TREADLO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 7 filings
Turnover
≈ €380,000
Estimated: probably between €320,000 and €670,000
Total assets
€3.7m▲ 68.3%
2024 · €2.2m
Net result
€75,175▼ 40.9%
2024 · €127,294
Working capital
-€59,386
2024 · €27,444
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€143,828
▼ 31.2%
2025
20192025
Net result
€75,175
▼ 40.9%
2025
highest quarter of the sector
20192025
Equity
€1.2m
▲ 138%
2025
highest quarter of the sector
20192025
Total assets
€3.7m
▲ 68.3%
2025
highest quarter of the sector
20192025
Debt
€2.4m
▲ 46.6%
2025
20192025
Working capital
-€59,386
2025
lowest quarter of the sector
20192025
Solvency
33.7%
▲ 9.8pp
2025
middle half of the sector
20192025
Current ratio
0.86
▼ 0.23
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
2.1%
▼ 3.8pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.03m-€0.02m▼ 48.7%€0.06m▲ 248%€0.2m▲ 152%€0.3m▲ 73.4%€0.2m▼ 21.5%€0.1m▼ 31.2%
Net result€0.03m-€0.01mwithin the sector's middle half▼ 52.5%€0.04mwithin the sector's middle half▲ 247%€0.1mabove the sector's middle half▲ 151%€0.2mabove the sector's middle half▲ 71.1%€0.1mabove the sector's middle half▼ 30.8%€0.08mabove the sector's middle half▼ 40.9%
Equity€0.04m-€0.05mwithin the sector's middle half▲ 32.2%€0.1mwithin the sector's middle half▲ 96.7%€0.2mwithin the sector's middle half▲ 108%€0.4mabove the sector's middle half▲ 88.7%€0.5mabove the sector's middle half▲ 32.6%€1.2mabove the sector's middle half▲ 138%
Total assets€0.05m-€0.3mwithin the sector's middle half▲ 382%€0.8mabove the sector's middle half▲ 211%€1.3mabove the sector's middle half▲ 68.7%€2.0mabove the sector's middle half▲ 49.7%€2.2mabove the sector's middle half▲ 8.6%€3.7mabove the sector's middle half▲ 68.3%
Debt€0.01m-€0.2m▲ 14×€0.7m▲ 239%€1.1m▲ 63.1%€1.6m▲ 42.5%€1.7m▲ 2.8%€2.4m▲ 46.6%
Working capital€0.04m-€0.05mwithin the sector's middle half▲ 35.0%-€0.2mbelow the sector's middle half€0.03mwithin the sector's middle half-€0.07mbelow the sector's middle half€0.03mwithin the sector's middle half-€0.06mbelow the sector's middle half
Solvency72.6%-19.9%below the sector's middle half▼ 52.7pp12.6%below the sector's middle half▼ 7.3pp15.5%below the sector's middle half▲ 2.9pp19.5%below the sector's middle half▲ 4.0pp23.8%below the sector's middle half▲ 4.3pp33.7%within the sector's middle half▲ 9.8pp
Current ratio3.55-2.41within the sector's middle half▼ 1.140.45below the sector's middle half▼ 1.961.26within the sector's middle half▲ 0.810.79below the sector's middle half▼ 0.471.09within the sector's middle half▲ 0.300.86below the sector's middle half▼ 0.23
Return on assets (ROA)49.1%-4.8%within the sector's middle half▼ 44.3pp5.4%within the sector's middle half▲ 0.6pp8.0%within the sector's middle half▲ 2.6pp9.2%within the sector's middle half▲ 1.2pp5.9%within the sector's middle half▼ 3.3pp2.1%below the sector's middle half▼ 3.8pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 31% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
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 €3.7m
Fixed assets
€3.3m ▲ 78.2%
Current assets
€362,521 ▲ 11.8%
Equity and liabilities €3.7m
Equity
€1.2m ▲ 138%
Debt
€2.4m ▲ 46.6%
Debt's share of the balance-sheet total falls from 76.2% to 66.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€252,230▼
2024 · €309,549
Cash flow
€183,577▼
2024 · €227,797
Debt to equity
1.97▼
2024 · 3.19
ROE
6.1%▼
2024 · 24.6%
Interest coverage
5.33▼
2024 · 7.53
Debt ≤ 1 year
€421,907▲
2024 · €296,947
Debt > 1 year
€2.0m▲
2024 · €1.4m
Income taxes
€25,276▼
2024 · €41,390
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €55,000 | €451,000 | €478,500 | €506,000 | €506,000 |
| Carrying value of the mortgaged assets | €371,272 | €1.1m | €1.6m | €1.6m | €1.5m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €526,458 | €648,550 | €657,611 | €204,753 | €326,280 |
| Financial fixed assets | - | - | - | - | €590,320 |
| Depreciation and write-downs of the year | €53,123 | €117,219 | €85,764 | €100,503 | €108,402 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 2 entries · €1,949 awarded · €1,949 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €74 | €74 |
| 2023 | 1 | €1,875 | €1,875 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,070 | €18,163 | €53,123 | €117,219 | €85,764 | €100,503 | €108,402 | ▲ 7.9% |
| Other operating charges640/8 | - | - | €3,128 | €9,782 | €15,137 | €15,946 | €14,475 | ▼ 9.2% |
| Non-recurring operating charges66A | - | - | €75 | €355 | €773 | €553 | €0 | ▼ 100% |
| Gross operating margin9900 | €35,220 | €36,831 | €117,242 | €280,929 | €367,930 | €326,048 | €266,705 | ▼ 18.2% |
| Operating profit (loss)9901 | €34,100 | €17,500 | €60,916 | €153,573 | €266,256 | €209,046 | €143,828 | ▼ 31.2% |
| Financial income75/76B | - | - | €28 | €63 | €51 | €732 | €3,987 | ▲ 444% |
| Recurring financial income75 | €229 | €13 | €28 | €63 | €51 | €732 | €3,987 | ▲ 444% |
| Financial charges65/66B | - | - | €6,184 | €14,310 | €26,591 | €41,095 | €47,364 | ▲ 15.3% |
| Recurring financial charges65 | €736 | €1,739 | €6,184 | €14,310 | €26,591 | €41,095 | €47,364 | ▲ 15.3% |
| Profit (loss) for the period before taxes9903 | €33,593 | €15,773 | €54,761 | €139,326 | €239,716 | €168,684 | €100,451 | ▼ 40.4% |
| Income taxes67/77 | €7,613 | €3,433 | €11,929 | €31,904 | €55,893 | €41,390 | €25,276 | ▼ 38.9% |
| Profit (loss) for the period9904 | €25,979 | €12,340 | €42,832 | €107,423 | €183,823 | €127,294 | €75,175 | ▼ 40.9% |
| Profit (loss) for the period to be appropriated9905 | €25,979 | €12,340 | €42,832 | €107,423 | €183,823 | €127,294 | €75,175 | ▼ 40.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.05m | €0.3m | €0.8m | €1.3m | €2.0m | €2.2m | €3.7m | ▲ 68.3% |
| Fixed assets21/28 | €0.001m | €0.2m | €0.6m | €1.2m | €1.7m | €1.8m | €3.3m | ▲ 78.2% |
| Tangible fixed assets22/27 | €0.001m | €0.2m | €0.6m | €1.2m | €1.7m | €1.8m | €2.1m | ▲ 11.8% |
| Land and buildings22 | - | - | €0.6m | €1.1m | €1.6m | €1.7m | €2.0m | ▲ 13.6% |
| Plant, machinery and equipment23 | - | - | €0.004m | €0.01m | €0.002m | €0.001m | €286 | ▼ 68.2% |
| Furniture and vehicles24 | - | - | €0.003m | €0.02m | €0.02m | €0.01m | €0.007m | ▼ 37.2% |
| Leasing and similar rights25 | - | - | - | - | €0.1m | €0.1m | €0.09m | ▼ 12.8% |
| Financial fixed assets28 | - | - | - | - | - | - | €1.2m | - |
| Current assets29/58 | €0.05m | €0.09m | €0.1m | €0.2m | €0.3m | €0.3m | €0.4m | ▲ 11.8% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €0.08m | - |
| Other amounts receivable291 | - | - | - | - | - | - | €0.08m | - |
| Amounts receivable within one year40/41 | €0.02m | €0.04m | €0.06m | €0.1m | €0.2m | €0.3m | €0.2m | ▼ 30.7% |
| Trade receivables40 | - | - | €0.06m | €0.06m | €0.2m | €0.2m | €0.2m | ▼ 38.2% |
| Other amounts receivable41 | - | - | €0.001m | €0.07m | €15 | €0.03m | €0.04m | ▲ 31.1% |
| Cash at bank and in hand54/58 | €0.03m | €0.04m | €0.09m | €0.04m | €0.01m | €0.04m | €0.08m | ▲ 139% |
| Deferred charges and accrued income490/1 | - | - | €0.002m | - | €0.01m | €0.01m | €0.01m | ▼ 1.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.05m | €0.3m | €0.8m | €1.3m | €2.0m | €2.2m | €3.7m | ▲ 68.3% |
| Equity10/15 | €0.04m | €0.05m | €0.1m | €0.2m | €0.4m | €0.5m | €1.2m | ▲ 138% |
| Contributions10/11 | €0.01m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Revaluation surpluses12 | - | - | - | - | - | - | €0.6m | - |
| Reserves13 | €0.03m | €0.04m | €0.08m | €0.2m | €0.4m | €0.5m | €0.6m | ▲ 15.0% |
| Distributable reserves133 | - | - | €0.08m | €0.2m | €0.4m | €0.5m | €0.6m | ▲ 15.0% |
| Amounts payable17/49 | €0.01m | €0.2m | €0.7m | €1.1m | €1.6m | €1.7m | €2.4m | ▲ 46.6% |
| Amounts payable after more than one year17 | - | €0.2m | €0.4m | €1.0m | €1.3m | €1.4m | €2.0m | ▲ 47.7% |
| Financial debts170/4 | - | - | €0.4m | €1.0m | €1.3m | €1.4m | €2.0m | ▲ 47.7% |
| Amounts payable within one year42/48 | €0.01m | €0.04m | €0.3m | €0.1m | €0.3m | €0.3m | €0.4m | ▲ 42.1% |
| Current portion of amounts payable after more than one year42 | - | - | €0.03m | €0.07m | €0.08m | €0.09m | €0.2m | ▲ 113% |
| Financial debts43 | - | - | - | - | - | €0.02m | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | - | - | €0.02m | €0 | ▼ 100% |
| Trade debts44 | €0.004m | €0.005m | €0.3m | €0.02m | €0.2m | €0.1m | €0.2m | ▲ 55.1% |
| Suppliers440/4 | - | - | €0.3m | €0.02m | €0.2m | €0.1m | €0.2m | ▲ 55.1% |
| Taxes, remuneration and social security45 | - | - | €0.03m | €0.03m | €0.02m | €0.04m | €0.04m | ▲ 14.6% |
| Taxes450/3 | - | - | €0.03m | €0.03m | €0.02m | €0.04m | €0.04m | ▲ 14.6% |
| Other amounts payable47/48 | - | - | - | €0.001m | €0.03m | €0.03m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.001m | €0.001m | ▼ 48.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.03m | €0.01m | €0.04m | €0.1m | €0.2m | €0.1m | €0.08m | ▼ 40.9% |
| + Depreciation and write-downs630 | €0.001m | €0.02m | €0.05m | €0.1m | €0.09m | €0.1m | €0.1m | ▲ 7.9% |
| Operating cash flow (approximation) | €0.03m | €0.03m | €0.1m | €0.2m | €0.3m | €0.2m | €0.2m | ▼ 19.4% |
| Investment in fixed assets (approximation) | - | -€0.2m | -€0.5m | -€0.6m | -€0.7m | -€0.2m | -€1.6m | ▼ 661% |
| Change in cash | - | €0.01m | €0.05m | -€0.05m | -€0.03m | €0.02m | €0.05m | ▲ 124% |
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, 1,639 companies had the same profile as TREADLO has now. Two years later, 95.5% were still going and 0.5% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.5%
was still going
3.7%
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 TREADLO 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 1,639 companies, not a prediction for TREADLO. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00376038 | |
| 31-12-2024 | micro format | 23-07-2025 | 2025-00299790 | |
| 31-12-2023 | micro format | 04-07-2024 | 2024-00208361 | |
| 31-12-2022 | micro format | 04-07-2023 | 2023-00197533 | |
| 31-12-2021 | micro format | 08-07-2022 | 2022-20162743 | |
| 31-12-2020 | micro format | 01-07-2021 | 2021-28700455 | |
| 31-12-2019 | micro format | 14-07-2020 | 2020-30100016 |