TRANSREP
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 22-05-2026 PDF all 36 filings
Turnover
≈ €730,000
Estimated: probably between €360,000 and €1.3m
Total assets
€391,911▲ 20.8%
2024 · €324,477
Net result
€5,540▼ 82.9%
2024 · €32,415
Working capital
€244,884▲ 10.3%
2024 · €221,955
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€9,698
▼ 73.8%
2025
20182025
Net result
€5,540
▼ 82.9%
2025
middle half of the sector
20182025
Equity
€269,789
▲ 2.1%
2025
middle half of the sector
20182025
Total assets
€391,911
▲ 20.8%
2025
middle half of the sector
20182025
Debt
€122,122
▲ 103%
2025
20182025
Working capital
€244,884
▲ 10.3%
2025
middle half of the sector
20182025
Solvency
68.8%
▼ 12.6pp
2025
middle half of the sector
20182025
Current ratio
3.01
▼ 1.68
2025
middle half of the sector
20182025
Return on assets (ROA)
1.4%
▼ 8.6pp
2025
middle half of the sector
20182025
Staff (FTE)
2.7
▼ 60.3%
2025
middle half 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-€0.04m▼ 76.5%€0.1m▲ 139%€0.09m▼ 14.9%€0.7m▲ 645%-€0.04m€0.04m€0.01m▼ 73.8%
Net result€0.1m-€0.03m▼ 77.7%€0.07mwithin the sector's middle half▲ 160%€0.06mwithin the sector's middle half▼ 13.3%€0.5mabove the sector's middle half▲ 714%-€0.05mbelow the sector's middle half€0.03mwithin the sector's middle half€0.006mwithin the sector's middle half▼ 82.9%
Equity€0.7m-€0.7m▼ 3.6%€0.2mwithin the sector's middle half▼ 65.3%€0.2mwithin the sector's middle half▼ 13.4%€0.5mwithin the sector's middle half▲ 142%€0.2mwithin the sector's middle half▼ 51.7%€0.3mwithin the sector's middle half▲ 14.0%€0.3mwithin the sector's middle half▲ 2.1%
Total assets€1.1m-€1.2m▲ 3.5%€1.1mwithin the sector's middle half▼ 3.6%€0.6mwithin the sector's middle half▼ 43.6%€0.9mwithin the sector's middle half▲ 39.9%€0.5mbelow the sector's middle half▼ 39.3%€0.3mbelow the sector's middle half▼ 40.7%€0.4mwithin the sector's middle half▲ 20.8%
Debt€0.5m-€0.5m▲ 14.2%€0.9m▲ 74.6%€0.4m▼ 51.1%€0.4m▼ 5.5%€0.3m▼ 25.1%€0.06m▼ 80.9%€0.1m▲ 103%
Working capital€0.5m-€0.5m▼ 5.5%€0.1mwithin the sector's middle half▼ 78.9%€0.1mwithin the sector's middle half▼ 2.0%€0.4mwithin the sector's middle half▲ 268%€0.2mwithin the sector's middle half▼ 50.9%€0.2mwithin the sector's middle half▲ 25.9%€0.2mwithin the sector's middle half▲ 10.3%
Solvency60.0%-55.9%▼ 4.1pp20.1%within the sector's middle half▼ 35.8pp30.8%within the sector's middle half▲ 10.7pp53.3%within the sector's middle half▲ 22.4pp42.4%within the sector's middle half▼ 10.9pp81.4%above the sector's middle half▲ 39.1pp68.8%within the sector's middle half▼ 12.6pp
Current ratio2.20-2.34▲ 0.141.13below the sector's middle half▼ 1.211.25within the sector's middle half▲ 0.131.88within the sector's middle half▲ 0.621.56within the sector's middle half▼ 0.324.69above the sector's middle half▲ 3.133.01within the sector's middle half▼ 1.68
Return on assets (ROA)10.3%-2.2%▼ 8.1pp6.0%within the sector's middle half▲ 3.8pp9.2%within the sector's middle half▲ 3.2pp53.4%above the sector's middle half▲ 44.2pp-8.8%below the sector's middle half▼ 62.2pp10.0%within the sector's middle half▲ 18.7pp1.4%within the sector's middle half▼ 8.6pp
Staff (FTE)20-21.7▲ 8.5%20.4above the sector's middle half▼ 6.0%20.1above the sector's middle half▼ 1.5%17.6above the sector's middle half▼ 12.4%11.4above the sector's middle half▼ 35.2%6.8within the sector's middle half▼ 40.4%2.7within the sector's middle half▼ 60.3%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 74% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €391,911
Fixed assets
€24,906 ▼ 41.1%
Current assets
€367,006 ▲ 30.1%
Equity and liabilities €391,911
Equity
€269,789 ▲ 2.1%
Debt
€122,122 ▲ 103%
Debt's share of the balance-sheet total rises from 18.6% to 31.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€24,277▼
2024 · €63,853
Cash flow
€20,118▼
2024 · €59,264
Debt to equity
0.45▲
2024 · 0.23
ROE
2.1%▼
2024 · 12.3%
Interest coverage
7.98▼
2024 · 15.00
Debt ≤ 1 year
€122,122▲
2024 · €60,227
Income taxes
€1,242▲
2024 · €332
Staff costs
€110,895▼
2024 · €395,231
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-11-2021 | 30-11-2022 | 30-11-2023 | 30-11-2024 | 30-11-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 21 | 16 | 8 | 7 | 1 |
| full-time | 16 | 11 | 5 | 4 | 1 |
| part-time | 5 | 5 | 3 | 3 | 0 |
| in full-time equivalents | 19.7 | 14.7 | 7.4 | 6.4 | 1 |
| Average over the year, in full-time equivalents | 20.1 | 17.6 | 11.4 | 6.8 | 2.7 |
| On a permanent contract | 21 | 16 | 8 | 7 | 1 |
| Joined | 1 | 2 | 0 | 1 | 0 |
| Left | 2 | 7 | 8 | 2 | 6 |
| Training hours | - | 57 | - | 74 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 30-11-2021 | 30-11-2022 | 30-11-2023 | 30-11-2024 | 30-11-2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €111,651 | €61,584 | €10,766 | - | - |
| Mortgages, amount registered | €161,545 | €161,545 | €161,545 | - | - |
| Carrying value of the mortgaged assets | €111,800 | €62,307 | €12,814 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-11-2021 | 30-11-2022 | 30-11-2023 | 30-11-2024 | 30-11-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €11,500 | €60,400 | - | €422,623 | - |
| Depreciation and write-downs of the year | €82,671 | €87,195 | €63,713 | €26,849 | €14,578 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 3 entries · €2,124 awarded · €2,124 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €854 | €854 |
| 2023 | 1 | €41 | €41 |
| 2022 | 1 | €1,229 | €1,229 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.004m | €0.8m | €0.02m | €0.002m | €0.07m | ▲ 37× |
| Remuneration, social security and pensions62 | - | - | - | €1.1m | €1.2m | €0.8m | €0.4m | €0.1m | ▼ 71.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.08m | €0.1m | €0.1m | €0.08m | €0.09m | €0.06m | €0.03m | €0.01m | ▼ 45.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | -€0.005m | €0 | - | - | - |
| Other operating charges640/8 | - | - | - | €0.007m | €0.006m | €0.004m | €0.005m | €0.006m | ▲ 10.3% |
| Non-recurring operating charges66A | - | - | - | €0.001m | €0 | €0.007m | €0 | - | - |
| Gross operating margin9900 | €1.3m | €1.3m | €1.3m | €1.3m | €1.9m | €0.8m | €0.5m | €0.1m | ▼ 69.6% |
| Operating profit (loss)9901 | €0.2m | €0.04m | €0.1m | €0.09m | €0.7m | -€0.04m | €0.04m | €0.01m | ▼ 73.8% |
| Financial income75/76B | - | - | - | €0.002m | €0 | €8 | €0 | €124 | ▲ 622× |
| Recurring financial income75 | €0.002m | €0.003m | €0.004m | €0.002m | €0 | €8 | €0 | €124 | ▲ 622× |
| Financial charges65/66B | - | - | - | €0.005m | €0.007m | €0.006m | €0.004m | €0.003m | ▼ 28.6% |
| Recurring financial charges65 | €0.003m | €0.005m | €0.005m | €0.005m | €0.007m | €0.006m | €0.004m | €0.003m | ▼ 28.6% |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.04m | €0.1m | €0.08m | €0.6m | -€0.05m | €0.03m | €0.007m | ▼ 79.3% |
| Income taxes67/77 | €0.07m | €0.02m | €0.03m | €0.03m | €0.2m | €0.001m | €332 | €0.001m | ▲ 274% |
| Profit (loss) for the period9904 | €0.1m | €0.03m | €0.07m | €0.06m | €0.5m | -€0.05m | €0.03m | €0.006m | ▼ 82.9% |
| Profit (loss) for the period to be appropriated9905 | €0.1m | €0.03m | €0.07m | €0.06m | €0.5m | -€0.05m | €0.03m | €0.006m | ▼ 82.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.1m | €1.2m | €1.1m | €0.6m | €0.9m | €0.5m | €0.3m | €0.4m | ▲ 20.8% |
| Fixed assets21/28 | €0.2m | €0.4m | €0.2m | €0.2m | €0.1m | €0.06m | €0.04m | €0.02m | ▼ 41.1% |
| Tangible fixed assets22/27 | €0.2m | €0.4m | €0.2m | €0.2m | €0.1m | €0.06m | €0.04m | €0.02m | ▼ 41.1% |
| Land and buildings22 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Furniture and vehicles24 | - | - | - | €0.04m | €0.06m | €0.04m | €0.04m | €0.02m | ▼ 48.2% |
| Leasing and similar rights25 | - | - | - | €0.1m | €0.06m | €0.01m | €0 | - | - |
| Current assets29/58 | €0.9m | €0.8m | €0.9m | €0.5m | €0.8m | €0.5m | €0.3m | €0.4m | ▲ 30.1% |
| Amounts receivable after more than one year29 | - | - | - | €0 | - | - | - | - | - |
| Other amounts receivable291 | - | - | - | €0 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.3m | €0.1m | €0.1m | €0.2m | €0.4m | €0.2m | €0.2m | €0.4m | ▲ 52.0% |
| Trade receivables40 | - | - | - | €0.2m | €0.3m | €0.1m | €0.2m | €0.3m | ▲ 36.1% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.09m | €0.05m | €0.02m | €0.07m | ▲ 190% |
| Cash at bank and in hand54/58 | €0.3m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €0.05m | €0.009m | ▼ 81.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | €0.005m | €0.004m | €0.001m | €0.004m | ▲ 185% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.1m | €1.2m | €1.1m | €0.6m | €0.9m | €0.5m | €0.3m | €0.4m | ▲ 20.8% |
| Equity10/15 | €0.7m | €0.7m | €0.2m | €0.2m | €0.5m | €0.2m | €0.3m | €0.3m | ▲ 2.1% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | €0.5m | €0.5m | €0.03m | €0.001m | €0.3m | €0.03m | €0.07m | €0.07m | ▲ 8.3% |
| Amounts payable17/49 | €0.5m | €0.5m | €0.9m | €0.4m | €0.4m | €0.3m | €0.06m | €0.1m | ▲ 103% |
| Amounts payable after more than one year17 | €0.04m | €0.2m | €0.1m | €0.06m | €0.01m | €0 | - | - | - |
| Financial debts170/4 | - | - | - | €0.06m | €0.01m | €0 | - | - | - |
| Amounts payable within one year42/48 | €0.4m | €0.4m | €0.8m | €0.4m | €0.4m | €0.3m | €0.06m | €0.1m | ▲ 103% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.05m | €0.05m | €0.01m | €0 | - | - |
| Trade debts44 | €0.03m | €0.02m | €0.03m | €0.04m | €0.01m | €0.007m | €0.001m | €0.1m | ▲ 119× |
| Suppliers440/4 | - | - | - | €0.04m | €0.01m | €0.007m | €0.001m | €0.1m | ▲ 119× |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.1m | €0.1m | €0.06m | €0.002m | ▼ 95.8% |
| Taxes450/3 | - | - | - | €0.02m | €0.03m | €0.02m | €0 | - | - |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.1m | €0.08m | €0.06m | €0.002m | ▼ 95.8% |
| Other amounts payable47/48 | - | - | - | €0.09m | €0.2m | €0.2m | €0 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €23 | €0 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €117,608 | €26,214 | €68,219 | €59,148 | €481,282 | -€47,921 | €32,415 | €5,540 | ▼ 82.9% |
| + Depreciation and write-downs630 | €76,146 | €117,837 | €124,483 | €82,671 | €87,195 | €63,713 | €26,849 | €14,578 | ▼ 45.7% |
| Operating cash flow (approximation) | €193,754 | €144,052 | €192,701 | €141,819 | €568,477 | €15,792 | €59,264 | €20,118 | ▼ 66.1% |
| Investment in fixed assets (approximation) | - | -€249,952 | -€12,248 | €2,053 | -€56,005 | €12,179 | -€13,614 | €2,811 | - |
| Change in cash | - | €89,417 | €54,476 | -€135,840 | €43,317 | -€14,923 | -€282,458 | -€38,831 | ▲ 86.3% |
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 TRANSREP 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 TRANSREP itself: 0.2% 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 TRANSREP. 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 |
|---|---|---|---|---|
| 30-11-2025 | abbreviated format | 22-05-2026 | 2026-00121425 | |
| 30-11-2024 | abbreviated format | 27-06-2025 | 2025-00189667 | |
| 30-11-2023 | abbreviated format | 02-05-2024 | 2024-00079467 | |
| 30-11-2022 | abbreviated format | 24-05-2023 | 2023-00093257 | |
| 30-11-2021 | abbreviated format | 19-05-2022 | 2022-20029998 | |
| 30-11-2020 | abbreviated format | 26-05-2021 | 2021-15400274 | |
| 30-11-2019 | abbreviated format | 27-08-2020 | 2020-47600320 | |
| 30-11-2018 | abbreviated format | 02-05-2019 | 2019-12100229 | |
| 30-11-2017 | abbreviated format | 15-05-2018 | 2018-12800371 | |
| 30-11-2016 | abbreviated format | 10-05-2017 | 2017-11700428 |