B16
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 20-03-2026 PDF all 9 filings
Turnover
≈ €120,000
Estimated: probably between €59,000 and €240,000
Total assets
€251,826▲ 4.9%
2024 · €240,146
Net result
€14,451▼ 26.7%
2024 · €19,726
Working capital
€161,756▼ 24.2%
2024 · €213,309
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€18,254
▼ 33.7%
2025
20182025
Net result
€14,451
▼ 26.7%
2025
middle half of the sector
20182025
Equity
€173,274
▼ 22.7%
2025
highest quarter of the sector
20182025
Total assets
€251,826
▲ 4.9%
2025
middle half of the sector
20182025
Debt
€78,552
▲ 395%
2025
20182025
Working capital
€161,756
▼ 24.2%
2025
highest quarter of the sector
20182025
Solvency
68.8%
▼ 24.6pp
2025
middle half of the sector
20182025
Current ratio
3.06
▼ 11.39
2025
middle half of the sector
20182025
Return on assets (ROA)
5.7%
▼ 2.5pp
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€60,000-€29,721▼ 50.5%€64,603▲ 117%€57,941▼ 10.3%€57,243▼ 1.2%€54,388▼ 5.0%€27,548▼ 49.3%€18,254▼ 33.7%
Net result€47,764-€21,484▼ 55.0%€43,355above the sector's middle half▲ 102%€41,716within the sector's middle half▼ 3.8%€44,699within the sector's middle half▲ 7.2%€42,167within the sector's middle half▼ 5.7%€19,726within the sector's middle half▼ 53.2%€14,451within the sector's middle half▼ 26.7%
Equity€104,572-€132,256▲ 26.5%€174,611above the sector's middle half▲ 32.0%€216,327above the sector's middle half▲ 23.9%€188,825above the sector's middle half▼ 12.7%€204,562above the sector's middle half▲ 8.3%€224,288above the sector's middle half▲ 9.6%€173,274above the sector's middle half▼ 22.7%
Total assets€150,084-€148,534▼ 1.0%€205,167within the sector's middle half▲ 38.1%€243,256within the sector's middle half▲ 18.6%€270,472within the sector's middle half▲ 11.2%€250,865within the sector's middle half▼ 7.2%€240,146within the sector's middle half▼ 4.3%€251,826within the sector's middle half▲ 4.9%
Debt€45,511-€16,278▼ 64.2%€30,556▲ 87.7%€26,930▼ 11.9%€81,647▲ 203%€46,302▼ 43.3%€15,857▼ 65.8%€78,552▲ 395%
Working capital€97,452-€119,493▲ 22.6%€163,718above the sector's middle half▲ 37.0%€202,644above the sector's middle half▲ 23.8%€174,306above the sector's middle half▼ 14.0%€192,341above the sector's middle half▲ 10.3%€213,309above the sector's middle half▲ 10.9%€161,756above the sector's middle half▼ 24.2%
Solvency69.7%-89.0%▲ 19.4pp85.1%above the sector's middle half▼ 3.9pp88.9%above the sector's middle half▲ 3.8pp69.8%within the sector's middle half▼ 19.1pp81.5%above the sector's middle half▲ 11.7pp93.4%above the sector's middle half▲ 11.9pp68.8%within the sector's middle half▼ 24.6pp
Current ratio3.18-8.34▲ 5.176.36above the sector's middle half▼ 1.988.52above the sector's middle half▲ 2.173.13within the sector's middle half▼ 5.395.15above the sector's middle half▲ 2.0214.45above the sector's middle half▲ 9.303.06within the sector's middle half▼ 11.39
Return on assets (ROA)31.8%-14.5%▼ 17.4pp21.1%within the sector's middle half▲ 6.7pp17.1%within the sector's middle half▼ 4.0pp16.5%within the sector's middle half▼ 0.6pp16.8%within the sector's middle half▲ 0.3pp8.2%within the sector's middle half▼ 8.6pp5.7%within the sector's middle half▼ 2.5pp
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 34% lower than in 2024 and the lowest since 2021. It is the fourth fall in a row.
Turnover and EBIT margin are not published. The 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 €251,826
Fixed assets
€11,518 ▲ 4.9%
Current assets
€240,308 ▲ 4.9%
Equity and liabilities €251,826
Equity
€173,274 ▼ 22.7%
Debt
€78,552 ▲ 395%
Debt's share of the balance-sheet total rises from 6.6% to 31.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€22,286▼
2024 · €29,858
Cash flow
€18,483▼
2024 · €22,037
Debt to equity
0.45▲
2024 · 0.07
ROE
8.3%▼
2024 · 8.8%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€78,552▲
2024 · €15,857
Income taxes
€3,796▼
2024 · €7,675
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 | €4,686 | €3,219 | - | €1,069 | €4,571 |
| Depreciation and write-downs of the year | €1,896 | €2,015 | €2,299 | €2,310 | €4,032 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 to 2025 · 2 entries · €1,994 awarded · €1,994 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €225 | €225 |
| 2024 | 1 | €1,769 | €1,769 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €129 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,394 | €2,384 | €1,871 | €1,896 | €2,015 | €2,299 | €2,310 | €4,032 | ▲ 74.5% |
| Other operating charges640/8 | - | - | - | €499 | €450 | €493 | €505 | €520 | ▲ 2.8% |
| Gross operating margin9900 | €61,489 | €32,551 | €66,921 | €60,336 | €59,707 | €57,180 | €30,364 | €22,806 | ▼ 24.9% |
| Operating profit (loss)9901 | €60,000 | €29,721 | €64,603 | €57,941 | €57,243 | €54,388 | €27,548 | €18,254 | ▼ 33.7% |
| Financial income75/76B | - | - | - | €53 | €0 | €0 | €11 | €69 | ▲ 526% |
| Recurring financial income75 | €2 | €52 | €5 | €53 | €0 | €0 | €11 | €69 | ▲ 526% |
| Financial charges65/66B | - | - | - | €468 | €223 | €179 | €158 | €76 | ▼ 51.8% |
| Recurring financial charges65 | €73 | €98 | €596 | €468 | €223 | €179 | €158 | €76 | ▼ 51.8% |
| Profit (loss) for the period before taxes9903 | €59,929 | €29,676 | €64,012 | €57,525 | €57,020 | €54,209 | €27,401 | €18,247 | ▼ 33.4% |
| Income taxes67/77 | €12,165 | €8,192 | €20,657 | €15,810 | €12,321 | €12,042 | €7,675 | €3,796 | ▼ 50.5% |
| Profit (loss) for the period9904 | €47,764 | €21,484 | €43,355 | €41,716 | €44,699 | €42,167 | €19,726 | €14,451 | ▼ 26.7% |
| Profit (loss) for the period to be appropriated9905 | €47,764 | €21,484 | €43,355 | €41,716 | €44,699 | €42,167 | €19,726 | €14,451 | ▼ 26.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €150,084 | €148,534 | €205,167 | €243,256 | €270,472 | €250,865 | €240,146 | €251,826 | ▲ 4.9% |
| Fixed assets21/28 | €7,832 | €12,763 | €10,893 | €13,683 | €14,520 | €12,221 | €10,980 | €11,518 | ▲ 4.9% |
| Tangible fixed assets22/27 | €7,832 | €12,763 | €10,893 | €13,683 | €14,520 | €12,221 | €10,980 | €11,518 | ▲ 4.9% |
| Furniture and vehicles24 | - | - | - | €10,052 | €10,889 | €8,590 | €7,349 | €7,887 | ▲ 7.3% |
| Other tangible fixed assets26 | - | - | - | €3,631 | €3,631 | €3,631 | €3,631 | €3,631 | = |
| Current assets29/58 | €142,252 | €135,771 | €194,274 | €229,573 | €255,952 | €238,644 | €229,166 | €240,308 | ▲ 4.9% |
| Amounts receivable within one year40/41 | €24,069 | €19,425 | €27,544 | €19,226 | €21,093 | €24,972 | €14,383 | €9,032 | ▼ 37.2% |
| Trade receivables40 | - | - | - | €19,226 | €20,811 | €23,641 | €9,053 | €5,532 | ▼ 38.9% |
| Other amounts receivable41 | - | - | - | - | €282 | €1,330 | €5,330 | €3,500 | ▼ 34.3% |
| Current investments50/53 | - | - | - | - | - | - | - | €80,048 | - |
| Cash at bank and in hand54/58 | €118,183 | €116,346 | €165,105 | €209,302 | €234,860 | €213,454 | €214,565 | €151,009 | ▼ 29.6% |
| Deferred charges and accrued income490/1 | - | - | - | €1,045 | €0 | €219 | €219 | €219 | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €150,084 | €148,534 | €205,167 | €243,256 | €270,472 | €250,865 | €240,146 | €251,826 | ▲ 4.9% |
| Equity10/15 | €104,572 | €132,256 | €174,611 | €216,327 | €188,825 | €204,562 | €224,288 | €173,274 | ▼ 22.7% |
| Contributions10/11 | €12,400 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €92,172 | €113,656 | €156,011 | €197,727 | €150,962 | €150,962 | €170,688 | €127,140 | ▼ 25.5% |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €197,727 | €150,962 | €150,962 | €170,688 | €127,140 | ▼ 25.5% |
| Profit (loss) carried forward14 | - | - | - | €0 | €19,263 | €35,000 | €35,000 | €27,533 | ▼ 21.3% |
| Amounts payable17/49 | €45,511 | €16,278 | €30,556 | €26,930 | €81,647 | €46,302 | €15,857 | €78,552 | ▲ 395% |
| Amounts payable within one year42/48 | €44,800 | €16,278 | €30,556 | €26,930 | €81,647 | €46,302 | €15,857 | €78,552 | ▲ 395% |
| Trade debts44 | €823 | €540 | €514 | €1,680 | €1,561 | €5,058 | €335 | €537 | ▲ 60.2% |
| Suppliers440/4 | - | - | - | €1,680 | €1,561 | €5,058 | €335 | €537 | ▲ 60.2% |
| Taxes, remuneration and social security45 | - | - | - | €24,788 | €28,360 | €12,076 | €14,710 | €11,853 | ▼ 19.4% |
| Taxes450/3 | - | - | - | €22,198 | €25,770 | €9,486 | €11,970 | €9,113 | ▼ 23.9% |
| Remuneration and social security454/9 | - | - | - | €2,590 | €2,590 | €2,590 | €2,740 | €2,740 | = |
| Other amounts payable47/48 | - | - | - | €461 | €51,726 | €29,168 | €812 | €66,161 | ▲ 82× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €47,764 | €21,484 | €43,355 | €41,716 | €44,699 | €42,167 | €19,726 | €14,451 | ▼ 26.7% |
| + Depreciation and write-downs630 | €1,394 | €2,384 | €1,871 | €1,896 | €2,015 | €2,299 | €2,310 | €4,032 | ▲ 74.5% |
| Operating cash flow (approximation) | €49,158 | €23,868 | €45,225 | €43,612 | €46,714 | €44,466 | €22,037 | €18,483 | ▼ 16.1% |
| Investment in fixed assets (approximation) | - | -€7,316 | €0 | -€4,686 | -€2,852 | €0 | -€1,069 | -€4,571 | ▼ 328% |
| Change in cash | - | -€1,838 | €48,760 | €44,197 | €25,558 | -€21,406 | €1,111 | -€63,555 | - |
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 B16 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 B16 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 B16. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 20-03-2026 | 2026-00058196 | |
| 31-12-2024 | micro format | 08-04-2025 | 2025-00066063 | |
| 31-12-2023 | micro format | 12-06-2024 | 2024-00124309 | |
| 31-12-2022 | micro format | 18-07-2023 | 2023-00245553 | |
| 31-12-2021 | micro format | 27-07-2022 | 2022-20229732 | |
| 31-12-2020 | micro format | 05-07-2021 | 2021-30700466 | |
| 31-12-2019 | micro format | 29-04-2020 | 2020-10300317 | |
| 31-12-2018 | micro format | 12-04-2019 | 2019-09900379 | |
| 31-12-2017 | micro format | 05-04-2018 | 2018-09300348 |