QUALITY SET
ActiveFinancials · financial year 2026, full format
Annual accounts 2026 filed on 19-10-2026 at the NBB all 6 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €4.9m
Estimated: probably between €3.4m and €7.5m
EBIT margin
Not included in this filing
Net result
-€1.3m
2025 · €273,495
Working capital
-€6.0m▲ 43.2%
2025 · -€10.5m
Multi-year overview
2021 to 2026, 6 financial yearsOperating result
-€1.6m
2026
20212026
Net result
-€1.3m
2026
20212026
Equity
€3.7m
▲ 616%
2026
20212026
Total assets
€14.0m
▼ 10.1%
2026
20212026
Debt
€10.4m
▼ 31.4%
2026
20212026
Working capital
-€6.0m
▲ 43.2%
2026
20212026
Solvency
26.2%
▲ 22.9pp
2026
20212026
Current ratio
0.42
▲ 0.12
2026
20212026
Return on assets (ROA)
-9.6%
▼ 11.4pp
2026
20212026
Staff (FTE)
16.9
2026
20212026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202120222023202420252026
Operating result-€0.7m--€0.8m▼ 9.9%-€3.2m▼ 317%-€3.5m▼ 10.8%€1.0m-€1.6m
Net result-€0.8mbelow the sector's middle half--€0.7mbelow the sector's middle half▲ 5.1%-€3.0mbelow the sector's middle half▼ 316%-€3.3mbelow the sector's middle half▼ 10.6%€0.3mabove the sector's middle half-€1.3m
Equity€5.5mabove the sector's middle half-€7.3mabove the sector's middle half▲ 31.2%€3.8mabove the sector's middle half▼ 47.1%€0.04mwithin the sector's middle half▼ 98.9%€0.5mabove the sector's middle half▲ 13×€3.7m▲ 616%
Total assets€11.5mabove the sector's middle half-€15.7mabove the sector's middle half▲ 36.5%€19.5mabove the sector's middle half▲ 23.9%€18.2mabove the sector's middle half▼ 6.5%€15.6mabove the sector's middle half▼ 14.2%€14.0m▼ 10.1%
Debt€6.0m-€8.5m▲ 41.4%€15.7m▲ 84.6%€18.2m▲ 16.1%€15.1m▼ 16.9%€10.4m▼ 31.4%
Working capital-€2.1mbelow the sector's middle half--€2.9mbelow the sector's middle half▼ 35.5%-€8.2mbelow the sector's middle half▼ 186%-€10.3mbelow the sector's middle half▼ 24.9%-€10.5mbelow the sector's middle half▼ 2.5%-€6.0m▲ 43.2%
Solvency48.0%within the sector's middle half-46.1%within the sector's middle half▼ 1.9pp19.7%within the sector's middle half▼ 26.4pp0.2%below the sector's middle half▼ 19.5pp3.3%below the sector's middle half▲ 3.1pp26.2%▲ 22.9pp
Current ratio0.65below the sector's middle half-0.66below the sector's middle half▲ 0.010.48below the sector's middle half▼ 0.190.44below the sector's middle half▼ 0.040.30below the sector's middle half▼ 0.130.42▲ 0.12
Return on assets (ROA)-6.5%below the sector's middle half--4.5%below the sector's middle half▲ 2.0pp-15.2%below the sector's middle half▼ 10.7pp-18.0%below the sector's middle half▼ 2.8pp1.8%within the sector's middle half▲ 19.8pp-9.6%▼ 11.4pp
Staff (FTE)2-16.9
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 2026 is a loss of €1.6m, after a profit of €1.0m in 2025.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €14.0m
Fixed assets
€9.7m ▼ 12.9%
Current assets
€4.4m ▼ 3.3%
Equity and liabilities €14.0m
Equity
€3.7m ▲ 616%
Debt
€10.4m ▼ 31.4%
Debt's share of the balance-sheet total falls from 96.7% to 73.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€195,544▼
2025 · €2.8m
Cash flow
€420,822▼
2025 · €2.1m
Quick ratio
0.03▲
2025 · 0.02
Debt to equity
2.81▼
2025 · 29.37
ROE
-36.7%▼
2025 · 53.2%
Interest coverage
0.76▼
2025 · 5.34
Debt ≤ 1 year
€10.4m▼
2025 · €15.0m
Income taxes
€76
Staff costs
€750,480▲
2025 · €396,391
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2026 |
|---|---|
| Employees at the balance-sheet date | 17 |
| full-time | 16 |
| part-time | 1 |
| in full-time equivalents | 16.9 |
| Average over the year, in full-time equivalents | 14.2 |
| On a permanent contract | 11 |
| Joined | 12 |
| Left | 5 |
Source: social balance sheet in the 2026 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3.0m | €4.4m | €1.4m | €271,702 | €337,813 |
| Intangible fixed assets | €2,239 | - | - | - | - |
| Depreciation and write-downs of the year | €538,393 | €2.5m | €3.1m | €1.8m | €1.8m |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €2.4m | €0.02m | ▼ 99.2% |
| Remuneration, social security and pensions62 | - | €0.07m | €0.2m | €0.3m | €0.4m | €0.8m | ▲ 89.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.5m | €2.5m | €3.1m | €1.8m | €1.8m | ▼ 3.5% |
| Other operating charges640/8 | - | €0.001m | €0.002m | €0.04m | €0.002m | €0.003m | ▲ 3.9% |
| Gross operating margin9900 | -€0.5m | -€0.2m | -€0.5m | -€0.07m | €3.2m | €0.9m | ▼ 70.7% |
| Operating profit (loss)9901 | -€0.7m | -€0.8m | -€3.2m | -€3.5m | €1.0m | -€1.6m | - |
| Financial income75/76B | - | €0.2m | €0.4m | €0.8m | €49 | €0.5m | ▲ 9,948× |
| Recurring financial income75 | €0.04m | €0.2m | €0.4m | €0.8m | €49 | €0.5m | ▲ 9,948× |
| Financial charges65/66B | - | €0.1m | €0.2m | €0.5m | €0.7m | €0.3m | ▼ 64.7% |
| Recurring financial charges65 | €0.1m | €0.1m | €0.2m | €0.5m | €0.5m | €0.3m | ▼ 51.4% |
| Non-recurring financial charges66B | - | - | - | - | €0.2m | - | - |
| Profit (loss) for the period before taxes9903 | -€0.8m | -€0.7m | -€3.0m | -€3.3m | €0.3m | -€1.3m | - |
| Income taxes67/77 | - | - | - | - | - | €76 | - |
| Profit (loss) for the period9904 | -€0.8m | -€0.7m | -€3.0m | -€3.3m | €0.3m | -€1.3m | - |
| Profit (loss) for the period to be appropriated9905 | -€0.8m | -€0.7m | -€3.0m | -€3.3m | €0.3m | -€1.3m | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €11.5m | €15.7m | €19.5m | €18.2m | €15.6m | €14.0m | ▼ 10.1% |
| Fixed assets21/28 | €7.7m | €10.1m | €12.0m | €10.3m | €11.1m | €9.7m | ▼ 12.9% |
| Intangible fixed assets21 | - | €0.002m | €0.002m | €0.001m | €0.001m | €223 | ▼ 66.8% |
| Tangible fixed assets22/27 | €7.7m | €10.1m | €12.0m | €10.3m | €11.1m | €9.7m | ▼ 12.9% |
| Land and buildings22 | - | €0.04m | €0.06m | €0.05m | €0.03m | €0.02m | ▼ 43.1% |
| Plant, machinery and equipment23 | - | €9.8m | €11.8m | €10.1m | €10.9m | €9.5m | ▼ 13.0% |
| Furniture and vehicles24 | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▲ 6.7% |
| Other tangible fixed assets26 | - | €0.006m | €0.01m | €0.01m | €0.01m | €0.007m | ▼ 27.5% |
| Financial fixed assets28 | €363 | €363 | €363 | €363 | €363 | €363 | = |
| Current assets29/58 | €3.9m | €5.6m | €7.4m | €7.9m | €4.5m | €4.4m | ▼ 3.3% |
| Stocks and contracts in progress3 | €0.1m | €2.8m | €4.9m | €5.1m | €4.3m | €4.0m | ▼ 6.1% |
| Stocks30/36 | - | €2.8m | €4.9m | €5.1m | €4.3m | €4.0m | ▼ 6.1% |
| Amounts receivable within one year40/41 | €3.7m | €2.5m | €2.6m | €2.8m | €0.2m | €0.2m | ▲ 8.1% |
| Trade receivables40 | - | - | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 15.1% |
| Other amounts receivable41 | - | €2.5m | €2.4m | €2.7m | €0.05m | €0.05m | ▼ 13.7% |
| Cash at bank and in hand54/58 | €0.06m | €0.3m | €33 | €0.04m | €33 | €0.09m | ▲ 2,692× |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.03m | €0.03m | ▲ 6.5% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €11.5m | €15.7m | €19.5m | €18.2m | €15.6m | €14.0m | ▼ 10.1% |
| Equity10/15 | €5.5m | €7.3m | €3.8m | €0.04m | €0.5m | €3.7m | ▲ 616% |
| Contributions10/11 | €2.4m | €5.0m | €5.0m | €5.0m | €5.0m | €10.0m | ▲ 100% |
| Capital10 | - | €5.0m | €5.0m | €5.0m | €5.0m | €10.0m | ▲ 100% |
| Issued capital100 | - | €5.0m | €5.0m | €5.0m | €5.0m | €10.0m | ▲ 100% |
| Profit (loss) carried forward14 | -€0.8m | -€1.5m | -€4.4m | -€7.7m | -€7.4m | -€8.8m | ▼ 18.1% |
| Investment grants15 | - | €3.7m | €3.3m | €2.7m | €3.0m | €2.5m | ▼ 16.4% |
| Amounts payable17/49 | €6.0m | €8.5m | €15.7m | €18.2m | €15.1m | €10.4m | ▼ 31.4% |
| Amounts payable within one year42/48 | €6.0m | €8.5m | €15.7m | €18.2m | €15.0m | €10.4m | ▼ 31.2% |
| Current portion of amounts payable after more than one year42 | - | €7.5m | €10.7m | €10.4m | €7.1m | €6.9m | ▼ 3.0% |
| Financial debts43 | - | - | €0.2m | - | €0.01m | - | - |
| Credit institutions430/8 | - | - | €0.2m | - | €0.01m | - | - |
| Trade debts44 | €0.2m | €1.0m | €0.4m | €1.2m | €0.5m | €0.5m | ▼ 1.6% |
| Suppliers440/4 | - | €1.0m | €0.4m | €1.2m | €0.5m | €0.5m | ▼ 1.6% |
| Taxes, remuneration and social security45 | - | €0.02m | €0.04m | €0.07m | €0.07m | €0.1m | ▲ 65.9% |
| Taxes450/3 | - | €0.001m | - | €0.004m | €0.002m | €0.001m | ▼ 50.5% |
| Remuneration and social security454/9 | - | €0.02m | €0.04m | €0.07m | €0.07m | €0.1m | ▲ 69.6% |
| Other amounts payable47/48 | - | €0.007m | €4.3m | €6.5m | €7.4m | €2.9m | ▼ 61.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.06m | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.8m | -€0.7m | -€3.0m | -€3.3m | €0.3m | -€1.3m | - |
| + Depreciation and write-downs630 | €0.1m | €0.5m | €2.5m | €3.1m | €1.8m | €1.8m | ▼ 3.5% |
| Operating cash flow (approximation) | -€0.6m | -€0.2m | -€0.5m | -€0.2m | €2.1m | €0.4m | ▼ 80.0% |
| Investment in fixed assets (approximation) | - | -€3.0m | -€4.4m | -€1.4m | -€2.6m | -€0.3m | ▲ 87.1% |
| Change in cash | - | €0.3m | -€0.3m | €0.04m | -€0.04m | €0.09m | - |
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, 748 companies had the same profile as QUALITY SET has now. Two years later, 96.7% were still going and 1.3% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a small loss
96.7%
was still going
1.9%
stopped otherwise
1.3%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of QUALITY SET 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 748 companies, not a prediction for QUALITY SET. 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 |
|---|---|---|---|---|
| 31-03-2026 | full format | 19-10-2026 | 2026-00562677 | |
| 31-03-2025 | micro format | 31-10-2025 | 2025-00555565 | |
| 31-03-2024 | micro format | 28-10-2024 | 2024-00518624 | |
| 31-03-2023 | micro format | 31-10-2023 | 2023-00502156 | |
| 31-03-2022 | micro format | 31-10-2022 | 2022-20480177 | |
| 31-03-2021 | micro format | 29-10-2021 | 2021-75800304 |