WISSALE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 17 filings
Turnover
€130,436▼ 38.0%
2019 · €210,356
EBIT margin
16.2%▲ 6.4pp
2019 · 9.8%
Net result
-€10,133
2024 · €6,420
Working capital
€8,614▼ 44.2%
2024 · €15,440
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€9,149
2025
20182025
Net result
-€10,133
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€13,619
▼ 42.7%
2025
middle half of the sector
20182025
Total assets
€67,886
▲ 3.1%
2025
middle half of the sector
20182025
Debt
€54,267
▲ 28.9%
2025
20182025
Working capital
€8,614
▼ 44.2%
2025
middle half of the sector
20182025
Solvency
20.1%
▼ 16.0pp
2025
middle half of the sector
20182025
Current ratio
1.16
▼ 0.21
2025
middle half of the sector
20182025
Return on assets (ROA)
-14.9%
▼ 24.7pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€190,323-€210,356▲ 10.5%€130,436▼ 38.0%
Operating result-€4,900-€20,629€21,086▲ 2.2%-€496€6,123-€9,124€8,723-€9,149
Net result-€7,259-€18,638€20,354above the sector's middle half▲ 9.2%-€1,578within the sector's middle half€2,205within the sector's middle half-€11,029below the sector's middle half€6,420within the sector's middle half-€10,133below the sector's middle half
EBIT margin-2.6%-9.8%▲ 12.4pp16.2%▲ 6.4pp
Equity-€11,257-€7,381€27,734within the sector's middle half▲ 276%€26,156within the sector's middle half▼ 5.7%€28,361within the sector's middle half▲ 8.4%€17,332within the sector's middle half▼ 38.9%€23,753within the sector's middle half▲ 37.0%€13,619within the sector's middle half▼ 42.7%
Total assets€27,424-€41,548▲ 51.5%€57,586within the sector's middle half▲ 38.6%€70,310within the sector's middle half▲ 22.1%€67,916within the sector's middle half▼ 3.4%€68,950within the sector's middle half▲ 1.5%€65,867within the sector's middle half▼ 4.5%€67,886within the sector's middle half▲ 3.1%
Debt€38,681-€34,167▼ 11.7%€29,851▼ 12.6%€44,154▲ 47.9%€39,555▼ 10.4%€51,618▲ 30.5%€42,115▼ 18.4%€54,267▲ 28.9%
Working capital-€15,986--€3,161▲ 80.2%€18,020within the sector's middle half€18,193within the sector's middle half▲ 1.0%€22,823within the sector's middle half▲ 25.4%€5,812within the sector's middle half▼ 74.5%€15,440within the sector's middle half▲ 166%€8,614within the sector's middle half▼ 44.2%
Solvency-41.0%-17.8%▲ 58.8pp48.2%within the sector's middle half▲ 30.4pp37.2%within the sector's middle half▼ 11.0pp41.8%within the sector's middle half▲ 4.6pp25.1%within the sector's middle half▼ 16.6pp36.1%within the sector's middle half▲ 10.9pp20.1%within the sector's middle half▼ 16.0pp
Current ratio0.59-0.91▲ 0.321.60within the sector's middle half▲ 0.701.41within the sector's middle half▼ 0.191.58within the sector's middle half▲ 0.161.11within the sector's middle half▼ 0.461.37within the sector's middle half▲ 0.251.16within the sector's middle half▼ 0.21
Return on assets (ROA)-26.5%-44.9%▲ 71.3pp35.3%above the sector's middle half▼ 9.5pp-2.2%within the sector's middle half▼ 37.6pp3.2%within the sector's middle half▲ 5.5pp-16.0%below the sector's middle half▼ 19.2pp9.7%within the sector's middle half▲ 25.7pp-14.9%below the sector's middle half▼ 24.7pp
Staff (FTE)6.2
above
within
below
The sector band is the middle half of the companies in Personal service activities (NACE 96). 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 €9,149, after a profit of €8,723 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €67,886
Fixed assets
€5,005 ▼ 39.8%
Current assets
€62,882 ▲ 9.3%
Equity and liabilities €67,886
Equity
€13,619 ▼ 42.7%
Debt
€54,267 ▲ 28.9%
Debt's share of the balance-sheet total rises from 63.9% to 79.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€5,074▼
2024 · €11,930
Cash flow
-€6,058▼
2024 · €9,627
Quick ratio
1.14▼
2024 · 1.34
Debt to equity
3.98▲
2024 · 1.77
ROE
-74.4%▼
2024 · 27.0%
Interest coverage
-2.59▼
2024 · 5.18
Debt ≤ 1 year
€54,267▲
2024 · €42,115
Staff costs
€151,898▲
2024 · €148,560
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 |
|---|---|
| Employees at the balance-sheet date | 9 |
| full-time | 5 |
| part-time | 4 |
| in full-time equivalents | 6.5 |
| Average over the year, in full-time equivalents | 6.2 |
| On a permanent contract | 6 |
| Joined | 3 |
| Left | 2 |
Source: social balance sheet in the 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,501 | €1,866 | €10,851 | - | €496 |
| Depreciation and write-downs of the year | €5,252 | €3,834 | €4,869 | €3,207 | €4,075 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €190,323 | €210,356 | €130,436 | - | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €81,995 | €119,247 | €158,031 | €148,560 | €151,898 | ▲ 2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,278 | €5,029 | €3,795 | €5,252 | €3,834 | €4,869 | €3,207 | €4,075 | ▲ 27.1% |
| Other operating charges640/8 | - | - | - | €962 | €3,193 | €978 | €779 | €9,644 | ▲ 12× |
| Gross operating margin9900 | €86,073 | €119,267 | €80,416 | €87,713 | €132,396 | €154,754 | €161,270 | €156,469 | ▼ 3.0% |
| Operating profit (loss)9901 | -€4,900 | €20,629 | €21,086 | -€496 | €6,123 | -€9,124 | €8,723 | -€9,149 | - |
| Financial income75/76B | - | - | - | €4 | - | - | - | €976 | - |
| Recurring financial income75 | - | €2 | - | €4 | - | - | - | €976 | - |
| Financial charges65/66B | - | - | - | €1,086 | €2,903 | €1,905 | €2,303 | €1,961 | ▼ 14.9% |
| Recurring financial charges65 | €2,359 | €1,993 | €732 | €1,086 | €2,903 | €1,905 | €2,303 | €1,961 | ▼ 14.9% |
| Profit (loss) for the period before taxes9903 | -€7,259 | €18,638 | €20,354 | -€1,578 | €3,220 | -€11,029 | €6,420 | -€10,133 | - |
| Income taxes67/77 | - | - | - | - | €1,015 | - | - | - | - |
| Profit (loss) for the period9904 | -€7,259 | €18,638 | €20,354 | -€1,578 | €2,205 | -€11,029 | €6,420 | -€10,133 | - |
| Profit (loss) for the period to be appropriated9905 | -€7,259 | €18,638 | €20,354 | -€1,578 | €2,205 | -€11,029 | €6,420 | -€10,133 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €27,424 | €41,548 | €57,586 | €70,310 | €67,916 | €68,950 | €65,867 | €67,886 | ▲ 3.1% |
| Fixed assets21/28 | €4,729 | €10,542 | €9,714 | €7,963 | €5,538 | €11,520 | €8,313 | €5,005 | ▼ 39.8% |
| Intangible fixed assets21 | - | - | - | €0 | €0 | - | - | - | - |
| Tangible fixed assets22/27 | €3,423 | €9,236 | €8,409 | €6,657 | €4,233 | €10,214 | €7,008 | €3,428 | ▼ 51.1% |
| Plant, machinery and equipment23 | - | - | - | €1,126 | €764 | €4,237 | €3,397 | €2,244 | ▼ 34.0% |
| Furniture and vehicles24 | - | - | - | €640 | €1,630 | €5,782 | €3,422 | €1,082 | ▼ 68.4% |
| Other tangible fixed assets26 | - | - | - | €4,891 | €1,839 | €195 | €188 | €102 | ▼ 45.6% |
| Financial fixed assets28 | €1,305 | €1,305 | €1,305 | €1,305 | €1,305 | €1,305 | €1,305 | €1,576 | ▲ 20.7% |
| Current assets29/58 | €22,695 | €31,006 | €47,872 | €62,347 | €62,377 | €57,430 | €57,554 | €62,882 | ▲ 9.3% |
| Stocks and contracts in progress3 | €7,475 | €2,500 | €2,500 | €2,500 | €2,390 | €2,390 | €1,325 | €919 | ▼ 30.6% |
| Stocks30/36 | - | - | - | €2,500 | €2,390 | €2,390 | €1,325 | €919 | ▼ 30.6% |
| Amounts receivable within one year40/41 | €776 | €10,383 | €20,748 | €18,010 | €21,913 | €18,527 | €21,033 | €21,598 | ▲ 2.7% |
| Other amounts receivable41 | - | - | - | €18,010 | €21,913 | €18,527 | €21,033 | €21,598 | ▲ 2.7% |
| Cash at bank and in hand54/58 | €13,818 | €17,497 | €23,998 | €41,211 | €37,449 | €35,886 | €34,570 | €39,633 | ▲ 14.6% |
| Deferred charges and accrued income490/1 | - | - | - | €626 | €626 | €626 | €626 | €732 | ▲ 16.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €27,424 | €41,548 | €57,586 | €70,310 | €67,916 | €68,950 | €65,867 | €67,886 | ▲ 3.1% |
| Equity10/15 | -€11,257 | €7,381 | €27,734 | €26,156 | €28,361 | €17,332 | €23,753 | €13,619 | ▼ 42.7% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | - | €18,600 | €18,600 | - | - |
| Other1109/19 | - | - | - | - | - | €18,600 | €18,600 | - | - |
| Profit (loss) carried forward14 | -€29,857 | -€11,219 | €9,134 | €7,556 | €9,761 | -€1,268 | €5,153 | -€4,981 | - |
| Amounts payable17/49 | €38,681 | €34,167 | €29,851 | €44,154 | €39,555 | €51,618 | €42,115 | €54,267 | ▲ 28.9% |
| Amounts payable within one year42/48 | €38,681 | €34,167 | €29,851 | €44,154 | €39,555 | €51,618 | €42,115 | €54,267 | ▲ 28.9% |
| Trade debts44 | €78 | €817 | €678 | €2,044 | €1,170 | €17,471 | €20,574 | €3,478 | ▼ 83.1% |
| Suppliers440/4 | - | - | - | €2,044 | €1,170 | €17,471 | €20,574 | €3,478 | ▼ 83.1% |
| Taxes, remuneration and social security45 | - | - | - | €41,648 | €37,923 | €33,670 | €20,941 | €38,527 | ▲ 84.0% |
| Taxes450/3 | - | - | - | €3,062 | €2,900 | €4,099 | €2,003 | €281 | ▼ 86.0% |
| Remuneration and social security454/9 | - | - | - | €38,586 | €35,022 | €29,571 | €18,938 | €38,245 | ▲ 102% |
| Other amounts payable47/48 | - | - | - | €462 | €462 | €477 | €599 | €12,262 | ▲ 20× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7,259 | €18,638 | €20,354 | -€1,578 | €2,205 | -€11,029 | €6,420 | -€10,133 | - |
| + Depreciation and write-downs630 | €3,278 | €5,029 | €3,795 | €5,252 | €3,834 | €4,869 | €3,207 | €4,075 | ▲ 27.1% |
| Operating cash flow (approximation) | -€3,981 | €23,667 | €24,149 | €3,674 | €6,039 | -€6,160 | €9,627 | -€6,058 | - |
| Investment in fixed assets (approximation) | - | -€10,842 | -€2,967 | -€3,501 | -€1,410 | -€10,851 | €0 | -€767 | - |
| Change in cash | - | €3,679 | €6,501 | €17,213 | -€3,762 | -€1,562 | -€1,316 | €5,063 | - |
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, 1,294 companies had the same profile as WISSALE has now. Two years later, 89.6% were still going and 4.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
89.6%
was still going
5.9%
stopped otherwise
4.1%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of WISSALE itself is lower: 0.3% within 12 months. It rests on far more data about WISSALE than the profile alone.
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 1,294 companies, not a prediction for WISSALE. 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 | 2026-00386067 | |
| 31-12-2024 | micro format | 28-07-2025 | 2025-00333329 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00323319 | |
| 31-12-2022 | micro format | 22-08-2023 | 2023-00355445 | |
| 31-12-2021 | micro format | 04-07-2022 | 2022-20140028 | |
| 31-12-2020 | micro format | 14-09-2021 | 2021-67100404 | |
| 31-12-2019 | micro format | 27-08-2020 | 2020-46200015 | |
| 31-12-2018 | micro format | 24-07-2019 | 2019-37600334 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-42700434 | |
| 31-12-2016 | micro format | 19-09-2017 | 2017-61200579 |