Shine Master
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 27 days after the deadline Filed on 27 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00475867.
Annual accounts 2025 filed on 27-08-2026 at the NBB all 14 filings
Equity
-€52,026▼ 12.6%
2024 · -€46,184
Total assets
€35,410▲ 146%
2024 · €14,420
Net result
-€5,842
2024 · €10,248
Working capital
-€76,486▼ 43.4%
2024 · -€53,345
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€5,658
2025
20182025
Net result
-€5,842
2025
lowest quarter of the sector
20182025
Equity
-€52,026
▼ 12.6%
2025
lowest quarter of the sector
20182025
Total assets
€35,410
▲ 146%
2025
lowest quarter of the sector
20182025
Debt
€87,436
▲ 44.3%
2025
20182025
Working capital
-€76,486
▼ 43.4%
2025
lowest quarter of the sector
20182025
Solvency
-146.9%
▲ 173.3pp
2025
lowest quarter of the sector
20182025
Current ratio
0.13
▲ 0.01
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-16.5%
▼ 87.6pp
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
Operating result-€6,389--€9,110▼ 42.6%-€11,988▼ 31.6%-€15,099▼ 26.0%-€19,570▼ 29.6%€15,484€10,496▼ 32.2%-€5,658
Net result-€6,423--€9,200▼ 43.2%-€12,105below the sector's middle half▼ 31.6%-€15,141below the sector's middle half▼ 25.1%-€19,721below the sector's middle half▼ 30.3%€15,331within the sector's middle half€10,248within the sector's middle half▼ 33.2%-€5,842below the sector's middle half
Equity-€15,596--€24,796▼ 59.0%-€36,901below the sector's middle half▼ 48.8%-€52,042below the sector's middle half▼ 41.0%-€71,763below the sector's middle half▼ 37.9%-€56,432below the sector's middle half▲ 21.4%-€46,184below the sector's middle half▲ 18.2%-€52,026below the sector's middle half▼ 12.6%
Total assets€94,833-€220,075▲ 132%€220,104within the sector's middle half=€64,143within the sector's middle half▼ 70.9%€48below the sector's middle half▼ 99.9%€8,066below the sector's middle half▲ 169×€14,420below the sector's middle half▲ 78.8%€35,410below the sector's middle half▲ 146%
Debt€110,429-€244,871▲ 122%€257,005▲ 5.0%€116,185▼ 54.8%€71,811▼ 38.2%€64,498▼ 10.2%€60,605▼ 6.0%€87,436▲ 44.3%
Working capital-€15,596--€24,796▼ 59.0%-€36,901below the sector's middle half▼ 48.8%-€52,042below the sector's middle half▼ 41.0%-€71,763below the sector's middle half▼ 37.9%-€57,465below the sector's middle half▲ 19.9%-€53,345below the sector's middle half▲ 7.2%-€76,486below the sector's middle half▼ 43.4%
Solvency-16.4%--11.3%▲ 5.2pp-16.8%below the sector's middle half▼ 5.5pp-81.1%below the sector's middle half▼ 64.4pp-699.6%below the sector's middle half-320.3%below the sector's middle half▲ 379.3pp-146.9%below the sector's middle half▲ 173.3pp
Current ratio0.86-0.90▲ 0.040.86within the sector's middle half▼ 0.040.55below the sector's middle half▼ 0.300.11below the sector's middle half0.12below the sector's middle half▲ 0.010.13below the sector's middle half▲ 0.01
Return on assets (ROA)-6.8%--4.2%▲ 2.6pp-5.5%below the sector's middle half▼ 1.3pp-23.6%below the sector's middle half▼ 18.1pp190.1%above the sector's middle half71.1%above the sector's middle half▼ 119.0pp-16.5%below the sector's middle half▼ 87.6pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 €5,658, after a profit of €10,496 in 2024.
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 €35,410
Fixed assets
€24,460 ▲ 242%
Current assets
€10,949 ▲ 50.8%
Equity and liabilities
Equity-€52,026
Debt€87,436
Equity is negative. Debt (€87,436) exceeds the balance-sheet total (€35,410).
Key figures and ratios
EBITDA
-€3,744▼
2024 · €11,677
Cash flow
-€3,928▼
2024 · €11,429
Interest coverage
-20.33▼
2024 · 46.96
Debt ≤ 1 year
€87,436▲
2024 · €60,605
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | - | - | €1,221 | €7,308 | €24,520 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | - | - | €187 | €1,181 | €1,913 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €97 | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | - | €187 | €1,181 | €1,913 | ▲ 62.1% |
| Other operating charges640/8 | - | - | - | €735 | €16,437 | €971 | €478 | €3,001 | ▲ 528% |
| Gross operating margin9900 | -€5,986 | -€8,628 | -€11,505 | -€14,267 | -€3,133 | €16,642 | €12,155 | -€744 | - |
| Operating profit (loss)9901 | -€6,389 | -€9,110 | -€11,988 | -€15,099 | -€19,570 | €15,484 | €10,496 | -€5,658 | - |
| Financial income75/76B | - | - | - | - | - | - | - | €0 | - |
| Recurring financial income75 | - | - | - | - | - | - | - | €0 | - |
| Financial charges65/66B | - | - | - | €42 | €152 | €152 | €249 | €184 | ▼ 25.9% |
| Recurring financial charges65 | €34 | €90 | €117 | €42 | €152 | €152 | €249 | €184 | ▼ 25.9% |
| Profit (loss) for the period before taxes9903 | -€6,423 | -€9,200 | -€12,105 | -€15,141 | -€19,721 | €15,331 | €10,248 | -€5,842 | - |
| Profit (loss) for the period9904 | -€6,423 | -€9,200 | -€12,105 | -€15,141 | -€19,721 | €15,331 | €10,248 | -€5,842 | - |
| Profit (loss) for the period to be appropriated9905 | -€6,423 | -€9,200 | -€12,105 | -€15,141 | -€19,721 | €15,331 | €10,248 | -€5,842 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €94,833 | €220,075 | €220,104 | €64,143 | €48 | €8,066 | €14,420 | €35,410 | ▲ 146% |
| Fixed assets21/28 | - | - | - | - | - | €1,033 | €7,161 | €24,460 | ▲ 242% |
| Tangible fixed assets22/27 | - | - | - | - | - | €1,033 | €7,161 | €24,460 | ▲ 242% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €1,227 | €929 | ▼ 24.2% |
| Furniture and vehicles24 | - | - | - | - | - | €1,033 | €5,934 | €23,531 | ▲ 297% |
| Current assets29/58 | €94,833 | €220,075 | €220,104 | €64,143 | €48 | €7,033 | €7,259 | €10,949 | ▲ 50.8% |
| Stocks and contracts in progress3 | €87,750 | €205,480 | €205,480 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €1,168 | €14,594 | €14,592 | €16,448 | €0 | €2,821 | €6,101 | €4,680 | ▼ 23.3% |
| Trade receivables40 | - | - | - | - | - | €2,821 | €5,753 | €521 | ▼ 90.9% |
| Other amounts receivable41 | - | - | - | €16,448 | €0 | - | €348 | €4,158 | ▲ 12× |
| Cash at bank and in hand54/58 | €4,550 | €1 | €32 | €47,695 | €48 | €4,212 | €616 | €5,211 | ▲ 746% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €542 | €1,059 | ▲ 95.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €94,833 | €220,075 | €220,104 | €64,143 | €48 | €8,066 | €14,420 | €35,410 | ▲ 146% |
| Equity10/15 | -€15,596 | -€24,796 | -€36,901 | -€52,042 | -€71,763 | -€56,432 | -€46,184 | -€52,026 | ▼ 12.6% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €2,453 | €2,453 | €2,453 | €2,453 | €2,453 | €2,453 | €2,453 | €2,453 | = |
| Non-distributable reserves130/1 | - | - | - | €123 | €123 | €123 | €123 | €123 | = |
| Reserves not available under the articles1311 | - | - | - | €123 | €123 | €123 | €123 | €123 | = |
| Distributable reserves133 | - | - | - | €2,330 | €2,330 | €2,330 | €2,330 | €2,330 | = |
| Profit (loss) carried forward14 | -€24,249 | -€33,449 | -€45,554 | -€60,695 | -€80,416 | -€65,085 | -€54,837 | -€60,679 | ▼ 10.7% |
| Amounts payable17/49 | €110,429 | €244,871 | €257,005 | €116,185 | €71,811 | €64,498 | €60,605 | €87,436 | ▲ 44.3% |
| Amounts payable within one year42/48 | €110,429 | €244,871 | €257,005 | €116,185 | €71,811 | €64,498 | €60,605 | €87,436 | ▲ 44.3% |
| Trade debts44 | €2,073 | €2,075 | €3,110 | €57 | €67 | €0 | €5,228 | €355 | ▼ 93.2% |
| Suppliers440/4 | - | - | - | €57 | €67 | €0 | €5,228 | €355 | ▼ 93.2% |
| Taxes, remuneration and social security45 | - | - | - | - | - | €1,459 | €0 | - | - |
| Taxes450/3 | - | - | - | - | - | €1,459 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €116,128 | €71,744 | €63,040 | €55,377 | €87,081 | ▲ 57.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,423 | -€9,200 | -€12,105 | -€15,141 | -€19,721 | €15,331 | €10,248 | -€5,842 | - |
| + Depreciation and write-downs630 | - | - | - | - | - | €187 | €1,181 | €1,913 | ▲ 62.1% |
| Operating cash flow (approximation) | -€6,423 | -€9,200 | -€12,105 | -€15,141 | -€19,721 | €15,518 | €11,429 | -€3,928 | - |
| Investment in fixed assets (approximation) | - | - | - | - | - | - | -€7,308 | -€19,212 | ▼ 163% |
| Change in cash | - | -€4,549 | €31 | €47,663 | -€47,647 | €4,165 | -€3,596 | €4,595 | - |
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, 6,907 companies had the same profile as Shine Master has now. Two years later, 85.5% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.5%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Shine Master itself is lower: 0.6% within 12 months. It rests on far more data about Shine Master than the profile alone.
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 6,907 companies, not a prediction for Shine Master. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-08-2026 | 2026-00475867 | |
| 31-12-2024 | micro format | 07-06-2025 | 2025-00126249 | |
| 31-12-2023 | micro format | 26-08-2024 | 2024-00372813 | |
| 31-12-2022 | micro format | 06-07-2023 | 2023-00216623 | |
| 31-12-2021 | micro format | 14-07-2022 | 2022-20184434 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-26800519 | |
| 31-12-2019 | micro format | 24-08-2020 | 2020-43400029 | |
| 31-12-2018 | micro format | 01-07-2019 | 2019-25100084 | |
| 31-12-2017 | micro format | 11-07-2018 | 2018-31500268 | |
| 31-12-2016 | micro format | 28-06-2017 | 2017-22000012 |