PLURAL
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 50 filings
Turnover
≈ €150,000
Estimated: probably between €94,000 and €380,000
Total assets
€965,887▼ 2.1%
2024 · €986,777
Net result
€21,536▼ 21.3%
2024 · €27,354
Working capital
€925,498▲ 2.3%
2024 · €904,562
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€30,243
▼ 60.4%
2025
20182025
Net result
€21,536
▼ 21.3%
2025
middle half of the sector
20182025
Equity
€925,177
▲ 2.4%
2025
middle half of the sector
20182025
Total assets
€965,887
▼ 2.1%
2025
middle half of the sector
20182025
Debt
€40,710
▼ 51.0%
2025
20182025
Working capital
€925,498
▲ 2.3%
2025
highest quarter of the sector
20182025
Solvency
95.8%
▲ 4.2pp
2025
highest quarter of the sector
20182025
Current ratio
24.44
▲ 12.40
2025
highest quarter of the sector
20182025
Return on assets (ROA)
2.2%
▼ 0.5pp
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€79,611-€100,294▲ 26.0%€106,992▲ 6.7%€95,188▼ 11.0%€66,770▼ 29.9%€79,625▲ 19.3%€76,445▼ 4.0%€30,243▼ 60.4%
Net result€27,235-€64,597▲ 137%€85,323above the sector's middle half▲ 32.1%€79,113above the sector's middle half▼ 7.3%€19,962within the sector's middle half▼ 74.8%€57,795above the sector's middle half▲ 190%€27,354above the sector's middle half▼ 52.7%€21,536within the sector's middle half▼ 21.3%
Equity€569,497-€634,094▲ 11.3%€719,417above the sector's middle half▲ 13.5%€798,529above the sector's middle half▲ 11.0%€818,492above the sector's middle half▲ 2.5%€876,287above the sector's middle half▲ 7.1%€903,641above the sector's middle half▲ 3.1%€925,177within the sector's middle half▲ 2.4%
Total assets€621,485-€699,745▲ 12.6%€783,865above the sector's middle half▲ 12.0%€832,867above the sector's middle half▲ 6.3%€879,923above the sector's middle half▲ 5.6%€941,956above the sector's middle half▲ 7.0%€986,777above the sector's middle half▲ 4.8%€965,887within the sector's middle half▼ 2.1%
Debt€51,988-€65,650▲ 26.3%€64,448▼ 1.8%€34,338▼ 46.7%€61,431▲ 78.9%€65,668▲ 6.9%€83,136▲ 26.6%€40,710▼ 51.0%
Working capital€570,418-€635,015▲ 11.3%€720,337above the sector's middle half▲ 13.4%€799,450above the sector's middle half▲ 11.0%€819,412above the sector's middle half▲ 2.5%€877,208above the sector's middle half▲ 7.1%€904,562above the sector's middle half▲ 3.1%€925,498above the sector's middle half▲ 2.3%
Solvency91.6%-90.6%▼ 1.0pp91.8%above the sector's middle half▲ 1.2pp95.9%above the sector's middle half▲ 4.1pp93.0%above the sector's middle half▼ 2.9pp93.0%above the sector's middle half=91.6%above the sector's middle half▼ 1.5pp95.8%above the sector's middle half▲ 4.2pp
Current ratio12.24-10.86▼ 1.3812.39above the sector's middle half▲ 1.5425.15above the sector's middle half▲ 12.7514.61above the sector's middle half▼ 10.5414.61above the sector's middle half=12.04above the sector's middle half▼ 2.5724.44above the sector's middle half▲ 12.40
Return on assets (ROA)4.4%-9.2%▲ 4.8pp10.9%within the sector's middle half▲ 1.7pp9.5%within the sector's middle half▼ 1.4pp2.3%within the sector's middle half▼ 7.2pp6.1%within the sector's middle half▲ 3.9pp2.8%within the sector's middle half▼ 3.4pp2.2%within the sector's middle half▼ 0.5pp
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 60% 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 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 €965,887
Fixed assets
€910 ▲ 193%
Current assets
€964,976 ▼ 2.2%
Equity and liabilities €965,887
Equity
€925,177 ▲ 2.4%
Debt
€40,710 ▼ 51.0%
Debt's share of the balance-sheet total falls from 8.4% to 4.2%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
0.04▼
2024 · 0.09
ROE
2.3%▼
2024 · 3.0%
Debt ≤ 1 year
€39,479▼
2024 · €81,905
Income taxes
€7,502▼
2024 · €48,163
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 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | - | - | €600 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | €4,773 | €3,794 | €4,680 | €4,414 | €4,179 | ▼ 5.3% |
| Gross operating margin9900 | €86,279 | €104,441 | €107,042 | €99,961 | €70,564 | €84,306 | €80,859 | €34,422 | ▼ 57.4% |
| Operating profit (loss)9901 | €79,611 | €100,294 | €106,992 | €95,188 | €66,770 | €79,625 | €76,445 | €30,243 | ▼ 60.4% |
| Financial charges65/66B | - | - | - | €846 | €924 | €3,350 | €928 | €1,205 | ▲ 29.8% |
| Recurring financial charges65 | €2,041 | €1,124 | €1,492 | €846 | €924 | €3,350 | €928 | €1,205 | ▲ 29.8% |
| Profit (loss) for the period before taxes9903 | €77,570 | €99,170 | €105,500 | €94,342 | €65,847 | €76,275 | €75,517 | €29,038 | ▼ 61.5% |
| Income taxes67/77 | €50,336 | €34,572 | €20,178 | €15,229 | €45,884 | €18,480 | €48,163 | €7,502 | ▼ 84.4% |
| Profit (loss) for the period9904 | €27,235 | €64,597 | €85,323 | €79,113 | €19,962 | €57,795 | €27,354 | €21,536 | ▼ 21.3% |
| Profit (loss) for the period to be appropriated9905 | €27,235 | €64,597 | €85,323 | €79,113 | €19,962 | €57,795 | €27,354 | €21,536 | ▼ 21.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €621,485 | €699,745 | €783,865 | €832,867 | €879,923 | €941,956 | €986,777 | €965,887 | ▼ 2.1% |
| Fixed assets21/28 | €310 | €310 | €310 | €310 | €310 | €310 | €310 | €910 | ▲ 193% |
| Financial fixed assets28 | €310 | €310 | €310 | €310 | €310 | €310 | €310 | €910 | ▲ 193% |
| Current assets29/58 | €621,174 | €699,434 | €783,554 | €832,557 | €879,613 | €941,645 | €986,467 | €964,976 | ▼ 2.2% |
| Amounts receivable within one year40/41 | €620,378 | €698,925 | €783,356 | €832,099 | €879,118 | €941,098 | €985,961 | €947,865 | ▼ 3.9% |
| Trade receivables40 | - | - | - | €7,642 | €566 | €5,404 | €564 | €564 | = |
| Other amounts receivable41 | - | - | - | €824,457 | €878,552 | €935,694 | €985,397 | €947,301 | ▼ 3.9% |
| Cash at bank and in hand54/58 | €797 | €509 | €199 | €458 | €495 | €547 | €505 | €17,111 | ▲ 34× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €621,485 | €699,745 | €783,865 | €832,867 | €879,923 | €941,956 | €986,777 | €965,887 | ▼ 2.1% |
| Equity10/15 | €569,497 | €634,094 | €719,417 | €798,529 | €818,492 | €876,287 | €903,641 | €925,177 | ▲ 2.4% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | - | - | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Issued capital100 | - | - | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Legal reserve130 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | €549,046 | €613,643 | €698,966 | €778,078 | €798,041 | €855,836 | €883,190 | €904,726 | ▲ 2.4% |
| Amounts payable17/49 | €51,988 | €65,650 | €64,448 | €34,338 | €61,431 | €65,668 | €83,136 | €40,710 | ▼ 51.0% |
| Amounts payable within one year42/48 | €50,757 | €64,419 | €63,217 | €33,107 | €60,200 | €64,437 | €81,905 | €39,479 | ▼ 51.8% |
| Financial debts43 | - | - | - | €19,674 | €20,202 | €19,943 | €20,210 | - | - |
| Credit institutions430/8 | - | - | - | €4,674 | €5,202 | €4,943 | €5,210 | - | - |
| Other loans439 | - | - | - | €15,000 | €15,000 | €15,000 | €15,000 | - | - |
| Trade debts44 | €30,773 | €6,735 | €4,164 | €11,055 | €7,596 | €11,520 | €5,228 | €1,538 | ▼ 70.6% |
| Suppliers440/4 | - | - | - | €11,055 | €7,596 | €11,520 | €5,228 | €1,538 | ▼ 70.6% |
| Taxes, remuneration and social security45 | - | - | - | €458 | €30,482 | €32,974 | €56,467 | €37,941 | ▼ 32.8% |
| Taxes450/3 | - | - | - | €458 | €30,482 | €32,974 | €56,467 | €37,941 | ▼ 32.8% |
| Other amounts payable47/48 | - | - | - | €1,920 | €1,920 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €1,231 | €1,231 | €1,231 | €1,231 | €1,231 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €27,235 | €64,597 | €85,323 | €79,113 | €19,962 | €57,795 | €27,354 | €21,536 | ▼ 21.3% |
| Operating cash flow (approximation) | €27,235 | €64,597 | €85,323 | €79,113 | €19,962 | €57,795 | €27,354 | €21,536 | ▼ 21.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | -€600 | - |
| Change in cash | - | -€288 | -€310 | €259 | €37 | €52 | -€42 | €16,606 | - |
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, 14,766 companies had the same profile as PLURAL has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PLURAL itself: 0.6% 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 14,766 companies, not a prediction for PLURAL. 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 50 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 02-07-2026 | 2026-00246057 | |
| 31-12-2024 | micro format | 09-07-2025 | 2025-00263479 | |
| 31-12-2023 | micro format | 10-10-2024 | 2024-00505035 | |
| 31-12-2022 | micro format | 23-08-2023 | 2023-00350645 | |
| 31-12-2021 | micro format | 19-08-2022 | 2022-20325946 | |
| 31-12-2020 | micro format | 28-10-2021 | 2021-75800022 | |
| 31-12-2019 | micro format | 23-11-2020 | 2020-72100416 | |
| 31-12-2018 | micro format | 27-08-2019 | 2019-55800098 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-60700096 | |
| 31-12-2016 | abbreviated format | 01-06-2018 | 2018-15600227 |