OPERATOR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 28 filings
Turnover
€4,025▼ 86.2%
2022 · €29,207
EBIT margin
40.6%▲ 21.3pp
2022 · 19.4%
Net result
-€3,407▲ 3.5%
2024 · -€3,532
Working capital
€88,021▼ 3.7%
2024 · €91,428
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€3,261
▲ 2.0%
2025
20182025
Net result
-€3,407
▲ 3.5%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€10,964
▼ 23.7%
2025
middle half of the sector
20182025
Total assets
€137,197
=
2025
middle half of the sector
20182025
Debt
€126,233
▲ 2.8%
2025
20182025
Working capital
€88,021
▼ 3.7%
2025
middle half of the sector
20182025
Solvency
8.0%
▼ 2.5pp
2025
lowest quarter of the sector
20182025
Current ratio
2.79
▼ 0.21
2025
middle half of the sector
20182025
Return on assets (ROA)
-2.5%
▲ 0.1pp
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
Turnover€3,748-€4,766▲ 27.2%€3,961▼ 16.9%€18,905▲ 377%€29,207▲ 54.5%€4,025▼ 86.2%
Operating result€3,132--€1,746-€165▲ 90.5%€2,957€5,654▲ 91.2%€1,635▼ 71.1%-€3,329-€3,261▲ 2.0%
Net result€3,082--€2,961€130within the sector's middle half€2,327within the sector's middle half▲ 18×€3,634within the sector's middle half▲ 56.2%€1,317within the sector's middle half▼ 63.8%-€3,532within the sector's middle half-€3,407within the sector's middle half▲ 3.5%
EBIT margin83.6%--36.6%▼ 120.2pp-4.2%▲ 32.5pp15.6%▲ 19.8pp19.4%▲ 3.7pp40.6%▲ 21.3pp
Equity€13,456-€10,495▼ 22.0%€10,625within the sector's middle half▲ 1.2%€12,952within the sector's middle half▲ 21.9%€16,586within the sector's middle half▲ 28.1%€17,903within the sector's middle half▲ 7.9%€14,371within the sector's middle half▼ 19.7%€10,964within the sector's middle half▼ 23.7%
Total assets€187,546-€187,945▲ 0.2%€187,724within the sector's middle half▼ 0.1%€161,663within the sector's middle half▼ 13.9%€142,035within the sector's middle half▼ 12.1%€142,883within the sector's middle half▲ 0.6%€137,140within the sector's middle half▼ 4.0%€137,197within the sector's middle half=
Debt€174,090-€177,450▲ 1.9%€177,099▼ 0.2%€148,711▼ 16.0%€125,449▼ 15.6%€124,980▼ 0.4%€122,769▼ 1.8%€126,233▲ 2.8%
Working capital€90,512-€87,552▼ 3.3%€87,682within the sector's middle half▲ 0.1%€90,009within the sector's middle half▲ 2.7%€93,643within the sector's middle half▲ 4.0%€94,960within the sector's middle half▲ 1.4%€91,428within the sector's middle half▼ 3.7%€88,021within the sector's middle half▼ 3.7%
Solvency7.2%-5.6%▼ 1.6pp5.7%below the sector's middle half▲ 0.1pp8.0%within the sector's middle half▲ 2.4pp11.7%within the sector's middle half▲ 3.7pp12.5%within the sector's middle half▲ 0.9pp10.5%within the sector's middle half▼ 2.1pp8.0%below the sector's middle half▼ 2.5pp
Current ratio1.93-1.87▼ 0.061.88within the sector's middle half=2.26within the sector's middle half▲ 0.382.94within the sector's middle half▲ 0.682.98within the sector's middle half▲ 0.053.00within the sector's middle half▲ 0.022.79within the sector's middle half▼ 0.21
Return on assets (ROA)1.6%--1.6%▼ 3.2pp0.1%within the sector's middle half▲ 1.6pp1.4%within the sector's middle half▲ 1.4pp2.6%within the sector's middle half▲ 1.1pp0.9%within the sector's middle half▼ 1.6pp-2.6%within the sector's middle half▼ 3.5pp-2.5%within the sector's middle half▲ 0.1pp
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 a loss of €3,261, smaller than the loss of €3,329 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €137,197
Equity
€10,964 ▼ 23.7%
Debt
€126,233 ▲ 2.8%
Debt's share of the balance-sheet total rises from 89.5% to 92.0%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
11.51▲
2024 · 8.54
ROE
-31.1%▼
2024 · -24.6%
Debt ≤ 1 year
€49,176▲
2024 · €45,712
Debt > 1 year
€77,057=
2024 · €77,057
Income taxes
€148▲
2024 · €66
Supplier credit
4935 days▼
2024 · 6222 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | - | €771 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €3,748 | €4,766 | €3,961 | €18,905 | €29,207 | €4,025 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €15,945 | €23,111 | €2,390 | €2,550 | €3,261 | ▲ 27.9% |
| Other operating charges640/8 | - | - | - | €3 | €442 | - | €779 | - | - |
| Gross operating margin9900 | €3,480 | -€1,398 | €515 | €2,960 | €6,096 | €1,635 | -€2,550 | -€3,261 | ▼ 27.9% |
| Operating profit (loss)9901 | €3,132 | -€1,746 | -€165 | €2,957 | €5,654 | €1,635 | -€3,329 | -€3,261 | ▲ 2.0% |
| Financial income75/76B | - | - | - | - | - | - | - | €24 | - |
| Recurring financial income75 | - | - | - | - | - | - | - | €24 | - |
| Financial charges65/66B | - | - | - | €59 | €117 | €126 | €137 | €22 | ▼ 83.9% |
| Recurring financial charges65 | €50 | €90 | €101 | €59 | €117 | €126 | €137 | €22 | ▼ 83.9% |
| Profit (loss) for the period before taxes9903 | €3,082 | -€1,836 | -€266 | €2,898 | €5,537 | €1,509 | -€3,466 | -€3,259 | ▲ 6.0% |
| Income taxes67/77 | - | €1,125 | -€396 | €571 | €1,903 | €192 | €66 | €148 | ▲ 124% |
| Profit (loss) for the period9904 | €3,082 | -€2,961 | €130 | €2,327 | €3,634 | €1,317 | -€3,532 | -€3,407 | ▲ 3.5% |
| Profit (loss) for the period to be appropriated9905 | €3,082 | -€2,961 | €130 | €2,327 | €3,634 | €1,317 | -€3,532 | -€3,407 | ▲ 3.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €187,546 | €187,945 | €187,724 | €161,663 | €142,035 | €142,883 | €137,140 | €137,197 | = |
| Fixed assets21/28 | - | - | - | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | - | - | - | €0 | - | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €0 | - | - | - | - | - |
| Current assets29/58 | €187,546 | €187,945 | €187,724 | €161,663 | €142,035 | €142,883 | €137,140 | €137,197 | = |
| Stocks and contracts in progress3 | €28,139 | €27,703 | €27,463 | €15,230 | - | - | - | - | - |
| Stocks30/36 | - | - | - | €15,230 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €158,984 | €159,633 | €160,091 | €144,992 | €139,022 | €139,057 | €136,526 | €137,197 | ▲ 0.5% |
| Trade receivables40 | - | - | - | €141,994 | €137,969 | €136,664 | €133,646 | €133,646 | = |
| Other amounts receivable41 | - | - | - | €2,998 | €1,053 | €2,393 | €2,880 | €3,551 | ▲ 23.3% |
| Cash at bank and in hand54/58 | €423 | €609 | €170 | €1,441 | €3,013 | €3,826 | €614 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €187,546 | €187,945 | €187,724 | €161,663 | €142,035 | €142,883 | €137,140 | €137,197 | = |
| Equity10/15 | €13,456 | €10,495 | €10,625 | €12,952 | €16,586 | €17,903 | €14,371 | €10,964 | ▼ 23.7% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€7,004 | -€9,965 | -€9,835 | -€7,508 | -€3,874 | -€2,557 | -€6,089 | -€9,496 | ▼ 56.0% |
| Amounts payable17/49 | €174,090 | €177,450 | €177,099 | €148,711 | €125,449 | €124,980 | €122,769 | €126,233 | ▲ 2.8% |
| Amounts payable after more than one year17 | €77,056 | €77,057 | €77,057 | €77,057 | €77,057 | €77,057 | €77,057 | €77,057 | = |
| Financial debts170/4 | - | - | - | €77,057 | €77,057 | €77,057 | €77,057 | €77,057 | = |
| Amounts payable within one year42/48 | €97,034 | €100,393 | €100,042 | €71,654 | €48,392 | €47,923 | €45,712 | €49,176 | ▲ 7.6% |
| Trade debts44 | €83,315 | €83,886 | €83,377 | €68,603 | €45,271 | €46,552 | €43,470 | €44,093 | ▲ 1.4% |
| Suppliers440/4 | - | - | - | €68,603 | €45,271 | €46,552 | €43,470 | €44,093 | ▲ 1.4% |
| Taxes, remuneration and social security45 | - | - | - | €725 | €771 | €400 | €466 | - | - |
| Taxes450/3 | - | - | - | €725 | €771 | €400 | €466 | - | - |
| Other amounts payable47/48 | - | - | - | €2,326 | €2,350 | €971 | €1,776 | €5,083 | ▲ 186% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,082 | -€2,961 | €130 | €2,327 | €3,634 | €1,317 | -€3,532 | -€3,407 | ▲ 3.5% |
| Operating cash flow (approximation) | €3,082 | -€2,961 | €130 | €2,327 | €3,634 | €1,317 | -€3,532 | -€3,407 | ▲ 3.5% |
| Change in cash | - | €186 | -€439 | €1,271 | €1,572 | €813 | -€3,212 | - | - |
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, 974 companies had the same profile as OPERATOR has now. Two years later, 92.8% were still going and 2.3% had gone bankrupt.
- Micro
- 20 years or older
- solvency under 10%
- a small loss
92.8%
was still going
4.5%
stopped otherwise
2.3%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of OPERATOR itself: 0.5% 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 974 companies, not a prediction for OPERATOR. 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 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-07-2026 | 2026-00333205 | |
| 31-12-2024 | micro format | 22-07-2025 | 2025-00291933 | |
| 31-12-2023 | micro format | 30-07-2024 | 2024-00318031 | |
| 31-12-2022 | micro format | 29-07-2023 | 2023-00303777 | |
| 31-12-2021 | micro format | 24-07-2022 | 2022-20224941 | |
| 31-12-2020 | micro format | 29-07-2021 | 2021-42200396 | |
| 31-12-2019 | micro format | 14-10-2020 | 2020-61500225 | |
| 31-12-2018 | micro format | 08-01-2020 | 2020-00700465 | |
| 31-12-2017 | micro format | 23-07-2018 | 2018-37100212 | |
| 31-12-2016 | micro format | 24-07-2017 | 2017-34500496 |