NEDERMAN
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 14-07-2026 at the NBB all 45 filings
Turnover
≈ €10.0m
Estimated: probably between €6.1m and €17.0m
EBIT margin
Not included in this filing
Net result
€381,351▼ 33.9%
2024 · €576,651
Working capital
€342,798▲ 9.3%
2024 · €313,663
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€523,659
▼ 34.8%
2025
20182025
Net result
€381,351
▼ 33.9%
2025
middle half of the sector
20182025
Equity
€193,269
▼ 8.8%
2025
lowest quarter of the sector
20182025
Total assets
€2.3m
▼ 39.2%
2025
middle half of the sector
20182025
Debt
€1.9m
▼ 45.2%
2025
20182025
Working capital
€342,798
▲ 9.3%
2025
middle half of the sector
20182025
Solvency
8.5%
▲ 2.8pp
2025
lowest quarter of the sector
20182025
Current ratio
1.18
▲ 0.09
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
16.9%
▲ 1.4pp
2025
highest quarter of the sector
20182025
Staff (FTE)
15.8
▼ 3.1%
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€0.3m-€0.5m▲ 58.3%€0.5m▲ 6.1%€0.5m▼ 6.5%€0.5m▲ 0.7%€0.6m▲ 15.2%€0.8m▲ 34.8%€0.5m▼ 34.8%
Net result€0.2m-€0.3m▲ 73.4%€0.4mabove the sector's middle half▲ 11.3%€0.3mabove the sector's middle half▼ 4.3%€0.3mabove the sector's middle half▲ 2.3%€0.4mabove the sector's middle half▲ 19.5%€0.6mabove the sector's middle half▲ 38.3%€0.4mwithin the sector's middle half▼ 33.9%
Equity€0.6m-€0.9m▲ 58.1%€0.2mwithin the sector's middle half▼ 73.8%€0.2mwithin the sector's middle half▲ 0.5%€0.3mwithin the sector's middle half▲ 38.8%€0.4mwithin the sector's middle half▲ 21.1%€0.2mwithin the sector's middle half▼ 45.0%€0.2mbelow the sector's middle half▼ 8.8%
Total assets€2.9m-€3.6m▲ 22.9%€3.7mabove the sector's middle half▲ 2.6%€3.4mabove the sector's middle half▼ 6.6%€4.2mabove the sector's middle half▲ 22.7%€3.5mabove the sector's middle half▼ 17.0%€3.7mabove the sector's middle half▲ 6.6%€2.3mwithin the sector's middle half▼ 39.2%
Debt€2.4m-€2.7m▲ 14.8%€3.4m▲ 27.2%€3.2m▼ 7.1%€3.9m▲ 21.5%€3.1m▼ 20.2%€3.5m▲ 13.0%€1.9m▼ 45.2%
Working capital€0.5m-€0.9m▲ 65.7%€0.2mwithin the sector's middle half▼ 75.8%€0.2mwithin the sector's middle half▲ 5.5%€0.3mwithin the sector's middle half▲ 45.4%€0.4mwithin the sector's middle half▲ 22.7%€0.3mwithin the sector's middle half▼ 19.3%€0.3mwithin the sector's middle half▲ 9.3%
Solvency18.9%-24.4%▲ 5.4pp6.2%below the sector's middle half▼ 18.1pp6.7%below the sector's middle half▲ 0.5pp7.6%below the sector's middle half▲ 0.9pp11.1%below the sector's middle half▲ 3.5pp5.7%below the sector's middle half▼ 5.3pp8.5%below the sector's middle half▲ 2.8pp
Current ratio1.22-1.32▲ 0.101.06below the sector's middle half▼ 0.261.07below the sector's middle half▲ 0.011.08below the sector's middle half▲ 0.011.13below the sector's middle half▲ 0.041.09below the sector's middle half▼ 0.031.18below the sector's middle half▲ 0.09
Return on assets (ROA)6.3%-9.0%▲ 2.6pp9.7%within the sector's middle half▲ 0.8pp10.0%within the sector's middle half▲ 0.2pp8.3%within the sector's middle half▼ 1.7pp12.0%above the sector's middle half▲ 3.7pp15.5%above the sector's middle half▲ 3.6pp16.9%above the sector's middle half▲ 1.4pp
Staff (FTE)20.5-20.9▲ 2.0%19.2above the sector's middle half▼ 8.1%16.7above the sector's middle half▼ 13.0%15.7above the sector's middle half▼ 6.0%15.6above the sector's middle half▼ 0.6%16.3above the sector's middle half▲ 4.5%15.8within the sector's middle half▼ 3.1%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 35% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.3m
Fixed assets
€321 ▼ 74.4%
Current assets
€2.3m ▼ 39.2%
Equity and liabilities €2.3m
Equity
€193,269 ▼ 8.8%
Provisions
€147,000
Debt
€1.9m ▼ 45.2%
Debt's share of the balance-sheet total falls from 94.3% to 85.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€524,592▼
2024 · €804,594
Cash flow
€382,285▼
2024 · €577,585
Quick ratio
1.05▲
2024 · 0.85
Debt to equity
9.94▼
2024 · 16.54
ROE
197.3%▼
2024 · 272.1%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€1.9m▼
2024 · €3.4m
Income taxes
€137,544▼
2024 · €219,509
Staff costs
€1.8m▼
2024 · €1.9m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 16 | 16 | 16 | 16 | 16 |
| full-time | 15 | 15 | 16 | 16 | 16 |
| part-time | 1 | 1 | 0 | 0 | 0 |
| in full-time equivalents | 15.7 | 15.7 | 16 | 16 | 16 |
| Average over the year, in full-time equivalents | 16.7 | 15.7 | 15.6 | 16.3 | 15.8 |
| On a permanent contract | 16 | 16 | 16 | 16 | 16 |
| Joined | 2 | - | 1 | 2 | 1 |
| Left | 5 | - | 1 | 2 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €2,800 | - | - |
| Depreciation and write-downs of the year | €10,093 | €9,956 | €1,891 | €933 | €933 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €1,375 awarded · €1,375 paidPublic contracts
1 award · 2025
Marché de fournitures d’équipements numériques pour l'aménagement pédagogique des Digital Factories du Forem dans le respect du DNSH: Table aspirante autonome
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | €0.03m | €0.03m | €0 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €1.6m | €1.6m | €1.9m | €1.9m | €1.8m | ▼ 1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.02m | €0.01m | €0.01m | €0.01m | €0.002m | €0.001m | €0.001m | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | -€0.003m | €338 | €0.008m | €0 | ▼ 100% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | - | €0.05m | - |
| Other operating charges640/8 | - | - | - | €0.004m | €0.006m | €0.004m | €0.004m | €0.004m | ▲ 18.1% |
| Non-recurring operating charges66A | - | - | - | €0.07m | €0 | - | - | - | - |
| Gross operating margin9900 | €2.0m | €2.5m | €2.4m | €2.2m | €2.1m | €2.5m | €2.7m | €2.4m | ▼ 9.9% |
| Operating profit (loss)9901 | €0.3m | €0.5m | €0.5m | €0.5m | €0.5m | €0.6m | €0.8m | €0.5m | ▼ 34.8% |
| Financial charges65/66B | - | - | - | €0.03m | €0.03m | €0.02m | €0.008m | €0.005m | ▼ 36.5% |
| Recurring financial charges65 | €0.04m | €0.03m | €0.04m | €0.03m | €0.03m | €0.02m | €0.008m | €0.005m | ▼ 36.5% |
| Non-recurring financial charges66B | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.3m | €0.5m | €0.5m | €0.5m | €0.5m | €0.6m | €0.8m | €0.5m | ▼ 34.8% |
| Income taxes67/77 | €0.1m | €0.2m | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | €0.1m | ▼ 37.3% |
| Profit (loss) for the period9904 | €0.2m | €0.3m | €0.4m | €0.3m | €0.3m | €0.4m | €0.6m | €0.4m | ▼ 33.9% |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.3m | €0.4m | €0.3m | €0.3m | €0.4m | €0.6m | €0.4m | ▼ 33.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.9m | €3.6m | €3.7m | €3.4m | €4.2m | €3.5m | €3.7m | €2.3m | ▼ 39.2% |
| Fixed assets21/28 | €0.04m | €0.02m | €0.02m | €0.01m | €0.001m | €0.002m | €0.001m | €321 | ▼ 74.4% |
| Tangible fixed assets22/27 | €0.04m | €0.02m | €0.02m | €0.01m | €0.001m | €0.002m | €0.001m | €321 | ▼ 74.4% |
| Plant, machinery and equipment23 | - | - | - | €0.003m | €419 | €0 | - | - | - |
| Other tangible fixed assets26 | - | - | - | €0.008m | €0.001m | €0.002m | €0.001m | €321 | ▼ 74.4% |
| Current assets29/58 | €2.9m | €3.6m | €3.6m | €3.4m | €4.2m | €3.5m | €3.7m | €2.3m | ▼ 39.2% |
| Stocks and contracts in progress3 | €0.01m | €0.06m | €0.01m | €1.0m | €1.7m | €1.4m | €0.8m | €0.2m | ▼ 69.8% |
| Stocks30/36 | - | - | - | €0.01m | €0.06m | €0.01m | €0.01m | €0.006m | ▼ 37.3% |
| Contracts in progress37 | - | - | - | €1.0m | €1.6m | €1.4m | €0.8m | €0.2m | ▼ 70.2% |
| Amounts receivable within one year40/41 | €1.4m | €1.8m | €2.2m | €1.8m | €2.1m | €1.7m | €2.6m | €1.7m | ▼ 35.4% |
| Trade receivables40 | - | - | - | €0.9m | €1.4m | €1.0m | €1.1m | €0.9m | ▼ 14.8% |
| Other amounts receivable41 | - | - | - | €0.9m | €0.7m | €0.8m | €1.6m | €0.8m | ▼ 49.4% |
| Cash at bank and in hand54/58 | €0.4m | €0.1m | €0.4m | €0.6m | €0.4m | €0.3m | €0.3m | €0.3m | ▲ 13.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.02m | €0.01m | €0.01m | €0.01m | ▲ 9.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.9m | €3.6m | €3.7m | €3.4m | €4.2m | €3.5m | €3.7m | €2.3m | ▼ 39.2% |
| Equity10/15 | €0.6m | €0.9m | €0.2m | €0.2m | €0.3m | €0.4m | €0.2m | €0.2m | ▼ 8.8% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Profit (loss) carried forward14 | €0.4m | €0.8m | €0.1m | €0.1m | €0.2m | €0.3m | €0.1m | €0.08m | ▼ 18.3% |
| Provisions and deferred taxes16 | €0.003m | €0.001m | - | - | - | - | - | €0.1m | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | - | €0.1m | - |
| Other liabilities and charges164/5 | - | - | - | - | - | - | - | €0.1m | - |
| Amounts payable17/49 | €2.4m | €2.7m | €3.4m | €3.2m | €3.9m | €3.1m | €3.5m | €1.9m | ▼ 45.2% |
| Amounts payable within one year42/48 | €2.4m | €2.7m | €3.4m | €3.2m | €3.9m | €3.1m | €3.4m | €1.9m | ▼ 43.6% |
| Financial debts43 | - | - | - | - | - | - | €168 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | - | - | - | €168 | €0 | ▼ 100% |
| Trade debts44 | €0.6m | €0.8m | €0.5m | €0.5m | €0.7m | €0.6m | €0.7m | €0.5m | ▼ 34.5% |
| Suppliers440/4 | - | - | - | €0.5m | €0.7m | €0.6m | €0.7m | €0.5m | ▼ 34.5% |
| Advances received on contracts in progress46 | - | - | - | €1.1m | €1.6m | €1.5m | €0.9m | €0.3m | ▼ 64.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.6m | €0.6m | €0.6m | €0.7m | €0.7m | ▲ 2.2% |
| Taxes450/3 | - | - | - | €0.3m | €0.2m | €0.2m | €0.4m | €0.3m | ▼ 9.7% |
| Remuneration and social security454/9 | - | - | - | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 13.5% |
| Other amounts payable47/48 | - | - | - | €1.0m | €0.9m | €0.4m | €1.1m | €0.4m | ▼ 63.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.006m | €0.1m | €0.003m | ▼ 97.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €184,757 | €320,356 | €356,609 | €341,216 | €349,015 | €417,044 | €576,651 | €381,351 | ▼ 33.9% |
| + Depreciation and write-downs630 | €16,916 | €15,054 | €11,235 | €10,093 | €9,956 | €1,891 | €933 | €933 | = |
| Operating cash flow (approximation) | €201,673 | €335,410 | €367,843 | €351,309 | €358,971 | €418,935 | €577,585 | €382,285 | ▼ 33.8% |
| Investment in fixed assets (approximation) | - | €0 | -€8,250 | €0 | €0 | -€2,800 | €0 | €0 | - |
| Change in cash | - | -€262,296 | €292,000 | €175,300 | -€236,379 | -€86,648 | -€12,371 | €36,473 | - |
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, 496 companies had the same profile as NEDERMAN has now. Two years later, 95.4% were still going and 1.2% had gone bankrupt.
- Small
- 20 years or older
- solvency under 10%
- a profit of 5% of the balance sheet or more
95.4%
was still going
3.2%
stopped otherwise
1.2%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of NEDERMAN itself: 0.3% 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 496 companies, not a prediction for NEDERMAN. 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 45 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 14-07-2026 | 2026-00290297 | |
| 31-12-2024 | abbreviated format | 27-05-2025 | 2025-00108945 | |
| 31-12-2023 | abbreviated format | 02-08-2024 | 2024-00330187 | |
| 31-12-2022 | abbreviated format | 03-07-2023 | 2023-00206904 | |
| 31-12-2021 | abbreviated format | 15-07-2022 | 2022-20194332 | |
| 31-12-2020 | abbreviated format | 10-08-2021 | 2021-47600254 | |
| 31-12-2019 | abbreviated format | 23-07-2020 | 2020-33100275 | |
| 31-12-2018 | abbreviated format | 12-07-2019 | 2019-32200352 | |
| 31-12-2017 | abbreviated format | 05-07-2018 | 2018-29000306 | |
| 31-12-2016 | full format | 21-08-2017 | 2017-45900242 |