ACTIVE CONCEPT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-04-2026 PDF all 32 filings
Turnover
≈ €200,000
Estimated: probably between €150,000 and €250,000
Total assets
€730,989▼ 14.0%
2024 · €850,080
Net result
€29,635
2024 · -€1,084
Working capital
-€66,512▲ 25.5%
2024 · -€89,229
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€60,423
▲ 419%
2025
20192025
Net result
€29,635
2025
middle half of the sector
20192025
Equity
€305,706
▲ 10.7%
2025
highest quarter of the sector
20192025
Total assets
€730,989
▼ 14.0%
2025
highest quarter of the sector
20192025
Debt
€425,283
▼ 25.9%
2025
20192025
Working capital
-€66,512
▲ 25.5%
2025
lowest quarter of the sector
20192025
Solvency
41.8%
▲ 9.3pp
2025
middle half of the sector
20192025
Current ratio
0.35
▼ 0.27
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
4.1%
▲ 4.2pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€101,526-€74,057▼ 27.1%€237,445▲ 221%€46,715▼ 80.3%€79,161▲ 69.5%€11,638▼ 85.3%€60,423▲ 419%
Net result€73,904-€62,258above the sector's middle half▼ 15.8%€175,167above the sector's middle half▲ 181%€26,672within the sector's middle half▼ 84.8%€43,720within the sector's middle half▲ 63.9%-€1,084below the sector's middle half€29,635within the sector's middle half
Equity€66,406-€88,664within the sector's middle half▲ 33.5%€218,831within the sector's middle half▲ 147%€233,434within the sector's middle half▲ 6.7%€277,154above the sector's middle half▲ 18.7%€276,070above the sector's middle half▼ 0.4%€305,706above the sector's middle half▲ 10.7%
Total assets€622,849-€693,577above the sector's middle half▲ 11.4%€528,566above the sector's middle half▼ 23.8%€641,173above the sector's middle half▲ 21.3%€682,395above the sector's middle half▲ 6.4%€850,080above the sector's middle half▲ 24.6%€730,989above the sector's middle half▼ 14.0%
Debt€556,443-€604,913▲ 8.7%€309,735▼ 48.8%€407,739▲ 31.6%€405,241▼ 0.6%€574,010▲ 41.6%€425,283▼ 25.9%
Working capital-€108,044--€135,822below the sector's middle half▼ 25.7%€103,515within the sector's middle half€65,856within the sector's middle half▼ 36.4%€57,664within the sector's middle half▼ 12.4%-€89,229below the sector's middle half-€66,512below the sector's middle half▲ 25.5%
Solvency10.7%-12.8%below the sector's middle half▲ 2.1pp41.4%within the sector's middle half▲ 28.6pp36.4%within the sector's middle half▼ 5.0pp40.6%within the sector's middle half▲ 4.2pp32.5%within the sector's middle half▼ 8.1pp41.8%within the sector's middle half▲ 9.3pp
Current ratio0.75-0.70below the sector's middle half▼ 0.051.37within the sector's middle half▲ 0.671.40within the sector's middle half▲ 0.041.32within the sector's middle half▼ 0.090.62below the sector's middle half▼ 0.690.35below the sector's middle half▼ 0.27
Return on assets (ROA)11.9%-9.0%within the sector's middle half▼ 2.9pp33.1%above the sector's middle half▲ 24.2pp4.2%within the sector's middle half▼ 29.0pp6.4%within the sector's middle half▲ 2.2pp-0.1%below the sector's middle half▼ 6.5pp4.1%within the sector's middle half▲ 4.2pp
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 5.2 times that of 2024. It is a recovery after the fall in 2024.
Large changes and their cause
- 2022 Net result -85% on 2021. The 2021 profit included a one-off income of €182,600.
- 2021 Net result +181% on 2020. The 2021 profit included a one-off income of €182,600.
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 €730,989
Fixed assets
€694,920 ▼ 1.2%
Current assets
€36,069 ▼ 75.4%
Equity and liabilities €730,989
Equity
€305,706 ▲ 10.7%
Debt
€425,283 ▼ 25.9%
Debt's share of the balance-sheet total falls from 67.5% to 58.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€89,907▲
2024 · €87,931
Cash flow
€59,119▼
2024 · €75,209
Debt to equity
1.39▼
2024 · 2.08
ROE
9.7%▲
2024 · -0.4%
Interest coverage
5.90▼
2024 · 7.02
Debt ≤ 1 year
€102,581▼
2024 · €235,799
Debt > 1 year
€322,703▼
2024 · €338,211
Income taxes
€15,567▲
2024 · €205
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €88,600 | €395,131 | €126,285 | €337,860 | €113,536 |
| Financial fixed assets | €24,194 | €4,000 | - | - | - |
| Depreciation and write-downs of the year | €5,490 | €48,690 | €28,464 | €76,293 | €29,484 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €182,600 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €48,944 | €14,853 | €5,490 | €48,690 | €28,464 | €76,293 | €29,484 | ▼ 61.4% |
| Other operating charges640/8 | - | - | €2,038 | €5,711 | - | €2,526 | €3,848 | ▲ 52.3% |
| Non-recurring operating charges66A | - | - | €14,352 | €11,609 | €5,314 | - | €1,100 | - |
| Gross operating margin9900 | €152,628 | €89,199 | €259,325 | €112,725 | €112,940 | €90,458 | €94,854 | ▲ 4.9% |
| Operating profit (loss)9901 | €101,526 | €74,057 | €237,445 | €46,715 | €79,161 | €11,638 | €60,423 | ▲ 419% |
| Financial income75/76B | - | - | - | €1 | - | €0 | €9 | ▲ 23× |
| Recurring financial income75 | €40 | - | - | €1 | - | €0 | €9 | ▲ 23× |
| Financial charges65/66B | - | - | €6,599 | €4,326 | €13,053 | €12,517 | €15,229 | ▲ 21.7% |
| Recurring financial charges65 | €11,765 | €6,806 | €6,599 | €4,326 | €13,053 | €12,517 | €15,229 | ▲ 21.7% |
| Profit (loss) for the period before taxes9903 | €89,801 | €67,251 | €230,846 | €42,389 | €66,108 | -€879 | €45,203 | - |
| Income taxes67/77 | €15,897 | €4,993 | €55,679 | €15,717 | €22,388 | €205 | €15,567 | ▲ 76× |
| Profit (loss) for the period9904 | €73,904 | €62,258 | €175,167 | €26,672 | €43,720 | -€1,084 | €29,635 | - |
| Profit (loss) for the period to be appropriated9905 | €73,904 | €62,258 | €175,167 | €26,672 | €43,720 | -€1,084 | €29,635 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €622,849 | €693,577 | €528,566 | €641,173 | €682,395 | €850,080 | €730,989 | ▼ 14.0% |
| Fixed assets21/28 | €301,187 | €374,653 | €143,204 | €412,436 | €441,942 | €703,510 | €694,920 | ▼ 1.2% |
| Tangible fixed assets22/27 | €267,987 | €341,453 | €85,810 | €351,042 | €380,549 | €642,116 | €661,720 | ▲ 3.1% |
| Land and buildings22 | - | - | - | €279,795 | €285,994 | €575,978 | €557,566 | ▼ 3.2% |
| Plant, machinery and equipment23 | - | - | €1,448 | €464 | €703 | €594 | €2,353 | ▲ 297% |
| Furniture and vehicles24 | - | - | €84,363 | €70,783 | €93,851 | €65,545 | €101,801 | ▲ 55.3% |
| Financial fixed assets28 | €33,200 | €33,200 | €57,394 | €61,394 | €61,394 | €61,394 | €33,200 | ▼ 45.9% |
| Current assets29/58 | €321,662 | €318,924 | €385,362 | €228,737 | €240,453 | €146,571 | €36,069 | ▼ 75.4% |
| Stocks and contracts in progress3 | €205,737 | €158,944 | €193,417 | - | - | - | - | - |
| Stocks30/36 | - | - | €193,417 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €101,976 | €116,803 | €161,797 | €144,165 | €200,462 | €109,422 | €23,050 | ▼ 78.9% |
| Trade receivables40 | - | - | €9,895 | €10,210 | €80,722 | €1,499 | €9,690 | ▲ 547% |
| Other amounts receivable41 | - | - | €151,902 | €133,955 | €119,741 | €107,924 | €13,360 | ▼ 87.6% |
| Cash at bank and in hand54/58 | €13,948 | €42,010 | €30,147 | €84,572 | €38,652 | €35,400 | €10,556 | ▼ 70.2% |
| Deferred charges and accrued income490/1 | - | - | - | - | €1,338 | €1,748 | €2,463 | ▲ 40.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €622,849 | €693,577 | €528,566 | €641,173 | €682,395 | €850,080 | €730,989 | ▼ 14.0% |
| Equity10/15 | €66,406 | €88,664 | €218,831 | €233,434 | €277,154 | €276,070 | €305,706 | ▲ 10.7% |
| Contributions10/11 | €24,789 | - | €24,789 | €24,789 | €24,789 | €24,789 | €24,789 | = |
| Reserves13 | €41,616 | €63,875 | €194,042 | €208,645 | €252,365 | €252,365 | €280,916 | ▲ 11.3% |
| Non-distributable reserves130/1 | - | - | €2,479 | €2,479 | €2,479 | - | - | - |
| Reserves not available under the articles1311 | - | - | €2,479 | €2,479 | €2,479 | - | - | - |
| Distributable reserves133 | - | - | €191,563 | €206,166 | €249,886 | €252,365 | €280,916 | ▲ 11.3% |
| Profit (loss) carried forward14 | - | - | - | - | - | -€1,084 | - | - |
| Amounts payable17/49 | €556,443 | €604,913 | €309,735 | €407,739 | €405,241 | €574,010 | €425,283 | ▼ 25.9% |
| Amounts payable after more than one year17 | €125,388 | €148,817 | €27,888 | €244,858 | €222,453 | €338,211 | €322,703 | ▼ 4.6% |
| Financial debts170/4 | - | - | €27,888 | €244,858 | €222,453 | €338,211 | €322,703 | ▼ 4.6% |
| Amounts payable within one year42/48 | €429,706 | €454,746 | €281,846 | €162,881 | €182,789 | €235,799 | €102,581 | ▼ 56.5% |
| Current portion of amounts payable after more than one year42 | - | - | €9,905 | €23,031 | €23,503 | €34,242 | €33,906 | ▼ 1.0% |
| Financial debts43 | - | - | €250,539 | €118,000 | €125,000 | €103,000 | €27,000 | ▼ 73.8% |
| Credit institutions430/8 | - | - | €250,539 | €118,000 | €125,000 | €103,000 | €27,000 | ▼ 73.8% |
| Trade debts44 | €2,760 | €9,548 | €2,479 | €5,687 | - | - | €3,917 | - |
| Suppliers440/4 | - | - | €2,479 | €5,687 | - | - | €3,917 | - |
| Taxes, remuneration and social security45 | - | - | €18,924 | €16,163 | €19,729 | €8,111 | €11,748 | ▲ 44.8% |
| Taxes450/3 | - | - | €18,924 | €16,163 | €19,729 | €8,111 | €11,748 | ▲ 44.8% |
| Other amounts payable47/48 | - | - | - | - | €14,557 | €90,446 | €26,010 | ▼ 71.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €73,904 | €62,258 | €175,167 | €26,672 | €43,720 | -€1,084 | €29,635 | - |
| + Depreciation and write-downs630 | €48,944 | €14,853 | €5,490 | €48,690 | €28,464 | €76,293 | €29,484 | ▼ 61.4% |
| Operating cash flow (approximation) | €122,848 | €77,111 | €180,657 | €75,362 | €72,184 | €75,209 | €59,119 | ▼ 21.4% |
| Investment in fixed assets (approximation) | - | -€88,318 | €225,958 | -€317,922 | -€57,971 | -€337,860 | -€20,894 | ▲ 93.8% |
| Change in cash | - | €28,062 | -€11,862 | €54,425 | -€45,920 | -€3,252 | -€24,844 | ▼ 664% |
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, 14,766 companies had the same profile as ACTIVE CONCEPT has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ACTIVE CONCEPT 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 14,766 companies, not a prediction for ACTIVE CONCEPT. 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 |
|---|---|---|---|---|
| 30-09-2025 | micro format | 28-04-2026 | 2026-00090923 | |
| 30-09-2024 | micro format | 28-04-2025 | 2025-00082940 | |
| 30-09-2023 | micro format | 30-04-2024 | 2024-00077391 | |
| 30-09-2022 | micro format | 28-04-2023 | 2023-00075219 | |
| 30-09-2021 | micro format | 29-04-2022 | 2022-20019701 | |
| 30-09-2020 | micro format | 28-05-2021 | 2021-15700290 | |
| 30-09-2019 | micro format | 27-05-2020 | 2020-13300441 | |
| 30-09-2018 | micro format | 27-05-2019 | 2019-14600208 | |
| 30-09-2017 | micro format | 17-05-2018 | 2018-13100433 | |
| 30-09-2016 | abbreviated format | 26-04-2017 | 2017-10200555 |