ROWO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 36 filings
Turnover
≈ €52,000
Estimated: probably between €24,000 and €120,000
Total assets
€214,137▼ 0.5%
2024 · €215,299
Net result
-€1,823▲ 90.5%
2024 · -€19,225
Working capital
-€30,723▲ 10.6%
2024 · -€34,357
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€1,769
▲ 81.4%
2025
20182025
Net result
-€1,823
▲ 90.5%
2025
20182025
Equity
€157,524
▼ 1.1%
2025
20182025
Total assets
€214,137
▼ 0.5%
2025
20182025
Debt
€43,590
▲ 1.5%
2025
20182025
Working capital
-€30,723
▲ 10.6%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€1,751-€10,146-€12,929-€34,514▼ 167%-€4,668▲ 86.5%-€1,104▲ 76.3%-€9,516▼ 762%-€1,769▲ 81.4%
Net result-€9,596-€8,236-€14,073-€34,556▼ 146%-€4,875▲ 85.9%-€1,172▲ 76.0%-€19,225▼ 1,541%-€1,823▲ 90.5%
Equity€225,010-€233,273▲ 3.7%€219,173▼ 6.0%€184,618▼ 15.8%€179,743▼ 2.6%€178,571▼ 0.7%€159,347▼ 10.8%€157,524▼ 1.1%
Total assets€451,237-€311,264▼ 31.0%€471,613▲ 51.5%€258,416▼ 45.2%€232,620▼ 10.0%€223,534▼ 3.9%€215,299▼ 3.7%€214,137▼ 0.5%
Debt€213,204-€64,967▼ 69.5%€239,417▲ 269%€60,775▼ 74.6%€39,854▼ 34.4%€31,940▼ 19.9%€42,929▲ 34.4%€43,590▲ 1.5%
Working capital-€31,165--€23,519▲ 24.5%-€206,809▼ 779%-€27,410▲ 86.7%-€26,611▲ 2.9%-€21,407▲ 19.6%-€34,357▼ 60.5%-€30,723▲ 10.6%
The operating result for 2025 is a loss of €1,769, smaller than the loss of €9,516 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 €214,137
Fixed assets
€201,271 ▼ 2.6%
Current assets
€12,866 ▲ 50.1%
Equity and liabilities €214,137
Equity
€157,524 ▼ 1.1%
Provisions
€13,023 =
Debt
€43,590 ▲ 1.5%
Debt's share of the balance-sheet total rises from 19.9% to 20.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€3,687▲
2024 · -€3,241
Cash flow
€3,633▲
2024 · -€12,949
Current ratio
0.30▲
2024 · 0.20
Debt to equity
0.28▲
2024 · 0.27
ROE
-1.2%▲
2024 · -12.1%
ROA
-0.9%▲
2024 · -8.9%
Interest coverage
68.28▲
2024 · -60.02
Debt ≤ 1 year
€43,590▲
2024 · €42,929
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €500 | €2,990 | - | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €33,314 | €6,524 | €6,375 | €6,275 | €5,456 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
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 | €15,691 | €13,185 | €7,768 | €33,314 | €6,524 | €6,375 | €6,275 | €5,456 | ▼ 13.1% |
| Other operating charges640/8 | - | - | - | €369 | €1,257 | €6,715 | €8,561 | €3,100 | ▼ 63.8% |
| Gross operating margin9900 | €12,875 | €24,019 | -€4,633 | -€830 | €3,113 | €11,986 | €5,320 | €6,787 | ▲ 27.6% |
| Operating profit (loss)9901 | -€1,751 | €10,146 | -€12,929 | -€34,514 | -€4,668 | -€1,104 | -€9,516 | -€1,769 | ▲ 81.4% |
| Financial income75/76B | - | - | - | €1,359 | €5 | €0 | - | - | - |
| Recurring financial income75 | €713 | €164 | €714 | €1,359 | €5 | €0 | - | - | - |
| Non-recurring financial income76B | - | - | - | €1,359 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €786 | €70 | €67 | €9,708 | €54 | ▼ 99.4% |
| Recurring financial charges65 | €8,895 | €2,074 | €87 | €786 | €70 | €67 | €54 | €54 | = |
| Non-recurring financial charges66B | - | - | - | - | - | - | €9,654 | €0 | ▼ 100% |
| Profit (loss) for the period before taxes9903 | -€9,868 | €8,236 | -€12,302 | -€33,941 | -€4,733 | -€1,172 | -€19,225 | -€1,823 | ▲ 90.5% |
| Income taxes67/77 | - | - | €1,770 | €615 | €142 | €0 | - | - | - |
| Profit (loss) for the period9904 | -€9,596 | €8,236 | -€14,073 | -€34,556 | -€4,875 | -€1,172 | -€19,225 | -€1,823 | ▲ 90.5% |
| Profit (loss) for the period to be appropriated9905 | -€9,069 | €8,236 | -€14,073 | -€34,556 | -€4,875 | -€1,172 | -€19,225 | -€1,823 | ▲ 90.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €451,237 | €311,264 | €471,613 | €258,416 | €232,620 | €223,534 | €215,299 | €214,137 | ▼ 0.5% |
| Fixed assets21/28 | €419,434 | €270,527 | €439,506 | €225,551 | €219,377 | €213,002 | €206,727 | €201,271 | ▼ 2.6% |
| Intangible fixed assets21 | €3,000 | - | - | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €416,434 | €270,527 | €439,506 | €225,551 | €219,027 | €212,652 | €206,377 | €200,921 | ▼ 2.6% |
| Land and buildings22 | - | - | - | €138,539 | €136,803 | €135,067 | €133,331 | €131,594 | ▼ 1.3% |
| Plant, machinery and equipment23 | - | - | - | €83,673 | €79,134 | €74,595 | €70,056 | €66,336 | ▼ 5.3% |
| Furniture and vehicles24 | - | - | - | €349 | €100 | €0 | - | - | - |
| Assets under construction and advance payments27 | - | - | - | €2,990 | €2,990 | €2,990 | €2,990 | €2,990 | = |
| Financial fixed assets28 | - | - | - | - | €350 | €350 | €350 | €350 | = |
| Current assets29/58 | €31,803 | €40,737 | €32,108 | €32,865 | €13,243 | €10,532 | €8,572 | €12,866 | ▲ 50.1% |
| Stocks and contracts in progress3 | €500 | €500 | €500 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €9,555 | €19,764 | €13,946 | €23,690 | €1,067 | €1,067 | €1,067 | €1,667 | ▲ 56.2% |
| Trade receivables40 | - | - | - | - | €1,067 | €1,067 | €1,067 | €1,667 | ▲ 56.2% |
| Other amounts receivable41 | - | - | - | €23,690 | €0 | - | - | - | - |
| Cash at bank and in hand54/58 | €5,748 | €20,473 | €17,662 | €9,175 | €11,015 | €8,693 | €6,685 | €10,348 | ▲ 54.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | €1,162 | €773 | €820 | €852 | ▲ 3.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €451,237 | €311,264 | €471,613 | €258,416 | €232,620 | €223,534 | €215,299 | €214,137 | ▼ 0.5% |
| Equity10/15 | €225,010 | €233,273 | €219,173 | €184,618 | €179,743 | €178,571 | €159,347 | €157,524 | ▼ 1.1% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | - | - | - | €18,592 | - | - | - | - | - |
| Issued capital100 | - | - | - | €18,592 | - | - | - | - | - |
| Reserves13 | €215,487 | €215,487 | €215,487 | €215,487 | €215,487 | €159,979 | €140,755 | €138,932 | ▼ 1.3% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Legal reserve130 | - | - | - | €1,859 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | - | €213,628 | €213,628 | €158,120 | €138,896 | €137,073 | ▼ 1.3% |
| Profit (loss) carried forward14 | -€9,069 | -€806 | -€14,906 | -€49,461 | -€54,336 | €0 | - | - | - |
| Provisions and deferred taxes16 | €13,023 | €13,023 | €13,023 | €13,023 | €13,023 | €13,023 | €13,023 | €13,023 | = |
| Provisions for liabilities and charges160/5 | - | - | - | €13,023 | €13,023 | €13,023 | €13,023 | €13,023 | = |
| Other liabilities and charges164/5 | - | - | - | €13,023 | €13,023 | €13,023 | €13,023 | €13,023 | = |
| Amounts payable17/49 | €213,204 | €64,967 | €239,417 | €60,775 | €39,854 | €31,940 | €42,929 | €43,590 | ▲ 1.5% |
| Amounts payable after more than one year17 | €149,152 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €62,968 | €64,256 | €238,917 | €60,275 | €39,854 | €31,940 | €42,929 | €43,590 | ▲ 1.5% |
| Trade debts44 | €15,606 | €23,571 | €18,108 | €6,648 | €4,100 | €997 | €91 | €152 | ▲ 67.2% |
| Suppliers440/4 | - | - | - | €6,648 | €4,100 | €997 | €91 | €152 | ▲ 67.2% |
| Taxes, remuneration and social security45 | - | - | - | €477 | €720 | €0 | - | - | - |
| Taxes450/3 | - | - | - | €477 | €720 | €0 | - | - | - |
| Other amounts payable47/48 | - | - | - | €53,150 | €35,034 | €30,942 | €42,838 | €43,438 | ▲ 1.4% |
| Accrued charges and deferred income492/3 | - | - | - | €500 | €0 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,596 | €8,236 | -€14,073 | -€34,556 | -€4,875 | -€1,172 | -€19,225 | -€1,823 | ▲ 90.5% |
| + Depreciation and write-downs630 | €15,691 | €13,185 | €7,768 | €33,314 | €6,524 | €6,375 | €6,275 | €5,456 | ▼ 13.1% |
| Operating cash flow (approximation) | €6,096 | €21,422 | -€6,305 | -€1,242 | €1,649 | €5,204 | -€12,949 | €3,633 | - |
| Investment in fixed assets (approximation) | - | €135,722 | -€176,747 | €180,640 | -€350 | €0 | €0 | €0 | - |
| Change in cash | - | €14,724 | -€2,811 | -€8,487 | €1,840 | -€2,322 | -€2,008 | €3,663 | - |
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 ROWO 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 ROWO itself: 0.1% 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 ROWO. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-07-2026 | 2026-00360297 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00359916 | |
| 31-12-2023 | micro format | 29-07-2024 | 2024-00319004 | |
| 31-12-2022 | micro format | 25-07-2023 | 2023-00280714 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20410223 | |
| 31-12-2020 | micro format | 26-08-2021 | 2021-55100449 | |
| 31-12-2019 | micro format | 01-11-2020 | 2020-69200438 | |
| 31-12-2018 | micro format | 30-07-2019 | 2019-43800121 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-62300189 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-58600266 |