TRIJAC
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 10 filings
Turnover
≈ €240,000
Estimated: probably between €200,000 and €330,000
EBIT margin
Not included in this filing
Net result
-€8,723
2024 · €979
Working capital
€6,595▼ 43.5%
2024 · €11,672
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€6,456
2025
20182025
Net result
-€8,723
2025
lowest quarter of the sector
20182025
Equity
€12,026
▼ 42.0%
2025
middle half of the sector
20182025
Total assets
€51,443
▲ 6.6%
2025
lowest quarter of the sector
20182025
Debt
€39,417
▲ 43.4%
2025
20182025
Working capital
€6,595
▼ 43.5%
2025
middle half of the sector
20182025
Solvency
23.4%
▼ 19.6pp
2025
middle half of the sector
20182025
Current ratio
1.17
▼ 0.26
2025
middle half of the sector
20182025
Return on assets (ROA)
-17.0%
▼ 19.0pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1.7
▲ 13.3%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€2,131--€10,379€11,574€30,379▲ 162%-€22,989€9,301€2,599▼ 72.1%-€6,456
Net result€1,197--€10,886€10,357within the sector's middle half€26,627within the sector's middle half▲ 157%-€25,250below the sector's middle half€9,243within the sector's middle half€979within the sector's middle half▼ 89.4%-€8,723below the sector's middle half
Equity€9,679--€1,207€9,151within the sector's middle half€35,778within the sector's middle half▲ 291%€10,528within the sector's middle half▼ 70.6%€19,771within the sector's middle half▲ 87.8%€20,749within the sector's middle half▲ 4.9%€12,026within the sector's middle half▼ 42.0%
Total assets€22,028-€30,037▲ 36.4%€28,245below the sector's middle half▼ 6.0%€60,242below the sector's middle half▲ 113%€52,997below the sector's middle half▼ 12.0%€41,650below the sector's middle half▼ 21.4%€48,236below the sector's middle half▲ 15.8%€51,443below the sector's middle half▲ 6.6%
Debt€12,349-€31,243▲ 153%€19,095▼ 38.9%€21,466▲ 12.4%€40,106▲ 86.8%€21,879▼ 45.4%€27,487▲ 25.6%€39,417▲ 43.4%
Working capital€3,220-€4,181▲ 29.9%€14,299within the sector's middle half▲ 242%€36,162within the sector's middle half▲ 153%€9,836within the sector's middle half▼ 72.8%€15,896within the sector's middle half▲ 61.6%€11,672within the sector's middle half▼ 26.6%€6,595within the sector's middle half▼ 43.5%
Solvency43.9%--4.0%▼ 48.0pp32.4%within the sector's middle half▲ 36.4pp59.4%above the sector's middle half▲ 27.0pp19.9%within the sector's middle half▼ 39.5pp47.5%within the sector's middle half▲ 27.6pp43.0%within the sector's middle half▼ 4.5pp23.4%within the sector's middle half▼ 19.6pp
Current ratio1.26-1.19▼ 0.072.13above the sector's middle half▲ 0.943.11above the sector's middle half▲ 0.981.26within the sector's middle half▼ 1.841.74above the sector's middle half▲ 0.481.43within the sector's middle half▼ 0.311.17within the sector's middle half▼ 0.26
Return on assets (ROA)5.4%--36.2%▼ 41.7pp36.7%above the sector's middle half▲ 72.9pp44.2%above the sector's middle half▲ 7.5pp-47.6%below the sector's middle half▼ 91.8pp22.2%above the sector's middle half▲ 69.8pp2.0%within the sector's middle half▼ 20.2pp-17.0%below the sector's middle half▼ 19.0pp
Staff (FTE)0.2-0.2=0.3below the sector's middle half▲ 50.0%1.2below the sector's middle half▲ 300%2.1below the sector's middle half▲ 75.0%2below the sector's middle half▼ 4.8%1.5below the sector's middle half▼ 25.0%1.7below the sector's middle half▲ 13.3%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 €6,456, after a profit of €2,599 in 2024. It is the lowest result since 2022.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €51,443
Fixed assets
€6,610 ▼ 32.0%
Current assets
€44,833 ▲ 16.4%
Equity and liabilities €51,443
Equity
€12,026 ▼ 42.0%
Debt
€39,417 ▲ 43.4%
Debt's share of the balance-sheet total rises from 57.0% to 76.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€2,900▼
2024 · €4,701
Cash flow
-€5,167▼
2024 · €3,081
Quick ratio
0.88▼
2024 · 1.16
Debt to equity
3.28▲
2024 · 1.32
ROE
-72.5%▼
2024 · 4.7%
Interest coverage
-1.23▼
2024 · 2.70
Debt ≤ 1 year
€38,238▲
2024 · €26,838
Staff costs
€75,998▲
2024 · €60,538
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 | 4 | 1 | 3 | 2 |
| full-time | 1 | 2 | - | 1 | 1 |
| part-time | 3 | 2 | 1 | 2 | 1 |
| in full-time equivalents | 1.6 | 2.8 | 0.6 | 1.8 | 1.6 |
| Average over the year, in full-time equivalents | 1.2 | 2.1 | 2 | 1.5 | 1.7 |
| On a permanent contract | 1 | 2 | 1 | 2 | 2 |
| Joined | 11 | 12 | 3 | 4 | 5 |
| Left | 8 | 12 | 6 | 2 | 6 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,471 | €600 | €174 | €7,454 | €440 |
| Financial fixed assets | €75 | - | - | - | - |
| Depreciation and write-downs of the year | €1,580 | €1,641 | €1,663 | €2,102 | €3,556 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €39,567 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €36,010 | €63,213 | €53,957 | €60,538 | €75,998 | ▲ 25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,720 | €2,776 | €2,563 | €1,580 | €1,641 | €1,663 | €2,102 | €3,556 | ▲ 69.1% |
| Other operating charges640/8 | - | - | - | €1,372 | €1,024 | €3,569 | €2,996 | €3,196 | ▲ 6.7% |
| Non-recurring operating charges66A | - | - | - | €10,594 | €2,100 | - | - | €138 | - |
| Gross operating margin9900 | €10,418 | €732 | €21,496 | €79,936 | €44,988 | €68,490 | €68,235 | €76,432 | ▲ 12.0% |
| Operating profit (loss)9901 | €2,131 | -€10,379 | €11,574 | €30,379 | -€22,989 | €9,301 | €2,599 | -€6,456 | - |
| Financial income75/76B | - | - | - | €506 | €0 | €4 | €118 | €84 | ▼ 29.1% |
| Recurring financial income75 | - | - | €241 | €506 | €0 | €4 | €118 | €84 | ▼ 29.1% |
| Financial charges65/66B | - | - | - | €1,260 | €2,896 | €2,425 | €1,739 | €2,351 | ▲ 35.2% |
| Recurring financial charges65 | €934 | €507 | €1,458 | €1,260 | €2,896 | €2,425 | €1,739 | €2,351 | ▲ 35.2% |
| Profit (loss) for the period before taxes9903 | €1,197 | -€10,886 | €10,357 | €29,625 | -€25,885 | €6,881 | €979 | -€8,723 | - |
| Transfer from deferred taxes780 | - | - | - | €125 | €635 | €2,363 | - | - | - |
| Transfer to deferred taxes680 | - | - | - | €3,124 | - | - | - | - | - |
| Income taxes67/77 | - | - | - | - | - | €1 | - | - | - |
| Profit (loss) for the period9904 | €1,197 | -€10,886 | €10,357 | €26,627 | -€25,250 | €9,243 | €979 | -€8,723 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €502 | €2,540 | €9,452 | - | - | - |
| Transfer to tax-exempt reserves689 | - | - | - | €12,494 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €1,197 | -€10,886 | €10,357 | €14,635 | -€22,710 | €18,695 | €979 | -€8,723 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €22,028 | €30,037 | €28,245 | €60,242 | €52,997 | €41,650 | €48,236 | €51,443 | ▲ 6.6% |
| Fixed assets21/28 | €6,460 | €3,850 | €1,287 | €6,904 | €5,864 | €4,375 | €9,726 | €6,610 | ▼ 32.0% |
| Tangible fixed assets22/27 | €6,460 | €3,850 | €1,287 | €6,829 | €5,789 | €4,300 | €9,651 | €6,535 | ▼ 32.3% |
| Plant, machinery and equipment23 | - | - | - | €6,829 | €5,789 | €4,131 | €8,072 | €5,327 | ▼ 34.0% |
| Furniture and vehicles24 | - | - | - | - | - | €169 | €1,578 | €1,208 | ▼ 23.5% |
| Financial fixed assets28 | - | - | - | €75 | €75 | €75 | €75 | €75 | = |
| Current assets29/58 | €15,569 | €26,187 | €26,959 | €53,338 | €47,134 | €37,275 | €38,511 | €44,833 | ▲ 16.4% |
| Stocks and contracts in progress3 | €5,525 | €4,119 | €6,050 | €7,571 | €8,081 | €8,121 | €7,505 | €11,024 | ▲ 46.9% |
| Stocks30/36 | - | - | - | €7,571 | €8,081 | €8,121 | €7,505 | €11,024 | ▲ 46.9% |
| Amounts receivable within one year40/41 | €1,953 | €1,702 | €2,775 | €3,891 | €4,268 | €2,658 | €2,167 | €2,091 | ▼ 3.5% |
| Trade receivables40 | - | - | - | €3,391 | €3,332 | €2,035 | €1,345 | €850 | ▼ 36.8% |
| Other amounts receivable41 | - | - | - | €500 | €937 | €624 | €822 | €1,241 | ▲ 51.0% |
| Cash at bank and in hand54/58 | €5,646 | €17,785 | €18,134 | €23,621 | €30,834 | €22,553 | €25,407 | €24,737 | ▼ 2.6% |
| Deferred charges and accrued income490/1 | - | - | - | €18,255 | €3,950 | €3,942 | €3,432 | €6,981 | ▲ 103% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €22,028 | €30,037 | €28,245 | €60,242 | €52,997 | €41,650 | €48,236 | €51,443 | ▲ 6.6% |
| Equity10/15 | €9,679 | -€1,207 | €9,151 | €35,778 | €10,528 | €19,771 | €20,749 | €12,026 | ▼ 42.0% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €982 | €982 | €982 | €12,974 | €10,434 | €982 | €982 | €982 | = |
| Non-distributable reserves130/1 | - | - | - | €982 | €982 | €982 | €982 | €982 | = |
| Reserves not available under the articles1311 | - | - | - | €982 | €982 | €982 | €982 | €982 | = |
| Tax-exempt reserves132 | - | - | - | €11,992 | €9,452 | - | - | - | - |
| Profit (loss) carried forward14 | -€9,902 | -€20,788 | -€10,431 | €4,204 | -€18,506 | €189 | €1,168 | -€7,556 | - |
| Provisions and deferred taxes16 | - | - | - | €2,998 | €2,363 | - | - | - | - |
| Deferred taxes168 | - | - | - | €2,998 | €2,363 | - | - | - | - |
| Amounts payable17/49 | €12,349 | €31,243 | €19,095 | €21,466 | €40,106 | €21,879 | €27,487 | €39,417 | ▲ 43.4% |
| Amounts payable after more than one year17 | - | €8,580 | €6,435 | €4,290 | €2,145 | - | - | - | - |
| Financial debts170/4 | - | - | - | €4,290 | €2,145 | - | - | - | - |
| Amounts payable within one year42/48 | €12,349 | €22,006 | €12,660 | €17,176 | €37,297 | €21,379 | €26,838 | €38,238 | ▲ 42.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €2,054 | €829 | €2,974 | - | - | - |
| Trade debts44 | €5,531 | €11,493 | €8,578 | €6,494 | €17,637 | €9,797 | €8,080 | €17,040 | ▲ 111% |
| Suppliers440/4 | - | - | - | €6,494 | €17,637 | €9,797 | €8,080 | €17,040 | ▲ 111% |
| Taxes, remuneration and social security45 | - | - | - | €8,628 | €18,770 | €8,291 | €18,451 | €20,898 | ▲ 13.3% |
| Taxes450/3 | - | - | - | €2,467 | €7,721 | €2,416 | €5,220 | €5,116 | ▼ 2.0% |
| Remuneration and social security454/9 | - | - | - | €6,161 | €11,049 | €5,875 | €13,232 | €15,782 | ▲ 19.3% |
| Other amounts payable47/48 | - | - | - | - | €61 | €317 | €307 | €299 | ▼ 2.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | €664 | €500 | €649 | €1,179 | ▲ 81.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,197 | -€10,886 | €10,357 | €26,627 | -€25,250 | €9,243 | €979 | -€8,723 | - |
| + Depreciation and write-downs630 | €2,720 | €2,776 | €2,563 | €1,580 | €1,641 | €1,663 | €2,102 | €3,556 | ▲ 69.1% |
| Operating cash flow (approximation) | €3,918 | -€8,110 | €12,920 | €28,207 | -€23,609 | €10,906 | €3,081 | -€5,167 | - |
| Investment in fixed assets (approximation) | - | -€166 | €0 | -€7,197 | -€600 | -€174 | -€7,454 | -€440 | ▲ 94.1% |
| Change in cash | - | €12,138 | €349 | €5,487 | €7,213 | -€8,281 | €2,853 | -€669 | - |
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, 1,294 companies had the same profile as TRIJAC has now. Two years later, 89.6% were still going and 4.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
89.6%
was still going
5.9%
stopped otherwise
4.1%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TRIJAC itself: 1.7% 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 1,294 companies, not a prediction for TRIJAC. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-07-2026 | 2026-00345136 | |
| 31-12-2024 | full format | 17-07-2025 | 2025-00288177 | |
| 31-12-2023 | full format | 29-07-2024 | 2024-00295561 | |
| 31-12-2022 | full format | 30-08-2023 | 2023-00430328 | |
| 31-12-2021 | full format | 31-08-2022 | 2022-20363608 | |
| 31-12-2020 | full format | 30-08-2021 | 2021-57800308 | |
| 31-12-2019 | full format | 27-08-2020 | 2020-45600468 | |
| 31-12-2018 | full format | 21-08-2019 | 2019-48300419 | |
| 31-12-2017 | full format | 03-08-2018 | 2018-43100089 | |
| 31-12-2016 | full format | 24-08-2017 | 2017-47700005 |