €4,406 | €25 | €30 | ▲ 21.7% |
| Financial charges65/66B | - | - | - | €1,491 | €517 | €3,664 | €4,336 | €4,439 | ▲ 2.4% |
| Recurring financial charges65 | €874 | €1,434 | €5,095 | €1,491 | €517 | €3,664 | €4,336 | €4,439 | ▲ 2.4% |
| Profit (loss) for the period before taxes9903 | -€5,188 | -€1,842 | -€14,208 | €65,168 | -€20,290 | -€6,857 | €19,653 | €15,278 | ▼ 22.3% |
| Income taxes67/77 | €130 | - | - | - | €9,494 | - | - | €2,352 | - |
| Profit (loss) for the period9904 | -€5,318 | -€1,842 | -€14,208 | €65,168 | -€29,784 | -€6,857 | €19,653 | €12,927 | ▼ 34.2% |
| Profit (loss) for the period to be appropriated9905 | -€5,318 | -€1,842 | -€14,208 | €65,168 | -€29,784 | -€6,857 | €19,653 | €12,927 | ▼ 34.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €97,013 | €78,484 | €122,259 | €365,324 | €143,889 | €102,389 | €118,129 | €94,740 | ▼ 19.8% |
| Fixed assets21/28 | €83,261 | €58,166 | €57,374 | €42,940 | €53,854 | €55,273 | €54,569 | €45,021 | ▼ 17.5% |
| Tangible fixed assets22/27 | €82,533 | €57,438 | €56,646 | €42,211 | €53,125 | €54,545 | €53,841 | €44,292 | ▼ 17.7% |
| Plant, machinery and equipment23 | - | - | - | €15,811 | €44,533 | €39,134 | €40,536 | €26,904 | ▼ 33.6% |
| Furniture and vehicles24 | - | - | - | €26,400 | €8,592 | €7,094 | €5,864 | €7,408 | ▲ 26.3% |
| Other tangible fixed assets26 | - | - | - | - | - | €8,317 | €7,441 | €9,980 | ▲ 34.1% |
| Financial fixed assets28 | €728 | €728 | €728 | €728 | €728 | €728 | €728 | €728 | = |
| Current assets29/58 | €13,752 | €20,318 | €64,885 | €322,384 | €90,035 | €47,116 | €63,560 | €49,719 | ▼ 21.8% |
| Stocks and contracts in progress3 | €5,319 | €12,209 | €8,554 | €4,729 | €10,647 | €10,647 | €10,647 | €16,971 | ▲ 59.4% |
| Stocks30/36 | - | - | - | €4,729 | €10,647 | €10,647 | €10,647 | €16,971 | ▲ 59.4% |
| Amounts receivable within one year40/41 | €1,770 | €6,068 | €24,419 | €23,323 | €14,000 | €10,572 | €3,602 | €14,479 | ▲ 302% |
| Trade receivables40 | - | - | - | €1,330 | €14,000 | €10,572 | €187 | €10,188 | ▲ 55× |
| Other amounts receivable41 | - | - | - | €21,993 | - | - | €3,415 | €4,291 | ▲ 25.7% |
| Cash at bank and in hand54/58 | €6,663 | €2,041 | €31,912 | €119,713 | €65,389 | €25,897 | €49,311 | €18,269 | ▼ 63.0% |
| Deferred charges and accrued income490/1 | - | - | - | €174,618 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €97,013 | €78,484 | €122,259 | €365,324 | €143,889 | €102,389 | €118,129 | €94,740 | ▼ 19.8% |
| Equity10/15 | €56,732 | €54,890 | €40,682 | €150,850 | €53,312 | €46,456 | €66,109 | €79,036 | ▲ 19.6% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €85,185 | €85,185 | €85,185 | €85,186 | €34,720 | €27,864 | €47,517 | €60,444 | ▲ 27.2% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €694 | €694 | €694 | €694 | €694 | = |
| Distributable reserves133 | - | - | - | €82,632 | €32,167 | €27,170 | €46,823 | €59,749 | ▲ 27.6% |
| Profit (loss) carried forward14 | -€47,045 | -€48,887 | -€63,095 | €47,072 | - | - | - | - | - |
| Amounts payable17/49 | €40,281 | €23,594 | €81,577 | €214,474 | €90,577 | €55,933 | €52,019 | €15,704 | ▼ 69.8% |
| Amounts payable after more than one year17 | - | - | - | - | €12,057 | - | - | - | - |
| Financial debts170/4 | - | - | - | - | €12,057 | - | - | - | - |
| Amounts payable within one year42/48 | €40,281 | €23,594 | €67,692 | €214,474 | €78,519 | €55,933 | €52,019 | €15,704 | ▼ 69.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €16,840 | €11,943 | €6,861 | €1,779 | - | - |
| Trade debts44 | €19,417 | €8,039 | €6,831 | €20,004 | €34,338 | €10,101 | €46,818 | - | - |
| Suppliers440/4 | - | - | - | €20,004 | €34,338 | €10,101 | €46,818 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €2,232 | €8,737 | €22,759 | €2,934 | €15,704 | ▲ 435% |
| Taxes450/3 | - | - | - | - | €2,409 | €7,528 | - | €9,799 | - |
| Remuneration and social security454/9 | - | - | - | €2,232 | €6,328 | €15,231 | €2,934 | €5,905 | ▲ 101% |
| Other amounts payable47/48 | - | - | - | €175,398 | €23,500 | €16,212 | €488 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,318 | -€1,842 | -€14,208 | €65,168 | -€29,784 | -€6,857 | €19,653 | €12,927 | ▼ 34.2% |
| + Depreciation and write-downs630 | €27,214 | €25,096 | €25,220 | €27,728 | €9,669 | €15,939 | €18,889 | €19,783 | ▲ 4.7% |
| Operating cash flow (approximation) | €21,896 | €23,254 | €11,012 | €92,896 | -€20,115 | €9,083 | €38,543 | €32,709 | ▼ 15.1% |
| Investment in fixed assets (approximation) | - | -€1 | -€24,428 | -€13,294 | -€20,583 | -€17,359 | -€18,185 | -€10,234 | ▲ 43.7% |
| Change in cash | - | -€4,622 | €29,871 | €87,801 | -€54,325 | -€39,491 | €23,414 | -€31,043 | - |
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, 31,368 companies had the same profile as MISERE has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MISERE itself: 0.2% 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 31,368 companies, not a prediction for MISERE. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 01-06-2026 | 2026-00129094 | |
| 31-12-2024 | micro format | 02-06-2025 | 2025-00112589 | |
| 31-12-2023 | micro format | 03-06-2024 | 2024-00105559 | |
| 31-12-2022 | micro format | 28-08-2023 | 2023-00403487 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20386611 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-62000585 | |
| 31-12-2019 | micro format | 22-08-2020 | 2020-44000038 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-56900362 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-57500116 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-52500292 |