OPTIVER
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 75 days after the deadline Filed on 14 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00556259.
Annual accounts 2025 filed on 14-10-2026 at the NBB all 25 filings
Turnover
≈ €150,000
Estimated: probably between €82,000 and €270,000
Total assets
€213,193▲ 5.9%
2024 · €201,321
Net result
-€644▲ 85.5%
2024 · -€4,445
Working capital
-€80,048▼ 29.8%
2024 · -€61,686
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€6,443
2025
20182025
Net result
-€644
▲ 85.5%
2025
middle half of the sector
20182025
Equity
-€35,124
▼ 1.9%
2025
lowest quarter of the sector
20182025
Total assets
€213,193
▲ 5.9%
2025
middle half of the sector
20182025
Debt
€248,318
▲ 5.3%
2025
20182025
Working capital
-€80,048
▼ 29.8%
2025
lowest quarter of the sector
20182025
Solvency
-16.5%
▲ 0.7pp
2025
lowest quarter of the sector
20182025
Current ratio
0.25
▼ 0.10
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-0.3%
▲ 1.9pp
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€9,652--€26,111€19,335-€23,111-€488▲ 97.9%-€20,142▼ 4,027%-€4,756▲ 76.4%€6,443
Net result€8,224--€27,256€16,926within the sector's middle half-€37,586below the sector's middle half-€5,776below the sector's middle half▲ 84.6%-€29,101below the sector's middle half▼ 404%-€4,445below the sector's middle half▲ 84.7%-€644within the sector's middle half▲ 85.5%
Equity€53,260-€26,004▼ 51.2%€42,930within the sector's middle half▲ 65.1%€5,344below the sector's middle half▼ 87.6%-€431below the sector's middle half-€29,532below the sector's middle half▼ 6,747%-€34,480below the sector's middle half▼ 16.8%-€35,124below the sector's middle half▼ 1.9%
Total assets€128,111-€221,732▲ 73.1%€242,095within the sector's middle half▲ 9.2%€234,538within the sector's middle half▼ 3.1%€216,228below the sector's middle half▼ 7.8%€209,184within the sector's middle half▼ 3.3%€201,321within the sector's middle half▼ 3.8%€213,193within the sector's middle half▲ 5.9%
Debt€74,851-€195,729▲ 161%€199,165▲ 1.8%€229,193▲ 15.1%€216,660▼ 5.5%€238,717▲ 10.2%€235,802▼ 1.2%€248,318▲ 5.3%
Working capital€69,095--€157,656-€613within the sector's middle half▲ 99.6%-€35,749below the sector's middle half▼ 5,734%-€19,461below the sector's middle half▲ 45.6%-€87,995below the sector's middle half▼ 352%-€61,686below the sector's middle half▲ 29.9%-€80,048below the sector's middle half▼ 29.8%
Solvency41.6%-11.7%▼ 29.8pp17.7%within the sector's middle half▲ 6.0pp2.3%below the sector's middle half▼ 15.5pp-0.2%below the sector's middle half▼ 2.5pp-14.1%below the sector's middle half▼ 13.9pp-17.1%below the sector's middle half▼ 3.0pp-16.5%below the sector's middle half▲ 0.7pp
Current ratio2.55-0.13▼ 2.410.99within the sector's middle half▲ 0.850.59below the sector's middle half▼ 0.400.64below the sector's middle half▲ 0.060.22below the sector's middle half▼ 0.420.35below the sector's middle half▲ 0.130.25below the sector's middle half▼ 0.10
Return on assets (ROA)6.4%--12.3%▼ 18.7pp7.0%within the sector's middle half▲ 19.3pp-16.0%below the sector's middle half▼ 23.0pp-2.7%below the sector's middle half▲ 13.4pp-13.9%below the sector's middle half▼ 11.2pp-2.2%within the sector's middle half▲ 11.7pp-0.3%within the sector's middle half▲ 1.9pp
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 profit of €6,443, after a loss of €4,756 in 2024. It is the highest result since 2021.
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 €213,193
Fixed assets
€186,299 ▲ 10.8%
Current assets
€26,894 ▼ 18.8%
Equity and liabilities
Equity-€35,124
Debt€248,318
Equity is negative. Debt (€248,318) exceeds the balance-sheet total (€213,193).
Key figures and ratios
EBITDA
€27,718▲
2024 · €11,055
Cash flow
€20,632▲
2024 · €11,366
Quick ratio
0.07▼
2024 · 0.16
Interest coverage
3.71▲
2024 · 2.33
Debt ≤ 1 year
€106,941▲
2024 · €94,801
Debt > 1 year
€141,348▲
2024 · €135,426
Income taxes
€296▲
2024 · -€4,034
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.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €9,067 | €18,658 | - | €39,369 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €11,782 | €12,041 | €15,801 | €15,811 | €21,276 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 to 2025 · 2 entries · €4,000 awarded · €4,000 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €2,000 | €2,000 |
| 2024 | 1 | €2,000 | €2,000 |
Schemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €85 | - | - | - | €9,500 | - |
| Remuneration, social security and pensions62 | - | - | - | €201,520 | €54,087 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,173 | €13,476 | €12,106 | €11,782 | €12,041 | €15,801 | €15,811 | €21,276 | ▲ 34.6% |
| Other operating charges640/8 | - | - | - | €2,767 | €1,453 | €2,267 | €2,076 | €3,919 | ▲ 88.8% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €0 | - | - |
| Gross operating margin9900 | €180,757 | €161,346 | €178,840 | €192,958 | €67,093 | -€2,074 | €13,131 | €31,637 | ▲ 141% |
| Operating profit (loss)9901 | €9,652 | -€26,111 | €19,335 | -€23,111 | -€488 | -€20,142 | -€4,756 | €6,443 | - |
| Financial income75/76B | - | - | - | - | €187 | €655 | €1,016 | €675 | ▼ 33.6% |
| Recurring financial income75 | €7 | €21 | €17 | - | €187 | €655 | €1,016 | €675 | ▼ 33.6% |
| Financial charges65/66B | - | - | - | €5,779 | €5,029 | €9,614 | €4,739 | €7,466 | ▲ 57.5% |
| Recurring financial charges65 | €1,156 | €707 | €2,705 | €5,779 | €5,029 | €5,592 | €4,739 | €7,466 | ▲ 57.5% |
| Non-recurring financial charges66B | - | - | - | - | - | €4,022 | - | - | - |
| Profit (loss) for the period before taxes9903 | €8,502 | -€26,797 | €16,646 | -€28,890 | -€5,330 | -€29,101 | -€8,479 | -€348 | ▲ 95.9% |
| Income taxes67/77 | €278 | €459 | -€280 | €8,695 | €446 | - | -€4,034 | €296 | - |
| Profit (loss) for the period9904 | €8,224 | -€27,256 | €16,926 | -€37,586 | -€5,776 | -€29,101 | -€4,445 | -€644 | ▲ 85.5% |
| Profit (loss) for the period to be appropriated9905 | €8,224 | -€27,256 | €16,926 | -€37,586 | -€5,776 | -€29,101 | -€4,445 | -€644 | ▲ 85.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €128,111 | €221,732 | €242,095 | €234,538 | €216,228 | €209,184 | €201,321 | €213,193 | ▲ 5.9% |
| Fixed assets21/28 | €14,385 | €197,421 | €200,832 | €184,134 | €181,160 | €184,017 | €168,206 | €186,299 | ▲ 10.8% |
| Tangible fixed assets22/27 | €14,133 | €197,169 | €200,580 | €183,883 | €180,909 | €183,766 | €167,955 | €186,048 | ▲ 10.8% |
| Land and buildings22 | - | - | - | €183,278 | €171,958 | €161,829 | €150,548 | €139,730 | ▼ 7.2% |
| Plant, machinery and equipment23 | - | - | - | €125 | €5,757 | €19,624 | €15,736 | €13,181 | ▼ 16.2% |
| Furniture and vehicles24 | - | - | - | €479 | €3,194 | €2,313 | €1,671 | €1,029 | ▼ 38.4% |
| Leasing and similar rights25 | - | - | - | - | - | - | - | €32,108 | - |
| Financial fixed assets28 | €252 | €252 | €252 | €252 | €252 | €252 | €252 | €252 | = |
| Current assets29/58 | €113,726 | €24,312 | €41,263 | €50,403 | €35,068 | €25,167 | €33,115 | €26,894 | ▼ 18.8% |
| Stocks and contracts in progress3 | - | - | - | - | €13,119 | €12,615 | €17,937 | €18,943 | ▲ 5.6% |
| Stocks30/36 | - | - | - | - | €13,119 | €12,615 | €17,937 | €18,943 | ▲ 5.6% |
| Amounts receivable within one year40/41 | €82,165 | €13,034 | €19,435 | €10,347 | €4,554 | €11,654 | €10,006 | €433 | ▼ 95.7% |
| Trade receivables40 | - | - | - | €5,763 | - | €7,100 | €5,477 | €28 | ▼ 99.5% |
| Other amounts receivable41 | - | - | - | €4,584 | €4,554 | €4,554 | €4,529 | €405 | ▼ 91.1% |
| Cash at bank and in hand54/58 | €31,487 | €7,040 | €20,325 | €38,260 | €15,977 | - | €4,385 | €6,595 | ▲ 50.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1,797 | €1,417 | €897 | €787 | €922 | ▲ 17.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €128,111 | €221,732 | €242,095 | €234,538 | €216,228 | €209,184 | €201,321 | €213,193 | ▲ 5.9% |
| Equity10/15 | €53,260 | €26,004 | €42,930 | €5,344 | -€431 | -€29,532 | -€34,480 | -€35,124 | ▼ 1.9% |
| Contributions10/11 | €9,600 | €9,600 | €9,600 | €9,600 | €9,600 | €9,600 | €9,600 | €9,600 | = |
| Capital10 | - | - | - | €9,600 | €9,600 | €9,600 | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | €18,600 | - | - | - |
| Uncalled capital101 | - | - | - | €9,000 | €9,000 | €9,000 | - | - | - |
| Reserves13 | €26,695 | €26,695 | €26,695 | €26,695 | €26,695 | €26,695 | €26,695 | €26,695 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | - | €1,860 | €1,860 | = |
| Other1319 | - | - | - | - | - | - | €0 | - | - |
| Tax-exempt reserves132 | - | - | - | €1,835 | €1,835 | €1,835 | €1,835 | €1,835 | = |
| Distributable reserves133 | - | - | - | €23,000 | €23,000 | €23,000 | €23,000 | €23,000 | = |
| Profit (loss) carried forward14 | €16,966 | -€10,291 | €6,635 | -€30,950 | -€36,726 | -€65,827 | -€70,775 | -€71,419 | ▼ 0.9% |
| Amounts payable17/49 | €74,851 | €195,729 | €199,165 | €229,193 | €216,660 | €238,717 | €235,802 | €248,318 | ▲ 5.3% |
| Amounts payable after more than one year17 | €23,269 | €12,228 | €155,388 | €142,394 | €152,138 | €121,400 | €135,426 | €141,348 | ▲ 4.4% |
| Financial debts170/4 | - | - | - | €142,394 | €152,138 | €121,400 | €135,426 | €141,348 | ▲ 4.4% |
| Amounts payable within one year42/48 | €44,631 | €181,968 | €41,876 | €86,153 | €54,529 | €113,162 | €94,801 | €106,941 | ▲ 12.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €19,015 | €1 | €14,452 | €13,494 | €15,412 | ▲ 14.2% |
| Financial debts43 | - | - | - | - | - | €11,438 | €9,542 | €17,818 | ▲ 86.7% |
| Credit institutions430/8 | - | - | - | - | - | €11,438 | €9,542 | €17,818 | ▲ 86.7% |
| Trade debts44 | €7,319 | €157,685 | €10,167 | €4,917 | €8,260 | €13,650 | €13,711 | €12,977 | ▼ 5.4% |
| Suppliers440/4 | - | - | - | €4,917 | €8,260 | €13,650 | €13,711 | €12,977 | ▼ 5.4% |
| Taxes, remuneration and social security45 | - | - | - | €19,568 | €5,712 | €1,860 | €4,423 | €4,562 | ▲ 3.1% |
| Taxes450/3 | - | - | - | €13,833 | €5,712 | €1,860 | €4,423 | €4,413 | ▼ 0.2% |
| Remuneration and social security454/9 | - | - | - | €5,735 | - | - | - | €149 | - |
| Other amounts payable47/48 | - | - | - | €42,652 | €40,556 | €71,763 | €53,631 | €56,171 | ▲ 4.7% |
| Accrued charges and deferred income492/3 | - | - | - | €647 | €9,993 | €4,154 | €5,575 | €28 | ▼ 99.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,224 | -€27,256 | €16,926 | -€37,586 | -€5,776 | -€29,101 | -€4,445 | -€644 | ▲ 85.5% |
| + Depreciation and write-downs630 | €13,173 | €13,476 | €12,106 | €11,782 | €12,041 | €15,801 | €15,811 | €21,276 | ▲ 34.6% |
| Operating cash flow (approximation) | €21,398 | -€13,781 | €29,032 | -€25,803 | €6,266 | -€13,300 | €11,366 | €20,632 | ▲ 81.5% |
| Investment in fixed assets (approximation) | - | -€196,511 | -€15,517 | €4,915 | -€9,067 | -€18,658 | €0 | -€39,369 | - |
| Change in cash | - | -€24,447 | €13,285 | €17,934 | -€22,283 | - | - | €2,210 | - |
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 OPTIVER 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 OPTIVER itself: 1.5% 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 2,796 companies, not a prediction for OPTIVER. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 14-10-2026 | 2026-00556259 | |
| 31-12-2024 | micro format | 29-09-2025 | 2025-00513639 | |
| 31-12-2023 | micro format | 31-08-2024 | 2024-00426337 | |
| 31-12-2022 | abbreviated format | 12-08-2023 | 2023-00326344 | |
| 31-12-2021 | micro format | 27-08-2022 | 2022-20328733 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-65700429 | |
| 31-12-2019 | micro format | 06-09-2020 | 2020-51500003 | |
| 31-12-2018 | micro format | 01-08-2019 | 2019-41800321 | |
| 31-12-2017 | micro format | 06-03-2019 | 2019-06400412 | |
| 31-12-2016 | micro format | 07-11-2017 | 2017-69200360 |