Urga
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 12 filings
Turnover
≈ €190,000
Estimated: probably between €87,000 and €450,000
Total assets
€96,023▼ 39.6%
2024 · €158,893
Net result
€4,787▼ 59.4%
2024 · €11,797
Working capital
€39,054▼ 24.3%
2024 · €51,622
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€10,779
▼ 45.7%
2025
20182025
Net result
€4,787
▼ 59.4%
2025
middle half of the sector
20182025
Equity
€41,906
▲ 12.9%
2025
middle half of the sector
20182025
Total assets
€96,023
▼ 39.6%
2025
middle half of the sector
20182025
Debt
€54,118
▼ 55.6%
2025
20182025
Working capital
€39,054
▼ 24.3%
2025
middle half of the sector
20182025
Solvency
43.6%
▲ 20.3pp
2025
middle half of the sector
20182025
Current ratio
1.76
▼ 0.43
2025
middle half of the sector
20182025
Return on assets (ROA)
5.0%
▼ 2.4pp
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€23,261-€14,198▼ 39.0%€12,137▼ 14.5%€25,396▲ 109%€7,197▼ 71.7%-€10,622€19,865€10,779▼ 45.7%
Net result€13,604-€5,825▼ 57.2%€5,001within the sector's middle half▼ 14.1%€14,077within the sector's middle half▲ 181%€1,099within the sector's middle half▼ 92.2%-€14,139below the sector's middle half€11,797within the sector's middle half€4,787within the sector's middle half▼ 59.4%
Equity€19,284-€25,109▲ 30.2%€30,110within the sector's middle half▲ 19.9%€44,186within the sector's middle half▲ 46.8%€45,285within the sector's middle half▲ 2.5%€31,146within the sector's middle half▼ 31.2%€37,119within the sector's middle half▲ 19.2%€41,906within the sector's middle half▲ 12.9%
Total assets€194,422-€185,189▼ 4.7%€180,653within the sector's middle half▼ 2.4%€185,922within the sector's middle half▲ 2.9%€162,754within the sector's middle half▼ 12.5%€144,542within the sector's middle half▼ 11.2%€158,893within the sector's middle half▲ 9.9%€96,023within the sector's middle half▼ 39.6%
Debt€175,138-€160,080▼ 8.6%€150,543▼ 6.0%€141,736▼ 5.9%€117,469▼ 17.1%€113,396▼ 3.5%€121,774▲ 7.4%€54,118▼ 55.6%
Working capital€14,329-€24,541▲ 71.3%€20,243within the sector's middle half▼ 17.5%€42,300within the sector's middle half▲ 109%€50,270within the sector's middle half▲ 18.8%€46,918within the sector's middle half▼ 6.7%€51,622within the sector's middle half▲ 10.0%€39,054within the sector's middle half▼ 24.3%
Solvency9.9%-13.6%▲ 3.6pp16.7%within the sector's middle half▲ 3.1pp23.8%within the sector's middle half▲ 7.1pp27.8%within the sector's middle half▲ 4.1pp21.5%within the sector's middle half▼ 6.3pp23.4%within the sector's middle half▲ 1.8pp43.6%within the sector's middle half▲ 20.3pp
Current ratio1.44-1.81▲ 0.371.60within the sector's middle half▼ 0.212.12within the sector's middle half▲ 0.513.20within the sector's middle half▲ 1.083.14within the sector's middle half▼ 0.062.19within the sector's middle half▼ 0.951.76within the sector's middle half▼ 0.43
Return on assets (ROA)7.0%-3.1%▼ 3.9pp2.8%within the sector's middle half▼ 0.4pp7.6%within the sector's middle half▲ 4.8pp0.7%within the sector's middle half▼ 6.9pp-9.8%below the sector's middle half▼ 10.5pp7.4%within the sector's middle half▲ 17.2pp5.0%within the sector's middle half▼ 2.4pp
above
within
below
The sector band is the middle half of the companies in Printing and reproduction of recorded media (NACE 18). 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 46% lower than in 2024.
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 €96,023
Fixed assets
€5,252 ▼ 91.8%
Current assets
€90,772 ▼ 4.6%
Equity and liabilities €96,023
Equity
€41,906 ▲ 12.9%
Debt
€54,118 ▼ 55.6%
Debt's share of the balance-sheet total falls from 76.6% to 56.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€12,609▼
2024 · €34,533
Cash flow
€6,617▼
2024 · €26,466
Debt to equity
1.29▼
2024 · 3.28
ROE
11.4%▼
2024 · 31.8%
Interest coverage
3.74▼
2024 · 6.25
Debt ≤ 1 year
€51,718▲
2024 · €43,555
Debt > 1 year
€0▼
2024 · €77,019
Income taxes
€3,232▲
2024 · €2,871
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 | - | €5,242 | €1,090 | €2,701 | €1,054 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €21,114 | €21,341 | €15,048 | €14,668 | €1,830 |
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 | - | - | - | - | - | - | - | €20,679 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,530 | €20,088 | €21,033 | €21,114 | €21,341 | €15,048 | €14,668 | €1,830 | ▼ 87.5% |
| Other operating charges640/8 | - | - | - | €2,802 | €2,936 | €2,926 | €3,340 | €4,338 | ▲ 29.9% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €7,821 | - |
| Gross operating margin9900 | €45,694 | €36,665 | €35,657 | €49,312 | €31,474 | €7,352 | €37,874 | €24,768 | ▼ 34.6% |
| Operating profit (loss)9901 | €23,261 | €14,198 | €12,137 | €25,396 | €7,197 | -€10,622 | €19,865 | €10,779 | ▼ 45.7% |
| Financial income75/76B | - | - | - | €128 | €336 | €344 | €326 | €609 | ▲ 86.9% |
| Recurring financial income75 | €4 | €6 | €4 | €128 | €336 | €344 | €326 | €609 | ▲ 86.9% |
| Financial charges65/66B | - | - | - | €4,264 | €3,961 | €3,613 | €5,522 | €3,369 | ▼ 39.0% |
| Recurring financial charges65 | €5,205 | €4,801 | €4,506 | €4,264 | €3,961 | €3,613 | €5,522 | €3,369 | ▼ 39.0% |
| Profit (loss) for the period before taxes9903 | €18,060 | €9,403 | €7,636 | €21,260 | €3,572 | -€13,890 | €14,669 | €8,018 | ▼ 45.3% |
| Income taxes67/77 | €4,456 | €3,578 | €2,635 | €7,184 | €2,473 | €248 | €2,871 | €3,232 | ▲ 12.5% |
| Profit (loss) for the period9904 | €13,604 | €5,825 | €5,001 | €14,077 | €1,099 | -€14,139 | €11,797 | €4,787 | ▼ 59.4% |
| Profit (loss) for the period to be appropriated9905 | €13,604 | €5,825 | €5,001 | €14,077 | €1,099 | -€14,139 | €11,797 | €4,787 | ▼ 59.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €194,422 | €185,189 | €180,653 | €185,922 | €162,754 | €144,542 | €158,893 | €96,023 | ▼ 39.6% |
| Fixed assets21/28 | €147,691 | €130,390 | €126,854 | €105,740 | €89,641 | €75,683 | €63,715 | €5,252 | ▼ 91.8% |
| Tangible fixed assets22/27 | €147,691 | €130,390 | €126,854 | €105,740 | €89,641 | €75,683 | €63,715 | €5,252 | ▼ 91.8% |
| Land and buildings22 | - | - | - | €84,334 | €72,845 | €61,356 | €49,867 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | - | - | €2,306 | €1,348 | €1,339 | €2,642 | €1,962 | ▼ 25.7% |
| Furniture and vehicles24 | - | - | - | €6,989 | €3,754 | €2,834 | €2,592 | €2,605 | ▲ 0.5% |
| Other tangible fixed assets26 | - | - | - | €12,111 | €11,693 | €10,154 | €8,615 | €685 | ▼ 92.1% |
| Current assets29/58 | €46,731 | €54,799 | €53,799 | €80,183 | €73,113 | €68,859 | €95,178 | €90,772 | ▼ 4.6% |
| Amounts receivable within one year40/41 | €8,544 | €10,157 | €890 | €11,809 | €11,174 | €15,091 | €9,448 | €26,499 | ▲ 180% |
| Trade receivables40 | - | - | - | €11,320 | €678 | €11,059 | €3,531 | €26,499 | ▲ 650% |
| Other amounts receivable41 | - | - | - | €489 | €10,496 | €4,032 | €5,917 | €0 | ▼ 100% |
| Current investments50/53 | - | - | - | - | - | €2,268 | €0 | €50,000 | - |
| Cash at bank and in hand54/58 | €38,172 | €44,642 | €52,909 | €67,551 | €61,939 | €51,500 | €85,730 | €13,993 | ▼ 83.7% |
| Deferred charges and accrued income490/1 | - | - | - | €823 | - | - | - | €279 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €194,422 | €185,189 | €180,653 | €185,922 | €162,754 | €144,542 | €158,893 | €96,023 | ▼ 39.6% |
| Equity10/15 | €19,284 | €25,109 | €30,110 | €44,186 | €45,285 | €31,146 | €37,119 | €41,906 | ▲ 12.9% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €684 | €6,509 | €11,510 | €25,586 | €26,685 | €26,001 | €20,176 | €23,306 | ▲ 15.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €23,726 | €24,825 | €26,001 | €20,176 | €23,306 | ▲ 15.5% |
| Profit (loss) carried forward14 | - | - | - | - | - | -€13,455 | -€1,657 | €0 | - |
| Amounts payable17/49 | €175,138 | €160,080 | €150,543 | €141,736 | €117,469 | €113,396 | €121,774 | €54,118 | ▼ 55.6% |
| Amounts payable after more than one year17 | €142,349 | €129,822 | €116,987 | €103,835 | €94,626 | €85,975 | €77,019 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €103,835 | €94,626 | €85,975 | €77,019 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €32,402 | €30,259 | €33,556 | €37,882 | €22,843 | €21,941 | €43,555 | €51,718 | ▲ 18.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €13,152 | €9,208 | €8,652 | €8,956 | €0 | ▼ 100% |
| Trade debts44 | €10,478 | €9,149 | €1,994 | - | €1,408 | €3,365 | €3,026 | €4,162 | ▲ 37.6% |
| Suppliers440/4 | - | - | - | - | €1,408 | €3,365 | €3,026 | €4,162 | ▲ 37.6% |
| Taxes, remuneration and social security45 | - | - | - | €18,004 | €12,226 | €9,924 | €25,749 | €14,605 | ▼ 43.3% |
| Taxes450/3 | - | - | - | €16,440 | €10,516 | €6,246 | €19,043 | €11,438 | ▼ 39.9% |
| Remuneration and social security454/9 | - | - | - | €1,564 | €1,711 | €3,679 | €6,706 | €3,167 | ▼ 52.8% |
| Other amounts payable47/48 | - | - | - | €6,727 | - | - | €5,825 | €32,950 | ▲ 466% |
| Accrued charges and deferred income492/3 | - | - | - | €19 | - | €5,480 | €1,200 | €2,400 | ▲ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,604 | €5,825 | €5,001 | €14,077 | €1,099 | -€14,139 | €11,797 | €4,787 | ▼ 59.4% |
| + Depreciation and write-downs630 | €19,530 | €20,088 | €21,033 | €21,114 | €21,341 | €15,048 | €14,668 | €1,830 | ▼ 87.5% |
| Operating cash flow (approximation) | €33,134 | €25,912 | €26,034 | €35,191 | €22,439 | €909 | €26,466 | €6,617 | ▼ 75.0% |
| Investment in fixed assets (approximation) | - | -€2,786 | -€17,497 | €0 | -€5,242 | -€1,090 | -€2,701 | €56,634 | - |
| Change in cash | - | €6,470 | €8,267 | €14,642 | -€5,612 | -€10,439 | €34,229 | -€71,736 | - |
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, 10,904 companies had the same profile as Urga has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Urga 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 10,904 companies, not a prediction for Urga. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-06-2026 | 2026-00193052 | |
| 31-12-2024 | micro format | 17-07-2025 | 2025-00280086 | |
| 31-12-2023 | micro format | 19-06-2024 | 2024-00143562 | |
| 31-12-2022 | micro format | 18-06-2023 | 2023-00133947 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20116855 | |
| 31-12-2020 | micro format | 25-06-2021 | 2021-25200479 | |
| 31-12-2019 | micro format | 22-06-2020 | 2020-19300265 | |
| 31-12-2018 | micro format | 17-07-2019 | 2019-33800370 | |
| 31-12-2017 | abbreviated format | 26-06-2018 | 2018-24100370 | |
| 31-12-2016 | micro format | 21-06-2017 | 2017-19700289 |