Blindsup
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 56 days after the deadline Filed on 25 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00524053.
Annual accounts 2025 filed on 25-09-2026 at the NBB all 17 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€42,123▲ 38.9%
2024 · -€68,925
Working capital
-€77,192▼ 45.4%
2024 · -€53,086
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€34,259
▲ 47.1%
2025
20182025
Net result
-€42,123
▲ 38.9%
2025
lowest quarter of the sector
20182025
Equity
-€87,359
▼ 93.1%
2025
lowest quarter of the sector
20182025
Total assets
€75,113
▲ 170%
2025
lowest quarter of the sector
20182025
Debt
€162,471
▲ 122%
2025
20182025
Working capital
-€77,192
▼ 45.4%
2025
lowest quarter of the sector
20182025
Solvency
-116.3%
▲ 46.1pp
2025
lowest quarter of the sector
20182025
Current ratio
0.47
▲ 0.20
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-56.1%
▲ 191.4pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€1,081-€7,262€37,007▲ 410%€24,577▼ 33.6%€20,184▼ 17.9%€7,289▼ 63.9%-€64,751-€34,259▲ 47.1%
Net result-€4,649-€6,497€26,257within the sector's middle half▲ 304%€17,840within the sector's middle half▼ 32.1%€15,146within the sector's middle half▼ 15.1%€1,189within the sector's middle half▼ 92.2%-€68,925below the sector's middle half-€42,123below the sector's middle half▲ 38.9%
Equity€19,223-€25,720▲ 33.8%€51,977below the sector's middle half▲ 102%€22,815below the sector's middle half▼ 56.1%€37,961below the sector's middle half▲ 66.4%€23,690below the sector's middle half▼ 37.6%-€45,235below the sector's middle half-€87,359below the sector's middle half▼ 93.1%
Total assets€62,644-€65,565▲ 4.7%€78,184below the sector's middle half▲ 19.2%€58,356below the sector's middle half▼ 25.4%€81,237below the sector's middle half▲ 39.2%€59,496below the sector's middle half▼ 26.8%€27,850below the sector's middle half▼ 53.2%€75,113below the sector's middle half▲ 170%
Debt€43,421-€39,845▼ 8.2%€26,207▼ 34.2%€35,541▲ 35.6%€43,276▲ 21.8%€35,806▼ 17.3%€73,086▲ 104%€162,471▲ 122%
Working capital€18,422-€25,340▲ 37.6%€51,780below the sector's middle half▲ 104%€20,856below the sector's middle half▼ 59.7%€34,638below the sector's middle half▲ 66.1%€21,568below the sector's middle half▼ 37.7%-€53,086below the sector's middle half-€77,192below the sector's middle half▼ 45.4%
Solvency30.7%-39.2%▲ 8.5pp66.5%within the sector's middle half▲ 27.3pp39.1%within the sector's middle half▼ 27.4pp46.7%within the sector's middle half▲ 7.6pp39.8%within the sector's middle half▼ 6.9pp-162.4%below the sector's middle half▼ 202.2pp-116.3%below the sector's middle half▲ 46.1pp
Current ratio1.42-1.64▲ 0.212.98above the sector's middle half▲ 1.341.59within the sector's middle half▼ 1.391.80within the sector's middle half▲ 0.211.60within the sector's middle half▼ 0.200.27below the sector's middle half▼ 1.330.47below the sector's middle half▲ 0.20
Return on assets (ROA)-7.4%-9.9%▲ 17.3pp33.6%above the sector's middle half▲ 23.7pp30.6%above the sector's middle half▼ 3.0pp18.6%above the sector's middle half▼ 11.9pp2.0%within the sector's middle half▼ 16.6pp-247.5%below the sector's middle half▼ 249.5pp-56.1%below the sector's middle half▲ 191.4pp
Staff (FTE)0.20.5below the sector's middle half▲ 150%0.6below the sector's middle half▲ 20.0%0.7below the sector's middle half▲ 16.7%1below the sector's middle half▲ 42.9%0.8▼ 20.0%
above
within
below
The sector band is the middle half of the companies in Manufacture of rubber and plastic products (NACE 22). 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 €34,259, smaller than the loss of €64,751 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €75,113
Fixed assets
€6,438 ▼ 18.0%
Current assets
€68,675 ▲ 243%
Equity and liabilities
Equity-€87,359
Debt€162,471
Equity is negative. Debt (€162,471) exceeds the balance-sheet total (€75,113).
Key figures and ratios
EBITDA
-€30,272▲
2024 · -€62,479
Cash flow
-€38,136▲
2024 · -€66,653
Interest coverage
-3.91▲
2024 · -17.50
Debt ≤ 1 year
€145,867▲
2024 · €73,086
Debt > 1 year
€16,604
Income taxes
€132▼
2024 · €604
Staff costs
-€2,630▼
2024 · €17,741
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 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 1 | 1 | - |
| full-time | - | 1 | 1 | - |
| part-time | 2 | - | - | - |
| in full-time equivalents | 0.6 | 1 | 1 | - |
| Average over the year, in full-time equivalents | 0.6 | 0.7 | 1 | 0.5 |
| On a permanent contract | 2 | 1 | 1 | - |
| Joined | - | 0 | - | 0 |
| Left | - | 1 | - | 1 |
Source: social balance sheet in the 2021 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,926 | €2,321 | - | €5,500 | €2,575 |
| Intangible fixed assets | - | - | - | €2,500 | - |
| Depreciation and write-downs of the year | €164 | €957 | €1,202 | €2,272 | €3,987 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €17,795 | €22,775 | €34,147 | €17,741 | -€2,630 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €422 | €422 | €182 | €164 | €957 | €1,202 | €2,272 | €3,987 | ▲ 75.5% |
| Other operating charges640/8 | - | - | - | €507 | €1,150 | €539 | €1,909 | €2,628 | ▲ 37.6% |
| Gross operating margin9900 | -€312 | €14,210 | €53,559 | €43,043 | €45,066 | €43,177 | -€42,829 | -€30,274 | ▲ 29.3% |
| Operating profit (loss)9901 | -€1,081 | €7,262 | €37,007 | €24,577 | €20,184 | €7,289 | -€64,751 | -€34,259 | ▲ 47.1% |
| Financial income75/76B | - | - | - | - | - | - | - | €11 | - |
| Recurring financial income75 | - | - | - | - | - | - | - | €11 | - |
| Financial charges65/66B | - | - | - | €1,862 | €654 | €5,123 | €3,570 | €7,743 | ▲ 117% |
| Recurring financial charges65 | €1,885 | €660 | €903 | €1,862 | €654 | €5,123 | €3,570 | €7,743 | ▲ 117% |
| Profit (loss) for the period before taxes9903 | -€2,966 | €6,602 | €36,104 | €22,715 | €19,530 | €2,166 | -€68,321 | -€41,991 | ▲ 38.5% |
| Income taxes67/77 | €1,683 | €105 | €9,847 | €4,875 | €4,384 | €977 | €604 | €132 | ▼ 78.2% |
| Profit (loss) for the period9904 | -€4,649 | €6,497 | €26,257 | €17,840 | €15,146 | €1,189 | -€68,925 | -€42,123 | ▲ 38.9% |
| Profit (loss) for the period to be appropriated9905 | -€4,649 | €4,142 | €26,257 | €17,840 | €15,146 | €1,189 | -€68,925 | -€42,123 | ▲ 38.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €62,644 | €65,565 | €78,184 | €58,356 | €81,237 | €59,496 | €27,850 | €75,113 | ▲ 170% |
| Fixed assets21/28 | €802 | €380 | €197 | €1,959 | €3,324 | €2,122 | €7,850 | €6,438 | ▼ 18.0% |
| Intangible fixed assets21 | €100 | €100 | €100 | €100 | €100 | €100 | €2,470 | €1,637 | ▼ 33.7% |
| Tangible fixed assets22/27 | €702 | €280 | €97 | €1,859 | €3,224 | €2,022 | €5,380 | €4,801 | ▼ 10.8% |
| Furniture and vehicles24 | - | - | - | €1,859 | €2,387 | €1,277 | €4,727 | €4,239 | ▼ 10.3% |
| Other tangible fixed assets26 | - | - | - | - | €837 | €745 | €653 | €562 | ▼ 14.0% |
| Current assets29/58 | €61,843 | €65,186 | €77,987 | €56,396 | €77,913 | €57,374 | €20,000 | €68,675 | ▲ 243% |
| Stocks and contracts in progress3 | - | - | - | - | - | - | €20,000 | €0 | ▼ 100% |
| Stocks30/36 | - | - | - | - | - | - | €20,000 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €61,843 | €65,186 | €77,987 | €55,465 | €77,913 | €57,374 | - | €68,382 | - |
| Trade receivables40 | - | - | - | €4,385 | €26,855 | €47,500 | - | €42,805 | - |
| Other amounts receivable41 | - | - | - | €51,080 | €51,058 | €9,874 | - | €25,577 | - |
| Cash at bank and in hand54/58 | - | - | - | €931 | - | - | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €293 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €62,644 | €65,565 | €78,184 | €58,356 | €81,237 | €59,496 | €27,850 | €75,113 | ▲ 170% |
| Equity10/15 | €19,223 | €25,720 | €51,977 | €22,815 | €37,961 | €23,690 | -€45,235 | -€87,359 | ▼ 93.1% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €1,860 | €4,215 | €30,472 | €4,215 | €4,215 | €2,355 | €2,355 | €2,355 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,860 | - | - | - | - |
| Other1319 | - | - | - | €1,860 | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €2,355 | €2,355 | €2,355 | €2,355 | €2,355 | = |
| Profit (loss) carried forward14 | -€1,237 | €2,905 | €2,905 | - | €15,146 | €16,335 | -€52,590 | -€94,714 | ▼ 80.1% |
| Amounts payable17/49 | €43,421 | €39,845 | €26,207 | €35,541 | €43,276 | €35,806 | €73,086 | €162,471 | ▲ 122% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | - | €16,604 | - |
| Financial debts170/4 | - | - | - | - | - | - | - | €16,604 | - |
| Amounts payable within one year42/48 | €43,421 | €39,845 | €26,207 | €35,541 | €43,276 | €35,806 | €73,086 | €145,867 | ▲ 99.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €7,169 | - |
| Financial debts43 | - | - | - | - | €2,352 | €356 | €3,866 | €58,031 | ▲ 15× |
| Credit institutions430/8 | - | - | - | - | €2,352 | €356 | €3,866 | €58,031 | ▲ 15× |
| Trade debts44 | €39,750 | €38,663 | €3,861 | €1,346 | €8,485 | €11,828 | €17,097 | €31,946 | ▲ 86.8% |
| Suppliers440/4 | - | - | - | €1,346 | €8,485 | €11,828 | €17,097 | €31,946 | ▲ 86.8% |
| Taxes, remuneration and social security45 | - | - | - | €34,195 | €32,438 | €23,623 | €20,156 | €14,105 | ▼ 30.0% |
| Taxes450/3 | - | - | - | €30,454 | €28,703 | €15,945 | €15,045 | €14,105 | ▼ 6.2% |
| Remuneration and social security454/9 | - | - | - | €3,740 | €3,735 | €7,678 | €5,112 | - | - |
| Other amounts payable47/48 | - | - | - | - | - | - | €31,966 | €34,616 | ▲ 8.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,649 | €6,497 | €26,257 | €17,840 | €15,146 | €1,189 | -€68,925 | -€42,123 | ▲ 38.9% |
| + Depreciation and write-downs630 | €422 | €422 | €182 | €164 | €957 | €1,202 | €2,272 | €3,987 | ▲ 75.5% |
| Operating cash flow (approximation) | -€4,227 | €6,919 | €26,440 | €18,004 | €16,103 | €2,390 | -€66,653 | -€38,136 | ▲ 42.8% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€1,926 | -€2,321 | €0 | -€8,000 | -€2,575 | ▲ 67.8% |
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 Blindsup 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 Blindsup itself: 4.6% 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 Blindsup. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-09-2026 | 2026-00524053 | |
| 31-12-2024 | micro format | 12-09-2025 | 2025-00489758 | |
| 31-12-2023 | full format | 17-07-2024 | 2024-00263711 | |
| 31-12-2022 | full format | 04-08-2023 | 2023-00318135 | |
| 31-12-2021 | full format | 23-06-2022 | 2022-20085744 | |
| 31-12-2020 | full format | 20-08-2021 | 2021-51900282 | |
| 31-12-2019 | full format | 08-09-2020 | 2020-51800467 | |
| 31-12-2018 | full format | 29-08-2019 | 2019-56500500 | |
| 31-12-2017 | full format | 26-09-2018 | 2018-65700529 | |
| 31-12-2017 | micro format | 13-07-2018 | 2018-33100487 |