TATRA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-01-2026 PDF all 12 filings
Turnover
≈ €390,000
Estimated: probably between €330,000 and €470,000
Total assets
€1.2m▼ 3.2%
2024 · €1.3m
Net result
€74,617
2024 · -€7,329
Working capital
-€487,502▲ 20.4%
2024 · -€612,252
In the rankings
#10 company by total assets in Zuienkerke, Professional and technical services sector#10 company by equity in Zuienkerke, Professional and technical services sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€169,703
▲ 684%
2025
20192025
Net result
€74,617
2025
highest quarter of the sector
20192025
Equity
€347,558
▲ 27.3%
2025
highest quarter of the sector
20192025
Total assets
€1.2m
▼ 3.2%
2025
highest quarter of the sector
20192025
Debt
€887,379
▼ 11.4%
2025
20192025
Working capital
-€487,502
▲ 20.4%
2025
lowest quarter of the sector
20192025
Solvency
28.1%
▲ 6.8pp
2025
middle half of the sector
20192025
Current ratio
0.13
▲ 0.07
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
6.0%
▲ 6.6pp
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€0.004m-€0.02m▲ 330%€0.04m▲ 150%€0.04m▼ 9.3%€0.04m▲ 12.7%€0.02m▼ 45.8%€0.2m▲ 684%
Net result€0.001m-€0.008mwithin the sector's middle half▲ 15×€0.02mwithin the sector's middle half▲ 162%€0.02mwithin the sector's middle half▼ 14.3%€0.01mwithin the sector's middle half▼ 22.1%-€0.007mbelow the sector's middle half€0.07mabove the sector's middle half
Equity€0.2m-€0.2mwithin the sector's middle half▲ 3.8%€0.2mabove the sector's middle half▲ 9.7%€0.3mabove the sector's middle half▲ 7.6%€0.3mabove the sector's middle half▲ 5.5%€0.3mabove the sector's middle half▼ 2.6%€0.3mabove the sector's middle half▲ 27.3%
Total assets€0.3m-€0.7mabove the sector's middle half▲ 132%€0.7mabove the sector's middle half▲ 2.6%€0.9mabove the sector's middle half▲ 30.5%€1.2mabove the sector's middle half▲ 29.9%€1.3mabove the sector's middle half▲ 5.7%€1.2mabove the sector's middle half▼ 3.2%
Debt€0.08m-€0.5m▲ 467%€0.5m▼ 0.8%€0.7m▲ 42.3%€0.9m▲ 39.8%€1.0m▲ 8.3%€0.9m▼ 11.4%
Working capital€0.2m-€0.1mabove the sector's middle half▼ 25.6%€0.01mwithin the sector's middle half▼ 91.0%-€0.3mbelow the sector's middle half-€0.5mbelow the sector's middle half▼ 84.6%-€0.6mbelow the sector's middle half▼ 24.6%-€0.5mbelow the sector's middle half▲ 20.4%
Solvency72.4%-32.5%within the sector's middle half▼ 40.0pp34.7%within the sector's middle half▲ 2.2pp28.6%within the sector's middle half▼ 6.1pp23.2%below the sector's middle half▼ 5.4pp21.4%below the sector's middle half▼ 1.8pp28.1%within the sector's middle half▲ 6.8pp
Current ratio4.69-5.24above the sector's middle half▲ 0.551.25within the sector's middle half▼ 3.980.01below the sector's middle half▼ 1.240.11below the sector's middle half▲ 0.100.06below the sector's middle half▼ 0.050.13below the sector's middle half▲ 0.07
Return on assets (ROA)0.2%-1.2%within the sector's middle half▲ 1.0pp3.1%within the sector's middle half▲ 1.9pp2.0%within the sector's middle half▼ 1.1pp1.2%below the sector's middle half▼ 0.8pp-0.6%below the sector's middle half▼ 1.8pp6.0%within the sector's middle half▲ 6.6pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 7.8 times that of 2024 and the highest since 2019. It is a recovery after the fall 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 €1.2m
Fixed assets
€1.2m ▼ 5.9%
Current assets
€73,506 ▲ 74.2%
Equity and liabilities €1.2m
Equity
€347,558 ▲ 27.3%
Provisions
€0 ▼ 100%
Debt
€887,379 ▼ 11.4%
Debt's share of the balance-sheet total falls from 78.5% to 71.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€227,102▲
2024 · €89,511
Cash flow
€132,016▲
2024 · €60,524
Debt to equity
2.55▼
2024 · 3.67
ROE
21.5%▲
2024 · -2.7%
Interest coverage
6.87▲
2024 · 3.45
Debt ≤ 1 year
€561,008▼
2024 · €654,438
Debt > 1 year
€326,371▼
2024 · €346,832
Income taxes
€57,136▲
2024 · €3,314
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €315,423 | €271,692 | €203,466 | - |
| Depreciation and write-downs of the year | €36,577 | €53,877 | €67,853 | €57,399 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €9,752 | €0 | €1,098 | €6,708 | ▲ 511% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,612 | €41,904 | €21,580 | €36,577 | €53,877 | €67,853 | €57,399 | ▼ 15.4% |
| Other operating charges640/8 | - | - | - | €1,872 | €2,742 | €13,958 | €4,212 | ▼ 69.8% |
| Gross operating margin9900 | €33,577 | €59,130 | €62,415 | €73,883 | €96,546 | €103,469 | €231,314 | ▲ 124% |
| Operating profit (loss)9901 | €3,632 | €15,630 | €39,074 | €35,434 | €39,927 | €21,658 | €169,703 | ▲ 684% |
| Financial income75/76B | - | - | - | €0 | €3 | €20 | - | - |
| Recurring financial income75 | - | - | €155 | €0 | €3 | €20 | - | - |
| Financial charges65/66B | - | - | - | €10,807 | €19,201 | €25,960 | €33,046 | ▲ 27.3% |
| Recurring financial charges65 | €769 | €3,900 | €7,612 | €10,807 | €19,201 | €25,960 | €33,046 | ▲ 27.3% |
| Profit (loss) for the period before taxes9903 | €2,863 | €11,729 | €31,617 | €24,627 | €20,730 | -€4,283 | €136,656 | - |
| Transfer from deferred taxes780 | - | - | - | €268 | €268 | €268 | - | - |
| Transfer to deferred taxes680 | - | - | - | €2,438 | €0 | - | €4,903 | - |
| Income taxes67/77 | €2,298 | €3,401 | €9,827 | €3,792 | €6,450 | €3,314 | €57,136 | ▲ 17× |
| Profit (loss) for the period9904 | €565 | €8,329 | €21,790 | €18,664 | €14,548 | -€7,329 | €74,617 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €804 | €804 | €804 | €4,903 | ▲ 510% |
| Transfer to tax-exempt reserves689 | - | - | - | €7,314 | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €565 | €8,329 | €21,790 | €12,154 | €15,351 | -€6,526 | €79,521 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.3m | €0.7m | €0.7m | €0.9m | €1.2m | €1.3m | €1.2m | ▼ 3.2% |
| Fixed assets21/28 | €0.05m | €0.5m | €0.6m | €0.9m | €1.1m | €1.2m | €1.2m | ▼ 5.9% |
| Tangible fixed assets22/27 | €0.05m | €0.5m | €0.6m | €0.9m | €1.1m | €1.2m | €1.2m | ▼ 5.9% |
| Land and buildings22 | - | - | - | €0.9m | €1.0m | €1.1m | €1.1m | ▼ 3.5% |
| Plant, machinery and equipment23 | - | - | - | €0.003m | €0.03m | €0.03m | €0.03m | ▼ 6.6% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.09m | €0.07m | €0.04m | ▼ 43.8% |
| Other tangible fixed assets26 | - | - | - | - | €0.05m | €0 | - | - |
| Current assets29/58 | €0.2m | €0.2m | €0.06m | €0.003m | €0.06m | €0.04m | €0.07m | ▲ 74.2% |
| Amounts receivable within one year40/41 | €0.05m | €57 | €0.001m | €0 | €0.04m | €0 | €0.01m | - |
| Trade receivables40 | - | - | - | €0 | €0.03m | €0 | €0.001m | - |
| Other amounts receivable41 | - | - | - | €0 | €0.006m | €0 | €0.009m | - |
| Cash at bank and in hand54/58 | €0.2m | €0.2m | €0.06m | €0.003m | €0.02m | €0.04m | €0.06m | ▲ 50.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0 | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.3m | €0.7m | €0.7m | €0.9m | €1.2m | €1.3m | €1.2m | ▼ 3.2% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 27.3% |
| Contributions10/11 | €0.01m | - | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Contributions outside capital11 | - | - | - | - | - | - | €0.01m | - |
| Share premium1100/10 | - | - | - | - | - | - | €0.01m | - |
| Reserves13 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 29.1% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Tax-exempt reserves132 | - | - | - | €0.007m | €0.006m | €0.005m | - | - |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 31.9% |
| Profit (loss) carried forward14 | €0.003m | €0.01m | €0.01m | €0.01m | €0.01m | €0.004m | €0.004m | = |
| Provisions and deferred taxes16 | - | - | - | €0.002m | €0.002m | €0.002m | - | - |
| Deferred taxes168 | - | - | - | €0.002m | €0.002m | €0.002m | - | - |
| Amounts payable17/49 | €0.08m | €0.5m | €0.5m | €0.7m | €0.9m | €1.0m | €0.9m | ▼ 11.4% |
| Amounts payable after more than one year17 | €0.03m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 5.9% |
| Financial debts170/4 | - | - | - | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 5.9% |
| Amounts payable within one year42/48 | €0.05m | €0.03m | €0.05m | €0.3m | €0.6m | €0.7m | €0.6m | ▼ 14.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 14.0% |
| Trade debts44 | €0.003m | €144 | €0.01m | €0.02m | €0.04m | €0.003m | €0.001m | ▼ 75.0% |
| Suppliers440/4 | - | - | - | €0.02m | €0.04m | €0.003m | €0.001m | ▼ 75.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.01m | €0.1m | €0.03m | ▼ 77.6% |
| Taxes450/3 | - | - | - | €0.01m | €0.01m | €0.1m | €0.03m | ▼ 77.6% |
| Remuneration and social security454/9 | - | - | - | €0.003m | €0 | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.5m | €0.5m | €0.5m | ▲ 2.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €565 | €8,329 | €21,790 | €18,664 | €14,548 | -€7,329 | €74,617 | - |
| + Depreciation and write-downs630 | €22,612 | €41,904 | €21,580 | €36,577 | €53,877 | €67,853 | €57,399 | ▼ 15.4% |
| Operating cash flow (approximation) | €23,178 | €50,233 | €43,370 | €55,241 | €68,425 | €60,524 | €132,016 | ▲ 118% |
| Investment in fixed assets (approximation) | - | -€504,371 | -€154,010 | -€315,423 | -€271,692 | -€157,424 | €14,830 | - |
| Change in cash | - | -€20,802 | -€118,061 | -€57,941 | €18,937 | €20,623 | €21,232 | ▲ 3.0% |
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, 2,609 companies had the same profile as TATRA has now. Two years later, 96.8% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
96.8%
was still going
2.1%
stopped otherwise
1.0%
went bankrupt
That fits the bankruptcy probability of TATRA itself: < 0.1% 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 2,609 companies, not a prediction for TATRA. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 23-01-2026 | 2026-00012965 | |
| 30-06-2024 | micro format | 02-01-2025 | 2025-00631073 | |
| 30-06-2023 | micro format | 26-01-2024 | 2024-00020176 | |
| 30-06-2022 | micro format | 07-01-2023 | 2023-20557196 | |
| 30-06-2021 | micro format | 03-01-2022 | 2022-00500186 | |
| 30-06-2020 | micro format | 21-12-2020 | 2020-76200366 | |
| 30-06-2019 | micro format | 29-01-2020 | 2020-02600440 | |
| 30-06-2018 | micro format | 21-12-2018 | 2018-75100142 | |
| 30-06-2017 | micro format | 21-12-2017 | 2017-72400328 | |
| 30-06-2016 | abbreviated format | 06-01-2017 | 2017-00300286 |