NIVATRA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-06-2026 at the NBB all 17 filings
Turnover
≈ €100,000
Estimated: probably between €75,000 and €150,000
Total assets
€79,040▲ 9.1%
2024 · €72,432
Net result
€7,112▼ 69.5%
2024 · €23,354
Working capital
€45,980▼ 9.0%
2024 · €50,517
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€9,728
▼ 66.2%
2025
20182025
Net result
€7,112
▼ 69.5%
2025
middle half of the sector
20182025
Equity
€58,235
▲ 13.9%
2025
middle half of the sector
20182025
Total assets
€79,040
▲ 9.1%
2025
middle half of the sector
20182025
Debt
€20,805
▼ 2.4%
2025
20182025
Working capital
€45,980
▼ 9.0%
2025
middle half of the sector
20182025
Solvency
73.7%
▲ 3.1pp
2025
highest quarter of the sector
20182025
Current ratio
3.21
▼ 0.16
2025
highest quarter of the sector
20182025
Return on assets (ROA)
9.0%
▼ 23.2pp
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€1,014-€1,451▲ 43.1%€6,919▲ 377%-€1,142€6,316-€5,739€28,751€9,728▼ 66.2%
Net result-€412--€92▲ 77.6%€4,301within the sector's middle half-€2,173below the sector's middle half€4,435within the sector's middle half-€6,569below the sector's middle half€23,354above the sector's middle half€7,112within the sector's middle half▼ 69.5%
Equity€27,867-€27,775▼ 0.3%€32,076within the sector's middle half▲ 15.5%€29,903within the sector's middle half▼ 6.8%€34,338within the sector's middle half▲ 14.8%€27,769within the sector's middle half▼ 19.1%€51,123within the sector's middle half▲ 84.1%€58,235within the sector's middle half▲ 13.9%
Total assets€35,800-€45,388▲ 26.8%€45,849within the sector's middle half▲ 1.0%€38,734below the sector's middle half▼ 15.5%€48,233within the sector's middle half▲ 24.5%€42,760below the sector's middle half▼ 11.3%€72,432within the sector's middle half▲ 69.4%€79,040within the sector's middle half▲ 9.1%
Debt€7,933-€17,613▲ 122%€13,773▼ 21.8%€8,832▼ 35.9%€13,896▲ 57.3%€14,992▲ 7.9%€21,309▲ 42.1%€20,805▼ 2.4%
Working capital€27,757-€17,351▼ 37.5%€20,580within the sector's middle half▲ 18.6%€21,699within the sector's middle half▲ 5.4%€30,090within the sector's middle half▲ 38.7%€26,359within the sector's middle half▼ 12.4%€50,517within the sector's middle half▲ 91.6%€45,980within the sector's middle half▼ 9.0%
Solvency77.8%-61.2%▼ 16.6pp70.0%above the sector's middle half▲ 8.8pp77.2%above the sector's middle half▲ 7.2pp71.2%above the sector's middle half▼ 6.0pp64.9%above the sector's middle half▼ 6.3pp70.6%above the sector's middle half▲ 5.6pp73.7%above the sector's middle half▲ 3.1pp
Current ratio4.50-2.33▼ 2.172.49within the sector's middle half▲ 0.163.46above the sector's middle half▲ 0.963.17above the sector's middle half▼ 0.292.76above the sector's middle half▼ 0.413.37above the sector's middle half▲ 0.613.21above the sector's middle half▼ 0.16
Return on assets (ROA)-1.2%--0.2%▲ 0.9pp9.4%within the sector's middle half▲ 9.6pp-5.6%below the sector's middle half▼ 15.0pp9.2%within the sector's middle half▲ 14.8pp-15.4%below the sector's middle half▼ 24.6pp32.2%above the sector's middle half▲ 47.6pp9.0%within the sector's middle half▼ 23.2pp
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 66% lower than 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 €79,040
Fixed assets
€12,255 ▲ 20×
Current assets
€66,785 ▼ 7.0%
Equity and liabilities €79,040
Equity
€58,235 ▲ 13.9%
Debt
€20,805 ▼ 2.4%
Debt's share of the balance-sheet total falls from 29.4% to 26.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€14,079▼
2024 · €29,555
Cash flow
€11,463▼
2024 · €24,158
Debt to equity
0.36▼
2024 · 0.42
ROE
12.2%▼
2024 · 45.7%
Interest coverage
22.58▼
2024 · 46.51
Debt ≤ 1 year
€20,805▼
2024 · €21,309
Income taxes
€2,023▼
2024 · €4,803
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 | €1,540 | €1,215 | €602 | - | €16,000 |
| Depreciation and write-downs of the year | €4,831 | €3,900 | €3,441 | €804 | €4,351 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 3 entries · €454 awarded · €454 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €66 | €66 |
| 2024 | 1 | €272 | €272 |
| 2022 | 1 | €116 | €116 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €4,479 | - | - | €2,000 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €633 | €4,340 | €4,321 | €4,831 | €3,900 | €3,441 | €804 | €4,351 | ▲ 442% |
| Other operating charges640/8 | - | - | - | €13,676 | €14,480 | €15,846 | €15,670 | €14,649 | ▼ 6.5% |
| Gross operating margin9900 | €14,708 | €17,754 | €24,102 | €17,364 | €24,695 | €13,548 | €45,225 | €28,728 | ▼ 36.5% |
| Operating profit (loss)9901 | €1,014 | €1,451 | €6,919 | -€1,142 | €6,316 | -€5,739 | €28,751 | €9,728 | ▼ 66.2% |
| Financial income75/76B | - | - | - | €0 | - | €17 | €41 | €30 | ▼ 25.6% |
| Recurring financial income75 | - | - | €0 | €0 | - | €17 | €41 | €30 | ▼ 25.6% |
| Financial charges65/66B | - | - | - | €922 | €954 | €724 | €635 | €623 | ▼ 1.9% |
| Recurring financial charges65 | €523 | €736 | €708 | €922 | €954 | €724 | €635 | €623 | ▼ 1.9% |
| Profit (loss) for the period before taxes9903 | €491 | €716 | €6,211 | -€2,064 | €5,362 | -€6,446 | €28,157 | €9,135 | ▼ 67.6% |
| Income taxes67/77 | €904 | €808 | €1,910 | €110 | €927 | €123 | €4,803 | €2,023 | ▼ 57.9% |
| Profit (loss) for the period9904 | -€412 | -€92 | €4,301 | -€2,173 | €4,435 | -€6,569 | €23,354 | €7,112 | ▼ 69.5% |
| Profit (loss) for the period to be appropriated9905 | -€412 | -€92 | €4,301 | -€2,173 | €4,435 | -€6,569 | €23,354 | €7,112 | ▼ 69.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €35,800 | €45,388 | €45,849 | €38,734 | €48,233 | €42,760 | €72,432 | €79,040 | ▲ 9.1% |
| Fixed assets21/28 | €110 | €14,993 | €11,495 | €8,204 | €4,248 | €1,409 | €606 | €12,255 | ▲ 20× |
| Tangible fixed assets22/27 | €110 | €14,993 | €11,495 | €8,204 | €4,248 | €1,409 | €606 | €12,255 | ▲ 20× |
| Furniture and vehicles24 | - | - | - | €8,204 | €4,248 | €1,409 | €606 | €12,255 | ▲ 20× |
| Current assets29/58 | €35,691 | €30,394 | €34,353 | €30,530 | €43,985 | €41,351 | €71,826 | €66,785 | ▼ 7.0% |
| Amounts receivable within one year40/41 | €20,060 | €21,913 | €22,242 | €22,234 | €27,167 | €24,344 | €42,969 | €26,920 | ▼ 37.3% |
| Trade receivables40 | - | - | - | €14,253 | €23,094 | €15,389 | €37,882 | €23,729 | ▼ 37.4% |
| Other amounts receivable41 | - | - | - | €7,981 | €4,073 | €8,955 | €5,087 | €3,191 | ▼ 37.3% |
| Cash at bank and in hand54/58 | €6,405 | €7,291 | €10,087 | €7,313 | €13,709 | €15,048 | €27,873 | €36,440 | ▲ 30.7% |
| Deferred charges and accrued income490/1 | - | - | - | €984 | €3,110 | €1,959 | €984 | €3,424 | ▲ 248% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €35,800 | €45,388 | €45,849 | €38,734 | €48,233 | €42,760 | €72,432 | €79,040 | ▲ 9.1% |
| Equity10/15 | €27,867 | €27,775 | €32,076 | €29,903 | €34,338 | €27,769 | €51,123 | €58,235 | ▲ 13.9% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €13,607 | €13,515 | €17,816 | €15,643 | €20,078 | €13,509 | €36,863 | €43,975 | ▲ 19.3% |
| Amounts payable17/49 | €7,933 | €17,613 | €13,773 | €8,832 | €13,896 | €14,992 | €21,309 | €20,805 | ▼ 2.4% |
| Amounts payable after more than one year17 | - | €4,569 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €7,933 | €13,044 | €13,773 | €8,832 | €13,896 | €14,992 | €21,309 | €20,805 | ▼ 2.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1,250 | €1,250 | - | - | - | - |
| Trade debts44 | €4,620 | €3,417 | €3,791 | €2,031 | €4,760 | €4,373 | €3,970 | €1,649 | ▼ 58.5% |
| Suppliers440/4 | - | - | - | €2,031 | €4,760 | €4,373 | €3,970 | €1,649 | ▼ 58.5% |
| Taxes, remuneration and social security45 | - | - | - | €4,636 | €5,473 | €4,729 | €5,816 | €3,137 | ▼ 46.1% |
| Taxes450/3 | - | - | - | €4,636 | €5,473 | €4,729 | €5,816 | €3,137 | ▼ 46.1% |
| Other amounts payable47/48 | - | - | - | €915 | €2,412 | €5,890 | €11,523 | €16,019 | ▲ 39.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€412 | -€92 | €4,301 | -€2,173 | €4,435 | -€6,569 | €23,354 | €7,112 | ▼ 69.5% |
| + Depreciation and write-downs630 | €633 | €4,340 | €4,321 | €4,831 | €3,900 | €3,441 | €804 | €4,351 | ▲ 442% |
| Operating cash flow (approximation) | €221 | €4,247 | €8,623 | €2,658 | €8,335 | -€3,128 | €24,158 | €11,463 | ▼ 52.5% |
| Investment in fixed assets (approximation) | - | -€19,223 | -€824 | -€1,540 | €56 | -€602 | €0 | -€16,000 | - |
| Change in cash | - | €886 | €2,796 | -€2,774 | €6,396 | €1,339 | €12,826 | €8,567 | ▼ 33.2% |
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, 34,693 companies had the same profile as NIVATRA has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of NIVATRA 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 34,693 companies, not a prediction for NIVATRA. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-06-2026 | 2026-00167957 | |
| 31-12-2024 | micro format | 20-06-2025 | 2025-00157036 | |
| 31-12-2023 | micro format | 18-06-2024 | 2024-00141132 | |
| 31-12-2022 | micro format | 27-07-2023 | 2023-00281460 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20112146 | |
| 31-12-2020 | micro format | 29-07-2021 | 2021-42400393 | |
| 31-12-2019 | micro format | 28-07-2020 | 2020-35400401 | |
| 31-12-2018 | micro format | 27-06-2019 | 2019-23700262 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-41900052 | |
| 31-12-2016 | micro format | 30-06-2017 | 2017-25500463 |