TRABACHO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-10-2025 PDF all 36 filings
Turnover
≈ €34,000
Estimated: probably between €11,000 and €58,000
Total assets
€94,281▼ 32.6%
2024 · €139,808
Net result
€1,444▼ 71.6%
2024 · €5,089
Working capital
€70,017▼ 39.5%
2024 · €115,733
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€4,275
▼ 33.2%
2025
20192025
Net result
€1,444
▼ 71.6%
2025
middle half of the sector
20192025
Equity
€78,761
▼ 37.0%
2025
middle half of the sector
20192025
Total assets
€94,281
▼ 32.6%
2025
lowest quarter of the sector
20192025
Debt
€15,520
▲ 5.6%
2025
20192025
Working capital
€70,017
▼ 39.5%
2025
middle half of the sector
20192025
Solvency
83.5%
▼ 5.9pp
2025
highest quarter of the sector
20192025
Current ratio
6.02
▼ 4.19
2025
highest quarter of the sector
20192025
Return on assets (ROA)
1.5%
▼ 2.1pp
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€2,274--€117-€158▼ 34.9%€496€3,777▲ 662%€6,398▲ 69.4%€4,275▼ 33.2%
Net result€2,781-€232within the sector's middle half▼ 91.7%€173within the sector's middle half▼ 25.5%€791within the sector's middle half▲ 358%€3,244within the sector's middle half▲ 310%€5,089within the sector's middle half▲ 56.9%€1,444within the sector's middle half▼ 71.6%
Equity€123,644-€122,275within the sector's middle half▼ 1.1%€120,848within the sector's middle half▼ 1.2%€120,038within the sector's middle half▼ 0.7%€121,683within the sector's middle half▲ 1.4%€125,106within the sector's middle half▲ 2.8%€78,761within the sector's middle half▼ 37.0%
Total assets€127,959-€128,436below the sector's middle half▲ 0.4%€129,722below the sector's middle half▲ 1.0%€130,629below the sector's middle half▲ 0.7%€135,301below the sector's middle half▲ 3.6%€139,808below the sector's middle half▲ 3.3%€94,281below the sector's middle half▼ 32.6%
Debt€4,316-€6,160▲ 42.7%€8,874▲ 44.1%€10,591▲ 19.3%€13,618▲ 28.6%€14,702▲ 8.0%€15,520▲ 5.6%
Working capital€104,288-€104,918within the sector's middle half▲ 0.6%€107,636within the sector's middle half▲ 2.6%€112,352within the sector's middle half▲ 4.4%€117,554above the sector's middle half▲ 4.6%€115,733above the sector's middle half▼ 1.5%€70,017within the sector's middle half▼ 39.5%
Solvency96.6%-95.2%above the sector's middle half▼ 1.4pp93.2%above the sector's middle half▼ 2.0pp91.9%above the sector's middle half▼ 1.3pp89.9%above the sector's middle half▼ 2.0pp89.5%above the sector's middle half▼ 0.5pp83.5%above the sector's middle half▼ 5.9pp
Current ratio39.45-22.68above the sector's middle half▼ 16.7715.80above the sector's middle half▼ 6.8913.74above the sector's middle half▼ 2.0611.31above the sector's middle half▼ 2.4310.21above the sector's middle half▼ 1.116.02above the sector's middle half▼ 4.19
Return on assets (ROA)2.2%-0.2%within the sector's middle half▼ 2.0pp0.1%within the sector's middle half=0.6%within the sector's middle half▲ 0.5pp2.4%within the sector's middle half▲ 1.8pp3.6%within the sector's middle half▲ 1.2pp1.5%within the sector's middle half▼ 2.1pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 33% 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 €94,281
Fixed assets
€10,312 ▼ 10.3%
Current assets
€83,969 ▼ 34.6%
Equity and liabilities €94,281
Equity
€78,761 ▼ 37.0%
Debt
€15,520 ▲ 5.6%
Debt's share of the balance-sheet total rises from 10.5% to 16.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€5,465▼
2024 · €7,191
Cash flow
€2,634▼
2024 · €5,882
Debt to equity
0.20▲
2024 · 0.12
ROE
1.8%▼
2024 · 4.1%
Interest coverage
1.61▼
2024 · over 100
Debt ≤ 1 year
€13,952▲
2024 · €12,573
Debt > 1 year
€291▼
2024 · €441
Income taxes
€1,287▼
2024 · €2,225
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-04-2022 | 30-04-2023 | 30-04-2024 | 30-04-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | €5,949 | - |
| Depreciation and write-downs of the year | €5,355 | €3,111 | €793 | €1,190 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €2,281 | €3,867 | €5,355 | €3,111 | €793 | €1,190 | ▲ 50.0% |
| Other operating charges640/8 | - | - | - | €2,109 | €2,144 | €2,364 | €2,440 | ▲ 3.2% |
| Gross operating margin9900 | €4,225 | €4,148 | €5,800 | €7,960 | €9,032 | €9,555 | €7,905 | ▼ 17.3% |
| Operating profit (loss)9901 | €2,274 | -€117 | -€158 | €496 | €3,777 | €6,398 | €4,275 | ▼ 33.2% |
| Financial income75/76B | - | - | - | €666 | €730 | €960 | €1,855 | ▲ 93.3% |
| Recurring financial income75 | €540 | €367 | €413 | €666 | €730 | €960 | €1,855 | ▲ 93.3% |
| Financial charges65/66B | - | - | - | €23 | €24 | €44 | €3,400 | ▲ 77× |
| Recurring financial charges65 | €33 | €18 | €23 | €23 | €24 | €44 | €3,400 | ▲ 77× |
| Profit (loss) for the period before taxes9903 | €2,781 | €232 | €232 | €1,139 | €4,484 | €7,314 | €2,730 | ▼ 62.7% |
| Income taxes67/77 | - | - | €59 | €348 | €1,239 | €2,225 | €1,287 | ▼ 42.2% |
| Profit (loss) for the period9904 | €2,781 | €232 | €173 | €791 | €3,244 | €5,089 | €1,444 | ▼ 71.6% |
| Profit (loss) for the period to be appropriated9905 | €2,781 | €232 | €173 | €791 | €3,244 | €5,089 | €1,444 | ▼ 71.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €127,959 | €128,436 | €129,722 | €130,629 | €135,301 | €139,808 | €94,281 | ▼ 32.6% |
| Fixed assets21/28 | €20,959 | €18,679 | €14,811 | €9,457 | €6,346 | €11,502 | €10,312 | ▼ 10.3% |
| Tangible fixed assets22/27 | €20,959 | €18,679 | €14,811 | €9,457 | €6,346 | €11,502 | €10,312 | ▼ 10.3% |
| Land and buildings22 | - | - | - | €9,457 | €6,346 | €11,502 | €10,312 | ▼ 10.3% |
| Current assets29/58 | €107,000 | €109,757 | €114,911 | €121,172 | €128,955 | €128,305 | €83,969 | ▼ 34.6% |
| Stocks and contracts in progress3 | €5,949 | €5,949 | €5,949 | €5,949 | €5,949 | - | - | - |
| Stocks30/36 | - | - | - | €5,949 | €5,949 | - | - | - |
| Amounts receivable within one year40/41 | €637 | €110 | €64 | - | - | €563 | €1,121 | ▲ 99.1% |
| Other amounts receivable41 | - | - | - | - | - | €563 | €1,121 | ▲ 99.1% |
| Current investments50/53 | €44,353 | €44,353 | €44,353 | €51,508 | €55,107 | €57,807 | €54,988 | ▼ 4.9% |
| Cash at bank and in hand54/58 | €55,956 | €59,016 | €64,203 | €63,715 | €67,898 | €69,935 | €27,859 | ▼ 60.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €127,959 | €128,436 | €129,722 | €130,629 | €135,301 | €139,808 | €94,281 | ▼ 32.6% |
| Equity10/15 | €123,644 | €122,275 | €120,848 | €120,038 | €121,683 | €125,106 | €78,761 | ▼ 37.0% |
| Contributions10/11 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Capital10 | - | - | - | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Issued capital100 | - | - | - | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Reserves13 | €62,144 | €60,775 | €59,348 | €58,538 | €60,183 | €63,606 | €17,261 | ▼ 72.9% |
| Non-distributable reserves130/1 | - | - | - | €12,394 | €12,395 | €12,395 | €12,395 | = |
| Legal reserve130 | - | - | - | €12,394 | €12,395 | €12,395 | €12,395 | = |
| Distributable reserves133 | - | - | - | €46,144 | €47,788 | €51,211 | €4,867 | ▼ 90.5% |
| Amounts payable17/49 | €4,316 | €6,160 | €8,874 | €10,591 | €13,618 | €14,702 | €15,520 | ▲ 5.6% |
| Amounts payable after more than one year17 | €240 | €240 | €540 | €255 | €255 | €441 | €291 | ▼ 34.0% |
| Other amounts payable178/9 | - | - | - | €255 | €255 | €441 | €291 | ▼ 34.0% |
| Amounts payable within one year42/48 | €2,712 | €4,839 | €7,275 | €8,820 | €11,401 | €12,573 | €13,952 | ▲ 11.0% |
| Trade debts44 | €314 | - | - | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €148 | €1,020 | - | - | - |
| Taxes450/3 | - | - | - | €148 | €1,020 | - | - | - |
| Other amounts payable47/48 | - | - | - | €8,672 | €10,381 | €12,573 | €13,952 | ▲ 11.0% |
| Accrued charges and deferred income492/3 | - | - | - | €1,516 | €1,962 | €1,688 | €1,277 | ▼ 24.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,781 | €232 | €173 | €791 | €3,244 | €5,089 | €1,444 | ▼ 71.6% |
| + Depreciation and write-downs630 | - | €2,281 | €3,867 | €5,355 | €3,111 | €793 | €1,190 | ▲ 50.0% |
| Operating cash flow (approximation) | €2,781 | €2,512 | €4,040 | €6,146 | €6,355 | €5,882 | €2,634 | ▼ 55.2% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€1 | €0 | -€5,949 | €0 | - |
| Change in cash | - | €3,060 | €5,187 | -€488 | €4,183 | €2,037 | -€42,076 | - |
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 TRABACHO 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.
That fits the bankruptcy probability of TRABACHO 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 17,041 companies, not a prediction for TRABACHO. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-04-2025 | micro format | 31-10-2025 | 2025-00555591 | |
| 30-04-2024 | micro format | 22-10-2024 | 2024-00511187 | |
| 30-04-2023 | micro format | 24-10-2023 | 2023-00490892 | |
| 30-04-2022 | micro format | 05-12-2022 | 2022-20531538 | |
| 30-04-2021 | micro format | 19-11-2021 | 2021-77800321 | |
| 30-04-2020 | micro format | 30-11-2020 | 2020-73600428 | |
| 30-04-2019 | micro format | 15-11-2019 | 2019-73800134 | |
| 30-04-2018 | micro format | 21-11-2018 | 2018-72600432 | |
| 30-04-2017 | micro format | 30-10-2017 | 2017-68900232 | |
| 30-04-2016 | abbreviated format | 20-10-2016 | 2016-66000302 |