02
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 4 days after the deadline Filed on 4 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00378897.
Annual accounts 2025 filed on 04-08-2026 at the NBB all 18 filings
Equity
€133,919▼ 1.0%
2024 · €135,234
Total assets
€134,497▼ 1.0%
2024 · €135,865
Net result
-€1,314
2024 · €648
Working capital
€116,231▼ 1.1%
2024 · €117,546
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€3,638
▼ 825%
2025
20182025
Net result
-€1,314
2025
lowest quarter of the sector
20182025
Equity
€133,919
▼ 1.0%
2025
middle half of the sector
20182025
Total assets
€134,497
▼ 1.0%
2025
middle half of the sector
20182025
Debt
€578
▼ 8.4%
2025
20182025
Working capital
€116,231
▼ 1.1%
2025
middle half of the sector
20182025
Solvency
99.6%
=
2025
highest quarter of the sector
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
-1.0%
▼ 1.5pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€4,332--€4,169▲ 3.8%-€5,197▼ 24.7%-€2,364▲ 54.5%-€2,262▲ 4.3%-€2,787▼ 23.2%-€393▲ 85.9%-€3,638▼ 825%
Net result-€1,677--€1,803▼ 7.5%-€2,499below the sector's middle half▼ 38.6%€258below the sector's middle half€532below the sector's middle half▲ 106%€2,461below the sector's middle half▲ 363%€648below the sector's middle half▼ 73.7%-€1,314below the sector's middle half
Equity€135,637-€133,834▼ 1.3%€131,335within the sector's middle half▼ 1.9%€131,593within the sector's middle half▲ 0.2%€132,124within the sector's middle half▲ 0.4%€134,586within the sector's middle half▲ 1.9%€135,234within the sector's middle half▲ 0.5%€133,919within the sector's middle half▼ 1.0%
Total assets€136,093-€137,163▲ 0.8%€133,322within the sector's middle half▼ 2.8%€134,539within the sector's middle half▲ 0.9%€132,279within the sector's middle half▼ 1.7%€134,885within the sector's middle half▲ 2.0%€135,865within the sector's middle half▲ 0.7%€134,497within the sector's middle half▼ 1.0%
Debt€456-€3,329▲ 629%€1,987▼ 40.3%€2,946▲ 48.3%€155▼ 94.8%€299▲ 93.6%€631▲ 111%€578▼ 8.4%
Working capital€109,993-€109,929▼ 0.1%€113,647within the sector's middle half▲ 3.4%€113,905within the sector's middle half▲ 0.2%€114,436within the sector's middle half▲ 0.5%€116,898within the sector's middle half▲ 2.2%€117,546within the sector's middle half▲ 0.6%€116,231within the sector's middle half▼ 1.1%
Solvency99.7%-97.6%▼ 2.1pp98.5%above the sector's middle half▲ 0.9pp97.8%above the sector's middle half▼ 0.7pp99.9%above the sector's middle half▲ 2.1pp99.8%above the sector's middle half▼ 0.1pp99.5%above the sector's middle half▼ 0.2pp99.6%above the sector's middle half=
Current ratio34.0258.19above the sector's middle half▲ 24.1639.66above the sector's middle half▼ 18.53
Return on assets (ROA)-1.2%--1.3%▼ 0.1pp-1.9%below the sector's middle half▼ 0.6pp0.2%below the sector's middle half▲ 2.1pp0.4%below the sector's middle half▲ 0.2pp1.8%within the sector's middle half▲ 1.4pp0.5%below the sector's middle half▼ 1.3pp-1.0%below the sector's middle half▼ 1.5pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 €3,638, larger than the loss of €393 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €134,497
Fixed assets
€17,688 =
Current assets
€116,809 ▼ 1.2%
Equity and liabilities €134,497
Equity
€133,919 ▼ 1.0%
Debt
€578 ▼ 8.4%
Debt's share of the balance-sheet total stays at 0.4%.
Key figures and ratios
Debt to equity
0.00▼
2024 · 0.00
ROE
-1.0%▼
2024 · 0.5%
Debt ≤ 1 year
€578▼
2024 · €631
Income taxes
-€53▼
2024 · €332
A ratio outside any meaningful range has been withheld (balance sheet total €134,497, equity €133,919).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,374 | €1,739 | - | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €348 | €348 | €732 | - | - | - |
| Gross operating margin9900 | -€1,138 | -€1,645 | €367 | -€2,016 | -€1,914 | -€2,055 | -€393 | -€3,638 | ▼ 825% |
| Operating profit (loss)9901 | -€4,332 | -€4,169 | -€5,197 | -€2,364 | -€2,262 | -€2,787 | -€393 | -€3,638 | ▼ 825% |
| Financial income75/76B | - | - | - | €2,709 | €2,923 | €5,560 | €1,415 | €2,271 | ▲ 60.5% |
| Recurring financial income75 | €2,852 | €2,758 | €2,775 | €2,709 | €2,923 | €5,560 | €1,415 | €2,271 | ▲ 60.5% |
| Financial charges65/66B | - | - | - | €62 | €76 | €65 | €42 | - | - |
| Recurring financial charges65 | €197 | €392 | €77 | €62 | €76 | €65 | €42 | - | - |
| Profit (loss) for the period before taxes9903 | -€1,677 | -€1,803 | -€2,499 | €284 | €585 | €2,708 | €980 | -€1,368 | - |
| Income taxes67/77 | - | - | - | €26 | €53 | €246 | €332 | -€53 | - |
| Profit (loss) for the period9904 | -€1,677 | -€1,803 | -€2,499 | €258 | €532 | €2,461 | €648 | -€1,314 | - |
| Profit (loss) for the period to be appropriated9905 | -€1,677 | -€1,803 | -€2,499 | €258 | €532 | €2,461 | €648 | -€1,314 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €136,093 | €137,163 | €133,322 | €134,539 | €132,279 | €134,885 | €135,865 | €134,497 | ▼ 1.0% |
| Fixed assets21/28 | €25,644 | €23,905 | €17,688 | €17,688 | €17,688 | €17,688 | €17,688 | €17,688 | = |
| Tangible fixed assets22/27 | €24,644 | €22,905 | €17,688 | €17,688 | €17,688 | €17,688 | €17,688 | €17,688 | = |
| Furniture and vehicles24 | - | - | - | €17,688 | €17,688 | €17,688 | €17,688 | €17,688 | = |
| Financial fixed assets28 | €1,000 | €1,000 | - | - | - | - | - | - | - |
| Current assets29/58 | €110,449 | €113,258 | €115,634 | €116,851 | €114,591 | €117,197 | €118,177 | €116,809 | ▼ 1.2% |
| Amounts receivable after more than one year29 | - | - | - | €98,000 | €100,600 | €100,600 | €101,606 | €103,638 | ▲ 2.0% |
| Other amounts receivable291 | - | - | - | €98,000 | €100,600 | €100,600 | €101,606 | €103,638 | ▲ 2.0% |
| Amounts receivable within one year40/41 | €21,070 | €20,657 | €14,812 | €14,951 | €13,477 | €16,597 | €16,571 | €13,171 | ▼ 20.5% |
| Trade receivables40 | - | - | - | €1,499 | €0 | - | - | - | - |
| Other amounts receivable41 | - | - | - | €13,452 | €13,477 | €16,597 | €16,571 | €13,171 | ▼ 20.5% |
| Cash at bank and in hand54/58 | €680 | €2,601 | €822 | €3,900 | €514 | €1 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €136,093 | €137,163 | €133,322 | €134,539 | €132,279 | €134,885 | €135,865 | €134,497 | ▼ 1.0% |
| Equity10/15 | €135,637 | €133,834 | €131,335 | €131,593 | €132,124 | €134,586 | €135,234 | €133,919 | ▼ 1.0% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €68,658 | €68,658 | €68,658 | €68,916 | €69,448 | €71,910 | €72,557 | €72,557 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €67,056 | €67,588 | €70,050 | €70,697 | €70,697 | = |
| Profit (loss) carried forward14 | €60,779 | €58,976 | €56,476 | €56,476 | €56,476 | €56,476 | €56,477 | €55,163 | ▼ 2.3% |
| Amounts payable17/49 | €456 | €3,329 | €1,987 | €2,946 | €155 | €299 | €631 | €578 | ▼ 8.4% |
| Amounts payable within one year42/48 | €456 | €3,329 | €1,987 | €2,946 | €155 | €299 | €631 | €578 | ▼ 8.4% |
| Trade debts44 | €456 | €3,202 | €1,987 | €1,660 | €76 | €0 | - | - | - |
| Suppliers440/4 | - | - | - | €1,660 | €76 | €0 | - | - | - |
| Advances received on contracts in progress46 | - | - | - | €1,261 | €0 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €26 | €79 | €299 | €631 | €578 | ▼ 8.4% |
| Taxes450/3 | - | - | - | €26 | €79 | €299 | €631 | €578 | ▼ 8.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,677 | -€1,803 | -€2,499 | €258 | €532 | €2,461 | €648 | -€1,314 | - |
| + Depreciation and write-downs630 | €2,374 | €1,739 | - | - | - | - | - | - | - |
| Operating cash flow (approximation) | €697 | -€64 | -€2,499 | €258 | €532 | €2,461 | €648 | -€1,314 | - |
| Investment in fixed assets (approximation) | - | €0 | €6,217 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €1,921 | -€1,779 | €3,078 | -€3,385 | -€514 | - | - | - |
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, 6,908 companies had the same profile as 02 has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of 02 itself: 0.2% 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 6,908 companies, not a prediction for 02. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 04-08-2026 | 2026-00378897 | |
| 31-12-2024 | micro format | 16-06-2025 | 2025-00141530 | |
| 31-12-2023 | micro format | 16-08-2024 | 2024-00349033 | |
| 31-12-2022 | micro format | 02-08-2023 | 2023-00314394 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20411963 | |
| 31-12-2020 | micro format | 29-06-2021 | 2021-29100549 | |
| 31-12-2019 | micro format | 10-06-2020 | 2020-16000544 | |
| 31-12-2018 | micro format | 25-09-2019 | 2019-65900301 | |
| 31-12-2017 | micro format | 03-08-2018 | 2018-43700127 | |
| 31-12-2016 | micro format | 24-07-2017 | 2017-34500378 |