Summary
WillowTree is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €34,825 and a net result of €1,018. Equity is shrinking by about 26% per year across the filed financial years. The company has been active since 2009 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, micro format
Equity
€34,825▲ 3.0%
2024 · €33,807
Net result
€1,018
2024 · -€1,469
Total assets
€527,236▼ 7.9%
2024 · €572,370
Solvency
6.6%▲ 0.7pp
2024 · 5.9%
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result has fallen two years in a row; 2025 is 43% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€14,337
2025
Net result€1,018
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€527,236
2025
Equity€34,825
2025
Debt€492,412
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€133,301
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency6.6%
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)0.8
2022
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€55,349--€132,630-€52,936▲ 60.1%€10,496-€41,120€28,532€25,024▼ 12.3%€14,337▼ 42.7%
Net result€44,610--€136,764-€59,072▲ 56.8%€3,359-€50,505-€2,832▲ 94.4%-€1,469▲ 48.1%€1,018
Equity€281,089-€144,325▼ 48.7%€85,253▼ 40.9%€88,613▲ 3.9%€38,108▼ 57.0%€35,276▼ 7.4%€33,807▼ 4.2%€34,825▲ 3.0%
Total assets€519,302-€677,649▲ 30.5%€888,949▲ 31.2%€758,733▼ 14.6%€711,216▼ 6.3%€666,817▼ 6.2%€572,370▼ 14.2%€527,236▼ 7.9%
Debt€238,213-€533,323▲ 124%€803,696▲ 50.7%€670,120▼ 16.6%€673,108▲ 0.4%€631,541▼ 6.2%€538,563▼ 14.7%€492,412▼ 8.6%
Working capital€53,975--€50,631-€269,312▼ 432%-€262,483▲ 2.5%-€281,534▼ 7.3%-€248,683▲ 11.7%-€183,027▲ 26.4%-€133,301▲ 27.2%
Solvency54.1%-21.3%▼ 32.8pp9.6%▼ 11.7pp11.7%▲ 2.1pp5.4%▼ 6.3pp5.3%▼ 0.1pp5.9%▲ 0.6pp6.6%▲ 0.7pp
Staff (FTE)0.2-0.8
Turnover and EBIT margin not published: the micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €527,236
Fixed assets
€431,309 ▼ 11.8%
Current assets
€95,928 ▲ 14.9%
Equity and liabilities €527,236
Equity
€34,825 ▲ 3.0%
Debt
€492,412 ▼ 8.6%
Debt's share of the balance-sheet total falls from 94.1% to 93.4%. Equity is higher and debt is lower.
Key figures and ratios
ROE
2.9%▲
2024 · -4.3%
ROA
0.2%▲
2024 · -0.3%
Debt ≤ 1 year
€229,228▼
2024 · €266,500
Debt > 1 year
€256,111▼
2024 · €266,111
Income taxes
€29▼
2024 · €451
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €7,106 | €1,366 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €24,143 | €39,454 | €53,136 | €58,055 | €59,788 | €59,670 | €59,942 | €57,983 | ▼ 3.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €1,763 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €1,336 | €2,341 | €1,550 | €2,783 | €354 | ▼ 87.3% |
| Non-recurring operating charges66A | - | - | - | - | - | €6,625 | - | - | - |
| Gross operating margin9900 | €84,366 | -€25,292 | €1,143 | €69,887 | €29,878 | €97,744 | €87,749 | €72,674 | ▼ 17.2% |
| Operating profit (loss)9901 | €55,349 | -€132,630 | -€52,936 | €10,496 | -€41,120 | €28,532 | €25,024 | €14,337 | ▼ 42.7% |
| Financial income75/76B | - | - | - | €82 | - | - | - | - | - |
| Recurring financial income75 | €6,411 | €1,118 | €1 | €82 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €6,857 | €9,068 | €30,936 | €26,042 | €13,291 | ▼ 49.0% |
| Recurring financial charges65 | €945 | €5,108 | €5,849 | €6,857 | €9,068 | €30,936 | €26,042 | €13,291 | ▼ 49.0% |
| Profit (loss) for the period before taxes9903 | €60,815 | -€136,620 | -€58,784 | €3,722 | -€50,187 | -€2,404 | -€1,018 | €1,046 | - |
| Income taxes67/77 | €16,205 | €144 | €288 | €362 | €318 | €428 | €451 | €29 | ▼ 93.7% |
| Profit (loss) for the period9904 | €44,610 | -€136,764 | -€59,072 | €3,359 | -€50,505 | -€2,832 | -€1,469 | €1,018 | - |
| Profit (loss) for the period to be appropriated9905 | €44,610 | -€136,764 | -€59,072 | €3,359 | -€50,505 | -€2,832 | -€1,469 | €1,018 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €519,302 | €677,649 | €888,949 | €758,733 | €711,216 | €666,817 | €572,370 | €527,236 | ▼ 7.9% |
| Fixed assets21/28 | €351,682 | €465,809 | €680,783 | €660,647 | €605,860 | €551,893 | €488,897 | €431,309 | ▼ 11.8% |
| Tangible fixed assets22/27 | €351,182 | €465,309 | €680,283 | €660,147 | €600,360 | €544,192 | €484,249 | €426,266 | ▼ 12.0% |
| Land and buildings22 | - | - | - | €654,359 | €596,547 | €538,736 | €480,924 | €424,747 | ▼ 11.7% |
| Plant, machinery and equipment23 | - | - | - | €923 | €160 | €1,387 | €842 | €297 | ▼ 64.7% |
| Furniture and vehicles24 | - | - | - | €4,865 | €3,652 | €4,069 | €2,483 | €1,222 | ▼ 50.8% |
| Financial fixed assets28 | €500 | €500 | €500 | €500 | €5,500 | €7,701 | €4,648 | €5,043 | ▲ 8.5% |
| Current assets29/58 | €167,619 | €211,840 | €208,166 | €98,086 | €105,356 | €114,924 | €83,473 | €95,928 | ▲ 14.9% |
| Amounts receivable within one year40/41 | €129,376 | €196,912 | €196,417 | €97,633 | €87,919 | €103,745 | €62,890 | €80,934 | ▲ 28.7% |
| Trade receivables40 | - | - | - | €49,412 | €39,694 | €84,102 | €37,830 | €63,257 | ▲ 67.2% |
| Other amounts receivable41 | - | - | - | €48,221 | €48,225 | €19,643 | €25,060 | €17,677 | ▼ 29.5% |
| Cash at bank and in hand54/58 | €38,017 | €14,684 | €11,749 | €453 | €14,967 | €11,179 | €20,171 | €14,994 | ▼ 25.7% |
| Deferred charges and accrued income490/1 | - | - | - | - | €2,470 | - | €413 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €519,302 | €677,649 | €888,949 | €758,733 | €711,216 | €666,817 | €572,370 | €527,236 | ▼ 7.9% |
| Equity10/15 | €281,089 | €144,325 | €85,253 | €88,613 | €38,108 | €35,276 | €33,807 | €34,825 | ▲ 3.0% |
| Contributions10/11 | €212,400 | €212,400 | - | €212,400 | €212,400 | €212,400 | €212,400 | €212,400 | = |
| Reserves13 | €68,689 | €68,689 | €68,689 | €68,689 | €68,689 | €68,689 | €68,689 | €68,689 | = |
| Non-distributable reserves130/1 | - | - | - | €21,240 | €21,240 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €21,240 | €21,240 | - | - | - | - |
| Distributable reserves133 | - | - | - | €47,449 | €47,449 | €68,689 | €68,689 | €68,689 | = |
| Profit (loss) carried forward14 | -€44,959 | -€136,764 | -€195,835 | -€192,476 | -€242,981 | -€245,813 | -€247,282 | -€246,264 | ▲ 0.4% |
| Amounts payable17/49 | €238,213 | €533,323 | €803,696 | €670,120 | €673,108 | €631,541 | €538,563 | €492,412 | ▼ 8.6% |
| Amounts payable after more than one year17 | €124,569 | €270,853 | €326,218 | €309,552 | €286,218 | €267,934 | €266,111 | €256,111 | ▼ 3.8% |
| Financial debts170/4 | - | - | - | €309,552 | €286,218 | €267,934 | €266,111 | €256,111 | ▼ 3.8% |
| Amounts payable within one year42/48 | €113,644 | €262,471 | €477,478 | €360,569 | €386,890 | €363,607 | €266,500 | €229,228 | ▼ 14.0% |
| Trade debts44 | €31,888 | €138,011 | €199,152 | €82,259 | €100,615 | €33,944 | €40,995 | €47,176 | ▲ 15.1% |
| Suppliers440/4 | - | - | - | €82,259 | €100,615 | €33,944 | €40,995 | €47,176 | ▲ 15.1% |
| Taxes, remuneration and social security45 | - | - | - | €10,740 | €5,823 | €12,691 | €4,042 | €9,439 | ▲ 134% |
| Taxes450/3 | - | - | - | €10,740 | €4,723 | €12,691 | €4,042 | €9,439 | ▲ 134% |
| Remuneration and social security454/9 | - | - | - | - | €1,100 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €267,571 | €280,452 | €316,972 | €221,463 | €172,614 | ▼ 22.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €5,951 | €7,072 | ▲ 18.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €44,610 | -€136,764 | -€59,072 | €3,359 | -€50,505 | -€2,832 | -€1,469 | €1,018 | - |
| + Depreciation and write-downs630 | €24,143 | €39,454 | €53,136 | €58,055 | €59,788 | €59,670 | €59,942 | €57,983 | ▼ 3.3% |
| Operating cash flow (approximation) | €68,753 | -€97,310 | -€5,936 | €61,414 | €9,282 | €56,838 | €58,474 | €59,001 | ▲ 0.9% |
| Investment in fixed assets (approximation) | - | -€153,580 | -€268,111 | -€37,919 | -€5,000 | -€5,703 | €3,053 | -€395 | - |
| Change in cash | - | -€23,333 | -€2,935 | -€11,296 | €14,514 | -€3,788 | €8,992 | -€5,177 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 16 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00354678 |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00341037 |
| 31-12-2023 | micro format | 23-07-2024 | 2024-00277642 |
| 31-12-2022 | micro format | 19-08-2023 | 2023-00336433 |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20410714 |
| 31-12-2020 | micro format | 27-08-2021 | 2021-55600190 |
| 31-12-2019 | micro format | 15-08-2020 | 2020-41600153 |
| 31-12-2018 | micro format | 23-08-2019 | 2019-50400239 |
| 31-12-2017 | micro format | 31-08-2018 | 2018-59200100 |
| 31-12-2016 | micro format | 28-07-2017 | 2017-39100121 |
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Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.