NALA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-12-2025 PDF all 19 filings
Turnover
≈ €140,000
Estimated: probably between €64,000 and €340,000
Total assets
€105,629▼ 4.2%
2024 · €110,269
Net result
€7,227▲ 30.7%
2024 · €5,528
Working capital
-€63,502▲ 7.9%
2024 · -€68,958
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€10,967
▲ 21.3%
2025
20192025
Net result
€7,227
▲ 30.7%
2025
20192025
Equity
€35,667
▲ 25.4%
2025
20192025
Total assets
€105,629
▼ 4.2%
2025
20192025
Debt
€69,962
▼ 14.5%
2025
20192025
Working capital
-€63,502
▲ 7.9%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€5,369-€8,457€9,368▲ 10.8%€5,518▼ 41.1%€5,170▼ 6.3%€9,044▲ 74.9%€10,967▲ 21.3%
Net result-€8,583-€5,650€5,970▲ 5.7%€2,329▼ 61.0%€2,256▼ 3.1%€5,528▲ 145%€7,227▲ 30.7%
Equity€6,707-€12,357▲ 84.2%€18,327▲ 48.3%€20,656▲ 12.7%€22,912▲ 10.9%€28,440▲ 24.1%€35,667▲ 25.4%
Total assets€141,415-€134,809▼ 4.7%€135,525▲ 0.5%€128,368▼ 5.3%€119,484▼ 6.9%€110,269▼ 7.7%€105,629▼ 4.2%
Debt€134,708-€122,452▼ 9.1%€117,198▼ 4.3%€107,712▼ 8.1%€96,572▼ 10.3%€81,829▼ 15.3%€69,962▼ 14.5%
Working capital-€79,427--€71,317▲ 10.2%-€71,529▼ 0.3%-€72,149▼ 0.9%-€73,251▼ 1.5%-€68,958▲ 5.9%-€63,502▲ 7.9%
The operating result for 2025 is 21% higher than in 2024 and the highest since 2019. It is the second rise in a row, after the fall in 2023.
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 €105,629
Fixed assets
€101,607 ▼ 6.2%
Current assets
€4,022 ▲ 105%
Equity and liabilities €105,629
Equity
€35,667 ▲ 25.4%
Debt
€69,962 ▼ 14.5%
Debt's share of the balance-sheet total falls from 74.2% to 66.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€17,670▲
2024 · €15,747
Cash flow
€13,930▲
2024 · €12,231
Current ratio
0.06▲
2024 · 0.03
Debt to equity
1.96▼
2024 · 2.88
ROE
20.3%▲
2024 · 19.4%
ROA
6.8%▲
2024 · 5.0%
Interest coverage
20.76▲
2024 · 12.14
Debt ≤ 1 year
€67,524▼
2024 · €70,917
Debt > 1 year
€1,446▼
2024 · €9,890
Income taxes
€2,889▲
2024 · €2,219
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €10,975 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,616 | €6,616 | €7,001 | €7,031 | €7,031 | €6,703 | €6,703 | = |
| Other operating charges640/8 | - | - | - | €250 | €267 | €705 | €695 | ▼ 1.4% |
| Non-recurring operating charges66A | - | - | - | €368 | €389 | - | - | - |
| Gross operating margin9900 | €11,834 | €15,915 | €16,952 | €13,167 | €12,857 | €16,452 | €18,365 | ▲ 11.6% |
| Operating profit (loss)9901 | -€5,369 | €8,457 | €9,368 | €5,518 | €5,170 | €9,044 | €10,967 | ▲ 21.3% |
| Financial charges65/66B | - | - | - | €2,197 | €1,769 | €1,297 | €851 | ▼ 34.4% |
| Recurring financial charges65 | €3,207 | €2,807 | €2,580 | €2,197 | €1,769 | €1,297 | €851 | ▼ 34.4% |
| Profit (loss) for the period before taxes9903 | -€8,576 | €5,650 | €6,788 | €3,321 | €3,401 | €7,747 | €10,116 | ▲ 30.6% |
| Income taxes67/77 | €7 | - | €818 | €992 | €1,145 | €2,219 | €2,889 | ▲ 30.2% |
| Profit (loss) for the period9904 | -€8,583 | €5,650 | €5,970 | €2,329 | €2,256 | €5,528 | €7,227 | ▲ 30.7% |
| Profit (loss) for the period to be appropriated9905 | -€8,583 | €5,650 | €5,970 | €2,329 | €2,256 | €5,528 | €7,227 | ▲ 30.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €141,415 | €134,809 | €135,525 | €128,368 | €119,484 | €110,269 | €105,629 | ▼ 4.2% |
| Fixed assets21/28 | €138,547 | €131,930 | €129,075 | €122,044 | €115,013 | €108,310 | €101,607 | ▼ 6.2% |
| Tangible fixed assets22/27 | €138,547 | €131,930 | €129,075 | €122,044 | €115,013 | €108,310 | €101,607 | ▼ 6.2% |
| Land and buildings22 | - | - | - | €102,535 | €98,061 | €93,589 | €89,116 | ▼ 4.8% |
| Other tangible fixed assets26 | - | - | - | €19,509 | €16,952 | €14,721 | €12,491 | ▼ 15.1% |
| Current assets29/58 | €2,868 | €2,879 | €6,450 | €6,324 | €4,471 | €1,959 | €4,022 | ▲ 105% |
| Amounts receivable within one year40/41 | €2,388 | - | - | - | €1,086 | - | - | - |
| Other amounts receivable41 | - | - | - | - | €1,086 | - | - | - |
| Cash at bank and in hand54/58 | €379 | €2,879 | €6,450 | €4,695 | €1,675 | €1,613 | €2,445 | ▲ 51.6% |
| Deferred charges and accrued income490/1 | - | - | - | €1,629 | €1,710 | €346 | €1,577 | ▲ 356% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €141,415 | €134,809 | €135,525 | €128,368 | €119,484 | €110,269 | €105,629 | ▼ 4.2% |
| Equity10/15 | €6,707 | €12,357 | €18,327 | €20,656 | €22,912 | €28,440 | €35,667 | ▲ 25.4% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €22,240 | €29,467 | ▲ 32.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €22,240 | €29,467 | ▲ 32.5% |
| Profit (loss) carried forward14 | -€1,353 | €4,297 | €10,267 | €12,596 | €14,852 | - | - | - |
| Amounts payable17/49 | €134,708 | €122,452 | €117,198 | €107,712 | €96,572 | €81,829 | €69,962 | ▼ 14.5% |
| Amounts payable after more than one year17 | €52,296 | €47,754 | €38,347 | €28,491 | €17,941 | €9,890 | €1,446 | ▼ 85.4% |
| Financial debts170/4 | - | - | - | €28,491 | €17,941 | €9,890 | €1,446 | ▼ 85.4% |
| Amounts payable within one year42/48 | €82,295 | €74,196 | €77,979 | €78,473 | €77,722 | €70,917 | €67,524 | ▼ 4.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,855 | €10,550 | €8,277 | €8,443 | ▲ 2.0% |
| Financial debts43 | - | - | - | €59,576 | €59,576 | €56,860 | €52,450 | ▼ 7.8% |
| Other loans439 | - | - | - | €59,576 | €59,576 | €56,860 | €52,450 | ▼ 7.8% |
| Trade debts44 | - | €55 | - | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €1,810 | €1,145 | €2,219 | €2,889 | ▲ 30.2% |
| Taxes450/3 | - | - | - | €1,810 | €1,145 | €2,219 | €2,889 | ▲ 30.2% |
| Other amounts payable47/48 | - | - | - | €7,232 | €6,451 | €3,561 | €3,742 | ▲ 5.1% |
| Accrued charges and deferred income492/3 | - | - | - | €748 | €909 | €1,022 | €992 | ▼ 2.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,583 | €5,650 | €5,970 | €2,329 | €2,256 | €5,528 | €7,227 | ▲ 30.7% |
| + Depreciation and write-downs630 | €6,616 | €6,616 | €7,001 | €7,031 | €7,031 | €6,703 | €6,703 | = |
| Operating cash flow (approximation) | -€1,967 | €12,266 | €12,971 | €9,360 | €9,287 | €12,231 | €13,930 | ▲ 13.9% |
| Investment in fixed assets (approximation) | - | €1 | -€4,146 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €2,500 | €3,571 | -€1,755 | -€3,020 | -€62 | €832 | - |
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 NALA 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 NALA itself: 0.5% 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 NALA. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-07-2025 | micro format | 15-12-2025 | 2025-00584872 | |
| 31-07-2024 | micro format | 23-12-2024 | 2024-00628378 | |
| 31-07-2023 | micro format | 12-01-2024 | 2024-00003342 | |
| 31-07-2022 | micro format | 02-12-2022 | 2022-20531823 | |
| 31-07-2021 | micro format | 10-01-2022 | 2022-00700449 | |
| 31-07-2020 | micro format | 22-03-2021 | 2021-08400120 | |
| 31-07-2019 | micro format | 31-01-2020 | 2020-03800259 | |
| 31-07-2018 | micro format | 05-02-2019 | 2019-04500429 | |
| 31-07-2017 | micro format | 26-01-2018 | 2018-02900093 | |
| 31-07-2016 | full format | 03-05-2017 | 2017-11200280 |