NALE
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 22-06-2026 at the NBB all 35 filings
Turnover
≈ €310,000
Estimated: probably between €190,000 and €700,000
EBIT margin
Not included in this filing
Net result
€88,346▲ 0.5%
2024 · €87,906
Working capital
€78,792▲ 95.9%
2024 · €40,220
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€88,932
▲ 1.7%
2025
20182025
Net result
€88,346
▲ 0.5%
2025
middle half of the sector
20182025
Equity
€1.2m
▲ 0.7%
2025
middle half of the sector
20182025
Total assets
€1.3m
▲ 7.8%
2025
middle half of the sector
20182025
Debt
€89,191
▲ 19×
2025
20182025
Working capital
€78,792
▲ 95.9%
2025
middle half of the sector
20182025
Solvency
93.1%
▼ 6.5pp
2025
highest quarter of the sector
20182025
Current ratio
1.93
2025
middle half of the sector
20182025
Return on assets (ROA)
6.9%
▼ 0.5pp
2025
highest quarter of the sector
20182025
Staff (FTE)
0
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-€0.08m-€0.08m€0.02m▼ 71.8%€0.006m▼ 75.1%€0.06m▲ 11×€0.08m▲ 27.5%€0.09m▲ 7.3%€0.09m▲ 1.7%
Net result-€0.1m-€0.05m-€0.002mwithin the sector's middle half-€0.02mbelow the sector's middle half▼ 1,214%€0.01mwithin the sector's middle half€0.08mwithin the sector's middle half▲ 504%€0.09mwithin the sector's middle half▲ 11.0%€0.09mwithin the sector's middle half▲ 0.5%
Equity€1.0m-€1.0m▲ 4.6%€1.0mwithin the sector's middle half▼ 0.1%€1.0mwithin the sector's middle half▼ 2.4%€1.0mwithin the sector's middle half▲ 1.3%€1.1mwithin the sector's middle half▲ 7.7%€1.2mwithin the sector's middle half▲ 8.0%€1.2mwithin the sector's middle half▲ 0.7%
Total assets€1.9m-€1.8m▼ 2.5%€1.7mwithin the sector's middle half▼ 5.2%€1.6mwithin the sector's middle half▼ 6.9%€1.2mwithin the sector's middle half▼ 22.1%€1.2mwithin the sector's middle half▼ 3.2%€1.2mwithin the sector's middle half▼ 1.2%€1.3mwithin the sector's middle half▲ 7.8%
Debt€0.9m-€0.8m▼ 10.6%€0.7m▼ 12.0%€0.6m▼ 13.6%€0.2m▼ 62.0%€0.1m▼ 52.8%€0.005m▼ 95.6%€0.09m▲ 19×
Working capital€0.4m-€0.4mwithin the sector's middle half€0.3mwithin the sector's middle half▼ 17.8%-€0.2mbelow the sector's middle half-€0.09mwithin the sector's middle half▲ 58.4%€0.04mwithin the sector's middle half€0.08mwithin the sector's middle half▲ 95.9%
Solvency53.2%-57.0%▲ 3.9pp60.1%within the sector's middle half▲ 3.1pp63.0%above the sector's middle half▲ 2.9pp81.9%above the sector's middle half▲ 18.9pp91.2%above the sector's middle half▲ 9.3pp99.6%above the sector's middle half▲ 8.4pp93.1%above the sector's middle half▼ 6.5pp
Current ratio93.94above the sector's middle half0.01below the sector's middle half0.11below the sector's middle half▲ 0.101.93within the sector's middle half
Return on assets (ROA)-6.5%-2.5%▲ 9.0pp-0.1%within the sector's middle half▼ 2.6pp-1.5%below the sector's middle half▼ 1.4pp1.1%within the sector's middle half▲ 2.6pp6.6%above the sector's middle half▲ 5.5pp7.4%above the sector's middle half▲ 0.8pp6.9%above the sector's middle half▼ 0.5pp
Staff (FTE)0within the sector's middle half0within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 2% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€1.1m ▼ 2.6%
Current assets
€163,482 ▲ 305%
Equity and liabilities €1.3m
Equity
€1.2m ▲ 0.7%
Debt
€89,191 ▲ 19×
Debt's share of the balance-sheet total rises from 0.4% to 6.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€121,638▼
2024 · €132,855
Cash flow
€121,053▼
2024 · €133,316
Debt to equity
0.07▲
2024 · 0.00
ROE
7.4%▼
2024 · 7.4%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€84,691▲
2024 · €145
Debt > 1 year
€4,500=
2024 · €4,500
Income taxes
€2,322
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 | €33,530 | €49,257 | €11,063 | €2,406 | €2,481 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €72,953 | €63,083 | €59,035 | €45,410 | €32,707 |
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 | €101,447 | €94,030 | €78,202 | €72,953 | €63,083 | €59,035 | €45,410 | €32,707 | ▼ 28.0% |
| Other operating charges640/8 | - | - | - | €18,023 | €18,546 | €20,311 | €22,301 | €21,875 | ▼ 1.9% |
| Gross operating margin9900 | €33,422 | €191,550 | €119,087 | €96,692 | €145,556 | €160,842 | €155,156 | €143,513 | ▼ 7.5% |
| Operating profit (loss)9901 | -€83,932 | €81,453 | €22,996 | €5,716 | €63,927 | €81,495 | €87,446 | €88,932 | ▲ 1.7% |
| Financial income75/76B | - | - | - | €8,342 | €50 | - | €708 | €1,961 | ▲ 177% |
| Recurring financial income75 | €8,327 | €5,968 | €8,146 | €6,673 | €50 | - | €708 | €1,961 | ▲ 177% |
| Non-recurring financial income76B | - | - | - | €1,669 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €38,893 | €50,857 | €2,270 | €248 | €224 | ▼ 9.5% |
| Recurring financial charges65 | €45,659 | €42,110 | €33,032 | €38,893 | €50,857 | €2,270 | €248 | €224 | ▼ 9.5% |
| Profit (loss) for the period before taxes9903 | -€121,264 | €45,311 | -€1,890 | -€24,836 | €13,120 | €79,225 | €87,906 | €90,668 | ▲ 3.1% |
| Income taxes67/77 | - | - | - | - | - | - | - | €2,322 | - |
| Profit (loss) for the period9904 | -€121,264 | €45,311 | -€1,890 | -€24,836 | €13,120 | €79,225 | €87,906 | €88,346 | ▲ 0.5% |
| Profit (loss) for the period to be appropriated9905 | -€121,264 | €45,311 | -€1,890 | -€24,836 | €13,120 | €79,225 | €87,906 | €88,346 | ▲ 0.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.9m | €1.8m | €1.7m | €1.6m | €1.2m | €1.2m | €1.2m | €1.3m | ▲ 7.8% |
| Fixed assets21/28 | €1.4m | €1.4m | €1.3m | €1.3m | €1.2m | €1.2m | €1.2m | €1.1m | ▼ 2.6% |
| Tangible fixed assets22/27 | €1.4m | €1.4m | €1.3m | €1.3m | €1.2m | €1.2m | €1.2m | €1.1m | ▼ 2.6% |
| Land and buildings22 | - | - | - | €1.3m | €1.2m | €1.2m | €1.2m | €1.1m | ▼ 2.6% |
| Plant, machinery and equipment23 | - | - | - | - | - | €407 | €312 | €217 | ▼ 30.4% |
| Current assets29/58 | €0.4m | €0.5m | €0.4m | €0.3m | €0.003m | €0.01m | €0.04m | €0.2m | ▲ 305% |
| Amounts receivable within one year40/41 | €0.4m | €0.5m | €0.4m | €0.3m | - | €0.009m | €0.04m | €0.2m | ▲ 348% |
| Other amounts receivable41 | - | - | - | €0.3m | - | €0.009m | €0.04m | €0.2m | ▲ 348% |
| Cash at bank and in hand54/58 | €17 | €0.004m | €0.007m | €0.004m | €0.003m | €0.002m | €0.001m | €0.002m | ▲ 104% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €0.003m | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.9m | €1.8m | €1.7m | €1.6m | €1.2m | €1.2m | €1.2m | €1.3m | ▲ 7.8% |
| Equity10/15 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.1m | €1.2m | €1.2m | ▲ 0.7% |
| Contributions10/11 | €0.2m | €0.2m | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Contributions outside capital11 | - | - | - | €0.2m | - | - | - | - | - |
| Other1109/19 | - | - | - | €0.2m | - | - | - | - | - |
| Revaluation surpluses12 | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Reserves13 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.08m | €0.08m | ▲ 11.1% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | - | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves not available under the articles1311 | - | - | - | €0.02m | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.04m | €0.04m | €0.04m | €0.06m | €0.07m | ▲ 14.1% |
| Profit (loss) carried forward14 | -€0.2m | -€0.1m | -€0.1m | -€0.2m | -€0.1m | -€0.07m | €0 | €0 | - |
| Amounts payable17/49 | €0.9m | €0.8m | €0.7m | €0.6m | €0.2m | €0.1m | €0.005m | €0.09m | ▲ 19× |
| Amounts payable after more than one year17 | €0.9m | €0.8m | €0.7m | €0.6m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Financial debts170/4 | - | - | - | €0.6m | - | - | - | - | - |
| Other amounts payable178/9 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Amounts payable within one year42/48 | €0.004m | - | €0.005m | €397 | €0.2m | €0.1m | €145 | €0.08m | ▲ 584× |
| Trade debts44 | - | - | €0.005m | €397 | €0.005m | - | €145 | €0.002m | ▲ 15× |
| Suppliers440/4 | - | - | - | €397 | €0.005m | - | €145 | €0.002m | ▲ 15× |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | - | €0.08m | - |
| Taxes450/3 | - | - | - | - | - | - | - | €0.003m | - |
| Remuneration and social security454/9 | - | - | - | - | - | - | - | €0.08m | - |
| Other amounts payable47/48 | - | - | - | - | €0.2m | €0.1m | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€121,264 | €45,311 | -€1,890 | -€24,836 | €13,120 | €79,225 | €87,906 | €88,346 | ▲ 0.5% |
| + Depreciation and write-downs630 | €101,447 | €94,030 | €78,202 | €72,953 | €63,083 | €59,035 | €45,410 | €32,707 | ▼ 28.0% |
| Operating cash flow (approximation) | -€19,817 | €139,341 | €76,312 | €48,117 | €76,203 | €138,261 | €133,316 | €121,053 | ▼ 9.2% |
| Investment in fixed assets (approximation) | - | -€8,617 | -€19,056 | -€33,530 | -€49,257 | -€11,063 | -€2,406 | -€2,481 | ▼ 3.1% |
| Change in cash | - | €4,342 | €2,916 | -€3,536 | -€465 | -€979 | -€1,515 | €809 | - |
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, 20,136 companies had the same profile as NALE has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of NALE 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 20,136 companies, not a prediction for NALE. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 22-06-2026 | 2026-00189995 | |
| 31-12-2024 | abbreviated format | 17-07-2025 | 2025-00282489 | |
| 31-12-2023 | abbreviated format | 11-06-2024 | 2024-00122187 | |
| 31-12-2022 | abbreviated format | 10-07-2023 | 2023-00220185 | |
| 31-12-2021 | abbreviated format | 28-06-2022 | 2022-20100188 | |
| 31-12-2020 | abbreviated format | 29-04-2021 | 2021-12500597 | |
| 31-12-2019 | abbreviated format | 25-06-2020 | 2020-21000187 | |
| 31-12-2018 | abbreviated format | 19-06-2019 | 2019-20100346 | |
| 31-12-2017 | abbreviated format | 22-06-2018 | 2018-23000352 | |
| 31-12-2016 | abbreviated format | 30-08-2017 | 2017-51900550 |