Financials
Financial year 2025
NEVER FEAR SHADOWS from Kalmthout, company number BE0461856095, closed financial year 2025 with a result of € 265,272 after tax. For that financial year NEVER FEAR SHADOWS recorded a gross margin of € 416,942 and equity of € 1.9 million. Compared with financial year 2024, the result moved from € 184,103 to € 265,272. Profitable, and profit is growing. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on July 29, 2026.
€ 1.9 million
▼ 11% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 265,272
▲ 44% vs 2024
Profit after tax over the fiscal year.
€ 272,076
▲ 149% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 500,483 paid out
More than the year’s profit went to the shareholders; reserves fell.
People and assets in 2025
0
Average over the fiscal year, from the social balance sheet.
€ 5,349
▼ 10% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 477,007
▼ 1% vs 2024
€ 54,785 is repaid this year. At this pace the long-term loan is gone in ≈ 5 years.
€ 211,894
▼ 12% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 103,425
▼ 69% vs 2024
Corporate tax and VAT still to pay. No wage debt: nothing outstanding to staff or social security.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 405,434 | € 249,206 | € 249,218 | € 416,942 | ▲ 67% |
| Profit after taxes | € 238,263 | € 133,040 | € 184,103 | € 265,272 | ▲ 44% |
| Equity | € 1,795,724 | € 1,928,764 | € 2,112,867 | € 1,877,657 | ▼ 11% |
| Total debts | € 1,130,629 | € 1,042,805 | € 1,054,635 | € 898,155 | ▼ 15% |
| Cash | € 165,184 | € 61,465 | € 109,123 | € 272,076 | ▲ 149% |
| Land & buildings | € 575,799 | € 551,212 | € 542,566 | € 512,638 | ▼ 6% |
| Retained profit | € 1,789,527 | € 1,922,567 | € 2,106,670 | € 1,871,459 | ▼ 11% |
| Dividend | € 0 | € 0 | € 0 | € 500,483 | |
| Bank debt | € 582,774 | € 532,987 | € 480,705 | € 477,007 | ▼ 1% |
| Balance sheet total | € 2,950,915 | € 2,991,575 | € 3,185,285 | € 2,791,371 | ▼ 12% |
| Employees (FTE) | 1.2 | 1 | 0 | 0 |
Key figures of NEVER FEAR SHADOWS, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to NEVER FEAR SHADOWS?
What happened at NEVER FEAR SHADOWS in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 265,272 (▲ 44% vs 2024). Source: NBB ↗
- New establishment in Kalmthout. KBO
- Start of the company according to the CBE. KBO
In short
From € 238,263 profit in 2022 to € 265,272 profit in 2025.
Paid € 418,285 in corporate taxes since 2022.
Best year ever: 2025, with € 265,272 profit.
On average € 249,200 of value added per employee in 2023.
Management
Behind NEVER FEAR SHADOWS is Michiel Milbou.
Directors
According to the 2025 annual accounts
Michiel Milbou
Director
Establishments
Establishment units
Physical locations of this company
Geusenbacklaan (Heide) 25
2920 Kalmthout
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Hosting & Email
Email provider
Microsoft 365
Hosting
GOOGLE-CLOUD-PLATFORM - Google LLC, US
Website info
Features
Security
Details
- Company number
- 0461.856.095
- VAT number
- BE 0461.856.095
- Registered office
- Geusenbacklaan (Heide) 25, 2920 Kalmthout
- Names & denominations
- NEVER FEAR SHADOWS
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 6 November 1997
- Peppol
- Active · Active since 28 Aug 2025
- Contact
- neverfearshadows.be +32 476 02 28 50
- Activities · NACE
Gespecialiseerde beeld-, verlichtings- en geluidstechnieken