NIBAL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 5 filings
Turnover
≈ €75,000
Estimated: probably between €46,000 and €130,000
Total assets
€141,632▲ 69.6%
2024 · €83,526
Net result
-€25,877▲ 25.0%
2024 · -€34,499
Working capital
€87,511▲ 23×
2024 · €3,768
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
-€25,798
▲ 24.4%
2025
20212025
Net result
-€25,877
▲ 25.0%
2025
lowest quarter of the sector
20212025
Equity
-€6,687
2025
lowest quarter of the sector
20212025
Total assets
€141,632
▲ 69.6%
2025
middle half of the sector
20212025
Debt
€148,318
▲ 131%
2025
20212025
Working capital
€87,511
▲ 23×
2025
highest quarter of the sector
20212025
Solvency
-4.7%
▼ 27.7pp
2025
lowest quarter of the sector
20212025
Current ratio
no figure
2025
20212025
Return on assets (ROA)
-18.3%
▲ 23.0pp
2025
lowest quarter of the sector
20212025
Staff (FTE)
no figure
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€170,257--€61,950-€20,479▲ 66.9%-€34,114▼ 66.6%-€25,798▲ 24.4%
Net result€132,347above the sector's middle half--€62,568below the sector's middle half-€21,090below the sector's middle half▲ 66.3%-€34,499below the sector's middle half▼ 63.6%-€25,877below the sector's middle half▲ 25.0%
Equity€137,347above the sector's middle half-€74,779within the sector's middle half▼ 45.6%€53,690within the sector's middle half▼ 28.2%€19,191within the sector's middle half▼ 64.3%-€6,687below the sector's middle half
Total assets€187,209within the sector's middle half-€169,372within the sector's middle half▼ 9.5%€146,409within the sector's middle half▼ 13.6%€83,526within the sector's middle half▼ 43.0%€141,632within the sector's middle half▲ 69.6%
Debt€49,862-€94,593▲ 89.7%€92,719▼ 2.0%€64,335▼ 30.6%€148,318▲ 131%
Working capital€108,291above the sector's middle half--€17,248within the sector's middle half€12,902within the sector's middle half€3,768within the sector's middle half▼ 70.8%€87,511above the sector's middle half▲ 23×
Solvency73.4%above the sector's middle half-44.2%within the sector's middle half▼ 29.2pp36.7%within the sector's middle half▼ 7.5pp23.0%within the sector's middle half▼ 13.7pp-4.7%below the sector's middle half▼ 27.7pp
Current ratio3.47above the sector's middle half-0.56within the sector's middle half▼ 2.918.60above the sector's middle half▲ 8.046.26above the sector's middle half▼ 2.35
Return on assets (ROA)70.7%above the sector's middle half--36.9%below the sector's middle half▼ 107.6pp-14.4%below the sector's middle half▲ 22.5pp-41.3%below the sector's middle half▼ 26.9pp-18.3%below the sector's middle half▲ 23.0pp
Staff (FTE)0.80.4▼ 50.0%
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 €25,798, smaller than the loss of €34,114 in 2024.
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 €141,632
Fixed assets
€54,117 ▼ 31.5%
Current assets
€87,515 ▲ 20×
Equity and liabilities
Equity-€6,687
Debt€148,318
Equity is negative. Debt (€148,318) exceeds the balance-sheet total (€141,632).
Key figures and ratios
EBITDA
€5,603▲
2024 · -€2,515
Cash flow
€5,524▲
2024 · -€2,900
Interest coverage
70.53▲
2024 · -6.52
Debt ≤ 1 year
€4▼
2024 · €717
Debt > 1 year
€148,314▲
2024 · €63,618
A ratio outside any meaningful range has been withheld (balance sheet total €141,632, equity -€6,687).
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 |
|---|---|---|
| Average over the year, in full-time equivalents | 0.8 | 0.4 |
| Joined | 14 | 7 |
| Left | 15 | 7 |
Source: social balance sheet in the 2022 to 2023 annual accounts
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €141,506 | €33,294 | - | €10,115 |
| Financial fixed assets | €922 | - | - | - |
| Depreciation and write-downs of the year | €24,573 | €32,609 | €31,599 | €31,401 |
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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €1,760 | €8,318 | €1,885 | €612 | ▼ 67.5% |
| Remuneration, social security and pensions62 | - | €60,449 | €26,549 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,310 | €24,573 | €32,609 | €31,599 | €31,401 | ▼ 0.6% |
| Other operating charges640/8 | - | €1,878 | €5,631 | €5,276 | €1,028 | ▼ 80.5% |
| Non-recurring operating charges66A | - | €424 | €398 | - | - | - |
| Gross operating margin9900 | €224,159 | €25,375 | €44,707 | €2,761 | €6,631 | ▲ 140% |
| Operating profit (loss)9901 | €170,257 | -€61,950 | -€20,479 | -€34,114 | -€25,798 | ▲ 24.4% |
| Financial income75/76B | - | €93 | €336 | €0 | - | - |
| Recurring financial income75 | €6 | €93 | €336 | €0 | - | - |
| Financial charges65/66B | - | €711 | €947 | €386 | €79 | ▼ 79.4% |
| Recurring financial charges65 | €497 | €711 | €947 | €386 | €79 | ▼ 79.4% |
| Profit (loss) for the period before taxes9903 | €169,766 | -€62,568 | -€21,090 | -€34,499 | -€25,877 | ▲ 25.0% |
| Income taxes67/77 | €37,419 | - | - | - | - | - |
| Profit (loss) for the period9904 | €132,347 | -€62,568 | -€21,090 | -€34,499 | -€25,877 | ▲ 25.0% |
| Profit (loss) for the period to be appropriated9905 | €132,347 | -€62,568 | -€21,090 | -€34,499 | -€25,877 | ▲ 25.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €187,209 | €169,372 | €146,409 | €83,526 | €141,632 | ▲ 69.6% |
| Fixed assets21/28 | €35,026 | €147,354 | €131,810 | €79,041 | €54,117 | ▼ 31.5% |
| Tangible fixed assets22/27 | €35,026 | €146,432 | €130,888 | €78,119 | €53,195 | ▼ 31.9% |
| Plant, machinery and equipment23 | - | €93,093 | €79,796 | €57,636 | €35,475 | ▼ 38.4% |
| Furniture and vehicles24 | - | €53,339 | €51,092 | €20,483 | €17,720 | ▼ 13.5% |
| Financial fixed assets28 | - | €922 | €922 | €922 | €922 | = |
| Current assets29/58 | €152,184 | €22,018 | €14,599 | €4,485 | €87,515 | ▲ 20× |
| Stocks and contracts in progress3 | €1,250 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €3,300 | €18,696 | €6,549 | €1,647 | €85,642 | ▲ 52× |
| Trade receivables40 | - | €11,026 | - | - | €80,175 | - |
| Other amounts receivable41 | - | €7,670 | €6,549 | €1,647 | €5,467 | ▲ 232% |
| Cash at bank and in hand54/58 | €145,823 | €1,806 | €6,953 | €2,752 | €871 | ▼ 68.4% |
| Deferred charges and accrued income490/1 | - | €1,516 | €1,097 | €85 | €1,002 | ▲ 12× |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €187,209 | €169,372 | €146,409 | €83,526 | €141,632 | ▲ 69.6% |
| Equity10/15 | €137,347 | €74,779 | €53,690 | €19,191 | -€6,687 | - |
| Contributions10/11 | - | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €132,347 | €69,779 | €69,779 | €69,779 | €69,779 | = |
| Distributable reserves133 | - | €69,779 | €69,779 | €69,779 | €69,779 | = |
| Profit (loss) carried forward14 | - | - | -€21,090 | -€55,589 | -€81,466 | ▼ 46.6% |
| Amounts payable17/49 | €49,862 | €94,593 | €92,719 | €64,335 | €148,318 | ▲ 131% |
| Amounts payable after more than one year17 | €5,970 | €55,327 | €91,022 | €63,618 | €148,314 | ▲ 133% |
| Other amounts payable178/9 | - | €55,327 | €91,022 | €63,618 | €148,314 | ▲ 133% |
| Amounts payable within one year42/48 | €43,892 | €39,266 | €1,697 | €717 | €4 | ▼ 99.4% |
| Trade debts44 | €5,140 | €1,049 | €378 | - | - | - |
| Suppliers440/4 | - | €1,049 | €378 | - | - | - |
| Taxes, remuneration and social security45 | - | €38,217 | €1,319 | €513 | €4 | ▼ 99.1% |
| Taxes450/3 | - | €38,217 | €479 | €513 | €4 | ▼ 99.1% |
| Remuneration and social security454/9 | - | - | €840 | - | - | - |
| Other amounts payable47/48 | - | - | - | €204 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €132,347 | -€62,568 | -€21,090 | -€34,499 | -€25,877 | ▲ 25.0% |
| + Depreciation and write-downs630 | €4,310 | €24,573 | €32,609 | €31,599 | €31,401 | ▼ 0.6% |
| Operating cash flow (approximation) | €136,657 | -€37,995 | €11,519 | -€2,900 | €5,524 | - |
| Investment in fixed assets (approximation) | - | -€136,901 | -€17,064 | €21,170 | -€6,477 | - |
| Change in cash | - | -€144,016 | €5,147 | -€4,201 | -€1,882 | ▲ 55.2% |
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, 6,008 companies had the same profile as NIBAL has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of NIBAL itself: 4.1% 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 6,008 companies, not a prediction for NIBAL. 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 | 29-07-2026 | 2026-00360110 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00471137 | |
| 31-12-2023 | micro format | 10-07-2024 | 2024-00237529 | |
| 31-12-2022 | micro format | 12-09-2023 | 2023-00445547 | |
| 31-12-2021 | micro format | 31-03-2022 | 2022-09600345 |