BOARDCAST
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 12-06-2026 at the NBB all 20 filings
Equity
€51,941▼ 52.7%
2024 · €109,831
Total assets
€77,212▼ 50.4%
2024 · €155,699
Net result
-€57,891
2024 · €47,290
Working capital
€12,116▼ 81.3%
2024 · €64,941
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€56,447
2025
20182025
Net result
-€57,891
2025
lowest quarter of the sector
20182025
Equity
€51,941
▼ 52.7%
2025
middle half of the sector
20182025
Total assets
€77,212
▼ 50.4%
2025
lowest quarter of the sector
20182025
Debt
€25,271
▼ 44.9%
2025
20182025
Working capital
€12,116
▼ 81.3%
2025
middle half of the sector
20182025
Solvency
67.3%
▼ 3.3pp
2025
middle half of the sector
20182025
Current ratio
1.81
▼ 1.92
2025
middle half of the sector
20182025
Return on assets (ROA)
-75.0%
▼ 105.3pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€16,553-€14,095▼ 14.8%€35,333▲ 151%€6,065▼ 82.8%€1,021▼ 83.2%€45,406▲ 44×€47,846▲ 5.4%-€56,447
Net result€16,438-€13,979▼ 15.0%€35,164within the sector's middle half▲ 152%€5,941within the sector's middle half▼ 83.1%€901within the sector's middle half▼ 84.8%€45,292within the sector's middle half▲ 50×€47,290within the sector's middle half▲ 4.4%-€57,891below the sector's middle half
Equity-€38,735--€24,756▲ 36.1%€10,408below the sector's middle half€16,349below the sector's middle half▲ 57.1%€17,250below the sector's middle half▲ 5.5%€62,542within the sector's middle half▲ 263%€109,831within the sector's middle half▲ 75.6%€51,941within the sector's middle half▼ 52.7%
Total assets€30,569-€54,773▲ 79.2%€77,046below the sector's middle half▲ 40.7%€72,052below the sector's middle half▼ 6.5%€76,331below the sector's middle half▲ 5.9%€102,678below the sector's middle half▲ 34.5%€155,699below the sector's middle half▲ 51.6%€77,212below the sector's middle half▼ 50.4%
Debt€69,305-€79,529▲ 14.8%€66,638▼ 16.2%€55,703▼ 16.4%€59,081▲ 6.1%€40,137▼ 32.1%€45,867▲ 14.3%€25,271▼ 44.9%
Working capital-€38,735--€23,590▲ 39.1%€10,408within the sector's middle half€14,144within the sector's middle half▲ 35.9%€12,912within the sector's middle half▼ 8.7%€59,661within the sector's middle half▲ 362%€64,941within the sector's middle half▲ 8.8%€12,116within the sector's middle half▼ 81.3%
Solvency-126.7%--45.2%▲ 81.5pp13.5%below the sector's middle half▲ 58.7pp22.7%within the sector's middle half▲ 9.2pp22.6%within the sector's middle half▼ 0.1pp60.9%within the sector's middle half▲ 38.3pp70.5%within the sector's middle half▲ 9.6pp67.3%within the sector's middle half▼ 3.3pp
Current ratio0.44-0.70▲ 0.261.16within the sector's middle half▲ 0.461.25within the sector's middle half▲ 0.101.22within the sector's middle half▼ 0.042.49within the sector's middle half▲ 1.273.73above the sector's middle half▲ 1.241.81within the sector's middle half▼ 1.92
Return on assets (ROA)53.8%-25.5%▼ 28.3pp45.6%above the sector's middle half▲ 20.1pp8.2%within the sector's middle half▼ 37.4pp1.2%within the sector's middle half▼ 7.1pp44.1%above the sector's middle half▲ 42.9pp30.4%above the sector's middle half▼ 13.7pp-75.0%below the sector's middle half▼ 105.3pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 €56,447, after a profit of €47,846 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €77,212
Fixed assets
€50,125 ▼ 25.2%
Current assets
€27,087 ▼ 69.5%
Equity and liabilities €77,212
Equity
€51,941 ▼ 52.7%
Debt
€25,271 ▼ 44.9%
Debt's share of the balance-sheet total rises from 29.5% to 32.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€37,653▼
2024 · €51,284
Cash flow
-€39,097▼
2024 · €50,728
Debt to equity
0.49▲
2024 · 0.42
ROE
-111.5%▼
2024 · 43.1%
Interest coverage
-25.60▼
2024 · 93.25
Debt ≤ 1 year
€14,971▼
2024 · €23,786
Debt > 1 year
€10,233▼
2024 · €22,081
Income taxes
€191▲
2024 · €24
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,669 | €4,456 | - | €67,529 | €3,449 |
| Depreciation and write-downs of the year | €463 | €905 | €1,457 | €3,438 | €18,794 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €463 | €905 | €1,457 | €3,438 | €18,794 | ▲ 447% |
| Other operating charges640/8 | - | - | - | €204 | €533 | €386 | €2,740 | €2,405 | ▼ 12.2% |
| Non-recurring operating charges66A | - | - | - | - | €1,419 | - | - | €1,503 | - |
| Gross operating margin9900 | €16,770 | €14,295 | €35,536 | €6,732 | €3,878 | €47,249 | €54,024 | -€33,745 | - |
| Operating profit (loss)9901 | €16,553 | €14,095 | €35,333 | €6,065 | €1,021 | €45,406 | €47,846 | -€56,447 | - |
| Financial income75/76B | - | - | - | €1 | €7 | €14 | €17 | €218 | ▲ 13× |
| Recurring financial income75 | - | - | €0 | €1 | €7 | €14 | €17 | €218 | ▲ 13× |
| Financial charges65/66B | - | - | - | €125 | €127 | €129 | €550 | €1,471 | ▲ 167% |
| Recurring financial charges65 | €115 | €117 | €169 | €125 | €127 | €129 | €550 | €1,471 | ▲ 167% |
| Profit (loss) for the period before taxes9903 | €16,438 | €13,979 | €35,164 | €5,941 | €901 | €45,292 | €47,313 | -€57,700 | - |
| Income taxes67/77 | - | - | - | - | - | - | €24 | €191 | ▲ 711% |
| Profit (loss) for the period9904 | €16,438 | €13,979 | €35,164 | €5,941 | €901 | €45,292 | €47,290 | -€57,891 | - |
| Profit (loss) for the period to be appropriated9905 | €16,438 | €13,979 | €35,164 | €5,941 | €901 | €45,292 | €47,290 | -€57,891 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €30,569 | €54,773 | €77,046 | €72,052 | €76,331 | €102,678 | €155,699 | €77,212 | ▼ 50.4% |
| Fixed assets21/28 | - | - | - | €2,205 | €4,337 | €2,881 | €66,972 | €50,125 | ▼ 25.2% |
| Tangible fixed assets22/27 | - | - | - | €2,205 | €4,337 | €2,881 | €66,972 | €50,125 | ▼ 25.2% |
| Plant, machinery and equipment23 | - | - | - | €2,205 | €1,805 | €863 | €79 | - | - |
| Furniture and vehicles24 | - | - | - | - | €2,533 | €2,018 | €19,267 | €18,928 | ▼ 1.8% |
| Leasing and similar rights25 | - | - | - | - | - | - | €47,626 | €31,197 | ▼ 34.5% |
| Current assets29/58 | €30,569 | €54,773 | €77,046 | €69,846 | €71,994 | €99,798 | €88,727 | €27,087 | ▼ 69.5% |
| Amounts receivable within one year40/41 | €8,712 | €13,053 | €31,763 | €15,999 | €37,273 | €69,341 | €60,500 | €14,957 | ▼ 75.3% |
| Trade receivables40 | - | - | - | €15,881 | €37,026 | €68,878 | €60,500 | €9,758 | ▼ 83.9% |
| Other amounts receivable41 | - | - | - | €118 | €247 | €463 | - | €5,199 | - |
| Cash at bank and in hand54/58 | €21,857 | €41,720 | €45,284 | €53,847 | €34,356 | €29,944 | €26,262 | €10,472 | ▼ 60.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | €364 | €513 | €1,964 | €1,658 | ▼ 15.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €30,569 | €54,773 | €77,046 | €72,052 | €76,331 | €102,678 | €155,699 | €77,212 | ▼ 50.4% |
| Equity10/15 | -€38,735 | -€24,756 | €10,408 | €16,349 | €17,250 | €62,542 | €109,831 | €51,941 | ▼ 52.7% |
| Contributions10/11 | €125,000 | €125,000 | - | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | = |
| Reserves13 | €26,501 | €26,501 | €26,501 | €26,501 | €26,501 | €26,501 | - | - | - |
| Non-distributable reserves130/1 | - | - | - | €12,500 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €12,500 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €14,001 | €26,501 | €26,501 | - | - | - |
| Profit (loss) carried forward14 | -€190,237 | -€176,258 | -€141,093 | -€135,152 | -€134,252 | -€88,960 | -€15,169 | -€73,059 | ▼ 382% |
| Amounts payable17/49 | €69,305 | €79,529 | €66,638 | €55,703 | €59,081 | €40,137 | €45,867 | €25,271 | ▼ 44.9% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €22,081 | €10,233 | ▼ 53.7% |
| Financial debts170/4 | - | - | - | - | - | - | €22,081 | €10,233 | ▼ 53.7% |
| Amounts payable within one year42/48 | €69,305 | €78,363 | €66,638 | €55,703 | €59,081 | €40,137 | €23,786 | €14,971 | ▼ 37.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €11,394 | €11,848 | ▲ 4.0% |
| Trade debts44 | €112 | €714 | €364 | €456 | €1,143 | €1,389 | €2,244 | €1,698 | ▼ 24.3% |
| Suppliers440/4 | - | - | - | €456 | €1,143 | €1,389 | €2,244 | €1,698 | ▼ 24.3% |
| Taxes, remuneration and social security45 | - | - | - | €1,044 | €3,736 | €12,734 | €9,719 | €1,080 | ▼ 88.9% |
| Taxes450/3 | - | - | - | €1,044 | €3,736 | €12,734 | €9,719 | €1,080 | ▼ 88.9% |
| Other amounts payable47/48 | - | - | - | €54,203 | €54,203 | €26,014 | €428 | €344 | ▼ 19.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €67 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,438 | €13,979 | €35,164 | €5,941 | €901 | €45,292 | €47,290 | -€57,891 | - |
| + Depreciation and write-downs630 | - | - | - | €463 | €905 | €1,457 | €3,438 | €18,794 | ▲ 447% |
| Operating cash flow (approximation) | €16,438 | €13,979 | €35,164 | €6,404 | €1,806 | €46,749 | €50,728 | -€39,097 | - |
| Investment in fixed assets (approximation) | - | - | - | - | -€3,037 | €0 | -€67,529 | -€1,947 | ▲ 97.1% |
| Change in cash | - | €19,863 | €3,564 | €8,564 | -€19,491 | -€4,412 | -€3,682 | -€15,791 | ▼ 329% |
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, 5,831 companies had the same profile as BOARDCAST has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BOARDCAST itself: 0.4% 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 5,831 companies, not a prediction for BOARDCAST. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 12-06-2026 | 2026-00156431 | |
| 31-12-2024 | abbreviated format | 30-06-2025 | 2025-00195452 | |
| 31-12-2023 | abbreviated format | 20-06-2024 | 2024-00143885 | |
| 31-12-2022 | abbreviated format | 02-06-2023 | 2023-00103762 | |
| 31-12-2021 | abbreviated format | 03-06-2022 | 2022-20044867 | |
| 31-12-2020 | abbreviated format | 08-06-2021 | 2021-17800434 | |
| 31-12-2019 | abbreviated format | 11-06-2020 | 2020-15900152 | |
| 31-12-2018 | abbreviated format | 07-06-2019 | 2019-16400312 | |
| 31-12-2017 | abbreviated format | 08-06-2018 | 2018-16500561 | |
| 31-12-2016 | abbreviated format | 12-06-2017 | 2017-16000306 |