Summary
B2START is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €4.1m and a net result of -€552,876. Equity is growing by about 11% per year across the filed financial years. Its solvency ranks better than 67% of 3,022 sector peers (NACE 64, financial year 2025). The company has been active since 2017 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, full format
Equity
€4.1m▼ 12.0%
2024 · €4.6m
Net result
-€552,876▲ 86.4%
2024 · -€4.1m
Total assets
€5.2m▼ 1.9%
2024 · €5.3m
Solvency
78.4%▼ 9.0pp
2024 · 87.4%
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €167,892 in 2025 against €165,298 in 2024; the loss grows and 2025 has the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Turnover€0.004m
2025
Operating result-€0.2m
2025
Net result-€0.6m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€5.2m
2025
Equity€4.1m
2025
Debt€1.1m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€0.2m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)-10.7%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency78.4%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio6.15
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.02m-€0.001m▼ 97.3%€0.03m▲ 52×€0.001m▼ 96.9%€0.001m=€0.02m▲ 20×€0.01m▼ 9.6%€0.004m▼ 74.9%
Operating result-€0.06m--€0.05m▲ 10.6%-€0.05m▼ 4.3%-€0.06m▼ 24.4%-€0.1m▼ 63.0%-€0.2m▼ 48.2%-€0.2m▼ 5.5%-€0.2m▼ 1.6%
Net result-€0.009m-€0.001m€0.01mwithin the sector's middle half▲ 15×€0.004mwithin the sector's middle half▼ 65.1%-€0.03mbelow the sector's middle half-€0.6mbelow the sector's middle half▼ 1,895%-€4.1mbelow the sector's middle half▼ 550%-€0.6mbelow the sector's middle half▲ 86.4%
Equity€3.6m-€3.6m=€4.8mwithin the sector's middle half▲ 35.3%€6.1mwithin the sector's middle half▲ 25.9%€7.1mwithin the sector's middle half▲ 17.3%€8.7mwithin the sector's middle half▲ 21.6%€4.6mwithin the sector's middle half▼ 46.9%€4.1mwithin the sector's middle half▼ 12.0%
Total assets€3.6m-€3.6m=€4.8mwithin the sector's middle half▲ 35.0%€6.1mwithin the sector's middle half▲ 26.3%€7.2mwithin the sector's middle half▲ 17.2%€9.7mwithin the sector's middle half▲ 35.6%€5.3mwithin the sector's middle half▼ 45.8%€5.2mwithin the sector's middle half▼ 1.9%
Debt€0.01m-€0.01m▼ 15.1%€0.007m▼ 41.5%€0.03m▲ 295%€0.03m▲ 6.0%€1.0m▲ 34×€0.7m▼ 36.5%€1.1m▲ 66.2%
Working capital€2.1m-€2.1m▼ 2.1%€2.2mabove the sector's middle half▲ 3.7%€2.8mabove the sector's middle half▲ 28.6%€2.5mabove the sector's middle half▼ 10.5%€0.4mwithin the sector's middle half▼ 85.3%€0.2mwithin the sector's middle half▼ 39.5%€0.2mwithin the sector's middle half▲ 2.8%
Solvency99.6%-99.7%▲ 0.1pp99.8%above the sector's middle half▲ 0.2pp99.5%above the sector's middle half▼ 0.3pp99.6%above the sector's middle half=89.3%above the sector's middle half▼ 10.3pp87.4%above the sector's middle half▼ 1.8pp78.4%within the sector's middle half▼ 9.0pp
Current ratio82.47above the sector's middle half9.71above the sector's middle half▼ 72.764.55above the sector's middle half▼ 5.166.15above the sector's middle half▲ 1.60
Return on assets (ROA)-0.2%-0.0%▲ 0.3pp0.2%within the sector's middle half▲ 0.2pp0.1%within the sector's middle half▼ 0.2pp-0.4%below the sector's middle half▼ 0.5pp-6.4%below the sector's middle half▼ 6.0pp-77.2%below the sector's middle half▼ 70.8pp-10.7%below the sector's middle half▲ 66.5pp
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.2m
Fixed assets
€4.9m ▼ 1.7%
Current assets
€272,609 ▼ 4.2%
Equity and liabilities €5.2m
Equity
€4.1m ▼ 12.0%
Provisions
€15,000
Debt
€1.1m ▲ 66.2%
Debt's share of the balance-sheet total rises from 12.6% to 21.3%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-13.6%▲
2024 · -88.3%
Debt ≤ 1 year
€44,337▼
2024 · €62,499
Debt > 1 year
€1.1m▲
2024 · €600,000
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €0.001m | €0.006m | €0.02m | €0.01m | €0.004m | ▼ 74.9% |
| Turnover70 | €0.02m | €0.001m | €0.03m | €0.001m | €0.001m | €0.02m | €0.01m | €0.004m | ▼ 74.9% |
| Other operating income74 | - | - | - | - | €0.005m | - | - | - | - |
| Operating charges60/66A | - | - | - | €0.07m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 4.5% |
| Services and other goods61 | - | - | - | €0.06m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.008m | - | - | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.001m | €0.006m | €0.002m | €0.001m | €0.001m | ▲ 3.0% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €0.02m | - |
| Operating profit (loss)9901 | -€0.06m | -€0.05m | -€0.05m | -€0.06m | -€0.1m | -€0.2m | -€0.2m | -€0.2m | ▼ 1.6% |
| Financial income75/76B | - | - | - | €0.08m | €0.08m | €0.2m | €0.3m | €2.1m | ▲ 620% |
| Recurring financial income75 | €0.05m | €0.05m | €0.07m | €0.08m | €0.08m | €0.2m | €0.2m | €0.2m | ▲ 26.9% |
| Income from financial fixed assets750 | - | - | - | €0.08m | €0.08m | €0.2m | €0.2m | €0.2m | ▲ 26.9% |
| Income from current assets751 | - | - | - | - | €0.002m | €0.03m | - | - | - |
| Other financial income752/9 | - | - | - | - | - | - | - | €0 | - |
| Non-recurring financial income76B | - | - | - | - | - | - | €0.1m | €1.9m | ▲ 15× |
| Financial charges65/66B | - | - | - | €0.006m | €0.007m | €0.7m | €4.2m | €2.5m | ▼ 40.9% |
| Recurring financial charges65 | €224 | €209 | €0.001m | €0.006m | €0.007m | €0.002m | €0.04m | €0.04m | ▲ 1.3% |
| Debt charges650 | - | - | - | - | - | €0.001m | €0.03m | €0.04m | ▲ 2.7% |
| Other financial charges652/9 | - | - | - | €0.006m | €0.007m | €0.001m | €0.001m | €0.001m | ▼ 34.4% |
| Non-recurring financial charges66B | - | - | - | - | - | €0.7m | €4.2m | €2.4m | ▼ 41.3% |
| Profit (loss) for the period before taxes9903 | -€0.009m | €0.001m | €0.01m | €0.005m | -€0.03m | -€0.6m | -€4.1m | -€0.6m | ▲ 86.4% |
| Income taxes67/77 | - | - | €0.001m | €0.001m | -€0.001m | - | - | - | - |
| Taxes670/3 | - | - | - | €0.001m | - | - | - | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €0.001m | - | - | - | - |
| Profit (loss) for the period9904 | -€0.009m | €0.001m | €0.01m | €0.004m | -€0.03m | -€0.6m | -€4.1m | -€0.6m | ▲ 86.4% |
| Profit (loss) for the period to be appropriated9905 | -€0.009m | €0.001m | €0.01m | €0.004m | -€0.03m | -€0.6m | -€4.1m | -€0.6m | ▲ 86.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.6m | €3.6m | €4.8m | €6.1m | €7.2m | €9.7m | €5.3m | €5.2m | ▼ 1.9% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €1.4m | €1.5m | €2.7m | €3.3m | €4.6m | €9.3m | €5.0m | €4.9m | ▼ 1.7% |
| Financial fixed assets28 | €1.4m | €1.5m | €2.7m | €3.3m | €4.6m | €9.3m | €5.0m | €4.9m | ▼ 1.7% |
| Companies linked by participating interests282/3 | - | - | - | €0.2m | €1.6m | €5.4m | €2.1m | €2.1m | ▲ 2.7% |
| Participating interests282 | - | - | - | €0.2m | €1.6m | €5.4m | €1.8m | €2.0m | ▲ 14.5% |
| Amounts receivable283 | - | - | - | - | - | - | €0.3m | €0.1m | ▼ 66.7% |
| Other financial fixed assets284/8 | - | - | - | €3.1m | €3.1m | €3.9m | €2.9m | €2.8m | ▼ 4.8% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €3.1m | €3.1m | €3.9m | €2.9m | €2.8m | ▼ 4.8% |
| Current assets29/58 | €2.2m | €2.1m | €2.2m | €2.8m | €2.5m | €0.4m | €0.3m | €0.3m | ▼ 4.2% |
| Amounts receivable within one year40/41 | €197 | €260 | €0.02m | €0.2m | €0.3m | €0.1m | €0.04m | €0.2m | ▲ 464% |
| Trade receivables40 | - | - | - | €0.2m | €0.3m | €0.1m | €0.03m | €0.2m | ▲ 647% |
| Other amounts receivable41 | - | - | - | €0.002m | €172 | €0.01m | €0.01m | - | - |
| Current investments50/53 | €0.7m | €0.7m | €0.7m | €0.7m | €1.5m | - | - | - | - |
| Other investments51/53 | - | - | - | €0.7m | €1.5m | - | - | - | - |
| Cash at bank and in hand54/58 | €1.5m | €1.4m | €1.5m | €2.0m | €0.7m | €0.3m | €0.2m | €0.02m | ▼ 90.5% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.002m | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.6m | €3.6m | €4.8m | €6.1m | €7.2m | €9.7m | €5.3m | €5.2m | ▼ 1.9% |
| Equity10/15 | €3.6m | €3.6m | €4.8m | €6.1m | €7.1m | €8.7m | €4.6m | €4.1m | ▼ 12.0% |
| Contributions10/11 | €3.6m | €3.6m | €4.8m | €6.1m | €7.2m | €9.3m | €9.3m | €9.3m | = |
| Capital10 | - | - | - | €6.1m | €7.2m | €9.3m | €9.3m | €9.3m | = |
| Issued capital100 | - | - | - | €9.3m | €9.3m | €9.3m | €9.3m | €9.3m | = |
| Uncalled capital101 | - | - | - | €3.3m | €2.2m | - | - | - | - |
| Reserves13 | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Non-distributable reserves130/1 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Legal reserve130 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Profit (loss) carried forward14 | -€0.009m | -€0.008m | €0.003m | €0.006m | -€0.02m | -€0.7m | -€4.7m | -€5.3m | ▼ 11.7% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | - | €0.02m | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | - | €0.02m | - |
| Other liabilities and charges164/5 | - | - | - | - | - | - | - | €0.02m | - |
| Amounts payable17/49 | €0.01m | €0.01m | €0.007m | €0.03m | €0.03m | €1.0m | €0.7m | €1.1m | ▲ 66.2% |
| Amounts payable after more than one year17 | - | - | - | - | - | €1.0m | €0.6m | €1.1m | ▲ 76.2% |
| Financial debts170/4 | - | - | - | - | - | €1.0m | €0.6m | €1.1m | ▲ 76.2% |
| Subordinated loans170 | - | - | - | - | - | €1.0m | €0.6m | €1.1m | ▲ 76.2% |
| Amounts payable within one year42/48 | €0.01m | €0.01m | €0.006m | €0.03m | €0.03m | €0.04m | €0.06m | €0.04m | ▼ 29.1% |
| Trade debts44 | €0.01m | €0.01m | €0.006m | €0.03m | €0.03m | €0.04m | €0.06m | €0.04m | ▼ 26.5% |
| Suppliers440/4 | - | - | - | €0.03m | €0.03m | €0.04m | €0.06m | €0.04m | ▼ 26.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.002m | €168 | €0.003m | €0.003m | €221 | ▼ 91.2% |
| Taxes450/3 | - | - | - | €0.002m | €168 | €0.003m | €0.003m | €221 | ▼ 91.2% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0 | €0.001m | €250 | €250 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.009m | €0.001m | €0.01m | €0.004m | -€0.03m | -€0.6m | -€4.1m | -€0.6m | ▲ 86.4% |
| + Depreciation and write-downs630 | €0.008m | - | - | - | - | - | - | - | - |
| Operating cash flow (approximation) | -€298 | €0.001m | €0.01m | €0.004m | -€0.03m | -€0.6m | -€4.1m | -€0.6m | ▲ 86.4% |
| Investment in fixed assets (approximation) | - | -€0.05m | -€1.2m | -€0.6m | -€1.3m | -€4.7m | €4.3m | €0.09m | ▼ 98.0% |
| Change in cash | - | -€0.05m | €0.05m | €0.5m | -€1.2m | -€0.5m | -€0.02m | -€0.2m | ▼ 1,060% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 23-04-2026 | 2026-00085919 |
| 31-12-2024 | full format | 23-04-2025 | 2025-00076089 |
| 31-12-2023 | full format | 25-04-2024 | 2024-00070568 |
| 31-12-2022 | full format | 27-04-2023 | 2023-00068895 |
| 31-12-2021 | full format | 29-04-2022 | 2022-20014074 |
| 31-12-2020 | full format | 28-04-2021 | 2021-12600239 |
| 31-12-2019 | full format | 25-05-2020 | 2020-12900567 |
| 31-12-2018 | full format | 25-04-2019 | 2019-11000371 |
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Of the 227 active companies whose main activity is financial service activities, except insurance and pension funding (NACE 64190), figures are known for 112. 43 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.