BlueWorld Foundation
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 26-07-2026 at the NBB all 4 filings
Turnover
€9,614▲ 6.7%
2024 · €9,011
EBIT margin
6.8%▲ 5.8pp
2024 · 1.0%
Net result
€506▲ 975%
2024 · €47
Working capital
€8,985▲ 6.0%
2024 · €8,479
Multi-year overview
2022 to 2025, 4 financial yearsTurnover
€9,614
▲ 6.7%
2025
20222025
Operating result
€652
▲ 608%
2025
20222025
Net result
€506
▲ 975%
2025
middle half of the sector
20222025
EBIT margin
6.8%
▲ 5.8pp
2025
20222025
Equity
€9,110
▲ 5.9%
2025
lowest quarter of the sector
20222025
Total assets
€19,762
▲ 47.6%
2025
lowest quarter of the sector
20222025
Debt
€10,652
▲ 122%
2025
20222025
Working capital
€8,985
▲ 6.0%
2025
lowest quarter of the sector
20222025
Solvency
46.1%
▼ 18.1pp
2025
middle half of the sector
20222025
Current ratio
1.84
▼ 0.93
2025
middle half of the sector
20222025
Return on assets (ROA)
2.6%
▲ 2.2pp
2025
middle half of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Turnover€10,696-€10,396▼ 2.8%€9,011▼ 13.3%€9,614▲ 6.7%
Operating result€5,287-€1,001▼ 81.1%€92▼ 90.8%€652▲ 608%
Net result€3,942within the sector's middle half-€931within the sector's middle half▼ 76.4%€47within the sector's middle half▼ 94.9%€506within the sector's middle half▲ 975%
EBIT margin49.4%-9.6%▼ 39.8pp1.0%▼ 8.6pp6.8%▲ 5.8pp
Equity€7,625within the sector's middle half-€8,557below the sector's middle half▲ 12.2%€8,604below the sector's middle half▲ 0.6%€9,110below the sector's middle half▲ 5.9%
Total assets€11,903below the sector's middle half-€12,091below the sector's middle half▲ 1.6%€13,393below the sector's middle half▲ 10.8%€19,762below the sector's middle half▲ 47.6%
Debt€4,277-€3,534▼ 17.4%€4,789▲ 35.5%€10,652▲ 122%
Working capital€7,500within the sector's middle half-€8,432below the sector's middle half▲ 12.4%€8,479below the sector's middle half▲ 0.6%€8,985below the sector's middle half▲ 6.0%
Solvency64.1%within the sector's middle half-70.8%within the sector's middle half▲ 6.7pp64.2%within the sector's middle half▼ 6.5pp46.1%within the sector's middle half▼ 18.1pp
Current ratio2.75within the sector's middle half-3.39within the sector's middle half▲ 0.632.77within the sector's middle half▼ 0.621.84within the sector's middle half▼ 0.93
Return on assets (ROA)33.1%above the sector's middle half-7.7%above the sector's middle half▼ 25.4pp0.4%within the sector's middle half▼ 7.4pp2.6%within the sector's middle half▲ 2.2pp
above
within
below
The sector band is the middle half of the companies in Education (NACE 85). 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 7.1 times that of 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €19,762
Fixed assets
€125 =
Current assets
€19,637 ▲ 48.0%
Equity and liabilities €19,762
Equity
€9,110 ▲ 5.9%
Debt
€10,652 ▲ 122%
Debt's share of the balance-sheet total rises from 35.8% to 53.9%. Equity and debt are higher.
Key figures and ratios
Debt to equity
1.17▲
2024 · 0.56
ROE
5.6%▲
2024 · 0.5%
Debt ≤ 1 year
€10,652▲
2024 · €4,789
Customer credit
471 days▲
2024 · 430 days
Supplier credit
422 days▲
2024 · 161 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Turnover70 | €10,696 | €10,396 | €9,011 | €9,614 | ▲ 6.7% |
| Goods, raw materials, services and sundry goods60/61 | €5,409 | €9,394 | €8,919 | €8,961 | ▲ 0.5% |
| Gross operating margin9900 | €5,287 | €1,001 | €92 | €652 | ▲ 608% |
| Operating profit (loss)9901 | €5,287 | €1,001 | €92 | €652 | ▲ 608% |
| Financial income75/76B | - | - | - | €0 | - |
| Recurring financial income75 | - | - | - | €0 | - |
| Financial charges65/66B | €1,345 | €70 | €45 | €147 | ▲ 226% |
| Recurring financial charges65 | €1,345 | €70 | €45 | €147 | ▲ 226% |
| Profit (loss) for the period before taxes9903 | €3,942 | €931 | €47 | €506 | ▲ 975% |
| Profit (loss) for the period9904 | €3,942 | €931 | €47 | €506 | ▲ 975% |
| Profit (loss) for the period to be appropriated9905 | €3,942 | €931 | €47 | €506 | ▲ 975% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €11,903 | €12,091 | €13,393 | €19,762 | ▲ 47.6% |
| Fixed assets21/28 | €125 | €125 | €125 | €125 | = |
| Financial fixed assets28 | €125 | €125 | €125 | €125 | = |
| Current assets29/58 | €11,778 | €11,966 | €13,268 | €19,637 | ▲ 48.0% |
| Amounts receivable within one year40/41 | €10,706 | €9,092 | €10,764 | €12,405 | ▲ 15.2% |
| Trade receivables40 | €10,587 | €8,864 | €10,625 | €12,405 | ▲ 16.8% |
| Other amounts receivable41 | €120 | €228 | €140 | - | - |
| Cash at bank and in hand54/58 | €367 | €2,873 | €2,503 | €7,232 | ▲ 189% |
| Deferred charges and accrued income490/1 | €704 | - | - | - | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €11,903 | €12,091 | €13,393 | €19,762 | ▲ 47.6% |
| Equity10/15 | €7,625 | €8,557 | €8,604 | €9,110 | ▲ 5.9% |
| Contributions10/11 | €1 | €1 | €1 | €1 | = |
| Capital10 | €1 | €1 | €1 | €1 | = |
| Profit (loss) carried forward14 | €7,624 | €8,556 | €8,603 | €9,109 | ▲ 5.9% |
| Amounts payable17/49 | €4,277 | €3,534 | €4,789 | €10,652 | ▲ 122% |
| Amounts payable within one year42/48 | €4,277 | €3,534 | €4,789 | €10,652 | ▲ 122% |
| Trade debts44 | €3,463 | €2,638 | €3,944 | €10,362 | ▲ 163% |
| Suppliers440/4 | €3,463 | €2,638 | €3,944 | €10,362 | ▲ 163% |
| Taxes, remuneration and social security45 | €702 | €785 | €702 | €19 | ▼ 97.3% |
| Taxes450/3 | - | €83 | - | - | - |
| Remuneration and social security454/9 | €702 | €702 | €702 | €19 | ▼ 97.3% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,942 | €931 | €47 | €506 | ▲ 975% |
| Operating cash flow (approximation) | €3,942 | €931 | €47 | €506 | ▲ 975% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | - |
| Change in cash | - | €2,506 | -€370 | €4,729 | - |
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, 10,904 companies had the same profile as BlueWorld Foundation has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of BlueWorld Foundation itself: < 0.1% 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 10,904 companies, not a prediction for BlueWorld Foundation. 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.