TREBOR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-01-2026 PDF all 29 filings
Equity
€325,722▼ 3.3%
2024 · €336,927
Total assets
€360,063=
2024 · €360,066
Net result
-€11,205▲ 15.5%
2024 · -€13,259
Working capital
€323,406▼ 1.6%
2024 · €328,633
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€11,425
▲ 9.4%
2025
20192025
Net result
-€11,205
▲ 15.5%
2025
lowest quarter of the sector
20192025
Equity
€325,722
▼ 3.3%
2025
highest quarter of the sector
20192025
Total assets
€360,063
=
2025
middle half of the sector
20192025
Debt
€34,341
▲ 48.4%
2025
20192025
Working capital
€323,406
▼ 1.6%
2025
highest quarter of the sector
20192025
Solvency
90.5%
▼ 3.1pp
2025
highest quarter of the sector
20192025
Current ratio
14.29
▼ 11.73
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-3.1%
▲ 0.6pp
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-€16,427-€59,233€63,257▲ 6.8%€103,847▲ 64.2%€2,404▼ 97.7%-€12,614-€11,425▲ 9.4%
Net result-€12,658-€34,490within the sector's middle half€51,598within the sector's middle half▲ 49.6%€84,658above the sector's middle half▲ 64.1%€2,670below the sector's middle half▼ 96.8%-€13,259below the sector's middle half-€11,205below the sector's middle half▲ 15.5%
Equity€176,771-€211,261within the sector's middle half▲ 19.5%€262,859above the sector's middle half▲ 24.4%€347,516above the sector's middle half▲ 32.2%€350,186above the sector's middle half▲ 0.8%€336,927above the sector's middle half▼ 3.8%€325,722above the sector's middle half▼ 3.3%
Total assets€316,257-€345,029within the sector's middle half▲ 9.1%€401,265within the sector's middle half▲ 16.3%€480,643within the sector's middle half▲ 19.8%€374,862within the sector's middle half▼ 22.0%€360,066within the sector's middle half▼ 3.9%€360,063within the sector's middle half=
Debt€139,486-€133,768▼ 4.1%€138,406▲ 3.5%€133,127▼ 3.8%€24,676▼ 81.5%€23,139▼ 6.2%€34,341▲ 48.4%
Working capital€156,263-€196,948above the sector's middle half▲ 26.0%€253,651above the sector's middle half▲ 28.8%€343,669above the sector's middle half▲ 35.5%€325,433above the sector's middle half▼ 5.3%€328,633above the sector's middle half▲ 1.0%€323,406above the sector's middle half▼ 1.6%
Solvency55.9%-61.2%within the sector's middle half▲ 5.3pp65.5%within the sector's middle half▲ 4.3pp72.3%within the sector's middle half▲ 6.8pp93.4%above the sector's middle half▲ 21.1pp93.6%above the sector's middle half▲ 0.2pp90.5%above the sector's middle half▼ 3.1pp
Current ratio2.12-2.47within the sector's middle half▲ 0.352.83within the sector's middle half▲ 0.363.61within the sector's middle half▲ 0.7814.19above the sector's middle half▲ 10.5826.01above the sector's middle half▲ 11.8214.29above the sector's middle half▼ 11.73
Return on assets (ROA)-4.0%-10.0%within the sector's middle half▲ 14.0pp12.9%within the sector's middle half▲ 2.9pp17.6%within the sector's middle half▲ 4.8pp0.7%below the sector's middle half▼ 16.9pp-3.7%below the sector's middle half▼ 4.4pp-3.1%below the sector's middle half▲ 0.6pp
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 a loss of €11,425, smaller than the loss of €12,614 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €360,063
Fixed assets
€12,316 ▼ 32.7%
Current assets
€347,747 ▲ 1.7%
Equity and liabilities €360,063
Equity
€325,722 ▼ 3.3%
Debt
€34,341 ▲ 48.4%
Debt's share of the balance-sheet total rises from 6.4% to 9.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€5,447▲
2024 · -€6,156
Cash flow
-€5,227▲
2024 · -€6,801
Debt to equity
0.11▲
2024 · 0.07
ROE
-3.4%▲
2024 · -3.9%
Debt ≤ 1 year
€24,341▲
2024 · €13,139
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €372 | €30,658 | - | - |
| Depreciation and write-downs of the year | €4,393 | €6,454 | €6,458 | €5,978 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,464 | €6,195 | €5,105 | €4,393 | €6,454 | €6,458 | €5,978 | ▼ 7.4% |
| Other operating charges640/8 | - | - | - | €1,691 | €90 | - | €1,035 | - |
| Gross operating margin9900 | -€4,638 | €66,382 | €69,342 | €109,931 | €8,948 | -€6,156 | -€4,412 | ▲ 28.3% |
| Operating profit (loss)9901 | -€16,427 | €59,233 | €63,257 | €103,847 | €2,404 | -€12,614 | -€11,425 | ▲ 9.4% |
| Financial income75/76B | - | - | - | €256 | €6,562 | €14,166 | €220 | ▼ 98.4% |
| Recurring financial income75 | €955 | €332 | €468 | €256 | €535 | €14,166 | €220 | ▼ 98.4% |
| Non-recurring financial income76B | - | - | - | - | €6,027 | - | €220 | - |
| Financial charges65/66B | - | - | - | €299 | €296 | €3,158 | - | - |
| Recurring financial charges65 | €18 | €129 | €59 | €299 | €296 | €634 | - | - |
| Non-recurring financial charges66B | - | - | - | - | - | €2,524 | - | - |
| Profit (loss) for the period before taxes9903 | -€12,533 | €59,436 | €63,666 | €103,804 | €8,670 | -€1,606 | -€11,205 | ▼ 598% |
| Income taxes67/77 | - | - | - | €19,146 | €6,000 | €11,653 | - | - |
| Profit (loss) for the period9904 | -€12,658 | €34,490 | €51,598 | €84,658 | €2,670 | -€13,259 | -€11,205 | ▲ 15.5% |
| Profit (loss) for the period to be appropriated9905 | -€12,658 | €34,490 | €51,598 | €84,658 | €2,670 | -€13,259 | -€11,205 | ▲ 15.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €316,257 | €345,029 | €401,265 | €480,643 | €374,862 | €360,066 | €360,063 | = |
| Fixed assets21/28 | €20,508 | €14,313 | €9,208 | €5,187 | €24,753 | €18,294 | €12,316 | ▼ 32.7% |
| Tangible fixed assets22/27 | €19,844 | €13,649 | €8,544 | €4,523 | €24,089 | €17,630 | €11,652 | ▼ 33.9% |
| Plant, machinery and equipment23 | - | - | - | €4,523 | €24,089 | €17,630 | €11,652 | ▼ 33.9% |
| Financial fixed assets28 | €664 | €664 | €664 | €664 | €664 | €664 | €664 | = |
| Current assets29/58 | €295,749 | €330,716 | €392,057 | €475,456 | €350,109 | €341,772 | €347,747 | ▲ 1.7% |
| Amounts receivable within one year40/41 | €57,317 | €39,986 | €35,597 | €27,365 | €44,322 | €27,888 | €25,270 | ▼ 9.4% |
| Trade receivables40 | - | - | - | €25,865 | €42,822 | €26,388 | €22,205 | ▼ 15.9% |
| Other amounts receivable41 | - | - | - | €1,500 | €1,500 | €1,500 | €3,065 | ▲ 104% |
| Current investments50/53 | €9,393 | €9,393 | €9,394 | €9,394 | €9,394 | €9,394 | €9,394 | = |
| Cash at bank and in hand54/58 | €228,965 | €281,337 | €347,066 | €410,552 | €296,393 | €304,490 | €313,083 | ▲ 2.8% |
| Deferred charges and accrued income490/1 | - | - | - | €28,145 | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €316,257 | €345,029 | €401,265 | €480,643 | €374,862 | €360,066 | €360,063 | = |
| Equity10/15 | €176,771 | €211,261 | €262,859 | €347,516 | €350,186 | €336,927 | €325,722 | ▼ 3.3% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Issued capital100 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €11,031 | €11,031 | €11,031 | €95,688 | €95,688 | €95,688 | €95,688 | = |
| Non-distributable reserves130/1 | - | - | - | €86,517 | €86,517 | €86,517 | €86,517 | = |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Other1319 | - | - | - | €84,657 | €84,657 | €84,657 | €84,657 | = |
| Distributable reserves133 | - | - | - | €9,171 | €9,171 | €9,171 | €9,171 | = |
| Profit (loss) carried forward14 | €147,140 | €181,630 | €233,228 | €233,228 | €235,898 | €222,639 | €211,434 | ▼ 5.0% |
| Amounts payable17/49 | €139,486 | €133,768 | €138,406 | €133,127 | €24,676 | €23,139 | €34,341 | ▲ 48.4% |
| Amounts payable within one year42/48 | €139,486 | €133,768 | €138,406 | €131,787 | €24,676 | €13,139 | €24,341 | ▲ 85.3% |
| Trade debts44 | - | - | €6,193 | €1,977 | €1,778 | €3,400 | €12,870 | ▲ 279% |
| Suppliers440/4 | - | - | - | €1,977 | €1,778 | €3,400 | €12,870 | ▲ 279% |
| Taxes, remuneration and social security45 | - | - | - | €3,219 | €363 | €411 | €3,135 | ▲ 663% |
| Taxes450/3 | - | - | - | €3,219 | €363 | €411 | €3,135 | ▲ 663% |
| Other amounts payable47/48 | - | - | - | €126,591 | €22,535 | €9,328 | €8,336 | ▼ 10.6% |
| Accrued charges and deferred income492/3 | - | - | - | €1,340 | - | €10,000 | €10,000 | = |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€12,658 | €34,490 | €51,598 | €84,658 | €2,670 | -€13,259 | -€11,205 | ▲ 15.5% |
| + Depreciation and write-downs630 | €11,464 | €6,195 | €5,105 | €4,393 | €6,454 | €6,458 | €5,978 | ▼ 7.4% |
| Operating cash flow (approximation) | -€1,194 | €40,685 | €56,703 | €89,051 | €9,124 | -€6,801 | -€5,227 | ▲ 23.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€372 | -€26,020 | €1 | €0 | ▼ 100% |
| Change in cash | - | €52,372 | €65,729 | €63,486 | -€114,159 | €8,097 | €8,593 | ▲ 6.1% |
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, 12,322 companies had the same profile as TREBOR has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TREBOR 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 12,322 companies, not a prediction for TREBOR. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 22-01-2026 | 2026-00012700 | |
| 30-06-2024 | micro format | 05-03-2025 | 2025-00043692 | |
| 30-06-2023 | micro format | 29-12-2023 | 2023-00539081 | |
| 30-06-2022 | micro format | 27-01-2023 | 2023-00005875 | |
| 30-06-2021 | micro format | 28-12-2021 | 2021-81900143 | |
| 30-06-2020 | micro format | 28-01-2021 | 2021-02300495 | |
| 30-06-2019 | micro format | 24-01-2020 | 2020-02100258 | |
| 30-06-2018 | abbreviated format | 25-01-2019 | 2019-02400252 | |
| 30-06-2017 | abbreviated format | 25-01-2018 | 2018-02300520 | |
| 30-06-2016 | abbreviated format | 29-12-2016 | 2016-72000378 |