WANDA
ActiveFinancials · financial year 2026, full format
Annual accounts 2026 filed on 01-10-2026 at the NBB all 22 filings
Turnover
≈ €250,000
Estimated: probably between €160,000 and €570,000
EBIT margin
Not included in this filing
Net result
-€148,164
2025 · €6,628
Working capital
€819,891▼ 10.1%
2025 · €912,211
In the rankings
#5 company by equity in Aarschot, Real estate sector#10 company by total assets in Aarschot, Real estate sector
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
-€147,123
▼ 1,464%
2026
20192026
Net result
-€148,164
2026
20192026
Equity
€3.3m
▼ 4.3%
2026
20192026
Total assets
€5.3m
▲ 24.3%
2026
20192026
Debt
€1.6m
▲ 270%
2026
20192026
Working capital
€819,891
▼ 10.1%
2026
20192026
Solvency
63.3%
▼ 18.9pp
2026
20192026
Current ratio
1.51
▼ 1.60
2026
20192026
Return on assets (ROA)
-2.8%
▼ 3.0pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€0.2m-€0.2m▼ 30.2%€0.5m▲ 175%€0.4m▼ 6.0%€0.2m▼ 49.9%€0.7m▲ 226%-€0.009m-€0.1m▼ 1,464%
Net result€0.2m-€0.3m▲ 80.7%€0.3mabove the sector's middle half▼ 4.0%€0.3mabove the sector's middle half▼ 19.1%€0.1mabove the sector's middle half▼ 45.8%€0.5mabove the sector's middle half▲ 262%€0.007mwithin the sector's middle half▼ 98.7%-€0.1m
Equity€2.2m-€2.5m▲ 14.1%€3.1mabove the sector's middle half▲ 20.5%€3.2mabove the sector's middle half▲ 5.6%€3.4mabove the sector's middle half▲ 4.4%€3.9mabove the sector's middle half▲ 15.2%€3.5mabove the sector's middle half▼ 10.1%€3.3m▼ 4.3%
Total assets€3.4m-€2.9m▼ 17.1%€3.3mabove the sector's middle half▲ 16.5%€3.6mabove the sector's middle half▲ 7.5%€3.7mwithin the sector's middle half▲ 4.7%€4.2mwithin the sector's middle half▲ 13.3%€4.2mabove the sector's middle half▼ 0.3%€5.3m▲ 24.3%
Debt€1.0m-€0.08m▼ 91.4%€0.05m▼ 41.2%€0.1m▲ 179%€0.2m▲ 22.2%€0.05m▼ 69.2%€0.4m▲ 748%€1.6m▲ 270%
Working capital-€0.7m-€0.4m€0.6mabove the sector's middle half▲ 39.1%€0.7mabove the sector's middle half▲ 17.1%€0.3mwithin the sector's middle half▼ 57.7%€1.3mabove the sector's middle half▲ 363%€0.9mabove the sector's middle half▼ 29.5%€0.8m▼ 10.1%
Solvency64.4%-88.6%▲ 24.2pp91.7%above the sector's middle half▲ 3.1pp90.1%above the sector's middle half▼ 1.6pp89.8%above the sector's middle half▼ 0.3pp91.3%above the sector's middle half▲ 1.5pp82.2%above the sector's middle half▼ 9.0pp63.3%▼ 18.9pp
Current ratio0.29-7.00▲ 6.7113.30above the sector's middle half▲ 6.305.83above the sector's middle half▼ 7.462.80within the sector's middle half▼ 3.0330.25above the sector's middle half▲ 27.453.11above the sector's middle half▼ 27.141.51▼ 1.60
Return on assets (ROA)5.4%-11.7%▲ 6.3pp9.7%above the sector's middle half▼ 2.1pp7.3%within the sector's middle half▼ 2.4pp3.8%within the sector's middle half▼ 3.5pp12.0%above the sector's middle half▲ 8.3pp0.2%within the sector's middle half▼ 11.9pp-2.8%▼ 3.0pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 2026 is a loss of €147,123, larger than the loss of €9,410 in 2025. It is the lowest result since 2022.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €5.3m
Fixed assets
€2.8m ▼ 1.6%
Current assets
€2.4m ▲ 80.1%
Equity and liabilities €5.3m
Equity
€3.3m ▼ 4.3%
Provisions
€309,338 ▼ 1.5%
Debt
€1.6m ▲ 270%
Debt's share of the balance-sheet total rises from 10.3% to 30.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€3,816▼
2025 · €149,034
Cash flow
-€4,858▼
2025 · €165,071
Quick ratio
0.37▼
2025 · 2.28
Debt to equity
0.49▲
2025 · 0.13
ROE
-4.4%▼
2025 · 0.2%
Interest coverage
-1.69▼
2025 · 79.18
Debt ≤ 1 year
€1.6m▲
2025 · €432,413
Income taxes
€3,671▼
2025 · €8,586
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €280,781 | €901,673 | €50,160 | €226,774 | €319,813 |
| Depreciation and write-downs of the year | €113,005 | €154,739 | €158,895 | €158,443 | €143,307 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €128,985 | €147,055 | €147,110 | €113,005 | €154,739 | €158,895 | €158,443 | €143,307 | ▼ 9.6% |
| Other operating charges640/8 | €55,942 | - | - | €51,897 | €132,913 | €36,432 | €47,469 | €120,093 | ▲ 153% |
| Gross operating margin9900 | €424,219 | €357,877 | €656,319 | €596,229 | €503,902 | €900,650 | €196,503 | €116,277 | ▼ 40.8% |
| Operating profit (loss)9901 | €239,292 | €166,980 | €458,843 | €431,327 | €216,250 | €705,323 | -€9,410 | -€147,123 | ▼ 1,464% |
| Financial income75/76B | €10,540 | - | - | €18,863 | €17,156 | €9,827 | €21,949 | €335 | ▼ 98.5% |
| Recurring financial income75 | €10,540 | €2,868 | €9,703 | €18,863 | €17,156 | €9,827 | €21,949 | €335 | ▼ 98.5% |
| Financial charges65/66B | €729 | - | - | €64,973 | €8,189 | €4,890 | €1,882 | €2,262 | ▲ 20.2% |
| Recurring financial charges65 | €729 | €4,356 | €2,359 | €64,973 | €8,189 | €4,890 | €1,882 | €2,262 | ▲ 20.2% |
| Profit (loss) for the period before taxes9903 | €249,103 | €404,762 | €466,186 | €385,218 | €225,216 | €710,260 | €10,657 | -€149,049 | - |
| Transfer from deferred taxes780 | €24,369 | - | - | €9,309 | €23,106 | €68,229 | €4,556 | €4,556 | = |
| Transfer to deferred taxes680 | - | - | - | - | €20,055 | €171,769 | €0 | - | - |
| Income taxes67/77 | €88,268 | €101,491 | €105,147 | €134,612 | €87,315 | €96,207 | €8,586 | €3,671 | ▼ 57.2% |
| Profit (loss) for the period9904 | €185,204 | €334,745 | €321,469 | €259,914 | €140,952 | €510,512 | €6,628 | -€148,164 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €27,926 | €69,319 | €204,687 | €13,667 | €13,667 | = |
| Transfer to tax-exempt reserves689 | - | - | - | - | €60,165 | €515,308 | €0 | - | - |
| Profit (loss) for the period to be appropriated9905 | €185,204 | €334,745 | €202,760 | €287,840 | €150,106 | €199,892 | €20,294 | -€134,498 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.4m | €2.9m | €3.3m | €3.6m | €3.7m | €4.2m | €4.2m | €5.3m | ▲ 24.3% |
| Fixed assets21/28 | €3.2m | €2.4m | €2.7m | €2.8m | €3.3m | €2.9m | €2.9m | €2.8m | ▼ 1.6% |
| Tangible fixed assets22/27 | €2.5m | €2.4m | €2.7m | €2.8m | €3.3m | €2.9m | €2.9m | €2.8m | ▼ 1.6% |
| Land and buildings22 | €2.3m | - | - | €2.5m | €3.1m | €2.7m | €2.6m | €2.5m | ▼ 3.7% |
| Plant, machinery and equipment23 | - | - | - | €0.004m | €0.006m | €0.005m | €0.005m | €0.01m | ▲ 106% |
| Furniture and vehicles24 | €0.2m | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 20.1% |
| Other tangible fixed assets26 | €0.009m | - | - | €0.02m | €0.02m | €0.01m | €0.01m | €0.005m | ▼ 47.5% |
| Financial fixed assets28 | €0.7m | - | - | - | - | - | - | - | - |
| Current assets29/58 | €0.3m | €0.5m | €0.6m | €0.8m | €0.4m | €1.3m | €1.3m | €2.4m | ▲ 80.1% |
| Amounts receivable after more than one year29 | €0.06m | - | - | €0.3m | €0.2m | €0.3m | €0.3m | €0 | ▼ 100% |
| Other amounts receivable291 | €0.06m | - | - | €0.3m | €0.2m | €0.3m | €0.3m | €0 | ▼ 100% |
| Stocks and contracts in progress3 | - | - | - | - | - | - | €0.4m | €1.8m | ▲ 406% |
| Stocks30/36 | - | - | - | - | - | - | €0.4m | €1.8m | ▲ 406% |
| Amounts receivable within one year40/41 | €0.04m | €0.03m | €0.2m | €0.03m | €0.04m | €0.07m | €0.1m | €0.03m | ▼ 74.0% |
| Trade receivables40 | €0.01m | - | - | €0.02m | €0.02m | €0.03m | €0.03m | €0.02m | ▼ 18.8% |
| Other amounts receivable41 | €0.02m | - | - | €0.01m | €0.03m | €0.04m | €0.08m | €0.005m | ▼ 94.4% |
| Current investments50/53 | - | - | - | - | - | €0.8m | €0 | - | - |
| Cash at bank and in hand54/58 | €0.2m | €0.3m | €0.2m | €0.5m | €0.1m | €0.2m | €0.6m | €0.6m | ▼ 3.9% |
| Deferred charges and accrued income490/1 | €0.01m | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 18.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.4m | €2.9m | €3.3m | €3.6m | €3.7m | €4.2m | €4.2m | €5.3m | ▲ 24.3% |
| Equity10/15 | €2.2m | €2.5m | €3.1m | €3.2m | €3.4m | €3.9m | €3.5m | €3.3m | ▼ 4.3% |
| Contributions10/11 | €0.09m | €0.09m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | €0.09m | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | €0.09m | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.9m | €1.2m | €1.5m | €1.7m | €1.9m | €2.4m | €2.0m | €2.0m | ▼ 0.7% |
| Non-distributable reserves130/1 | - | - | - | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Legal reserve130 | €0.08m | - | - | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Tax-exempt reserves132 | €0.6m | - | - | €0.7m | €0.7m | €1.0m | €1.0m | €1.0m | ▼ 1.4% |
| Distributable reserves133 | €0.2m | - | - | €0.9m | €1.1m | €1.3m | €0.9m | €0.9m | = |
| Profit (loss) carried forward14 | €1.3m | €1.3m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.2m | ▼ 9.8% |
| Provisions and deferred taxes16 | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▼ 1.5% |
| Provisions for liabilities and charges160/5 | €0.01m | - | - | - | - | - | - | - | - |
| Major repairs and maintenance162 | €0.01m | - | - | - | - | - | - | - | - |
| Deferred taxes168 | €0.2m | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▼ 1.5% |
| Amounts payable17/49 | €1.0m | €0.08m | €0.05m | €0.1m | €0.2m | €0.05m | €0.4m | €1.6m | ▲ 270% |
| Amounts payable within one year42/48 | €1.0m | €0.07m | €0.05m | €0.1m | €0.2m | €0.04m | €0.4m | €1.6m | ▲ 270% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.06m | - | - | - | - |
| Trade debts44 | €0.006m | €0.005m | €0.01m | €0.007m | €0.009m | €0.03m | €0.007m | €0.01m | ▲ 83.7% |
| Suppliers440/4 | €0.006m | - | - | €0.007m | €0.009m | €0.03m | €0.007m | €0.01m | ▲ 83.7% |
| Advances received on contracts in progress46 | €0.002m | - | - | €0.002m | €0.002m | €420 | €420 | €420 | = |
| Taxes, remuneration and social security45 | €0.1m | - | - | €0.04m | €0.09m | €0.009m | €0.02m | €0.007m | ▼ 72.0% |
| Taxes450/3 | €0.1m | - | - | €0.03m | €0.08m | €0.007m | €0.02m | €0.007m | ▼ 70.1% |
| Remuneration and social security454/9 | €0.002m | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0 | ▼ 100% |
| Other amounts payable47/48 | €0.9m | - | - | €0.09m | €0.002m | €0.002m | €0.4m | €1.6m | ▲ 294% |
| Accrued charges and deferred income492/3 | €0.01m | - | - | €0.001m | €0.01m | €0.007m | €0.006m | €0.02m | ▲ 257% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €185,204 | €334,745 | €321,469 | €259,914 | €140,952 | €510,512 | €6,628 | -€148,164 | - |
| + Depreciation and write-downs630 | €128,985 | €147,055 | €147,110 | €113,005 | €154,739 | €158,895 | €158,443 | €143,307 | ▼ 9.6% |
| Operating cash flow (approximation) | €314,189 | €481,800 | €468,579 | €372,919 | €295,691 | €669,408 | €165,071 | -€4,858 | - |
| Investment in fixed assets (approximation) | - | €639,245 | -€481,223 | -€175,217 | -€685,075 | €247,763 | -€141,907 | -€97,281 | ▲ 31.4% |
| Change in cash | - | €97,701 | -€12,668 | €220,005 | -€328,631 | €98,354 | €338,409 | -€22,263 | - |
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, 8,617 companies had the same profile as WANDA has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of WANDA 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 8,617 companies, not a prediction for WANDA. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | full format | 01-10-2026 | 2026-00542346 | |
| 31-03-2025 | abbreviated format | 23-10-2025 | 2025-00547904 | |
| 31-03-2024 | abbreviated format | 25-10-2024 | 2024-00514232 | |
| 31-03-2023 | abbreviated format | 27-10-2023 | 2023-00493900 | |
| 31-03-2022 | micro format | 28-10-2022 | 2022-20475473 | |
| 31-03-2021 | micro format | 28-10-2021 | 2021-73600266 | |
| 31-03-2020 | micro format | 06-11-2020 | 2020-68700025 | |
| 31-03-2019 | micro format | 31-10-2019 | 2019-72100285 | |
| 31-03-2018 | abbreviated format | 29-10-2018 | 2018-70300322 | |
| 31-03-2017 | abbreviated format | 30-10-2017 | 2017-68000245 |