ANYFLOW
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 10 filings
Turnover
≈ €110,000
Estimated: probably between €95,000 and €140,000
Total assets
€428,631▼ 10.9%
2024 · €480,901
Net result
€34,140▼ 15.3%
2024 · €40,296
Working capital
€315,790▼ 30.3%
2024 · €453,334
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€42,907
▼ 19.8%
2025
20182025
Net result
€34,140
▼ 15.3%
2025
middle half of the sector
20182025
Equity
€317,307
▼ 31.8%
2025
highest quarter of the sector
20182025
Total assets
€428,631
▼ 10.9%
2025
highest quarter of the sector
20182025
Debt
€111,325
▲ 624%
2025
20182025
Working capital
€315,790
▼ 30.3%
2025
highest quarter of the sector
20182025
Solvency
74.0%
▼ 22.8pp
2025
middle half of the sector
20182025
Current ratio
3.95
▼ 26.53
2025
middle half of the sector
20182025
Return on assets (ROA)
8.0%
▼ 0.4pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€56,738-€61,719▲ 8.8%€82,140▲ 33.1%€83,084▲ 1.1%€50,307▼ 39.4%€69,750▲ 38.6%€53,498▼ 23.3%€42,907▼ 19.8%
Net result€43,243-€47,247▲ 9.3%€64,613above the sector's middle half▲ 36.8%€65,263above the sector's middle half▲ 1.0%€38,716within the sector's middle half▼ 40.7%€49,828above the sector's middle half▲ 28.7%€40,296within the sector's middle half▼ 19.1%€34,140within the sector's middle half▼ 15.3%
Equity€185,686-€232,933▲ 25.4%€309,947above the sector's middle half▲ 33.1%€360,209above the sector's middle half▲ 16.2%€375,396above the sector's middle half▲ 4.2%€425,224above the sector's middle half▲ 13.3%€465,520above the sector's middle half▲ 9.5%€317,307above the sector's middle half▼ 31.8%
Total assets€240,196-€267,550▲ 11.4%€321,982within the sector's middle half▲ 20.3%€375,100above the sector's middle half▲ 16.5%€391,457above the sector's middle half▲ 4.4%€438,563above the sector's middle half▲ 12.0%€480,901above the sector's middle half▲ 9.7%€428,631above the sector's middle half▼ 10.9%
Debt€54,509-€34,617▼ 36.5%€12,035▼ 65.2%€14,891▲ 23.7%€16,061▲ 7.9%€13,339▼ 16.9%€15,381▲ 15.3%€111,325▲ 624%
Working capital€183,853-€232,933▲ 26.7%€306,496above the sector's middle half▲ 31.6%€353,402above the sector's middle half▲ 15.3%€371,700above the sector's middle half▲ 5.2%€406,971above the sector's middle half▲ 9.5%€453,334above the sector's middle half▲ 11.4%€315,790above the sector's middle half▼ 30.3%
Solvency77.3%-87.1%▲ 9.8pp96.3%above the sector's middle half▲ 9.2pp96.0%above the sector's middle half▼ 0.2pp95.9%above the sector's middle half▼ 0.1pp97.0%above the sector's middle half▲ 1.1pp96.8%above the sector's middle half▼ 0.2pp74.0%within the sector's middle half▼ 22.8pp
Current ratio4.37-7.73▲ 3.3626.47above the sector's middle half▲ 18.7424.73above the sector's middle half▼ 1.7324.14above the sector's middle half▼ 0.5932.90above the sector's middle half▲ 8.7530.47above the sector's middle half▼ 2.423.95within the sector's middle half▼ 26.53
Return on assets (ROA)18.0%-17.7%▼ 0.3pp20.1%within the sector's middle half▲ 2.4pp17.4%within the sector's middle half▼ 2.7pp9.9%within the sector's middle half▼ 7.5pp11.4%within the sector's middle half▲ 1.5pp8.4%within the sector's middle half▼ 3.0pp8.0%within the sector's middle half▼ 0.4pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 20% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated or micro 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 €428,631
Fixed assets
€5,700 ▼ 53.2%
Current assets
€422,931 ▼ 9.8%
Equity and liabilities €428,631
Equity
€317,307 ▼ 31.8%
Debt
€111,325 ▲ 624%
Debt's share of the balance-sheet total rises from 3.2% to 26.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€49,393▼
2024 · €60,146
Cash flow
€40,625▼
2024 · €46,943
Debt to equity
0.35▲
2024 · 0.03
ROE
10.8%▲
2024 · 8.7%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€107,142▲
2024 · €15,381
Income taxes
€10,874▼
2024 · €13,500
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,443 | - | €18,219 | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €3,086 | €3,111 | €3,082 | €6,647 | €6,485 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,443 | €1,834 | €547 | €3,086 | €3,111 | €3,082 | €6,647 | €6,485 | ▼ 2.4% |
| Other operating charges640/8 | - | - | - | €618 | €5,751 | €686 | €1,581 | €760 | ▼ 52.0% |
| Gross operating margin9900 | €64,412 | €64,405 | €83,208 | €86,787 | €59,170 | €73,518 | €61,727 | €50,152 | ▼ 18.8% |
| Operating profit (loss)9901 | €56,738 | €61,719 | €82,140 | €83,084 | €50,307 | €69,750 | €53,498 | €42,907 | ▼ 19.8% |
| Financial income75/76B | - | - | - | €0 | €0 | €1 | €451 | €2,543 | ▲ 464% |
| Recurring financial income75 | €5 | €4 | €5 | €0 | €0 | €1 | €451 | €2,543 | ▲ 464% |
| Financial charges65/66B | - | - | - | €171 | €144 | €231 | €153 | €437 | ▲ 186% |
| Recurring financial charges65 | €193 | €649 | €80 | €171 | €144 | €231 | €153 | €437 | ▲ 186% |
| Profit (loss) for the period before taxes9903 | €56,550 | €61,074 | €82,065 | €82,912 | €50,164 | €69,519 | €53,796 | €45,014 | ▼ 16.3% |
| Income taxes67/77 | €13,307 | €13,827 | €17,452 | €17,650 | €11,447 | €19,691 | €13,500 | €10,874 | ▼ 19.5% |
| Profit (loss) for the period9904 | €43,243 | €47,247 | €64,613 | €65,263 | €38,716 | €49,828 | €40,296 | €34,140 | ▼ 15.3% |
| Transfer from tax-exempt reserves789 | - | - | - | €15,000 | €23,529 | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €43,243 | €47,247 | €64,613 | €80,263 | €62,246 | €49,828 | €40,296 | €34,140 | ▼ 15.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €240,196 | €267,550 | €321,982 | €375,100 | €391,457 | €438,563 | €480,901 | €428,631 | ▼ 10.9% |
| Fixed assets21/28 | €1,834 | €0 | €3,450 | €6,807 | €3,696 | €18,833 | €12,185 | €5,700 | ▼ 53.2% |
| Tangible fixed assets22/27 | €1,834 | €0 | €3,450 | €6,807 | €3,696 | €18,833 | €12,185 | €5,700 | ▼ 53.2% |
| Plant, machinery and equipment23 | - | - | - | €6,807 | €3,696 | €987 | €412 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | - | - | €17,846 | €11,773 | €5,700 | ▼ 51.6% |
| Current assets29/58 | €238,362 | €267,550 | €318,532 | €368,293 | €387,761 | €419,730 | €468,715 | €422,931 | ▼ 9.8% |
| Amounts receivable within one year40/41 | €27,827 | €20,730 | €59,950 | €77,529 | €28,062 | €48,803 | €28,339 | €84,358 | ▲ 198% |
| Trade receivables40 | - | - | - | €47,269 | €0 | €27,797 | €0 | €59,007 | - |
| Other amounts receivable41 | - | - | - | €30,260 | €28,062 | €21,006 | €28,339 | €25,352 | ▼ 10.5% |
| Current investments50/53 | - | - | - | - | - | - | - | €295,608 | - |
| Cash at bank and in hand54/58 | €210,535 | €246,820 | €258,582 | €290,764 | €359,208 | €370,927 | €438,176 | €42,965 | ▼ 90.2% |
| Deferred charges and accrued income490/1 | - | - | - | - | €491 | €0 | €2,200 | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €240,196 | €267,550 | €321,982 | €375,100 | €391,457 | €438,563 | €480,901 | €428,631 | ▼ 10.9% |
| Equity10/15 | €185,686 | €232,933 | €309,947 | €360,209 | €375,396 | €425,224 | €465,520 | €317,307 | ▼ 31.8% |
| Contributions10/11 | €6,200 | €6,200 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €176,860 | €225,860 | €290,860 | €340,860 | €355,860 | €355,860 | €430,860 | €293,507 | ▼ 31.9% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €339,000 | €354,000 | €354,000 | €429,000 | €291,647 | ▼ 32.0% |
| Profit (loss) carried forward14 | €2,626 | €873 | €487 | €749 | €936 | €50,764 | €16,060 | €5,200 | ▼ 67.6% |
| Amounts payable17/49 | €54,509 | €34,617 | €12,035 | €14,891 | €16,061 | €13,339 | €15,381 | €111,325 | ▲ 624% |
| Amounts payable within one year42/48 | €54,509 | €34,617 | €12,035 | €14,891 | €16,061 | €12,759 | €15,381 | €107,142 | ▲ 597% |
| Trade debts44 | €159 | €2,720 | €0 | - | €762 | €0 | €2,798 | €0 | ▼ 100% |
| Suppliers440/4 | - | - | - | - | €762 | €0 | €2,798 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €14,891 | €15,299 | €12,759 | €12,583 | €43,163 | ▲ 243% |
| Taxes450/3 | - | - | - | €14,891 | €13,099 | €12,759 | €10,383 | €43,163 | ▲ 316% |
| Remuneration and social security454/9 | - | - | - | - | €2,200 | €0 | €2,200 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €63,979 | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €580 | €0 | €4,183 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €43,243 | €47,247 | €64,613 | €65,263 | €38,716 | €49,828 | €40,296 | €34,140 | ▼ 15.3% |
| + Depreciation and write-downs630 | €2,443 | €1,834 | €547 | €3,086 | €3,111 | €3,082 | €6,647 | €6,485 | ▼ 2.4% |
| Operating cash flow (approximation) | €45,686 | €49,081 | €65,160 | €68,348 | €41,828 | €52,910 | €46,943 | €40,625 | ▼ 13.5% |
| Investment in fixed assets (approximation) | - | €0 | -€3,997 | -€6,443 | €0 | -€18,219 | €0 | €0 | - |
| Change in cash | - | €36,285 | €11,762 | €32,182 | €68,444 | €11,719 | €67,249 | -€395,211 | - |
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, 34,693 companies had the same profile as ANYFLOW has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of ANYFLOW itself: 0.1% 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 34,693 companies, not a prediction for ANYFLOW. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-07-2026 | 2026-00343129 | |
| 31-12-2024 | micro format | 10-07-2025 | 2025-00255994 | |
| 31-12-2023 | micro format | 17-07-2024 | 2024-00255255 | |
| 31-12-2022 | micro format | 13-07-2023 | 2023-00233070 | |
| 31-12-2021 | micro format | 06-08-2022 | 2022-20274354 | |
| 31-12-2020 | micro format | 27-07-2021 | 2021-41200324 | |
| 31-12-2019 | micro format | 28-07-2020 | 2020-34900520 | |
| 31-12-2018 | abbreviated format | 09-08-2019 | 2019-45300251 | |
| 31-12-2017 | abbreviated format | 27-07-2018 | 2018-39600139 | |
| 31-12-2016 | abbreviated format | 26-07-2017 | 2017-36400565 |