NERO
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 5 days after the deadline Filed on 5 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00381688.
Annual accounts 2025 filed on 05-08-2026 at the NBB all 35 filings
Turnover
≈ €67,000
Estimated: probably between €42,000 and €90,000
Total assets
€773,243▲ 12.3%
2024 · €688,321
Net result
€20,086▼ 54.7%
2024 · €44,324
Working capital
€486,219▲ 5.8%
2024 · €459,424
In the rankings
#4 company by equity in Keerbergen, Administrative and support services sector#8 oldest company in Keerbergen, Administrative and support services sector#10 company by total assets in Keerbergen, Administrative and support services sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€19,587
▼ 64.4%
2025
20182025
Net result
€20,086
▼ 54.7%
2025
middle half of the sector
20182025
Equity
€633,283
▲ 3.3%
2025
highest quarter of the sector
20182025
Total assets
€773,243
▲ 12.3%
2025
highest quarter of the sector
20182025
Debt
€139,960
▲ 86.3%
2025
20182025
Working capital
€486,219
▲ 5.8%
2025
highest quarter of the sector
20182025
Solvency
81.9%
▼ 7.2pp
2025
highest quarter of the sector
20182025
Current ratio
4.47
▼ 2.64
2025
highest quarter of the sector
20182025
Return on assets (ROA)
2.6%
▼ 3.8pp
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€45,186-€91,333▲ 102%€7,563▼ 91.7%€150,842▲ 20×€43,583▼ 71.1%€65,433▲ 50.1%€54,973▼ 16.0%€19,587▼ 64.4%
Net result€35,820-€64,108▲ 79.0%€4,909within the sector's middle half▼ 92.3%€113,495above the sector's middle half▲ 23×€29,727within the sector's middle half▼ 73.8%€56,580above the sector's middle half▲ 90.3%€44,324above the sector's middle half▼ 21.7%€20,086within the sector's middle half▼ 54.7%
Equity€300,053-€364,161▲ 21.4%€369,070above the sector's middle half▲ 1.3%€482,565above the sector's middle half▲ 30.8%€512,293above the sector's middle half▲ 6.2%€568,873above the sector's middle half▲ 11.0%€613,197above the sector's middle half▲ 7.8%€633,283above the sector's middle half▲ 3.3%
Total assets€386,427-€426,193▲ 10.3%€440,910above the sector's middle half▲ 3.5%€536,374above the sector's middle half▲ 21.7%€570,512above the sector's middle half▲ 6.4%€639,507above the sector's middle half▲ 12.1%€688,321above the sector's middle half▲ 7.6%€773,243above the sector's middle half▲ 12.3%
Debt€86,374-€62,033▼ 28.2%€71,839▲ 15.8%€53,808▼ 25.1%€58,219▲ 8.2%€70,635▲ 21.3%€75,124▲ 6.4%€139,960▲ 86.3%
Working capital€151,010-€210,983▲ 39.7%€221,476above the sector's middle half▲ 5.0%€337,824above the sector's middle half▲ 52.5%€369,658above the sector's middle half▲ 9.4%€415,296above the sector's middle half▲ 12.3%€459,424above the sector's middle half▲ 10.6%€486,219above the sector's middle half▲ 5.8%
Solvency77.6%-85.4%▲ 7.8pp83.7%above the sector's middle half▼ 1.7pp90.0%above the sector's middle half▲ 6.3pp89.8%above the sector's middle half▼ 0.2pp89.0%above the sector's middle half▼ 0.8pp89.1%above the sector's middle half▲ 0.1pp81.9%above the sector's middle half▼ 7.2pp
Current ratio3.04-4.52▲ 1.474.08above the sector's middle half▼ 0.437.28above the sector's middle half▲ 3.207.35above the sector's middle half▲ 0.076.88above the sector's middle half▼ 0.477.12above the sector's middle half▲ 0.244.47above the sector's middle half▼ 2.64
Return on assets (ROA)9.3%-15.0%▲ 5.8pp1.1%within the sector's middle half▼ 13.9pp21.2%within the sector's middle half▲ 20.0pp5.2%within the sector's middle half▼ 15.9pp8.8%within the sector's middle half▲ 3.6pp6.4%within the sector's middle half▼ 2.4pp2.6%within the sector's middle half▼ 3.8pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 64% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
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 €773,243
Fixed assets
€147,064 ▼ 4.4%
Current assets
€626,179 ▲ 17.1%
Equity and liabilities €773,243
Equity
€633,283 ▲ 3.3%
Debt
€139,960 ▲ 86.3%
Debt's share of the balance-sheet total rises from 10.9% to 18.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€26,296▼
2024 · €62,096
Cash flow
€26,796▼
2024 · €51,447
Debt to equity
0.22▲
2024 · 0.12
ROE
3.2%▼
2024 · 7.2%
Interest coverage
21.33▼
2024 · over 100
Debt ≤ 1 year
€139,960▲
2024 · €75,124
Income taxes
€7,401▼
2024 · €12,077
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 | €6,322 | - | €4,179 | €7,320 | - |
| Intangible fixed assets | - | - | €10,300 | - | - |
| Depreciation and write-downs of the year | €2,853 | €2,107 | €3,537 | €7,123 | €6,709 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 to 2025 · 3 entries · €34,641 awarded · €13,000 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €0 | €13,000 |
| 2024 | 1 | €34,641 | €0 |
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 | €7,162 | €8,414 | €7,594 | €2,853 | €2,107 | €3,537 | €7,123 | €6,709 | ▼ 5.8% |
| Other operating charges640/8 | - | - | - | €1,206 | €768 | €924 | €992 | €876 | ▼ 11.6% |
| Gross operating margin9900 | €56,951 | €102,251 | €17,489 | €154,900 | €46,458 | €69,895 | €63,088 | €27,173 | ▼ 56.9% |
| Operating profit (loss)9901 | €45,186 | €91,333 | €7,563 | €150,842 | €43,583 | €65,433 | €54,973 | €19,587 | ▼ 64.4% |
| Financial income75/76B | - | - | - | €1,965 | €1,502 | €493 | €2,007 | €9,133 | ▲ 355% |
| Recurring financial income75 | €1,941 | €186 | - | €1,965 | €1,502 | €493 | €2,007 | €1,856 | ▼ 7.5% |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €7,277 | - |
| Financial charges65/66B | - | - | - | €6,993 | €583 | €528 | €579 | €1,233 | ▲ 113% |
| Recurring financial charges65 | €1,183 | €2,667 | €653 | €6,993 | €583 | €528 | €579 | €1,233 | ▲ 113% |
| Profit (loss) for the period before taxes9903 | €45,944 | €88,853 | €6,909 | €145,814 | €44,502 | €65,397 | €56,401 | €27,488 | ▼ 51.3% |
| Income taxes67/77 | €10,124 | €24,745 | €2,000 | €32,319 | €14,775 | €8,817 | €12,077 | €7,401 | ▼ 38.7% |
| Profit (loss) for the period9904 | €35,820 | €64,108 | €4,909 | €113,495 | €29,727 | €56,580 | €44,324 | €20,086 | ▼ 54.7% |
| Profit (loss) for the period to be appropriated9905 | €35,820 | €64,108 | €4,909 | €113,495 | €29,727 | €56,580 | €44,324 | €20,086 | ▼ 54.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €386,427 | €426,193 | €440,910 | €536,374 | €570,512 | €639,507 | €688,321 | €773,243 | ▲ 12.3% |
| Fixed assets21/28 | €161,487 | €155,189 | €147,594 | €144,742 | €142,634 | €153,576 | €153,773 | €147,064 | ▼ 4.4% |
| Intangible fixed assets21 | €2,520 | €1,680 | €840 | - | - | €8,889 | €5,456 | €2,022 | ▼ 62.9% |
| Tangible fixed assets22/27 | €158,967 | €153,509 | €146,754 | €144,742 | €142,634 | €144,687 | €148,317 | €145,042 | ▼ 2.2% |
| Land and buildings22 | - | - | - | €140,000 | €140,000 | €140,000 | €140,000 | €140,000 | = |
| Plant, machinery and equipment23 | - | - | - | - | - | €4,160 | €3,324 | €2,489 | ▼ 25.1% |
| Furniture and vehicles24 | - | - | - | €4,742 | €2,634 | €527 | €4,993 | €2,553 | ▼ 48.9% |
| Current assets29/58 | €224,940 | €271,005 | €293,315 | €391,632 | €427,877 | €485,931 | €534,548 | €626,179 | ▲ 17.1% |
| Amounts receivable within one year40/41 | €125,830 | €155,967 | €173,769 | €170,604 | €172,259 | €193,132 | €212,875 | €272,317 | ▲ 27.9% |
| Trade receivables40 | - | - | - | €157,381 | €172,187 | €186,937 | €206,406 | €257,199 | ▲ 24.6% |
| Other amounts receivable41 | - | - | - | €13,223 | €72 | €6,194 | €6,469 | €15,118 | ▲ 134% |
| Cash at bank and in hand54/58 | €98,095 | €114,453 | €116,728 | €217,893 | €252,540 | €289,218 | €319,236 | €352,768 | ▲ 10.5% |
| Deferred charges and accrued income490/1 | - | - | - | €3,135 | €3,078 | €3,581 | €2,436 | €1,095 | ▼ 55.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €386,427 | €426,193 | €440,910 | €536,374 | €570,512 | €639,507 | €688,321 | €773,243 | ▲ 12.3% |
| Equity10/15 | €300,053 | €364,161 | €369,070 | €482,565 | €512,293 | €568,873 | €613,197 | €633,283 | ▲ 3.3% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €50,000 | €50,000 | €50,000 | = |
| Capital10 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Reserves13 | €281,453 | €345,561 | €350,470 | €463,965 | €493,693 | €518,873 | €563,197 | €583,283 | ▲ 3.6% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €462,105 | €491,833 | €518,873 | €563,197 | €583,283 | ▲ 3.6% |
| Amounts payable17/49 | €86,374 | €62,033 | €71,839 | €53,808 | €58,219 | €70,635 | €75,124 | €139,960 | ▲ 86.3% |
| Amounts payable after more than one year17 | €12,444 | €2,011 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €73,930 | €60,022 | €71,839 | €53,808 | €58,219 | €70,635 | €75,124 | €139,960 | ▲ 86.3% |
| Financial debts43 | - | - | - | - | €5,017 | - | - | €5,049 | - |
| Credit institutions430/8 | - | - | - | - | €5,017 | - | - | - | - |
| Other loans439 | - | - | - | - | - | - | - | €5,049 | - |
| Trade debts44 | €46,478 | €46,612 | €56,110 | €597 | €1,712 | €28,198 | €37,889 | €70,666 | ▲ 86.5% |
| Suppliers440/4 | - | - | - | €597 | €1,712 | €28,198 | €37,889 | €70,666 | ▲ 86.5% |
| Taxes, remuneration and social security45 | - | - | - | €40,675 | €33,133 | €17,871 | €12,141 | €31,428 | ▲ 159% |
| Taxes450/3 | - | - | - | €40,675 | €33,133 | €17,871 | €12,141 | €31,428 | ▲ 159% |
| Other amounts payable47/48 | - | - | - | €12,537 | €18,357 | €24,566 | €25,094 | €32,817 | ▲ 30.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €35,820 | €64,108 | €4,909 | €113,495 | €29,727 | €56,580 | €44,324 | €20,086 | ▼ 54.7% |
| + Depreciation and write-downs630 | €7,162 | €8,414 | €7,594 | €2,853 | €2,107 | €3,537 | €7,123 | €6,709 | ▼ 5.8% |
| Operating cash flow (approximation) | €42,982 | €72,521 | €12,504 | €116,348 | €31,835 | €60,117 | €51,447 | €26,796 | ▼ 47.9% |
| Investment in fixed assets (approximation) | - | -€2,115 | €0 | €0 | €0 | -€14,479 | -€7,320 | -€0 | ▲ 100.0% |
| Change in cash | - | €16,358 | €2,275 | €101,164 | €34,647 | €36,678 | €30,018 | €33,531 | ▲ 11.7% |
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, 14,766 companies had the same profile as NERO has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of NERO 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 14,766 companies, not a prediction for NERO. 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 | micro format | 05-08-2026 | 2026-00381688 | |
| 31-12-2024 | micro format | 22-08-2025 | 2025-00396292 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00413517 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00378575 | |
| 31-12-2021 | micro format | 23-08-2022 | 2022-20320051 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-64500253 | |
| 31-12-2019 | micro format | 21-09-2020 | 2020-54500600 | |
| 31-12-2018 | micro format | 31-08-2019 | 2019-63200328 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-43600230 | |
| 31-12-2016 | abbreviated format | 03-10-2017 | 2017-66700283 |