Win-Trans
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-12-2025 PDF all 33 filings
Turnover
≈ €5.0m
Estimated: probably between €4.4m and €5.9m
Total assets
€1.9m▲ 74.5%
2024 · €1.1m
Net result
-€68,994▼ 1,101%
2024 · -€5,744
Working capital
-€135,109
2024 · €106,333
In the rankings
#7 employer in Herenthout
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€21,365
2025
20192025
Net result
-€68,994
▼ 1,101%
2025
lowest quarter of the sector
20192025
Equity
€182,486
▼ 27.4%
2025
middle half of the sector
20192025
Total assets
€1.9m
▲ 74.5%
2025
highest quarter of the sector
20192025
Debt
€1.8m
▲ 104%
2025
20192025
Working capital
-€135,109
2025
lowest quarter of the sector
20192025
Solvency
9.4%
▼ 13.2pp
2025
lowest quarter of the sector
20192025
Current ratio
0.84
▼ 0.35
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-3.5%
▼ 3.0pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
41.8
=
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.02m--€0.05m-€0.2m▼ 316%€0.3m€0.3m▲ 2.0%€0.01m▼ 95.3%-€0.02m
Net result-€0.003m--€0.07mbelow the sector's middle half▼ 2,227%-€0.2mbelow the sector's middle half▼ 225%€0.3mabove the sector's middle half€0.2mabove the sector's middle half▼ 25.0%-€0.006mbelow the sector's middle half-€0.07mbelow the sector's middle half▼ 1,101%
Equity€0.09m-€0.03mbelow the sector's middle half▼ 70.2%-€0.2mbelow the sector's middle half€0.07mbelow the sector's middle half€0.3mwithin the sector's middle half▲ 286%€0.3mwithin the sector's middle half▼ 2.2%€0.2mwithin the sector's middle half▼ 27.4%
Total assets€1.0m-€1.0mwithin the sector's middle half▼ 1.3%€0.6mwithin the sector's middle half▼ 34.1%€0.8mwithin the sector's middle half▲ 32.3%€1.2mwithin the sector's middle half▲ 43.9%€1.1mwithin the sector's middle half▼ 7.9%€1.9mabove the sector's middle half▲ 74.5%
Debt€0.9m-€0.9m▲ 6.1%€0.8m▼ 12.1%€0.8m▼ 5.9%€1.0m▲ 23.1%€0.9m▼ 9.4%€1.8m▲ 104%
Working capital-€0.1m--€0.04mbelow the sector's middle half▲ 69.5%-€0.2mbelow the sector's middle half▼ 483%€0.05mwithin the sector's middle half€0.2mwithin the sector's middle half▲ 242%€0.1mwithin the sector's middle half▼ 31.8%-€0.1mbelow the sector's middle half
Solvency9.7%-2.9%below the sector's middle half▼ 6.8pp-29.5%below the sector's middle half▼ 32.4pp7.9%below the sector's middle half▲ 37.4pp21.2%within the sector's middle half▲ 13.3pp22.5%within the sector's middle half▲ 1.3pp9.4%below the sector's middle half▼ 13.2pp
Current ratio0.71-0.90below the sector's middle half▲ 0.190.50below the sector's middle half▼ 0.391.08within the sector's middle half▲ 0.571.24within the sector's middle half▲ 0.171.18within the sector's middle half▼ 0.060.84below the sector's middle half▼ 0.35
Return on assets (ROA)-0.3%--6.9%below the sector's middle half▼ 6.6pp-33.9%below the sector's middle half▼ 27.0pp30.2%above the sector's middle half▲ 64.1pp15.7%above the sector's middle half▼ 14.5pp-0.5%below the sector's middle half▼ 16.2pp-3.5%below the sector's middle half▼ 3.0pp
Staff (FTE)29.5-33.7above the sector's middle half▲ 14.2%33.8above the sector's middle half▲ 0.3%35.6above the sector's middle half▲ 5.3%38.4above the sector's middle half▲ 7.9%41.8above the sector's middle half▲ 8.9%41.8above the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 €21,365, after a profit of €12,989 in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €1.9m
Fixed assets
€1.3m ▲ 192%
Current assets
€687,678 ▲ 0.5%
Equity and liabilities €1.9m
Equity
€182,486 ▼ 27.4%
Debt
€1.8m ▲ 104%
Debt's share of the balance-sheet total rises from 77.5% to 90.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€227,321▲
2024 · €178,221
Cash flow
€179,693▲
2024 · €159,487
Debt to equity
9.67▲
2024 · 3.44
ROE
-37.8%▼
2024 · -2.3%
Interest coverage
4.58▼
2024 · 10.46
Debt ≤ 1 year
€822,787▲
2024 · €577,822
Debt > 1 year
€941,303▲
2024 · €286,454
Income taxes
€0▼
2024 · €1,701
Staff costs
€2.4m▲
2024 · €2.4m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 40 | 44 | 45 | 45 |
| full-time | 37 | 40 | 41 | 40 |
| part-time | 3 | 4 | 4 | 5 |
| in full-time equivalents | 39.1 | 42.2 | 43.5 | 42.9 |
| Average over the year, in full-time equivalents | 35.6 | 38.4 | 41.8 | 41.8 |
| On a permanent contract | 38 | 44 | 44 | 45 |
| Joined | 14 | 14 | 9 | 10 |
| Left | 9 | 10 | 8 | 10 |
| Training hours | - | - | 16 | 21 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2,945 | €358,470 | €181,701 | €1.1m |
| Depreciation and write-downs of the year | €192,561 | €136,965 | €165,232 | €248,687 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 9 entries · €62,078 awarded · €61,662 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €12,836 | €12,836 |
| 2024 | 2 | €13,044 | €12,573 |
| 2023 | 3 | €22,486 | €22,541 |
| 2022 | 2 | €13,712 | €13,712 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.06m | €0.04m | €0.08m | €0.1m | ▲ 20.0% |
| Remuneration, social security and pensions62 | - | - | - | €1.8m | €2.0m | €2.4m | €2.4m | ▲ 2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.3m | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | ▲ 50.5% |
| Other operating charges640/8 | - | - | - | €0.01m | €0.007m | €0.01m | €0.006m | ▼ 39.4% |
| Gross operating margin9900 | €1.6m | €1.5m | €1.2m | €2.3m | €2.5m | €2.6m | €2.7m | ▲ 4.4% |
| Operating profit (loss)9901 | €0.02m | -€0.05m | -€0.2m | €0.3m | €0.3m | €0.01m | -€0.02m | - |
| Financial income75/76B | - | - | - | €112 | €245 | €13 | €0.002m | ▲ 148× |
| Recurring financial income75 | €18 | €20 | €0.001m | €112 | €245 | €13 | €0.002m | ▲ 148× |
| Financial charges65/66B | - | - | - | €0.01m | €0.02m | €0.02m | €0.05m | ▲ 191% |
| Recurring financial charges65 | €0.02m | €0.02m | €0.02m | €0.01m | €0.02m | €0.02m | €0.05m | ▲ 191% |
| Profit (loss) for the period before taxes9903 | -€0.001m | -€0.07m | -€0.2m | €0.3m | €0.3m | -€0.004m | -€0.07m | ▼ 1,606% |
| Income taxes67/77 | €0.002m | €3 | €0 | €0.002m | €0.07m | €0.002m | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€0.003m | -€0.07m | -€0.2m | €0.3m | €0.2m | -€0.006m | -€0.07m | ▼ 1,101% |
| Profit (loss) for the period to be appropriated9905 | -€0.003m | -€0.07m | -€0.2m | €0.3m | €0.2m | -€0.006m | -€0.07m | ▼ 1,101% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.0m | €1.0m | €0.6m | €0.8m | €1.2m | €1.1m | €1.9m | ▲ 74.5% |
| Fixed assets21/28 | €0.6m | €0.6m | €0.4m | €0.2m | €0.4m | €0.4m | €1.3m | ▲ 192% |
| Tangible fixed assets22/27 | €0.6m | €0.6m | €0.4m | €0.2m | €0.4m | €0.4m | €1.2m | ▲ 204% |
| Plant, machinery and equipment23 | - | - | - | €0.009m | €0.007m | €0.02m | €0.02m | ▼ 11.6% |
| Furniture and vehicles24 | - | - | - | - | - | €0.01m | €0.02m | ▲ 74.2% |
| Leasing and similar rights25 | - | - | - | €0.2m | €0.4m | €0.4m | €1.2m | ▲ 219% |
| Financial fixed assets28 | €0.006m | €0.02m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Current assets29/58 | €0.3m | €0.4m | €0.2m | €0.6m | €0.8m | €0.7m | €0.7m | ▲ 0.5% |
| Amounts receivable within one year40/41 | €0.3m | €0.3m | €0.2m | €0.6m | €0.6m | €0.5m | €0.5m | ▲ 11.8% |
| Trade receivables40 | - | - | - | €0.6m | €0.6m | €0.5m | €0.5m | ▲ 11.8% |
| Other amounts receivable41 | - | - | - | - | - | €0 | €6 | - |
| Cash at bank and in hand54/58 | €0.03m | €0.03m | €0.006m | €0.06m | €0.2m | €0.2m | €0.1m | ▼ 26.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.003m | €0.02m | €0.02m | ▲ 16.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.0m | €1.0m | €0.6m | €0.8m | €1.2m | €1.1m | €1.9m | ▲ 74.5% |
| Equity10/15 | €0.09m | €0.03m | -€0.2m | €0.07m | €0.3m | €0.3m | €0.2m | ▼ 27.4% |
| Contributions10/11 | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Reserves13 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Non-distributable reserves130/1 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Reserves not available under the articles1311 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Profit (loss) carried forward14 | €0.01m | -€0.05m | -€0.3m | -€0.01m | €0.2m | €0.2m | €0.1m | ▼ 40.5% |
| Amounts payable17/49 | €0.9m | €0.9m | €0.8m | €0.8m | €1.0m | €0.9m | €1.8m | ▲ 104% |
| Amounts payable after more than one year17 | €0.4m | €0.5m | €0.3m | €0.2m | €0.3m | €0.3m | €0.9m | ▲ 229% |
| Financial debts170/4 | - | - | - | €0.2m | €0.3m | €0.3m | €0.9m | ▲ 229% |
| Amounts payable within one year42/48 | €0.5m | €0.4m | €0.5m | €0.6m | €0.6m | €0.6m | €0.8m | ▲ 42.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 87.2% |
| Trade debts44 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 49.0% |
| Suppliers440/4 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 49.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 10.6% |
| Taxes450/3 | - | - | - | €0.09m | €0.1m | €0.04m | €0.05m | ▲ 16.2% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 9.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.003m | -€0.07m | -€0.2m | €0.3m | €0.2m | -€0.006m | -€0.07m | ▼ 1,101% |
| + Depreciation and write-downs630 | €0.2m | €0.3m | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | ▲ 50.5% |
| Operating cash flow (approximation) | €0.2m | €0.2m | €0.005m | €0.4m | €0.3m | €0.2m | €0.2m | ▲ 12.7% |
| Investment in fixed assets (approximation) | - | -€0.2m | -€0.004m | -€0.003m | -€0.4m | -€0.2m | -€1.1m | ▼ 506% |
| Change in cash | - | -€0.003m | -€0.03m | €0.05m | €0.1m | €0.04m | -€0.05m | - |
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, 1,104 companies had the same profile as Win-Trans has now. Two years later, 94.3% were still going and 1.8% had gone bankrupt.
- Small
- 20 years or older
- solvency under 10%
- a small loss
94.3%
was still going
3.5%
stopped otherwise
1.8%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Win-Trans itself: 1.5% 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 1,104 companies, not a prediction for Win-Trans. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 01-12-2025 | 2025-00573434 | |
| 30-06-2024 | abbreviated format | 25-11-2024 | 2024-00603774 | |
| 30-06-2023 | abbreviated format | 22-11-2023 | 2023-00514335 | |
| 30-06-2022 | abbreviated format | 13-12-2022 | 2022-20536772 | |
| 30-06-2021 | abbreviated format | 05-01-2022 | 2022-00300022 | |
| 30-06-2020 | abbreviated format | 08-01-2021 | 2021-00500525 | |
| 30-06-2019 | abbreviated format | 29-11-2019 | 2019-75100057 | |
| 30-06-2018 | abbreviated format | 07-01-2019 | 2019-00800089 | |
| 30-06-2017 | abbreviated format | 21-12-2017 | 2017-72900575 | |
| 30-06-2016 | abbreviated format | 22-12-2016 | 2016-71400528 |