NOTEBOOM
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 24 days after the deadline Filed on 24 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00418480.
Annual accounts 2025 filed on 24-08-2026 at the NBB all 36 filings
Equity
€51,121▼ 11.0%
2024 · €57,422
Total assets
€53,562▼ 9.7%
2024 · €59,296
Net result
-€6,302▼ 60.4%
2024 · -€3,929
Working capital
€51,121▼ 11.0%
2024 · €57,422
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€8,423
▼ 124%
2025
20182025
Net result
-€6,302
▼ 60.4%
2025
lowest quarter of the sector
20182025
Equity
€51,121
▼ 11.0%
2025
middle half of the sector
20182025
Total assets
€53,562
▼ 9.7%
2025
lowest quarter of the sector
20182025
Debt
€2,442
▲ 30.3%
2025
20182025
Working capital
€51,121
▼ 11.0%
2025
middle half of the sector
20182025
Solvency
95.4%
▼ 1.4pp
2025
highest quarter of the sector
20182025
Current ratio
21.94
▼ 9.70
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-11.8%
▼ 5.1pp
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€1,045--€1,045€805€495▼ 38.6%€7,290▲ 15×-€3,677-€3,758▼ 2.2%-€8,423▼ 124%
Net result€908--€1,157€604within the sector's middle half€318within the sector's middle half▼ 47.4%€6,440within the sector's middle half▲ 20×-€4,011within the sector's middle half-€3,929within the sector's middle half▲ 2.0%-€6,302below the sector's middle half▼ 60.4%
Equity€59,157-€58,001▼ 2.0%€58,605within the sector's middle half▲ 1.0%€58,923within the sector's middle half▲ 0.5%€65,363within the sector's middle half▲ 10.9%€61,351within the sector's middle half▼ 6.1%€57,422within the sector's middle half▼ 6.4%€51,121within the sector's middle half▼ 11.0%
Total assets€59,456-€58,514▼ 1.6%€59,117below the sector's middle half▲ 1.0%€59,962below the sector's middle half▲ 1.4%€68,147within the sector's middle half▲ 13.7%€65,052within the sector's middle half▼ 4.5%€59,296within the sector's middle half▼ 8.8%€53,562below the sector's middle half▼ 9.7%
Debt€299-€514▲ 71.7%€512▼ 0.4%€1,039▲ 103%€2,784▲ 168%€3,700▲ 32.9%€1,874▼ 49.4%€2,442▲ 30.3%
Working capital€59,157-€58,001▼ 2.0%€58,605within the sector's middle half▲ 1.0%€58,923within the sector's middle half▲ 0.5%€65,363within the sector's middle half▲ 10.9%€61,351within the sector's middle half▼ 6.1%€57,422within the sector's middle half▼ 6.4%€51,121within the sector's middle half▼ 11.0%
Solvency99.5%-99.1%▼ 0.4pp99.1%above the sector's middle half=98.3%above the sector's middle half▼ 0.9pp95.9%above the sector's middle half▼ 2.4pp94.3%above the sector's middle half▼ 1.6pp96.8%above the sector's middle half▲ 2.5pp95.4%above the sector's middle half▼ 1.4pp
Current ratio57.71above the sector's middle half24.48above the sector's middle half▼ 33.2317.58above the sector's middle half▼ 6.9031.64above the sector's middle half▲ 14.0621.94above the sector's middle half▼ 9.70
Return on assets (ROA)1.5%--2.0%▼ 3.5pp1.0%within the sector's middle half▲ 3.0pp0.5%within the sector's middle half▼ 0.5pp9.5%within the sector's middle half▲ 8.9pp-6.2%below the sector's middle half▼ 15.6pp-6.6%below the sector's middle half▼ 0.5pp-11.8%below the sector's middle half▼ 5.1pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 €8,423, larger than the loss of €3,758 in 2024. It is the lowest result since 2021.
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
Equity and liabilities €53,562
Equity
€51,121 ▼ 11.0%
Debt
€2,442 ▲ 30.3%
Debt's share of the balance-sheet total rises from 3.2% to 4.6%. Equity is lower and debt is higher.
Key figures and ratios
Quick ratio
20.11▼
2024 · 28.46
Debt to equity
0.05▲
2024 · 0.03
ROE
-12.3%▼
2024 · -6.8%
Debt ≤ 1 year
€2,442▲
2024 · €1,874
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Subsidies and aid
Flemish government
2022 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | €111 | €155 | - | €241 | €130 | ▼ 45.9% |
| Gross operating margin9900 | €1,150 | -€938 | €914 | €606 | €7,445 | -€3,677 | -€3,517 | -€8,293 | ▼ 136% |
| Operating profit (loss)9901 | €1,045 | -€1,045 | €805 | €495 | €7,290 | -€3,677 | -€3,758 | -€8,423 | ▼ 124% |
| Financial income75/76B | - | - | - | €5 | - | €9 | €6 | €2,419 | ▲ 390× |
| Recurring financial income75 | €23 | €50 | €10 | €5 | - | €9 | €6 | €2,419 | ▲ 390× |
| Financial charges65/66B | - | - | - | €181 | €206 | €343 | €177 | €298 | ▲ 68.4% |
| Recurring financial charges65 | €160 | €162 | €209 | €181 | €206 | €343 | €177 | €298 | ▲ 68.4% |
| Profit (loss) for the period before taxes9903 | €908 | -€1,157 | €606 | €318 | €7,084 | -€4,011 | -€3,929 | -€6,302 | ▼ 60.4% |
| Income taxes67/77 | - | - | €1 | €1 | €644 | - | €0 | - | - |
| Profit (loss) for the period9904 | €908 | -€1,157 | €604 | €318 | €6,440 | -€4,011 | -€3,929 | -€6,302 | ▼ 60.4% |
| Profit (loss) for the period to be appropriated9905 | €908 | -€1,157 | €604 | €318 | €6,440 | -€4,011 | -€3,929 | -€6,302 | ▼ 60.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €59,456 | €58,514 | €59,117 | €59,962 | €68,147 | €65,052 | €59,296 | €53,562 | ▼ 9.7% |
| Current assets29/58 | €59,456 | €58,514 | €59,117 | €59,962 | €68,147 | €65,052 | €59,296 | €53,562 | ▼ 9.7% |
| Stocks and contracts in progress3 | €10,210 | €9,921 | €9,732 | €9,649 | €8,416 | €7,468 | €5,968 | €4,468 | ▼ 25.1% |
| Stocks30/36 | - | - | - | €9,649 | €8,416 | €7,468 | €5,968 | €4,468 | ▼ 25.1% |
| Amounts receivable within one year40/41 | €27,343 | €31,755 | €37,181 | €41,022 | €44,068 | €48,917 | €45,634 | €43,404 | ▼ 4.9% |
| Other amounts receivable41 | - | - | - | €41,022 | €44,068 | €48,917 | €45,634 | €43,404 | ▼ 4.9% |
| Cash at bank and in hand54/58 | €21,089 | €15,993 | €11,371 | €8,428 | €13,767 | €7,611 | €6,518 | €5,606 | ▼ 14.0% |
| Deferred charges and accrued income490/1 | - | - | - | €863 | €1,895 | €1,057 | €1,177 | €84 | ▼ 92.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €59,456 | €58,514 | €59,117 | €59,962 | €68,147 | €65,052 | €59,296 | €53,562 | ▼ 9.7% |
| Equity10/15 | €59,157 | €58,001 | €58,605 | €58,923 | €65,363 | €61,351 | €57,422 | €51,121 | ▼ 11.0% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €40,565 | €39,409 | €40,013 | €40,331 | €46,771 | €42,759 | €38,830 | €32,529 | ▼ 16.2% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Distributable reserves133 | - | - | - | €38,471 | €44,912 | €42,759 | €38,830 | €32,529 | ▼ 16.2% |
| Amounts payable17/49 | €299 | €514 | €512 | €1,039 | €2,784 | €3,700 | €1,874 | €2,442 | ▲ 30.3% |
| Amounts payable within one year42/48 | €299 | €514 | €512 | €1,039 | €2,784 | €3,700 | €1,874 | €2,442 | ▲ 30.3% |
| Trade debts44 | €299 | €379 | €388 | €1,033 | €1,220 | €3,700 | €1,874 | €2,422 | ▲ 29.3% |
| Suppliers440/4 | - | - | - | €1,033 | €1,220 | €3,700 | €1,874 | €2,422 | ▲ 29.3% |
| Taxes, remuneration and social security45 | - | - | - | €6 | €1,564 | - | - | €19 | - |
| Taxes450/3 | - | - | - | €6 | €1,564 | - | - | €19 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €908 | -€1,157 | €604 | €318 | €6,440 | -€4,011 | -€3,929 | -€6,302 | ▼ 60.4% |
| Operating cash flow (approximation) | €908 | -€1,157 | €604 | €318 | €6,440 | -€4,011 | -€3,929 | -€6,302 | ▼ 60.4% |
| Change in cash | - | -€5,096 | -€4,622 | -€2,943 | €5,340 | -€6,157 | -€1,093 | -€912 | ▲ 16.5% |
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, 5,831 companies had the same profile as NOTEBOOM has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of NOTEBOOM itself: 0.7% 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 5,831 companies, not a prediction for NOTEBOOM. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-08-2026 | 2026-00418480 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00433021 | |
| 31-12-2023 | micro format | 17-07-2024 | 2024-00252855 | |
| 31-12-2022 | micro format | 10-08-2023 | 2023-00322681 | |
| 31-12-2021 | micro format | 28-06-2022 | 2022-20108828 | |
| 31-12-2020 | micro format | 12-08-2021 | 2021-48000006 | |
| 31-12-2019 | micro format | 09-10-2020 | 2020-60400435 | |
| 31-12-2018 | micro format | 06-08-2019 | 2019-44800114 | |
| 31-12-2017 | micro format | 02-07-2018 | 2018-29900235 | |
| 31-12-2016 | micro format | 07-07-2017 | 2017-30300442 |