SOMETHING ELS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 25 filings
Equity
-€88,934▼ 5.9%
2024 · -€83,967
Total assets
€6,365▲ 9.3%
2024 · €5,822
Net result
-€4,967▼ 22.0%
2024 · -€4,072
Working capital
-€88,934▼ 5.9%
2024 · -€83,967
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€4,895
▼ 22.2%
2025
20182025
Net result
-€4,967
▼ 22.0%
2025
middle half of the sector
20182025
Equity
-€88,934
▼ 5.9%
2025
lowest quarter of the sector
20182025
Total assets
€6,365
▲ 9.3%
2025
lowest quarter of the sector
20182025
Debt
€95,299
▲ 6.1%
2025
20182025
Working capital
-€88,934
▼ 5.9%
2025
lowest quarter of the sector
20182025
Solvency
no figure
2025
20182025
Current ratio
0.07
=
2025
20182025
Return on assets (ROA)
-78.0%
▼ 8.1pp
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-€8,303--€13,795▼ 66.1%-€105▲ 99.2%-€4,450▼ 4,139%-€4,673▼ 5.0%-€2,910▲ 37.7%-€4,005▼ 37.6%-€4,895▼ 22.2%
Net result-€8,334--€13,820▼ 65.8%-€119within the sector's middle half▲ 99.1%-€4,696within the sector's middle half▼ 3,842%-€4,717within the sector's middle half▼ 0.4%-€2,961within the sector's middle half▲ 37.2%-€4,072within the sector's middle half▼ 37.5%-€4,967within the sector's middle half▼ 22.0%
Equity-€53,583--€67,402▼ 25.8%-€67,521below the sector's middle half▼ 0.2%-€72,217below the sector's middle half▼ 7.0%-€76,934below the sector's middle half▼ 6.5%-€79,895below the sector's middle half▼ 3.8%-€83,967below the sector's middle half▼ 5.1%-€88,934below the sector's middle half▼ 5.9%
Total assets€7,321-€7,658▲ 4.6%€9,016below the sector's middle half▲ 17.7%€8,697below the sector's middle half▼ 3.5%€10,296below the sector's middle half▲ 18.4%€7,540below the sector's middle half▼ 26.8%€5,822below the sector's middle half▼ 22.8%€6,365below the sector's middle half▲ 9.3%
Debt€60,903-€75,060▲ 23.2%€76,537▲ 2.0%€80,914▲ 5.7%€87,230▲ 7.8%€87,435▲ 0.2%€89,789▲ 2.7%€95,299▲ 6.1%
Working capital-€55,318--€69,050▼ 24.8%-€67,666within the sector's middle half▲ 2.0%-€72,232below the sector's middle half▼ 6.7%-€76,949below the sector's middle half▼ 6.5%-€79,895below the sector's middle half▼ 3.8%-€83,967below the sector's middle half▼ 5.1%-€88,934below the sector's middle half▼ 5.9%
Solvency-731.9%--880.2%▼ 148.2pp-748.9%below the sector's middle half▲ 131.2pp-830.4%below the sector's middle half▼ 81.5pp-747.2%below the sector's middle half▲ 83.2pp
Current ratio0.09-0.08▼ 0.010.12▲ 0.040.11below the sector's middle half▼ 0.010.12▲ 0.010.09below the sector's middle half▼ 0.030.06below the sector's middle half▼ 0.020.07=
Return on assets (ROA)-113.8%--180.5%▼ 66.6pp-1.3%▲ 179.1pp-54.0%below the sector's middle half▼ 52.7pp-45.8%below the sector's middle half▲ 8.2pp-39.3%below the sector's middle half▲ 6.5pp-69.9%below the sector's middle half▼ 30.7pp-78.0%below the sector's middle half▼ 8.1pp
above
within
below
The sector band is the middle half of the companies in Manufacture of leather and related products (NACE 15). 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 €4,895, larger than the loss of €4,005 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Key figures and ratios
Quick ratio
0.01▲
2024 · 0.00
Debt ≤ 1 year
€95,299▲
2024 · €89,789
A ratio outside any meaningful range has been withheld (balance sheet total €6,365, equity -€88,934).
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.
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 | €88 | €88 | €88 | €88 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €474 | €450 | €109 | €1,237 | €572 | ▼ 53.8% |
| Gross operating margin9900 | -€7,251 | -€12,985 | €2,287 | -€3,888 | -€4,224 | -€2,801 | -€2,768 | -€4,323 | ▼ 56.2% |
| Operating profit (loss)9901 | -€8,303 | -€13,795 | -€105 | -€4,450 | -€4,673 | -€2,910 | -€4,005 | -€4,895 | ▼ 22.2% |
| Financial charges65/66B | - | - | - | €246 | €43 | €51 | €67 | €72 | ▲ 7.0% |
| Recurring financial charges65 | €31 | €25 | €14 | €246 | €43 | €51 | €67 | €72 | ▲ 7.0% |
| Profit (loss) for the period before taxes9903 | -€8,334 | -€13,820 | -€119 | -€4,696 | -€4,717 | -€2,961 | -€4,072 | -€4,967 | ▼ 22.0% |
| Profit (loss) for the period9904 | -€8,334 | -€13,820 | -€119 | -€4,696 | -€4,717 | -€2,961 | -€4,072 | -€4,967 | ▼ 22.0% |
| Profit (loss) for the period to be appropriated9905 | -€8,334 | -€13,820 | -€119 | -€4,696 | -€4,717 | -€2,961 | -€4,072 | -€4,967 | ▼ 22.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €7,321 | €7,658 | €9,016 | €8,697 | €10,296 | €7,540 | €5,822 | €6,365 | ▲ 9.3% |
| Fixed assets21/28 | €1,736 | €1,648 | €145 | €15 | €15 | - | - | - | - |
| Tangible fixed assets22/27 | €263 | €176 | €88 | - | - | - | - | - | - |
| Financial fixed assets28 | €1,472 | €1,472 | €57 | €15 | €15 | - | - | - | - |
| Current assets29/58 | €5,585 | €6,010 | €8,871 | €8,682 | €10,281 | €7,540 | €5,822 | €6,365 | ▲ 9.3% |
| Stocks and contracts in progress3 | €5,563 | €5,563 | €5,563 | €5,563 | €5,563 | €5,563 | €5,563 | €5,563 | = |
| Stocks30/36 | - | - | - | €5,563 | €5,563 | €5,563 | €5,563 | €5,563 | = |
| Amounts receivable within one year40/41 | - | €5 | €410 | €1,253 | €4,718 | €1,978 | €259 | €508 | ▲ 95.9% |
| Trade receivables40 | - | - | - | - | €4,718 | €1,713 | €0 | - | - |
| Other amounts receivable41 | - | - | - | €1,253 | - | €265 | €259 | €508 | ▲ 95.9% |
| Cash at bank and in hand54/58 | €22 | €403 | €386 | €386 | - | - | - | €294 | - |
| Deferred charges and accrued income490/1 | - | - | - | €1,481 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €7,321 | €7,658 | €9,016 | €8,697 | €10,296 | €7,540 | €5,822 | €6,365 | ▲ 9.3% |
| Equity10/15 | -€53,583 | -€67,402 | -€67,521 | -€72,217 | -€76,934 | -€79,895 | -€83,967 | -€88,934 | ▼ 5.9% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Profit (loss) carried forward14 | -€72,175 | -€85,994 | -€86,113 | -€90,809 | -€95,526 | -€98,487 | -€102,559 | -€107,526 | ▼ 4.8% |
| Amounts payable17/49 | €60,903 | €75,060 | €76,537 | €80,914 | €87,230 | €87,435 | €89,789 | €95,299 | ▲ 6.1% |
| Amounts payable within one year42/48 | €60,903 | €75,060 | €76,537 | €80,914 | €87,230 | €87,435 | €89,789 | €95,299 | ▲ 6.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €0 | €0 | - | - |
| Financial debts43 | - | - | - | - | - | - | €0 | - | - |
| Credit institutions430/8 | - | - | - | - | - | - | €0 | - | - |
| Trade debts44 | €2,264 | €1,307 | €3,877 | €2,739 | €5,472 | €2,379 | €1,663 | €3,520 | ▲ 112% |
| Suppliers440/4 | - | - | - | €2,739 | €5,472 | €2,379 | €1,663 | €3,520 | ▲ 112% |
| Taxes, remuneration and social security45 | - | - | - | €29 | €29 | €29 | €29 | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | €29 | €29 | €29 | €29 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €78,146 | €81,729 | €85,027 | €88,097 | €91,779 | ▲ 4.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,334 | -€13,820 | -€119 | -€4,696 | -€4,717 | -€2,961 | -€4,072 | -€4,967 | ▼ 22.0% |
| + Depreciation and write-downs630 | €88 | €88 | €88 | €88 | - | - | - | - | - |
| Operating cash flow (approximation) | -€8,246 | -€13,732 | -€31 | -€4,608 | -€4,717 | -€2,961 | -€4,072 | -€4,967 | ▼ 22.0% |
| Investment in fixed assets (approximation) | - | €0 | €1,416 | €42 | €0 | - | - | - | - |
| Change in cash | - | €381 | -€17 | -€0 | - | - | - | - | - |
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, 6,619 companies had the same profile as SOMETHING ELS has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SOMETHING ELS itself: 1.2% 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 6,619 companies, not a prediction for SOMETHING ELS. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00356752 | |
| 31-12-2024 | micro format | 25-07-2025 | 2025-00329588 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00320103 | |
| 31-12-2022 | micro format | 03-07-2023 | 2023-00191637 | |
| 31-12-2021 | micro format | 24-06-2022 | 2022-20141720 | |
| 31-12-2020 | micro format | 19-08-2021 | 2021-50200053 | |
| 31-12-2019 | micro format | 08-06-2020 | 2020-15400350 | |
| 31-12-2018 | micro format | 28-06-2019 | 2019-25700479 | |
| 31-12-2017 | micro format | 04-02-2019 | 2019-04400156 | |
| 31-12-2016 | micro format | 21-08-2017 | 2017-45400096 |