SHAOLIN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-06-2026 PDF all 31 filings
Turnover
€4,370▼ 95.6%
2024 · €99,439
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
-€48,117▼ 269%
2024 · -€13,026
Working capital
€9,236▼ 83.3%
2024 · €55,293
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€4,370
▼ 95.6%
2025
20182025
Operating result
-€44,577
▼ 316%
2025
20182025
Net result
-€48,117
▼ 269%
2025
lowest quarter of the sector
20182025
Equity
€10,597
▼ 82.0%
2025
middle half of the sector
20182025
Total assets
€17,289
▼ 73.8%
2025
lowest quarter of the sector
20182025
Debt
€6,692
▼ 7.8%
2025
20182025
Working capital
€9,236
▼ 83.3%
2025
middle half of the sector
20182025
Solvency
61.3%
▼ 27.7pp
2025
highest quarter of the sector
20182025
Current ratio
2.38
▼ 6.23
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-278.3%
▼ 258.6pp
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
Turnover€137,049-€136,282▼ 0.6%€89,533▼ 34.3%€110,800▲ 23.8%€142,513▲ 28.6%€155,622▲ 9.2%€99,439▼ 36.1%€4,370▼ 95.6%
Operating result€5,495--€3,889-€7,385▼ 89.9%€21,282€1,083▼ 94.9%€4,219▲ 290%-€10,719-€44,577▼ 316%
Net result-€498--€5,321▼ 968%€2,908within the sector's middle half€19,817within the sector's middle half▲ 581%-€2,885within the sector's middle half-€92within the sector's middle half▲ 96.8%-€13,026below the sector's middle half▼ 14,109%-€48,117below the sector's middle half▼ 269%
Equity€54,263-€48,942▼ 9.8%€51,850within the sector's middle half▲ 5.9%€74,717within the sector's middle half▲ 44.1%€71,832within the sector's middle half▼ 3.9%€71,740within the sector's middle half▼ 0.1%€58,715within the sector's middle half▼ 18.2%€10,597within the sector's middle half▼ 82.0%
Total assets€59,494-€84,525▲ 42.1%€79,971within the sector's middle half▼ 5.4%€98,559within the sector's middle half▲ 23.2%€86,719within the sector's middle half▼ 12.0%€80,305within the sector's middle half▼ 7.4%€65,976within the sector's middle half▼ 17.8%€17,289below the sector's middle half▼ 73.8%
Debt€5,231-€35,583▲ 580%€28,121▼ 21.0%€23,842▼ 15.2%€14,887▼ 37.6%€8,565▼ 42.5%€7,261▼ 15.2%€6,692▼ 7.8%
Working capital€48,754-€43,721▼ 10.3%€48,518above the sector's middle half▲ 11.0%€68,846within the sector's middle half▲ 41.9%€67,556above the sector's middle half▼ 1.9%€69,517above the sector's middle half▲ 2.9%€55,293above the sector's middle half▼ 20.5%€9,236within the sector's middle half▼ 83.3%
Solvency91.2%-57.9%▼ 33.3pp64.8%above the sector's middle half▲ 6.9pp75.8%above the sector's middle half▲ 11.0pp82.8%above the sector's middle half▲ 7.0pp89.3%above the sector's middle half▲ 6.5pp89.0%above the sector's middle half▼ 0.3pp61.3%above the sector's middle half▼ 27.7pp
Current ratio10.32-6.56▼ 3.767.36above the sector's middle half▲ 0.807.51above the sector's middle half▲ 0.158.62above the sector's middle half▲ 1.129.12above the sector's middle half▲ 0.498.62above the sector's middle half▼ 0.502.38above the sector's middle half▼ 6.23
Return on assets (ROA)-0.8%--6.3%▼ 5.5pp3.6%within the sector's middle half▲ 9.9pp20.1%within the sector's middle half▲ 16.5pp-3.3%within the sector's middle half▼ 23.4pp-0.1%within the sector's middle half▲ 3.2pp-19.7%below the sector's middle half▼ 19.6pp-278.3%below the sector's middle half▼ 258.6pp
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 €44,577, larger than the loss of €10,719 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €17,289
Fixed assets
€1,362 ▼ 60.2%
Current assets
€15,927 ▼ 74.5%
Equity and liabilities €17,289
Equity
€10,597 ▼ 82.0%
Debt
€6,692 ▼ 7.8%
Debt's share of the balance-sheet total rises from 11.0% to 38.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€42,517▼
2024 · -€8,659
Cash flow
-€46,057▼
2024 · -€10,965
Quick ratio
1.71▼
2024 · 8.00
Debt to equity
0.63▲
2024 · 0.12
ROE
-454.0%▼
2024 · -22.2%
Interest coverage
-17.05▼
2024 · -3.75
Debt ≤ 1 year
€6,692▼
2024 · €7,261
Income taxes
€1,046
Customer credit
957 days▲
2024 · 213 days
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 | €4,180 | - | €689 | €3,259 | - |
| Depreciation and write-downs of the year | €8,873 | €8,828 | €8,767 | €2,060 | €2,060 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €137,049 | €136,282 | €89,533 | €110,800 | €142,513 | €155,622 | €99,439 | €4,370 | ▼ 95.6% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €80,062 | €131,958 | €142,401 | €107,371 | €46,051 | ▼ 57.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,976 | €11,670 | €9,121 | €8,873 | €8,828 | €8,767 | €2,060 | €2,060 | = |
| Other operating charges640/8 | - | - | €2,799 | €584 | €645 | €235 | €727 | €836 | ▲ 15.0% |
| Gross operating margin9900 | €15,276 | €12,657 | €4,535 | €30,739 | €10,556 | €13,222 | -€7,932 | -€41,681 | ▼ 425% |
| Operating profit (loss)9901 | €5,495 | -€3,889 | -€7,385 | €21,282 | €1,083 | €4,219 | -€10,719 | -€44,577 | ▼ 316% |
| Financial income75/76B | - | - | €12,619 | - | €2 | - | - | - | - |
| Recurring financial income75 | - | - | €12,619 | - | €2 | - | - | - | - |
| Non-recurring financial income76B | - | - | €12,619 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | €1,397 | €1,465 | €2,052 | €2,501 | €2,307 | €2,494 | ▲ 8.1% |
| Recurring financial charges65 | €2,654 | €1,432 | €1,397 | €1,465 | €2,052 | €2,501 | €2,307 | €2,494 | ▲ 8.1% |
| Profit (loss) for the period before taxes9903 | €2,977 | -€5,321 | €3,837 | €19,817 | -€968 | €1,718 | -€13,026 | -€47,071 | ▼ 261% |
| Income taxes67/77 | €3,475 | - | €929 | - | €1,918 | €1,810 | - | €1,046 | - |
| Profit (loss) for the period9904 | -€498 | -€5,321 | €2,908 | €19,817 | -€2,885 | -€92 | -€13,026 | -€48,117 | ▼ 269% |
| Profit (loss) for the period to be appropriated9905 | -€498 | -€5,321 | €2,908 | €19,817 | -€2,885 | -€92 | -€13,026 | -€48,117 | ▼ 269% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €59,494 | €84,525 | €79,971 | €98,559 | €86,719 | €80,305 | €65,976 | €17,289 | ▼ 73.8% |
| Fixed assets21/28 | €5,509 | €32,943 | €23,822 | €19,130 | €10,302 | €2,224 | €3,422 | €1,362 | ▼ 60.2% |
| Tangible fixed assets22/27 | €5,509 | €32,943 | €23,822 | €19,130 | €10,302 | €2,224 | €3,422 | €1,362 | ▼ 60.2% |
| Plant, machinery and equipment23 | - | - | €1,220 | €4,062 | €2,768 | €2,224 | €1,250 | €276 | ▼ 77.9% |
| Furniture and vehicles24 | - | - | €22,602 | €15,068 | €7,534 | - | €2,172 | €1,086 | ▼ 50.0% |
| Current assets29/58 | €53,985 | €51,582 | €56,149 | €79,429 | €76,417 | €78,081 | €62,554 | €15,927 | ▼ 74.5% |
| Stocks and contracts in progress3 | €5,229 | €4,521 | €5,431 | €4,212 | €4,469 | €5,591 | €4,472 | €4,472 | = |
| Stocks30/36 | - | - | €5,431 | €4,212 | €4,469 | €5,591 | €4,472 | €4,472 | = |
| Amounts receivable within one year40/41 | €41,029 | €44,760 | €46,636 | €63,507 | €69,938 | €65,976 | €58,082 | €11,455 | ▼ 80.3% |
| Trade receivables40 | - | - | €233 | €959 | - | - | - | - | - |
| Other amounts receivable41 | - | - | €46,403 | €62,548 | €69,938 | €65,976 | €58,082 | €11,455 | ▼ 80.3% |
| Cash at bank and in hand54/58 | €7,727 | €2,301 | €4,082 | €11,710 | €2,011 | €6,514 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €59,494 | €84,525 | €79,971 | €98,559 | €86,719 | €80,305 | €65,976 | €17,289 | ▼ 73.8% |
| Equity10/15 | €54,263 | €48,942 | €51,850 | €74,717 | €71,832 | €71,740 | €58,715 | €10,597 | ▼ 82.0% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | - | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Issued capital100 | - | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €13,859 | €13,859 | €13,859 | €13,859 | €13,859 | €13,859 | €13,859 | €13,859 | = |
| Non-distributable reserves130/1 | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Legal reserve130 | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | €12,000 | €12,000 | €12,000 | €12,000 | €12,000 | €12,000 | = |
| Profit (loss) carried forward14 | €21,812 | €16,491 | €19,399 | €42,266 | €39,381 | €39,289 | €26,264 | -€21,854 | - |
| Amounts payable17/49 | €5,231 | €35,583 | €28,121 | €23,842 | €14,887 | €8,565 | €7,261 | €6,692 | ▼ 7.8% |
| Amounts payable after more than one year17 | - | €27,722 | €20,490 | €13,258 | €6,026 | - | - | - | - |
| Financial debts170/4 | - | - | €20,490 | €13,258 | €6,026 | - | - | - | - |
| Amounts payable within one year42/48 | €5,231 | €7,861 | €7,631 | €10,583 | €8,861 | €8,565 | €7,261 | €6,692 | ▼ 7.8% |
| Current portion of amounts payable after more than one year42 | - | - | €7,232 | €7,232 | €7,232 | €6,026 | €1,845 | - | - |
| Financial debts43 | - | - | - | - | - | - | €5,416 | €6,692 | ▲ 23.5% |
| Credit institutions430/8 | - | - | - | - | - | - | €5,416 | - | - |
| Other loans439 | - | - | - | - | - | - | - | €6,692 | - |
| Trade debts44 | €74 | €629 | €399 | €453 | - | - | - | - | - |
| Suppliers440/4 | - | - | €399 | €453 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €2,899 | €1,629 | €2,538 | - | - | - |
| Taxes450/3 | - | - | - | €2,899 | €1,629 | €2,538 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€498 | -€5,321 | €2,908 | €19,817 | -€2,885 | -€92 | -€13,026 | -€48,117 | ▼ 269% |
| + Depreciation and write-downs630 | €8,976 | €11,670 | €9,121 | €8,873 | €8,828 | €8,767 | €2,060 | €2,060 | = |
| Operating cash flow (approximation) | €8,478 | €6,349 | €12,029 | €28,690 | €5,943 | €8,676 | -€10,965 | -€46,057 | ▼ 320% |
| Investment in fixed assets (approximation) | - | -€39,104 | €0 | -€4,181 | €0 | -€689 | -€3,258 | €0 | - |
| Change in cash | - | -€5,426 | €1,781 | €7,628 | -€9,699 | €4,503 | - | - | - |
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, 5,831 companies had the same profile as SHAOLIN has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SHAOLIN itself: 1.8% 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 5,831 companies, not a prediction for SHAOLIN. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 01-06-2026 | 2026-00141555 | |
| 31-12-2024 | micro format | 22-05-2025 | 2025-00112058 | |
| 31-12-2023 | micro format | 10-06-2024 | 2024-00127741 | |
| 31-12-2022 | micro format | 15-05-2023 | 2023-00088229 | |
| 31-12-2021 | full format | 16-06-2022 | 2022-20074890 | |
| 31-12-2020 | micro format | 05-07-2022 | 2022-20134425 | |
| 31-12-2019 | micro format | 10-06-2020 | 2020-16300033 | |
| 31-12-2018 | micro format | 05-07-2019 | 2019-29800478 | |
| 31-12-2017 | micro format | 27-07-2018 | 2018-39500489 | |
| 31-12-2016 | micro format | 17-07-2017 | 2017-34700448 |