Trepa
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 45 filings
Turnover
≈ €190,000
Estimated: probably between €110,000 and €340,000
Total assets
€904,373▼ 0.4%
2024 · €908,129
Net result
-€7,438▲ 77.6%
2024 · -€33,242
Working capital
-€296,377▼ 11.7%
2024 · -€265,348
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€7,248
▲ 78.1%
2025
20182025
Net result
-€7,438
▲ 77.6%
2025
20182025
Equity
€561,836
▼ 1.3%
2025
20182025
Total assets
€904,373
▼ 0.4%
2025
20182025
Debt
€342,537
▲ 1.1%
2025
20182025
Working capital
-€296,377
▼ 11.7%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.02m-€0.02m▼ 12.4%€0.04m▲ 114%€0.02m▼ 52.8%€0.03m▲ 46.8%€0.03m▲ 24.4%-€0.03m-€0.007m▲ 78.1%
Net result€0.02m-€0.02m▼ 3.4%€0.03m▲ 102%€0.02m▼ 50.5%€0.02m▲ 5.9%€0.02m▲ 16.6%-€0.03m-€0.007m▲ 77.6%
Equity€0.7m-€0.7m▼ 3.1%€0.8m▲ 4.8%€0.8m▲ 2.3%€0.8m▲ 2.3%€0.6m▼ 23.4%€0.6m▼ 5.5%€0.6m▼ 1.3%
Total assets€1.2m-€1.1m▼ 6.9%€1.1m▼ 0.2%€1.1m▲ 1.7%€1.1m▲ 1.3%€1.2m▲ 3.3%€0.9m▼ 21.2%€0.9m▼ 0.4%
Debt€0.4m-€0.4m▼ 13.5%€0.3m▼ 9.8%€0.3m▲ 0.3%€0.3m▼ 1.1%€0.6m▲ 66.8%€0.3m▼ 38.4%€0.3m▲ 1.1%
Working capital-€0.3m--€0.3m▲ 5.9%€0.001m€0.06m▲ 45×€0.009m▼ 84.3%-€0.2m-€0.3m▼ 26.7%-€0.3m▼ 11.7%
The operating result for 2025 is a loss of €7,248, smaller than the loss of €33,118 in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €904,373
Fixed assets
€858,213 ▲ 2.8%
Current assets
€46,160 ▼ 37.2%
Equity and liabilities €904,373
Equity
€561,836 ▼ 1.3%
Debt
€342,537 ▲ 1.1%
Debt's share of the balance-sheet total rises from 37.3% to 37.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€37,188▲
2024 · €9,329
Cash flow
€36,998▲
2024 · €9,205
Current ratio
0.13▼
2024 · 0.22
Debt to equity
0.61▲
2024 · 0.60
ROE
-1.3%▲
2024 · -5.8%
ROA
-0.8%▲
2024 · -3.7%
Interest coverage
over 100▲
2024 · 75.43
Debt ≤ 1 year
€342,537▲
2024 · €338,855
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 | - | €101,041 | €71,739 | €64,064 | €68,027 |
| Depreciation and write-downs of the year | €37,051 | €35,763 | €38,432 | €42,447 | €44,436 |
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 | €40,063 | €40,063 | €37,902 | €37,051 | €35,763 | €38,432 | €42,447 | €44,436 | ▲ 4.7% |
| Other operating charges640/8 | - | - | - | €8,869 | €9,055 | €9,937 | €9,339 | €9,640 | ▲ 3.2% |
| Gross operating margin9900 | €69,066 | €66,626 | €86,085 | €64,504 | €72,094 | €82,296 | €18,668 | €46,828 | ▲ 151% |
| Operating profit (loss)9901 | €21,032 | €18,432 | €39,373 | €18,584 | €27,275 | €33,927 | -€33,118 | -€7,248 | ▲ 78.1% |
| Financial income75/76B | - | - | - | €13,270 | €5,817 | €12,732 | - | - | - |
| Recurring financial income75 | €15,282 | €15,820 | €15,695 | €13,270 | €5,817 | €12,732 | - | - | - |
| Financial charges65/66B | - | - | - | €9,123 | €8,956 | €18,472 | €124 | €190 | ▲ 53.8% |
| Recurring financial charges65 | €11,270 | €10,193 | €9,176 | €9,123 | €8,956 | €18,472 | €124 | €190 | ▲ 53.8% |
| Profit (loss) for the period before taxes9903 | €25,044 | €24,058 | €45,893 | €22,731 | €24,136 | €28,187 | -€33,242 | -€7,438 | ▲ 77.6% |
| Income taxes67/77 | €7,423 | €7,040 | €11,473 | €5,683 | €6,080 | €7,127 | - | - | - |
| Profit (loss) for the period9904 | €17,621 | €17,018 | €34,420 | €17,048 | €18,056 | €21,060 | -€33,242 | -€7,438 | ▲ 77.6% |
| Profit (loss) for the period to be appropriated9905 | €17,621 | €17,018 | €34,420 | €17,048 | €18,056 | €21,060 | -€33,242 | -€7,438 | ▲ 77.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.2m | €1.1m | €1.1m | €1.1m | €1.1m | €1.2m | €0.9m | €0.9m | ▼ 0.4% |
| Fixed assets21/28 | €1.0m | €1.0m | €0.8m | €0.7m | €0.8m | €0.8m | €0.8m | €0.9m | ▲ 2.8% |
| Tangible fixed assets22/27 | €0.8m | €0.8m | €0.8m | €0.7m | €0.8m | €0.8m | €0.8m | €0.9m | ▲ 2.8% |
| Land and buildings22 | - | - | - | €0.7m | €0.8m | €0.8m | €0.8m | €0.9m | ▲ 2.8% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €0.001m | €0.001m | ▼ 22.4% |
| Financial fixed assets28 | €0.2m | €0.2m | - | - | - | - | - | - | - |
| Current assets29/58 | €0.1m | €0.1m | €0.3m | €0.4m | €0.3m | €0.3m | €0.07m | €0.05m | ▼ 37.2% |
| Amounts receivable within one year40/41 | €0.04m | €0.05m | €0.2m | €0.2m | €0.2m | €0.2m | €0.04m | €0.003m | ▼ 91.3% |
| Trade receivables40 | - | - | - | €0.01m | €0.008m | €0.006m | - | - | - |
| Other amounts receivable41 | - | - | - | €0.2m | €0.2m | €0.2m | €0.04m | €0.003m | ▼ 91.3% |
| Cash at bank and in hand54/58 | €0.09m | €0.04m | €0.1m | €0.2m | €0.1m | €0.09m | €0.04m | €0.04m | ▼ 1.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.003m | €0.006m | €475 | €0.006m | ▲ 12× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.2m | €1.1m | €1.1m | €1.1m | €1.1m | €1.2m | €0.9m | €0.9m | ▼ 0.4% |
| Equity10/15 | €0.7m | €0.7m | €0.8m | €0.8m | €0.8m | €0.6m | €0.6m | €0.6m | ▼ 1.3% |
| Contributions10/11 | €0.6m | €0.6m | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Reserves13 | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0 | - | - | - |
| Profit (loss) carried forward14 | €0.007m | €0.003m | €0.001m | €0.003m | €0.001m | €0.003m | -€0.03m | -€0.04m | ▼ 24.2% |
| Amounts payable17/49 | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €0.6m | €0.3m | €0.3m | ▲ 1.1% |
| Amounts payable within one year42/48 | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €0.5m | €0.3m | €0.3m | ▲ 1.1% |
| Trade debts44 | €0.001m | €0.001m | €0.001m | €0.002m | €0.001m | €0.001m | €279 | €0.001m | ▲ 350% |
| Suppliers440/4 | - | - | - | €0.002m | €0.001m | €0.001m | €279 | €0.001m | ▲ 350% |
| Taxes, remuneration and social security45 | - | - | - | €0.005m | €0.005m | €0.009m | €0.004m | €0.007m | ▲ 70.2% |
| Taxes450/3 | - | - | - | €0.005m | €0.005m | €0.009m | €0.004m | €0.007m | ▲ 70.2% |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.3m | €0.5m | €0.3m | €0.3m | = |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.002m | €0.001m | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,621 | €17,018 | €34,420 | €17,048 | €18,056 | €21,060 | -€33,242 | -€7,438 | ▲ 77.6% |
| + Depreciation and write-downs630 | €40,063 | €40,063 | €37,902 | €37,051 | €35,763 | €38,432 | €42,447 | €44,436 | ▲ 4.7% |
| Operating cash flow (approximation) | €57,684 | €57,081 | €72,322 | €54,099 | €53,819 | €59,492 | €9,205 | €36,998 | ▲ 302% |
| Investment in fixed assets (approximation) | - | €0 | €200,000 | €0 | -€101,041 | -€71,739 | -€64,064 | -€68,027 | ▼ 6.2% |
| Change in cash | - | -€52,615 | €67,054 | €45,841 | -€50,781 | -€15,581 | -€49,278 | -€455 | ▲ 99.1% |
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, 8,617 companies had the same profile as Trepa has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Trepa 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 8,617 companies, not a prediction for Trepa. 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 45 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-07-2026 | 2026-00370847 | |
| 31-12-2024 | micro format | 04-08-2025 | 2025-00359569 | |
| 31-12-2023 | abbreviated format | 05-07-2024 | 2024-00245412 | |
| 31-12-2022 | abbreviated format | 14-06-2023 | 2023-00140291 | |
| 31-12-2021 | abbreviated format | 19-07-2022 | 2022-20219502 | |
| 31-12-2020 | abbreviated format | 20-07-2021 | 2021-38600196 | |
| 31-12-2019 | abbreviated format | 02-10-2020 | 2020-59300360 | |
| 31-12-2018 | abbreviated format | 13-06-2019 | 2019-18300155 | |
| 31-12-2017 | abbreviated format | 30-06-2018 | 2018-26900562 | |
| 31-12-2016 | abbreviated format | 15-06-2017 | 2017-18100267 |