ACTIF-SYSTEME
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 32 days after the deadline Filed on 1 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00498635.
Annual accounts 2025 filed on 01-09-2026 at the NBB all 17 filings
Turnover
€221,761▲ 11.3%
2021 · €199,184
EBIT margin
2.6%▲ 9.3pp
2021 · -6.7%
Net result
-€45,455
2024 · €78,602
Working capital
€181,841▼ 20.6%
2024 · €229,131
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€42,634
2025
20182025
Net result
-€45,455
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€248,623
▼ 15.5%
2025
middle half of the sector
20182025
Total assets
€316,153
▼ 17.9%
2025
middle half of the sector
20182025
Debt
€67,531
▼ 25.7%
2025
20182025
Working capital
€181,841
▼ 20.6%
2025
middle half of the sector
20182025
Solvency
78.6%
▲ 2.3pp
2025
highest quarter of the sector
20182025
Current ratio
3.69
▲ 0.17
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-14.4%
▼ 34.8pp
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
Turnover€254,276-€239,929▼ 5.6%€218,612▼ 8.9%€199,184▼ 8.9%€221,761▲ 11.3%
Operating result€6,574--€14,878€21,975-€13,427€5,660€42,262▲ 647%€109,500▲ 159%-€42,634
Net result€3,579--€15,035€18,249within the sector's middle half-€13,818below the sector's middle half€5,633within the sector's middle half€29,986above the sector's middle half▲ 432%€78,602above the sector's middle half▲ 162%-€45,455below the sector's middle half
EBIT margin2.6%--6.2%▼ 8.8pp10.1%▲ 16.3pp-6.7%▼ 16.8pp2.6%▲ 9.3pp
Equity€190,461-€175,426▼ 7.9%€193,675above the sector's middle half▲ 10.4%€179,857above the sector's middle half▼ 7.1%€185,490above the sector's middle half▲ 3.1%€215,476above the sector's middle half▲ 16.2%€294,078above the sector's middle half▲ 36.5%€248,623within the sector's middle half▼ 15.5%
Total assets€207,472-€187,545▼ 9.6%€262,632within the sector's middle half▲ 40.0%€246,757within the sector's middle half▼ 6.0%€233,216within the sector's middle half▼ 5.5%€301,783above the sector's middle half▲ 29.4%€384,996above the sector's middle half▲ 27.6%€316,153within the sector's middle half▼ 17.9%
Debt€17,011-€12,119▼ 28.8%€68,957▲ 469%€66,900▼ 3.0%€47,726▼ 28.7%€86,307▲ 80.8%€90,918▲ 5.3%€67,531▼ 25.7%
Working capital€185,673-€175,134▼ 5.7%€189,135above the sector's middle half▲ 8.0%€177,958above the sector's middle half▼ 5.9%€187,753above the sector's middle half▲ 5.5%€155,104above the sector's middle half▼ 17.4%€229,131above the sector's middle half▲ 47.7%€181,841within the sector's middle half▼ 20.6%
Solvency91.8%-93.5%▲ 1.7pp73.7%above the sector's middle half▼ 19.8pp72.9%above the sector's middle half▼ 0.9pp79.5%above the sector's middle half▲ 6.6pp71.4%above the sector's middle half▼ 8.1pp76.4%above the sector's middle half▲ 5.0pp78.6%above the sector's middle half▲ 2.3pp
Current ratio11.91-15.45▲ 3.547.78above the sector's middle half▼ 7.676.56above the sector's middle half▼ 1.2210.83above the sector's middle half▲ 4.273.42above the sector's middle half▼ 7.413.52above the sector's middle half▲ 0.103.69above the sector's middle half▲ 0.17
Return on assets (ROA)1.7%--8.0%▼ 9.7pp6.9%within the sector's middle half▲ 15.0pp-5.6%below the sector's middle half▼ 12.5pp2.4%within the sector's middle half▲ 8.0pp9.9%within the sector's middle half▲ 7.5pp20.4%above the sector's middle half▲ 10.5pp-14.4%below the sector's middle half▼ 34.8pp
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). 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 loss of €42,634, after a profit of €109,500 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €316,153
Fixed assets
€66,782 ▲ 2.8%
Current assets
€249,372 ▼ 22.1%
Equity and liabilities €316,153
Equity
€248,623 ▼ 15.5%
Debt
€67,531 ▼ 25.7%
Debt's share of the balance-sheet total falls from 23.6% to 21.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€22,451▼
2024 · €131,344
Cash flow
-€25,272▼
2024 · €100,445
Debt to equity
0.27▼
2024 · 0.31
ROE
-18.3%▼
2024 · 26.7%
Interest coverage
-17.75▼
2024 · 80.88
Debt ≤ 1 year
€67,531▼
2024 · €90,918
Income taxes
€2,380▼
2024 · €29,493
Supplier credit
92 days▲
2024 · 18 days
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 | €1,273 | - | €80,179 | €4,132 | €22,141 |
| Depreciation and write-downs of the year | €10,086 | €10,418 | €2,403 | €21,844 | €20,183 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €254,276 | €239,929 | €218,612 | €199,184 | €221,761 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | €188,485 | €201,739 | €205,232 | €144,311 | €150,335 | €45,061 | ▼ 70.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,747 | €4,496 | €5,520 | €10,086 | €10,418 | €2,403 | €21,844 | €20,183 | ▼ 7.6% |
| Other operating charges640/8 | - | - | €2,633 | €786 | €451 | €684 | €3,609 | €22 | ▼ 99.4% |
| Gross operating margin9900 | €37,136 | -€9,825 | €30,127 | -€2,555 | €16,529 | €45,350 | €134,952 | -€22,429 | - |
| Operating profit (loss)9901 | €6,574 | -€14,878 | €21,975 | -€13,427 | €5,660 | €42,262 | €109,500 | -€42,634 | - |
| Financial income75/76B | - | - | - | €4 | - | - | €218 | €947 | ▲ 334% |
| Recurring financial income75 | €10 | - | - | €4 | - | - | €218 | €947 | ▲ 334% |
| Financial charges65/66B | - | - | €726 | €395 | €354 | €3,539 | €1,624 | €1,388 | ▼ 14.5% |
| Recurring financial charges65 | €448 | €165 | €300 | €395 | €354 | €549 | €1,624 | €1,265 | ▼ 22.1% |
| Non-recurring financial charges66B | - | - | €426 | - | - | €2,990 | - | €123 | - |
| Profit (loss) for the period before taxes9903 | €6,136 | -€15,043 | €21,249 | -€13,818 | €5,306 | €38,723 | €108,094 | -€43,075 | - |
| Income taxes67/77 | €2,557 | -€8 | €3,000 | - | -€327 | €8,737 | €29,493 | €2,380 | ▼ 91.9% |
| Profit (loss) for the period9904 | €3,579 | -€15,035 | €18,249 | -€13,818 | €5,633 | €29,986 | €78,602 | -€45,455 | - |
| Profit (loss) for the period to be appropriated9905 | €3,579 | -€15,035 | €18,249 | -€13,818 | €5,633 | €29,986 | €78,602 | -€45,455 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €207,472 | €187,545 | €262,632 | €246,757 | €233,216 | €301,783 | €384,996 | €316,153 | ▼ 17.9% |
| Fixed assets21/28 | €4,788 | €292 | €45,603 | €36,790 | €26,372 | €82,658 | €64,947 | €66,782 | ▲ 2.8% |
| Tangible fixed assets22/27 | €4,743 | €247 | €45,558 | €36,745 | €26,327 | €82,613 | €64,902 | €66,737 | ▲ 2.8% |
| Plant, machinery and equipment23 | - | - | €0 | - | - | - | - | - | - |
| Furniture and vehicles24 | - | - | €45,558 | €36,745 | €26,327 | €82,613 | €64,902 | €66,737 | ▲ 2.8% |
| Financial fixed assets28 | €45 | €45 | €45 | €45 | €45 | €45 | €45 | €45 | = |
| Current assets29/58 | €202,684 | €187,253 | €217,029 | €209,967 | €206,844 | €219,126 | €320,050 | €249,372 | ▼ 22.1% |
| Amounts receivable within one year40/41 | €42,246 | €53,452 | €105,475 | €89,532 | €92,688 | €95,123 | €70,629 | €46,015 | ▼ 34.8% |
| Trade receivables40 | - | - | €86,207 | €68,260 | €69,399 | €65,784 | €38,005 | €7,783 | ▼ 79.5% |
| Other amounts receivable41 | - | - | €19,268 | €21,273 | €23,289 | €29,339 | €32,624 | €38,232 | ▲ 17.2% |
| Cash at bank and in hand54/58 | €160,438 | €133,801 | €111,554 | €120,435 | €114,156 | €124,002 | €249,421 | €203,357 | ▼ 18.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €207,472 | €187,545 | €262,632 | €246,757 | €233,216 | €301,783 | €384,996 | €316,153 | ▼ 17.9% |
| Equity10/15 | €190,461 | €175,426 | €193,675 | €179,857 | €185,490 | €215,476 | €294,078 | €248,623 | ▼ 15.5% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Issued capital100 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €170,001 | €154,966 | €173,215 | €159,397 | €165,030 | €195,016 | €273,618 | €228,163 | ▼ 16.6% |
| Amounts payable17/49 | €17,011 | €12,119 | €68,957 | €66,900 | €47,726 | €86,307 | €90,918 | €67,531 | ▼ 25.7% |
| Amounts payable after more than one year17 | - | - | €41,063 | €34,891 | €28,634 | €22,286 | - | - | - |
| Financial debts170/4 | - | - | €41,063 | €34,891 | €28,634 | €22,286 | - | - | - |
| Amounts payable within one year42/48 | €17,011 | €12,119 | €27,894 | €32,009 | €19,091 | €64,022 | €90,918 | €67,531 | ▼ 25.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €39,236 | €29,846 | €20,038 | ▼ 32.9% |
| Trade debts44 | €9,611 | €12,119 | €2,207 | €14,017 | €11,770 | €8,375 | €7,357 | €11,311 | ▲ 53.8% |
| Suppliers440/4 | - | - | €2,207 | €14,017 | €11,770 | €8,375 | €7,357 | €11,311 | ▲ 53.8% |
| Taxes, remuneration and social security45 | - | - | €3,000 | €3,000 | - | €8,700 | €29,000 | €33,380 | ▲ 15.1% |
| Taxes450/3 | - | - | €3,000 | €3,000 | - | €8,700 | €29,000 | €33,380 | ▲ 15.1% |
| Other amounts payable47/48 | - | - | €22,687 | €14,992 | €7,322 | €7,711 | €24,716 | €2,802 | ▼ 88.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,579 | -€15,035 | €18,249 | -€13,818 | €5,633 | €29,986 | €78,602 | -€45,455 | - |
| + Depreciation and write-downs630 | €12,747 | €4,496 | €5,520 | €10,086 | €10,418 | €2,403 | €21,844 | €20,183 | ▼ 7.6% |
| Operating cash flow (approximation) | €16,326 | -€10,539 | €23,768 | -€3,732 | €16,051 | €32,389 | €100,445 | -€25,272 | - |
| Investment in fixed assets (approximation) | - | €0 | -€50,831 | -€1,273 | €0 | -€58,689 | -€4,132 | -€22,018 | ▼ 433% |
| Change in cash | - | -€26,637 | -€22,247 | €8,881 | -€6,279 | €9,846 | €125,418 | -€46,064 | - |
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, 4,805 companies had the same profile as ACTIF-SYSTEME has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ACTIF-SYSTEME itself: 0.4% 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 4,805 companies, not a prediction for ACTIF-SYSTEME. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 01-09-2026 | 2026-00498635 | |
| 31-12-2024 | micro format | 09-09-2025 | 2025-00491538 | |
| 31-12-2023 | micro format | 23-07-2024 | 2024-00276262 | |
| 31-12-2022 | micro format | 28-09-2023 | 2023-00459550 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20399850 | |
| 31-12-2020 | micro format | 23-08-2022 | 2022-20309982 | |
| 31-12-2019 | micro format | 07-10-2020 | 2020-59800217 | |
| 31-12-2018 | micro format | 23-08-2019 | 2019-50300536 | |
| 31-12-2017 | micro format | 13-08-2018 | 2018-45500180 | |
| 31-12-2016 | full format | 31-08-2017 | 2017-57700025 |