TRUST
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 16-06-2026 at the NBB all 13 filings
Turnover
≈ €140,000
Estimated: probably between €75,000 and €300,000
Total assets
€1.3m▲ 7.5%
2024 · €1.2m
Net result
€1,622
2024 · -€46,268
Working capital
-€222,617▲ 2.8%
2024 · -€229,050
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€12,805
2025
20182025
Net result
€1,622
2025
middle half of the sector
20182025
Equity
€221,685
▲ 0.7%
2025
middle half of the sector
20182025
Total assets
€1.3m
▲ 7.5%
2025
middle half of the sector
20182025
Debt
€1.1m
▲ 9.0%
2025
20182025
Working capital
-€222,617
▲ 2.8%
2025
lowest quarter of the sector
20182025
Solvency
16.6%
▼ 1.1pp
2025
middle half of the sector
20182025
Current ratio
0.74
▲ 0.05
2025
middle half of the sector
20182025
Return on assets (ROA)
0.1%
▲ 3.9pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.03m--€0.06m€0.02m€0.1m▲ 651%€0.07m▼ 53.3%€0.05m▼ 25.4%-€0.03m€0.01m
Net result€0.01m--€0.06m€0.01mwithin the sector's middle half€0.1mabove the sector's middle half▲ 898%€0.04mwithin the sector's middle half▼ 68.8%€0.02mwithin the sector's middle half▼ 43.3%-€0.05mbelow the sector's middle half€0.002mwithin the sector's middle half
Equity€0.1m-€0.06m▼ 53.7%€0.07mbelow the sector's middle half▲ 23.7%€0.2mwithin the sector's middle half▲ 191%€0.2mwithin the sector's middle half▲ 20.5%€0.3mwithin the sector's middle half▲ 9.7%€0.2mwithin the sector's middle half▼ 17.4%€0.2mwithin the sector's middle half▲ 0.7%
Total assets€0.7m-€0.9m▲ 26.4%€2.2mwithin the sector's middle half▲ 135%€1.1mwithin the sector's middle half▼ 48.1%€2.0mwithin the sector's middle half▲ 82.5%€1.5mwithin the sector's middle half▼ 27.5%€1.2mwithin the sector's middle half▼ 16.2%€1.3mwithin the sector's middle half▲ 7.5%
Debt€0.6m-€0.9m▲ 42.5%€2.1m▲ 143%€0.9m▼ 56.1%€1.8m▲ 96.1%€1.2m▼ 32.5%€1.0m▼ 15.9%€1.1m▲ 9.0%
Working capital-€0.1m--€0.3m▼ 159%-€0.4mbelow the sector's middle half▼ 35.1%-€0.2mbelow the sector's middle half▲ 36.5%-€0.2mbelow the sector's middle half▲ 29.1%-€0.2mbelow the sector's middle half▼ 8.5%-€0.2mbelow the sector's middle half▼ 24.2%-€0.2mbelow the sector's middle half▲ 2.8%
Solvency16.7%-6.1%▼ 10.6pp3.2%below the sector's middle half▼ 2.9pp18.0%within the sector's middle half▲ 14.8pp11.9%within the sector's middle half▼ 6.1pp18.0%within the sector's middle half▲ 6.1pp17.7%within the sector's middle half▼ 0.3pp16.6%within the sector's middle half▼ 1.1pp
Current ratio0.76-0.46▼ 0.300.78within the sector's middle half▲ 0.320.58within the sector's middle half▼ 0.200.88within the sector's middle half▲ 0.300.80within the sector's middle half▼ 0.090.69within the sector's middle half▼ 0.110.74within the sector's middle half▲ 0.05
Return on assets (ROA)1.9%--7.1%▼ 9.0pp0.6%within the sector's middle half▲ 7.7pp11.8%above the sector's middle half▲ 11.2pp2.0%within the sector's middle half▼ 9.8pp1.6%within the sector's middle half▼ 0.4pp-3.7%below the sector's middle half▼ 5.3pp0.1%within the sector's middle half▲ 3.9pp
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 profit of €12,805, after a loss of €27,747 in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €1.3m
Fixed assets
€705,969 ▼ 3.4%
Current assets
€627,234 ▲ 23.1%
Equity and liabilities €1.3m
Equity
€221,685 ▲ 0.7%
Debt
€1.1m ▲ 9.0%
Debt's share of the balance-sheet total rises from 82.3% to 83.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€53,676▲
2024 · €10,600
Cash flow
€42,493▲
2024 · -€7,921
Debt to equity
5.01▲
2024 · 4.64
ROE
0.7%▲
2024 · -21.0%
Interest coverage
4.79▲
2024 · 0.58
Debt ≤ 1 year
€849,851▲
2024 · €738,502
Debt > 1 year
€261,667▼
2024 · €281,667
Income taxes
€290▲
2024 · €256
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 | €51,213 | €9,633 | €57,110 | €14,636 | €31,394 |
| Depreciation and write-downs of the year | €42,742 | €37,024 | €39,164 | €38,347 | €40,871 |
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 | - | - | - | €494 | €31,689 | - | - | €19,665 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,453 | €35,025 | €39,169 | €42,742 | €37,024 | €39,164 | €38,347 | €40,871 | ▲ 6.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €9,680 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €3,143 | €26,505 | €1,744 | €1,443 | €2,111 | ▲ 46.2% |
| Non-recurring operating charges66A | - | - | - | - | €14,599 | - | - | - | - |
| Gross operating margin9900 | €50,882 | -€26,596 | €60,241 | €193,384 | €156,645 | €92,248 | €12,044 | €55,787 | ▲ 363% |
| Operating profit (loss)9901 | €25,534 | -€64,763 | €19,653 | €147,499 | €68,837 | €51,341 | -€27,747 | €12,805 | - |
| Financial income75/76B | - | - | - | €3,718 | €1,249 | €1,195 | €0 | €321 | ▲ 765× |
| Recurring financial income75 | €85 | €1 | €221 | €1,793 | €1,249 | €1,195 | €0 | €321 | ▲ 765× |
| Non-recurring financial income76B | - | - | - | €1,925 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €4,661 | €6,761 | €16,633 | €18,266 | €11,215 | ▼ 38.6% |
| Recurring financial charges65 | €4,222 | €6,056 | €5,074 | €4,661 | €6,761 | €16,633 | €18,266 | €11,215 | ▼ 38.6% |
| Profit (loss) for the period before taxes9903 | €21,398 | -€70,819 | €14,801 | €146,556 | €63,325 | €35,903 | -€46,012 | €1,912 | - |
| Income taxes67/77 | €7,474 | -€5,974 | €1,536 | €14,164 | €21,972 | €12,460 | €256 | €290 | ▲ 13.2% |
| Profit (loss) for the period9904 | €13,924 | -€64,845 | €13,265 | €132,392 | €41,352 | €23,443 | -€46,268 | €1,622 | - |
| Profit (loss) for the period to be appropriated9905 | €9,855 | -€64,845 | €13,265 | €132,392 | €41,352 | €23,443 | -€46,268 | €1,622 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.7m | €0.9m | €2.2m | €1.1m | €2.0m | €1.5m | €1.2m | €1.3m | ▲ 7.5% |
| Fixed assets21/28 | €0.4m | €0.7m | €0.8m | €0.8m | €0.7m | €0.8m | €0.7m | €0.7m | ▼ 3.4% |
| Tangible fixed assets22/27 | €0.4m | €0.7m | €0.8m | €0.8m | €0.7m | €0.8m | €0.7m | €0.7m | ▼ 3.4% |
| Land and buildings22 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | ▼ 3.2% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €353 | €262 | €171 | €80 | ▼ 53.4% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 9.0% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | - | - | - | - | - | - |
| Current assets29/58 | €0.3m | €0.2m | €1.3m | €0.3m | €1.3m | €0.7m | €0.5m | €0.6m | ▲ 23.1% |
| Amounts receivable within one year40/41 | €0.3m | €0.2m | €1.1m | €0.2m | €1.2m | €0.6m | €0.5m | €0.6m | ▲ 10.6% |
| Trade receivables40 | - | - | - | €0.2m | €1.2m | €0.6m | €0.5m | €0.4m | ▼ 14.2% |
| Other amounts receivable41 | - | - | - | €0.03m | - | - | €0.02m | €0.1m | ▲ 680% |
| Cash at bank and in hand54/58 | €0.06m | €0.06m | €0.3m | €0.08m | €0.08m | €0.2m | €0.01m | €0.06m | ▲ 524% |
| Deferred charges and accrued income490/1 | - | - | - | €313 | €317 | €305 | €321 | €0.01m | ▲ 45× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.7m | €0.9m | €2.2m | €1.1m | €2.0m | €1.5m | €1.2m | €1.3m | ▲ 7.5% |
| Equity10/15 | €0.1m | €0.06m | €0.07m | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | ▲ 0.7% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.1m | €0.04m | €0.05m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Tax-exempt reserves132 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | - | - | - | - | - | - | -€0.04m | -€0.04m | ▲ 4.4% |
| Amounts payable17/49 | €0.6m | €0.9m | €2.1m | €0.9m | €1.8m | €1.2m | €1.0m | €1.1m | ▲ 9.0% |
| Amounts payable after more than one year17 | €0.1m | €0.3m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 7.1% |
| Financial debts170/4 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 7.1% |
| Amounts payable within one year42/48 | €0.5m | €0.5m | €1.7m | €0.6m | €1.5m | €0.9m | €0.7m | €0.8m | ▲ 15.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Financial debts43 | - | - | - | €0.008m | - | - | €0.007m | - | - |
| Other loans439 | - | - | - | €0.008m | - | - | €0.007m | - | - |
| Trade debts44 | €0.02m | €0.001m | €0.06m | €0.004m | €0.6m | €0.2m | €0.04m | €0.2m | ▲ 258% |
| Suppliers440/4 | - | - | - | €0.004m | €0.6m | €0.2m | €0.04m | €0.2m | ▲ 258% |
| Taxes, remuneration and social security45 | - | - | - | €0.006m | €0.07m | €0.1m | €0.02m | €0.02m | ▼ 12.5% |
| Taxes450/3 | - | - | - | €0.006m | €0.07m | €0.1m | €0.02m | €0.02m | ▼ 12.5% |
| Other amounts payable47/48 | - | - | - | €0.5m | €0.8m | €0.6m | €0.7m | €0.7m | ▲ 1.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0.003m | €0.002m | €0.002m | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,924 | -€64,845 | €13,265 | €132,392 | €41,352 | €23,443 | -€46,268 | €1,622 | - |
| + Depreciation and write-downs630 | €21,453 | €35,025 | €39,169 | €42,742 | €37,024 | €39,164 | €38,347 | €40,871 | ▲ 6.6% |
| Operating cash flow (approximation) | €35,377 | -€29,820 | €52,434 | €175,135 | €78,376 | €62,606 | -€7,921 | €42,493 | - |
| Investment in fixed assets (approximation) | - | -€332,906 | -€172,038 | -€20,094 | €12,155 | -€57,110 | -€14,636 | -€16,059 | ▼ 9.7% |
| Change in cash | - | -€4,588 | €204,003 | -€179,343 | €1,460 | €70,216 | -€145,432 | €50,606 | - |
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, 4,107 companies had the same profile as TRUST has now. Two years later, 98.0% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
98.0%
was still going
0.9%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TRUST 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 4,107 companies, not a prediction for TRUST. 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 |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 16-06-2026 | 2026-00165296 | |
| 31-12-2024 | abbreviated format | 16-06-2025 | 2025-00142095 | |
| 31-12-2023 | abbreviated format | 25-06-2024 | 2024-00163850 | |
| 31-12-2022 | abbreviated format | 28-07-2023 | 2023-00285969 | |
| 31-12-2021 | abbreviated format | 27-06-2022 | 2022-20147399 | |
| 31-12-2020 | abbreviated format | 16-06-2021 | 2021-20500136 | |
| 31-12-2019 | abbreviated format | 29-06-2020 | 2020-22300023 | |
| 31-12-2018 | abbreviated format | 24-06-2019 | 2019-22000402 | |
| 31-12-2017 | abbreviated format | 19-06-2018 | 2018-20200145 | |
| 31-12-2016 | abbreviated format | 11-09-2017 | 2017-60600345 |