Qi2B
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 05-02-2026 PDF all 13 filings
Turnover
≈ €300,000
Estimated: probably between €160,000 and €570,000
Total assets
€729,384▲ 2.3%
2024 · €712,984
Net result
€1,854▼ 34.4%
2024 · €2,825
Working capital
-€65,449▲ 9.4%
2024 · -€72,233
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€11,117
▼ 37.4%
2025
20192025
Net result
€1,854
▼ 34.4%
2025
middle half of the sector
20192025
Equity
€107,371
▲ 1.8%
2025
middle half of the sector
20192025
Total assets
€729,384
▲ 2.3%
2025
highest quarter of the sector
20192025
Debt
€622,013
▲ 2.4%
2025
20192025
Working capital
-€65,449
▲ 9.4%
2025
lowest quarter of the sector
20192025
Solvency
14.7%
▼ 0.1pp
2025
middle half of the sector
20192025
Current ratio
0.67
▲ 0.14
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
0.3%
▼ 0.1pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€5,761-€52,619▲ 813%€28,431▼ 46.0%€20,261▼ 28.7%€77,735▲ 284%€17,765▼ 77.1%€11,117▼ 37.4%
Net result€3,119-€30,264above the sector's middle half▲ 870%€7,306within the sector's middle half▼ 75.9%€1,199within the sector's middle half▼ 83.6%€45,897above the sector's middle half▲ 38×€2,825within the sector's middle half▼ 93.8%€1,854within the sector's middle half▼ 34.4%
Equity€18,026-€48,290within the sector's middle half▲ 168%€55,597within the sector's middle half▲ 15.1%€56,795within the sector's middle half▲ 2.2%€102,692within the sector's middle half▲ 80.8%€105,517within the sector's middle half▲ 2.8%€107,371within the sector's middle half▲ 1.8%
Total assets€299,380-€688,547above the sector's middle half▲ 130%€826,529above the sector's middle half▲ 20.0%€743,775above the sector's middle half▼ 10.0%€726,167above the sector's middle half▼ 2.4%€712,984above the sector's middle half▼ 1.8%€729,384above the sector's middle half▲ 2.3%
Debt€281,354-€640,257▲ 128%€770,932▲ 20.4%€686,980▼ 10.9%€623,475▼ 9.2%€607,467▼ 2.6%€622,013▲ 2.4%
Working capital-€5,703--€49,565below the sector's middle half▼ 769%-€139,665below the sector's middle half▼ 182%-€132,382below the sector's middle half▲ 5.2%-€80,514below the sector's middle half▲ 39.2%-€72,233below the sector's middle half▲ 10.3%-€65,449below the sector's middle half▲ 9.4%
Solvency6.0%-7.0%below the sector's middle half▲ 1.0pp6.7%below the sector's middle half▼ 0.3pp7.6%within the sector's middle half▲ 0.9pp14.1%within the sector's middle half▲ 6.5pp14.8%within the sector's middle half▲ 0.7pp14.7%within the sector's middle half▼ 0.1pp
Current ratio0.94-0.37below the sector's middle half▼ 0.570.41below the sector's middle half▲ 0.040.26below the sector's middle half▼ 0.150.44below the sector's middle half▲ 0.170.53below the sector's middle half▲ 0.100.67below the sector's middle half▲ 0.14
Return on assets (ROA)1.0%-4.4%within the sector's middle half▲ 3.4pp0.9%within the sector's middle half▼ 3.5pp0.2%within the sector's middle half▼ 0.7pp6.3%within the sector's middle half▲ 6.2pp0.4%within the sector's middle half▼ 5.9pp0.3%within the sector's middle half▼ 0.1pp
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 37% 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 €729,384
Fixed assets
€598,429 ▼ 5.2%
Current assets
€130,955 ▲ 60.2%
Equity and liabilities €729,384
Equity
€107,371 ▲ 1.8%
Debt
€622,013 ▲ 2.4%
Debt's share of the balance-sheet total rises from 85.2% to 85.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€43,921▼
2024 · €50,569
Cash flow
€34,658▼
2024 · €35,629
Debt to equity
5.79▲
2024 · 5.76
ROE
1.7%▼
2024 · 2.7%
Interest coverage
4.74▼
2024 · 5.09
Debt ≤ 1 year
€196,404▲
2024 · €153,984
Debt > 1 year
€425,609▼
2024 · €453,483
Income taxes
€0▼
2024 · €5,000
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €102,249 | €392 | - | - | - |
| Intangible fixed assets | €0 | - | - | - | - |
| Financial fixed assets | €0 | - | - | - | - |
| Depreciation and write-downs of the year | €32,804 | €32,804 | €32,804 | €32,804 | €32,804 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €41,338 | €52,222 | €32,804 | €32,804 | €32,804 | €32,804 | €32,804 | = |
| Other operating charges640/8 | - | €0 | €921 | €96 | €795 | €2,805 | €2,067 | ▼ 26.3% |
| Gross operating margin9900 | €48,170 | €104,841 | €62,155 | €53,161 | €111,334 | €53,374 | €45,988 | ▼ 13.8% |
| Operating profit (loss)9901 | €5,761 | €52,619 | €28,431 | €20,261 | €77,735 | €17,765 | €11,117 | ▼ 37.4% |
| Financial charges65/66B | - | €6,355 | €9,104 | €10,742 | €10,299 | €9,940 | €9,263 | ▼ 6.8% |
| Recurring financial charges65 | €2,643 | €6,355 | €9,104 | €10,742 | €10,299 | €9,940 | €9,263 | ▼ 6.8% |
| Profit (loss) for the period before taxes9903 | €3,119 | €46,264 | €19,327 | €9,519 | €67,436 | €7,825 | €1,854 | ▼ 76.3% |
| Income taxes67/77 | - | €16,000 | €12,021 | €8,320 | €21,539 | €5,000 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €3,119 | €30,264 | €7,306 | €1,199 | €45,897 | €2,825 | €1,854 | ▼ 34.4% |
| Profit (loss) for the period to be appropriated9905 | €3,119 | €30,264 | €7,306 | €1,199 | €45,897 | €2,825 | €1,854 | ▼ 34.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €299,380 | €688,547 | €826,529 | €743,775 | €726,167 | €712,984 | €729,384 | ▲ 2.3% |
| Fixed assets21/28 | €213,750 | €659,807 | €729,252 | €696,840 | €664,037 | €631,233 | €598,429 | ▼ 5.2% |
| Tangible fixed assets22/27 | €213,750 | €659,807 | €729,252 | €696,840 | €664,037 | €631,233 | €598,429 | ▼ 5.2% |
| Land and buildings22 | - | €659,807 | €729,252 | €696,840 | €664,037 | €631,233 | €598,429 | ▼ 5.2% |
| Current assets29/58 | €85,630 | €28,740 | €97,277 | €46,935 | €62,130 | €81,751 | €130,955 | ▲ 60.2% |
| Amounts receivable within one year40/41 | €53,138 | €9 | €93,475 | €43,234 | €61,199 | €81,024 | €124,708 | ▲ 53.9% |
| Trade receivables40 | - | €0 | €90,000 | €43,229 | €61,198 | €81,023 | €124,669 | ▲ 53.9% |
| Other amounts receivable41 | - | €9 | €3,475 | €5 | €1 | €1 | €39 | ▲ 28× |
| Cash at bank and in hand54/58 | €32,492 | €28,731 | €3,802 | €3,701 | €931 | €726 | €6,247 | ▲ 760% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €299,380 | €688,547 | €826,529 | €743,775 | €726,167 | €712,984 | €729,384 | ▲ 2.3% |
| Equity10/15 | €18,026 | €48,290 | €55,597 | €56,795 | €102,692 | €105,517 | €107,371 | ▲ 1.8% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €4,979 | €35,890 | €43,197 | €44,395 | €90,292 | €93,117 | €94,971 | ▲ 2.0% |
| Non-distributable reserves130/1 | - | €2,860 | €2,860 | €2,860 | €2,860 | €2,860 | €2,860 | = |
| Reserves not available under the articles1311 | - | €2,860 | €2,860 | €2,860 | €2,860 | €2,860 | €2,860 | = |
| Distributable reserves133 | - | €33,030 | €40,337 | €41,535 | €87,432 | €90,257 | €92,111 | ▲ 2.1% |
| Profit (loss) carried forward14 | €647 | €0 | €0 | - | - | - | - | - |
| Amounts payable17/49 | €281,354 | €640,257 | €770,932 | €686,980 | €623,475 | €607,467 | €622,013 | ▲ 2.4% |
| Amounts payable after more than one year17 | €190,021 | €561,952 | €533,991 | €507,664 | €480,831 | €453,483 | €425,609 | ▼ 6.1% |
| Financial debts170/4 | - | €561,952 | €533,991 | €507,664 | €480,831 | €453,483 | €425,609 | ▼ 6.1% |
| Amounts payable within one year42/48 | €91,333 | €78,305 | €236,942 | €179,317 | €142,644 | €153,984 | €196,404 | ▲ 27.5% |
| Current portion of amounts payable after more than one year42 | - | €25,304 | €25,831 | €26,321 | €26,833 | €27,348 | €27,874 | ▲ 1.9% |
| Trade debts44 | €887 | €0 | €9,777 | €5,018 | €0 | €7,493 | €5,352 | ▼ 28.6% |
| Suppliers440/4 | - | €0 | €9,777 | €5,018 | €0 | €7,493 | €5,352 | ▼ 28.6% |
| Taxes, remuneration and social security45 | - | €16,000 | €27,782 | €29,376 | €25,962 | €39,297 | €22,142 | ▼ 43.7% |
| Taxes450/3 | - | €16,000 | €27,782 | €29,376 | €25,962 | €39,297 | €22,142 | ▼ 43.7% |
| Other amounts payable47/48 | - | €37,002 | €173,552 | €118,602 | €89,849 | €79,846 | €141,036 | ▲ 76.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,119 | €30,264 | €7,306 | €1,199 | €45,897 | €2,825 | €1,854 | ▼ 34.4% |
| + Depreciation and write-downs630 | €41,338 | €52,222 | €32,804 | €32,804 | €32,804 | €32,804 | €32,804 | = |
| Operating cash flow (approximation) | €44,457 | €82,486 | €40,110 | €34,002 | €78,700 | €35,629 | €34,658 | ▼ 2.7% |
| Investment in fixed assets (approximation) | - | -€498,279 | -€102,249 | -€392 | €0 | €0 | €0 | - |
| Change in cash | - | -€3,761 | -€24,929 | -€101 | -€2,770 | -€204 | €5,520 | - |
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, 4,107 companies had the same profile as Qi2B has now. Two years later, 98.0% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
98.0%
was still going
0.9%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Qi2B itself: 0.5% 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 4,107 companies, not a prediction for Qi2B. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 05-02-2026 | 2026-00033534 | |
| 30-09-2024 | micro format | 05-02-2026 | 2026-00033532 | |
| 30-09-2023 | micro format | 05-02-2026 | 2026-00033529 | |
| 30-09-2022 | micro format | 05-02-2026 | 2026-00033526 | |
| 30-09-2021 | micro format | 05-02-2026 | 2026-00033503 | |
| 30-09-2020 | micro format | 30-04-2024 | 2024-00074036 | |
| 30-09-2019 | micro format | 28-12-2020 | 2020-77100055 | |
| 30-09-2018 | micro format | 29-03-2019 | 2019-08100448 | |
| 30-09-2017 | micro format | 30-03-2018 | 2018-09000412 | |
| 30-09-2016 | abbreviated format | 30-03-2017 | 2017-07900419 |