NiKo
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 5 filings
Turnover
≈ €750,000
Estimated: probably between €640,000 and €880,000
Total assets
€431,097▲ 3.4%
2024 · €417,101
Net result
€11,301▼ 76.2%
2024 · €47,440
Working capital
€270,368▼ 5.5%
2024 · €286,045
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€23,847
▼ 66.3%
2025
20212025
Net result
€11,301
▼ 76.2%
2025
middle half of the sector
20212025
Equity
€330,462
▲ 3.5%
2025
highest quarter of the sector
20212025
Total assets
€431,097
▲ 3.4%
2025
highest quarter of the sector
20212025
Debt
€100,635
▲ 2.8%
2025
20212025
Working capital
€270,368
▼ 5.5%
2025
highest quarter of the sector
20212025
Solvency
76.7%
▲ 0.1pp
2025
highest quarter of the sector
20212025
Current ratio
4.20
▼ 1.12
2025
highest quarter of the sector
20212025
Return on assets (ROA)
2.6%
▼ 8.8pp
2025
middle half of the sector
20212025
Staff (FTE)
6
▲ 25.0%
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€117,510-€100,657▼ 14.3%€108,127▲ 7.4%€70,798▼ 34.5%€23,847▼ 66.3%
Net result€97,517within the sector's middle half-€73,814within the sector's middle half▼ 24.3%€77,890within the sector's middle half▲ 5.5%€47,440within the sector's middle half▼ 39.1%€11,301within the sector's middle half▼ 76.2%
Equity€120,017within the sector's middle half-€193,831within the sector's middle half▲ 61.5%€271,720within the sector's middle half▲ 40.2%€319,161within the sector's middle half▲ 17.5%€330,462above the sector's middle half▲ 3.5%
Total assets€248,261within the sector's middle half-€363,641within the sector's middle half▲ 46.5%€408,383within the sector's middle half▲ 12.3%€417,101within the sector's middle half▲ 2.1%€431,097above the sector's middle half▲ 3.4%
Debt€128,244-€169,810▲ 32.4%€136,663▼ 19.5%€97,940▼ 28.3%€100,635▲ 2.8%
Working capital€116,059within the sector's middle half-€174,524above the sector's middle half▲ 50.4%€243,412above the sector's middle half▲ 39.5%€286,045above the sector's middle half▲ 17.5%€270,368above the sector's middle half▼ 5.5%
Solvency48.3%within the sector's middle half-53.3%within the sector's middle half▲ 5.0pp66.5%above the sector's middle half▲ 13.2pp76.5%above the sector's middle half▲ 10.0pp76.7%above the sector's middle half▲ 0.1pp
Current ratio3.23above the sector's middle half-2.62above the sector's middle half▼ 0.613.71above the sector's middle half▲ 1.105.32above the sector's middle half▲ 1.614.20above the sector's middle half▼ 1.12
Return on assets (ROA)39.3%above the sector's middle half-20.3%above the sector's middle half▼ 19.0pp19.1%above the sector's middle half▼ 1.2pp11.4%within the sector's middle half▼ 7.7pp2.6%within the sector's middle half▼ 8.8pp
Staff (FTE)2.1below the sector's middle half-3.9within the sector's middle half▲ 85.7%4.8within the sector's middle half▲ 23.1%4.8within the sector's middle half=6▲ 25.0%
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 66% 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 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
Assets €431,097
Fixed assets
€76,224 ▲ 17.4%
Current assets
€354,872 ▲ 0.8%
Equity and liabilities €431,097
Equity
€330,462 ▲ 3.5%
Debt
€100,635 ▲ 2.8%
Debt's share of the balance-sheet total falls from 23.5% to 23.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€36,342▼
2024 · €82,725
Cash flow
€23,796▼
2024 · €59,367
Quick ratio
3.62▼
2024 · 4.37
Debt to equity
0.30▼
2024 · 0.31
ROE
3.4%▼
2024 · 14.9%
Interest coverage
4.21▼
2024 · 9.23
Debt ≤ 1 year
€84,505▲
2024 · €66,150
Debt > 1 year
€16,130▼
2024 · €31,790
Income taxes
€3,922▼
2024 · €14,480
Staff costs
€271,866▲
2024 · €217,401
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 | 1 | 4 | 6 | 6 | 5 |
| full-time | 0 | 2 | 5 | 4 | 5 |
| part-time | 1 | 2 | 1 | 2 | 0 |
| in full-time equivalents | 0.8 | 2.8 | 5.5 | 5.7 | 5 |
| Average over the year, in full-time equivalents | 2.1 | 3.9 | 4.8 | 4.8 | 6 |
| On a permanent contract | - | 3 | 6 | 5 | 5 |
| Joined | 50 | 51 | 38 | 65 | 28 |
| Left | 50 | 48 | 36 | 65 | 29 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €17,738 | €12,415 | €6,668 | €1,530 | €23,813 |
| Intangible fixed assets | €59,510 | - | - | - | - |
| Financial fixed assets | €11,400 | - | - | - | €0 |
| Depreciation and write-downs of the year | €8,604 | €10,702 | €12,427 | €11,927 | €12,495 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 2 entries · €2,239 awarded · €2,239 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €239 | €239 |
| 2022 | 1 | €2,000 | €2,000 |
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €45,372 | €111,803 | €173,163 | €217,401 | €271,866 | ▲ 25.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,604 | €10,702 | €12,427 | €11,927 | €12,495 | ▲ 4.8% |
| Other operating charges640/8 | €3,306 | €2,705 | €3,262 | €2,990 | €3,661 | ▲ 22.5% |
| Gross operating margin9900 | €174,793 | €225,867 | €296,979 | €303,116 | €311,869 | ▲ 2.9% |
| Operating profit (loss)9901 | €117,510 | €100,657 | €108,127 | €70,798 | €23,847 | ▼ 66.3% |
| Financial income75/76B | €38 | €119 | €0 | €80 | €5 | ▼ 93.9% |
| Recurring financial income75 | €38 | €119 | €0 | €80 | €5 | ▼ 93.9% |
| Financial charges65/66B | €4,754 | €7,847 | €8,147 | €8,958 | €8,629 | ▼ 3.7% |
| Recurring financial charges65 | €4,754 | €7,847 | €8,147 | €8,958 | €8,629 | ▼ 3.7% |
| Profit (loss) for the period before taxes9903 | €112,794 | €92,929 | €99,981 | €61,920 | €15,223 | ▼ 75.4% |
| Income taxes67/77 | €15,277 | €19,115 | €22,091 | €14,480 | €3,922 | ▼ 72.9% |
| Profit (loss) for the period9904 | €97,517 | €73,814 | €77,890 | €47,440 | €11,301 | ▼ 76.2% |
| Profit (loss) for the period to be appropriated9905 | €97,517 | €73,814 | €77,890 | €47,440 | €11,301 | ▼ 76.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €248,261 | €363,641 | €408,383 | €417,101 | €431,097 | ▲ 3.4% |
| Fixed assets21/28 | €80,044 | €81,062 | €75,303 | €64,906 | €76,224 | ▲ 17.4% |
| Intangible fixed assets21 | €53,187 | €47,236 | €41,285 | €35,334 | €29,383 | ▼ 16.8% |
| Tangible fixed assets22/27 | €15,457 | €22,426 | €22,617 | €18,172 | €35,441 | ▲ 95.0% |
| Plant, machinery and equipment23 | €10,782 | €7,894 | €5,439 | €2,952 | €16,701 | ▲ 466% |
| Furniture and vehicles24 | €4,675 | €14,532 | €17,178 | €15,219 | €18,739 | ▲ 23.1% |
| Financial fixed assets28 | €11,400 | €11,400 | €11,400 | €11,400 | €11,400 | = |
| Current assets29/58 | €168,217 | €282,579 | €333,081 | €352,195 | €354,872 | ▲ 0.8% |
| Stocks and contracts in progress3 | €17,050 | €30,750 | €55,559 | €63,077 | €48,740 | ▼ 22.7% |
| Stocks30/36 | €17,050 | €30,750 | €55,559 | €63,077 | €48,740 | ▼ 22.7% |
| Amounts receivable within one year40/41 | €784 | €6,172 | €2,718 | €6,380 | €18,510 | ▲ 190% |
| Trade receivables40 | €647 | €5,324 | €2,151 | €526 | €10,390 | ▲ 20× |
| Other amounts receivable41 | €136 | €848 | €568 | €5,854 | €8,119 | ▲ 38.7% |
| Cash at bank and in hand54/58 | €148,421 | €241,718 | €270,061 | €279,479 | €133,777 | ▼ 52.1% |
| Deferred charges and accrued income490/1 | €1,962 | €3,939 | €4,743 | €3,259 | €153,846 | ▲ 47× |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €248,261 | €363,641 | €408,383 | €417,101 | €431,097 | ▲ 3.4% |
| Equity10/15 | €120,017 | €193,831 | €271,720 | €319,161 | €330,462 | ▲ 3.5% |
| Contributions10/11 | €22,500 | €22,500 | €22,500 | €22,500 | €22,500 | = |
| Profit (loss) carried forward14 | €97,517 | €171,331 | €249,220 | €296,661 | €307,962 | ▲ 3.8% |
| Amounts payable17/49 | €128,244 | €169,810 | €136,663 | €97,940 | €100,635 | ▲ 2.8% |
| Amounts payable after more than one year17 | €76,086 | €61,755 | €46,994 | €31,790 | €16,130 | ▼ 49.3% |
| Financial debts170/4 | €76,086 | €61,755 | €46,994 | €31,790 | €16,130 | ▼ 49.3% |
| Amounts payable within one year42/48 | €52,158 | €108,055 | €89,669 | €66,150 | €84,505 | ▲ 27.7% |
| Current portion of amounts payable after more than one year42 | €13,914 | €14,331 | €14,761 | €15,204 | €15,660 | ▲ 3.0% |
| Trade debts44 | €8,266 | €35,500 | €10,139 | €14,093 | €16,886 | ▲ 19.8% |
| Suppliers440/4 | €8,266 | €35,500 | €10,139 | €14,093 | €16,886 | ▲ 19.8% |
| Advances received on contracts in progress46 | - | - | €600 | €0 | - | - |
| Taxes, remuneration and social security45 | €29,979 | €52,224 | €62,969 | €35,653 | €50,758 | ▲ 42.4% |
| Taxes450/3 | €28,946 | €36,922 | €50,456 | €23,491 | €20,036 | ▼ 14.7% |
| Remuneration and social security454/9 | €1,033 | €15,302 | €12,513 | €12,162 | €30,722 | ▲ 153% |
| Other amounts payable47/48 | - | €6,000 | €1,200 | €1,200 | €1,200 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €97,517 | €73,814 | €77,890 | €47,440 | €11,301 | ▼ 76.2% |
| + Depreciation and write-downs630 | €8,604 | €10,702 | €12,427 | €11,927 | €12,495 | ▲ 4.8% |
| Operating cash flow (approximation) | €106,122 | €84,516 | €90,316 | €59,367 | €23,796 | ▼ 59.9% |
| Investment in fixed assets (approximation) | - | -€11,720 | -€6,668 | -€1,530 | -€23,813 | ▼ 1,456% |
| Change in cash | - | €93,296 | €28,343 | €9,418 | -€145,702 | - |
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, 5,047 companies had the same profile as NiKo has now. Two years later, 93.9% were still going and 2.2% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
93.9%
was still going
3.8%
stopped otherwise
2.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of NiKo itself: 1.0% 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 5,047 companies, not a prediction for NiKo. 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 | 23-06-2026 | 2026-00200111 | |
| 31-12-2024 | abbreviated format | 19-06-2025 | 2025-00156084 | |
| 31-12-2023 | abbreviated format | 27-06-2024 | 2024-00205429 | |
| 31-12-2022 | abbreviated format | 22-06-2023 | 2023-00158733 | |
| 31-12-2021 | abbreviated format | 16-06-2022 | 2022-20071255 |