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WoonST

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Private limited companyfounded 1922active for 104 yearsMariadal 1, 9140 Temse, BelgiumKBO/BCE: BE 0405.007.464

Financials · financial year 2025, full format

Annual accounts 2025 filed on 22-06-2026 PDF all 47 filings

Turnover
€20.7m▲ 1.2%
2024 · €20.5m
EBIT margin
-1.6%▲ 0.4pp
2024 · -2.0%
Net result
-€220,913▲ 55.4%
2024 · -€495,511
Working capital
€22.3m▲ 10.1%
2024 · €20.3m
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result for 2025 is a loss of €338,162, smaller than the loss of €413,473 in 2024.

Turnover€20.7m 2025 Operating result-€0.3m 2025 Net result-€0.2m 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Turnover€7.0m-€7.2m▲ 2.5%€7.9m▲ 9.3%€8.1m▲ 2.0%€8.3m▲ 2.8%€28.8m▲ 247%€20.5m▼ 28.8%€20.7m▲ 1.2%
Operating result€1.7m-€1.8m▲ 2.7%€3.7m▲ 109%€2.0m▼ 47.2%€1.1m▼ 45.2%€2.0m▲ 82.2%-€0.4m-€0.3m▲ 18.2%
Net result€0.9m-€1.1m▲ 14.4%€2.9mabove the sector's middle half▲ 174%€1.3mabove the sector's middle half▼ 55.7%€0.5mabove the sector's middle half▼ 62.3%€1.7mabove the sector's middle half▲ 245%-€0.5mbelow the sector's middle half-€0.2mbelow the sector's middle half▲ 55.4%
EBIT margin24.7%-24.8%=47.3%▲ 22.5pp24.5%▼ 22.8pp13.1%▼ 11.4pp6.8%▼ 6.2pp-2.0%▼ 8.9pp-1.6%▲ 0.4pp
Equity€31.6m-€32.4m▲ 2.6%€35.1mabove the sector's middle half▲ 8.3%€36.2mabove the sector's middle half▲ 3.0%€37.5mabove the sector's middle half▲ 3.7%€58.1mabove the sector's middle half▲ 55.1%€57.2mabove the sector's middle half▼ 1.6%€57.0mabove the sector's middle half▼ 0.4%
Total assets€109.0m-€114.1m▲ 4.7%€120.7mabove the sector's middle half▲ 5.8%€132.0mabove the sector's middle half▲ 9.4%€146.5mabove the sector's middle half▲ 11.0%€246.4mabove the sector's middle half▲ 68.1%€246.6mabove the sector's middle half▲ 0.1%€264.8mabove the sector's middle half▲ 7.3%
Debt€76.9m-€81.2m▲ 5.6%€85.1m▲ 4.8%€95.4m▲ 12.0%€108.6m▲ 13.8%€186.3m▲ 71.6%€187.6m▲ 0.7%€205.9m▲ 9.8%
Working capital€8.3m-€8.8m▲ 5.5%€10.1mabove the sector's middle half▲ 15.1%€11.0mabove the sector's middle half▲ 8.1%€9.4mabove the sector's middle half▼ 14.5%€23.1mabove the sector's middle half▲ 146%€20.3mabove the sector's middle half▼ 12.0%€22.3mabove the sector's middle half▲ 10.1%
Solvency29.0%-28.4%▼ 0.6pp29.1%within the sector's middle half▲ 0.7pp27.4%within the sector's middle half▼ 1.7pp25.6%within the sector's middle half▼ 1.8pp23.6%within the sector's middle half▼ 2.0pp23.2%within the sector's middle half▼ 0.4pp21.5%within the sector's middle half▼ 1.7pp
Current ratio3.31-3.50▲ 0.192.91within the sector's middle half▼ 0.593.27within the sector's middle half▲ 0.352.52within the sector's middle half▼ 0.742.58within the sector's middle half▲ 0.052.60within the sector's middle half▲ 0.032.55within the sector's middle half▼ 0.06
Return on assets (ROA)0.9%-0.9%▲ 0.1pp2.4%within the sector's middle half▲ 1.5pp1.0%within the sector's middle half▼ 1.5pp0.3%within the sector's middle half▼ 0.7pp0.7%within the sector's middle half▲ 0.4pp-0.2%within the sector's middle half▼ 0.9pp-0.1%within the sector's middle half▲ 0.1pp
Staff (FTE)13.2-13.2=13.1above the sector's middle half▼ 0.8%13.8above the sector's middle half▲ 5.3%13.7above the sector's middle half▼ 0.7%47above the sector's middle half▲ 243%58above the sector's middle half▲ 23.4%63above the sector's middle half▲ 8.6%
above within below The sector band is the middle half of the companies in Real estate activities (NACE 68). 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.
Large changes and their cause
  • 2025 Net result +55% on 2024. Demerger with de Thuisbouwer, proposed with effect from 23-04-2025.
  • 2023 Turnover +247%, Net result +245%, Equity +55%, Total assets +68%, Staff (FTE) +243% on 2022. Demerger with Gewestelijke Maatschappij voor Huisvesting, Official Gazette 24-07-2023. Merger absorbing Sint-Niklase Maatschappij voor de Huisvesting, effective 01-01-2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €264.8m
Fixed assets €228.0m ▲ 6.7%
Current assets €36.8m ▲ 11.6%
Equity and liabilities €264.8m
Equity €57.0m ▼ 0.4%
Provisions €1.8m ▲ 0.8%
Debt €205.9m ▲ 9.8%
Debt's share of the balance-sheet total rises from 76.1% to 77.8%. Equity is lower and debt is higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€7.5m▲
2024 · €7.2m
Cash flow
€7.6m▲
2024 · €7.1m
Quick ratio
2.11▼
2024 · 2.35
Debt to equity
3.61▲
2024 · 3.28
ROE
-0.4%▲
2024 · -0.9%
Interest coverage
1.77▼
2024 · 1.83
Debt ≤ 1 year
€14.4m▲
2024 · €12.7m
Debt > 1 year
€190.1m▲
2024 · €173.4m
Income taxes
-€5,597▼
2024 · €57,542
Customer credit
20 days▲
2024 · 17 days
Supplier credit
1762 days▲
2024 · 918 days
Staff costs
€5.5m▲
2024 · €5.0m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item31-12-202131-12-202231-12-2024
Employees at the balance-sheet date161564
full-time5437
part-time111127
in full-time equivalents13.813.858
Average over the year, in full-time equivalents13.513.758.2
On a permanent contract161561
Joined1117
Left0211
Agency workers, average number-0.35.5
Training hours--0

Source: social balance sheet in the 2021 to 2024 annual accounts

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets€14.6m€18.1m€209.7m€12.8m€24.0m
Intangible fixed assets-€184,140€128,170€236,262-
Financial fixed assets-€411,739€189,428€158,562€1
Depreciation and write-downs of the year€3.7m€3.8m€7.0m€7.6m€7.8m

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Auditor

fees
Item20212022202320242025
Fee for the audit€5,615€7,600€16,500€17,618€27,153
Other work by the auditor---€14,520-

Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)

Subsidies and aid

Flemish government

2022 to 2025 · 17 entries · €14.2m awarded · €12.9m paid
Year Entries AwardedPaid
2025 5 €4.2m€3.7m
2024 4 €3.7m€3.5m
2023 3 €2.7m€3.0m
2022 5 €3.7m€2.6m
Schemes
4 entries · €11.5m · €11.5m paid · VLAAMSE MAATSCHAPPIJ VOOR SOCIAAL WONEN
4 entries · €1.6m · €730,189 paid · VLAAMSE MAATSCHAPPIJ VOOR SOCIAAL WONEN
4 entries · €1.1m · €612,790 paid · VLAAMSE MAATSCHAPPIJ VOOR SOCIAAL WONEN
2 entries · €27,342 · €27,342 paid · Departement Werk en Sociale Economie
2 entries · €26,522 · €26,522 paid · VLAAMSE MAATSCHAPPIJ VOOR SOCIAAL WONEN
Show 1 more
1 entry · €8,660 · €8,660 paid · Wonen in Vlaanderen
Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 107 lines
Balance sheet Code20242025
Assets
Total assets20/58€246.6m€264.8m▲
Fixed assets21/28€213.7m€228.0m▲
Intangible fixed assets21€0.5m€0.4m▼
Tangible fixed assets22/27€212.4m€226.8m▲
Land and buildings22€205.1m€210.6m▲
Plant, machinery and equipment23€0.02m€0.01m▼
Furniture and vehicles24€0.1m€0.1m▼
Leasing and similar rights25€0€0=
Other tangible fixed assets26€0€0=
Assets under construction and advance payments27€7.1m€16.0m▲
Financial fixed assets28€0.8m€0.8m▲
Affiliated companies280/1€2€3▲
Participating interests280€2€3▲
Other financial fixed assets284/8€0.8m€0.8m▲
Shares284€0.8m€0.8m▲
Amounts receivable and cash guarantees285/8€0.03m€0.03m▲
Current assets29/58€32.9m€36.8m▲
Amounts receivable after more than one year29€0€0=
Trade receivables290€0€0=
Other amounts receivable291€0€0=
Stocks and contracts in progress3€3.3m€6.4m▲
Stocks30/36€3.3m€6.4m▲
Raw materials and consumables30/31€0-
Work in progress32€0-
Finished goods33€0-
Goods purchased for resale34€0-
Property held for sale35€3.3m€6.4m▲
Advance payments36€0-
Contracts in progress37€0-
Amounts receivable within one year40/41€2.2m€3.1m▲
Trade receivables40€1.0m€1.1m▲
Other amounts receivable41€1.2m€2.0m▲
Current investments50/53€0-
Own shares50€0-
Other investments51/53€0-
Cash at bank and in hand54/58€26.0m€25.4m▼
Deferred charges and accrued income490/1€1.5m€1.9m▲
Equity and liabilities
Total equity and liabilities10/49€246.6m€264.8m▲
Equity10/15€57.2m€57.0m▼
Contributions10/11€0.04m€0.04m▼
Reserves13€40.7m€40.7m=
Non-distributable reserves130/1€36.1m€36.1m=
Reserves not available under the articles1311€36.1m€36.1m=
Other1319€0-
Tax-exempt reserves132€4.6m€4.6m▼
Profit (loss) carried forward14--€1.0m
Investment grants15€16.5m€17.3m▲
Provisions and deferred taxes16€1.8m€1.8m▲
Provisions for liabilities and charges160/5€1.0m€0.9m▼
Major repairs and maintenance162€0.7m€0.7m▼
Other liabilities and charges164/5€0.2m€0.2m=
Deferred taxes168€0.9m€0.9m▲
Amounts payable17/49€187.6m€205.9m▲
Amounts payable after more than one year17€173.4m€190.1m▲
Financial debts170/4€171.5m€188.0m▲
Credit institutions173€170.2m€186.8m▲
Other loans174€1.3m€1.2m▼
Other amounts payable178/9€1.9m€2.1m▲
Amounts payable within one year42/48€12.7m€14.4m▲
Current portion of amounts payable after more than one year42€6.6m€7.4m▲
Trade debts44€3.7m€4.6m▲
Suppliers440/4€3.7m€4.6m▲
Taxes, remuneration and social security45€1.7m€1.7m▲
Taxes450/3€1.0m€1.1m▲
Remuneration and social security454/9€0.7m€0.7m▲
Other amounts payable47/48€0.7m€0.6m▼
Accrued charges and deferred income492/3€1.5m€1.3m▼
Income statement Code20242025
Operating income70/76A€23.4m€23.9m▲
Turnover70€20.5m€20.7m▲
Own construction capitalised72€0.3m€0.2m▼
Other operating income74€2.0m€2.2m▲
Non-recurring operating income76A€0.6m€0.8m▲
Operating charges60/66A€23.8m€24.3m▲
Goods for resale, raw materials and consumables60€1.5m€1.0m▼
Purchases600/8€1.0m€4.1m▲
Change in stocks: decrease (increase)609€0.4m-€3.1m▼
Services and other goods61€7.7m€7.8m▲
Remuneration, social security and pensions62€5.0m€5.5m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€7.6m€7.8m▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0.05m€0.06m▲
Provisions for liabilities and charges: additions (uses and reversals)635/8-€0.05m-€0.03m▲
Other operating charges640/8€1.7m€1.9m▲
Non-recurring operating charges66A€0.4m€0.3m▼
Operating profit (loss)9901-€0.4m-€0.3m▲
Financial income75/76B€3.9m€4.3m▲
Recurring financial income75€3.9m€4.3m▲
Income from current assets751€0.4m€0.3m▼
Other financial income752/9€3.5m€4.0m▲
Non-recurring financial income76B-€0.001m
Financial charges65/66B€3.9m€4.2m▲
Recurring financial charges65€3.9m€4.2m▲
Debt charges650€3.9m€4.2m▲
Other financial charges652/9€0.01m€0.01m▲
Profit (loss) for the period before taxes9903-€0.5m-€0.3m▲
Transfer from deferred taxes780€0.03m€0.03m▲
Income taxes67/77€0.06m-€0.006m▼
Taxes670/3€0.07m€118▼
Tax adjustments and reversals of tax provisions77€0.02m€0.006m▼
Profit (loss) for the period9904-€0.5m-€0.2m▲
Transfer from tax-exempt reserves789€0.02m€0.008m▼
Profit (loss) for the period to be appropriated9905-€0.5m-€0.2m▲
Appropriation of the result
Profit (loss) to be appropriated9906-€0.5m-€0.2m▲
Transfer from equity791/2€0.5m-
From reserves792€0.5m-
Transfer to equity691/2-€0.8m
To other reserves6921-€0.8m
Social balance sheet
Average headcount (FTE)908758.063.0▲

The notes to these accounts have 79 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 22-06-2026.

Line20182019202020212022202320242025Change
Operating income70/76A---€9.1m€9.5m€30.8m€23.4m€23.9m▲ 2.4%
Turnover70€7.0m€7.2m€7.9m€8.1m€8.3m€28.8m€20.5m€20.7m▲ 1.2%
Own construction capitalised72---€0.3m€0.3m€0.08m€0.3m€0.2m▼ 19.5%
Other operating income74---€0.5m€0.7m€1.6m€2.0m€2.2m▲ 7.1%
Non-recurring operating income76A---€0.2m€0.3m€0.3m€0.6m€0.8m▲ 40.4%
Operating charges60/66A---€7.1m€8.5m€28.8m€23.8m€24.3m▲ 2.0%
Goods for resale, raw materials and consumables60-----€11.0m€1.5m€1.0m▼ 34.2%
Purchases600/8-----€2.7m€1.0m€4.1m▲ 291%
Change in stocks: decrease (increase)609-----€8.2m€0.4m-€3.1m-
Services and other goods61---€1.7m€2.0m€5.6m€7.7m€7.8m▲ 1.3%
Remuneration, social security and pensions62---€1.1m€1.2m€4.1m€5.0m€5.5m▲ 9.8%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€3.3m€3.4m€3.5m€3.7m€3.8m€7.0m€7.6m€7.8m▲ 3.4%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4---€0.01m€0.04m-€0.1m€0.05m€0.06m▲ 33.7%
Provisions for liabilities and charges: additions (uses and reversals)635/8------€0.1m-€0.05m-€0.03m▲ 46.4%
Other operating charges640/8---€0.7m€0.7m€1.3m€1.7m€1.9m▲ 11.9%
Non-recurring operating charges66A----€0.7m€0.07m€0.4m€0.3m▼ 24.4%
Operating profit (loss)9901€1.7m€1.8m€3.7m€2.0m€1.1m€2.0m-€0.4m-€0.3m▲ 18.2%
Financial income75/76B---€1.1m€1.3m€3.3m€3.9m€4.3m▲ 11.4%
Recurring financial income75€0.6m€0.8m€0.9m€1.1m€1.3m€3.2m€3.9m€4.3m▲ 11.4%
Income from current assets751---€0.008m€0.03m€0.2m€0.4m€0.3m▼ 16.4%
Other financial income752/9---€1.1m€1.2m€3.0m€3.5m€4.0m▲ 14.4%
Non-recurring financial income76B-----€0.07m-€0.001m-
Financial charges65/66B---€1.7m€1.8m€3.5m€3.9m€4.2m▲ 7.9%
Recurring financial charges65€1.4m€1.5m€1.6m€1.7m€1.8m€3.5m€3.9m€4.2m▲ 7.9%
Debt charges650€1.4m€1.5m€1.6m€1.7m€1.8m€3.5m€3.9m€4.2m▲ 7.9%
Other financial charges652/9---€0.009m€0.002m€0.008m€0.01m€0.01m▲ 10.7%
Profit (loss) for the period before taxes9903€1.0m€1.1m€3.1m€1.4m€0.5m€1.8m-€0.5m-€0.3m▲ 45.2%
Transfer from deferred taxes780---€0.01m€0.01m€0.02m€0.03m€0.03m▲ 6.5%
Income taxes67/77€0.05m€0.07m€0.2m€0.08m€0.03m€0.09m€0.06m-€0.006m-
Taxes670/3---€0.09m€0.03m€0.1m€0.07m€118▼ 99.8%
Tax adjustments and reversals of tax provisions77---€0.01m-€0.02m€0.02m€0.006m▼ 65.3%
Profit (loss) for the period9904€0.9m€1.1m€2.9m€1.3m€0.5m€1.7m-€0.5m-€0.2m▲ 55.4%
Transfer from tax-exempt reserves789---€0.008m€0.008m-€0.02m€0.008m▼ 50.0%
Profit (loss) for the period to be appropriated9905€0.9m€1.1m€3.0m€1.3m€0.5m€1.7m-€0.5m-€0.2m▲ 55.6%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€109.0m€114.1m€120.7m€132.0m€146.5m€246.4m€246.6m€264.8m▲ 7.3%
Fixed assets21/28€97.1m€101.8m€105.3m€116.2m€131.0m€208.7m€213.7m€228.0m▲ 6.7%
Intangible fixed assets21----€0.2m€0.3m€0.5m€0.4m▼ 9.4%
Tangible fixed assets22/27€97.1m€101.8m€105.3m€116.2m€130.4m€207.8m€212.4m€226.8m▲ 6.7%
Land and buildings22---€104.3m€107.0m€194.7m€205.1m€210.6m▲ 2.7%
Plant, machinery and equipment23---€0.009m€0.007m€0.008m€0.02m€0.01m▼ 33.1%
Furniture and vehicles24---€0.06m€0.04m€0.1m€0.1m€0.1m▼ 22.7%
Leasing and similar rights25------€0€0-
Other tangible fixed assets26------€0€0-
Assets under construction and advance payments27---€11.8m€23.4m€13.0m€7.1m€16.0m▲ 125%
Financial fixed assets28--€0.001m€0.001m€0.4m€0.6m€0.8m€0.8m▲ 2.0%
Affiliated companies280/1-----€2€2€3▲ 50.0%
Participating interests280-----€2€2€3▲ 50.0%
Other financial fixed assets284/8---€0.001m€0.4m€0.6m€0.8m€0.8m▲ 2.0%
Shares284---€0.001m€0.4m€0.6m€0.8m€0.8m▲ 2.0%
Amounts receivable and cash guarantees285/8-----€0.02m€0.03m€0.03m▲ 1.9%
Current assets29/58€12.0m€12.3m€15.4m€15.8m€15.5m€37.7m€32.9m€36.8m▲ 11.6%
Amounts receivable after more than one year29------€0€0-
Trade receivables290------€0€0-
Other amounts receivable291------€0€0-
Stocks and contracts in progress3-----€3.7m€3.3m€6.4m▲ 95.4%
Stocks30/36-----€3.7m€3.3m€6.4m▲ 95.4%
Raw materials and consumables30/31------€0--
Work in progress32------€0--
Finished goods33------€0--
Goods purchased for resale34------€0--
Property held for sale35-----€3.7m€3.3m€6.4m▲ 95.4%
Advance payments36------€0--
Contracts in progress37------€0--
Amounts receivable within one year40/41€0.4m€0.1m€0.5m€0.4m€0.4m€2.3m€2.2m€3.1m▲ 44.7%
Trade receivables40---€0.03m€0.03m€1.3m€1.0m€1.1m▲ 16.9%
Other amounts receivable41---€0.4m€0.3m€1.1m€1.2m€2.0m▲ 67.3%
Current investments50/53------€0--
Own shares50------€0--
Other investments51/53------€0--
Cash at bank and in hand54/58€11.4m€12.0m€14.6m€15.1m€14.8m€30.3m€26.0m€25.4m▼ 2.5%
Deferred charges and accrued income490/1---€0.3m€0.4m€1.4m€1.5m€1.9m▲ 24.9%
Equity and liabilities
Total equity and liabilities10/49€109.0m€114.1m€120.7m€132.0m€146.5m€246.4m€246.6m€264.8m▲ 7.3%
Equity10/15€31.6m€32.4m€35.1m€36.2m€37.5m€58.1m€57.2m€57.0m▼ 0.4%
Contributions10/11€0.04m€0.04m€0.04m€0.04m€0.04m€0.06m€0.04m€0.04m▼ 3.5%
Capital10---€0.04m€0.04m----
Issued capital100---€0.07m€0.07m----
Uncalled capital101---€0.03m€0.03m----
Reserves13€22.0m€23.1m€26.0m€27.3m€27.8m€41.2m€40.7m€40.7m=
Non-distributable reserves130/1---€24.9m€25.4m€36.6m€36.1m€36.1m=
Legal reserve130---€0.007m€0.007m----
Reserves not available under the articles1311-----€34.9m€36.1m€36.1m=
Other1319---€24.8m€25.3m€1.7m€0--
Tax-exempt reserves132---€2.5m€2.5m€4.6m€4.6m€4.6m▼ 0.2%
Profit (loss) carried forward14--------€1.0m-
Investment grants15---€8.8m€9.6m€16.9m€16.5m€17.3m▲ 4.7%
Provisions and deferred taxes16€0.6m€0.5m€0.4m€0.4m€0.5m€1.9m€1.8m€1.8m▲ 0.8%
Provisions for liabilities and charges160/5-----€1.0m€1.0m€0.9m▼ 2.8%
Major repairs and maintenance162-----€0.8m€0.7m€0.7m▼ 3.6%
Other liabilities and charges164/5-----€0.2m€0.2m€0.2m=
Deferred taxes168---€0.4m€0.5m€0.9m€0.9m€0.9m▲ 4.7%
Amounts payable17/49€76.9m€81.2m€85.1m€95.4m€108.6m€186.3m€187.6m€205.9m▲ 9.8%
Amounts payable after more than one year17€73.0m€77.3m€79.1m€89.8m€102.1m€170.5m€173.4m€190.1m▲ 9.6%
Financial debts170/4---€88.4m€100.7m€168.6m€171.5m€188.0m▲ 9.6%
Credit institutions173---€88.4m€100.7m€167.3m€170.2m€186.8m▲ 9.7%
Other loans174-----€1.3m€1.3m€1.2m▼ 4.0%
Other amounts payable178/9---€1.4m€1.4m€1.9m€1.9m€2.1m▲ 10.5%
Amounts payable within one year42/48€3.6m€3.5m€5.3m€4.8m€6.1m€14.6m€12.7m€14.4m▲ 14.0%
Current portion of amounts payable after more than one year42---€3.0m€3.1m€6.3m€6.6m€7.4m▲ 12.1%
Trade debts44€0.7m€0.3m€1.8m€1.1m€2.1m€1.8m€3.7m€4.6m▲ 26.3%
Suppliers440/4---€1.1m€2.1m€1.8m€3.7m€4.6m▲ 26.3%
Taxes, remuneration and social security45---€0.6m€0.7m€1.7m€1.7m€1.7m▲ 5.2%
Taxes450/3---€0.5m€0.6m€1.1m€1.0m€1.1m▲ 6.5%
Remuneration and social security454/9---€0.1m€0.1m€0.6m€0.7m€0.7m▲ 3.2%
Other amounts payable47/48---€0.2m€0.2m€4.8m€0.7m€0.6m▼ 10.0%
Accrued charges and deferred income492/3---€0.8m€0.3m€1.2m€1.5m€1.3m▼ 12.0%
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€0.9m€1.1m€2.9m€1.3m€0.5m€1.7m-€0.5m-€0.2m▲ 55.4%
+ Depreciation and write-downs630€3.3m€3.4m€3.5m€3.7m€3.8m€7.0m€7.6m€7.8m▲ 3.4%
Operating cash flow (approximation)€4.2m€4.5m€6.5m€5.0m€4.3m€8.7m€7.1m€7.6m▲ 7.6%
Investment in fixed assets (approximation)--€8.1m-€7.0m-€14.6m-€18.7m-€84.7m-€12.6m-€22.1m▼ 75.5%
Change in cash-€0.6m€2.6m€0.5m-€0.3m€15.6m-€4.3m-€0.6m▲ 85.3%

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 371 companies had the same profile as WoonST has now. Two years later, 0.5% had gone bankrupt and 96.8% were still going.

  • Medium-sized
  • 20 years or older
  • solvency 10 to 30%
  • a small loss
0.5% went bankrupt
2.2% stopped otherwise
96.8% was still going

Another 0.5% stopped without a precise date, possibly only after those two years.

That fits the bankruptcy probability of WoonST 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 371 companies, not a prediction for WoonST. 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 47 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2025 full format 22-06-2026 2026-00182016 PDF
31-12-2024 full format 17-06-2025 2025-00171173 PDF
31-12-2023 full format 24-06-2024 2024-00168981 PDF
31-12-2022 full format 19-06-2023 2023-00134321 PDF
31-12-2021 full format 12-05-2022 2022-20026363 PDF
31-12-2020 full format 08-06-2021 2021-18300081 PDF
31-12-2019 full format 14-05-2020 2020-12100578 PDF
31-12-2018 full format 09-05-2019 2019-12600136 PDF
31-12-2017 full format 03-04-2018 2018-09000233 PDF
31-12-2016 full format 18-05-2017 2017-12300013 PDF

Show all 47 filings

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