ACTIV
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 26 filings
Turnover
≈ €86,000
Estimated: probably between €50,000 and €120,000
Total assets
€433,543▼ 11.5%
2024 · €489,874
Net result
€20,662▼ 72.4%
2024 · €74,898
Working capital
€417,428▲ 6.6%
2024 · €391,450
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€21,958
▼ 78.2%
2025
20182025
Net result
€20,662
▼ 72.4%
2025
middle half of the sector
20182025
Equity
€430,355
▲ 4.6%
2025
highest quarter of the sector
20182025
Total assets
€433,543
▼ 11.5%
2025
middle half of the sector
20182025
Debt
€3,188
▼ 95.9%
2025
20182025
Working capital
€417,428
▲ 6.6%
2025
highest quarter of the sector
20182025
Solvency
99.3%
▲ 15.3pp
2025
highest quarter of the sector
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
4.8%
▼ 10.5pp
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€78,856-€89,080▲ 13.0%€112,569▲ 26.4%€100,659▼ 10.6%€71,122▼ 29.3%€123,703▲ 73.9%€100,552▼ 18.7%€21,958▼ 78.2%
Net result€55,169-€62,775▲ 13.8%€78,427above the sector's middle half▲ 24.9%€80,760above the sector's middle half▲ 3.0%€49,989within the sector's middle half▼ 38.1%€89,108above the sector's middle half▲ 78.3%€74,898above the sector's middle half▼ 15.9%€20,662within the sector's middle half▼ 72.4%
Equity€200,271-€261,446▲ 30.5%€338,274above the sector's middle half▲ 29.4%€409,926above the sector's middle half▲ 21.2%€406,710above the sector's middle half▼ 0.8%€399,303above the sector's middle half▼ 1.8%€411,359above the sector's middle half▲ 3.0%€430,355above the sector's middle half▲ 4.6%
Total assets€217,407-€283,904▲ 30.6%€361,854within the sector's middle half▲ 27.5%€432,173within the sector's middle half▲ 19.4%€439,868within the sector's middle half▲ 1.8%€474,204within the sector's middle half▲ 7.8%€489,874above the sector's middle half▲ 3.3%€433,543within the sector's middle half▼ 11.5%
Debt€14,636-€22,458▲ 53.4%€23,580▲ 5.0%€22,246▼ 5.7%€33,159▲ 49.1%€74,901▲ 126%€78,515▲ 4.8%€3,188▼ 95.9%
Working capital€201,968-€255,921▲ 26.7%€338,274above the sector's middle half▲ 32.2%€409,692above the sector's middle half▲ 21.1%€400,189above the sector's middle half▼ 2.3%€377,410above the sector's middle half▼ 5.7%€391,450above the sector's middle half▲ 3.7%€417,428above the sector's middle half▲ 6.6%
Solvency92.1%-92.1%=93.5%above the sector's middle half▲ 1.4pp94.9%above the sector's middle half▲ 1.4pp92.5%above the sector's middle half▼ 2.4pp84.2%above the sector's middle half▼ 8.3pp84.0%above the sector's middle half▼ 0.2pp99.3%above the sector's middle half▲ 15.3pp
Current ratio14.80-12.40▼ 2.4015.35above the sector's middle half▲ 2.9520.05above the sector's middle half▲ 4.7013.07above the sector's middle half▼ 6.986.04above the sector's middle half▼ 7.035.99above the sector's middle half▼ 0.05
Return on assets (ROA)25.4%-22.1%▼ 3.3pp21.7%within the sector's middle half▼ 0.4pp18.7%within the sector's middle half▼ 3.0pp11.4%within the sector's middle half▼ 7.3pp18.8%within the sector's middle half▲ 7.4pp15.3%within the sector's middle half▼ 3.5pp4.8%within the sector's middle half▼ 10.5pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 78% lower than in 2024 and the lowest since 2018. It is the second fall in a row.
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 €433,543
Fixed assets
€12,927 ▼ 35.1%
Current assets
€420,617 ▼ 10.5%
Equity and liabilities €433,543
Equity
€430,355 ▲ 4.6%
Debt
€3,188 ▼ 95.9%
Debt's share of the balance-sheet total falls from 16.0% to 0.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€28,940▼
2024 · €106,764
Cash flow
€27,644▼
2024 · €81,110
Debt to equity
0.01▼
2024 · 0.19
ROE
4.8%▼
2024 · 18.2%
Interest coverage
85.90▼
2024 · over 100
Debt ≤ 1 year
€3,188▼
2024 · €78,515
Income taxes
€10,504▼
2024 · €36,837
A ratio outside any meaningful range has been withheld (balance sheet total €433,543, equity €430,355).
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 | €1,019 | €6,345 | €18,655 | €4,228 | - |
| Depreciation and write-downs of the year | €49 | €795 | €3,283 | €6,212 | €6,982 |
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 | €898 | €6,328 | €5,525 | €49 | €795 | €3,283 | €6,212 | €6,982 | ▲ 12.4% |
| Other operating charges640/8 | - | - | - | €1,098 | €997 | €1,144 | €746 | €671 | ▼ 10.1% |
| Gross operating margin9900 | €82,042 | €95,136 | €120,647 | €101,806 | €72,915 | €128,130 | €107,510 | €29,611 | ▼ 72.5% |
| Operating profit (loss)9901 | €78,856 | €89,080 | €112,569 | €100,659 | €71,122 | €123,703 | €100,552 | €21,958 | ▼ 78.2% |
| Financial income75/76B | - | - | - | €10,011 | €276 | €1,073 | €11,665 | €9,544 | ▼ 18.2% |
| Recurring financial income75 | €1 | €0 | €0 | €11 | €276 | €1,073 | €11,665 | €9,544 | ▼ 18.2% |
| Non-recurring financial income76B | - | - | - | €10,000 | €0 | - | - | - | - |
| Financial charges65/66B | - | - | - | €1,036 | €1,832 | €647 | €482 | €337 | ▼ 30.1% |
| Recurring financial charges65 | €572 | €421 | €611 | €1,036 | €1,832 | €647 | €482 | €337 | ▼ 30.1% |
| Profit (loss) for the period before taxes9903 | €78,285 | €88,660 | €111,958 | €109,635 | €69,566 | €124,129 | €111,735 | €31,166 | ▼ 72.1% |
| Income taxes67/77 | €23,116 | €25,884 | €33,531 | €28,875 | €19,577 | €35,021 | €36,837 | €10,504 | ▼ 71.5% |
| Profit (loss) for the period9904 | €55,169 | €62,775 | €78,427 | €80,760 | €49,989 | €89,108 | €74,898 | €20,662 | ▼ 72.4% |
| Profit (loss) for the period to be appropriated9905 | €55,169 | €62,775 | €78,427 | €80,760 | €49,989 | €89,108 | €74,898 | €20,662 | ▼ 72.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €217,407 | €283,904 | €361,854 | €432,173 | €439,868 | €474,204 | €489,874 | €433,543 | ▼ 11.5% |
| Fixed assets21/28 | €803 | €5,525 | - | €971 | €6,521 | €21,893 | €19,909 | €12,927 | ▼ 35.1% |
| Tangible fixed assets22/27 | €803 | €5,525 | - | €971 | €6,521 | €21,893 | €19,909 | €12,927 | ▼ 35.1% |
| Furniture and vehicles24 | - | - | - | €971 | €6,521 | €21,893 | €19,909 | €12,927 | ▼ 35.1% |
| Current assets29/58 | €216,604 | €278,379 | €361,854 | €431,202 | €433,347 | €452,311 | €469,965 | €420,617 | ▼ 10.5% |
| Amounts receivable within one year40/41 | €16,239 | €17,140 | €31,395 | €21,847 | €46,092 | €22,369 | €13,249 | €5,401 | ▼ 59.2% |
| Trade receivables40 | - | - | - | €19,466 | €38,339 | €22,285 | €11,186 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €2,381 | €7,753 | €84 | €2,062 | €5,401 | ▲ 162% |
| Current investments50/53 | - | - | - | - | €375,000 | €408,659 | €291,000 | €303,000 | ▲ 4.1% |
| Cash at bank and in hand54/58 | €200,365 | €261,239 | €329,638 | €407,996 | €10,867 | €16,888 | €163,719 | €102,633 | ▼ 37.3% |
| Deferred charges and accrued income490/1 | - | - | - | €1,359 | €1,388 | €4,396 | €1,998 | €9,582 | ▲ 380% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €217,407 | €283,904 | €361,854 | €432,173 | €439,868 | €474,204 | €489,874 | €433,543 | ▼ 11.5% |
| Equity10/15 | €200,271 | €261,446 | €338,274 | €409,926 | €406,710 | €399,303 | €411,359 | €430,355 | ▲ 4.6% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €194,071 | €255,246 | €332,073 | €403,726 | €400,509 | €393,103 | €405,159 | €424,155 | ▲ 4.7% |
| Non-distributable reserves130/1 | - | - | - | €2,641 | €2,641 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,641 | €2,641 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €401,085 | €397,869 | €393,103 | €405,159 | €424,155 | ▲ 4.7% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | €2,500 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €14,636 | €22,458 | €23,580 | €22,246 | €33,159 | €74,901 | €78,515 | €3,188 | ▼ 95.9% |
| Amounts payable within one year42/48 | €14,636 | €22,458 | €23,580 | €21,510 | €33,159 | €74,901 | €78,515 | €3,188 | ▼ 95.9% |
| Trade debts44 | €558 | €464 | €503 | €985 | €2,042 | €3,148 | €2,212 | €1,323 | ▼ 40.2% |
| Suppliers440/4 | - | - | - | €985 | €2,042 | €3,148 | €2,212 | €1,323 | ▼ 40.2% |
| Taxes, remuneration and social security45 | - | - | - | €14,219 | €29,517 | €18,640 | €13,462 | €200 | ▼ 98.5% |
| Taxes450/3 | - | - | - | €14,219 | €15,832 | €18,640 | €13,462 | €200 | ▼ 98.5% |
| Remuneration and social security454/9 | - | - | - | €0 | €13,685 | €0 | - | - | - |
| Other amounts payable47/48 | - | - | - | €6,306 | €1,600 | €53,114 | €62,841 | €1,666 | ▼ 97.3% |
| Accrued charges and deferred income492/3 | - | - | - | €736 | €0 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €55,169 | €62,775 | €78,427 | €80,760 | €49,989 | €89,108 | €74,898 | €20,662 | ▼ 72.4% |
| + Depreciation and write-downs630 | €898 | €6,328 | €5,525 | €49 | €795 | €3,283 | €6,212 | €6,982 | ▲ 12.4% |
| Operating cash flow (approximation) | €56,067 | €69,104 | €83,952 | €80,808 | €50,784 | €92,391 | €81,110 | €27,644 | ▼ 65.9% |
| Investment in fixed assets (approximation) | - | -€11,050 | - | - | -€6,345 | -€18,655 | -€4,228 | €0 | - |
| Change in cash | - | €60,875 | €68,399 | €78,358 | -€397,129 | €6,021 | €146,830 | -€61,085 | - |
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, 17,041 companies had the same profile as ACTIV has now. Two years later, 94.4% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.4%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ACTIV 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 17,041 companies, not a prediction for ACTIV. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-07-2026 | 2026-00360372 | |
| 31-12-2024 | micro format | 14-07-2025 | 2025-00269587 | |
| 31-12-2023 | micro format | 05-07-2024 | 2024-00228891 | |
| 31-12-2022 | micro format | 18-08-2023 | 2023-00334782 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20252181 | |
| 31-12-2020 | micro format | 01-07-2021 | 2021-28100327 | |
| 31-12-2019 | micro format | 08-07-2020 | 2020-27600313 | |
| 31-12-2018 | micro format | 23-08-2019 | 2019-49100249 | |
| 31-12-2017 | micro format | 17-07-2018 | 2018-33300583 | |
| 31-12-2016 | micro format | 03-07-2017 | 2017-24700180 |