QUALISERV PLUS
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 4 days after the deadline Filed on 3 August 2026, deadline 30 July 2026 (7 months after the close on 30 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00374768.
Annual accounts 2025 filed on 03-08-2026 at the NBB all 24 filings
Turnover
≈ €1.4m
Estimated: probably between €1.0m and €1.9m
Total assets
€1.3m▼ 6.6%
2024 · €1.4m
Net result
€16,648▲ 25.4%
2024 · €13,276
Working capital
€357,920▼ 10.0%
2024 · €397,673
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€52,686
▲ 16.6%
2025
20182025
Net result
€16,648
▲ 25.4%
2025
middle half of the sector
20182025
Equity
€541,401
▲ 3.2%
2025
middle half of the sector
20182025
Total assets
€1.3m
▼ 6.6%
2025
middle half of the sector
20182025
Debt
€792,518
▼ 12.2%
2025
20182025
Working capital
€357,920
▼ 10.0%
2025
middle half of the sector
20182025
Solvency
40.4%
▲ 3.8pp
2025
middle half of the sector
20182025
Current ratio
1.78
▼ 0.04
2025
middle half of the sector
20182025
Return on assets (ROA)
1.2%
▲ 0.3pp
2025
middle half of the sector
20182025
Staff (FTE)
3.6
▲ 5.9%
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€0.03m--€0.004m€0.1m€0.1m▲ 9.2%€0.02m▼ 82.1%€0.04m▲ 48.3%€0.05m▲ 25.8%€0.05m▲ 16.6%
Net result€0.007m--€0.03m€0.06mwithin the sector's middle half€0.09mwithin the sector's middle half▲ 35.1%-€0.001mbelow the sector's middle half€0.005mwithin the sector's middle half€0.01mwithin the sector's middle half▲ 193%€0.02mwithin the sector's middle half▲ 25.4%
Equity€0.4m-€0.4m▼ 8.3%€0.4mwithin the sector's middle half▲ 17.5%€0.5mwithin the sector's middle half▲ 19.2%€0.5mwithin the sector's middle half▼ 0.2%€0.5mwithin the sector's middle half▲ 0.9%€0.5mwithin the sector's middle half▲ 2.6%€0.5mwithin the sector's middle half▲ 3.2%
Total assets€1.3m-€1.2m▼ 8.0%€1.2mwithin the sector's middle half▲ 5.1%€1.4mwithin the sector's middle half▲ 18.2%€1.5mwithin the sector's middle half▲ 3.4%€1.4mwithin the sector's middle half▼ 3.0%€1.4mwithin the sector's middle half▼ 0.5%€1.3mwithin the sector's middle half▼ 6.6%
Debt€0.8m-€0.8m▼ 6.6%€0.8m▼ 0.4%€0.9m▲ 18.5%€1.0m▲ 5.6%€0.9m▼ 4.9%€0.9m▼ 2.1%€0.8m▼ 12.2%
Working capital€0.2m-€0.2m▼ 8.2%€0.2mwithin the sector's middle half▲ 46.0%€0.4mwithin the sector's middle half▲ 60.8%€0.4mwithin the sector's middle half▲ 7.3%€0.4mwithin the sector's middle half▼ 2.0%€0.4mwithin the sector's middle half▼ 5.1%€0.4mwithin the sector's middle half▼ 10.0%
Solvency31.4%-31.3%▼ 0.1pp35.0%within the sector's middle half▲ 3.7pp35.3%within the sector's middle half▲ 0.3pp34.1%within the sector's middle half▼ 1.2pp35.4%within the sector's middle half▲ 1.4pp36.5%within the sector's middle half▲ 1.1pp40.4%within the sector's middle half▲ 3.8pp
Current ratio1.53-1.59▲ 0.061.83within the sector's middle half▲ 0.231.99within the sector's middle half▲ 0.171.95within the sector's middle half▼ 0.041.94within the sector's middle half▼ 0.011.82within the sector's middle half▼ 0.121.78within the sector's middle half▼ 0.04
Return on assets (ROA)0.5%--2.8%▼ 3.4pp5.2%within the sector's middle half▲ 8.0pp6.0%within the sector's middle half▲ 0.7pp-0.1%below the sector's middle half▼ 6.0pp0.3%below the sector's middle half▲ 0.4pp0.9%within the sector's middle half▲ 0.6pp1.2%within the sector's middle half▲ 0.3pp
Staff (FTE)5.4-6.9▲ 27.8%5.1within the sector's middle half▼ 26.1%4.8within the sector's middle half▼ 5.9%5.7within the sector's middle half▲ 18.8%5.5within the sector's middle half▼ 3.5%3.4within the sector's middle half▼ 38.2%3.6within the sector's middle half▲ 5.9%
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 17% higher than in 2024. It is the third rise in a row, after the fall in 2022.
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 €1.3m
Fixed assets
€524,772 ▼ 5.1%
Current assets
€816,949 ▼ 7.6%
Equity and liabilities €1.3m
Equity
€541,401 ▲ 3.2%
Provisions
€7,802 ▼ 11.6%
Debt
€792,518 ▼ 12.2%
Debt's share of the balance-sheet total falls from 62.9% to 59.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€81,480▲
2024 · €73,920
Cash flow
€45,442▲
2024 · €42,000
Quick ratio
0.34▼
2024 · 0.40
Debt to equity
1.46▼
2024 · 1.72
ROE
3.1%▲
2024 · 2.5%
Interest coverage
2.50▲
2024 · 2.38
Debt ≤ 1 year
€459,029▼
2024 · €486,321
Debt > 1 year
€266,818▼
2024 · €352,671
Income taxes
€5,332▲
2024 · €3,462
Staff costs
€70,163▼
2024 · €75,099
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-12-2021 | 30-12-2022 | 30-12-2023 | 30-12-2024 | 30-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 13 | 10 | 4 | 3 | 4 |
| full-time | 1 | 9 | 3 | 2 | 2 |
| part-time | 12 | 1 | 1 | 1 | 2 |
| in full-time equivalents | 6.7 | 9.6 | 3.6 | 2.6 | 2.8 |
| Average over the year, in full-time equivalents | 4.8 | 5.7 | 5.5 | 3.4 | 3.6 |
| On a permanent contract | 2 | 2 | 2 | 2 | 2 |
| Joined | 38 | 126 | 93 | 116 | 85 |
| Left | 39 | 129 | 99 | 117 | 224 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 30-12-2021 | 30-12-2022 | 30-12-2023 | 30-12-2024 | 30-12-2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €497,528 | €451,416 | €411,416 | - | €349,238 |
| Debts guaranteed by Belgian public bodies | - | - | - | €413,263 | - |
| Mortgages, amount registered | €599,500 | €599,500 | €599,500 | €599,500 | €599,500 |
| Carrying value of the mortgaged assets | €631,225 | €606,759 | €578,418 | €550,624 | €522,831 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-12-2021 | 30-12-2022 | 30-12-2023 | 30-12-2024 | 30-12-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,783 | €4,953 | - | €1,460 | €865 |
| Depreciation and write-downs of the year | €31,801 | €32,090 | €32,445 | €28,725 | €28,795 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 4 entries · €18,474 awarded · €18,474 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €5,035 | €5,035 |
| 2024 | 2 | €8,747 | €8,747 |
| 2023 | 1 | €4,692 | €4,692 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €6,295 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €103,899 | €94,569 | €86,075 | €75,099 | €70,163 | ▼ 6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,341 | €36,680 | €31,574 | €31,801 | €32,090 | €32,445 | €28,725 | €28,795 | ▲ 0.2% |
| Other operating charges640/8 | - | - | - | €4,455 | €4,723 | €4,945 | €5,474 | €5,551 | ▲ 1.4% |
| Gross operating margin9900 | €183,828 | €165,044 | €252,106 | €275,736 | €155,610 | €159,393 | €154,494 | €157,194 | ▲ 1.7% |
| Operating profit (loss)9901 | €29,667 | -€3,703 | €124,213 | €135,583 | €24,228 | €35,927 | €45,195 | €52,686 | ▲ 16.6% |
| Financial income75/76B | - | - | - | €1,624 | €1,121 | €855 | €1,549 | €886 | ▼ 42.8% |
| Recurring financial income75 | €1,246 | €7,675 | €405 | €1,624 | €1,121 | €855 | €1,549 | €886 | ▼ 42.8% |
| Financial charges65/66B | - | - | - | €30,389 | €25,315 | €31,281 | €31,032 | €32,618 | ▲ 5.1% |
| Recurring financial charges65 | €22,041 | €40,111 | €43,485 | €30,389 | €25,315 | €31,281 | €31,032 | €32,618 | ▲ 5.1% |
| Profit (loss) for the period before taxes9903 | €8,872 | -€36,139 | €81,133 | €106,817 | €34 | €5,502 | €15,712 | €20,953 | ▲ 33.4% |
| Transfer from deferred taxes780 | - | - | - | €3,396 | €1,027 | €1,026 | €1,027 | €1,027 | = |
| Income taxes67/77 | €3,426 | €21 | €18,500 | €24,425 | €2,182 | €1,995 | €3,462 | €5,332 | ▲ 54.0% |
| Profit (loss) for the period9904 | €6,842 | -€32,775 | €63,483 | €85,789 | -€1,121 | €4,533 | €13,276 | €16,648 | ▲ 25.4% |
| Transfer from tax-exempt reserves789 | - | - | - | €3,080 | €3,080 | €3,080 | €3,080 | €3,080 | = |
| Transfer to tax-exempt reserves689 | - | - | - | €2,370 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €9,552 | -€33,286 | €65,507 | €86,499 | €1,958 | €7,613 | €16,355 | €19,727 | ▲ 20.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.3m | €1.2m | €1.2m | €1.4m | €1.5m | €1.4m | €1.4m | €1.3m | ▼ 6.6% |
| Fixed assets21/28 | €0.7m | €0.7m | €0.7m | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | ▼ 5.1% |
| Tangible fixed assets22/27 | €0.7m | €0.7m | €0.7m | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | ▼ 5.1% |
| Land and buildings22 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | ▼ 5.0% |
| Furniture and vehicles24 | - | - | - | €0.008m | €0.005m | €0.001m | €0.001m | €0.001m | ▼ 9.2% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Current assets29/58 | €0.5m | €0.5m | €0.5m | €0.8m | €0.9m | €0.9m | €0.9m | €0.8m | ▼ 7.6% |
| Stocks and contracts in progress3 | €0.3m | €0.3m | €0.4m | €0.6m | €0.7m | €0.7m | €0.7m | €0.7m | ▼ 4.0% |
| Stocks30/36 | - | - | - | €0.6m | €0.7m | €0.7m | €0.7m | €0.7m | ▼ 4.0% |
| Amounts receivable within one year40/41 | €0.2m | €0.1m | €0.2m | €0.1m | €0.2m | €0.1m | €0.09m | €0.1m | ▲ 25.4% |
| Trade receivables40 | - | - | - | €0.1m | €0.2m | €0.1m | €0.09m | €0.1m | ▲ 25.4% |
| Cash at bank and in hand54/58 | €0.009m | €0.009m | €0.02m | €0.06m | €0.02m | €0.01m | €0.1m | €0.04m | ▼ 63.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.008m | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 0.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.3m | €1.2m | €1.2m | €1.4m | €1.5m | €1.4m | €1.4m | €1.3m | ▼ 6.6% |
| Equity10/15 | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 3.2% |
| Contributions10/11 | €0.1m | €0.1m | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.09m | €0.09m | €0.09m | €0.08m | €0.08m | €0.07m | €0.07m | €0.06m | ▼ 4.6% |
| Non-distributable reserves130/1 | - | - | - | €0.009m | €0.009m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.009m | €0.009m | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.04m | €0.03m | €0.03m | €0.03m | €0.02m | ▼ 11.6% |
| Distributable reserves133 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Profit (loss) carried forward14 | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 6.0% |
| Provisions and deferred taxes16 | €0.03m | €0.02m | €0.02m | €0.01m | €0.01m | €0.01m | €0.009m | €0.008m | ▼ 11.6% |
| Deferred taxes168 | - | - | - | €0.01m | €0.01m | €0.01m | €0.009m | €0.008m | ▼ 11.6% |
| Amounts payable17/49 | €0.8m | €0.8m | €0.8m | €0.9m | €1.0m | €0.9m | €0.9m | €0.8m | ▼ 12.2% |
| Amounts payable after more than one year17 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.3m | ▼ 24.3% |
| Financial debts170/4 | - | - | - | €0.4m | €0.4m | €0.3m | €0.2m | €0.2m | ▼ 36.1% |
| Other amounts payable178/9 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Amounts payable within one year42/48 | €0.4m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | ▼ 5.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.09m | €0.1m | €0.09m | €0.09m | €0.09m | ▼ 2.0% |
| Financial debts43 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 2.3% |
| Credit institutions430/8 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 4.4% |
| Other loans439 | - | - | - | - | - | €0.05m | €0.05m | €0.04m | ▼ 6.4% |
| Trade debts44 | €0.1m | €0.04m | €0.06m | €0.09m | €0.1m | €0.06m | €0.06m | €0.09m | ▲ 47.1% |
| Suppliers440/4 | - | - | - | €0.09m | €0.1m | €0.06m | €0.06m | €0.09m | ▲ 47.1% |
| Advances received on contracts in progress46 | - | - | - | - | €0.03m | €0.05m | €0.06m | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.03m | €0.04m | €0.03m | €0.03m | ▼ 7.4% |
| Taxes450/3 | - | - | - | €0.04m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 1.7% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 13.8% |
| Other amounts payable47/48 | - | - | - | €0.005m | €465 | €0.002m | €393 | €0.001m | ▲ 240% |
| Accrued charges and deferred income492/3 | - | - | - | €0.03m | €0.03m | €0.04m | €0.06m | €0.07m | ▲ 4.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,842 | -€32,775 | €63,483 | €85,789 | -€1,121 | €4,533 | €13,276 | €16,648 | ▲ 25.4% |
| + Depreciation and write-downs630 | €35,341 | €36,680 | €31,574 | €31,801 | €32,090 | €32,445 | €28,725 | €28,795 | ▲ 0.2% |
| Operating cash flow (approximation) | €42,183 | €3,905 | €95,057 | €117,589 | €30,968 | €36,978 | €42,000 | €45,442 | ▲ 8.2% |
| Investment in fixed assets (approximation) | - | -€15,394 | €0 | -€1,783 | -€4,953 | €0 | -€1,460 | -€865 | ▲ 40.8% |
| Change in cash | - | €30 | €12,954 | €39,530 | -€36,700 | -€10,408 | €82,920 | -€61,673 | - |
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, 17,041 companies had the same profile as QUALISERV PLUS has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of QUALISERV PLUS itself: 0.3% 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 17,041 companies, not a prediction for QUALISERV PLUS. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-12-2025 | abbreviated format | 03-08-2026 | 2026-00374768 | |
| 30-12-2024 | abbreviated format | 06-08-2025 | 2025-00364496 | |
| 30-12-2023 | abbreviated format | 31-07-2024 | 2024-00324970 | |
| 30-12-2022 | abbreviated format | 03-08-2023 | 2023-00313696 | |
| 30-12-2021 | abbreviated format | 29-07-2022 | 2022-20262829 | |
| 30-12-2020 | abbreviated format | 03-08-2021 | 2021-45400249 | |
| 30-12-2019 | abbreviated format | 30-07-2020 | 2020-36400191 | |
| 30-12-2018 | abbreviated format | 03-07-2019 | 2019-27700479 | |
| 30-12-2017 | abbreviated format | 04-07-2018 | 2018-28300003 | |
| 30-12-2016 | abbreviated format | 03-07-2017 | 2017-26200446 |