Roadlink
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 27 days after the deadline Filed on 27 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00046644.
Annual accounts 2025 filed on 27-02-2026 PDF all 7 filings
Turnover
≈ €140,000
Estimated: probably between €110,000 and €210,000
Total assets
€52,660▼ 3.7%
2024 · €54,673
Net result
-€6,981▲ 63.1%
2024 · -€18,938
Working capital
€15,126▼ 30.3%
2024 · €21,716
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€6,275
▲ 63.4%
2025
20192025
Net result
-€6,981
▲ 63.1%
2025
lowest quarter of the sector
20192025
Equity
€18,187
▼ 27.7%
2025
middle half of the sector
20192025
Total assets
€52,660
▼ 3.7%
2025
middle half of the sector
20192025
Debt
€34,473
▲ 16.8%
2025
20192025
Working capital
€15,126
▼ 30.3%
2025
middle half of the sector
20192025
Solvency
34.5%
▼ 11.5pp
2025
middle half of the sector
20192025
Current ratio
1.44
▼ 0.30
2025
middle half of the sector
20192025
Return on assets (ROA)
-13.3%
▲ 21.4pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
1
=
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€16,695-€10,912▼ 34.6%€17,227▲ 57.9%€5,676▼ 67.1%-€4,666-€17,150▼ 268%-€6,275▲ 63.4%
Net result€9,453-€9,530within the sector's middle half▲ 0.8%€10,302within the sector's middle half▲ 8.1%€606within the sector's middle half▼ 94.1%-€4,384below the sector's middle half-€18,938below the sector's middle half▼ 332%-€6,981below the sector's middle half▲ 63.1%
Equity€28,053-€37,583within the sector's middle half▲ 34.0%€47,884within the sector's middle half▲ 27.4%€48,490within the sector's middle half▲ 1.3%€44,106within the sector's middle half▼ 9.0%€25,168within the sector's middle half▼ 42.9%€18,187within the sector's middle half▼ 27.7%
Total assets€70,669-€120,372within the sector's middle half▲ 70.3%€116,559within the sector's middle half▼ 3.2%€94,040within the sector's middle half▼ 19.3%€83,217within the sector's middle half▼ 11.5%€54,673within the sector's middle half▼ 34.3%€52,660within the sector's middle half▼ 3.7%
Debt€42,617-€82,789▲ 94.3%€68,675▼ 17.0%€45,549▼ 33.7%€39,111▼ 14.1%€29,506▼ 24.6%€34,473▲ 16.8%
Working capital€3,116-€17,167within the sector's middle half▲ 451%€37,013within the sector's middle half▲ 116%€41,346within the sector's middle half▲ 11.7%€41,304within the sector's middle half▼ 0.1%€21,716within the sector's middle half▼ 47.4%€15,126within the sector's middle half▼ 30.3%
Solvency39.7%-31.2%within the sector's middle half▼ 8.5pp41.1%within the sector's middle half▲ 9.9pp51.6%within the sector's middle half▲ 10.5pp53.0%within the sector's middle half▲ 1.4pp46.0%within the sector's middle half▼ 7.0pp34.5%within the sector's middle half▼ 11.5pp
Current ratio1.10-1.27within the sector's middle half▲ 0.171.59within the sector's middle half▲ 0.321.91within the sector's middle half▲ 0.312.06within the sector's middle half▲ 0.151.74within the sector's middle half▼ 0.321.44within the sector's middle half▼ 0.30
Return on assets (ROA)13.4%-7.9%within the sector's middle half▼ 5.5pp8.8%within the sector's middle half▲ 0.9pp0.6%within the sector's middle half▼ 8.2pp-5.3%below the sector's middle half▼ 5.9pp-34.6%below the sector's middle half▼ 29.4pp-13.3%below the sector's middle half▲ 21.4pp
Staff (FTE)0.5-1.5within the sector's middle half▲ 200%2▲ 33.3%2=1.3▼ 35.0%1▼ 23.1%1=
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 €6,275, smaller than the loss of €17,150 in 2024.
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 €52,660
Fixed assets
€3,061 ▼ 11.3%
Current assets
€49,599 ▼ 3.2%
Equity and liabilities €52,660
Equity
€18,187 ▼ 27.7%
Debt
€34,473 ▲ 16.8%
Debt's share of the balance-sheet total rises from 54.0% to 65.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€5,600▲
2024 · -€16,218
Cash flow
-€6,306▲
2024 · -€18,007
Debt to equity
1.90▲
2024 · 1.17
ROE
-38.4%▲
2024 · -75.2%
Interest coverage
-9.08▲
2024 · -10.41
Debt ≤ 1 year
€34,473▲
2024 · €29,506
Income taxes
€317▲
2024 · €240
Staff costs
€43,882▲
2024 · €34,980
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 1 | 1 | 1 |
| full-time | 2 | 1 | 1 | 1 |
| in full-time equivalents | 2 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 2 | 1.3 | 1 | 1 |
| On a permanent contract | 2 | 1 | 1 | 1 |
| Joined | - | 0 | - | - |
| Left | - | 1 | - | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2,800 | €1,685 | €814 | €285 |
| Depreciation and write-downs of the year | €12,844 | €769 | €931 | €675 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €37,551 | €36,775 | €34,980 | €43,882 | ▲ 25.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,907 | €19,206 | €22,776 | €12,844 | €769 | €931 | €675 | ▼ 27.5% |
| Other operating charges640/8 | - | - | - | €2,379 | €2,535 | €2,624 | €2,954 | ▲ 12.6% |
| Gross operating margin9900 | €52,290 | €77,702 | €83,346 | €58,450 | €35,413 | €21,386 | €41,237 | ▲ 92.8% |
| Operating profit (loss)9901 | €16,695 | €10,912 | €17,227 | €5,676 | -€4,666 | -€17,150 | -€6,275 | ▲ 63.4% |
| Financial income75/76B | - | - | - | €1,515 | €1,992 | €9 | €228 | ▲ 26× |
| Recurring financial income75 | €0 | €0 | €0 | €0 | €1,992 | €9 | €228 | ▲ 26× |
| Non-recurring financial income76B | - | - | - | €1,515 | €1,992 | - | - | - |
| Financial charges65/66B | - | - | - | €4,199 | €1,263 | €1,557 | €617 | ▼ 60.4% |
| Recurring financial charges65 | €758 | €2,205 | €2,896 | €4,199 | €1,008 | €1,557 | €617 | ▼ 60.4% |
| Non-recurring financial charges66B | - | - | - | - | €255 | - | - | - |
| Profit (loss) for the period before taxes9903 | €15,937 | €13,540 | €15,450 | €2,992 | -€3,937 | -€18,698 | -€6,663 | ▲ 64.4% |
| Income taxes67/77 | €6,485 | €4,010 | €5,148 | €2,386 | €447 | €240 | €317 | ▲ 32.2% |
| Profit (loss) for the period9904 | €9,453 | €9,530 | €10,302 | €606 | -€4,384 | -€18,938 | -€6,981 | ▲ 63.1% |
| Profit (loss) for the period to be appropriated9905 | €9,453 | €9,530 | €10,302 | €606 | -€4,384 | -€18,938 | -€6,981 | ▲ 63.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €70,669 | €120,372 | €116,559 | €94,040 | €83,217 | €54,673 | €52,660 | ▼ 3.7% |
| Fixed assets21/28 | €36,359 | €39,434 | €17,189 | €7,145 | €2,802 | €3,451 | €3,061 | ▼ 11.3% |
| Tangible fixed assets22/27 | €36,359 | €39,434 | €17,189 | €7,145 | €2,802 | €3,451 | €3,061 | ▼ 11.3% |
| Furniture and vehicles24 | - | - | - | €2,815 | €2,802 | €3,451 | €3,061 | ▼ 11.3% |
| Leasing and similar rights25 | - | - | - | €4,329 | - | - | - | - |
| Current assets29/58 | €34,311 | €80,938 | €99,370 | €86,895 | €80,415 | €51,222 | €49,599 | ▼ 3.2% |
| Amounts receivable within one year40/41 | €7,249 | €18,716 | €19,064 | €22,049 | €14,132 | €17,007 | €19,624 | ▲ 15.4% |
| Trade receivables40 | - | - | - | €21,821 | €13,035 | €16,630 | €19,593 | ▲ 17.8% |
| Other amounts receivable41 | - | - | - | €229 | €1,097 | €377 | €32 | ▼ 91.6% |
| Cash at bank and in hand54/58 | €26,486 | €61,056 | €76,684 | €58,520 | €60,235 | €33,233 | €29,581 | ▼ 11.0% |
| Deferred charges and accrued income490/1 | - | - | - | €6,326 | €6,047 | €981 | €393 | ▼ 59.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €70,669 | €120,372 | €116,559 | €94,040 | €83,217 | €54,673 | €52,660 | ▼ 3.7% |
| Equity10/15 | €28,053 | €37,583 | €47,884 | €48,490 | €44,106 | €25,168 | €18,187 | ▼ 27.7% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €9,453 | €18,983 | €29,284 | €29,890 | €29,890 | €29,890 | €29,890 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | €28,030 | €28,030 | €29,890 | €29,890 | = |
| Profit (loss) carried forward14 | - | - | - | - | -€4,384 | -€23,323 | -€30,303 | ▼ 29.9% |
| Amounts payable17/49 | €42,617 | €82,789 | €68,675 | €45,549 | €39,111 | €29,506 | €34,473 | ▲ 16.8% |
| Amounts payable after more than one year17 | €11,422 | €19,019 | €6,318 | - | - | - | - | - |
| Amounts payable within one year42/48 | €31,194 | €63,770 | €62,357 | €45,549 | €39,111 | €29,506 | €34,473 | ▲ 16.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,318 | - | - | - | - |
| Trade debts44 | €4,855 | €14,078 | €2,293 | €649 | €9,846 | - | €3,581 | - |
| Suppliers440/4 | - | - | - | €649 | €9,846 | - | €3,581 | - |
| Taxes, remuneration and social security45 | - | - | - | €9,517 | €4,744 | €5,311 | €9,889 | ▲ 86.2% |
| Taxes450/3 | - | - | - | €5,570 | €1,203 | €2,158 | €6,052 | ▲ 180% |
| Remuneration and social security454/9 | - | - | - | €3,947 | €3,541 | €3,153 | €3,837 | ▲ 21.7% |
| Other amounts payable47/48 | - | - | - | €29,065 | €24,520 | €24,195 | €21,004 | ▼ 13.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,453 | €9,530 | €10,302 | €606 | -€4,384 | -€18,938 | -€6,981 | ▲ 63.1% |
| + Depreciation and write-downs630 | €29,907 | €19,206 | €22,776 | €12,844 | €769 | €931 | €675 | ▼ 27.5% |
| Operating cash flow (approximation) | €39,360 | €28,736 | €33,078 | €13,450 | -€3,615 | -€18,007 | -€6,306 | ▲ 65.0% |
| Investment in fixed assets (approximation) | - | -€22,281 | -€531 | -€2,800 | €3,573 | -€1,580 | -€285 | ▲ 82.0% |
| Change in cash | - | €34,570 | €15,628 | -€18,164 | €1,715 | -€27,001 | -€3,652 | ▲ 86.5% |
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, 3,591 companies had the same profile as Roadlink has now. Two years later, 87.4% were still going and 3.0% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
87.4%
was still going
9.4%
stopped otherwise
3.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Roadlink itself: 0.7% 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 3,591 companies, not a prediction for Roadlink. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 27-02-2026 | 2026-00046644 | |
| 30-06-2024 | micro format | 28-02-2025 | 2025-00042192 | |
| 30-06-2023 | micro format | 22-02-2024 | 2024-00032851 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00022614 | |
| 30-06-2021 | micro format | 07-02-2022 | 2022-05100170 | |
| 30-06-2020 | micro format | 01-02-2021 | 2021-04600028 | |
| 30-06-2019 | micro format | 14-02-2020 | 2020-05000036 |