TREELINE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-04-2026 PDF all 4 filings
Turnover
≈ €280,000
Estimated: probably between €190,000 and €490,000
Total assets
€133,695▲ 14.0%
2024 · €117,291
Net result
€19,762▼ 26.8%
2024 · €26,997
Working capital
-€2,397▲ 91.7%
2024 · -€28,849
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€24,380
▼ 13.5%
2025
20222025
Net result
€19,762
▼ 26.8%
2025
middle half of the sector
20222025
Equity
€22,150
▲ 828%
2025
middle half of the sector
20222025
Total assets
€133,695
▲ 14.0%
2025
middle half of the sector
20222025
Debt
€111,545
▼ 2.9%
2025
20222025
Working capital
-€2,397
▲ 91.7%
2025
middle half of the sector
20222025
Solvency
16.6%
▲ 14.5pp
2025
middle half of the sector
20222025
Current ratio
0.97
▲ 0.34
2025
middle half of the sector
20222025
Return on assets (ROA)
14.8%
▼ 8.2pp
2025
highest quarter of the sector
20222025
Staff (FTE)
1
=
2025
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result-€7,580--€25,123▼ 231%€28,178€24,380▼ 13.5%
Net result-€11,970below the sector's middle half--€27,639below the sector's middle half▼ 131%€26,997above the sector's middle half€19,762within the sector's middle half▼ 26.8%
Equity€3,030below the sector's middle half--€24,609below the sector's middle half€2,388below the sector's middle half€22,150within the sector's middle half▲ 828%
Total assets€164,258within the sector's middle half-€133,781within the sector's middle half▼ 18.6%€117,291within the sector's middle half▼ 12.3%€133,695within the sector's middle half▲ 14.0%
Debt€161,228-€158,390▼ 1.8%€114,903▼ 27.5%€111,545▼ 2.9%
Working capital-€55,430below the sector's middle half--€86,655below the sector's middle half▼ 56.3%-€28,849below the sector's middle half▲ 66.7%-€2,397within the sector's middle half▲ 91.7%
Solvency1.8%below the sector's middle half--18.4%below the sector's middle half▼ 20.2pp2.0%below the sector's middle half▲ 20.4pp16.6%within the sector's middle half▲ 14.5pp
Current ratio0.47below the sector's middle half-0.27below the sector's middle half▼ 0.200.63below the sector's middle half▲ 0.370.97within the sector's middle half▲ 0.34
Return on assets (ROA)-7.3%below the sector's middle half--20.7%below the sector's middle half▼ 13.4pp23.0%above the sector's middle half▲ 43.7pp14.8%above the sector's middle half▼ 8.2pp
Staff (FTE)0.8-1▲ 25.0%1=1=
above
within
below
The sector band is the middle half of the companies in Manufacture of furniture (NACE 31). 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 13% lower than in 2024.
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 €133,695
Fixed assets
€53,544 ▼ 20.6%
Current assets
€80,151 ▲ 60.8%
Equity and liabilities €133,695
Equity
€22,150 ▲ 828%
Debt
€111,545 ▼ 2.9%
Debt's share of the balance-sheet total falls from 98.0% to 83.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€50,059▼
2024 · €52,872
Cash flow
€45,441▼
2024 · €51,691
Quick ratio
0.79▲
2024 · 0.52
Debt to equity
5.04▼
2024 · 48.13
ROE
89.2%
Interest coverage
37.15▼
2024 · 44.35
Debt ≤ 1 year
€82,548▲
2024 · €78,679
Debt > 1 year
€28,997▼
2024 · €35,518
Income taxes
€4,342
Staff costs
€43,217▼
2024 · €47,785
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 |
| part-time | 0 | 0 | 0 | 0 |
| in full-time equivalents | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 0.8 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 |
| Joined | 1 | - | - | - |
| Left | 0 | - | - | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €113,169 | €15,960 | - | €11,763 |
| Intangible fixed assets | €42,727 | - | €5,500 | - |
| Depreciation and write-downs of the year | €40,571 | €28,970 | €24,694 | €25,679 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €45,190 | €44,142 | €47,785 | €43,217 | ▼ 9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €40,571 | €28,970 | €24,694 | €25,679 | ▲ 4.0% |
| Other operating charges640/8 | €3,136 | €1,273 | €958 | €1,190 | ▲ 24.2% |
| Non-recurring operating charges66A | €9,700 | €0 | - | - | - |
| Gross operating margin9900 | €91,017 | €49,262 | €101,615 | €94,465 | ▼ 7.0% |
| Operating profit (loss)9901 | -€7,580 | -€25,123 | €28,178 | €24,380 | ▼ 13.5% |
| Financial income75/76B | €0 | €21 | €11 | €1,072 | ▲ 100× |
| Recurring financial income75 | €0 | €21 | €11 | €1,072 | ▲ 100× |
| Financial charges65/66B | €4,390 | €2,537 | €1,192 | €1,348 | ▲ 13.0% |
| Recurring financial charges65 | €4,390 | €2,537 | €1,192 | €1,348 | ▲ 13.0% |
| Profit (loss) for the period before taxes9903 | -€11,970 | -€27,639 | €26,997 | €24,104 | ▼ 10.7% |
| Income taxes67/77 | - | - | - | €4,342 | - |
| Profit (loss) for the period9904 | -€11,970 | -€27,639 | €26,997 | €19,762 | ▼ 26.8% |
| Profit (loss) for the period to be appropriated9905 | -€11,970 | -€27,639 | €26,997 | €19,762 | ▼ 26.8% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €164,258 | €133,781 | €117,291 | €133,695 | ▲ 14.0% |
| Fixed assets21/28 | €115,325 | €102,316 | €67,460 | €53,544 | ▼ 20.6% |
| Intangible fixed assets21 | €34,115 | €30,115 | €30,796 | €25,696 | ▼ 16.6% |
| Tangible fixed assets22/27 | €81,210 | €72,201 | €36,664 | €27,848 | ▼ 24.0% |
| Plant, machinery and equipment23 | €36,098 | €29,230 | €18,706 | €13,832 | ▼ 26.1% |
| Furniture and vehicles24 | €45,112 | €42,971 | €17,958 | €14,016 | ▼ 22.0% |
| Current assets29/58 | €48,933 | €31,466 | €49,831 | €80,151 | ▲ 60.8% |
| Stocks and contracts in progress3 | €16,438 | €6,775 | €8,652 | €14,931 | ▲ 72.6% |
| Stocks30/36 | €16,438 | €6,775 | €8,652 | €14,931 | ▲ 72.6% |
| Amounts receivable within one year40/41 | €28,425 | €14,090 | €18,406 | €24,781 | ▲ 34.6% |
| Trade receivables40 | €28,425 | €12,529 | €16,116 | €21,804 | ▲ 35.3% |
| Other amounts receivable41 | €0 | €1,562 | €2,290 | €2,977 | ▲ 30.0% |
| Cash at bank and in hand54/58 | €4,069 | €10,600 | €22,676 | €40,438 | ▲ 78.3% |
| Deferred charges and accrued income490/1 | - | - | €97 | €0 | ▼ 100% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €164,258 | €133,781 | €117,291 | €133,695 | ▲ 14.0% |
| Equity10/15 | €3,030 | -€24,609 | €2,388 | €22,150 | ▲ 828% |
| Contributions10/11 | €15,000 | €15,000 | €15,000 | €15,000 | = |
| Reserves13 | - | - | - | €7,150 | - |
| Distributable reserves133 | - | - | - | €7,150 | - |
| Profit (loss) carried forward14 | -€11,970 | -€39,609 | -€12,612 | €0 | - |
| Amounts payable17/49 | €161,228 | €158,390 | €114,903 | €111,545 | ▼ 2.9% |
| Amounts payable after more than one year17 | €56,865 | €40,270 | €35,518 | €28,997 | ▼ 18.4% |
| Financial debts170/4 | €56,865 | €40,270 | €35,518 | €28,997 | ▼ 18.4% |
| Amounts payable within one year42/48 | €104,363 | €118,121 | €78,679 | €82,548 | ▲ 4.9% |
| Current portion of amounts payable after more than one year42 | €26,558 | €28,596 | €18,382 | €18,077 | ▼ 1.7% |
| Trade debts44 | €8,687 | €18,258 | €13,648 | €7,984 | ▼ 41.5% |
| Suppliers440/4 | €8,687 | €18,258 | €13,648 | €7,984 | ▼ 41.5% |
| Taxes, remuneration and social security45 | €11,042 | €12,101 | €1,980 | €7,982 | ▲ 303% |
| Taxes450/3 | €8,767 | €7,705 | €1,980 | €7,199 | ▲ 264% |
| Remuneration and social security454/9 | €2,275 | €4,397 | €0 | €783 | - |
| Other amounts payable47/48 | €58,076 | €59,166 | €44,670 | €48,505 | ▲ 8.6% |
| Accrued charges and deferred income492/3 | - | - | €706 | €0 | ▼ 100% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€11,970 | -€27,639 | €26,997 | €19,762 | ▼ 26.8% |
| + Depreciation and write-downs630 | €40,571 | €28,970 | €24,694 | €25,679 | ▲ 4.0% |
| Operating cash flow (approximation) | €28,600 | €1,331 | €51,691 | €45,441 | ▼ 12.1% |
| Investment in fixed assets (approximation) | - | -€15,960 | €10,161 | -€11,763 | - |
| Change in cash | - | €6,531 | €12,076 | €17,762 | ▲ 47.1% |
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, 6,713 companies had the same profile as TREELINE has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TREELINE itself: 0.9% 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 6,713 companies, not a prediction for TREELINE. 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.