Adaptive
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 25 days after the deadline Filed on 25 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00430379.
Annual accounts 2025 filed on 25-08-2026 at the NBB all 4 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€1.3m▲ 18.9%
2024 · €1.1m
EBIT margin
18.4%▲ 40.7pp
2024 · -22.3%
Net result
€219,549
2024 · -€251,734
Working capital
-€148,840▲ 33.7%
2024 · -€224,540
Multi-year overview
2022 to 2025, 4 financial yearsTurnover
€1.3m
▲ 18.9%
2025
20222025
Operating result
€235,283
2025
20222025
Net result
€219,549
2025
highest quarter of the sector
20222025
EBIT margin
18.4%
▲ 40.7pp
2025
20222025
Equity
€536,001
▲ 69.4%
2025
highest quarter of the sector
20222025
Total assets
€946,471
▲ 20.2%
2025
middle half of the sector
20222025
Debt
€410,470
▼ 12.8%
2025
20222025
Working capital
-€148,840
▲ 33.7%
2025
lowest quarter of the sector
20222025
Solvency
56.6%
▲ 16.4pp
2025
middle half of the sector
20222025
Current ratio
0.43
▲ 0.12
2025
lowest quarter of the sector
20222025
Return on assets (ROA)
23.2%
▲ 55.2pp
2025
highest quarter of the sector
20222025
Staff (FTE)
5
=
2025
middle half of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Turnover€1.7m-€1.2m▼ 30.2%€1.1m▼ 7.6%€1.3m▲ 18.9%
Operating result-€0.4m-€0.2m-€0.2m€0.2m
Net result-€0.4mbelow the sector's middle half-€0.2mabove the sector's middle half-€0.3mbelow the sector's middle half€0.2mabove the sector's middle half
EBIT margin-25.3%-13.8%▲ 39.1pp-22.3%▼ 36.1pp18.4%▲ 40.7pp
Equity€0.4mwithin the sector's middle half-€0.6mwithin the sector's middle half▲ 36.2%€0.3mwithin the sector's middle half▼ 44.3%€0.5mabove the sector's middle half▲ 69.4%
Total assets€0.6mwithin the sector's middle half-€0.8mwithin the sector's middle half▲ 40.6%€0.8mwithin the sector's middle half▼ 1.8%€0.9mwithin the sector's middle half▲ 20.2%
Debt€0.2m-€0.2m▲ 52.5%€0.5m▲ 101%€0.4m▼ 12.8%
Working capital€0.04mwithin the sector's middle half--€0.1mbelow the sector's middle half-€0.2mbelow the sector's middle half▼ 136%-€0.1mbelow the sector's middle half▲ 33.7%
Solvency73.1%above the sector's middle half-70.8%above the sector's middle half▼ 2.3pp40.2%within the sector's middle half▼ 30.6pp56.6%within the sector's middle half▲ 16.4pp
Current ratio1.26within the sector's middle half-0.59below the sector's middle half▼ 0.670.31below the sector's middle half▼ 0.280.43below the sector's middle half▲ 0.12
Return on assets (ROA)-75.9%below the sector's middle half-18.8%above the sector's middle half▲ 94.7pp-32.0%below the sector's middle half▼ 50.8pp23.2%above the sector's middle half▲ 55.2pp
Staff (FTE)6within the sector's middle half-5.6within the sector's middle half▼ 6.7%5within the sector's middle half▼ 10.7%5within the sector's middle half=
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 2025 is a profit of €235,283, after a loss of €239,089 in 2024. It is the highest result since 2022.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €946,471
Fixed assets
€832,718 ▲ 21.4%
Current assets
€113,754 ▲ 12.1%
Equity and liabilities €946,471
Equity
€536,001 ▲ 69.4%
Debt
€410,470 ▼ 12.8%
Debt's share of the balance-sheet total falls from 59.8% to 43.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€412,281▲
2024 · -€95,297
Cash flow
€396,548▲
2024 · -€107,942
Debt to equity
0.77▼
2024 · 1.49
ROE
41.0%▲
2024 · -79.5%
Interest coverage
28.21▲
2024 · -7.58
Debt ≤ 1 year
€262,593▼
2024 · €325,992
Income taxes
€1,526▲
2024 · €297
Customer credit
30 days▲
2024 · 30 days
Supplier credit
27 days▼
2024 · 28 days
Staff costs
€569,413▼
2024 · €570,630
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 6 | 5 | 5 | 5 |
| full-time | 6 | 5 | 5 | 5 |
| part-time | - | 0 | 0 | 0 |
| in full-time equivalents | 6 | 5 | 5 | 5 |
| Average over the year, in full-time equivalents | 6 | 5.6 | 5 | 5 |
| On a permanent contract | 6 | 5 | 5 | 5 |
| Joined | - | 1 | - | - |
| Left | - | 2 | - | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €3,464 | €12,858 | - | €3,437 |
| Intangible fixed assets | €500,000 | €345,495 | €166,127 | €320,461 |
| Depreciation and write-downs of the year | €126,175 | €72,158 | €143,792 | €176,999 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | -€108,525 | €0 |
| 2022 | 1 | €108,525 | €0 |
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Turnover70 | €1.7m | €1.2m | €1.1m | €1.3m | ▲ 18.9% |
| Goods, raw materials, services and sundry goods60/61 | €1.0m | €0.7m | €0.8m | €0.6m | ▼ 19.5% |
| Remuneration, social security and pensions62 | €1.0m | €0.6m | €0.6m | €0.6m | ▼ 0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.07m | €0.1m | €0.2m | ▲ 23.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €0.01m | -€0.01m | €0 | - | - |
| Other operating charges640/8 | €102 | €199 | €296 | €236 | ▼ 20.2% |
| Gross operating margin9900 | €0.7m | €0.8m | €0.5m | €1.0m | ▲ 106% |
| Operating profit (loss)9901 | -€0.4m | €0.2m | -€0.2m | €0.2m | - |
| Financial income75/76B | €399 | €0.001m | €228 | €407 | ▲ 78.7% |
| Recurring financial income75 | €399 | €0.001m | €228 | €407 | ▲ 78.7% |
| Financial charges65/66B | €0.009m | €0.007m | €0.01m | €0.01m | ▲ 16.2% |
| Recurring financial charges65 | €0.009m | €0.007m | €0.01m | €0.01m | ▲ 16.2% |
| Profit (loss) for the period before taxes9903 | -€0.4m | €0.2m | -€0.3m | €0.2m | - |
| Income taxes67/77 | €0.002m | €0.003m | €297 | €0.002m | ▲ 415% |
| Profit (loss) for the period9904 | -€0.4m | €0.2m | -€0.3m | €0.2m | - |
| Profit (loss) for the period to be appropriated9905 | -€0.4m | €0.2m | -€0.3m | €0.2m | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €570,561 | €802,030 | €787,270 | €946,471 | ▲ 20.2% |
| Fixed assets21/28 | €377,289 | €663,484 | €685,818 | €832,718 | ▲ 21.4% |
| Intangible fixed assets21 | €374,755 | €648,822 | €674,421 | €821,129 | ▲ 21.8% |
| Tangible fixed assets22/27 | €2,534 | €14,662 | €11,397 | €11,588 | ▲ 1.7% |
| Furniture and vehicles24 | €2,534 | €14,662 | €11,397 | €11,588 | ▲ 1.7% |
| Current assets29/58 | €193,272 | €138,547 | €101,452 | €113,754 | ▲ 12.1% |
| Amounts receivable within one year40/41 | €135,064 | €127,261 | €89,177 | €105,786 | ▲ 18.6% |
| Trade receivables40 | €134,743 | €126,360 | €88,173 | €105,786 | ▲ 20.0% |
| Other amounts receivable41 | €321 | €902 | €1,003 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €48,852 | €0 | - | - | - |
| Deferred charges and accrued income490/1 | €9,356 | €11,285 | €12,275 | €7,968 | ▼ 35.1% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €570,561 | €802,030 | €787,270 | €946,471 | ▲ 20.2% |
| Equity10/15 | €417,200 | €568,186 | €316,452 | €536,001 | ▲ 69.4% |
| Contributions10/11 | €850,000 | €850,000 | €850,000 | €850,000 | = |
| Profit (loss) carried forward14 | -€432,801 | -€281,814 | -€533,548 | -€313,999 | ▲ 41.1% |
| Amounts payable17/49 | €153,362 | €233,844 | €470,818 | €410,470 | ▼ 12.8% |
| Amounts payable within one year42/48 | €153,362 | €233,844 | €325,992 | €262,593 | ▼ 19.4% |
| Financial debts43 | - | €92,616 | €163,049 | €107,702 | ▼ 33.9% |
| Credit institutions430/8 | - | €92,616 | €163,049 | €107,702 | ▼ 33.9% |
| Trade debts44 | €61,247 | €69,452 | €59,121 | €47,182 | ▼ 20.2% |
| Suppliers440/4 | €61,247 | €69,452 | €59,121 | €47,182 | ▼ 20.2% |
| Taxes, remuneration and social security45 | €92,115 | €71,776 | €103,823 | €107,709 | ▲ 3.7% |
| Taxes450/3 | €23,351 | €2,697 | €38,543 | €41,151 | ▲ 6.8% |
| Remuneration and social security454/9 | €68,764 | €69,079 | €65,280 | €66,558 | ▲ 2.0% |
| Accrued charges and deferred income492/3 | - | - | €144,826 | €147,876 | ▲ 2.1% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€432,801 | €150,987 | -€251,734 | €219,549 | - |
| + Depreciation and write-downs630 | €126,175 | €72,158 | €143,792 | €176,999 | ▲ 23.1% |
| Operating cash flow (approximation) | -€306,625 | €223,145 | -€107,942 | €396,548 | - |
| Investment in fixed assets (approximation) | - | -€358,353 | -€166,127 | -€323,898 | ▼ 95.0% |
| Change in cash | - | -€48,852 | - | - | - |
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, 26,972 companies had the same profile as Adaptive has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Adaptive 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 26,972 companies, not a prediction for Adaptive. 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.