TRIGEER
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 12-03-2026 PDF all 5 filings
Equity
-€1.1m▼ 33.4%
2024 · -€836,666
Total assets
€2.4m▼ 3.3%
2024 · €2.5m
Net result
-€279,617▲ 6.2%
2024 · -€297,952
Working capital
-€1.6m▲ 3.9%
2024 · -€1.7m
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
-€159,445
▼ 6.7%
2025
20212025
Net result
-€279,617
▲ 6.2%
2025
lowest quarter of the sector
20212025
Equity
-€1.1m
▼ 33.4%
2025
lowest quarter of the sector
20212025
Total assets
€2.4m
▼ 3.3%
2025
highest quarter of the sector
20212025
Debt
€3.5m
▲ 5.9%
2025
20212025
Working capital
-€1.6m
▲ 3.9%
2025
lowest quarter of the sector
20212025
Solvency
-46.1%
▼ 12.7pp
2025
lowest quarter of the sector
20212025
Current ratio
0.01
=
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
-11.6%
▲ 0.3pp
2025
lowest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result-€0.2m--€0.2m▲ 13.4%-€0.1m▲ 31.7%-€0.1m▼ 17.4%-€0.2m▼ 6.7%
Net result-€0.3mbelow the sector's middle half--€0.2mbelow the sector's middle half▲ 11.8%-€0.3mbelow the sector's middle half▼ 23.5%-€0.3mbelow the sector's middle half▼ 4.4%-€0.3mbelow the sector's middle half▲ 6.2%
Equity-€0.02mbelow the sector's middle half--€0.3mbelow the sector's middle half▼ 1,047%-€0.5mbelow the sector's middle half▼ 113%-€0.8mbelow the sector's middle half▼ 55.3%-€1.1mbelow the sector's middle half▼ 33.4%
Total assets€3.1mabove the sector's middle half-€2.9mabove the sector's middle half▼ 7.0%€2.8mabove the sector's middle half▼ 3.6%€2.5mabove the sector's middle half▼ 9.7%€2.4mabove the sector's middle half▼ 3.3%
Debt€3.1m-€3.1m▲ 0.4%€3.3m▲ 5.8%€3.3m▲ 0.9%€3.5m▲ 5.9%
Working capital-€1.5mbelow the sector's middle half--€1.6mbelow the sector's middle half▼ 10.4%-€1.7mbelow the sector's middle half▼ 5.6%-€1.7mbelow the sector's middle half▲ 1.0%-€1.6mbelow the sector's middle half▲ 3.9%
Solvency-0.7%below the sector's middle half--8.8%below the sector's middle half▼ 8.1pp-19.4%below the sector's middle half▼ 10.6pp-33.4%below the sector's middle half▼ 14.0pp-46.1%below the sector's middle half▼ 12.7pp
Current ratio0.21below the sector's middle half-0.13below the sector's middle half▼ 0.080.11below the sector's middle half▼ 0.020.01below the sector's middle half▼ 0.100.01below the sector's middle half=
Return on assets (ROA)-8.5%below the sector's middle half--8.0%below the sector's middle half▲ 0.4pp-10.3%below the sector's middle half▼ 2.3pp-11.9%below the sector's middle half▼ 1.6pp-11.6%below the sector's middle half▲ 0.3pp
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 a loss of €159,445, larger than the loss of €149,397 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.4m
Fixed assets
€2.4m ▼ 3.1%
Current assets
€9,283 ▼ 33.7%
Equity and liabilities
Equity-€1.1m
Debt€3.5m
Equity is negative. Debt (€3.5m) exceeds the balance-sheet total (€2.4m).
Key figures and ratios
EBITDA
-€81,115▼
2024 · -€71,142
Cash flow
-€201,287▲
2024 · -€219,697
Interest coverage
-0.67▼
2024 · -0.48
Debt ≤ 1 year
€1.6m▼
2024 · €1.7m
Debt > 1 year
€1.7m▲
2024 · €1.5m
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | €2.9m | €13,268 | €2,420 | - | - |
| Depreciation and write-downs of the year | €143,559 | €77,554 | €77,855 | €78,255 | €78,330 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €143,559 | €77,554 | €77,855 | €78,255 | €78,330 | ▲ 0.1% |
| Other operating charges640/8 | €706 | €348 | €613 | €968 | €1,532 | ▲ 58.4% |
| Gross operating margin9900 | -€70,939 | -€108,498 | -€48,835 | -€70,174 | -€79,583 | ▼ 13.4% |
| Operating profit (loss)9901 | -€215,204 | -€186,400 | -€127,303 | -€149,397 | -€159,445 | ▼ 6.7% |
| Financial income75/76B | €0 | - | - | - | - | - |
| Recurring financial income75 | €0 | - | - | - | - | - |
| Financial charges65/66B | €46,870 | €44,741 | €158,196 | €148,555 | €120,172 | ▼ 19.1% |
| Recurring financial charges65 | €46,870 | €44,741 | €158,196 | €148,555 | €120,172 | ▼ 19.1% |
| Profit (loss) for the period before taxes9903 | -€262,073 | -€231,141 | -€285,499 | -€297,952 | -€279,617 | ▲ 6.2% |
| Profit (loss) for the period9904 | -€262,073 | -€231,141 | -€285,499 | -€297,952 | -€279,617 | ▲ 6.2% |
| Profit (loss) for the period to be appropriated9905 | -€262,073 | -€231,141 | -€285,499 | -€297,952 | -€279,617 | ▲ 6.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.1m | €2.9m | €2.8m | €2.5m | €2.4m | ▼ 3.3% |
| Fixed assets21/28 | €2.7m | €2.6m | €2.6m | €2.5m | €2.4m | ▼ 3.1% |
| Tangible fixed assets22/27 | €2.7m | €2.6m | €2.6m | €2.5m | €2.4m | ▼ 3.1% |
| Land and buildings22 | €2.7m | €2.6m | €2.6m | €2.5m | €2.4m | ▼ 3.1% |
| Furniture and vehicles24 | - | - | €0.002m | €0.002m | €0.001m | ▼ 26.1% |
| Current assets29/58 | €0.4m | €0.2m | €0.2m | €0.01m | €0.009m | ▼ 33.7% |
| Amounts receivable within one year40/41 | €0.003m | €0.02m | €0.1m | €0.002m | €0.008m | ▲ 226% |
| Trade receivables40 | - | - | €0.08m | - | - | - |
| Other amounts receivable41 | €0.003m | €0.02m | €0.02m | €0.002m | €0.008m | ▲ 226% |
| Cash at bank and in hand54/58 | €0.4m | €0.2m | €0.1m | €0.009m | €0.001m | ▼ 87.6% |
| Deferred charges and accrued income490/1 | €250 | €63 | €0.003m | €0.003m | €72 | ▼ 97.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.1m | €2.9m | €2.8m | €2.5m | €2.4m | ▼ 3.3% |
| Equity10/15 | -€0.02m | -€0.3m | -€0.5m | -€0.8m | -€1.1m | ▼ 33.4% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | €0.2m | - | - | - | - | - |
| Issued capital100 | €0.2m | - | - | - | - | - |
| Profit (loss) carried forward14 | -€0.3m | -€0.5m | -€0.8m | -€1.1m | -€1.4m | ▼ 26.0% |
| Amounts payable17/49 | €3.1m | €3.1m | €3.3m | €3.3m | €3.5m | ▲ 5.9% |
| Amounts payable after more than one year17 | €1.3m | €1.3m | €1.3m | €1.5m | €1.7m | ▲ 14.5% |
| Other amounts payable178/9 | €1.3m | €1.3m | €1.3m | €1.5m | €1.7m | ▲ 14.5% |
| Amounts payable within one year42/48 | €1.9m | €1.9m | €1.9m | €1.7m | €1.6m | ▼ 4.1% |
| Current portion of amounts payable after more than one year42 | €1.9m | €1.9m | €1.9m | €1.7m | €1.6m | ▼ 5.6% |
| Trade debts44 | €0.001m | €0.001m | €0.06m | €0.005m | €0.03m | ▲ 470% |
| Suppliers440/4 | €0.001m | €0.001m | €0.06m | €0.005m | €0.03m | ▲ 470% |
| Taxes, remuneration and social security45 | €98 | - | - | - | - | - |
| Taxes450/3 | €98 | - | - | - | - | - |
| Accrued charges and deferred income492/3 | €0.01m | €0.03m | €0.1m | €0.1m | €0.2m | ▲ 34.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€262,073 | -€231,141 | -€285,499 | -€297,952 | -€279,617 | ▲ 6.2% |
| + Depreciation and write-downs630 | €143,559 | €77,554 | €77,855 | €78,255 | €78,330 | ▲ 0.1% |
| Operating cash flow (approximation) | -€118,515 | -€153,587 | -€207,644 | -€219,697 | -€201,287 | ▲ 8.4% |
| Investment in fixed assets (approximation) | - | -€13,268 | -€2,420 | €0 | €0 | - |
| Change in cash | - | -€167,352 | -€118,659 | -€88,742 | -€7,552 | ▲ 91.5% |
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, 562 companies had the same profile as TRIGEER has now. Two years later, 86.8% were still going and 7.1% had gone bankrupt.
- Small
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
86.8%
was still going
4.8%
stopped otherwise
7.1%
went bankrupt
Another 1.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TRIGEER itself: 1.8% 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 562 companies, not a prediction for TRIGEER. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 12-03-2026 | 2026-00055837 | |
| 31-12-2024 | micro format | 04-07-2025 | 2025-00256769 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00417255 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00397121 | |
| 31-12-2021 | micro format | 30-09-2022 | 2022-20453408 |