NUTS OPTIQUE
ActiveFinancials · financial year 2025, micro 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, 2026-00380012.
Annual accounts 2025 filed on 04-08-2026 at the NBB all 35 filings
Turnover
≈ €520,000
Estimated: probably between €360,000 and €1.0m
Total assets
€861,834▼ 3.7%
2024 · €894,559
Net result
€43,539▲ 14.0%
2024 · €38,204
Working capital
-€187,747▼ 46.4%
2024 · -€128,202
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€76,256
▲ 9.6%
2025
20182025
Net result
€43,539
▲ 14.0%
2025
highest quarter of the sector
20182025
Equity
€171,682
▼ 21.5%
2025
highest quarter of the sector
20182025
Total assets
€861,834
▼ 3.7%
2025
highest quarter of the sector
20182025
Debt
€690,152
▲ 2.1%
2025
20182025
Working capital
-€187,747
▼ 46.4%
2025
lowest quarter of the sector
20182025
Solvency
19.9%
▼ 4.5pp
2025
middle half of the sector
20182025
Current ratio
0.23
▲ 0.02
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
5.1%
▲ 0.8pp
2025
middle half of the sector
20182025
Staff (FTE)
1
▼ 78.7%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€64,770-€28,924▼ 55.3%€79,952▲ 176%€11,837▼ 85.2%€57,461▲ 385%€41,035▼ 28.6%€69,592▲ 69.6%€76,256▲ 9.6%
Net result€34,878-€10,584▼ 69.7%€50,024above the sector's middle half▲ 373%-€2,951below the sector's middle half€32,839above the sector's middle half€21,091above the sector's middle half▼ 35.8%€38,204above the sector's middle half▲ 81.1%€43,539above the sector's middle half▲ 14.0%
Equity€192,196-€195,263▲ 1.6%€220,092above the sector's middle half▲ 12.7%€191,842above the sector's middle half▼ 12.8%€214,674above the sector's middle half▲ 11.9%€180,436above the sector's middle half▼ 15.9%€218,639above the sector's middle half▲ 21.2%€171,682above the sector's middle half▼ 21.5%
Total assets€539,365-€505,418▼ 6.3%€475,895above the sector's middle half▼ 5.8%€827,339above the sector's middle half▲ 73.8%€772,904above the sector's middle half▼ 6.6%€952,878above the sector's middle half▲ 23.3%€894,559above the sector's middle half▼ 6.1%€861,834above the sector's middle half▼ 3.7%
Debt€347,169-€310,154▼ 10.7%€255,803▼ 17.5%€635,497▲ 148%€558,230▼ 12.2%€772,443▲ 38.4%€675,920▼ 12.5%€690,152▲ 2.1%
Working capital-€52,652--€47,224▲ 10.3%-€73,461below the sector's middle half▼ 55.6%-€109,648below the sector's middle half▼ 49.3%-€63,725below the sector's middle half▲ 41.9%-€147,269below the sector's middle half▼ 131%-€128,202below the sector's middle half▲ 12.9%-€187,747below the sector's middle half▼ 46.4%
Solvency35.6%-38.6%▲ 3.0pp46.2%within the sector's middle half▲ 7.6pp23.2%within the sector's middle half▼ 23.1pp27.8%within the sector's middle half▲ 4.6pp18.9%within the sector's middle half▼ 8.8pp24.4%within the sector's middle half▲ 5.5pp19.9%within the sector's middle half▼ 4.5pp
Current ratio0.58-0.62▲ 0.030.50below the sector's middle half▼ 0.120.32below the sector's middle half▼ 0.180.41below the sector's middle half▲ 0.100.24below the sector's middle half▼ 0.170.21below the sector's middle half▼ 0.030.23below the sector's middle half▲ 0.02
Return on assets (ROA)6.5%-2.1%▼ 4.4pp10.5%within the sector's middle half▲ 8.4pp-0.4%within the sector's middle half▼ 10.9pp4.2%within the sector's middle half▲ 4.6pp2.2%within the sector's middle half▼ 2.0pp4.3%within the sector's middle half▲ 2.1pp5.1%within the sector's middle half▲ 0.8pp
Staff (FTE)5.2-5.3▲ 1.9%5.4above the sector's middle half▲ 1.9%44.7▲ 17.5%1▼ 78.7%
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 10% higher than in 2024 and the highest since 2020. It is the second rise in a row, after the fall in 2023.
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 €861,834
Fixed assets
€806,834 ▼ 6.2%
Current assets
€55,000 ▲ 61.7%
Equity and liabilities €861,834
Equity
€171,682 ▼ 21.5%
Debt
€690,152 ▲ 2.1%
Debt's share of the balance-sheet total rises from 75.6% to 80.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€130,717▲
2024 · €124,924
Cash flow
€97,999▲
2024 · €93,536
Debt to equity
4.02▲
2024 · 3.09
ROE
25.4%▲
2024 · 17.5%
Interest coverage
10.76▲
2024 · 9.34
Debt ≤ 1 year
€242,747▲
2024 · €162,217
Debt > 1 year
€447,405▼
2024 · €513,703
Income taxes
€20,578▲
2024 · €18,015
Staff costs
€32,636▼
2024 · €195,796
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 5 | 5 | 1 |
| full-time | 3 | 5 | 1 |
| part-time | 2 | - | - |
| in full-time equivalents | 4 | 5 | 1 |
| Average over the year, in full-time equivalents | 4 | 4.7 | 1 |
| On a permanent contract | 4 | 3 | - |
| Joined | 3 | - | 0 |
| Left | 2 | - | 1 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €389,909 | €912 | €202,216 | €8,510 | €750 |
| Intangible fixed assets | €34,240 | - | €26,260 | - | - |
| Financial fixed assets | - | - | - | €2,000 | - |
| Depreciation and write-downs of the year | €49,904 | €48,121 | €49,324 | €55,332 | €54,460 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €210,190 | €197,245 | €194,313 | €195,796 | €32,636 | ▼ 83.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €42,641 | €41,815 | €40,897 | €49,904 | €48,121 | €49,324 | €55,332 | €54,460 | ▼ 1.6% |
| Other operating charges640/8 | - | - | - | €197 | €336 | €384 | - | €357 | - |
| Gross operating margin9900 | €297,207 | €272,626 | €271,953 | €272,129 | €303,163 | €285,057 | €320,720 | €163,709 | ▼ 49.0% |
| Operating profit (loss)9901 | €64,770 | €28,924 | €79,952 | €11,837 | €57,461 | €41,035 | €69,592 | €76,256 | ▲ 9.6% |
| Financial income75/76B | - | - | - | €0 | €35 | - | - | €9 | - |
| Recurring financial income75 | €42 | €11 | €135 | €0 | €35 | - | - | €9 | - |
| Financial charges65/66B | - | - | - | €11,150 | €6,679 | €7,448 | €13,373 | €12,149 | ▼ 9.2% |
| Recurring financial charges65 | €12,080 | €9,553 | €7,616 | €11,150 | €6,679 | €7,448 | €13,373 | €12,149 | ▼ 9.2% |
| Profit (loss) for the period before taxes9903 | €52,732 | €19,382 | €72,471 | €687 | €50,817 | €33,588 | €56,219 | €64,117 | ▲ 14.0% |
| Income taxes67/77 | €17,854 | €8,797 | €22,447 | €3,638 | €17,978 | €12,497 | €18,015 | €20,578 | ▲ 14.2% |
| Profit (loss) for the period9904 | €34,878 | €10,584 | €50,024 | -€2,951 | €32,839 | €21,091 | €38,204 | €43,539 | ▲ 14.0% |
| Profit (loss) for the period to be appropriated9905 | €34,878 | €10,584 | €50,024 | -€2,951 | €32,839 | €21,091 | €38,204 | €43,539 | ▲ 14.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €539,365 | €505,418 | €475,895 | €827,339 | €772,904 | €952,878 | €894,559 | €861,834 | ▼ 3.7% |
| Fixed assets21/28 | €465,611 | €428,960 | €402,178 | €776,423 | €728,213 | €905,366 | €860,544 | €806,834 | ▼ 6.2% |
| Intangible fixed assets21 | - | - | - | €33,568 | €32,428 | €57,462 | €56,587 | €53,432 | ▼ 5.6% |
| Tangible fixed assets22/27 | €462,006 | €425,455 | €397,178 | €737,854 | €691,785 | €845,904 | €799,956 | €749,401 | ▼ 6.3% |
| Land and buildings22 | - | - | - | €726,504 | €682,864 | €835,622 | €793,276 | €744,520 | ▼ 6.1% |
| Plant, machinery and equipment23 | - | - | - | €1,586 | €1,164 | €1,262 | €588 | €17 | ▼ 97.2% |
| Furniture and vehicles24 | - | - | - | €5,429 | €3,918 | €5,678 | €3,247 | €2,007 | ▼ 38.2% |
| Other tangible fixed assets26 | - | - | - | €4,336 | €3,839 | €3,342 | €2,846 | €2,858 | ▲ 0.4% |
| Financial fixed assets28 | €3,605 | €3,505 | €5,000 | €5,000 | €4,000 | €2,000 | €4,000 | €4,000 | = |
| Current assets29/58 | €73,755 | €76,458 | €73,717 | €50,917 | €44,690 | €47,513 | €34,015 | €55,000 | ▲ 61.7% |
| Amounts receivable within one year40/41 | €38,501 | €67,368 | €33,644 | €24,709 | €21,865 | €26,285 | €19,604 | €13,634 | ▼ 30.5% |
| Trade receivables40 | - | - | - | €12,631 | €20,671 | €23,554 | €18,444 | €12,057 | ▼ 34.6% |
| Other amounts receivable41 | - | - | - | €12,078 | €1,194 | €2,731 | €1,160 | €1,577 | ▲ 35.9% |
| Cash at bank and in hand54/58 | €33,675 | €6,625 | €38,308 | €25,060 | €21,998 | €20,047 | €13,583 | €40,498 | ▲ 198% |
| Deferred charges and accrued income490/1 | - | - | - | €1,147 | €827 | €1,181 | €828 | €868 | ▲ 4.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €539,365 | €505,418 | €475,895 | €827,339 | €772,904 | €952,878 | €894,559 | €861,834 | ▼ 3.7% |
| Equity10/15 | €192,196 | €195,263 | €220,092 | €191,842 | €214,674 | €180,436 | €218,639 | €171,682 | ▼ 21.5% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | - | - | - | - |
| Reserves13 | €173,604 | €176,671 | €201,500 | €176,201 | €196,082 | €180,436 | €218,639 | €171,682 | ▼ 21.5% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Distributable reserves133 | - | - | - | €174,342 | €194,223 | €180,436 | €218,639 | €171,682 | ▼ 21.5% |
| Profit (loss) carried forward14 | - | - | - | -€2,951 | - | - | - | - | - |
| Amounts payable17/49 | €347,169 | €310,154 | €255,803 | €635,497 | €558,230 | €772,443 | €675,920 | €690,152 | ▲ 2.1% |
| Amounts payable after more than one year17 | €219,744 | €161,696 | €108,625 | €474,932 | €449,814 | €577,661 | €513,703 | €447,405 | ▼ 12.9% |
| Financial debts170/4 | - | - | - | €474,932 | €449,814 | €577,661 | €513,703 | €447,405 | ▼ 12.9% |
| Amounts payable within one year42/48 | €126,407 | €123,681 | €147,178 | €160,565 | €108,416 | €194,782 | €162,217 | €242,747 | ▲ 49.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €50,922 | €58,197 | €67,342 | €72,488 | €66,298 | ▼ 8.5% |
| Financial debts43 | - | - | - | €20,804 | - | - | €5,890 | - | - |
| Credit institutions430/8 | - | - | - | €20,804 | - | - | €5,890 | - | - |
| Trade debts44 | €17,128 | €6,561 | €10,845 | €16,815 | - | €5,508 | €7,991 | €5,642 | ▼ 29.4% |
| Suppliers440/4 | - | - | - | €16,815 | - | €5,508 | €7,991 | €5,642 | ▼ 29.4% |
| Taxes, remuneration and social security45 | - | - | - | €32,367 | €46,071 | €55,733 | €26,607 | €41,685 | ▲ 56.7% |
| Taxes450/3 | - | - | - | €5,110 | €25,850 | €13,441 | €13,268 | €24,928 | ▲ 87.9% |
| Remuneration and social security454/9 | - | - | - | €27,257 | €20,221 | €42,292 | €13,339 | €16,757 | ▲ 25.6% |
| Other amounts payable47/48 | - | - | - | €39,657 | €4,147 | €66,199 | €49,241 | €129,122 | ▲ 162% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €34,878 | €10,584 | €50,024 | -€2,951 | €32,839 | €21,091 | €38,204 | €43,539 | ▲ 14.0% |
| + Depreciation and write-downs630 | €42,641 | €41,815 | €40,897 | €49,904 | €48,121 | €49,324 | €55,332 | €54,460 | ▼ 1.6% |
| Operating cash flow (approximation) | €77,519 | €52,399 | €90,921 | €46,954 | €80,959 | €70,415 | €93,536 | €97,999 | ▲ 4.8% |
| Investment in fixed assets (approximation) | - | -€5,164 | -€14,115 | -€424,149 | €88 | -€226,476 | -€10,510 | -€750 | ▲ 92.9% |
| Change in cash | - | -€27,050 | €31,683 | -€13,248 | -€3,061 | -€1,952 | -€6,464 | €26,915 | - |
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, 3,818 companies had the same profile as NUTS OPTIQUE has now. Two years later, 95.1% were still going and 1.0% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.1%
was still going
3.7%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of NUTS OPTIQUE 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 3,818 companies, not a prediction for NUTS OPTIQUE. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 04-08-2026 | 2026-00380012 | |
| 31-12-2024 | micro format | 21-08-2025 | 2025-00389965 | |
| 31-12-2023 | micro format | 21-06-2024 | 2024-00150143 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00401251 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20335658 | |
| 31-12-2020 | micro format | 25-08-2021 | 2021-54700247 | |
| 31-12-2019 | micro format | 14-09-2020 | 2020-53100097 | |
| 31-12-2018 | micro format | 23-08-2019 | 2019-52200505 | |
| 31-12-2017 | full format | 31-07-2018 | 2018-41500533 | |
| 31-12-2016 | full format | 25-08-2017 | 2017-50900166 |