NETO
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 2 days after the deadline Filed on 2 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00028753.
Annual accounts 2025 filed on 02-02-2026 PDF all 7 filings
Equity
€53,388▼ 58.5%
2024 · €128,514
Total assets
€87,973▼ 52.4%
2024 · €184,802
Net result
-€75,126
2024 · €20,049
Working capital
-€4,328
2024 · €41,274
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€67,852
2025
20192025
Net result
-€75,126
2025
lowest quarter of the sector
20192025
Equity
€53,388
▼ 58.5%
2025
middle half of the sector
20192025
Total assets
€87,973
▼ 52.4%
2025
middle half of the sector
20192025
Debt
€34,585
▼ 38.6%
2025
20192025
Working capital
-€4,328
2025
middle half of the sector
20192025
Solvency
60.7%
▼ 8.9pp
2025
highest quarter of the sector
20192025
Current ratio
0.83
▼ 1.16
2025
middle half of the sector
20192025
Return on assets (ROA)
-85.4%
▼ 96.2pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€26,828-€78,223▲ 192%€70,671▼ 9.7%-€44€38,058€22,065▼ 42.0%-€67,852
Net result€20,374-€60,436above the sector's middle half▲ 197%€58,341above the sector's middle half▼ 3.5%€614within the sector's middle half▼ 98.9%€30,100above the sector's middle half▲ 49×€20,049within the sector's middle half▼ 33.4%-€75,126below the sector's middle half
Equity€35,974-€96,910above the sector's middle half▲ 169%€155,601above the sector's middle half▲ 60.6%€156,216above the sector's middle half▲ 0.4%€186,316above the sector's middle half▲ 19.3%€128,514above the sector's middle half▼ 31.0%€53,388within the sector's middle half▼ 58.5%
Total assets€52,584-€186,307within the sector's middle half▲ 254%€220,800within the sector's middle half▲ 18.5%€220,636within the sector's middle half▼ 0.1%€273,212above the sector's middle half▲ 23.8%€184,802within the sector's middle half▼ 32.4%€87,973within the sector's middle half▼ 52.4%
Debt€16,610-€89,397▲ 438%€65,199▼ 27.1%€64,421▼ 1.2%€86,896▲ 34.9%€56,288▼ 35.2%€34,585▼ 38.6%
Working capital€21,419-€18,741within the sector's middle half▼ 12.5%€93,690above the sector's middle half▲ 400%€90,980above the sector's middle half▼ 2.9%€104,122above the sector's middle half▲ 14.4%€41,274within the sector's middle half▼ 60.4%-€4,328within the sector's middle half
Solvency68.4%-52.0%within the sector's middle half▼ 16.4pp70.5%above the sector's middle half▲ 18.5pp70.8%above the sector's middle half▲ 0.3pp68.2%above the sector's middle half▼ 2.6pp69.5%above the sector's middle half▲ 1.3pp60.7%above the sector's middle half▼ 8.9pp
Current ratio2.29-1.21within the sector's middle half▼ 1.083.00above the sector's middle half▲ 1.793.66above the sector's middle half▲ 0.662.57above the sector's middle half▼ 1.091.99within the sector's middle half▼ 0.580.83within the sector's middle half▼ 1.16
Return on assets (ROA)38.7%-32.4%above the sector's middle half▼ 6.3pp26.4%above the sector's middle half▼ 6.0pp0.3%within the sector's middle half▼ 26.1pp11.0%within the sector's middle half▲ 10.7pp10.8%within the sector's middle half▼ 0.2pp-85.4%below the sector's middle half▼ 96.2pp
Staff (FTE)1.80.5▼ 72.2%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 a loss of €67,852, after a profit of €22,065 in 2024. It is the lowest result since 2019.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €87,973
Fixed assets
€67,103 ▼ 34.1%
Current assets
€20,870 ▼ 74.9%
Equity and liabilities €87,973
Equity
€53,388 ▼ 58.5%
Debt
€34,585 ▼ 38.6%
Debt's share of the balance-sheet total rises from 30.5% to 39.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€46,793▼
2024 · €58,692
Cash flow
-€54,066▼
2024 · €56,676
Quick ratio
0.77▼
2024 · 1.92
Debt to equity
0.65▲
2024 · 0.44
ROE
-140.7%▼
2024 · 15.6%
Interest coverage
-16.40▼
2024 · 26.06
Debt ≤ 1 year
€25,198▼
2024 · €41,764
Debt > 1 year
€9,387▼
2024 · €14,524
Income taxes
€4,513▲
2024 · €103
Staff costs
€687
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 |
|---|---|---|
| Employees at the balance-sheet date | 1 | - |
| part-time | 1 | - |
| in full-time equivalents | 0.5 | - |
| Average over the year, in full-time equivalents | 1.1 | 0.3 |
| On a permanent contract | 1 | - |
| Joined | 2 | 0 |
| Left | 4 | 1 |
Source: social balance sheet in the 2022 to 2023 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €33,356 | €39,395 | €35,487 | €17,955 |
| Depreciation and write-downs of the year | €17,829 | €31,968 | €36,627 | €21,060 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €1,956 | - |
| Remuneration, social security and pensions62 | - | - | - | €13,033 | €14,716 | - | €687 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,371 | €3,796 | €17,212 | €17,829 | €31,968 | €36,627 | €21,060 | ▼ 42.5% |
| Other operating charges640/8 | - | - | - | €3,114 | €3,535 | €2,634 | €16,116 | ▲ 512% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €25 | - |
| Gross operating margin9900 | €48,516 | €92,508 | €95,198 | €33,932 | €88,277 | €61,325 | -€29,965 | - |
| Operating profit (loss)9901 | €26,828 | €78,223 | €70,671 | -€44 | €38,058 | €22,065 | -€67,852 | - |
| Financial income75/76B | - | - | - | €3,039 | €4,766 | €340 | €93 | ▼ 72.7% |
| Recurring financial income75 | €370 | €2,773 | - | €3,039 | €4,766 | €340 | €93 | ▼ 72.7% |
| Financial charges65/66B | - | - | - | €2,446 | €3,550 | €2,252 | €2,853 | ▲ 26.7% |
| Recurring financial charges65 | €210 | €203 | €2,449 | €2,446 | €3,550 | €2,252 | €2,853 | ▲ 26.7% |
| Profit (loss) for the period before taxes9903 | €26,987 | €80,794 | €68,222 | €548 | €39,274 | €20,152 | -€70,613 | - |
| Income taxes67/77 | €6,613 | €20,358 | €9,880 | -€66 | €9,174 | €103 | €4,513 | ▲ 44× |
| Profit (loss) for the period9904 | €20,374 | €60,436 | €58,341 | €614 | €30,100 | €20,049 | -€75,126 | - |
| Profit (loss) for the period to be appropriated9905 | €20,374 | €60,436 | €58,341 | €614 | €30,100 | €20,049 | -€75,126 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €52,584 | €186,307 | €220,800 | €220,636 | €273,212 | €184,802 | €87,973 | ▼ 52.4% |
| Fixed assets21/28 | €14,556 | €78,169 | €80,215 | €95,478 | €102,905 | €101,764 | €67,103 | ▼ 34.1% |
| Tangible fixed assets22/27 | €14,556 | €78,169 | €80,215 | €95,478 | €102,905 | €101,764 | €67,103 | ▼ 34.1% |
| Plant, machinery and equipment23 | - | - | - | €23,571 | €19,818 | €16,952 | €13,195 | ▼ 22.2% |
| Furniture and vehicles24 | - | - | - | €38,752 | €25,194 | €41,577 | €22,491 | ▼ 45.9% |
| Leasing and similar rights25 | - | - | - | €32,552 | €26,042 | €19,531 | - | - |
| Other tangible fixed assets26 | - | - | - | €602 | €31,851 | €23,704 | €31,417 | ▲ 32.5% |
| Current assets29/58 | €38,028 | €108,138 | €140,585 | €125,159 | €170,307 | €83,038 | €20,870 | ▼ 74.9% |
| Stocks and contracts in progress3 | - | - | - | €4,500 | - | €3,000 | €1,500 | ▼ 50.0% |
| Stocks30/36 | - | - | - | €4,500 | - | €3,000 | €1,500 | ▼ 50.0% |
| Amounts receivable within one year40/41 | €25,671 | €69,914 | €93,233 | €83,961 | €142,463 | €63,710 | €6,652 | ▼ 89.6% |
| Trade receivables40 | - | - | - | €40,487 | €24,000 | €35,192 | €2,628 | ▼ 92.5% |
| Other amounts receivable41 | - | - | - | €43,475 | €118,463 | €28,518 | €4,024 | ▼ 85.9% |
| Cash at bank and in hand54/58 | €12,358 | €38,224 | €47,352 | €28,599 | €18,079 | €2,660 | €1,196 | ▼ 55.0% |
| Deferred charges and accrued income490/1 | - | - | - | €8,099 | €9,765 | €13,668 | €11,522 | ▼ 15.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €52,584 | €186,307 | €220,800 | €220,636 | €273,212 | €184,802 | €87,973 | ▼ 52.4% |
| Equity10/15 | €35,974 | €96,910 | €155,601 | €156,216 | €186,316 | €128,514 | €53,388 | ▼ 58.5% |
| Contributions10/11 | €15,600 | €16,100 | €16,450 | €16,450 | €16,450 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €18,514 | €78,950 | €137,291 | €137,906 | €168,006 | €108,054 | €32,928 | ▼ 69.5% |
| Amounts payable17/49 | €16,610 | €89,397 | €65,199 | €64,421 | €86,896 | €56,288 | €34,585 | ▼ 38.6% |
| Amounts payable after more than one year17 | - | - | €18,303 | €30,242 | €20,711 | €14,524 | €9,387 | ▼ 35.4% |
| Financial debts170/4 | - | - | - | €30,242 | €20,711 | €14,524 | €9,387 | ▼ 35.4% |
| Amounts payable within one year42/48 | €16,610 | €89,397 | €46,895 | €34,179 | €66,186 | €41,764 | €25,198 | ▼ 39.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €16,394 | €9,160 | €6,187 | €5,137 | ▼ 17.0% |
| Trade debts44 | €7,714 | €62,663 | €24,267 | €6,227 | €43,852 | €34,858 | €8,864 | ▼ 74.6% |
| Suppliers440/4 | - | - | - | €6,227 | €43,852 | €34,858 | €8,864 | ▼ 74.6% |
| Taxes, remuneration and social security45 | - | - | - | €11,558 | €13,174 | - | - | - |
| Taxes450/3 | - | - | - | - | €9,174 | - | - | - |
| Remuneration and social security454/9 | - | - | - | €11,558 | €4,000 | - | - | - |
| Other amounts payable47/48 | - | - | - | - | - | €719 | €11,197 | ▲ 16× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,374 | €60,436 | €58,341 | €614 | €30,100 | €20,049 | -€75,126 | - |
| + Depreciation and write-downs630 | €4,371 | €3,796 | €17,212 | €17,829 | €31,968 | €36,627 | €21,060 | ▼ 42.5% |
| Operating cash flow (approximation) | €24,745 | €64,232 | €75,553 | €18,444 | €62,068 | €56,676 | -€54,066 | - |
| Investment in fixed assets (approximation) | - | -€67,409 | -€19,257 | -€33,092 | -€39,395 | -€35,487 | €13,601 | - |
| Change in cash | - | €25,867 | €9,128 | -€18,753 | -€10,520 | -€15,419 | -€1,463 | ▲ 90.5% |
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, 3,591 companies had the same profile as NETO has now. Two years later, 87.4% were still going and 3.0% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
87.4%
was still going
9.4%
stopped otherwise
3.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of NETO itself: 2.7% 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 3,591 companies, not a prediction for NETO. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 02-02-2026 | 2026-00028753 | |
| 30-06-2024 | micro format | 03-02-2025 | 2025-00027352 | |
| 30-06-2023 | micro format | 05-02-2024 | 2024-00025674 | |
| 30-06-2022 | micro format | 31-05-2023 | 2023-00100462 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-04300167 | |
| 30-06-2020 | micro format | 21-01-2021 | 2021-01500210 | |
| 30-06-2019 | micro format | 02-01-2020 | 2020-00300132 |