WILL SERVICES
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 21-04-2026 PDF all 24 filings
Turnover
≈ €500,000
Estimated: probably between €280,000 and €840,000
Total assets
€408,428▲ 137%
2024 · €172,506
Net result
€31,547▲ 3.2%
2024 · €30,567
Working capital
-€79,839
2024 · €117,534
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€41,493
▼ 2.9%
2025
20182025
Net result
€31,547
▲ 3.2%
2025
highest quarter of the sector
20182025
Equity
€164,080
▲ 23.8%
2025
highest quarter of the sector
20182025
Total assets
€408,428
▲ 137%
2025
highest quarter of the sector
20182025
Debt
€244,348
▲ 511%
2025
20182025
Working capital
-€79,839
2025
lowest quarter of the sector
20182025
Solvency
40.2%
▼ 36.7pp
2025
middle half of the sector
20182025
Current ratio
0.67
▼ 3.27
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
7.7%
▼ 10.0pp
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€43,510-€49,772▲ 14.4%€9,899▼ 80.1%€9,576▼ 3.3%€4,412▼ 53.9%€26,964▲ 511%€42,736▲ 58.5%€41,493▼ 2.9%
Net result€36,932-€42,403▲ 14.8%€6,455within the sector's middle half▼ 84.8%€5,443within the sector's middle half▼ 15.7%€3,032within the sector's middle half▼ 44.3%€21,066above the sector's middle half▲ 595%€30,567above the sector's middle half▲ 45.1%€31,547above the sector's middle half▲ 3.2%
Equity€43,567-€65,970▲ 51.4%€72,425within the sector's middle half▲ 9.8%€77,868within the sector's middle half▲ 7.5%€80,900within the sector's middle half▲ 3.9%€101,967within the sector's middle half▲ 26.0%€132,533above the sector's middle half▲ 30.0%€164,080above the sector's middle half▲ 23.8%
Total assets€153,880-€113,012▼ 26.6%€118,214within the sector's middle half▲ 4.6%€136,938within the sector's middle half▲ 15.8%€129,869within the sector's middle half▼ 5.2%€162,308within the sector's middle half▲ 25.0%€172,506within the sector's middle half▲ 6.3%€408,428above the sector's middle half▲ 137%
Debt€110,314-€47,042▼ 57.4%€45,789▼ 2.7%€59,069▲ 29.0%€48,968▼ 17.1%€60,341▲ 23.2%€39,972▼ 33.8%€244,348▲ 511%
Working capital€18,713-€52,214▲ 179%€68,880within the sector's middle half▲ 31.9%€77,868within the sector's middle half▲ 13.0%€80,900within the sector's middle half▲ 3.9%€95,091above the sector's middle half▲ 17.5%€117,534above the sector's middle half▲ 23.6%-€79,839below the sector's middle half
Solvency28.3%-58.4%▲ 30.1pp61.3%above the sector's middle half▲ 2.9pp56.9%within the sector's middle half▼ 4.4pp62.3%above the sector's middle half▲ 5.4pp62.8%above the sector's middle half▲ 0.5pp76.8%above the sector's middle half▲ 14.0pp40.2%within the sector's middle half▼ 36.7pp
Current ratio1.17-2.11▲ 0.942.50within the sector's middle half▲ 0.392.32within the sector's middle half▼ 0.192.65within the sector's middle half▲ 0.332.58within the sector's middle half▼ 0.083.94above the sector's middle half▲ 1.360.67below the sector's middle half▼ 3.27
Return on assets (ROA)24.0%-37.5%▲ 13.5pp5.5%within the sector's middle half▼ 32.1pp4.0%within the sector's middle half▼ 1.5pp2.3%within the sector's middle half▼ 1.6pp13.0%above the sector's middle half▲ 10.6pp17.7%above the sector's middle half▲ 4.7pp7.7%within the sector's middle half▼ 10.0pp
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 3% 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 €408,428
Fixed assets
€243,919 ▲ 16×
Current assets
€164,509 ▲ 4.4%
Equity and liabilities €408,428
Equity
€164,080 ▲ 23.8%
Debt
€244,348 ▲ 511%
Debt's share of the balance-sheet total rises from 23.2% to 59.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€65,775▲
2024 · €45,112
Cash flow
€55,829▲
2024 · €32,942
Quick ratio
0.44▼
2024 · 3.52
Debt to equity
1.49▲
2024 · 0.30
ROE
19.2%▼
2024 · 23.1%
Interest coverage
47.04▼
2024 · over 100
Debt ≤ 1 year
€244,348▲
2024 · €39,972
Income taxes
€8,548▼
2024 · €11,928
Staff costs
€0▼
2024 · €802
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 | - | - | €7,862 | €10,500 | €242,037 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €3,545 | - | €986 | €2,376 | €24,282 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 to 2025 · 2 entries · €1,400 awarded · €930 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €470 | €930 |
| 2024 | 1 | €930 | €0 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €802 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,642 | €11,098 | €10,212 | €3,545 | - | €986 | €2,376 | €24,282 | ▲ 922% |
| Other operating charges640/8 | - | - | - | €2,373 | €1,136 | €1,580 | €1,374 | €1,465 | ▲ 6.6% |
| Gross operating margin9900 | €59,284 | €67,265 | €21,654 | €15,493 | €5,548 | €29,530 | €47,288 | €67,240 | ▲ 42.2% |
| Operating profit (loss)9901 | €43,510 | €49,772 | €9,899 | €9,576 | €4,412 | €26,964 | €42,736 | €41,493 | ▼ 2.9% |
| Financial income75/76B | - | - | - | - | €49 | €1 | €34 | €0 | ▼ 100% |
| Recurring financial income75 | €13 | €207 | €5 | - | €49 | €1 | €34 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €216 | €76 | €324 | €276 | €1,398 | ▲ 407% |
| Recurring financial charges65 | €962 | €872 | €1,191 | €216 | €76 | €324 | €276 | €1,398 | ▲ 407% |
| Profit (loss) for the period before taxes9903 | €42,562 | €49,107 | €8,712 | €9,360 | €4,386 | €26,641 | €42,494 | €40,095 | ▼ 5.6% |
| Income taxes67/77 | €5,630 | €6,703 | €2,257 | €3,917 | €1,354 | €5,574 | €11,928 | €8,548 | ▼ 28.3% |
| Profit (loss) for the period9904 | €36,932 | €42,403 | €6,455 | €5,443 | €3,032 | €21,066 | €30,567 | €31,547 | ▲ 3.2% |
| Profit (loss) for the period to be appropriated9905 | €36,932 | €42,403 | €6,455 | €5,443 | €3,032 | €21,066 | €30,567 | €31,547 | ▲ 3.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €153,880 | €113,012 | €118,214 | €136,938 | €129,869 | €162,308 | €172,506 | €408,428 | ▲ 137% |
| Fixed assets21/28 | €24,854 | €13,756 | €3,545 | - | - | €6,875 | €15,000 | €243,919 | ▲ 16× |
| Tangible fixed assets22/27 | €24,854 | €13,756 | €3,545 | - | - | €6,875 | €15,000 | €243,919 | ▲ 16× |
| Land and buildings22 | - | - | - | - | - | - | - | €235,742 | - |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €9,697 | €4,447 | ▼ 54.1% |
| Furniture and vehicles24 | - | - | - | - | - | €6,875 | €5,303 | €3,731 | ▼ 29.7% |
| Current assets29/58 | €129,026 | €99,255 | €114,670 | €136,938 | €129,869 | €155,432 | €157,506 | €164,509 | ▲ 4.4% |
| Stocks and contracts in progress3 | €3,175 | €3,070 | €4,060 | €34,779 | €12,658 | €24,450 | €16,922 | €55,885 | ▲ 230% |
| Stocks30/36 | - | - | - | €7,465 | €12,658 | €12,450 | €12,922 | €13,885 | ▲ 7.5% |
| Contracts in progress37 | - | - | - | €27,315 | - | €12,000 | €4,000 | €42,000 | ▲ 950% |
| Amounts receivable within one year40/41 | €23,069 | €48,279 | €62,566 | €68,564 | €97,715 | €59,215 | €28,776 | €46,544 | ▲ 61.7% |
| Trade receivables40 | - | - | - | €55,267 | €77,444 | €43,974 | €11,019 | €33,530 | ▲ 204% |
| Other amounts receivable41 | - | - | - | €13,297 | €20,271 | €15,242 | €17,757 | €13,014 | ▼ 26.7% |
| Cash at bank and in hand54/58 | €102,781 | €47,906 | €48,043 | €33,595 | €19,496 | €71,767 | €111,808 | €62,079 | ▼ 44.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €153,880 | €113,012 | €118,214 | €136,938 | €129,869 | €162,308 | €172,506 | €408,428 | ▲ 137% |
| Equity10/15 | €43,567 | €65,970 | €72,425 | €77,868 | €80,900 | €101,967 | €132,533 | €164,080 | ▲ 23.8% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €31,167 | €53,570 | €60,025 | €65,468 | €68,500 | €89,567 | €120,133 | €151,680 | ▲ 26.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €63,608 | €66,640 | €89,567 | €120,133 | €151,680 | ▲ 26.3% |
| Amounts payable17/49 | €110,314 | €47,042 | €45,789 | €59,069 | €48,968 | €60,341 | €39,972 | €244,348 | ▲ 511% |
| Amounts payable within one year42/48 | €110,314 | €47,042 | €45,789 | €59,069 | €48,968 | €60,341 | €39,972 | €244,348 | ▲ 511% |
| Trade debts44 | €20,333 | €2,790 | €21,238 | €24,756 | €2,547 | €15,491 | €430 | €8,509 | ▲ 20× |
| Suppliers440/4 | - | - | - | €24,756 | €2,547 | €15,491 | €430 | €8,509 | ▲ 20× |
| Advances received on contracts in progress46 | - | - | - | - | €5,461 | €5,461 | €3,401 | €3,401 | = |
| Taxes, remuneration and social security45 | - | - | - | €6,895 | €7,749 | €5,292 | €1,346 | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | €6,895 | €5,249 | €5,292 | €1,346 | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | - | - | €2,500 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €27,418 | €33,211 | €34,097 | €34,796 | €232,438 | ▲ 568% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €36,932 | €42,403 | €6,455 | €5,443 | €3,032 | €21,066 | €30,567 | €31,547 | ▲ 3.2% |
| + Depreciation and write-downs630 | €14,642 | €11,098 | €10,212 | €3,545 | - | €986 | €2,376 | €24,282 | ▲ 922% |
| Operating cash flow (approximation) | €51,575 | €53,501 | €16,666 | €8,988 | €3,032 | €22,053 | €32,942 | €55,829 | ▲ 69.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | - | - | - | -€10,500 | -€253,201 | ▼ 2,311% |
| Change in cash | - | -€54,876 | €138 | -€14,449 | -€14,099 | €52,271 | €40,041 | -€49,728 | - |
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, 31,368 companies had the same profile as WILL SERVICES has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of WILL SERVICES 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 31,368 companies, not a prediction for WILL SERVICES. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 21-04-2026 | 2026-00083733 | |
| 31-12-2024 | micro format | 22-05-2025 | 2025-00102147 | |
| 31-12-2023 | micro format | 04-06-2024 | 2024-00107739 | |
| 31-12-2022 | micro format | 20-07-2023 | 2023-00253552 | |
| 31-12-2021 | micro format | 14-07-2022 | 2022-20197947 | |
| 31-12-2020 | micro format | 29-07-2021 | 2021-43200021 | |
| 31-12-2019 | micro format | 28-07-2020 | 2020-35500396 | |
| 31-12-2018 | micro format | 25-07-2019 | 2019-39100355 | |
| 31-12-2017 | micro format | 25-07-2018 | 2018-37900557 | |
| 31-12-2016 | micro format | 27-07-2017 | 2017-38000433 |