TASROB
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 07-07-2026 at the NBB all 18 filings
Turnover
≈ €230,000
Estimated: probably between €150,000 and €400,000
Total assets
€39,701▲ 40.0%
2024 · €28,364
Net result
€13,687
2024 · -€8,284
Working capital
-€27,658▲ 36.7%
2024 · -€43,719
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€13,702
2025
20182025
Net result
€13,687
2025
middle half of the sector
20182025
Equity
-€20,601
▲ 39.9%
2025
lowest quarter of the sector
20182025
Total assets
€39,701
▲ 40.0%
2025
lowest quarter of the sector
20182025
Debt
€60,301
▼ 3.8%
2025
20182025
Working capital
-€27,658
▲ 36.7%
2025
lowest quarter of the sector
20182025
Solvency
-51.9%
▲ 69.0pp
2025
lowest quarter of the sector
20182025
Current ratio
0.54
▲ 0.24
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
34.5%
▲ 63.7pp
2025
highest quarter of the sector
20182025
Staff (FTE)
1.3
▼ 35.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€6,199-€3,087▼ 50.2%-€16,879-€9,347▲ 44.6%-€7,786▲ 16.7%-€4,701▲ 39.6%-€7,714▼ 64.1%€13,702
Net result€5,610-€1,757▼ 68.7%-€16,962below the sector's middle half-€10,040below the sector's middle half▲ 40.8%-€7,906below the sector's middle half▲ 21.3%-€4,833below the sector's middle half▲ 38.9%-€8,284below the sector's middle half▼ 71.4%€13,687within the sector's middle half
Equity€11,981-€13,738▲ 14.7%-€3,224below the sector's middle half-€13,264below the sector's middle half▼ 311%-€21,171below the sector's middle half▼ 59.6%-€26,004below the sector's middle half▼ 22.8%-€34,288below the sector's middle half▼ 31.9%-€20,601below the sector's middle half▲ 39.9%
Total assets€48,957-€30,682▼ 37.3%€14,842below the sector's middle half▼ 51.6%€40,582below the sector's middle half▲ 173%€32,081below the sector's middle half▼ 20.9%€22,016below the sector's middle half▼ 31.4%€28,364below the sector's middle half▲ 28.8%€39,701below the sector's middle half▲ 40.0%
Debt€36,977-€16,944▼ 54.2%€18,066▲ 6.6%€53,846▲ 198%€53,252▼ 1.1%€48,020▼ 9.8%€62,652▲ 30.5%€60,301▼ 3.8%
Working capital€1,722-€5,589▲ 225%-€13,140below the sector's middle half-€20,449below the sector's middle half▼ 55.6%-€25,623below the sector's middle half▼ 25.3%-€39,577below the sector's middle half▼ 54.5%-€43,719below the sector's middle half▼ 10.5%-€27,658below the sector's middle half▲ 36.7%
Solvency24.5%-44.8%▲ 20.3pp-21.7%below the sector's middle half▼ 66.5pp-32.7%below the sector's middle half▼ 11.0pp-66.0%below the sector's middle half▼ 33.3pp-118.1%below the sector's middle half▼ 52.1pp-120.9%below the sector's middle half▼ 2.8pp-51.9%below the sector's middle half▲ 69.0pp
Current ratio1.05-1.36▲ 0.310.27below the sector's middle half▼ 1.090.62below the sector's middle half▲ 0.350.52below the sector's middle half▼ 0.100.18below the sector's middle half▼ 0.340.30below the sector's middle half▲ 0.130.54below the sector's middle half▲ 0.24
Return on assets (ROA)11.5%-5.7%▼ 5.7pp-114.3%below the sector's middle half▼ 120.0pp-24.7%below the sector's middle half▲ 89.5pp-24.6%below the sector's middle half▲ 0.1pp-22.0%below the sector's middle half▲ 2.7pp-29.2%below the sector's middle half▼ 7.3pp34.5%above the sector's middle half▲ 63.7pp
Staff (FTE)1-1=1within the sector's middle half=1=1=1.1▲ 10.0%2▲ 81.8%1.3▼ 35.0%
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 profit of €13,702, after a loss of €7,714 in 2024. It is the highest result since 2021.
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 €39,701
Fixed assets
€7,058 ▼ 25.2%
Current assets
€32,643 ▲ 72.4%
Equity and liabilities
Equity-€20,601
Debt€60,301
Equity is negative. Debt (€60,301) exceeds the balance-sheet total (€39,701).
Key figures and ratios
EBITDA
€16,076▲
2024 · -€3,571
Cash flow
€16,061▲
2024 · -€4,142
Quick ratio
0.11▼
2024 · 0.11
Interest coverage
over 100▲
2024 · -6.47
Debt ≤ 1 year
€60,301▼
2024 · €62,652
Income taxes
€0▼
2024 · €18
Staff costs
€60,721▲
2024 · €57,207
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.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | - | 2 | 2 | 1 |
| full-time | 1 | - | 2 | 2 | 1 |
| part-time | - | - | - | 0 | 0 |
| in full-time equivalents | 1 | - | 2 | 2 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1.1 | 2 | 1.3 |
| On a permanent contract | 1 | - | 2 | 2 | 1 |
| Joined | - | - | - | - | 0 |
| Left | - | - | - | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €4,217 | - | - |
| Intangible fixed assets | - | - | €5,000 | - | - |
| Financial fixed assets | - | - | €2,614 | - | €0 |
| Depreciation and write-downs of the year | €2,732 | €2,732 | €2,710 | €4,142 | €2,374 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €350 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €43,359 | €49,380 | €57,711 | €57,207 | €60,721 | ▲ 6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,880 | €1,880 | €2,150 | €2,732 | €2,732 | €2,710 | €4,142 | €2,374 | ▼ 42.7% |
| Other operating charges640/8 | - | - | - | €739 | €1,033 | €1,124 | €468 | €736 | ▲ 57.4% |
| Gross operating margin9900 | €44,606 | €46,075 | €18,258 | €37,484 | €45,359 | €56,844 | €54,103 | €77,533 | ▲ 43.3% |
| Operating profit (loss)9901 | €6,199 | €3,087 | -€16,879 | -€9,347 | -€7,786 | -€4,701 | -€7,714 | €13,702 | - |
| Financial income75/76B | - | - | - | - | - | €0 | €0 | €29 | ▲ 1,442× |
| Recurring financial income75 | - | - | €16 | - | - | €0 | €0 | €29 | ▲ 1,442× |
| Financial charges65/66B | - | - | - | €48 | €69 | €91 | €552 | €44 | ▼ 92.1% |
| Recurring financial charges65 | €475 | €1,157 | €5 | €48 | €69 | €91 | €552 | €44 | ▼ 92.1% |
| Profit (loss) for the period before taxes9903 | €5,725 | €1,931 | -€16,868 | -€9,394 | -€7,856 | -€4,791 | -€8,266 | €13,687 | - |
| Income taxes67/77 | €114 | €174 | €94 | €646 | €51 | €42 | €18 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €5,610 | €1,757 | -€16,962 | -€10,040 | -€7,906 | -€4,833 | -€8,284 | €13,687 | - |
| Profit (loss) for the period to be appropriated9905 | €5,610 | €1,757 | -€16,962 | -€10,040 | -€7,906 | -€4,833 | -€8,284 | €13,687 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €48,957 | €30,682 | €14,842 | €40,582 | €32,081 | €22,016 | €28,364 | €39,701 | ▲ 40.0% |
| Fixed assets21/28 | €11,389 | €9,509 | €9,916 | €7,184 | €4,453 | €13,574 | €9,432 | €7,058 | ▼ 25.2% |
| Intangible fixed assets21 | - | - | - | - | - | €5,000 | €4,000 | €3,000 | ▼ 25.0% |
| Tangible fixed assets22/27 | €11,389 | €9,509 | €9,916 | €7,184 | €4,453 | €5,960 | €2,818 | €1,444 | ▼ 48.8% |
| Plant, machinery and equipment23 | - | - | - | €5,750 | €3,871 | €3,529 | €1,220 | €680 | ▼ 44.3% |
| Furniture and vehicles24 | - | - | - | €1,434 | €582 | €2,431 | €1,597 | €764 | ▼ 52.2% |
| Financial fixed assets28 | - | - | - | - | - | €2,614 | €2,614 | €2,614 | = |
| Current assets29/58 | €37,568 | €21,172 | €4,926 | €33,398 | €27,629 | €8,443 | €18,933 | €32,643 | ▲ 72.4% |
| Stocks and contracts in progress3 | €415 | €519 | €519 | €263 | €3,521 | €7,776 | €11,947 | €26,234 | ▲ 120% |
| Stocks30/36 | - | - | - | €263 | €3,521 | €7,776 | €11,947 | €26,234 | ▲ 120% |
| Amounts receivable within one year40/41 | €33,829 | €17,906 | €3,603 | €32,603 | €21,059 | €388 | €3,706 | €3,641 | ▼ 1.8% |
| Trade receivables40 | - | - | - | €32,029 | €21,059 | €388 | €3,706 | €3,597 | ▼ 2.9% |
| Other amounts receivable41 | - | - | - | €574 | - | - | - | €43 | - |
| Cash at bank and in hand54/58 | €2,789 | €2,502 | €624 | €532 | €3,049 | €278 | €2,769 | €1,992 | ▼ 28.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €510 | €776 | ▲ 52.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €48,957 | €30,682 | €14,842 | €40,582 | €32,081 | €22,016 | €28,364 | €39,701 | ▲ 40.0% |
| Equity10/15 | €11,981 | €13,738 | -€3,224 | -€13,264 | -€21,171 | -€26,004 | -€34,288 | -€20,601 | ▲ 39.9% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€6,619 | -€4,862 | -€21,824 | -€31,864 | -€39,771 | -€44,604 | -€52,888 | -€39,201 | ▲ 25.9% |
| Amounts payable17/49 | €36,977 | €16,944 | €18,066 | €53,846 | €53,252 | €48,020 | €62,652 | €60,301 | ▼ 3.8% |
| Amounts payable within one year42/48 | €35,847 | €15,583 | €18,066 | €53,846 | €53,252 | €48,020 | €62,652 | €60,301 | ▼ 3.8% |
| Trade debts44 | €10,992 | €2,945 | €6,412 | €6,997 | €30,614 | €17,382 | €4,526 | €3,338 | ▼ 26.2% |
| Suppliers440/4 | - | - | - | €6,997 | €30,614 | €17,382 | €4,526 | €3,338 | ▼ 26.2% |
| Advances received on contracts in progress46 | - | - | - | €26,208 | - | - | - | €1,553 | - |
| Taxes, remuneration and social security45 | - | - | - | €5,740 | €7,737 | €6,752 | €9,861 | €7,428 | ▼ 24.7% |
| Taxes450/3 | - | - | - | €572 | €2,034 | €1,171 | €1,968 | €2,613 | ▲ 32.8% |
| Remuneration and social security454/9 | - | - | - | €5,168 | €5,703 | €5,580 | €7,892 | €4,815 | ▼ 39.0% |
| Other amounts payable47/48 | - | - | - | €14,901 | €14,901 | €23,886 | €48,265 | €47,983 | ▼ 0.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,610 | €1,757 | -€16,962 | -€10,040 | -€7,906 | -€4,833 | -€8,284 | €13,687 | - |
| + Depreciation and write-downs630 | €1,880 | €1,880 | €2,150 | €2,732 | €2,732 | €2,710 | €4,142 | €2,374 | ▼ 42.7% |
| Operating cash flow (approximation) | €7,490 | €3,637 | -€14,812 | -€7,309 | -€5,175 | -€2,123 | -€4,142 | €16,061 | - |
| Investment in fixed assets (approximation) | - | €0 | -€2,556 | €0 | €0 | -€11,831 | €0 | €0 | - |
| Change in cash | - | -€287 | -€1,877 | -€92 | €2,517 | -€2,771 | €2,491 | -€777 | - |
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, 3,632 companies had the same profile as TASROB has now. Two years later, 91.8% were still going and 2.9% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
91.8%
was still going
4.8%
stopped otherwise
2.9%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TASROB itself: 0.9% 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 3,632 companies, not a prediction for TASROB. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-07-2026 | 2026-00269477 | |
| 31-12-2024 | micro format | 28-07-2025 | 2025-00315229 | |
| 31-12-2023 | micro format | 31-01-2025 | 2025-00019469 | |
| 31-12-2022 | micro format | 09-08-2023 | 2023-00325570 | |
| 31-12-2021 | micro format | 17-10-2022 | 2022-20465712 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-59800072 | |
| 31-12-2019 | micro format | 05-10-2020 | 2020-59000519 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-57700063 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-57300012 | |
| 31-12-2016 | micro format | 16-10-2017 | 2017-67200258 |