ACCELANCE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-06-2026 at the NBB all 21 filings
Turnover
≈ €120,000
Estimated: probably between €110,000 and €160,000
Total assets
€310,444▼ 0.6%
2024 · €312,263
Net result
€28,240▲ 14.2%
2024 · €24,733
Working capital
€124,452▼ 25.0%
2024 · €165,838
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€36,606
▲ 14.2%
2025
20182025
Net result
€28,240
▲ 14.2%
2025
middle half of the sector
20182025
Equity
€204,551
▼ 23.0%
2025
highest quarter of the sector
20182025
Total assets
€310,444
▼ 0.6%
2025
highest quarter of the sector
20182025
Debt
€105,893
▲ 127%
2025
20182025
Working capital
€124,452
▼ 25.0%
2025
highest quarter of the sector
20182025
Solvency
65.9%
▼ 19.1pp
2025
middle half of the sector
20182025
Current ratio
2.20
▼ 2.37
2025
middle half of the sector
20182025
Return on assets (ROA)
9.1%
▲ 1.2pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€92,597-€27,836▼ 69.9%€37,576▲ 35.0%€45,874▲ 22.1%€36,151▼ 21.2%€10,257▼ 71.6%€32,057▲ 213%€36,606▲ 14.2%
Net result€65,686-€16,786▼ 74.4%€26,310within the sector's middle half▲ 56.7%€36,950within the sector's middle half▲ 40.4%€27,299within the sector's middle half▼ 26.1%€12,980within the sector's middle half▼ 52.5%€24,733within the sector's middle half▲ 90.6%€28,240within the sector's middle half▲ 14.2%
Equity€225,456-€242,242▲ 7.4%€268,552above the sector's middle half▲ 10.9%€305,502above the sector's middle half▲ 13.8%€332,801above the sector's middle half▲ 8.9%€258,779above the sector's middle half▼ 22.2%€265,512above the sector's middle half▲ 2.6%€204,551above the sector's middle half▼ 23.0%
Total assets€228,765-€259,794▲ 13.6%€290,386above the sector's middle half▲ 11.8%€333,747above the sector's middle half▲ 14.9%€359,300above the sector's middle half▲ 7.7%€366,130above the sector's middle half▲ 1.9%€312,263above the sector's middle half▼ 14.7%€310,444above the sector's middle half▼ 0.6%
Debt€3,309-€17,552▲ 430%€21,833▲ 24.4%€28,245▲ 29.4%€26,498▼ 6.2%€107,352▲ 305%€46,751▼ 56.5%€105,893▲ 127%
Working capital€213,341-€238,959▲ 12.0%€263,863above the sector's middle half▲ 10.4%€268,752above the sector's middle half▲ 1.9%€284,304above the sector's middle half▲ 5.8%€132,599above the sector's middle half▼ 53.4%€165,838above the sector's middle half▲ 25.1%€124,452above the sector's middle half▼ 25.0%
Solvency98.6%-93.2%▼ 5.3pp92.5%above the sector's middle half▼ 0.8pp91.5%above the sector's middle half▼ 0.9pp92.6%above the sector's middle half▲ 1.1pp70.7%within the sector's middle half▼ 21.9pp85.0%above the sector's middle half▲ 14.3pp65.9%within the sector's middle half▼ 19.1pp
Current ratio65.47-14.61▼ 50.8513.51above the sector's middle half▼ 1.1110.88above the sector's middle half▼ 2.6311.84above the sector's middle half▲ 0.962.24within the sector's middle half▼ 9.604.57within the sector's middle half▲ 2.332.20within the sector's middle half▼ 2.37
Return on assets (ROA)28.7%-6.5%▼ 22.3pp9.1%within the sector's middle half▲ 2.6pp11.1%within the sector's middle half▲ 2.0pp7.6%within the sector's middle half▼ 3.5pp3.5%below the sector's middle half▼ 4.1pp7.9%within the sector's middle half▲ 4.4pp9.1%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 14% higher than in 2024. 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 €310,444
Fixed assets
€82,394 ▼ 17.6%
Current assets
€228,051 ▲ 7.4%
Equity and liabilities €310,444
Equity
€204,551 ▼ 23.0%
Debt
€105,893 ▲ 127%
Debt's share of the balance-sheet total rises from 15.0% to 34.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€63,469▲
2024 · €58,264
Cash flow
€55,102▲
2024 · €50,941
Debt to equity
0.52▲
2024 · 0.18
ROE
13.8%▲
2024 · 9.3%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€103,599▲
2024 · €46,453
Income taxes
€8,252▼
2024 · €9,668
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 | €34,431 | €17,065 | €95,301 | - | €9,283 |
| Depreciation and write-downs of the year | €2,077 | €6,088 | €17,880 | €26,207 | €26,862 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,835 | €10,379 | €1,357 | €2,077 | €6,088 | €17,880 | €26,207 | €26,862 | ▲ 2.5% |
| Other operating charges640/8 | - | - | - | €671 | €756 | €8,187 | €691 | €588 | ▼ 15.0% |
| Gross operating margin9900 | €105,779 | €40,286 | €39,261 | €48,622 | €42,995 | €36,324 | €58,956 | €64,057 | ▲ 8.7% |
| Operating profit (loss)9901 | €92,597 | €27,836 | €37,576 | €45,874 | €36,151 | €10,257 | €32,057 | €36,606 | ▲ 14.2% |
| Financial income75/76B | - | - | - | €3,208 | €3,208 | €4,155 | €2,456 | - | - |
| Recurring financial income75 | - | - | - | €3,208 | €3,208 | €4,155 | €2,456 | - | - |
| Financial charges65/66B | - | - | - | €134 | €100 | €96 | €112 | €115 | ▲ 2.8% |
| Recurring financial charges65 | €73 | €87 | €157 | €134 | €100 | €96 | €112 | €115 | ▲ 2.8% |
| Profit (loss) for the period before taxes9903 | €92,524 | €27,749 | €37,419 | €48,948 | €39,259 | €14,316 | €34,401 | €36,491 | ▲ 6.1% |
| Income taxes67/77 | €26,838 | €10,962 | €11,109 | €11,998 | €11,960 | €1,336 | €9,668 | €8,252 | ▼ 14.6% |
| Profit (loss) for the period9904 | €65,686 | €16,786 | €26,310 | €36,950 | €27,299 | €12,980 | €24,733 | €28,240 | ▲ 14.2% |
| Profit (loss) for the period to be appropriated9905 | €65,686 | €16,786 | €26,310 | €36,950 | €27,299 | €12,980 | €24,733 | €28,240 | ▲ 14.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €228,765 | €259,794 | €290,386 | €333,747 | €359,300 | €366,130 | €312,263 | €310,444 | ▼ 0.6% |
| Fixed assets21/28 | €12,115 | €3,284 | €5,427 | €37,781 | €48,759 | €126,180 | €99,973 | €82,394 | ▼ 17.6% |
| Tangible fixed assets22/27 | €12,115 | €3,284 | €5,427 | €37,781 | €48,759 | €126,180 | €99,973 | €82,394 | ▼ 17.6% |
| Plant, machinery and equipment23 | - | - | - | €16,516 | €14,598 | €30,779 | €27,186 | €23,639 | ▼ 13.0% |
| Furniture and vehicles24 | - | - | - | €18,115 | €31,361 | €92,951 | €70,686 | €57,005 | ▼ 19.4% |
| Other tangible fixed assets26 | - | - | - | €3,150 | €2,800 | €2,450 | €2,100 | €1,750 | ▼ 16.7% |
| Current assets29/58 | €216,650 | €256,510 | €284,958 | €295,965 | €310,541 | €239,951 | €212,290 | €228,051 | ▲ 7.4% |
| Amounts receivable within one year40/41 | €79,233 | €123,125 | €154,013 | €294,318 | €301,857 | €219,117 | €15,035 | €40 | ▼ 99.7% |
| Trade receivables40 | - | - | - | €93,716 | €101,393 | €64,050 | €14,117 | - | - |
| Other amounts receivable41 | - | - | - | €200,602 | €200,464 | €155,067 | €919 | €40 | ▼ 95.7% |
| Cash at bank and in hand54/58 | €133,813 | €132,986 | €130,945 | €1,648 | €8,684 | €20,834 | €197,255 | €225,631 | ▲ 14.4% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €2,380 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €228,765 | €259,794 | €290,386 | €333,747 | €359,300 | €366,130 | €312,263 | €310,444 | ▼ 0.6% |
| Equity10/15 | €225,456 | €242,242 | €268,552 | €305,502 | €332,801 | €258,779 | €265,512 | €204,551 | ▼ 23.0% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Capital10 | - | - | - | €12,400 | €12,400 | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Uncalled capital101 | - | - | - | €6,200 | €6,200 | - | - | - | - |
| Reserves13 | €88,863 | €106,863 | €133,063 | €169,063 | €196,063 | €121,960 | €128,685 | €67,715 | ▼ 47.4% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €167,203 | €194,203 | €121,960 | €128,685 | €67,715 | ▼ 47.4% |
| Profit (loss) carried forward14 | €124,193 | €122,980 | €123,090 | €124,040 | €124,339 | €124,419 | €124,427 | €124,436 | = |
| Amounts payable17/49 | €3,309 | €17,552 | €21,833 | €28,245 | €26,498 | €107,352 | €46,751 | €105,893 | ▲ 127% |
| Amounts payable within one year42/48 | €3,309 | €17,552 | €21,095 | €27,214 | €26,237 | €107,352 | €46,453 | €103,599 | ▲ 123% |
| Financial debts43 | - | - | - | €1,222 | €923 | €9,383 | €1,074 | €190 | ▼ 82.3% |
| Credit institutions430/8 | - | - | - | €1,222 | €923 | €9,383 | €1,074 | €190 | ▼ 82.3% |
| Trade debts44 | €3,309 | €3,064 | €1,271 | €2,436 | €1,689 | €3,235 | €3,008 | €1,435 | ▼ 52.3% |
| Suppliers440/4 | - | - | - | €2,436 | €1,689 | €3,235 | €3,008 | €1,435 | ▼ 52.3% |
| Taxes, remuneration and social security45 | - | - | - | €23,556 | €23,625 | €25,176 | €22,954 | €18,178 | ▼ 20.8% |
| Taxes450/3 | - | - | - | €21,306 | €21,375 | €16,176 | €13,204 | €15,178 | ▲ 15.0% |
| Remuneration and social security454/9 | - | - | - | €2,250 | €2,250 | €9,000 | €9,750 | €3,000 | ▼ 69.2% |
| Other amounts payable47/48 | - | - | - | - | - | €69,558 | €19,416 | €83,795 | ▲ 332% |
| Accrued charges and deferred income492/3 | - | - | - | €1,031 | €261 | - | €298 | €2,294 | ▲ 669% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €65,686 | €16,786 | €26,310 | €36,950 | €27,299 | €12,980 | €24,733 | €28,240 | ▲ 14.2% |
| + Depreciation and write-downs630 | €12,835 | €10,379 | €1,357 | €2,077 | €6,088 | €17,880 | €26,207 | €26,862 | ▲ 2.5% |
| Operating cash flow (approximation) | €78,520 | €27,165 | €27,666 | €39,027 | €33,387 | €30,860 | €50,941 | €55,102 | ▲ 8.2% |
| Investment in fixed assets (approximation) | - | -€1,548 | -€3,500 | -€34,431 | -€17,065 | -€95,301 | €0 | -€9,283 | - |
| Change in cash | - | -€827 | -€2,040 | -€129,298 | €7,037 | €12,150 | €176,421 | €28,376 | ▼ 83.9% |
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, 31,368 companies had the same profile as ACCELANCE has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ACCELANCE 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 31,368 companies, not a prediction for ACCELANCE. 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 | micro format | 28-06-2026 | 2026-00217418 | |
| 31-12-2024 | micro format | 17-06-2025 | 2025-00151187 | |
| 31-12-2023 | micro format | 17-06-2024 | 2024-00138023 | |
| 31-12-2022 | micro format | 11-07-2023 | 2023-00230459 | |
| 31-12-2021 | micro format | 24-06-2022 | 2022-20145708 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-28400471 | |
| 31-12-2019 | micro format | 23-07-2020 | 2020-33400132 | |
| 31-12-2018 | micro format | 26-06-2019 | 2019-24200570 | |
| 31-12-2017 | micro format | 19-07-2018 | 2018-35200567 | |
| 30-09-2016 | full format | 02-05-2017 | 2017-11300356 |