NITABA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-06-2026 PDF all 7 filings
Turnover
≈ €370,000
Estimated: probably between €280,000 and €700,000
Total assets
€794,216▲ 0.4%
2024 · €791,274
Net result
€68,896▼ 1.9%
2024 · €70,243
Working capital
€179,516▲ 15.6%
2024 · €155,266
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€92,585
▼ 2.0%
2025
20192025
Net result
€68,896
▼ 1.9%
2025
highest quarter of the sector
20192025
Equity
€639,273
▲ 1.4%
2025
highest quarter of the sector
20192025
Total assets
€794,216
▲ 0.4%
2025
middle half of the sector
20192025
Debt
€130,339
▼ 2.0%
2025
20192025
Working capital
€179,516
▲ 15.6%
2025
highest quarter of the sector
20192025
Solvency
80.5%
▲ 0.8pp
2025
highest quarter of the sector
20192025
Current ratio
3.74
▲ 0.18
2025
highest quarter of the sector
20192025
Return on assets (ROA)
8.7%
▼ 0.2pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€248,334-€121,180▼ 51.2%€121,112▼ 0.1%€110,310▼ 8.9%€117,391▲ 6.4%€94,456▼ 19.5%€92,585▼ 2.0%
Net result€164,450-€90,637above the sector's middle half▼ 44.9%€90,447above the sector's middle half▼ 0.2%€82,466above the sector's middle half▼ 8.8%€87,410above the sector's middle half▲ 6.0%€70,243above the sector's middle half▼ 19.6%€68,896above the sector's middle half▼ 1.9%
Equity€502,455-€529,811above the sector's middle half▲ 5.4%€560,258above the sector's middle half▲ 5.7%€592,724above the sector's middle half▲ 5.8%€620,134above the sector's middle half▲ 4.6%€630,377above the sector's middle half▲ 1.7%€639,273above the sector's middle half▲ 1.4%
Total assets€743,480-€720,806within the sector's middle half▼ 3.0%€715,859within the sector's middle half▼ 0.7%€733,608within the sector's middle half▲ 2.5%€785,004within the sector's middle half▲ 7.0%€791,274within the sector's middle half▲ 0.8%€794,216within the sector's middle half▲ 0.4%
Debt€174,665-€149,694▼ 14.3%€117,639▼ 21.4%€106,262▼ 9.7%€133,587▲ 25.7%€132,953▼ 0.5%€130,339▼ 2.0%
Working capital€54,494-€58,803within the sector's middle half▲ 7.9%€83,937within the sector's middle half▲ 42.7%€84,245within the sector's middle half▲ 0.4%€134,339above the sector's middle half▲ 59.5%€155,266above the sector's middle half▲ 15.6%€179,516above the sector's middle half▲ 15.6%
Solvency67.6%-73.5%above the sector's middle half▲ 5.9pp78.3%above the sector's middle half▲ 4.8pp80.8%above the sector's middle half▲ 2.5pp79.0%above the sector's middle half▼ 1.8pp79.7%above the sector's middle half▲ 0.7pp80.5%above the sector's middle half▲ 0.8pp
Current ratio1.34-1.45within the sector's middle half▲ 0.111.85within the sector's middle half▲ 0.412.64within the sector's middle half▲ 0.792.81within the sector's middle half▲ 0.173.55above the sector's middle half▲ 0.743.74above the sector's middle half▲ 0.18
Return on assets (ROA)22.1%-12.6%above the sector's middle half▼ 9.5pp12.6%above the sector's middle half▲ 0.1pp11.2%above the sector's middle half▼ 1.4pp11.1%above the sector's middle half▼ 0.1pp8.9%above the sector's middle half▼ 2.3pp8.7%within the sector's middle half▼ 0.2pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 2% 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 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 €794,216
Fixed assets
€549,134 ▼ 4.5%
Current assets
€245,083 ▲ 13.4%
Equity and liabilities €794,216
Equity
€639,273 ▲ 1.4%
Provisions
€24,604 ▼ 12.0%
Debt
€130,339 ▼ 2.0%
Debt's share of the balance-sheet total falls from 16.8% to 16.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€175,461▲
2024 · €172,917
Cash flow
€151,772▲
2024 · €148,704
Debt to equity
0.20▼
2024 · 0.21
ROE
10.8%▼
2024 · 11.1%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€65,567▲
2024 · €60,784
Debt > 1 year
€35,525▼
2024 · €41,525
Income taxes
€26,274▼
2024 · €26,754
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €58,343 | €127,088 | €43,123 | €76,987 | €62,787 |
| Financial fixed assets | €2,300 | - | €14,400 | €8,625 | €0 |
| Depreciation and write-downs of the year | €56,965 | €62,724 | €71,265 | €78,461 | €82,877 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €10,778 | - | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €124,409 | €54,998 | €56,965 | €62,724 | €71,265 | €78,461 | €82,877 | ▲ 5.6% |
| Other operating charges640/8 | €53,340 | - | €28,816 | €29,800 | €30,218 | €32,954 | €32,869 | ▼ 0.3% |
| Gross operating margin9900 | €426,083 | €202,270 | €206,893 | €202,834 | €218,874 | €205,871 | €208,330 | ▲ 1.2% |
| Operating profit (loss)9901 | €248,334 | €121,180 | €121,112 | €110,310 | €117,391 | €94,456 | €92,585 | ▼ 2.0% |
| Financial income75/76B | - | - | €0 | €0 | €65 | €1 | €0 | ▼ 100% |
| Recurring financial income75 | - | €2 | €0 | €0 | €65 | €1 | €0 | ▼ 100% |
| Financial charges65/66B | €4,267 | - | €397 | €494 | €1,012 | €800 | €754 | ▼ 5.8% |
| Recurring financial charges65 | €4,267 | €303 | €397 | €494 | €1,012 | €800 | €754 | ▼ 5.8% |
| Profit (loss) for the period before taxes9903 | €244,067 | €120,879 | €120,715 | €109,817 | €116,444 | €93,657 | €91,831 | ▼ 2.0% |
| Transfer from deferred taxes780 | €8,014 | - | €3,339 | €3,339 | €3,339 | €3,339 | €3,339 | = |
| Income taxes67/77 | €87,631 | €33,581 | €33,607 | €30,690 | €32,374 | €26,754 | €26,274 | ▼ 1.8% |
| Profit (loss) for the period9904 | €164,450 | €90,637 | €90,447 | €82,466 | €87,410 | €70,243 | €68,896 | ▼ 1.9% |
| Transfer from tax-exempt reserves789 | €18,700 | - | €10,018 | €10,018 | €10,018 | €10,018 | €10,018 | = |
| Profit (loss) for the period to be appropriated9905 | €183,150 | €100,655 | €100,465 | €92,484 | €97,428 | €80,261 | €78,914 | ▼ 1.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €743,480 | €720,806 | €715,859 | €733,608 | €785,004 | €791,274 | €794,216 | ▲ 0.4% |
| Fixed assets21/28 | €527,482 | €530,073 | €533,750 | €598,114 | €576,473 | €575,224 | €549,134 | ▼ 4.5% |
| Tangible fixed assets22/27 | €496,482 | €497,573 | €498,950 | €563,314 | €535,173 | €533,699 | €513,609 | ▼ 3.8% |
| Land and buildings22 | €488,418 | - | €497,985 | €561,190 | €533,528 | €532,533 | €512,921 | ▼ 3.7% |
| Plant, machinery and equipment23 | €8,064 | - | €965 | €2,124 | €1,645 | €1,166 | €688 | ▼ 41.1% |
| Financial fixed assets28 | €31,000 | €32,500 | €34,800 | €34,800 | €41,300 | €41,525 | €35,525 | ▼ 14.4% |
| Current assets29/58 | €215,998 | €190,733 | €182,109 | €135,495 | €208,532 | €216,050 | €245,083 | ▲ 13.4% |
| Amounts receivable within one year40/41 | €20,220 | €41,318 | €71,609 | €30,997 | €34,236 | €35,579 | €39,355 | ▲ 10.6% |
| Trade receivables40 | €4,592 | - | €7,825 | €7,944 | €4,987 | €2,400 | €0 | ▼ 100% |
| Other amounts receivable41 | €15,628 | - | €63,783 | €23,053 | €29,249 | €33,179 | €39,355 | ▲ 18.6% |
| Cash at bank and in hand54/58 | €172,083 | €135,072 | €96,398 | €86,753 | €153,593 | €151,868 | €173,623 | ▲ 14.3% |
| Deferred charges and accrued income490/1 | €23,695 | - | €14,102 | €17,744 | €20,702 | €28,603 | €32,104 | ▲ 12.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €743,480 | €720,806 | €715,859 | €733,608 | €785,004 | €791,274 | €794,216 | ▲ 0.4% |
| Equity10/15 | €502,455 | €529,811 | €560,258 | €592,724 | €620,134 | €630,377 | €639,273 | ▲ 1.4% |
| Contributions10/11 | €58,155 | - | €58,155 | €58,155 | €58,155 | €58,155 | €58,155 | = |
| Capital10 | €58,155 | - | - | - | - | - | - | - |
| Issued capital100 | €58,155 | - | - | - | - | - | - | - |
| Reserves13 | €288,309 | €300,009 | €289,991 | €279,973 | €269,956 | €259,938 | €249,920 | ▼ 3.9% |
| Non-distributable reserves130/1 | - | - | €5,816 | €5,816 | €0 | - | - | - |
| Legal reserve130 | €5,816 | - | - | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €5,816 | €5,816 | €0 | - | - | - |
| Tax-exempt reserves132 | €95,692 | - | €97,375 | €87,357 | €77,339 | €67,321 | €57,303 | ▼ 14.9% |
| Distributable reserves133 | €186,801 | - | €186,801 | €186,801 | €192,616 | €192,616 | €192,616 | = |
| Profit (loss) carried forward14 | €155,991 | €171,646 | €212,111 | €254,596 | €292,023 | €312,284 | €331,198 | ▲ 6.1% |
| Provisions and deferred taxes16 | €66,360 | €41,301 | €37,962 | €34,622 | €31,283 | €27,944 | €24,604 | ▼ 12.0% |
| Provisions for liabilities and charges160/5 | €5,503 | - | €5,503 | €5,503 | €5,503 | €5,503 | €5,503 | = |
| Other liabilities and charges164/5 | €5,503 | - | €5,503 | €5,503 | €5,503 | €5,503 | €5,503 | = |
| Deferred taxes168 | €60,857 | - | €32,458 | €29,119 | €25,780 | €22,440 | €19,101 | ▼ 14.9% |
| Amounts payable17/49 | €174,665 | €149,694 | €117,639 | €106,262 | €133,587 | €132,953 | €130,339 | ▼ 2.0% |
| Amounts payable after more than one year17 | - | - | - | €34,800 | €41,300 | €41,525 | €35,525 | ▼ 14.4% |
| Other amounts payable178/9 | - | - | - | €34,800 | €41,300 | €41,525 | €35,525 | ▼ 14.4% |
| Amounts payable within one year42/48 | €161,504 | €131,930 | €98,172 | €51,250 | €74,193 | €60,784 | €65,567 | ▲ 7.9% |
| Current portion of amounts payable after more than one year42 | €3,125 | - | - | - | - | - | €3,362 | - |
| Financial debts43 | €31,000 | - | - | - | - | - | - | - |
| Other loans439 | €31,000 | - | - | - | - | - | - | - |
| Trade debts44 | €65 | €4,990 | - | - | €11,444 | €0 | €50 | - |
| Suppliers440/4 | €65 | - | - | - | €11,444 | €0 | €50 | - |
| Taxes, remuneration and social security45 | €7,314 | - | €3,372 | €1,250 | €2,749 | €784 | €2,155 | ▲ 175% |
| Taxes450/3 | €7,314 | - | €3,372 | €1,250 | €2,749 | €784 | €2,155 | ▲ 175% |
| Other amounts payable47/48 | €120,000 | - | €94,800 | €50,000 | €60,000 | €60,000 | €60,000 | = |
| Accrued charges and deferred income492/3 | €13,161 | - | €19,467 | €20,212 | €18,094 | €30,644 | €29,247 | ▼ 4.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €164,450 | €90,637 | €90,447 | €82,466 | €87,410 | €70,243 | €68,896 | ▼ 1.9% |
| + Depreciation and write-downs630 | €124,409 | €54,998 | €56,965 | €62,724 | €71,265 | €78,461 | €82,877 | ▲ 5.6% |
| Operating cash flow (approximation) | €288,859 | €145,635 | €147,413 | €145,190 | €158,674 | €148,704 | €151,772 | ▲ 2.1% |
| Investment in fixed assets (approximation) | - | -€57,589 | -€60,643 | -€127,088 | -€49,623 | -€77,212 | -€56,787 | ▲ 26.5% |
| Change in cash | - | -€37,011 | -€38,675 | -€9,645 | €66,840 | -€1,725 | €21,755 | - |
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 NITABA 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 NITABA itself: < 0.1% 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 6,782 companies, not a prediction for NITABA. 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 |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-06-2026 | 2026-00130961 | |
| 31-12-2024 | micro format | 03-06-2025 | 2025-00114968 | |
| 31-12-2023 | micro format | 12-06-2024 | 2024-00123660 | |
| 31-12-2022 | micro format | 28-06-2023 | 2023-00166552 | |
| 31-12-2021 | micro format | 28-06-2022 | 2022-20098775 | |
| 31-12-2020 | micro format | 28-06-2021 | 2021-25800256 | |
| 31-12-2019 | micro format | 27-07-2020 | 2020-34400571 |