TEBA
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 10-09-2026 at the NBB all 30 filings
Turnover
≈ €46,000
Estimated: probably between €25,000 and €180,000
Total assets
€362,605▼ 1.2%
2025 · €367,035
Net result
-€6,744▼ 35.5%
2025 · -€4,976
Working capital
€212,165▼ 1.4%
2025 · €215,236
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
-€6,449
▼ 52.4%
2026
20192026
Net result
-€6,744
▼ 35.5%
2026
20192026
Equity
€342,903
▼ 1.9%
2026
20192026
Total assets
€362,605
▼ 1.2%
2026
20192026
Debt
€19,703
▲ 13.3%
2026
20192026
Working capital
€212,165
▼ 1.4%
2026
20192026
Solvency
94.6%
▼ 0.7pp
2026
20192026
Current ratio
11.77
▼ 1.81
2026
20192026
Return on assets (ROA)
-1.9%
▼ 0.5pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result-€38,994--€1,041▲ 97.3%€16,031-€6,547-€18,944▼ 189%-€10,088▲ 46.7%-€4,230▲ 58.1%-€6,449▼ 52.4%
Net result-€40,623--€2,211▲ 94.6%€14,416within the sector's middle half-€8,108below the sector's middle half-€20,164below the sector's middle half▼ 149%-€11,040below the sector's middle half▲ 45.3%-€4,976below the sector's middle half▲ 54.9%-€6,744▼ 35.5%
Equity€381,730-€379,519▼ 0.6%€393,935above the sector's middle half▲ 3.8%€385,826above the sector's middle half▼ 2.1%€365,662above the sector's middle half▼ 5.2%€354,622above the sector's middle half▼ 3.0%€349,646above the sector's middle half▼ 1.4%€342,903▼ 1.9%
Total assets€429,053-€417,700▼ 2.6%€438,095above the sector's middle half▲ 4.9%€426,822above the sector's middle half▼ 2.6%€381,558within the sector's middle half▼ 10.6%€367,915within the sector's middle half▼ 3.6%€367,035within the sector's middle half▼ 0.2%€362,605▼ 1.2%
Debt€47,322-€38,181▼ 19.3%€44,160▲ 15.7%€40,995▼ 7.2%€15,896▼ 61.2%€13,292▼ 16.4%€17,389▲ 30.8%€19,703▲ 13.3%
Working capital€210,319-€218,303▲ 3.8%€235,569above the sector's middle half▲ 7.9%€234,440above the sector's middle half▼ 0.5%€220,902above the sector's middle half▼ 5.8%€217,017above the sector's middle half▼ 1.8%€215,236above the sector's middle half▼ 0.8%€212,165▼ 1.4%
Solvency89.0%-90.9%▲ 1.9pp89.9%above the sector's middle half▼ 0.9pp90.4%above the sector's middle half▲ 0.5pp95.8%above the sector's middle half▲ 5.4pp96.4%above the sector's middle half▲ 0.6pp95.3%above the sector's middle half▼ 1.1pp94.6%▼ 0.7pp
Current ratio14.52-16.99▲ 2.479.79above the sector's middle half▼ 7.208.59above the sector's middle half▼ 1.1917.09above the sector's middle half▲ 8.5017.63above the sector's middle half▲ 0.5413.58above the sector's middle half▼ 4.0611.77▼ 1.81
Return on assets (ROA)-9.5%--0.5%▲ 8.9pp3.3%within the sector's middle half▲ 3.8pp-1.9%within the sector's middle half▼ 5.2pp-5.3%below the sector's middle half▼ 3.4pp-3.0%within the sector's middle half▲ 2.3pp-1.4%within the sector's middle half▲ 1.6pp-1.9%▼ 0.5pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 2026 is a loss of €6,449, larger than the loss of €4,230 in 2025.
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
2026 in colour, 2025 as the grey bar beneath
Assets €362,605
Fixed assets
€130,738 ▼ 2.9%
Current assets
€231,867 ▼ 0.2%
Equity and liabilities €362,605
Equity
€342,903 ▼ 1.9%
Debt
€19,703 ▲ 13.3%
Debt's share of the balance-sheet total rises from 4.7% to 5.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€2,502▼
2025 · €91
Cash flow
-€2,797▼
2025 · -€654
Quick ratio
5.34▼
2025 · 6.04
Debt to equity
0.06▲
2025 · 0.05
ROE
-2.0%▼
2025 · -1.4%
Interest coverage
-4.51▼
2025 · 0.12
Debt ≤ 1 year
€19,703▲
2025 · €17,115
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €855 | - | €1,286 | €1,156 | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €15,065 | €14,577 | €10,366 | €4,322 | €3,947 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,903 | €21,156 | €16,069 | €15,065 | €14,577 | €10,366 | €4,322 | €3,947 | ▼ 8.7% |
| Other operating charges640/8 | - | - | - | €6,036 | €6,175 | €9,540 | €7,043 | €7,226 | ▲ 2.6% |
| Gross operating margin9900 | -€11,515 | €27,197 | €38,092 | €14,554 | €1,808 | €9,817 | €7,134 | €4,723 | ▼ 33.8% |
| Operating profit (loss)9901 | -€38,994 | -€1,041 | €16,031 | -€6,547 | -€18,944 | -€10,088 | -€4,230 | -€6,449 | ▼ 52.4% |
| Financial income75/76B | - | - | - | €196 | €10 | €0 | - | €260 | - |
| Recurring financial income75 | €188 | €278 | €27 | €196 | €10 | €0 | - | €260 | - |
| Financial charges65/66B | - | - | - | €1,339 | €1,230 | €952 | €745 | €554 | ▼ 25.6% |
| Recurring financial charges65 | €1,818 | €1,447 | €998 | €1,339 | €1,230 | €952 | €745 | €554 | ▼ 25.6% |
| Profit (loss) for the period before taxes9903 | -€40,623 | -€2,211 | €15,060 | -€7,690 | -€20,164 | -€11,040 | -€4,976 | -€6,744 | ▼ 35.5% |
| Income taxes67/77 | - | - | €645 | €418 | €0 | - | - | - | - |
| Profit (loss) for the period9904 | -€40,623 | -€2,211 | €14,416 | -€8,108 | -€20,164 | -€11,040 | -€4,976 | -€6,744 | ▼ 35.5% |
| Transfer from tax-exempt reserves789 | - | - | - | €2,896 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€40,623 | -€2,211 | €20,456 | -€5,213 | -€20,164 | -€11,040 | -€4,976 | -€6,744 | ▼ 35.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €429,053 | €417,700 | €438,095 | €426,822 | €381,558 | €367,915 | €367,035 | €362,605 | ▼ 1.2% |
| Fixed assets21/28 | €203,180 | €185,745 | €175,717 | €161,507 | €146,930 | €137,850 | €134,685 | €130,738 | ▼ 2.9% |
| Tangible fixed assets22/27 | €201,844 | €184,410 | €174,381 | €160,172 | €145,595 | €136,515 | €133,349 | €129,403 | ▼ 3.0% |
| Land and buildings22 | - | - | - | €154,781 | €142,097 | €133,420 | €130,938 | €128,456 | ▼ 1.9% |
| Furniture and vehicles24 | - | - | - | €5,391 | €3,497 | €3,095 | €2,411 | €947 | ▼ 60.7% |
| Financial fixed assets28 | €1,335 | €1,335 | €1,335 | €1,335 | €1,335 | €1,335 | €1,335 | €1,335 | = |
| Current assets29/58 | €225,873 | €231,955 | €262,378 | €265,315 | €234,628 | €230,064 | €232,351 | €231,867 | ▼ 0.2% |
| Stocks and contracts in progress3 | €133,604 | €120,713 | €105,789 | €128,971 | €147,709 | €128,418 | €128,974 | €126,664 | ▼ 1.8% |
| Stocks30/36 | - | - | - | €128,971 | €147,709 | €128,418 | €128,974 | €126,664 | ▼ 1.8% |
| Amounts receivable within one year40/41 | €6,392 | €4,679 | €1,445 | €4,666 | €5,139 | €4,407 | €1,844 | €7,308 | ▲ 296% |
| Trade receivables40 | - | - | - | €4,568 | €5,139 | €4,407 | €1,844 | €7,308 | ▲ 296% |
| Other amounts receivable41 | - | - | - | €98 | €0 | - | - | - | - |
| Cash at bank and in hand54/58 | €84,719 | €101,697 | €150,145 | €125,837 | €75,885 | €91,148 | €94,110 | €97,047 | ▲ 3.1% |
| Deferred charges and accrued income490/1 | - | - | - | €5,840 | €5,895 | €6,090 | €7,422 | €849 | ▼ 88.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €429,053 | €417,700 | €438,095 | €426,822 | €381,558 | €367,915 | €367,035 | €362,605 | ▼ 1.2% |
| Equity10/15 | €381,730 | €379,519 | €393,935 | €385,826 | €365,662 | €354,622 | €349,646 | €342,903 | ▼ 1.9% |
| Contributions10/11 | €463,561 | - | - | €463,561 | €463,561 | €463,561 | €463,561 | €463,561 | = |
| Reserves13 | €18,465 | €18,465 | €12,425 | €9,529 | €9,529 | €9,529 | €9,529 | €9,529 | = |
| Tax-exempt reserves132 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €9,529 | €9,529 | €9,529 | €9,529 | €9,529 | = |
| Profit (loss) carried forward14 | -€100,295 | -€102,506 | -€82,051 | -€87,264 | -€107,428 | -€118,468 | -€123,444 | -€130,187 | ▼ 5.5% |
| Amounts payable17/49 | €47,322 | €38,181 | €44,160 | €40,995 | €15,896 | €13,292 | €17,389 | €19,703 | ▲ 13.3% |
| Amounts payable after more than one year17 | €31,128 | €23,889 | €16,711 | €9,377 | €1,883 | €0 | - | - | - |
| Financial debts170/4 | - | - | - | €9,377 | €1,883 | €0 | - | - | - |
| Amounts payable within one year42/48 | €15,555 | €13,652 | €26,809 | €30,875 | €13,726 | €13,047 | €17,115 | €19,703 | ▲ 15.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,917 | €7,494 | €3,377 | €0 | - | - |
| Trade debts44 | €2,100 | €1,519 | €12,101 | €13,250 | €3,981 | €3,072 | €7,369 | €2,361 | ▼ 68.0% |
| Suppliers440/4 | - | - | - | €13,250 | €3,981 | €3,072 | €7,369 | €2,361 | ▼ 68.0% |
| Taxes, remuneration and social security45 | - | - | - | €4,708 | €2,251 | €6,597 | €9,746 | €17,342 | ▲ 77.9% |
| Taxes450/3 | - | - | - | €2,744 | €1,346 | €1,295 | €651 | €2,901 | ▲ 345% |
| Remuneration and social security454/9 | - | - | - | €1,964 | €904 | €5,302 | €9,095 | €14,441 | ▲ 58.8% |
| Accrued charges and deferred income492/3 | - | - | - | €743 | €287 | €246 | €274 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€40,623 | -€2,211 | €14,416 | -€8,108 | -€20,164 | -€11,040 | -€4,976 | -€6,744 | ▼ 35.5% |
| + Depreciation and write-downs630 | €21,903 | €21,156 | €16,069 | €15,065 | €14,577 | €10,366 | €4,322 | €3,947 | ▼ 8.7% |
| Operating cash flow (approximation) | -€18,720 | €18,945 | €30,484 | €6,956 | -€5,587 | -€674 | -€654 | -€2,797 | ▼ 328% |
| Investment in fixed assets (approximation) | - | -€3,722 | -€6,040 | -€855 | €0 | -€1,286 | -€1,156 | €0 | - |
| Change in cash | - | €16,978 | €48,448 | -€24,307 | -€49,952 | €15,263 | €2,962 | €2,936 | ▼ 0.9% |
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, 12,322 companies had the same profile as TEBA has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TEBA 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 12,322 companies, not a prediction for TEBA. 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 |
|---|---|---|---|---|
| 31-03-2026 | micro format | 10-09-2026 | 2026-00510803 | |
| 31-03-2025 | micro format | 07-10-2025 | 2025-00537037 | |
| 31-03-2024 | micro format | 15-10-2024 | 2024-00507951 | |
| 31-03-2023 | micro format | 13-10-2023 | 2023-00486365 | |
| 31-03-2022 | micro format | 14-10-2022 | 2022-20461721 | |
| 31-03-2021 | micro format | 13-10-2021 | 2021-71900101 | |
| 31-03-2020 | micro format | 22-10-2020 | 2020-62700058 | |
| 31-03-2019 | micro format | 01-10-2019 | 2019-68600354 | |
| 31-03-2018 | micro format | 16-10-2018 | 2018-69400540 | |
| 31-03-2017 | micro format | 03-10-2017 | 2017-66000210 |