TABULA RASA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 7 filings
Turnover
≈ €410,000
Estimated: probably between €370,000 and €520,000
Total assets
€452,665▲ 293%
2024 · €115,168
Net result
-€9,123
2024 · €22,530
Working capital
-€46,201
2024 · €46,183
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€1,754
▼ 93.0%
2025
20192025
Net result
-€9,123
2025
lowest quarter of the sector
20192025
Equity
€84,327
▲ 16.0%
2025
middle half of the sector
20192025
Total assets
€452,665
▲ 293%
2025
highest quarter of the sector
20192025
Debt
€361,429
▲ 752%
2025
20192025
Working capital
-€46,201
2025
lowest quarter of the sector
20192025
Solvency
18.6%
▼ 44.5pp
2025
middle half of the sector
20192025
Current ratio
0.67
▼ 1.66
2025
middle half of the sector
20192025
Return on assets (ROA)
-2.0%
▼ 21.6pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€5,490--€9,160▼ 66.9%€30,327-€9,354€5,193€24,970▲ 381%€1,754▼ 93.0%
Net result-€7,904--€10,581below the sector's middle half▼ 33.9%€27,887within the sector's middle half-€12,791below the sector's middle half€3,581within the sector's middle half€22,530within the sector's middle half▲ 529%-€9,123below the sector's middle half
Equity€42,096-€31,515within the sector's middle half▼ 25.1%€59,402within the sector's middle half▲ 88.5%€46,611within the sector's middle half▼ 21.5%€50,192within the sector's middle half▲ 7.7%€72,723within the sector's middle half▲ 44.9%€84,327within the sector's middle half▲ 16.0%
Total assets€100,354-€85,806within the sector's middle half▼ 14.5%€102,317within the sector's middle half▲ 19.2%€85,310within the sector's middle half▼ 16.6%€100,213within the sector's middle half▲ 17.5%€115,168within the sector's middle half▲ 14.9%€452,665above the sector's middle half▲ 293%
Debt€58,259-€54,291▼ 6.8%€42,914▼ 21.0%€38,699▼ 9.8%€50,021▲ 29.3%€42,445▼ 15.1%€361,429▲ 752%
Working capital€8,016-€8,885within the sector's middle half▲ 10.8%€41,436above the sector's middle half▲ 366%€32,008within the sector's middle half▼ 22.8%€33,344within the sector's middle half▲ 4.2%€46,183above the sector's middle half▲ 38.5%-€46,201below the sector's middle half
Solvency41.9%-36.7%within the sector's middle half▼ 5.2pp58.1%within the sector's middle half▲ 21.3pp54.6%within the sector's middle half▼ 3.4pp50.1%within the sector's middle half▼ 4.6pp63.1%above the sector's middle half▲ 13.1pp18.6%within the sector's middle half▼ 44.5pp
Current ratio1.45-1.62within the sector's middle half▲ 0.173.32above the sector's middle half▲ 1.702.14above the sector's middle half▼ 1.181.90within the sector's middle half▼ 0.242.33above the sector's middle half▲ 0.430.67within the sector's middle half▼ 1.66
Return on assets (ROA)-7.9%--12.3%below the sector's middle half▼ 4.5pp27.3%above the sector's middle half▲ 39.6pp-15.0%below the sector's middle half▼ 42.2pp3.6%within the sector's middle half▲ 18.6pp19.6%above the sector's middle half▲ 16.0pp-2.0%within the sector's middle half▼ 21.6pp
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 93% lower than in 2024.
Turnover and EBIT margin are not published. The micro 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 €452,665
Fixed assets
€357,757 ▲ 941%
Current assets
€94,907 ▲ 17.5%
Equity and liabilities €452,665
Equity
€84,327 ▲ 16.0%
Provisions
€6,909
Debt
€361,429 ▲ 752%
Debt's share of the balance-sheet total rises from 36.9% to 79.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€23,757▼
2024 · €33,782
Cash flow
€12,880▼
2024 · €31,342
Quick ratio
0.59▼
2024 · 1.93
Debt to equity
4.29▲
2024 · 0.58
ROE
-10.8%▼
2024 · 31.0%
Interest coverage
2.18▼
2024 · 19.35
Debt ≤ 1 year
€141,109▲
2024 · €34,618
Debt > 1 year
€217,012▲
2024 · €7,827
Staff costs
€130,431▲
2024 · €109,433
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 |
|---|---|
| Joined | 8 |
| Left | 6 |
Source: social balance sheet in the 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,899 | €3,963 | €20,123 | €13,385 | €345,394 |
| Depreciation and write-downs of the year | €22,466 | €21,769 | €15,532 | €8,812 | €22,003 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €8,023 | €30,632 | €77,993 | €109,433 | €130,431 | ▲ 19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,057 | €21,304 | €22,466 | €21,769 | €15,532 | €8,812 | €22,003 | ▲ 150% |
| Other operating charges640/8 | - | - | - | - | €1,133 | - | €2,737 | - |
| Non-recurring operating charges66A | - | - | - | - | - | €153 | - | - |
| Gross operating margin9900 | €25,633 | €16,798 | €60,816 | €43,047 | €99,851 | €143,367 | €156,926 | ▲ 9.5% |
| Operating profit (loss)9901 | -€5,490 | -€9,160 | €30,327 | -€9,354 | €5,193 | €24,970 | €1,754 | ▼ 93.0% |
| Financial income75/76B | - | - | €242 | €0 | €302 | €564 | €40 | ▼ 93.0% |
| Recurring financial income75 | - | €117 | €242 | €0 | €302 | €564 | €40 | ▼ 93.0% |
| Financial charges65/66B | - | - | €2,682 | €3,437 | €1,913 | €1,746 | €10,917 | ▲ 525% |
| Recurring financial charges65 | €2,414 | €1,537 | €2,682 | €3,437 | €1,913 | €1,746 | €10,917 | ▲ 525% |
| Profit (loss) for the period before taxes9903 | -€7,904 | -€10,581 | €27,887 | -€12,791 | €3,581 | €23,788 | -€9,123 | - |
| Income taxes67/77 | - | - | - | - | - | €1,257 | - | - |
| Profit (loss) for the period9904 | -€7,904 | -€10,581 | €27,887 | -€12,791 | €3,581 | €22,530 | -€9,123 | - |
| Profit (loss) for the period to be appropriated9905 | -€7,904 | -€10,581 | €27,887 | -€12,791 | €3,581 | €22,530 | -€9,123 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €100,354 | €85,806 | €102,317 | €85,310 | €100,213 | €115,168 | €452,665 | ▲ 293% |
| Fixed assets21/28 | €74,500 | €62,575 | €43,009 | €25,203 | €29,794 | €34,366 | €357,757 | ▲ 941% |
| Intangible fixed assets21 | €14,333 | €10,333 | €6,333 | €2,333 | - | - | - | - |
| Tangible fixed assets22/27 | €55,667 | €47,742 | €32,175 | €18,370 | €25,294 | €29,866 | €353,257 | ▲ 12× |
| Land and buildings22 | - | - | - | - | - | - | €313,697 | - |
| Plant, machinery and equipment23 | - | - | €12,390 | €4,300 | - | €669 | €3,992 | ▲ 497% |
| Furniture and vehicles24 | - | - | €10,577 | €10,224 | €24,275 | €28,290 | €27,464 | ▼ 2.9% |
| Other tangible fixed assets26 | - | - | €9,208 | €3,846 | €1,018 | €907 | €8,104 | ▲ 794% |
| Financial fixed assets28 | €4,500 | €4,500 | €4,500 | €4,500 | €4,500 | €4,500 | €4,500 | = |
| Current assets29/58 | €25,854 | €23,231 | €59,308 | €60,107 | €70,420 | €80,802 | €94,907 | ▲ 17.5% |
| Stocks and contracts in progress3 | €6,631 | €5,276 | €9,428 | €12,596 | €14,228 | €14,010 | €12,190 | ▼ 13.0% |
| Stocks30/36 | - | - | €9,428 | €12,596 | €14,228 | €14,010 | €12,190 | ▼ 13.0% |
| Amounts receivable within one year40/41 | €4,503 | €7,744 | €5,090 | €5,333 | €11,673 | €9,788 | €9,889 | ▲ 1.0% |
| Trade receivables40 | - | - | €355 | €1,076 | €4,797 | €1,011 | €9,889 | ▲ 878% |
| Other amounts receivable41 | - | - | €4,735 | €4,257 | €6,876 | €8,777 | - | - |
| Cash at bank and in hand54/58 | €14,668 | €10,211 | €44,732 | €42,178 | €44,518 | €56,686 | €72,182 | ▲ 27.3% |
| Deferred charges and accrued income490/1 | - | - | €58 | - | - | €317 | €646 | ▲ 104% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €100,354 | €85,806 | €102,317 | €85,310 | €100,213 | €115,168 | €452,665 | ▲ 293% |
| Equity10/15 | €42,096 | €31,515 | €59,402 | €46,611 | €50,192 | €72,723 | €84,327 | ▲ 16.0% |
| Contributions10/11 | €50,000 | - | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Reserves13 | - | - | - | - | - | €22,000 | €13,600 | ▼ 38.2% |
| Distributable reserves133 | - | - | - | - | - | €22,000 | €13,600 | ▼ 38.2% |
| Profit (loss) carried forward14 | -€7,904 | -€18,485 | €9,402 | -€3,389 | €192 | €723 | - | - |
| Investment grants15 | - | - | - | - | - | - | €20,727 | - |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €6,909 | - |
| Deferred taxes168 | - | - | - | - | - | - | €6,909 | - |
| Amounts payable17/49 | €58,259 | €54,291 | €42,914 | €38,699 | €50,021 | €42,445 | €361,429 | ▲ 752% |
| Amounts payable after more than one year17 | €40,421 | €39,945 | €25,042 | €10,600 | €12,945 | €7,827 | €217,012 | ▲ 28× |
| Financial debts170/4 | - | - | €25,042 | €10,600 | €12,945 | €7,827 | €217,012 | ▲ 28× |
| Amounts payable within one year42/48 | €17,838 | €14,346 | €17,872 | €28,099 | €37,075 | €34,618 | €141,109 | ▲ 308% |
| Current portion of amounts payable after more than one year42 | - | - | €14,903 | €14,442 | €16,742 | €6,042 | €27,903 | ▲ 362% |
| Trade debts44 | - | €3,413 | €1,588 | €4,231 | €2,341 | €4,037 | €8,044 | ▲ 99.3% |
| Suppliers440/4 | - | - | €1,588 | €4,231 | €2,341 | €4,037 | €8,044 | ▲ 99.3% |
| Taxes, remuneration and social security45 | - | - | €1,381 | €9,426 | €17,992 | €24,540 | €30,158 | ▲ 22.9% |
| Taxes450/3 | - | - | €28 | €4,163 | €3,406 | €5,495 | €8,646 | ▲ 57.4% |
| Remuneration and social security454/9 | - | - | €1,353 | €5,263 | €14,586 | €19,045 | €21,512 | ▲ 13.0% |
| Other amounts payable47/48 | - | - | - | - | - | - | €75,004 | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €3,308 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7,904 | -€10,581 | €27,887 | -€12,791 | €3,581 | €22,530 | -€9,123 | - |
| + Depreciation and write-downs630 | €29,057 | €21,304 | €22,466 | €21,769 | €15,532 | €8,812 | €22,003 | ▲ 150% |
| Operating cash flow (approximation) | €21,152 | €10,723 | €50,353 | €8,978 | €19,114 | €31,342 | €12,880 | ▼ 58.9% |
| Investment in fixed assets (approximation) | - | -€9,379 | -€2,899 | -€3,963 | -€20,123 | -€13,385 | -€345,394 | ▼ 2,480% |
| Change in cash | - | -€4,458 | €34,521 | -€2,554 | €2,340 | €12,168 | €15,496 | ▲ 27.3% |
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, 748 companies had the same profile as TABULA RASA has now. Two years later, 96.7% were still going and 1.3% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a small loss
96.7%
was still going
1.9%
stopped otherwise
1.3%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TABULA RASA itself: 0.8% 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 748 companies, not a prediction for TABULA RASA. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00226055 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00201037 | |
| 31-12-2023 | micro format | 23-06-2024 | 2024-00151685 | |
| 31-12-2022 | micro format | 29-06-2023 | 2023-00174215 | |
| 31-12-2021 | micro format | 22-07-2022 | 2022-20213023 | |
| 31-12-2020 | micro format | 07-08-2021 | 2021-46900296 | |
| 31-12-2019 | micro format | 04-11-2020 | 2020-69100216 |