NUMISCADO
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 4 days after the deadline Filed on 4 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00378750.
Annual accounts 2025 filed on 04-08-2026 at the NBB all 26 filings
Turnover
≈ €240,000
Estimated: probably between €150,000 and €460,000
Total assets
€90,531▼ 3.9%
2024 · €94,214
Net result
-€5,343▼ 166%
2024 · -€2,006
Working capital
-€168,805▲ 2.4%
2024 · -€173,006
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€1,194
2025
20182025
Net result
-€5,343
▼ 166%
2025
lowest quarter of the sector
20182025
Equity
-€166,459
▼ 3.3%
2025
lowest quarter of the sector
20182025
Total assets
€90,531
▼ 3.9%
2025
lowest quarter of the sector
20182025
Debt
€256,990
▲ 0.6%
2025
20182025
Working capital
-€168,805
▲ 2.4%
2025
lowest quarter of the sector
20182025
Solvency
-183.9%
▼ 12.9pp
2025
lowest quarter of the sector
20182025
Current ratio
0.34
▲ 0.02
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-5.9%
▼ 3.8pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
2
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€44,251--€43,295-€13,837▲ 68.0%-€17,201▼ 24.3%-€32,813▼ 90.8%-€32,015▲ 2.4%€5,159-€1,194
Net result€28,931--€45,434-€15,053below the sector's middle half▲ 66.9%-€18,378below the sector's middle half▼ 22.1%-€38,271below the sector's middle half▼ 108%-€37,243below the sector's middle half▲ 2.7%-€2,006below the sector's middle half▲ 94.6%-€5,343below the sector's middle half▼ 166%
Equity-€4,732--€50,166▼ 960%-€65,218below the sector's middle half▼ 30.0%-€83,596below the sector's middle half▼ 28.2%-€121,867below the sector's middle half▼ 45.8%-€159,110below the sector's middle half▼ 30.6%-€161,116below the sector's middle half▼ 1.3%-€166,459below the sector's middle half▼ 3.3%
Total assets€317,367-€173,928▼ 45.2%€142,050within the sector's middle half▼ 18.3%€133,712below the sector's middle half▼ 5.9%€133,539below the sector's middle half▼ 0.1%€112,590below the sector's middle half▼ 15.7%€94,214below the sector's middle half▼ 16.3%€90,531below the sector's middle half▼ 3.9%
Debt€322,099-€224,093▼ 30.4%€207,269▼ 7.5%€217,308▲ 4.8%€255,406▲ 17.5%€271,700▲ 6.4%€255,331▼ 6.0%€256,990▲ 0.6%
Working capital€17,170--€125,401-€124,380below the sector's middle half▲ 0.8%-€128,561below the sector's middle half▼ 3.4%-€157,842below the sector's middle half▼ 22.8%-€182,230below the sector's middle half▼ 15.5%-€173,006below the sector's middle half▲ 5.1%-€168,805below the sector's middle half▲ 2.4%
Solvency-1.5%--28.8%▼ 27.4pp-45.9%below the sector's middle half▼ 17.1pp-62.5%below the sector's middle half▼ 16.6pp-91.3%below the sector's middle half▼ 28.7pp-141.3%below the sector's middle half▼ 50.1pp-171.0%below the sector's middle half▼ 29.7pp-183.9%below the sector's middle half▼ 12.9pp
Current ratio1.08-0.44▼ 0.640.40below the sector's middle half▼ 0.040.41below the sector's middle half▲ 0.010.38below the sector's middle half▼ 0.030.33below the sector's middle half▼ 0.050.32below the sector's middle half▼ 0.010.34below the sector's middle half▲ 0.02
Return on assets (ROA)9.1%--26.1%▼ 35.2pp-10.6%below the sector's middle half▲ 15.5pp-13.7%below the sector's middle half▼ 3.1pp-28.7%below the sector's middle half▼ 14.9pp-33.1%below the sector's middle half▼ 4.4pp-2.1%below the sector's middle half▲ 30.9pp-5.9%below the sector's middle half▼ 3.8pp
Staff (FTE)2.52.4within the sector's middle half▼ 4.0%2.2below the sector's middle half▼ 8.3%1.9below the sector's middle half▼ 13.6%2within the sector's middle half▲ 5.3%2within the sector's middle half=2within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Other manufacturing (NACE 32). 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 €1,194, after a profit of €5,159 in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €90,531
Fixed assets
€2,346 ▼ 80.3%
Current assets
€88,185 ▲ 7.1%
Equity and liabilities
Equity-€166,459
Debt€256,990
Equity is negative. Debt (€256,990) exceeds the balance-sheet total (€90,531).
Key figures and ratios
EBITDA
€8,350▼
2024 · €16,389
Cash flow
€4,201▼
2024 · €9,224
Quick ratio
0.17▲
2024 · 0.15
Interest coverage
1.71▼
2024 · 2.21
Debt ≤ 1 year
€256,990▲
2024 · €255,331
Staff costs
€77,633▲
2024 · €68,733
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 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 3 | 3 | 3 | 3 |
| full-time | 0 | 0 | 0 | 0 | 0 |
| part-time | 3 | 3 | 3 | 3 | 3 |
| in full-time equivalents | 1.7 | 2 | 2 | 2 | 2 |
| Average over the year, in full-time equivalents | 2.2 | 1.9 | 2 | 2 | 2 |
| On a permanent contract | 3 | 3 | 3 | 3 | 3 |
| Joined | 2 | 1 | 2 | - | 1 |
| Left | 3 | 1 | 2 | - | 1 |
| Training hours | 24 | 40 | 28 | 30 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €5,760 | €1,029 | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €14,197 | €14,749 | €13,885 | €11,230 | €9,544 |
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 | - | - | - | €0 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €59,108 | €72,142 | €64,593 | €68,733 | €77,633 | ▲ 12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,643 | €17,603 | €16,073 | €14,197 | €14,749 | €13,885 | €11,230 | €9,544 | ▼ 15.0% |
| Other operating charges640/8 | - | - | - | €2,047 | €796 | €673 | €1,194 | €928 | ▼ 22.2% |
| Gross operating margin9900 | €92,187 | €80,090 | €71,156 | €58,151 | €54,873 | €47,135 | €86,316 | €86,911 | ▲ 0.7% |
| Operating profit (loss)9901 | €44,251 | -€43,295 | -€13,837 | -€17,201 | -€32,813 | -€32,015 | €5,159 | -€1,194 | - |
| Financial income75/76B | - | - | - | €65 | €50 | €89 | €256 | €745 | ▲ 191% |
| Recurring financial income75 | - | €15 | €134 | €65 | €50 | €89 | €256 | €745 | ▲ 191% |
| Financial charges65/66B | - | - | - | €1,242 | €5,005 | €5,317 | €7,421 | €4,894 | ▼ 34.1% |
| Recurring financial charges65 | €1,668 | €2,154 | €1,350 | €1,242 | €5,005 | €5,317 | €7,421 | €4,894 | ▼ 34.1% |
| Profit (loss) for the period before taxes9903 | €42,583 | -€45,434 | -€15,053 | -€18,378 | -€37,768 | -€37,243 | -€2,006 | -€5,343 | ▼ 166% |
| Income taxes67/77 | €13,652 | - | - | - | €503 | €0 | - | - | - |
| Profit (loss) for the period9904 | €28,931 | -€45,434 | -€15,053 | -€18,378 | -€38,271 | -€37,243 | -€2,006 | -€5,343 | ▼ 166% |
| Profit (loss) for the period to be appropriated9905 | €28,931 | -€45,434 | -€15,053 | -€18,378 | -€38,271 | -€37,243 | -€2,006 | -€5,343 | ▼ 166% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €317,367 | €173,928 | €142,050 | €133,712 | €133,539 | €112,590 | €94,214 | €90,531 | ▼ 3.9% |
| Fixed assets21/28 | €76,973 | €75,235 | €59,162 | €44,965 | €35,975 | €23,120 | €11,890 | €2,346 | ▼ 80.3% |
| Tangible fixed assets22/27 | €76,923 | €75,185 | €59,112 | €44,915 | €35,925 | €23,070 | €11,840 | €2,296 | ▼ 80.6% |
| Plant, machinery and equipment23 | - | - | - | €39,322 | €33,325 | €22,155 | €11,131 | €1,792 | ▼ 83.9% |
| Furniture and vehicles24 | - | - | - | €5,592 | €2,600 | €915 | €709 | €503 | ▼ 29.0% |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €240,394 | €98,692 | €82,889 | €88,747 | €97,563 | €89,470 | €82,325 | €88,185 | ▲ 7.1% |
| Stocks and contracts in progress3 | €21,750 | €55,591 | €43,259 | €44,129 | €47,880 | €47,880 | €45,066 | €44,276 | ▼ 1.8% |
| Stocks30/36 | - | - | - | €44,129 | €47,880 | €47,880 | €45,066 | €44,276 | ▼ 1.8% |
| Amounts receivable within one year40/41 | €204,020 | €16,763 | €12,003 | €17,501 | €24,214 | €16,722 | €13,125 | €18,877 | ▲ 43.8% |
| Trade receivables40 | - | - | - | €9,931 | €16,235 | €11,449 | €8,438 | €15,274 | ▲ 81.0% |
| Other amounts receivable41 | - | - | - | €7,570 | €7,979 | €5,273 | €4,687 | €3,603 | ▼ 23.1% |
| Current investments50/53 | - | €21,750 | €21,750 | €21,750 | €21,750 | €21,750 | €21,750 | €21,750 | = |
| Cash at bank and in hand54/58 | - | €3,607 | €4,965 | €4,454 | €2,806 | €2,303 | €1,456 | €3,165 | ▲ 117% |
| Deferred charges and accrued income490/1 | - | - | - | €913 | €915 | €816 | €929 | €117 | ▼ 87.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €317,367 | €173,928 | €142,050 | €133,712 | €133,539 | €112,590 | €94,214 | €90,531 | ▼ 3.9% |
| Equity10/15 | -€4,732 | -€50,166 | -€65,218 | -€83,596 | -€121,867 | -€159,110 | -€161,116 | -€166,459 | ▼ 3.3% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| 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 | = |
| Profit (loss) carried forward14 | -€25,183 | -€70,617 | -€85,670 | -€104,047 | -€142,318 | -€179,561 | -€181,567 | -€186,910 | ▼ 2.9% |
| Amounts payable17/49 | €322,099 | €224,093 | €207,269 | €217,308 | €255,406 | €271,700 | €255,331 | €256,990 | ▲ 0.6% |
| Amounts payable after more than one year17 | €98,875 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €223,224 | €224,093 | €207,269 | €217,308 | €255,406 | €271,700 | €255,331 | €256,990 | ▲ 0.6% |
| Trade debts44 | €101,158 | €40,245 | €28,850 | €6,510 | €13,375 | €36,191 | €27,559 | €45,391 | ▲ 64.7% |
| Suppliers440/4 | - | - | - | €6,510 | €13,375 | €36,191 | €27,559 | €45,391 | ▲ 64.7% |
| Taxes, remuneration and social security45 | - | - | - | €6,497 | €10,438 | €11,563 | €20,742 | €26,305 | ▲ 26.8% |
| Taxes450/3 | - | - | - | €0 | €0 | €0 | €44 | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | - | €6,497 | €10,438 | €11,563 | €20,698 | €26,305 | ▲ 27.1% |
| Other amounts payable47/48 | - | - | - | €204,300 | €231,592 | €223,946 | €207,029 | €185,295 | ▼ 10.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €28,931 | -€45,434 | -€15,053 | -€18,378 | -€38,271 | -€37,243 | -€2,006 | -€5,343 | ▼ 166% |
| + Depreciation and write-downs630 | €14,643 | €17,603 | €16,073 | €14,197 | €14,749 | €13,885 | €11,230 | €9,544 | ▼ 15.0% |
| Operating cash flow (approximation) | €43,574 | -€27,831 | €1,021 | -€4,181 | -€23,522 | -€23,358 | €9,224 | €4,201 | ▼ 54.5% |
| Investment in fixed assets (approximation) | - | -€15,865 | €0 | €0 | -€5,760 | -€1,029 | €0 | €0 | - |
| Change in cash | - | - | €1,358 | -€511 | -€1,648 | -€503 | -€847 | €1,709 | - |
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, 2,796 companies had the same profile as NUMISCADO has now. Two years later, 90.4% were still going and 2.1% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a small loss
90.4%
was still going
6.0%
stopped otherwise
2.1%
went bankrupt
Another 1.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of NUMISCADO itself: 1.9% 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 2,796 companies, not a prediction for NUMISCADO. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 04-08-2026 | 2026-00378750 | |
| 31-12-2024 | abbreviated format | 24-06-2025 | 2025-00194088 | |
| 31-12-2023 | abbreviated format | 18-07-2024 | 2024-00260918 | |
| 31-12-2022 | abbreviated format | 31-07-2023 | 2023-00300345 | |
| 31-12-2021 | abbreviated format | 30-08-2022 | 2022-20346772 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-57700262 | |
| 31-12-2019 | abbreviated format | 16-09-2020 | 2020-53800262 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-60900451 | |
| 31-12-2017 | micro format | 29-08-2018 | 2018-55700430 | |
| 31-12-2016 | abbreviated format | 27-09-2017 | 2017-63900162 |