WOLFMAT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 27-05-2026 PDF all 23 filings
Turnover
€4.2m▼ 5.5%
2024 · €4.5m
EBIT margin
-4.7%▲ 0.2pp
2024 · -4.9%
Net result
-€251,210▲ 5.4%
2024 · -€265,461
Working capital
€1.1m▼ 15.5%
2024 · €1.3m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€4.2m
▼ 5.5%
2025
20182025
Operating result
-€197,699
▲ 10.0%
2025
20182025
Net result
-€251,210
▲ 5.4%
2025
lowest quarter of the sector
20182025
EBIT margin
-4.7%
▲ 0.2pp
2025
20182025
Equity
€1.1m
▼ 18.3%
2025
highest quarter of the sector
20182025
Total assets
€2.4m
▼ 12.7%
2025
highest quarter of the sector
20182025
Debt
€1.3m
▼ 7.3%
2025
20182025
Working capital
€1.1m
▼ 15.5%
2025
highest quarter of the sector
20182025
Solvency
46.0%
▼ 3.2pp
2025
middle half of the sector
20182025
Current ratio
1.84
▼ 0.10
2025
middle half of the sector
20182025
Return on assets (ROA)
-10.3%
▼ 0.8pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
12.5
▼ 5.3%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€5.5m-€5.2m▼ 5.3%€5.0m▼ 4.5%€6.0m▲ 20.0%€6.0m▲ 0.7%€6.0m▼ 0.4%€4.5m▼ 25.8%€4.2m▼ 5.5%
Operating result€0.07m--€0.1m-€0.01m▲ 90.7%€0.05m€0.1m▲ 123%-€0.05m-€0.2m▼ 381%-€0.2m▲ 10.0%
Net result€0.005m--€0.08m€0.03mwithin the sector's middle half€0.04mwithin the sector's middle half▲ 30.4%€0.07mwithin the sector's middle half▲ 99.2%-€0.02mbelow the sector's middle half-€0.3mbelow the sector's middle half▼ 1,299%-€0.3mbelow the sector's middle half▲ 5.4%
EBIT margin1.3%--2.7%▼ 4.0pp-0.3%▲ 2.4pp0.8%▲ 1.0pp1.7%▲ 1.0pp-0.8%▼ 2.5pp-4.9%▼ 4.2pp-4.7%▲ 0.2pp
Equity€1.6m-€1.5m▼ 5.2%€1.5mabove the sector's middle half▲ 1.8%€1.6mabove the sector's middle half▲ 2.3%€1.7mabove the sector's middle half▲ 4.5%€1.6mabove the sector's middle half▼ 1.1%€1.4mabove the sector's middle half▼ 16.2%€1.1mabove the sector's middle half▼ 18.3%
Total assets€3.6m-€3.7m▲ 2.7%€3.4mabove the sector's middle half▼ 8.1%€3.6mabove the sector's middle half▲ 3.5%€3.9mabove the sector's middle half▲ 10.3%€3.9mabove the sector's middle half▼ 0.3%€2.8mabove the sector's middle half▼ 28.9%€2.4mabove the sector's middle half▼ 12.7%
Debt€2.0m-€2.2m▲ 8.9%€1.9m▼ 14.9%€2.0m▲ 4.4%€2.3m▲ 15.0%€2.3m▲ 0.2%€1.4m▼ 38.0%€1.3m▼ 7.3%
Working capital€0.9m-€0.8m▼ 10.1%€0.8mabove the sector's middle half▲ 3.9%€0.8mwithin the sector's middle half▼ 11.3%€0.9mwithin the sector's middle half▲ 14.7%€0.9mwithin the sector's middle half▲ 1.1%€1.3mabove the sector's middle half▲ 49.2%€1.1mabove the sector's middle half▼ 15.5%
Solvency44.0%-40.6%▼ 3.4pp44.9%within the sector's middle half▲ 4.4pp44.4%within the sector's middle half▼ 0.5pp42.1%within the sector's middle half▼ 2.4pp41.7%within the sector's middle half▼ 0.3pp49.2%within the sector's middle half▲ 7.4pp46.0%within the sector's middle half▼ 3.2pp
Current ratio1.44-1.37▼ 0.081.45within the sector's middle half▲ 0.081.38within the sector's middle half▼ 0.071.39within the sector's middle half▲ 0.011.39within the sector's middle half=1.94within the sector's middle half▲ 0.551.84within the sector's middle half▼ 0.10
Return on assets (ROA)0.1%--2.2%▼ 2.4pp0.8%within the sector's middle half▲ 3.0pp1.0%within the sector's middle half▲ 0.2pp1.8%within the sector's middle half▲ 0.8pp-0.5%below the sector's middle half▼ 2.3pp-9.5%below the sector's middle half▼ 9.0pp-10.3%below the sector's middle half▼ 0.8pp
Staff (FTE)10.1-17.1▲ 69.3%14.3above the sector's middle half▼ 16.4%13.9above the sector's middle half▼ 2.8%14.7above the sector's middle half▲ 5.8%15.1above the sector's middle half▲ 2.7%13.2above the sector's middle half▼ 12.6%12.5above the sector's middle half▼ 5.3%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 €197,699, smaller than the loss of €219,558 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.4m
Fixed assets
€34,290 ▼ 67.9%
Current assets
€2.4m ▼ 10.5%
Equity and liabilities €2.4m
Equity
€1.1m ▼ 18.3%
Debt
€1.3m ▼ 7.3%
Debt's share of the balance-sheet total rises from 50.8% to 54.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€153,718▲
2024 · -€157,826
Cash flow
-€207,229▼
2024 · -€203,729
Quick ratio
0.81▼
2024 · 0.94
Debt to equity
1.17▲
2024 · 1.03
ROE
-22.5%▼
2024 · -19.4%
Interest coverage
-2.89▼
2024 · -2.13
Debt ≤ 1 year
€1.3m▼
2024 · €1.4m
Debt > 1 year
€12,147▼
2024 · €34,980
Income taxes
€1,349▼
2024 · €1,554
Customer credit
82 days▼
2024 · 98 days
Supplier credit
78 days▲
2024 · 70 days
Staff costs
€1.2m▲
2024 · €1.0m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 |
|---|---|
| Employees at the balance-sheet date | 15 |
| full-time | 15 |
| in full-time equivalents | 15 |
| Average over the year, in full-time equivalents | 13.9 |
| On a permanent contract | 15 |
| Joined | 6 |
| Left | 4 |
Source: social balance sheet in the 2021 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €162,595 | €123,797 | €7,077 | - | €945 |
| Depreciation and write-downs of the year | €34,452 | €44,203 | €57,423 | €61,732 | €43,981 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 to 2025 · 2 entries · €2,194 awarded · €2,194 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €0 | €2,194 |
| 2024 | 1 | €2,194 | €0 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €5.5m | €5.2m | €5.0m | €6.0m | €6.0m | €6.0m | €4.5m | €4.2m | ▼ 5.5% |
| Non-recurring operating income76A | - | - | - | - | €0.001m | €200 | €0.003m | €0.02m | ▲ 367% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €4.9m | €4.9m | €4.9m | €3.6m | €3.2m | ▼ 10.6% |
| Remuneration, social security and pensions62 | - | - | - | €1.0m | €1.0m | €1.1m | €1.0m | €1.2m | ▲ 14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.009m | €0.01m | €0.03m | €0.04m | €0.06m | €0.06m | €0.04m | ▼ 28.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.02m | €0.003m | -€0.004m | -€0.02m | - | - |
| Other operating charges640/8 | - | - | - | €0.04m | €0.03m | €0.03m | €0.04m | €0.02m | ▼ 47.9% |
| Gross operating margin9900 | €1.3m | €1.0m | €0.9m | €1.1m | €1.2m | €1.1m | €0.9m | €1.0m | ▲ 16.6% |
| Operating profit (loss)9901 | €0.07m | -€0.1m | -€0.01m | €0.05m | €0.1m | -€0.05m | -€0.2m | -€0.2m | ▲ 10.0% |
| Financial income75/76B | - | - | - | €0.05m | €0.06m | €0.08m | €0.03m | €0.001m | ▼ 96.8% |
| Recurring financial income75 | €0.03m | €0.09m | €0.07m | €0.05m | €0.06m | €0.08m | €0.03m | €0.001m | ▼ 96.8% |
| Financial charges65/66B | - | - | - | €0.04m | €0.05m | €0.05m | €0.07m | €0.05m | ▼ 28.2% |
| Recurring financial charges65 | €0.08m | €0.04m | €0.03m | €0.04m | €0.05m | €0.05m | €0.07m | €0.05m | ▼ 28.2% |
| Profit (loss) for the period before taxes9903 | €0.03m | -€0.08m | €0.03m | €0.06m | €0.1m | -€0.02m | -€0.3m | -€0.2m | ▲ 5.3% |
| Income taxes67/77 | €0.02m | -€0.001m | €0.004m | €0.03m | €0.04m | €0.003m | €0.002m | €0.001m | ▼ 13.2% |
| Profit (loss) for the period9904 | €0.005m | -€0.08m | €0.03m | €0.04m | €0.07m | -€0.02m | -€0.3m | -€0.3m | ▲ 5.4% |
| Profit (loss) for the period to be appropriated9905 | €0.005m | -€0.08m | €0.03m | €0.04m | €0.07m | -€0.02m | -€0.3m | -€0.3m | ▲ 5.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.6m | €3.7m | €3.4m | €3.6m | €3.9m | €3.9m | €2.8m | €2.4m | ▼ 12.7% |
| Fixed assets21/28 | €0.7m | €0.7m | €0.7m | €0.8m | €0.9m | €0.8m | €0.1m | €0.03m | ▼ 67.9% |
| Tangible fixed assets22/27 | €0.04m | €0.05m | €0.04m | €0.2m | €0.2m | €0.2m | €0.1m | €0.03m | ▼ 69.4% |
| Plant, machinery and equipment23 | - | - | - | €0.1m | €0.2m | €0.1m | €0.07m | €0.01m | ▼ 81.7% |
| Furniture and vehicles24 | - | - | - | €0.04m | €0.002m | €0.008m | €0.003m | €0.002m | ▼ 33.7% |
| Leasing and similar rights25 | - | - | - | - | €0.06m | €0.05m | €0.03m | €0.02m | ▼ 46.2% |
| Financial fixed assets28 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.002m | €0.002m | = |
| Current assets29/58 | €3.0m | €3.0m | €2.7m | €2.7m | €3.1m | €3.1m | €2.7m | €2.4m | ▼ 10.5% |
| Stocks and contracts in progress3 | €1.2m | €1.3m | €1.1m | €1.1m | €1.3m | €1.5m | €1.4m | €1.3m | ▼ 3.5% |
| Stocks30/36 | - | - | - | €1.1m | €1.3m | €1.5m | €1.4m | €1.3m | ▼ 3.5% |
| Amounts receivable within one year40/41 | €1.6m | €1.7m | €1.5m | €1.6m | €1.6m | €1.4m | €1.2m | €1.0m | ▼ 20.7% |
| Trade receivables40 | - | - | - | €1.6m | €1.6m | €1.4m | €1.2m | €1.0m | ▼ 20.7% |
| Cash at bank and in hand54/58 | €0.1m | €0.06m | €0.1m | €0.08m | €0.1m | €0.2m | €0.09m | €0.09m | ▼ 2.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €0.01m | - | €0.02m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.6m | €3.7m | €3.4m | €3.6m | €3.9m | €3.9m | €2.8m | €2.4m | ▼ 12.7% |
| Equity10/15 | €1.6m | €1.5m | €1.5m | €1.6m | €1.7m | €1.6m | €1.4m | €1.1m | ▼ 18.3% |
| Contributions10/11 | €1.5m | €1.6m | €1.6m | €1.6m | €1.6m | €1.6m | €1.6m | €1.6m | = |
| Reserves13 | €0.1m | €0.005m | €0.005m | €0.005m | €0.06m | €0.04m | €0.005m | €0.005m | = |
| Tax-exempt reserves132 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Distributable reserves133 | - | - | - | - | €0.05m | €0.03m | - | - | - |
| Profit (loss) carried forward14 | - | -€0.08m | -€0.06m | -€0.02m | - | - | -€0.2m | -€0.5m | ▼ 107% |
| Amounts payable17/49 | €2.0m | €2.2m | €1.9m | €2.0m | €2.3m | €2.3m | €1.4m | €1.3m | ▼ 7.3% |
| Amounts payable after more than one year17 | - | - | - | - | €0.08m | €0.06m | €0.03m | €0.01m | ▼ 65.3% |
| Financial debts170/4 | - | - | - | - | €0.08m | €0.06m | €0.03m | €0.01m | ▼ 65.3% |
| Amounts payable within one year42/48 | €2.0m | €2.2m | €1.9m | €2.0m | €2.2m | €2.2m | €1.4m | €1.3m | ▼ 5.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.02m | €0.02m | €0.02m | €0.05m | ▲ 88.3% |
| Financial debts43 | - | - | - | €0.7m | €0.6m | €0.6m | €0.5m | €0.4m | ▼ 24.8% |
| Credit institutions430/8 | - | - | - | €0.7m | €0.6m | €0.6m | €0.5m | €0.4m | ▼ 24.8% |
| Trade debts44 | €1.0m | €1.3m | €1.1m | €1.0m | €1.0m | €1.2m | €0.7m | €0.7m | ▼ 0.3% |
| Suppliers440/4 | - | - | - | €1.0m | €1.0m | €1.2m | €0.7m | €0.7m | ▼ 0.3% |
| Advances received on contracts in progress46 | - | - | - | €0.04m | €0.3m | €0.07m | €0.01m | €0.004m | ▼ 64.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.3m | €0.3m | €0.1m | €0.2m | ▲ 28.4% |
| Taxes450/3 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | ▲ 28.7% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.1m | €0.1m | €0.01m | €0.01m | ▲ 25.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.001m | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,759 | -€83,408 | €27,276 | €35,576 | €70,863 | -€18,975 | -€265,461 | -€251,210 | ▲ 5.4% |
| + Depreciation and write-downs630 | €10,210 | €8,631 | €9,635 | €34,452 | €44,203 | €57,423 | €61,732 | €43,981 | ▼ 28.8% |
| Operating cash flow (approximation) | €14,969 | -€74,777 | €36,911 | €70,028 | €115,066 | €38,448 | -€203,729 | -€207,229 | ▼ 1.7% |
| Investment in fixed assets (approximation) | - | -€22,913 | €803 | -€165,506 | -€88,437 | -€7,077 | €658,157 | €28,475 | ▼ 95.7% |
| Change in cash | - | -€77,711 | €50,998 | -€36,738 | €31,275 | €51,004 | -€71,403 | -€1,905 | ▲ 97.3% |
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, 929 companies had the same profile as WOLFMAT has now. Two years later, 90.1% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
90.1%
was still going
8.8%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of WOLFMAT itself: 0.9% 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 929 companies, not a prediction for WOLFMAT. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 27-05-2026 | 2026-00127075 | |
| 31-12-2024 | abbreviated format | 30-06-2025 | 2025-00208047 | |
| 31-12-2023 | abbreviated format | 28-06-2024 | 2024-00189286 | |
| 31-12-2022 | abbreviated format | 01-08-2023 | 2023-00307919 | |
| 31-12-2021 | abbreviated format | 16-08-2022 | 2022-20298143 | |
| 31-12-2020 | abbreviated format | 29-06-2021 | 2021-27300276 | |
| 31-12-2019 | abbreviated format | 09-06-2020 | 2020-15500526 | |
| 31-12-2018 | abbreviated format | 26-06-2019 | 2019-22900031 | |
| 31-12-2017 | abbreviated format | 09-07-2018 | 2018-31900568 | |
| 31-12-2016 | abbreviated format | 26-09-2017 | 2017-64000267 |