PROXY KORTESSEM
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 25 days after the deadline Filed on 25 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00422602.
Annual accounts 2025 filed on 25-08-2026 at the NBB all 5 filings
Turnover
≈ €3.0m
Estimated: probably between €2.4m and €4.0m
Total assets
€866,277▼ 7.1%
2024 · €932,584
Net result
€21,276▼ 77.8%
2024 · €95,934
Working capital
€199,043▲ 22.3%
2024 · €162,689
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€9,348
▼ 89.0%
2025
20212025
Net result
€21,276
▼ 77.8%
2025
middle half of the sector
20212025
Equity
-€64,559
▲ 24.8%
2025
lowest quarter of the sector
20212025
Total assets
€866,277
▼ 7.1%
2025
middle half of the sector
20212025
Debt
€930,836
▼ 8.6%
2025
20212025
Working capital
€199,043
▲ 22.3%
2025
middle half of the sector
20212025
Solvency
-7.5%
▲ 1.8pp
2025
lowest quarter of the sector
20212025
Current ratio
1.54
▲ 0.10
2025
middle half of the sector
20212025
Return on assets (ROA)
2.5%
▼ 7.8pp
2025
middle half of the sector
20212025
Staff (FTE)
7.7
=
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result-€0.2m--€0.2m▼ 6.2%-€0.02m▲ 92.7%€0.08m€0.009m▼ 89.0%
Net result-€0.2mbelow the sector's middle half--€0.2mbelow the sector's middle half▲ 3.0%€117below the sector's middle half€0.1mwithin the sector's middle half▲ 823×€0.02mwithin the sector's middle half▼ 77.8%
Equity€0.03mbelow the sector's middle half--€0.2mbelow the sector's middle half-€0.2mbelow the sector's middle half▲ 0.1%-€0.09mbelow the sector's middle half▲ 52.8%-€0.06mbelow the sector's middle half▲ 24.8%
Total assets€1.3mwithin the sector's middle half-€1.1mwithin the sector's middle half▼ 15.8%€1.0mwithin the sector's middle half▼ 9.3%€0.9mwithin the sector's middle half▼ 4.2%€0.9mwithin the sector's middle half▼ 7.1%
Debt€1.2m-€1.3m▲ 0.9%€1.2m▼ 8.0%€1.0m▼ 11.8%€0.9m▼ 8.6%
Working capital€0.3mwithin the sector's middle half-€0.2mwithin the sector's middle half▼ 44.7%€0.1mwithin the sector's middle half▼ 4.2%€0.2mwithin the sector's middle half▲ 10.1%€0.2mwithin the sector's middle half▲ 22.3%
Solvency2.4%below the sector's middle half--16.9%below the sector's middle half▼ 19.4pp-18.7%below the sector's middle half▼ 1.7pp-9.2%below the sector's middle half▲ 9.5pp-7.5%below the sector's middle half▲ 1.8pp
Current ratio1.95within the sector's middle half-1.49within the sector's middle half▼ 0.461.45within the sector's middle half▼ 0.031.44within the sector's middle half▼ 0.021.54within the sector's middle half▲ 0.10
Return on assets (ROA)-17.2%below the sector's middle half--19.8%below the sector's middle half▼ 2.6pp0.0%below the sector's middle half▲ 19.8pp10.3%within the sector's middle half▲ 10.3pp2.5%within the sector's middle half▼ 7.8pp
Staff (FTE)3.9within the sector's middle half-4.5within the sector's middle half▲ 15.4%5.5within the sector's middle half▲ 22.2%7.7above the sector's middle half▲ 40.0%7.7above the sector's middle half=
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 89% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €866,098
Fixed assets
€297,460 ▼ 25.2%
Current assets
€568,639 ▲ 6.5%
Equity and liabilities
Equity-€64,559
Debt€930,836
Equity is negative. Debt (€930,836) exceeds the balance-sheet total (€866,277).
Key figures and ratios
EBITDA
€110,550▼
2024 · €186,132
Cash flow
€122,478▼
2024 · €197,123
Quick ratio
0.99▲
2024 · 0.90
Interest coverage
9.13▼
2024 · 14.31
Debt ≤ 1 year
€369,596▼
2024 · €371,055
Debt > 1 year
€561,241▼
2024 · €639,854
Staff costs
€198,404▼
2024 · €211,110
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.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 4 | 9 | 19 | 10 |
| full-time | 3 | 3 | 4 | - | 1 |
| part-time | 2 | 1 | 5 | 19 | 9 |
| in full-time equivalents | 4.4 | 3.8 | 7.7 | 8.5 | 7.4 |
| Average over the year, in full-time equivalents | 3.9 | 4.5 | 5.5 | 7.7 | 7.7 |
| On a permanent contract | 4 | 4 | 4 | 6 | 6 |
| Joined | 220 | 129 | 7 | 64 | 201 |
| Left | 179 | 130 | 2 | 54 | 201 |
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 | €500,000 | €500,000 | €500,000 | €500,000 | €500,000 |
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 | €773,997 | - | - | - | - |
| Financial fixed assets | €118 | - | - | - | - |
| Depreciation and write-downs of the year | €77,466 | €101,189 | €101,189 | €101,189 | €101,201 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €2,500 awarded · €2,500 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €1,000 | €1,000 |
| 2024 | 1 | €1,000 | €1,000 |
| 2023 | 1 | €500 | €500 |
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €122,441 | €153,779 | €144,682 | €211,110 | €198,404 | ▼ 6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €77,466 | €101,189 | €101,189 | €101,189 | €101,201 | = |
| Other operating charges640/8 | €1,061 | €2,549 | €3,076 | €2,799 | €2,775 | ▼ 0.8% |
| Gross operating margin9900 | -€11,910 | €31,545 | €232,377 | €400,041 | €311,729 | ▼ 22.1% |
| Operating profit (loss)9901 | -€212,878 | -€225,972 | -€16,571 | €84,943 | €9,348 | ▼ 89.0% |
| Financial income75/76B | - | €24,000 | €30,238 | €24,000 | €24,032 | ▲ 0.1% |
| Recurring financial income75 | - | €24,000 | €30,238 | €24,000 | €24,032 | ▲ 0.1% |
| Financial charges65/66B | €6,350 | €10,686 | €13,551 | €13,009 | €12,104 | ▼ 7.0% |
| Recurring financial charges65 | €6,350 | €10,686 | €13,551 | €13,009 | €12,104 | ▼ 7.0% |
| Profit (loss) for the period before taxes9903 | -€219,228 | -€212,658 | €117 | €95,934 | €21,276 | ▼ 77.8% |
| Profit (loss) for the period9904 | -€219,228 | -€212,658 | €117 | €95,934 | €21,276 | ▼ 77.8% |
| Profit (loss) for the period to be appropriated9905 | -€219,228 | -€212,658 | €117 | €95,934 | €21,276 | ▼ 77.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.3m | €1.1m | €1.0m | €0.9m | €0.9m | ▼ 7.1% |
| Formation expenses20 | €0.005m | €0.004m | €0.002m | €0.001m | €179 | ▼ 86.7% |
| Fixed assets21/28 | €0.7m | €0.6m | €0.5m | €0.4m | €0.3m | ▼ 25.2% |
| Tangible fixed assets22/27 | €0.7m | €0.6m | €0.5m | €0.4m | €0.3m | ▼ 25.2% |
| Plant, machinery and equipment23 | €0.2m | €0.2m | €0.1m | €0.06m | €0.02m | ▼ 72.8% |
| Other tangible fixed assets26 | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 16.0% |
| Financial fixed assets28 | €118 | €118 | €118 | €118 | €118 | = |
| Current assets29/58 | €0.6m | €0.5m | €0.5m | €0.5m | €0.6m | ▲ 6.5% |
| Stocks and contracts in progress3 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 0.1% |
| Stocks30/36 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 0.1% |
| Amounts receivable within one year40/41 | €0.2m | €0.1m | €0.1m | €0.1m | €0.09m | ▼ 9.1% |
| Trade receivables40 | €0.2m | €0.1m | €0.1m | €0.09m | €0.09m | ▼ 1.5% |
| Other amounts receivable41 | €0.04m | €0.01m | €0.007m | €0.01m | €0.006m | ▼ 57.6% |
| Cash at bank and in hand54/58 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 19.2% |
| Deferred charges and accrued income490/1 | €0.005m | €0.006m | €0.006m | €0.006m | €0.006m | ▲ 4.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.3m | €1.1m | €1.0m | €0.9m | €0.9m | ▼ 7.1% |
| Equity10/15 | €0.03m | -€0.2m | -€0.2m | -€0.09m | -€0.06m | ▲ 24.8% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Profit (loss) carried forward14 | -€0.2m | -€0.4m | -€0.4m | -€0.3m | -€0.3m | ▲ 6.3% |
| Amounts payable17/49 | €1.2m | €1.3m | €1.2m | €1.0m | €0.9m | ▼ 8.6% |
| Amounts payable after more than one year17 | €1.0m | €0.9m | €0.8m | €0.6m | €0.6m | ▼ 12.3% |
| Financial debts170/4 | €0.6m | €0.6m | €0.5m | €0.4m | €0.3m | ▼ 22.9% |
| Trade debts175 | €0.3m | €0.4m | €0.4m | €0.3m | €0.3m | ▲ 3.2% |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | ▼ 0.4% |
| Current portion of amounts payable after more than one year42 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | ▲ 0.5% |
| Trade debts44 | €0.1m | €0.08m | €0.05m | €0.07m | €0.03m | ▼ 54.3% |
| Suppliers440/4 | €0.1m | €0.08m | €0.05m | €0.07m | €0.03m | ▼ 54.3% |
| Taxes, remuneration and social security45 | €0.02m | €0.03m | €0.03m | €0.04m | €0.04m | ▼ 3.4% |
| Remuneration and social security454/9 | €0.02m | €0.03m | €0.03m | €0.04m | €0.04m | ▼ 3.4% |
| Other amounts payable47/48 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 17.5% |
| Accrued charges and deferred income492/3 | - | €0.002m | €0.005m | €0.008m | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€219,228 | -€212,658 | €117 | €95,934 | €21,276 | ▼ 77.8% |
| + Depreciation and write-downs630 | €77,466 | €101,189 | €101,189 | €101,189 | €101,201 | = |
| Operating cash flow (approximation) | -€141,762 | -€111,469 | €101,306 | €197,123 | €122,478 | ▼ 37.9% |
| Investment in fixed assets (approximation) | - | -€1,152 | -€1,152 | -€1,152 | -€1,164 | ▼ 1.0% |
| Change in cash | - | -€28,077 | €7,818 | €58,680 | €43,413 | ▼ 26.0% |
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, 906 companies had the same profile as PROXY KORTESSEM has now. Two years later, 89.4% were still going and 6.1% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a profit under 5% of the balance sheet
89.4%
was still going
4.1%
stopped otherwise
6.1%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PROXY KORTESSEM itself: 1.2% 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 906 companies, not a prediction for PROXY KORTESSEM. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 25-08-2026 | 2026-00422602 | |
| 31-12-2024 | abbreviated format | 29-08-2025 | 2025-00443941 | |
| 31-12-2023 | abbreviated format | 22-08-2024 | 2024-00365596 | |
| 31-12-2022 | abbreviated format | 29-08-2023 | 2023-00432922 | |
| 31-12-2021 | abbreviated format | 25-08-2022 | 2022-20342111 |