PROBEAU
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 6 filings
Turnover
≈ €3.8m
Estimated: probably between €3.0m and €5.2m
EBIT margin
Not included in this filing
Net result
-€46,862
2024 · €39,112
Working capital
-€40,270▲ 18.8%
2024 · -€49,616
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
-€26,984
2025
20202025
Net result
-€46,862
2025
lowest quarter of the sector
20202025
Equity
€66,965
▼ 41.2%
2025
middle half of the sector
20202025
Total assets
€1.0m
▼ 6.1%
2025
middle half of the sector
20202025
Debt
€940,175
▼ 1.9%
2025
20202025
Working capital
-€40,270
▲ 18.8%
2025
lowest quarter of the sector
20202025
Solvency
6.6%
▼ 4.0pp
2025
lowest quarter of the sector
20202025
Current ratio
0.93
▲ 0.03
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
-4.7%
▼ 8.3pp
2025
lowest quarter of the sector
20202025
Staff (FTE)
11.3
▲ 8.7%
2025
highest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result-€0.08m-€0.09m€0.04m▼ 57.7%-€0.06m€0.06m-€0.03m
Net result-€0.08mbelow the sector's middle half-€0.08mwithin the sector's middle half€0.01mwithin the sector's middle half▼ 84.0%-€0.08mbelow the sector's middle half€0.04mwithin the sector's middle half-€0.05mbelow the sector's middle half
Equity€0.07mwithin the sector's middle half-€0.1mwithin the sector's middle half▲ 113%€0.2mwithin the sector's middle half▲ 8.5%€0.07mwithin the sector's middle half▼ 52.4%€0.1mwithin the sector's middle half▲ 52.3%€0.07mwithin the sector's middle half▼ 41.2%
Total assets€1.5mwithin the sector's middle half-€1.5mwithin the sector's middle half▲ 2.6%€1.4mwithin the sector's middle half▼ 5.3%€1.2mwithin the sector's middle half▼ 18.3%€1.1mwithin the sector's middle half▼ 9.3%€1.0mwithin the sector's middle half▼ 6.1%
Debt€1.4m-€1.4m▼ 2.7%€1.3m▼ 6.8%€1.1m▼ 14.2%€1.0m▼ 13.5%€0.9m▼ 1.9%
Working capital-€0.2mbelow the sector's middle half--€0.09mbelow the sector's middle half▲ 54.0%-€0.1mbelow the sector's middle half▼ 39.2%-€0.1mbelow the sector's middle half▼ 22.7%-€0.05mbelow the sector's middle half▲ 66.4%-€0.04mbelow the sector's middle half▲ 18.8%
Solvency4.6%below the sector's middle half-9.5%below the sector's middle half▲ 4.9pp10.8%below the sector's middle half▲ 1.4pp6.3%below the sector's middle half▼ 4.5pp10.6%below the sector's middle half▲ 4.3pp6.6%below the sector's middle half▼ 4.0pp
Current ratio0.74below the sector's middle half-0.86below the sector's middle half▲ 0.130.82below the sector's middle half▼ 0.040.74below the sector's middle half▼ 0.080.90below the sector's middle half▲ 0.160.93below the sector's middle half▲ 0.03
Return on assets (ROA)-5.5%below the sector's middle half-5.0%within the sector's middle half▲ 10.5pp0.8%within the sector's middle half▼ 4.2pp-6.9%below the sector's middle half▼ 7.8pp3.6%within the sector's middle half▲ 10.6pp-4.7%below the sector's middle half▼ 8.3pp
Staff (FTE)10within the sector's middle half-11.3within the sector's middle half▲ 13.0%12.4within the sector's middle half▲ 9.7%10.4within the sector's middle half▼ 16.1%10.4within the sector's middle half=11.3above the sector's middle half▲ 8.7%
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 loss of €26,984, after a profit of €62,750 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €989,350
Fixed assets
€484,262 ▼ 18.2%
Current assets
€505,088 ▲ 15.6%
Equity and liabilities €1.0m
Equity
€66,965 ▼ 41.2%
Debt
€940,175 ▼ 1.9%
Debt's share of the balance-sheet total rises from 89.4% to 93.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€106,123▼
2024 · €199,669
Cash flow
€86,246▼
2024 · €176,030
Quick ratio
0.46▲
2024 · 0.37
Debt to equity
14.04▲
2024 · 8.42
ROE
-70.0%▼
2024 · 34.4%
Interest coverage
5.34▼
2024 · 9.08
Debt ≤ 1 year
€545,358▲
2024 · €486,585
Debt > 1 year
€345,894▼
2024 · €432,703
Income taxes
€328▼
2024 · €379
Staff costs
€288,901▲
2024 · €260,902
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 16 | 13 | 13 | 12 | 12 |
| full-time | 10 | 8 | 8 | 9 | 9 |
| part-time | 6 | 5 | 5 | 3 | 3 |
| in full-time equivalents | 12.9 | 10.5 | 10.5 | 10.5 | 10.5 |
| Average over the year, in full-time equivalents | 11.3 | 12.4 | 10.4 | 10.4 | 11.3 |
| On a permanent contract | 9 | 9 | 9 | 7 | 7 |
| Joined | 18 | 10 | 9 | - | 12 |
| Left | 15 | 13 | 9 | - | 12 |
| Training hours | - | - | - | - | 6,703 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €825,232 | €684,045 | €601,742 | €517,972 | €432,703 |
| Pledge on the business | - | - | €728,000 | €728,000 | €728,000 |
| Carrying value of the other pledged assets | €733,190 | €768,279 | €735,488 | €0 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €138,859 | €1,065 | €7,345 | €2,675 | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €122,639 | €126,986 | €136,097 | €136,918 | €133,107 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €1,430 | €4,545 | €293 | €2,999 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | €340,791 | €319,568 | €296,941 | €260,902 | €288,901 | ▲ 10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €32,063 | €122,639 | €126,986 | €136,097 | €136,918 | €133,107 | ▼ 2.8% |
| Other operating charges640/8 | - | €3,983 | €2,348 | €4,683 | €4,327 | €5,547 | ▲ 28.2% |
| Non-recurring operating charges66A | - | €10,230 | €5,848 | €2,865 | €1,444 | €0 | ▼ 100% |
| Gross operating margin9900 | €2,403 | €566,136 | €492,205 | €380,887 | €466,341 | €400,571 | ▼ 14.1% |
| Operating profit (loss)9901 | -€78,845 | €88,493 | €37,454 | -€59,698 | €62,750 | -€26,984 | - |
| Financial income75/76B | - | €16,823 | €42 | €111 | €22 | €312 | ▲ 14× |
| Recurring financial income75 | €10,234 | €16,823 | €42 | €111 | €22 | €312 | ▲ 14× |
| Financial charges65/66B | - | €28,479 | €24,971 | €22,183 | €23,282 | €19,862 | ▼ 14.7% |
| Recurring financial charges65 | €13,516 | €28,479 | €24,971 | €22,183 | €21,998 | €19,862 | ▼ 9.7% |
| Non-recurring financial charges66B | - | - | - | - | €1,284 | €0 | ▼ 100% |
| Profit (loss) for the period before taxes9903 | -€82,127 | €76,838 | €12,524 | -€81,770 | €39,491 | -€46,534 | - |
| Income taxes67/77 | - | €159 | €261 | €330 | €379 | €328 | ▼ 13.6% |
| Profit (loss) for the period9904 | -€82,127 | €76,678 | €12,263 | -€82,100 | €39,112 | -€46,862 | - |
| Profit (loss) for the period to be appropriated9905 | -€82,127 | €76,678 | €12,263 | -€82,100 | €39,112 | -€46,862 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €1.5m | €1.5m | €1.4m | €1.2m | €1.1m | €1.0m | ▼ 6.1% |
| Formation expenses20 | €0.09m | €0.07m | €0.1m | €0.07m | €0.04m | €0.02m | ▼ 58.6% |
| Fixed assets21/28 | €0.9m | €0.9m | €0.8m | €0.7m | €0.6m | €0.5m | ▼ 18.2% |
| Tangible fixed assets22/27 | €0.9m | €0.9m | €0.8m | €0.7m | €0.6m | €0.5m | ▼ 18.2% |
| Plant, machinery and equipment23 | - | €0.4m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 17.8% |
| Furniture and vehicles24 | - | €0.04m | €0.04m | €0.03m | €0.02m | €0.008m | ▼ 49.9% |
| Other tangible fixed assets26 | - | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 16.9% |
| Current assets29/58 | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.5m | ▲ 15.6% |
| Stocks and contracts in progress3 | €0.3m | €0.3m | €0.3m | €0.2m | €0.3m | €0.3m | ▼ 0.5% |
| Stocks30/36 | - | €0.3m | €0.3m | €0.2m | €0.3m | €0.3m | ▼ 0.5% |
| Amounts receivable within one year40/41 | €0.07m | €0.06m | €0.1m | €0.04m | €0.05m | €0.08m | ▲ 73.5% |
| Trade receivables40 | - | €0.002m | €0.05m | €0.001m | €0.002m | €0.03m | ▲ 13× |
| Other amounts receivable41 | - | €0.06m | €0.07m | €0.03m | €0.04m | €0.05m | ▲ 14.0% |
| Cash at bank and in hand54/58 | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | ▲ 26.4% |
| Deferred charges and accrued income490/1 | - | €0.04m | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 27.0% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €1.5m | €1.5m | €1.4m | €1.2m | €1.1m | €1.0m | ▼ 6.1% |
| Equity10/15 | €0.07m | €0.1m | €0.2m | €0.07m | €0.1m | €0.07m | ▼ 41.2% |
| Contributions10/11 | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | - | - | €0.007m | €0 | - | - | - |
| Distributable reserves133 | - | - | €0.007m | €0 | - | - | - |
| Profit (loss) carried forward14 | -€0.08m | -€0.005m | - | -€0.08m | -€0.04m | -€0.08m | ▼ 130% |
| Amounts payable17/49 | €1.4m | €1.4m | €1.3m | €1.1m | €1.0m | €0.9m | ▼ 1.9% |
| Amounts payable after more than one year17 | €0.7m | €0.7m | €0.6m | €0.5m | €0.4m | €0.3m | ▼ 20.1% |
| Financial debts170/4 | - | €0.7m | €0.6m | €0.5m | €0.4m | €0.3m | ▼ 20.1% |
| Other amounts payable178/9 | - | €0.06m | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.7m | €0.6m | €0.7m | €0.6m | €0.5m | €0.5m | ▲ 12.1% |
| Current portion of amounts payable after more than one year42 | - | €0.09m | €0.08m | €0.08m | €0.09m | €0.09m | ▲ 1.8% |
| Financial debts43 | - | €0.002m | €0.002m | €0.002m | €0 | €0.01m | - |
| Credit institutions430/8 | - | €0.002m | €0.002m | €0.002m | €0 | €0.01m | - |
| Trade debts44 | €0.6m | €0.4m | €0.5m | €0.4m | €0.4m | €0.4m | ▲ 11.0% |
| Suppliers440/4 | - | €0.4m | €0.5m | €0.4m | €0.4m | €0.4m | ▲ 11.0% |
| Advances received on contracts in progress46 | - | €0.001m | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | €0.03m | €0.06m | €0.03m | €0.03m | €0.04m | ▲ 19.2% |
| Taxes450/3 | - | €0.004m | €0.009m | €0.001m | €0.003m | €0.001m | ▼ 81.7% |
| Remuneration and social security454/9 | - | €0.03m | €0.05m | €0.03m | €0.03m | €0.04m | ▲ 30.0% |
| Other amounts payable47/48 | - | €0.09m | - | €314 | €144 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | €0.01m | €0.02m | €0.03m | €0.04m | €0.05m | ▲ 25.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€82,127 | €76,678 | €12,263 | -€82,100 | €39,112 | -€46,862 | - |
| + Depreciation and write-downs630 | €32,063 | €122,639 | €126,986 | €136,097 | €136,918 | €133,107 | ▼ 2.8% |
| Operating cash flow (approximation) | -€50,064 | €199,318 | €139,249 | €53,996 | €176,030 | €86,246 | ▼ 51.0% |
| Investment in fixed assets (approximation) | - | -€157,885 | -€20,271 | -€35,356 | -€30,686 | -€25,160 | ▲ 18.0% |
| Change in cash | - | €29,078 | -€45,070 | €10,502 | -€40,593 | €32,261 | - |
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, 819 companies had the same profile as PROBEAU has now. Two years later, 94.7% were still going and 1.8% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency under 10%
- a small loss
94.7%
was still going
3.2%
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 PROBEAU itself: 1.6% 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 819 companies, not a prediction for PROBEAU. 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 | abbreviated format | 30-07-2026 | 2026-00355424 | |
| 31-12-2024 | full format | 31-07-2025 | 2025-00361309 | |
| 31-12-2023 | full format | 01-07-2024 | 2024-00185223 | |
| 31-12-2022 | full format | 24-07-2023 | 2023-00260627 | |
| 31-12-2021 | full format | 04-07-2022 | 2022-20122884 | |
| 31-12-2020 | full format | 30-07-2021 | 2021-44900437 |