Activ'Services
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 01-06-2026 PDF all 16 filings
Turnover
€0
2021 · €0
EBIT margin
Not included in this filing
Net result
-€12,411▲ 58.8%
2024 · -€30,120
Working capital
-€187,924▼ 23.0%
2024 · -€152,730
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€4,729
2025
20182025
Net result
-€12,411
▲ 58.8%
2025
lowest quarter of the sector
20182025
Equity
-€102,496
▼ 13.8%
2025
lowest quarter of the sector
20182025
Total assets
€322,515
▲ 16.4%
2025
lowest quarter of the sector
20182025
Debt
€425,011
▲ 15.7%
2025
20182025
Working capital
-€187,924
▼ 23.0%
2025
lowest quarter of the sector
20182025
Solvency
-31.8%
▲ 0.7pp
2025
lowest quarter of the sector
20182025
Current ratio
0.38
▲ 0.04
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-3.8%
▲ 7.0pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
74.9
=
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0-€0€0€0
Operating result€9,909-€1,362▼ 86.3%-€39,066€15,241-€51,756-€49,346▲ 4.7%-€12,245▲ 75.2%€4,729
Net result€978--€1,716-€45,104below the sector's middle half▼ 2,528%€24,173within the sector's middle half-€58,122below the sector's middle half-€55,690below the sector's middle half▲ 4.2%-€30,120below the sector's middle half▲ 45.9%-€12,411below the sector's middle half▲ 58.8%
Equity€95,244-€93,528▼ 1.8%€48,423below the sector's middle half▼ 48.2%€53,846below the sector's middle half▲ 11.2%-€4,276below the sector's middle half-€59,966below the sector's middle half▼ 1,302%-€90,085below the sector's middle half▼ 50.2%-€102,496below the sector's middle half▼ 13.8%
Total assets€332,810-€504,540▲ 51.6%€447,906below the sector's middle half▼ 11.2%€474,135below the sector's middle half▲ 5.9%€386,531below the sector's middle half▼ 18.5%€362,085below the sector's middle half▼ 6.3%€277,140below the sector's middle half▼ 23.5%€322,515below the sector's middle half▲ 16.4%
Debt€237,566-€411,012▲ 73.0%€399,483▼ 2.8%€420,289▲ 5.2%€390,807▼ 7.0%€422,050▲ 8.0%€367,225▼ 13.0%€425,011▲ 15.7%
Working capital€73,291-€37,688▼ 48.6%-€27,577below the sector's middle half-€35,836below the sector's middle half▼ 29.9%-€98,982below the sector's middle half▼ 176%-€147,734below the sector's middle half▼ 49.3%-€152,730below the sector's middle half▼ 3.4%-€187,924below the sector's middle half▼ 23.0%
Solvency28.6%-18.5%▼ 10.1pp10.8%below the sector's middle half▼ 7.7pp11.4%below the sector's middle half▲ 0.5pp-1.1%below the sector's middle half▼ 12.5pp-16.6%below the sector's middle half▼ 15.5pp-32.5%below the sector's middle half▼ 15.9pp-31.8%below the sector's middle half▲ 0.7pp
Current ratio1.31-1.16▼ 0.150.87below the sector's middle half▼ 0.300.84below the sector's middle half▼ 0.030.54below the sector's middle half▼ 0.300.47below the sector's middle half▼ 0.070.34below the sector's middle half▼ 0.130.38below the sector's middle half▲ 0.04
Return on assets (ROA)0.3%--0.3%▼ 0.6pp-10.1%below the sector's middle half▼ 9.7pp5.1%within the sector's middle half▲ 15.2pp-15.0%below the sector's middle half▼ 20.1pp-15.4%below the sector's middle half▼ 0.3pp-10.9%below the sector's middle half▲ 4.5pp-3.8%below the sector's middle half▲ 7.0pp
Staff (FTE)50.7-58.5▲ 15.4%61.2above the sector's middle half▲ 4.6%59.8above the sector's middle half▼ 2.3%81.7above the sector's middle half▲ 36.6%80.6above the sector's middle half▼ 1.3%74.9above the sector's middle half▼ 7.1%74.9above the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 €4,729, after a loss of €12,245 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €322,515
Fixed assets
€208,249 ▲ 4.8%
Current assets
€114,266 ▲ 45.8%
Equity and liabilities
Equity-€102,496
Debt€425,011
Equity is negative. Debt (€425,011) exceeds the balance-sheet total (€322,515).
Key figures and ratios
EBITDA
€17,316▲
2024 · €591
Cash flow
€176▲
2024 · -€17,284
Interest coverage
1.01▲
2024 · 0.03
Debt ≤ 1 year
€302,190▲
2024 · €231,076
Debt > 1 year
€121,370▼
2024 · €134,989
Income taxes
€61▼
2024 · €570
Staff costs
€1.2m▲
2024 · €1.2m
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 90 | 88 | 90 | 79 | 79 |
| full-time | 8 | 8 | 10 | 10 | 10 |
| part-time | 82 | 80 | 80 | 69 | 69 |
| in full-time equivalents | 59.1 | 57.2 | 58.8 | 52.6 | 52.6 |
| Average over the year, in full-time equivalents | 59.8 | 58.9 | 59.4 | 57.2 | 57.2 |
| On a permanent contract | 82 | 81 | 84 | 75 | 75 |
| Joined | 14 | 13 | 20 | 12 | 12 |
| Left | 18 | 17 | 21 | 22 | 22 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €81,535 | €23,489 | - | - | - |
| Intangible fixed assets | - | - | - | - | €22,041 |
| Depreciation and write-downs of the year | €19,618 | €36,658 | €37,771 | €12,836 | €12,587 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €34 awarded · €34 paidSchemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €0 | €0 | - | €0 | €0 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0 | €0 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €1.3m | €1.3m | €1.3m | €1.2m | €1.2m | ▲ 0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.02m | €0.02m | €0.02m | €0.04m | €0.04m | €0.01m | €0.01m | ▼ 1.9% |
| Other operating charges640/8 | - | - | - | €0.01m | €0.001m | €0.001m | €0.01m | €0.003m | ▼ 79.1% |
| Non-recurring operating charges66A | - | - | - | €368 | €0.001m | €152 | €0.001m | €62 | ▼ 89.5% |
| Gross operating margin9900 | €1.5m | €1.5m | €1.1m | €1.3m | €1.3m | €1.2m | €1.2m | €1.2m | ▲ 1.0% |
| Operating profit (loss)9901 | €0.01m | €0.001m | -€0.04m | €0.02m | -€0.05m | -€0.05m | -€0.01m | €0.005m | - |
| Financial income75/76B | - | - | - | €4 | €0 | €3 | €1 | €0 | ▼ 100% |
| Recurring financial income75 | €0.001m | - | €99 | €4 | €0 | €3 | €1 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €0.005m | €0.005m | €0.006m | €0.02m | €0.02m | ▼ 1.3% |
| Recurring financial charges65 | €0.001m | €0.002m | €0.005m | €0.005m | €0.005m | €0.006m | €0.02m | €0.02m | ▼ 1.3% |
| Profit (loss) for the period before taxes9903 | €0.009m | -€0.001m | -€0.04m | €0.01m | -€0.06m | -€0.06m | -€0.03m | -€0.01m | ▲ 58.2% |
| Transfer from deferred taxes780 | - | - | - | €0.02m | - | - | - | - | - |
| Income taxes67/77 | €0.008m | €0.001m | €0.001m | €0.004m | €0.001m | €0.001m | €0.001m | €61 | ▼ 89.3% |
| Profit (loss) for the period9904 | €0.001m | -€0.002m | -€0.05m | €0.02m | -€0.06m | -€0.06m | -€0.03m | -€0.01m | ▲ 58.8% |
| Profit (loss) for the period to be appropriated9905 | €0.001m | -€0.002m | -€0.05m | €0.02m | -€0.06m | -€0.06m | -€0.03m | -€0.01m | ▲ 58.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €332,810 | €504,540 | €447,906 | €474,135 | €386,531 | €362,085 | €277,140 | €322,515 | ▲ 16.4% |
| Formation expenses20 | - | €23,949 | €17,962 | €11,974 | €5,987 | €0 | €0 | €0 | - |
| Fixed assets21/28 | €24,025 | €212,788 | €249,354 | €271,966 | €264,784 | €233,000 | €198,794 | €208,249 | ▲ 4.8% |
| Intangible fixed assets21 | - | - | - | - | - | - | - | €22,041 | - |
| Tangible fixed assets22/27 | €19,685 | €199,768 | €236,334 | €271,966 | €264,784 | €233,000 | €198,794 | €186,207 | ▼ 6.3% |
| Land and buildings22 | - | - | - | €179,217 | €172,819 | €166,421 | €160,023 | €153,625 | ▼ 4.0% |
| Plant, machinery and equipment23 | - | - | - | €5,671 | €3,713 | €2,176 | €1,288 | €650 | ▼ 49.6% |
| Furniture and vehicles24 | - | - | - | €43,258 | €39,668 | €21,370 | €0 | €0 | - |
| Other tangible fixed assets26 | - | - | - | €43,819 | €48,583 | €43,033 | €37,483 | €31,933 | ▼ 14.8% |
| Assets under construction and advance payments27 | - | - | - | €0 | €0 | - | - | - | - |
| Financial fixed assets28 | €4,340 | €13,020 | €13,020 | €0 | - | - | - | - | - |
| Current assets29/58 | €308,786 | €267,804 | €180,591 | €190,195 | €115,759 | €129,085 | €78,346 | €114,266 | ▲ 45.8% |
| Amounts receivable within one year40/41 | €56,914 | €56,959 | €47,414 | €40,496 | €39,738 | €54,554 | €8,602 | €28,608 | ▲ 233% |
| Trade receivables40 | - | - | - | €1,000 | €0 | €25,784 | €8,183 | €28,591 | ▲ 249% |
| Other amounts receivable41 | - | - | - | €39,496 | €39,738 | €28,771 | €418 | €17 | ▼ 96.0% |
| Cash at bank and in hand54/58 | €172,034 | €132,135 | €90,953 | €98,595 | €33,319 | €53,013 | €41,918 | €61,955 | ▲ 47.8% |
| Deferred charges and accrued income490/1 | - | - | - | €51,105 | €42,703 | €21,517 | €27,827 | €23,703 | ▼ 14.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €332,810 | €504,540 | €447,906 | €474,135 | €386,531 | €362,085 | €277,140 | €322,515 | ▲ 16.4% |
| Equity10/15 | €95,244 | €93,528 | €48,423 | €53,846 | -€4,276 | -€59,966 | -€90,085 | -€102,496 | ▼ 13.8% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €20,460 | €20,460 | €20,460 | = |
| Reserves13 | €70,610 | €70,610 | €70,610 | €74,360 | €74,360 | €72,500 | €72,500 | €72,500 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €72,500 | €72,500 | €72,500 | €72,500 | €72,500 | = |
| Profit (loss) carried forward14 | €6,034 | €4,318 | -€40,787 | -€39,114 | -€97,236 | -€152,926 | -€183,045 | -€195,456 | ▼ 6.8% |
| Amounts payable17/49 | €237,566 | €411,012 | €399,483 | €420,289 | €390,807 | €422,050 | €367,225 | €425,011 | ▲ 15.7% |
| Amounts payable after more than one year17 | €385 | €179,174 | €183,561 | €194,224 | €176,066 | €145,231 | €134,989 | €121,370 | ▼ 10.1% |
| Financial debts170/4 | - | - | - | €194,224 | €176,066 | €145,231 | €134,989 | €121,370 | ▼ 10.1% |
| Amounts payable within one year42/48 | €235,494 | €230,115 | €208,168 | €226,032 | €214,741 | €276,819 | €231,076 | €302,190 | ▲ 30.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €32,071 | €31,151 | €47,748 | €13,333 | €13,619 | ▲ 2.1% |
| Trade debts44 | €46,394 | €40,500 | €42,670 | €7,407 | €65,456 | €77,933 | €79,324 | €120,241 | ▲ 51.6% |
| Suppliers440/4 | - | - | - | €7,407 | €65,456 | €77,933 | €79,324 | €120,241 | ▲ 51.6% |
| Taxes, remuneration and social security45 | - | - | - | €185,828 | €118,134 | €150,994 | €138,419 | €168,331 | ▲ 21.6% |
| Taxes450/3 | - | - | - | €7,924 | €4,213 | €638 | €550 | €3,271 | ▲ 494% |
| Remuneration and social security454/9 | - | - | - | €177,904 | €113,921 | €150,356 | €137,869 | €165,060 | ▲ 19.7% |
| Other amounts payable47/48 | - | - | - | €726 | - | €144 | €0 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €34 | €0 | - | €1,160 | €1,450 | ▲ 25.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €978 | -€1,716 | -€45,104 | €24,173 | -€58,122 | -€55,690 | -€30,120 | -€12,411 | ▲ 58.8% |
| + Depreciation and write-downs630 | €10,293 | €16,047 | €17,996 | €19,618 | €36,658 | €37,771 | €12,836 | €12,587 | ▼ 1.9% |
| Operating cash flow (approximation) | €11,270 | €14,331 | -€27,108 | €43,790 | -€21,464 | -€17,918 | -€17,284 | €176 | - |
| Investment in fixed assets (approximation) | - | -€204,810 | -€54,562 | -€42,230 | -€29,477 | -€5,987 | €21,370 | -€22,041 | - |
| Change in cash | - | -€39,899 | -€41,182 | €7,642 | -€65,276 | €19,694 | -€11,096 | €20,037 | - |
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, 129 companies had the same profile as Activ'Services has now. Two years later, 95.3% were still going and 1.6% had gone bankrupt.
- Medium-sized
- 10 to 20 years old
- negative equity
- a small loss
95.3%
was still going
2.3%
stopped otherwise
1.6%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Activ'Services itself: 0.6% 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 129 companies, not a prediction for Activ'Services. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 01-06-2026 | 2026-00128241 | |
| 31-12-2024 | full format | 24-04-2025 | 2025-00074338 | |
| 31-12-2023 | full format | 18-04-2024 | 2024-00064433 | |
| 31-12-2022 | full format | 28-07-2023 | 2023-00281946 | |
| 31-12-2021 | full format | 08-07-2022 | 2022-20162069 | |
| 31-12-2020 | full format | 24-08-2021 | 2021-53000501 | |
| 31-12-2019 | full format | 14-09-2020 | 2020-53100439 | |
| 31-12-2018 | full format | 15-07-2019 | 2019-32700442 | |
| 31-12-2017 | full format | 20-08-2018 | 2018-47400396 | |
| 31-12-2016 | full format | 28-08-2017 | 2017-53100454 |