AA+
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 76 days after the deadline Filed on 15 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00563699.
Annual accounts 2025 filed on 15-10-2026 at the NBB all 21 filings
Turnover
≈ €68,000
Estimated: probably between €48,000 and €91,000
EBIT margin
Not included in this filing
Net result
-€15,211▲ 60.5%
2024 · -€38,493
Working capital
€272,229▼ 52.5%
2024 · €572,826
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€11,418
2025
20182025
Net result
-€15,211
▲ 60.5%
2025
lowest quarter of the sector
20182025
Equity
€777,539
▲ 93.1%
2025
highest quarter of the sector
20182025
Total assets
€1.8m
▲ 1.7%
2025
highest quarter of the sector
20182025
Debt
€1.0m
▼ 25.0%
2025
20182025
Working capital
€272,229
▼ 52.5%
2025
middle half of the sector
20182025
Solvency
42.9%
▲ 20.3pp
2025
middle half of the sector
20182025
Current ratio
1.56
▼ 0.50
2025
middle half of the sector
20182025
Return on assets (ROA)
-0.8%
▲ 1.3pp
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€0.09m-€0.02m▼ 77.4%€0.06m▲ 194%€0.02m▼ 73.4%€0.2m▲ 16×-€0.006m-€0.006m▲ 2.9%€0.01m
Net result€0.08m-€0.008m▼ 89.3%€0.04mwithin the sector's middle half▲ 427%€0.005mwithin the sector's middle half▼ 89.2%€0.2mabove the sector's middle half▲ 40×€0.03mwithin the sector's middle half▼ 84.7%-€0.04mbelow the sector's middle half-€0.02mbelow the sector's middle half▲ 60.5%
Equity€0.2m-€0.2m▲ 4.5%€0.2mwithin the sector's middle half▲ 10.4%€0.2mabove the sector's middle half▲ 2.2%€0.4mabove the sector's middle half▲ 86.7%€0.4mwithin the sector's middle half▲ 7.1%€0.4mwithin the sector's middle half▼ 8.7%€0.8mabove the sector's middle half▲ 93.1%
Total assets€1.0m-€1.0m▲ 3.1%€1.3mwithin the sector's middle half▲ 29.3%€1.5mabove the sector's middle half▲ 15.3%€1.9mabove the sector's middle half▲ 26.5%€2.1mwithin the sector's middle half▲ 10.2%€1.8mwithin the sector's middle half▼ 13.7%€1.8mabove the sector's middle half▲ 1.7%
Debt€0.8m-€0.8m▲ 2.8%€1.1m▲ 33.9%€1.3m▲ 18.0%€1.4m▲ 12.0%€1.6m▲ 15.1%€1.4m▼ 15.1%€1.0m▼ 25.0%
Working capital€0.1m-€0.2m▲ 68.2%€0.3mwithin the sector's middle half▲ 55.9%€0.4mabove the sector's middle half▲ 29.9%€0.7mabove the sector's middle half▲ 86.6%€0.7mabove the sector's middle half▼ 6.9%€0.6mwithin the sector's middle half▼ 12.4%€0.3mwithin the sector's middle half▼ 52.5%
Solvency19.4%-19.7%▲ 0.3pp16.8%within the sector's middle half▼ 2.9pp14.9%below the sector's middle half▼ 1.9pp22.0%within the sector's middle half▲ 7.1pp21.3%within the sector's middle half▼ 0.6pp22.6%within the sector's middle half▲ 1.2pp42.9%within the sector's middle half▲ 20.3pp
Current ratio1.28-2.55▲ 1.261.99within the sector's middle half▼ 0.563.08within the sector's middle half▲ 1.092.42within the sector's middle half▼ 0.661.90within the sector's middle half▼ 0.522.06within the sector's middle half▲ 0.171.56within the sector's middle half▼ 0.50
Return on assets (ROA)8.1%-0.8%▼ 7.3pp3.4%within the sector's middle half▲ 2.6pp0.3%within the sector's middle half▼ 3.1pp10.2%within the sector's middle half▲ 9.9pp1.4%within the sector's middle half▼ 8.8pp-2.2%below the sector's middle half▼ 3.6pp-0.8%below the sector's middle half▲ 1.3pp
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 €11,418, after a loss of €5,795 in 2024.
Large changes and their cause
- 2023 Net result -85% on 2022. The accounts now follow the full format, last year the micro format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.8m
Fixed assets
€1.1m ▲ 56.8%
Current assets
€757,936 ▼ 31.8%
Equity and liabilities €1.8m
Equity
€777,539 ▲ 93.1%
Debt
€1.0m ▼ 25.0%
Debt's share of the balance-sheet total falls from 77.4% to 57.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€21,705▲
2024 · €4,826
Cash flow
-€4,923▲
2024 · -€27,872
Debt to equity
1.33▼
2024 · 3.43
ROE
-2.0%▲
2024 · -9.6%
Interest coverage
3.62▲
2024 · 0.58
Debt ≤ 1 year
€485,707▼
2024 · €538,009
Debt > 1 year
€550,658▼
2024 · €843,369
Income taxes
€20,638▼
2024 · €39,026
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €40,146 | €3,500 | €1,000 | - | €2,963 |
| Financial fixed assets | €247,756 | - | €43,777 | - | - |
| Depreciation and write-downs of the year | €29,366 | €22,732 | €17,362 | €10,621 | €10,287 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €14,472 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,224 | €52,958 | €21,720 | €29,366 | €22,732 | €17,362 | €10,621 | €10,287 | ▼ 3.1% |
| Other operating charges640/8 | - | - | - | €4,785 | €2,860 | €4,564 | €3,390 | €4,064 | ▲ 19.9% |
| Non-recurring operating charges66A | - | - | - | - | - | €2,547 | €1,726 | - | - |
| Gross operating margin9900 | €105,472 | €75,782 | €84,807 | €49,823 | €274,296 | €18,506 | €9,942 | €25,769 | ▲ 159% |
| Operating profit (loss)9901 | €88,646 | €20,023 | €58,918 | €15,672 | €248,703 | -€5,967 | -€5,795 | €11,418 | - |
| Financial income75/76B | - | - | - | - | €22,221 | €11,459 | €14,663 | - | - |
| Recurring financial income75 | - | - | - | - | €22,221 | €11,459 | €14,663 | - | - |
| Financial charges65/66B | - | - | - | €8,764 | €13,952 | €24,655 | €8,335 | €5,990 | ▼ 28.1% |
| Recurring financial charges65 | €8,316 | €8,851 | €9,791 | €8,764 | €13,952 | €24,655 | €8,335 | €5,990 | ▼ 28.1% |
| Profit (loss) for the period before taxes9903 | €80,330 | €11,172 | €49,127 | €6,908 | €256,972 | -€19,163 | €533 | €5,428 | ▲ 918% |
| Transfer from deferred taxes780 | - | - | - | - | - | €50,637 | - | - | - |
| Transfer to deferred taxes680 | - | - | - | - | €50,637 | - | - | - | - |
| Income taxes67/77 | €1,961 | €2,777 | €4,863 | €2,138 | €15,069 | €2,116 | €39,026 | €20,638 | ▼ 47.1% |
| Profit (loss) for the period9904 | €78,369 | €8,395 | €44,264 | €4,770 | €191,266 | €29,358 | -€38,493 | -€15,211 | ▲ 60.5% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | €151,911 | - | - | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | €151,911 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €78,369 | €8,395 | €44,264 | €4,770 | €39,355 | €181,269 | -€38,493 | -€15,211 | ▲ 60.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.0m | €1.0m | €1.3m | €1.5m | €1.9m | €2.1m | €1.8m | €1.8m | ▲ 1.7% |
| Fixed assets21/28 | €0.5m | €0.7m | €0.7m | €0.9m | €0.7m | €0.7m | €0.7m | €1.1m | ▲ 56.8% |
| Tangible fixed assets22/27 | €0.5m | €0.7m | €0.7m | €0.7m | €0.4m | €0.4m | €0.4m | €0.8m | ▲ 100% |
| Land and buildings22 | - | - | - | €0.6m | €0.4m | €0.4m | €0.4m | €0.8m | ▲ 100% |
| Plant, machinery and equipment23 | - | - | - | - | €0.004m | €0.001m | €300 | €0.003m | ▲ 988% |
| Furniture and vehicles24 | - | - | - | €0.04m | €0.02m | €61 | - | - | - |
| Other tangible fixed assets26 | - | - | - | €0.005m | €0.004m | €0.004m | €0.003m | €0.002m | ▼ 21.3% |
| Financial fixed assets28 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | = |
| Current assets29/58 | €0.5m | €0.3m | €0.6m | €0.6m | €1.2m | €1.4m | €1.1m | €0.8m | ▼ 31.8% |
| Amounts receivable after more than one year29 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.7m | ▲ 44.4% |
| Other amounts receivable291 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.7m | ▲ 44.4% |
| Amounts receivable within one year40/41 | €0.3m | €0.08m | €0.2m | €0.04m | €0.7m | €0.5m | €0.6m | €0.04m | ▼ 94.1% |
| Trade receivables40 | - | - | - | - | €0.02m | - | - | - | - |
| Other amounts receivable41 | - | - | - | €0.04m | €0.6m | €0.5m | €0.6m | €0.04m | ▼ 94.1% |
| Cash at bank and in hand54/58 | €0.1m | €0.2m | €0.3m | €0.01m | €0.04m | €0.4m | €0.002m | €25 | ▼ 98.4% |
| Deferred charges and accrued income490/1 | - | - | - | €323 | - | - | €350 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.0m | €1.0m | €1.3m | €1.5m | €1.9m | €2.1m | €1.8m | €1.8m | ▲ 1.7% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.2m | €0.4m | €0.4m | €0.4m | €0.8m | ▲ 93.1% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Revaluation surpluses12 | - | - | - | - | - | - | - | €0.4m | - |
| Reserves13 | €0.2m | €0.2m | €0.2m | €0.2m | €0.4m | €0.2m | €0.2m | €0.2m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Tax-exempt reserves132 | - | - | - | €0.01m | €0.2m | €0.01m | €0.01m | €0.01m | = |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | - | - | - | - | €0.04m | €0.2m | €0.2m | €0.2m | ▼ 8.4% |
| Provisions and deferred taxes16 | - | - | - | - | €0.05m | - | - | - | - |
| Deferred taxes168 | - | - | - | - | €0.05m | - | - | - | - |
| Amounts payable17/49 | €0.8m | €0.8m | €1.1m | €1.3m | €1.4m | €1.6m | €1.4m | €1.0m | ▼ 25.0% |
| Amounts payable after more than one year17 | €0.4m | €0.7m | €0.8m | €1.1m | €0.9m | €0.9m | €0.8m | €0.6m | ▼ 34.7% |
| Financial debts170/4 | - | - | - | €0.6m | €0.4m | €0.4m | €0.4m | €0.1m | ▼ 60.7% |
| Other amounts payable178/9 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 14.6% |
| Amounts payable within one year42/48 | €0.4m | €0.1m | €0.3m | €0.2m | €0.5m | €0.7m | €0.5m | €0.5m | ▼ 9.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.01m | €0.009m | €0.04m | €0.04m | = |
| Financial debts43 | - | - | - | - | - | - | - | €0.001m | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €0.001m | - |
| Trade debts44 | €0.1m | €0.02m | €0.1m | €454 | €0.002m | €0.007m | €0.005m | €0.008m | ▲ 58.2% |
| Suppliers440/4 | - | - | - | €454 | €0.002m | €0.007m | €0.005m | €0.008m | ▲ 58.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.04m | €0.02m | - | - | - |
| Taxes450/3 | - | - | - | €0.03m | €0.02m | €0.02m | - | - | - |
| Remuneration and social security454/9 | - | - | - | - | €0.02m | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.4m | €0.7m | €0.5m | €0.4m | ▼ 11.4% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | - | €0.002m | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €78,369 | €8,395 | €44,264 | €4,770 | €191,266 | €29,358 | -€38,493 | -€15,211 | ▲ 60.5% |
| + Depreciation and write-downs630 | €12,224 | €52,958 | €21,720 | €29,366 | €22,732 | €17,362 | €10,621 | €10,287 | ▼ 3.1% |
| Operating cash flow (approximation) | €90,593 | €61,353 | €65,984 | €34,135 | €213,998 | €46,720 | -€27,872 | -€4,923 | ▲ 82.3% |
| Investment in fixed assets (approximation) | - | -€279,911 | -€36,179 | -€251,723 | €223,953 | -€23,370 | €0 | -€392,963 | - |
| Change in cash | - | €29,113 | €173,134 | -€326,973 | €21,214 | €357,854 | -€391,777 | -€1,521 | ▲ 99.6% |
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, 8,617 companies had the same profile as AA+ has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of AA+ itself is higher: 1.5% within 12 months. It rests on far more data about AA+ 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 8,617 companies, not a prediction for AA+. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 15-10-2026 | 2026-00563699 | |
| 31-12-2024 | full format | 29-09-2025 | 2025-00518432 | |
| 31-12-2023 | full format | 14-10-2024 | 2024-00506137 | |
| 31-12-2022 | micro format | 05-10-2023 | 2023-00472356 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20112055 | |
| 31-12-2020 | full format | 06-08-2021 | 2021-46800171 | |
| 31-12-2019 | full format | 29-07-2020 | 2020-36100512 | |
| 31-12-2018 | full format | 10-07-2019 | 2019-31400063 | |
| 31-12-2017 | full format | 22-06-2018 | 2018-22400152 | |
| 31-12-2016 | full format | 16-06-2017 | 2017-19000238 |