TRENDA
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 10 days after the deadline Filed on 10 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00393327.
Annual accounts 2025 filed on 10-08-2026 at the NBB all 32 filings
Turnover
€1.2m=
2024 · €1.2m
EBIT margin
8.6%▼ 1.9pp
2024 · 10.5%
Net result
€71,786▼ 16.8%
2024 · €86,237
Working capital
€364,015▼ 0.5%
2024 · €365,913
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€1.2m
=
2025
20182025
Operating result
€106,235
▼ 17.9%
2025
20182025
Net result
€71,786
▼ 16.8%
2025
middle half of the sector
20182025
EBIT margin
8.6%
▼ 1.9pp
2025
20182025
Equity
€934,346
▲ 8.3%
2025
middle half of the sector
20182025
Total assets
€1.3m
▲ 25.3%
2025
middle half of the sector
20182025
Debt
€340,454
▲ 119%
2025
20182025
Working capital
€364,015
▼ 0.5%
2025
middle half of the sector
20182025
Solvency
73.3%
▼ 11.5pp
2025
highest quarter of the sector
20182025
Current ratio
2.73
▼ 0.75
2025
highest quarter of the sector
20182025
Return on assets (ROA)
5.6%
▼ 2.8pp
2025
highest quarter of the sector
20182025
Staff (FTE)
5.8
▼ 7.9%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€1.2m€1.2m=
Operating result-€0.001m-€0.4m€0.1m▼ 74.7%€0.1m▼ 0.1%€0.1m▲ 23.9%€0.09m▼ 27.1%€0.1m▲ 43.6%€0.1m▼ 17.9%
Net result-€156-€0.3m€0.07mabove the sector's middle half▼ 73.6%€0.07mabove the sector's middle half▲ 1.9%€0.08mabove the sector's middle half▲ 19.8%€0.06mwithin the sector's middle half▼ 25.1%€0.09mwithin the sector's middle half▲ 37.2%€0.07mwithin the sector's middle half▼ 16.8%
EBIT margin10.5%8.6%▼ 1.9pp
Equity€0.6m-€0.9m▲ 41.9%€0.7mabove the sector's middle half▼ 16.5%€0.6mabove the sector's middle half▼ 14.5%€0.7mabove the sector's middle half▲ 13.3%€0.8mwithin the sector's middle half▲ 8.8%€0.9mwithin the sector's middle half▲ 11.1%€0.9mwithin the sector's middle half▲ 8.3%
Total assets€0.7m-€1.0m▲ 45.2%€1.0mwithin the sector's middle half▲ 4.8%€1.0mwithin the sector's middle half▼ 6.3%€0.8mwithin the sector's middle half▼ 12.0%€0.9mwithin the sector's middle half▲ 9.0%€1.0mwithin the sector's middle half▲ 9.8%€1.3mwithin the sector's middle half▲ 25.3%
Debt€0.06m-€0.1m▲ 82.1%€0.3m▲ 191%€0.3m▲ 14.1%€0.1m▼ 59.5%€0.2m▲ 10.2%€0.2m▲ 3.3%€0.3m▲ 119%
Working capital€0.4m-€0.7m▲ 78.1%€0.6mabove the sector's middle half▼ 17.9%€0.4mabove the sector's middle half▼ 26.4%€0.5mabove the sector's middle half▲ 13.2%€0.3mwithin the sector's middle half▼ 41.3%€0.4mwithin the sector's middle half▲ 23.0%€0.4mwithin the sector's middle half▼ 0.5%
Solvency91.8%-89.7%▼ 2.1pp71.4%above the sector's middle half▼ 18.3pp65.2%above the sector's middle half▼ 6.2pp84.0%above the sector's middle half▲ 18.8pp83.8%above the sector's middle half▼ 0.2pp84.8%above the sector's middle half▲ 1.0pp73.3%above the sector's middle half▼ 11.5pp
Current ratio8.50-10.17▲ 1.673.16above the sector's middle half▼ 7.012.43within the sector's middle half▼ 0.734.88above the sector's middle half▲ 2.463.28above the sector's middle half▼ 1.613.48above the sector's middle half▲ 0.202.73above the sector's middle half▼ 0.75
Return on assets (ROA)0.0%-26.5%▲ 26.5pp6.7%within the sector's middle half▼ 19.8pp7.3%within the sector's middle half▲ 0.6pp9.9%above the sector's middle half▲ 2.6pp6.8%above the sector's middle half▼ 3.1pp8.5%above the sector's middle half▲ 1.7pp5.6%above the sector's middle half▼ 2.8pp
Staff (FTE)0.4-2.6▲ 550%3above the sector's middle half▲ 15.4%4▲ 33.3%4.6▲ 15.0%5above the sector's middle half▲ 8.7%6.3above the sector's middle half▲ 26.0%5.8above the sector's middle half▼ 7.9%
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 18% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€700,714 ▲ 38.9%
Current assets
€574,086 ▲ 11.8%
Equity and liabilities €1.3m
Equity
€934,346 ▲ 8.3%
Debt
€340,454 ▲ 119%
Debt's share of the balance-sheet total rises from 15.2% to 26.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€160,477▼
2024 · €173,653
Cash flow
€126,028▼
2024 · €130,463
Quick ratio
2.39▼
2024 · 2.58
Debt to equity
0.36▲
2024 · 0.18
ROE
7.7%▼
2024 · 10.0%
Interest coverage
13.42▼
2024 · 21.63
Debt ≤ 1 year
€210,071▲
2024 · €147,431
Debt > 1 year
€130,383
Income taxes
€23,544▼
2024 · €35,678
Customer credit
92 days▲
2024 · 26 days
Supplier credit
30 days▲
2024 · 10 days
Staff costs
€351,717▼
2024 · €403,433
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 5 | 5 | 6 | 6 |
| full-time | 4 | 5 | 5 | 5 | 5 |
| part-time | - | - | 0 | 1 | 1 |
| in full-time equivalents | 4 | 5 | 5 | 5.8 | 5.8 |
| Average over the year, in full-time equivalents | 4 | 4.6 | 5 | 6.3 | 5.8 |
| On a permanent contract | 4 | 5 | 5 | 6 | 6 |
| Joined | 3 | 1 | - | 2 | - |
| Left | 2 | 0 | - | 1 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €91,728 | €29,226 | €373,703 | €56,476 | €250,581 |
| Intangible fixed assets | - | - | €1,680 | - | - |
| Financial fixed assets | €11,400 | €11,850 | €2,613 | - | €0 |
| Depreciation and write-downs of the year | €29,238 | €32,938 | €69,880 | €44,226 | €54,241 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €177 awarded · €177 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | - | - | €1.2m | €1.2m | = |
| Non-recurring operating income76A | - | - | - | €0.01m | - | €0.001m | €0 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | - | €0.8m | €0.7m | ▼ 14.3% |
| Remuneration, social security and pensions62 | - | - | - | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | ▼ 12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.02m | €0.03m | €0.03m | €0.03m | €0.07m | €0.04m | €0.05m | ▲ 22.6% |
| Other operating charges640/8 | - | - | - | €0.005m | €0.005m | €0.005m | €0.006m | €0.005m | ▼ 7.4% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €175 | - |
| Gross operating margin9900 | €0.04m | €0.5m | €0.3m | €0.3m | €0.4m | €0.5m | €0.6m | €0.5m | ▼ 11.2% |
| Operating profit (loss)9901 | -€0.001m | €0.4m | €0.1m | €0.1m | €0.1m | €0.09m | €0.1m | €0.1m | ▼ 17.9% |
| Financial income75/76B | - | - | - | €228 | €375 | €0.003m | €0.001m | €0.001m | ▲ 105% |
| Recurring financial income75 | €0.001m | €0.001m | €304 | €228 | €375 | €0.003m | €0.001m | €0.001m | ▲ 105% |
| Financial charges65/66B | - | - | - | €0.002m | €0.007m | €0.006m | €0.008m | €0.01m | ▲ 49.0% |
| Recurring financial charges65 | €174 | €0.002m | €0.004m | €0.001m | €0.007m | €0.006m | €0.008m | €0.01m | ▲ 49.0% |
| Non-recurring financial charges66B | - | - | - | €245 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€156 | €0.4m | €0.1m | €0.1m | €0.1m | €0.09m | €0.1m | €0.1m | ▼ 21.8% |
| Income taxes67/77 | - | €0.1m | €0.03m | €0.03m | €0.03m | €0.02m | €0.04m | €0.02m | ▼ 34.0% |
| Profit (loss) for the period9904 | -€156 | €0.3m | €0.07m | €0.07m | €0.08m | €0.06m | €0.09m | €0.07m | ▼ 16.8% |
| Profit (loss) for the period to be appropriated9905 | -€156 | €0.3m | €0.07m | €0.07m | €0.08m | €0.06m | €0.09m | €0.07m | ▼ 16.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.7m | €1.0m | €1.0m | €1.0m | €0.8m | €0.9m | €1.0m | €1.3m | ▲ 25.3% |
| Fixed assets21/28 | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | €0.5m | €0.5m | €0.7m | ▲ 38.9% |
| Intangible fixed assets21 | - | - | - | - | - | €0.002m | €0.001m | €0.001m | ▼ 27.0% |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | €0.5m | €0.5m | €0.7m | ▲ 40.2% |
| Land and buildings22 | - | - | - | €0.08m | €0.08m | €0.3m | €0.3m | €0.6m | ▲ 70.7% |
| Plant, machinery and equipment23 | - | - | - | €0.02m | €0.03m | €0.05m | €0.09m | €0.07m | ▼ 22.4% |
| Furniture and vehicles24 | - | - | - | €0.09m | €0.08m | €0.08m | €0.06m | €0.04m | ▼ 36.5% |
| Financial fixed assets28 | - | - | - | €0.01m | €0.02m | €0.02m | €0.01m | €0.01m | = |
| Current assets29/58 | €0.5m | €0.8m | €0.9m | €0.8m | €0.6m | €0.4m | €0.5m | €0.6m | ▲ 11.8% |
| Stocks and contracts in progress3 | €0.1m | €0.09m | €0.2m | €0.2m | €0.1m | €0.006m | €0.1m | €0.07m | ▼ 46.1% |
| Stocks30/36 | - | - | - | €0.2m | €0.1m | €0.006m | €0.02m | €0.02m | = |
| Contracts in progress37 | - | - | - | - | €0.03m | €0 | €0.1m | €0.05m | ▼ 53.4% |
| Amounts receivable within one year40/41 | €0.02m | €0.1m | €0.1m | €0.1m | €0.2m | €0.3m | €0.1m | €0.3m | ▲ 165% |
| Trade receivables40 | - | - | - | €0.1m | €0.2m | €0.3m | €0.09m | €0.3m | ▲ 255% |
| Other amounts receivable41 | - | - | - | €0.03m | €0.004m | €0.01m | €0.04m | €0.01m | ▼ 59.1% |
| Cash at bank and in hand54/58 | €0.3m | €0.6m | €0.5m | €0.4m | €0.3m | €0.1m | €0.3m | €0.2m | ▼ 31.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.004m | €0.006m | €0.002m | €0.004m | ▲ 65.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.7m | €1.0m | €1.0m | €1.0m | €0.8m | €0.9m | €1.0m | €1.3m | ▲ 25.3% |
| Equity10/15 | €0.6m | €0.9m | €0.7m | €0.6m | €0.7m | €0.8m | €0.9m | €0.9m | ▲ 8.3% |
| Contributions10/11 | €0.03m | €0.03m | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Reserves13 | €0.6m | €0.9m | €0.7m | €0.6m | €0.7m | €0.7m | €0.8m | €0.9m | ▲ 8.6% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | - | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.006m | - | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €0.6m | €0.7m | €0.7m | €0.8m | €0.9m | ▲ 8.6% |
| Amounts payable17/49 | €0.06m | €0.1m | €0.3m | €0.3m | €0.1m | €0.2m | €0.2m | €0.3m | ▲ 119% |
| Amounts payable after more than one year17 | - | €0.02m | €0.01m | €0.02m | €0.004m | €0 | - | €0.1m | - |
| Financial debts170/4 | - | - | - | €0.02m | €0.004m | €0 | - | €0.1m | - |
| Amounts payable within one year42/48 | €0.06m | €0.08m | €0.3m | €0.3m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 42.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.02m | €0.004m | €0 | €0.01m | - |
| Trade debts44 | €0.04m | €0.03m | €0.02m | €0.07m | €0.04m | €0.02m | €0.02m | €0.06m | ▲ 163% |
| Suppliers440/4 | - | - | - | €0.07m | €0.04m | €0.02m | €0.02m | €0.06m | ▲ 163% |
| Bills of exchange payable441 | - | - | - | - | - | €0 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.02m | €0.02m | €0.01m | €0.01m | ▲ 19.1% |
| Taxes450/3 | - | - | - | €0.005m | €0.008m | €0.02m | €0.002m | €0.005m | ▲ 253% |
| Remuneration and social security454/9 | - | - | - | €0.006m | €0.009m | €0.006m | €0.009m | €0.007m | ▼ 19.2% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.06m | €0.08m | €0.1m | €0.1m | ▲ 11.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.002m | €0.02m | €0.008m | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€156 | €260,490 | €68,715 | €70,042 | €83,885 | €62,859 | €86,237 | €71,786 | ▼ 16.8% |
| + Depreciation and write-downs630 | €18,521 | €24,295 | €25,208 | €29,238 | €32,938 | €69,880 | €44,226 | €54,241 | ▲ 22.6% |
| Operating cash flow (approximation) | €18,365 | €284,785 | €93,922 | €99,280 | €116,823 | €132,739 | €130,463 | €126,028 | ▼ 3.4% |
| Investment in fixed assets (approximation) | - | €20,132 | -€5,004 | -€93,128 | -€41,076 | -€355,347 | -€50,101 | -€250,581 | ▼ 400% |
| Change in cash | - | €319,444 | -€98,513 | -€105,375 | -€124,253 | -€169,083 | €124,276 | -€81,443 | - |
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, 31,368 companies had the same profile as TRENDA has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TRENDA 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 31,368 companies, not a prediction for TRENDA. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 10-08-2026 | 2026-00393327 | |
| 31-12-2024 | abbreviated format | 03-07-2025 | 2025-00226391 | |
| 31-12-2023 | abbreviated format | 25-06-2024 | 2024-00160829 | |
| 31-12-2022 | micro format | 24-07-2023 | 2023-00263702 | |
| 31-12-2021 | micro format | 03-06-2022 | 2022-20045748 | |
| 31-12-2020 | micro format | 04-03-2021 | 2021-06900012 | |
| 31-12-2019 | micro format | 08-06-2020 | 2020-15100594 | |
| 31-12-2018 | micro format | 03-06-2019 | 2019-15400270 | |
| 31-12-2017 | micro format | 17-04-2018 | 2018-10000316 | |
| 31-12-2016 | micro format | 13-06-2017 | 2017-16700338 |