Nocava
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 05-06-2026 PDF all 13 filings
Turnover
≈ €150,000
Estimated: probably between €100,000 and €270,000
Total assets
€128,152▼ 33.3%
2024 · €192,258
Net result
€19,155▼ 15.9%
2024 · €22,772
Working capital
€21,685▲ 6.4%
2024 · €20,387
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€30,645
▼ 5.8%
2025
20182025
Net result
€19,155
▼ 15.9%
2025
middle half of the sector
20182025
Equity
€55,572
▲ 52.6%
2025
middle half of the sector
20182025
Total assets
€128,152
▼ 33.3%
2025
middle half of the sector
20182025
Debt
€72,579
▼ 53.4%
2025
20182025
Working capital
€21,685
▲ 6.4%
2025
middle half of the sector
20182025
Solvency
43.4%
▲ 24.4pp
2025
middle half of the sector
20182025
Current ratio
1.62
▲ 0.43
2025
middle half of the sector
20182025
Return on assets (ROA)
14.9%
▲ 3.1pp
2025
highest 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€2,991-€299▼ 90.0%€1,311▲ 339%€2,635▲ 101%€6,378▲ 142%-€2,926€32,537€30,645▼ 5.8%
Net result-€19--€1,621▼ 8,429%-€93within the sector's middle half▲ 94.2%-€824within the sector's middle half▼ 783%€3,006within the sector's middle half-€4,453within the sector's middle half€22,772within the sector's middle half€19,155within the sector's middle half▼ 15.9%
Equity€17,630-€16,009▼ 9.2%€16,291below the sector's middle half▲ 1.8%€15,092below the sector's middle half▼ 7.4%€18,098below the sector's middle half▲ 19.9%€13,644below the sector's middle half▼ 24.6%€36,417within the sector's middle half▲ 167%€55,572within the sector's middle half▲ 52.6%
Total assets€21,173-€22,552▲ 6.5%€39,501below the sector's middle half▲ 75.2%€80,078below the sector's middle half▲ 103%€72,318below the sector's middle half▼ 9.7%€86,187below the sector's middle half▲ 19.2%€192,258within the sector's middle half▲ 123%€128,152within the sector's middle half▼ 33.3%
Debt€3,542-€6,543▲ 84.7%€23,210▲ 255%€64,987▲ 180%€54,220▼ 16.6%€72,542▲ 33.8%€155,841▲ 115%€72,579▼ 53.4%
Working capital€17,630-€9,644▼ 45.3%€11,517within the sector's middle half▲ 19.4%€3,590within the sector's middle half▼ 68.8%€35,688within the sector's middle half▲ 894%€21,705within the sector's middle half▼ 39.2%€20,387within the sector's middle half▼ 6.1%€21,685within the sector's middle half▲ 6.4%
Solvency83.3%-71.0%▼ 12.3pp41.2%within the sector's middle half▼ 29.7pp18.8%within the sector's middle half▼ 22.4pp25.0%within the sector's middle half▲ 6.2pp15.8%below the sector's middle half▼ 9.2pp18.9%within the sector's middle half▲ 3.1pp43.4%within the sector's middle half▲ 24.4pp
Current ratio5.98-2.47▼ 3.501.50within the sector's middle half▼ 0.981.11within the sector's middle half▼ 0.392.06within the sector's middle half▲ 0.951.35within the sector's middle half▼ 0.711.20within the sector's middle half▼ 0.151.62within the sector's middle half▲ 0.43
Return on assets (ROA)-0.1%--7.2%▼ 7.1pp-0.2%within the sector's middle half▲ 7.0pp-1.0%below the sector's middle half▼ 0.8pp4.2%within the sector's middle half▲ 5.2pp-5.2%below the sector's middle half▼ 9.3pp11.8%above the sector's middle half▲ 17.0pp14.9%above the sector's middle half▲ 3.1pp
above
within
below
The sector band is the middle half of the companies in Forestry and logging (NACE 02). 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 6% 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 €128,152
Fixed assets
€71,562 ▲ 5.8%
Current assets
€56,590 ▼ 54.6%
Equity and liabilities €128,152
Equity
€55,572 ▲ 52.6%
Debt
€72,579 ▼ 53.4%
Debt's share of the balance-sheet total falls from 81.1% to 56.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€50,465▲
2024 · €43,989
Cash flow
€38,975▲
2024 · €34,224
Debt to equity
1.31▼
2024 · 4.28
ROE
34.5%▼
2024 · 62.5%
Interest coverage
18.38▼
2024 · 20.32
Debt ≤ 1 year
€34,904▼
2024 · €104,255
Debt > 1 year
€37,675▼
2024 · €51,587
Income taxes
€8,777▲
2024 · €7,601
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 | €46,713 | €2,233 | - | €77,271 | €23,765 |
| Depreciation and write-downs of the year | €8,969 | €804 | €1,108 | €11,451 | €19,819 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €500 | €1,591 | €1,823 | €8,969 | €804 | €1,108 | €11,451 | €19,819 | ▲ 73.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €11,054 | - | - |
| Other operating charges640/8 | - | - | - | €810 | €451 | €576 | €657 | €647 | ▼ 1.5% |
| Non-recurring operating charges66A | - | - | - | €3,289 | - | - | - | - | - |
| Gross operating margin9900 | €4,194 | €3,928 | €3,781 | €15,704 | €7,633 | -€1,242 | €55,700 | €51,112 | ▼ 8.2% |
| Operating profit (loss)9901 | €2,991 | €299 | €1,311 | €2,635 | €6,378 | -€2,926 | €32,537 | €30,645 | ▼ 5.8% |
| Financial income75/76B | - | - | - | €0 | €1 | €20 | €0 | €34 | ▲ 112× |
| Recurring financial income75 | - | €1 | €4 | €0 | €1 | €20 | €0 | €34 | ▲ 112× |
| Financial charges65/66B | - | - | - | €3,298 | €718 | €1,208 | €2,164 | €2,746 | ▲ 26.9% |
| Recurring financial charges65 | €56 | €229 | €232 | €3,298 | €718 | €1,208 | €2,164 | €2,746 | ▲ 26.9% |
| Profit (loss) for the period before taxes9903 | €2,934 | €71 | €1,083 | -€663 | €5,661 | -€4,114 | €30,373 | €27,933 | ▼ 8.0% |
| Income taxes67/77 | €2,953 | €1,692 | €1,176 | €161 | €2,655 | €339 | €7,601 | €8,777 | ▲ 15.5% |
| Profit (loss) for the period9904 | -€19 | -€1,621 | -€93 | -€824 | €3,006 | -€4,453 | €22,772 | €19,155 | ▼ 15.9% |
| Profit (loss) for the period to be appropriated9905 | -€19 | -€1,621 | -€93 | -€824 | €3,006 | -€4,453 | €22,772 | €19,155 | ▼ 15.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €21,173 | €22,552 | €39,501 | €80,078 | €72,318 | €86,187 | €192,258 | €128,152 | ▼ 33.3% |
| Fixed assets21/28 | - | €6,364 | €4,773 | €42,518 | €2,905 | €1,797 | €67,617 | €71,562 | ▲ 5.8% |
| Tangible fixed assets22/27 | - | €6,364 | €4,773 | €42,518 | €2,905 | €1,797 | €67,617 | €71,562 | ▲ 5.8% |
| Plant, machinery and equipment23 | - | - | - | - | €1,801 | €1,064 | €1,472 | €685 | ▼ 53.5% |
| Furniture and vehicles24 | - | - | - | €42,518 | €1,105 | €733 | €2,393 | €21,838 | ▲ 812% |
| Leasing and similar rights25 | - | - | - | - | - | - | €63,751 | €49,039 | ▼ 23.1% |
| Current assets29/58 | €21,173 | €16,188 | €34,727 | €37,560 | €69,413 | €84,390 | €124,642 | €56,590 | ▼ 54.6% |
| Stocks and contracts in progress3 | €4,250 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €6,536 | €4,315 | €11,245 | €19,499 | €19,184 | €39,863 | €88,367 | €23,388 | ▼ 73.5% |
| Trade receivables40 | - | - | - | €17,928 | €17,801 | €38,815 | €86,249 | €21,151 | ▼ 75.5% |
| Other amounts receivable41 | - | - | - | €1,571 | €1,383 | €1,049 | €2,118 | €2,238 | ▲ 5.6% |
| Cash at bank and in hand54/58 | €10,386 | €11,873 | €23,482 | €18,061 | €23,979 | €44,527 | €35,945 | €24,201 | ▼ 32.7% |
| Deferred charges and accrued income490/1 | - | - | - | - | €26,250 | - | €330 | €9,000 | ▲ 27× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €21,173 | €22,552 | €39,501 | €80,078 | €72,318 | €86,187 | €192,258 | €128,152 | ▼ 33.3% |
| Equity10/15 | €17,630 | €16,009 | €16,291 | €15,092 | €18,098 | €13,644 | €36,417 | €55,572 | ▲ 52.6% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,525 | €1,525 | €1,525 | €1,525 | €1,525 | €1,525 | €1,525 | €19,525 | ▲ 13× |
| Non-distributable reserves130/1 | - | - | - | €1,525 | €1,525 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,525 | €1,525 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,525 | €1,525 | €19,525 | ▲ 13× |
| Profit (loss) carried forward14 | €9,905 | €8,284 | €8,566 | €7,367 | €10,373 | €5,920 | €28,692 | €29,848 | ▲ 4.0% |
| Amounts payable17/49 | €3,542 | €6,543 | €23,210 | €64,987 | €54,220 | €72,542 | €155,841 | €72,579 | ▼ 53.4% |
| Amounts payable after more than one year17 | - | - | - | €31,016 | €20,496 | €9,858 | €51,587 | €37,675 | ▼ 27.0% |
| Financial debts170/4 | - | - | - | €31,016 | €20,496 | €9,858 | €51,587 | €37,675 | ▼ 27.0% |
| Amounts payable within one year42/48 | €3,542 | €6,543 | €23,210 | €33,971 | €33,725 | €62,685 | €104,255 | €34,904 | ▼ 66.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,402 | €10,520 | €10,638 | €23,218 | €13,912 | ▼ 40.1% |
| Trade debts44 | €1,111 | €2,723 | €18,314 | €19,306 | €15,487 | €36,179 | €49,647 | €3,935 | ▼ 92.1% |
| Suppliers440/4 | - | - | - | €19,306 | €15,487 | €36,179 | €49,647 | €3,935 | ▼ 92.1% |
| Taxes, remuneration and social security45 | - | - | - | €341 | €4,777 | €13,432 | €21,863 | €7,601 | ▼ 65.2% |
| Taxes450/3 | - | - | - | €341 | €4,777 | €6,894 | €17,863 | €7,601 | ▼ 57.5% |
| Remuneration and social security454/9 | - | - | - | - | - | €6,537 | €4,000 | - | - |
| Other amounts payable47/48 | - | - | - | €3,920 | €2,941 | €2,436 | €9,526 | €9,456 | ▼ 0.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€19 | -€1,621 | -€93 | -€824 | €3,006 | -€4,453 | €22,772 | €19,155 | ▼ 15.9% |
| + Depreciation and write-downs630 | €500 | €1,591 | €1,823 | €8,969 | €804 | €1,108 | €11,451 | €19,819 | ▲ 73.1% |
| Operating cash flow (approximation) | €481 | -€30 | €1,729 | €8,145 | €3,810 | -€3,345 | €34,224 | €38,975 | ▲ 13.9% |
| Investment in fixed assets (approximation) | - | - | -€232 | -€46,713 | €38,809 | €0 | -€77,271 | -€23,765 | ▲ 69.2% |
| Change in cash | - | €1,487 | €11,609 | -€5,421 | €5,918 | €20,547 | -€8,582 | -€11,744 | ▼ 36.8% |
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 Nocava 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 Nocava 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 Nocava. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 05-06-2026 | 2026-00145116 | |
| 31-12-2024 | micro format | 11-07-2025 | 2025-00272440 | |
| 31-12-2023 | micro format | 18-06-2024 | 2024-00139950 | |
| 31-12-2022 | micro format | 19-06-2023 | 2023-00138707 | |
| 31-12-2021 | micro format | 09-08-2022 | 2022-20277994 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-46100433 | |
| 31-12-2019 | micro format | 04-08-2020 | 2020-39100075 | |
| 31-12-2018 | micro format | 12-06-2019 | 2019-17900187 | |
| 31-12-2017 | micro format | 15-06-2018 | 2018-20500315 | |
| 31-12-2016 | micro format | 17-07-2017 | 2017-33300080 |