WGM
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 17 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €91,000
Estimated: probably between €42,000 and €220,000
Total assets
€795,044▼ 20.8%
2024 · €1.0m
Net result
€754▼ 94.1%
2024 · €12,823
Working capital
-€74,889▲ 73.0%
2024 · -€277,178
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€8,631
▼ 74.1%
2025
20182025
Net result
€754
▼ 94.1%
2025
middle half of the sector
20182025
Equity
€577,406
▲ 0.1%
2025
highest quarter of the sector
20182025
Total assets
€795,044
▼ 20.8%
2025
highest quarter of the sector
20182025
Debt
€217,638
▼ 49.1%
2025
20182025
Working capital
-€74,889
▲ 73.0%
2025
lowest quarter of the sector
20182025
Solvency
72.6%
▲ 15.2pp
2025
highest quarter of the sector
20182025
Current ratio
0.66
▲ 0.30
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
0.1%
▼ 1.2pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.03m-€0.2m▲ 696%€0.2m▼ 10.7%€0.3m▲ 24.3%€0.3m▲ 16.7%-€0.005m€0.03m€0.009m▼ 74.1%
Net result€0.02m-€0.2m▲ 804%€0.1mabove the sector's middle half▼ 36.0%€0.2mabove the sector's middle half▲ 26.6%€0.2mabove the sector's middle half▲ 10.3%€316within the sector's middle half▼ 99.8%€0.01mwithin the sector's middle half▲ 41×€0.001mwithin the sector's middle half▼ 94.1%
Equity-€0.2m-€0.05m€0.2mabove the sector's middle half▲ 309%€0.4mabove the sector's middle half▲ 97.7%€0.6mabove the sector's middle half▲ 54.5%€0.6mabove the sector's middle half▲ 0.1%€0.6mabove the sector's middle half▲ 2.3%€0.6mabove the sector's middle half▲ 0.1%
Total assets€0.03m-€0.2m▲ 489%€0.3mwithin the sector's middle half▲ 74.8%€0.5mabove the sector's middle half▲ 87.3%€0.7mabove the sector's middle half▲ 37.5%€0.6mabove the sector's middle half▼ 18.0%€1.0mabove the sector's middle half▲ 73.1%€0.8mabove the sector's middle half▼ 20.8%
Debt€0.2m-€0.1m▼ 45.1%€0.09m▼ 19.5%€0.1m▲ 66.0%€0.1m▼ 3.9%€0.02m▼ 88.6%€0.4m▲ 26×€0.2m▼ 49.1%
Working capital€0.02m-€0.1m▲ 640%€0.2mabove the sector's middle half▲ 30.3%€0.1mabove the sector's middle half▼ 44.6%€0.3mabove the sector's middle half▲ 165%€0.3mabove the sector's middle half▲ 11.8%-€0.3mbelow the sector's middle half-€0.07mbelow the sector's middle half▲ 73.0%
Solvency-664.4%-28.7%▲ 693.0pp67.2%above the sector's middle half▲ 38.5pp70.9%above the sector's middle half▲ 3.7pp79.7%above the sector's middle half▲ 8.8pp97.2%above the sector's middle half▲ 17.5pp57.4%within the sector's middle half▼ 39.8pp72.6%above the sector's middle half▲ 15.2pp
Current ratio3.53-10.08▲ 6.553.05above the sector's middle half▼ 7.041.68within the sector's middle half▼ 1.362.88within the sector's middle half▲ 1.2019.48above the sector's middle half▲ 16.600.35below the sector's middle half▼ 19.120.66below the sector's middle half▲ 0.30
Return on assets (ROA)92.2%-141.5%▲ 49.4pp51.8%above the sector's middle half▼ 89.7pp35.0%above the sector's middle half▼ 16.8pp28.1%above the sector's middle half▼ 6.9pp0.1%within the sector's middle half▼ 28.0pp1.3%within the sector's middle half▲ 1.2pp0.1%within the sector's middle half▼ 1.2pp
above
within
below
The sector band is the middle half of the companies in Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials (NACE 16). 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 74% lower than in 2024.
Turnover and EBIT margin are not published. The 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 €795,044
Fixed assets
€652,295 ▼ 23.6%
Current assets
€142,749 ▼ 5.2%
Equity and liabilities €795,044
Equity
€577,406 ▲ 0.1%
Debt
€217,638 ▼ 49.1%
Debt's share of the balance-sheet total falls from 42.6% to 27.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€9,382▼
2024 · €57,884
Cash flow
€1,506▼
2024 · €37,398
Debt to equity
0.38▼
2024 · 0.74
ROE
0.1%▼
2024 · 2.2%
Interest coverage
over 100▲
2024 · 3.60
Debt ≤ 1 year
€217,638▼
2024 · €427,789
Income taxes
€7,785▲
2024 · €5,207
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 | €295,712 | €62,309 | - | €630,976 | €22,071 |
| Depreciation and write-downs of the year | €33,108 | €31,659 | €31,659 | €24,575 | €751 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €13,931 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0 | €0 | - | €33,108 | €31,659 | €31,659 | €24,575 | €751 | ▼ 96.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €13,056 | €0 | - | - | - |
| Other operating charges640/8 | - | - | - | €655 | €1,695 | €3,786 | €1,189 | €2,532 | ▲ 113% |
| Gross operating margin9900 | €29,870 | €235,065 | €209,873 | €294,222 | €350,467 | €30,748 | €59,073 | €11,914 | ▼ 79.8% |
| Operating profit (loss)9901 | €29,471 | €234,656 | €209,463 | €260,460 | €304,057 | -€4,696 | €33,308 | €8,631 | ▼ 74.1% |
| Financial income75/76B | - | - | - | - | - | - | €797 | €0 | ▼ 100% |
| Recurring financial income75 | €0 | €0 | - | - | - | - | €797 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €35 | €441 | €46 | €16,076 | €91 | ▼ 99.4% |
| Recurring financial charges65 | €4,864 | €4,795 | €46 | €35 | €441 | €46 | €16,076 | €91 | ▼ 99.4% |
| Profit (loss) for the period before taxes9903 | €24,607 | €229,861 | €209,417 | €260,424 | €303,617 | -€4,743 | €18,030 | €8,539 | ▼ 52.6% |
| Income taxes67/77 | €0 | €7,407 | €67,022 | €80,151 | €104,858 | -€5,059 | €5,207 | €7,785 | ▲ 49.5% |
| Profit (loss) for the period9904 | €24,607 | €222,454 | €142,395 | €180,273 | €198,758 | €316 | €12,823 | €754 | ▼ 94.1% |
| Profit (loss) for the period to be appropriated9905 | €24,607 | €222,454 | €142,395 | €180,273 | €198,758 | €316 | €12,823 | €754 | ▼ 94.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.03m | €0.2m | €0.3m | €0.5m | €0.7m | €0.6m | €1.0m | €0.8m | ▼ 20.8% |
| Formation expenses20 | €0 | €0 | - | - | - | - | - | - | - |
| Fixed assets21/28 | - | - | - | €0.3m | €0.3m | €0.3m | €0.9m | €0.7m | ▼ 23.6% |
| Intangible fixed assets21 | €0 | €0 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | - | - | - | €0.3m | €0.3m | €0.3m | €0.9m | €0.7m | ▼ 23.6% |
| Land and buildings22 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | - | - | - | €0.02m | €0.01m | €0 | - | - |
| Furniture and vehicles24 | - | - | - | - | €0.02m | €0.01m | €0 | €0.003m | - |
| Other tangible fixed assets26 | - | - | - | - | - | - | €0.6m | €0.6m | ▲ 2.9% |
| Financial fixed assets28 | €0 | €0 | - | - | - | - | - | - | - |
| Current assets29/58 | €0.03m | €0.2m | €0.3m | €0.3m | €0.4m | €0.3m | €0.2m | €0.1m | ▼ 5.2% |
| Stocks and contracts in progress3 | €0 | €0 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.003m | €26 | €0.01m | €0.04m | €0.01m | €0.02m | €0.02m | €0.04m | ▲ 129% |
| Trade receivables40 | - | - | - | €0.03m | €0 | €0.01m | €0 | €0.02m | - |
| Other amounts receivable41 | - | - | - | €0.01m | €0.01m | €0.01m | €0.02m | €0.01m | ▼ 20.9% |
| Current investments50/53 | €0 | €0 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.02m | €0.2m | €0.3m | €0.2m | €0.4m | €0.3m | €0.1m | €0.07m | ▼ 33.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0 | €0.02m | €0.03m | €0.04m | ▲ 17.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.03m | €0.2m | €0.3m | €0.5m | €0.7m | €0.6m | €1.0m | €0.8m | ▼ 20.8% |
| Equity10/15 | -€0.2m | €0.05m | €0.2m | €0.4m | €0.6m | €0.6m | €0.6m | €0.6m | ▲ 0.1% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | - | - | €0.1m | €0.3m | €0.5m | €0.5m | €0.6m | €0.6m | ▲ 0.1% |
| Distributable reserves133 | - | - | - | €0.3m | €0.5m | €0.5m | €0.6m | €0.6m | ▲ 0.1% |
| Profit (loss) carried forward14 | -€0.2m | €0.03m | €0.03m | €0.03m | €0.03m | €0 | - | - | - |
| Amounts payable17/49 | €0.2m | €0.1m | €0.09m | €0.1m | €0.1m | €0.02m | €0.4m | €0.2m | ▼ 49.1% |
| Amounts payable after more than one year17 | €0.2m | €0.1m | €0 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.008m | €0.02m | €0.09m | €0.1m | €0.1m | €0.02m | €0.4m | €0.2m | ▼ 49.1% |
| Trade debts44 | €0.001m | €0.001m | €0.007m | €0.02m | €0.02m | €0.004m | €0.01m | €0.02m | ▲ 33.7% |
| Suppliers440/4 | - | - | - | €0.02m | €0.02m | €0.004m | €0.01m | €0.02m | ▲ 33.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.1m | €0.005m | €0.01m | €0.01m | ▲ 15.6% |
| Taxes450/3 | - | - | - | €0.1m | €0.1m | €0.005m | €0.01m | €0.01m | ▲ 15.6% |
| Remuneration and social security454/9 | - | - | - | €0.005m | €0 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €0 | €0.01m | €0.008m | €0.4m | €0.2m | ▼ 53.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,607 | €222,454 | €142,395 | €180,273 | €198,758 | €316 | €12,823 | €754 | ▼ 94.1% |
| + Depreciation and write-downs630 | €0 | €0 | - | €33,108 | €31,659 | €31,659 | €24,575 | €751 | ▼ 96.9% |
| Operating cash flow (approximation) | €24,607 | €222,454 | €142,395 | €213,381 | €230,417 | €31,975 | €37,398 | €1,506 | ▼ 96.0% |
| Investment in fixed assets (approximation) | - | - | - | - | -€62,309 | €0 | -€616,809 | €200,783 | - |
| Change in cash | - | €133,113 | €99,700 | -€51,214 | €197,637 | -€126,896 | -€175,676 | -€33,870 | ▲ 80.7% |
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, 6,049 companies had the same profile as WGM has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of WGM 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 6,049 companies, not a prediction for WGM. 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 | micro format | 31-07-2026 | 2026-00361038 | |
| 31-12-2024 | micro format | 27-08-2025 | 2025-00410375 | |
| 31-12-2023 | micro format | 09-07-2024 | 2024-00226522 | |
| 31-12-2022 | micro format | 06-07-2023 | 2023-00209454 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20110337 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-54500451 | |
| 31-12-2019 | micro format | 20-08-2020 | 2020-42400225 | |
| 31-12-2018 | micro format | 24-07-2019 | 2019-37100073 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-55100439 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-52600440 |