3M2E
ActiveFinancials · financial year 2023, micro format, 2025 accounts filed
2025 annual accounts filed 47 days after the deadline Filed on 16 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00521813.
Annual accounts 2025 filed on 16-09-2026 at the NBB all 24 filings
The accounts were filed as a PDF only.
Turnover
≈ €330,000
Estimated: probably between €220,000 and €510,000
Total assets
€1.4m▼ 6.7%
2022 · €1.5m
Net result
€44,765▼ 77.3%
2022 · €196,908
Working capital
€74,127▼ 32.3%
2022 · €109,489
Multi-year overview
2018 to 2023, 6 financial yearsOperating result
€75,616
▼ 65.5%
2023
20182023
Net result
€44,765
▼ 77.3%
2023
highest quarter of the sector
20182023
Equity
€563,565
▲ 8.6%
2023
highest quarter of the sector
20182023
Total assets
€1.4m
▼ 6.7%
2023
highest quarter of the sector
20182023
Debt
€848,022
▼ 14.7%
2023
20182023
Working capital
€74,127
▼ 32.3%
2023
middle half of the sector
20182023
Solvency
39.9%
▲ 5.6pp
2023
middle half of the sector
20182023
Current ratio
1.31
▼ 0.11
2023
middle half of the sector
20182023
Return on assets (ROA)
3.2%
▼ 9.8pp
2023
middle half of the sector
20182023
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201820192020202120222023
Operating result€0.09m-€0.09m▼ 2.2%€0.08m▼ 10.1%€0.1m▲ 31.6%€0.2m▲ 111%€0.08m▼ 65.5%
Net result-€0.01m-€0.03m€0.03mabove the sector's middle half▼ 4.4%€0.03mabove the sector's middle half▲ 6.3%€0.2mabove the sector's middle half▲ 501%€0.04mabove the sector's middle half▼ 77.3%
Equity€0.3m-€0.4m▲ 9.3%€0.4mabove the sector's middle half▲ 8.1%€0.4mabove the sector's middle half▲ 8.0%€0.5mabove the sector's middle half▲ 17.4%€0.6mabove the sector's middle half▲ 8.6%
Total assets€1.8m-€1.8m▼ 2.2%€1.8mabove the sector's middle half▼ 0.2%€1.6mabove the sector's middle half▼ 9.7%€1.5mabove the sector's middle half▼ 5.3%€1.4mabove the sector's middle half▼ 6.7%
Debt€1.4m-€1.4m▼ 5.0%€1.3m▼ 2.5%€1.1m▼ 15.4%€1.0m▼ 11.7%€0.8m▼ 14.7%
Working capital€0.06m-€0.2m▲ 161%€0.2mabove the sector's middle half▲ 8.8%€0.1mabove the sector's middle half▼ 12.1%€0.1mabove the sector's middle half▼ 25.1%€0.07mwithin the sector's middle half▼ 32.3%
Solvency19.1%-21.3%▲ 2.2pp23.1%within the sector's middle half▲ 1.8pp27.7%within the sector's middle half▲ 4.5pp34.3%within the sector's middle half▲ 6.6pp39.9%within the sector's middle half▲ 5.6pp
Current ratio1.13-1.40▲ 0.271.40within the sector's middle half=1.43within the sector's middle half▲ 0.031.42within the sector's middle half=1.31within the sector's middle half▼ 0.11
Return on assets (ROA)-0.7%-1.8%▲ 2.5pp1.7%within the sector's middle half▼ 0.1pp2.0%within the sector's middle half▲ 0.3pp13.0%within the sector's middle half▲ 11.0pp3.2%within the sector's middle half▼ 9.8pp
above
within
below
The sector band is the middle half of the companies in Telecommunications (NACE 61). 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 2023 is 66% lower than in 2022 and the lowest since 2019.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €1.4m
Fixed assets
€1.1m ▼ 4.2%
Current assets
€314,235 ▼ 14.7%
Equity and liabilities €1.4m
Equity
€563,565 ▲ 8.6%
Debt
€848,022 ▼ 14.7%
Debt's share of the balance-sheet total falls from 65.7% to 60.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€123,168▼
2022 · €257,714
Cash flow
€92,317▼
2022 · €235,248
Debt to equity
1.50▼
2022 · 1.92
ROE
7.9%▼
2022 · 38.0%
Interest coverage
7.46▼
2022 · 11.47
Debt ≤ 1 year
€240,108▼
2022 · €258,909
Debt > 1 year
€607,914▼
2022 · €722,481
Income taxes
€14,338
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 |
|---|---|---|---|
| Tangible fixed assets | - | €74,398 | - |
| Depreciation and write-downs of the year | €32,881 | €38,341 | €47,552 |
Source: notes to the 2021 to 2023 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €34,163 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €54,085 | €54,458 | €54,459 | €32,881 | €38,341 | €47,552 | ▲ 24.0% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | -€30,511 | - | - |
| Other operating charges640/8 | - | - | - | €16,082 | €7,952 | €9,874 | ▲ 24.2% |
| Non-recurring operating charges66A | - | - | - | €166 | - | €35 | - |
| Gross operating margin9900 | €170,354 | €152,297 | €143,756 | €153,004 | €235,155 | €133,077 | ▼ 43.4% |
| Operating profit (loss)9901 | €89,843 | €87,848 | €78,940 | €103,875 | €219,373 | €75,616 | ▼ 65.5% |
| Financial income75/76B | - | - | - | - | €11 | - | - |
| Recurring financial income75 | - | - | - | - | €11 | - | - |
| Financial charges65/66B | - | - | - | €19,967 | €22,477 | €16,513 | ▼ 26.5% |
| Recurring financial charges65 | €38,232 | €27,799 | €25,947 | €19,967 | €22,477 | €16,513 | ▼ 26.5% |
| Profit (loss) for the period before taxes9903 | €51,611 | €60,049 | €52,992 | €83,908 | €196,908 | €59,103 | ▼ 70.0% |
| Income taxes67/77 | €63,428 | €27,813 | €22,169 | €51,152 | - | €14,338 | - |
| Profit (loss) for the period9904 | -€11,817 | €32,236 | €30,824 | €32,756 | €196,908 | €44,765 | ▼ 77.3% |
| Profit (loss) for the period to be appropriated9905 | -€11,817 | €32,236 | €30,824 | €32,756 | €196,908 | €44,765 | ▼ 77.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €1.8m | €1.8m | €1.8m | €1.6m | €1.5m | €1.4m | ▼ 6.7% |
| Fixed assets21/28 | €1.3m | €1.2m | €1.2m | €1.1m | €1.1m | €1.1m | ▼ 4.2% |
| Tangible fixed assets22/27 | €1.0m | €1.0m | €0.9m | €0.8m | €0.9m | €0.8m | ▼ 5.4% |
| Land and buildings22 | - | - | - | €0.002m | €0.004m | €0.8m | ▲ 216× |
| Plant, machinery and equipment23 | - | - | - | €0.006m | €0.005m | €0.004m | ▼ 22.5% |
| Leasing and similar rights25 | - | - | - | - | €0.07m | €0.05m | ▼ 21.6% |
| Other tangible fixed assets26 | - | - | - | €0.8m | €0.8m | - | - |
| Financial fixed assets28 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Current assets29/58 | €0.5m | €0.5m | €0.6m | €0.5m | €0.4m | €0.3m | ▼ 14.7% |
| Amounts receivable within one year40/41 | €0.5m | €0.5m | €0.5m | €0.4m | €0.3m | €0.3m | ▼ 6.8% |
| Trade receivables40 | - | - | - | - | €0.02m | €0.02m | = |
| Other amounts receivable41 | - | - | - | €0.4m | €0.3m | €0.3m | ▼ 7.1% |
| Cash at bank and in hand54/58 | - | €0.007m | €0.07m | €0.1m | €0.04m | €0.009m | ▼ 77.9% |
| Deferred charges and accrued income490/1 | - | - | - | €331 | €0.002m | €0.001m | ▼ 20.5% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €1.8m | €1.8m | €1.8m | €1.6m | €1.5m | €1.4m | ▼ 6.7% |
| Equity10/15 | €0.3m | €0.4m | €0.4m | €0.4m | €0.5m | €0.6m | ▲ 8.6% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | = |
| Profit (loss) carried forward14 | €0.3m | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | ▲ 9.0% |
| Provisions and deferred taxes16 | €0.03m | €0.03m | €0.03m | €0.03m | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €0.03m | - | - | - |
| Pensions and similar obligations160 | - | - | - | €0.03m | - | - | - |
| Amounts payable17/49 | €1.4m | €1.4m | €1.3m | €1.1m | €1.0m | €0.8m | ▼ 14.7% |
| Amounts payable after more than one year17 | €0.9m | €1.0m | €0.9m | €0.8m | €0.7m | €0.6m | ▼ 15.9% |
| Financial debts170/4 | - | - | - | €0.8m | €0.7m | €0.6m | ▼ 15.9% |
| Amounts payable within one year42/48 | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | €0.2m | ▼ 7.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.09m | €0.1m | €0.1m | ▲ 2.3% |
| Financial debts43 | - | - | - | €0.01m | - | - | - |
| Other loans439 | - | - | - | €0.01m | - | - | - |
| Trade debts44 | €0.07m | €0.03m | €0.02m | €0.02m | €0.004m | €0.003m | ▼ 22.5% |
| Suppliers440/4 | - | - | - | €0.02m | €0.004m | €0.003m | ▼ 22.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.007m | €0.002m | ▼ 72.2% |
| Taxes450/3 | - | - | - | €0.2m | €0.007m | €0.002m | ▼ 72.2% |
| Other amounts payable47/48 | - | - | - | €0.04m | €0.1m | €0.1m | ▼ 11.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.008m | €0.01m | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€11,817 | €32,236 | €30,824 | €32,756 | €196,908 | €44,765 | ▼ 77.3% |
| + Depreciation and write-downs630 | €54,085 | €54,458 | €54,459 | €32,881 | €38,341 | €47,552 | ▲ 24.0% |
| Operating cash flow (approximation) | €42,268 | €86,694 | €85,283 | €65,637 | €235,248 | €92,317 | ▼ 60.8% |
| Investment in fixed assets (approximation) | - | -€3,732 | -€2,750 | €43,855 | -€74,398 | €35 | - |
| Change in cash | - | - | €65,235 | €34,745 | -€66,209 | -€31,578 | ▲ 52.3% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-09-2026 | 2026-00521813 | |
| 31-12-2024 | micro format | 03-10-2025 | 2025-00538028 | |
| 31-12-2023 | micro format | 13-08-2024 | 2024-00342722 | |
| 31-12-2022 | micro format | 06-10-2023 | 2023-00474842 | |
| 31-12-2021 | micro format | 07-11-2022 | 2022-20515614 | |
| 31-12-2020 | micro format | 29-10-2021 | 2021-74700509 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-49500267 | |
| 31-12-2018 | micro format | 30-07-2019 | 2019-40900498 | |
| 31-12-2017 | micro format | 29-11-2018 | 2018-73200248 | |
| 31-12-2016 | micro format | 26-09-2017 | 2017-63200169 |