WE
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00457989.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 7 filings
Turnover
≈ €110,000
Estimated: probably between €48,000 and €200,000
Total assets
€83,786▼ 20.5%
2024 · €105,456
Net result
-€30,523
2024 · €4,339
Working capital
-€33,776▲ 0.3%
2024 · -€33,864
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€6,522
2025
20192025
Net result
-€30,523
2025
lowest quarter of the sector
20192025
Equity
-€23,132
2025
lowest quarter of the sector
20192025
Total assets
€83,786
▼ 20.5%
2025
middle half of the sector
20192025
Debt
€106,918
▲ 9.0%
2025
20192025
Working capital
-€33,776
▲ 0.3%
2025
lowest quarter of the sector
20192025
Solvency
-27.6%
▼ 34.6pp
2025
lowest quarter of the sector
20192025
Current ratio
0.55
▲ 0.14
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-36.4%
▼ 40.5pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€5,051--€6,070▼ 20.2%-€6,281▼ 3.5%€22,252-€819€7,040-€6,522
Net result-€5,051--€6,090below the sector's middle half▼ 20.6%-€6,325below the sector's middle half▼ 3.9%€17,355within the sector's middle half-€1,837below the sector's middle half€4,339within the sector's middle half-€30,523below the sector's middle half
Equity-€51--€6,141below the sector's middle half▼ 11,928%-€12,466below the sector's middle half▼ 103%€4,889below the sector's middle half€3,052below the sector's middle half▼ 37.6%€7,391below the sector's middle half▲ 142%-€23,132below the sector's middle half
Total assets€9,141-€11,057below the sector's middle half▲ 21.0%€5,068below the sector's middle half▼ 54.2%€52,825below the sector's middle half▲ 942%€46,569below the sector's middle half▼ 11.8%€105,456below the sector's middle half▲ 126%€83,786within the sector's middle half▼ 20.5%
Debt€9,192-€17,199▲ 87.1%€17,534▲ 1.9%€47,936▲ 173%€43,517▼ 9.2%€98,065▲ 125%€106,918▲ 9.0%
Working capital€736--€3,781within the sector's middle half-€12,466below the sector's middle half▼ 230%-€25,939below the sector's middle half▼ 108%-€27,575below the sector's middle half▼ 6.3%-€33,864below the sector's middle half▼ 22.8%-€33,776below the sector's middle half▲ 0.3%
Solvency-0.6%--55.5%below the sector's middle half▼ 55.0pp-246.0%below the sector's middle half▼ 190.5pp9.3%below the sector's middle half▲ 255.3pp6.6%below the sector's middle half▼ 2.7pp7.0%below the sector's middle half▲ 0.5pp-27.6%below the sector's middle half▼ 34.6pp
Current ratio1.09-0.75below the sector's middle half▼ 0.340.29below the sector's middle half▼ 0.460.46below the sector's middle half▲ 0.170.37below the sector's middle half▼ 0.090.40below the sector's middle half▲ 0.040.55below the sector's middle half▲ 0.14
Return on assets (ROA)-55.3%--55.1%below the sector's middle half▲ 0.2pp-124.8%below the sector's middle half▼ 69.7pp32.9%above the sector's middle half▲ 157.7pp-3.9%below the sector's middle half▼ 36.8pp4.1%within the sector's middle half▲ 8.1pp-36.4%below the sector's middle half▼ 40.5pp
Staff (FTE)0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 €6,522, after a profit of €7,040 in 2024. It is the lowest 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 €83,786
Fixed assets
€43,234 ▼ 47.6%
Current assets
€40,551 ▲ 77.1%
Equity and liabilities
Equity-€23,132
Debt€106,918
Equity is negative. Debt (€106,918) exceeds the balance-sheet total (€83,786).
Key figures and ratios
EBITDA
€3,559▼
2024 · €14,121
Cash flow
-€20,442▼
2024 · €11,420
Interest coverage
1.43▼
2024 · 7.18
Debt ≤ 1 year
€74,328▲
2024 · €56,761
Debt > 1 year
€32,590▼
2024 · €41,304
Income taxes
€44▼
2024 · €733
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,007 | - | €59,013 | €757 |
| Financial fixed assets | - | €30,000 | - | - | - |
| Depreciation and write-downs of the year | - | €179 | €201 | €7,081 | €10,081 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €322 awardedAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,083 | - | - | €179 | €201 | €7,081 | €10,081 | ▲ 42.4% |
| Other operating charges640/8 | - | - | €348 | €348 | €384 | €1,306 | €532 | ▼ 59.3% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €8,414 | - |
| Gross operating margin9900 | -€3,620 | -€5,667 | -€5,934 | €22,778 | -€233 | €15,428 | €12,504 | ▼ 18.9% |
| Operating profit (loss)9901 | -€5,051 | -€6,070 | -€6,281 | €22,252 | -€819 | €7,040 | -€6,522 | - |
| Financial income75/76B | - | - | - | - | €0 | €0 | €116 | - |
| Recurring financial income75 | - | - | - | - | €0 | €0 | €116 | - |
| Financial charges65/66B | - | - | €44 | €197 | €55 | €1,968 | €24,072 | ▲ 12× |
| Recurring financial charges65 | €0 | €21 | €44 | €197 | €55 | €1,968 | €2,487 | ▲ 26.4% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €21,585 | - |
| Profit (loss) for the period before taxes9903 | -€5,051 | -€6,090 | -€6,325 | €22,055 | -€874 | €5,072 | -€30,479 | - |
| Income taxes67/77 | - | - | - | €4,700 | €964 | €733 | €44 | ▼ 94.0% |
| Profit (loss) for the period9904 | -€5,051 | -€6,090 | -€6,325 | €17,355 | -€1,837 | €4,339 | -€30,523 | - |
| Profit (loss) for the period to be appropriated9905 | -€5,051 | -€6,090 | -€6,325 | €17,355 | -€1,837 | €4,339 | -€30,523 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €9,141 | €11,057 | €5,068 | €52,825 | €46,569 | €105,456 | €83,786 | ▼ 20.5% |
| Fixed assets21/28 | - | - | - | €30,828 | €30,627 | €82,559 | €43,234 | ▼ 47.6% |
| Tangible fixed assets22/27 | - | - | - | €828 | €627 | €52,559 | €43,234 | ▼ 17.7% |
| Furniture and vehicles24 | - | - | - | €828 | €627 | €52,559 | €43,234 | ▼ 17.7% |
| Financial fixed assets28 | - | - | - | €30,000 | €30,000 | €30,000 | €0 | ▼ 100% |
| Current assets29/58 | €9,141 | €11,057 | €5,068 | €21,997 | €15,942 | €22,897 | €40,551 | ▲ 77.1% |
| Amounts receivable within one year40/41 | €8,840 | €5,727 | - | €1,089 | €14,412 | €7,257 | €36,550 | ▲ 404% |
| Trade receivables40 | - | - | - | €1,089 | €14,410 | €5,491 | €34,528 | ▲ 529% |
| Other amounts receivable41 | - | - | - | - | €2 | €1,767 | €2,022 | ▲ 14.5% |
| Cash at bank and in hand54/58 | €301 | €5,330 | €5,068 | €20,908 | €1,531 | €15,640 | €4,001 | ▼ 74.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €9,141 | €11,057 | €5,068 | €52,825 | €46,569 | €105,456 | €83,786 | ▼ 20.5% |
| Equity10/15 | -€51 | -€6,141 | -€12,466 | €4,889 | €3,052 | €7,391 | -€23,132 | - |
| Contributions10/11 | - | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | - | - | - | - | - | €2,300 | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | - | - | €2,300 | €0 | ▼ 100% |
| Profit (loss) carried forward14 | -€5,051 | -€11,141 | -€17,466 | -€111 | -€1,948 | €91 | -€28,132 | - |
| Amounts payable17/49 | €9,192 | €17,199 | €17,534 | €47,936 | €43,517 | €98,065 | €106,918 | ▲ 9.0% |
| Amounts payable after more than one year17 | - | - | - | - | - | €41,304 | €32,590 | ▼ 21.1% |
| Financial debts170/4 | - | - | - | - | - | €41,304 | €32,590 | ▼ 21.1% |
| Amounts payable within one year42/48 | €8,405 | €14,838 | €17,534 | €47,936 | €43,517 | €56,761 | €74,328 | ▲ 30.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €8,267 | €8,714 | ▲ 5.4% |
| Trade debts44 | €1,643 | €870 | €2,691 | €2,122 | €1,099 | €718 | €2,480 | ▲ 245% |
| Suppliers440/4 | - | - | €2,691 | €2,122 | €1,099 | €718 | €2,480 | ▲ 245% |
| Taxes, remuneration and social security45 | - | - | €1,188 | €10,546 | €7,508 | €3,365 | €4,513 | ▲ 34.1% |
| Taxes450/3 | - | - | €1,188 | €10,546 | €7,508 | €3,365 | €4,513 | ▲ 34.1% |
| Other amounts payable47/48 | - | - | €13,655 | €35,269 | €34,910 | €44,410 | €58,621 | ▲ 32.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,051 | -€6,090 | -€6,325 | €17,355 | -€1,837 | €4,339 | -€30,523 | - |
| + Depreciation and write-downs630 | €1,083 | - | - | €179 | €201 | €7,081 | €10,081 | ▲ 42.4% |
| Operating cash flow (approximation) | -€3,968 | -€6,090 | -€6,325 | €17,535 | -€1,636 | €11,420 | -€20,442 | - |
| Investment in fixed assets (approximation) | - | - | - | - | €0 | -€59,013 | €29,243 | - |
| Change in cash | - | €5,029 | -€262 | €15,841 | -€19,378 | €14,109 | -€11,639 | - |
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, 6,008 companies had the same profile as WE has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of WE itself: 2.6% 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 6,008 companies, not a prediction for WE. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00457989 | |
| 31-12-2024 | abbreviated format | 30-06-2025 | 2025-00194750 | |
| 31-12-2023 | abbreviated format | 15-07-2024 | 2024-00243000 | |
| 31-12-2022 | abbreviated format | 30-08-2023 | 2023-00374847 | |
| 31-12-2021 | micro format | 20-07-2022 | 2022-20203934 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-28000226 | |
| 31-12-2019 | micro format | 07-08-2020 | 2020-40200369 |