CAPPACITY
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 08-01-2026 PDF all 12 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €120,000
Estimated: probably between €100,000 and €150,000
Total assets
€359,810▲ 678%
2024 · €46,259
Net result
€3,387
2024 · -€4,804
Working capital
€24,182▲ 5.7%
2024 · €22,880
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€9,609
2025
20192025
Net result
€3,387
2025
lowest quarter of the sector
20192025
Equity
€13,949
▲ 32.1%
2025
lowest quarter of the sector
20192025
Total assets
€359,810
▲ 678%
2025
highest quarter of the sector
20192025
Debt
€345,861
▲ 869%
2025
20192025
Working capital
€24,182
▲ 5.7%
2025
middle half of the sector
20192025
Solvency
3.9%
▼ 19.0pp
2025
lowest quarter of the sector
20192025
Current ratio
1.38
▼ 0.80
2025
middle half of the sector
20192025
Return on assets (ROA)
0.9%
▲ 11.3pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€1,544-€7,593-€7,770€13,335-€3,469-€5,197▼ 49.8%€9,609
Net result-€2,738-€5,916within the sector's middle half-€9,431below the sector's middle half€10,781within the sector's middle half-€5,225below the sector's middle half-€4,804below the sector's middle half▲ 8.1%€3,387below the sector's middle half
Equity€13,325-€19,241below the sector's middle half▲ 44.4%€9,810below the sector's middle half▼ 49.0%€20,590below the sector's middle half▲ 110%€15,365below the sector's middle half▼ 25.4%€10,561below the sector's middle half▼ 31.3%€13,949below the sector's middle half▲ 32.1%
Total assets€30,701-€51,278below the sector's middle half▲ 67.0%€15,654below the sector's middle half▼ 69.5%€91,344within the sector's middle half▲ 484%€34,565below the sector's middle half▼ 62.2%€46,259below the sector's middle half▲ 33.8%€359,810above the sector's middle half▲ 678%
Debt€17,376-€32,037▲ 84.4%€5,845▼ 81.8%€70,754▲ 12×€19,201▼ 72.9%€35,697▲ 85.9%€345,861▲ 869%
Working capital€4,836-€12,727within the sector's middle half▲ 163%€3,467below the sector's middle half▼ 72.8%€16,195within the sector's middle half▲ 367%€10,717below the sector's middle half▼ 33.8%€22,880within the sector's middle half▲ 114%€24,182within the sector's middle half▲ 5.7%
Solvency43.4%-37.5%within the sector's middle half▼ 5.9pp62.7%within the sector's middle half▲ 25.1pp22.5%below the sector's middle half▼ 40.1pp44.5%within the sector's middle half▲ 21.9pp22.8%below the sector's middle half▼ 21.6pp3.9%below the sector's middle half▼ 19.0pp
Current ratio1.28-1.40within the sector's middle half▲ 0.121.64within the sector's middle half▲ 0.241.23below the sector's middle half▼ 0.411.57within the sector's middle half▲ 0.342.18within the sector's middle half▲ 0.611.38within the sector's middle half▼ 0.80
Return on assets (ROA)-8.9%-11.5%within the sector's middle half▲ 20.5pp-60.2%below the sector's middle half▼ 71.8pp11.8%within the sector's middle half▲ 72.0pp-15.1%below the sector's middle half▼ 26.9pp-10.4%below the sector's middle half▲ 4.7pp0.9%below the sector's middle half▲ 11.3pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 €9,609, after a loss of €5,197 in 2024.
Turnover and EBIT margin are not published. The 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 €359,810
Fixed assets
€272,125 ▲ 69×
Current assets
€87,685 ▲ 107%
Equity and liabilities €359,810
Equity
€13,949 ▲ 32.1%
Debt
€345,861 ▲ 869%
Debt's share of the balance-sheet total rises from 77.2% to 96.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€47,290▲
2024 · -€4,012
Cash flow
€41,068▲
2024 · -€3,619
Debt to equity
24.80▲
2024 · 3.38
ROE
24.3%▲
2024 · -45.5%
Interest coverage
16.79▲
2024 · -1.86
Debt ≤ 1 year
€63,503▲
2024 · €19,415
Debt > 1 year
€271,800▲
2024 · €15,000
Income taxes
€3,405▲
2024 · -€2,500
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €2,367 | - | €307,359 |
| Depreciation and write-downs of the year | €1,947 | €2,074 | €1,184 | €37,681 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,094 | €2,105 | €2,837 | €1,947 | €2,074 | €1,184 | €37,681 | ▲ 32× |
| Other operating charges640/8 | - | - | - | €832 | €562 | €691 | €3,037 | ▲ 339% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €1,516 | - |
| Gross operating margin9900 | €2,506 | €10,906 | -€3,953 | €16,114 | -€833 | -€3,321 | €51,843 | - |
| Operating profit (loss)9901 | -€1,544 | €7,593 | -€7,770 | €13,335 | -€3,469 | -€5,197 | €9,609 | - |
| Financial income75/76B | - | - | - | €51 | €3 | €54 | €0 | ▼ 99.9% |
| Recurring financial income75 | €0 | €210 | €210 | €51 | €3 | €54 | €0 | ▼ 99.9% |
| Financial charges65/66B | - | - | - | €1,142 | €1,359 | €2,160 | €2,817 | ▲ 30.4% |
| Recurring financial charges65 | €409 | €999 | €1,541 | €1,142 | €1,359 | €2,160 | €2,817 | ▲ 30.4% |
| Profit (loss) for the period before taxes9903 | -€1,952 | €6,804 | -€9,101 | €12,243 | -€4,825 | -€7,304 | €6,792 | - |
| Income taxes67/77 | €785 | €889 | €331 | €1,463 | €400 | -€2,500 | €3,405 | - |
| Profit (loss) for the period9904 | -€2,738 | €5,916 | -€9,431 | €10,781 | -€5,225 | -€4,804 | €3,387 | - |
| Profit (loss) for the period to be appropriated9905 | -€2,738 | €5,916 | -€9,431 | €10,781 | -€5,225 | -€4,804 | €3,387 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €30,701 | €51,278 | €15,654 | €91,344 | €34,565 | €46,259 | €359,810 | ▲ 678% |
| Formation expenses20 | €0 | €0 | €0 | - | - | - | - | - |
| Fixed assets21/28 | €8,514 | €6,970 | €6,801 | €4,855 | €5,148 | €3,963 | €272,125 | ▲ 69× |
| Intangible fixed assets21 | €351 | €176 | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €8,163 | €6,794 | €6,801 | €4,855 | €5,148 | €3,963 | €272,125 | ▲ 69× |
| Land and buildings22 | - | - | - | €3,690 | €3,058 | €2,447 | €267,132 | ▲ 109× |
| Furniture and vehicles24 | - | - | - | €1,164 | €2,089 | €1,516 | €4,993 | ▲ 229% |
| Financial fixed assets28 | €0 | €0 | €0 | - | - | - | - | - |
| Current assets29/58 | €22,187 | €44,308 | €8,853 | €86,489 | €29,418 | €42,296 | €87,685 | ▲ 107% |
| Stocks and contracts in progress3 | €0 | €0 | €0 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €17,390 | €14,854 | €7,084 | €35,422 | €26,816 | €36,043 | €58,803 | ▲ 63.1% |
| Trade receivables40 | - | - | - | €31,885 | €24,359 | €35,134 | €55,298 | ▲ 57.4% |
| Other amounts receivable41 | - | - | - | €3,537 | €2,457 | €910 | €3,505 | ▲ 285% |
| Current investments50/53 | €0 | €0 | €0 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €4,175 | €21,689 | €1,112 | €50,652 | €1,822 | €5,405 | €26,089 | ▲ 383% |
| Deferred charges and accrued income490/1 | - | - | - | €415 | €780 | €847 | €2,793 | ▲ 230% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €30,701 | €51,278 | €15,654 | €91,344 | €34,565 | €46,259 | €359,810 | ▲ 678% |
| Equity10/15 | €13,325 | €19,241 | €9,810 | €20,590 | €15,365 | €10,561 | €13,949 | ▲ 32.1% |
| Contributions10/11 | €7,200 | €0 | - | €7,200 | €7,200 | €7,200 | €7,200 | = |
| Reserves13 | €6,125 | €12,041 | €2,610 | €13,390 | €8,165 | €3,361 | €6,749 | ▲ 101% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €11,530 | €8,165 | €3,361 | €6,749 | ▲ 101% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | - | - | - | - | - |
| Amounts payable17/49 | €17,376 | €32,037 | €5,845 | €70,754 | €19,201 | €35,697 | €345,861 | ▲ 869% |
| Amounts payable after more than one year17 | - | - | - | - | - | €15,000 | €271,800 | ▲ 18× |
| Financial debts170/4 | - | - | - | - | - | - | €271,800 | - |
| Other amounts payable178/9 | - | - | - | - | - | €15,000 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €17,351 | €31,580 | €5,386 | €70,294 | €18,701 | €19,415 | €63,503 | ▲ 227% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €30,200 | - |
| Financial debts43 | - | - | - | €50,000 | - | - | €3,843 | - |
| Credit institutions430/8 | - | - | - | €50,000 | - | - | €3,843 | - |
| Trade debts44 | €8,088 | €2,545 | €798 | €9,376 | €4,839 | €7,425 | €5,023 | ▼ 32.3% |
| Suppliers440/4 | - | - | - | €9,376 | €4,839 | €7,425 | €5,023 | ▼ 32.3% |
| Taxes, remuneration and social security45 | - | - | - | €5,310 | €3,385 | €7,351 | €13,989 | ▲ 90.3% |
| Taxes450/3 | - | - | - | €5,310 | €3,385 | €7,351 | €13,989 | ▲ 90.3% |
| Other amounts payable47/48 | - | - | - | €5,608 | €10,477 | €4,639 | €10,449 | ▲ 125% |
| Accrued charges and deferred income492/3 | - | - | - | €460 | €499 | €1,282 | €10,558 | ▲ 723% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,738 | €5,916 | -€9,431 | €10,781 | -€5,225 | -€4,804 | €3,387 | - |
| + Depreciation and write-downs630 | €2,094 | €2,105 | €2,837 | €1,947 | €2,074 | €1,184 | €37,681 | ▲ 32× |
| Operating cash flow (approximation) | -€643 | €8,021 | -€6,594 | €12,727 | -€3,151 | -€3,619 | €41,068 | - |
| Investment in fixed assets (approximation) | - | -€561 | -€2,668 | €0 | -€2,367 | €0 | -€305,842 | - |
| Change in cash | - | €17,514 | -€20,577 | €49,540 | -€48,831 | €3,583 | €20,684 | ▲ 477% |
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, 1,375 companies had the same profile as CAPPACITY has now. Two years later, 95.9% were still going and 2.2% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit under 5% of the balance sheet
95.9%
was still going
1.6%
stopped otherwise
2.2%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CAPPACITY itself: 0.7% 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 1,375 companies, not a prediction for CAPPACITY. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 08-01-2026 | 2026-00005105 | |
| 30-06-2024 | micro format | 06-01-2025 | 2025-00630772 | |
| 30-06-2023 | micro format | 08-03-2024 | 2024-00040861 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00014360 | |
| 30-06-2021 | micro format | 23-02-2022 | 2022-06700146 | |
| 30-06-2020 | micro format | 01-02-2021 | 2021-04200434 | |
| 30-06-2019 | micro format | 30-01-2020 | 2020-03700489 | |
| 30-06-2018 | micro format | 31-01-2019 | 2019-04300421 | |
| 30-06-2017 | micro format | 31-01-2018 | 2018-04000042 | |
| 30-06-2016 | abbreviated format | 04-01-2017 | 2017-00200525 |