NITHACO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 23 filings
Turnover
≈ €490,000
Estimated: probably between €380,000 and €890,000
EBIT margin
Not included in this filing
Net result
-€143,470▲ 21.9%
2024 · -€183,796
Working capital
€2.5m▼ 6.5%
2024 · €2.7m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€139,250
▲ 19.7%
2025
20182025
Net result
-€143,470
▲ 21.9%
2025
lowest quarter of the sector
20182025
Equity
€9.5m
▼ 1.5%
2025
highest quarter of the sector
20182025
Total assets
€11.7m
▼ 16.4%
2025
highest quarter of the sector
20182025
Debt
€2.2m
▼ 49.8%
2025
20182025
Working capital
€2.5m
▼ 6.5%
2025
highest quarter of the sector
20182025
Solvency
81.4%
▲ 12.4pp
2025
highest quarter of the sector
20182025
Current ratio
3.05
▲ 1.21
2025
middle half of the sector
20182025
Return on assets (ROA)
-1.2%
▲ 0.1pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1.2
▼ 33.3%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.2m--€0.4m▼ 98.8%-€0.3m▲ 14.1%-€0.2m▲ 47.9%-€0.7m▼ 365%€0.9m-€0.2m-€0.1m▲ 19.7%
Net result-€0.2m--€0.3m▼ 52.0%-€0.1mbelow the sector's middle half▲ 64.0%-€0.1mbelow the sector's middle half▼ 16.7%-€0.7mbelow the sector's middle half▼ 377%€0.8mabove the sector's middle half-€0.2mbelow the sector's middle half-€0.1mbelow the sector's middle half▲ 21.9%
Equity€13.2m-€12.9m▼ 2.5%€12.8mabove the sector's middle half▼ 0.9%€11.7mabove the sector's middle half▼ 8.9%€11.0mabove the sector's middle half▼ 5.6%€11.8mabove the sector's middle half▲ 7.7%€9.7mabove the sector's middle half▼ 18.4%€9.5mabove the sector's middle half▼ 1.5%
Total assets€13.9m-€14.1m▲ 1.3%€13.8mabove the sector's middle half▼ 1.7%€17.1mabove the sector's middle half▲ 23.4%€15.7mabove the sector's middle half▼ 8.3%€16.1mabove the sector's middle half▲ 2.9%€14.0mabove the sector's middle half▼ 13.2%€11.7mabove the sector's middle half▼ 16.4%
Debt€0.7m-€1.2m▲ 76.9%€1.0m▼ 10.9%€5.4m▲ 417%€4.7m▼ 14.1%€4.3m▼ 8.3%€4.3m▲ 1.5%€2.2m▼ 49.8%
Working capital€6.9m-€6.6m▼ 4.7%€6.6mabove the sector's middle half▲ 1.0%€2.6mabove the sector's middle half▼ 61.1%€1.6mabove the sector's middle half▼ 40.0%€4.8mabove the sector's middle half▲ 211%€2.7mabove the sector's middle half▼ 44.2%€2.5mabove the sector's middle half▼ 6.5%
Solvency95.2%-91.6%▼ 3.6pp92.4%above the sector's middle half▲ 0.8pp68.3%within the sector's middle half▼ 24.2pp70.3%within the sector's middle half▲ 2.0pp73.5%within the sector's middle half▲ 3.2pp69.0%within the sector's middle half▼ 4.5pp81.4%above the sector's middle half▲ 12.4pp
Current ratio42.57-37.93▼ 4.641.69within the sector's middle half1.50within the sector's middle half▼ 0.192.65within the sector's middle half▲ 1.151.84within the sector's middle half▼ 0.803.05within the sector's middle half▲ 1.21
Return on assets (ROA)-1.5%--2.3%▼ 0.8pp-0.8%below the sector's middle half▲ 1.5pp-0.8%below the sector's middle half=-4.2%below the sector's middle half▼ 3.4pp5.2%within the sector's middle half▲ 9.4pp-1.3%below the sector's middle half▼ 6.5pp-1.2%below the sector's middle half▲ 0.1pp
Staff (FTE)2.1-1.8▼ 14.3%1.8within the sector's middle half=1.8within the sector's middle half=1.8within the sector's middle half=1.8=1.8within the sector's middle half=1.2within the sector's middle half▼ 33.3%
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 €139,250, smaller than the loss of €173,330 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €11.7m
Fixed assets
€7.9m ▼ 1.9%
Current assets
€3.7m ▼ 36.5%
Equity and liabilities €11.7m
Equity
€9.5m ▼ 1.5%
Debt
€2.2m ▼ 49.8%
Debt's share of the balance-sheet total falls from 31.0% to 18.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€192,906▲
2024 · €148,400
Cash flow
€188,687▲
2024 · €137,934
Debt to equity
0.23▼
2024 · 0.45
ROE
-1.5%▲
2024 · -1.9%
Interest coverage
3.16▲
2024 · 1.50
Debt ≤ 1 year
€1.2m▼
2024 · €3.2m
Debt > 1 year
€948,447▼
2024 · €1.1m
Income taxes
€328▲
2024 · €287
Staff costs
€98,809▼
2024 · €126,678
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 | 2 | 2 | 2 | 2 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| part-time | 1 | 1 | 1 | 1 | - |
| in full-time equivalents | 1.8 | 1.8 | 1.8 | 1.8 | 1 |
| Average over the year, in full-time equivalents | 1.8 | 1.8 | 1.8 | 1.8 | 1.2 |
| On a permanent contract | 2 | 2 | 2 | 2 | 1 |
| Joined | - | - | - | - | 0 |
| Left | - | - | - | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €1.7m | - | - | - |
| Debts guaranteed by Belgian public bodies | - | - | - | €38,300 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1.1m | €607,934 | €440,409 | €53,562 | €235,385 |
| Intangible fixed assets | €1.2m | - | - | - | - |
| Depreciation and write-downs of the year | €352,507 | €368,665 | €308,542 | €321,730 | €332,157 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €206 awarded · €206 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.3m | - | €1.4m | €0.06m | €0.5m | ▲ 660% |
| Remuneration, social security and pensions62 | - | - | - | €0.07m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.2m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | ▲ 3.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.005m | €0.2m | - | -€0.2m | -€0.01m | ▲ 91.5% |
| Other operating charges640/8 | - | - | - | €0.03m | €0.04m | €0.06m | €0.02m | €0.05m | ▲ 140% |
| Gross operating margin9900 | €0.1m | -€0.06m | -€0.04m | €0.3m | €0.02m | €1.4m | €0.1m | €0.3m | ▲ 161% |
| Operating profit (loss)9901 | -€0.2m | -€0.4m | -€0.3m | -€0.2m | -€0.7m | €0.9m | -€0.2m | -€0.1m | ▲ 19.7% |
| Financial income75/76B | - | - | - | €0.05m | €0.1m | €0.07m | €0.09m | €0.06m | ▼ 35.9% |
| Recurring financial income75 | €0.04m | €0.08m | €0.04m | €0.05m | €0.1m | €0.07m | €0.09m | €0.06m | ▼ 35.9% |
| Financial charges65/66B | - | - | - | €0.03m | €0.05m | €0.1m | €0.1m | €0.06m | ▼ 38.5% |
| Recurring financial charges65 | €0.001m | €0.006m | €0.01m | €0.03m | €0.05m | €0.1m | €0.1m | €0.06m | ▼ 38.5% |
| Profit (loss) for the period before taxes9903 | -€0.2m | -€0.3m | -€0.1m | -€0.1m | -€0.7m | €0.8m | -€0.2m | -€0.1m | ▲ 22.0% |
| Income taxes67/77 | €0.004m | €22 | -€0.003m | -€470 | €349 | €194 | €287 | €328 | ▲ 14.4% |
| Profit (loss) for the period9904 | -€0.2m | -€0.3m | -€0.1m | -€0.1m | -€0.7m | €0.8m | -€0.2m | -€0.1m | ▲ 21.9% |
| Profit (loss) for the period to be appropriated9905 | -€0.2m | -€0.3m | -€0.1m | -€0.1m | -€0.7m | €0.8m | -€0.2m | -€0.1m | ▲ 21.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €13.9m | €14.1m | €13.8m | €17.1m | €15.7m | €16.1m | €14.0m | €11.7m | ▼ 16.4% |
| Fixed assets21/28 | €6.8m | €7.3m | €7.2m | €10.7m | €11.0m | €8.4m | €8.1m | €7.9m | ▼ 1.9% |
| Intangible fixed assets21 | - | - | - | €1.0m | €0.9m | €0.8m | €0.7m | €0.6m | ▼ 16.7% |
| Tangible fixed assets22/27 | €6.4m | €6.3m | €6.1m | €9.1m | €9.5m | €7.4m | €7.2m | €7.2m | ▼ 0.5% |
| Land and buildings22 | - | - | - | €8.3m | €9.0m | €6.5m | €6.3m | €6.1m | ▼ 2.7% |
| Plant, machinery and equipment23 | - | - | - | - | €0.006m | €0.005m | €0.004m | €0.005m | ▲ 21.3% |
| Furniture and vehicles24 | - | - | - | €0.5m | €0.5m | €0.5m | €0.6m | €0.7m | ▲ 24.0% |
| Other tangible fixed assets26 | - | - | - | - | - | €0.4m | €0.4m | €0.4m | ▼ 0.2% |
| Assets under construction and advance payments27 | - | - | - | €0.3m | - | - | - | - | - |
| Financial fixed assets28 | €0.4m | €1.1m | €1.1m | €0.6m | €0.6m | €0.2m | €0.2m | €0.2m | ▼ 2.8% |
| Current assets29/58 | €7.1m | €6.8m | €6.7m | €6.3m | €4.7m | €7.7m | €5.9m | €3.7m | ▼ 36.5% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €1.5m | €1.4m | €1.3m | ▼ 5.1% |
| Other amounts receivable291 | - | - | - | - | - | €1.5m | €1.4m | €1.3m | ▼ 5.1% |
| Stocks and contracts in progress3 | - | - | - | €0.2m | - | - | - | - | - |
| Stocks30/36 | - | - | - | €0.2m | - | - | - | - | - |
| Amounts receivable within one year40/41 | €1.5m | €1.9m | €2.1m | €1.5m | €0.7m | €0.6m | €0.5m | €0.3m | ▼ 42.9% |
| Trade receivables40 | - | - | - | €24 | - | €0.04m | €0.01m | €0.003m | ▼ 78.7% |
| Other amounts receivable41 | - | - | - | €1.5m | €0.7m | €0.5m | €0.5m | €0.3m | ▼ 41.9% |
| Current investments50/53 | - | - | - | €2.7m | €3.3m | €4.9m | €3.3m | €1.7m | ▼ 49.5% |
| Cash at bank and in hand54/58 | €5.6m | €4.8m | €4.6m | €2.0m | €0.7m | €0.8m | €0.6m | €0.4m | ▼ 33.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.01m | €0.005m | €0.01m | €0.02m | ▲ 9.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €13.9m | €14.1m | €13.8m | €17.1m | €15.7m | €16.1m | €14.0m | €11.7m | ▼ 16.4% |
| Equity10/15 | €13.2m | €12.9m | €12.8m | €11.7m | €11.0m | €11.8m | €9.7m | €9.5m | ▼ 1.5% |
| Contributions10/11 | €2.8m | €2.8m | €2.8m | €2.8m | €2.8m | €2.8m | €2.8m | €2.8m | = |
| Capital10 | - | - | - | €2.8m | €2.8m | €2.8m | €2.8m | €2.8m | = |
| Issued capital100 | - | - | - | €2.8m | €2.8m | €2.8m | €2.8m | €2.8m | = |
| Reserves13 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Non-distributable reserves130/1 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Legal reserve130 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Profit (loss) carried forward14 | €10.2m | €9.9m | €9.8m | €8.6m | €8.0m | €8.8m | €6.6m | €6.5m | ▼ 2.2% |
| Amounts payable17/49 | €0.7m | €1.2m | €1.0m | €5.4m | €4.7m | €4.3m | €4.3m | €2.2m | ▼ 49.8% |
| Amounts payable after more than one year17 | €0.5m | €1.0m | €1.0m | €1.7m | €1.5m | €1.3m | €1.1m | €0.9m | ▼ 16.4% |
| Financial debts170/4 | - | - | - | €1.7m | €1.5m | €1.3m | €1.1m | €0.9m | ▼ 18.3% |
| Other amounts payable178/9 | - | - | - | - | €0.05m | €0.05m | €0.04m | €0.05m | ▲ 35.4% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.05m | €3.7m | €3.1m | €2.9m | €3.2m | €1.2m | ▼ 61.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 1.2% |
| Financial debts43 | - | - | - | €2.5m | €2.5m | €2.4m | €1.0m | €1.0m | = |
| Credit institutions430/8 | - | - | - | €2.5m | €2.5m | €2.4m | €1.0m | €1.0m | = |
| Trade debts44 | €0.01m | €0.01m | €0.005m | €0.03m | €0.02m | €0.08m | €0.005m | €0.006m | ▲ 14.6% |
| Suppliers440/4 | - | - | - | €0.03m | €0.02m | €0.08m | €0.005m | €0.006m | ▲ 14.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.09m | €0.07m | €0.02m | €0.02m | ▼ 3.1% |
| Taxes450/3 | - | - | - | €0.002m | €0.09m | €0.06m | €0.004m | €0.008m | ▲ 104% |
| Remuneration and social security454/9 | - | - | - | €0.008m | €0.008m | €0.01m | €0.02m | €0.01m | ▼ 31.4% |
| Other amounts payable47/48 | - | - | - | €1.0m | €0.3m | €0.2m | €2.0m | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.2m | -€0.3m | -€0.1m | -€0.1m | -€0.7m | €0.8m | -€0.2m | -€0.1m | ▲ 21.9% |
| + Depreciation and write-downs630 | €0.2m | €0.2m | €0.2m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | ▲ 3.2% |
| Operating cash flow (approximation) | -€0.03m | -€0.1m | €0.07m | €0.2m | -€0.3m | €1.2m | €0.1m | €0.2m | ▲ 36.8% |
| Investment in fixed assets (approximation) | - | -€0.7m | -€0.003m | -€4.0m | -€0.6m | €2.3m | -€0.05m | -€0.2m | ▼ 230% |
| Change in cash | - | -€0.7m | -€0.3m | -€2.6m | -€1.3m | €0.1m | -€0.2m | -€0.2m | ▼ 36.0% |
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, 12,322 companies had the same profile as NITHACO has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of NITHACO 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 12,322 companies, not a prediction for NITHACO. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 02-07-2026 | 2026-00250330 | |
| 31-12-2024 | abbreviated format | 07-07-2025 | 2025-00238912 | |
| 31-12-2023 | micro format | 30-07-2024 | 2024-00305611 | |
| 31-12-2022 | abbreviated format | 25-07-2023 | 2023-00266962 | |
| 31-12-2021 | abbreviated format | 29-07-2022 | 2022-20256503 | |
| 31-12-2020 | abbreviated format | 30-07-2021 | 2021-43700352 | |
| 31-12-2019 | abbreviated format | 29-07-2020 | 2020-35600431 | |
| 31-12-2018 | abbreviated format | 25-07-2019 | 2019-37900307 | |
| 31-12-2017 | abbreviated format | 26-07-2018 | 2018-38100234 | |
| 31-12-2016 | abbreviated format | 27-07-2017 | 2017-37400250 |