Between the Brackets
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 18 filings
Turnover
€1.1m▼ 3.7%
2024 · €1.2m
EBIT margin
-7.5%▼ 4.8pp
2024 · -2.6%
Net result
-€107,048▼ 145%
2024 · -€43,666
Working capital
-€269,377▼ 65.8%
2024 · -€162,496
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€1.1m
▼ 3.7%
2025
20182025
Operating result
-€84,755
▼ 174%
2025
20182025
Net result
-€107,048
▼ 145%
2025
lowest quarter of the sector
20182025
EBIT margin
-7.5%
▼ 4.8pp
2025
20182025
Equity
-€267,946
▼ 66.5%
2025
lowest quarter of the sector
20182025
Total assets
€226,017
▲ 76.4%
2025
lowest quarter of the sector
20182025
Debt
€493,397
▲ 70.7%
2025
20182025
Working capital
-€269,377
▼ 65.8%
2025
lowest quarter of the sector
20182025
Solvency
-118.6%
▲ 7.0pp
2025
lowest quarter of the sector
20182025
Current ratio
0.45
▲ 0.02
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-47.4%
▼ 13.3pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
3.2
▲ 6.7%
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
Turnover€3.0m-€3.2m▲ 8.0%€2.4m▼ 24.9%€2.7m▲ 12.1%€3.6m▲ 34.2%€2.2m▼ 38.3%€1.2m▼ 47.1%€1.1m▼ 3.7%
Operating result€0.03m-€0.07m▲ 133%-€0.02m-€0.2m▼ 623%-€0.09m▲ 46.0%€0.007m-€0.03m-€0.08m▼ 174%
Net result€0.01m-€0.04m▲ 249%-€0.03mbelow the sector's middle half-€0.2mbelow the sector's middle half▼ 472%-€0.1mbelow the sector's middle half▲ 40.1%-€0.01mbelow the sector's middle half▲ 89.2%-€0.04mbelow the sector's middle half▼ 311%-€0.1mbelow the sector's middle half▼ 145%
EBIT margin1.0%-2.2%▲ 1.2pp-0.9%▼ 3.2pp-5.8%▼ 4.9pp-2.4%▲ 3.5pp0.3%▲ 2.7pp-2.6%▼ 2.9pp-7.5%▼ 4.8pp
Equity€0.3m-€0.4m▲ 10.9%€0.4mwithin the sector's middle half▼ 7.5%-€0.009mbelow the sector's middle half-€0.1mbelow the sector's middle half▼ 1,140%-€0.1mbelow the sector's middle half▼ 10.0%-€0.2mbelow the sector's middle half▼ 37.2%-€0.3mbelow the sector's middle half▼ 66.5%
Total assets€0.9m-€1.0m▲ 3.8%€0.9mwithin the sector's middle half▼ 9.2%€0.6mwithin the sector's middle half▼ 26.5%€0.7mwithin the sector's middle half▲ 3.5%€0.3mwithin the sector's middle half▼ 55.3%€0.1mbelow the sector's middle half▼ 57.4%€0.2mbelow the sector's middle half▲ 76.4%
Debt€0.6m-€0.6m▼ 0.3%€0.5m▼ 10.4%€0.7m▲ 24.5%€0.8m▲ 18.4%€0.4m▼ 46.3%€0.3m▼ 30.9%€0.5m▲ 70.7%
Working capital€0.3m-€0.4m▲ 11.5%€0.4mabove the sector's middle half▼ 6.8%-€0.01mbelow the sector's middle half-€0.1mbelow the sector's middle half▼ 674%-€0.1mbelow the sector's middle half▼ 8.9%-€0.2mbelow the sector's middle half▼ 35.5%-€0.3mbelow the sector's middle half▼ 65.8%
Solvency36.9%-39.4%▲ 2.5pp40.2%within the sector's middle half▲ 0.8pp-1.3%below the sector's middle half▼ 41.5pp-15.9%below the sector's middle half▼ 14.5pp-39.0%below the sector's middle half▼ 23.1pp-125.6%below the sector's middle half▼ 86.6pp-118.6%below the sector's middle half▲ 7.0pp
Current ratio1.58-1.64▲ 0.071.67within the sector's middle half▲ 0.030.98below the sector's middle half▼ 0.690.86below the sector's middle half▼ 0.120.71below the sector's middle half▼ 0.150.44below the sector's middle half▼ 0.280.45below the sector's middle half▲ 0.02
Return on assets (ROA)1.2%-3.9%▲ 2.7pp-3.2%below the sector's middle half▼ 7.1pp-25.2%below the sector's middle half▼ 22.0pp-14.6%below the sector's middle half▲ 10.6pp-3.5%below the sector's middle half▲ 11.0pp-34.1%below the sector's middle half▼ 30.6pp-47.4%below the sector's middle half▼ 13.3pp
Staff (FTE)6.7-7.5▲ 11.9%6.8within the sector's middle half▼ 9.3%6.2within the sector's middle half▼ 8.8%4.7within the sector's middle half▼ 24.2%3.3within the sector's middle half▼ 29.8%3within the sector's middle half▼ 9.1%3.2below the sector's middle half▲ 6.7%
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 a loss of €84,755, larger than the loss of €30,886 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €226,017
Fixed assets
€1,997 ▲ 24.9%
Current assets
€224,020 ▲ 77.1%
Equity and liabilities
Equity-€267,946
Debt€493,397
Equity is negative. Debt (€493,397) exceeds the balance-sheet total (€226,017).
Key figures and ratios
EBITDA
-€83,716▼
2024 · -€29,779
Cash flow
-€106,009▼
2024 · -€42,558
Interest coverage
-3.86▼
2024 · -2.45
Debt ≤ 1 year
€493,397▲
2024 · €289,013
Income taxes
€632▲
2024 · €613
Customer credit
59 days▲
2024 · 35 days
Supplier credit
68 days▲
2024 · 37 days
Staff costs
€259,931▲
2024 · €237,746
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 6 | 4 | 3 | 3 | 4 |
| full-time | 4 | 3 | 3 | 3 | 3 |
| part-time | 2 | 1 | - | - | 1 |
| in full-time equivalents | 5.8 | 3.9 | 3 | 3 | 3.8 |
| Average over the year, in full-time equivalents | 6.2 | 4.7 | 3.3 | 3 | 3.2 |
| On a permanent contract | 6 | 4 | 3 | 3 | 4 |
| Joined | 2 | 0 | 0 | - | 1 |
| Left | 3 | 2 | 1 | - | 0 |
| Training hours | 156 | 192 | 9 | 45 | 5 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €30,554 | €1,243 | €2,249 | - | €1,437 |
| Depreciation and write-downs of the year | €2,469 | €2,350 | €2,517 | €1,107 | €1,039 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €3.0m | €3.2m | €2.4m | €2.7m | €3.6m | €2.2m | €1.2m | €1.1m | ▼ 3.7% |
| Non-recurring operating income76A | - | - | - | €58 | €0 | - | - | €0.04m | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €2.4m | €3.4m | €2.0m | €1.0m | €1.0m | ▲ 2.1% |
| Remuneration, social security and pensions62 | - | - | - | €0.4m | €0.3m | €0.2m | €0.2m | €0.3m | ▲ 9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.003m | €0.003m | €0.003m | €0.002m | €0.002m | €0.003m | €0.001m | €0.001m | ▼ 6.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€266 | - | - | - | €0.001m | - |
| Other operating charges640/8 | - | - | - | €0.004m | €0.003m | €0.002m | €0.002m | €0.003m | ▲ 41.7% |
| Gross operating margin9900 | €0.5m | €0.5m | €0.4m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 14.5% |
| Operating profit (loss)9901 | €0.03m | €0.07m | -€0.02m | -€0.2m | -€0.09m | €0.007m | -€0.03m | -€0.08m | ▼ 174% |
| Financial income75/76B | - | - | - | €264 | €2 | - | - | - | - |
| Recurring financial income75 | €291 | €386 | €497 | €264 | €2 | - | - | - | - |
| Financial charges65/66B | - | - | - | €0.005m | €0.01m | €0.02m | €0.01m | €0.02m | ▲ 78.1% |
| Recurring financial charges65 | €0.006m | €0.007m | €0.007m | €0.005m | €0.01m | €0.02m | €0.01m | €0.02m | ▲ 78.1% |
| Profit (loss) for the period before taxes9903 | €0.03m | €0.07m | -€0.03m | -€0.2m | -€0.1m | -€0.01m | -€0.04m | -€0.1m | ▼ 147% |
| Income taxes67/77 | €0.01m | €0.03m | €0.001m | €0.002m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 3.0% |
| Profit (loss) for the period9904 | €0.01m | €0.04m | -€0.03m | -€0.2m | -€0.1m | -€0.01m | -€0.04m | -€0.1m | ▼ 145% |
| Profit (loss) for the period to be appropriated9905 | €0.01m | €0.04m | -€0.03m | -€0.2m | -€0.1m | -€0.01m | -€0.04m | -€0.1m | ▼ 145% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €937,722 | €973,669 | €884,121 | €649,522 | €672,375 | €300,865 | €128,115 | €226,017 | ▲ 76.4% |
| Fixed assets21/28 | €5,559 | €4,043 | €1,618 | €5,632 | €3,563 | €2,706 | €1,598 | €1,997 | ▲ 24.9% |
| Tangible fixed assets22/27 | €5,559 | €4,043 | €1,618 | €5,632 | €3,563 | €2,706 | €1,598 | €1,997 | ▲ 24.9% |
| Plant, machinery and equipment23 | - | - | - | €5,064 | €3,441 | €2,706 | €1,598 | €1,997 | ▲ 24.9% |
| Furniture and vehicles24 | - | - | - | €568 | €123 | - | - | - | - |
| Current assets29/58 | €932,163 | €969,626 | €882,502 | €643,890 | €668,812 | €298,159 | €126,516 | €224,020 | ▲ 77.1% |
| Amounts receivable within one year40/41 | €900,545 | €946,041 | €790,623 | €618,994 | €649,735 | €284,020 | €114,207 | €182,495 | ▲ 59.8% |
| Trade receivables40 | - | - | - | €618,994 | €649,735 | €284,020 | €113,913 | €182,495 | ▲ 60.2% |
| Other amounts receivable41 | - | - | - | - | - | - | €294 | - | - |
| Cash at bank and in hand54/58 | €23,626 | €13,114 | €13,391 | €13,972 | €9,199 | €10,415 | €6,662 | €37,232 | ▲ 459% |
| Deferred charges and accrued income490/1 | - | - | - | €10,924 | €9,878 | €3,725 | €5,648 | €4,293 | ▼ 24.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €937,722 | €973,669 | €884,121 | €649,522 | €672,375 | €300,865 | €128,115 | €226,017 | ▲ 76.4% |
| Equity10/15 | €346,004 | €383,788 | €355,157 | -€8,594 | -€106,609 | -€117,232 | -€160,898 | -€267,946 | ▼ 66.5% |
| Contributions10/11 | €18,600 | €18,600 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €325,860 | €365,188 | €293,128 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | €1,544 | - | €29 | -€76,794 | -€174,809 | -€185,432 | -€229,098 | -€336,146 | ▼ 46.7% |
| Provisions and deferred taxes16 | - | - | €266 | - | - | - | - | €565 | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | - | €565 | - |
| Pensions and similar obligations160 | - | - | - | - | - | - | - | €565 | - |
| Amounts payable17/49 | €591,718 | €589,881 | €528,697 | €658,116 | €778,984 | €418,097 | €289,013 | €493,397 | ▲ 70.7% |
| Amounts payable within one year42/48 | €591,718 | €589,881 | €528,697 | €658,116 | €778,984 | €418,097 | €289,013 | €493,397 | ▲ 70.7% |
| Trade debts44 | €465,417 | €494,656 | €446,782 | €419,432 | €359,078 | €153,323 | €99,704 | €185,582 | ▲ 86.1% |
| Suppliers440/4 | - | - | - | €419,432 | €359,078 | €153,323 | €99,704 | €185,582 | ▲ 86.1% |
| Taxes, remuneration and social security45 | - | - | - | €53,508 | €61,925 | €36,728 | €29,634 | €35,220 | ▲ 18.8% |
| Taxes450/3 | - | - | - | €9,774 | €16,713 | €7,364 | €1,838 | €5,601 | ▲ 205% |
| Remuneration and social security454/9 | - | - | - | €43,734 | €45,212 | €29,364 | €27,796 | €29,619 | ▲ 6.6% |
| Other amounts payable47/48 | - | - | - | €185,176 | €357,980 | €228,047 | €159,674 | €272,595 | ▲ 70.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,833 | €37,784 | -€28,631 | -€163,752 | -€98,014 | -€10,624 | -€43,666 | -€107,048 | ▼ 145% |
| + Depreciation and write-downs630 | €2,956 | €3,168 | €2,961 | €2,469 | €2,350 | €2,517 | €1,107 | €1,039 | ▼ 6.2% |
| Operating cash flow (approximation) | €13,789 | €40,952 | -€25,670 | -€161,283 | -€95,664 | -€8,107 | -€42,558 | -€106,009 | ▼ 149% |
| Investment in fixed assets (approximation) | - | -€1,652 | -€536 | -€6,482 | -€281 | -€1,659 | €0 | -€1,437 | - |
| Change in cash | - | -€10,512 | €277 | €581 | -€4,772 | €1,215 | -€3,753 | €30,571 | - |
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, 6,907 companies had the same profile as Between the Brackets has now. Two years later, 85.4% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.4%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Between the Brackets itself: 2.2% 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 6,907 companies, not a prediction for Between the Brackets. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 27-07-2026 | 2026-00342430 | |
| 31-12-2024 | abbreviated format | 07-07-2025 | 2025-00250517 | |
| 31-12-2023 | abbreviated format | 11-07-2024 | 2024-00265048 | |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00417059 | |
| 31-12-2021 | abbreviated format | 28-07-2022 | 2022-20249396 | |
| 31-12-2020 | abbreviated format | 28-06-2021 | 2021-25600012 | |
| 31-12-2019 | abbreviated format | 15-10-2020 | 2020-61600511 | |
| 31-12-2018 | abbreviated format | 21-06-2019 | 2019-21300094 | |
| 31-12-2017 | abbreviated format | 27-07-2018 | 2018-39500578 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-55800230 |