SELITE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 7 filings
Equity
€10,680▼ 59.9%
2024 · €26,627
Total assets
€21,318▼ 51.9%
2024 · €44,282
Net result
-€15,947▼ 390%
2024 · -€3,254
Working capital
-€59
2024 · €17,595
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€15,468
▼ 404%
2025
20192025
Net result
-€15,947
▼ 390%
2025
lowest quarter of the sector
20192025
Equity
€10,680
▼ 59.9%
2025
middle half of the sector
20192025
Total assets
€21,318
▼ 51.9%
2025
lowest quarter of the sector
20192025
Debt
€10,638
▼ 39.7%
2025
20192025
Working capital
-€59
2025
middle half of the sector
20192025
Solvency
50.1%
▼ 10.0pp
2025
middle half of the sector
20192025
Current ratio
0.99
▼ 1.00
2025
middle half of the sector
20192025
Return on assets (ROA)
-74.8%
▼ 67.5pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€2,184-€2,883-€980€6,793€26,766▲ 294%-€3,072-€15,468▼ 404%
Net result-€2,184-€2,744within the sector's middle half-€1,167within the sector's middle half€5,064within the sector's middle half€19,224within the sector's middle half▲ 280%-€3,254within the sector's middle half-€15,947below the sector's middle half▼ 390%
Equity€4,016-€6,760within the sector's middle half▲ 68.3%€5,593within the sector's middle half▼ 17.3%€10,657within the sector's middle half▲ 90.5%€29,881within the sector's middle half▲ 180%€26,627within the sector's middle half▼ 10.9%€10,680within the sector's middle half▼ 59.9%
Total assets€4,416-€7,540below the sector's middle half▲ 70.7%€7,754below the sector's middle half▲ 2.8%€13,714below the sector's middle half▲ 76.9%€48,976within the sector's middle half▲ 257%€44,282below the sector's middle half▼ 9.6%€21,318below the sector's middle half▼ 51.9%
Debt€400-€780▲ 95.0%€2,161▲ 177%€3,057▲ 41.5%€19,095▲ 525%€17,655▼ 7.5%€10,638▼ 39.7%
Working capital-€334-€2,410within the sector's middle half€1,243within the sector's middle half▼ 48.4%€5,968within the sector's middle half▲ 380%€24,472within the sector's middle half▲ 310%€17,595within the sector's middle half▼ 28.1%-€59within the sector's middle half
Solvency89.7%above the sector's middle half72.1%above the sector's middle half▼ 17.5pp77.7%above the sector's middle half▲ 5.6pp61.0%above the sector's middle half▼ 16.7pp60.1%above the sector's middle half▼ 0.9pp50.1%within the sector's middle half▼ 10.0pp
Current ratio4.09above the sector's middle half1.58within the sector's middle half▼ 2.512.95above the sector's middle half▲ 1.382.28above the sector's middle half▼ 0.672.00within the sector's middle half▼ 0.280.99within the sector's middle half▼ 1.00
Return on assets (ROA)36.4%above the sector's middle half-15.1%below the sector's middle half▼ 51.4pp36.9%above the sector's middle half▲ 52.0pp39.3%above the sector's middle half▲ 2.3pp-7.3%below the sector's middle half▼ 46.6pp-74.8%below the sector's middle half▼ 67.5pp
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 €15,468, larger than the loss of €3,072 in 2024. It is the lowest result since 2019.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €21,318
Fixed assets
€10,739 ▲ 18.9%
Current assets
€10,579 ▼ 70.0%
Equity and liabilities €21,318
Equity
€10,680 ▼ 59.9%
Debt
€10,638 ▼ 39.7%
Debt's share of the balance-sheet total rises from 39.9% to 49.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€14,298▼
2024 · -€2,499
Cash flow
-€14,777▼
2024 · -€2,681
Debt to equity
1.00▲
2024 · 0.66
ROE
-149.3%▼
2024 · -12.2%
Interest coverage
-23.79▼
2024 · -13.73
Debt ≤ 1 year
€10,638▼
2024 · €17,655
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 | - | €350 | €966 | €4,196 | €2,877 |
| Depreciation and write-downs of the year | - | €11 | €246 | €573 | €1,170 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €11 | €246 | €573 | €1,170 | ▲ 104% |
| Other operating charges640/8 | - | - | - | €2,850 | €3,110 | €696 | €2,152 | ▲ 209% |
| Gross operating margin9900 | -€2,184 | €2,883 | -€980 | €9,654 | €30,122 | -€1,803 | -€12,146 | ▼ 574% |
| Operating profit (loss)9901 | -€2,184 | €2,883 | -€980 | €6,793 | €26,766 | -€3,072 | -€15,468 | ▼ 404% |
| Financial income75/76B | - | - | - | - | €1 | - | €122 | - |
| Recurring financial income75 | - | - | - | - | €1 | - | €122 | - |
| Financial charges65/66B | - | - | €187 | €161 | €545 | €182 | €601 | ▲ 230% |
| Recurring financial charges65 | - | €139 | €187 | €161 | €545 | €182 | €601 | ▲ 230% |
| Profit (loss) for the period before taxes9903 | -€2,184 | €2,744 | -€1,167 | €6,632 | €26,222 | -€3,254 | -€15,947 | ▼ 390% |
| Income taxes67/77 | - | - | - | €1,568 | €6,998 | - | - | - |
| Profit (loss) for the period9904 | -€2,184 | €2,744 | -€1,167 | €5,064 | €19,224 | -€3,254 | -€15,947 | ▼ 390% |
| Profit (loss) for the period to be appropriated9905 | -€2,184 | €2,744 | -€1,167 | €5,064 | €19,224 | -€3,254 | -€15,947 | ▼ 390% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €4,416 | €7,540 | €7,754 | €13,714 | €48,976 | €44,282 | €21,318 | ▼ 51.9% |
| Fixed assets21/28 | €4,350 | €4,350 | €4,350 | €4,689 | €5,409 | €9,032 | €10,739 | ▲ 18.9% |
| Tangible fixed assets22/27 | - | - | - | €339 | €1,059 | €4,682 | €6,389 | ▲ 36.5% |
| Plant, machinery and equipment23 | - | - | - | - | €790 | €468 | €275 | ▼ 41.2% |
| Furniture and vehicles24 | - | - | - | - | - | €2,036 | €1,621 | ▼ 20.4% |
| Other tangible fixed assets26 | - | - | - | €339 | €269 | €2,178 | €4,493 | ▲ 106% |
| Financial fixed assets28 | €4,350 | €4,350 | €4,350 | €4,350 | €4,350 | €4,350 | €4,350 | = |
| Current assets29/58 | €66 | €3,190 | €3,404 | €9,025 | €43,567 | €35,250 | €10,579 | ▼ 70.0% |
| Amounts receivable within one year40/41 | - | €3,190 | €3,404 | €7,712 | €41,732 | €31,060 | €4,208 | ▼ 86.5% |
| Trade receivables40 | - | - | - | €7,089 | €33,378 | €30,472 | €3,039 | ▼ 90.0% |
| Other amounts receivable41 | - | - | €3,404 | €623 | €8,354 | €588 | €1,169 | ▲ 98.8% |
| Cash at bank and in hand54/58 | €66 | - | - | €1,313 | €1,835 | €4,190 | €6,371 | ▲ 52.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €4,416 | €7,540 | €7,754 | €13,714 | €48,976 | €44,282 | €21,318 | ▼ 51.9% |
| Equity10/15 | €4,016 | €6,760 | €5,593 | €10,657 | €29,881 | €26,627 | €10,680 | ▼ 59.9% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Capital10 | - | - | €6,200 | - | - | - | - | - |
| Issued capital100 | - | - | €18,600 | - | - | - | - | - |
| Uncalled capital101 | - | - | €12,400 | - | - | - | - | - |
| Contributions outside capital11 | - | - | - | €6,200 | - | - | - | - |
| Other1109/19 | - | - | - | €6,200 | - | - | - | - |
| Profit (loss) carried forward14 | -€2,184 | €560 | -€607 | €4,457 | €23,681 | €20,427 | €4,480 | ▼ 78.1% |
| Amounts payable17/49 | €400 | €780 | €2,161 | €3,057 | €19,095 | €17,655 | €10,638 | ▼ 39.7% |
| Amounts payable within one year42/48 | €400 | €780 | €2,161 | €3,057 | €19,095 | €17,655 | €10,638 | ▼ 39.7% |
| Financial debts43 | - | - | €51 | - | - | - | - | - |
| Credit institutions430/8 | - | - | €51 | - | - | - | - | - |
| Trade debts44 | - | - | - | €1,489 | €9,291 | €10,657 | €1,340 | ▼ 87.4% |
| Suppliers440/4 | - | - | - | €1,489 | €9,291 | €10,657 | €1,340 | ▼ 87.4% |
| Taxes, remuneration and social security45 | - | - | - | €1,568 | €9,804 | €6,998 | €9,298 | ▲ 32.9% |
| Taxes450/3 | - | - | - | €1,568 | €9,804 | €6,998 | €9,298 | ▲ 32.9% |
| Other amounts payable47/48 | - | - | €2,110 | - | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,184 | €2,744 | -€1,167 | €5,064 | €19,224 | -€3,254 | -€15,947 | ▼ 390% |
| + Depreciation and write-downs630 | - | - | - | €11 | €246 | €573 | €1,170 | ▲ 104% |
| Operating cash flow (approximation) | -€2,184 | €2,744 | -€1,167 | €5,075 | €19,470 | -€2,681 | -€14,777 | ▼ 451% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€350 | -€966 | -€4,196 | -€2,877 | ▲ 31.4% |
| Change in cash | - | - | - | - | €522 | €2,355 | €2,181 | ▼ 7.4% |
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 SELITE 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 SELITE itself: 2.5% 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 3,591 companies, not a prediction for SELITE. 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 |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00358807 | |
| 31-12-2024 | micro format | 30-09-2025 | 2025-00515892 | |
| 31-12-2023 | micro format | 19-12-2024 | 2024-00620271 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00397210 | |
| 31-12-2021 | micro format | 25-08-2022 | 2022-20318224 | |
| 31-12-2020 | micro format | 25-08-2021 | 2021-53300006 | |
| 31-12-2019 | micro format | 22-03-2021 | 2021-08100506 |