ARTEMIS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 33 filings
Turnover
≈ €23,000
Estimated: probably between €9,900 and €57,000
Total assets
€29,230▲ 29.6%
2024 · €22,552
Net result
€3,083
2024 · -€4,918
Working capital
€20,464▲ 3.4%
2024 · €19,795
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€3,642
2025
20182025
Net result
€3,083
2025
middle half of the sector
20182025
Equity
€24,411
▲ 14.5%
2025
lowest quarter of the sector
20182025
Total assets
€29,230
▲ 29.6%
2025
lowest quarter of the sector
20182025
Debt
€4,819
▲ 294%
2025
20182025
Working capital
€20,464
▲ 3.4%
2025
middle half of the sector
20182025
Solvency
83.5%
▼ 11.1pp
2025
highest quarter of the sector
20182025
Current ratio
5.25
▼ 11.93
2025
highest quarter of the sector
20182025
Return on assets (ROA)
10.5%
▲ 32.4pp
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-€3,700-€24,050€21,088▼ 12.3%€7,356▼ 65.1%€5,615▼ 23.7%€7,026▲ 25.1%-€5,334€3,642
Net result-€4,259-€20,912€15,092within the sector's middle half▼ 27.8%€5,494within the sector's middle half▼ 63.6%€3,798within the sector's middle half▼ 30.9%€4,768within the sector's middle half▲ 25.6%-€4,918below the sector's middle half€3,083within the sector's middle half
Equity-€23,817--€2,905▲ 87.8%€12,187below the sector's middle half€17,682below the sector's middle half▲ 45.1%€21,479below the sector's middle half▲ 21.5%€26,247below the sector's middle half▲ 22.2%€21,329below the sector's middle half▼ 18.7%€24,411below the sector's middle half▲ 14.5%
Total assets€1,245-€7,146▲ 474%€28,544below the sector's middle half▲ 299%€32,606below the sector's middle half▲ 14.2%€30,231below the sector's middle half▼ 7.3%€33,364below the sector's middle half▲ 10.4%€22,552below the sector's middle half▼ 32.4%€29,230below the sector's middle half▲ 29.6%
Debt€25,062-€10,051▼ 59.9%€16,357▲ 62.7%€14,924▼ 8.8%€8,752▼ 41.4%€7,117▼ 18.7%€1,223▼ 82.8%€4,819▲ 294%
Working capital-€23,877--€2,965▲ 87.6%€12,127within the sector's middle half€15,504within the sector's middle half▲ 27.8%€19,800within the sector's middle half▲ 27.7%€24,115within the sector's middle half▲ 21.8%€19,795within the sector's middle half▼ 17.9%€20,464within the sector's middle half▲ 3.4%
Solvency-40.6%42.7%within the sector's middle half▲ 83.3pp54.2%within the sector's middle half▲ 11.5pp71.0%within the sector's middle half▲ 16.8pp78.7%above the sector's middle half▲ 7.6pp94.6%above the sector's middle half▲ 15.9pp83.5%above the sector's middle half▼ 11.1pp
Current ratio0.711.74within the sector's middle half▲ 1.042.04within the sector's middle half▲ 0.303.26within the sector's middle half▲ 1.224.39within the sector's middle half▲ 1.1317.18above the sector's middle half▲ 12.795.25above the sector's middle half▼ 11.93
Return on assets (ROA)292.6%52.9%above the sector's middle half▼ 239.8pp16.9%within the sector's middle half▼ 36.0pp12.6%within the sector's middle half▼ 4.3pp14.3%within the sector's middle half▲ 1.7pp-21.8%below the sector's middle half▼ 36.1pp10.5%within the sector's middle half▲ 32.4pp
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 a profit of €3,642, after a loss of €5,334 in 2024.
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 €29,230
Fixed assets
€3,947 ▲ 157%
Current assets
€25,283 ▲ 20.3%
Equity and liabilities €29,230
Equity
€24,411 ▲ 14.5%
Debt
€4,819 ▲ 294%
Debt's share of the balance-sheet total rises from 5.4% to 16.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€4,486▲
2024 · -€4,736
Cash flow
€3,927▲
2024 · -€4,320
Debt to equity
0.20▲
2024 · 0.06
ROE
12.6%▲
2024 · -23.1%
Interest coverage
5.28▲
2024 · -17.48
Debt ≤ 1 year
€4,819▲
2024 · €1,223
Income taxes
€474=
2024 · €474
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 | €2,491 | - | €1,001 | - | €3,258 |
| Depreciation and write-downs of the year | €374 | €498 | €548 | €598 | €845 |
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 | €2,704 | - | - | €374 | €498 | €548 | €598 | €845 | ▲ 41.2% |
| Other operating charges640/8 | - | - | - | €999 | €1,017 | €1,106 | €1,163 | €1,133 | ▼ 2.6% |
| Gross operating margin9900 | €11,880 | €22,948 | €22,081 | €8,728 | €7,130 | €8,680 | -€3,572 | €5,619 | - |
| Operating profit (loss)9901 | -€3,700 | €24,050 | €21,088 | €7,356 | €5,615 | €7,026 | -€5,334 | €3,642 | - |
| Financial income75/76B | - | - | - | €749 | €1,369 | €1,173 | €1,160 | €764 | ▼ 34.2% |
| Recurring financial income75 | €127 | €11 | €71 | €749 | €1,369 | €1,173 | €1,160 | €764 | ▼ 34.2% |
| Financial charges65/66B | - | - | - | €283 | €890 | €266 | €271 | €849 | ▲ 213% |
| Recurring financial charges65 | €265 | €206 | €333 | €283 | €890 | €266 | €271 | €849 | ▲ 213% |
| Profit (loss) for the period before taxes9903 | -€3,837 | €23,855 | €20,826 | €7,822 | €6,095 | €7,933 | -€4,445 | €3,556 | - |
| Income taxes67/77 | €422 | €2,943 | €5,734 | €2,328 | €2,297 | €3,165 | €474 | €474 | = |
| Profit (loss) for the period9904 | -€4,259 | €20,912 | €15,092 | €5,494 | €3,798 | €4,768 | -€4,918 | €3,083 | - |
| Profit (loss) for the period to be appropriated9905 | -€4,259 | €20,912 | €15,092 | €5,494 | €3,798 | €4,768 | -€4,918 | €3,083 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1,245 | €7,146 | €28,544 | €32,606 | €30,231 | €33,364 | €22,552 | €29,230 | ▲ 29.6% |
| Fixed assets21/28 | €60 | €60 | €60 | €2,177 | €1,679 | €2,132 | €1,534 | €3,947 | ▲ 157% |
| Tangible fixed assets22/27 | - | - | - | €2,117 | €1,619 | €2,072 | €1,474 | €3,887 | ▲ 164% |
| Plant, machinery and equipment23 | - | - | - | €2,117 | €1,619 | €2,072 | €1,474 | €3,887 | ▲ 164% |
| Financial fixed assets28 | €60 | €60 | €60 | €60 | €60 | €60 | €60 | €60 | = |
| Current assets29/58 | €1,185 | €7,086 | €28,484 | €30,428 | €28,552 | €31,232 | €21,019 | €25,283 | ▲ 20.3% |
| Amounts receivable within one year40/41 | €823 | - | €12,035 | €22,817 | €27,381 | €21,328 | €16,985 | €25,232 | ▲ 48.6% |
| Trade receivables40 | - | - | - | €6,184 | €4,047 | - | - | €14,020 | - |
| Other amounts receivable41 | - | - | - | €16,633 | €23,334 | €21,328 | €16,985 | €11,212 | ▼ 34.0% |
| Cash at bank and in hand54/58 | €362 | €7,086 | €16,448 | €7,611 | €1,171 | €9,904 | €4,034 | €50 | ▼ 98.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1,245 | €7,146 | €28,544 | €32,606 | €30,231 | €33,364 | €22,552 | €29,230 | ▲ 29.6% |
| Equity10/15 | -€23,817 | -€2,905 | €12,187 | €17,682 | €21,479 | €26,247 | €21,329 | €24,411 | ▲ 14.5% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Contributions outside capital11 | - | - | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Other1109/19 | - | - | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | - | - | - | - | - | €4,768 | €4,768 | €4,768 | = |
| Distributable reserves133 | - | - | - | - | - | €4,768 | €4,768 | €4,768 | = |
| Profit (loss) carried forward14 | -€42,409 | -€21,497 | -€6,405 | -€910 | €2,887 | €2,887 | -€2,031 | €1,051 | - |
| Amounts payable17/49 | €25,062 | €10,051 | €16,357 | €14,924 | €8,752 | €7,117 | €1,223 | €4,819 | ▲ 294% |
| Amounts payable within one year42/48 | €25,062 | €10,051 | €16,357 | €14,924 | €8,752 | €7,117 | €1,223 | €4,819 | ▲ 294% |
| Trade debts44 | €2,104 | €130 | €6,970 | €6,675 | €4,128 | €1,195 | €34 | €3,472 | ▲ 102× |
| Suppliers440/4 | - | - | - | €6,675 | €4,128 | €1,195 | €34 | €3,472 | ▲ 102× |
| Taxes, remuneration and social security45 | - | - | - | €8,249 | €4,625 | €5,922 | €1,189 | €1,347 | ▲ 13.2% |
| Taxes450/3 | - | - | - | €8,249 | €4,625 | €5,922 | €1,189 | €1,347 | ▲ 13.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,259 | €20,912 | €15,092 | €5,494 | €3,798 | €4,768 | -€4,918 | €3,083 | - |
| + Depreciation and write-downs630 | €2,704 | - | - | €374 | €498 | €548 | €598 | €845 | ▲ 41.2% |
| Operating cash flow (approximation) | -€1,555 | €20,912 | €15,092 | €5,868 | €4,296 | €5,316 | -€4,320 | €3,927 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€2,491 | €0 | -€1,001 | €0 | -€3,258 | - |
| Change in cash | - | €6,724 | €9,362 | -€8,837 | -€6,440 | €8,733 | -€5,870 | -€3,983 | ▲ 32.1% |
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, 31,368 companies had the same profile as ARTEMIS has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ARTEMIS 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 31,368 companies, not a prediction for ARTEMIS. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 28-07-2026 | 2026-00351148 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00349851 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00320772 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00304143 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20243933 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-43700534 | |
| 31-12-2019 | micro format | 29-07-2020 | 2020-36300404 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-57200138 | |
| 31-12-2017 | micro format | 06-07-2018 | 2018-31100301 | |
| 31-12-2016 | micro format | 07-07-2017 | 2017-30900183 |