Brightspace
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 11 days after the deadline Filed on 11 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00392199.
Annual accounts 2025 filed on 11-08-2026 at the NBB all 9 filings
Turnover
≈ €76,000
Estimated: probably between €36,000 and €150,000
Total assets
€143,736▲ 158%
2024 · €55,641
Net result
€5,871
2024 · -€11,551
Working capital
-€153,433▲ 4.0%
2024 · -€159,857
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€15,620
2025
20182025
Net result
€5,871
2025
middle half of the sector
20182025
Equity
-€108,309
▲ 5.1%
2025
lowest quarter of the sector
20182025
Total assets
€143,736
▲ 158%
2025
middle half of the sector
20182025
Debt
€252,045
▲ 48.4%
2025
20182025
Working capital
-€153,433
▲ 4.0%
2025
lowest quarter of the sector
20182025
Solvency
-75.4%
▲ 129.9pp
2025
lowest quarter of the sector
20182025
Current ratio
0.37
▲ 0.36
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
4.1%
▲ 24.8pp
2025
middle half 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€111,322--€9,733-€35,050▼ 260%€10,937€9,179▼ 16.1%-€5,480-€2,367▲ 56.8%€15,620
Net result€107,933--€11,562-€98,052below the sector's middle half▼ 748%€6,640within the sector's middle half€4,468within the sector's middle half▼ 32.7%-€14,057below the sector's middle half-€11,551below the sector's middle half▲ 17.8%€5,871within the sector's middle half
Equity€9,933--€1,629-€99,681below the sector's middle half▼ 6,020%-€93,040below the sector's middle half▲ 6.7%-€88,572below the sector's middle half▲ 4.8%-€102,629below the sector's middle half▼ 15.9%-€114,180below the sector's middle half▼ 11.3%-€108,309below the sector's middle half▲ 5.1%
Total assets€131,500-€92,664▼ 29.5%€79,548below the sector's middle half▼ 14.2%€70,348below the sector's middle half▼ 11.6%€63,398below the sector's middle half▼ 9.9%€58,994below the sector's middle half▼ 6.9%€55,641below the sector's middle half▼ 5.7%€143,736within the sector's middle half▲ 158%
Debt€121,567-€94,293▼ 22.4%€179,229▲ 90.1%€163,389▼ 8.8%€151,970▼ 7.0%€161,623▲ 6.4%€169,821▲ 5.1%€252,045▲ 48.4%
Working capital-€59,267--€66,746▼ 12.6%-€159,339below the sector's middle half▼ 139%-€144,996below the sector's middle half▲ 9.0%-€138,709below the sector's middle half▲ 4.3%-€148,993below the sector's middle half▼ 7.4%-€159,857below the sector's middle half▼ 7.3%-€153,433below the sector's middle half▲ 4.0%
Solvency7.6%--1.8%▼ 9.3pp-125.3%below the sector's middle half▼ 123.6pp-132.3%below the sector's middle half▼ 6.9pp-139.7%below the sector's middle half▼ 7.5pp-174.0%below the sector's middle half▼ 34.3pp-205.2%below the sector's middle half▼ 31.2pp-75.4%below the sector's middle half▲ 129.9pp
Current ratio0.50-0.28▼ 0.220.10below the sector's middle half▼ 0.180.09below the sector's middle half▼ 0.010.06below the sector's middle half▼ 0.030.03below the sector's middle half▼ 0.030.00below the sector's middle half▼ 0.020.37below the sector's middle half▲ 0.36
Return on assets (ROA)82.1%--12.5%▼ 94.6pp-123.3%below the sector's middle half▼ 110.8pp9.4%within the sector's middle half▲ 132.7pp7.0%within the sector's middle half▼ 2.4pp-23.8%below the sector's middle half▼ 30.9pp-20.8%below the sector's middle half▲ 3.1pp4.1%within the sector's middle half▲ 24.8pp
Staff (FTE)0.8below the sector's middle half0within the sector's middle half
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 a profit of €15,620, after a loss of €2,367 in 2024. It is the highest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €143,736
Fixed assets
€55,000 =
Current assets
€88,736 ▲ 139×
Equity and liabilities
Equity-€108,309
Debt€252,045
Equity is negative. Debt (€252,045) exceeds the balance-sheet total (€143,736).
Key figures and ratios
Debt ≤ 1 year
€242,169▲
2024 · €160,498
Staff costs
€0▼
2024 · €163
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.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €6,131 | €721 | €0 | - | - |
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 | - | - | - | €45,968 | €0 | €13,999 | €163 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,491 | €5,631 | €6,006 | €6,131 | €721 | €0 | - | - | - |
| Other operating charges640/8 | - | - | - | €348 | €682 | €228 | €627 | €544 | ▼ 13.2% |
| Non-recurring operating charges66A | - | - | - | - | €208 | €0 | - | - | - |
| Gross operating margin9900 | €117,161 | -€3,901 | €23,334 | €63,384 | €10,790 | €8,747 | -€1,576 | €16,164 | - |
| Operating profit (loss)9901 | €111,322 | -€9,733 | -€35,050 | €10,937 | €9,179 | -€5,480 | -€2,367 | €15,620 | - |
| Financial charges65/66B | - | - | - | €4,218 | €4,702 | €8,484 | €9,184 | €9,749 | ▲ 6.1% |
| Recurring financial charges65 | €3,222 | €1,658 | €2,635 | €4,218 | €4,702 | €8,484 | €9,184 | €9,749 | ▲ 6.1% |
| Profit (loss) for the period before taxes9903 | €108,101 | -€11,391 | -€37,686 | €6,720 | €4,477 | -€13,964 | -€11,551 | €5,871 | - |
| Income taxes67/77 | €168 | €171 | €60,366 | €79 | €9 | €93 | €0 | - | - |
| Profit (loss) for the period9904 | €107,933 | -€11,562 | -€98,052 | €6,640 | €4,468 | -€14,057 | -€11,551 | €5,871 | - |
| Profit (loss) for the period to be appropriated9905 | €107,933 | -€11,562 | -€98,052 | €6,640 | €4,468 | -€14,057 | -€11,551 | €5,871 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €131,500 | €92,664 | €79,548 | €70,348 | €63,398 | €58,994 | €55,641 | €143,736 | ▲ 158% |
| Fixed assets21/28 | €72,613 | €66,983 | €62,476 | €56,345 | €55,000 | €55,000 | €55,000 | €55,000 | = |
| Tangible fixed assets22/27 | €72,613 | €66,983 | €62,476 | €56,345 | €55,000 | €55,000 | €55,000 | €55,000 | = |
| Plant, machinery and equipment23 | - | - | - | €624 | €0 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €721 | €0 | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €55,000 | €55,000 | €55,000 | €55,000 | €55,000 | = |
| Current assets29/58 | €58,887 | €25,682 | €17,073 | €14,004 | €8,398 | €3,994 | €641 | €88,736 | ▲ 139× |
| Amounts receivable within one year40/41 | €34,040 | €4,917 | €12,198 | €3,630 | €3,630 | €3,678 | €427 | €47,730 | ▲ 112× |
| Trade receivables40 | - | - | - | €3,630 | €3,630 | €3,678 | €0 | €47,730 | - |
| Other amounts receivable41 | - | - | - | - | - | - | €427 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €24,830 | €20,747 | €3,962 | €10,347 | €4,768 | €316 | €214 | €33,323 | ▲ 156× |
| Deferred charges and accrued income490/1 | - | - | - | €26 | €0 | - | - | €7,683 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €131,500 | €92,664 | €79,548 | €70,348 | €63,398 | €58,994 | €55,641 | €143,736 | ▲ 158% |
| Equity10/15 | €9,933 | -€1,629 | -€99,681 | -€93,040 | -€88,572 | -€102,629 | -€114,180 | -€108,309 | ▲ 5.1% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Profit (loss) carried forward14 | -€10,067 | -€21,629 | -€119,681 | -€113,040 | -€108,572 | -€122,629 | -€134,180 | -€128,309 | ▲ 4.4% |
| Amounts payable17/49 | €121,567 | €94,293 | €179,229 | €163,389 | €151,970 | €161,623 | €169,821 | €252,045 | ▲ 48.4% |
| Amounts payable within one year42/48 | €118,154 | €92,427 | €176,412 | €158,999 | €147,107 | €152,986 | €160,498 | €242,169 | ▲ 50.9% |
| Trade debts44 | €5,826 | €2,999 | €38,096 | €598 | €438 | €485 | €438 | €67,359 | ▲ 154× |
| Suppliers440/4 | - | - | - | €598 | €438 | €485 | €438 | €67,359 | ▲ 154× |
| Taxes, remuneration and social security45 | - | - | - | €567 | €1,025 | €751 | €448 | €4,065 | ▲ 807% |
| Taxes450/3 | - | - | - | €567 | €1,025 | €751 | €448 | €4,065 | ▲ 807% |
| Remuneration and social security454/9 | - | - | - | €0 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €157,834 | €145,644 | €151,751 | €159,612 | €170,745 | ▲ 7.0% |
| Accrued charges and deferred income492/3 | - | - | - | €4,390 | €4,864 | €8,637 | €9,323 | €9,876 | ▲ 5.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €107,933 | -€11,562 | -€98,052 | €6,640 | €4,468 | -€14,057 | -€11,551 | €5,871 | - |
| + Depreciation and write-downs630 | €5,491 | €5,631 | €6,006 | €6,131 | €721 | €0 | - | - | - |
| Operating cash flow (approximation) | €113,424 | -€5,931 | -€92,046 | €12,771 | €5,189 | -€14,057 | -€11,551 | €5,871 | - |
| Investment in fixed assets (approximation) | - | €0 | -€1,499 | €0 | €624 | €0 | €0 | €0 | - |
| Change in cash | - | -€4,083 | -€16,786 | €6,386 | -€5,579 | -€4,452 | -€102 | €33,109 | - |
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, 906 companies had the same profile as Brightspace has now. Two years later, 89.3% were still going and 6.1% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a profit under 5% of the balance sheet
89.3%
was still going
4.1%
stopped otherwise
6.1%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Brightspace itself is lower: 0.2% within 12 months. It rests on far more data about Brightspace than the profile alone.
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 906 companies, not a prediction for Brightspace. 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.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 11-08-2026 | 2026-00392199 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00197222 | |
| 31-12-2023 | abbreviated format | 28-06-2024 | 2024-00174773 | |
| 31-12-2022 | abbreviated format | 29-06-2023 | 2023-00201468 | |
| 31-12-2021 | abbreviated format | 22-06-2022 | 2022-20081071 | |
| 31-12-2020 | abbreviated format | 09-08-2021 | 2021-46700330 | |
| 31-12-2019 | abbreviated format | 14-09-2020 | 2020-53600521 | |
| 31-12-2018 | abbreviated format | 08-07-2019 | 2019-30300147 | |
| 31-12-2017 | abbreviated format | 30-08-2018 | 2018-58200485 |