NOBLEX
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00490107.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 29 filings
Equity
€82,604▼ 4.7%
2024 · €86,643
Total assets
€82,721▼ 8.5%
2024 · €90,437
Net result
-€4,039
2024 · €941
Working capital
€74,088▼ 5.2%
2024 · €78,111
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€5,170
2025
20182025
Net result
-€4,039
2025
middle half of the sector
20182025
Equity
€82,604
▼ 4.7%
2025
middle half of the sector
20182025
Total assets
€82,721
▼ 8.5%
2025
middle half of the sector
20182025
Debt
€117
▼ 96.9%
2025
20182025
Working capital
€74,088
▼ 5.2%
2025
middle half of the sector
20182025
Solvency
99.9%
▲ 4.1pp
2025
highest quarter of the sector
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
-4.9%
▼ 5.9pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€3,911--€1,006-€8,778▼ 773%€78,235-€42,364-€10,587▲ 75.0%€1,101-€5,170
Net result€3,171--€1,449-€9,122below the sector's middle half▼ 530%€70,494above the sector's middle half-€43,166below the sector's middle half-€10,976below the sector's middle half▲ 74.6%€941within the sector's middle half-€4,039within the sector's middle half
Equity€82,921-€81,472▼ 1.7%€72,351within the sector's middle half▼ 11.2%€142,844within the sector's middle half▲ 97.4%€99,678within the sector's middle half▼ 30.2%€85,702within the sector's middle half▼ 14.0%€86,643within the sector's middle half▲ 1.1%€82,604within the sector's middle half▼ 4.7%
Total assets€90,798-€85,420▼ 5.9%€75,959within the sector's middle half▼ 11.1%€164,924within the sector's middle half▲ 117%€114,714within the sector's middle half▼ 30.4%€91,925within the sector's middle half▼ 19.9%€90,437within the sector's middle half▼ 1.6%€82,721within the sector's middle half▼ 8.5%
Debt€7,876-€3,947▼ 49.9%€3,608▼ 8.6%€22,080▲ 512%€15,036▼ 31.9%€6,223▼ 58.6%€3,793▼ 39.0%€117▼ 96.9%
Working capital€61,591-€59,358▼ 3.6%€50,759within the sector's middle half▼ 14.5%€113,702above the sector's middle half▲ 124%€69,681within the sector's middle half▼ 38.7%€60,596within the sector's middle half▼ 13.0%€78,111within the sector's middle half▲ 28.9%€74,088within the sector's middle half▼ 5.2%
Solvency91.3%-95.4%▲ 4.1pp95.2%above the sector's middle half▼ 0.1pp86.6%above the sector's middle half▼ 8.6pp86.9%above the sector's middle half▲ 0.3pp93.2%above the sector's middle half▲ 6.3pp95.8%above the sector's middle half▲ 2.6pp99.9%above the sector's middle half▲ 4.1pp
Current ratio8.82-16.04▲ 7.2215.07above the sector's middle half▼ 0.9711.98above the sector's middle half▼ 3.096.76above the sector's middle half▼ 5.2210.74above the sector's middle half▲ 3.9721.59above the sector's middle half▲ 10.85
Return on assets (ROA)3.5%--1.7%▼ 5.2pp-12.0%below the sector's middle half▼ 10.3pp42.7%above the sector's middle half▲ 54.8pp-37.6%below the sector's middle half▼ 80.4pp-11.9%below the sector's middle half▲ 25.7pp1.0%within the sector's middle half▲ 13.0pp-4.9%below the sector's middle half▼ 5.9pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 €5,170, after a profit of €1,101 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €82,721
Fixed assets
€8,516 ▼ 0.2%
Current assets
€74,205 ▼ 9.4%
Equity and liabilities €82,721
Equity
€82,604 ▼ 4.7%
Debt
€117 ▼ 96.9%
Debt's share of the balance-sheet total falls from 4.2% to 0.1%. Equity and debt are lower.
Key figures and ratios
Debt to equity
0.00▼
2024 · 0.04
ROE
-4.9%▼
2024 · 1.1%
Debt ≤ 1 year
€117▼
2024 · €3,793
A ratio outside any meaningful range has been withheld (balance sheet total €82,721, equity €82,604).
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 | €39,181 | - | - | €1,377 | - |
| Depreciation and write-downs of the year | €7,458 | €7,924 | €7,836 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €104,167 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €236 | €523 | €523 | €7,458 | €7,924 | €7,836 | - | - | - |
| Other operating charges640/8 | - | - | - | €7,752 | €14,209 | €2,572 | €3,388 | €699 | ▼ 79.4% |
| Gross operating margin9900 | €6,885 | €2,284 | -€7,012 | €93,444 | -€20,231 | -€179 | €4,490 | -€4,471 | - |
| Operating profit (loss)9901 | €3,911 | -€1,006 | -€8,778 | €78,235 | -€42,364 | -€10,587 | €1,101 | -€5,170 | - |
| Financial income75/76B | - | - | - | - | - | €335 | €430 | €1,159 | ▲ 170% |
| Recurring financial income75 | €28 | - | - | - | - | €335 | €430 | €1,159 | ▲ 170% |
| Financial charges65/66B | - | - | - | €400 | €260 | €173 | €76 | €28 | ▼ 62.9% |
| Recurring financial charges65 | €90 | €72 | €39 | €400 | €260 | €173 | €76 | €28 | ▼ 62.9% |
| Profit (loss) for the period before taxes9903 | €3,849 | -€1,078 | -€8,817 | €77,835 | -€42,624 | -€10,425 | €1,455 | -€4,039 | - |
| Income taxes67/77 | €678 | €371 | €305 | €7,341 | €542 | €551 | €514 | - | - |
| Profit (loss) for the period9904 | €3,171 | -€1,449 | -€9,122 | €70,494 | -€43,166 | -€10,976 | €941 | -€4,039 | - |
| Profit (loss) for the period to be appropriated9905 | €3,171 | -€1,449 | -€9,122 | €70,494 | -€43,166 | -€10,976 | €941 | -€4,039 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €90,798 | €85,420 | €75,959 | €164,924 | €114,714 | €91,925 | €90,437 | €82,721 | ▼ 8.5% |
| Fixed assets21/28 | €21,331 | €22,115 | €21,591 | €40,866 | €32,942 | €25,106 | €8,532 | €8,516 | ▼ 0.2% |
| Tangible fixed assets22/27 | €21,314 | €22,098 | €21,575 | €40,850 | €32,926 | €25,090 | €8,516 | €8,516 | = |
| Land and buildings22 | - | - | - | €8,516 | €8,516 | €8,516 | €8,516 | €8,516 | = |
| Furniture and vehicles24 | - | - | - | €32,334 | €24,410 | €16,574 | - | - | - |
| Financial fixed assets28 | €17 | €17 | €17 | €17 | €17 | €17 | €17 | - | - |
| Current assets29/58 | €69,467 | €63,305 | €54,368 | €124,058 | €81,771 | €66,819 | €81,905 | €74,205 | ▼ 9.4% |
| Amounts receivable within one year40/41 | €2,864 | €5,982 | €946 | €4,145 | €10,721 | €21,677 | €32,257 | €20,188 | ▼ 37.4% |
| Trade receivables40 | - | - | - | - | - | - | €19,213 | - | - |
| Other amounts receivable41 | - | - | - | €4,145 | €10,721 | €21,677 | €13,044 | €20,188 | ▲ 54.8% |
| Current investments50/53 | - | €55,277 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €64,638 | - | €51,290 | €117,930 | €69,333 | €43,184 | €49,648 | €54,017 | ▲ 8.8% |
| Deferred charges and accrued income490/1 | - | - | - | €1,984 | €1,717 | €1,957 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €90,798 | €85,420 | €75,959 | €164,924 | €114,714 | €91,925 | €90,437 | €82,721 | ▼ 8.5% |
| Equity10/15 | €82,921 | €81,472 | €72,351 | €142,844 | €99,678 | €85,702 | €86,643 | €82,604 | ▼ 4.7% |
| Contributions10/11 | €12,408 | €12,408 | - | €12,408 | €12,408 | €12,408 | €12,408 | €12,408 | = |
| Reserves13 | €70,513 | €69,065 | €59,943 | €130,436 | €87,270 | €73,294 | €74,235 | €70,196 | ▼ 5.4% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €128,576 | €85,410 | €73,294 | €74,235 | €70,196 | ▼ 5.4% |
| Amounts payable17/49 | €7,876 | €3,947 | €3,608 | €22,080 | €15,036 | €6,223 | €3,793 | €117 | ▼ 96.9% |
| Amounts payable after more than one year17 | - | - | - | €11,724 | €2,946 | - | - | - | - |
| Financial debts170/4 | - | - | - | €11,724 | €2,946 | - | - | - | - |
| Amounts payable within one year42/48 | €7,876 | €3,947 | €3,608 | €10,356 | €12,090 | €6,223 | €3,793 | €117 | ▼ 96.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8,692 | €8,779 | €2,946 | - | - | - |
| Trade debts44 | €54 | €55 | €2,999 | €1,446 | €509 | €277 | €155 | €117 | ▼ 24.7% |
| Suppliers440/4 | - | - | - | €1,446 | €509 | €277 | €155 | €117 | ▼ 24.7% |
| Taxes, remuneration and social security45 | - | - | - | - | €2,803 | - | €3,638 | - | - |
| Taxes450/3 | - | - | - | - | €2,803 | - | €3,638 | - | - |
| Other amounts payable47/48 | - | - | - | €218 | - | €3,000 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,171 | -€1,449 | -€9,122 | €70,494 | -€43,166 | -€10,976 | €941 | -€4,039 | - |
| + Depreciation and write-downs630 | €236 | €523 | €523 | €7,458 | €7,924 | €7,836 | - | - | - |
| Operating cash flow (approximation) | €3,407 | -€925 | -€8,598 | €77,951 | -€35,242 | -€3,140 | €941 | -€4,039 | - |
| Investment in fixed assets (approximation) | - | -€1,307 | €0 | -€26,733 | €0 | €0 | €16,574 | €17 | ▼ 99.9% |
| Change in cash | - | - | - | €66,640 | -€48,596 | -€26,149 | €6,464 | €4,369 | ▼ 32.4% |
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 NOBLEX 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 NOBLEX 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 NOBLEX. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00490107 | |
| 31-12-2024 | micro format | 17-05-2025 | 2025-00097319 | |
| 31-12-2023 | micro format | 09-08-2024 | 2024-00336989 | |
| 31-12-2022 | micro format | 24-08-2023 | 2023-00348837 | |
| 31-12-2021 | micro format | 17-08-2022 | 2022-20291350 | |
| 31-12-2020 | micro format | 16-08-2021 | 2021-48500529 | |
| 31-12-2019 | micro format | 26-08-2020 | 2020-44400152 | |
| 31-12-2018 | micro format | 12-08-2019 | 2019-45200162 | |
| 31-12-2017 | micro format | 16-08-2018 | 2018-45900119 | |
| 31-12-2016 | micro format | 30-07-2017 | 2017-37500469 |