TOTALPACK.BE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 23 filings
Turnover
≈ €300,000
Estimated: probably between €140,000 and €760,000
Total assets
€106,695▼ 12.3%
2024 · €121,635
Net result
€8,190
2024 · -€14,092
Working capital
-€149,103▲ 13.1%
2024 · -€171,523
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€8,816
2025
20192025
Net result
€8,190
2025
middle half of the sector
20192025
Equity
-€237,103
▲ 3.2%
2025
lowest quarter of the sector
20192025
Total assets
€106,695
▼ 12.3%
2025
middle half of the sector
20192025
Debt
€343,798
▼ 6.2%
2025
20192025
Working capital
-€149,103
▲ 13.1%
2025
lowest quarter of the sector
20192025
Solvency
-222.2%
▼ 20.9pp
2025
lowest quarter of the sector
20192025
Current ratio
0.37
▲ 0.03
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
7.7%
▲ 19.3pp
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€12,727--€47,341-€33,099▲ 30.1%-€30,938▲ 6.5%-€23,316▲ 24.6%-€12,189▲ 47.7%€8,816
Net result€9,246--€47,973below the sector's middle half-€36,991below the sector's middle half▲ 22.9%-€35,094below the sector's middle half▲ 5.1%-€25,694below the sector's middle half▲ 26.8%-€14,092below the sector's middle half▲ 45.2%€8,190within the sector's middle half
Equity-€85,091--€133,064below the sector's middle half▼ 56.4%-€170,054below the sector's middle half▼ 27.8%-€205,132below the sector's middle half▼ 20.6%-€230,826below the sector's middle half▼ 12.5%-€244,918below the sector's middle half▼ 6.1%-€237,103below the sector's middle half▲ 3.2%
Total assets€73,708-€44,116below the sector's middle half▼ 40.1%€47,575below the sector's middle half▲ 7.8%€156,965within the sector's middle half▲ 230%€163,890within the sector's middle half▲ 4.4%€121,635within the sector's middle half▼ 25.8%€106,695within the sector's middle half▼ 12.3%
Debt€158,799-€177,179▲ 11.6%€217,629▲ 22.8%€362,097▲ 66.4%€394,716▲ 9.0%€366,553▼ 7.1%€343,798▼ 6.2%
Working capital-€9,261--€68,972below the sector's middle half▼ 645%-€76,731below the sector's middle half▼ 11.2%-€64,905below the sector's middle half▲ 15.4%-€172,036below the sector's middle half▼ 165%-€171,523below the sector's middle half▲ 0.3%-€149,103below the sector's middle half▲ 13.1%
Solvency-115.4%--301.6%below the sector's middle half▼ 186.2pp-357.4%below the sector's middle half▼ 55.8pp-130.7%below the sector's middle half▲ 226.8pp-140.8%below the sector's middle half▼ 10.2pp-201.4%below the sector's middle half▼ 60.5pp-222.2%below the sector's middle half▼ 20.9pp
Current ratio0.89-0.32below the sector's middle half▼ 0.570.31below the sector's middle half▼ 0.010.59below the sector's middle half▲ 0.270.40below the sector's middle half▼ 0.180.34below the sector's middle half▼ 0.060.37below the sector's middle half▲ 0.03
Return on assets (ROA)12.5%--108.7%below the sector's middle half▼ 121.3pp-77.8%below the sector's middle half▲ 31.0pp-22.4%below the sector's middle half▲ 55.4pp-15.7%below the sector's middle half▲ 6.7pp-11.6%below the sector's middle half▲ 4.1pp7.7%within the sector's middle half▲ 19.3pp
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 2025 is a profit of €8,816, after a loss of €12,189 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 €106,695
Fixed assets
€18,001 ▼ 44.8%
Current assets
€88,694 ▼ 0.4%
Equity and liabilities
Equity-€237,103
Debt€343,798
Equity is negative. Debt (€343,798) exceeds the balance-sheet total (€106,695).
Key figures and ratios
EBITDA
€23,420▲
2024 · €2,415
Cash flow
€22,795▲
2024 · €513
Quick ratio
0.14▲
2024 · 0.13
Interest coverage
29.13▲
2024 · 1.26
Debt ≤ 1 year
€237,797▼
2024 · €260,553
Debt > 1 year
€106,001=
2024 · €106,001
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.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €16,705 | €14,197 | - | - |
| Intangible fixed assets | €55,000 | - | - | - |
| Depreciation and write-downs of the year | €11,565 | €14,604 | €14,604 | €14,604 |
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 | - | - | - | €973 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,522 | €2,676 | €3,228 | €11,565 | €14,604 | €14,604 | €14,604 | = |
| Other operating charges640/8 | - | - | - | €1,333 | €1,003 | €1,079 | €636 | ▼ 41.1% |
| Non-recurring operating charges66A | - | - | - | - | €976 | €0 | - | - |
| Gross operating margin9900 | €16,557 | -€43,115 | -€27,481 | -€18,040 | -€6,732 | €3,495 | €24,056 | ▲ 588% |
| Operating profit (loss)9901 | €12,727 | -€47,341 | -€33,099 | -€30,938 | -€23,316 | -€12,189 | €8,816 | - |
| Financial income75/76B | - | - | - | - | €0 | €20 | €179 | ▲ 778% |
| Recurring financial income75 | - | €512 | €0 | - | €0 | €20 | €179 | ▲ 778% |
| Financial charges65/66B | - | - | - | €3,907 | €2,378 | €1,923 | €804 | ▼ 58.2% |
| Recurring financial charges65 | €3,349 | €3,045 | €3,608 | €3,907 | €2,378 | €1,923 | €804 | ▼ 58.2% |
| Profit (loss) for the period before taxes9903 | €9,378 | -€47,874 | -€36,707 | -€34,845 | -€25,694 | -€14,092 | €8,190 | - |
| Income taxes67/77 | €132 | €99 | €284 | €249 | €0 | - | - | - |
| Profit (loss) for the period9904 | €9,246 | -€47,973 | -€36,991 | -€35,094 | -€25,694 | -€14,092 | €8,190 | - |
| Profit (loss) for the period to be appropriated9905 | €9,246 | -€47,973 | -€36,991 | -€35,094 | -€25,694 | -€14,092 | €8,190 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €73,708 | €44,116 | €47,575 | €156,965 | €163,890 | €121,635 | €106,695 | ▼ 12.3% |
| Fixed assets21/28 | €1,206 | €11,909 | €12,678 | €64,791 | €47,210 | €32,605 | €18,001 | ▼ 44.8% |
| Intangible fixed assets21 | - | - | - | €46,742 | €35,742 | €24,742 | €13,742 | ▼ 44.5% |
| Tangible fixed assets22/27 | - | €10,703 | €11,472 | €16,842 | €10,261 | €6,657 | €3,053 | ▼ 54.1% |
| Plant, machinery and equipment23 | - | - | - | €16,842 | €10,261 | €6,657 | €3,053 | ▼ 54.1% |
| Furniture and vehicles24 | - | - | - | €0 | - | - | - | - |
| Financial fixed assets28 | €1,206 | €1,206 | €1,206 | €1,206 | €1,206 | €1,206 | €1,206 | = |
| Current assets29/58 | €72,502 | €32,207 | €34,897 | €92,174 | €116,680 | €89,030 | €88,694 | ▼ 0.4% |
| Stocks and contracts in progress3 | €46,190 | €13,435 | €23,061 | €59,940 | €64,983 | €54,627 | €54,627 | = |
| Stocks30/36 | - | - | - | €59,940 | €64,983 | €54,627 | €54,627 | = |
| Amounts receivable within one year40/41 | €23,849 | €16,561 | €8,811 | €30,937 | €50,855 | €31,000 | €29,217 | ▼ 5.8% |
| Trade receivables40 | - | - | - | €28,371 | €46,945 | €30,908 | €28,750 | ▼ 7.0% |
| Other amounts receivable41 | - | - | - | €2,566 | €3,910 | €92 | €467 | ▲ 406% |
| Cash at bank and in hand54/58 | €1,576 | €1,576 | €1,576 | €0 | - | €2,439 | €4,054 | ▲ 66.2% |
| Deferred charges and accrued income490/1 | - | - | - | €1,297 | €842 | €963 | €795 | ▼ 17.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €73,708 | €44,116 | €47,575 | €156,965 | €163,890 | €121,635 | €106,695 | ▼ 12.3% |
| Equity10/15 | -€85,091 | -€133,064 | -€170,054 | -€205,132 | -€230,826 | -€244,918 | -€237,103 | ▲ 3.2% |
| Contributions10/11 | €62,000 | - | €0 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | - | - | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | - | - | €62,000 | €62,000 | = |
| Contributions outside capital11 | - | - | - | €62,000 | €62,000 | €0 | - | - |
| Other1109/19 | - | - | - | €62,000 | €62,000 | €0 | - | - |
| Profit (loss) carried forward14 | -€147,091 | -€195,064 | -€232,054 | -€267,132 | -€292,826 | -€306,918 | -€299,103 | ▲ 2.5% |
| Amounts payable17/49 | €158,799 | €177,179 | €217,629 | €362,097 | €394,716 | €366,553 | €343,798 | ▼ 6.2% |
| Amounts payable after more than one year17 | €76,001 | €76,001 | €106,001 | €204,263 | €106,001 | €106,001 | €106,001 | = |
| Financial debts170/4 | - | - | - | €204,263 | €106,001 | €106,001 | €106,001 | = |
| Amounts payable within one year42/48 | €81,763 | €101,179 | €111,629 | €157,079 | €288,715 | €260,553 | €237,797 | ▼ 8.7% |
| Financial debts43 | - | - | - | €18,877 | €13,739 | €0 | - | - |
| Credit institutions430/8 | - | - | - | €18,877 | €13,739 | €0 | - | - |
| Trade debts44 | €8,683 | €10,963 | €16,524 | €21,079 | €149,207 | €15,210 | €2,028 | ▼ 86.7% |
| Suppliers440/4 | - | - | - | €21,079 | €149,207 | €15,210 | €2,028 | ▼ 86.7% |
| Taxes, remuneration and social security45 | - | - | - | €4,635 | €32 | €2,241 | €2,577 | ▲ 15.0% |
| Taxes450/3 | - | - | - | €4,635 | €32 | €2,241 | €1,277 | ▼ 43.0% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €1,300 | - |
| Other amounts payable47/48 | - | - | - | €112,488 | €125,738 | €243,102 | €233,192 | ▼ 4.1% |
| Accrued charges and deferred income492/3 | - | - | - | €755 | €0 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,246 | -€47,973 | -€36,991 | -€35,094 | -€25,694 | -€14,092 | €8,190 | - |
| + Depreciation and write-downs630 | €2,522 | €2,676 | €3,228 | €11,565 | €14,604 | €14,604 | €14,604 | = |
| Operating cash flow (approximation) | €11,768 | -€45,297 | -€33,763 | -€23,529 | -€11,090 | €513 | €22,795 | ▲ 44× |
| Investment in fixed assets (approximation) | - | -€13,379 | -€3,996 | -€63,678 | €2,976 | €0 | €0 | - |
| Change in cash | - | €0 | €0 | -€1,576 | - | - | €1,615 | - |
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, 3,794 companies had the same profile as TOTALPACK.BE has now. Two years later, 91.5% were still going and 2.7% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
91.5%
was still going
5.3%
stopped otherwise
2.7%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of TOTALPACK.BE itself is lower: 0.4% within 12 months. It rests on far more data about TOTALPACK.BE 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 3,794 companies, not a prediction for TOTALPACK.BE. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 30-01-2026 | 2026-00026150 | |
| 30-06-2024 | micro format | 28-01-2025 | 2025-00011508 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00016685 | |
| 30-06-2022 | micro format | 09-01-2023 | 2023-20558846 | |
| 30-06-2021 | micro format | 22-02-2022 | 2022-06000299 | |
| 30-06-2020 | micro format | 25-02-2021 | 2021-06400101 | |
| 30-06-2019 | micro format | 28-11-2019 | 2019-74700042 | |
| 30-06-2018 | micro format | 30-11-2018 | 2018-73200506 | |
| 30-06-2017 | micro format | 30-11-2017 | 2017-70900464 | |
| 30-06-2016 | abbreviated format | 26-01-2017 | 2017-02300306 |