NILATRA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-01-2026 PDF all 4 filings
Turnover
≈ €380,000
Estimated: probably between €330,000 and €520,000
Total assets
€490,590▲ 96.0%
2024 · €250,355
Net result
€88,378▲ 40.0%
2024 · €63,109
Working capital
€92,890▲ 109%
2024 · €44,390
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€110,812
▲ 30.5%
2025
20222025
Net result
€88,378
▲ 40.0%
2025
highest quarter of the sector
20222025
Equity
€228,485
▲ 63.1%
2025
highest quarter of the sector
20222025
Total assets
€490,590
▲ 96.0%
2025
highest quarter of the sector
20222025
Debt
€262,104
▲ 138%
2025
20222025
Working capital
€92,890
▲ 109%
2025
highest quarter of the sector
20222025
Solvency
46.6%
▼ 9.4pp
2025
middle half of the sector
20222025
Current ratio
1.90
▲ 0.33
2025
middle half of the sector
20222025
Return on assets (ROA)
18.0%
▼ 7.2pp
2025
highest quarter of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€46,661-€49,506▲ 6.1%€84,881▲ 71.5%€110,812▲ 30.5%
Net result€40,691above the sector's middle half-€33,706above the sector's middle half▼ 17.2%€63,109above the sector's middle half▲ 87.2%€88,378above the sector's middle half▲ 40.0%
Equity€44,891within the sector's middle half-€77,798within the sector's middle half▲ 73.3%€140,107above the sector's middle half▲ 80.1%€228,485above the sector's middle half▲ 63.1%
Total assets€277,757above the sector's middle half-€256,813within the sector's middle half▼ 7.5%€250,355within the sector's middle half▼ 2.5%€490,590above the sector's middle half▲ 96.0%
Debt€232,866-€179,016▼ 23.1%€110,248▼ 38.4%€262,104▲ 138%
Working capital-€22,489below the sector's middle half--€2,670within the sector's middle half▲ 88.1%€44,390within the sector's middle half€92,890above the sector's middle half▲ 109%
Solvency16.2%within the sector's middle half-30.3%within the sector's middle half▲ 14.1pp56.0%within the sector's middle half▲ 25.7pp46.6%within the sector's middle half▼ 9.4pp
Current ratio0.86within the sector's middle half-0.98within the sector's middle half▲ 0.121.58within the sector's middle half▲ 0.601.90within the sector's middle half▲ 0.33
Return on assets (ROA)14.7%within the sector's middle half-13.1%within the sector's middle half▼ 1.5pp25.2%above the sector's middle half▲ 12.1pp18.0%above the sector's middle half▼ 7.2pp
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 31% higher than in 2024 and the highest since 2022. It is the third rise 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 €490,590
Fixed assets
€294,684 ▲ 128%
Current assets
€195,906 ▲ 61.4%
Equity and liabilities €490,590
Equity
€228,485 ▲ 63.1%
Debt
€262,104 ▲ 138%
Debt's share of the balance-sheet total rises from 44.0% to 53.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€133,344▲
2024 · €121,723
Cash flow
€110,911▲
2024 · €99,952
Debt to equity
1.15▲
2024 · 0.79
ROE
38.7%▼
2024 · 45.0%
Interest coverage
18.45▼
2024 · 19.40
Debt ≤ 1 year
€103,016▲
2024 · €76,976
Debt > 1 year
€159,088▲
2024 · €33,272
Income taxes
€15,232▼
2024 · €15,525
Staff costs
€12,556▲
2024 · €59
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €147,800 | €26,536 | €33,900 | €308,966 |
| Financial fixed assets | €9,000 | - | - | - |
| Depreciation and write-downs of the year | €15,905 | €33,398 | €36,842 | €22,533 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €426 awarded · €426 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €240 | €240 |
| 2024 | 1 | €96 | €96 |
| 2023 | 1 | €0 | €90 |
| 2022 | 1 | €90 | €0 |
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €7,899 | €19,237 | ▲ 144% |
| Remuneration, social security and pensions62 | - | €66 | €59 | €12,556 | ▲ 214× |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,905 | €33,398 | €36,842 | €22,533 | ▼ 38.8% |
| Other operating charges640/8 | €1,306 | €1,788 | €2,131 | €3,128 | ▲ 46.8% |
| Gross operating margin9900 | €63,872 | €84,758 | €123,912 | €149,028 | ▲ 20.3% |
| Operating profit (loss)9901 | €46,661 | €49,506 | €84,881 | €110,812 | ▲ 30.5% |
| Financial income75/76B | €1 | €99 | €27 | €25 | ▼ 9.0% |
| Recurring financial income75 | €1 | €99 | €27 | €25 | ▼ 9.0% |
| Financial charges65/66B | €4,406 | €6,730 | €6,274 | €7,226 | ▲ 15.2% |
| Recurring financial charges65 | €4,406 | €6,730 | €6,274 | €7,226 | ▲ 15.2% |
| Profit (loss) for the period before taxes9903 | €42,256 | €42,874 | €78,634 | €103,610 | ▲ 31.8% |
| Income taxes67/77 | €1,565 | €9,167 | €15,525 | €15,232 | ▼ 1.9% |
| Profit (loss) for the period9904 | €40,691 | €33,706 | €63,109 | €88,378 | ▲ 40.0% |
| Profit (loss) for the period to be appropriated9905 | €40,691 | €33,706 | €63,109 | €88,378 | ▲ 40.0% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €277,757 | €256,813 | €250,355 | €490,590 | ▲ 96.0% |
| Fixed assets21/28 | €140,895 | €134,033 | €128,990 | €294,684 | ▲ 128% |
| Tangible fixed assets22/27 | €131,895 | €125,033 | €119,990 | €285,684 | ▲ 138% |
| Plant, machinery and equipment23 | €2,701 | €6,632 | €3,624 | €2,717 | ▼ 25.0% |
| Furniture and vehicles24 | €2,701 | €20,267 | €46,592 | €282,967 | ▲ 507% |
| Leasing and similar rights25 | €126,493 | €98,133 | €69,773 | - | - |
| Financial fixed assets28 | €9,000 | €9,000 | €9,000 | €9,000 | = |
| Current assets29/58 | €136,862 | €122,781 | €121,366 | €195,906 | ▲ 61.4% |
| Amounts receivable within one year40/41 | €29,778 | €30,231 | €31,899 | €61,047 | ▲ 91.4% |
| Trade receivables40 | €29,778 | €30,213 | €31,879 | €42,464 | ▲ 33.2% |
| Other amounts receivable41 | - | €18 | €20 | €18,584 | ▲ 937× |
| Cash at bank and in hand54/58 | €103,568 | €89,125 | €86,061 | €127,013 | ▲ 47.6% |
| Deferred charges and accrued income490/1 | €3,516 | €3,425 | €3,406 | €7,846 | ▲ 130% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €277,757 | €256,813 | €250,355 | €490,590 | ▲ 96.0% |
| Equity10/15 | €44,891 | €77,798 | €140,107 | €228,485 | ▲ 63.1% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €39,891 | €72,798 | €135,107 | €223,485 | ▲ 65.4% |
| Distributable reserves133 | €39,891 | €72,798 | €135,107 | €223,485 | ▲ 65.4% |
| Amounts payable17/49 | €232,866 | €179,016 | €110,248 | €262,104 | ▲ 138% |
| Amounts payable after more than one year17 | €73,514 | €53,565 | €33,272 | €159,088 | ▲ 378% |
| Financial debts170/4 | €73,514 | €53,565 | €33,272 | €159,088 | ▲ 378% |
| Amounts payable within one year42/48 | €159,351 | €125,451 | €76,976 | €103,016 | ▲ 33.8% |
| Current portion of amounts payable after more than one year42 | €19,612 | €29,949 | €18,615 | €38,591 | ▲ 107% |
| Trade debts44 | €4,188 | €3,925 | €10,209 | €7,677 | ▼ 24.8% |
| Suppliers440/4 | €4,188 | €3,925 | €10,209 | €7,677 | ▼ 24.8% |
| Taxes, remuneration and social security45 | €11,810 | €6,196 | €11,070 | €4,803 | ▼ 56.6% |
| Taxes450/3 | €11,810 | €6,196 | €11,070 | €4,803 | ▼ 56.6% |
| Other amounts payable47/48 | €123,741 | €85,381 | €37,082 | €51,944 | ▲ 40.1% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €40,691 | €33,706 | €63,109 | €88,378 | ▲ 40.0% |
| + Depreciation and write-downs630 | €15,905 | €33,398 | €36,842 | €22,533 | ▼ 38.8% |
| Operating cash flow (approximation) | €56,596 | €67,105 | €99,952 | €110,911 | ▲ 11.0% |
| Investment in fixed assets (approximation) | - | -€26,536 | -€31,799 | -€188,227 | ▼ 492% |
| Change in cash | - | -€14,443 | -€3,064 | €40,952 | - |
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, 6,782 companies had the same profile as NILATRA has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of NILATRA 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 6,782 companies, not a prediction for NILATRA. 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.