N.E.P.
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-06-2026 at the NBB all 38 filings
Equity
-€30,467▼ 9.7%
2024 · -€27,763
Total assets
€2,409▼ 2.4%
2024 · €2,469
Net result
-€2,704▼ 36.6%
2024 · -€1,980
Working capital
-€30,467▼ 9.7%
2024 · -€27,763
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€2,259
▼ 44.1%
2025
20182025
Net result
-€2,704
▼ 36.6%
2025
middle half of the sector
20182025
Equity
-€30,467
▼ 9.7%
2025
lowest quarter of the sector
20182025
Total assets
€2,409
▼ 2.4%
2025
lowest quarter of the sector
20182025
Debt
€32,876
▲ 8.7%
2025
20182025
Working capital
-€30,467
▼ 9.7%
2025
lowest quarter of the sector
20182025
Solvency
no figure
2025
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€853--€798▲ 6.4%-€4,496▼ 463%-€1,223▲ 72.8%-€1,288▼ 5.3%-€6,748▼ 424%-€1,567▲ 76.8%-€2,259▼ 44.1%
Net result-€1,747--€1,343▲ 23.1%-€4,925below the sector's middle half▼ 267%-€1,832below the sector's middle half▲ 62.8%-€1,739within the sector's middle half▲ 5.1%-€7,179below the sector's middle half▼ 313%-€1,980within the sector's middle half▲ 72.4%-€2,704within the sector's middle half▼ 36.6%
Equity-€8,765--€10,108▼ 15.3%-€15,033below the sector's middle half▼ 48.7%-€16,865below the sector's middle half▼ 12.2%-€18,604below the sector's middle half▼ 10.3%-€25,783below the sector's middle half▼ 38.6%-€27,763below the sector's middle half▼ 7.7%-€30,467below the sector's middle half▼ 9.7%
Total assets€15,175-€11,958▼ 21.2%€10,420below the sector's middle half▼ 12.9%€9,757below the sector's middle half▼ 6.4%€9,383below the sector's middle half▼ 3.8%€3,134below the sector's middle half▼ 66.6%€2,469below the sector's middle half▼ 21.2%€2,409below the sector's middle half▼ 2.4%
Debt€23,940-€22,066▼ 7.8%€25,454▲ 15.4%€26,621▲ 4.6%€27,986▲ 5.1%€28,916▲ 3.3%€30,232▲ 4.5%€32,876▲ 8.7%
Working capital-€8,765--€10,108▼ 15.3%-€15,033below the sector's middle half▼ 48.7%-€16,865below the sector's middle half▼ 12.2%-€18,604below the sector's middle half▼ 10.3%-€25,783below the sector's middle half▼ 38.6%-€27,763below the sector's middle half▼ 7.7%-€30,467below the sector's middle half▼ 9.7%
Solvency-57.8%--84.5%▼ 26.8pp-144.3%below the sector's middle half▼ 59.7pp-172.9%below the sector's middle half▼ 28.6pp-198.3%below the sector's middle half▼ 25.4pp
Current ratio0.63-0.54▼ 0.090.41below the sector's middle half▼ 0.130.37below the sector's middle half▼ 0.040.34below the sector's middle half▼ 0.03
Return on assets (ROA)-11.5%--11.2%▲ 0.3pp-47.3%below the sector's middle half▼ 36.0pp-18.8%below the sector's middle half▲ 28.5pp-18.5%below the sector's middle half▲ 0.2pp
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 loss of €2,259, larger than the loss of €1,567 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Key figures and ratios
Debt ≤ 1 year
€32,876▲
2024 · €30,232
The ratios are withheld because a balance sheet total of €2,409 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | - | - | - | - | €300 | - |
| Gross operating margin9900 | -€717 | -€798 | -€4,196 | -€1,223 | -€1,288 | -€6,748 | -€1,567 | -€1,959 | ▼ 25.0% |
| Operating profit (loss)9901 | -€853 | -€798 | -€4,496 | -€1,223 | -€1,288 | -€6,748 | -€1,567 | -€2,259 | ▼ 44.1% |
| Financial income75/76B | - | - | - | - | - | - | €1 | - | - |
| Recurring financial income75 | €0 | - | - | - | - | - | €1 | - | - |
| Financial charges65/66B | - | - | - | €609 | €451 | €431 | €414 | €446 | ▲ 7.8% |
| Recurring financial charges65 | €894 | €545 | €429 | €609 | €451 | €431 | €414 | €446 | ▲ 7.8% |
| Profit (loss) for the period before taxes9903 | -€1,747 | -€1,343 | -€4,925 | -€1,832 | -€1,739 | -€7,179 | -€1,980 | -€2,704 | ▼ 36.6% |
| Income taxes67/77 | €0 | - | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | -€1,747 | -€1,343 | -€4,925 | -€1,832 | -€1,739 | -€7,179 | -€1,980 | -€2,704 | ▼ 36.6% |
| Profit (loss) for the period to be appropriated9905 | -€1,747 | -€1,343 | -€4,925 | -€1,832 | -€1,739 | -€7,179 | -€1,980 | -€2,704 | ▼ 36.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €15,175 | €11,958 | €10,420 | €9,757 | €9,383 | €3,134 | €2,469 | €2,409 | ▼ 2.4% |
| Current assets29/58 | €15,175 | €11,958 | €10,420 | €9,757 | €9,383 | €3,134 | €2,469 | €2,409 | ▼ 2.4% |
| Stocks and contracts in progress3 | €14,247 | €9,400 | €8,990 | €8,517 | €8,107 | €2,000 | €1,500 | €1,928 | ▲ 28.5% |
| Stocks30/36 | - | - | - | €8,517 | €8,107 | €2,000 | €1,500 | €1,928 | ▲ 28.5% |
| Amounts receivable within one year40/41 | €332 | €646 | €997 | €1,015 | €1,276 | €1,134 | €134 | €277 | ▲ 107% |
| Other amounts receivable41 | - | - | - | €1,015 | €1,276 | €1,134 | €134 | €277 | ▲ 107% |
| Cash at bank and in hand54/58 | €596 | €1,912 | €434 | €225 | - | - | €835 | €204 | ▼ 75.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €15,175 | €11,958 | €10,420 | €9,757 | €9,383 | €3,134 | €2,469 | €2,409 | ▼ 2.4% |
| Equity10/15 | -€8,765 | -€10,108 | -€15,033 | -€16,865 | -€18,604 | -€25,783 | -€27,763 | -€30,467 | ▼ 9.7% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Contributions outside capital11 | - | - | - | €18,592 | €18,592 | €18,592 | €18,592 | - | - |
| Other1109/19 | - | - | - | €18,592 | €18,592 | €18,592 | €18,592 | - | - |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | -€29,216 | -€30,559 | -€35,484 | -€37,316 | -€39,055 | -€46,234 | -€48,214 | -€50,918 | ▼ 5.6% |
| Amounts payable17/49 | €23,940 | €22,066 | €25,454 | €26,621 | €27,986 | €28,916 | €30,232 | €32,876 | ▲ 8.7% |
| Amounts payable within one year42/48 | €23,940 | €22,066 | €25,454 | €26,621 | €27,986 | €28,916 | €30,232 | €32,876 | ▲ 8.7% |
| Financial debts43 | - | - | - | - | €335 | €963 | - | - | - |
| Credit institutions430/8 | - | - | - | - | €335 | €963 | - | - | - |
| Trade debts44 | €3,368 | €817 | €54 | €1,877 | €425 | - | - | - | - |
| Suppliers440/4 | - | - | - | €1,877 | €425 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €24,744 | €27,226 | €27,953 | €30,232 | €32,876 | ▲ 8.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,747 | -€1,343 | -€4,925 | -€1,832 | -€1,739 | -€7,179 | -€1,980 | -€2,704 | ▼ 36.6% |
| Operating cash flow (approximation) | -€1,747 | -€1,343 | -€4,925 | -€1,832 | -€1,739 | -€7,179 | -€1,980 | -€2,704 | ▼ 36.6% |
| Change in cash | - | €1,316 | -€1,478 | -€209 | - | - | - | -€631 | - |
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 N.E.P. 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 N.E.P. 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 N.E.P.. 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 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-06-2026 | 2026-00174157 | |
| 31-12-2024 | micro format | 26-05-2025 | 2025-00105739 | |
| 31-12-2023 | micro format | 24-05-2024 | 2024-00098357 | |
| 31-12-2022 | micro format | 20-06-2023 | 2023-00154742 | |
| 31-12-2021 | micro format | 08-07-2022 | 2022-20161952 | |
| 31-12-2020 | micro format | 12-08-2021 | 2021-47800004 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-46900388 | |
| 31-12-2018 | micro format | 26-08-2019 | 2019-49900170 | |
| 31-12-2017 | micro format | 29-08-2018 | 2018-51600236 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-49000233 |