NARWAL
ActiveSummary
NARWAL has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €85k and a net result of €7k. Equity is growing by ~16.1% per year across the filed fiscal years. Its solvency ranks better than 45% of 18400 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability58▼-7
Solvency53▲+2
Growth66▲+1
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €4.5k at 30 days acceptable
Liquidity tight (current ratio 1.1 against 0.96 in 2024; short-term debt: 60.7% and cash: 12.9% of total assets), and 72.2% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
27.8%
Return on assets
2.2%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 13-08-2026, 13 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
13 d late
2024
28 d late
2023
56 d late
2022
51 d late
2021
87 d late
2020
26 d late
2019
80 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Turnover
€1.53M▲ 7.4%
2024 · €1.43M
2018: €1.28Mlowest in 8 years
2019: €2.03M▲ +58.5% vs 2018
2020: €2.20M▲ +8.1% vs 2019highest in 8 years
2021: €2.04M▼ -7.2% vs 2020
2022: €1.79M▼ -12.2% vs 2021
2023: €1.40M▼ -22.0% vs 2022
2024: €1.43M▲ +2.3% vs 2023
2025: €1.53M▲ +7.4% vs 2024
2018 → 2025
EBIT margin
0.7%▼ 1.6pp
2024 · 2.3%
2018: 0.9%
2019: 1.0%▲ +13.5% vs 2018
2020: 0.8%▼ -20.4% vs 2019
2021: 0.8%▲ +4.8% vs 2020
2022: 0.6%▼ -27.3% vs 2021lowest in 8 years
2023: 0.7%▲ +15.3% vs 2022
2024: 2.3%▲ +233% vs 2023highest in 8 years
2025: 0.7%▼ -68.5% vs 2024
2018 → 2025
Net result
€7k▼ 73.8%
2024 · €26k
2018: €4k
2019: €9k▲ +131% vs 2018
2020: €-8k▼ -191% vs 2019lowest in 8 years
2021: €9k▲ +217% vs 2020
2022: €3k▼ -64.1% vs 2021
2023: €8k▲ +131% vs 2022
2024: €26k▲ +238% vs 2023highest in 8 years
2025: €7k▼ -73.8% vs 2024
2018 → 2025
Working capital
€20k
2024 · €-7k
2018: €16k
2019: €10k▼ -33.8% vs 2018
2020: €22k▲ +106% vs 2019highest in 8 years
2021: €11k▼ -47.0% vs 2020
2022: €-90k▼ -887% vs 2021lowest in 8 years
2023: €-57k▲ +36.6% vs 2022
2024: €-7k▲ +87.8% vs 2023
2025: €20k▲ +382% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€2.04M-€1.79M▼ 12.2%€1.40M▼ 22.0%€1.43M▲ 2.3%€1.53M▲ 7.4%
2021: €2.04Mhighest in 5 years
2022: €1.79M▼ -12.2% vs 2021
2023: €1.40M▼ -22.0% vs 2022lowest in 5 years
2024: €1.43M▲ +2.3% vs 2023
2025: €1.53M▲ +7.4% vs 2024
Equity€41k-€45k▲ 8.1%€52k▲ 17.3%€78k▲ 49.8%€85k▲ 8.7%
2021: €41klowest in 5 years
2022: €45k▲ +8.1% vs 2021
2023: €52k▲ +17.3% vs 2022
2024: €78k▲ +49.8% vs 2023
2025: €85k▲ +8.7% vs 2024highest in 5 years
Operating result€17k-€11k▼ 36.1%€10k▼ 10.1%€33k▲ 240%€11k▼ 66.1%
2021: €17k
2022: €11k▼ -36.1% vs 2021
2023: €10k▼ -10.1% vs 2022lowest in 5 years
2024: €33k▲ +240% vs 2023highest in 5 years
2025: €11k▼ -66.1% vs 2024
Net result€9k-€3k▼ 64.1%€8k▲ 131%€26k▲ 238%€7k▼ 73.8%
2021: €9k
2022: €3k▼ -64.1% vs 2021lowest in 5 years
2023: €8k▲ +131% vs 2022
2024: €26k▲ +238% vs 2023highest in 5 years
2025: €7k▼ -73.8% vs 2024
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 66% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €306k
Fixed assets
€101k ▼ 22.4%
Current assets
€205k ▲ 17.7%
Equity and liabilities €306k
Equity
€85k ▲ 8.7%
Debt
€221k ▼ 2.2%
Debt's share of the balance-sheet total falls from 74.3% to 72.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€40k▼
2024 · €61k
Cash flow
€36k▼
2024 · €54k
Current ratio
1.10▲
2024 · 0.96
Quick ratio
0.41▲
2024 · 0.41
Debt to equity
2.60▼
2024 · 2.89
ROE
8.0%▼
2024 · 33.3%
ROA
2.2%▼
2024 · 8.5%
Interest coverage
18.63▼
2024 · 89.80
Debt ≤ 1 year
€186k▲
2024 · €181k
Debt > 1 year
€35k▼
2024 · €45k
Income taxes
€2k▼
2024 · €7k
Staff costs
€71k▼
2024 · €75k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 48 lines
Balance sheet
Code20242025
Assets
Total assets20/58€305k€306k▲
Fixed assets21/28€130k€101k▼
Intangible fixed assets21€85k€67k▼
Tangible fixed assets22/27€44k€33k▼
Furniture and vehicles24€44k€33k▼
Financial fixed assets28€358€358=
Current assets29/58€175k€205k▲
Stocks and contracts in progress3€101k€129k▲
Stocks30/36€101k€129k▲
Amounts receivable within one year40/41€16k€17k▲
Trade receivables40€2k€2k=
Other amounts receivable41€14k€15k▲
Current investments50/53€20k€20k=
Cash at bank and in hand54/58€38k€40k▲
Equity and liabilities
Total equity and liabilities10/49€305k€306k▲
Equity10/15€78k€85k▲
Contributions10/11€19k€19k=
Outside capital11€19k-
Other1109/19€19k-
Reserves13€3k€3k=
Non-distributable reserves130/1€3k€3k=
Reserves not available under the articles1311€3k€3k=
Profit (loss) carried forward14€57k€64k▲
Amounts payable17/49€226k€221k▼
Amounts payable after more than one year17€45k€35k▼
Financial debts170/4€45k€35k▼
Amounts payable within one year42/48€181k€186k▲
Trade debts44€95k€110k▲
Suppliers440/4€95k€110k▲
Taxes, remuneration and social security45€26k€25k▼
Taxes450/3€7k€3k▼
Remuneration and social security454/9€19k€22k▲
Other amounts payable47/48€60k€51k▼
Income statement
Code20242025
Turnover70€1.43M€1.53M▲
Goods, raw materials, services and sundry goods60/61€1.30M€1.42M▲
Remuneration, social security and pensions62€75k€71k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€28k€29k▲
Other operating charges640/8€4k€3k▼
Gross operating margin9900€140k€114k▼
Operating profit (loss)9901€33k€11k▼
Financial charges65/66B€680€2k▲
Recurring financial charges65€680€2k▲
Profit (loss) for the period before taxes9903€33k€9k▼
Income taxes67/77€7k€2k▼
Profit (loss) for the period9904€26k€7k▼
Profit (loss) for the period to be appropriated9905€26k€7k▼
Appropriation of the result
Profit (loss) to be appropriated9906€57k€64k▲
Profit (loss) brought forward from the previous period14P€31k€57k▲
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €2.04M | €1.79M | €1.40M | €1.43M | €1.53M | ▲ 7.4% |
| Goods, raw materials, services and sundry goods60/61 | €1.90M | €1.74M | €1.40M | €1.30M | €1.42M | ▲ 9.5% |
| Remuneration, social security and pensions62 | €134k | €134k | €2k | €75k | €71k | ▼ 5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €24k | €24k | €25k | €28k | €29k | ▲ 4.4% |
| Other operating charges640/8 | €2k | €2k | €2k | €4k | €3k | ▼ 27.1% |
| Gross operating margin9900 | €178k | €170k | €39k | €140k | €114k | ▼ 18.5% |
| Operating profit (loss)9901 | €17k | €11k | €10k | €33k | €11k | ▼ 66.1% |
| Financial charges65/66B | €4k | €7k | €349 | €680 | €2k | ▲ 218% |
| Recurring financial charges65 | €4k | €7k | €349 | €680 | €2k | ▲ 218% |
| Profit (loss) for the period before taxes9903 | €13k | €4k | €9k | €33k | €9k | ▼ 72.1% |
| Income taxes67/77 | €3k | €783 | €2k | €7k | €2k | ▼ 65.1% |
| Profit (loss) for the period9904 | €9k | €3k | €8k | €26k | €7k | ▼ 73.8% |
| Profit (loss) for the period to be appropriated9905 | €9k | €3k | €8k | €26k | €7k | ▼ 73.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €244k | €281k | €306k | €305k | €306k | ▲ 0.6% |
| Fixed assets21/28 | €128k | €134k | €109k | €130k | €101k | ▼ 22.4% |
| Intangible fixed assets21 | €109k | €122k | €103k | €85k | €67k | ▼ 21.1% |
| Tangible fixed assets22/27 | €19k | €12k | €6k | €44k | €33k | ▼ 24.9% |
| Furniture and vehicles24 | €19k | €12k | €6k | €44k | €33k | ▼ 24.9% |
| Financial fixed assets28 | €358 | €358 | €358 | €358 | €358 | = |
| Current assets29/58 | €115k | €147k | €197k | €175k | €205k | ▲ 17.7% |
| Stocks and contracts in progress3 | €42k | €80k | €55k | €101k | €129k | ▲ 28.1% |
| Stocks30/36 | €42k | €80k | €55k | €101k | €129k | ▲ 28.1% |
| Amounts receivable within one year40/41 | €5k | €9k | €9k | €16k | €17k | ▲ 5.7% |
| Trade receivables40 | - | €2k | €2k | €2k | €2k | = |
| Other amounts receivable41 | €5k | €7k | €7k | €14k | €15k | ▲ 6.4% |
| Current investments50/53 | €20k | €20k | €20k | €20k | €20k | = |
| Cash at bank and in hand54/58 | €48k | €38k | €113k | €38k | €40k | ▲ 4.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €244k | €281k | €306k | €305k | €306k | ▲ 0.6% |
| Equity10/15 | €41k | €45k | €52k | €78k | €85k | ▲ 8.7% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Capital10 | €19k | €19k | €19k | - | - | - |
| Issued capital100 | €19k | €19k | €19k | - | - | - |
| Outside capital11 | - | - | - | €19k | - | - |
| Other1109/19 | - | - | - | €19k | - | - |
| Reserves13 | €2k | €2k | €3k | €3k | €3k | = |
| Non-distributable reserves130/1 | €2k | €2k | €3k | €3k | €3k | = |
| Legal reserve130 | €2k | €2k | €3k | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €3k | €3k | = |
| Profit (loss) carried forward14 | €20k | €24k | €31k | €57k | €64k | ▲ 12.0% |
| Amounts payable17/49 | €202k | €237k | €254k | €226k | €221k | ▼ 2.2% |
| Amounts payable after more than one year17 | €99k | - | - | €45k | €35k | ▼ 21.1% |
| Financial debts170/4 | €99k | - | - | €45k | €35k | ▼ 21.1% |
| Amounts payable within one year42/48 | €104k | €237k | €254k | €181k | €186k | ▲ 2.5% |
| Trade debts44 | €51k | €11k | €97k | €95k | €110k | ▲ 15.4% |
| Suppliers440/4 | €51k | €11k | €97k | €95k | €110k | ▲ 15.4% |
| Taxes, remuneration and social security45 | €48k | €50k | €21k | €26k | €25k | ▼ 1.3% |
| Taxes450/3 | €4k | €5k | €4k | €7k | €3k | ▼ 53.1% |
| Remuneration and social security454/9 | €44k | €45k | €17k | €19k | €22k | ▲ 16.4% |
| Other amounts payable47/48 | €5k | €175k | €136k | €60k | €51k | ▼ 16.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9k | €3k | €8k | €26k | €7k | ▼ 73.8% |
| + Depreciation and write-downs630 | €24k | €24k | €25k | €28k | €29k | ▲ 4.4% |
| Operating cash flow (approximation) | €34k | €27k | €33k | €54k | €36k | ▼ 33.4% |
| Investment in fixed assets (approximation) | - | €-30k | €0 | €-49k | €0 | ▲ 100% |
| Change in cash | - | €-10k | €75k | €-75k | €2k | ▲ 102% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
13-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 13 days late
2025
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
31-12
Financial
Highest result since 2018net €26k ▲238%
Operating result €33k, net result €26k, both a record.
25-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 56 days late
2023
20-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 51 days late
2022
26-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 87 days late
2021
31-12
Financial
Back to profitnet €9k
Net result €9k after one loss-making year.
26-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 26 days late
2020
31-12
Financial
Weakest financial yearnet €-8k
Net result drops to €-8k, the lowest in the series; recovery starts the following year.
19-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 80 days late
2019
12-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 12 days late
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
12-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
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Directors · office · real estate
Directors
6 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Seraing · 1 establishment unit since 2019
Ground area
295 m²
Building footprint
48 m²
Volume, LiDAR
469 m³
Parcel 62343C0009/00M010, Wallonia · tallest building 11.5 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
LIBRAIRIE NARWAL OUGREE
since 20192.286.379.773
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62343C0009/00M010 | Wallonia | 295 m² | 1 · 48 m² | 11.5 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Food safety, FASFC
1 siteSeraing2.286.379.773
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Of 10,510 companies in sector 47110 we hold annual accounts for 5,851. 4,681 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded03-12-2014
Fiscal year end31-12
Activities, NACEBEL 2025
47110Non-specialised retail sale with food, beverages or tobacco predominating
47789Other retail sale of new goods
Scores and ratios are computed by Checked and are not a credit decision.