BLUE MAP
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 05-06-2026 PDF all 13 filings
Turnover
€0
2021 · €0
Total assets
€34,381▲ 3.1%
2024 · €33,356
Net result
€5,149▼ 19.3%
2024 · €6,378
Working capital
€17,688▲ 57.6%
2024 · €11,224
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€8,092
▼ 18.8%
2025
20182025
Net result
€5,149
▼ 19.3%
2025
middle half of the sector
20182025
Equity
€19,157
▲ 36.8%
2025
lowest quarter of the sector
20182025
Total assets
€34,381
▲ 3.1%
2025
lowest quarter of the sector
20182025
Debt
€15,224
▼ 21.3%
2025
20182025
Working capital
€17,688
▲ 57.6%
2025
middle half of the sector
20182025
Solvency
55.7%
▲ 13.7pp
2025
middle half of the sector
20182025
Current ratio
2.16
▲ 0.58
2025
middle half of the sector
20182025
Return on assets (ROA)
15.0%
▼ 4.1pp
2025
middle half of the sector
20182025
Staff (FTE)
1
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0€0€0
Operating result-€8,689-€16,153€4,205▼ 74.0%€6,114▲ 45.4%€8,369▲ 36.9%€8,826▲ 5.5%€9,961▲ 12.9%€8,092▼ 18.8%
Net result-€12,420-€12,516€1,584within the sector's middle half▼ 87.3%€3,062within the sector's middle half▲ 93.3%€4,857within the sector's middle half▲ 58.6%€5,025within the sector's middle half▲ 3.5%€6,378within the sector's middle half▲ 26.9%€5,149within the sector's middle half▼ 19.3%
Equity-€19,414--€6,898▲ 64.5%-€5,314below the sector's middle half▲ 23.0%-€2,252below the sector's middle half▲ 57.6%€2,605below the sector's middle half€7,630below the sector's middle half▲ 193%€14,008below the sector's middle half▲ 83.6%€19,157below the sector's middle half▲ 36.8%
Total assets€22,958-€2,779▼ 87.9%€1,618below the sector's middle half▼ 41.8%€19,794below the sector's middle half▲ 12×€34,847below the sector's middle half▲ 76.0%€27,277below the sector's middle half▼ 21.7%€33,356below the sector's middle half▲ 22.3%€34,381below the sector's middle half▲ 3.1%
Debt€42,372-€9,677▼ 77.2%€6,932▼ 28.4%€22,046▲ 218%€32,242▲ 46.2%€19,647▼ 39.1%€19,348▼ 1.5%€15,224▼ 21.3%
Working capital-€19,527--€7,261▲ 62.8%-€5,677below the sector's middle half▲ 21.8%-€2,615below the sector's middle half▲ 53.9%€2,242within the sector's middle half€3,531within the sector's middle half▲ 57.5%€11,224within the sector's middle half▲ 218%€17,688within the sector's middle half▲ 57.6%
Solvency-84.6%--11.4%below the sector's middle half7.5%below the sector's middle half▲ 18.9pp28.0%within the sector's middle half▲ 20.5pp42.0%within the sector's middle half▲ 14.0pp55.7%within the sector's middle half▲ 13.7pp
Current ratio0.54-0.88below the sector's middle half1.07within the sector's middle half▲ 0.191.18within the sector's middle half▲ 0.111.58within the sector's middle half▲ 0.402.16within the sector's middle half▲ 0.58
Return on assets (ROA)-54.1%-15.5%within the sector's middle half13.9%within the sector's middle half▼ 1.5pp18.4%within the sector's middle half▲ 4.5pp19.1%within the sector's middle half▲ 0.7pp15.0%within the sector's middle half▼ 4.1pp
Staff (FTE)1-0.5▼ 50.0%0.4below the sector's middle half▼ 20.0%1▲ 150%1=1=1=1=
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 19% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €34,381
Fixed assets
€1,469 ▼ 47.2%
Current assets
€32,912 ▲ 7.7%
Equity and liabilities €34,381
Equity
€19,157 ▲ 36.8%
Debt
€15,224 ▼ 21.3%
Debt's share of the balance-sheet total falls from 58.0% to 44.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€9,407▼
2024 · €11,276
Cash flow
€6,464▼
2024 · €7,693
Debt to equity
0.79▼
2024 · 1.38
ROE
26.9%▼
2024 · 45.5%
Interest coverage
27.48▼
2024 · 37.01
Debt ≤ 1 year
€15,224▼
2024 · €19,348
Income taxes
€2,601▼
2024 · €3,361
Staff costs
€10,980▲
2024 · €10,390
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 | 1 | 1 | 1 | 1 | 1 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| Average over the year, in full-time equivalents | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €3,945 | - | - |
| Depreciation and write-downs of the year | - | - | €209 | €1,315 | €1,315 |
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 | - | €0 | - | €0 | €0 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0 | €0 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €8,500 | €9,014 | €8,003 | €10,390 | €10,980 | ▲ 5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | - | €209 | €1,315 | €1,315 | = |
| Other operating charges640/8 | - | - | - | €1,135 | €644 | €930 | €951 | €973 | ▲ 2.2% |
| Gross operating margin9900 | €68,697 | €48,063 | €33,199 | €15,749 | €18,027 | €17,969 | €22,617 | €21,360 | ▼ 5.6% |
| Operating profit (loss)9901 | -€8,689 | €16,153 | €4,205 | €6,114 | €8,369 | €8,826 | €9,961 | €8,092 | ▼ 18.8% |
| Financial income75/76B | - | - | - | €0 | - | - | €83 | - | - |
| Recurring financial income75 | €1 | - | €73 | €0 | - | - | €83 | - | - |
| Financial charges65/66B | - | - | - | €342 | €303 | €502 | €305 | €342 | ▲ 12.4% |
| Recurring financial charges65 | €3,472 | €2,511 | €648 | €342 | €303 | €502 | €305 | €342 | ▲ 12.4% |
| Profit (loss) for the period before taxes9903 | -€12,160 | €13,642 | €3,629 | €5,773 | €8,066 | €8,324 | €9,739 | €7,750 | ▼ 20.4% |
| Income taxes67/77 | €260 | €1,126 | €2,046 | €2,711 | €3,209 | €3,299 | €3,361 | €2,601 | ▼ 22.6% |
| Profit (loss) for the period9904 | -€12,420 | €12,516 | €1,584 | €3,062 | €4,857 | €5,025 | €6,378 | €5,149 | ▼ 19.3% |
| Profit (loss) for the period to be appropriated9905 | -€12,420 | €12,516 | €1,584 | €3,062 | €4,857 | €5,025 | €6,378 | €5,149 | ▼ 19.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €22,958 | €2,779 | €1,618 | €19,794 | €34,847 | €27,277 | €33,356 | €34,381 | ▲ 3.1% |
| Fixed assets21/28 | €363 | €363 | €363 | €363 | €363 | €4,099 | €2,784 | €1,469 | ▼ 47.2% |
| Tangible fixed assets22/27 | €0 | - | - | - | €0 | €3,736 | €2,421 | €1,106 | ▼ 54.3% |
| Furniture and vehicles24 | - | - | - | - | €0 | €3,736 | €2,421 | €1,106 | ▼ 54.3% |
| Financial fixed assets28 | €363 | €363 | €363 | €363 | €363 | €363 | €363 | €363 | = |
| Current assets29/58 | €22,595 | €2,416 | €1,255 | €19,431 | €34,484 | €23,178 | €30,572 | €32,912 | ▲ 7.7% |
| Amounts receivable within one year40/41 | €21,880 | €265 | €810 | €18,493 | €30,118 | €21,787 | €25,748 | €30,450 | ▲ 18.3% |
| Trade receivables40 | - | - | - | €18,430 | €30,050 | €21,708 | €25,658 | €28,921 | ▲ 12.7% |
| Other amounts receivable41 | - | - | - | €63 | €68 | €79 | €90 | €1,529 | ▲ 17× |
| Cash at bank and in hand54/58 | €715 | €2,151 | €445 | €938 | €4,367 | €1,391 | €1,378 | €2,462 | ▲ 78.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €3,446 | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €22,958 | €2,779 | €1,618 | €19,794 | €34,847 | €27,277 | €33,356 | €34,381 | ▲ 3.1% |
| Equity10/15 | -€19,414 | -€6,898 | -€5,314 | -€2,252 | €2,605 | €7,630 | €14,008 | €19,157 | ▲ 36.8% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€38,014 | -€25,498 | -€23,914 | -€20,852 | -€15,995 | -€10,970 | -€4,592 | €557 | - |
| Amounts payable17/49 | €42,372 | €9,677 | €6,932 | €22,046 | €32,242 | €19,647 | €19,348 | €15,224 | ▼ 21.3% |
| Amounts payable after more than one year17 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €42,122 | €9,677 | €6,932 | €22,046 | €32,242 | €19,647 | €19,348 | €15,224 | ▼ 21.3% |
| Trade debts44 | €2,396 | €634 | €0 | €14,456 | €19,045 | €10,607 | €11,638 | €7,403 | ▼ 36.4% |
| Suppliers440/4 | - | - | - | €14,456 | €19,045 | €10,607 | €11,638 | €7,403 | ▼ 36.4% |
| Taxes, remuneration and social security45 | - | - | - | €7,560 | €13,167 | €9,010 | €7,680 | €7,792 | ▲ 1.5% |
| Taxes450/3 | - | - | - | €5,297 | €10,426 | €6,707 | €4,880 | €4,773 | ▼ 2.2% |
| Remuneration and social security454/9 | - | - | - | €2,263 | €2,741 | €2,303 | €2,800 | €3,019 | ▲ 7.8% |
| Other amounts payable47/48 | - | - | - | €30 | €30 | €30 | €30 | €30 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€12,420 | €12,516 | €1,584 | €3,062 | €4,857 | €5,025 | €6,378 | €5,149 | ▼ 19.3% |
| + Depreciation and write-downs630 | - | - | - | - | - | €209 | €1,315 | €1,315 | = |
| Operating cash flow (approximation) | -€12,420 | €12,516 | €1,584 | €3,062 | €4,857 | €5,234 | €7,693 | €6,464 | ▼ 16.0% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | -€3,945 | €0 | €0 | - |
| Change in cash | - | €1,435 | -€1,706 | €493 | €3,429 | -€2,975 | -€13 | €1,084 | - |
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, 34,693 companies had the same profile as BLUE MAP has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of BLUE MAP itself: 0.3% 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 34,693 companies, not a prediction for BLUE MAP. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 05-06-2026 | 2026-00139713 | |
| 31-12-2024 | micro format | 26-06-2025 | 2025-00180698 | |
| 31-12-2023 | micro format | 10-07-2024 | 2024-00226814 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00281943 | |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20233708 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-43300372 | |
| 31-12-2019 | micro format | 01-09-2020 | 2020-49300184 | |
| 31-12-2018 | micro format | 07-08-2019 | 2019-44300259 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-60100458 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-60100361 |