VERTICAL
Open bankruptcyFinancials · financial year 2025, micro format
2025 annual accounts filed 1 day after the deadline Filed on 1 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00025352.
Annual accounts 2025 filed on 01-02-2026 PDF all 13 filings
Turnover
€508,953
EBIT margin
0.9%
Net result
€3,658▼ 95.3%
2024 · €78,271
Working capital
€172,693▼ 6.6%
2024 · €184,970
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€6,463
▼ 94.0%
2025
20192025
Net result
€3,658
▼ 95.3%
2025
middle half of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€224,062
▲ 1.7%
2025
highest quarter of the sector
20192025
Total assets
€300,948
▼ 11.9%
2025
middle half of the sector
20192025
Debt
€76,886
▼ 36.6%
2025
20192025
Working capital
€172,693
▼ 6.6%
2025
highest quarter of the sector
20192025
Solvency
74.5%
▲ 9.9pp
2025
highest quarter of the sector
20192025
Current ratio
3.25
▲ 0.69
2025
highest quarter of the sector
20192025
Return on assets (ROA)
1.2%
▼ 21.7pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€508,953-
Operating result€4,440-€4,879▲ 9.9%€2,674▼ 45.2%€10,722▲ 301%€9,570▼ 10.7%€108,365▲ 11×€6,463▼ 94.0%
Net result€1,597-€3,551within the sector's middle half▲ 122%€1,532within the sector's middle half▼ 56.9%€6,342within the sector's middle half▲ 314%€7,301within the sector's middle half▲ 15.1%€78,271within the sector's middle half▲ 972%€3,658within the sector's middle half▼ 95.3%
EBIT margin0.9%-
Equity€123,407-€126,959within the sector's middle half▲ 2.9%€128,491within the sector's middle half▲ 1.2%€134,832within the sector's middle half▲ 4.9%€142,133within the sector's middle half▲ 5.4%€220,405within the sector's middle half▲ 55.1%€224,062above the sector's middle half▲ 1.7%
Total assets€205,751-€159,461below the sector's middle half▼ 22.5%€150,876below the sector's middle half▼ 5.4%€261,010below the sector's middle half▲ 73.0%€257,351below the sector's middle half▼ 1.4%€341,588below the sector's middle half▲ 32.7%€300,948within the sector's middle half▼ 11.9%
Debt€82,344-€32,502▼ 60.5%€22,386▼ 31.1%€126,177▲ 464%€115,217▼ 8.7%€121,183▲ 5.2%€76,886▼ 36.6%
Working capital€117,784-€120,104within the sector's middle half▲ 2.0%€114,585within the sector's middle half▼ 4.6%€120,207within the sector's middle half▲ 4.9%€111,278within the sector's middle half▼ 7.4%€184,970within the sector's middle half▲ 66.2%€172,693above the sector's middle half▼ 6.6%
Solvency60.0%-79.6%above the sector's middle half▲ 19.6pp85.2%above the sector's middle half▲ 5.5pp51.7%within the sector's middle half▼ 33.5pp55.2%within the sector's middle half▲ 3.6pp64.5%above the sector's middle half▲ 9.3pp74.5%above the sector's middle half▲ 9.9pp
Current ratio2.45-4.70above the sector's middle half▲ 2.256.40above the sector's middle half▲ 1.701.96within the sector's middle half▼ 4.431.98within the sector's middle half▲ 0.022.56above the sector's middle half▲ 0.573.25above the sector's middle half▲ 0.69
Return on assets (ROA)0.8%-2.2%within the sector's middle half▲ 1.5pp1.0%within the sector's middle half▼ 1.2pp2.4%within the sector's middle half▲ 1.4pp2.8%within the sector's middle half▲ 0.4pp22.9%above the sector's middle half▲ 20.1pp1.2%within the sector's middle half▼ 21.7pp
above
within
below
The sector band is the middle half of the companies in Sports, amusement and recreation activities (NACE 93). 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 94% lower than in 2024 and the lowest since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €300,948
Fixed assets
€51,418 ▲ 39.2%
Current assets
€249,530 ▼ 17.9%
Equity and liabilities €300,948
Equity
€224,062 ▲ 1.7%
Debt
€76,886 ▼ 36.6%
Debt's share of the balance-sheet total falls from 35.5% to 25.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€22,099▼
2024 · €124,307
Cash flow
€19,293▼
2024 · €94,213
Quick ratio
2.42▲
2024 · 1.88
Debt to equity
0.34▼
2024 · 0.55
ROE
1.6%▼
2024 · 35.5%
Interest coverage
89.18▼
2024 · over 100
Debt ≤ 1 year
€76,837▼
2024 · €118,919
Debt > 1 year
€49▼
2024 · €2,264
Income taxes
€2,629▼
2024 · €29,787
Staff costs
€11,758▼
2024 · €13,083
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €8,765 | €25,857 | €19,191 | €29,355 |
| Depreciation and write-downs of the year | €6,431 | €9,141 | €15,942 | €15,636 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €508,953 | - | - | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €478,881 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | €13,083 | €11,758 | ▼ 10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,603 | €3,324 | €6,990 | €6,431 | €9,141 | €15,942 | €15,636 | ▼ 1.9% |
| Other operating charges640/8 | - | - | - | €255 | €561 | €549 | €582 | ▲ 5.9% |
| Gross operating margin9900 | €14,613 | €8,652 | €10,017 | €17,409 | €19,273 | €137,938 | €34,438 | ▼ 75.0% |
| Operating profit (loss)9901 | €4,440 | €4,879 | €2,674 | €10,722 | €9,570 | €108,365 | €6,463 | ▼ 94.0% |
| Financial income75/76B | - | - | - | - | €263 | €365 | €71 | ▼ 80.6% |
| Recurring financial income75 | - | - | - | - | €263 | €365 | €71 | ▼ 80.6% |
| Financial charges65/66B | - | - | - | €532 | €759 | €672 | €248 | ▼ 63.1% |
| Recurring financial charges65 | €2,482 | €156 | €343 | €532 | €759 | €672 | €248 | ▼ 63.1% |
| Profit (loss) for the period before taxes9903 | €1,958 | €4,723 | €2,331 | €10,190 | €9,074 | €108,058 | €6,286 | ▼ 94.2% |
| Income taxes67/77 | €361 | €1,172 | €798 | €3,849 | €1,773 | €29,787 | €2,629 | ▼ 91.2% |
| Profit (loss) for the period9904 | €1,597 | €3,551 | €1,532 | €6,342 | €7,301 | €78,271 | €3,658 | ▼ 95.3% |
| Profit (loss) for the period to be appropriated9905 | €1,597 | €3,551 | €1,532 | €6,342 | €7,301 | €78,271 | €3,658 | ▼ 95.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €205,751 | €159,461 | €150,876 | €261,010 | €257,351 | €341,588 | €300,948 | ▼ 11.9% |
| Formation expenses20 | - | - | - | - | - | €752 | - | - |
| Fixed assets21/28 | €6,742 | €6,854 | €15,070 | €16,204 | €32,920 | €36,946 | €51,418 | ▲ 39.2% |
| Tangible fixed assets22/27 | €5,542 | €5,654 | €13,870 | €16,204 | €32,920 | €36,946 | €51,418 | ▲ 39.2% |
| Furniture and vehicles24 | - | - | - | €16,204 | €32,920 | €36,946 | €51,418 | ▲ 39.2% |
| Financial fixed assets28 | €1,200 | €1,200 | €1,200 | - | - | - | - | - |
| Current assets29/58 | €199,009 | €152,607 | €135,807 | €244,806 | €224,431 | €303,889 | €249,530 | ▼ 17.9% |
| Stocks and contracts in progress3 | €15,479 | €15,764 | €18,036 | €84,516 | €84,516 | €80,256 | €63,661 | ▼ 20.7% |
| Stocks30/36 | - | - | - | €84,516 | €84,516 | €80,256 | €63,661 | ▼ 20.7% |
| Amounts receivable within one year40/41 | €152,212 | €39,394 | €31,668 | €83,082 | €87,185 | €88,132 | €48,791 | ▼ 44.6% |
| Trade receivables40 | - | - | - | €46,218 | €76,932 | €82,549 | €48,607 | ▼ 41.1% |
| Other amounts receivable41 | - | - | - | €36,864 | €10,254 | €5,583 | €183 | ▼ 96.7% |
| Current investments50/53 | - | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Cash at bank and in hand54/58 | €31,317 | €95,449 | €84,102 | €42,931 | €50,730 | €133,502 | €130,847 | ▼ 2.0% |
| Deferred charges and accrued income490/1 | - | - | - | €32,277 | - | - | €4,231 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €205,751 | €159,461 | €150,876 | €261,010 | €257,351 | €341,588 | €300,948 | ▼ 11.9% |
| Equity10/15 | €123,407 | €126,959 | €128,491 | €134,832 | €142,133 | €220,405 | €224,062 | ▲ 1.7% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | - | - | €18,600 | €18,600 | - | - |
| Other1109/19 | - | - | - | - | €18,600 | €18,600 | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €7,860 | €7,860 | €82,860 | €82,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Other1319 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €6,000 | €6,000 | €81,000 | €81,000 | = |
| Profit (loss) carried forward14 | €102,947 | €106,499 | €108,031 | €108,372 | €115,673 | €118,945 | €122,602 | ▲ 3.1% |
| Amounts payable17/49 | €82,344 | €32,502 | €22,386 | €126,177 | €115,217 | €121,183 | €76,886 | ▼ 36.6% |
| Amounts payable after more than one year17 | €1,119 | - | €1,164 | €1,578 | €2,065 | €2,264 | €49 | ▼ 97.8% |
| Other amounts payable178/9 | - | - | - | €1,578 | €2,065 | €2,264 | €49 | ▼ 97.8% |
| Amounts payable within one year42/48 | €81,225 | €32,502 | €21,222 | €124,599 | €113,153 | €118,919 | €76,837 | ▼ 35.4% |
| Financial debts43 | - | - | - | - | - | - | €156 | - |
| Credit institutions430/8 | - | - | - | - | - | - | €156 | - |
| Trade debts44 | €73,654 | €25,324 | €16,351 | €44,659 | €31,268 | €55,441 | €73,247 | ▲ 32.1% |
| Suppliers440/4 | - | - | - | €44,659 | €31,268 | €55,441 | €73,247 | ▲ 32.1% |
| Advances received on contracts in progress46 | - | - | - | €75,440 | €77,700 | €23,807 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €4,500 | €4,185 | €39,670 | €3,434 | ▼ 91.3% |
| Taxes450/3 | - | - | - | €4,500 | €4,185 | €35,690 | €1,800 | ▼ 95.0% |
| Remuneration and social security454/9 | - | - | - | - | - | €3,980 | €1,634 | ▼ 58.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,597 | €3,551 | €1,532 | €6,342 | €7,301 | €78,271 | €3,658 | ▼ 95.3% |
| + Depreciation and write-downs630 | €9,603 | €3,324 | €6,990 | €6,431 | €9,141 | €15,942 | €15,636 | ▼ 1.9% |
| Operating cash flow (approximation) | €11,200 | €6,876 | €8,523 | €12,773 | €16,442 | €94,213 | €19,293 | ▼ 79.5% |
| Investment in fixed assets (approximation) | - | -€3,436 | -€15,206 | -€7,565 | -€25,857 | -€19,968 | -€30,107 | ▼ 50.8% |
| Change in cash | - | €64,132 | -€11,348 | -€41,171 | €7,798 | €82,772 | -€2,654 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 01-02-2026 | 2026-00025352 | |
| 30-06-2024 | full format | 23-01-2025 | 2025-00011377 | |
| 30-06-2023 | full format | 18-04-2024 | 2024-00068180 | |
| 30-06-2022 | full format | 09-03-2023 | 2023-00038287 | |
| 30-06-2021 | full format | 31-01-2022 | 2022-04700090 | |
| 30-06-2020 | full format | 02-02-2021 | 2021-04500369 | |
| 30-06-2019 | full format | 29-01-2020 | 2020-02900032 | |
| 30-06-2018 | full format | 29-01-2019 | 2019-04300353 | |
| 30-06-2017 | full format | 19-01-2018 | 2018-01900404 | |
| 30-06-2016 | full format | 17-01-2017 | 2017-01700305 |