OSTOVAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-03-2026 PDF all 25 filings
Turnover
≈ €330,000
Estimated: probably between €240,000 and €380,000
Total assets
€184,809▼ 11.0%
2024 · €207,648
Net result
€29,944▼ 42.9%
2024 · €52,424
Working capital
€58,155▲ 22.2%
2024 · €47,607
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€46,460
▼ 36.4%
2025
20182025
Net result
€29,944
▼ 42.9%
2025
middle half of the sector
20182025
Equity
€113,294
▼ 12.8%
2025
middle half of the sector
20182025
Total assets
€184,809
▼ 11.0%
2025
middle half of the sector
20182025
Debt
€71,515
▼ 8.0%
2025
20182025
Working capital
€58,155
▲ 22.2%
2025
middle half of the sector
20182025
Solvency
61.3%
▼ 1.2pp
2025
middle half of the sector
20182025
Current ratio
1.86
▲ 0.23
2025
middle half of the sector
20182025
Return on assets (ROA)
16.2%
▼ 9.0pp
2025
middle half of the sector
20182025
Staff (FTE)
1.2
▲ 33.3%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€35,342-€41,662▲ 17.9%€17,802▼ 57.3%€88,214▲ 396%€92,387▲ 4.7%€98,193▲ 6.3%€73,068▼ 25.6%€46,460▼ 36.4%
Net result€26,716-€28,227▲ 5.7%€12,843below the sector's middle half▼ 54.5%€68,980within the sector's middle half▲ 437%€70,688within the sector's middle half▲ 2.5%€72,969within the sector's middle half▲ 3.2%€52,424within the sector's middle half▼ 28.2%€29,944within the sector's middle half▼ 42.9%
Equity€63,007-€91,234▲ 44.8%€104,077within the sector's middle half▲ 14.1%€104,077within the sector's middle half=€107,768within the sector's middle half▲ 3.5%€130,608within the sector's middle half▲ 21.2%€129,882within the sector's middle half▼ 0.6%€113,294within the sector's middle half▼ 12.8%
Total assets€154,209-€189,044▲ 22.6%€177,660within the sector's middle half▼ 6.0%€214,428within the sector's middle half▲ 20.7%€201,624within the sector's middle half▼ 6.0%€207,207within the sector's middle half▲ 2.8%€207,648within the sector's middle half▲ 0.2%€184,809within the sector's middle half▼ 11.0%
Debt€91,202-€97,810▲ 7.2%€73,583▼ 24.8%€110,351▲ 50.0%€93,855▼ 14.9%€76,599▼ 18.4%€77,766▲ 1.5%€71,515▼ 8.0%
Working capital-€12,516-€67,844€55,371within the sector's middle half▼ 18.4%€24,707within the sector's middle half▼ 55.4%€9,836below the sector's middle half▼ 60.2%€39,906within the sector's middle half▲ 306%€47,607within the sector's middle half▲ 19.3%€58,155within the sector's middle half▲ 22.2%
Solvency40.9%-48.3%▲ 7.4pp58.6%within the sector's middle half▲ 10.3pp48.5%within the sector's middle half▼ 10.0pp53.5%within the sector's middle half▲ 4.9pp63.0%within the sector's middle half▲ 9.6pp62.5%within the sector's middle half▼ 0.5pp61.3%within the sector's middle half▼ 1.2pp
Current ratio0.83-2.33▲ 1.502.27within the sector's middle half▼ 0.061.22below the sector's middle half▼ 1.051.11below the sector's middle half▼ 0.121.59within the sector's middle half▲ 0.481.63within the sector's middle half▲ 0.051.86within the sector's middle half▲ 0.23
Return on assets (ROA)17.3%-14.9%▼ 2.4pp7.2%within the sector's middle half▼ 7.7pp32.2%above the sector's middle half▲ 24.9pp35.1%above the sector's middle half▲ 2.9pp35.2%above the sector's middle half▲ 0.2pp25.2%within the sector's middle half▼ 10.0pp16.2%within the sector's middle half▼ 9.0pp
Staff (FTE)0.10.1=0.9▲ 800%1.2▲ 33.3%
above
within
below
The sector band is the middle half of the companies in Human health activities (NACE 86). 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 36% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
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 €184,809
Fixed assets
€59,179 ▼ 30.3%
Current assets
€125,630 ▲ 2.3%
Equity and liabilities €184,809
Equity
€113,294 ▼ 12.8%
Debt
€71,515 ▼ 8.0%
Debt's share of the balance-sheet total rises from 37.5% to 38.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€76,256▼
2024 · €105,278
Cash flow
€59,739▼
2024 · €84,633
Debt to equity
0.63▲
2024 · 0.60
ROE
26.4%▼
2024 · 40.4%
Interest coverage
17.96▼
2024 · 23.69
Debt ≤ 1 year
€67,474▼
2024 · €75,166
Income taxes
€12,270▼
2024 · €16,201
Staff costs
€46,484▲
2024 · €30,080
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | - | - | 2 | 1 |
| part-time | - | - | 2 | 1 |
| in full-time equivalents | - | - | 2 | 1 |
| Average over the year, in full-time equivalents | 0.1 | 0.1 | 0.7 | 1 |
| On a permanent contract | - | - | 1 | 1 |
| Joined | 1 | 3 | 5 | 6 |
| Left | 1 | 3 | 3 | 7 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €23,313 | €44,862 | €35,899 | €21,964 | €6,173 |
| Depreciation and write-downs of the year | €22,712 | €25,255 | €34,546 | €32,210 | €29,796 |
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 | - | - | - | - | €2,764 | €3,289 | €30,080 | €46,484 | ▲ 54.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €45,466 | €40,404 | €27,719 | €22,712 | €25,255 | €34,546 | €32,210 | €29,796 | ▼ 7.5% |
| Other operating charges640/8 | - | - | - | €6,694 | €6,451 | €13,508 | €11,413 | €6,697 | ▼ 41.3% |
| Non-recurring operating charges66A | - | - | - | €29,052 | - | - | - | €4,224 | - |
| Gross operating margin9900 | €93,114 | €131,366 | €51,585 | €146,672 | €126,858 | €149,535 | €146,771 | €133,662 | ▼ 8.9% |
| Operating profit (loss)9901 | €35,342 | €41,662 | €17,802 | €88,214 | €92,387 | €98,193 | €73,068 | €46,460 | ▼ 36.4% |
| Financial income75/76B | - | - | - | €113 | - | €0 | - | €0 | - |
| Recurring financial income75 | €113 | €198 | €113 | €113 | - | €0 | - | €0 | - |
| Financial charges65/66B | - | - | - | €1,933 | €1,182 | €1,863 | €4,444 | €4,247 | ▼ 4.4% |
| Recurring financial charges65 | €2,731 | €2,252 | €1,543 | €1,933 | €1,182 | €1,863 | €4,444 | €4,247 | ▼ 4.4% |
| Profit (loss) for the period before taxes9903 | €32,724 | €39,608 | €16,372 | €86,393 | €91,205 | €96,330 | €68,624 | €42,214 | ▼ 38.5% |
| Income taxes67/77 | €6,009 | €11,382 | €3,529 | €17,413 | €20,516 | €23,361 | €16,201 | €12,270 | ▼ 24.3% |
| Profit (loss) for the period9904 | €26,716 | €28,227 | €12,843 | €68,980 | €70,688 | €72,969 | €52,424 | €29,944 | ▼ 42.9% |
| Profit (loss) for the period to be appropriated9905 | €26,716 | €28,227 | €12,843 | €68,980 | €70,688 | €72,969 | €52,424 | €29,944 | ▼ 42.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €154,209 | €189,044 | €177,660 | €214,428 | €201,624 | €207,207 | €207,648 | €184,809 | ▼ 11.0% |
| Fixed assets21/28 | €93,211 | €70,261 | €78,770 | €79,371 | €98,977 | €99,344 | €84,874 | €59,179 | ▼ 30.3% |
| Tangible fixed assets22/27 | €93,211 | €70,261 | €78,770 | €79,371 | €98,977 | €99,344 | €84,874 | €59,179 | ▼ 30.3% |
| Plant, machinery and equipment23 | - | - | - | €71,690 | €70,187 | €71,205 | €61,523 | €42,083 | ▼ 31.6% |
| Furniture and vehicles24 | - | - | - | €7,680 | €28,790 | €28,139 | €23,352 | €17,097 | ▼ 26.8% |
| Current assets29/58 | €60,999 | €118,783 | €98,890 | €135,058 | €102,646 | €107,863 | €122,773 | €125,630 | ▲ 2.3% |
| Amounts receivable after more than one year29 | - | - | - | €5,000 | - | - | - | - | - |
| Other amounts receivable291 | - | - | - | €5,000 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €15,609 | €32,457 | €46,805 | €59,682 | €74,399 | €83,037 | €104,577 | €97,296 | ▼ 7.0% |
| Trade receivables40 | - | - | - | €6,185 | €2,452 | €687 | - | €3,471 | - |
| Other amounts receivable41 | - | - | - | €53,497 | €71,947 | €82,350 | €104,577 | €93,825 | ▼ 10.3% |
| Cash at bank and in hand54/58 | €9,905 | €2,743 | €13,259 | €25,227 | €16,501 | €7,187 | €653 | €9,000 | ▲ 14× |
| Deferred charges and accrued income490/1 | - | - | - | €45,149 | €11,746 | €17,638 | €17,543 | €19,333 | ▲ 10.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €154,209 | €189,044 | €177,660 | €214,428 | €201,624 | €207,207 | €207,648 | €184,809 | ▼ 11.0% |
| Equity10/15 | €63,007 | €91,234 | €104,077 | €104,077 | €107,768 | €130,608 | €129,882 | €113,294 | ▼ 12.8% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €100 | €100 | €100 | = |
| Reserves13 | €50,607 | €78,834 | €91,677 | €91,677 | €95,368 | €130,508 | €129,782 | €113,194 | ▼ 12.8% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €18,750 | €18,750 | €18,750 | €18,750 | €18,750 | = |
| Distributable reserves133 | - | - | - | €71,067 | €74,758 | €111,758 | €111,032 | €94,444 | ▼ 14.9% |
| Amounts payable17/49 | €91,202 | €97,810 | €73,583 | €110,351 | €93,855 | €76,599 | €77,766 | €71,515 | ▼ 8.0% |
| Amounts payable after more than one year17 | €17,687 | €46,871 | €30,064 | - | - | €6,042 | - | - | - |
| Financial debts170/4 | - | - | - | - | - | €6,042 | - | - | - |
| Amounts payable within one year42/48 | €73,515 | €50,939 | €43,519 | €110,351 | €92,810 | €67,956 | €75,166 | €67,474 | ▼ 10.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €30,064 | - | €9,956 | €6,042 | €5,741 | ▼ 5.0% |
| Trade debts44 | €1,656 | €3,912 | €13,722 | €5,894 | €11,883 | €7,047 | €4,840 | €6,155 | ▲ 27.2% |
| Suppliers440/4 | - | - | - | €5,894 | €11,883 | €7,047 | €4,840 | €6,155 | ▲ 27.2% |
| Taxes, remuneration and social security45 | - | - | - | €5,413 | €13,929 | €14,985 | €11,133 | €9,047 | ▼ 18.7% |
| Taxes450/3 | - | - | - | €5,413 | €13,929 | €14,877 | €6,361 | - | - |
| Remuneration and social security454/9 | - | - | - | - | - | €108 | €4,773 | €9,047 | ▲ 89.6% |
| Other amounts payable47/48 | - | - | - | €68,980 | €66,997 | €35,969 | €53,150 | €46,532 | ▼ 12.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | €1,045 | €2,600 | €2,600 | €4,041 | ▲ 55.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26,716 | €28,227 | €12,843 | €68,980 | €70,688 | €72,969 | €52,424 | €29,944 | ▼ 42.9% |
| + Depreciation and write-downs630 | €45,466 | €40,404 | €27,719 | €22,712 | €25,255 | €34,546 | €32,210 | €29,796 | ▼ 7.5% |
| Operating cash flow (approximation) | €72,182 | €68,631 | €40,562 | €91,692 | €95,944 | €107,515 | €84,633 | €59,739 | ▼ 29.4% |
| Investment in fixed assets (approximation) | - | -€17,455 | -€36,227 | -€23,313 | -€44,862 | -€34,913 | -€17,740 | -€4,101 | ▲ 76.9% |
| Change in cash | - | -€7,162 | €10,516 | €11,968 | -€8,725 | -€9,314 | -€6,534 | €8,347 | - |
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, 31,368 companies had the same profile as OSTOVAN has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of OSTOVAN 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 31,368 companies, not a prediction for OSTOVAN. 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 | 09-03-2026 | 2026-00054261 | |
| 31-12-2024 | micro format | 24-05-2025 | 2025-00104828 | |
| 31-12-2023 | micro format | 16-06-2024 | 2024-00132172 | |
| 31-12-2022 | micro format | 18-06-2023 | 2023-00136617 | |
| 31-12-2021 | micro format | 31-07-2022 | 2022-20252829 | |
| 31-12-2020 | micro format | 02-07-2021 | 2021-30600017 | |
| 31-12-2019 | micro format | 26-06-2020 | 2020-21900215 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-57300156 | |
| 31-12-2017 | micro format | 22-08-2018 | 2018-49000043 | |
| 31-12-2016 | micro format | 17-10-2017 | 2017-67300102 |