NU
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-06-2026 at the NBB all 15 filings
Turnover
€0
2021 · €0
Total assets
€130,201▼ 15.9%
2024 · €154,797
Net result
-€3,726▼ 28.4%
2024 · -€2,902
Working capital
€49,755▲ 2.9%
2024 · €48,374
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€1,758
▼ 143%
2025
20182025
Net result
-€3,726
▼ 28.4%
2025
middle half of the sector
20182025
Equity
€70,783
▼ 5.0%
2025
middle half of the sector
20182025
Total assets
€130,201
▼ 15.9%
2025
middle half of the sector
20182025
Debt
€59,418
▼ 26.0%
2025
20182025
Working capital
€49,755
▲ 2.9%
2025
middle half of the sector
20182025
Solvency
54.4%
▲ 6.2pp
2025
middle half of the sector
20182025
Current ratio
2.04
▲ 0.26
2025
middle half of the sector
20182025
Return on assets (ROA)
-2.9%
▼ 1.0pp
2025
middle half of the sector
20182025
Staff (FTE)
0.4
▼ 42.9%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0-€0€0
Operating result€3,128-€3,841▲ 22.8%€1,746▼ 54.5%€3,359▲ 92.4%€13,448▲ 300%€11,334▼ 15.7%-€724-€1,758▼ 143%
Net result€2,846-€3,099▲ 8.9%€2,731within the sector's middle half▼ 11.9%€2,916within the sector's middle half▲ 6.8%€8,438within the sector's middle half▲ 189%€8,806within the sector's middle half▲ 4.4%-€2,902within the sector's middle half-€3,726within the sector's middle half▼ 28.4%
Equity€54,688-€57,787▲ 5.7%€60,518within the sector's middle half▲ 4.7%€63,434within the sector's middle half▲ 4.8%€70,271within the sector's middle half▲ 10.8%€77,411within the sector's middle half▲ 10.2%€74,509within the sector's middle half▼ 3.7%€70,783within the sector's middle half▼ 5.0%
Total assets€119,151-€106,701▼ 10.4%€106,050within the sector's middle half▼ 0.6%€115,695within the sector's middle half▲ 9.1%€137,104within the sector's middle half▲ 18.5%€162,799within the sector's middle half▲ 18.7%€154,797within the sector's middle half▼ 4.9%€130,201within the sector's middle half▼ 15.9%
Debt€64,463-€48,914▼ 24.1%€45,532▼ 6.9%€52,261▲ 14.8%€66,833▲ 27.9%€85,388▲ 27.8%€80,288▼ 6.0%€59,418▼ 26.0%
Working capital€44,840-€47,061▲ 5.0%€54,126within the sector's middle half▲ 15.0%€59,057within the sector's middle half▲ 9.1%€47,094within the sector's middle half▼ 20.3%€47,790within the sector's middle half▲ 1.5%€48,374within the sector's middle half▲ 1.2%€49,755within the sector's middle half▲ 2.9%
Solvency45.9%-54.2%▲ 8.3pp57.1%within the sector's middle half▲ 2.9pp54.8%within the sector's middle half▼ 2.2pp51.3%within the sector's middle half▼ 3.6pp47.6%within the sector's middle half▼ 3.7pp48.1%within the sector's middle half▲ 0.6pp54.4%within the sector's middle half▲ 6.2pp
Current ratio1.91-2.14▲ 0.232.33within the sector's middle half▲ 0.202.14within the sector's middle half▼ 0.191.70within the sector's middle half▼ 0.431.80within the sector's middle half▲ 0.091.79within the sector's middle half▼ 0.012.04within the sector's middle half▲ 0.26
Return on assets (ROA)2.4%-2.9%▲ 0.5pp2.6%within the sector's middle half▼ 0.3pp2.5%within the sector's middle half▼ 0.1pp6.2%within the sector's middle half▲ 3.6pp5.4%within the sector's middle half▼ 0.7pp-1.9%within the sector's middle half▼ 7.3pp-2.9%within the sector's middle half▼ 1.0pp
Staff (FTE)0.5-0.6▲ 20.0%0.5below the sector's middle half▼ 16.7%1▲ 100%0.5▼ 50.0%0.3▼ 40.0%0.7▲ 133%0.4▼ 42.9%
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 €1,758, larger than the loss of €724 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €130,201
Fixed assets
€32,821 ▼ 27.0%
Current assets
€97,380 ▼ 11.3%
Equity and liabilities €130,201
Equity
€70,783 ▼ 5.0%
Debt
€59,418 ▼ 26.0%
Debt's share of the balance-sheet total falls from 51.9% to 45.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€12,117▲
2024 · €12,018
Cash flow
€10,149▲
2024 · €9,840
Quick ratio
1.06▼
2024 · 1.12
Debt to equity
0.84▼
2024 · 1.08
ROE
-5.3%▼
2024 · -3.9%
Interest coverage
2.79▲
2024 · 2.50
Debt ≤ 1 year
€47,624▼
2024 · €61,442
Debt > 1 year
€11,794▼
2024 · €18,847
Income taxes
€2,480▲
2024 · €1,897
Staff costs
€29,212▲
2024 · €24,205
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | - | 1 | 1 | - |
| full-time | - | - | 1 | 1 | - |
| part-time | 1 | - | - | - | - |
| in full-time equivalents | 0.5 | - | 1 | 1 | - |
| Average over the year, in full-time equivalents | 0.5 | 0.3 | 0.3 | 0.7 | 0.4 |
| On a permanent contract | 1 | - | - | - | - |
| Joined | - | 0 | 39 | 57 | 99 |
| Left | - | 1 | 38 | 57 | 100 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €22,156 | €40,208 | €2,495 | €1,715 |
| Depreciation and write-downs of the year | €6,576 | €3,661 | €8,157 | €12,742 | €13,875 |
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 | €0 | - | - | €0 | €0 | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | - | €0 | - | €2,315 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0 | €0 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €19,574 | €12,070 | €16,253 | €24,205 | €29,212 | ▲ 20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,580 | €7,518 | €6,941 | €6,576 | €3,661 | €8,157 | €12,742 | €13,875 | ▲ 8.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€508 | €1,517 | -€2,302 | €760 | -€1,394 | - |
| Other operating charges640/8 | - | - | - | €1,560 | €1,196 | €2,531 | €1,307 | €1,342 | ▲ 2.7% |
| Gross operating margin9900 | €30,254 | €30,666 | €27,388 | €30,561 | €31,892 | €35,973 | €38,290 | €41,277 | ▲ 7.8% |
| Operating profit (loss)9901 | €3,128 | €3,841 | €1,746 | €3,359 | €13,448 | €11,334 | -€724 | -€1,758 | ▼ 143% |
| Financial income75/76B | - | - | - | €3,439 | €3,652 | €4,096 | €4,525 | €4,857 | ▲ 7.3% |
| Recurring financial income75 | €3,631 | €4,333 | €3,398 | €3,439 | €3,652 | €4,096 | €4,525 | €4,857 | ▲ 7.3% |
| Financial charges65/66B | - | - | - | €2,327 | €1,925 | €3,521 | €4,805 | €4,344 | ▼ 9.6% |
| Recurring financial charges65 | €2,101 | €3,083 | €1,753 | €2,327 | €1,925 | €3,521 | €4,805 | €4,344 | ▼ 9.6% |
| Profit (loss) for the period before taxes9903 | €4,657 | €5,091 | €3,391 | €4,471 | €15,174 | €11,909 | -€1,005 | -€1,246 | ▼ 24.0% |
| Income taxes67/77 | €1,811 | €1,992 | €660 | €1,555 | €6,737 | €3,103 | €1,897 | €2,480 | ▲ 30.7% |
| Profit (loss) for the period9904 | €2,846 | €3,099 | €2,731 | €2,916 | €8,438 | €8,806 | -€2,902 | -€3,726 | ▼ 28.4% |
| Profit (loss) for the period to be appropriated9905 | €2,846 | €3,099 | €2,731 | €2,916 | €8,438 | €8,806 | -€2,902 | -€3,726 | ▼ 28.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €119,151 | €106,701 | €106,050 | €115,695 | €137,104 | €162,799 | €154,797 | €130,201 | ▼ 15.9% |
| Fixed assets21/28 | €24,916 | €18,199 | €11,258 | €4,682 | €23,177 | €55,229 | €44,981 | €32,821 | ▼ 27.0% |
| Tangible fixed assets22/27 | €22,936 | €16,219 | €9,278 | €2,702 | €21,197 | €53,249 | €43,001 | €30,841 | ▼ 28.3% |
| Plant, machinery and equipment23 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Furniture and vehicles24 | - | - | - | €1,135 | €19,995 | €51,271 | €41,507 | €29,858 | ▼ 28.1% |
| Other tangible fixed assets26 | - | - | - | €1,567 | €1,202 | €1,977 | €1,494 | €983 | ▼ 34.2% |
| Financial fixed assets28 | €1,980 | €1,980 | €1,980 | €1,980 | €1,980 | €1,980 | €1,980 | €1,980 | = |
| Current assets29/58 | €94,235 | €88,502 | €94,792 | €111,014 | €113,927 | €107,571 | €109,816 | €97,380 | ▼ 11.3% |
| Stocks and contracts in progress3 | €43,900 | €43,325 | €50,855 | €31,798 | €25,781 | €31,154 | €40,964 | €46,906 | ▲ 14.5% |
| Stocks30/36 | - | - | - | €31,798 | €25,781 | €31,154 | €40,964 | €46,906 | ▲ 14.5% |
| Amounts receivable within one year40/41 | €1,821 | €3,590 | €256 | €1,112 | €990 | €5,025 | €6,999 | €0 | ▼ 100% |
| Trade receivables40 | - | - | - | €667 | €990 | €1,128 | €0 | €0 | - |
| Other amounts receivable41 | - | - | - | €445 | €0 | €3,897 | €6,999 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €46,585 | €39,790 | €41,376 | €76,455 | €85,262 | €70,010 | €59,953 | €47,523 | ▼ 20.7% |
| Deferred charges and accrued income490/1 | - | - | - | €1,648 | €1,894 | €1,382 | €1,899 | €2,950 | ▲ 55.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €119,151 | €106,701 | €106,050 | €115,695 | €137,104 | €162,799 | €154,797 | €130,201 | ▼ 15.9% |
| Equity10/15 | €54,688 | €57,787 | €60,518 | €63,434 | €70,271 | €77,411 | €74,509 | €70,783 | ▼ 5.0% |
| Contributions10/11 | €50,000 | €50,000 | - | €50,000 | €50,000 | €55,000 | €55,000 | €55,000 | = |
| Contributions outside capital11 | - | - | - | - | - | €55,000 | - | - | - |
| Share premium1100/10 | - | - | - | - | - | €55,000 | - | - | - |
| Other1109/19 | - | - | - | - | - | €0 | - | - | - |
| Reserves13 | €5,000 | €5,000 | €5,000 | €5,000 | €13,000 | €15,140 | €15,140 | €15,140 | = |
| Non-distributable reserves130/1 | - | - | - | €5,000 | €5,000 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €5,000 | €5,000 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | - | €8,000 | €15,140 | €15,140 | €15,140 | = |
| Profit (loss) carried forward14 | -€312 | €2,787 | €5,518 | €8,434 | €7,271 | €7,271 | €4,369 | €643 | ▼ 85.3% |
| Amounts payable17/49 | €64,463 | €48,914 | €45,532 | €52,261 | €66,833 | €85,388 | €80,288 | €59,418 | ▼ 26.0% |
| Amounts payable after more than one year17 | €12,970 | €7,255 | €4,368 | €0 | - | €25,608 | €18,847 | €11,794 | ▼ 37.4% |
| Financial debts170/4 | - | - | - | €0 | - | €25,608 | €18,847 | €11,794 | ▼ 37.4% |
| Amounts payable within one year42/48 | €49,395 | €41,441 | €40,666 | €51,957 | €66,833 | €59,780 | €61,442 | €47,624 | ▼ 22.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4,368 | €0 | €6,482 | €6,761 | €7,053 | ▲ 4.3% |
| Trade debts44 | €3,877 | €1,808 | €1,696 | €4,375 | €2,552 | €1,040 | €5,346 | €2,384 | ▼ 55.4% |
| Suppliers440/4 | - | - | - | €4,375 | €2,552 | €1,040 | €5,346 | €2,384 | ▼ 55.4% |
| Taxes, remuneration and social security45 | - | - | - | €14,990 | €14,138 | €13,511 | €8,304 | €7,586 | ▼ 8.7% |
| Taxes450/3 | - | - | - | €12,005 | €14,138 | €12,210 | €7,631 | €7,092 | ▼ 7.1% |
| Remuneration and social security454/9 | - | - | - | €2,985 | €0 | €1,301 | €673 | €494 | ▼ 26.7% |
| Other amounts payable47/48 | - | - | - | €28,224 | €50,143 | €38,748 | €41,030 | €30,602 | ▼ 25.4% |
| Accrued charges and deferred income492/3 | - | - | - | €305 | €0 | - | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,846 | €3,099 | €2,731 | €2,916 | €8,438 | €8,806 | -€2,902 | -€3,726 | ▼ 28.4% |
| + Depreciation and write-downs630 | €8,580 | €7,518 | €6,941 | €6,576 | €3,661 | €8,157 | €12,742 | €13,875 | ▲ 8.9% |
| Operating cash flow (approximation) | €11,426 | €10,617 | €9,672 | €9,492 | €12,098 | €16,963 | €9,840 | €10,149 | ▲ 3.1% |
| Investment in fixed assets (approximation) | - | -€801 | €0 | €0 | -€22,156 | -€40,208 | -€2,495 | -€1,715 | ▲ 31.2% |
| Change in cash | - | -€6,795 | €1,587 | €35,078 | €8,807 | -€15,252 | -€10,057 | -€12,430 | ▼ 23.6% |
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, 6,908 companies had the same profile as NU has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of NU 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 6,908 companies, not a prediction for NU. 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 | 18-06-2026 | 2026-00178639 | |
| 31-12-2024 | micro format | 10-06-2025 | 2025-00131768 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00442170 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00413229 | |
| 31-12-2021 | micro format | 25-08-2022 | 2022-20334532 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-61600409 | |
| 31-12-2019 | micro format | 31-07-2020 | 2020-38600022 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-56300002 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-41600223 | |
| 31-12-2016 | micro format | 26-08-2017 | 2017-49600008 |