ACTIPHONE
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 32 filings
Turnover
≈ €740,000
Estimated: probably between €500,000 and €1.3m
EBIT margin
Not included in this filing
Net result
€54,930▼ 2.5%
2024 · €56,344
Working capital
€351,441▲ 21.8%
2024 · €288,470
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€81,158
▼ 2.2%
2025
20182025
Net result
€54,930
▼ 2.5%
2025
middle half of the sector
20182025
Equity
€429,684
▲ 14.7%
2025
middle half of the sector
20182025
Total assets
€682,455
▼ 35.4%
2025
lowest quarter of the sector
20182025
Debt
€252,771
▼ 63.0%
2025
20182025
Working capital
€351,441
▲ 21.8%
2025
middle half of the sector
20182025
Solvency
63.0%
▲ 27.5pp
2025
middle half of the sector
20182025
Current ratio
2.40
▲ 0.98
2025
middle half of the sector
20182025
Return on assets (ROA)
8.0%
▲ 2.7pp
2025
middle half of the sector
20182025
Staff (FTE)
4.3
▼ 20.4%
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€0.05m-€0.08m▲ 56.7%-€0.04m€0.04m€0.07m▲ 107%€0.1m▲ 96.1%€0.08m▼ 42.4%€0.08m▼ 2.2%
Net result€0.03m-€0.05m▲ 62.9%-€0.04mbelow the sector's middle half€0.03mwithin the sector's middle half€0.05mwithin the sector's middle half▲ 62.5%€0.1mwithin the sector's middle half▲ 106%€0.06mwithin the sector's middle half▼ 42.5%€0.05mwithin the sector's middle half▼ 2.5%
Equity€0.1m-€0.2m▲ 39.6%€0.1mwithin the sector's middle half▼ 19.7%€0.2mwithin the sector's middle half▲ 20.3%€0.2mwithin the sector's middle half▲ 27.4%€0.3mwithin the sector's middle half▲ 44.5%€0.4mwithin the sector's middle half▲ 17.7%€0.4mwithin the sector's middle half▲ 14.7%
Total assets€0.3m-€0.5m▲ 50.6%€0.4mwithin the sector's middle half▼ 15.8%€0.8mwithin the sector's middle half▲ 96.9%€0.7mwithin the sector's middle half▼ 4.1%€1.0mwithin the sector's middle half▲ 41.7%€1.1mwithin the sector's middle half▲ 2.8%€0.7mbelow the sector's middle half▼ 35.4%
Debt€0.2m-€0.3m▲ 58.6%€0.2m▼ 13.3%€0.6m▲ 143%€0.5m▼ 13.5%€0.7m▲ 40.5%€0.7m▼ 3.8%€0.3m▼ 63.0%
Working capital€0.1m-€0.2m▲ 40.0%€0.07mwithin the sector's middle half▼ 62.2%€0.05mwithin the sector's middle half▼ 28.2%€0.09mwithin the sector's middle half▲ 75.1%€0.2mwithin the sector's middle half▲ 124%€0.3mwithin the sector's middle half▲ 50.3%€0.4mwithin the sector's middle half▲ 21.8%
Solvency42.3%-39.2%▼ 3.1pp37.4%within the sector's middle half▼ 1.8pp22.9%within the sector's middle half▼ 14.5pp30.4%within the sector's middle half▲ 7.5pp31.0%within the sector's middle half▲ 0.6pp35.4%within the sector's middle half▲ 4.5pp63.0%within the sector's middle half▲ 27.5pp
Current ratio1.74-1.65▼ 0.091.29within the sector's middle half▼ 0.371.08within the sector's middle half▼ 0.201.17within the sector's middle half▲ 0.091.27within the sector's middle half▲ 0.101.42within the sector's middle half▲ 0.152.40within the sector's middle half▲ 0.98
Return on assets (ROA)10.3%-11.1%▲ 0.8pp-9.2%below the sector's middle half▼ 20.3pp3.9%within the sector's middle half▲ 13.0pp6.5%within the sector's middle half▲ 2.7pp9.5%within the sector's middle half▲ 3.0pp5.3%within the sector's middle half▼ 4.2pp8.0%within the sector's middle half▲ 2.7pp
Staff (FTE)2.1-3.7▲ 76.2%6.9within the sector's middle half▲ 86.5%7.2within the sector's middle half▲ 4.3%5.7within the sector's middle half▼ 20.8%5.4within the sector's middle half▼ 5.3%5.4within the sector's middle half=4.3within the sector's middle half▼ 20.4%
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 2% lower than in 2024. It is the second fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €682,455
Fixed assets
€80,242 ▼ 9.1%
Current assets
€602,213 ▼ 37.8%
Equity and liabilities €682,455
Equity
€429,684 ▲ 14.7%
Debt
€252,771 ▼ 63.0%
Debt's share of the balance-sheet total falls from 64.6% to 37.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€140,194▼
2024 · €141,705
Cash flow
€113,967▼
2024 · €115,040
Debt to equity
0.59▼
2024 · 1.82
ROE
12.8%▼
2024 · 15.0%
Interest coverage
38.49▼
2024 · 57.85
Debt ≤ 1 year
€250,771▼
2024 · €680,478
Income taxes
€22,693▼
2024 · €28,412
Staff costs
€258,822▼
2024 · €304,774
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 11 | 9 | 9 | 9 | 7 |
| full-time | 5 | 3 | 3 | 3 | 2 |
| part-time | 6 | 6 | 6 | 6 | 5 |
| in full-time equivalents | 6.7 | 5.4 | 5.4 | 5.4 | 4.2 |
| Average over the year, in full-time equivalents | 7.2 | 5.7 | 5.4 | 5.4 | 4.3 |
| On a permanent contract | 11 | 9 | 9 | 9 | 7 |
| Joined | 0 | 1 | 1 | - | 0 |
| Left | 2 | 3 | 1 | - | 2 |
| Training hours | 112 | 323 | 50 | - | 10 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €21,179 | €28,897 | €1,369 | €1,555 |
| Intangible fixed assets | €74,213 | €29,720 | €14,575 | €17,160 | €49,440 |
| Depreciation and write-downs of the year | €25,829 | €40,109 | €51,899 | €58,696 | €59,036 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €435 awarded · €2,355 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €0 | €1,920 |
| 2022 | 1 | €435 | €435 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €315,217 | €275,398 | €311,789 | €304,774 | €258,822 | ▼ 15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €699 | €699 | €10,621 | €25,829 | €40,109 | €51,899 | €58,696 | €59,036 | ▲ 0.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €4,671 | - | - | - |
| Other operating charges640/8 | - | - | - | €741 | €650 | €1,115 | €615 | €1,406 | ▲ 129% |
| Gross operating margin9900 | €146,793 | €233,359 | €252,308 | €377,325 | €389,652 | €513,601 | €447,094 | €400,422 | ▼ 10.4% |
| Operating profit (loss)9901 | €51,098 | €80,095 | -€38,061 | €35,538 | €73,496 | €144,128 | €83,009 | €81,158 | ▼ 2.2% |
| Financial income75/76B | - | - | - | €308 | €20 | €599 | €4,196 | €108 | ▼ 97.4% |
| Recurring financial income75 | - | €47 | €4,127 | €308 | €20 | €599 | €4,196 | €108 | ▼ 97.4% |
| Financial charges65/66B | - | - | - | €1,855 | €3,262 | €3,767 | €2,450 | €3,643 | ▲ 48.7% |
| Recurring financial charges65 | €690 | €1,183 | €1,284 | €1,855 | €3,262 | €3,767 | €2,450 | €3,643 | ▲ 48.7% |
| Profit (loss) for the period before taxes9903 | €50,407 | €78,959 | -€35,218 | €33,991 | €70,254 | €140,959 | €84,756 | €77,623 | ▼ 8.4% |
| Income taxes67/77 | €19,232 | €28,166 | -€43 | €4,783 | €22,789 | €42,955 | €28,412 | €22,693 | ▼ 20.1% |
| Profit (loss) for the period9904 | €31,175 | €50,792 | -€35,174 | €29,208 | €47,465 | €98,004 | €56,344 | €54,930 | ▼ 2.5% |
| Profit (loss) for the period to be appropriated9905 | €31,175 | €50,792 | -€35,174 | €29,208 | €47,465 | €98,004 | €56,344 | €54,930 | ▼ 2.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.3m | €0.5m | €0.4m | €0.8m | €0.7m | €1.0m | €1.1m | €0.7m | ▼ 35.4% |
| Fixed assets21/28 | €0.001m | €0.001m | €0.08m | €0.1m | €0.1m | €0.1m | €0.09m | €0.08m | ▼ 9.1% |
| Intangible fixed assets21 | - | - | €0.08m | €0.1m | €0.1m | €0.09m | €0.07m | €0.07m | ▲ 4.6% |
| Tangible fixed assets22/27 | €0.001m | €0.001m | - | - | €0.02m | €0.03m | €0.02m | €0.008m | ▼ 59.1% |
| Plant, machinery and equipment23 | - | - | - | - | €0.02m | €0.03m | €0.02m | €0.007m | ▼ 61.7% |
| Furniture and vehicles24 | - | - | - | - | - | - | €0.001m | €0.001m | ▼ 22.0% |
| Current assets29/58 | €0.3m | €0.5m | €0.3m | €0.6m | €0.6m | €0.9m | €1.0m | €0.6m | ▼ 37.8% |
| Amounts receivable within one year40/41 | €0.3m | €0.3m | €0.2m | €0.5m | €0.5m | €0.7m | €0.7m | €0.3m | ▼ 62.8% |
| Trade receivables40 | - | - | - | €0.5m | €0.5m | €0.7m | €0.7m | €0.3m | ▼ 63.3% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.002m | €0.007m | €0.03m | €0.01m | ▼ 49.6% |
| Cash at bank and in hand54/58 | €0.04m | €0.2m | €0.1m | €0.2m | €0.1m | €0.2m | €0.2m | €0.3m | ▲ 48.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.003m | - | €0.003m | €0.003m | ▲ 2.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.3m | €0.5m | €0.4m | €0.8m | €0.7m | €1.0m | €1.1m | €0.7m | ▼ 35.4% |
| Equity10/15 | €0.1m | €0.2m | €0.1m | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | ▲ 14.7% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €0.009m | €0.009m | €0.009m | €0.009m | €0.009m | = |
| Profit (loss) carried forward14 | €0.05m | €0.1m | €0.07m | €0.1m | €0.1m | €0.2m | €0.3m | €0.4m | ▲ 18.4% |
| Amounts payable17/49 | €0.2m | €0.3m | €0.2m | €0.6m | €0.5m | €0.7m | €0.7m | €0.3m | ▼ 63.0% |
| Amounts payable within one year42/48 | €0.2m | €0.3m | €0.2m | €0.6m | €0.5m | €0.7m | €0.7m | €0.3m | ▼ 63.1% |
| Financial debts43 | - | - | - | - | - | - | €0.008m | - | - |
| Credit institutions430/8 | - | - | - | - | - | - | €0.008m | - | - |
| Trade debts44 | €0.1m | €0.2m | €0.2m | €0.5m | €0.4m | €0.6m | €0.6m | €0.2m | ▼ 68.6% |
| Suppliers440/4 | - | - | - | €0.5m | €0.4m | €0.6m | €0.6m | €0.2m | ▼ 68.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.06m | €0.09m | €0.06m | €0.06m | ▲ 1.3% |
| Taxes450/3 | - | - | - | €0.02m | €0.02m | €0.04m | €0.01m | €0.02m | ▲ 83.7% |
| Remuneration and social security454/9 | - | - | - | €0.05m | €0.04m | €0.05m | €0.04m | €0.03m | ▼ 22.1% |
| Other amounts payable47/48 | - | - | - | €33 | €0.002m | €0.001m | €0.001m | €0.001m | = |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,175 | €50,792 | -€35,174 | €29,208 | €47,465 | €98,004 | €56,344 | €54,930 | ▼ 2.5% |
| + Depreciation and write-downs630 | €699 | €699 | €10,621 | €25,829 | €40,109 | €51,899 | €58,696 | €59,036 | ▲ 0.6% |
| Operating cash flow (approximation) | €31,874 | €51,491 | -€24,553 | €55,036 | €87,573 | €149,903 | €115,040 | €113,967 | ▼ 0.9% |
| Investment in fixed assets (approximation) | - | €0 | -€87,625 | -€74,213 | -€50,899 | -€43,472 | -€18,529 | -€50,995 | ▼ 175% |
| Change in cash | - | €142,429 | -€70,780 | €43,672 | -€47,148 | €81,469 | €25,142 | €103,798 | ▲ 313% |
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 ACTIPHONE 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 ACTIPHONE 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 ACTIPHONE. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 26-06-2026 | 2026-00203889 | |
| 31-12-2024 | abbreviated format | 20-06-2025 | 2025-00157754 | |
| 31-12-2023 | abbreviated format | 26-06-2024 | 2024-00162543 | |
| 31-12-2022 | abbreviated format | 28-06-2023 | 2023-00167096 | |
| 31-12-2021 | abbreviated format | 22-06-2022 | 2022-20081414 | |
| 31-12-2020 | abbreviated format | 24-06-2021 | 2021-25900055 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-46800456 | |
| 31-12-2018 | micro format | 28-08-2019 | 2019-52100005 | |
| 31-12-2017 | micro format | 25-06-2018 | 2018-22200532 | |
| 31-12-2016 | micro format | 22-06-2017 | 2017-19500144 |