Beyond Borders
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 24-03-2026 PDF all 10 filings
Turnover
€23.4m▲ 51.2%
2024 · €15.5m
EBIT margin
9.7%▲ 0.7pp
2024 · 8.9%
Net result
€1.7m▲ 39.7%
2024 · €1.2m
Working capital
€10.5m▲ 15.1%
2024 · €9.1m
In the rankings
#4 company by total assets in the province of Antwerp, Travel agencies sector#4 company by equity in the province of Antwerp, Travel agencies sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€23.4m
▲ 51.2%
2025
20182025
Operating result
€2.3m
▲ 63.2%
2025
20182025
Net result
€1.7m
▲ 39.7%
2025
highest quarter of the sector
20182025
EBIT margin
9.7%
▲ 0.7pp
2025
20182025
Equity
€3.3m
▲ 82.3%
2025
highest quarter of the sector
20182025
Total assets
€12.6m
▲ 13.8%
2025
highest quarter of the sector
20182025
Debt
€9.2m
▼ 0.1%
2025
20182025
Working capital
€10.5m
▲ 15.1%
2025
highest quarter of the sector
20182025
Solvency
26.1%
▲ 9.8pp
2025
middle half of the sector
20182025
Current ratio
6.71
▲ 0.82
2025
highest quarter of the sector
20182025
Return on assets (ROA)
13.8%
▲ 2.6pp
2025
highest quarter of the sector
20182025
Staff (FTE)
20.9
▲ 47.2%
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
Turnover€15.5m€23.4m▲ 51.2%
Operating result€0.01m-€0.04m▲ 154%€0.06m▲ 64.0%€0.3m▲ 377%€0.7m▲ 130%€0.2m▼ 74.4%€1.4m▲ 717%€2.3m▲ 63.2%
Net result€0.009m-€0.02m▲ 148%€0.05mabove the sector's middle half▲ 128%€0.2mabove the sector's middle half▲ 326%€0.5mabove the sector's middle half▲ 117%€0.1mabove the sector's middle half▼ 75.7%€1.2mabove the sector's middle half▲ 979%€1.7mabove the sector's middle half▲ 39.7%
EBIT margin8.9%9.7%▲ 0.7pp
Equity€0.06m-€0.09m▲ 35.3%€0.1mwithin the sector's middle half▲ 59.4%€0.4mwithin the sector's middle half▲ 159%€0.6mabove the sector's middle half▲ 72.8%€0.7mabove the sector's middle half▲ 15.9%€1.8mabove the sector's middle half▲ 153%€3.3mabove the sector's middle half▲ 82.3%
Total assets€0.4m-€0.8m▲ 119%€1.3mwithin the sector's middle half▲ 57.6%€1.8mabove the sector's middle half▲ 39.6%€4.4mabove the sector's middle half▲ 141%€9.5mabove the sector's middle half▲ 116%€11.1mabove the sector's middle half▲ 16.9%€12.6mabove the sector's middle half▲ 13.8%
Debt€0.3m-€0.7m▲ 136%€1.2m▲ 57.4%€1.5m▲ 25.5%€3.8m▲ 158%€8.7m▲ 132%€9.3m▲ 5.8%€9.2m▼ 0.1%
Working capital€0.3m-€0.7m▲ 135%€0.9mabove the sector's middle half▲ 39.9%€1.6mabove the sector's middle half▲ 68.6%€3.7mabove the sector's middle half▲ 131%€8.7mabove the sector's middle half▲ 136%€9.1mabove the sector's middle half▲ 5.1%€10.5mabove the sector's middle half▲ 15.1%
Solvency16.9%-10.4%▼ 6.4pp10.6%within the sector's middle half▲ 0.1pp19.6%within the sector's middle half▲ 9.0pp14.0%below the sector's middle half▼ 5.6pp7.5%below the sector's middle half▼ 6.5pp16.3%below the sector's middle half▲ 8.8pp26.1%within the sector's middle half▲ 9.8pp
Current ratio6.33-8.14▲ 1.814.19above the sector's middle half▼ 3.9410.68above the sector's middle half▲ 6.496.53above the sector's middle half▼ 4.1513.09above the sector's middle half▲ 6.555.88above the sector's middle half▼ 7.206.71above the sector's middle half▲ 0.82
Return on assets (ROA)2.4%-2.7%▲ 0.3pp3.9%above the sector's middle half▲ 1.2pp12.0%above the sector's middle half▲ 8.1pp10.8%within the sector's middle half▼ 1.2pp1.2%within the sector's middle half▼ 9.6pp11.2%above the sector's middle half▲ 10.0pp13.8%above the sector's middle half▲ 2.6pp
Staff (FTE)0.7-1.2▲ 71.4%2within the sector's middle half▲ 66.7%3.2within the sector's middle half▲ 60.0%5.8within the sector's middle half▲ 81.3%9.1above the sector's middle half▲ 56.9%14.2within the sector's middle half▲ 56.0%20.9within the sector's middle half▲ 47.2%
above
within
below
The sector band is the middle half of the companies in Travel agency, tour operator and other reservation service and related activities (NACE 79). 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 63% higher than in 2024 and the highest since 2018. It is the second rise in a row, after the fall in 2023.
Large changes and their cause
- 2025 Turnover +51% on 2024. The previous financial year ran 9 months, this one 12.
- 2024 Net result +979% on 2023. This financial year ran 9 months, the previous one 12. The accounts now follow the full format, last year the abbreviated format.
- 2024 Staff (FTE) +56% on 2023. The accounts now follow the full format, last year the abbreviated format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €12.6m
Fixed assets
€264,577 ▲ 216%
Current assets
€12.3m ▲ 12.2%
Equity and liabilities €12.6m
Equity
€3.3m ▲ 82.3%
Provisions
€51,790
Debt
€9.2m ▼ 0.1%
Debt's share of the balance-sheet total falls from 83.7% to 73.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€2.3m▲
2024 · €1.4m
Cash flow
€1.8m▲
2024 · €1.3m
Debt to equity
2.82▼
2024 · 5.14
ROE
52.8%▼
2024 · 68.9%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€1.8m▼
2024 · €1.9m
Debt > 1 year
€5,661▼
2024 · €10,697
Income taxes
€507,690▲
2024 · €367,851
Customer credit
37 days▼
2024 · 60 days
Supplier credit
18 days▼
2024 · 41 days
Staff costs
€789,926▲
2024 · €486,625
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 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 7 | 11 | 17 | 25 |
| full-time | 4 | 7 | 11 | 15 | 24 |
| part-time | 0 | 0 | 0 | 2 | 1 |
| in full-time equivalents | 4 | 7 | 11 | 16.1 | 24.8 |
| Average over the year, in full-time equivalents | 3.2 | 5.8 | 9.1 | 14.2 | 20.9 |
| On a permanent contract | 4 | 7 | 10 | 16 | 25 |
| Joined | 5 | 6 | 9 | 10 | 23 |
| Left | 3 | 3 | 5 | 4 | 15 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Overdue tax debts | - | - | - | - | €0 |
| Overdue social security (RSZ) debts | - | - | - | €18,500 | €0 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Investments
| Item | 2021 | 2022 | 2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €15,477 | €1,566 | €45,038 | €22,026 | €55,674 |
| Intangible fixed assets | - | - | - | - | €79,895 |
| Depreciation and write-downs of the year | €16,544 | €11,857 | €13,871 | €13,341 | €30,321 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Fee for the audit | - | - | - | €10,750 | €9,384 |
| Other work by the auditor | - | - | - | - | €935 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2025 · 1 entry · €916 awarded · €916 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | - | - | €15.5m | €23.5m | ▲ 51.4% |
| Turnover70 | - | - | - | - | - | - | €15.5m | €23.4m | ▲ 51.2% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | - | - | - | €0 | €0 | - |
| Own construction capitalised72 | - | - | - | - | - | - | €0 | €0 | - |
| Other operating income74 | - | - | - | - | - | - | €0.03m | €0.07m | ▲ 166% |
| Non-recurring operating income76A | - | - | - | - | €0.01m | €0 | €0 | €0 | - |
| Operating charges60/66A | - | - | - | - | - | - | €14.1m | €21.2m | ▲ 50.2% |
| Goods for resale, raw materials and consumables60 | - | - | - | - | - | - | €12.9m | €19.1m | ▲ 47.6% |
| Purchases600/8 | - | - | - | - | - | - | €12.9m | €19.1m | ▲ 47.6% |
| Change in stocks: decrease (increase)609 | - | - | - | - | - | - | €0 | - | - |
| Services and other goods61 | - | - | - | - | - | - | €0.7m | €1.2m | ▲ 80.8% |
| Remuneration, social security and pensions62 | - | - | - | €0.07m | €0.2m | €0.4m | €0.5m | €0.8m | ▲ 62.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.01m | €0.02m | €0.02m | €0.01m | €0.01m | €0.01m | €0.03m | ▲ 127% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €0 | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | €0 | - | - |
| Other operating charges640/8 | - | - | - | €0.002m | €0.002m | €0.001m | €0.001m | €0.004m | ▲ 205% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €0.001m | €0.07m | ▲ 47× |
| Gross operating margin9900 | €0.05m | €0.09m | €0.1m | €0.4m | €0.9m | €0.5m | - | - | - |
| Operating profit (loss)9901 | €0.01m | €0.04m | €0.06m | €0.3m | €0.7m | €0.2m | €1.4m | €2.3m | ▲ 63.2% |
| Financial income75/76B | - | - | - | €0.001m | €0.003m | €0.03m | €0.3m | €0.2m | ▼ 36.3% |
| Recurring financial income75 | - | €19 | €72 | €0.001m | €0.003m | €0.03m | €0.3m | €0.2m | ▼ 36.3% |
| Income from current assets751 | - | - | - | - | - | - | €0.2m | €0.1m | ▼ 46.7% |
| Other financial income752/9 | - | - | - | - | - | - | €0.03m | €0.05m | ▲ 34.8% |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €0 | - |
| Financial charges65/66B | - | - | - | €0.007m | €0.02m | €0.04m | €0.04m | €0.2m | ▲ 385% |
| Recurring financial charges65 | €0.001m | €0.006m | €0.002m | €0.007m | €0.02m | €0.04m | €0.04m | €0.2m | ▲ 385% |
| Debt charges650 | - | - | - | - | - | - | €0.001m | €0.005m | ▲ 267% |
| Other financial charges652/9 | - | - | - | - | - | - | €0.04m | €0.2m | ▲ 390% |
| Profit (loss) for the period before taxes9903 | €0.01m | €0.03m | €0.06m | €0.3m | €0.6m | €0.2m | €1.6m | €2.2m | ▲ 39.3% |
| Income taxes67/77 | €0.004m | €0.008m | €0.007m | €0.06m | €0.2m | €0.04m | €0.4m | €0.5m | ▲ 38.0% |
| Taxes670/3 | - | - | - | - | - | - | €0.4m | €0.5m | ▲ 38.0% |
| Profit (loss) for the period9904 | €0.009m | €0.02m | €0.05m | €0.2m | €0.5m | €0.1m | €1.2m | €1.7m | ▲ 39.7% |
| Profit (loss) for the period to be appropriated9905 | €0.009m | €0.02m | €0.05m | €0.2m | €0.5m | €0.1m | €1.2m | €1.7m | ▲ 39.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.4m | €0.8m | €1.3m | €1.8m | €4.4m | €9.5m | €11.1m | €12.6m | ▲ 13.8% |
| Formation expenses20 | - | - | - | - | - | - | €0 | €0 | - |
| Fixed assets21/28 | €0.04m | €0.06m | €0.06m | €0.06m | €0.05m | €0.08m | €0.08m | €0.3m | ▲ 216% |
| Intangible fixed assets21 | - | - | - | - | - | - | €0 | €0.07m | - |
| Tangible fixed assets22/27 | €0.04m | €0.06m | €0.06m | €0.06m | €0.05m | €0.08m | €0.08m | €0.1m | ▲ 39.7% |
| Land and buildings22 | - | - | - | €0.04m | €0.03m | €0.03m | €0.03m | €0.003m | ▼ 86.7% |
| Plant, machinery and equipment23 | - | - | - | €0.008m | €0.006m | €0.01m | €0.01m | €0.008m | ▼ 15.2% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.004m | €0.03m | €0.05m | €0.05m | ▲ 11.3% |
| Leasing and similar rights25 | - | - | - | €0.003m | €0.002m | €0.001m | €0 | €0 | - |
| Other tangible fixed assets26 | - | - | - | - | - | - | €0 | €0.05m | - |
| Assets under construction and advance payments27 | - | - | - | - | - | - | €0 | - | - |
| Financial fixed assets28 | - | - | - | - | - | - | €250 | €0.08m | ▲ 303× |
| Other financial fixed assets284/8 | - | - | - | - | - | - | €250 | €0.08m | ▲ 303× |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | - | - | €250 | €0.08m | ▲ 303× |
| Current assets29/58 | €0.3m | €0.8m | €1.2m | €1.8m | €4.3m | €9.4m | €11.0m | €12.3m | ▲ 12.2% |
| Amounts receivable after more than one year29 | - | - | - | - | €0.1m | €0 | - | - | - |
| Other amounts receivable291 | - | - | - | - | €0.1m | €0 | - | - | - |
| Amounts receivable within one year40/41 | €0.2m | €0.4m | €0.8m | €0.9m | €1.3m | €4.4m | €2.8m | €8.2m | ▲ 190% |
| Trade receivables40 | - | - | - | €0.9m | €1.3m | €1.8m | €2.6m | €2.4m | ▼ 8.1% |
| Other amounts receivable41 | - | - | - | €0.007m | €0.06m | €2.6m | €0.3m | €5.9m | ▲ 21× |
| Current investments50/53 | - | - | - | - | - | - | €0 | - | - |
| Own shares50 | - | - | - | - | - | - | €0 | - | - |
| Other investments51/53 | - | - | - | - | - | - | €0 | - | - |
| Cash at bank and in hand54/58 | €0.1m | €0.2m | €0.3m | €0.8m | €1.8m | €1.4m | €4.8m | €1.2m | ▼ 74.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.006m | €1.1m | €3.6m | €3.4m | €2.9m | ▼ 15.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.4m | €0.8m | €1.3m | €1.8m | €4.4m | €9.5m | €11.1m | €12.6m | ▲ 13.8% |
| Equity10/15 | €0.06m | €0.09m | €0.1m | €0.4m | €0.6m | €0.7m | €1.8m | €3.3m | ▲ 82.3% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Revaluation surpluses12 | - | - | - | - | - | - | €0 | - | - |
| Reserves13 | €0.05m | €0.07m | €0.1m | €0.3m | €0.6m | €0.7m | €0.7m | €0.7m | = |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.3m | €0.6m | €0.7m | €0.7m | €0.7m | = |
| Profit (loss) carried forward14 | - | - | - | - | €0 | €0 | €1.1m | €2.6m | ▲ 136% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | - | €0.05m | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | - | €0.05m | - |
| Other liabilities and charges164/5 | - | - | - | - | - | - | - | €0.05m | - |
| Amounts payable17/49 | €0.3m | €0.7m | €1.2m | €1.5m | €3.8m | €8.7m | €9.3m | €9.2m | ▼ 0.1% |
| Amounts payable after more than one year17 | €0.02m | €0.02m | €0.01m | €0.008m | €452 | €0 | €0.01m | €0.006m | ▼ 47.1% |
| Financial debts170/4 | - | - | - | €0.008m | €452 | €0 | €0.01m | €0.006m | ▼ 47.1% |
| Credit institutions173 | - | - | - | - | - | - | €0.01m | €0.006m | ▼ 47.1% |
| Amounts payable within one year42/48 | €0.05m | €0.09m | €0.3m | €0.2m | €0.7m | €0.7m | €1.9m | €1.8m | ▼ 1.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.007m | €0.001m | €452 | €0.005m | €0.005m | ▲ 3.6% |
| Financial debts43 | - | - | - | €0.002m | €0.07m | €0.1m | €0 | - | - |
| Credit institutions430/8 | - | - | - | €0.002m | €0.07m | €0.1m | €0 | - | - |
| Other loans439 | - | - | - | - | - | - | €0 | - | - |
| Trade debts44 | €0.007m | €0.07m | €0.3m | €0.1m | €0.4m | €0.5m | €1.5m | €1.0m | ▼ 33.9% |
| Suppliers440/4 | - | - | - | €0.1m | €0.4m | €0.5m | €1.5m | €1.0m | ▼ 33.9% |
| Bills of exchange payable441 | - | - | - | - | - | - | €0 | - | - |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €0.01m | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.2m | €0.08m | €0.1m | €0.4m | ▲ 167% |
| Taxes450/3 | - | - | - | €0.04m | €0.2m | €0 | €0.006m | €0.2m | ▲ 28× |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.03m | €0.08m | €0.1m | €0.2m | ▲ 55.7% |
| Other amounts payable47/48 | - | - | - | €0.001m | €0.001m | €0.001m | €0.2m | €0.5m | ▲ 168% |
| Accrued charges and deferred income492/3 | - | - | - | €1.3m | €3.1m | €8.0m | €7.4m | €7.4m | ▲ 0.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.009m | €0.02m | €0.05m | €0.2m | €0.5m | €0.1m | €1.2m | €1.7m | ▲ 39.7% |
| + Depreciation and write-downs630 | €0.01m | €0.01m | €0.02m | €0.02m | €0.01m | €0.01m | €0.01m | €0.03m | ▲ 127% |
| Operating cash flow (approximation) | €0.02m | €0.04m | €0.07m | €0.2m | €0.5m | €0.1m | €1.3m | €1.8m | ▲ 40.6% |
| Investment in fixed assets (approximation) | - | -€0.03m | -€0.02m | -€0.02m | €0.005m | -€0.05m | -€0.02m | -€0.2m | ▼ 913% |
| Change in cash | - | €0.03m | €0.2m | €0.5m | €1.0m | -€0.4m | €3.3m | -€3.5m | - |
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 Beyond Borders 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 Beyond Borders itself: 0.2% 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 2,609 companies, not a prediction for Beyond Borders. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | full format | 24-03-2026 | 2026-00063332 | |
| 30-09-2024 | full format | 17-04-2025 | 2025-00072897 | |
| 31-12-2023 | abbreviated format | 20-08-2024 | 2024-00378717 | |
| 31-12-2022 | abbreviated format | 31-07-2023 | 2023-00317208 | |
| 31-12-2021 | abbreviated format | 29-07-2022 | 2022-20269928 | |
| 31-12-2020 | abbreviated format | 29-06-2021 | 2021-28300241 | |
| 31-12-2019 | micro format | 30-06-2020 | 2020-26600567 | |
| 31-12-2018 | micro format | 11-07-2019 | 2019-33400507 | |
| 31-12-2017 | micro format | 30-07-2018 | 2018-41400178 | |
| 31-12-2016 | abbreviated format | 22-08-2017 | 2017-47500354 |