Transfluvia
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 48 filings
Turnover
≈ €510,000
Estimated: probably between €310,000 and €950,000
EBIT margin
Not included in this filing
Net result
€4,753▼ 74.1%
2024 · €18,319
Working capital
€407,817▲ 2.3%
2024 · €398,643
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€6,005
▼ 70.4%
2025
20182025
Net result
€4,753
▼ 74.1%
2025
middle half of the sector
20182025
Equity
-€99,123
▲ 4.6%
2025
lowest quarter of the sector
20182025
Total assets
€458,232
▼ 7.0%
2025
lowest quarter of the sector
20182025
Debt
€41,334
▼ 48.7%
2025
20182025
Working capital
€407,817
▲ 2.3%
2025
middle half of the sector
20182025
Solvency
-21.6%
▼ 0.6pp
2025
lowest quarter of the sector
20182025
Current ratio
10.87
▲ 4.92
2025
highest quarter of the sector
20182025
Return on assets (ROA)
1.0%
▼ 2.7pp
2025
middle half of the sector
20182025
Staff (FTE)
3
=
2025
lowest 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€0.09m-€0.01m▼ 84.9%-€0.07m€0.1m-€0.4m€0.02m€0.02m▲ 0.9%€0.006m▼ 70.4%
Net result€0.08m-€0.01m▼ 81.5%-€0.08mbelow the sector's middle half€0.1mwithin the sector's middle half-€0.4mbelow the sector's middle half€0.02mwithin the sector's middle half€0.02mwithin the sector's middle half▼ 3.0%€0.005mwithin the sector's middle half▼ 74.1%
Equity€0.2m-€0.2m▲ 6.1%€0.2mwithin the sector's middle half▼ 34.2%€0.3mwithin the sector's middle half▲ 67.4%-€0.1mbelow the sector's middle half-€0.1mbelow the sector's middle half▲ 13.4%-€0.1mbelow the sector's middle half▲ 15.0%-€0.1mbelow the sector's middle half▲ 4.6%
Total assets€2.6m-€1.5m▼ 43.2%€1.3mwithin the sector's middle half▼ 13.4%€0.8mwithin the sector's middle half▼ 39.9%€0.8mwithin the sector's middle half▲ 6.2%€0.5mbelow the sector's middle half▼ 40.9%€0.5mbelow the sector's middle half▲ 0.8%€0.5mbelow the sector's middle half▼ 7.0%
Debt€2.4m-€1.3m▼ 47.9%€1.1m▼ 9.4%€0.5m▼ 55.0%€0.5m▼ 11.4%€0.1m▼ 78.9%€0.08m▼ 15.3%€0.04m▼ 48.7%
Working capital€0.2m-€0.2m▲ 2.1%€0.1mwithin the sector's middle half▼ 41.6%€0.2mwithin the sector's middle half▲ 122%€0.3mwithin the sector's middle half▲ 51.4%€0.4mwithin the sector's middle half▲ 9.0%€0.4mwithin the sector's middle half▲ 6.1%€0.4mwithin the sector's middle half▲ 2.3%
Solvency8.7%-16.3%▲ 7.6pp12.4%below the sector's middle half▼ 3.9pp34.5%within the sector's middle half▲ 22.1pp-17.1%below the sector's middle half▼ 51.5pp-25.0%below the sector's middle half▼ 7.9pp-21.1%below the sector's middle half▲ 3.9pp-21.6%below the sector's middle half▼ 0.6pp
Current ratio1.07-1.14▲ 0.071.09within the sector's middle half▼ 0.051.45within the sector's middle half▲ 0.361.76within the sector's middle half▲ 0.324.95above the sector's middle half▲ 3.185.95above the sector's middle half▲ 1.0010.87above the sector's middle half▲ 4.92
Return on assets (ROA)2.9%-0.9%▼ 1.9pp-6.4%below the sector's middle half▼ 7.4pp13.9%above the sector's middle half▲ 20.3pp-49.5%below the sector's middle half▼ 63.4pp3.9%within the sector's middle half▲ 53.4pp3.7%within the sector's middle half▼ 0.1pp1.0%within the sector's middle half▼ 2.7pp
Staff (FTE)8.1-7.4▼ 8.6%6.4within the sector's middle half▼ 13.5%4.5within the sector's middle half▼ 29.7%3.3within the sector's middle half▼ 26.7%3.1within the sector's middle half▼ 6.1%3within the sector's middle half▼ 3.2%3below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Warehousing and support activities for transportation (NACE 52). 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 70% lower than 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 €458,232
Fixed assets
€9,080 ▼ 32.7%
Current assets
€449,151 ▼ 6.3%
Equity and liabilities
Equity-€99,123
Debt€41,334
Equity is negative. Debt (€41,334) exceeds the balance-sheet total (€458,232).
Key figures and ratios
EBITDA
€10,426▼
2024 · €24,954
Cash flow
€9,174▼
2024 · €23,001
Interest coverage
6.59▼
2024 · 8.92
Debt ≤ 1 year
€41,334▼
2024 · €80,590
Staff costs
€187,664▲
2024 · €181,508
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 3 | 3 | 3 | 3 |
| full-time | 4 | 3 | 3 | 3 | 3 |
| part-time | - | 0 | 0 | 0 | 0 |
| in full-time equivalents | 4 | 3 | 3 | 3 | 3 |
| Average over the year, in full-time equivalents | 4.5 | 3.3 | 3.1 | 3 | 3 |
| On a permanent contract | 4 | 3 | 3 | 3 | 3 |
| Joined | 1 | 2 | 2 | - | - |
| Left | 2 | 3 | 2 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €5,409 | - | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €17,066 | €15,746 | €12,272 | €4,683 | €4,421 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 2 entries · €674 awarded · €674 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €249 | €249 |
| 2022 | 1 | €425 | €425 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €214,262 | €177,355 | €183,573 | €181,508 | €187,664 | ▲ 3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25,378 | €28,140 | €25,837 | €17,066 | €15,746 | €12,272 | €4,683 | €4,421 | ▼ 5.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €122 | €0 | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | €516,021 | €0 | - | - | - |
| Other operating charges640/8 | - | - | - | €3,876 | €3,271 | €2,308 | €1,794 | €1,221 | ▼ 32.0% |
| Gross operating margin9900 | €549,827 | €451,515 | €182,282 | €344,933 | €304,393 | €218,367 | €208,257 | €199,311 | ▼ 4.3% |
| Operating profit (loss)9901 | €86,167 | €13,013 | -€72,426 | €109,729 | -€408,001 | €20,092 | €20,272 | €6,005 | ▼ 70.4% |
| Financial income75/76B | - | - | - | €823 | €1,278 | €378 | €844 | €331 | ▼ 60.8% |
| Recurring financial income75 | €2,501 | €12,412 | €1,042 | €823 | €1,278 | €378 | €844 | €331 | ▼ 60.8% |
| Financial charges65/66B | - | - | - | €1,955 | €2,511 | €1,578 | €2,797 | €1,583 | ▼ 43.4% |
| Recurring financial charges65 | €12,572 | €10,720 | €10,566 | €1,955 | €2,511 | €1,578 | €2,797 | €1,583 | ▼ 43.4% |
| Profit (loss) for the period before taxes9903 | €76,096 | €14,705 | -€81,950 | €108,597 | -€409,234 | €18,892 | €18,319 | €4,753 | ▼ 74.1% |
| Income taxes67/77 | €842 | €778 | €1,235 | €557 | €190 | €0 | - | - | - |
| Profit (loss) for the period9904 | €75,254 | €13,926 | -€83,185 | €108,040 | -€409,424 | €18,892 | €18,319 | €4,753 | ▼ 74.1% |
| Profit (loss) for the period to be appropriated9905 | €75,254 | €13,926 | -€83,185 | €108,040 | -€409,424 | €18,892 | €18,319 | €4,753 | ▼ 74.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.6m | €1.5m | €1.3m | €0.8m | €0.8m | €0.5m | €0.5m | €0.5m | ▼ 7.0% |
| Fixed assets21/28 | €0.06m | €0.07m | €0.06m | €0.04m | €0.03m | €0.02m | €0.01m | €0.009m | ▼ 32.7% |
| Intangible fixed assets21 | €0.001m | €0.001m | €342 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.06m | €0.07m | €0.06m | €0.04m | €0.03m | €0.02m | €0.01m | €0.008m | ▼ 34.4% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.009m | €0.006m | €0.003m | €365 | ▼ 88.5% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.007m | €0 | - | - | - |
| Other tangible fixed assets26 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.008m | ▼ 16.6% |
| Financial fixed assets28 | €178 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Current assets29/58 | €2.6m | €1.4m | €1.2m | €0.7m | €0.8m | €0.5m | €0.5m | €0.4m | ▼ 6.3% |
| Amounts receivable within one year40/41 | €1.9m | €0.9m | €0.5m | €0.3m | €0.4m | €0.3m | €0.3m | €0.3m | ▼ 13.7% |
| Trade receivables40 | - | - | - | €0.3m | €0.4m | €0.2m | €0.3m | €0.3m | ▼ 13.3% |
| Other amounts receivable41 | - | - | - | €0.01m | €0.01m | €0.009m | €0.002m | €0.001m | ▼ 70.0% |
| Cash at bank and in hand54/58 | €0.7m | €0.5m | €0.7m | €0.4m | €0.4m | €0.2m | €0.2m | €0.2m | ▲ 7.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.01m | €0.005m | €0.003m | €0.001m | ▼ 83.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.6m | €1.5m | €1.3m | €0.8m | €0.8m | €0.5m | €0.5m | €0.5m | ▼ 7.0% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.3m | -€0.1m | -€0.1m | -€0.1m | -€0.1m | ▲ 4.6% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.04m | ▼ 68.9% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Tax-exempt reserves132 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Distributable reserves133 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0 | ▼ 100% |
| Profit (loss) carried forward14 | - | - | -€0.08m | €0.02m | -€0.4m | -€0.4m | -€0.3m | -€0.3m | ▲ 27.0% |
| Provisions and deferred taxes16 | - | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Provisions for liabilities and charges160/5 | - | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Environmental obligations163 | - | - | - | - | €0.5m | €0.5m | - | - | - |
| Other liabilities and charges164/5 | - | - | - | - | - | - | €0.5m | €0.5m | = |
| Amounts payable17/49 | €2.4m | €1.3m | €1.1m | €0.5m | €0.5m | €0.1m | €0.08m | €0.04m | ▼ 48.7% |
| Amounts payable after more than one year17 | €0.006m | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €2.4m | €1.3m | €1.1m | €0.5m | €0.5m | €0.1m | €0.08m | €0.04m | ▼ 48.7% |
| Trade debts44 | €0.1m | €0.04m | €0.03m | €0.05m | €0.06m | €0.05m | €0.03m | €0.02m | ▼ 40.0% |
| Suppliers440/4 | - | - | - | €0.05m | €0.06m | €0.05m | €0.03m | €0.02m | ▼ 40.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.02m | €0.02m | €0.03m | €0.02m | ▼ 8.2% |
| Taxes450/3 | - | - | - | €0.003m | €0 | - | €0.003m | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | - | €0.04m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 3.6% |
| Other amounts payable47/48 | - | - | - | €0.4m | €0.4m | €0.03m | €0.03m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | - | €15 | €0 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €75,254 | €13,926 | -€83,185 | €108,040 | -€409,424 | €18,892 | €18,319 | €4,753 | ▼ 74.1% |
| + Depreciation and write-downs630 | €25,378 | €28,140 | €25,837 | €17,066 | €15,746 | €12,272 | €4,683 | €4,421 | ▼ 5.6% |
| Operating cash flow (approximation) | €100,632 | €42,066 | -€57,348 | €125,106 | -€393,678 | €31,164 | €23,001 | €9,174 | ▼ 60.1% |
| Investment in fixed assets (approximation) | - | -€32,488 | -€15,541 | €0 | -€5,409 | €0 | €0 | €0 | - |
| Change in cash | - | -€128,475 | €155,331 | -€285,593 | -€29,083 | -€157,175 | -€29,554 | €13,264 | - |
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, 1,449 companies had the same profile as Transfluvia has now. Two years later, 92.2% were still going and 2.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit under 5% of the balance sheet
92.2%
was still going
4.8%
stopped otherwise
2.5%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Transfluvia itself: 0.7% 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 1,449 companies, not a prediction for Transfluvia. 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 48 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 16-07-2026 | 2026-00306544 | |
| 31-12-2024 | abbreviated format | 20-08-2025 | 2025-00394585 | |
| 31-12-2023 | abbreviated format | 12-08-2024 | 2024-00345722 | |
| 31-12-2022 | abbreviated format | 24-07-2023 | 2023-00286839 | |
| 31-12-2021 | abbreviated format | 05-07-2022 | 2022-20164238 | |
| 31-12-2020 | abbreviated format | 07-07-2021 | 2021-32000338 | |
| 31-12-2019 | abbreviated format | 27-08-2020 | 2020-45500466 | |
| 31-12-2018 | abbreviated format | 05-08-2019 | 2019-43600189 | |
| 31-12-2017 | abbreviated format | 30-08-2018 | 2018-54600061 | |
| 31-12-2016 | abbreviated format | 31-07-2017 | 2017-38500480 |