TPR
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 26 days after the deadline Filed on 26 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00121069.
Annual accounts 2025 filed on 26-05-2026 PDF all 20 filings
Turnover
≈ €650,000
Estimated: probably between €320,000 and €1.2m
Total assets
€1.5m▼ 5.6%
2024 · €1.6m
Net result
€351▲ 27.2%
2024 · €276
Working capital
-€388,280▼ 23.4%
2024 · -€314,711
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€37,502
▼ 0.3%
2025
20192025
Net result
€351
▲ 27.2%
2025
middle half of the sector
20192025
Equity
€512,838
▼ 10.1%
2025
highest quarter of the sector
20192025
Total assets
€1.5m
▼ 5.6%
2025
highest quarter of the sector
20192025
Debt
€970,691
▼ 3.0%
2025
20192025
Working capital
-€388,280
▼ 23.4%
2025
lowest quarter of the sector
20192025
Solvency
34.6%
▼ 1.7pp
2025
middle half of the sector
20192025
Current ratio
0.08
▼ 0.10
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
0.0%
=
2025
middle half of the sector
20192025
Staff (FTE)
1
▼ 66.7%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.05m-€0.07m▲ 50.8%€0.03m▼ 63.8%€0.02m▼ 35.2%€0.04m▲ 142%€0.04m▼ 9.6%€0.04m▼ 0.3%
Net result€0.01m-€0.09mabove the sector's middle half▲ 548%€0.005mwithin the sector's middle half▼ 94.4%€262within the sector's middle half▼ 95.1%€0.001mwithin the sector's middle half▲ 420%€276within the sector's middle half▼ 79.8%€351within the sector's middle half▲ 27.2%
Equity€0.7m-€0.8mabove the sector's middle half▲ 9.5%€0.8mabove the sector's middle half▲ 0.7%€0.7mabove the sector's middle half▼ 7.5%€0.7mabove the sector's middle half▼ 7.9%€0.6mabove the sector's middle half▼ 13.4%€0.5mabove the sector's middle half▼ 10.1%
Total assets€1.9m-€2.1mabove the sector's middle half▲ 15.2%€1.9mabove the sector's middle half▼ 12.7%€1.8mabove the sector's middle half▼ 4.3%€1.6mabove the sector's middle half▼ 9.7%€1.6mabove the sector's middle half▼ 2.5%€1.5mabove the sector's middle half▼ 5.6%
Debt€1.2m-€1.4m▲ 18.6%€1.1m▼ 20.3%€1.1m▼ 2.1%€1.0m▼ 10.9%€1.0m▲ 5.1%€1.0m▼ 3.0%
Working capital-€0.02m--€0.2mbelow the sector's middle half▼ 859%-€0.1mbelow the sector's middle half▲ 33.1%-€0.2mbelow the sector's middle half▼ 44.7%-€0.2mbelow the sector's middle half▲ 23.2%-€0.3mbelow the sector's middle half▼ 93.5%-€0.4mbelow the sector's middle half▼ 23.4%
Solvency37.8%-35.9%within the sector's middle half▼ 1.9pp41.4%within the sector's middle half▲ 5.5pp40.1%within the sector's middle half▼ 1.4pp40.9%within the sector's middle half▲ 0.8pp36.3%within the sector's middle half▼ 4.6pp34.6%within the sector's middle half▼ 1.7pp
Current ratio0.90-0.59below the sector's middle half▼ 0.310.53below the sector's middle half▼ 0.050.32below the sector's middle half▼ 0.220.37below the sector's middle half▲ 0.060.18below the sector's middle half▼ 0.200.08below the sector's middle half▼ 0.10
Return on assets (ROA)0.8%-4.4%within the sector's middle half▲ 3.7pp0.3%within the sector's middle half▼ 4.2pp0.0%within the sector's middle half▼ 0.3pp0.1%within the sector's middle half▲ 0.1pp0.0%within the sector's middle half▼ 0.1pp0.0%within the sector's middle half=
Staff (FTE)3-3.3above the sector's middle half▲ 10.0%3▼ 9.1%3=4▲ 33.3%3▼ 25.0%1▼ 66.7%
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 0% lower than in 2024. It is the second fall in a row.
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 €1.5m
Fixed assets
€1.4m ▼ 3.7%
Current assets
€34,165 ▼ 49.2%
Equity and liabilities €1.5m
Equity
€512,838 ▼ 10.1%
Debt
€970,691 ▼ 3.0%
Debt's share of the balance-sheet total rises from 63.7% to 65.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€91,863▲
2024 · €59,313
Cash flow
€54,712▲
2024 · €21,956
Debt to equity
1.89▲
2024 · 1.75
ROE
0.1%▲
2024 · 0.0%
Interest coverage
2.52▲
2024 · 1.51
Debt ≤ 1 year
€422,445▲
2024 · €381,954
Debt > 1 year
€548,246▼
2024 · €619,139
Income taxes
€137▼
2024 · €757
Staff costs
€16,022▼
2024 · €163,202
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 3 | 4 | 2 | 1 |
| full-time | 3 | 3 | 4 | 2 | 1 |
| in full-time equivalents | 3 | 3 | 4 | 2 | 1 |
| Average over the year, in full-time equivalents | 3 | 3 | 4 | 3 | 1 |
| On a permanent contract | 3 | 3 | 4 | 2 | 1 |
| Joined | - | - | 1 | - | - |
| Left | - | - | 0 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Guarantees given for others' debts | - | €839,457 | €782,414 | €715,492 | €616,903 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €16,479 | €218,244 | €33,900 | €11,279 | - |
| Depreciation and write-downs of the year | €194,572 | €201,382 | €206,612 | €21,680 | €54,361 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €174,735 | €202,894 | €248,449 | €163,202 | €16,022 | ▼ 90.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €312,408 | €136,077 | €194,572 | €201,382 | €206,612 | €21,680 | €54,361 | ▲ 151% |
| Other operating charges640/8 | - | - | €2,511 | €11,244 | €24,465 | €1,612 | €21,725 | ▲ 13× |
| Gross operating margin9900 | €489,003 | €362,643 | €398,318 | €432,693 | €521,150 | €224,127 | €129,610 | ▼ 42.2% |
| Operating profit (loss)9901 | €48,583 | €73,248 | €26,500 | €17,173 | €41,624 | €37,633 | €37,502 | ▼ 0.3% |
| Financial income75/76B | - | - | €945 | €2,417 | €263 | €2,774 | €29 | ▼ 99.0% |
| Recurring financial income75 | €29 | €116 | €945 | €17 | €263 | €2,774 | €29 | ▼ 99.0% |
| Non-recurring financial income76B | - | - | - | €2,400 | - | - | - | - |
| Financial charges65/66B | - | - | €22,107 | €19,168 | €40,074 | €39,374 | €37,043 | ▼ 5.9% |
| Recurring financial charges65 | €28,853 | €22,634 | €22,107 | €19,168 | €40,074 | €39,374 | €36,392 | ▼ 7.6% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €651 | - |
| Profit (loss) for the period before taxes9903 | €19,759 | €99,795 | €5,338 | €422 | €1,813 | €1,033 | €488 | ▼ 52.8% |
| Income taxes67/77 | €5,108 | €4,845 | - | €160 | €450 | €757 | €137 | ▼ 81.9% |
| Profit (loss) for the period9904 | €14,651 | €94,950 | €5,338 | €262 | €1,363 | €276 | €351 | ▲ 27.2% |
| Profit (loss) for the period to be appropriated9905 | €14,651 | €94,950 | €5,338 | €262 | €1,363 | €276 | €351 | ▲ 27.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.9m | €2.1m | €1.9m | €1.8m | €1.6m | €1.6m | €1.5m | ▼ 5.6% |
| Fixed assets21/28 | €1.7m | €1.8m | €1.7m | €1.7m | €1.5m | €1.5m | €1.4m | ▼ 3.7% |
| Tangible fixed assets22/27 | €1.7m | €1.8m | €1.7m | €1.7m | €1.5m | €1.5m | €1.4m | ▼ 3.7% |
| Land and buildings22 | - | - | €1.0m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Plant, machinery and equipment23 | - | - | €0.7m | €0.6m | €0.5m | €0.5m | €0.5m | ▼ 6.6% |
| Furniture and vehicles24 | - | - | €0.01m | €0.09m | €0.09m | €0.07m | €0.06m | ▼ 26.1% |
| Current assets29/58 | €0.2m | €0.3m | €0.2m | €0.1m | €0.1m | €0.07m | €0.03m | ▼ 49.2% |
| Amounts receivable within one year40/41 | €0.2m | €0.02m | €0.05m | €0.09m | €0.1m | €0.07m | €0.03m | ▼ 49.1% |
| Trade receivables40 | - | - | €0.001m | €0.005m | €0.004m | €0.01m | €0.005m | ▼ 59.7% |
| Other amounts receivable41 | - | - | €0.05m | €0.08m | €0.09m | €0.05m | €0.03m | ▼ 46.7% |
| Cash at bank and in hand54/58 | €0.02m | €0.3m | €0.1m | €0.01m | €349 | €0.001m | €190 | ▼ 64.9% |
| Deferred charges and accrued income490/1 | - | - | - | - | €392 | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.9m | €2.1m | €1.9m | €1.8m | €1.6m | €1.6m | €1.5m | ▼ 5.6% |
| Equity10/15 | €0.7m | €0.8m | €0.8m | €0.7m | €0.7m | €0.6m | €0.5m | ▼ 10.1% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Non-distributable reserves130/1 | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Profit (loss) carried forward14 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 0.2% |
| Investment grants15 | - | - | €0.5m | €0.5m | €0.4m | €0.3m | €0.2m | ▼ 19.2% |
| Amounts payable17/49 | €1.2m | €1.4m | €1.1m | €1.1m | €1.0m | €1.0m | €1.0m | ▼ 3.0% |
| Amounts payable after more than one year17 | €0.9m | €0.8m | €0.8m | €0.8m | €0.7m | €0.6m | €0.5m | ▼ 11.5% |
| Financial debts170/4 | - | - | €0.8m | €0.8m | €0.7m | €0.6m | €0.5m | ▼ 11.5% |
| Amounts payable within one year42/48 | €0.2m | €0.5m | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | ▲ 10.6% |
| Current portion of amounts payable after more than one year42 | - | - | €0.06m | €0.08m | €0.07m | €0.07m | €0.07m | ▼ 7.4% |
| Financial debts43 | - | - | - | - | €0.02m | €0.02m | €0.02m | ▲ 4.4% |
| Credit institutions430/8 | - | - | - | - | €0.02m | €0.02m | €0.02m | ▲ 4.4% |
| Trade debts44 | €0.02m | €0.06m | €0.04m | €0.003m | - | €0.006m | - | - |
| Suppliers440/4 | - | - | €0.04m | €0.003m | - | €0.006m | - | - |
| Taxes, remuneration and social security45 | - | - | €0.06m | €0.05m | €0.04m | - | - | - |
| Taxes450/3 | - | - | €0.03m | €0.03m | €141 | - | - | - |
| Remuneration and social security454/9 | - | - | €0.03m | €0.03m | €0.04m | - | - | - |
| Other amounts payable47/48 | - | - | €0.2m | €0.2m | €0.1m | €0.3m | €0.3m | ▲ 18.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,651 | €94,950 | €5,338 | €262 | €1,363 | €276 | €351 | ▲ 27.2% |
| + Depreciation and write-downs630 | €312,408 | €136,077 | €194,572 | €201,382 | €206,612 | €21,680 | €54,361 | ▲ 151% |
| Operating cash flow (approximation) | €327,059 | €231,027 | €199,910 | €201,644 | €207,975 | €21,956 | €54,712 | ▲ 149% |
| Investment in fixed assets (approximation) | - | -€302,091 | -€66,479 | -€190,894 | -€33,900 | -€11,279 | €852 | - |
| Change in cash | - | €270,840 | -€174,100 | -€106,738 | -€9,881 | €192 | -€351 | - |
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, 17,041 companies had the same profile as TPR has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of TPR itself is higher: 1.2% within 12 months. It rests on far more data about TPR 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 17,041 companies, not a prediction for TPR. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 26-05-2026 | 2026-00121069 | |
| 30-09-2024 | micro format | 31-05-2025 | 2025-00112053 | |
| 30-09-2023 | micro format | 31-05-2024 | 2024-00104469 | |
| 30-09-2022 | micro format | 18-05-2023 | 2023-00089720 | |
| 30-09-2021 | micro format | 27-05-2022 | 2022-20036097 | |
| 30-09-2020 | micro format | 27-05-2021 | 2021-15500151 | |
| 30-09-2019 | micro format | 26-05-2020 | 2020-13000350 | |
| 30-09-2018 | micro format | 24-09-2019 | 2019-65700154 | |
| 30-09-2017 | micro format | 31-05-2018 | 2018-15100353 | |
| 30-09-2016 | abbreviated format | 30-05-2017 | 2017-13800320 |