Adapstract
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 20-10-2026 at the NBB all 5 filings
Turnover
≈ €180,000
Estimated: probably between €160,000 and €240,000
Total assets
€83,900▼ 55.4%
2025 · €188,227
Net result
€71,070▼ 24.4%
2025 · €94,032
Working capital
€5,749▲ 240%
2025 · €1,689
Multi-year overview
2022 to 2026, 5 financial yearsOperating result
€91,844
▼ 19.1%
2026
20222026
Net result
€71,070
▼ 24.4%
2026
20222026
Equity
€9,277
▲ 189%
2026
20222026
Total assets
€83,900
▼ 55.4%
2026
20222026
Debt
€74,624
▼ 59.7%
2026
20222026
Working capital
€5,749
▲ 240%
2026
20222026
Solvency
11.1%
▲ 9.4pp
2026
20222026
Current ratio
1.08
▲ 0.07
2026
20222026
Return on assets (ROA)
84.7%
▲ 34.8pp
2026
20222026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20222023202420252026
Operating result€65,138-€49,953▼ 23.3%€85,913▲ 72.0%€113,495▲ 32.1%€91,844▼ 19.1%
Net result€48,191above the sector's middle half-€34,962within the sector's middle half▼ 27.5%€73,821above the sector's middle half▲ 111%€94,032above the sector's middle half▲ 27.4%€71,070▼ 24.4%
Equity€50,391within the sector's middle half-€85,353within the sector's middle half▲ 69.4%€69,174within the sector's middle half▼ 19.0%€3,206below the sector's middle half▼ 95.4%€9,277▲ 189%
Total assets€84,189within the sector's middle half-€107,360within the sector's middle half▲ 27.5%€195,877within the sector's middle half▲ 82.4%€188,227within the sector's middle half▼ 3.9%€83,900▼ 55.4%
Debt€33,797-€22,007▼ 34.9%€126,703▲ 476%€185,021▲ 46.0%€74,624▼ 59.7%
Working capital€50,391within the sector's middle half-€85,353within the sector's middle half▲ 69.4%€69,174within the sector's middle half▼ 19.0%€1,689below the sector's middle half▼ 97.6%€5,749▲ 240%
Solvency59.9%within the sector's middle half-79.5%within the sector's middle half▲ 19.6pp35.3%within the sector's middle half▼ 44.2pp1.7%below the sector's middle half▼ 33.6pp11.1%▲ 9.4pp
Current ratio2.49within the sector's middle half-4.88within the sector's middle half▲ 2.391.55within the sector's middle half▼ 3.331.01below the sector's middle half▼ 0.541.08▲ 0.07
Return on assets (ROA)57.2%above the sector's middle half-32.6%within the sector's middle half▼ 24.7pp37.7%above the sector's middle half▲ 5.1pp50.0%above the sector's middle half▲ 12.3pp84.7%▲ 34.8pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 2026 is 19% lower than in 2025.
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
2026 in colour, 2025 as the grey bar beneath
Assets €83,900
Fixed assets
€3,527 ▲ 133%
Current assets
€80,373 ▼ 57.0%
Equity and liabilities €83,900
Equity
€9,277 ▲ 189%
Debt
€74,624 ▼ 59.7%
Debt's share of the balance-sheet total falls from 98.3% to 88.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€93,303▼
2025 · €113,712
Cash flow
€72,530▼
2025 · €94,249
Debt to equity
8.04▼
2025 · 57.71
ROE
766.1%
Interest coverage
19.48▼
2025 · over 100
Debt ≤ 1 year
€74,624▼
2025 · €185,021
Income taxes
€20,400▼
2025 · €26,843
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €1,734 | €3,470 |
| Intangible fixed assets | €2,162 | - | - | - | - |
| Depreciation and write-downs of the year | €2,162 | - | - | €217 | €1,460 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,162 | - | - | €217 | €1,460 | ▲ 572% |
| Other operating charges640/8 | €515 | €116 | €254 | €528 | €544 | ▲ 3.0% |
| Gross operating margin9900 | €67,815 | €50,069 | €86,167 | €114,240 | €93,847 | ▼ 17.9% |
| Operating profit (loss)9901 | €65,138 | €49,953 | €85,913 | €113,495 | €91,844 | ▼ 19.1% |
| Financial income75/76B | €0 | - | €185 | €8,406 | €4,417 | ▼ 47.5% |
| Recurring financial income75 | €0 | - | €185 | €8,406 | €4,417 | ▼ 47.5% |
| Financial charges65/66B | €3,351 | €4,440 | -€5,523 | €1,025 | €4,790 | ▲ 367% |
| Recurring financial charges65 | €3,351 | €4,440 | -€5,523 | €1,025 | €4,790 | ▲ 367% |
| Profit (loss) for the period before taxes9903 | €61,787 | €45,513 | €91,622 | €120,876 | €91,471 | ▼ 24.3% |
| Income taxes67/77 | €13,596 | €10,552 | €17,801 | €26,843 | €20,400 | ▼ 24.0% |
| Profit (loss) for the period9904 | €48,191 | €34,962 | €73,821 | €94,032 | €71,070 | ▼ 24.4% |
| Profit (loss) for the period to be appropriated9905 | €48,191 | €34,962 | €73,821 | €94,032 | €71,070 | ▼ 24.4% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €84,189 | €107,360 | €195,877 | €188,227 | €83,900 | ▼ 55.4% |
| Fixed assets21/28 | - | - | - | €1,517 | €3,527 | ▲ 133% |
| Tangible fixed assets22/27 | - | - | - | €1,517 | €3,527 | ▲ 133% |
| Plant, machinery and equipment23 | - | - | - | €1,517 | €3,527 | ▲ 133% |
| Current assets29/58 | €84,189 | €107,360 | €195,877 | €186,710 | €80,373 | ▼ 57.0% |
| Amounts receivable within one year40/41 | - | €26,104 | €31,884 | €23,903 | €38,525 | ▲ 61.2% |
| Trade receivables40 | - | €23,656 | €31,884 | €22,922 | €36,554 | ▲ 59.5% |
| Other amounts receivable41 | - | €2,448 | - | €982 | €1,970 | ▲ 101% |
| Current investments50/53 | €17,019 | €13,529 | €64,000 | €31,753 | €16,635 | ▼ 47.6% |
| Cash at bank and in hand54/58 | €64,454 | €64,953 | €97,160 | €131,054 | €25,213 | ▼ 80.8% |
| Deferred charges and accrued income490/1 | €2,715 | €2,774 | €2,834 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €84,189 | €107,360 | €195,877 | €188,227 | €83,900 | ▼ 55.4% |
| Equity10/15 | €50,391 | €85,353 | €69,174 | €3,206 | €9,277 | ▲ 189% |
| Contributions10/11 | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | €47,391 | €82,353 | €66,174 | - | - | - |
| Distributable reserves133 | €47,391 | €82,353 | €66,174 | - | - | - |
| Profit (loss) carried forward14 | - | - | - | €206 | €6,277 | ▲ 30× |
| Amounts payable17/49 | €33,797 | €22,007 | €126,703 | €185,021 | €74,624 | ▼ 59.7% |
| Amounts payable within one year42/48 | €33,797 | €22,007 | €126,703 | €185,021 | €74,624 | ▼ 59.7% |
| Trade debts44 | €1,087 | €672 | €1,943 | €72 | €328 | ▲ 356% |
| Suppliers440/4 | €1,087 | €672 | €1,943 | €72 | €328 | ▲ 356% |
| Taxes, remuneration and social security45 | €23,444 | €10,871 | €26,128 | €24,949 | €9,296 | ▼ 62.7% |
| Taxes450/3 | €23,444 | €10,871 | €26,128 | €24,789 | €9,136 | ▼ 63.1% |
| Remuneration and social security454/9 | - | - | - | €160 | €160 | = |
| Other amounts payable47/48 | €9,267 | €10,464 | €98,632 | €160,000 | €65,000 | ▼ 59.4% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €48,191 | €34,962 | €73,821 | €94,032 | €71,070 | ▼ 24.4% |
| + Depreciation and write-downs630 | €2,162 | - | - | €217 | €1,460 | ▲ 572% |
| Operating cash flow (approximation) | €50,354 | €34,962 | €73,821 | €94,249 | €72,530 | ▼ 23.0% |
| Investment in fixed assets (approximation) | - | - | - | - | -€3,470 | - |
| Change in cash | - | €499 | €32,207 | €33,894 | -€105,841 | - |
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, 6,713 companies had the same profile as Adapstract has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Adapstract itself is lower: 0.1% within 12 months. It rests on far more data about Adapstract than the profile alone.
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 6,713 companies, not a prediction for Adapstract. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 20-10-2026 | 2026-00563922 | |
| 31-03-2025 | micro format | 14-10-2025 | 2025-00541587 | |
| 31-03-2024 | micro format | 22-10-2024 | 2024-00511792 | |
| 31-03-2023 | micro format | 31-10-2023 | 2023-00501038 | |
| 31-03-2022 | micro format | 03-11-2022 | 2022-20485043 |