QUOTE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 37 filings
Equity
€393,584▼ 3.1%
2024 · €406,081
Total assets
€400,949▼ 16.6%
2024 · €481,040
Net result
-€12,497▲ 71.6%
2024 · -€44,006
Working capital
€311,684▼ 3.9%
2024 · €324,180
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€17,918
▲ 67.2%
2025
20182025
Net result
-€12,497
▲ 71.6%
2025
lowest quarter of the sector
20182025
Equity
€393,584
▼ 3.1%
2025
middle half of the sector
20182025
Total assets
€400,949
▼ 16.6%
2025
middle half of the sector
20182025
Debt
€7,364
▼ 90.2%
2025
20182025
Working capital
€311,684
▼ 3.9%
2025
middle half of the sector
20182025
Solvency
98.2%
▲ 13.7pp
2025
highest quarter of the sector
20182025
Current ratio
43.32
▲ 38.00
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-3.1%
▲ 6.0pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€71,455--€59,840▲ 16.3%-€37,590▲ 37.2%-€28,164▲ 25.1%-€41,749▼ 48.2%€938,334-€54,708-€17,918▲ 67.2%
Net result-€74,392--€60,261▲ 19.0%-€37,919below the sector's middle half▲ 37.1%-€28,516below the sector's middle half▲ 24.8%-€42,227below the sector's middle half▼ 48.1%€871,142above the sector's middle half-€44,006below the sector's middle half-€12,497below the sector's middle half▲ 71.6%
Equity-€252,132--€312,393▼ 23.9%-€350,312below the sector's middle half▼ 12.1%-€378,828below the sector's middle half▼ 8.1%-€421,056below the sector's middle half▼ 11.1%€450,087within the sector's middle half€406,081within the sector's middle half▼ 9.8%€393,584within the sector's middle half▼ 3.1%
Total assets€459,260-€416,385▼ 9.3%€397,766below the sector's middle half▼ 4.5%€386,207below the sector's middle half▼ 2.9%€370,853below the sector's middle half▼ 4.0%€521,141below the sector's middle half▲ 40.5%€481,040below the sector's middle half▼ 7.7%€400,949within the sector's middle half▼ 16.6%
Debt€711,393-€728,778▲ 2.4%€748,078▲ 2.6%€765,035▲ 2.3%€791,909▲ 3.5%€71,054▼ 91.0%€74,959▲ 5.5%€7,364▼ 90.2%
Working capital-€703,767--€725,152▼ 3.0%-€742,347below the sector's middle half▼ 2.4%-€757,433below the sector's middle half▼ 2.0%-€786,957below the sector's middle half▼ 3.9%€286,709within the sector's middle half€324,180within the sector's middle half▲ 13.1%€311,684within the sector's middle half▼ 3.9%
Solvency-54.9%--75.0%▼ 20.1pp-88.1%below the sector's middle half▼ 13.0pp-98.1%below the sector's middle half▼ 10.0pp-113.5%below the sector's middle half▼ 15.4pp86.4%above the sector's middle half▲ 199.9pp84.4%above the sector's middle half▼ 1.9pp98.2%above the sector's middle half▲ 13.7pp
Current ratio0.01-0.00▼ 0.010.01below the sector's middle half=0.01below the sector's middle half=0.01below the sector's middle half=5.04above the sector's middle half▲ 5.035.32above the sector's middle half▲ 0.2943.32above the sector's middle half▲ 38.00
Return on assets (ROA)-16.2%--14.5%▲ 1.7pp-9.5%below the sector's middle half▲ 4.9pp-7.4%below the sector's middle half▲ 2.1pp-11.4%below the sector's middle half▼ 4.0pp167.2%above the sector's middle half▲ 178.5pp-9.1%below the sector's middle half▼ 176.3pp-3.1%below the sector's middle half▲ 6.0pp
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 a loss of €17,918, smaller than the loss of €54,708 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €400,949
Fixed assets
€81,901 =
Current assets
€319,048 ▼ 20.1%
Equity and liabilities €400,949
Equity
€393,584 ▼ 3.1%
Debt
€7,364 ▼ 90.2%
Debt's share of the balance-sheet total falls from 15.6% to 1.8%. Equity and debt are lower.
Key figures and ratios
Debt to equity
0.02▼
2024 · 0.18
ROE
-3.2%▲
2024 · -10.8%
Debt ≤ 1 year
€7,364▼
2024 · €74,959
Income taxes
€0▼
2024 · €2,599
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €38,876 | €38,876 | €20,724 | €13,430 | €12,703 | €0 | - | - | - |
| Other operating charges640/8 | - | - | - | €3,367 | €3,439 | €1,943 | €50,858 | €2,086 | ▼ 95.9% |
| Gross operating margin9900 | -€22,456 | -€17,848 | -€13,522 | -€11,367 | -€25,607 | €940,277 | -€3,850 | -€15,831 | ▼ 311% |
| Operating profit (loss)9901 | -€71,455 | -€59,840 | -€37,590 | -€28,164 | -€41,749 | €938,334 | -€54,708 | -€17,918 | ▲ 67.2% |
| Financial income75/76B | - | - | - | - | - | - | €13,959 | €17,588 | ▲ 26.0% |
| Recurring financial income75 | - | - | - | - | - | - | €13,959 | €17,588 | ▲ 26.0% |
| Financial charges65/66B | - | - | - | €352 | €478 | €282 | €657 | €12,167 | ▲ 19× |
| Recurring financial charges65 | €2,937 | €421 | €329 | €352 | €478 | €282 | €657 | €12,167 | ▲ 19× |
| Profit (loss) for the period before taxes9903 | -€74,392 | -€60,261 | -€37,919 | -€28,516 | -€42,227 | €938,052 | -€41,406 | -€12,497 | ▲ 69.8% |
| Income taxes67/77 | - | - | - | - | - | €66,910 | €2,599 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€74,392 | -€60,261 | -€37,919 | -€28,516 | -€42,227 | €871,142 | -€44,006 | -€12,497 | ▲ 71.6% |
| Profit (loss) for the period to be appropriated9905 | -€74,392 | -€60,261 | -€37,919 | -€28,516 | -€42,227 | €871,142 | -€44,006 | -€12,497 | ▲ 71.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €459,260 | €416,385 | €397,766 | €386,207 | €370,853 | €521,141 | €481,040 | €400,949 | ▼ 16.6% |
| Fixed assets21/28 | €451,635 | €412,759 | €392,034 | €378,605 | €365,902 | €163,377 | €81,901 | €81,901 | = |
| Tangible fixed assets22/27 | €451,635 | €412,759 | €392,034 | €378,605 | €365,902 | €163,377 | €81,901 | €81,901 | = |
| Land and buildings22 | - | - | - | €215,227 | €202,524 | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | €163,377 | €163,377 | €163,377 | €81,901 | €81,901 | = |
| Current assets29/58 | €7,626 | €3,626 | €5,731 | €7,602 | €4,952 | €357,764 | €399,139 | €319,048 | ▼ 20.1% |
| Amounts receivable within one year40/41 | €4,635 | €1,325 | €3,697 | €7,370 | €4,754 | €104,341 | €378,310 | €299,756 | ▼ 20.8% |
| Trade receivables40 | - | - | - | - | - | - | €12,500 | €12,500 | = |
| Other amounts receivable41 | - | - | - | €7,370 | €4,754 | €104,341 | €365,810 | €287,256 | ▼ 21.5% |
| Cash at bank and in hand54/58 | €2,991 | €2,301 | €2,034 | €232 | €198 | €253,423 | €20,829 | €19,292 | ▼ 7.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €459,260 | €416,385 | €397,766 | €386,207 | €370,853 | €521,141 | €481,040 | €400,949 | ▼ 16.6% |
| Equity10/15 | -€252,132 | -€312,393 | -€350,312 | -€378,828 | -€421,056 | €450,087 | €406,081 | €393,584 | ▼ 3.1% |
| Contributions10/11 | €200,397 | €200,397 | - | €200,397 | €200,397 | €200,397 | €200,397 | €200,397 | = |
| Reserves13 | €10,040 | €10,040 | €10,040 | €10,040 | €10,040 | €249,690 | €249,690 | €249,690 | = |
| Non-distributable reserves130/1 | - | - | - | €10,040 | €10,040 | €10,040 | €10,040 | €10,040 | = |
| Reserves not available under the articles1311 | - | - | - | €10,040 | €10,040 | €10,040 | €10,040 | €10,040 | = |
| Distributable reserves133 | - | - | - | - | - | €239,650 | €239,650 | €239,650 | = |
| Profit (loss) carried forward14 | -€462,569 | -€522,830 | -€560,749 | -€589,265 | -€631,492 | €0 | -€44,006 | -€56,502 | ▼ 28.4% |
| Amounts payable17/49 | €711,393 | €728,778 | €748,078 | €765,035 | €791,909 | €71,054 | €74,959 | €7,364 | ▼ 90.2% |
| Amounts payable within one year42/48 | €711,393 | €728,778 | €748,078 | €765,035 | €791,909 | €71,054 | €74,959 | €7,364 | ▼ 90.2% |
| Trade debts44 | €5,624 | €5,707 | €9,752 | €2,501 | €22,691 | €2,729 | €3,173 | €3,358 | ▲ 5.8% |
| Suppliers440/4 | - | - | - | €2,501 | €22,691 | €2,729 | €3,173 | €3,358 | ▲ 5.8% |
| Taxes, remuneration and social security45 | - | - | - | - | - | €68,035 | €71,496 | €2,599 | ▼ 96.4% |
| Taxes450/3 | - | - | - | - | - | €68,035 | €71,496 | €2,599 | ▼ 96.4% |
| Other amounts payable47/48 | - | - | - | €762,534 | €769,217 | €290 | €290 | €1,407 | ▲ 385% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€74,392 | -€60,261 | -€37,919 | -€28,516 | -€42,227 | €871,142 | -€44,006 | -€12,497 | ▲ 71.6% |
| + Depreciation and write-downs630 | €38,876 | €38,876 | €20,724 | €13,430 | €12,703 | €0 | - | - | - |
| Operating cash flow (approximation) | -€35,516 | -€21,385 | -€17,195 | -€15,086 | -€29,524 | €871,142 | -€44,006 | -€12,497 | ▲ 71.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €202,524 | €81,477 | €0 | ▼ 100% |
| Change in cash | - | -€690 | -€267 | -€1,802 | -€34 | €253,225 | -€232,594 | -€1,536 | ▲ 99.3% |
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, 12,322 companies had the same profile as QUOTE has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of QUOTE 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 12,322 companies, not a prediction for QUOTE. 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 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-07-2026 | 2026-00349541 | |
| 31-12-2024 | abbreviated format | 15-05-2025 | 2025-00094229 | |
| 31-12-2023 | abbreviated format | 03-10-2024 | 2024-00490580 | |
| 31-12-2022 | abbreviated format | 28-08-2023 | 2023-00370088 | |
| 31-12-2021 | abbreviated format | 07-10-2022 | 2022-20454273 | |
| 31-12-2020 | abbreviated format | 30-07-2021 | 2021-45100411 | |
| 31-12-2019 | micro format | 01-10-2020 | 2020-57800259 | |
| 31-12-2018 | micro format | 24-09-2019 | 2019-65400183 | |
| 31-12-2017 | micro format | 16-07-2018 | 2018-33700362 | |
| 31-12-2016 | micro format | 25-07-2017 | 2017-35600224 |