TRIBES
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-10-2025 PDF all 26 filings
Turnover
≈ €180,000
Estimated: probably between €130,000 and €280,000
Total assets
€386,997▲ 60.0%
2024 · €241,900
Net result
€15,955▼ 54.3%
2024 · €34,937
Working capital
€132,504▼ 30.4%
2024 · €190,394
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€22,366
▼ 52.1%
2025
20192025
Net result
€15,955
▼ 54.3%
2025
middle half of the sector
20192025
Equity
€229,240
▲ 7.5%
2025
highest quarter of the sector
20192025
Total assets
€386,997
▲ 60.0%
2025
highest quarter of the sector
20192025
Debt
€157,758
▲ 451%
2025
20192025
Working capital
€132,504
▼ 30.4%
2025
highest quarter of the sector
20192025
Solvency
59.2%
▼ 28.9pp
2025
middle half of the sector
20192025
Current ratio
4.99
▼ 2.67
2025
highest quarter of the sector
20192025
Return on assets (ROA)
4.1%
▼ 10.3pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€2,713-€14,749▲ 444%€22,046▲ 49.5%€67,074▲ 204%€7,987▼ 88.1%€46,686▲ 485%€22,366▼ 52.1%
Net result€812-€5,771within the sector's middle half▲ 611%-€6,924below the sector's middle half€44,971above the sector's middle half€4,398within the sector's middle half▼ 90.2%€34,937above the sector's middle half▲ 694%€15,955within the sector's middle half▼ 54.3%
Equity€131,117-€135,902above the sector's middle half▲ 3.6%€128,978above the sector's middle half▼ 5.1%€173,949above the sector's middle half▲ 34.9%€178,347above the sector's middle half▲ 2.5%€213,284above the sector's middle half▲ 19.6%€229,240above the sector's middle half▲ 7.5%
Total assets€184,589-€243,218within the sector's middle half▲ 31.8%€239,156within the sector's middle half▼ 1.7%€222,215within the sector's middle half▼ 7.1%€204,708within the sector's middle half▼ 7.9%€241,900within the sector's middle half▲ 18.2%€386,997above the sector's middle half▲ 60.0%
Debt€52,965-€107,315▲ 103%€110,178▲ 2.7%€48,266▼ 56.2%€26,360▼ 45.4%€28,616▲ 8.6%€157,758▲ 451%
Working capital€75,029-€99,401above the sector's middle half▲ 32.5%€92,865above the sector's middle half▼ 6.6%€144,350above the sector's middle half▲ 55.4%€148,063above the sector's middle half▲ 2.6%€190,394above the sector's middle half▲ 28.6%€132,504above the sector's middle half▼ 30.4%
Solvency71.0%-55.9%within the sector's middle half▼ 15.2pp53.9%within the sector's middle half▼ 1.9pp78.3%above the sector's middle half▲ 24.3pp87.1%above the sector's middle half▲ 8.8pp88.2%above the sector's middle half▲ 1.0pp59.2%within the sector's middle half▼ 28.9pp
Current ratio2.42-1.93within the sector's middle half▼ 0.491.84within the sector's middle half▼ 0.083.99above the sector's middle half▲ 2.156.62above the sector's middle half▲ 2.637.65above the sector's middle half▲ 1.044.99above the sector's middle half▼ 2.67
Return on assets (ROA)0.4%-2.4%within the sector's middle half▲ 1.9pp-2.9%below the sector's middle half▼ 5.3pp20.2%above the sector's middle half▲ 23.1pp2.1%within the sector's middle half▼ 18.1pp14.4%above the sector's middle half▲ 12.3pp4.1%within the sector's middle half▼ 10.3pp
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 52% 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 €386,997
Fixed assets
€221,254 ▲ 867%
Current assets
€165,743 ▼ 24.3%
Equity and liabilities €386,997
Equity
€229,240 ▲ 7.5%
Debt
€157,758 ▲ 451%
Debt's share of the balance-sheet total rises from 11.8% to 40.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€29,202▼
2024 · €54,079
Cash flow
€22,792▼
2024 · €42,330
Quick ratio
4.78▼
2024 · 7.46
Debt to equity
0.69▲
2024 · 0.13
ROE
7.0%▼
2024 · 16.4%
Interest coverage
27.46▼
2024 · over 100
Debt ≤ 1 year
€33,240▲
2024 · €28,616
Debt > 1 year
€124,518
Income taxes
€6,371▼
2024 · €11,774
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €14,212 | €8,078 | - | €205,200 |
| Depreciation and write-downs of the year | €11,171 | €7,393 | €7,393 | €6,837 |
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 | €36,645 | €20,094 | €18,751 | €11,171 | €7,393 | €7,393 | €6,837 | ▼ 7.5% |
| Other operating charges640/8 | - | - | - | €2,957 | €2,764 | €1,881 | €1,957 | ▲ 4.1% |
| Gross operating margin9900 | €40,670 | €38,170 | €41,857 | €81,203 | €18,144 | €55,960 | €31,160 | ▼ 44.3% |
| Operating profit (loss)9901 | €2,713 | €14,749 | €22,046 | €67,074 | €7,987 | €46,686 | €22,366 | ▼ 52.1% |
| Financial income75/76B | - | - | - | €64 | €63 | €278 | €1,024 | ▲ 269% |
| Recurring financial income75 | €1,622 | €1,498 | €22 | €64 | €63 | €278 | €1,024 | ▲ 269% |
| Financial charges65/66B | - | - | - | €231 | €393 | €253 | €1,063 | ▲ 321% |
| Recurring financial charges65 | €253 | €256 | €232 | €231 | €393 | €253 | €1,063 | ▲ 321% |
| Profit (loss) for the period before taxes9903 | €4,082 | €14,671 | €21,836 | €66,907 | €7,657 | €46,711 | €22,326 | ▼ 52.2% |
| Income taxes67/77 | €3,270 | €8,900 | €28,760 | €21,937 | €3,259 | €11,774 | €6,371 | ▼ 45.9% |
| Profit (loss) for the period9904 | €812 | €5,771 | -€6,924 | €44,971 | €4,398 | €34,937 | €15,955 | ▼ 54.3% |
| Profit (loss) for the period to be appropriated9905 | €812 | €5,771 | -€6,924 | €44,971 | €4,398 | €34,937 | €15,955 | ▼ 54.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €184,589 | €243,218 | €239,156 | €222,215 | €204,708 | €241,900 | €386,997 | ▲ 60.0% |
| Fixed assets21/28 | €56,596 | €36,502 | €36,113 | €29,599 | €30,284 | €22,891 | €221,254 | ▲ 867% |
| Intangible fixed assets21 | €12,567 | €7,367 | €2,167 | - | - | - | - | - |
| Tangible fixed assets22/27 | €44,029 | €29,135 | €33,946 | €29,599 | €30,284 | €22,891 | €221,254 | ▲ 867% |
| Land and buildings22 | - | - | - | - | - | - | €200,025 | - |
| Furniture and vehicles24 | - | - | - | €1,267 | €633 | - | €4,978 | - |
| Other tangible fixed assets26 | - | - | - | €28,333 | €29,651 | €22,891 | €16,251 | ▼ 29.0% |
| Current assets29/58 | €127,994 | €206,716 | €203,043 | €192,615 | €174,424 | €219,010 | €165,743 | ▼ 24.3% |
| Stocks and contracts in progress3 | €3,372 | €3,431 | €7,571 | €4,462 | €6,600 | €5,466 | €6,899 | ▲ 26.2% |
| Stocks30/36 | - | - | - | €4,462 | €6,600 | €5,466 | €6,899 | ▲ 26.2% |
| Amounts receivable within one year40/41 | €46,235 | €55,797 | €10,497 | €8,321 | €32,257 | €55,707 | €23,462 | ▼ 57.9% |
| Trade receivables40 | - | - | - | €8,321 | €18,080 | €33,624 | €686 | ▼ 98.0% |
| Other amounts receivable41 | - | - | - | - | €14,177 | €22,083 | €22,776 | ▲ 3.1% |
| Current investments50/53 | €1,342 | €23 | €37 | €54 | €25 | €21 | €12 | ▼ 42.3% |
| Cash at bank and in hand54/58 | €77,044 | €146,377 | €182,293 | €175,553 | €132,123 | €154,188 | €132,412 | ▼ 14.1% |
| Deferred charges and accrued income490/1 | - | - | - | €4,226 | €3,418 | €3,628 | €2,959 | ▼ 18.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €184,589 | €243,218 | €239,156 | €222,215 | €204,708 | €241,900 | €386,997 | ▲ 60.0% |
| Equity10/15 | €131,117 | €135,902 | €128,978 | €173,949 | €178,347 | €213,284 | €229,240 | ▲ 7.5% |
| Contributions10/11 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Capital10 | - | - | - | €6,197 | €6,197 | - | - | - |
| Issued capital100 | - | - | - | €18,592 | €18,592 | - | - | - |
| Uncalled capital101 | - | - | - | €12,395 | €12,395 | - | - | - |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | - | - | - |
| Legal reserve130 | - | - | - | €1,859 | €1,859 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | €122,075 | €127,846 | €120,922 | €165,893 | €170,291 | €205,228 | €221,183 | ▲ 7.8% |
| Provisions and deferred taxes16 | €508 | - | - | - | - | - | - | - |
| Amounts payable17/49 | €52,965 | €107,315 | €110,178 | €48,266 | €26,360 | €28,616 | €157,758 | ▲ 451% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €124,518 | - |
| Financial debts170/4 | - | - | - | - | - | - | €124,518 | - |
| Amounts payable within one year42/48 | €52,965 | €107,315 | €110,178 | €48,266 | €26,360 | €28,616 | €33,240 | ▲ 16.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €8,482 | - |
| Trade debts44 | €23,482 | €76,183 | €85,102 | €25,909 | €10,917 | €7,391 | €8,420 | ▲ 13.9% |
| Suppliers440/4 | - | - | - | €25,909 | €10,917 | €7,391 | €8,420 | ▲ 13.9% |
| Taxes, remuneration and social security45 | - | - | - | €7,289 | €15,443 | €21,225 | €16,338 | ▼ 23.0% |
| Taxes450/3 | - | - | - | €7,289 | €15,443 | €21,225 | €16,338 | ▼ 23.0% |
| Other amounts payable47/48 | - | - | - | €15,068 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €812 | €5,771 | -€6,924 | €44,971 | €4,398 | €34,937 | €15,955 | ▼ 54.3% |
| + Depreciation and write-downs630 | €36,645 | €20,094 | €18,751 | €11,171 | €7,393 | €7,393 | €6,837 | ▼ 7.5% |
| Operating cash flow (approximation) | €37,457 | €25,865 | €11,827 | €56,142 | €11,791 | €42,330 | €22,792 | ▼ 46.2% |
| Investment in fixed assets (approximation) | - | €0 | -€18,362 | -€4,657 | -€8,078 | €0 | -€205,200 | - |
| Change in cash | - | €69,334 | €35,916 | -€6,741 | -€43,429 | €22,064 | -€21,776 | - |
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, 17,041 companies had the same profile as TRIBES has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TRIBES itself: 0.2% 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 17,041 companies, not a prediction for TRIBES. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | micro format | 24-10-2025 | 2025-00549508 | |
| 31-03-2024 | micro format | 09-11-2024 | 2024-00532701 | |
| 31-03-2023 | micro format | 30-10-2023 | 2023-00498794 | |
| 31-03-2022 | micro format | 02-11-2022 | 2022-20481350 | |
| 31-03-2021 | micro format | 02-11-2021 | 2021-76500406 | |
| 31-03-2020 | micro format | 14-11-2020 | 2020-70800246 | |
| 31-03-2019 | micro format | 31-10-2019 | 2019-73000004 | |
| 31-03-2018 | micro format | 30-10-2018 | 2018-71500099 | |
| 31-03-2017 | micro format | 31-10-2017 | 2017-69200182 | |
| 31-03-2016 | full format | 30-10-2016 | 2016-66800350 |