TRACE
Dissolved and wound upFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-05-2026 at the NBB all 3 filings
Turnover
≈ €24,000
Estimated: probably between €11,000 and €59,000
Total assets
€133,431▼ 26.0%
2024 · €180,249
Net result
-€4,611
2024 · €15,065
Working capital
€84,717▲ 8.3%
2024 · €78,217
Multi-year overview
2023 to 2025, 3 financial yearsOperating result
-€3,529
2025
20232025
Net result
-€4,611
2025
20232025
Equity
€84,717
▼ 5.2%
2025
20232025
Total assets
€133,431
▼ 26.0%
2025
20232025
Debt
€48,714
▼ 46.4%
2025
20232025
Working capital
€84,717
▲ 8.3%
2025
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Operating result€15,818-€21,990▲ 39.0%-€3,529
Net result€13,328-€15,065▲ 13.0%-€4,611
Equity€74,263-€89,328▲ 20.3%€84,717▼ 5.2%
Total assets€157,822-€180,249▲ 14.2%€133,431▼ 26.0%
Debt€83,559-€90,922▲ 8.8%€48,714▼ 46.4%
Working capital€74,588-€78,217▲ 4.9%€84,717▲ 8.3%
The operating result for 2025 is a loss of €3,529, after a profit of €21,990 in 2024. It is the lowest result since 2023.
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
Equity and liabilities €133,431
Equity
€84,717 ▼ 5.2%
Debt
€48,714 ▼ 46.4%
Debt's share of the balance-sheet total falls from 50.4% to 36.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€3,529▼
2024 · €24,151
Cash flow
-€4,611▼
2024 · €17,226
Current ratio
2.74▲
2024 · 2.03
Debt to equity
0.58▼
2024 · 1.02
ROE
-5.4%▼
2024 · 16.9%
ROA
-3.5%▼
2024 · 8.4%
Interest coverage
-2.34▼
2024 · 40.91
Debt ≤ 1 year
€48,714▼
2024 · €76,228
Debt > 1 year
€0▼
2024 · €14,694
Income taxes
-€20▼
2024 · €6,500
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | - | €26,905 | - |
| Financial fixed assets | - | - | €0 |
| Depreciation and write-downs of the year | €464 | €2,161 | €0 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €1,246 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €464 | €2,161 | €0 | ▼ 100% |
| Other operating charges640/8 | €630 | €317 | €946 | ▲ 199% |
| Non-recurring operating charges66A | - | - | €5,790 | - |
| Gross operating margin9900 | €16,912 | €24,468 | €3,206 | ▼ 86.9% |
| Operating profit (loss)9901 | €15,818 | €21,990 | -€3,529 | - |
| Financial income75/76B | €15,565 | €165 | €408 | ▲ 147% |
| Recurring financial income75 | €15,565 | €165 | €408 | ▲ 147% |
| Financial charges65/66B | €12,659 | €590 | €1,511 | ▲ 156% |
| Recurring financial charges65 | €12,659 | €590 | €1,511 | ▲ 156% |
| Profit (loss) for the period before taxes9903 | €18,723 | €21,565 | -€4,631 | - |
| Income taxes67/77 | €5,396 | €6,500 | -€20 | - |
| Profit (loss) for the period9904 | €13,328 | €15,065 | -€4,611 | - |
| Profit (loss) for the period to be appropriated9905 | €13,328 | €15,065 | -€4,611 | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €157,822 | €180,249 | €133,431 | ▼ 26.0% |
| Fixed assets21/28 | €1,061 | €25,805 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €1,061 | €25,805 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | €1,061 | €1,608 | - | - |
| Furniture and vehicles24 | - | €24,197 | €0 | ▼ 100% |
| Current assets29/58 | €156,761 | €154,444 | €133,431 | ▼ 13.6% |
| Amounts receivable within one year40/41 | €19,973 | €25,611 | €3,716 | ▼ 85.5% |
| Trade receivables40 | €18,990 | €25,611 | €843 | ▼ 96.7% |
| Other amounts receivable41 | €983 | - | €2,873 | - |
| Current investments50/53 | €107,494 | €111,760 | €61,320 | ▼ 45.1% |
| Cash at bank and in hand54/58 | €26,753 | €14,605 | €68,395 | ▲ 368% |
| Deferred charges and accrued income490/1 | €2,540 | €2,468 | €0 | ▼ 100% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €157,822 | €180,249 | €133,431 | ▼ 26.0% |
| Equity10/15 | €74,263 | €89,328 | €84,717 | ▼ 5.2% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | €61,825 | €75,825 | €75,825 | = |
| Distributable reserves133 | €61,825 | €75,825 | €75,825 | = |
| Profit (loss) carried forward14 | €10,438 | €11,503 | €6,892 | ▼ 40.1% |
| Amounts payable17/49 | €83,559 | €90,922 | €48,714 | ▼ 46.4% |
| Amounts payable after more than one year17 | - | €14,694 | €0 | ▼ 100% |
| Financial debts170/4 | - | €14,694 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €82,173 | €76,228 | €48,714 | ▼ 36.1% |
| Financial debts43 | €260 | - | €43 | - |
| Credit institutions430/8 | €260 | - | - | - |
| Other loans439 | - | - | €43 | - |
| Trade debts44 | €259 | €2,065 | €6,596 | ▲ 219% |
| Suppliers440/4 | €259 | €2,065 | €6,596 | ▲ 219% |
| Taxes, remuneration and social security45 | €36,782 | €30,300 | €1,160 | ▼ 96.2% |
| Taxes450/3 | €36,782 | €30,300 | €1,160 | ▼ 96.2% |
| Other amounts payable47/48 | €44,873 | €43,863 | €40,915 | ▼ 6.7% |
| Accrued charges and deferred income492/3 | €1,386 | - | - | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,328 | €15,065 | -€4,611 | - |
| + Depreciation and write-downs630 | €464 | €2,161 | €0 | ▼ 100% |
| Operating cash flow (approximation) | €13,791 | €17,226 | -€4,611 | - |
| Investment in fixed assets (approximation) | - | -€26,905 | €25,805 | - |
| Change in cash | - | -€12,148 | €53,790 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.