TOCLARAVISA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-06-2026 PDF all 6 filings
Turnover
≈ €94,000
Estimated: probably between €55,000 and €200,000
Total assets
€31,008▼ 2.6%
2024 · €31,846
Net result
€6,200
2024 · -€9,083
Working capital
€13,026▲ 192%
2024 · €4,460
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€6,357
2025
20202025
Net result
€6,200
2025
middle half of the sector
20202025
Equity
€13,171
▲ 88.9%
2025
lowest quarter of the sector
20202025
Total assets
€31,008
▼ 2.6%
2025
lowest quarter of the sector
20202025
Debt
€17,837
▼ 28.3%
2025
20202025
Working capital
€13,026
▲ 192%
2025
middle half of the sector
20202025
Solvency
42.5%
▲ 20.6pp
2025
middle half of the sector
20202025
Current ratio
1.73
▲ 0.55
2025
middle half of the sector
20202025
Return on assets (ROA)
20.0%
▲ 48.5pp
2025
highest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€4,777-€18,269▲ 282%-€2,602-€7,599▼ 192%-€8,868▼ 16.7%€6,357
Net result€3,482within the sector's middle half-€13,439within the sector's middle half▲ 286%-€2,973below the sector's middle half-€7,894below the sector's middle half▼ 166%-€9,083below the sector's middle half▼ 15.1%€6,200within the sector's middle half
Equity€13,482below the sector's middle half-€26,921within the sector's middle half▲ 99.7%€23,948within the sector's middle half▼ 11.0%€16,054below the sector's middle half▼ 33.0%€6,971below the sector's middle half▼ 56.6%€13,171below the sector's middle half▲ 88.9%
Total assets€30,036below the sector's middle half-€72,906within the sector's middle half▲ 143%€62,728below the sector's middle half▼ 14.0%€30,479below the sector's middle half▼ 51.4%€31,846below the sector's middle half▲ 4.5%€31,008below the sector's middle half▼ 2.6%
Debt€16,554-€45,985▲ 178%€38,781▼ 15.7%€14,425▼ 62.8%€24,875▲ 72.4%€17,837▼ 28.3%
Working capital€5,882within the sector's middle half-€20,393within the sector's middle half▲ 247%€18,430within the sector's middle half▼ 9.6%€11,338within the sector's middle half▼ 38.5%€4,460within the sector's middle half▼ 60.7%€13,026within the sector's middle half▲ 192%
Solvency44.9%within the sector's middle half-36.9%within the sector's middle half▼ 8.0pp38.2%within the sector's middle half▲ 1.3pp52.7%within the sector's middle half▲ 14.5pp21.9%below the sector's middle half▼ 30.8pp42.5%within the sector's middle half▲ 20.6pp
Current ratio2.02within the sector's middle half-1.53within the sector's middle half▼ 0.481.54within the sector's middle half▲ 0.011.90within the sector's middle half▲ 0.361.18within the sector's middle half▼ 0.721.73within the sector's middle half▲ 0.55
Return on assets (ROA)11.6%within the sector's middle half-18.4%above the sector's middle half▲ 6.8pp-4.7%below the sector's middle half▼ 23.2pp-25.9%below the sector's middle half▼ 21.2pp-28.5%below the sector's middle half▼ 2.6pp20.0%above the sector's middle half▲ 48.5pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 €6,357, after a loss of €8,868 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 €31,008
Fixed assets
€145 ▼ 94.3%
Current assets
€30,863 ▲ 5.3%
Equity and liabilities €31,008
Equity
€13,171 ▲ 88.9%
Debt
€17,837 ▼ 28.3%
Debt's share of the balance-sheet total falls from 78.1% to 57.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€8,739▲
2024 · -€4,869
Cash flow
€8,582▲
2024 · -€5,083
Quick ratio
1.31▲
2024 · 0.80
Debt to equity
1.35▼
2024 · 3.57
ROE
47.1%▲
2024 · -130.3%
Interest coverage
47.40▲
2024 · -15.47
Debt ≤ 1 year
€17,837▼
2024 · €24,859
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | €145 | - | - |
| Depreciation and write-downs of the year | €3,999 | €3,999 | €3,999 | €3,999 | €2,382 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,617 | €3,999 | €3,999 | €3,999 | €3,999 | €2,382 | ▼ 40.4% |
| Other operating charges640/8 | - | €258 | €339 | €202 | €282 | €697 | ▲ 147% |
| Gross operating margin9900 | €6,461 | €22,527 | €1,736 | -€3,397 | -€4,587 | €9,437 | - |
| Operating profit (loss)9901 | €4,777 | €18,269 | -€2,602 | -€7,599 | -€8,868 | €6,357 | - |
| Financial income75/76B | - | €1 | €0 | €0 | €100 | €27 | ▼ 72.9% |
| Recurring financial income75 | €0 | €1 | €0 | €0 | €100 | €27 | ▼ 72.9% |
| Financial charges65/66B | - | €346 | €374 | €295 | €315 | €184 | ▼ 41.4% |
| Recurring financial charges65 | €126 | €346 | €374 | €295 | €315 | €184 | ▼ 41.4% |
| Profit (loss) for the period before taxes9903 | €4,652 | €17,924 | -€2,976 | -€7,894 | -€9,083 | €6,200 | - |
| Income taxes67/77 | €1,170 | €4,485 | -€3 | - | - | - | - |
| Profit (loss) for the period9904 | €3,482 | €13,439 | -€2,973 | -€7,894 | -€9,083 | €6,200 | - |
| Profit (loss) for the period to be appropriated9905 | €3,482 | €13,439 | -€2,973 | -€7,894 | -€9,083 | €6,200 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €30,036 | €72,906 | €62,728 | €30,479 | €31,846 | €31,008 | ▼ 2.6% |
| Fixed assets21/28 | €18,380 | €14,381 | €10,381 | €6,527 | €2,527 | €145 | ▼ 94.3% |
| Tangible fixed assets22/27 | €18,380 | €14,381 | €10,381 | €6,382 | €2,382 | - | - |
| Furniture and vehicles24 | - | €14,381 | €10,381 | €6,382 | €2,382 | - | - |
| Financial fixed assets28 | - | - | - | €145 | €145 | €145 | = |
| Current assets29/58 | €11,656 | €58,525 | €52,347 | €23,952 | €29,319 | €30,863 | ▲ 5.3% |
| Stocks and contracts in progress3 | - | - | - | €15,249 | €9,350 | €7,553 | ▼ 19.2% |
| Stocks30/36 | - | - | - | €15,249 | €9,350 | €7,553 | ▼ 19.2% |
| Amounts receivable within one year40/41 | €8,902 | €51,030 | €18,909 | €6,249 | €8,700 | €2,235 | ▼ 74.3% |
| Trade receivables40 | - | €46,601 | €18,414 | €3,922 | €8,700 | €2,142 | ▼ 75.4% |
| Other amounts receivable41 | - | €4,430 | €495 | €2,327 | - | €93 | - |
| Cash at bank and in hand54/58 | €1,577 | €5,658 | €31,603 | €1,341 | €10,124 | €9,065 | ▼ 10.5% |
| Deferred charges and accrued income490/1 | - | €1,836 | €1,835 | €1,115 | €1,145 | €12,010 | ▲ 949% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €30,036 | €72,906 | €62,728 | €30,479 | €31,846 | €31,008 | ▼ 2.6% |
| Equity10/15 | €13,482 | €26,921 | €23,948 | €16,054 | €6,971 | €13,171 | ▲ 88.9% |
| Contributions10/11 | - | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Contributions outside capital11 | - | €10,000 | - | - | - | - | - |
| Other1109/19 | - | €10,000 | - | - | - | - | - |
| Profit (loss) carried forward14 | €3,482 | €16,921 | €13,948 | €6,054 | -€3,029 | €3,171 | - |
| Amounts payable17/49 | €16,554 | €45,985 | €38,781 | €14,425 | €24,875 | €17,837 | ▼ 28.3% |
| Amounts payable after more than one year17 | €10,780 | €7,853 | €4,863 | €1,811 | - | - | - |
| Financial debts170/4 | - | €7,853 | €4,863 | €1,811 | - | - | - |
| Amounts payable within one year42/48 | €5,774 | €38,132 | €33,917 | €12,615 | €24,859 | €17,837 | ▼ 28.2% |
| Current portion of amounts payable after more than one year42 | - | €2,927 | €2,989 | €3,053 | €1,811 | - | - |
| Trade debts44 | €1,512 | €29,696 | €7,925 | €4,218 | €8,354 | €2,094 | ▼ 74.9% |
| Suppliers440/4 | - | €29,696 | €7,925 | €4,218 | €8,354 | €2,094 | ▼ 74.9% |
| Taxes, remuneration and social security45 | - | €1,484 | €4,043 | - | €348 | - | - |
| Taxes450/3 | - | €1,484 | €4,043 | - | €348 | - | - |
| Other amounts payable47/48 | - | €4,025 | €18,960 | €5,344 | €14,346 | €15,743 | ▲ 9.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | €16 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,482 | €13,439 | -€2,973 | -€7,894 | -€9,083 | €6,200 | - |
| + Depreciation and write-downs630 | €1,617 | €3,999 | €3,999 | €3,999 | €3,999 | €2,382 | ▼ 40.4% |
| Operating cash flow (approximation) | €5,099 | €17,438 | €1,026 | -€3,894 | -€5,083 | €8,582 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€145 | €0 | €0 | - |
| Change in cash | - | €4,081 | €25,944 | -€30,262 | €8,783 | -€1,059 | - |
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, 26,972 companies had the same profile as TOCLARAVISA has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TOCLARAVISA itself: 0.6% 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 26,972 companies, not a prediction for TOCLARAVISA. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 09-06-2026 | 2026-00147541 | |
| 31-12-2024 | micro format | 23-06-2025 | 2025-00172532 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00324929 | |
| 31-12-2022 | micro format | 06-07-2023 | 2023-00221278 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20334245 | |
| 31-12-2020 | micro format | 13-08-2021 | 2021-48400255 |