A STRANGE LOOP
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-01-2026 PDF all 13 filings
Turnover
≈ €230,000
Estimated: probably between €190,000 and €290,000
Total assets
€255,032▲ 16.3%
2024 · €219,218
Net result
€72,671▲ 11.7%
2024 · €65,083
Working capital
€218,127▲ 20.5%
2024 · €180,950
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€96,638
▲ 12.9%
2025
20192025
Net result
€72,671
▲ 11.7%
2025
highest quarter of the sector
20192025
Equity
€216,677
▲ 19.0%
2025
highest quarter of the sector
20192025
Total assets
€255,032
▲ 16.3%
2025
middle half of the sector
20192025
Debt
€38,355
▲ 3.1%
2025
20192025
Working capital
€218,127
▲ 20.5%
2025
highest quarter of the sector
20192025
Solvency
85.0%
▲ 1.9pp
2025
highest quarter of the sector
20192025
Current ratio
7.01
▲ 1.09
2025
highest quarter of the sector
20192025
Return on assets (ROA)
28.5%
▼ 1.2pp
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€42,534--€11,668€15,620€61,456▲ 293%€59,854▼ 2.6%€85,561▲ 42.9%€96,638▲ 12.9%
Net result€29,684--€11,883below the sector's middle half€13,357within the sector's middle half€44,634within the sector's middle half▲ 234%€42,688within the sector's middle half▼ 4.4%€65,083above the sector's middle half▲ 52.5%€72,671above the sector's middle half▲ 11.7%
Equity€131,875-€119,993within the sector's middle half▼ 9.0%€133,349within the sector's middle half▲ 11.1%€173,983above the sector's middle half▲ 30.5%€150,891within the sector's middle half▼ 13.3%€182,023above the sector's middle half▲ 20.6%€216,677above the sector's middle half▲ 19.0%
Total assets€214,585-€138,374within the sector's middle half▼ 35.5%€164,795within the sector's middle half▲ 19.1%€201,970within the sector's middle half▲ 22.6%€169,649within the sector's middle half▼ 16.0%€219,218within the sector's middle half▲ 29.2%€255,032within the sector's middle half▲ 16.3%
Debt€82,709-€18,381▼ 77.8%€31,445▲ 71.1%€27,986▼ 11.0%€18,759▼ 33.0%€37,195▲ 98.3%€38,355▲ 3.1%
Working capital€118,732-€108,064within the sector's middle half▼ 9.0%€125,244above the sector's middle half▲ 15.9%€171,333above the sector's middle half▲ 36.8%€148,244above the sector's middle half▼ 13.5%€180,950above the sector's middle half▲ 22.1%€218,127above the sector's middle half▲ 20.5%
Solvency61.5%-86.7%above the sector's middle half▲ 25.3pp80.9%above the sector's middle half▼ 5.8pp86.1%above the sector's middle half▲ 5.2pp88.9%above the sector's middle half▲ 2.8pp83.0%above the sector's middle half▼ 5.9pp85.0%above the sector's middle half▲ 1.9pp
Current ratio2.56-6.88above the sector's middle half▲ 4.325.03above the sector's middle half▼ 1.847.12above the sector's middle half▲ 2.098.90above the sector's middle half▲ 1.785.92above the sector's middle half▼ 2.987.01above the sector's middle half▲ 1.09
Return on assets (ROA)13.8%--8.6%below the sector's middle half▼ 22.4pp8.1%within the sector's middle half▲ 16.7pp22.1%within the sector's middle half▲ 14.0pp25.2%within the sector's middle half▲ 3.1pp29.7%within the sector's middle half▲ 4.5pp28.5%within the sector's middle half▼ 1.2pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 13% higher than in 2024 and the highest since 2019. It is the second rise in a row, after the fall in 2023.
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
2025 in colour, 2024 as the grey bar beneath
Assets €255,032
Fixed assets
€610 ▼ 58.6%
Current assets
€254,421 ▲ 16.8%
Equity and liabilities €255,032
Equity
€216,677 ▲ 19.0%
Debt
€38,355 ▲ 3.1%
Debt's share of the balance-sheet total falls from 17.0% to 15.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€97,501▲
2024 · €86,734
Cash flow
€73,534▲
2024 · €66,256
Debt to equity
0.18▼
2024 · 0.20
ROE
33.5%▼
2024 · 35.8%
Interest coverage
52.54▼
2024 · over 100
Debt ≤ 1 year
€36,295▼
2024 · €36,795
Income taxes
€25,221▲
2024 · €23,345
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €1,205 | €1,470 | - | - |
| Depreciation and write-downs of the year | €7,059 | €1,474 | €1,174 | €863 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,645 | €7,645 | €6,618 | €7,059 | €1,474 | €1,174 | €863 | ▼ 26.5% |
| Other operating charges640/8 | - | - | - | €1,686 | €1,713 | €1,991 | €710 | ▼ 64.3% |
| Gross operating margin9900 | €52,063 | -€3,869 | €23,767 | €70,201 | €63,041 | €88,726 | €98,211 | ▲ 10.7% |
| Operating profit (loss)9901 | €42,534 | -€11,668 | €15,620 | €61,456 | €59,854 | €85,561 | €96,638 | ▲ 12.9% |
| Financial income75/76B | - | - | - | - | - | €3,015 | €3,110 | ▲ 3.2% |
| Recurring financial income75 | €193 | €190 | €7 | - | - | €3,015 | €3,110 | ▲ 3.2% |
| Financial charges65/66B | - | - | - | €180 | €392 | €147 | €1,856 | ▲ 13× |
| Recurring financial charges65 | €504 | €239 | €99 | €180 | €392 | €147 | €1,856 | ▲ 13× |
| Profit (loss) for the period before taxes9903 | €42,223 | -€11,717 | €15,528 | €61,276 | €59,462 | €88,428 | €97,892 | ▲ 10.7% |
| Income taxes67/77 | €12,539 | €166 | €2,171 | €16,642 | €16,774 | €23,345 | €25,221 | ▲ 8.0% |
| Profit (loss) for the period9904 | €29,684 | -€11,883 | €13,357 | €44,634 | €42,688 | €65,083 | €72,671 | ▲ 11.7% |
| Profit (loss) for the period to be appropriated9905 | €29,684 | -€11,883 | €13,357 | €44,634 | €42,688 | €65,083 | €72,671 | ▲ 11.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €214,585 | €138,374 | €164,795 | €201,970 | €169,649 | €219,218 | €255,032 | ▲ 16.3% |
| Fixed assets21/28 | €19,573 | €11,928 | €8,505 | €2,651 | €2,647 | €1,473 | €610 | ▼ 58.6% |
| Tangible fixed assets22/27 | €19,573 | €11,928 | €8,505 | €2,651 | €2,647 | €1,473 | €610 | ▼ 58.6% |
| Furniture and vehicles24 | - | - | - | €2,651 | €2,647 | €1,473 | €610 | ▼ 58.6% |
| Current assets29/58 | €195,012 | €126,446 | €156,290 | €199,319 | €167,003 | €217,745 | €254,421 | ▲ 16.8% |
| Amounts receivable after more than one year29 | - | - | - | - | €90,000 | €80,000 | €70,000 | ▼ 12.5% |
| Other amounts receivable291 | - | - | - | - | €90,000 | €80,000 | €70,000 | ▼ 12.5% |
| Amounts receivable within one year40/41 | €23,232 | €22,295 | €20,798 | €26,354 | €25,601 | €30,544 | €30,637 | ▲ 0.3% |
| Trade receivables40 | - | - | - | €26,354 | €14,375 | €17,424 | €13,068 | ▼ 25.0% |
| Other amounts receivable41 | - | - | - | - | €11,226 | €13,120 | €17,569 | ▲ 33.9% |
| Cash at bank and in hand54/58 | €169,325 | €102,444 | €133,790 | €166,968 | €47,550 | €103,903 | €149,878 | ▲ 44.2% |
| Deferred charges and accrued income490/1 | - | - | - | €5,997 | €3,852 | €3,298 | €3,906 | ▲ 18.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €214,585 | €138,374 | €164,795 | €201,970 | €169,649 | €219,218 | €255,032 | ▲ 16.3% |
| Equity10/15 | €131,875 | €119,993 | €133,349 | €173,983 | €150,891 | €182,023 | €216,677 | ▲ 19.0% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €125,675 | €125,675 | €127,149 | €167,783 | €144,691 | €175,823 | €210,477 | ▲ 19.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €165,923 | €144,691 | €175,823 | €210,477 | ▲ 19.7% |
| Profit (loss) carried forward14 | - | -€11,883 | - | - | - | - | - | - |
| Amounts payable17/49 | €82,709 | €18,381 | €31,445 | €27,986 | €18,759 | €37,195 | €38,355 | ▲ 3.1% |
| Amounts payable after more than one year17 | €6,429 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €76,280 | €18,381 | €31,045 | €27,986 | €18,759 | €36,795 | €36,295 | ▼ 1.4% |
| Trade debts44 | €5,120 | €1,763 | €11,211 | €5,989 | €2,992 | €2,006 | €6,722 | ▲ 235% |
| Suppliers440/4 | - | - | - | €5,989 | €2,992 | €2,006 | €6,722 | ▲ 235% |
| Taxes, remuneration and social security45 | - | - | - | €10,102 | €6,742 | €4,294 | €1,674 | ▼ 61.0% |
| Taxes450/3 | - | - | - | €8,402 | €5,042 | €2,594 | €1,674 | ▼ 35.5% |
| Remuneration and social security454/9 | - | - | - | €1,700 | €1,700 | €1,700 | - | - |
| Other amounts payable47/48 | - | - | - | €11,896 | €9,026 | €30,496 | €27,899 | ▼ 8.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €400 | €2,060 | ▲ 415% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,684 | -€11,883 | €13,357 | €44,634 | €42,688 | €65,083 | €72,671 | ▲ 11.7% |
| + Depreciation and write-downs630 | €7,645 | €7,645 | €6,618 | €7,059 | €1,474 | €1,174 | €863 | ▼ 26.5% |
| Operating cash flow (approximation) | €37,328 | -€4,238 | €19,975 | €51,693 | €44,163 | €66,256 | €73,534 | ▲ 11.0% |
| Investment in fixed assets (approximation) | - | €0 | -€3,195 | -€1,205 | -€1,470 | €0 | €0 | - |
| Change in cash | - | -€66,881 | €31,346 | €33,178 | -€119,418 | €56,353 | €45,976 | ▼ 18.4% |
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, 34,693 companies had the same profile as A STRANGE LOOP has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of A STRANGE LOOP 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.
| 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 34,693 companies, not a prediction for A STRANGE LOOP. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 29-01-2026 | 2026-00018325 | |
| 30-06-2024 | micro format | 28-12-2024 | 2024-00626123 | |
| 30-06-2023 | micro format | 26-12-2023 | 2023-00536755 | |
| 30-06-2022 | micro format | 29-12-2022 | 2022-20548736 | |
| 30-06-2021 | micro format | 25-01-2022 | 2022-01600186 | |
| 30-06-2020 | micro format | 26-01-2021 | 2021-01600409 | |
| 30-06-2019 | micro format | 28-01-2020 | 2020-02300058 | |
| 30-06-2018 | micro format | 29-01-2019 | 2019-02500265 | |
| 30-06-2017 | micro format | 31-01-2018 | 2018-03100238 | |
| 30-06-2016 | abbreviated format | 15-01-2017 | 2017-01000458 |