SELECTULL
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 33 days after the deadline Filed on 2 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00493732.
Annual accounts 2025 filed on 02-09-2026 at the NBB all 10 filings
Turnover
≈ €850,000
Estimated: probably between €400,000 and €2.1m
Total assets
€179,720▲ 108%
2024 · €86,428
Net result
€3,727
2024 · -€15,204
Working capital
-€6,805▲ 24.8%
2024 · -€9,043
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€12,744
2025
20182025
Net result
€3,727
2025
middle half of the sector
20182025
Equity
€3,806
▲ 48×
2025
lowest quarter of the sector
20182025
Total assets
€179,720
▲ 108%
2025
middle half of the sector
20182025
Debt
€175,914
▲ 104%
2025
20182025
Working capital
-€6,805
▲ 24.8%
2025
lowest quarter of the sector
20182025
Solvency
2.1%
▲ 2.0pp
2025
lowest quarter of the sector
20182025
Current ratio
0.96
▲ 0.10
2025
middle half of the sector
20182025
Return on assets (ROA)
2.1%
▲ 19.7pp
2025
middle half of the sector
20182025
Staff (FTE)
2.6
▲ 44.4%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€1,183-€6,509▲ 450%-€24,551-€37,752▼ 53.8%€73,069€14,417▼ 80.3%-€11,107€12,744
Net result-€1,050-€2,198-€25,426below the sector's middle half-€39,796below the sector's middle half▼ 56.5%€62,171above the sector's middle half€7,163within the sector's middle half▼ 88.5%-€15,204below the sector's middle half€3,727within the sector's middle half
Equity€8,972-€11,170▲ 24.5%-€14,256below the sector's middle half-€54,052below the sector's middle half▼ 279%€8,119within the sector's middle half€15,283within the sector's middle half▲ 88.2%€79below the sector's middle half▼ 99.5%€3,806below the sector's middle half▲ 48×
Total assets€141,792-€220,428▲ 55.5%€76,232within the sector's middle half▼ 65.4%€34,548below the sector's middle half▼ 54.7%€95,513within the sector's middle half▲ 176%€150,600within the sector's middle half▲ 57.7%€86,428within the sector's middle half▼ 42.6%€179,720within the sector's middle half▲ 108%
Debt€132,821-€209,258▲ 57.5%€90,488▼ 56.8%€88,600▼ 2.1%€87,393▼ 1.4%€135,317▲ 54.8%€86,350▼ 36.2%€175,914▲ 104%
Working capital€18,660-€22,051▲ 18.2%-€4,752within the sector's middle half-€44,732below the sector's middle half▼ 841%€7,778within the sector's middle half€14,953within the sector's middle half▲ 92.3%-€9,043below the sector's middle half-€6,805below the sector's middle half▲ 24.8%
Solvency6.3%-5.1%▼ 1.3pp-18.7%below the sector's middle half▼ 23.8pp-156.5%below the sector's middle half▼ 137.8pp8.5%within the sector's middle half▲ 165.0pp10.1%within the sector's middle half▲ 1.6pp0.1%below the sector's middle half▼ 10.1pp2.1%below the sector's middle half▲ 2.0pp
Current ratio1.15-1.11▼ 0.040.94within the sector's middle half▼ 0.170.43below the sector's middle half▼ 0.511.09within the sector's middle half▲ 0.661.11within the sector's middle half▲ 0.020.86below the sector's middle half▼ 0.250.96within the sector's middle half▲ 0.10
Return on assets (ROA)-0.7%-1.0%▲ 1.7pp-33.4%below the sector's middle half▼ 34.3pp-115.2%below the sector's middle half▼ 81.8pp65.1%above the sector's middle half▲ 180.3pp4.8%within the sector's middle half▼ 60.3pp-17.6%below the sector's middle half▼ 22.3pp2.1%within the sector's middle half▲ 19.7pp
Staff (FTE)1-1=1within the sector's middle half=1=1=1=1.8▲ 80.0%2.6▲ 44.4%
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 profit of €12,744, after a loss of €11,107 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 €179,720
Fixed assets
€23,847 ▼ 22.2%
Current assets
€155,873 ▲ 179%
Equity and liabilities €179,720
Equity
€3,806 ▲ 48×
Debt
€175,914 ▲ 104%
Debt's share of the balance-sheet total falls from 99.9% to 97.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€19,544▲
2024 · -€7,391
Cash flow
€10,527▲
2024 · -€11,488
Quick ratio
0.90▲
2024 · 0.71
Debt to equity
46.22
ROE
97.9%
Interest coverage
6.51▲
2024 · -1.88
Debt ≤ 1 year
€162,677▲
2024 · €64,824
Debt > 1 year
€13,206▼
2024 · €21,441
Income taxes
€6,048▲
2024 · €160
Staff costs
€203,514▲
2024 · €130,436
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 2 | 2 |
| full-time | 1 | 1 | 1 | 2 | 2 |
| part-time | - | - | - | 0 | - |
| in full-time equivalents | 1 | 1 | 1 | 2 | 2 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1.8 | 2.6 |
| On a permanent contract | 1 | 1 | 1 | 2 | 2 |
| Joined | - | - | - | - | 1 |
| Left | - | - | - | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €34,000 | - |
| Depreciation and write-downs of the year | - | - | - | €3,716 | €6,800 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €23 | €5,061 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €84,132 | €85,303 | €95,657 | €130,436 | €203,514 | ▲ 56.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €362 | - | - | - | - | - | €3,716 | €6,800 | ▲ 83.0% |
| Other operating charges640/8 | - | - | - | - | €814 | €384 | €1,012 | €2,912 | ▲ 188% |
| Non-recurring operating charges66A | - | - | - | €2,218 | - | - | €1,626 | €258 | ▼ 84.1% |
| Gross operating margin9900 | €90,473 | €88,739 | €60,414 | €48,598 | €159,187 | €110,458 | €125,683 | €226,228 | ▲ 80.0% |
| Operating profit (loss)9901 | €1,183 | €6,509 | -€24,551 | -€37,752 | €73,069 | €14,417 | -€11,107 | €12,744 | - |
| Financial income75/76B | - | - | - | €2 | €0 | - | €0 | €33 | ▲ 1,091× |
| Recurring financial income75 | €187 | €156 | €45 | €2 | €0 | - | €0 | €33 | ▲ 1,091× |
| Financial charges65/66B | - | - | - | €1,901 | €3,870 | €2,271 | €3,937 | €3,001 | ▼ 23.8% |
| Recurring financial charges65 | €416 | €959 | €775 | €1,901 | €3,870 | €2,271 | €3,937 | €3,001 | ▼ 23.8% |
| Profit (loss) for the period before taxes9903 | €954 | €5,707 | -€25,281 | -€39,651 | €69,199 | €12,146 | -€15,044 | €9,775 | - |
| Income taxes67/77 | €2,004 | €3,509 | €144 | €145 | €7,028 | €4,983 | €160 | €6,048 | ▲ 38× |
| Profit (loss) for the period9904 | -€1,050 | €2,198 | -€25,426 | -€39,796 | €62,171 | €7,163 | -€15,204 | €3,727 | - |
| Profit (loss) for the period to be appropriated9905 | -€1,050 | €2,198 | -€25,426 | -€39,796 | €62,171 | €7,163 | -€15,204 | €3,727 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €141,792 | €220,428 | €76,232 | €34,548 | €95,513 | €150,600 | €86,428 | €179,720 | ▲ 108% |
| Fixed assets21/28 | €363 | €363 | €363 | €363 | €363 | €363 | €30,647 | €23,847 | ▼ 22.2% |
| Tangible fixed assets22/27 | €0 | €0 | €0 | €0 | €0 | €0 | €30,284 | €23,484 | ▼ 22.5% |
| Furniture and vehicles24 | - | - | - | €0 | €0 | €0 | €30,284 | €23,484 | ▼ 22.5% |
| Financial fixed assets28 | €363 | €363 | €363 | €363 | €363 | €363 | €363 | €363 | = |
| Current assets29/58 | €141,429 | €220,065 | €75,869 | €34,185 | €95,150 | €150,237 | €55,781 | €155,873 | ▲ 179% |
| Stocks and contracts in progress3 | €6,358 | €2,064 | €2,068 | €2,068 | €2,105 | €7,378 | €9,838 | €9,838 | = |
| Stocks30/36 | - | - | - | €2,068 | €2,105 | €7,378 | €9,838 | €9,838 | = |
| Amounts receivable within one year40/41 | €114,899 | €200,849 | €54,065 | €27,477 | €91,854 | €133,013 | €39,857 | €140,342 | ▲ 252% |
| Trade receivables40 | - | - | - | €25,760 | €88,240 | €121,634 | €33,479 | €121,612 | ▲ 263% |
| Other amounts receivable41 | - | - | - | €1,717 | €3,614 | €11,379 | €6,378 | €18,730 | ▲ 194% |
| Cash at bank and in hand54/58 | €18,030 | €17,152 | €19,737 | €4,640 | €1,129 | €8,874 | €5,197 | €5,369 | ▲ 3.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | €62 | €972 | €889 | €324 | ▼ 63.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €141,792 | €220,428 | €76,232 | €34,548 | €95,513 | €150,600 | €86,428 | €179,720 | ▲ 108% |
| Equity10/15 | €8,972 | €11,170 | -€14,256 | -€54,052 | €8,119 | €15,283 | €79 | €3,806 | ▲ 48× |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Non-distributable reserves130/1 | - | - | - | €1,855 | €1,855 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,855 | €1,855 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,855 | €1,855 | €1,855 | = |
| Profit (loss) carried forward14 | €917 | €3,115 | -€22,311 | -€62,107 | €64 | €7,228 | -€7,976 | -€4,249 | ▲ 46.7% |
| Amounts payable17/49 | €132,821 | €209,258 | €90,488 | €88,600 | €87,393 | €135,317 | €86,350 | €175,914 | ▲ 104% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €21,441 | €13,206 | ▼ 38.4% |
| Financial debts170/4 | - | - | - | - | - | - | €21,441 | €13,206 | ▼ 38.4% |
| Amounts payable within one year42/48 | €122,769 | €198,014 | €80,621 | €78,917 | €87,372 | €135,284 | €64,824 | €162,677 | ▲ 151% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €12,000 | €22,572 | €27,235 | ▲ 20.7% |
| Trade debts44 | €109,050 | €181,986 | €38,301 | €44,845 | €51,409 | €104,126 | €26,285 | €114,811 | ▲ 337% |
| Suppliers440/4 | - | - | - | €44,845 | €51,409 | €104,126 | €26,285 | €114,811 | ▲ 337% |
| Taxes, remuneration and social security45 | - | - | - | €26,836 | €19,974 | €19,158 | €15,967 | €20,631 | ▲ 29.2% |
| Taxes450/3 | - | - | - | €5,421 | €8,629 | €7,028 | - | - | - |
| Remuneration and social security454/9 | - | - | - | €21,415 | €11,345 | €12,130 | €15,967 | €20,631 | ▲ 29.2% |
| Other amounts payable47/48 | - | - | - | €7,237 | €15,990 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €9,682 | €21 | €33 | €84 | €31 | ▼ 63.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,050 | €2,198 | -€25,426 | -€39,796 | €62,171 | €7,163 | -€15,204 | €3,727 | - |
| + Depreciation and write-downs630 | €362 | - | - | - | - | - | €3,716 | €6,800 | ▲ 83.0% |
| Operating cash flow (approximation) | -€688 | €2,198 | -€25,426 | -€39,796 | €62,171 | €7,163 | -€11,488 | €10,527 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | -€34,000 | €0 | - |
| Change in cash | - | -€878 | €2,585 | -€15,097 | -€3,511 | €7,745 | -€3,677 | €172 | - |
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, 1,375 companies had the same profile as SELECTULL has now. Two years later, 95.9% were still going and 2.2% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit under 5% of the balance sheet
95.9%
was still going
1.6%
stopped otherwise
2.2%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SELECTULL itself: 1.4% 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 1,375 companies, not a prediction for SELECTULL. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-09-2026 | 2026-00493732 | |
| 31-12-2024 | micro format | 02-12-2025 | 2025-00574910 | |
| 31-12-2023 | micro format | 25-09-2024 | 2024-00474225 | |
| 31-12-2022 | micro format | 06-07-2023 | 2023-00209395 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20376522 | |
| 31-12-2020 | micro format | 27-10-2021 | 2021-73800434 | |
| 31-12-2019 | micro format | 17-09-2020 | 2020-53900203 | |
| 31-12-2018 | micro format | 14-08-2019 | 2019-46400415 | |
| 31-12-2017 | full format | 27-07-2018 | 2018-39700240 | |
| 31-12-2016 | full format | 26-07-2017 | 2017-36100503 |