WAPIRIS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 5 filings
Turnover
≈ €270,000
Estimated: probably between €220,000 and €430,000
Total assets
€1.1m▼ 9.1%
2024 · €1.2m
Net result
€59,711
2024 · -€176,325
Working capital
-€98,622▲ 20.1%
2024 · -€123,440
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€73,355
2025
20212025
Net result
€59,711
2025
middle half of the sector
20212025
Equity
€624,711
▲ 10.6%
2025
middle half of the sector
20212025
Total assets
€1.1m
▼ 9.1%
2025
middle half of the sector
20212025
Debt
€440,505
▼ 27.4%
2025
20212025
Working capital
-€98,622
▲ 20.1%
2025
middle half of the sector
20212025
Solvency
58.6%
▲ 10.4pp
2025
middle half of the sector
20212025
Current ratio
0.29
▼ 0.08
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
5.6%
▲ 20.7pp
2025
highest quarter of the sector
20212025
Staff (FTE)
0.7
▼ 30.0%
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€0.01m--€0.03m€0.05m-€0.2m€0.07m
Net result€0.006mwithin the sector's middle half--€0.04mbelow the sector's middle half€0.04mabove the sector's middle half-€0.2mbelow the sector's middle half€0.06mwithin the sector's middle half
Equity€0.8mabove the sector's middle half-€0.8mabove the sector's middle half▼ 4.7%€0.8mabove the sector's middle half▲ 5.1%€0.6mabove the sector's middle half▼ 30.4%€0.6mwithin the sector's middle half▲ 10.6%
Total assets€0.9mwithin the sector's middle half-€1.4mabove the sector's middle half▲ 53.4%€1.5mabove the sector's middle half▲ 5.8%€1.2mabove the sector's middle half▼ 22.4%€1.1mwithin the sector's middle half▼ 9.1%
Debt€0.1m-€0.7m▲ 446%€0.7m▲ 6.7%€0.6m▼ 13.2%€0.4m▼ 27.4%
Working capital€0.1mwithin the sector's middle half--€0.04mwithin the sector's middle half-€0.03mwithin the sector's middle half▲ 24.0%-€0.1mbelow the sector's middle half▼ 326%-€0.1mwithin the sector's middle half▲ 20.1%
Solvency87.1%above the sector's middle half-54.1%within the sector's middle half▼ 33.0pp53.7%within the sector's middle half▼ 0.4pp48.2%within the sector's middle half▼ 5.5pp58.6%within the sector's middle half▲ 10.4pp
Current ratio2.32within the sector's middle half-0.80within the sector's middle half▼ 1.520.81within the sector's middle half▲ 0.010.36within the sector's middle half▼ 0.450.29below the sector's middle half▼ 0.08
Return on assets (ROA)0.7%within the sector's middle half--2.7%below the sector's middle half▼ 3.4pp2.6%within the sector's middle half▲ 5.3pp-15.0%below the sector's middle half▼ 17.6pp5.6%above the sector's middle half▲ 20.7pp
Staff (FTE)0.5-1▲ 100%1=1=0.7within the sector's middle half▼ 30.0%
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 2025 is a profit of €73,355, after a loss of €166,855 in 2024. It is the highest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or 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 €1.1m
Fixed assets
€1.0m ▼ 6.9%
Current assets
€40,051 ▼ 43.5%
Equity and liabilities €1.1m
Equity
€624,711 ▲ 10.6%
Debt
€440,505 ▼ 27.4%
Debt's share of the balance-sheet total falls from 51.8% to 41.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€149,148▲
2024 · €134,503
Cash flow
€135,504▲
2024 · €125,033
Debt to equity
0.71▼
2024 · 1.07
ROE
9.6%▲
2024 · -31.2%
Interest coverage
19.44▲
2024 · 14.20
Debt ≤ 1 year
€138,673▼
2024 · €194,386
Debt > 1 year
€286,832▼
2024 · €397,527
Income taxes
€5,971
Staff costs
€29,443▼
2024 · €51,595
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 | 1 | - |
| full-time | 1 | 1 | 1 | 1 | - |
| in full-time equivalents | 1 | 1 | 1 | 1 | - |
| Average over the year, in full-time equivalents | 0.5 | 1 | 1 | 1 | 0.7 |
| On a permanent contract | 1 | 1 | 1 | 1 | - |
| Joined | 1 | - | - | - | 0 |
| Left | 0 | - | - | - | 1 |
| Training hours | 5 | 10 | - | 2 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1.6m | €646,313 | €194,830 | €16,526 | - |
| Financial fixed assets | €363 | - | - | €665 | - |
| Depreciation and write-downs of the year | €53,463 | €105,885 | €81,214 | €301,358 | €75,793 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €37,423 | €47,022 | €51,647 | €51,595 | €29,443 | ▼ 42.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €53,463 | €105,885 | €81,214 | €301,358 | €75,793 | ▼ 74.8% |
| Other operating charges640/8 | €15,756 | €16,972 | €18,672 | €22,415 | €23,118 | ▲ 3.1% |
| Gross operating margin9900 | €118,805 | €138,840 | €202,020 | €208,513 | €201,709 | ▼ 3.3% |
| Operating profit (loss)9901 | €12,163 | -€31,039 | €50,487 | -€166,855 | €73,355 | - |
| Financial income75/76B | - | €0 | €1 | - | - | - |
| Recurring financial income75 | - | €0 | €1 | - | - | - |
| Financial charges65/66B | €3,216 | €7,314 | €9,935 | €9,470 | €7,673 | ▼ 19.0% |
| Recurring financial charges65 | €3,216 | €7,314 | €9,935 | €9,470 | €7,673 | ▼ 19.0% |
| Profit (loss) for the period before taxes9903 | €8,947 | -€38,353 | €40,553 | -€176,325 | €65,682 | - |
| Income taxes67/77 | €2,555 | -€27 | €1,326 | - | €5,971 | - |
| Profit (loss) for the period9904 | €6,392 | -€38,326 | €39,227 | -€176,325 | €59,711 | - |
| Profit (loss) for the period to be appropriated9905 | €6,392 | -€38,326 | €39,227 | -€176,325 | €59,711 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €0.9m | €1.4m | €1.5m | €1.2m | €1.1m | ▼ 9.1% |
| Fixed assets21/28 | €0.7m | €1.3m | €1.4m | €1.1m | €1.0m | ▼ 6.9% |
| Tangible fixed assets22/27 | €0.7m | €1.3m | €1.4m | €1.1m | €1.0m | ▼ 6.9% |
| Land and buildings22 | €0.7m | €1.3m | €1.4m | €1.1m | €1.0m | ▼ 6.8% |
| Plant, machinery and equipment23 | €0.004m | €0.003m | €0.003m | €0.002m | €0.001m | ▼ 33.3% |
| Financial fixed assets28 | €363 | €363 | €363 | €0.001m | €0.001m | ▼ 1.0% |
| Current assets29/58 | €0.2m | €0.2m | €0.1m | €0.07m | €0.04m | ▼ 43.5% |
| Amounts receivable after more than one year29 | - | - | €0.1m | - | - | - |
| Other amounts receivable291 | - | - | €0.1m | - | - | - |
| Amounts receivable within one year40/41 | €0.2m | €0.1m | €2 | €0.02m | €0.003m | ▼ 85.9% |
| Trade receivables40 | €0.002m | - | - | €0.004m | €0.003m | ▼ 24.4% |
| Other amounts receivable41 | €0.2m | €0.1m | €2 | €0.02m | - | - |
| Current investments50/53 | - | - | - | - | €0.008m | - |
| Cash at bank and in hand54/58 | €0.005m | €0.005m | €0.002m | €0.05m | €0.03m | ▼ 41.0% |
| Deferred charges and accrued income490/1 | €0.003m | €0.003m | €0.004m | €0.005m | €0.001m | ▼ 71.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €0.9m | €1.4m | €1.5m | €1.2m | €1.1m | ▼ 9.1% |
| Equity10/15 | €0.8m | €0.8m | €0.8m | €0.6m | €0.6m | ▲ 10.6% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Contributions outside capital11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Other1109/19 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.7m | €0.7m | €0.7m | €0.5m | €0.6m | ▲ 11.9% |
| Distributable reserves133 | €0.7m | €0.7m | €0.7m | €0.5m | €0.6m | ▲ 11.9% |
| Amounts payable17/49 | €0.1m | €0.7m | €0.7m | €0.6m | €0.4m | ▼ 27.4% |
| Amounts payable after more than one year17 | €0.03m | €0.5m | €0.5m | €0.4m | €0.3m | ▼ 27.8% |
| Financial debts170/4 | €0.03m | €0.5m | €0.5m | €0.4m | €0.3m | ▼ 27.8% |
| Other amounts payable178/9 | - | - | €0.03m | - | - | - |
| Amounts payable within one year42/48 | €0.09m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 28.7% |
| Current portion of amounts payable after more than one year42 | €0.04m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 1.2% |
| Trade debts44 | €0.008m | €0.01m | €0.005m | €0.005m | - | - |
| Suppliers440/4 | €0.008m | €0.01m | €0.005m | €0.005m | - | - |
| Taxes, remuneration and social security45 | €0.01m | €0.01m | €0.007m | €0.007m | €0.006m | ▼ 17.7% |
| Taxes450/3 | €0.003m | €0.003m | €0.001m | €0.001m | €0.006m | ▲ 355% |
| Remuneration and social security454/9 | €0.007m | €0.008m | €0.006m | €0.006m | - | - |
| Other amounts payable47/48 | €0.02m | €0.05m | €0.02m | €0.07m | €0.02m | ▼ 69.8% |
| Accrued charges and deferred income492/3 | - | - | €0.008m | €0.02m | €0.02m | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,392 | -€38,326 | €39,227 | -€176,325 | €59,711 | - |
| + Depreciation and write-downs630 | €53,463 | €105,885 | €81,214 | €301,358 | €75,793 | ▼ 74.8% |
| Operating cash flow (approximation) | €59,855 | €67,559 | €120,441 | €125,033 | €135,504 | ▲ 8.4% |
| Investment in fixed assets (approximation) | - | -€646,313 | -€194,830 | -€17,190 | €10 | - |
| Change in cash | - | €227 | -€2,541 | €45,399 | -€19,525 | - |
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, 26,972 companies had the same profile as WAPIRIS has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of WAPIRIS itself is lower: 0.1% within 12 months. It rests on far more data about WAPIRIS than the profile alone.
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 26,972 companies, not a prediction for WAPIRIS. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-06-2026 | 2026-00228502 | |
| 31-12-2024 | micro format | 19-06-2025 | 2025-00156203 | |
| 31-12-2023 | micro format | 14-08-2024 | 2024-00345638 | |
| 31-12-2022 | micro format | 12-06-2023 | 2023-00128634 | |
| 31-12-2021 | micro format | 16-06-2022 | 2022-20067517 |