Tra-Vel
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 2 days after the deadline Filed on 2 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00030853.
Annual accounts 2025 filed on 02-02-2026 PDF all 16 filings
Turnover
≈ €550,000
Estimated: probably between €480,000 and €760,000
Total assets
€353,484▲ 22.5%
2024 · €288,636
Net result
€43,129▲ 45.6%
2024 · €29,620
Working capital
€118,034▼ 48.9%
2024 · €231,142
In the rankings
#6 company by equity in Wetteren, Transport and storage sector#9 company by total assets in Wetteren, Transport and storage sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€62,686
▲ 29.4%
2025
20192025
Net result
€43,129
▲ 45.6%
2025
highest quarter of the sector
20192025
Equity
€245,011
▲ 6.3%
2025
highest quarter of the sector
20192025
Total assets
€353,484
▲ 22.5%
2025
highest quarter of the sector
20192025
Debt
€108,473
▲ 86.7%
2025
20192025
Working capital
€118,034
▼ 48.9%
2025
highest quarter of the sector
20192025
Solvency
69.3%
▼ 10.6pp
2025
highest quarter of the sector
20192025
Current ratio
2.11
▼ 3.07
2025
middle half of the sector
20192025
Return on assets (ROA)
12.2%
▲ 1.9pp
2025
middle half of the sector
20192025
Staff (FTE)
2.3
▲ 15.0%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€31,767-€15,709▼ 50.5%€40,264▲ 156%€52,742▲ 31.0%€30,488▼ 42.2%€48,429▲ 58.8%€62,686▲ 29.4%
Net result€17,974-€13,065within the sector's middle half▼ 27.3%€28,204within the sector's middle half▲ 116%€32,784within the sector's middle half▲ 16.2%€18,269within the sector's middle half▼ 44.3%€29,620above the sector's middle half▲ 62.1%€43,129above the sector's middle half▲ 45.6%
Equity€97,479-€110,544below the sector's middle half▲ 13.4%€138,748within the sector's middle half▲ 25.5%€171,533within the sector's middle half▲ 23.6%€200,902within the sector's middle half▲ 17.1%€230,521above the sector's middle half▲ 14.7%€245,011above the sector's middle half▲ 6.3%
Total assets€170,078-€159,395below the sector's middle half▼ 6.3%€212,387below the sector's middle half▲ 33.2%€260,895below the sector's middle half▲ 22.8%€248,435below the sector's middle half▼ 4.8%€288,636above the sector's middle half▲ 16.2%€353,484above the sector's middle half▲ 22.5%
Debt€72,599-€48,851▼ 32.7%€73,639▲ 50.7%€89,363▲ 21.4%€47,533▼ 46.8%€58,115▲ 22.3%€108,473▲ 86.7%
Working capital€75,988-€21,563within the sector's middle half▼ 71.6%€51,728within the sector's middle half▲ 140%€116,831within the sector's middle half▲ 126%€178,776within the sector's middle half▲ 53.0%€231,142above the sector's middle half▲ 29.3%€118,034above the sector's middle half▼ 48.9%
Solvency57.3%-69.4%above the sector's middle half▲ 12.0pp65.3%above the sector's middle half▼ 4.0pp65.7%above the sector's middle half▲ 0.4pp80.9%above the sector's middle half▲ 15.1pp79.9%above the sector's middle half▼ 1.0pp69.3%above the sector's middle half▼ 10.6pp
Current ratio2.06-1.46within the sector's middle half▼ 0.601.73within the sector's middle half▲ 0.282.34above the sector's middle half▲ 0.614.95above the sector's middle half▲ 2.605.18above the sector's middle half▲ 0.242.11within the sector's middle half▼ 3.07
Return on assets (ROA)10.6%-8.2%within the sector's middle half▼ 2.4pp13.3%above the sector's middle half▲ 5.1pp12.6%above the sector's middle half▼ 0.7pp7.4%within the sector's middle half▼ 5.2pp10.3%within the sector's middle half▲ 2.9pp12.2%within the sector's middle half▲ 1.9pp
Staff (FTE)2.5-1.5below the sector's middle half▼ 40.0%2.5below the sector's middle half▲ 66.7%2below the sector's middle half▼ 20.0%2below the sector's middle half=2=2.3▲ 15.0%
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 29% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The abbreviated or 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 €353,484
Fixed assets
€129,044 ▲ 58×
Current assets
€224,440 ▼ 21.6%
Equity and liabilities €353,484
Equity
€245,011 ▲ 6.3%
Debt
€108,473 ▲ 86.7%
Debt's share of the balance-sheet total rises from 20.1% to 30.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€85,377▲
2024 · €70,540
Cash flow
€65,821▲
2024 · €51,731
Quick ratio
2.10▼
2024 · 5.16
Debt to equity
0.44▲
2024 · 0.25
ROE
17.6%▲
2024 · 12.8%
Interest coverage
35.60▲
2024 · 29.44
Debt ≤ 1 year
€106,406▲
2024 · €55,259
Income taxes
€17,597▲
2024 · €16,413
Staff costs
€130,799▲
2024 · €125,014
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 2 | 2 | 3 |
| full-time | 2 | 2 | 2 | 3 |
| part-time | 1 | 0 | 0 | 0 |
| in full-time equivalents | 2.5 | 2 | 2 | 3 |
| Average over the year, in full-time equivalents | 2 | 1.6 | 2 | 2.3 |
| On a permanent contract | 3 | 2 | 2 | 2 |
| Joined | 1 | 2 | 1 | 1 |
| Left | 1 | 3 | 1 | 0 |
| Training hours | - | - | 7 | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €149,500 |
| Depreciation and write-downs of the year | €33,044 | €32,774 | €22,111 | €22,691 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €82 awarded · €136 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €41 | €41 |
| 2024 | 1 | €41 | €41 |
| 2023 | 1 | €0 | €54 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €16,500 | - |
| Remuneration, social security and pensions62 | - | - | - | €102,843 | €89,749 | €125,014 | €130,799 | ▲ 4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,400 | €42,511 | €22,381 | €33,044 | €32,774 | €22,111 | €22,691 | ▲ 2.6% |
| Other operating charges640/8 | - | - | - | €1,671 | €2,035 | €2,157 | €1,485 | ▼ 31.2% |
| Gross operating margin9900 | €187,917 | €169,949 | €197,855 | €190,300 | €155,046 | €197,711 | €217,661 | ▲ 10.1% |
| Operating profit (loss)9901 | €31,767 | €15,709 | €40,264 | €52,742 | €30,488 | €48,429 | €62,686 | ▲ 29.4% |
| Financial income75/76B | - | - | - | €0 | €0 | - | €439 | - |
| Recurring financial income75 | - | - | - | €0 | €0 | - | €439 | - |
| Financial charges65/66B | - | - | - | €1,795 | €1,754 | €2,396 | €2,398 | ▲ 0.1% |
| Recurring financial charges65 | €1,222 | €1,147 | €1,610 | €1,795 | €1,754 | €2,396 | €2,398 | ▲ 0.1% |
| Profit (loss) for the period before taxes9903 | €30,545 | €14,563 | €38,654 | €50,948 | €28,734 | €46,033 | €60,727 | ▲ 31.9% |
| Income taxes67/77 | €12,570 | €1,498 | €10,449 | €18,163 | €10,465 | €16,413 | €17,597 | ▲ 7.2% |
| Profit (loss) for the period9904 | €17,974 | €13,065 | €28,204 | €32,784 | €18,269 | €29,620 | €43,129 | ▲ 45.6% |
| Profit (loss) for the period to be appropriated9905 | €17,974 | €13,065 | €28,204 | €32,784 | €18,269 | €29,620 | €43,129 | ▲ 45.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €170,078 | €159,395 | €212,387 | €260,895 | €248,435 | €288,636 | €353,484 | ▲ 22.5% |
| Fixed assets21/28 | €22,500 | €90,679 | €90,164 | €57,120 | €24,346 | €2,235 | €129,044 | ▲ 58× |
| Tangible fixed assets22/27 | €20,400 | €88,444 | €87,929 | €54,885 | €22,111 | €0 | €126,809 | - |
| Furniture and vehicles24 | - | - | - | €54,885 | €22,111 | €0 | €126,809 | - |
| Financial fixed assets28 | €2,100 | €2,235 | €2,235 | €2,235 | €2,235 | €2,235 | €2,235 | = |
| Current assets29/58 | €147,578 | €68,716 | €122,223 | €203,775 | €224,089 | €286,401 | €224,440 | ▼ 21.6% |
| Stocks and contracts in progress3 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Stocks30/36 | - | - | - | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Amounts receivable within one year40/41 | €138,378 | €62,660 | €71,254 | €154,241 | €83,040 | €69,628 | €63,825 | ▼ 8.3% |
| Trade receivables40 | - | - | - | €154,241 | €77,770 | €66,041 | €63,825 | ▼ 3.4% |
| Other amounts receivable41 | - | - | - | €0 | €5,270 | €3,587 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €6,950 | €3,803 | €48,701 | €47,335 | €138,894 | €215,773 | €158,587 | ▼ 26.5% |
| Deferred charges and accrued income490/1 | - | - | - | €1,199 | €1,155 | €0 | €1,028 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €170,078 | €159,395 | €212,387 | €260,895 | €248,435 | €288,636 | €353,484 | ▲ 22.5% |
| Equity10/15 | €97,479 | €110,544 | €138,748 | €171,533 | €200,902 | €230,521 | €245,011 | ▲ 6.3% |
| Contributions10/11 | €7,500 | - | - | €7,500 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €85,934 | €98,999 | €131,248 | €164,033 | €182,302 | €211,921 | €226,411 | ▲ 6.8% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Tax-exempt reserves132 | - | - | - | €28,500 | €28,500 | €28,500 | €28,500 | = |
| Distributable reserves133 | - | - | - | €133,673 | €151,942 | €183,421 | €197,911 | ▲ 7.9% |
| Profit (loss) carried forward14 | €4,045 | €4,045 | - | - | - | - | €0 | - |
| Amounts payable17/49 | €72,599 | €48,851 | €73,639 | €89,363 | €47,533 | €58,115 | €108,473 | ▲ 86.7% |
| Amounts payable within one year42/48 | €71,590 | €47,153 | €70,496 | €86,944 | €45,313 | €55,259 | €106,406 | ▲ 92.6% |
| Trade debts44 | €17,858 | €1,030 | €16,586 | €19,556 | €6,881 | €4,175 | €12,577 | ▲ 201% |
| Suppliers440/4 | - | - | - | €19,556 | €6,881 | €4,175 | €12,577 | ▲ 201% |
| Taxes, remuneration and social security45 | - | - | - | €25,941 | €8,165 | €15,680 | €29,500 | ▲ 88.1% |
| Taxes450/3 | - | - | - | €10,290 | €0 | €2,033 | €15,698 | ▲ 672% |
| Remuneration and social security454/9 | - | - | - | €15,652 | €8,165 | €13,646 | €13,802 | ▲ 1.1% |
| Other amounts payable47/48 | - | - | - | €41,447 | €30,267 | €35,404 | €64,329 | ▲ 81.7% |
| Accrued charges and deferred income492/3 | - | - | - | €2,419 | €2,221 | €2,856 | €2,067 | ▼ 27.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,974 | €13,065 | €28,204 | €32,784 | €18,269 | €29,620 | €43,129 | ▲ 45.6% |
| + Depreciation and write-downs630 | €20,400 | €42,511 | €22,381 | €33,044 | €32,774 | €22,111 | €22,691 | ▲ 2.6% |
| Operating cash flow (approximation) | €38,374 | €55,576 | €50,585 | €65,828 | €51,043 | €51,731 | €65,821 | ▲ 27.2% |
| Investment in fixed assets (approximation) | - | -€110,690 | -€21,865 | €0 | €0 | €0 | -€149,500 | - |
| Change in cash | - | -€3,147 | €44,898 | -€1,366 | €91,559 | €76,879 | -€57,186 | - |
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, 34,693 companies had the same profile as Tra-Vel has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Tra-Vel 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 34,693 companies, not a prediction for Tra-Vel. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 02-02-2026 | 2026-00030853 | |
| 30-06-2024 | micro format | 31-01-2025 | 2025-00027086 | |
| 30-06-2023 | abbreviated format | 23-01-2024 | 2024-00006976 | |
| 30-06-2022 | abbreviated format | 30-01-2023 | 2023-00015614 | |
| 30-06-2021 | abbreviated format | 04-01-2022 | 2022-00200371 | |
| 30-06-2020 | abbreviated format | 27-01-2021 | 2021-02600187 | |
| 30-06-2019 | abbreviated format | 31-01-2020 | 2020-04100522 | |
| 30-06-2018 | abbreviated format | 25-01-2019 | 2019-02300095 | |
| 30-06-2017 | abbreviated format | 05-02-2018 | 2018-04300423 | |
| 30-06-2016 | abbreviated format | 31-01-2017 | 2017-03700121 |