TIME OUT
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 21 days after the deadline Filed on 21 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00412933.
Annual accounts 2025 filed on 21-08-2026 at the NBB all 5 filings
Turnover
≈ €200,000
Estimated: probably between €150,000 and €250,000
Total assets
€282,236▼ 7.9%
2024 · €306,556
Net result
€2,712▼ 78.2%
2024 · €12,458
Working capital
-€26,761▲ 36.4%
2024 · -€42,058
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€13,027
▼ 54.1%
2025
20212025
Net result
€2,712
▼ 78.2%
2025
middle half of the sector
20212025
Equity
€43,933
▲ 6.6%
2025
middle half of the sector
20212025
Total assets
€282,236
▼ 7.9%
2025
highest quarter of the sector
20212025
Debt
€238,303
▼ 10.2%
2025
20212025
Working capital
-€26,761
▲ 36.4%
2025
middle half of the sector
20212025
Solvency
15.6%
▲ 2.1pp
2025
middle half of the sector
20212025
Current ratio
0.58
▲ 0.20
2025
middle half of the sector
20212025
Return on assets (ROA)
1.0%
▼ 3.1pp
2025
middle half of the sector
20212025
Staff (FTE)
no figure
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€14,872-€515▼ 96.5%€17,600▲ 34×€28,383▲ 61.3%€13,027▼ 54.1%
Net result€14,862within the sector's middle half-€295within the sector's middle half▼ 98.0%€3,606within the sector's middle half▲ 12×€12,458within the sector's middle half▲ 245%€2,712within the sector's middle half▼ 78.2%
Equity€24,862within the sector's middle half-€25,157within the sector's middle half▲ 1.2%€28,763within the sector's middle half▲ 14.3%€41,221within the sector's middle half▲ 43.3%€43,933within the sector's middle half▲ 6.6%
Total assets€107,699within the sector's middle half-€551,816above the sector's middle half▲ 412%€298,764above the sector's middle half▼ 45.9%€306,556above the sector's middle half▲ 2.6%€282,236above the sector's middle half▼ 7.9%
Debt€82,836-€526,659▲ 536%€270,000▼ 48.7%€265,335▼ 1.7%€238,303▼ 10.2%
Working capital-€38,138below the sector's middle half--€91,991below the sector's middle half▼ 141%-€64,238below the sector's middle half▲ 30.2%-€42,058below the sector's middle half▲ 34.5%-€26,761within the sector's middle half▲ 36.4%
Solvency23.1%within the sector's middle half-4.6%within the sector's middle half▼ 18.5pp9.6%within the sector's middle half▲ 5.1pp13.4%within the sector's middle half▲ 3.8pp15.6%within the sector's middle half▲ 2.1pp
Current ratio0.54below the sector's middle half-0.74within the sector's middle half▲ 0.200.22below the sector's middle half▼ 0.520.39below the sector's middle half▲ 0.170.58within the sector's middle half▲ 0.20
Return on assets (ROA)13.8%within the sector's middle half-0.1%within the sector's middle half▼ 13.7pp1.2%within the sector's middle half▲ 1.2pp4.1%within the sector's middle half▲ 2.9pp1.0%within the sector's middle half▼ 3.1pp
Staff (FTE)2-
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 54% 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 €282,236
Fixed assets
€244,792 ▼ 12.6%
Current assets
€37,443 ▲ 40.7%
Equity and liabilities €282,236
Equity
€43,933 ▲ 6.6%
Debt
€238,303 ▼ 10.2%
Debt's share of the balance-sheet total falls from 86.6% to 84.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€50,750▼
2024 · €65,591
Cash flow
€40,434▼
2024 · €49,667
Quick ratio
0.51▲
2024 · 0.38
Debt to equity
5.42▼
2024 · 6.44
ROE
6.2%▼
2024 · 30.2%
Interest coverage
6.33▼
2024 · 6.55
Debt ≤ 1 year
€64,204▼
2024 · €68,668
Debt > 1 year
€174,099▼
2024 · €196,667
Income taxes
€2,298▼
2024 · €5,908
Staff costs
€1,615▲
2024 · €942
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2025 |
|---|---|---|
| Average over the year, in full-time equivalents | 1.2 | - |
| Joined | - | 9 |
| Left | - | 9 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €18,940 | €36,063 | €2,569 |
| Intangible fixed assets | €70,000 | €244,165 | - | - | - |
| Depreciation and write-downs of the year | €7,000 | €15,017 | €29,996 | €37,209 | €37,723 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €773 | €3,513 | €4,079 | €942 | €1,615 | ▲ 71.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,000 | €15,017 | €29,996 | €37,209 | €37,723 | ▲ 1.4% |
| Other operating charges640/8 | - | €997 | €1,431 | €171 | €2,969 | ▲ 17× |
| Gross operating margin9900 | €22,646 | €20,042 | €53,107 | €66,705 | €55,333 | ▼ 17.0% |
| Operating profit (loss)9901 | €14,872 | €515 | €17,600 | €28,383 | €13,027 | ▼ 54.1% |
| Financial income75/76B | - | €1 | - | €0 | €0 | ▲ 650% |
| Recurring financial income75 | - | €1 | - | €0 | €0 | ▲ 650% |
| Financial charges65/66B | €10 | €141 | €7,007 | €10,017 | €8,018 | ▼ 20.0% |
| Recurring financial charges65 | €10 | €141 | €7,007 | €10,017 | €8,018 | ▼ 20.0% |
| Profit (loss) for the period before taxes9903 | €14,862 | €375 | €10,593 | €18,366 | €5,009 | ▼ 72.7% |
| Income taxes67/77 | - | €80 | €6,987 | €5,908 | €2,298 | ▼ 61.1% |
| Profit (loss) for the period9904 | €14,862 | €295 | €3,606 | €12,458 | €2,712 | ▼ 78.2% |
| Profit (loss) for the period to be appropriated9905 | €14,862 | €295 | €3,606 | €12,458 | €2,712 | ▼ 78.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €107,699 | €551,816 | €298,764 | €306,556 | €282,236 | ▼ 7.9% |
| Fixed assets21/28 | €63,000 | €292,148 | €281,092 | €279,946 | €244,792 | ▼ 12.6% |
| Intangible fixed assets21 | €63,000 | €292,148 | €265,940 | €239,731 | €213,523 | ▼ 10.9% |
| Tangible fixed assets22/27 | - | - | €15,152 | €40,215 | €31,269 | ▼ 22.2% |
| Plant, machinery and equipment23 | - | - | - | - | €2,055 | - |
| Furniture and vehicles24 | - | - | - | €28,851 | €21,638 | ▼ 25.0% |
| Leasing and similar rights25 | - | - | €15,152 | €11,364 | €7,576 | ▼ 33.3% |
| Current assets29/58 | €44,699 | €259,669 | €17,672 | €26,610 | €37,443 | ▲ 40.7% |
| Stocks and contracts in progress3 | €5,000 | €8,449 | €1,733 | €602 | €4,736 | ▲ 687% |
| Stocks30/36 | €5,000 | €8,449 | €1,733 | €602 | €4,736 | ▲ 687% |
| Amounts receivable within one year40/41 | - | €247,757 | €8,150 | €12,750 | €16,057 | ▲ 25.9% |
| Trade receivables40 | - | €247,757 | - | - | €7,393 | - |
| Other amounts receivable41 | - | - | €8,150 | €12,750 | €8,664 | ▼ 32.0% |
| Cash at bank and in hand54/58 | €39,699 | €3,463 | €7,788 | €13,259 | €13,717 | ▲ 3.5% |
| Deferred charges and accrued income490/1 | - | - | - | - | €2,933 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €107,699 | €551,816 | €298,764 | €306,556 | €282,236 | ▼ 7.9% |
| Equity10/15 | €24,862 | €25,157 | €28,763 | €41,221 | €43,933 | ▲ 6.6% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €14,862 | €14,862 | €18,469 | €31,221 | €33,933 | ▲ 8.7% |
| Distributable reserves133 | €14,862 | €14,862 | €18,469 | €31,221 | €33,933 | ▲ 8.7% |
| Profit (loss) carried forward14 | - | €295 | €295 | €0 | - | - |
| Amounts payable17/49 | €82,836 | €526,659 | €270,000 | €265,335 | €238,303 | ▼ 10.2% |
| Amounts payable after more than one year17 | - | €175,000 | €188,090 | €196,667 | €174,099 | ▼ 11.5% |
| Financial debts170/4 | - | €175,000 | €188,090 | €196,667 | €174,099 | ▼ 11.5% |
| Amounts payable within one year42/48 | €82,836 | €351,659 | €81,910 | €68,668 | €64,204 | ▼ 6.5% |
| Current portion of amounts payable after more than one year42 | - | - | €14,234 | €19,904 | €22,035 | ▲ 10.7% |
| Trade debts44 | €6,673 | €251,206 | €7,198 | €5,673 | - | - |
| Suppliers440/4 | €6,673 | €251,206 | €7,198 | €5,673 | - | - |
| Taxes, remuneration and social security45 | €911 | €289 | €37 | - | - | - |
| Taxes450/3 | €775 | €111 | €37 | - | - | - |
| Remuneration and social security454/9 | €137 | €178 | - | - | - | - |
| Other amounts payable47/48 | €75,252 | €100,164 | €60,441 | €43,090 | €42,170 | ▼ 2.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,862 | €295 | €3,606 | €12,458 | €2,712 | ▼ 78.2% |
| + Depreciation and write-downs630 | €7,000 | €15,017 | €29,996 | €37,209 | €37,723 | ▲ 1.4% |
| Operating cash flow (approximation) | €21,862 | €15,312 | €33,603 | €49,667 | €40,434 | ▼ 18.6% |
| Investment in fixed assets (approximation) | - | -€244,165 | -€18,940 | -€36,063 | -€2,569 | ▲ 92.9% |
| Change in cash | - | -€36,236 | €4,325 | €5,470 | €459 | ▼ 91.6% |
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, 3,274 companies had the same profile as TIME OUT has now. Two years later, 94.7% were still going and 2.5% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
94.7%
was still going
2.5%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of TIME OUT itself is higher: 4.8% within 12 months. It rests on far more data about TIME OUT than the profile alone.
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 3,274 companies, not a prediction for TIME OUT. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 21-08-2026 | 2026-00412933 | |
| 31-12-2024 | micro format | 31-08-2025 | 2025-00471689 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00420675 | |
| 31-12-2022 | micro format | 16-08-2023 | 2023-00330744 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20388999 |