NB Concepts
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-04-2026 PDF all 5 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €280,000
Estimated: probably between €190,000 and €440,000
Total assets
€203,252▲ 10.9%
2024 · €183,293
Net result
€49,574▲ 138%
2024 · €20,809
Working capital
€14,731
2024 · -€9,406
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€75,154
▲ 143%
2025
20212025
Net result
€49,574
▲ 138%
2025
highest quarter of the sector
20212025
Equity
€64,389
=
2025
middle half of the sector
20212025
Total assets
€203,252
▲ 10.9%
2025
middle half of the sector
20212025
Debt
€138,863
▲ 16.8%
2025
20212025
Working capital
€14,731
2025
middle half of the sector
20212025
Solvency
31.7%
▼ 3.4pp
2025
middle half of the sector
20212025
Current ratio
1.13
▲ 0.23
2025
middle half of the sector
20212025
Return on assets (ROA)
24.4%
▲ 13.0pp
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€15,176-€34,644▲ 128%€7,868▼ 77.3%€30,915▲ 293%€75,154▲ 143%
Net result€10,218within the sector's middle half-€24,388within the sector's middle half▲ 139%€3,974within the sector's middle half▼ 83.7%€20,809within the sector's middle half▲ 424%€49,574above the sector's middle half▲ 138%
Equity€15,218within the sector's middle half-€39,607within the sector's middle half▲ 160%€43,580within the sector's middle half▲ 10.0%€64,389within the sector's middle half▲ 47.7%€64,389within the sector's middle half=
Total assets€105,905within the sector's middle half-€131,163within the sector's middle half▲ 23.8%€166,470within the sector's middle half▲ 26.9%€183,293within the sector's middle half▲ 10.1%€203,252within the sector's middle half▲ 10.9%
Debt€90,687-€91,557▲ 1.0%€122,890▲ 34.2%€118,904▼ 3.2%€138,863▲ 16.8%
Working capital-€79,102below the sector's middle half--€49,376below the sector's middle half▲ 37.6%-€63,588below the sector's middle half▼ 28.8%-€9,406within the sector's middle half▲ 85.2%€14,731within the sector's middle half
Solvency14.4%within the sector's middle half-30.2%within the sector's middle half▲ 15.8pp26.2%within the sector's middle half▼ 4.0pp35.1%within the sector's middle half▲ 9.0pp31.7%within the sector's middle half▼ 3.4pp
Current ratio0.13below the sector's middle half-0.46below the sector's middle half▲ 0.330.30below the sector's middle half▼ 0.160.90within the sector's middle half▲ 0.601.13within the sector's middle half▲ 0.23
Return on assets (ROA)9.6%within the sector's middle half-18.6%above the sector's middle half▲ 8.9pp2.4%within the sector's middle half▼ 16.2pp11.4%above the sector's middle half▲ 9.0pp24.4%above the sector's middle half▲ 13.0pp
above
within
below
The sector band is the middle half of the companies in Rental and leasing activities (NACE 77). 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 143% higher than in 2024 and the highest since 2021. 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 €203,252
Fixed assets
€71,431 ▼ 29.4%
Current assets
€131,821 ▲ 60.4%
Equity and liabilities €203,252
Equity
€64,389 =
Debt
€138,863 ▲ 16.8%
Debt's share of the balance-sheet total rises from 64.9% to 68.3%. Debt is higher.
Key figures and ratios
EBITDA
€111,925▲
2024 · €67,050
Cash flow
€86,345▲
2024 · €56,943
Quick ratio
0.72▲
2024 · 0.46
Debt to equity
2.16▲
2024 · 1.85
ROE
77.0%▲
2024 · 32.3%
Interest coverage
14.64▼
2024 · 30.78
Debt ≤ 1 year
€117,090▲
2024 · €91,587
Debt > 1 year
€21,773▼
2024 · €27,317
Income taxes
€18,595▲
2024 · €7,928
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 | €98,417 | €30,515 | €81,464 | €6,250 | €7,090 |
| Depreciation and write-downs of the year | €4,097 | €18,295 | €30,691 | €36,134 | €36,771 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €11,660 | €4,942 | - | €4,241 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,097 | €18,295 | €30,691 | €36,134 | €36,771 | ▲ 1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €3,375 | €5,645 | €970 | €0 | ▼ 100% |
| Other operating charges640/8 | €112 | €112 | €177 | €295 | €1,040 | ▲ 252% |
| Gross operating margin9900 | €19,385 | €56,426 | €44,381 | €68,315 | €112,965 | ▲ 65.4% |
| Operating profit (loss)9901 | €15,176 | €34,644 | €7,868 | €30,915 | €75,154 | ▲ 143% |
| Financial income75/76B | - | €54 | €0 | €0 | €658 | - |
| Recurring financial income75 | - | €54 | €0 | €0 | €658 | - |
| Financial charges65/66B | €47 | €95 | €1,665 | €2,178 | €7,643 | ▲ 251% |
| Recurring financial charges65 | €47 | €95 | €1,665 | €2,178 | €7,643 | ▲ 251% |
| Profit (loss) for the period before taxes9903 | €15,129 | €34,604 | €6,204 | €28,737 | €68,168 | ▲ 137% |
| Income taxes67/77 | €4,911 | €10,215 | €2,230 | €7,928 | €18,595 | ▲ 135% |
| Profit (loss) for the period9904 | €10,218 | €24,388 | €3,974 | €20,809 | €49,574 | ▲ 138% |
| Profit (loss) for the period to be appropriated9905 | €10,218 | €24,388 | €3,974 | €20,809 | €49,574 | ▲ 138% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €105,905 | €131,163 | €166,470 | €183,293 | €203,252 | ▲ 10.9% |
| Fixed assets21/28 | €94,320 | €88,982 | €139,755 | €101,113 | €71,431 | ▼ 29.4% |
| Tangible fixed assets22/27 | €94,320 | €88,982 | €139,755 | €101,113 | €71,431 | ▼ 29.4% |
| Plant, machinery and equipment23 | €94,320 | €88,982 | €139,755 | €96,999 | €65,625 | ▼ 32.3% |
| Furniture and vehicles24 | - | - | - | €4,114 | €5,807 | ▲ 41.2% |
| Current assets29/58 | €11,585 | €42,181 | €26,715 | €82,181 | €131,821 | ▲ 60.4% |
| Stocks and contracts in progress3 | - | - | - | €39,717 | €47,217 | ▲ 18.9% |
| Stocks30/36 | - | - | - | €39,717 | €47,217 | ▲ 18.9% |
| Amounts receivable within one year40/41 | €4,584 | €9,432 | €13,672 | €28,760 | €20,768 | ▼ 27.8% |
| Trade receivables40 | €4,584 | €8,723 | €9,716 | €28,484 | €20,696 | ▼ 27.3% |
| Other amounts receivable41 | - | €709 | €3,955 | €276 | €72 | ▼ 73.9% |
| Cash at bank and in hand54/58 | €7,001 | €32,404 | €12,877 | €12,884 | €61,598 | ▲ 378% |
| Deferred charges and accrued income490/1 | - | €346 | €166 | €819 | €2,238 | ▲ 173% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €105,905 | €131,163 | €166,470 | €183,293 | €203,252 | ▲ 10.9% |
| Equity10/15 | €15,218 | €39,607 | €43,580 | €64,389 | €64,389 | = |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €10,218 | €34,607 | €38,580 | €59,389 | €59,389 | = |
| Distributable reserves133 | €10,218 | €34,607 | €38,580 | €59,389 | €59,389 | = |
| Profit (loss) carried forward14 | - | - | - | - | €0 | - |
| Amounts payable17/49 | €90,687 | €91,557 | €122,890 | €118,904 | €138,863 | ▲ 16.8% |
| Amounts payable after more than one year17 | - | - | €32,587 | €27,317 | €21,773 | ▼ 20.3% |
| Financial debts170/4 | - | - | €32,587 | €27,317 | €21,773 | ▼ 20.3% |
| Amounts payable within one year42/48 | €90,687 | €91,557 | €90,303 | €91,587 | €117,090 | ▲ 27.8% |
| Current portion of amounts payable after more than one year42 | - | - | €5,005 | €5,270 | €5,544 | ▲ 5.2% |
| Trade debts44 | €3,491 | €2,745 | €615 | €3,222 | €1,812 | ▼ 43.8% |
| Suppliers440/4 | €3,491 | €2,745 | €615 | €3,222 | €1,812 | ▼ 43.8% |
| Taxes, remuneration and social security45 | €9,112 | €11,757 | €7,628 | €8,303 | €15,068 | ▲ 81.5% |
| Taxes450/3 | €9,112 | €11,757 | €7,628 | €8,303 | €15,068 | ▲ 81.5% |
| Other amounts payable47/48 | €78,084 | €77,055 | €77,055 | €74,792 | €94,666 | ▲ 26.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,218 | €24,388 | €3,974 | €20,809 | €49,574 | ▲ 138% |
| + Depreciation and write-downs630 | €4,097 | €18,295 | €30,691 | €36,134 | €36,771 | ▲ 1.8% |
| Operating cash flow (approximation) | €14,315 | €42,683 | €34,665 | €56,943 | €86,345 | ▲ 51.6% |
| Investment in fixed assets (approximation) | - | -€12,957 | -€81,464 | €2,509 | -€7,090 | - |
| Change in cash | - | €25,403 | -€19,527 | €7 | €48,713 | ▲ 6,664× |
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, 26,972 companies had the same profile as NB Concepts has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of NB Concepts itself: 0.4% 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 26,972 companies, not a prediction for NB Concepts. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 10-04-2026 | 2026-00077517 | |
| 31-12-2024 | micro format | 21-05-2025 | 2025-00101104 | |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00155584 | |
| 31-12-2022 | micro format | 20-06-2023 | 2023-00140243 | |
| 31-12-2021 | micro format | 31-05-2022 | 2022-20039648 |