Newcore
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 13 filings
Turnover
≈ €47,000
Estimated: probably between €20,000 and €120,000
Total assets
€51,603▲ 17.2%
2024 · €44,028
Net result
€6,062▼ 24.2%
2024 · €7,998
Working capital
€50,041▲ 13.8%
2024 · €43,979
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€6,391
▼ 23.4%
2025
20182025
Net result
€6,062
▼ 24.2%
2025
lowest quarter of the sector
20182025
Equity
€50,041
▲ 13.8%
2025
lowest quarter of the sector
20182025
Total assets
€51,603
▲ 17.2%
2025
lowest quarter of the sector
20182025
Debt
€1,562
▲ 32×
2025
20182025
Working capital
€50,041
▲ 13.8%
2025
lowest quarter of the sector
20182025
Solvency
97.0%
▼ 2.9pp
2025
highest quarter of the sector
20182025
Current ratio
33.04
2025
highest quarter of the sector
20182025
Return on assets (ROA)
11.7%
▼ 6.4pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€12,398--€9,043▲ 27.1%-€11,995▼ 32.6%-€4,771▲ 60.2%€6,834€8,932▲ 30.7%€8,346▼ 6.6%€6,391▼ 23.4%
Net result-€12,670--€9,065▲ 28.5%-€12,193below the sector's middle half▼ 34.5%-€4,982below the sector's middle half▲ 59.1%€6,604within the sector's middle half€8,802within the sector's middle half▲ 33.3%€7,998within the sector's middle half▼ 9.1%€6,062below the sector's middle half▼ 24.2%
Equity€46,815-€37,750▼ 19.4%€25,557below the sector's middle half▼ 32.3%€20,575below the sector's middle half▼ 19.5%€27,179within the sector's middle half▲ 32.1%€35,981within the sector's middle half▲ 32.4%€43,979within the sector's middle half▲ 22.2%€50,041below the sector's middle half▲ 13.8%
Total assets€49,448-€37,750▼ 23.7%€25,584below the sector's middle half▼ 32.2%€26,925below the sector's middle half▲ 5.2%€28,901below the sector's middle half▲ 7.3%€36,562below the sector's middle half▲ 26.5%€44,028below the sector's middle half▲ 20.4%€51,603below the sector's middle half▲ 17.2%
Debt€2,633-€27€6,350▲ 235×€1,722▼ 72.9%€581▼ 66.3%€49▼ 91.6%€1,562▲ 32×
Working capital€1,815-€4,557below the sector's middle half€11,575below the sector's middle half▲ 154%€27,179within the sector's middle half▲ 135%€35,981within the sector's middle half▲ 32.4%€43,979within the sector's middle half▲ 22.2%€50,041below the sector's middle half▲ 13.8%
Solvency94.7%-100.0%▲ 5.3pp99.9%above the sector's middle half▼ 0.1pp76.4%above the sector's middle half▼ 23.5pp94.0%above the sector's middle half▲ 17.6pp98.4%above the sector's middle half▲ 4.4pp99.9%above the sector's middle half▲ 1.5pp97.0%above the sector's middle half▼ 2.9pp
Current ratio1.69-2.82within the sector's middle half16.78above the sector's middle half▲ 13.9662.93above the sector's middle half▲ 46.1533.04above the sector's middle half
Return on assets (ROA)-25.6%--24.0%▲ 1.6pp-47.7%below the sector's middle half▼ 23.6pp-18.5%below the sector's middle half▲ 29.2pp22.8%above the sector's middle half▲ 41.4pp24.1%above the sector's middle half▲ 1.2pp18.2%above the sector's middle half▼ 5.9pp11.7%above the sector's middle half▼ 6.4pp
above
within
below
The sector band is the middle half of the companies in Manufacture of paper and paper products (NACE 17). 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 23% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated or 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
Equity and liabilities €51,603
Equity
€50,041 ▲ 13.8%
Debt
€1,562 ▲ 32×
Debt's share of the balance-sheet total rises from 0.1% to 3.0%. Equity and debt are higher.
Key figures and ratios
Debt to equity
0.03▲
2024 · 0.00
ROE
12.1%▼
2024 · 18.2%
Debt ≤ 1 year
€1,562▲
2024 · €49
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
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 | €12,000 | €12,000 | €12,000 | €12,000 | €9,000 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €815 | €469 | €566 | €528 | €544 | ▲ 3.0% |
| Gross operating margin9900 | €80 | €3,437 | €124 | €8,044 | €16,303 | €9,498 | €8,874 | €6,935 | ▼ 21.9% |
| Operating profit (loss)9901 | -€12,398 | -€9,043 | -€11,995 | -€4,771 | €6,834 | €8,932 | €8,346 | €6,391 | ▼ 23.4% |
| Financial charges65/66B | - | - | - | €211 | €230 | €130 | €348 | €329 | ▼ 5.5% |
| Recurring financial charges65 | €272 | €22 | €198 | €211 | €230 | €130 | €348 | €329 | ▼ 5.5% |
| Profit (loss) for the period before taxes9903 | -€12,670 | -€9,065 | -€12,193 | -€4,982 | €6,604 | €8,802 | €7,998 | €6,062 | ▼ 24.2% |
| Profit (loss) for the period9904 | -€12,670 | -€9,065 | -€12,193 | -€4,982 | €6,604 | €8,802 | €7,998 | €6,062 | ▼ 24.2% |
| Profit (loss) for the period to be appropriated9905 | -€12,670 | -€9,065 | -€12,193 | -€4,982 | €6,604 | €8,802 | €7,998 | €6,062 | ▼ 24.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €49,448 | €37,750 | €25,584 | €26,925 | €28,901 | €36,562 | €44,028 | €51,603 | ▲ 17.2% |
| Fixed assets21/28 | €45,000 | €33,000 | €21,000 | €9,000 | - | - | - | - | - |
| Tangible fixed assets22/27 | €45,000 | €33,000 | €21,000 | €9,000 | - | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €9,000 | - | - | - | - | - |
| Current assets29/58 | €4,448 | €4,750 | €4,584 | €17,925 | €28,901 | €36,562 | €44,028 | €51,603 | ▲ 17.2% |
| Amounts receivable within one year40/41 | €2,387 | €3,397 | €3,313 | €3,367 | €1,690 | €2,265 | €3,663 | €1,756 | ▼ 52.1% |
| Trade receivables40 | - | - | - | €3,144 | €1,675 | €1,697 | €3,000 | €1,500 | ▼ 50.0% |
| Other amounts receivable41 | - | - | - | €223 | €15 | €568 | €663 | €256 | ▼ 61.4% |
| Current investments50/53 | - | - | - | - | - | - | - | €49,847 | - |
| Cash at bank and in hand54/58 | €2,061 | €1,353 | €1,271 | €14,558 | €27,211 | €34,297 | €40,365 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €49,448 | €37,750 | €25,584 | €26,925 | €28,901 | €36,562 | €44,028 | €51,603 | ▲ 17.2% |
| Equity10/15 | €46,815 | €37,750 | €25,557 | €20,575 | €27,179 | €35,981 | €43,979 | €50,041 | ▲ 13.8% |
| Contributions10/11 | €120,000 | €120,000 | €120,000 | €120,000 | €120,000 | €120,000 | €120,000 | €120,000 | = |
| Capital10 | - | - | - | €120,000 | €120,000 | €120,000 | €120,000 | €120,000 | = |
| Issued capital100 | - | - | - | €120,000 | €120,000 | €120,000 | €120,000 | €120,000 | = |
| Profit (loss) carried forward14 | -€73,185 | -€82,250 | -€94,443 | -€99,425 | -€92,821 | -€84,019 | -€76,021 | -€69,959 | ▲ 8.0% |
| Amounts payable17/49 | €2,633 | - | €27 | €6,350 | €1,722 | €581 | €49 | €1,562 | ▲ 32× |
| Amounts payable within one year42/48 | €2,633 | - | €27 | €6,350 | €1,722 | €581 | €49 | €1,562 | ▲ 32× |
| Trade debts44 | €2,633 | - | - | €6,350 | €1,722 | €581 | €49 | €1,562 | ▲ 32× |
| Suppliers440/4 | - | - | - | €6,350 | €1,722 | €581 | €49 | €1,562 | ▲ 32× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€12,670 | -€9,065 | -€12,193 | -€4,982 | €6,604 | €8,802 | €7,998 | €6,062 | ▼ 24.2% |
| + Depreciation and write-downs630 | €12,000 | €12,000 | €12,000 | €12,000 | €9,000 | - | - | - | - |
| Operating cash flow (approximation) | -€670 | €2,935 | -€193 | €7,018 | €15,604 | €8,802 | €7,998 | €6,062 | ▼ 24.2% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | - | - | - | - | - |
| Change in cash | - | -€708 | -€82 | €13,287 | €12,653 | €7,086 | €6,068 | - | - |
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, 34,693 companies had the same profile as Newcore has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Newcore itself: 0.5% 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 34,693 companies, not a prediction for Newcore. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 10-07-2026 | 2026-00278813 | |
| 31-12-2024 | micro format | 14-07-2025 | 2025-00267560 | |
| 31-12-2023 | micro format | 10-07-2024 | 2024-00230253 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00296233 | |
| 31-12-2021 | abbreviated format | 17-07-2022 | 2022-20213567 | |
| 31-12-2020 | abbreviated format | 13-07-2021 | 2021-34600091 | |
| 31-12-2019 | abbreviated format | 11-07-2020 | 2020-29100200 | |
| 31-12-2018 | abbreviated format | 07-07-2019 | 2019-29900018 | |
| 31-12-2017 | abbreviated format | 15-07-2018 | 2018-33200276 | |
| 31-12-2016 | abbreviated format | 23-07-2017 | 2017-36000267 |