BRAINVIEW
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 07-07-2026 at the NBB all 11 filings
Turnover
€135,385
EBIT margin
33.9%
Net result
€40,802▼ 91.9%
2024 · €503,265
Working capital
€562,703▲ 2.8%
2024 · €547,148
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€59,799
▲ 112%
2025
20182025
Net result
€40,802
▼ 91.9%
2025
highest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€719,363
▲ 6.0%
2025
highest quarter of the sector
20182025
Total assets
€1.1m
▲ 1.0%
2025
highest quarter of the sector
20182025
Debt
€350,898
▼ 7.9%
2025
20182025
Working capital
€562,703
▲ 2.8%
2025
highest quarter of the sector
20182025
Solvency
67.2%
▲ 3.2pp
2025
middle half of the sector
20182025
Current ratio
4.36
▲ 0.04
2025
highest quarter of the sector
20182025
Return on assets (ROA)
3.8%
▼ 43.7pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.1m-
Operating result€0.05m-€0.04m▼ 4.2%€0.04m▲ 1.4%€0.06m▲ 43.0%€0.06m▼ 11.3%€0.02m▼ 56.4%€0.03m▲ 14.4%€0.06m▲ 112%
Net result€0.03m-€0.03m▲ 19.4%€0.03mabove the sector's middle half▼ 4.3%€0.05mabove the sector's middle half▲ 63.1%€0.04mabove the sector's middle half▼ 12.7%€0.01mwithin the sector's middle half▼ 76.8%€0.5mabove the sector's middle half▲ 52×€0.04mabove the sector's middle half▼ 91.9%
EBIT margin33.9%-
Equity€0.08m-€0.1m▲ 38.9%€0.1mabove the sector's middle half▲ 26.8%€0.2mabove the sector's middle half▲ 34.8%€0.2mabove the sector's middle half▲ 22.9%€0.2mabove the sector's middle half▼ 8.3%€0.7mabove the sector's middle half▲ 231%€0.7mabove the sector's middle half▲ 6.0%
Total assets€0.1m-€0.2m▲ 38.2%€0.2mwithin the sector's middle half▲ 34.4%€0.3mabove the sector's middle half▲ 40.9%€0.3mabove the sector's middle half▲ 6.9%€0.3mabove the sector's middle half▲ 5.3%€1.1mabove the sector's middle half▲ 204%€1.1mabove the sector's middle half▲ 1.0%
Debt€0.04m-€0.06m▲ 36.9%€0.09m▲ 48.4%€0.1m▲ 50.4%€0.1m▼ 15.9%€0.1m▲ 33.6%€0.4m▲ 165%€0.4m▼ 7.9%
Working capital€0.07m-€0.1m▲ 33.4%€0.1mabove the sector's middle half▲ 13.2%€0.1mabove the sector's middle half▲ 22.1%€0.2mabove the sector's middle half▲ 33.2%€0.2mabove the sector's middle half▼ 12.9%€0.5mabove the sector's middle half▲ 256%€0.6mabove the sector's middle half▲ 2.8%
Solvency64.6%-64.9%▲ 0.3pp61.3%within the sector's middle half▼ 3.7pp58.7%within the sector's middle half▼ 2.6pp67.5%within the sector's middle half▲ 8.8pp58.8%within the sector's middle half▼ 8.7pp64.1%within the sector's middle half▲ 5.3pp67.2%within the sector's middle half▲ 3.2pp
Current ratio3.14-2.98▼ 0.164.13within the sector's middle half▲ 1.152.70within the sector's middle half▼ 1.434.07above the sector's middle half▲ 1.372.61within the sector's middle half▼ 1.464.32above the sector's middle half▲ 1.714.36above the sector's middle half▲ 0.04
Return on assets (ROA)21.6%-18.7%▼ 2.9pp13.3%within the sector's middle half▼ 5.4pp15.4%within the sector's middle half▲ 2.1pp12.6%within the sector's middle half▼ 2.8pp2.8%within the sector's middle half▼ 9.8pp47.5%above the sector's middle half▲ 44.7pp3.8%within the sector's middle half▼ 43.7pp
above
within
below
The sector band is the middle half of the companies in Arts creation and performing arts activities (NACE 90). 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 112% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€340,030 ▼ 2.2%
Current assets
€730,231 ▲ 2.6%
Equity and liabilities €1.1m
Equity
€719,363 ▲ 6.0%
Debt
€350,898 ▼ 7.9%
Debt's share of the balance-sheet total falls from 35.9% to 32.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€67,321▲
2024 · €39,707
Cash flow
€48,324▼
2024 · €514,713
Debt to equity
0.49▼
2024 · 0.56
ROE
5.7%▼
2024 · 74.2%
Interest coverage
3.65▼
2024 · 3.76
Debt ≤ 1 year
€167,528▲
2024 · €164,679
Debt > 1 year
€177,781▼
2024 · €211,657
Income taxes
€14,440▼
2024 · €59,830
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 | €31,277 | €9,493 | €24,317 | €9,533 | - |
| Financial fixed assets | - | - | - | €250,000 | - |
| Depreciation and write-downs of the year | €8,570 | €11,856 | €11,369 | €11,448 | €7,523 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €327 awarded · €327 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €258 | €258 |
| 2022 | 1 | €69 | €69 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €135,385 | - | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | - | €6,787 | €0 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0 | €176 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,776 | €14,095 | €6,077 | €8,570 | €11,856 | €11,369 | €11,448 | €7,523 | ▼ 34.3% |
| Other operating charges640/8 | - | - | - | €686 | €512 | €1,283 | €1,250 | €585 | ▼ 53.2% |
| Non-recurring operating charges66A | - | - | - | - | - | €2,590 | €0 | €179 | - |
| Gross operating margin9900 | €56,146 | €58,743 | €51,391 | €73,066 | €69,173 | €39,934 | €40,957 | €68,086 | ▲ 66.2% |
| Operating profit (loss)9901 | €45,927 | €44,014 | €44,638 | €63,810 | €56,630 | €24,692 | €28,259 | €59,799 | ▲ 112% |
| Financial income75/76B | - | - | - | €4,423 | €4,228 | €2,610 | €545,390 | €13,882 | ▼ 97.5% |
| Recurring financial income75 | €60 | €135 | €138 | €4,423 | €4,228 | €2,610 | €545,390 | €13,882 | ▼ 97.5% |
| Financial charges65/66B | - | - | - | €2,774 | €2,937 | €9,715 | €10,554 | €18,439 | ▲ 74.7% |
| Recurring financial charges65 | €881 | €864 | €571 | €2,774 | €2,937 | €9,715 | €10,554 | €18,439 | ▲ 74.7% |
| Profit (loss) for the period before taxes9903 | €45,107 | €43,286 | €44,205 | €65,459 | €57,921 | €17,587 | €563,095 | €55,242 | ▼ 90.2% |
| Income taxes67/77 | €19,506 | €12,721 | €14,963 | €17,752 | €16,269 | €7,908 | €59,830 | €14,440 | ▼ 75.9% |
| Profit (loss) for the period9904 | €25,600 | €30,564 | €29,242 | €47,708 | €41,651 | €9,679 | €503,265 | €40,802 | ▼ 91.9% |
| Profit (loss) for the period to be appropriated9905 | €25,600 | €30,564 | €29,242 | €47,708 | €41,651 | €9,679 | €503,265 | €40,802 | ▼ 91.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.1m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €1.1m | €1.1m | ▲ 1.0% |
| Fixed assets21/28 | €0.01m | €0.02m | €0.08m | €0.1m | €0.1m | €0.1m | €0.3m | €0.3m | ▼ 2.2% |
| Tangible fixed assets22/27 | €0.01m | €0.02m | €0.01m | €0.04m | €0.03m | €0.04m | €0.03m | €0.03m | ▼ 22.0% |
| Land and buildings22 | - | - | - | €0.006m | €0.005m | €0.02m | €0.02m | €0.02m | ▼ 15.6% |
| Plant, machinery and equipment23 | - | - | - | €0.02m | €0.02m | €0.01m | €0.005m | €0.002m | ▼ 62.9% |
| Furniture and vehicles24 | - | - | - | €0.008m | €0.007m | €0.006m | €0.005m | €0.005m | ▼ 12.4% |
| Financial fixed assets28 | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.3m | €0.3m | = |
| Current assets29/58 | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.7m | €0.7m | ▲ 2.6% |
| Amounts receivable after more than one year29 | - | - | - | €0.08m | €0.08m | €0.08m | €0.05m | €0.05m | = |
| Other amounts receivable291 | - | - | - | €0.08m | €0.08m | €0.08m | €0.05m | €0.05m | = |
| Amounts receivable within one year40/41 | €0.04m | €0.02m | €0.1m | €0.03m | €0.06m | €0.07m | €0.04m | €0.1m | ▲ 138% |
| Trade receivables40 | - | - | - | €0.03m | €0.05m | €0.06m | €0.04m | €0.09m | ▲ 128% |
| Other amounts receivable41 | - | - | - | €0.005m | €0.01m | €0.02m | €50 | €0.004m | ▲ 79× |
| Current investments50/53 | - | - | - | - | - | - | €0.5m | €0.5m | ▲ 3.2% |
| Cash at bank and in hand54/58 | €0.07m | €0.1m | €0.03m | €0.09m | €0.08m | €0.09m | €0.1m | €0.07m | ▼ 40.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.006m | €0.007m | €0.01m | €0.007m | ▼ 42.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.1m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €1.1m | €1.1m | ▲ 1.0% |
| Equity10/15 | €0.08m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.7m | €0.7m | ▲ 6.0% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.03m | €0.06m | €0.09m | €0.1m | €0.2m | €0.2m | €0.7m | €0.7m | ▲ 6.2% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0 | - | - |
| Distributable reserves133 | - | - | - | €0.1m | €0.2m | €0.2m | €0.7m | €0.7m | ▲ 6.2% |
| Profit (loss) carried forward14 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0 | €0 | €0 | - |
| Amounts payable17/49 | €0.04m | €0.06m | €0.09m | €0.1m | €0.1m | €0.1m | €0.4m | €0.4m | ▼ 7.9% |
| Amounts payable after more than one year17 | €0.008m | €0.009m | €0.05m | €0.05m | €0.05m | €0.05m | €0.2m | €0.2m | ▼ 16.0% |
| Financial debts170/4 | - | - | - | €0 | - | €0.05m | €0.2m | €0.2m | ▼ 16.0% |
| Other amounts payable178/9 | - | - | - | €0.05m | €0.05m | - | - | - | - |
| Amounts payable within one year42/48 | €0.03m | €0.05m | €0.03m | €0.08m | €0.06m | €0.1m | €0.2m | €0.2m | ▲ 1.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.003m | €0 | €0.005m | €0.03m | €0.03m | ▲ 2.8% |
| Financial debts43 | - | - | - | €0.004m | €0.008m | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0.004m | €0.008m | - | - | - | - |
| Trade debts44 | €0.004m | €0.008m | €0.01m | €0.05m | €0.03m | €0.04m | €0.03m | €0.01m | ▼ 55.6% |
| Suppliers440/4 | - | - | - | €0.05m | €0.03m | €0.04m | €0.03m | €0.01m | ▼ 55.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.006m | €0.008m | €0.007m | €0.06m | €0.06m | = |
| Taxes450/3 | - | - | - | €0.006m | €0.005m | €0.004m | €0.06m | €0.06m | = |
| Remuneration and social security454/9 | - | - | - | - | €0.003m | €0.003m | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €0.01m | €0.01m | €0.04m | €0.04m | €0.06m | ▲ 46.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | €0.002m | €0.001m | €0.004m | €0.006m | ▲ 24.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €25,600 | €30,564 | €29,242 | €47,708 | €41,651 | €9,679 | €503,265 | €40,802 | ▼ 91.9% |
| + Depreciation and write-downs630 | €9,776 | €14,095 | €6,077 | €8,570 | €11,856 | €11,369 | €11,448 | €7,523 | ▼ 34.3% |
| Operating cash flow (approximation) | €35,376 | €44,660 | €35,319 | €56,278 | €53,507 | €21,048 | €514,713 | €48,324 | ▼ 90.6% |
| Investment in fixed assets (approximation) | - | -€20,475 | -€63,360 | -€31,277 | -€9,493 | -€13,842 | -€259,533 | €0 | - |
| Change in cash | - | €50,880 | -€86,120 | €55,904 | -€9,754 | €5,696 | €31,903 | -€47,469 | - |
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, 6,049 companies had the same profile as BRAINVIEW has now. Two years later, 96.0% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
96.0%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of BRAINVIEW 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 6,049 companies, not a prediction for BRAINVIEW. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-07-2026 | 2026-00283264 | |
| 31-12-2024 | micro format | 10-07-2025 | 2025-00264741 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00449904 | |
| 31-12-2022 | micro format | 21-11-2023 | 2023-00514345 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20364376 | |
| 31-12-2020 | micro format | 23-07-2021 | 2021-40200375 | |
| 31-12-2019 | micro format | 19-10-2020 | 2020-62300405 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-57400315 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-52000546 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-58100403 |