TA2
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 22 filings
Turnover
≈ €700,000
Estimated: probably between €560,000 and €1.0m
EBIT margin
Not included in this filing
Net result
€83,260▲ 82.9%
2024 · €45,514
Working capital
-€13,714▼ 27.9%
2024 · -€10,720
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€108,539
▲ 63.2%
2025
20182025
Net result
€83,260
▲ 82.9%
2025
middle half of the sector
20182025
Equity
€499,061
▲ 20.0%
2025
middle half of the sector
20182025
Total assets
€1.3m
▲ 99.9%
2025
middle half of the sector
20182025
Debt
€840,730
▲ 230%
2025
20182025
Working capital
-€13,714
▼ 27.9%
2025
middle half of the sector
20182025
Solvency
37.2%
▼ 24.8pp
2025
middle half of the sector
20182025
Current ratio
0.96
=
2025
middle half of the sector
20182025
Return on assets (ROA)
6.2%
▼ 0.6pp
2025
middle half of the sector
20182025
Staff (FTE)
2.4
▼ 29.4%
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€0.04m-€0.1m▲ 179%€0.04m▼ 59.5%€0.03m▼ 33.0%-€0.005m€0.02m€0.07m▲ 267%€0.1m▲ 63.2%
Net result€0.02m-€0.07m▲ 202%€0.03mwithin the sector's middle half▼ 58.8%€0.02mwithin the sector's middle half▼ 39.0%-€0.007mbelow the sector's middle half€0.01mwithin the sector's middle half€0.05mwithin the sector's middle half▲ 290%€0.08mwithin the sector's middle half▲ 82.9%
Equity€0.3m-€0.3m▲ 25.3%€0.3mwithin the sector's middle half▲ 8.3%€0.4mwithin the sector's middle half▲ 4.7%€0.4mwithin the sector's middle half▼ 1.8%€0.4mwithin the sector's middle half▲ 3.3%€0.4mwithin the sector's middle half▲ 12.3%€0.5mwithin the sector's middle half▲ 20.0%
Total assets€0.6m-€0.6m▼ 1.5%€0.6mwithin the sector's middle half▲ 13.5%€0.6mwithin the sector's middle half▼ 3.0%€0.6mwithin the sector's middle half▼ 1.8%€0.6mwithin the sector's middle half▲ 1.1%€0.7mwithin the sector's middle half▲ 7.9%€1.3mwithin the sector's middle half▲ 99.9%
Debt€0.3m-€0.2m▼ 23.0%€0.3m▲ 20.2%€0.3m▼ 12.1%€0.3m▼ 1.7%€0.3m▼ 1.9%€0.3m▲ 1.5%€0.8m▲ 230%
Working capital€0.1m-€0.09m▼ 8.0%€0.1mwithin the sector's middle half▲ 25.7%€0.09mwithin the sector's middle half▼ 20.8%€0.09mwithin the sector's middle half▼ 4.7%€0.05mwithin the sector's middle half▼ 45.5%-€0.01mwithin the sector's middle half-€0.01mwithin the sector's middle half▼ 27.9%
Solvency44.6%-56.7%▲ 12.1pp54.1%within the sector's middle half▼ 2.6pp58.4%within the sector's middle half▲ 4.3pp58.4%above the sector's middle half=59.6%above the sector's middle half▲ 1.2pp62.0%above the sector's middle half▲ 2.4pp37.2%within the sector's middle half▼ 24.8pp
Current ratio1.45-1.50▲ 0.041.55within the sector's middle half▲ 0.061.44within the sector's middle half▼ 0.121.44within the sector's middle half▲ 0.011.25within the sector's middle half▼ 0.190.95within the sector's middle half▼ 0.300.96within the sector's middle half=
Return on assets (ROA)3.7%-11.4%▲ 7.7pp4.2%within the sector's middle half▼ 7.3pp2.6%within the sector's middle half▼ 1.5pp-1.1%below the sector's middle half▼ 3.7pp1.9%within the sector's middle half▲ 3.0pp6.8%within the sector's middle half▲ 4.9pp6.2%within the sector's middle half▼ 0.6pp
Staff (FTE)4.8-4▼ 16.7%4below the sector's middle half=5.3below the sector's middle half▲ 32.5%4below the sector's middle half▼ 24.5%3.9below the sector's middle half▼ 2.5%3.4below the sector's middle half▼ 12.8%2.4below the sector's middle half▼ 29.4%
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 63% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€1.0m ▲ 130%
Current assets
€295,134 ▲ 36.4%
Equity and liabilities €1.3m
Equity
€499,061 ▲ 20.0%
Debt
€840,730 ▲ 230%
Debt's share of the balance-sheet total rises from 38.0% to 62.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€198,859▲
2024 · €136,863
Cash flow
€173,580▲
2024 · €115,879
Debt to equity
1.68▲
2024 · 0.61
ROE
16.7%▲
2024 · 10.9%
Interest coverage
12.72▼
2024 · 50.62
Debt ≤ 1 year
€308,848▲
2024 · €227,054
Debt > 1 year
€531,882▲
2024 · €27,389
Income taxes
€10,150▼
2024 · €18,585
Staff costs
€123,033▼
2024 · €153,737
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 | 6 | 4 | 4 | 3 | 2 |
| full-time | 6 | 4 | 4 | 3 | 2 |
| in full-time equivalents | 6 | 4 | 4 | 3 | 2 |
| Average over the year, in full-time equivalents | 5.3 | 4 | 3.9 | 3.4 | 2.4 |
| On a permanent contract | 6 | 4 | 4 | 3 | 2 |
| Joined | 2 | - | - | 1 | 0 |
| Left | 0 | - | - | 2 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €34,614 | €49,500 | €85,243 | €52,603 | €727,740 |
| Financial fixed assets | €21,000 | €16,000 | €33,000 | €95,500 | - |
| Depreciation and write-downs of the year | €50,004 | €55,519 | €62,782 | €70,365 | €90,320 |
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 | - | - | - | €138,007 | €120,002 | €137,058 | €153,737 | €123,033 | ▼ 20.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €59,563 | €56,962 | €49,067 | €50,004 | €55,519 | €62,782 | €70,365 | €90,320 | ▲ 28.4% |
| Other operating charges640/8 | - | - | - | €3,278 | €2,356 | €599 | €1,213 | €6,724 | ▲ 454% |
| Gross operating margin9900 | €239,161 | €266,591 | €193,037 | €218,122 | €173,232 | €218,575 | €291,813 | €328,616 | ▲ 12.6% |
| Operating profit (loss)9901 | €35,393 | €98,724 | €40,031 | €26,833 | -€4,645 | €18,136 | €66,498 | €108,539 | ▲ 63.2% |
| Financial income75/76B | - | - | - | - | €54 | €676 | €305 | €502 | ▲ 64.6% |
| Recurring financial income75 | €45 | - | €1 | - | €54 | €676 | €305 | €502 | ▲ 64.6% |
| Financial charges65/66B | - | - | - | €1,845 | €1,917 | €2,003 | €2,704 | €15,631 | ▲ 478% |
| Recurring financial charges65 | €1,963 | €2,028 | €1,959 | €1,845 | €1,917 | €2,003 | €2,704 | €15,631 | ▲ 478% |
| Profit (loss) for the period before taxes9903 | €33,475 | €96,696 | €38,073 | €24,988 | -€6,508 | €16,809 | €64,099 | €93,410 | ▲ 45.7% |
| Income taxes67/77 | €11,956 | €31,673 | €11,267 | €8,639 | €225 | €5,143 | €18,585 | €10,150 | ▼ 45.4% |
| Profit (loss) for the period9904 | €21,519 | €65,023 | €26,806 | €16,349 | -€6,733 | €11,666 | €45,514 | €83,260 | ▲ 82.9% |
| Profit (loss) for the period to be appropriated9905 | €21,519 | €65,023 | €26,806 | €16,349 | -€6,733 | €11,666 | €45,514 | €83,260 | ▲ 82.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.7m | €1.3m | ▲ 99.9% |
| Fixed assets21/28 | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.5m | €1.0m | ▲ 130% |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.8m | ▲ 326% |
| Plant, machinery and equipment23 | - | - | - | €0.003m | €0.002m | €0.001m | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 7.3% |
| Leasing and similar rights25 | - | - | - | €0.02m | €0.06m | €0.04m | €0.02m | €0.6m | ▲ 27× |
| Financial fixed assets28 | €0.02m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.3m | €0.3m | ▼ 2.0% |
| Current assets29/58 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.3m | ▲ 36.4% |
| Amounts receivable within one year40/41 | €0.1m | €0.03m | €0.06m | €0.05m | €0.06m | €0.06m | €0.09m | €0.09m | ▲ 0.2% |
| Trade receivables40 | - | - | - | €0.03m | €0.04m | €0.04m | €0.07m | €0.06m | ▼ 6.0% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.03m | ▲ 18.3% |
| Cash at bank and in hand54/58 | €0.2m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | €0.2m | ▲ 61.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.7m | €1.3m | ▲ 99.9% |
| Equity10/15 | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | ▲ 20.0% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Tax-exempt reserves132 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Distributable reserves133 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Profit (loss) carried forward14 | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | ▲ 23.0% |
| Amounts payable17/49 | €0.3m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.8m | ▲ 230% |
| Amounts payable after more than one year17 | €0.09m | €0.06m | €0.08m | €0.04m | €0.05m | €0.05m | €0.03m | €0.5m | ▲ 19× |
| Financial debts170/4 | - | - | - | €0.04m | €0.05m | €0.05m | €0.03m | €0.5m | ▲ 19× |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 36.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.03m | €0.03m | €0.03m | €0.09m | ▲ 242% |
| Trade debts44 | €0.1m | €0.1m | €0.1m | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 14.4% |
| Suppliers440/4 | - | - | - | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 14.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.02m | €0.04m | €0.04m | €0.03m | ▼ 19.8% |
| Taxes450/3 | - | - | - | €0.01m | €0.01m | €0.01m | €0.03m | €0.02m | ▼ 25.4% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.006m | €0.02m | €0.01m | €0.01m | ▼ 9.8% |
| Other amounts payable47/48 | - | - | - | €425 | €0.009m | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €21,519 | €65,023 | €26,806 | €16,349 | -€6,733 | €11,666 | €45,514 | €83,260 | ▲ 82.9% |
| + Depreciation and write-downs630 | €59,563 | €56,962 | €49,067 | €50,004 | €55,519 | €62,782 | €70,365 | €90,320 | ▲ 28.4% |
| Operating cash flow (approximation) | €81,082 | €121,985 | €75,873 | €66,353 | €48,786 | €74,448 | €115,879 | €173,580 | ▲ 49.8% |
| Investment in fixed assets (approximation) | - | -€92,579 | -€77,697 | -€53,609 | -€61,282 | -€118,243 | -€148,103 | -€681,067 | ▼ 360% |
| Change in cash | - | €39,170 | €17,561 | -€17,960 | -€20,235 | -€55,584 | -€53,594 | €78,651 | - |
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, 31,368 companies had the same profile as TA2 has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TA2 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 31,368 companies, not a prediction for TA2. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 02-07-2026 | 2026-00258082 | |
| 31-12-2024 | full format | 28-06-2025 | 2025-00212485 | |
| 31-12-2023 | full format | 28-06-2024 | 2024-00192535 | |
| 31-12-2022 | full format | 29-06-2023 | 2023-00184148 | |
| 31-12-2021 | full format | 24-06-2022 | 2022-20145852 | |
| 31-12-2020 | full format | 25-06-2021 | 2021-25100428 | |
| 31-12-2019 | full format | 22-06-2020 | 2020-19700440 | |
| 31-12-2018 | full format | 21-06-2019 | 2019-21200486 | |
| 31-12-2017 | full format | 28-06-2018 | 2018-24400088 | |
| 31-12-2016 | full format | 23-06-2017 | 2017-21300381 |