NOWEA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 12 filings
Turnover
≈ €720,000
Estimated: probably between €500,000 and €1.2m
Total assets
€61,465▼ 54.7%
2024 · €135,676
Net result
€65,897▼ 23.5%
2024 · €86,102
Working capital
€22,943▼ 0.2%
2024 · €22,984
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€85,580
▼ 24.2%
2025
20182025
Net result
€65,897
▼ 23.5%
2025
highest quarter of the sector
20182025
Equity
€25,227
▼ 14.0%
2025
middle half of the sector
20182025
Total assets
€61,465
▼ 54.7%
2025
lowest quarter of the sector
20182025
Debt
€36,238
▼ 65.9%
2025
20182025
Working capital
€22,943
▼ 0.2%
2025
middle half of the sector
20182025
Solvency
41.0%
▲ 19.4pp
2025
middle half of the sector
20182025
Current ratio
1.63
▲ 0.42
2025
middle half of the sector
20182025
Return on assets (ROA)
107.2%
▲ 43.7pp
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€62,236-€62,557▲ 0.5%€80,132▲ 28.1%€165,382▲ 106%€45,652▼ 72.4%€15,467▼ 66.1%€112,869▲ 630%€85,580▼ 24.2%
Net result€48,179-€49,093▲ 1.9%€63,570above the sector's middle half▲ 29.5%€128,356above the sector's middle half▲ 102%€33,894above the sector's middle half▼ 73.6%€9,021within the sector's middle half▼ 73.4%€86,102above the sector's middle half▲ 854%€65,897above the sector's middle half▼ 23.5%
Equity€40,235-€32,858▼ 18.3%€49,369within the sector's middle half▲ 50.3%€72,725within the sector's middle half▲ 47.3%€63,619within the sector's middle half▼ 12.5%€43,228within the sector's middle half▼ 32.1%€29,331within the sector's middle half▼ 32.1%€25,227within the sector's middle half▼ 14.0%
Total assets€96,304-€95,602▼ 0.7%€104,299within the sector's middle half▲ 9.1%€184,351within the sector's middle half▲ 76.8%€113,278within the sector's middle half▼ 38.6%€79,701within the sector's middle half▼ 29.6%€135,676within the sector's middle half▲ 70.2%€61,465below the sector's middle half▼ 54.7%
Debt€56,069-€62,744▲ 11.9%€54,930▼ 12.5%€111,626▲ 103%€49,659▼ 55.5%€36,473▼ 26.6%€106,345▲ 192%€36,238▼ 65.9%
Working capital€34,074-€28,770▼ 15.6%€47,947within the sector's middle half▲ 66.7%€36,155within the sector's middle half▼ 24.6%€31,823within the sector's middle half▼ 12.0%€26,398within the sector's middle half▼ 17.0%€22,984within the sector's middle half▼ 12.9%€22,943within the sector's middle half▼ 0.2%
Solvency41.8%-34.4%▼ 7.4pp47.3%within the sector's middle half▲ 13.0pp39.4%within the sector's middle half▼ 7.9pp56.2%within the sector's middle half▲ 16.7pp54.2%within the sector's middle half▼ 1.9pp21.6%within the sector's middle half▼ 32.6pp41.0%within the sector's middle half▲ 19.4pp
Current ratio1.61-1.46▼ 0.151.87within the sector's middle half▲ 0.411.32within the sector's middle half▼ 0.551.64within the sector's middle half▲ 0.321.72within the sector's middle half▲ 0.081.22within the sector's middle half▼ 0.511.63within the sector's middle half▲ 0.42
Return on assets (ROA)50.0%-51.4%▲ 1.3pp60.9%above the sector's middle half▲ 9.6pp69.6%above the sector's middle half▲ 8.7pp29.9%above the sector's middle half▼ 39.7pp11.3%within the sector's middle half▼ 18.6pp63.5%above the sector's middle half▲ 52.1pp107.2%above the sector's middle half▲ 43.7pp
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 24% 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 €61,465
Fixed assets
€2,284 ▼ 64.0%
Current assets
€59,181 ▼ 54.2%
Equity and liabilities €61,465
Equity
€25,227 ▼ 14.0%
Debt
€36,238 ▼ 65.9%
Debt's share of the balance-sheet total falls from 78.4% to 59.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€90,664▼
2024 · €123,353
Cash flow
€70,981▼
2024 · €96,586
Debt to equity
1.44▼
2024 · 3.63
ROE
261.2%▼
2024 · 293.6%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€36,238▼
2024 · €106,345
Income taxes
€18,785▼
2024 · €25,830
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 | €18,785 | €1,214 | - | - | €1,172 |
| Intangible fixed assets | €25,315 | €5,708 | €1,650 | - | - |
| Financial fixed assets | - | €2,500 | €850 | - | €700 |
| Depreciation and write-downs of the year | €8,602 | €13,955 | €14,966 | €10,484 | €5,084 |
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 | - | - | - | €12,500 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,702 | €3,209 | €665 | €8,602 | €13,955 | €14,966 | €10,484 | €5,084 | ▼ 51.5% |
| Other operating charges640/8 | - | - | - | €748 | €505 | €3,252 | €1,231 | €933 | ▼ 24.2% |
| Non-recurring operating charges66A | - | - | - | - | - | €134 | - | - | - |
| Gross operating margin9900 | €66,338 | €66,168 | €81,678 | €174,732 | €60,113 | €33,820 | €124,584 | €91,598 | ▼ 26.5% |
| Operating profit (loss)9901 | €62,236 | €62,557 | €80,132 | €165,382 | €45,652 | €15,467 | €112,869 | €85,580 | ▼ 24.2% |
| Financial income75/76B | - | - | - | €97 | €108 | €3 | €0 | €0 | ▼ 80.0% |
| Recurring financial income75 | €0 | €0 | €514 | €97 | €108 | €3 | €0 | €0 | ▼ 80.0% |
| Financial charges65/66B | - | - | - | €862 | €2,074 | €1,877 | €937 | €898 | ▼ 4.2% |
| Recurring financial charges65 | €480 | €358 | €374 | €862 | €2,074 | €1,877 | €937 | €898 | ▼ 4.2% |
| Profit (loss) for the period before taxes9903 | €61,756 | €62,199 | €80,272 | €164,618 | €43,687 | €13,593 | €111,932 | €84,682 | ▼ 24.3% |
| Income taxes67/77 | €13,577 | €13,106 | €16,702 | €36,261 | €9,793 | €4,572 | €25,830 | €18,785 | ▼ 27.3% |
| Profit (loss) for the period9904 | €48,179 | €49,093 | €63,570 | €128,356 | €33,894 | €9,021 | €86,102 | €65,897 | ▼ 23.5% |
| Profit (loss) for the period to be appropriated9905 | €48,179 | €49,093 | €63,570 | €128,356 | €33,894 | €9,021 | €86,102 | €65,897 | ▼ 23.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €96,304 | €95,602 | €104,299 | €184,351 | €113,278 | €79,701 | €135,676 | €61,465 | ▼ 54.7% |
| Fixed assets21/28 | €6,162 | €4,087 | €1,422 | €36,920 | €31,796 | €16,831 | €6,347 | €2,284 | ▼ 64.0% |
| Intangible fixed assets21 | - | - | - | €20,745 | €16,611 | €7,457 | €1,135 | €86 | ▼ 92.4% |
| Tangible fixed assets22/27 | €3,493 | €1,419 | €753 | €15,507 | €12,606 | €8,445 | €4,283 | €1,419 | ▼ 66.9% |
| Plant, machinery and equipment23 | - | - | - | €87 | - | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €15,419 | €12,606 | €8,445 | €4,283 | €1,419 | ▼ 66.9% |
| Financial fixed assets28 | €2,669 | €2,669 | €669 | €669 | €2,579 | €929 | €929 | €779 | ▼ 16.2% |
| Current assets29/58 | €90,142 | €91,515 | €102,877 | €147,431 | €81,482 | €62,871 | €129,329 | €59,181 | ▼ 54.2% |
| Stocks and contracts in progress3 | - | - | - | €2,703 | €2,745 | - | - | - | - |
| Stocks30/36 | - | - | - | €2,703 | €2,745 | - | - | - | - |
| Amounts receivable within one year40/41 | €10,206 | €917 | €1,377 | €70,858 | €9,655 | €5,302 | €61,916 | €2,345 | ▼ 96.2% |
| Trade receivables40 | - | - | - | €68,885 | €4,771 | €2,437 | €60,000 | €1,407 | ▼ 97.7% |
| Other amounts receivable41 | - | - | - | €1,973 | €4,885 | €2,865 | €1,916 | €938 | ▼ 51.0% |
| Cash at bank and in hand54/58 | €79,105 | €90,056 | €99,942 | €72,119 | €66,022 | €55,583 | €66,284 | €54,152 | ▼ 18.3% |
| Deferred charges and accrued income490/1 | - | - | - | €1,751 | €3,060 | €1,986 | €1,129 | €2,684 | ▲ 138% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €96,304 | €95,602 | €104,299 | €184,351 | €113,278 | €79,701 | €135,676 | €61,465 | ▼ 54.7% |
| Equity10/15 | €40,235 | €32,858 | €49,369 | €72,725 | €63,619 | €43,228 | €29,331 | €25,227 | ▼ 14.0% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €10,860 | €10,860 | €10,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €10,775 | €3,398 | €19,909 | €52,265 | €43,159 | €22,768 | €8,871 | €4,767 | ▼ 46.3% |
| Amounts payable17/49 | €56,069 | €62,744 | €54,930 | €111,626 | €49,659 | €36,473 | €106,345 | €36,238 | ▼ 65.9% |
| Amounts payable within one year42/48 | €56,069 | €62,744 | €54,930 | €111,276 | €49,659 | €36,473 | €106,345 | €36,238 | ▼ 65.9% |
| Trade debts44 | €2,715 | €1,298 | €131 | €894 | €821 | €3,705 | €1,714 | €1,082 | ▼ 36.9% |
| Suppliers440/4 | - | - | - | €894 | €821 | €3,705 | €1,714 | €1,082 | ▼ 36.9% |
| Taxes, remuneration and social security45 | - | - | - | €3,292 | €3,065 | €617 | €830 | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | €2,692 | €2,465 | €17 | €830 | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | - | €600 | €600 | €600 | - | - | - |
| Other amounts payable47/48 | - | - | - | €107,091 | €45,773 | €32,151 | €103,801 | €35,156 | ▼ 66.1% |
| Accrued charges and deferred income492/3 | - | - | - | €350 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €48,179 | €49,093 | €63,570 | €128,356 | €33,894 | €9,021 | €86,102 | €65,897 | ▼ 23.5% |
| + Depreciation and write-downs630 | €3,702 | €3,209 | €665 | €8,602 | €13,955 | €14,966 | €10,484 | €5,084 | ▼ 51.5% |
| Operating cash flow (approximation) | €51,881 | €52,302 | €64,235 | €136,958 | €47,849 | €23,987 | €96,586 | €70,981 | ▼ 26.5% |
| Investment in fixed assets (approximation) | - | -€1,134 | €2,000 | -€44,100 | -€8,831 | €0 | €0 | -€1,022 | - |
| Change in cash | - | €10,951 | €9,886 | -€27,823 | -€6,098 | -€10,439 | €10,702 | -€12,132 | - |
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 NOWEA 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 NOWEA 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 NOWEA. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-07-2026 | 2026-00332069 | |
| 31-12-2024 | micro format | 25-03-2025 | 2025-00054227 | |
| 31-12-2023 | micro format | 09-07-2024 | 2024-00232540 | |
| 31-12-2022 | micro format | 25-07-2023 | 2023-00267115 | |
| 31-12-2021 | micro format | 06-07-2022 | 2022-20150185 | |
| 31-12-2020 | micro format | 27-06-2021 | 2021-27500580 | |
| 31-12-2019 | micro format | 28-12-2020 | 2020-77200004 | |
| 31-12-2018 | micro format | 07-08-2019 | 2019-44500233 | |
| 31-12-2017 | micro format | 14-08-2018 | 2018-46600219 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-49900091 |