TREFFER
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-07-2026 at the NBB all 40 filings
Turnover
≈ €110,000
Estimated: probably between €38,000 and €230,000
Total assets
€257,217▼ 1.0%
2024 · €259,704
Net result
-€9,487▲ 26.7%
2024 · -€12,934
Working capital
€88,164▼ 0.1%
2024 · €88,292
In the rankings
#6 oldest company in Zelzate, Wholesale and retail trade sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€11,192
▲ 20.9%
2025
20182025
Net result
-€9,487
▲ 26.7%
2025
lowest quarter of the sector
20182025
Equity
€101,175
▼ 8.6%
2025
middle half of the sector
20182025
Total assets
€257,217
▼ 1.0%
2025
middle half of the sector
20182025
Debt
€134,465
▲ 5.5%
2025
20182025
Working capital
€88,164
▼ 0.1%
2025
middle half of the sector
20182025
Solvency
39.3%
▼ 3.3pp
2025
middle half of the sector
20182025
Current ratio
1.66
▼ 0.04
2025
middle half of the sector
20182025
Return on assets (ROA)
-3.7%
▲ 1.3pp
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€9,436-€3,589▼ 62.0%€13,391▲ 273%€2,509▼ 81.3%€5,365▲ 114%€27,362▲ 410%-€14,146-€11,192▲ 20.9%
Net result€16,871-€10,573▼ 37.3%€17,387within the sector's middle half▲ 64.4%€5,977within the sector's middle half▼ 65.6%€9,827within the sector's middle half▲ 64.4%€23,891above the sector's middle half▲ 143%-€12,934below the sector's middle half-€9,487below the sector's middle half▲ 26.7%
Equity€217,942-€228,515▲ 4.9%€245,901above the sector's middle half▲ 7.6%€251,878above the sector's middle half▲ 2.4%€261,705above the sector's middle half▲ 3.9%€123,596above the sector's middle half▼ 52.8%€110,662within the sector's middle half▼ 10.5%€101,175within the sector's middle half▼ 8.6%
Total assets€273,991-€283,828▲ 3.6%€302,772within the sector's middle half▲ 6.7%€302,977within the sector's middle half▲ 0.1%€316,010within the sector's middle half▲ 4.3%€293,908within the sector's middle half▼ 7.0%€259,704within the sector's middle half▼ 11.6%€257,217within the sector's middle half▼ 1.0%
Debt€34,473-€33,736▼ 2.1%€35,294▲ 4.6%€29,522▼ 16.4%€32,728▲ 10.9%€148,735▲ 354%€127,465▼ 14.3%€134,465▲ 5.5%
Working capital€244,732-€251,833▲ 2.9%€265,231above the sector's middle half▲ 5.3%€272,666above the sector's middle half▲ 2.8%€282,490above the sector's middle half▲ 3.6%€136,516above the sector's middle half▼ 51.7%€88,292above the sector's middle half▼ 35.3%€88,164within the sector's middle half▼ 0.1%
Solvency79.5%-80.5%▲ 1.0pp81.2%above the sector's middle half▲ 0.7pp83.1%above the sector's middle half▲ 1.9pp82.8%above the sector's middle half▼ 0.3pp42.1%within the sector's middle half▼ 40.8pp42.6%within the sector's middle half▲ 0.6pp39.3%within the sector's middle half▼ 3.3pp
Current ratio16.01-12.31▼ 3.719.55above the sector's middle half▼ 2.7611.09above the sector's middle half▲ 1.5410.35above the sector's middle half▼ 0.751.92within the sector's middle half▼ 8.431.69within the sector's middle half▼ 0.231.66within the sector's middle half▼ 0.04
Return on assets (ROA)6.2%-3.7%▼ 2.4pp5.7%within the sector's middle half▲ 2.0pp2.0%within the sector's middle half▼ 3.8pp3.1%within the sector's middle half▲ 1.1pp8.1%within the sector's middle half▲ 5.0pp-5.0%below the sector's middle half▼ 13.1pp-3.7%below the sector's middle half▲ 1.3pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 €11,192, smaller than the loss of €14,146 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 €257,217
Fixed assets
€34,588 ▼ 21.3%
Current assets
€222,629 ▲ 3.2%
Equity and liabilities €257,217
Equity
€101,175 ▼ 8.6%
Provisions
€21,577 =
Debt
€134,465 ▲ 5.5%
Debt's share of the balance-sheet total rises from 49.1% to 52.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€1,834▲
2024 · -€8,175
Cash flow
-€128▲
2024 · -€6,964
Quick ratio
1.08▼
2024 · 1.24
Debt to equity
1.33▲
2024 · 1.15
ROE
-9.4%▲
2024 · -11.7%
Interest coverage
-2.51▲
2024 · -4.65
Debt ≤ 1 year
€134,465▲
2024 · €127,465
Income taxes
€1,980▲
2024 · €974
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €23,816 | - | €5,532 | €41,261 | - |
| Financial fixed assets | €3 | €3 | - | - | €0 |
| Depreciation and write-downs of the year | €3,222 | €0 | €168 | €5,971 | €9,359 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,248 | €3,233 | €3,222 | €3,222 | €0 | €168 | €5,971 | €9,359 | ▲ 56.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €25,136 | €18,830 | €2,881 | €4,501 | €10,136 | ▲ 125% |
| Other operating charges640/8 | - | - | - | €987 | €1,892 | €1,852 | €1,481 | €1,423 | ▼ 3.9% |
| Gross operating margin9900 | €29,448 | €28,998 | €39,036 | €31,853 | €26,086 | €32,263 | -€2,193 | €9,726 | - |
| Operating profit (loss)9901 | €9,436 | €3,589 | €13,391 | €2,509 | €5,365 | €27,362 | -€14,146 | -€11,192 | ▲ 20.9% |
| Financial income75/76B | - | - | - | €7,101 | €8,093 | €6,597 | €3,943 | €4,416 | ▲ 12.0% |
| Recurring financial income75 | €9,065 | €11,410 | €8,315 | €7,101 | €8,093 | €6,597 | €3,943 | €4,416 | ▲ 12.0% |
| Financial charges65/66B | - | - | - | €1,399 | €357 | €1,376 | €1,757 | €731 | ▼ 58.4% |
| Recurring financial charges65 | €1,492 | €1,741 | €1,199 | €1,399 | €357 | €1,376 | €1,757 | €731 | ▼ 58.4% |
| Profit (loss) for the period before taxes9903 | €17,009 | €13,259 | €20,507 | €8,210 | €13,101 | €32,582 | -€11,960 | -€7,507 | ▲ 37.2% |
| Income taxes67/77 | €138 | €2,686 | €3,121 | €2,234 | €3,274 | €8,691 | €974 | €1,980 | ▲ 103% |
| Profit (loss) for the period9904 | €16,871 | €10,573 | €17,387 | €5,977 | €9,827 | €23,891 | -€12,934 | -€9,487 | ▲ 26.7% |
| Profit (loss) for the period to be appropriated9905 | €16,871 | €10,573 | €17,387 | €5,977 | €9,827 | €23,891 | -€12,934 | -€9,487 | ▲ 26.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €273,991 | €283,828 | €302,772 | €302,977 | €316,010 | €293,908 | €259,704 | €257,217 | ▼ 1.0% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €12,960 | €9,727 | €6,508 | €3,289 | €3,292 | €8,657 | €43,947 | €34,588 | ▼ 21.3% |
| Intangible fixed assets21 | €11 | €0 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €9,665 | €6,443 | €3,222 | €0 | - | €5,365 | €40,655 | €31,296 | ▼ 23.0% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €996 | €750 | ▼ 24.7% |
| Furniture and vehicles24 | - | - | - | €0 | - | €5,365 | €34,756 | €26,851 | ▼ 22.7% |
| Other tangible fixed assets26 | - | - | - | - | - | - | €4,903 | €3,695 | ▼ 24.6% |
| Financial fixed assets28 | €3,283 | €3,283 | €3,286 | €3,289 | €3,292 | €3,292 | €3,292 | €3,292 | = |
| Current assets29/58 | €261,032 | €274,101 | €296,264 | €299,688 | €312,718 | €285,252 | €215,757 | €222,629 | ▲ 3.2% |
| Stocks and contracts in progress3 | €124,124 | €120,041 | €114,009 | €95,841 | €90,891 | €40,996 | €58,230 | €77,338 | ▲ 32.8% |
| Stocks30/36 | - | - | - | €95,841 | €90,891 | €40,996 | €58,230 | €77,338 | ▲ 32.8% |
| Amounts receivable within one year40/41 | €28,434 | €34,489 | €42,168 | €50,028 | €54,037 | €7,955 | €2,443 | €2,789 | ▲ 14.2% |
| Trade receivables40 | - | - | - | €7,505 | €10,768 | €7,955 | €2,443 | €2,789 | ▲ 14.2% |
| Other amounts receivable41 | - | - | - | €42,523 | €43,270 | €0 | - | - | - |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €105,604 | €117,074 | €137,488 | €152,216 | €167,615 | €234,716 | €152,757 | €142,359 | ▼ 6.8% |
| Deferred charges and accrued income490/1 | - | - | - | €1,603 | €175 | €1,584 | €2,327 | €143 | ▼ 93.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €273,991 | €283,828 | €302,772 | €302,977 | €316,010 | €293,908 | €259,704 | €257,217 | ▼ 1.0% |
| Equity10/15 | €217,942 | €228,515 | €245,901 | €251,878 | €261,705 | €123,596 | €110,662 | €101,175 | ▼ 8.6% |
| Contributions10/11 | €180,592 | €180,592 | - | €180,592 | €180,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €18,059 | €18,059 | €18,059 | €18,059 | €18,059 | €41,950 | €41,950 | €41,950 | = |
| Non-distributable reserves130/1 | - | - | - | €18,059 | €18,059 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €18,059 | €18,059 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €41,950 | €41,950 | €41,950 | = |
| Profit (loss) carried forward14 | €19,291 | €29,863 | €47,250 | €53,227 | €63,054 | €63,054 | €50,120 | €40,633 | ▼ 18.9% |
| Provisions and deferred taxes16 | €21,577 | €21,577 | €21,577 | €21,577 | €21,577 | €21,577 | €21,577 | €21,577 | = |
| Provisions for liabilities and charges160/5 | - | - | - | €21,577 | €21,577 | €21,577 | €21,577 | €21,577 | = |
| Pensions and similar obligations160 | - | - | - | €21,577 | €21,577 | €21,577 | €21,577 | €21,577 | = |
| Amounts payable17/49 | €34,473 | €33,736 | €35,294 | €29,522 | €32,728 | €148,735 | €127,465 | €134,465 | ▲ 5.5% |
| Amounts payable after more than one year17 | €15,848 | €8,804 | €1,761 | €0 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €16,300 | €22,268 | €31,033 | €27,022 | €30,228 | €148,735 | €127,465 | €134,465 | ▲ 5.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1,761 | €0 | - | - | - | - |
| Trade debts44 | €2,387 | €2,544 | €6,548 | €6,654 | €13,931 | €1,746 | €3,654 | €8,237 | ▲ 125% |
| Suppliers440/4 | - | - | - | €6,654 | €13,931 | €1,746 | €3,654 | €8,237 | ▲ 125% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €2,120 | €2,120 | = |
| Taxes, remuneration and social security45 | - | - | - | €18,608 | €16,298 | €29,014 | €5,436 | €11,776 | ▲ 117% |
| Taxes450/3 | - | - | - | €17,084 | €16,298 | €27,413 | €5,436 | €10,132 | ▲ 86.4% |
| Remuneration and social security454/9 | - | - | - | €1,524 | €0 | €1,601 | €0 | €1,644 | - |
| Other amounts payable47/48 | - | - | - | - | - | €117,975 | €116,255 | €112,332 | ▼ 3.4% |
| Accrued charges and deferred income492/3 | - | - | - | €2,500 | €2,500 | €0 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,871 | €10,573 | €17,387 | €5,977 | €9,827 | €23,891 | -€12,934 | -€9,487 | ▲ 26.7% |
| + Depreciation and write-downs630 | €4,248 | €3,233 | €3,222 | €3,222 | €0 | €168 | €5,971 | €9,359 | ▲ 56.7% |
| Operating cash flow (approximation) | €21,119 | €13,806 | €20,608 | €9,199 | €9,827 | €24,059 | -€6,964 | -€128 | ▲ 98.2% |
| Investment in fixed assets (approximation) | - | -€0 | -€3 | -€3 | -€3 | -€5,532 | -€41,261 | €0 | - |
| Change in cash | - | €11,470 | €20,414 | €14,728 | €15,399 | €67,101 | -€81,959 | -€10,397 | ▲ 87.3% |
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, 12,322 companies had the same profile as TREFFER 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 TREFFER 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 TREFFER. 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 40 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-07-2026 | 2026-00317221 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00436594 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00389777 | |
| 31-12-2022 | micro format | 03-08-2023 | 2023-00312648 | |
| 31-12-2021 | micro format | 10-08-2022 | 2022-20284703 | |
| 31-12-2020 | micro format | 24-08-2021 | 2021-52600295 | |
| 31-12-2019 | micro format | 01-10-2020 | 2020-58800506 | |
| 31-12-2018 | micro format | 19-07-2019 | 2019-35900145 | |
| 31-12-2017 | micro format | 22-08-2018 | 2018-48800029 | |
| 31-12-2016 | micro format | 18-07-2017 | 2017-32500250 |