AMADIS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 27-01-2026 PDF all 23 filings
Turnover
€173,138
EBIT margin
31.1%
Net result
€21,671▼ 2.4%
2024 · €22,209
Working capital
-€216,750▲ 9.5%
2024 · -€239,537
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€60,748
▼ 4.4%
2025
20192025
Net result
€21,671
▼ 2.4%
2025
middle half of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€389,949
▲ 3.1%
2025
middle half of the sector
20192025
Total assets
€797,623
▼ 10.4%
2025
middle half of the sector
20192025
Debt
€407,674
▼ 20.4%
2025
20192025
Working capital
-€216,750
▲ 9.5%
2025
lowest quarter of the sector
20192025
Solvency
48.9%
▲ 6.4pp
2025
middle half of the sector
20192025
Current ratio
0.20
▲ 0.03
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
2.7%
▲ 0.2pp
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
Turnover€0.2m-
Operating result€0.05m-€0.04m▼ 22.8%€0.07m▲ 66.4%€0.06m▼ 7.5%€0.05m▼ 15.3%€0.06m▲ 17.2%€0.06m▼ 4.4%
Net result€0.03m-€0.01mwithin the sector's middle half▼ 48.8%€0.03mwithin the sector's middle half▲ 96.8%€0.03mwithin the sector's middle half▲ 16.7%€0.03mwithin the sector's middle half▲ 2.6%€0.02mwithin the sector's middle half▼ 30.7%€0.02mwithin the sector's middle half▼ 2.4%
EBIT margin31.1%-
Equity€0.3m-€0.3mwithin the sector's middle half▲ 5.4%€0.3mwithin the sector's middle half▲ 10.1%€0.3mwithin the sector's middle half▲ 10.7%€0.4mwithin the sector's middle half▲ 9.9%€0.4mwithin the sector's middle half▲ 6.2%€0.4mwithin the sector's middle half▲ 3.1%
Total assets€1.1m-€1.1mwithin the sector's middle half▼ 1.3%€1.2mwithin the sector's middle half▲ 15.0%€0.9mwithin the sector's middle half▼ 27.2%€0.8mwithin the sector's middle half▼ 5.4%€0.9mwithin the sector's middle half▲ 5.1%€0.8mwithin the sector's middle half▼ 10.4%
Debt€0.8m-€0.8m▼ 3.2%€0.9m▲ 16.8%€0.6m▼ 39.0%€0.5m▼ 14.1%€0.5m▲ 4.2%€0.4m▼ 20.4%
Working capital-€0.2m--€0.2mbelow the sector's middle half▼ 28.5%-€0.4mbelow the sector's middle half▼ 107%-€0.009mbelow the sector's middle half▲ 97.9%-€0.3mbelow the sector's middle half▼ 2,734%-€0.2mbelow the sector's middle half▲ 5.5%-€0.2mbelow the sector's middle half▲ 9.5%
Solvency23.3%-24.9%within the sector's middle half▲ 1.6pp23.8%within the sector's middle half▼ 1.1pp36.2%within the sector's middle half▲ 12.4pp42.0%within the sector's middle half▲ 5.9pp42.5%within the sector's middle half▲ 0.5pp48.9%within the sector's middle half▲ 6.4pp
Current ratio0.72-0.64below the sector's middle half▼ 0.070.46below the sector's middle half▼ 0.180.98below the sector's middle half▲ 0.520.21below the sector's middle half▼ 0.770.17below the sector's middle half▼ 0.040.20below the sector's middle half▲ 0.03
Return on assets (ROA)2.5%-1.3%within the sector's middle half▼ 1.2pp2.2%within the sector's middle half▲ 0.9pp3.5%within the sector's middle half▲ 1.3pp3.8%within the sector's middle half▲ 0.3pp2.5%within the sector's middle half▼ 1.3pp2.7%within the sector's middle half▲ 0.2pp
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 4% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €797,623
Fixed assets
€742,464 ▼ 11.7%
Current assets
€55,159 ▲ 11.5%
Equity and liabilities €797,623
Equity
€389,949 ▲ 3.1%
Debt
€407,674 ▼ 20.4%
Debt's share of the balance-sheet total falls from 57.5% to 51.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€96,478▼
2024 · €114,251
Cash flow
€57,402▼
2024 · €72,940
Debt to equity
1.05▼
2024 · 1.35
ROE
5.6%▼
2024 · 5.9%
Interest coverage
3.67▼
2024 · 3.81
Debt ≤ 1 year
€271,909▼
2024 · €289,022
Debt > 1 year
€135,765▼
2024 · €223,101
Income taxes
€12,817▲
2024 · €11,347
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €100,000 | €100,000 | €100,000 | €100,000 |
| Mortgages, amount registered | €100,000 | €100,000 | €100,000 | €100,000 |
| Carrying value of the mortgaged assets | €325,384 | €318,296 | €311,208 | €304,120 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €58,676 | €420,181 | €117,944 | €411,106 |
| Depreciation and write-downs of the year | €30,827 | €35,867 | €50,731 | €35,731 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €173,138 | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €2,478 | - | €9,789 | €2,413 | ▼ 75.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €51,976 | €50,450 | €42,319 | €30,827 | €35,867 | €50,731 | €35,731 | ▼ 29.6% |
| Gross operating margin9900 | €110,516 | €96,697 | €117,530 | €94,812 | €90,064 | €114,251 | €96,478 | ▼ 15.6% |
| Operating profit (loss)9901 | €53,863 | €41,585 | €69,181 | €63,985 | €54,197 | €63,520 | €60,748 | ▼ 4.4% |
| Financial income75/76B | - | - | - | €2,062 | €4,072 | - | €37 | - |
| Recurring financial income75 | €4,062 | €1 | €520 | €2,062 | €4,072 | - | €37 | - |
| Financial charges65/66B | - | - | - | €15,987 | €7,966 | €29,964 | €26,297 | ▼ 12.2% |
| Recurring financial charges65 | €13,090 | €14,576 | €16,022 | €15,987 | €7,966 | €29,964 | €26,297 | ▼ 12.2% |
| Profit (loss) for the period before taxes9903 | €44,557 | €27,010 | €43,825 | €50,060 | €50,303 | €33,556 | €34,488 | ▲ 2.8% |
| Transfer from deferred taxes780 | - | - | - | €185 | - | - | - | - |
| Income taxes67/77 | €18,764 | €14,217 | €17,861 | €18,995 | €18,252 | €11,347 | €12,817 | ▲ 13.0% |
| Profit (loss) for the period9904 | €26,614 | €13,614 | €26,785 | €31,251 | €32,051 | €22,209 | €21,671 | ▼ 2.4% |
| Transfer from tax-exempt reserves789 | - | - | - | €47 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €28,281 | €15,281 | €28,452 | €31,298 | €32,051 | €22,209 | €21,671 | ▼ 2.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.1m | €1.1m | €1.2m | €0.9m | €0.8m | €0.9m | €0.8m | ▼ 10.4% |
| Fixed assets21/28 | €0.7m | €0.7m | €0.9m | €0.5m | €0.8m | €0.8m | €0.7m | ▼ 11.7% |
| Tangible fixed assets22/27 | €0.7m | €0.7m | €0.9m | €0.5m | €0.8m | €0.8m | €0.7m | ▼ 11.7% |
| Land and buildings22 | - | - | - | €0.4m | €0.7m | €0.7m | €0.6m | ▼ 4.4% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.02m | €0.01m | €0.009m | ▼ 32.9% |
| Furniture and vehicles24 | - | - | - | - | €0.005m | - | - | - |
| Other tangible fixed assets26 | - | - | - | €0.02m | €0.08m | €0.2m | €0.1m | ▼ 37.2% |
| Current assets29/58 | €0.4m | €0.4m | €0.4m | €0.4m | €0.07m | €0.05m | €0.06m | ▲ 11.5% |
| Amounts receivable within one year40/41 | €0.09m | €0.08m | €0.07m | €0.3m | €0.02m | €0.01m | €0.01m | ▲ 8.5% |
| Trade receivables40 | - | - | - | €0.01m | €0.02m | €0.009m | €0.01m | ▲ 36.7% |
| Other amounts receivable41 | - | - | - | €0.3m | - | €0.004m | €0.002m | ▼ 54.9% |
| Cash at bank and in hand54/58 | €0.05m | €0.03m | €0.04m | €0.1m | €0.05m | €0.04m | €0.04m | ▲ 13.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | ▼ 2.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.1m | €1.1m | €1.2m | €0.9m | €0.8m | €0.9m | €0.8m | ▼ 10.4% |
| Equity10/15 | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | ▲ 3.1% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.02m | €0.03m | €0.06m | €0.09m | €0.1m | €0.1m | €0.2m | ▲ 7.7% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €0.08m | €0.1m | €0.1m | €0.1m | ▲ 8.1% |
| Profit (loss) carried forward14 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 0.4% |
| Provisions and deferred taxes16 | €0.002m | €0.001m | €185 | - | - | - | - | - |
| Amounts payable17/49 | €0.8m | €0.8m | €0.9m | €0.6m | €0.5m | €0.5m | €0.4m | ▼ 20.4% |
| Amounts payable after more than one year17 | €0.3m | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | €0.1m | ▼ 39.1% |
| Financial debts170/4 | - | - | - | €0.1m | €0.2m | €0.2m | €0.1m | ▼ 39.1% |
| Amounts payable within one year42/48 | €0.6m | €0.6m | €0.8m | €0.4m | €0.3m | €0.3m | €0.3m | ▼ 5.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.03m | €0.02m | €0.01m | ▼ 40.7% |
| Financial debts43 | - | - | - | - | - | €367 | €0.02m | ▲ 48× |
| Credit institutions430/8 | - | - | - | - | - | €367 | €0.02m | ▲ 48× |
| Trade debts44 | €0.003m | €0.002m | €0.02m | €211 | €0.02m | €0.006m | €0.005m | ▼ 19.4% |
| Suppliers440/4 | - | - | - | €211 | €0.02m | €0.006m | €0.005m | ▼ 19.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.01m | €0.01m | €0.02m | ▲ 124% |
| Taxes450/3 | - | - | - | €0.02m | €0.01m | €0.01m | €0.02m | ▲ 124% |
| Other amounts payable47/48 | - | - | - | €0.4m | €0.3m | €0.3m | €0.2m | ▼ 14.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26,614 | €13,614 | €26,785 | €31,251 | €32,051 | €22,209 | €21,671 | ▼ 2.4% |
| + Depreciation and write-downs630 | €51,976 | €50,450 | €42,319 | €30,827 | €35,867 | €50,731 | €35,731 | ▼ 29.6% |
| Operating cash flow (approximation) | €78,590 | €64,064 | €69,105 | €62,078 | €67,919 | €72,940 | €57,402 | ▼ 21.3% |
| Investment in fixed assets (approximation) | - | -€72,052 | -€208,967 | €378,846 | -€358,862 | -€113,248 | €62,721 | - |
| Change in cash | - | -€17,108 | €14,680 | €102,270 | -€96,961 | -€13,128 | €4,678 | - |
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 AMADIS 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 AMADIS itself: 0.2% 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 AMADIS. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 27-01-2026 | 2026-00016761 | |
| 30-06-2024 | abbreviated format | 29-01-2025 | 2025-00017419 | |
| 30-06-2023 | abbreviated format | 26-01-2024 | 2024-00010622 | |
| 30-06-2022 | abbreviated format | 24-01-2023 | 2023-00002453 | |
| 30-06-2021 | abbreviated format | 25-01-2022 | 2022-01700515 | |
| 30-06-2020 | abbreviated format | 15-09-2021 | 2021-67200452 | |
| 30-06-2019 | micro format | 30-11-2019 | 2019-74900187 | |
| 30-06-2018 | micro format | 30-10-2018 | 2018-71000031 | |
| 30-06-2017 | abbreviated format | 24-10-2017 | 2017-67500174 | |
| 30-06-2016 | abbreviated format | 30-01-2017 | 2017-02900496 |