TRANSBAT
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 49 filings
Turnover
≈ €970,000
Estimated: probably between €680,000 and €1.2m
EBIT margin
Not included in this filing
Net result
€81,248▲ 192%
2024 · €27,820
Working capital
-€45,063▲ 69.3%
2024 · -€147,014
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€81,449
▲ 189%
2025
20182025
Net result
€81,248
▲ 192%
2025
middle half of the sector
20182025
Equity
€1.1m
▲ 5.1%
2025
middle half of the sector
20182025
Total assets
€1.3m
▼ 18.8%
2025
middle half of the sector
20182025
Debt
€196,522
▼ 63.8%
2025
20182025
Working capital
-€45,063
▲ 69.3%
2025
middle half of the sector
20182025
Solvency
84.6%
▲ 19.2pp
2025
highest quarter of the sector
20182025
Current ratio
0.76
▲ 0.04
2025
middle half of the sector
20182025
Return on assets (ROA)
6.4%
▲ 4.6pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.2m-€0.06m-€0.04m€0.08m€0.1m▲ 27.0%€0.2m▲ 127%€0.03m▼ 88.2%€0.08m▲ 189%
Net result-€0.2m-€0.05m-€0.05mbelow the sector's middle half€0.08mwithin the sector's middle half€0.1mwithin the sector's middle half▲ 27.1%€0.2mabove the sector's middle half▲ 140%€0.03mwithin the sector's middle half▼ 88.3%€0.08mwithin the sector's middle half▲ 192%
Equity€0.7m-€0.8m▲ 7.4%€0.7mwithin the sector's middle half▼ 6.0%€0.8mwithin the sector's middle half▲ 6.5%€0.9mwithin the sector's middle half▲ 7.8%€1.0mwithin the sector's middle half▲ 17.8%€1.0mwithin the sector's middle half▲ 1.8%€1.1mwithin the sector's middle half▲ 5.1%
Total assets€1.1m-€1.3m▲ 14.4%€1.4mwithin the sector's middle half▲ 14.5%€1.4mwithin the sector's middle half▼ 3.3%€1.1mwithin the sector's middle half▼ 18.0%€1.6mwithin the sector's middle half▲ 43.1%€1.6mwithin the sector's middle half▼ 3.8%€1.3mwithin the sector's middle half▼ 18.8%
Debt€0.4m-€0.5m▲ 28.8%€0.7m▲ 49.5%€0.6m▼ 13.8%€0.3m▼ 52.3%€0.6m▲ 119%€0.5m▼ 12.9%€0.2m▼ 63.8%
Working capital-€0.3m--€0.2m▲ 39.5%-€0.5mbelow the sector's middle half▼ 196%-€0.4mbelow the sector's middle half▲ 26.2%-€0.2mbelow the sector's middle half▲ 50.0%-€0.08mwithin the sector's middle half▲ 56.4%-€0.1mwithin the sector's middle half▼ 74.3%-€0.05mwithin the sector's middle half▲ 69.3%
Solvency67.3%-63.2%▼ 4.1pp51.9%within the sector's middle half▼ 11.3pp57.1%within the sector's middle half▲ 5.2pp75.1%above the sector's middle half▲ 17.9pp61.8%within the sector's middle half▼ 13.3pp65.4%above the sector's middle half▲ 3.6pp84.6%above the sector's middle half▲ 19.2pp
Current ratio0.18-0.62▲ 0.440.19below the sector's middle half▼ 0.420.35below the sector's middle half▲ 0.160.32below the sector's middle half▼ 0.030.86within the sector's middle half▲ 0.550.73within the sector's middle half▼ 0.140.76within the sector's middle half▲ 0.04
Return on assets (ROA)-21.8%-4.3%▲ 26.1pp-3.3%below the sector's middle half▼ 7.6pp5.6%within the sector's middle half▲ 8.9pp8.7%above the sector's middle half▲ 3.1pp14.6%above the sector's middle half▲ 5.9pp1.8%within the sector's middle half▼ 12.8pp6.4%above the sector's middle half▲ 4.6pp
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 189% higher than in 2024. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€1.1m ▼ 4.2%
Current assets
€144,494 ▼ 62.9%
Equity and liabilities €1.3m
Equity
€1.1m ▲ 5.1%
Debt
€196,522 ▼ 63.8%
Debt's share of the balance-sheet total falls from 34.6% to 15.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€242,692▲
2024 · €194,793
Cash flow
€242,492▲
2024 · €194,399
Debt to equity
0.18▼
2024 · 0.53
ROE
7.5%▲
2024 · 2.7%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€189,557▼
2024 · €536,572
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €19,934 | €20,780 | €193,375 | €253,562 | €113,012 |
| Depreciation and write-downs of the year | €151,942 | €152,536 | €150,211 | €166,579 | €161,244 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €184,923 | €90,365 | €108,531 | €151,942 | €152,536 | €150,211 | €166,579 | €161,244 | ▼ 3.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €9,586 | €14,715 | ▲ 53.5% |
| Other operating charges640/8 | - | - | - | €99,909 | €116,117 | €128,476 | €133,648 | €138,818 | ▲ 3.9% |
| Gross operating margin9900 | €38,636 | €242,293 | €177,423 | €334,500 | €373,642 | €517,387 | €338,027 | €396,226 | ▲ 17.2% |
| Operating profit (loss)9901 | -€237,812 | €59,112 | -€41,369 | €82,649 | €104,989 | €238,700 | €28,214 | €81,449 | ▲ 189% |
| Financial income75/76B | - | - | - | - | €36 | €58 | €40 | €30 | ▼ 25.9% |
| Recurring financial income75 | €431 | €142 | €0 | - | €36 | €58 | €40 | €30 | ▼ 25.9% |
| Financial charges65/66B | - | - | - | €4,543 | €5,730 | €766 | €434 | €230 | ▼ 47.0% |
| Recurring financial charges65 | €2,074 | €4,767 | €6,252 | €4,543 | €5,730 | €766 | €434 | €230 | ▼ 47.0% |
| Profit (loss) for the period before taxes9903 | -€239,455 | €54,487 | -€47,620 | €78,107 | €99,296 | €237,991 | €27,820 | €81,248 | ▲ 192% |
| Profit (loss) for the period9904 | -€239,455 | €54,487 | -€47,620 | €78,107 | €99,296 | €237,991 | €27,820 | €81,248 | ▲ 192% |
| Profit (loss) for the period to be appropriated9905 | -€239,455 | €54,487 | -€47,620 | €78,107 | €99,296 | €237,991 | €27,820 | €81,248 | ▲ 192% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.1m | €1.3m | €1.4m | €1.4m | €1.1m | €1.6m | €1.6m | €1.3m | ▼ 18.8% |
| Fixed assets21/28 | €1.0m | €1.0m | €1.3m | €1.2m | €1.1m | €1.1m | €1.2m | €1.1m | ▼ 4.2% |
| Tangible fixed assets22/27 | €1.0m | €1.0m | €1.3m | €1.2m | €1.0m | €1.1m | €1.2m | €1.1m | ▼ 4.1% |
| Land and buildings22 | - | - | - | €0.6m | €0.6m | €0.6m | €0.5m | €0.6m | ▲ 3.9% |
| Plant, machinery and equipment23 | - | - | - | €0.6m | €0.5m | €0.5m | €0.6m | €0.6m | ▼ 10.9% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | - | - |
| Current assets29/58 | €0.06m | €0.3m | €0.1m | €0.2m | €0.09m | €0.5m | €0.4m | €0.1m | ▼ 62.9% |
| Amounts receivable within one year40/41 | €0.05m | €0.09m | €0.04m | €0.03m | €0.08m | €0.06m | €0.04m | €0.05m | ▲ 4.0% |
| Trade receivables40 | - | - | - | €0.02m | €0.06m | €0.04m | €0.02m | €0.03m | ▲ 30.1% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 25.5% |
| Cash at bank and in hand54/58 | €0.01m | €0.2m | €0.08m | €0.2m | €0.008m | €0.5m | €0.3m | €0.1m | ▼ 71.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.007m | €0.007m | €0.006m | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.1m | €1.3m | €1.4m | €1.4m | €1.1m | €1.6m | €1.6m | €1.3m | ▼ 18.8% |
| Equity10/15 | €0.7m | €0.8m | €0.7m | €0.8m | €0.9m | €1.0m | €1.0m | €1.1m | ▲ 5.1% |
| Contributions10/11 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Capital10 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Issued capital100 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Reserves13 | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Non-distributable reserves130/1 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Legal reserve130 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Tax-exempt reserves132 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Profit (loss) carried forward14 | -€0.06m | -€0.001m | -€0.05m | -€301 | €0.06m | €0.2m | €0.2m | €0.3m | ▲ 22.5% |
| Amounts payable17/49 | €0.4m | €0.5m | €0.7m | €0.6m | €0.3m | €0.6m | €0.5m | €0.2m | ▼ 63.8% |
| Amounts payable within one year42/48 | €0.4m | €0.5m | €0.6m | €0.6m | €0.3m | €0.6m | €0.5m | €0.2m | ▼ 64.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | - | - | - | - | - |
| Trade debts44 | €0.2m | €0.3m | €0.5m | €0.4m | €0.2m | €0.5m | €0.5m | €0.1m | ▼ 72.6% |
| Suppliers440/4 | - | - | - | €0.4m | €0.2m | €0.5m | €0.5m | €0.1m | ▼ 72.6% |
| Taxes, remuneration and social security45 | - | - | - | - | €346 | €0.002m | €0.001m | €0.001m | ▲ 55.6% |
| Taxes450/3 | - | - | - | - | €346 | €0.002m | €0.001m | €0.001m | ▲ 55.6% |
| Other amounts payable47/48 | - | - | - | €0.03m | €0.04m | €0.1m | €0.02m | €0.05m | ▲ 167% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €0.007m | €0.007m | ▲ 5.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€239,455 | €54,487 | -€47,620 | €78,107 | €99,296 | €237,991 | €27,820 | €81,248 | ▲ 192% |
| + Depreciation and write-downs630 | €184,923 | €90,365 | €108,531 | €151,942 | €152,536 | €150,211 | €166,579 | €161,244 | ▼ 3.2% |
| Operating cash flow (approximation) | -€54,532 | €144,852 | €60,910 | €230,048 | €251,832 | €388,202 | €194,399 | €242,492 | ▲ 24.7% |
| Investment in fixed assets (approximation) | - | -€27,177 | -€451,130 | -€19,934 | -€20,780 | -€193,375 | -€253,562 | -€111,707 | ▲ 55.9% |
| Change in cash | - | €180,786 | -€115,567 | €91,980 | -€161,285 | €460,406 | -€122,916 | -€246,849 | ▼ 101% |
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, 20,136 companies had the same profile as TRANSBAT has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of TRANSBAT 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 20,136 companies, not a prediction for TRANSBAT. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-06-2026 | 2026-00226966 | |
| 31-12-2024 | abbreviated format | 08-07-2025 | 2025-00244493 | |
| 31-12-2023 | abbreviated format | 27-06-2024 | 2024-00171142 | |
| 31-12-2022 | abbreviated format | 29-06-2023 | 2023-00174618 | |
| 31-12-2021 | abbreviated format | 30-06-2022 | 2022-20113919 | |
| 31-12-2020 | abbreviated format | 02-06-2021 | 2021-16900060 | |
| 31-12-2019 | micro format | 16-06-2020 | 2020-17400047 | |
| 31-12-2018 | micro format | 27-05-2019 | 2019-14600105 | |
| 31-12-2017 | abbreviated format | 08-05-2018 | 2018-12500029 | |
| 31-12-2016 | abbreviated format | 16-06-2017 | 2017-18200170 |