UBBINK
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 49 filings
Turnover
€13.4m▼ 3.1%
2024 · €13.9m
EBIT margin
3.1%▼ 0.1pp
2024 · 3.2%
Net result
€59,829▼ 50.7%
2024 · €121,256
Working capital
€3.0m▲ 3.1%
2024 · €2.9m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€13.4m
▼ 3.1%
2025
20182025
Operating result
€421,176
▼ 6.6%
2025
20182025
Net result
€59,829
▼ 50.7%
2025
middle half of the sector
20182025
EBIT margin
3.1%
▼ 0.1pp
2025
20182025
Equity
€4.7m
▲ 1.3%
2025
middle half of the sector
20182025
Total assets
€5.8m
▲ 1.7%
2025
middle half of the sector
20182025
Debt
€1.0m
▲ 4.2%
2025
20182025
Working capital
€3.0m
▲ 3.1%
2025
middle half of the sector
20182025
Solvency
81.2%
▼ 0.3pp
2025
highest quarter of the sector
20182025
Current ratio
3.92
▼ 0.03
2025
highest quarter of the sector
20182025
Return on assets (ROA)
1.0%
▼ 1.1pp
2025
middle half of the sector
20182025
Staff (FTE)
22.3
▲ 8.3%
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
Turnover€12.5m-€13.5m▲ 7.4%€13.7m▲ 1.9%€14.8m▲ 8.0%€16.5m▲ 10.9%€16.5m▲ 0.4%€13.9m▼ 16.0%€13.4m▼ 3.1%
Operating result€0.8m-€0.8m▼ 0.7%€0.9m▲ 16.0%€1.2m▲ 27.2%€0.9m▼ 20.7%€0.9m▼ 8.2%€0.5m▼ 48.1%€0.4m▼ 6.6%
Net result€0.4m-€0.4m▼ 8.6%€0.4mabove the sector's middle half▲ 25.9%€0.7mabove the sector's middle half▲ 48.2%€0.4mwithin the sector's middle half▼ 35.4%€0.4mwithin the sector's middle half▼ 3.3%€0.1mwithin the sector's middle half▼ 70.6%€0.06mwithin the sector's middle half▼ 50.7%
EBIT margin6.5%-6.0%▼ 0.5pp6.8%▲ 0.8pp8.0%▲ 1.2pp5.8%▼ 2.3pp5.3%▼ 0.5pp3.2%▼ 2.0pp3.1%▼ 0.1pp
Equity€5.6m-€6.0m▲ 6.3%€6.4mabove the sector's middle half▲ 7.5%€4.3mabove the sector's middle half▼ 32.5%€4.1mwithin the sector's middle half▼ 4.5%€4.5mwithin the sector's middle half▲ 10.0%€4.7mwithin the sector's middle half▲ 2.7%€4.7mwithin the sector's middle half▲ 1.3%
Total assets€7.3m-€7.6m▲ 5.0%€8.4mwithin the sector's middle half▲ 10.4%€6.4mwithin the sector's middle half▼ 24.6%€5.8mwithin the sector's middle half▼ 9.1%€6.2mwithin the sector's middle half▲ 7.7%€5.7mwithin the sector's middle half▼ 8.1%€5.8mwithin the sector's middle half▲ 1.7%
Debt€1.5m-€1.5m▲ 0.2%€1.8m▲ 24.0%€1.9m▲ 4.8%€1.5m▼ 19.6%€1.6m▲ 2.3%€1.0m▼ 36.5%€1.0m▲ 4.2%
Working capital€4.0m-€4.4m▲ 10.1%€4.9mabove the sector's middle half▲ 11.4%€2.7mwithin the sector's middle half▼ 44.7%€2.4mwithin the sector's middle half▼ 12.5%€2.8mwithin the sector's middle half▲ 19.6%€2.9mwithin the sector's middle half▲ 3.9%€3.0mwithin the sector's middle half▲ 3.1%
Solvency77.2%-78.1%▲ 0.9pp76.1%above the sector's middle half▼ 2.1pp68.1%above the sector's middle half▼ 8.0pp71.5%above the sector's middle half▲ 3.4pp73.0%above the sector's middle half▲ 1.5pp81.6%above the sector's middle half▲ 8.6pp81.2%above the sector's middle half▼ 0.3pp
Current ratio3.77-4.03▲ 0.263.75above the sector's middle half▼ 0.282.43within the sector's middle half▼ 1.322.56within the sector's middle half▲ 0.132.84above the sector's middle half▲ 0.283.95above the sector's middle half▲ 1.123.92above the sector's middle half▼ 0.03
Return on assets (ROA)5.3%-4.6%▼ 0.7pp5.3%within the sector's middle half▲ 0.7pp10.4%within the sector's middle half▲ 5.1pp7.4%within the sector's middle half▼ 3.0pp6.6%within the sector's middle half▼ 0.8pp2.1%within the sector's middle half▼ 4.5pp1.0%within the sector's middle half▼ 1.1pp
Staff (FTE)24.5-26▲ 6.1%24.7within the sector's middle half▼ 5.0%24.5within the sector's middle half▼ 0.8%24.5within the sector's middle half=25.7within the sector's middle half▲ 4.9%20.6within the sector's middle half▼ 19.8%22.3within the sector's middle half▲ 8.3%
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 7% lower than in 2024 and the lowest since 2021. It is the fourth fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.8m
Fixed assets
€1.7m ▼ 2.0%
Current assets
€4.1m ▲ 3.3%
Equity and liabilities €5.8m
Equity
€4.7m ▲ 1.3%
Provisions
€53,806 ▼ 7.7%
Debt
€1.0m ▲ 4.2%
Debt's share of the balance-sheet total rises from 17.4% to 17.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€563,732▼
2024 · €598,512
Cash flow
€202,385▼
2024 · €268,784
Quick ratio
2.69▲
2024 · 2.42
Debt to equity
0.22▲
2024 · 0.21
ROE
1.3%▼
2024 · 2.6%
Interest coverage
69.45▼
2024 · over 100
Debt ≤ 1 year
€1.0m▲
2024 · €997,460
Income taxes
€44,168▼
2024 · €50,111
Customer credit
24 days▼
2024 · 27 days
Supplier credit
25 days▼
2024 · 26 days
Staff costs
€2.1m▲
2024 · €2.0m
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 | 24 | 28 | 22 | 21 | 23 |
| full-time | 20 | 24 | 19 | 19 | 19 |
| part-time | 4 | 4 | 3 | 2 | 4 |
| in full-time equivalents | 23.6 | 27.3 | 21.6 | 20.7 | 22.3 |
| Average over the year, in full-time equivalents | 24.5 | 24.5 | 25.7 | 20.6 | 21.5 |
| On a permanent contract | 25 | 27 | 21 | 20 | 22 |
| Joined | 2 | 7 | 0 | 2 | 3 |
| Left | 2 | 4 | 6 | 3 | 1 |
| Agency workers, average number | 0.5 | 1 | 0.3 | 0.5 | 1.1 |
| Training hours | 16 | 140 | 24 | 25 | 4 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €550,000 | €550,000 | €550,000 | €550,000 | - |
| Mortgage mandates | - | - | - | €550,000 | €550,000 |
| Carrying value of the mortgaged assets | €1.6m | €1.7m | €1.6m | €1.5m | - |
| Pledge on the business | €970,579 | €970,579 | €970,579 | €970,579 | - |
| Carrying value of the other pledged assets | €4.6m | €3.9m | €4.4m | €3.9m | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €89,585 | €250,119 | €100,019 | €77,876 | €107,758 |
| Depreciation and write-downs of the year | €96,161 | €113,837 | €145,929 | €147,528 | €142,556 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €22,000 | €27,025 | €29,700 | €42,340 | €43,610 |
| Work by persons linked to the auditor | €3,100 | €4,238 | €4,283 | €4,865 | €3,950 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €15.1m | €16.7m | €16.9m | €14.2m | €13.7m | ▼ 3.2% |
| Turnover70 | €12.5m | €13.5m | €13.7m | €14.8m | €16.5m | €16.5m | €13.9m | €13.4m | ▼ 3.1% |
| Other operating income74 | - | - | - | €0.2m | €0.3m | €0.4m | €0.3m | €0.3m | ▼ 6.9% |
| Operating charges60/66A | - | - | - | €13.9m | €15.8m | €16.0m | €13.8m | €13.3m | ▼ 3.1% |
| Goods for resale, raw materials and consumables60 | - | - | - | €9.6m | €11.1m | €11.1m | €9.1m | €8.6m | ▼ 5.7% |
| Purchases600/8 | - | - | - | €9.9m | €11.1m | €11.3m | €8.8m | €8.3m | ▼ 5.7% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.3m | -€0.03m | -€0.1m | €0.3m | €0.3m | ▼ 2.9% |
| Services and other goods61 | - | - | - | €2.1m | €2.4m | €2.2m | €2.4m | €2.4m | ▼ 0.9% |
| Remuneration, social security and pensions62 | - | - | - | €2.0m | €2.1m | €2.4m | €2.0m | €2.1m | ▲ 5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.08m | €0.09m | €0.09m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 3.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.02m | -€0.02m | -€0.005m | €0.05m | -€0.02m | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | -€0.05m | - | - |
| Other operating charges640/8 | - | - | - | €0.07m | €0.09m | €0.09m | €0.09m | €0.1m | ▲ 27.9% |
| Operating profit (loss)9901 | €0.8m | €0.8m | €0.9m | €1.2m | €0.9m | €0.9m | €0.5m | €0.4m | ▼ 6.6% |
| Financial income75/76B | - | - | - | €0.005m | €0.06m | €0.02m | €0.01m | - | - |
| Recurring financial income75 | €0.02m | €0.02m | €0.02m | €0.005m | €0.06m | €0.02m | €0.01m | - | - |
| Income from current assets751 | - | - | - | €0.005m | - | €0.02m | €0.01m | - | - |
| Other financial income752/9 | - | - | - | - | €0.06m | - | €173 | - | - |
| Financial charges65/66B | - | - | - | €0.3m | €0.3m | €0.4m | €0.3m | €0.3m | ▲ 7.8% |
| Recurring financial charges65 | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.3m | €0.3m | ▲ 7.8% |
| Debt charges650 | - | - | - | - | €0.003m | €0.006m | €0.005m | €0.008m | ▲ 48.3% |
| Other financial charges652/9 | - | - | - | €0.3m | €0.3m | €0.4m | €0.3m | €0.3m | ▲ 7.1% |
| Profit (loss) for the period before taxes9903 | €0.6m | €0.6m | €0.7m | €0.9m | €0.7m | €0.5m | €0.2m | €0.1m | ▼ 40.4% |
| Transfer from deferred taxes780 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Income taxes67/77 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.05m | €0.04m | ▼ 11.9% |
| Taxes670/3 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €0.05m | ▼ 48.7% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | €0.06m | €0.05m | €0.008m | ▼ 84.0% |
| Profit (loss) for the period9904 | €0.4m | €0.4m | €0.4m | €0.7m | €0.4m | €0.4m | €0.1m | €0.06m | ▼ 50.7% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.009m | €0.009m | €0.009m | €0.009m | €0.009m | = |
| Profit (loss) for the period to be appropriated9905 | €0.4m | €0.4m | €0.5m | €0.7m | €0.4m | €0.4m | €0.1m | €0.07m | ▼ 47.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €7.3m | €7.6m | €8.4m | €6.4m | €5.8m | €6.2m | €5.7m | €5.8m | ▲ 1.7% |
| Fixed assets21/28 | €1.9m | €1.8m | €1.8m | €1.8m | €1.9m | €1.9m | €1.8m | €1.7m | ▼ 2.0% |
| Tangible fixed assets22/27 | €1.9m | €1.8m | €1.8m | €1.8m | €1.9m | €1.8m | €1.8m | €1.7m | ▼ 2.0% |
| Land and buildings22 | - | - | - | €1.6m | €1.7m | €1.6m | €1.5m | €1.5m | ▲ 0.4% |
| Plant, machinery and equipment23 | - | - | - | €0.03m | €0.05m | €0.09m | €0.09m | €0.1m | ▲ 7.5% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.2m | €0.1m | €0.2m | €0.1m | ▼ 30.5% |
| Financial fixed assets28 | €78 | €78 | €78 | €78 | €478 | €478 | €478 | €478 | = |
| Other financial fixed assets284/8 | - | - | - | €78 | €478 | €478 | €478 | €478 | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €78 | €478 | €478 | €478 | €478 | = |
| Current assets29/58 | €5.4m | €5.8m | €6.7m | €4.6m | €3.9m | €4.4m | €3.9m | €4.1m | ▲ 3.3% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €0.3m | €0.03m | €0.1m | ▲ 238% |
| Other amounts receivable291 | - | - | - | - | - | €0.3m | €0.03m | €0.1m | ▲ 238% |
| Stocks and contracts in progress3 | €1.3m | €1.4m | €1.4m | €1.7m | €1.7m | €1.9m | €1.5m | €1.3m | ▼ 16.4% |
| Stocks30/36 | - | - | - | €1.7m | €1.7m | €1.9m | €1.5m | €1.3m | ▼ 16.4% |
| Goods purchased for resale34 | - | - | - | €1.7m | €1.7m | €1.9m | €1.5m | €1.3m | ▼ 16.4% |
| Amounts receivable within one year40/41 | €2.5m | €1.6m | €3.1m | €1.2m | €1.3m | €1.3m | €1.1m | €1.1m | ▼ 5.2% |
| Trade receivables40 | - | - | - | €1.2m | €1.3m | €1.2m | €1.0m | €0.9m | ▼ 12.9% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.03m | €0.1m | €0.1m | €0.2m | ▲ 61.9% |
| Cash at bank and in hand54/58 | €0.9m | €1.1m | €2.2m | €1.7m | €0.8m | €0.9m | €1.2m | €1.6m | ▲ 31.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.03m | €0.05m | €0.05m | €0.04m | ▼ 17.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €7.3m | €7.6m | €8.4m | €6.4m | €5.8m | €6.2m | €5.7m | €5.8m | ▲ 1.7% |
| Equity10/15 | €5.6m | €6.0m | €6.4m | €4.3m | €4.1m | €4.5m | €4.7m | €4.7m | ▲ 1.3% |
| Contributions10/11 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Capital10 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Issued capital100 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Uncalled capital101 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Reserves13 | €4.5m | €4.9m | €5.3m | €3.2m | €3.5m | €3.9m | €4.1m | €4.1m | ▲ 1.5% |
| Non-distributable reserves130/1 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Legal reserve130 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Tax-exempt reserves132 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 6.6% |
| Distributable reserves133 | - | - | - | €3.0m | €3.3m | €3.7m | €3.9m | €3.9m | ▲ 1.8% |
| Profit (loss) carried forward14 | €0.6m | €0.6m | €0.6m | €0.6m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Provisions and deferred taxes16 | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | €0.06m | €0.05m | ▼ 7.7% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.05m | €0.05m | €0.05m | - | - | - |
| Pensions and similar obligations160 | - | - | - | €0.05m | €0.05m | €0.05m | - | - | - |
| Deferred taxes168 | - | - | - | €0.07m | €0.07m | €0.06m | €0.06m | €0.05m | ▼ 7.7% |
| Amounts payable17/49 | €1.5m | €1.5m | €1.8m | €1.9m | €1.5m | €1.6m | €1.0m | €1.0m | ▲ 4.2% |
| Amounts payable within one year42/48 | €1.4m | €1.5m | €1.8m | €1.9m | €1.5m | €1.5m | €1.0m | €1.0m | ▲ 4.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €0.01m | €0.01m | = |
| Trade debts44 | €1.1m | €1.0m | €1.3m | €1.4m | €1.1m | €1.3m | €0.6m | €0.6m | ▼ 9.7% |
| Suppliers440/4 | - | - | - | €1.4m | €1.1m | €1.3m | €0.6m | €0.6m | ▼ 9.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.4m | €0.2m | €0.3m | €0.4m | ▲ 33.6% |
| Taxes450/3 | - | - | - | €0.05m | €0.08m | - | €0.1m | €0.2m | ▲ 89.9% |
| Remuneration and social security454/9 | - | - | - | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▲ 6.8% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.05m | €0.01m | €0.008m | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.02m | €0.03m | €215 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.4m | €0.4m | €0.4m | €0.7m | €0.4m | €0.4m | €0.1m | €0.06m | ▼ 50.7% |
| + Depreciation and write-downs630 | €0.08m | €0.09m | €0.09m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 3.4% |
| Operating cash flow (approximation) | €0.5m | €0.4m | €0.5m | €0.8m | €0.5m | €0.6m | €0.3m | €0.2m | ▼ 24.7% |
| Investment in fixed assets (approximation) | - | -€0.04m | -€0.05m | -€0.09m | -€0.3m | -€0.1m | -€0.08m | -€0.1m | ▼ 38.4% |
| Change in cash | - | €0.2m | €1.1m | -€0.5m | -€0.9m | €0.02m | €0.3m | €0.4m | ▲ 16.4% |
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, 14,766 companies had the same profile as UBBINK has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of UBBINK 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 14,766 companies, not a prediction for UBBINK. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-06-2026 | 2026-00232041 | |
| 31-12-2024 | full format | 14-08-2025 | 2025-00375474 | |
| 31-12-2023 | full format | 26-06-2024 | 2024-00191733 | |
| 31-12-2022 | full format | 12-05-2023 | 2023-00087586 | |
| 31-12-2021 | full format | 29-06-2022 | 2022-20105506 | |
| 31-12-2020 | full format | 30-06-2021 | 2021-27800251 | |
| 31-12-2019 | full format | 12-08-2020 | 2020-40600550 | |
| 31-12-2018 | full format | 31-05-2019 | 2019-15300157 | |
| 31-12-2017 | full format | 02-07-2018 | 2018-27400408 | |
| 31-12-2016 | full format | 30-06-2017 | 2017-25600275 |