NORVIK
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 32 filings
Turnover
≈ €240,000
Estimated: probably between €120,000 and €740,000
EBIT margin
Not included in this filing
Net result
-€31,503
2024 · €72,959
Working capital
-€230,604▲ 60.2%
2024 · -€579,592
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€28,276
2025
20182025
Net result
-€31,503
2025
lowest quarter of the sector
20182025
Equity
€102,806
▼ 23.5%
2025
middle half of the sector
20182025
Total assets
€475,796
▼ 44.9%
2025
middle half of the sector
20182025
Debt
€359,206
▼ 49.6%
2025
20182025
Working capital
-€230,604
▲ 60.2%
2025
lowest quarter of the sector
20182025
Solvency
21.6%
▲ 6.1pp
2025
middle half of the sector
20182025
Current ratio
0.24
▲ 0.14
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-6.6%
▼ 15.1pp
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€6,491-€3,360▼ 48.2%-€14,857€45,664€8,570▼ 81.2%-€28,028€75,438-€28,276
Net result-€289--€5,212▼ 1,703%-€22,676below the sector's middle half▼ 335%€14,112within the sector's middle half€5,932below the sector's middle half▼ 58.0%-€32,058below the sector's middle half€72,959within the sector's middle half-€31,503below the sector's middle half
Equity€101,252-€96,040▼ 5.1%€73,364below the sector's middle half▼ 23.6%€87,476below the sector's middle half▲ 19.2%€93,408below the sector's middle half▲ 6.8%€61,350below the sector's middle half▼ 34.3%€134,309below the sector's middle half▲ 119%€102,806within the sector's middle half▼ 23.5%
Total assets€630,188-€580,363▼ 7.9%€557,580below the sector's middle half▼ 3.9%€542,579below the sector's middle half▼ 2.7%€597,942below the sector's middle half▲ 10.2%€733,589below the sector's middle half▲ 22.7%€863,394below the sector's middle half▲ 17.7%€475,796within the sector's middle half▼ 44.9%
Debt€528,936-€484,323▼ 8.4%€484,216=€433,759▼ 10.4%€484,807▲ 11.8%€654,493▲ 35.0%€713,320▲ 9.0%€359,206▼ 49.6%
Working capital-€116,835--€156,695▼ 34.1%-€180,234below the sector's middle half▼ 15.0%-€233,700below the sector's middle half▼ 29.7%-€301,714below the sector's middle half▼ 29.1%-€342,970below the sector's middle half▼ 13.7%-€579,592below the sector's middle half▼ 69.0%-€230,604below the sector's middle half▲ 60.2%
Solvency16.1%-16.5%▲ 0.5pp13.2%below the sector's middle half▼ 3.4pp16.1%below the sector's middle half▲ 3.0pp15.6%below the sector's middle half▼ 0.5pp8.4%below the sector's middle half▼ 7.3pp15.6%below the sector's middle half▲ 7.2pp21.6%within the sector's middle half▲ 6.1pp
Current ratio0.41-0.23▼ 0.180.20below the sector's middle half▼ 0.030.19below the sector's middle half▼ 0.010.16below the sector's middle half▼ 0.030.38below the sector's middle half▲ 0.220.11below the sector's middle half▼ 0.270.24below the sector's middle half▲ 0.14
Return on assets (ROA)0.0%--0.9%▼ 0.9pp-4.1%below the sector's middle half▼ 3.2pp2.6%within the sector's middle half▲ 6.7pp1.0%within the sector's middle half▼ 1.6pp-4.4%below the sector's middle half▼ 5.4pp8.5%within the sector's middle half▲ 12.8pp-6.6%below the sector's middle half▼ 15.1pp
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 €28,276, after a profit of €75,438 in 2024. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €475,796
Fixed assets
€401,123 ▼ 49.5%
Current assets
€74,673 ▲ 7.1%
Equity and liabilities €475,796
Equity
€102,806 ▼ 23.5%
Provisions
€13,784 ▼ 12.6%
Debt
€359,206 ▼ 49.6%
Debt's share of the balance-sheet total falls from 82.6% to 75.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€8,445▼
2024 · €121,750
Cash flow
€5,218▼
2024 · €119,271
Quick ratio
0.22▲
2024 · 0.11
Debt to equity
3.49▼
2024 · 5.31
ROE
-30.6%▼
2024 · 54.3%
Interest coverage
1.62▼
2024 · 27.30
Debt ≤ 1 year
€305,277▼
2024 · €649,283
Debt > 1 year
€49,129▼
2024 · €59,237
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 | €124,370 | €116,153 | €37,442 | €443,800 | €19,590 |
| Depreciation and write-downs of the year | €21,457 | €32,274 | €35,421 | €46,312 | €36,721 |
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 | €47,889 | €36,731 | €22,829 | €21,457 | €32,274 | €35,421 | €46,312 | €36,721 | ▼ 20.7% |
| Other operating charges640/8 | - | - | - | €10,879 | €4,281 | €11,978 | €17,343 | €16,085 | ▼ 7.3% |
| Gross operating margin9900 | €58,361 | €45,282 | €16,941 | €78,000 | €45,125 | €19,371 | €139,093 | €24,530 | ▼ 82.4% |
| Operating profit (loss)9901 | €6,491 | €3,360 | -€14,857 | €45,664 | €8,570 | -€28,028 | €75,438 | -€28,276 | - |
| Recurring financial income75 | - | €82 | €47 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €9,971 | €4,193 | €6,011 | €4,460 | €5,208 | ▲ 16.8% |
| Recurring financial charges65 | €6,179 | €8,639 | €7,422 | €9,971 | €4,193 | €6,011 | €4,460 | €5,208 | ▲ 16.8% |
| Profit (loss) for the period before taxes9903 | €312 | -€5,197 | -€22,232 | €35,693 | €4,377 | -€34,039 | €70,978 | -€33,484 | - |
| Transfer from deferred taxes780 | - | - | - | €761 | €1,617 | €1,981 | €1,981 | €1,981 | = |
| Transfer to deferred taxes680 | - | - | - | €22,106 | - | - | - | - | - |
| Income taxes67/77 | €601 | €15 | €444 | €236 | €62 | - | - | - | - |
| Profit (loss) for the period9904 | -€289 | -€5,212 | -€22,676 | €14,112 | €5,932 | -€32,058 | €72,959 | -€31,503 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €2,285 | €4,853 | €5,943 | €5,943 | €5,943 | = |
| Transfer to tax-exempt reserves689 | - | - | - | €66,318 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€289 | -€5,212 | -€22,676 | -€49,921 | €10,785 | -€26,115 | €78,902 | -€25,560 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €630,188 | €580,363 | €557,580 | €542,579 | €597,942 | €733,589 | €863,394 | €475,796 | ▼ 44.9% |
| Fixed assets21/28 | €549,601 | €534,522 | €512,512 | €488,848 | €540,894 | €527,519 | €793,703 | €401,123 | ▼ 49.5% |
| Tangible fixed assets22/27 | €549,601 | €534,522 | €512,512 | €488,848 | €540,894 | €527,519 | €793,703 | €401,123 | ▼ 49.5% |
| Land and buildings22 | - | - | - | €377,644 | €338,696 | €327,683 | €547,454 | €221,297 | ▼ 59.6% |
| Plant, machinery and equipment23 | - | - | - | €470 | €235 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €4,876 | €15,769 | €5,991 | €67,082 | €26,069 | ▼ 61.1% |
| Other tangible fixed assets26 | - | - | - | €105,858 | €186,194 | €193,845 | €179,167 | €153,757 | ▼ 14.2% |
| Current assets29/58 | €80,587 | €45,841 | €45,068 | €53,731 | €57,048 | €206,070 | €69,691 | €74,673 | ▲ 7.1% |
| Stocks and contracts in progress3 | €20,049 | €10,803 | €11,172 | €4,904 | €15,265 | €6,902 | €1,440 | €6,625 | ▲ 360% |
| Stocks30/36 | - | - | - | €4,904 | €15,265 | €6,902 | €1,440 | €6,625 | ▲ 360% |
| Amounts receivable within one year40/41 | €36,024 | €30,444 | €25,039 | €21,911 | €37,611 | €71,379 | €54,508 | €54,442 | ▼ 0.1% |
| Trade receivables40 | - | - | - | €17,568 | €31,651 | €67,148 | €39,281 | €39,215 | ▼ 0.2% |
| Other amounts receivable41 | - | - | - | €4,343 | €5,960 | €4,231 | €15,227 | €15,227 | = |
| Cash at bank and in hand54/58 | €24,514 | €2,473 | €8,744 | €26,916 | €4,172 | €127,789 | €13,743 | €13,606 | ▼ 1.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €630,188 | €580,363 | €557,580 | €542,579 | €597,942 | €733,589 | €863,394 | €475,796 | ▼ 44.9% |
| Equity10/15 | €101,252 | €96,040 | €73,364 | €87,476 | €93,408 | €61,350 | €134,309 | €102,806 | ▼ 23.5% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €1,859 | €1,859 | €1,859 | €65,892 | €61,039 | €55,096 | €49,153 | €43,210 | ▼ 12.1% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Tax-exempt reserves132 | - | - | - | €64,033 | €59,180 | €53,237 | €47,294 | €41,351 | ▼ 12.6% |
| Profit (loss) carried forward14 | €80,801 | €75,589 | €52,913 | €2,992 | €13,777 | -€12,338 | €66,564 | €41,004 | ▼ 38.4% |
| Provisions and deferred taxes16 | - | - | - | €21,344 | €19,727 | €17,746 | €15,765 | €13,784 | ▼ 12.6% |
| Deferred taxes168 | - | - | - | €21,344 | €19,727 | €17,746 | €15,765 | €13,784 | ▼ 12.6% |
| Amounts payable17/49 | €528,936 | €484,323 | €484,216 | €433,759 | €484,807 | €654,493 | €713,320 | €359,206 | ▼ 49.6% |
| Amounts payable after more than one year17 | €326,592 | €276,293 | €254,008 | €141,528 | €121,245 | €100,653 | €59,237 | €49,129 | ▼ 17.1% |
| Financial debts170/4 | - | - | - | €141,528 | €121,245 | €100,653 | €59,237 | €49,129 | ▼ 17.1% |
| Amounts payable within one year42/48 | €197,422 | €202,536 | €225,302 | €287,431 | €358,762 | €549,040 | €649,283 | €305,277 | ▼ 53.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €21,688 | €20,283 | €20,592 | €9,964 | €35,108 | ▲ 252% |
| Trade debts44 | €9,717 | €1,433 | €8,099 | €13,862 | €16,222 | €4,679 | €7,239 | €16,172 | ▲ 123% |
| Suppliers440/4 | - | - | - | €13,862 | €16,222 | €4,679 | €7,239 | €16,172 | ▲ 123% |
| Taxes, remuneration and social security45 | - | - | - | €222 | €285 | - | €1,017 | €14,773 | ▲ 15× |
| Taxes450/3 | - | - | - | €222 | €285 | - | €1,017 | €14,489 | ▲ 14× |
| Remuneration and social security454/9 | - | - | - | - | - | - | - | €284 | - |
| Other amounts payable47/48 | - | - | - | €251,659 | €321,972 | €523,769 | €631,063 | €239,224 | ▼ 62.1% |
| Accrued charges and deferred income492/3 | - | - | - | €4,800 | €4,800 | €4,800 | €4,800 | €4,800 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€289 | -€5,212 | -€22,676 | €14,112 | €5,932 | -€32,058 | €72,959 | -€31,503 | - |
| + Depreciation and write-downs630 | €47,889 | €36,731 | €22,829 | €21,457 | €32,274 | €35,421 | €46,312 | €36,721 | ▼ 20.7% |
| Operating cash flow (approximation) | €47,600 | €31,519 | €153 | €35,569 | €38,206 | €3,363 | €119,271 | €5,218 | ▼ 95.6% |
| Investment in fixed assets (approximation) | - | -€21,652 | -€819 | €2,207 | -€84,320 | -€22,046 | -€312,496 | €355,859 | - |
| Change in cash | - | -€22,041 | €6,271 | €18,172 | -€22,744 | €123,617 | -€114,046 | -€137 | ▲ 99.9% |
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, 2,507 companies had the same profile as NORVIK has now. Two years later, 96.4% were still going and 1.6% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a small loss
96.4%
was still going
1.8%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of NORVIK itself: 0.5% 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 2,507 companies, not a prediction for NORVIK. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 26-06-2026 | 2026-00217461 | |
| 31-12-2024 | full format | 27-07-2025 | 2025-00325560 | |
| 31-12-2023 | full format | 23-07-2024 | 2024-00278355 | |
| 31-12-2022 | full format | 29-07-2023 | 2023-00304075 | |
| 31-12-2021 | full format | 30-07-2022 | 2022-20263183 | |
| 31-12-2020 | full format | 31-07-2021 | 2021-44800087 | |
| 31-12-2019 | full format | 30-07-2020 | 2020-36400493 | |
| 31-12-2018 | full format | 24-07-2019 | 2019-37100303 | |
| 31-12-2017 | full format | 25-07-2018 | 2018-37500077 | |
| 31-12-2016 | full format | 28-07-2017 | 2017-37400209 |