ADDMODUM
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 4 filings
Turnover
≈ €880,000
Estimated: probably between €690,000 and €1.6m
Total assets
€636,683▲ 79.8%
2024 · €354,103
Net result
-€12,102
2024 · €4,230
Working capital
€6,077
2024 · -€30,570
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€4,315
▼ 81.0%
2025
20222025
Net result
-€12,102
2025
lowest quarter of the sector
20222025
Equity
€173,295
▲ 103%
2025
middle half of the sector
20222025
Total assets
€636,683
▲ 79.8%
2025
middle half of the sector
20222025
Debt
€463,388
▲ 72.5%
2025
20222025
Working capital
€6,077
2025
middle half of the sector
20222025
Solvency
27.2%
▲ 3.1pp
2025
middle half of the sector
20222025
Current ratio
1.02
▲ 0.18
2025
middle half of the sector
20222025
Return on assets (ROA)
-1.9%
▼ 3.1pp
2025
lowest quarter of the sector
20222025
Staff (FTE)
7.3
▼ 13.1%
2025
highest quarter of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€5,834-€3,224▼ 44.7%€22,670▲ 603%€4,315▼ 81.0%
Net result€1,072below the sector's middle half-€94below the sector's middle half▼ 91.2%€4,230within the sector's middle half▲ 45×-€12,102below the sector's middle half
Equity€81,072below the sector's middle half-€81,166below the sector's middle half▲ 0.1%€85,396below the sector's middle half▲ 5.2%€173,295within the sector's middle half▲ 103%
Total assets€143,483below the sector's middle half-€180,912below the sector's middle half▲ 26.1%€354,103below the sector's middle half▲ 95.7%€636,683within the sector's middle half▲ 79.8%
Debt€62,411-€99,746▲ 59.8%€268,707▲ 169%€463,388▲ 72.5%
Working capital-€1,780within the sector's middle half--€13,234within the sector's middle half▼ 643%-€30,570within the sector's middle half▼ 131%€6,077within the sector's middle half
Solvency56.5%within the sector's middle half-44.9%within the sector's middle half▼ 11.6pp24.1%below the sector's middle half▼ 20.7pp27.2%within the sector's middle half▲ 3.1pp
Current ratio0.97within the sector's middle half-0.87within the sector's middle half▼ 0.100.84within the sector's middle half▼ 0.031.02within the sector's middle half▲ 0.18
Return on assets (ROA)0.7%within the sector's middle half-0.1%below the sector's middle half▼ 0.7pp1.2%within the sector's middle half▲ 1.1pp-1.9%below the sector's middle half▼ 3.1pp
Staff (FTE)3.8within the sector's middle half-4.2above the sector's middle half▲ 10.5%8.4above the sector's middle half▲ 100%7.3above the sector's middle half▼ 13.1%
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 81% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €636,683
Fixed assets
€235,401 ▲ 18.8%
Current assets
€401,282 ▲ 157%
Equity and liabilities €636,683
Equity
€173,295 ▲ 103%
Debt
€463,388 ▲ 72.5%
Debt's share of the balance-sheet total falls from 75.9% to 72.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€71,086▲
2024 · €64,270
Cash flow
€54,670▲
2024 · €45,831
Debt to equity
2.67▼
2024 · 3.15
ROE
-7.0%▼
2024 · 5.0%
Interest coverage
7.26▼
2024 · 8.95
Debt ≤ 1 year
€395,206▲
2024 · €186,567
Debt > 1 year
€65,402▼
2024 · €82,139
Income taxes
€8,480▼
2024 · €11,638
Staff costs
€498,194▼
2024 · €544,165
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 | 5 | 5 | 10 | 10 |
| full-time | 2 | 3 | 5 | 5 |
| part-time | 3 | 2 | 5 | 5 |
| in full-time equivalents | 3.5 | 4.5 | 7.4 | 9.1 |
| Average over the year, in full-time equivalents | 3.8 | 4.2 | 8.4 | 7.3 |
| On a permanent contract | 5 | 5 | 8 | 10 |
| Joined | 12 | 13 | 17 | 13 |
| Left | 10 | 13 | 12 | 12 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €10,310 | €18,672 | €50,804 | €78,259 |
| Intangible fixed assets | €100,000 | €18,258 | €94,502 | €26,187 |
| Depreciation and write-downs of the year | €24,059 | €28,781 | €41,600 | €66,771 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 5 entries · €20,817 awarded · €20,817 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €13,487 | €13,487 |
| 2024 | 2 | €7,274 | €7,274 |
| 2022 | 1 | €56 | €56 |
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €249,470 | €275,717 | €544,165 | €498,194 | ▼ 8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €24,059 | €28,781 | €41,600 | €66,771 | ▲ 60.5% |
| Other operating charges640/8 | €188 | €109 | €918 | €13,191 | ▲ 14× |
| Non-recurring operating charges66A | - | - | - | €380 | - |
| Gross operating margin9900 | €279,551 | €307,832 | €609,353 | €582,850 | ▼ 4.3% |
| Operating profit (loss)9901 | €5,834 | €3,224 | €22,670 | €4,315 | ▼ 81.0% |
| Financial income75/76B | €17 | €2,487 | €381 | €1,852 | ▲ 386% |
| Recurring financial income75 | €17 | €2,487 | €381 | €1,852 | ▲ 386% |
| Financial charges65/66B | €2,142 | €555 | €7,182 | €9,789 | ▲ 36.3% |
| Recurring financial charges65 | €2,142 | €555 | €7,182 | €9,789 | ▲ 36.3% |
| Profit (loss) for the period before taxes9903 | €3,708 | €5,157 | €15,868 | -€3,622 | - |
| Income taxes67/77 | €2,636 | €5,063 | €11,638 | €8,480 | ▼ 27.1% |
| Profit (loss) for the period9904 | €1,072 | €94 | €4,230 | -€12,102 | - |
| Profit (loss) for the period to be appropriated9905 | €1,072 | €94 | €4,230 | -€12,102 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €143,483 | €180,912 | €354,103 | €636,683 | ▲ 79.8% |
| Fixed assets21/28 | €86,251 | €94,401 | €198,106 | €235,401 | ▲ 18.8% |
| Intangible fixed assets21 | €80,000 | €74,753 | €145,603 | €126,596 | ▼ 13.1% |
| Tangible fixed assets22/27 | €6,251 | €19,648 | €52,503 | €108,805 | ▲ 107% |
| Plant, machinery and equipment23 | €3,848 | €9,395 | €23,350 | €18,326 | ▼ 21.5% |
| Furniture and vehicles24 | €2,404 | €10,253 | €26,114 | €42,440 | ▲ 62.5% |
| Other tangible fixed assets26 | - | - | €3,039 | €48,039 | ▲ 16× |
| Current assets29/58 | €57,232 | €86,512 | €155,997 | €401,282 | ▲ 157% |
| Amounts receivable within one year40/41 | €50,340 | €78,253 | €117,128 | €147,235 | ▲ 25.7% |
| Trade receivables40 | €49,628 | €76,998 | €116,087 | €124,665 | ▲ 7.4% |
| Other amounts receivable41 | €711 | €1,255 | €1,040 | €22,570 | ▲ 22× |
| Cash at bank and in hand54/58 | €5,477 | €1,116 | €15,138 | €80,270 | ▲ 430% |
| Deferred charges and accrued income490/1 | €1,416 | €7,143 | €23,732 | €173,777 | ▲ 632% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €143,483 | €180,912 | €354,103 | €636,683 | ▲ 79.8% |
| Equity10/15 | €81,072 | €81,166 | €85,396 | €173,295 | ▲ 103% |
| Contributions10/11 | €80,000 | €80,000 | €80,000 | €180,000 | ▲ 125% |
| Profit (loss) carried forward14 | €1,072 | €1,166 | €5,396 | -€6,706 | - |
| Amounts payable17/49 | €62,411 | €99,746 | €268,707 | €463,388 | ▲ 72.5% |
| Amounts payable after more than one year17 | €2,999 | - | €82,139 | €65,402 | ▼ 20.4% |
| Financial debts170/4 | €2,999 | - | €82,139 | €65,402 | ▼ 20.4% |
| Amounts payable within one year42/48 | €59,012 | €99,746 | €186,567 | €395,206 | ▲ 112% |
| Current portion of amounts payable after more than one year42 | €18,129 | €2,999 | €58,073 | €62,606 | ▲ 7.8% |
| Trade debts44 | €24,464 | €34,961 | €25,801 | €267,435 | ▲ 937% |
| Suppliers440/4 | €24,464 | €34,961 | €25,801 | €267,435 | ▲ 937% |
| Taxes, remuneration and social security45 | €16,409 | €51,586 | €77,819 | €65,164 | ▼ 16.3% |
| Taxes450/3 | €11,015 | €24,783 | €28,723 | €9,441 | ▼ 67.1% |
| Remuneration and social security454/9 | €5,394 | €26,803 | €49,096 | €55,723 | ▲ 13.5% |
| Other amounts payable47/48 | €11 | €10,200 | €24,875 | - | - |
| Accrued charges and deferred income492/3 | €400 | - | - | €2,781 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,072 | €94 | €4,230 | -€12,102 | - |
| + Depreciation and write-downs630 | €24,059 | €28,781 | €41,600 | €66,771 | ▲ 60.5% |
| Operating cash flow (approximation) | €25,131 | €28,875 | €45,831 | €54,670 | ▲ 19.3% |
| Investment in fixed assets (approximation) | - | -€36,931 | -€145,306 | -€104,066 | ▲ 28.4% |
| Change in cash | - | -€4,361 | €14,022 | €65,133 | ▲ 365% |
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, 1,548 companies had the same profile as ADDMODUM has now. Two years later, 91.3% were still going and 4.3% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a small loss
91.3%
was still going
3.9%
stopped otherwise
4.3%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ADDMODUM itself: 0.9% 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 1,548 companies, not a prediction for ADDMODUM. 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.