Multicold
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 18-06-2026 at the NBB all 49 filings
Turnover
≈ €740,000
Estimated: probably between €450,000 and €1.3m
EBIT margin
Not included in this filing
Net result
€131,269▼ 8.8%
2024 · €143,941
Working capital
€4.8m▲ 5.7%
2024 · €4.5m
In the rankings
#1 company by total assets in Ranst, Transport and storage sector#1 company by equity in Ranst, Transport and storage sector#3 oldest company in Ranst, Transport and storage sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€122,492
▲ 62.0%
2025
20182025
Net result
€131,269
▼ 8.8%
2025
middle half of the sector
20182025
Equity
€6.6m
▲ 2.0%
2025
highest quarter of the sector
20182025
Total assets
€6.8m
▲ 1.9%
2025
middle half of the sector
20182025
Debt
€44,947
▲ 40.9%
2025
20182025
Working capital
€4.8m
▲ 5.7%
2025
highest quarter of the sector
20182025
Solvency
97.4%
▲ 0.2pp
2025
highest quarter of the sector
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
1.9%
▼ 0.2pp
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-€0.1m▼ 3.7%€0.1m▼ 13.8%€0.1m▲ 10.2%€0.07m▼ 46.9%€0.1m▲ 74.2%€0.08m▼ 35.8%€0.1m▲ 62.0%
Net result€0.1m-€0.09m▼ 2.4%€0.1mwithin the sector's middle half▲ 33.4%€0.1mwithin the sector's middle half▼ 8.6%€0.08mwithin the sector's middle half▼ 32.4%€0.2mwithin the sector's middle half▲ 166%€0.1mwithin the sector's middle half▼ 29.3%€0.1mwithin the sector's middle half▼ 8.8%
Equity€5.7m-€5.8m▲ 1.6%€6.0mabove the sector's middle half▲ 3.0%€6.1mabove the sector's middle half▲ 1.9%€6.2mabove the sector's middle half▲ 1.3%€6.4mabove the sector's middle half▲ 3.3%€6.5mabove the sector's middle half▲ 2.3%€6.6mabove the sector's middle half▲ 2.0%
Total assets€6.2m-€6.2m▲ 0.2%€6.2mabove the sector's middle half▲ 1.0%€6.4mabove the sector's middle half▲ 2.5%€6.4mabove the sector's middle half▲ 0.7%€6.6mabove the sector's middle half▲ 1.6%€6.7mabove the sector's middle half▲ 2.2%€6.8mwithin the sector's middle half▲ 1.9%
Debt€0.1m-€0.05m▼ 44.7%€0.02m▼ 58.7%€0.1m▲ 329%€0.1m▼ 2.0%€0.01m▼ 85.2%€0.03m▲ 126%€0.04m▲ 40.9%
Working capital€2.9m-€3.1m▲ 6.8%€3.4mabove the sector's middle half▲ 9.3%€3.7mabove the sector's middle half▲ 8.3%€4.0mabove the sector's middle half▲ 6.5%€4.3mabove the sector's middle half▲ 8.3%€4.5mabove the sector's middle half▲ 5.3%€4.8mabove the sector's middle half▲ 5.7%
Solvency92.5%-93.8%▲ 1.3pp95.7%above the sector's middle half▲ 1.9pp95.1%above the sector's middle half▼ 0.6pp95.5%above the sector's middle half▲ 0.5pp97.2%above the sector's middle half▲ 1.6pp97.2%above the sector's middle half▲ 0.1pp97.4%above the sector's middle half▲ 0.2pp
Current ratio49.24-59.11▲ 9.8739.52above the sector's middle half42.86above the sector's middle half▲ 3.34
Return on assets (ROA)1.5%-1.5%=2.0%within the sector's middle half▲ 0.5pp1.8%within the sector's middle half▼ 0.2pp1.2%within the sector's middle half▼ 0.6pp3.1%within the sector's middle half▲ 1.9pp2.2%within the sector's middle half▼ 1.0pp1.9%within the sector's middle half▼ 0.2pp
above
within
below
The sector band is the middle half of the companies in Warehousing and support activities for transportation (NACE 52). 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 62% higher than in 2024. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.8m
Fixed assets
€2.0m ▼ 6.9%
Current assets
€4.8m ▲ 6.0%
Equity and liabilities €6.8m
Equity
€6.6m ▲ 2.0%
Provisions
€132,685 ▼ 13.0%
Debt
€44,947 ▲ 40.9%
Debt's share of the balance-sheet total rises from 0.5% to 0.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€281,877▲
2024 · €239,346
Cash flow
€290,654▼
2024 · €307,667
Debt to equity
0.01▲
2024 · 0.00
ROE
2.0%▼
2024 · 2.2%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€44,130▲
2024 · €31,081
Income taxes
€63,624▼
2024 · €67,848
A ratio outside any meaningful range has been withheld (balance sheet total €6.8m, equity €6.6m).
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 | - | - | €24,958 | €54,293 | €11,746 |
| Depreciation and write-downs of the year | €200,005 | €191,047 | €163,426 | €163,726 | €159,385 |
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 | €199,912 | €201,039 | €200,632 | €200,005 | €191,047 | €163,426 | €163,726 | €159,385 | ▼ 2.7% |
| Other operating charges640/8 | - | - | - | €25,602 | €26,138 | €28,972 | €30,109 | €31,619 | ▲ 5.0% |
| Gross operating margin9900 | €363,635 | €360,193 | €341,566 | €352,938 | €284,810 | €310,190 | €269,454 | €313,496 | ▲ 16.3% |
| Operating profit (loss)9901 | €139,222 | €134,049 | €115,559 | €127,331 | €67,625 | €117,793 | €75,620 | €122,492 | ▲ 62.0% |
| Financial income75/76B | - | - | - | €30,479 | €35,000 | €158,170 | €116,973 | €53,206 | ▼ 54.5% |
| Recurring financial income75 | - | €877 | €21,521 | €30,479 | €35,000 | €158,170 | €116,973 | €53,206 | ▼ 54.5% |
| Financial charges65/66B | - | - | - | €593 | €535 | €4,581 | €671 | €673 | ▲ 0.2% |
| Recurring financial charges65 | €5,139 | €3,312 | €1,265 | €593 | €535 | €4,581 | €671 | €673 | ▲ 0.2% |
| Profit (loss) for the period before taxes9903 | €134,083 | €131,613 | €135,815 | €157,217 | €102,090 | €271,382 | €191,922 | €175,025 | ▼ 8.8% |
| Transfer from deferred taxes780 | - | - | - | €28,914 | €26,776 | €19,867 | €19,867 | €19,867 | = |
| Income taxes67/77 | €73,255 | €73,050 | €40,747 | €72,823 | €52,298 | €87,713 | €67,848 | €63,624 | ▼ 6.2% |
| Profit (loss) for the period9904 | €95,204 | €92,939 | €123,995 | €113,308 | €76,568 | €203,536 | €143,941 | €131,269 | ▼ 8.8% |
| Transfer from tax-exempt reserves789 | - | - | - | €86,743 | €80,327 | €59,602 | €59,602 | €59,602 | = |
| Profit (loss) for the period to be appropriated9905 | €177,040 | €174,776 | €210,778 | €200,051 | €156,895 | €263,139 | €203,543 | €190,871 | ▼ 6.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €6.2m | €6.2m | €6.2m | €6.4m | €6.4m | €6.6m | €6.7m | €6.8m | ▲ 1.9% |
| Fixed assets21/28 | €3.2m | €3.0m | €2.8m | €2.6m | €2.4m | €2.3m | €2.1m | €2.0m | ▼ 6.9% |
| Tangible fixed assets22/27 | €3.2m | €3.0m | €2.8m | €2.6m | €2.4m | €2.3m | €2.1m | €2.0m | ▼ 6.9% |
| Land and buildings22 | - | - | - | €1.4m | €1.3m | €1.2m | €1.1m | €1.0m | ▼ 9.6% |
| Plant, machinery and equipment23 | - | - | - | €0.05m | €0.01m | €0.03m | €0.07m | €0.06m | ▼ 11.5% |
| Other tangible fixed assets26 | - | - | - | €1.2m | €1.1m | €1.1m | €1.0m | €1.0m | ▼ 4.9% |
| Assets under construction and advance payments27 | - | - | - | - | - | - | - | €0.01m | - |
| Financial fixed assets28 | €282 | €282 | €282 | €282 | €282 | €282 | €282 | €282 | = |
| Current assets29/58 | €3.0m | €3.2m | €3.5m | €3.8m | €4.1m | €4.3m | €4.5m | €4.8m | ▲ 6.0% |
| Amounts receivable within one year40/41 | €0.002m | €1.0m | €2.5m | €3.5m | €3.7m | €4.0m | €2.5m | €1.6m | ▼ 36.8% |
| Trade receivables40 | - | - | - | €0.02m | €0.2m | - | €0.02m | €0.09m | ▲ 410% |
| Other amounts receivable41 | - | - | - | €3.5m | €3.5m | €4.0m | €2.5m | €1.5m | ▼ 40.1% |
| Cash at bank and in hand54/58 | €3.0m | €2.2m | €0.9m | €0.3m | €0.4m | €0.3m | €2.0m | €3.2m | ▲ 59.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €6.2m | €6.2m | €6.2m | €6.4m | €6.4m | €6.6m | €6.7m | €6.8m | ▲ 1.9% |
| Equity10/15 | €5.7m | €5.8m | €6.0m | €6.1m | €6.2m | €6.4m | €6.5m | €6.6m | ▲ 2.0% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €5.5m | €5.5m | €5.7m | €5.8m | €5.9m | €6.1m | €6.3m | €6.4m | ▲ 2.1% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tax-exempt reserves132 | - | - | - | €0.7m | €0.6m | €0.6m | €0.5m | €0.5m | ▼ 11.4% |
| Distributable reserves133 | - | - | - | €5.1m | €5.2m | €5.5m | €5.7m | €5.9m | ▲ 3.3% |
| Provisions and deferred taxes16 | €0.4m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 13.0% |
| Deferred taxes168 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 13.0% |
| Amounts payable17/49 | €0.1m | €0.05m | €0.02m | €0.1m | €0.1m | €0.01m | €0.03m | €0.04m | ▲ 40.9% |
| Amounts payable after more than one year17 | €0.04m | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.06m | €0.05m | €0.02m | €0.1m | €0.09m | €0.008m | €0.03m | €0.04m | ▲ 42.0% |
| Trade debts44 | €0.008m | €0.01m | €0.02m | €0.02m | €0.03m | €0.005m | €0.03m | €0.04m | ▲ 34.9% |
| Suppliers440/4 | - | - | - | €0.02m | €0.03m | €0.005m | €0.03m | €0.04m | ▲ 34.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.07m | - | - | €0.003m | - |
| Taxes450/3 | - | - | - | €0.07m | €0.07m | - | - | €0.003m | - |
| Other amounts payable47/48 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.001m | €0.006m | €0.001m | €0.001m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.1m | €0.09m | €0.1m | €0.1m | €0.08m | €0.2m | €0.1m | €0.1m | ▼ 8.8% |
| + Depreciation and write-downs630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 2.7% |
| Operating cash flow (approximation) | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.3m | €0.3m | ▼ 5.5% |
| Investment in fixed assets (approximation) | - | -€0.02m | -€0.002m | €0 | €0 | -€0.02m | -€0.05m | -€0.01m | ▲ 78.4% |
| Change in cash | - | -€0.8m | -€1.2m | -€0.6m | €0.09m | -€0.09m | €1.7m | €1.2m | ▼ 30.4% |
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, 1,887 companies had the same profile as Multicold has now. Two years later, 97.9% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
97.9%
was still going
2.0%
stopped otherwise
0.1%
went bankrupt
That fits the bankruptcy probability of Multicold 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 1,887 companies, not a prediction for Multicold. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 18-06-2026 | 2026-00178697 | |
| 31-12-2024 | abbreviated format | 20-06-2025 | 2025-00158660 | |
| 31-12-2023 | abbreviated format | 24-06-2024 | 2024-00154974 | |
| 31-12-2022 | abbreviated format | 05-06-2023 | 2023-00111797 | |
| 31-12-2021 | abbreviated format | 05-07-2022 | 2022-20134652 | |
| 31-12-2020 | abbreviated format | 28-06-2021 | 2021-25700110 | |
| 31-12-2019 | abbreviated format | 02-07-2020 | 2020-25500292 | |
| 31-12-2018 | abbreviated format | 09-07-2019 | 2019-30800479 | |
| 31-12-2017 | abbreviated format | 27-06-2018 | 2018-24900572 | |
| 31-12-2016 | full format | 20-06-2017 | 2017-19800051 |