OLDSTYLE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 07-11-2025 PDF all 17 filings
Equity
-€307,860▼ 4.5%
2024 · -€294,603
Total assets
€55,905▼ 16.3%
2024 · €66,774
Net result
-€13,257▲ 10.3%
2024 · -€14,777
Working capital
-€351,060▼ 0.7%
2024 · -€348,603
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€12,951
▲ 9.8%
2025
20192025
Net result
-€13,257
▲ 10.3%
2025
20192025
Equity
-€307,860
▼ 4.5%
2025
20192025
Total assets
€55,905
▼ 16.3%
2025
20192025
Debt
€363,765
▲ 0.7%
2025
20192025
Working capital
-€351,060
▼ 0.7%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€20,474--€16,268▲ 20.5%-€13,418▲ 17.5%-€17,145▼ 27.8%-€12,851▲ 25.0%-€14,351▼ 11.7%-€12,951▲ 9.8%
Net result-€22,509--€17,934▲ 20.3%-€13,469▲ 24.9%-€17,472▼ 29.7%-€13,018▲ 25.5%-€14,777▼ 13.5%-€13,257▲ 10.3%
Equity-€217,933--€235,867▼ 8.2%-€249,336▼ 5.7%-€266,808▼ 7.0%-€279,826▼ 4.9%-€294,603▼ 5.3%-€307,860▼ 4.5%
Total assets€240,722-€173,089▼ 28.1%€99,763▼ 42.4%€90,144▼ 9.6%€78,180▼ 13.3%€66,774▼ 14.6%€55,905▼ 16.3%
Debt€458,655-€408,956▼ 10.8%€349,098▼ 14.6%€356,952▲ 2.2%€358,006▲ 0.3%€361,378▲ 0.9%€363,765▲ 0.7%
Working capital-€285,518--€333,067▼ 16.7%-€335,736▼ 0.8%-€342,408▼ 2.0%-€344,626▼ 0.6%-€348,603▼ 1.2%-€351,060▼ 0.7%
The operating result for 2025 is a loss of €12,951, smaller than the loss of €14,351 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €55,905
Fixed assets
€43,200 ▼ 20.0%
Current assets
€12,705 ▼ 0.5%
Equity and liabilities
Equity-€307,860
Debt€363,765
Equity is negative. Debt (€363,765) exceeds the balance-sheet total (€55,905).
Key figures and ratios
EBITDA
-€2,151▲
2024 · -€3,551
Cash flow
-€2,457▲
2024 · -€3,977
Solvency
-550.7%▼
2024 · -441.2%
Current ratio
0.03▼
2024 · 0.04
Quick ratio
0.00▼
2024 · 0.00
ROA
-23.7%▼
2024 · -22.1%
Interest coverage
-7.03▲
2024 · -8.33
Debt ≤ 1 year
€363,765▲
2024 · €361,378
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.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €121 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €2,238 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,973 | €12,973 | €10,800 | €10,800 | €10,800 | €10,800 | €10,800 | = |
| Other operating charges640/8 | - | - | - | €4,794 | - | €1,695 | €1,764 | ▲ 4.1% |
| Gross operating margin9900 | -€5,595 | -€3,059 | -€1,763 | -€1,551 | -€2,051 | -€1,856 | -€387 | ▲ 79.1% |
| Operating profit (loss)9901 | -€20,474 | -€16,268 | -€13,418 | -€17,145 | -€12,851 | -€14,351 | -€12,951 | ▲ 9.8% |
| Financial income75/76B | - | - | - | - | €126 | - | - | - |
| Recurring financial income75 | - | - | - | - | €126 | - | - | - |
| Financial charges65/66B | - | - | - | €327 | €293 | €426 | €306 | ▼ 28.2% |
| Recurring financial charges65 | €2,035 | €1,666 | €51 | €327 | €293 | €426 | €306 | ▼ 28.2% |
| Profit (loss) for the period before taxes9903 | -€22,509 | -€17,934 | -€13,469 | -€17,472 | -€13,018 | -€14,777 | -€13,257 | ▲ 10.3% |
| Profit (loss) for the period9904 | -€22,509 | -€17,934 | -€13,469 | -€17,472 | -€13,018 | -€14,777 | -€13,257 | ▲ 10.3% |
| Profit (loss) for the period to be appropriated9905 | -€22,509 | -€17,934 | -€13,469 | -€17,472 | -€13,018 | -€14,777 | -€13,257 | ▲ 10.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €240,722 | €173,089 | €99,763 | €90,144 | €78,180 | €66,774 | €55,905 | ▼ 16.3% |
| Fixed assets21/28 | €110,173 | €97,200 | €86,400 | €75,600 | €64,800 | €54,000 | €43,200 | ▼ 20.0% |
| Tangible fixed assets22/27 | €110,173 | €97,200 | €86,400 | €75,600 | €64,800 | €54,000 | €43,200 | ▼ 20.0% |
| Land and buildings22 | - | - | - | €75,600 | €64,800 | €54,000 | €43,200 | ▼ 20.0% |
| Current assets29/58 | €130,549 | €75,889 | €13,363 | €14,544 | €13,380 | €12,774 | €12,705 | ▼ 0.5% |
| Stocks and contracts in progress3 | €127,850 | €9,500 | €12,070 | €12,070 | €12,070 | €12,070 | €12,070 | = |
| Stocks30/36 | - | - | - | €12,070 | €12,070 | €12,070 | €12,070 | = |
| Amounts receivable within one year40/41 | €1,720 | €1,778 | €697 | €665 | €665 | - | - | - |
| Other amounts receivable41 | - | - | - | €665 | €665 | - | - | - |
| Cash at bank and in hand54/58 | €979 | €64,611 | €595 | €1,809 | €644 | €704 | €634 | ▼ 9.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €240,722 | €173,089 | €99,763 | €90,144 | €78,180 | €66,774 | €55,905 | ▼ 16.3% |
| Equity10/15 | -€217,933 | -€235,867 | -€249,336 | -€266,808 | -€279,826 | -€294,603 | -€307,860 | ▼ 4.5% |
| Contributions10/11 | €37,500 | €37,500 | - | €37,500 | €37,500 | €37,500 | €37,500 | = |
| Reserves13 | €80,072 | €80,072 | €80,072 | €80,072 | €80,072 | €80,072 | €80,072 | = |
| Non-distributable reserves130/1 | - | - | - | €3,750 | €3,750 | €3,750 | €3,750 | = |
| Reserves not available under the articles1311 | - | - | - | €3,750 | €3,750 | €3,750 | €3,750 | = |
| Distributable reserves133 | - | - | - | €76,322 | €76,322 | €76,322 | €76,322 | = |
| Profit (loss) carried forward14 | -€335,505 | -€353,439 | -€366,908 | -€384,380 | -€397,398 | -€412,175 | -€425,432 | ▼ 3.2% |
| Amounts payable17/49 | €458,655 | €408,956 | €349,098 | €356,952 | €358,006 | €361,378 | €363,765 | ▲ 0.7% |
| Amounts payable after more than one year17 | €42,589 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €416,066 | €408,956 | €349,098 | €356,952 | €358,006 | €361,378 | €363,765 | ▲ 0.7% |
| Trade debts44 | €2,944 | - | €42 | €1,746 | - | €1,472 | - | - |
| Suppliers440/4 | - | - | - | €1,746 | - | €1,472 | - | - |
| Other amounts payable47/48 | - | - | - | €355,206 | €358,006 | €359,906 | €363,765 | ▲ 1.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€22,509 | -€17,934 | -€13,469 | -€17,472 | -€13,018 | -€14,777 | -€13,257 | ▲ 10.3% |
| + Depreciation and write-downs630 | €12,973 | €12,973 | €10,800 | €10,800 | €10,800 | €10,800 | €10,800 | = |
| Operating cash flow (approximation) | -€9,536 | -€4,960 | -€2,669 | -€6,672 | -€2,218 | -€3,977 | -€2,457 | ▲ 38.2% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €63,632 | -€64,016 | €1,213 | -€1,164 | €60 | -€70 | - |
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, 6,907 companies had the same profile as OLDSTYLE has now. Two years later, 85.5% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.5%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of OLDSTYLE itself: 1.6% 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 6,907 companies, not a prediction for OLDSTYLE. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 07-11-2025 | 2025-00567606 | |
| 30-06-2024 | micro format | 13-12-2024 | 2024-00616809 | |
| 30-06-2023 | micro format | 13-12-2023 | 2023-00528177 | |
| 30-06-2022 | micro format | 18-11-2022 | 2022-20523380 | |
| 30-06-2021 | abbreviated format | 24-11-2021 | 2021-78400559 | |
| 30-06-2020 | micro format | 08-12-2020 | 2020-75000550 | |
| 30-06-2019 | micro format | 28-02-2020 | 2020-06100082 | |
| 30-06-2018 | micro format | 31-01-2019 | 2019-04500150 | |
| 30-06-2016 | abbreviated format | 27-01-2017 | 2017-02900043 | |
| 30-06-2015 | abbreviated format | 22-01-2016 | 2016-02500015 |