Trick
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-01-2026 PDF all 13 filings
Turnover
≈ €700,000
Estimated: probably between €350,000 and €1.3m
Total assets
€146,574▲ 77.8%
2024 · €82,446
Net result
€10,699▲ 41.9%
2024 · €7,542
Working capital
€72,389▲ 1.1%
2024 · €71,590
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€14,926
▲ 38.7%
2025
20192025
Net result
€10,699
▲ 41.9%
2025
middle half of the sector
20192025
Equity
€82,561
▲ 14.9%
2025
middle half of the sector
20192025
Total assets
€146,574
▲ 77.8%
2025
middle half of the sector
20192025
Debt
€64,014
▲ 505%
2025
20192025
Working capital
€72,389
▲ 1.1%
2025
middle half of the sector
20192025
Solvency
56.3%
▼ 30.8pp
2025
middle half of the sector
20192025
Current ratio
2.58
▼ 5.18
2025
middle half of the sector
20192025
Return on assets (ROA)
7.3%
▼ 1.8pp
2025
middle half of the sector
20192025
Staff (FTE)
1.5
▼ 6.3%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€13,460-€20,554▲ 52.7%€7,147▼ 65.2%€6,303▼ 11.8%€10,358▲ 64.3%€10,762▲ 3.9%€14,926▲ 38.7%
Net result€9,334-€16,116within the sector's middle half▲ 72.7%€5,024within the sector's middle half▼ 68.8%€4,480within the sector's middle half▼ 10.8%€7,243within the sector's middle half▲ 61.7%€7,542within the sector's middle half▲ 4.1%€10,699within the sector's middle half▲ 41.9%
Equity€31,457-€47,573within the sector's middle half▲ 51.2%€52,598within the sector's middle half▲ 10.6%€57,077within the sector's middle half▲ 8.5%€64,320within the sector's middle half▲ 12.7%€71,862within the sector's middle half▲ 11.7%€82,561within the sector's middle half▲ 14.9%
Total assets€83,709-€92,433within the sector's middle half▲ 10.4%€64,647below the sector's middle half▼ 30.1%€67,546below the sector's middle half▲ 4.5%€90,329within the sector's middle half▲ 33.7%€82,446within the sector's middle half▼ 8.7%€146,574within the sector's middle half▲ 77.8%
Debt€52,252-€44,859▼ 14.1%€12,050▼ 73.1%€10,469▼ 13.1%€26,009▲ 148%€10,584▼ 59.3%€64,014▲ 505%
Working capital€24,865-€39,557within the sector's middle half▲ 59.1%€46,292within the sector's middle half▲ 17.0%€56,805within the sector's middle half▲ 22.7%€64,048within the sector's middle half▲ 12.8%€71,590within the sector's middle half▲ 11.8%€72,389within the sector's middle half▲ 1.1%
Solvency37.6%-51.5%within the sector's middle half▲ 13.9pp81.4%above the sector's middle half▲ 29.9pp84.5%above the sector's middle half▲ 3.1pp71.2%above the sector's middle half▼ 13.3pp87.2%above the sector's middle half▲ 16.0pp56.3%within the sector's middle half▼ 30.8pp
Current ratio1.62-1.98within the sector's middle half▲ 0.364.84above the sector's middle half▲ 2.866.43above the sector's middle half▲ 1.583.46above the sector's middle half▼ 2.967.76above the sector's middle half▲ 4.302.58within the sector's middle half▼ 5.18
Return on assets (ROA)11.2%-17.4%above the sector's middle half▲ 6.3pp7.8%within the sector's middle half▼ 9.7pp6.6%within the sector's middle half▼ 1.1pp8.0%within the sector's middle half▲ 1.4pp9.1%within the sector's middle half▲ 1.1pp7.3%within the sector's middle half▼ 1.8pp
Staff (FTE)2.6-3.4above the sector's middle half▲ 30.8%1.11.7▲ 54.5%1.6▼ 5.9%1.5▼ 6.3%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 39% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €146,574
Fixed assets
€28,376 ▲ 104×
Current assets
€118,198 ▲ 43.8%
Equity and liabilities €146,574
Equity
€82,561 ▲ 14.9%
Debt
€64,014 ▲ 505%
Debt's share of the balance-sheet total rises from 12.8% to 43.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€18,192▲
2024 · €10,762
Cash flow
€13,965▲
2024 · €7,542
Debt to equity
0.78▲
2024 · 0.15
ROE
13.0%▲
2024 · 10.5%
Interest coverage
21.34▼
2024 · 26.41
Debt ≤ 1 year
€45,808▲
2024 · €10,584
Debt > 1 year
€18,205
Income taxes
€3,375▲
2024 · €2,835
Staff costs
€120,091▲
2024 · €91,450
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 3 | 1 | 1 |
| full-time | 0 | 1 | 0 | 0 |
| part-time | 1 | 2 | 1 | 1 |
| in full-time equivalents | 0.8 | 2 | 0.8 | 0.8 |
| Average over the year, in full-time equivalents | 1.1 | 1.7 | 1.6 | 1.5 |
| On a permanent contract | 1 | 3 | 1 | 1 |
| Joined | 0 | 3 | 0 | - |
| Left | 1 | 1 | 2 | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €31,370 |
| Depreciation and write-downs of the year | €6,033 | €445 | €0 | €3,266 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €41,924 | €88,896 | €91,450 | €120,091 | ▲ 31.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,188 | €6,188 | €6,188 | €6,033 | €445 | €0 | €3,266 | - |
| Other operating charges640/8 | - | - | - | €1,254 | €794 | €1,289 | €1,076 | ▼ 16.6% |
| Non-recurring operating charges66A | - | - | - | - | €225 | €0 | - | - |
| Gross operating margin9900 | €86,583 | €94,807 | €51,648 | €55,514 | €100,718 | €103,501 | €139,358 | ▲ 34.6% |
| Operating profit (loss)9901 | €13,460 | €20,554 | €7,147 | €6,303 | €10,358 | €10,762 | €14,926 | ▲ 38.7% |
| Financial income75/76B | - | - | - | €0 | €0 | €23 | €0 | ▼ 100% |
| Recurring financial income75 | - | - | €0 | €0 | €0 | €23 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €205 | €215 | €407 | €853 | ▲ 109% |
| Recurring financial charges65 | €419 | €299 | €255 | €205 | €215 | €407 | €853 | ▲ 109% |
| Profit (loss) for the period before taxes9903 | €13,041 | €20,255 | €6,892 | €6,097 | €10,143 | €10,377 | €14,073 | ▲ 35.6% |
| Income taxes67/77 | €3,707 | €4,139 | €1,868 | €1,618 | €2,900 | €2,835 | €3,375 | ▲ 19.0% |
| Profit (loss) for the period9904 | €9,334 | €16,116 | €5,024 | €4,480 | €7,243 | €7,542 | €10,699 | ▲ 41.9% |
| Profit (loss) for the period to be appropriated9905 | €9,334 | €16,116 | €5,024 | €4,480 | €7,243 | €7,542 | €10,699 | ▲ 41.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €83,709 | €92,433 | €64,647 | €67,546 | €90,329 | €82,446 | €146,574 | ▲ 77.8% |
| Fixed assets21/28 | €18,681 | €12,493 | €6,305 | €272 | €272 | €272 | €28,376 | ▲ 104× |
| Tangible fixed assets22/27 | €18,409 | €12,221 | €6,033 | €0 | - | - | €28,104 | - |
| Furniture and vehicles24 | - | - | - | €0 | - | - | - | - |
| Leasing and similar rights25 | - | - | - | - | - | - | €28,104 | - |
| Financial fixed assets28 | €272 | €272 | €272 | €272 | €272 | €272 | €272 | = |
| Current assets29/58 | €65,029 | €79,940 | €58,342 | €67,274 | €90,057 | €82,174 | €118,198 | ▲ 43.8% |
| Amounts receivable within one year40/41 | €46,329 | €77,292 | €56,361 | €55,869 | €76,036 | €78,011 | €101,712 | ▲ 30.4% |
| Trade receivables40 | - | - | - | €55,538 | €76,033 | €77,186 | €96,671 | ▲ 25.2% |
| Other amounts receivable41 | - | - | - | €331 | €3 | €825 | €5,041 | ▲ 511% |
| Cash at bank and in hand54/58 | €17,795 | €1,551 | €1,173 | €11,405 | €14,021 | €4,163 | €16,485 | ▲ 296% |
| Deferred charges and accrued income490/1 | - | - | - | €0 | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €83,709 | €92,433 | €64,647 | €67,546 | €90,329 | €82,446 | €146,574 | ▲ 77.8% |
| Equity10/15 | €31,457 | €47,573 | €52,598 | €57,077 | €64,320 | €71,862 | €82,561 | ▲ 14.9% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €24,860 | €39,860 | €46,398 | €50,877 | €58,120 | €65,662 | €76,361 | ▲ 16.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €49,017 | €56,260 | €63,802 | €74,501 | ▲ 16.8% |
| Profit (loss) carried forward14 | €397 | €1,513 | - | - | - | - | - | - |
| Amounts payable17/49 | €52,252 | €44,859 | €12,050 | €10,469 | €26,009 | €10,584 | €64,014 | ▲ 505% |
| Amounts payable after more than one year17 | €12,088 | €4,476 | - | - | - | - | €18,205 | - |
| Financial debts170/4 | - | - | - | - | - | - | €18,205 | - |
| Amounts payable within one year42/48 | €40,164 | €40,383 | €12,050 | €10,469 | €26,009 | €10,584 | €45,808 | ▲ 333% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | - | - | €4,613 | - |
| Trade debts44 | €9,439 | €17,429 | €335 | €1,522 | €0 | €949 | €7,600 | ▲ 701% |
| Suppliers440/4 | - | - | - | €1,522 | €0 | €949 | €7,600 | ▲ 701% |
| Taxes, remuneration and social security45 | - | - | - | €8,947 | €26,009 | €9,635 | €32,596 | ▲ 238% |
| Taxes450/3 | - | - | - | €927 | €9,728 | €2,998 | €20,805 | ▲ 594% |
| Remuneration and social security454/9 | - | - | - | €8,020 | €16,281 | €6,637 | €11,791 | ▲ 77.6% |
| Other amounts payable47/48 | - | - | - | - | - | - | €1,000 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,334 | €16,116 | €5,024 | €4,480 | €7,243 | €7,542 | €10,699 | ▲ 41.9% |
| + Depreciation and write-downs630 | €6,188 | €6,188 | €6,188 | €6,033 | €445 | €0 | €3,266 | - |
| Operating cash flow (approximation) | €15,521 | €22,304 | €11,212 | €10,513 | €7,688 | €7,542 | €13,965 | ▲ 85.2% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€445 | €0 | -€31,370 | - |
| Change in cash | - | -€16,244 | -€377 | €10,232 | €2,616 | -€9,858 | €12,322 | - |
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, 34,693 companies had the same profile as Trick has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Trick 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 34,693 companies, not a prediction for Trick. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 29-01-2026 | 2026-00019874 | |
| 30-06-2024 | micro format | 30-01-2025 | 2025-00016688 | |
| 30-06-2023 | micro format | 16-01-2024 | 2024-00002564 | |
| 30-06-2022 | micro format | 27-04-2023 | 2023-00067740 | |
| 30-06-2021 | micro format | 28-02-2022 | 2022-06800563 | |
| 30-06-2020 | micro format | 23-12-2020 | 2020-77000119 | |
| 30-06-2019 | micro format | 10-12-2019 | 2019-75900120 | |
| 30-06-2018 | micro format | 07-12-2018 | 2018-73900397 | |
| 30-06-2017 | micro format | 06-12-2017 | 2017-71300235 | |
| 30-06-2016 | abbreviated format | 09-12-2016 | 2016-69700207 |