BASE2BUILD
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 11 filings
Turnover
≈ €1.2m
Estimated: probably between €790,000 and €1.8m
Total assets
€716,653▲ 82.8%
2024 · €391,942
Net result
€254,318▲ 576%
2024 · €37,627
Working capital
€107,095▼ 8.0%
2024 · €116,421
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€351,723
▲ 427%
2025
20182025
Net result
€254,318
▲ 576%
2025
highest quarter of the sector
20182025
Equity
€73,501
▼ 56.6%
2025
middle half of the sector
20182025
Total assets
€716,653
▲ 82.8%
2025
middle half of the sector
20182025
Debt
€643,152
▲ 189%
2025
20182025
Working capital
€107,095
▼ 8.0%
2025
middle half of the sector
20182025
Solvency
10.3%
▼ 32.9pp
2025
lowest quarter of the sector
20182025
Current ratio
1.19
▼ 0.34
2025
middle half of the sector
20182025
Return on assets (ROA)
35.5%
▲ 25.9pp
2025
highest quarter of the sector
20182025
Staff (FTE)
0
▼ 100%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€14,732-€11,569▼ 21.5%€20,349▲ 75.9%€107,849▲ 430%-€2,309€8,332€66,754▲ 701%€351,723▲ 427%
Net result€8,884-€4,508▼ 49.3%€10,763within the sector's middle half▲ 139%€69,936within the sector's middle half▲ 550%-€10,312below the sector's middle half€4,281within the sector's middle half€37,627within the sector's middle half▲ 779%€254,318above the sector's middle half▲ 576%
Equity€77,837-€70,846▼ 9.0%€74,550within the sector's middle half▲ 5.2%€137,586within the sector's middle half▲ 84.6%€127,275within the sector's middle half▼ 7.5%€131,556within the sector's middle half▲ 3.4%€169,182within the sector's middle half▲ 28.6%€73,501within the sector's middle half▼ 56.6%
Total assets€263,807-€356,588▲ 35.2%€266,435within the sector's middle half▼ 25.3%€484,439within the sector's middle half▲ 81.8%€476,947within the sector's middle half▼ 1.5%€431,814within the sector's middle half▼ 9.5%€391,942within the sector's middle half▼ 9.2%€716,653within the sector's middle half▲ 82.8%
Debt€185,969-€285,743▲ 53.7%€191,885▼ 32.8%€346,853▲ 80.8%€349,672▲ 0.8%€300,259▼ 14.1%€222,759▼ 25.8%€643,152▲ 189%
Working capital€61,793-€45,673▼ 26.1%€59,519within the sector's middle half▲ 30.3%€83,628within the sector's middle half▲ 40.5%€30,400within the sector's middle half▼ 63.6%€69,796within the sector's middle half▲ 130%€116,421within the sector's middle half▲ 66.8%€107,095within the sector's middle half▼ 8.0%
Solvency29.5%-19.9%▼ 9.6pp28.0%below the sector's middle half▲ 8.1pp28.4%within the sector's middle half▲ 0.4pp26.7%within the sector's middle half▼ 1.7pp30.5%within the sector's middle half▲ 3.8pp43.2%within the sector's middle half▲ 12.7pp10.3%below the sector's middle half▼ 32.9pp
Current ratio1.33-1.16▼ 0.171.31below the sector's middle half▲ 0.151.24within the sector's middle half▼ 0.071.09within the sector's middle half▼ 0.151.24within the sector's middle half▲ 0.161.53within the sector's middle half▲ 0.281.19within the sector's middle half▼ 0.34
Return on assets (ROA)3.4%-1.3%▼ 2.1pp4.0%within the sector's middle half▲ 2.8pp14.4%within the sector's middle half▲ 10.4pp-2.2%below the sector's middle half▼ 16.6pp1.0%within the sector's middle half▲ 3.2pp9.6%within the sector's middle half▲ 8.6pp35.5%above the sector's middle half▲ 25.9pp
Staff (FTE)4.9-5.2▲ 6.1%3.9above the sector's middle half▼ 25.0%4.2within the sector's middle half▲ 7.7%4.6within the sector's middle half▲ 9.5%5.3within the sector's middle half▲ 15.2%1below the sector's middle half▼ 81.1%0below the sector's middle half▼ 100%
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 nearly 5.3 times that of 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €713,848
Fixed assets
€33,732 ▼ 29.5%
Current assets
€680,116 ▲ 101%
Equity and liabilities €716,653
Equity
€73,501 ▼ 56.6%
Debt
€643,152 ▲ 189%
Debt's share of the balance-sheet total rises from 56.8% to 89.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€373,734▲
2024 · €90,513
Cash flow
€276,329▲
2024 · €61,386
Debt to equity
8.75▲
2024 · 1.32
ROE
346.0%▲
2024 · 22.2%
Interest coverage
67.95▲
2024 · 5.96
Debt ≤ 1 year
€573,021▲
2024 · €221,526
Income taxes
€93,281▲
2024 · €13,985
Staff costs
€53,487▼
2024 · €67,751
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 6 | 4 | 1 | - |
| full-time | 3 | 5 | 4 | 1 | - |
| part-time | 1 | 1 | 0 | 0 | - |
| in full-time equivalents | 3.7 | 5.8 | 0 | 1 | - |
| Average over the year, in full-time equivalents | 4.2 | 4.6 | 5.3 | 1 | 0 |
| On a permanent contract | 4 | 6 | 4 | 1 | - |
| Joined | 1 | 3 | 1 | 0 | 0 |
| Left | 1 | 1 | 3 | 3 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €18,563 | €6,128 | €3,959 | - | €1,053 |
| Intangible fixed assets | €16,288 | €52,833 | - | - | €1,500 |
| Financial fixed assets | - | - | €2,347 | €2,118 | €2,000 |
| Depreciation and write-downs of the year | €12,724 | €16,045 | €25,794 | €23,759 | €22,011 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 2 entries · €3,608 awarded · €3,608 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €74 | €74 |
| 2022 | 1 | €3,534 | €3,534 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €229,254 | €294,605 | €351,580 | €67,751 | €53,487 | ▼ 21.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,096 | €11,553 | €11,092 | €12,724 | €16,045 | €25,794 | €23,759 | €22,011 | ▼ 7.4% |
| Other operating charges640/8 | - | - | - | €773 | €779 | €10,151 | €1,302 | €9,551 | ▲ 634% |
| Operating charges capitalised as restructuring costs649 | - | - | - | -€16,800 | €0 | - | - | - | - |
| Non-recurring operating charges66A | - | - | - | - | - | €26,779 | €10,000 | €0 | ▼ 100% |
| Gross operating margin9900 | €266,381 | €290,421 | €196,699 | €333,799 | €309,119 | €422,637 | €169,566 | €436,772 | ▲ 158% |
| Operating profit (loss)9901 | €14,732 | €11,569 | €20,349 | €107,849 | -€2,309 | €8,332 | €66,754 | €351,723 | ▲ 427% |
| Financial income75/76B | - | - | - | €5,295 | €27 | €15,529 | €40 | €1,376 | ▲ 35× |
| Recurring financial income75 | €280 | €6 | €24 | €163 | €27 | €15,529 | €40 | €1,376 | ▲ 35× |
| Non-recurring financial income76B | - | - | - | €5,132 | €0 | - | - | - | - |
| Financial charges65/66B | - | - | - | €22,175 | €2,932 | €11,423 | €15,181 | €5,500 | ▼ 63.8% |
| Recurring financial charges65 | €1,373 | €2,126 | €2,835 | €3,876 | €2,932 | €11,423 | €15,181 | €5,500 | ▼ 63.8% |
| Non-recurring financial charges66B | - | - | - | €18,298 | €0 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €13,639 | €9,449 | €17,539 | €90,970 | -€5,214 | €12,438 | €51,612 | €347,599 | ▲ 573% |
| Income taxes67/77 | €4,755 | €4,941 | €6,776 | €21,034 | €5,098 | €8,158 | €13,985 | €93,281 | ▲ 567% |
| Profit (loss) for the period9904 | €8,884 | €4,508 | €10,763 | €69,936 | -€10,312 | €4,281 | €37,627 | €254,318 | ▲ 576% |
| Profit (loss) for the period to be appropriated9905 | €8,884 | €4,508 | €10,763 | €69,936 | -€10,312 | €4,281 | €37,627 | €254,318 | ▲ 576% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €263,807 | €356,588 | €266,435 | €484,439 | €476,947 | €431,814 | €391,942 | €716,653 | ▲ 82.8% |
| Formation expenses20 | - | - | - | €16,271 | €12,905 | €9,538 | €6,172 | €2,805 | ▼ 54.5% |
| Fixed assets21/28 | €16,296 | €25,173 | €15,031 | €37,688 | €83,970 | €66,099 | €47,824 | €33,732 | ▼ 29.5% |
| Intangible fixed assets21 | - | €2,375 | €1,188 | €13,256 | €59,194 | €42,788 | €28,288 | €18,268 | ▼ 35.4% |
| Tangible fixed assets22/27 | €13,316 | €19,398 | €10,444 | €21,031 | €21,376 | €19,313 | €13,420 | €7,350 | ▼ 45.2% |
| Plant, machinery and equipment23 | - | - | - | €1,705 | €2,556 | €5,247 | €3,607 | €764 | ▼ 78.8% |
| Furniture and vehicles24 | - | - | - | €19,326 | €14,778 | €10,455 | €6,632 | €2,888 | ▼ 56.5% |
| Other tangible fixed assets26 | - | - | - | - | €4,042 | €3,612 | €3,181 | €3,698 | ▲ 16.2% |
| Financial fixed assets28 | €2,980 | €3,400 | €3,400 | €3,400 | €3,400 | €3,997 | €6,115 | €8,115 | ▲ 32.7% |
| Current assets29/58 | €247,511 | €331,416 | €251,403 | €430,481 | €380,072 | €356,177 | €337,947 | €680,116 | ▲ 101% |
| Amounts receivable within one year40/41 | €144,616 | €272,595 | €165,328 | €237,713 | €321,510 | €281,060 | €135,893 | €538,857 | ▲ 297% |
| Trade receivables40 | - | - | - | €230,115 | €282,847 | €240,216 | €120,495 | €394,529 | ▲ 227% |
| Other amounts receivable41 | - | - | - | €7,598 | €38,663 | €40,844 | €15,398 | €144,328 | ▲ 837% |
| Cash at bank and in hand54/58 | €78,895 | €51,173 | €82,973 | €191,464 | €55,234 | €2,311 | €131,256 | €27,995 | ▼ 78.7% |
| Deferred charges and accrued income490/1 | - | - | - | €1,304 | €3,328 | €72,806 | €70,798 | €113,264 | ▲ 60.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €263,807 | €356,588 | €266,435 | €484,439 | €476,947 | €431,814 | €391,942 | €716,653 | ▲ 82.8% |
| Equity10/15 | €77,837 | €70,846 | €74,550 | €137,586 | €127,275 | €131,556 | €169,182 | €73,501 | ▼ 56.6% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €59,237 | €52,246 | €55,950 | €118,986 | €108,675 | €108,675 | €108,675 | €54,901 | ▼ 49.5% |
| 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 | - | - | - | €117,126 | €106,815 | €106,815 | €106,815 | €53,041 | ▼ 50.3% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €4,281 | €41,908 | €0 | ▼ 100% |
| Amounts payable17/49 | €185,969 | €285,743 | €191,885 | €346,853 | €349,672 | €300,259 | €222,759 | €643,152 | ▲ 189% |
| Amounts payable within one year42/48 | €185,718 | €285,743 | €191,885 | €346,853 | €349,672 | €286,381 | €221,526 | €573,021 | ▲ 159% |
| Financial debts43 | - | - | - | €150,000 | €150,000 | €114,397 | €171,949 | €50,000 | ▼ 70.9% |
| Credit institutions430/8 | - | - | - | €150,000 | €150,000 | €114,397 | €171,949 | €50,000 | ▼ 70.9% |
| Trade debts44 | €79,277 | €240,412 | €90,140 | €98,675 | €44,809 | €56,272 | €3,604 | €126,911 | ▲ 35× |
| Suppliers440/4 | - | - | - | €98,675 | €44,809 | €56,272 | €3,604 | €126,911 | ▲ 35× |
| Taxes, remuneration and social security45 | - | - | - | €92,178 | €65,258 | €103,712 | €45,616 | €46,111 | ▲ 1.1% |
| Taxes450/3 | - | - | - | €56,116 | €9,446 | €49,459 | €31,497 | €46,111 | ▲ 46.4% |
| Remuneration and social security454/9 | - | - | - | €36,062 | €55,812 | €54,253 | €14,119 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €6,000 | €89,605 | €12,000 | €357 | €350,000 | ▲ 980× |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €13,877 | €1,234 | €70,131 | ▲ 57× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,884 | €4,508 | €10,763 | €69,936 | -€10,312 | €4,281 | €37,627 | €254,318 | ▲ 576% |
| + Depreciation and write-downs630 | €7,096 | €11,553 | €11,092 | €12,724 | €16,045 | €25,794 | €23,759 | €22,011 | ▼ 7.4% |
| Operating cash flow (approximation) | €15,981 | €16,061 | €21,855 | €82,660 | €5,733 | €30,075 | €61,386 | €276,329 | ▲ 350% |
| Investment in fixed assets (approximation) | - | -€20,430 | -€950 | -€35,380 | -€62,328 | -€7,922 | -€5,484 | -€7,919 | ▼ 44.4% |
| Change in cash | - | -€27,722 | €31,800 | €108,491 | -€136,230 | -€52,923 | €128,945 | -€103,261 | - |
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, 2,609 companies had the same profile as BASE2BUILD has now. Two years later, 96.8% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
96.8%
was still going
2.1%
stopped otherwise
1.0%
went bankrupt
That fits the bankruptcy probability of BASE2BUILD 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 2,609 companies, not a prediction for BASE2BUILD. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 16-07-2026 | 2026-00313183 | |
| 31-12-2024 | abbreviated format | 28-08-2025 | 2025-00467901 | |
| 31-12-2023 | abbreviated format | 30-08-2024 | 2024-00436875 | |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00428123 | |
| 31-12-2021 | abbreviated format | 06-05-2022 | 2022-20021063 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-61800539 | |
| 31-12-2019 | micro format | 23-07-2020 | 2020-34600450 | |
| 31-12-2018 | micro format | 15-07-2019 | 2019-33100263 | |
| 31-12-2017 | micro format | 02-07-2018 | 2018-27100289 | |
| 31-12-2016 | micro format | 03-07-2017 | 2017-26400315 |