Van Tilborgh
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-06-2026 at the NBB all 44 filings
Equity
€145,023▼ 39.8%
2024 · €241,012
Total assets
€269,107▼ 25.4%
2024 · €360,863
Net result
-€95,988▼ 132%
2024 · -€41,457
Working capital
€65,523▼ 63.0%
2024 · €177,283
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€92,507
▼ 113%
2025
20182025
Net result
-€95,988
▼ 132%
2025
lowest quarter of the sector
20182025
Equity
€145,023
▼ 39.8%
2025
highest quarter of the sector
20182025
Total assets
€269,107
▼ 25.4%
2025
middle half of the sector
20182025
Debt
€124,084
▲ 3.5%
2025
20182025
Working capital
€65,523
▼ 63.0%
2025
middle half of the sector
20182025
Solvency
53.9%
▼ 12.9pp
2025
middle half of the sector
20182025
Current ratio
1.53
▼ 0.95
2025
middle half of the sector
20182025
Return on assets (ROA)
-35.7%
▼ 24.2pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1.3
▲ 30.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€14,360-€14,191▼ 1.2%€393,981▲ 28×-€47,427-€28,111▲ 40.7%-€37,316▼ 32.7%-€43,381▼ 16.3%-€92,507▼ 113%
Net result€6,144-€6,049▼ 1.6%€289,776above the sector's middle half▲ 48×-€58,675below the sector's middle half-€30,647below the sector's middle half▲ 47.8%-€38,850below the sector's middle half▼ 26.8%-€41,457below the sector's middle half▼ 6.7%-€95,988below the sector's middle half▼ 132%
Equity€114,815-€120,864▲ 5.3%€410,640above the sector's middle half▲ 240%€351,966above the sector's middle half▼ 14.3%€321,319above the sector's middle half▼ 8.7%€282,469above the sector's middle half▼ 12.1%€241,012above the sector's middle half▼ 14.7%€145,023above the sector's middle half▼ 39.8%
Total assets€339,110-€329,359▼ 2.9%€556,695above the sector's middle half▲ 69.0%€482,964above the sector's middle half▼ 13.2%€449,715above the sector's middle half▼ 6.9%€334,163above the sector's middle half▼ 25.7%€360,863above the sector's middle half▲ 8.0%€269,107within the sector's middle half▼ 25.4%
Debt€224,294-€208,495▼ 7.0%€49,702▼ 76.2%€130,999▲ 164%€128,396▼ 2.0%€51,693▼ 59.7%€119,851▲ 132%€124,084▲ 3.5%
Working capital-€125,291--€141,018▼ 12.6%€461,518above the sector's middle half€283,150above the sector's middle half▼ 38.6%€253,523above the sector's middle half▼ 10.5%€214,663above the sector's middle half▼ 15.3%€177,283above the sector's middle half▼ 17.4%€65,523within the sector's middle half▼ 63.0%
Solvency33.9%-36.7%▲ 2.8pp73.8%above the sector's middle half▲ 37.1pp72.9%above the sector's middle half▼ 0.9pp71.4%above the sector's middle half▼ 1.4pp84.5%above the sector's middle half▲ 13.1pp66.8%above the sector's middle half▼ 17.7pp53.9%within the sector's middle half▼ 12.9pp
Current ratio0.38-0.32▼ 0.0510.29above the sector's middle half▲ 9.963.16above the sector's middle half▼ 7.122.97above the sector's middle half▼ 0.195.15above the sector's middle half▲ 2.182.48within the sector's middle half▼ 2.671.53within the sector's middle half▼ 0.95
Return on assets (ROA)1.8%-1.8%=52.1%above the sector's middle half▲ 50.2pp-12.1%below the sector's middle half▼ 64.2pp-6.8%below the sector's middle half▲ 5.3pp-11.6%below the sector's middle half▼ 4.8pp-11.5%below the sector's middle half▲ 0.1pp-35.7%below the sector's middle half▼ 24.2pp
Staff (FTE)1.8-1▼ 44.4%1within the sector's middle half=1=1=1=1=1.3▲ 30.0%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 €92,507, larger than the loss of €43,381 in 2024. It is the lowest result since 2021.
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 €269,107
Fixed assets
€79,500 ▲ 24.7%
Current assets
€189,608 ▼ 36.2%
Equity and liabilities €269,107
Equity
€145,023 ▼ 39.8%
Debt
€124,084 ▲ 3.5%
Debt's share of the balance-sheet total rises from 33.2% to 46.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€85,239▼
2024 · -€36,430
Cash flow
-€88,721▼
2024 · -€34,506
Debt to equity
0.86▲
2024 · 0.50
ROE
-66.2%▼
2024 · -17.2%
Interest coverage
-20.36▼
2024 · -8.81
Debt ≤ 1 year
€124,084▲
2024 · €119,851
Staff costs
€70,730▲
2024 · €53,987
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 | 1 | 1 | 1 | - | 3 |
| full-time | 1 | 1 | 1 | - | 3 |
| in full-time equivalents | 1 | 1 | 1 | - | 3 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 | 1.3 |
| On a permanent contract | 1 | 1 | 1 | - | 2 |
| Joined | - | - | - | - | 2 |
| Left | - | - | - | - | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €27,905 | €5,269 | €7,683 | €2,874 | €23,039 |
| Depreciation and write-downs of the year | €2,814 | €6,288 | €7,673 | €6,951 | €7,268 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €51,166 | €52,270 | €51,840 | €53,987 | €70,730 | ▲ 31.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,798 | €12,097 | €9,326 | €2,814 | €6,288 | €7,673 | €6,951 | €7,268 | ▲ 4.6% |
| Other operating charges640/8 | - | - | - | €8,724 | €2,881 | €5,584 | €691 | €12,298 | ▲ 18× |
| Gross operating margin9900 | €85,083 | €76,468 | €444,567 | €15,277 | €33,330 | €27,781 | €18,248 | -€2,211 | - |
| Operating profit (loss)9901 | €14,360 | €14,191 | €393,981 | -€47,427 | -€28,111 | -€37,316 | -€43,381 | -€92,507 | ▼ 113% |
| Financial income75/76B | - | - | - | €452 | €1,090 | €633 | €6,060 | €706 | ▼ 88.4% |
| Recurring financial income75 | €1 | €0 | €0 | €452 | €1,090 | €633 | €6,060 | €706 | ▼ 88.4% |
| Financial charges65/66B | - | - | - | €10,100 | €3,626 | €2,167 | €4,137 | €4,187 | ▲ 1.2% |
| Recurring financial charges65 | €8,103 | €8,026 | €7,736 | €10,100 | €3,626 | €2,167 | €4,137 | €4,187 | ▲ 1.2% |
| Profit (loss) for the period before taxes9903 | €6,258 | €6,165 | €386,246 | -€57,075 | -€30,647 | -€38,850 | -€41,457 | -€95,988 | ▼ 132% |
| Transfer from deferred taxes780 | - | - | - | €96,353 | - | - | - | - | - |
| Income taxes67/77 | €114 | €117 | €116 | €97,953 | - | - | - | - | - |
| Profit (loss) for the period9904 | €6,144 | €6,049 | €289,776 | -€58,675 | -€30,647 | -€38,850 | -€41,457 | -€95,988 | ▼ 132% |
| Transfer from tax-exempt reserves789 | - | - | - | €289,060 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €6,144 | €6,049 | €716 | €230,386 | -€30,647 | -€38,850 | -€41,457 | -€95,988 | ▼ 132% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €339,110 | €329,359 | €556,695 | €482,964 | €449,715 | €334,163 | €360,863 | €269,107 | ▼ 25.4% |
| Fixed assets21/28 | €263,234 | €261,882 | €45,476 | €68,816 | €67,796 | €67,806 | €63,729 | €79,500 | ▲ 24.7% |
| Tangible fixed assets22/27 | €262,609 | €261,257 | €44,851 | €68,191 | €67,171 | €67,181 | €63,104 | €78,875 | ▲ 25.0% |
| Land and buildings22 | - | - | - | €29,242 | €28,670 | €28,670 | €28,670 | €28,670 | = |
| Plant, machinery and equipment23 | - | - | - | €36,256 | €32,094 | €29,418 | €24,924 | €45,726 | ▲ 83.5% |
| Furniture and vehicles24 | - | - | - | €2,694 | €3,230 | €2,235 | €4,049 | €4,479 | ▲ 10.6% |
| Other tangible fixed assets26 | - | - | - | - | €3,178 | €6,858 | €5,462 | - | - |
| Financial fixed assets28 | €625 | €625 | €625 | €625 | €625 | €625 | €625 | €625 | = |
| Current assets29/58 | €75,876 | €67,477 | €511,219 | €414,148 | €381,919 | €266,357 | €297,133 | €189,608 | ▼ 36.2% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €20,000 | - | €35,700 | - |
| Other amounts receivable291 | - | - | - | - | - | €20,000 | - | €35,700 | - |
| Stocks and contracts in progress3 | €33,350 | €20,025 | €19,500 | €24,500 | €18,500 | €18,500 | - | - | - |
| Stocks30/36 | - | - | - | €24,500 | €18,500 | €18,500 | - | - | - |
| Amounts receivable within one year40/41 | €11,060 | €13,170 | €14,418 | €20,213 | €39,449 | €111,347 | €220,693 | €121,317 | ▼ 45.0% |
| Trade receivables40 | - | - | - | €5,949 | €22,190 | €101,010 | €141,154 | €113,846 | ▼ 19.3% |
| Other amounts receivable41 | - | - | - | €14,264 | €17,260 | €10,336 | €79,539 | €7,471 | ▼ 90.6% |
| Cash at bank and in hand54/58 | €29,833 | €33,052 | €476,268 | €367,883 | €323,969 | €115,880 | €76,441 | €23,370 | ▼ 69.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1,552 | - | €630 | - | €9,221 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €339,110 | €329,359 | €556,695 | €482,964 | €449,715 | €334,163 | €360,863 | €269,107 | ▼ 25.4% |
| Equity10/15 | €114,815 | €120,864 | €410,640 | €351,966 | €321,319 | €282,469 | €241,012 | €145,023 | ▼ 39.8% |
| Contributions10/11 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | = |
| Reserves13 | €13,697 | €13,697 | €302,757 | €113,697 | €113,697 | €113,697 | €113,697 | €113,697 | = |
| Non-distributable reserves130/1 | - | - | - | €7,500 | €7,500 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €7,500 | €7,500 | - | - | - | - |
| Distributable reserves133 | - | - | - | €106,197 | €106,197 | €113,697 | €113,697 | €113,697 | = |
| Profit (loss) carried forward14 | -€23,882 | -€17,833 | -€17,117 | €113,268 | €82,622 | €43,772 | €2,314 | -€93,674 | - |
| Provisions and deferred taxes16 | - | - | €96,353 | - | - | - | - | - | - |
| Amounts payable17/49 | €224,294 | €208,495 | €49,702 | €130,999 | €128,396 | €51,693 | €119,851 | €124,084 | ▲ 3.5% |
| Amounts payable after more than one year17 | €23,127 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €201,167 | €208,495 | €49,702 | €130,999 | €128,396 | €51,693 | €119,851 | €124,084 | ▲ 3.5% |
| Trade debts44 | €42,316 | €31,374 | €26,246 | €18,099 | €24,516 | €31,590 | €106,797 | €102,173 | ▼ 4.3% |
| Suppliers440/4 | - | - | - | €18,099 | €24,516 | €31,590 | €106,797 | €102,173 | ▼ 4.3% |
| Taxes, remuneration and social security45 | - | - | - | €112,899 | €103,879 | €19,905 | €13,054 | €7,254 | ▼ 44.4% |
| Taxes450/3 | - | - | - | €102,811 | €98,606 | €9,313 | €7,250 | - | - |
| Remuneration and social security454/9 | - | - | - | €10,088 | €5,273 | €10,591 | €5,804 | €7,254 | ▲ 25.0% |
| Other amounts payable47/48 | - | - | - | - | - | €199 | - | €14,657 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,144 | €6,049 | €289,776 | -€58,675 | -€30,647 | -€38,850 | -€41,457 | -€95,988 | ▼ 132% |
| + Depreciation and write-downs630 | €9,798 | €12,097 | €9,326 | €2,814 | €6,288 | €7,673 | €6,951 | €7,268 | ▲ 4.6% |
| Operating cash flow (approximation) | €15,942 | €18,146 | €299,102 | -€55,860 | -€24,358 | -€31,177 | -€34,506 | -€88,721 | ▼ 157% |
| Investment in fixed assets (approximation) | - | -€10,745 | €207,080 | -€26,154 | -€5,269 | -€7,683 | -€2,874 | -€23,039 | ▼ 702% |
| Change in cash | - | €3,219 | €443,215 | -€108,384 | -€43,914 | -€208,089 | -€39,440 | -€53,071 | ▼ 34.6% |
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, 5,831 companies had the same profile as Van Tilborgh has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Van Tilborgh itself: 0.7% 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 5,831 companies, not a prediction for Van Tilborgh. 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 44 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-06-2026 | 2026-00172704 | |
| 31-12-2024 | micro format | 28-07-2025 | 2025-00351505 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00445100 | |
| 31-12-2022 | micro format | 10-07-2023 | 2023-00226999 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20247865 | |
| 31-12-2020 | micro format | 27-08-2021 | 2021-55700574 | |
| 31-12-2019 | micro format | 29-10-2020 | 2020-64800319 | |
| 31-12-2018 | micro format | 22-08-2019 | 2019-48900481 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-54500248 | |
| 31-12-2016 | micro format | 26-09-2017 | 2017-63200343 |