MOBRA
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 3 days after the deadline Filed on 3 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00374577.
Annual accounts 2025 filed on 03-08-2026 at the NBB all 10 filings
Turnover
€469,751▲ 22.0%
2024 · €384,970
EBIT margin
3.9%▲ 13.5pp
2024 · -9.6%
Net result
€16,351
2024 · -€39,433
Working capital
-€21,310▲ 43.7%
2024 · -€37,881
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€469,751
▲ 22.0%
2025
20182025
Operating result
€18,419
2025
20182025
Net result
€16,351
2025
middle half of the sector
20182025
EBIT margin
3.9%
▲ 13.5pp
2025
20182025
Equity
-€13,302
▲ 55.1%
2025
lowest quarter of the sector
20182025
Total assets
€180,384
▲ 75.4%
2025
middle half of the sector
20182025
Debt
€193,686
▲ 46.2%
2025
20182025
Working capital
-€21,310
▲ 43.7%
2025
lowest quarter of the sector
20182025
Solvency
-7.4%
▲ 21.5pp
2025
lowest quarter of the sector
20182025
Current ratio
0.89
▲ 0.18
2025
middle half of the sector
20182025
Return on assets (ROA)
9.1%
▲ 47.4pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€475,107€365,108▼ 23.2%€384,970▲ 5.4%€469,751▲ 22.0%
Operating result€18,235-€19,445▲ 6.6%€23,327▲ 20.0%-€5,285€40,204-€30,676-€36,907▼ 20.3%€18,419
Net result€13,243-€14,706▲ 11.1%€16,175within the sector's middle half▲ 10.0%-€14,634below the sector's middle half€33,941above the sector's middle half-€33,396below the sector's middle half-€39,433below the sector's middle half▼ 18.1%€16,351within the sector's middle half
EBIT margin8.5%-8.4%▼ 16.9pp-9.6%▼ 1.2pp3.9%▲ 13.5pp
Equity€16,987-€30,694▲ 80.7%€38,869within the sector's middle half▲ 26.6%€24,235within the sector's middle half▼ 37.6%€43,176within the sector's middle half▲ 78.2%€9,780within the sector's middle half▼ 77.3%-€29,653below the sector's middle half-€13,302below the sector's middle half▲ 55.1%
Total assets€107,297-€89,096▼ 17.0%€83,519within the sector's middle half▼ 6.3%€95,788within the sector's middle half▲ 14.7%€116,337within the sector's middle half▲ 21.5%€107,584within the sector's middle half▼ 7.5%€102,828within the sector's middle half▼ 4.4%€180,384within the sector's middle half▲ 75.4%
Debt€90,310-€58,402▼ 35.3%€44,650▼ 23.5%€71,553▲ 60.3%€73,161▲ 2.2%€97,804▲ 33.7%€132,481▲ 35.5%€193,686▲ 46.2%
Working capital€3,800-€9,746▲ 156%€21,586within the sector's middle half▲ 121%€33,148within the sector's middle half▲ 53.6%€39,343within the sector's middle half▲ 18.7%-€918within the sector's middle half-€37,881below the sector's middle half▼ 4,027%-€21,310below the sector's middle half▲ 43.7%
Solvency15.8%-34.5%▲ 18.6pp46.5%within the sector's middle half▲ 12.1pp25.3%within the sector's middle half▼ 21.2pp37.1%within the sector's middle half▲ 11.8pp9.1%within the sector's middle half▼ 28.0pp-28.8%below the sector's middle half▼ 37.9pp-7.4%below the sector's middle half▲ 21.5pp
Current ratio1.05-1.17▲ 0.121.48within the sector's middle half▲ 0.311.69within the sector's middle half▲ 0.211.59within the sector's middle half▼ 0.110.99within the sector's middle half▼ 0.600.71below the sector's middle half▼ 0.280.89within the sector's middle half▲ 0.18
Return on assets (ROA)12.3%-16.5%▲ 4.2pp19.4%above the sector's middle half▲ 2.9pp-15.3%below the sector's middle half▼ 34.6pp29.2%above the sector's middle half▲ 44.5pp-31.0%below the sector's middle half▼ 60.2pp-38.3%below the sector's middle half▼ 7.3pp9.1%within the sector's middle half▲ 47.4pp
Staff (FTE)1.1within the sector's middle half0.3▼ 72.7%1▲ 233%
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 profit of €18,419, after a loss of €36,907 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €180,384
Fixed assets
€8,008 ▼ 2.7%
Current assets
€172,376 ▲ 82.2%
Equity and liabilities
Equity-€13,302
Debt€193,686
Equity is negative. Debt (€193,686) exceeds the balance-sheet total (€180,384).
Key figures and ratios
EBITDA
€18,639▲
2024 · -€34,437
Cash flow
€16,571▲
2024 · -€36,963
Quick ratio
0.03▲
2024 · 0.00
Interest coverage
9.01▲
2024 · -13.63
Debt ≤ 1 year
€193,686▲
2024 · €132,481
Customer credit
4 days▲
2024 · 0 days
Supplier credit
122 days▲
2024 · 88 days
Staff costs
€37,682▲
2024 · €34,217
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.
Staff
| Item | 31-12-2021 | 31-12-2022 |
|---|---|---|
| Employees at the balance-sheet date | - | 1 |
| full-time | - | 1 |
| in full-time equivalents | - | 1 |
| Average over the year, in full-time equivalents | 0.3 | 1 |
| On a permanent contract | - | 1 |
| Joined | 0 | 1 |
| Left | 1 | 0 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | €4,000 | - | €3,000 | - | - |
| Depreciation and write-downs of the year | €6,395 | €4,720 | €2,470 | €2,470 | €220 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | €475,107 | €365,108 | €384,970 | €469,751 | ▲ 22.0% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €409,005 | €295,330 | €340,799 | €409,435 | ▲ 20.1% |
| Remuneration, social security and pensions62 | - | - | - | €2,607 | €22,418 | €30,782 | €34,217 | €37,682 | ▲ 10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,125 | €8,375 | €8,467 | €6,395 | €4,720 | €2,470 | €2,470 | €220 | ▼ 91.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €65,444 | - | €62,080 | €44,940 | - | - |
| Other operating charges640/8 | - | - | - | €1,581 | €209 | €6,523 | €951 | €5,494 | ▲ 478% |
| Gross operating margin9900 | €63,197 | €55,442 | €94,842 | €70,742 | €67,550 | €71,179 | €45,671 | €61,816 | ▲ 35.4% |
| Operating profit (loss)9901 | €18,235 | €19,445 | €23,327 | -€5,285 | €40,204 | -€30,676 | -€36,907 | €18,419 | - |
| Financial charges65/66B | - | - | - | €9,349 | €4,117 | €2,720 | €2,526 | €2,069 | ▼ 18.1% |
| Recurring financial charges65 | €1,104 | €633 | €4,032 | €9,349 | €4,117 | €2,720 | €2,526 | €2,069 | ▼ 18.1% |
| Profit (loss) for the period before taxes9903 | €17,130 | €18,812 | €19,295 | -€14,634 | €36,087 | -€33,396 | -€39,433 | €16,351 | - |
| Income taxes67/77 | €3,887 | €4,105 | €3,120 | - | €2,146 | - | - | - | - |
| Profit (loss) for the period9904 | €13,243 | €14,706 | €16,175 | -€14,634 | €33,941 | -€33,396 | -€39,433 | €16,351 | - |
| Profit (loss) for the period to be appropriated9905 | €13,243 | €14,706 | €16,175 | -€14,634 | €33,941 | -€33,396 | -€39,433 | €16,351 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €107,297 | €89,096 | €83,519 | €95,788 | €116,337 | €107,584 | €102,828 | €180,384 | ▲ 75.4% |
| Fixed assets21/28 | €31,925 | €23,550 | €17,283 | €14,888 | €10,168 | €10,698 | €8,228 | €8,008 | ▼ 2.7% |
| Intangible fixed assets21 | €22,925 | €16,800 | €10,675 | €6,750 | €4,500 | €2,250 | - | - | - |
| Tangible fixed assets22/27 | €9,000 | €6,750 | €6,608 | €4,138 | €1,668 | €1,448 | €1,228 | €1,008 | ▼ 17.9% |
| Plant, machinery and equipment23 | - | - | - | €1,888 | €1,668 | €1,448 | €1,228 | €1,008 | ▼ 17.9% |
| Furniture and vehicles24 | - | - | - | €2,250 | - | - | - | - | - |
| Financial fixed assets28 | - | - | - | €4,000 | €4,000 | €7,000 | €7,000 | €7,000 | = |
| Current assets29/58 | €75,372 | €65,546 | €66,236 | €80,900 | €106,169 | €96,886 | €94,600 | €172,376 | ▲ 82.2% |
| Stocks and contracts in progress3 | €38,683 | €41,896 | €65,444 | €73,844 | €101,824 | €94,143 | €94,557 | €166,757 | ▲ 76.4% |
| Stocks30/36 | - | - | - | €73,844 | €101,824 | €94,143 | €94,557 | €166,757 | ▲ 76.4% |
| Amounts receivable within one year40/41 | €35,601 | €23,502 | €513 | €7,056 | €4,345 | €2,742 | €42 | €5,618 | ▲ 132× |
| Trade receivables40 | - | - | - | - | €3,671 | €2,742 | €42 | - | - |
| Other amounts receivable41 | - | - | - | €7,056 | €674 | - | - | €5,618 | - |
| Cash at bank and in hand54/58 | €553 | - | - | - | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €107,297 | €89,096 | €83,519 | €95,788 | €116,337 | €107,584 | €102,828 | €180,384 | ▲ 75.4% |
| Equity10/15 | €16,987 | €30,694 | €38,869 | €24,235 | €43,176 | €9,780 | -€29,653 | -€13,302 | ▲ 55.1% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Capital10 | - | - | - | €6,200 | - | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | - | - | - | - | - |
| Uncalled capital101 | - | - | - | €12,400 | - | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €36,976 | €3,580 | - | - | - |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Legal reserve130 | - | - | - | €1,860 | - | - | - | - | - |
| Other1319 | - | - | - | - | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | €35,116 | €3,580 | - | - | - |
| Profit (loss) carried forward14 | €8,927 | €22,634 | €30,809 | €16,175 | - | - | -€35,853 | -€19,502 | ▲ 45.6% |
| Amounts payable17/49 | €90,310 | €58,402 | €44,650 | €71,553 | €73,161 | €97,804 | €132,481 | €193,686 | ▲ 46.2% |
| Amounts payable after more than one year17 | €18,738 | €2,602 | - | €23,801 | €6,335 | - | - | - | - |
| Financial debts170/4 | - | - | - | €23,801 | €6,335 | - | - | - | - |
| Amounts payable within one year42/48 | €71,572 | €55,800 | €44,650 | €47,752 | €66,826 | €97,804 | €132,481 | €193,686 | ▲ 46.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €17,466 | €18,921 | €7,791 | - | - | - |
| Financial debts43 | - | - | - | €4,581 | €4,760 | €4,957 | €3,992 | €4,991 | ▲ 25.0% |
| Credit institutions430/8 | - | - | - | €4,581 | €4,760 | €4,957 | €3,992 | €4,991 | ▲ 25.0% |
| Trade debts44 | €41,404 | €19,150 | €18,141 | €10,899 | €2,124 | €42,036 | €81,978 | €136,766 | ▲ 66.8% |
| Suppliers440/4 | - | - | - | €10,899 | €2,124 | €42,036 | €81,978 | €136,766 | ▲ 66.8% |
| Taxes, remuneration and social security45 | - | - | - | €14,806 | €26,020 | €43,020 | €18,152 | €24,778 | ▲ 36.5% |
| Taxes450/3 | - | - | - | €14,322 | €26,020 | €40,074 | €17,742 | €12,685 | ▼ 28.5% |
| Remuneration and social security454/9 | - | - | - | €484 | - | €2,946 | €411 | €12,093 | ▲ 29× |
| Other amounts payable47/48 | - | - | - | - | €15,000 | - | €28,358 | €27,150 | ▼ 4.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,243 | €14,706 | €16,175 | -€14,634 | €33,941 | -€33,396 | -€39,433 | €16,351 | - |
| + Depreciation and write-downs630 | €6,125 | €8,375 | €8,467 | €6,395 | €4,720 | €2,470 | €2,470 | €220 | ▼ 91.1% |
| Operating cash flow (approximation) | €19,368 | €23,081 | €24,642 | -€8,239 | €38,661 | -€30,926 | -€36,963 | €16,571 | - |
| Investment in fixed assets (approximation) | - | €0 | -€2,200 | -€4,000 | €0 | -€3,000 | €0 | €0 | - |
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, 3,632 companies had the same profile as MOBRA has now. Two years later, 91.8% were still going and 2.9% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
91.8%
was still going
4.8%
stopped otherwise
2.9%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MOBRA itself: 2.7% 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 3,632 companies, not a prediction for MOBRA. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-08-2026 | 2026-00374577 | |
| 31-12-2024 | micro format | 30-09-2025 | 2025-00535878 | |
| 31-12-2023 | micro format | 19-08-2024 | 2024-00350036 | |
| 31-12-2022 | micro format | 25-08-2023 | 2023-00357258 | |
| 31-12-2021 | micro format | 13-07-2022 | 2022-20179394 | |
| 31-12-2020 | micro format | 28-10-2021 | 2021-74100332 | |
| 31-12-2019 | micro format | 24-09-2020 | 2020-56500087 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-57500511 | |
| 31-12-2017 | micro format | 25-08-2018 | 2018-51200448 | |
| 31-12-2016 | full format | 30-09-2017 | 2017-66400541 |