24Flow
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 12-06-2026 PDF all 7 filings
Turnover
≈ €1.4m
Estimated: probably between €920,000 and €1.8m
Total assets
€1.7m▲ 119%
2024 · €783,539
Net result
-€4,608▲ 97.8%
2024 · -€208,686
Working capital
€1.0m▲ 121%
2024 · €468,658
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€79,855
2025
20192025
Net result
-€4,608
▲ 97.8%
2025
lowest quarter of the sector
20192025
Equity
€152,009
▼ 2.9%
2025
middle half of the sector
20192025
Total assets
€1.7m
▲ 119%
2025
highest quarter of the sector
20192025
Debt
€1.6m
▲ 150%
2025
20192025
Working capital
€1.0m
▲ 121%
2025
highest quarter of the sector
20192025
Solvency
8.8%
▼ 11.1pp
2025
lowest quarter of the sector
20192025
Current ratio
6.72
▲ 0.69
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-0.3%
▲ 26.4pp
2025
middle half of the sector
20192025
Staff (FTE)
5.8
▲ 100%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.2m-€0.1m▼ 40.5%€0.1m▲ 7.6%-€0.06m€0.06m-€0.2m€0.08m
Net result€0.2m-€0.1mabove the sector's middle half▼ 30.8%€0.1mabove the sector's middle half▲ 11.9%-€0.07mbelow the sector's middle half€0.05mabove the sector's middle half-€0.2mbelow the sector's middle half-€0.005mbelow the sector's middle half▲ 97.8%
Equity€0.2m-€0.4mabove the sector's middle half▲ 106%€0.5mabove the sector's middle half▲ 33.6%€0.3mabove the sector's middle half▼ 31.7%€0.4mabove the sector's middle half▲ 14.2%€0.2mwithin the sector's middle half▼ 57.1%€0.2mwithin the sector's middle half▼ 2.9%
Total assets€0.3m-€0.4mabove the sector's middle half▲ 67.9%€0.7mabove the sector's middle half▲ 53.7%€0.5mabove the sector's middle half▼ 23.9%€0.8mabove the sector's middle half▲ 68.2%€0.8mabove the sector's middle half▼ 6.1%€1.7mabove the sector's middle half▲ 119%
Debt€0.08m-€0.07m▼ 10.5%€0.2m▲ 150%€0.2m▼ 4.1%€0.5m▲ 166%€0.6m▲ 33.6%€1.6m▲ 150%
Working capital€0.09m-€0.2mabove the sector's middle half▲ 140%€0.3mabove the sector's middle half▲ 41.3%€0.3mabove the sector's middle half▼ 0.8%€0.6mabove the sector's middle half▲ 116%€0.5mabove the sector's middle half▼ 26.0%€1.0mabove the sector's middle half▲ 121%
Solvency67.4%-82.6%above the sector's middle half▲ 15.2pp71.8%within the sector's middle half▼ 10.8pp64.5%within the sector's middle half▼ 7.3pp43.8%within the sector's middle half▼ 20.7pp20.0%below the sector's middle half▼ 23.8pp8.8%below the sector's middle half▼ 11.1pp
Current ratio2.06-3.85within the sector's middle half▲ 1.794.54above the sector's middle half▲ 0.694.86above the sector's middle half▲ 0.325.54above the sector's middle half▲ 0.696.03above the sector's middle half▲ 0.496.72above the sector's middle half▲ 0.69
Return on assets (ROA)60.1%-24.8%above the sector's middle half▼ 35.3pp18.0%within the sector's middle half▼ 6.7pp-13.3%below the sector's middle half▼ 31.3pp5.5%within the sector's middle half▲ 18.7pp-26.6%below the sector's middle half▼ 32.1pp-0.3%within the sector's middle half▲ 26.4pp
Staff (FTE)1-2.5above the sector's middle half▲ 150%5.3▲ 112%2.22.9▲ 31.8%5.8within the sector's middle half▲ 100%
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 profit of €79,855, after a loss of €189,463 in 2024.
Large changes and their cause
- 2025 Net result +98% on 2024. This financial year ran 15 months, the previous one 12. The accounts now follow the abbreviated format, last year the micro format.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.7m
Fixed assets
€502,385 ▲ 127%
Current assets
€1.2m ▲ 116%
Equity and liabilities €1.7m
Equity
€152,009 ▼ 2.9%
Debt
€1.6m ▲ 150%
Debt's share of the balance-sheet total rises from 80.0% to 91.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€201,971▲
2024 · -€130,762
Cash flow
€117,508▲
2024 · -€149,985
Debt to equity
10.30▲
2024 · 4.00
ROE
-3.0%▲
2024 · -133.2%
Interest coverage
2.32▲
2024 · -5.67
Debt ≤ 1 year
€180,969▲
2024 · €93,181
Debt > 1 year
€1.0m▲
2024 · €299,999
Income taxes
€687▼
2024 · €1,976
Staff costs
€476,401▲
2024 · €226,884
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 30-09-2023 | 30-09-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 10 | 3 | 4 | 8 |
| full-time | 9 | 2 | 3 | 7 |
| part-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 9.6 | 2.6 | 3.6 | 7.6 |
| Average over the year, in full-time equivalents | 5.3 | 2.2 | 2.9 | 5.8 |
| On a permanent contract | 10 | 3 | 4 | 8 |
| Joined | 8 | 1 | 4 | 5 |
| Left | 1 | 1 | 3 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,538 | - | - | €4,988 | €9,680 |
| Intangible fixed assets | €107,415 | - | €0 | €209,107 | €392,146 |
| Financial fixed assets | €82,508 | - | - | €4,875 | €975 |
| Depreciation and write-downs of the year | €57,353 | €61,610 | €55,938 | €58,701 | €122,116 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 9 entries · €145,575 awarded · €145,575 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 4 | €2,582 | €31,219 |
| 2024 | 1 | €6,998 | €6,998 |
| 2023 | 3 | €1,358 | €107,358 |
| 2022 | 1 | €134,637 | €0 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €592 | €1,188 | €0 | - | - | - |
| Remuneration, social security and pensions62 | - | - | €249,457 | €211,255 | €157,587 | €226,884 | €476,401 | ▲ 110% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,590 | €41,012 | €57,353 | €61,610 | €55,938 | €58,701 | €122,116 | ▲ 108% |
| Other operating charges640/8 | - | - | €1,913 | €421 | €1,786 | €2,524 | €1,163 | ▼ 53.9% |
| Gross operating margin9900 | €241,932 | €284,041 | €435,004 | €208,968 | €275,237 | €98,645 | €679,534 | ▲ 589% |
| Operating profit (loss)9901 | €197,010 | €117,313 | €126,280 | -€64,318 | €59,926 | -€189,463 | €79,855 | - |
| Financial income75/76B | - | - | €280 | €215 | €0 | €5,804 | €3,210 | ▼ 44.7% |
| Recurring financial income75 | €73 | €800 | €280 | €215 | €0 | €5,804 | €3,210 | ▼ 44.7% |
| Financial charges65/66B | - | - | €3,853 | €1,358 | €14,042 | €23,051 | €86,986 | ▲ 277% |
| Recurring financial charges65 | €263 | €3,007 | €3,853 | €1,358 | €14,042 | €23,051 | €86,986 | ▲ 277% |
| Profit (loss) for the period before taxes9903 | €196,821 | €115,107 | €122,707 | -€65,461 | €45,884 | -€206,711 | -€3,921 | ▲ 98.1% |
| Income taxes67/77 | €45,012 | €10,000 | €5,074 | €413 | €348 | €1,976 | €687 | ▼ 65.2% |
| Profit (loss) for the period9904 | €151,809 | €105,107 | €117,633 | -€65,874 | €45,536 | -€208,686 | -€4,608 | ▲ 97.8% |
| Profit (loss) for the period to be appropriated9905 | €151,809 | €105,107 | €117,633 | -€65,874 | €45,536 | -€208,686 | -€4,608 | ▲ 97.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.3m | €0.4m | €0.7m | €0.5m | €0.8m | €0.8m | €1.7m | ▲ 119% |
| Fixed assets21/28 | €0.08m | €0.1m | €0.3m | €0.1m | €0.06m | €0.2m | €0.5m | ▲ 127% |
| Intangible fixed assets21 | €0.05m | €0.1m | €0.2m | €0.1m | €0.06m | €0.2m | €0.5m | ▲ 129% |
| Tangible fixed assets22/27 | €0.03m | €0.003m | €0.02m | €0.008m | €150 | €0.004m | €0.009m | ▲ 139% |
| Plant, machinery and equipment23 | - | - | €0.01m | €0.007m | €0 | - | - | - |
| Furniture and vehicles24 | - | - | €0.002m | €0.001m | €150 | €0.004m | €0.009m | ▲ 139% |
| Financial fixed assets28 | €0.001m | €0.002m | €0.08m | €0 | - | €0.005m | €0.006m | ▲ 20.0% |
| Current assets29/58 | €0.2m | €0.3m | €0.4m | €0.4m | €0.8m | €0.6m | €1.2m | ▲ 116% |
| Amounts receivable within one year40/41 | €0.09m | €0.1m | €0.1m | €0.2m | €0.2m | €0.1m | €0.2m | ▲ 50.4% |
| Trade receivables40 | - | - | €0.1m | €0.2m | €0.2m | €0.1m | €0.2m | ▲ 56.1% |
| Other amounts receivable41 | - | - | €0.01m | €0.009m | €0 | €0.01m | €0.01m | ▼ 0.5% |
| Cash at bank and in hand54/58 | €0.08m | €0.1m | €0.3m | €0.2m | €0.6m | €0.4m | €1.0m | ▲ 134% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €0.005m | €0.02m | ▲ 204% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.3m | €0.4m | €0.7m | €0.5m | €0.8m | €0.8m | €1.7m | ▲ 119% |
| Equity10/15 | €0.2m | €0.4m | €0.5m | €0.3m | €0.4m | €0.2m | €0.2m | ▼ 2.9% |
| Contributions10/11 | €0.02m | €0.09m | €0.09m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Contributions outside capital11 | - | - | €0.09m | - | - | - | - | - |
| Other1109/19 | - | - | €0.09m | - | - | - | - | - |
| Reserves13 | €0.2m | €0.3m | €0.4m | €0.2m | €0.3m | €0.08m | €0.08m | ▼ 5.5% |
| Non-distributable reserves130/1 | - | - | €0.002m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Reserves not available under the articles1311 | - | - | €0.002m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Distributable reserves133 | - | - | €0.4m | €0.2m | €0.3m | €0.08m | €0.08m | ▼ 5.6% |
| Profit (loss) carried forward14 | €0.001m | €56 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Amounts payable17/49 | €0.08m | €0.07m | €0.2m | €0.2m | €0.5m | €0.6m | €1.6m | ▲ 150% |
| Amounts payable after more than one year17 | - | - | €0.1m | €0.1m | €0.3m | €0.3m | €1.0m | ▲ 250% |
| Financial debts170/4 | - | - | €0.1m | €0.1m | €0.3m | €0.3m | €1.0m | ▲ 250% |
| Amounts payable within one year42/48 | €0.08m | €0.07m | €0.08m | €0.08m | €0.1m | €0.09m | €0.2m | ▲ 94.2% |
| Financial debts43 | - | - | - | - | - | €413 | €0.002m | ▲ 283% |
| Credit institutions430/8 | - | - | - | - | - | €413 | €0.002m | ▲ 283% |
| Trade debts44 | €0.03m | €0.04m | €0.04m | €0.04m | €0.1m | €0.07m | €0.1m | ▲ 94.2% |
| Suppliers440/4 | - | - | €0.04m | €0.04m | €0.1m | €0.07m | €0.1m | ▲ 94.2% |
| Advances received on contracts in progress46 | - | - | €0.01m | €0.003m | €0 | - | - | - |
| Taxes, remuneration and social security45 | - | - | €0.03m | €0.04m | €0.03m | €0.03m | €0.05m | ▲ 91.2% |
| Taxes450/3 | - | - | €0.007m | €0.005m | €0.02m | €454 | €0.001m | ▲ 51.4% |
| Remuneration and social security454/9 | - | - | €0.02m | €0.03m | €0.02m | €0.02m | €0.05m | ▲ 91.9% |
| Other amounts payable47/48 | - | - | - | €0.001m | €0.001m | €0 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.03m | €0.2m | €0.3m | ▲ 43.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €151,809 | €105,107 | €117,633 | -€65,874 | €45,536 | -€208,686 | -€4,608 | ▲ 97.8% |
| + Depreciation and write-downs630 | €21,590 | €41,012 | €57,353 | €61,610 | €55,938 | €58,701 | €122,116 | ▲ 108% |
| Operating cash flow (approximation) | €173,399 | €146,119 | €174,986 | -€4,264 | €101,475 | -€149,985 | €117,508 | - |
| Investment in fixed assets (approximation) | - | -€98,489 | -€188,357 | €84,290 | €8,470 | -€218,970 | -€402,801 | ▼ 84.0% |
| Change in cash | - | €56,624 | €132,989 | -€99,041 | €392,903 | -€129,165 | €581,282 | - |
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, 849 companies had the same profile as 24Flow has now. Two years later, 91.9% were still going and 4.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a small loss
91.9%
was still going
3.3%
stopped otherwise
4.7%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of 24Flow itself is lower: 0.1% within 12 months. It rests on far more data about 24Flow 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 849 companies, not a prediction for 24Flow. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 12-06-2026 | 2026-00156005 | |
| 30-09-2024 | micro format | 09-04-2025 | 2025-00066257 | |
| 30-09-2023 | micro format | 29-04-2024 | 2024-00072044 | |
| 30-09-2022 | micro format | 09-06-2023 | 2023-00117911 | |
| 30-09-2021 | micro format | 29-04-2022 | 2022-20013716 | |
| 30-09-2020 | micro format | 03-05-2021 | 2021-12900251 | |
| 30-09-2019 | micro format | 19-04-2020 | 2020-09500071 |