NOTHOPTIC
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 73 days after the deadline Filed on 12 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00553810.
Annual accounts 2025 filed on 12-10-2026 at the NBB all 15 filings
Turnover
€68,882▼ 23.5%
2021 · €90,096
EBIT margin
19.3%▲ 29.1pp
2021 · -9.8%
Net result
€4,772▲ 386%
2024 · €982
Working capital
€2,541▲ 407%
2024 · €502
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€5,635
▲ 101%
2025
20182025
Net result
€4,772
▲ 386%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
-€3,835
▲ 55.4%
2025
lowest quarter of the sector
20182025
Total assets
€9,718
▲ 34.1%
2025
lowest quarter of the sector
20182025
Debt
€13,553
▼ 14.5%
2025
20182025
Working capital
€2,541
▲ 407%
2025
middle half of the sector
20182025
Solvency
-39.5%
▲ 79.3pp
2025
lowest quarter of the sector
20182025
Current ratio
1.37
▲ 0.29
2025
middle half of the sector
20182025
Return on assets (ROA)
49.1%
▲ 35.6pp
2025
highest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€109,111-€106,913▼ 2.0%€91,905▼ 14.0%€90,096▼ 2.0%€68,882▼ 23.5%
Operating result-€15,707--€28,906▼ 84.0%€1,462-€8,830€13,305-€4,189€2,807€5,635▲ 101%
Net result-€14,560--€29,982▼ 106%€2,686within the sector's middle half-€10,260below the sector's middle half€12,276within the sector's middle half-€12,183below the sector's middle half€982within the sector's middle half€4,772within the sector's middle half▲ 386%
EBIT margin-14.4%--27.0%▼ 12.6pp1.6%▲ 28.6pp-9.8%▼ 11.4pp19.3%▲ 29.1pp
Equity€15,476--€14,506-€11,820below the sector's middle half▲ 18.5%-€22,080below the sector's middle half▼ 86.8%€2,596below the sector's middle half-€9,588below the sector's middle half-€8,607below the sector's middle half▲ 10.2%-€3,835below the sector's middle half▲ 55.4%
Total assets€29,193-€19,020▼ 34.8%€15,968below the sector's middle half▼ 16.0%€16,725below the sector's middle half▲ 4.7%€8,432below the sector's middle half▼ 49.6%€9,339below the sector's middle half▲ 10.8%€7,248below the sector's middle half▼ 22.4%€9,718below the sector's middle half▲ 34.1%
Debt€13,717-€33,526▲ 144%€27,788▼ 17.1%€38,805▲ 39.6%€5,836▼ 85.0%€18,927▲ 224%€15,854▼ 16.2%€13,553▼ 14.5%
Working capital€11,221--€17,191-€13,190below the sector's middle half▲ 23.3%-€23,335below the sector's middle half▼ 76.9%€1,745within the sector's middle half-€11,035within the sector's middle half€502within the sector's middle half€2,541within the sector's middle half▲ 407%
Solvency53.0%--76.3%▼ 129.3pp-74.0%below the sector's middle half▲ 2.2pp-132.0%below the sector's middle half▼ 58.0pp30.8%within the sector's middle half▲ 162.8pp-102.7%below the sector's middle half▼ 133.5pp-118.8%below the sector's middle half▼ 16.1pp-39.5%below the sector's middle half▲ 79.3pp
Current ratio1.82-0.49▼ 1.330.53below the sector's middle half▲ 0.040.40below the sector's middle half▼ 0.131.30within the sector's middle half▲ 0.900.42below the sector's middle half▼ 0.881.09within the sector's middle half▲ 0.671.37within the sector's middle half▲ 0.29
Return on assets (ROA)-49.9%--157.6%▼ 107.8pp16.8%above the sector's middle half▲ 174.5pp-61.3%below the sector's middle half▼ 78.2pp145.6%above the sector's middle half▲ 206.9pp-130.5%below the sector's middle half▼ 276.0pp13.5%above the sector's middle half▲ 144.0pp49.1%above the sector's middle half▲ 35.6pp
Staff (FTE)11below the sector's middle half=1below the sector's middle half=
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 101% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9,718
Fixed assets
€322 ▼ 63.6%
Current assets
€9,397 ▲ 47.7%
Equity and liabilities
Equity-€3,835
Debt€13,553
Equity is negative. Debt (€13,553) exceeds the balance-sheet total (€9,718).
Key figures and ratios
EBITDA
€6,197▲
2024 · €3,370
Cash flow
€5,334▲
2024 · €1,544
Quick ratio
0.82▲
2024 · 0.50
Interest coverage
7.18▲
2024 · 1.35
Debt ≤ 1 year
€6,855▲
2024 · €5,862
Debt > 1 year
€6,698▼
2024 · €9,992
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 |
|---|---|
| Employees at the balance-sheet date | 1 |
| full-time | 1 |
| in full-time equivalents | 1 |
| Average over the year, in full-time equivalents | 1 |
| On a permanent contract | 1 |
Source: social balance sheet in the 2021 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,426 | €0 | €833 | - | - |
| Depreciation and write-downs of the year | €1,541 | €368 | €356 | €562 | €562 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €109,111 | €106,913 | €91,905 | €90,096 | €68,882 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €54,327 | €45,917 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €40,265 | €8,700 | -€3,915 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,442 | €1,442 | €1,442 | €1,541 | €368 | €356 | €562 | €562 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €592 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €2,793 | - | €14,491 | €468 | - | - |
| Gross operating margin9900 | €50,709 | €41,826 | €35,289 | €35,769 | €22,965 | €6,743 | €3,838 | €6,197 | ▲ 61.5% |
| Operating profit (loss)9901 | -€15,707 | -€28,906 | €1,462 | -€8,830 | €13,305 | -€4,189 | €2,807 | €5,635 | ▲ 101% |
| Financial income75/76B | - | - | - | €2,412 | - | €320 | - | - | - |
| Recurring financial income75 | €515 | €634 | €526 | €2,412 | - | €320 | - | - | - |
| Financial charges65/66B | - | - | - | €3,754 | €1,029 | €1,519 | €2,487 | €863 | ▼ 65.3% |
| Recurring financial charges65 | €813 | €1,730 | €1,306 | €1,596 | €472 | €1,519 | €2,487 | €863 | ▼ 65.3% |
| Non-recurring financial charges66B | - | - | - | €2,158 | €557 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€16,480 | -€29,982 | €4,019 | -€10,172 | €12,276 | -€5,387 | €320 | €4,772 | ▲ 15× |
| Income taxes67/77 | -€1,920 | - | €1,333 | €88 | - | €6,796 | -€661 | - | - |
| Profit (loss) for the period9904 | -€14,560 | -€29,982 | €2,686 | -€10,260 | €12,276 | -€12,183 | €982 | €4,772 | ▲ 386% |
| Profit (loss) for the period to be appropriated9905 | -€14,560 | -€29,982 | €2,686 | -€10,260 | €12,276 | -€12,183 | €982 | €4,772 | ▲ 386% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €29,193 | €19,020 | €15,968 | €16,725 | €8,432 | €9,339 | €7,248 | €9,718 | ▲ 34.1% |
| Formation expenses20 | - | - | - | - | €0 | - | - | - | - |
| Fixed assets21/28 | €4,255 | €2,812 | €1,370 | €1,255 | €887 | €1,447 | €884 | €322 | ▼ 63.6% |
| Tangible fixed assets22/27 | €4,140 | €2,697 | €1,255 | €1,140 | €772 | €1,332 | €769 | €207 | ▼ 73.1% |
| Plant, machinery and equipment23 | - | - | - | - | - | €762 | €484 | €207 | ▼ 57.3% |
| Furniture and vehicles24 | - | - | - | €1,140 | €772 | €570 | €285 | - | - |
| Financial fixed assets28 | €115 | €115 | €115 | €115 | €115 | €115 | €115 | €115 | = |
| Current assets29/58 | €24,938 | €16,208 | €14,598 | €15,470 | €7,545 | €7,892 | €6,363 | €9,397 | ▲ 47.7% |
| Stocks and contracts in progress3 | - | - | - | - | - | €1,353 | €3,444 | €3,783 | ▲ 9.9% |
| Stocks30/36 | - | - | - | - | - | €1,353 | €3,444 | €3,783 | ▲ 9.9% |
| Amounts receivable within one year40/41 | €16,529 | €16,089 | €12,283 | €15,161 | €6,351 | €6,538 | €871 | €5,030 | ▲ 478% |
| Trade receivables40 | - | - | - | €8,752 | - | - | - | €3,239 | - |
| Other amounts receivable41 | - | - | - | €6,409 | €6,351 | €6,538 | €871 | €1,792 | ▲ 106% |
| Current investments50/53 | €1,002 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €7,407 | €119 | €2,315 | €309 | €1,194 | - | €2,049 | €583 | ▼ 71.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €29,193 | €19,020 | €15,968 | €16,725 | €8,432 | €9,339 | €7,248 | €9,718 | ▲ 34.1% |
| Equity10/15 | €15,476 | -€14,506 | -€11,820 | -€22,080 | €2,596 | -€9,588 | -€8,607 | -€3,835 | ▲ 55.4% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €6,200 | €18,600 | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Uncalled capital101 | - | - | - | €12,400 | €0 | - | - | - | - |
| Profit (loss) carried forward14 | €9,276 | -€20,706 | -€18,020 | -€28,280 | -€16,004 | -€28,188 | -€27,207 | -€22,435 | ▲ 17.5% |
| Amounts payable17/49 | €13,717 | €33,526 | €27,788 | €38,805 | €5,836 | €18,927 | €15,854 | €13,553 | ▼ 14.5% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €9,992 | €6,698 | ▼ 33.0% |
| Financial debts170/4 | - | - | - | - | - | - | €9,992 | €6,698 | ▼ 33.0% |
| Amounts payable within one year42/48 | €13,717 | €33,399 | €27,788 | €38,805 | €5,800 | €18,927 | €5,862 | €6,855 | ▲ 16.9% |
| Financial debts43 | - | - | - | - | - | €867 | - | - | - |
| Credit institutions430/8 | - | - | - | - | - | €867 | - | - | - |
| Trade debts44 | €459 | €10,519 | €2,018 | €9,691 | €5,800 | €4,949 | €2,249 | - | - |
| Suppliers440/4 | - | - | - | €9,691 | €5,800 | €4,949 | €2,249 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €29,114 | - | €13,110 | €3,613 | €6,855 | ▲ 89.7% |
| Taxes450/3 | - | - | - | €15,930 | - | €10,610 | €3,333 | €4,925 | ▲ 47.8% |
| Remuneration and social security454/9 | - | - | - | €13,184 | - | €2,500 | €280 | €1,930 | ▲ 589% |
| Accrued charges and deferred income492/3 | - | - | - | - | €36 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€14,560 | -€29,982 | €2,686 | -€10,260 | €12,276 | -€12,183 | €982 | €4,772 | ▲ 386% |
| + Depreciation and write-downs630 | €1,442 | €1,442 | €1,442 | €1,541 | €368 | €356 | €562 | €562 | = |
| Operating cash flow (approximation) | -€13,118 | -€28,540 | €4,128 | -€8,719 | €12,644 | -€11,828 | €1,544 | €5,334 | ▲ 245% |
| Investment in fixed assets (approximation) | - | €1 | €0 | -€1,426 | €0 | -€916 | €0 | €0 | - |
| Change in cash | - | -€7,288 | €2,196 | -€2,006 | €885 | - | - | -€1,466 | - |
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, 3,632 companies had the same profile as NOTHOPTIC has now. Two years later, 91.9% were still going and 2.9% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
91.9%
was still going
4.8%
stopped otherwise
2.9%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of NOTHOPTIC itself: 0.8% 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 3,632 companies, not a prediction for NOTHOPTIC. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 12-10-2026 | 2026-00553810 | |
| 31-12-2024 | micro format | 21-05-2025 | 2025-00100568 | |
| 31-12-2023 | micro format | 31-10-2024 | 2024-00521631 | |
| 31-12-2022 | full format | 26-10-2023 | 2023-00502084 | |
| 31-12-2021 | full format | 25-08-2022 | 2022-20341246 | |
| 31-12-2020 | full format | 25-08-2021 | 2021-54700468 | |
| 31-12-2019 | full format | 17-08-2020 | 2020-42100319 | |
| 31-12-2018 | full format | 12-08-2019 | 2019-45400510 | |
| 31-12-2017 | full format | 14-08-2018 | 2018-45800044 | |
| 31-12-2016 | full format | 12-08-2017 | 2017-43400521 |