W&M
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 08-07-2026 at the NBB all 17 filings
Turnover
≈ €50,000
Estimated: probably between €17,000 and €99,000
EBIT margin
Not included in this filing
Net result
€356▼ 2.1%
2024 · €363
Working capital
€26,973▼ 32.2%
2024 · €39,812
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1,313
▲ 3.5%
2025
20182025
Net result
€356
▼ 2.1%
2025
middle half of the sector
20182025
Equity
€27,108
▲ 1.3%
2025
lowest quarter of the sector
20182025
Total assets
€120,487
▼ 7.0%
2025
lowest quarter of the sector
20182025
Debt
€93,379
▼ 9.2%
2025
20182025
Working capital
€26,973
▼ 32.2%
2025
middle half of the sector
20182025
Solvency
22.5%
▲ 1.9pp
2025
middle half of the sector
20182025
Current ratio
1.29
▼ 0.16
2025
middle half of the sector
20182025
Return on assets (ROA)
0.3%
=
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€959-€1,140▲ 18.8%-€16,481€1,329-€50€1,410€1,268▼ 10.1%€1,313▲ 3.5%
Net result€520-€476▼ 8.6%€344within the sector's middle half▼ 27.7%€405below the sector's middle half▲ 17.8%€636within the sector's middle half▲ 56.9%€306below the sector's middle half▼ 51.8%€363below the sector's middle half▲ 18.7%€356within the sector's middle half▼ 2.1%
Equity€24,222-€24,697▲ 2.0%€25,041within the sector's middle half▲ 1.4%€25,447below the sector's middle half▲ 1.6%€26,083within the sector's middle half▲ 2.5%€26,389below the sector's middle half▲ 1.2%€26,752below the sector's middle half▲ 1.4%€27,108below the sector's middle half▲ 1.3%
Total assets€185,638-€169,774▼ 8.5%€160,770within the sector's middle half▼ 5.3%€149,935below the sector's middle half▼ 6.7%€140,485within the sector's middle half▼ 6.3%€136,373below the sector's middle half▼ 2.9%€129,625below the sector's middle half▼ 4.9%€120,487below the sector's middle half▼ 7.0%
Debt€161,417-€145,077▼ 10.1%€135,729▼ 6.4%€124,488▼ 8.3%€114,402▼ 8.1%€109,984▼ 3.9%€102,872▼ 6.5%€93,379▼ 9.2%
Working capital€23,724-€24,199▲ 2.0%€24,543within the sector's middle half▲ 1.4%€50,312within the sector's middle half▲ 105%€71,781within the sector's middle half▲ 42.7%€57,504within the sector's middle half▼ 19.9%€39,812within the sector's middle half▼ 30.8%€26,973within the sector's middle half▼ 32.2%
Solvency13.0%-14.5%▲ 1.5pp15.6%within the sector's middle half▲ 1.0pp17.0%within the sector's middle half▲ 1.4pp18.6%within the sector's middle half▲ 1.6pp19.4%within the sector's middle half▲ 0.8pp20.6%within the sector's middle half▲ 1.3pp22.5%within the sector's middle half▲ 1.9pp
Current ratio1.15-1.17▲ 0.021.18within the sector's middle half▲ 0.011.51within the sector's middle half▲ 0.322.05within the sector's middle half▲ 0.541.73within the sector's middle half▼ 0.321.44within the sector's middle half▼ 0.291.29within the sector's middle half▼ 0.16
Return on assets (ROA)0.3%-0.3%=0.2%within the sector's middle half▼ 0.1pp0.3%below the sector's middle half▲ 0.1pp0.5%within the sector's middle half▲ 0.2pp0.2%below the sector's middle half▼ 0.2pp0.3%below the sector's middle half▲ 0.1pp0.3%within the sector's middle half=
Staff (FTE)0.4-0.4=0.5below the sector's middle half
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 4% higher than in 2024. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €120,487
Fixed assets
€135 =
Current assets
€120,352 ▼ 7.1%
Equity and liabilities €120,487
Equity
€27,108 ▲ 1.3%
Debt
€93,379 ▼ 9.2%
Debt's share of the balance-sheet total falls from 79.4% to 77.5%. Equity is higher and debt is lower.
Key figures and ratios
Quick ratio
0.02▼
2024 · 0.03
Debt to equity
3.44▼
2024 · 3.85
ROE
1.3%▼
2024 · 1.4%
Debt ≤ 1 year
€93,379▲
2024 · €89,678
Income taxes
€129▲
2024 · €110
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 |
|---|---|
| Employees at the balance-sheet date | 1 |
| part-time | 1 |
| in full-time equivalents | 0.5 |
| Average over the year, in full-time equivalents | 0.5 |
| On a permanent contract | 1 |
Source: social balance sheet in the 2021 annual accounts
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €13,948 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €3,167 | €4,246 | €4,544 | €2,992 | €2,928 | ▼ 2.1% |
| Gross operating margin9900 | €18,080 | €20,538 | -€1,185 | €18,444 | €4,196 | €5,954 | €4,261 | €4,241 | ▼ 0.5% |
| Operating profit (loss)9901 | €959 | €1,140 | -€16,481 | €1,329 | -€50 | €1,410 | €1,268 | €1,313 | ▲ 3.5% |
| Financial income75/76B | - | - | - | - | €1,480 | €320 | €82 | - | - |
| Recurring financial income75 | - | - | - | - | €1,480 | €320 | €82 | - | - |
| Financial charges65/66B | - | - | - | €776 | €647 | €1,214 | €877 | €828 | ▼ 5.5% |
| Recurring financial charges65 | €287 | €470 | €550 | €776 | €647 | €1,214 | €877 | €828 | ▼ 5.5% |
| Profit (loss) for the period before taxes9903 | €672 | €669 | €556 | €554 | €784 | €515 | €473 | €485 | ▲ 2.4% |
| Income taxes67/77 | €152 | €194 | €211 | €148 | €148 | €209 | €110 | €129 | ▲ 17.2% |
| Profit (loss) for the period9904 | €520 | €476 | €344 | €405 | €636 | €306 | €363 | €356 | ▼ 2.1% |
| Profit (loss) for the period to be appropriated9905 | €520 | €476 | €344 | €405 | €636 | €306 | €363 | €356 | ▼ 2.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €185,638 | €169,774 | €160,770 | €149,935 | €140,485 | €136,373 | €129,625 | €120,487 | ▼ 7.0% |
| Fixed assets21/28 | €498 | €498 | €498 | €135 | €135 | €135 | €135 | €135 | = |
| Financial fixed assets28 | €498 | €498 | €498 | €135 | €135 | €135 | €135 | €135 | = |
| Current assets29/58 | €185,140 | €169,276 | €160,272 | €149,800 | €140,350 | €136,238 | €129,490 | €120,352 | ▼ 7.1% |
| Stocks and contracts in progress3 | €179,716 | €161,559 | €152,583 | €141,089 | €134,068 | €131,081 | €127,077 | €118,102 | ▼ 7.1% |
| Stocks30/36 | - | - | - | €141,089 | €134,068 | €131,081 | €127,077 | €118,102 | ▼ 7.1% |
| Amounts receivable within one year40/41 | €1,817 | €1,422 | €3,545 | €1,236 | €1,605 | €1,991 | €191 | €193 | ▲ 1.0% |
| Trade receivables40 | - | - | - | - | - | €100 | - | - | - |
| Other amounts receivable41 | - | - | - | €1,236 | €1,605 | €1,891 | €191 | €193 | ▲ 1.0% |
| Cash at bank and in hand54/58 | €2,107 | €4,795 | €2,644 | €5,975 | €3,177 | €1,666 | €722 | €557 | ▼ 22.8% |
| Deferred charges and accrued income490/1 | - | - | - | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €185,638 | €169,774 | €160,770 | €149,935 | €140,485 | €136,373 | €129,625 | €120,487 | ▼ 7.0% |
| Equity10/15 | €24,222 | €24,697 | €25,041 | €25,447 | €26,083 | €26,389 | €26,752 | €27,108 | ▲ 1.3% |
| Contributions10/11 | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Capital10 | - | - | - | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Issued capital100 | - | - | - | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €5,672 | €6,147 | €6,491 | €6,897 | €7,533 | €7,839 | €8,202 | €8,558 | ▲ 4.3% |
| Non-distributable reserves130/1 | - | - | - | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Legal reserve130 | - | - | - | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Distributable reserves133 | - | - | - | €5,042 | €5,678 | €5,984 | €6,347 | €6,703 | ▲ 5.6% |
| Amounts payable17/49 | €161,417 | €145,077 | €135,729 | €124,488 | €114,402 | €109,984 | €102,872 | €93,379 | ▼ 9.2% |
| Amounts payable after more than one year17 | - | - | - | €25,000 | €45,833 | €31,250 | €13,195 | - | - |
| Financial debts170/4 | - | - | - | €25,000 | €45,833 | €31,250 | €13,195 | - | - |
| Amounts payable within one year42/48 | €161,417 | €145,077 | €135,729 | €99,488 | €68,569 | €78,734 | €89,678 | €93,379 | ▲ 4.1% |
| Financial debts43 | - | - | - | €68,504 | €61,038 | €69,674 | €6,322 | €21,793 | ▲ 245% |
| Credit institutions430/8 | - | - | - | - | €569 | €6,687 | €6,322 | €21,793 | ▲ 245% |
| Other loans439 | - | - | - | €68,504 | €60,469 | €62,987 | - | - | - |
| Trade debts44 | €78,518 | €73,165 | €59,348 | €30,942 | €7,488 | €9,018 | €61,574 | €13,924 | ▼ 77.4% |
| Suppliers440/4 | - | - | - | €30,942 | €7,488 | €9,018 | €61,574 | €13,924 | ▼ 77.4% |
| Taxes, remuneration and social security45 | - | - | - | €43 | €43 | €43 | €4,868 | - | - |
| Taxes450/3 | - | - | - | €43 | €43 | €43 | €4,868 | - | - |
| Other amounts payable47/48 | - | - | - | - | - | - | €16,914 | €57,662 | ▲ 241% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €520 | €476 | €344 | €405 | €636 | €306 | €363 | €356 | ▼ 2.1% |
| Operating cash flow (approximation) | €520 | €476 | €344 | €405 | €636 | €306 | €363 | €356 | ▼ 2.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €363 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €2,688 | -€2,151 | €3,331 | -€2,798 | -€1,511 | -€945 | -€165 | ▲ 82.6% |
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, 4,508 companies had the same profile as W&M has now. Two years later, 96.9% were still going and 1.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.6%
stopped otherwise
1.4%
went bankrupt
That fits the bankruptcy probability of W&M itself: 0.4% 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 4,508 companies, not a prediction for W&M. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 08-07-2026 | 2026-00267054 | |
| 31-12-2024 | abbreviated format | 23-07-2025 | 2025-00298178 | |
| 31-12-2023 | abbreviated format | 18-07-2024 | 2024-00260932 | |
| 31-12-2022 | micro format | 14-08-2023 | 2023-00326906 | |
| 31-12-2021 | abbreviated format | 31-07-2022 | 2022-20256224 | |
| 31-12-2020 | micro format | 16-08-2021 | 2021-48500575 | |
| 31-12-2019 | micro format | 28-07-2020 | 2020-35100103 | |
| 31-12-2018 | micro format | 22-07-2019 | 2019-36200103 | |
| 31-12-2017 | micro format | 21-08-2018 | 2018-47500151 | |
| 31-12-2016 | micro format | 20-07-2017 | 2017-33700284 |