PRO23
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 30 days after the deadline Filed on 30 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00459851.
Annual accounts 2025 filed on 30-08-2026 at the NBB all 6 filings
Turnover
≈ €290,000
Estimated: probably between €220,000 and €350,000
Total assets
€77,597▲ 46.3%
2024 · €53,055
Net result
€6,051▼ 47.4%
2024 · €11,507
Working capital
-€13,291▲ 25.4%
2024 · -€17,821
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€12,644
▼ 12.9%
2025
20202025
Net result
€6,051
▼ 47.4%
2025
middle half of the sector
20202025
Equity
€14,591
▲ 70.9%
2025
middle half of the sector
20202025
Total assets
€77,597
▲ 46.3%
2025
middle half of the sector
20202025
Debt
€63,006
▲ 41.5%
2025
20202025
Working capital
-€13,291
▲ 25.4%
2025
middle half of the sector
20202025
Solvency
18.8%
▲ 2.7pp
2025
middle half of the sector
20202025
Current ratio
0.79
▲ 0.19
2025
middle half of the sector
20202025
Return on assets (ROA)
7.8%
▼ 13.9pp
2025
middle half of the sector
20202025
Staff (FTE)
2.2
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result-€15,188-€1,127-€2,867€9,771€14,517▲ 48.6%€12,644▼ 12.9%
Net result-€15,267below the sector's middle half-€951within the sector's middle half-€2,977within the sector's middle half€9,325within the sector's middle half€11,507within the sector's middle half▲ 23.4%€6,051within the sector's middle half▼ 47.4%
Equity-€10,267below the sector's middle half--€9,316below the sector's middle half▲ 9.3%-€12,293below the sector's middle half▼ 32.0%-€2,968within the sector's middle half▲ 75.9%€8,539within the sector's middle half€14,591within the sector's middle half▲ 70.9%
Total assets€17,622below the sector's middle half-€9,668below the sector's middle half▼ 45.1%€3,962below the sector's middle half▼ 59.0%€38,597below the sector's middle half▲ 874%€53,055within the sector's middle half▲ 37.5%€77,597within the sector's middle half▲ 46.3%
Debt€27,888-€18,984▼ 31.9%€16,255▼ 14.4%€41,564▲ 156%€44,515▲ 7.1%€63,006▲ 41.5%
Working capital-€20,710within the sector's middle half--€9,805within the sector's middle half▲ 52.7%-€12,580within the sector's middle half▼ 28.3%-€29,448within the sector's middle half▼ 134%-€17,821within the sector's middle half▲ 39.5%-€13,291within the sector's middle half▲ 25.4%
Solvency-58.3%below the sector's middle half--96.4%below the sector's middle half▼ 38.1pp-7.7%below the sector's middle half16.1%within the sector's middle half▲ 23.8pp18.8%within the sector's middle half▲ 2.7pp
Current ratio0.26below the sector's middle half-0.48below the sector's middle half▲ 0.230.29below the sector's middle half0.60within the sector's middle half▲ 0.310.79within the sector's middle half▲ 0.19
Return on assets (ROA)-86.6%below the sector's middle half-9.8%within the sector's middle half▲ 96.5pp24.2%above the sector's middle half21.7%above the sector's middle half▼ 2.5pp7.8%within the sector's middle half▼ 13.9pp
Staff (FTE)0.4below the sector's middle half-0.5▲ 25.0%2.2
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 13% lower than in 2024.
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 €77,597
Fixed assets
€27,882 ▲ 5.8%
Current assets
€49,715 ▲ 86.2%
Equity and liabilities €77,597
Equity
€14,591 ▲ 70.9%
Debt
€63,006 ▲ 41.5%
Debt's share of the balance-sheet total falls from 83.9% to 81.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€20,394▼
2024 · €20,713
Cash flow
€13,801▼
2024 · €17,703
Quick ratio
0.67▲
2024 · 0.45
Debt to equity
4.32▼
2024 · 5.21
ROE
41.5%▼
2024 · 134.8%
Interest coverage
5.86▼
2024 · 8.85
Debt ≤ 1 year
€63,006▲
2024 · €44,515
Income taxes
€3,188▲
2024 · €669
Staff costs
€58,583
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2025 |
|---|---|---|
| Employees at the balance-sheet date | - | 3 |
| full-time | - | 1 |
| part-time | - | 2 |
| in full-time equivalents | - | 1.7 |
| Average over the year, in full-time equivalents | 0.3 | 2.2 |
| Joined | 0 | 4 |
| Left | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,208 | €0 | €23,950 | €6,076 | €9,272 |
| Intangible fixed assets | - | - | €3,000 | €0 | €0 |
| Depreciation and write-downs of the year | €119 | €203 | €756 | €6,196 | €7,750 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €4,309 | - | - | - | €58,583 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,758 | €119 | €203 | €756 | €6,196 | €7,750 | ▲ 25.1% |
| Other operating charges640/8 | - | €27 | - | €636 | - | €621 | - |
| Gross operating margin9900 | -€6,007 | €5,582 | -€2,664 | €11,164 | €20,713 | €79,599 | ▲ 284% |
| Operating profit (loss)9901 | -€15,188 | €1,127 | -€2,867 | €9,771 | €14,517 | €12,644 | ▼ 12.9% |
| Financial income75/76B | - | €42 | - | - | €0 | €78 | - |
| Recurring financial income75 | €62 | €42 | - | - | €0 | €78 | - |
| Financial charges65/66B | - | €218 | €110 | €446 | €2,341 | €3,483 | ▲ 48.8% |
| Recurring financial charges65 | €140 | €218 | €110 | €446 | €2,341 | €3,483 | ▲ 48.8% |
| Profit (loss) for the period before taxes9903 | -€15,267 | €951 | -€2,977 | €9,325 | €12,176 | €9,239 | ▼ 24.1% |
| Income taxes67/77 | - | - | - | - | €669 | €3,188 | ▲ 377% |
| Profit (loss) for the period9904 | -€15,267 | €951 | -€2,977 | €9,325 | €11,507 | €6,051 | ▼ 47.4% |
| Profit (loss) for the period to be appropriated9905 | -€15,267 | €951 | -€2,977 | €9,325 | €11,507 | €6,051 | ▼ 47.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €17,622 | €9,668 | €3,962 | €38,597 | €53,055 | €77,597 | ▲ 46.3% |
| Fixed assets21/28 | €10,443 | €489 | €287 | €26,480 | €26,360 | €27,882 | ▲ 5.8% |
| Intangible fixed assets21 | - | - | - | €2,999 | €2,549 | €2,099 | ▼ 17.7% |
| Tangible fixed assets22/27 | €10,443 | €489 | €287 | €23,482 | €23,812 | €25,783 | ▲ 8.3% |
| Plant, machinery and equipment23 | - | €0 | - | €16,402 | €16,230 | €19,114 | ▲ 17.8% |
| Furniture and vehicles24 | - | €489 | €287 | €7,080 | €5,596 | €4,196 | ▼ 25.0% |
| Other tangible fixed assets26 | - | €0 | - | - | €1,986 | €2,473 | ▲ 24.5% |
| Current assets29/58 | €7,179 | €9,179 | €3,676 | €12,116 | €26,694 | €49,715 | ▲ 86.2% |
| Amounts receivable after more than one year29 | - | €300 | - | - | - | - | - |
| Other amounts receivable291 | - | €300 | - | - | - | - | - |
| Stocks and contracts in progress3 | - | - | - | - | €6,445 | €7,687 | ▲ 19.3% |
| Stocks30/36 | - | - | - | - | €6,445 | €7,687 | ▲ 19.3% |
| Amounts receivable within one year40/41 | €1,976 | €3,400 | €3,123 | €11,410 | €8,167 | €20,658 | ▲ 153% |
| Trade receivables40 | - | €3,000 | €3,000 | €7,157 | €1,469 | €11,699 | ▲ 696% |
| Other amounts receivable41 | - | €400 | €123 | €4,253 | €6,698 | €8,960 | ▲ 33.8% |
| Cash at bank and in hand54/58 | €4,903 | €5,479 | €552 | €706 | €12,082 | €21,370 | ▲ 76.9% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €17,622 | €9,668 | €3,962 | €38,597 | €53,055 | €77,597 | ▲ 46.3% |
| Equity10/15 | -€10,267 | -€9,316 | -€12,293 | -€2,968 | €8,539 | €14,591 | ▲ 70.9% |
| Contributions10/11 | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | - | - | - | - | €3,500 | €9,500 | ▲ 171% |
| Distributable reserves133 | - | - | - | - | €3,500 | €9,500 | ▲ 171% |
| Profit (loss) carried forward14 | -€15,267 | -€14,316 | -€17,293 | -€7,968 | €39 | €91 | ▲ 130% |
| Amounts payable17/49 | €27,888 | €18,984 | €16,255 | €41,564 | €44,515 | €63,006 | ▲ 41.5% |
| Amounts payable within one year42/48 | €27,888 | €18,984 | €16,255 | €41,564 | €44,515 | €63,006 | ▲ 41.5% |
| Trade debts44 | €3,229 | €261 | €128 | €7,434 | €21,936 | €38,567 | ▲ 75.8% |
| Suppliers440/4 | - | €261 | €128 | €7,434 | €21,936 | €38,567 | ▲ 75.8% |
| Taxes, remuneration and social security45 | - | €0 | - | €327 | €669 | €20,848 | ▲ 31× |
| Taxes450/3 | - | €0 | - | €327 | €669 | €6,137 | ▲ 818% |
| Remuneration and social security454/9 | - | €0 | - | - | - | €14,711 | - |
| Other amounts payable47/48 | - | €18,723 | €16,127 | €33,803 | €21,910 | €3,590 | ▼ 83.6% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€15,267 | €951 | -€2,977 | €9,325 | €11,507 | €6,051 | ▼ 47.4% |
| + Depreciation and write-downs630 | €1,758 | €119 | €203 | €756 | €6,196 | €7,750 | ▲ 25.1% |
| Operating cash flow (approximation) | -€13,509 | €1,070 | -€2,774 | €10,082 | €17,703 | €13,801 | ▼ 22.0% |
| Investment in fixed assets (approximation) | - | €9,835 | €0 | -€26,950 | -€6,076 | -€9,272 | ▼ 52.6% |
| Change in cash | - | €576 | -€4,926 | €153 | €11,376 | €9,288 | ▼ 18.4% |
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, 6,713 companies had the same profile as PRO23 has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PRO23 itself: 1.9% 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 6,713 companies, not a prediction for PRO23. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-08-2026 | 2026-00459851 | |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00475089 | |
| 31-12-2023 | micro format | 13-08-2024 | 2024-00349725 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00435538 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20398837 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-66400088 |