Blacknum
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 5 filings
Turnover
≈ €1.2m
Estimated: probably between €810,000 and €1.9m
EBIT margin
Not included in this filing
Net result
€14,932▲ 2.7%
2024 · €14,535
Working capital
€184,101▲ 56.7%
2024 · €117,451
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€23,726
▼ 13.5%
2025
20212025
Net result
€14,932
▲ 2.7%
2025
middle half of the sector
20212025
Equity
-€108,073
▲ 12.1%
2025
lowest quarter of the sector
20212025
Total assets
€275,792
▲ 20.2%
2025
lowest quarter of the sector
20212025
Debt
€383,865
▲ 8.9%
2025
20212025
Working capital
€184,101
▲ 56.7%
2025
middle half of the sector
20212025
Solvency
-39.2%
▲ 14.4pp
2025
lowest quarter of the sector
20212025
Current ratio
3.20
▲ 0.94
2025
highest quarter of the sector
20212025
Return on assets (ROA)
5.4%
▼ 0.9pp
2025
middle half of the sector
20212025
Staff (FTE)
4.8
▲ 2.1%
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result-€211,741-€19,771€29,787▲ 50.7%€27,432▼ 7.9%€23,726▼ 13.5%
Net result-€217,330below the sector's middle half-€8,304within the sector's middle half€9,987within the sector's middle half▲ 20.3%€14,535within the sector's middle half▲ 45.5%€14,932within the sector's middle half▲ 2.7%
Equity-€155,830below the sector's middle half--€147,526below the sector's middle half▲ 5.3%-€137,539below the sector's middle half▲ 6.8%-€123,005below the sector's middle half▲ 10.6%-€108,073below the sector's middle half▲ 12.1%
Total assets€166,332within the sector's middle half-€391,569within the sector's middle half▲ 135%€473,967within the sector's middle half▲ 21.0%€229,350within the sector's middle half▼ 51.6%€275,792below the sector's middle half▲ 20.2%
Debt€322,162-€539,096▲ 67.3%€611,506▲ 13.4%€352,354▼ 42.4%€383,865▲ 8.9%
Working capital-€49,250below the sector's middle half-€237,617within the sector's middle half€321,829within the sector's middle half▲ 35.4%€117,451within the sector's middle half▼ 63.5%€184,101within the sector's middle half▲ 56.7%
Solvency-93.7%below the sector's middle half--37.7%below the sector's middle half▲ 56.0pp-29.0%below the sector's middle half▲ 8.7pp-53.6%below the sector's middle half▼ 24.6pp-39.2%below the sector's middle half▲ 14.4pp
Current ratio0.57below the sector's middle half-3.92above the sector's middle half▲ 3.343.99above the sector's middle half▲ 0.072.26within the sector's middle half▼ 1.733.20above the sector's middle half▲ 0.94
Return on assets (ROA)-130.7%below the sector's middle half-2.1%within the sector's middle half▲ 132.8pp2.1%within the sector's middle half=6.3%within the sector's middle half▲ 4.2pp5.4%within the sector's middle half▼ 0.9pp
Staff (FTE)4.5-3.5within the sector's middle half▼ 22.2%3.7within the sector's middle half▲ 5.7%4.7within the sector's middle half▲ 27.0%4.8within the sector's middle half▲ 2.1%
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 14% lower than in 2024. It is the second fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €275,792
Fixed assets
€7,915 ▼ 57.7%
Current assets
€267,877 ▲ 27.2%
Equity and liabilities
Equity-€108,073
Debt€383,865
Equity is negative. Debt (€383,865) exceeds the balance-sheet total (€275,792).
Key figures and ratios
EBITDA
€41,763▼
2024 · €55,921
Cash flow
€32,969▼
2024 · €43,023
Interest coverage
4.98▲
2024 · 4.72
Debt ≤ 1 year
€83,776▼
2024 · €93,182
Debt > 1 year
€295,837▲
2024 · €259,136
Income taxes
€435▼
2024 · €1,038
Staff costs
€405,325▲
2024 · €313,771
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 | 4 | 4 | 3 | 5 | 3 |
| full-time | 4 | 4 | 3 | 5 | 3 |
| in full-time equivalents | 4 | 4 | 3 | 5 | 3 |
| Average over the year, in full-time equivalents | 4.5 | 3.5 | 3.7 | 4.7 | 4.8 |
| On a permanent contract | 4 | 4 | 3 | 5 | 3 |
| Joined | 5 | 1 | 0 | 4 | 2 |
| Left | 1 | 1 | 1 | 2 | 4 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | - | €22,679 |
| Pledge on the business | €115,500 | €115,500 | €115,500 | €115,500 | €115,500 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €140,475 | - | - | €2,834 | €4,462 |
| Intangible fixed assets | €1 | - | - | - | €2,774 |
| Depreciation and write-downs of the year | €39,915 | €28,095 | €28,095 | €28,489 | €18,037 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €296,692 | €176,531 | €242,975 | €313,771 | €405,325 | ▲ 29.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €39,915 | €28,095 | €28,095 | €28,489 | €18,037 | ▼ 36.7% |
| Other operating charges640/8 | €3,025 | €1,261 | €2,124 | €3,889 | €2,078 | ▼ 46.6% |
| Gross operating margin9900 | €127,891 | €225,658 | €302,981 | €373,581 | €449,166 | ▲ 20.2% |
| Operating profit (loss)9901 | -€211,741 | €19,771 | €29,787 | €27,432 | €23,726 | ▼ 13.5% |
| Financial income75/76B | €287 | - | - | €0 | €20 | ▲ 1,991× |
| Recurring financial income75 | €287 | - | - | €0 | €20 | ▲ 1,991× |
| Financial charges65/66B | €5,085 | €11,019 | €18,740 | €11,860 | €8,380 | ▼ 29.3% |
| Recurring financial charges65 | €5,085 | €11,019 | €18,740 | €11,860 | €8,380 | ▼ 29.3% |
| Profit (loss) for the period before taxes9903 | -€216,539 | €8,752 | €11,047 | €15,572 | €15,366 | ▼ 1.3% |
| Income taxes67/77 | €791 | €448 | €1,060 | €1,038 | €435 | ▼ 58.1% |
| Profit (loss) for the period9904 | -€217,330 | €8,304 | €9,987 | €14,535 | €14,932 | ▲ 2.7% |
| Profit (loss) for the period to be appropriated9905 | -€217,330 | €8,304 | €9,987 | €14,535 | €14,932 | ▲ 2.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €166,332 | €391,569 | €473,967 | €229,350 | €275,792 | ▲ 20.2% |
| Fixed assets21/28 | €100,561 | €72,466 | €44,371 | €18,716 | €7,915 | ▼ 57.7% |
| Intangible fixed assets21 | €1 | €1 | €1 | €1 | €2,450 | ▲ 2,450× |
| Tangible fixed assets22/27 | €100,560 | €72,465 | €44,370 | €18,715 | €5,465 | ▼ 70.8% |
| Furniture and vehicles24 | €100,560 | €72,465 | €44,370 | €18,715 | €5,465 | ▼ 70.8% |
| Current assets29/58 | €65,771 | €319,104 | €429,596 | €210,633 | €267,877 | ▲ 27.2% |
| Amounts receivable within one year40/41 | €26,384 | €313,857 | €391,784 | €198,144 | €258,953 | ▲ 30.7% |
| Trade receivables40 | €15,637 | €313,426 | €391,784 | €198,141 | €257,556 | ▲ 30.0% |
| Other amounts receivable41 | €10,748 | €431 | - | €3 | €1,397 | ▲ 469× |
| Cash at bank and in hand54/58 | €32,074 | €499 | €31,817 | €5,595 | €15 | ▼ 99.7% |
| Deferred charges and accrued income490/1 | €7,313 | €4,748 | €5,994 | €6,895 | €8,909 | ▲ 29.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €166,332 | €391,569 | €473,967 | €229,350 | €275,792 | ▲ 20.2% |
| Equity10/15 | -€155,830 | -€147,526 | -€137,539 | -€123,005 | -€108,073 | ▲ 12.1% |
| Contributions10/11 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Capital10 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Issued capital100 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Profit (loss) carried forward14 | -€217,330 | -€209,026 | -€199,039 | -€184,505 | -€169,573 | ▲ 8.1% |
| Amounts payable17/49 | €322,162 | €539,096 | €611,506 | €352,354 | €383,865 | ▲ 8.9% |
| Amounts payable after more than one year17 | €207,141 | €456,857 | €503,686 | €259,136 | €295,837 | ▲ 14.2% |
| Financial debts170/4 | €207,141 | €456,857 | €503,686 | €259,136 | €295,837 | ▲ 14.2% |
| Amounts payable within one year42/48 | €115,021 | €81,487 | €107,767 | €93,182 | €83,776 | ▼ 10.1% |
| Current portion of amounts payable after more than one year42 | €34,998 | €38,383 | - | - | - | - |
| Financial debts43 | - | - | - | - | €22,679 | - |
| Credit institutions430/8 | - | - | - | - | €22,679 | - |
| Trade debts44 | €8,214 | €5,898 | €16,163 | €35,253 | €14,836 | ▼ 57.9% |
| Suppliers440/4 | €8,214 | €5,898 | €16,163 | €35,253 | €14,836 | ▼ 57.9% |
| Taxes, remuneration and social security45 | €70,609 | €36,605 | €91,004 | €57,930 | €46,262 | ▼ 20.1% |
| Taxes450/3 | €1,314 | €6,055 | €55,785 | €12,343 | €4,101 | ▼ 66.8% |
| Remuneration and social security454/9 | €69,295 | €30,550 | €35,218 | €45,587 | €42,161 | ▼ 7.5% |
| Other amounts payable47/48 | €1,200 | €600 | €600 | - | - | - |
| Accrued charges and deferred income492/3 | - | €752 | €53 | €36 | €4,252 | ▲ 119× |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€217,330 | €8,304 | €9,987 | €14,535 | €14,932 | ▲ 2.7% |
| + Depreciation and write-downs630 | €39,915 | €28,095 | €28,095 | €28,489 | €18,037 | ▼ 36.7% |
| Operating cash flow (approximation) | -€177,415 | €36,399 | €38,082 | €43,023 | €32,969 | ▼ 23.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€2,834 | -€7,236 | ▼ 155% |
| Change in cash | - | -€31,575 | €31,319 | -€26,223 | -€5,580 | ▲ 78.7% |
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, 2,180 companies had the same profile as Blacknum has now. Two years later, 88.8% were still going and 4.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a profit of 5% of the balance sheet or more
88.8%
was still going
5.8%
stopped otherwise
4.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Blacknum itself: 1.3% 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 2,180 companies, not a prediction for Blacknum. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 31-07-2026 | 2026-00375605 | |
| 31-12-2024 | abbreviated format | 28-08-2025 | 2025-00445253 | |
| 31-12-2023 | abbreviated format | 31-08-2024 | 2024-00441679 | |
| 31-12-2022 | abbreviated format | 13-12-2023 | 2023-00527222 | |
| 31-12-2021 | micro format | 22-07-2022 | 2022-20219533 |