T & A
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 16-06-2026 at the NBB all 30 filings
Turnover
≈ €2.0m
Estimated: probably between €1.4m and €3.0m
Total assets
€718,326▲ 13.8%
2024 · €631,248
Net result
€92,232▲ 594%
2024 · €13,291
Working capital
€75,852▲ 60.0%
2024 · €47,408
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€116,718
▲ 332%
2025
20182025
Net result
€92,232
▲ 594%
2025
middle half of the sector
20182025
Equity
€170,872
▲ 57.3%
2025
middle half of the sector
20182025
Total assets
€718,326
▲ 13.8%
2025
middle half of the sector
20182025
Debt
€547,454
▲ 4.8%
2025
20182025
Working capital
€75,852
▲ 60.0%
2025
middle half of the sector
20182025
Solvency
23.8%
▲ 6.6pp
2025
middle half of the sector
20182025
Current ratio
1.23
▲ 0.07
2025
middle half of the sector
20182025
Return on assets (ROA)
12.8%
▲ 10.7pp
2025
highest quarter of the sector
20182025
Staff (FTE)
4
▲ 5.3%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€7,548-€870▼ 88.5%€15,575▲ 18×€22,386▲ 43.7%€17,783▼ 20.6%€30,800▲ 73.2%€27,001▼ 12.3%€116,718▲ 332%
Net result€3,475--€1,868€12,129within the sector's middle half€15,421within the sector's middle half▲ 27.1%€11,966within the sector's middle half▼ 22.4%€15,738within the sector's middle half▲ 31.5%€13,291within the sector's middle half▼ 15.5%€92,232within the sector's middle half▲ 594%
Equity€43,526-€41,398▼ 4.9%€53,266below the sector's middle half▲ 28.7%€68,426below the sector's middle half▲ 28.5%€80,132below the sector's middle half▲ 17.1%€95,609below the sector's middle half▲ 19.3%€108,640below the sector's middle half▲ 13.6%€170,872within the sector's middle half▲ 57.3%
Total assets€803,925-€737,843▼ 8.2%€713,078within the sector's middle half▼ 3.4%€646,296within the sector's middle half▼ 9.4%€647,870within the sector's middle half▲ 0.2%€640,868within the sector's middle half▼ 1.1%€631,248within the sector's middle half▼ 1.5%€718,326within the sector's middle half▲ 13.8%
Debt€759,593-€695,774▼ 8.4%€659,275▼ 5.2%€577,467▼ 12.4%€567,470▼ 1.7%€545,125▼ 3.9%€522,608▼ 4.1%€547,454▲ 4.8%
Working capital€13,941--€6,845€4,378below the sector's middle half€13,512below the sector's middle half▲ 209%€20,313within the sector's middle half▲ 50.3%€30,533within the sector's middle half▲ 50.3%€47,408within the sector's middle half▲ 55.3%€75,852within the sector's middle half▲ 60.0%
Solvency5.4%-5.6%▲ 0.2pp7.5%below the sector's middle half▲ 1.9pp10.6%below the sector's middle half▲ 3.1pp12.4%below the sector's middle half▲ 1.8pp14.9%below the sector's middle half▲ 2.6pp17.2%below the sector's middle half▲ 2.3pp23.8%within the sector's middle half▲ 6.6pp
Current ratio1.04-0.98▼ 0.071.01below the sector's middle half▲ 0.041.05below the sector's middle half▲ 0.041.07within the sector's middle half▲ 0.021.10within the sector's middle half▲ 0.031.16within the sector's middle half▲ 0.061.23within the sector's middle half▲ 0.07
Return on assets (ROA)0.4%--0.3%▼ 0.7pp1.7%within the sector's middle half▲ 2.0pp2.4%within the sector's middle half▲ 0.7pp1.8%within the sector's middle half▼ 0.5pp2.5%within the sector's middle half▲ 0.6pp2.1%within the sector's middle half▼ 0.4pp12.8%above the sector's middle half▲ 10.7pp
Staff (FTE)4.3-4.2▼ 2.3%3.7within the sector's middle half▼ 11.9%4.9within the sector's middle half▲ 32.4%4.8within the sector's middle half▼ 2.0%4.4within the sector's middle half▼ 8.3%3.8within the sector's middle half▼ 13.6%4within the sector's middle half▲ 5.3%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 over 4.3 times that of 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €718,326
Fixed assets
€316,728 ▲ 9.2%
Current assets
€401,598 ▲ 17.7%
Equity and liabilities €718,326
Equity
€170,872 ▲ 57.3%
Debt
€547,454 ▲ 4.8%
Debt's share of the balance-sheet total falls from 82.8% to 76.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€135,464▲
2024 · €56,379
Cash flow
€110,978▲
2024 · €42,669
Quick ratio
0.73▲
2024 · 0.57
Debt to equity
3.20▼
2024 · 4.81
ROE
54.0%▲
2024 · 12.2%
Interest coverage
8.36▲
2024 · 3.31
Debt ≤ 1 year
€325,747▲
2024 · €293,750
Debt > 1 year
€221,708▼
2024 · €228,858
Income taxes
€20,644▲
2024 · €6,199
Staff costs
€239,886▲
2024 · €198,649
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 | 5 | 5 | 4 | 4 | 5 |
| full-time | 4 | 3 | 2 | 2 | 3 |
| part-time | 1 | 2 | 2 | 2 | 2 |
| in full-time equivalents | 4.9 | 4.7 | 3.9 | 3.7 | 4.7 |
| Average over the year, in full-time equivalents | 4.9 | 4.8 | 4.4 | 3.8 | 4 |
| On a permanent contract | 5 | 5 | 4 | 4 | 4 |
| Joined | 2 | 0 | 0 | 0 | 1 |
| Left | 1 | 0 | 1 | 0 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €359,055 | €309,638 | €282,628 | €254,257 | €221,708 |
| Mortgages, amount registered | €541,641 | €526,641 | €526,641 | €526,641 | - |
| Mortgage mandates | €712,683 | - | - | - | - |
| Carrying value of the mortgaged assets | €344,510 | €323,004 | €307,030 | €283,027 | - |
| Pledge on the business | €54,537 | €54,537 | €54,537 | €54,537 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €9,715 | €7,740 | - | €45,384 |
| Depreciation and write-downs of the year | €43,525 | €28,003 | €29,553 | €29,378 | €18,746 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 2 entries · €694 awarded · €694 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €450 | €450 |
| 2022 | 1 | €244 | €244 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | €10,115 | €2,880 | €0 | €3,510 | - |
| Remuneration, social security and pensions62 | - | - | - | €235,848 | €259,252 | €264,824 | €198,649 | €239,886 | ▲ 20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €55,780 | €49,185 | €42,533 | €43,525 | €28,003 | €29,553 | €29,378 | €18,746 | ▼ 36.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €3,106 | €0 | - | -€3,175 | €0 | - |
| Other operating charges640/8 | - | - | - | €8,998 | €6,587 | €7,115 | €7,103 | €6,185 | ▼ 12.9% |
| Gross operating margin9900 | €259,959 | €275,489 | €228,272 | €313,863 | €311,625 | €332,291 | €258,956 | €381,535 | ▲ 47.3% |
| Operating profit (loss)9901 | €7,548 | €870 | €15,575 | €22,386 | €17,783 | €30,800 | €27,001 | €116,718 | ▲ 332% |
| Financial income75/76B | - | - | - | €13,227 | €11,326 | €9,648 | €9,373 | €12,362 | ▲ 31.9% |
| Recurring financial income75 | €12,327 | €12,425 | €11,652 | €13,227 | €11,326 | €9,648 | €9,373 | €12,362 | ▲ 31.9% |
| Financial charges65/66B | - | - | - | €13,980 | €12,455 | €17,858 | €17,018 | €16,205 | ▼ 4.8% |
| Recurring financial charges65 | €16,534 | €14,135 | €15,233 | €13,980 | €12,455 | €17,858 | €17,018 | €16,205 | ▼ 4.8% |
| Profit (loss) for the period before taxes9903 | €3,341 | -€841 | €11,995 | €21,633 | €16,654 | €22,590 | €19,356 | €112,875 | ▲ 483% |
| Transfer from deferred taxes780 | - | - | - | €134 | €134 | €134 | €134 | €0 | ▼ 100% |
| Income taxes67/77 | - | €1,162 | - | €6,346 | €4,822 | €6,986 | €6,199 | €20,644 | ▲ 233% |
| Profit (loss) for the period9904 | €3,475 | -€1,868 | €12,129 | €15,421 | €11,966 | €15,738 | €13,291 | €92,232 | ▲ 594% |
| Profit (loss) for the period to be appropriated9905 | €3,475 | -€1,868 | €12,129 | €15,421 | €11,966 | €15,738 | €13,291 | €92,232 | ▲ 594% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €803,925 | €737,843 | €713,078 | €646,296 | €647,870 | €640,868 | €631,248 | €718,326 | ▲ 13.8% |
| Fixed assets21/28 | €470,874 | €428,485 | €408,480 | €364,955 | €341,282 | €319,468 | €290,090 | €316,728 | ▲ 9.2% |
| Tangible fixed assets22/27 | €470,874 | €428,485 | €408,480 | €364,955 | €341,282 | €319,468 | €290,090 | €316,728 | ▲ 9.2% |
| Land and buildings22 | - | - | - | €344,510 | €323,004 | €307,030 | €283,027 | €289,471 | ▲ 2.3% |
| Plant, machinery and equipment23 | - | - | - | - | €1,142 | €901 | €660 | €5,083 | ▲ 670% |
| Furniture and vehicles24 | - | - | - | €6,317 | €6,780 | €4,952 | €3,590 | €2,228 | ▼ 37.9% |
| Leasing and similar rights25 | - | - | - | €14,128 | €10,357 | €6,585 | €2,813 | €19,946 | ▲ 609% |
| Current assets29/58 | €333,051 | €309,357 | €304,598 | €281,341 | €306,589 | €321,400 | €341,158 | €401,598 | ▲ 17.7% |
| Stocks and contracts in progress3 | €231,172 | €216,446 | €181,979 | €137,072 | €160,631 | €157,257 | €172,289 | €164,043 | ▼ 4.8% |
| Stocks30/36 | - | - | - | €137,072 | €160,631 | €157,257 | €172,289 | €164,043 | ▼ 4.8% |
| Amounts receivable within one year40/41 | €57,787 | €45,176 | €53,979 | €45,149 | €67,520 | €69,644 | €88,166 | €72,483 | ▼ 17.8% |
| Trade receivables40 | - | - | - | €39,816 | €54,216 | €44,280 | €73,643 | €53,271 | ▼ 27.7% |
| Other amounts receivable41 | - | - | - | €5,333 | €13,304 | €25,365 | €14,523 | €19,212 | ▲ 32.3% |
| Cash at bank and in hand54/58 | €43,188 | €46,989 | €64,264 | €92,310 | €76,681 | €85,200 | €67,956 | €155,084 | ▲ 128% |
| Deferred charges and accrued income490/1 | - | - | - | €6,810 | €1,757 | €9,299 | €12,747 | €9,988 | ▼ 21.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €803,925 | €737,843 | €713,078 | €646,296 | €647,870 | €640,868 | €631,248 | €718,326 | ▲ 13.8% |
| Equity10/15 | €43,526 | €41,398 | €53,266 | €68,426 | €80,132 | €95,609 | €108,640 | €170,872 | ▲ 57.3% |
| Contributions10/11 | €137,000 | €137,000 | - | €137,000 | €137,000 | €137,000 | €137,000 | €137,000 | = |
| Reserves13 | €43,103 | €43,103 | €43,103 | €43,103 | €43,103 | €43,103 | €18,750 | €33,872 | ▲ 80.6% |
| Non-distributable reserves130/1 | - | - | - | €465 | €465 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €465 | €465 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €18,750 | €18,750 | €18,750 | €18,750 | €18,750 | = |
| Distributable reserves133 | - | - | - | €23,887 | €23,887 | €24,353 | €0 | €15,122 | - |
| Profit (loss) carried forward14 | -€138,141 | -€140,009 | -€127,880 | -€112,459 | -€100,493 | -€84,754 | -€47,110 | €0 | - |
| Investment grants15 | - | - | - | €782 | €522 | €261 | €0 | - | - |
| Provisions and deferred taxes16 | €806 | €671 | €537 | €403 | €269 | €134 | €0 | - | - |
| Deferred taxes168 | - | - | - | €403 | €269 | €134 | €0 | - | - |
| Amounts payable17/49 | €759,593 | €695,774 | €659,275 | €577,467 | €567,470 | €545,125 | €522,608 | €547,454 | ▲ 4.8% |
| Amounts payable after more than one year17 | €440,484 | €379,571 | €359,055 | €309,638 | €281,195 | €254,257 | €228,858 | €221,708 | ▼ 3.1% |
| Financial debts170/4 | - | - | - | €309,638 | €281,195 | €254,257 | €228,858 | €221,708 | ▼ 3.1% |
| Amounts payable within one year42/48 | €319,110 | €316,203 | €300,220 | €267,829 | €286,275 | €290,868 | €293,750 | €325,747 | ▲ 10.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €49,418 | €28,443 | €28,371 | €25,399 | €26,866 | ▲ 5.8% |
| Financial debts43 | - | - | - | €125,000 | €0 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €125,000 | €0 | - | - | - | - |
| Trade debts44 | €95,727 | €93,143 | €77,319 | €46,198 | €125,570 | €117,108 | €79,109 | €52,275 | ▼ 33.9% |
| Suppliers440/4 | - | - | - | €46,198 | €125,570 | €117,108 | €79,109 | €52,275 | ▼ 33.9% |
| Advances received on contracts in progress46 | - | - | - | €5,107 | €118 | €100 | €59,155 | €60,829 | ▲ 2.8% |
| Taxes, remuneration and social security45 | - | - | - | €37,133 | €30,842 | €39,986 | €21,726 | €42,274 | ▲ 94.6% |
| Taxes450/3 | - | - | - | €9,511 | €3,412 | €5,323 | €5,005 | €5,392 | ▲ 7.7% |
| Remuneration and social security454/9 | - | - | - | €27,622 | €27,430 | €34,663 | €16,721 | €36,882 | ▲ 121% |
| Other amounts payable47/48 | - | - | - | €4,974 | €101,303 | €105,303 | €108,361 | €143,503 | ▲ 32.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,475 | -€1,868 | €12,129 | €15,421 | €11,966 | €15,738 | €13,291 | €92,232 | ▲ 594% |
| + Depreciation and write-downs630 | €55,780 | €49,185 | €42,533 | €43,525 | €28,003 | €29,553 | €29,378 | €18,746 | ▼ 36.2% |
| Operating cash flow (approximation) | €59,255 | €47,317 | €54,662 | €58,946 | €39,969 | €45,291 | €42,669 | €110,978 | ▲ 160% |
| Investment in fixed assets (approximation) | - | -€6,796 | -€22,528 | €0 | -€4,329 | -€7,740 | €0 | -€45,384 | - |
| Change in cash | - | €3,801 | €17,275 | €28,046 | -€15,629 | €8,519 | -€17,244 | €87,128 | - |
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, 3,818 companies had the same profile as T & A has now. Two years later, 95.1% were still going and 1.0% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.1%
was still going
3.7%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of T & A itself: 0.2% 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 3,818 companies, not a prediction for T & A. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 16-06-2026 | 2026-00164842 | |
| 31-12-2024 | abbreviated format | 04-06-2025 | 2025-00121555 | |
| 31-12-2023 | abbreviated format | 05-06-2024 | 2024-00113680 | |
| 31-12-2022 | abbreviated format | 18-07-2023 | 2023-00251661 | |
| 31-12-2021 | abbreviated format | 30-06-2022 | 2022-20152710 | |
| 31-12-2020 | abbreviated format | 02-07-2021 | 2021-30500206 | |
| 31-12-2019 | abbreviated format | 03-07-2020 | 2020-26300345 | |
| 31-12-2018 | abbreviated format | 05-07-2019 | 2019-29800351 | |
| 31-12-2017 | abbreviated format | 29-06-2018 | 2018-26200381 | |
| 31-12-2016 | abbreviated format | 20-06-2017 | 2017-19600401 |