ADDITVALUE
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 5 November 2026.
Annual accounts 2024 filed on 18-11-2025 PDF all 22 filings
Turnover
€31,120▼ 79.7%
2023 · €153,000
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
-€66,669
2023 · €8,951
Working capital
-€63,599
2023 · €22,867
Multi-year overview
2018 to 2024, 7 financial yearsTurnover
€31,120
▼ 79.7%
2024
20182024
Operating result
-€70,679
2024
20182024
Net result
-€66,669
2024
lowest quarter of the sector
20182024
Equity
-€33,048
2024
lowest quarter of the sector
20182024
Total assets
€52,950
▼ 3.9%
2024
lowest quarter of the sector
20182024
Debt
€85,998
▲ 301%
2024
20182024
Working capital
-€63,599
2024
lowest quarter of the sector
20182024
Solvency
-62.4%
▼ 123.5pp
2024
lowest quarter of the sector
20182024
Current ratio
0.26
▼ 1.81
2024
lowest quarter of the sector
20182024
Return on assets (ROA)
-125.9%
▼ 142.2pp
2024
lowest quarter of the sector
20182024
Staff (FTE)
no figure
2024
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Turnover€42,061€146,100▲ 247%€153,000▲ 4.7%€31,120▼ 79.7%
Operating result€12,485-€16,692▲ 33.7%€10,834▼ 35.1%-€17,369€2,846€16,240▲ 471%-€70,679
Net result€9,691-€13,076▲ 34.9%€8,190within the sector's middle half▼ 37.4%-€16,750below the sector's middle half€1,432below the sector's middle half€8,951within the sector's middle half▲ 525%-€66,669below the sector's middle half
Equity€18,723-€31,799▲ 69.8%€39,989within the sector's middle half▲ 25.8%€23,239below the sector's middle half▼ 41.9%€24,671below the sector's middle half▲ 6.2%€33,622within the sector's middle half▲ 36.3%-€33,048below the sector's middle half
Total assets€59,550-€92,791▲ 55.8%€90,042within the sector's middle half▼ 3.0%€28,915below the sector's middle half▼ 67.9%€36,598below the sector's middle half▲ 26.6%€55,074below the sector's middle half▲ 50.5%€52,950below the sector's middle half▼ 3.9%
Debt€40,827-€60,992▲ 49.4%€50,053▼ 17.9%€5,676▼ 88.7%€11,927▲ 110%€21,452▲ 79.9%€85,998▲ 301%
Working capital€17,732-€31,138▲ 75.6%€36,449within the sector's middle half▲ 17.1%€17,899within the sector's middle half▼ 50.9%€21,244within the sector's middle half▲ 18.7%€22,867within the sector's middle half▲ 7.6%-€63,599below the sector's middle half
Solvency31.4%-34.3%▲ 2.8pp44.4%within the sector's middle half▲ 10.1pp80.4%above the sector's middle half▲ 36.0pp67.4%within the sector's middle half▼ 13.0pp61.0%within the sector's middle half▼ 6.4pp-62.4%below the sector's middle half▼ 123.5pp
Current ratio1.43-1.51▲ 0.081.73within the sector's middle half▲ 0.224.15within the sector's middle half▲ 2.432.78within the sector's middle half▼ 1.372.07within the sector's middle half▼ 0.720.26below the sector's middle half▼ 1.81
Return on assets (ROA)16.3%-14.1%▼ 2.2pp9.1%within the sector's middle half▼ 5.0pp-57.9%below the sector's middle half▼ 67.0pp3.9%within the sector's middle half▲ 61.8pp16.3%within the sector's middle half▲ 12.3pp-125.9%below the sector's middle half▼ 142.2pp
Staff (FTE)0.3-0▼ 100%
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 2024 is a loss of €70,679, after a profit of €16,240 in 2023. It is the lowest result since 2018.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €52,950
Fixed assets
€30,551 ▲ 184%
Current assets
€22,399 ▼ 49.5%
Equity and liabilities
Equity-€33,048
Debt€85,998
Equity is negative. Debt (€85,998) exceeds the balance-sheet total (€52,950).
Key figures and ratios
Debt ≤ 1 year
€85,998▲
2023 · €21,452
Income taxes
-€4,199▼
2023 · €7,000
Customer credit
14 days▼
2023 · 35 days
Supplier credit
21 days▲
2023 · 6 days
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.
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Overdue tax debts | €473 | - | - | - |
Source: notes to the 2021 to 2024 annual accounts (statement of debts)
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | €7,328 | €2,997 |
| Intangible fixed assets | €1,800 | - | - | €16,799 |
| Depreciation and write-downs of the year | - | €1,913 | - | - |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €42,061 | €146,100 | €153,000 | €31,120 | ▼ 79.7% |
| Non-recurring operating income76A | - | - | - | - | €170 | €170 | €170 | = |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €60,003 | €140,963 | €136,930 | €101,970 | ▼ 25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,640 | €330 | €1,553 | - | €1,913 | - | - | - |
| Other operating charges640/8 | - | - | - | €348 | €547 | €503 | €548 | ▲ 8.9% |
| Gross operating margin9900 | €18,299 | €17,370 | €12,735 | -€17,021 | €5,306 | €16,743 | -€70,131 | - |
| Operating profit (loss)9901 | €12,485 | €16,692 | €10,834 | -€17,369 | €2,846 | €16,240 | -€70,679 | - |
| Financial income75/76B | - | - | - | €53 | - | €2 | - | - |
| Recurring financial income75 | €5 | €24 | €12 | €53 | - | €2 | - | - |
| Financial charges65/66B | - | - | - | €198 | €414 | €291 | €189 | ▼ 35.1% |
| Recurring financial charges65 | €199 | €136 | €156 | €198 | €414 | €291 | €189 | ▼ 35.1% |
| Profit (loss) for the period before taxes9903 | €12,291 | €16,580 | €10,690 | -€17,514 | €2,432 | €15,951 | -€70,868 | - |
| Income taxes67/77 | €2,600 | €3,504 | €2,500 | -€764 | €1,000 | €7,000 | -€4,199 | - |
| Profit (loss) for the period9904 | €9,691 | €13,076 | €8,190 | -€16,750 | €1,432 | €8,951 | -€66,669 | - |
| Profit (loss) for the period to be appropriated9905 | €9,691 | €13,076 | €8,190 | -€16,750 | €1,432 | €8,951 | -€66,669 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €59,550 | €92,791 | €90,042 | €28,915 | €36,598 | €55,074 | €52,950 | ▼ 3.9% |
| Fixed assets21/28 | €991 | €661 | €3,540 | €5,340 | €3,427 | €10,755 | €30,551 | ▲ 184% |
| Intangible fixed assets21 | €0 | - | €1,479 | €3,279 | €2,549 | €2,549 | €19,348 | ▲ 659% |
| Tangible fixed assets22/27 | €991 | €661 | €2,061 | €2,061 | €878 | €8,206 | €11,203 | ▲ 36.5% |
| Furniture and vehicles24 | - | - | - | €2,061 | €878 | €4,293 | €4,293 | = |
| Other tangible fixed assets26 | - | - | - | - | - | €3,913 | €6,910 | ▲ 76.6% |
| Current assets29/58 | €58,559 | €92,130 | €86,502 | €23,575 | €33,171 | €44,319 | €22,399 | ▼ 49.5% |
| Amounts receivable within one year40/41 | €44,311 | €27,151 | €18,754 | €5,076 | €7,689 | €22,965 | €17,961 | ▼ 21.8% |
| Trade receivables40 | - | - | - | €2,707 | - | €14,520 | €1,210 | ▼ 91.7% |
| Other amounts receivable41 | - | - | - | €2,369 | €7,689 | €8,445 | €16,751 | ▲ 98.4% |
| Cash at bank and in hand54/58 | €14,248 | €64,979 | €67,748 | €13,800 | €25,482 | €21,354 | €4,438 | ▼ 79.2% |
| Deferred charges and accrued income490/1 | - | - | - | €4,699 | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €59,550 | €92,791 | €90,042 | €28,915 | €36,598 | €55,074 | €52,950 | ▼ 3.9% |
| Equity10/15 | €18,723 | €31,799 | €39,989 | €23,239 | €24,671 | €33,622 | -€33,048 | - |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | - | €3,269 | €3,269 | €3,269 | €3,269 | €3,269 | €3,269 | = |
| Non-distributable reserves130/1 | - | - | - | €3,269 | €3,269 | €3,269 | €3,269 | = |
| Other1319 | - | - | - | €3,269 | €3,269 | €3,269 | €3,269 | = |
| Profit (loss) carried forward14 | €123 | €9,930 | €18,120 | €1,370 | €2,802 | €11,753 | -€54,917 | - |
| Amounts payable17/49 | €40,827 | €60,992 | €50,053 | €5,676 | €11,927 | €21,452 | €85,998 | ▲ 301% |
| Amounts payable within one year42/48 | €40,827 | €60,992 | €50,053 | €5,676 | €11,927 | €21,452 | €85,998 | ▲ 301% |
| Trade debts44 | €5,606 | €2,348 | €6,858 | €1,763 | €6,091 | €2,275 | €5,998 | ▲ 164% |
| Suppliers440/4 | - | - | - | €1,763 | €6,091 | €2,275 | €5,998 | ▲ 164% |
| Taxes, remuneration and social security45 | - | - | - | €598 | €2,825 | €7,236 | - | - |
| Taxes450/3 | - | - | - | €598 | €2,825 | €3,236 | - | - |
| Remuneration and social security454/9 | - | - | - | - | - | €4,000 | - | - |
| Other amounts payable47/48 | - | - | - | €3,315 | €3,011 | €11,941 | €80,000 | ▲ 570% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,691 | €13,076 | €8,190 | -€16,750 | €1,432 | €8,951 | -€66,669 | - |
| + Depreciation and write-downs630 | €2,640 | €330 | €1,553 | - | €1,913 | - | - | - |
| Operating cash flow (approximation) | €12,331 | €13,406 | €9,743 | -€16,750 | €3,345 | €8,951 | -€66,669 | - |
| Investment in fixed assets (approximation) | - | €0 | -€4,432 | -€1,800 | €0 | -€7,328 | -€19,796 | ▼ 170% |
| Change in cash | - | €50,731 | €2,769 | -€53,948 | €11,682 | -€4,128 | -€16,916 | ▼ 310% |
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, 6,619 companies had the same profile as ADDITVALUE has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ADDITVALUE itself: 3.9% 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 6,619 companies, not a prediction for ADDITVALUE. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 18-11-2025 | 2025-00568090 | |
| 31-12-2023 | micro format | 11-10-2024 | 2024-00507126 | |
| 31-12-2022 | micro format | 13-10-2023 | 2023-00484864 | |
| 31-12-2021 | micro format | 30-11-2022 | 2022-20528251 | |
| 31-12-2020 | micro format | 30-11-2021 | 2021-79300117 | |
| 31-12-2019 | micro format | 06-10-2020 | 2020-59500386 | |
| 31-12-2018 | micro format | 31-08-2019 | 2019-61800452 | |
| 31-12-2017 | micro format | 28-08-2018 | 2018-52600587 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-53100503 | |
| 31-12-2015 | full format | 29-08-2016 | 2016-50400269 |