CHORUS
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 29 filings
Turnover
≈ €210,000
Estimated: probably between €170,000 and €270,000
EBIT margin
Not included in this filing
Net result
-€71,219▼ 1,110%
2024 · -€5,884
Working capital
-€2.7m▲ 2.5%
2024 · -€2.8m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€28,313
▼ 72.4%
2025
20182025
Net result
-€71,219
▼ 1,110%
2025
lowest quarter of the sector
20182025
Equity
€3.0m
▼ 2.3%
2025
middle half of the sector
20182025
Total assets
€9.1m
▲ 0.3%
2025
middle half of the sector
20182025
Debt
€6.1m
▲ 1.6%
2025
20182025
Working capital
-€2.7m
▲ 2.5%
2025
lowest quarter of the sector
20182025
Solvency
33.3%
▼ 0.9pp
2025
middle half of the sector
20182025
Current ratio
0.05
▲ 0.04
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-0.8%
▼ 0.7pp
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-€0.2m-€0.4m€0.2m▼ 58.9%€0.5m▲ 177%€0.08m▼ 83.2%€0.1m▲ 39.6%€0.1m▼ 9.2%€0.03m▼ 72.4%
Net result-€0.3m-€0.3m€0.02mwithin the sector's middle half▼ 93.8%€0.2mabove the sector's middle half▲ 15×-€0.05mbelow the sector's middle half-€0.007mbelow the sector's middle half▲ 87.2%-€0.006mbelow the sector's middle half▲ 14.5%-€0.07mbelow the sector's middle half▼ 1,110%
Equity€2.6m-€2.9m▲ 10.0%€2.9mabove the sector's middle half▲ 0.6%€3.2mabove the sector's middle half▲ 8.4%€3.1mabove the sector's middle half▼ 1.7%€3.1mabove the sector's middle half▼ 0.2%€3.1mabove the sector's middle half▼ 0.2%€3.0mwithin the sector's middle half▼ 2.3%
Total assets€8.1m-€8.9m▲ 9.7%€9.2mabove the sector's middle half▲ 3.2%€9.2mabove the sector's middle half▼ 0.2%€9.3mabove the sector's middle half▲ 1.4%€9.2mabove the sector's middle half▼ 1.8%€9.1mabove the sector's middle half▼ 0.7%€9.1mwithin the sector's middle half▲ 0.3%
Debt€5.5m-€6.0m▲ 9.6%€6.3m▲ 4.4%€6.0m▼ 4.2%€6.2m▲ 3.1%€6.0m▼ 2.6%€6.0m▼ 1.0%€6.1m▲ 1.6%
Working capital-€2.7m--€3.0m▼ 11.1%-€3.2mbelow the sector's middle half▼ 5.9%-€2.6mbelow the sector's middle half▲ 20.7%-€2.9mbelow the sector's middle half▼ 14.7%-€2.9mbelow the sector's middle half▲ 1.4%-€2.8mbelow the sector's middle half▲ 2.7%-€2.7mbelow the sector's middle half▲ 2.5%
Solvency32.5%-32.6%▲ 0.1pp31.7%within the sector's middle half▼ 0.8pp34.5%within the sector's middle half▲ 2.7pp33.4%within the sector's middle half▼ 1.1pp34.0%within the sector's middle half▲ 0.5pp34.1%within the sector's middle half▲ 0.2pp33.3%within the sector's middle half▼ 0.9pp
Current ratio0.13-0.12▼ 0.010.11below the sector's middle half▼ 0.010.22below the sector's middle half▲ 0.110.07below the sector's middle half▼ 0.150.01below the sector's middle half▼ 0.060.01below the sector's middle half=0.05below the sector's middle half▲ 0.04
Return on assets (ROA)-4.1%-3.0%▲ 7.1pp0.2%within the sector's middle half▼ 2.8pp2.7%within the sector's middle half▲ 2.5pp-0.6%below the sector's middle half▼ 3.3pp-0.1%below the sector's middle half▲ 0.5pp-0.1%below the sector's middle half=-0.8%below the sector's middle half▼ 0.7pp
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 72% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9.1m
Fixed assets
€9.0m ▼ 1.1%
Current assets
€156,475 ▲ 384%
Equity and liabilities €9.1m
Equity
€3.0m ▼ 2.3%
Debt
€6.1m ▲ 1.6%
Debt's share of the balance-sheet total rises from 65.9% to 66.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€126,898▼
2024 · €200,201
Cash flow
€27,366▼
2024 · €91,693
Debt to equity
2.01▲
2024 · 1.93
ROE
-2.4%▼
2024 · -0.2%
Interest coverage
1.27▼
2024 · 1.85
Debt ≤ 1 year
€2.9m▲
2024 · €2.8m
Debt > 1 year
€171,614▼
2024 · €206,474
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 | €58,460 | €767,628 | €109,894 | €34,865 | - |
| Depreciation and write-downs of the year | €80,080 | €85,214 | €91,295 | €97,577 | €98,585 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €500 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €66,791 | €69,786 | €86,780 | €80,080 | €85,214 | €91,295 | €97,577 | €98,585 | ▲ 1.0% |
| Other operating charges640/8 | - | - | - | €3,610 | €111,611 | €6,124 | €6,579 | €4,272 | ▼ 35.1% |
| Gross operating margin9900 | €411,429 | €503,270 | €275,544 | €565,314 | €277,807 | €210,457 | €206,780 | €131,170 | ▼ 36.6% |
| Operating profit (loss)9901 | -€169,347 | €423,190 | €173,982 | €481,624 | €80,983 | €113,039 | €102,624 | €28,313 | ▼ 72.4% |
| Financial income75/76B | - | - | - | €5 | €2 | - | €1 | €4 | ▲ 180% |
| Recurring financial income75 | - | - | €9 | €5 | €2 | - | €1 | €4 | ▲ 180% |
| Financial charges65/66B | - | - | - | €143,504 | €132,856 | €119,917 | €108,509 | €99,536 | ▼ 8.3% |
| Recurring financial charges65 | €167,759 | €159,875 | €153,643 | €143,504 | €132,856 | €119,917 | €108,509 | €99,536 | ▼ 8.3% |
| Profit (loss) for the period before taxes9903 | -€337,106 | €263,315 | €20,347 | €338,124 | -€51,871 | -€6,878 | -€5,884 | -€71,219 | ▼ 1,110% |
| Income taxes67/77 | - | - | €4,031 | €91,450 | €1,752 | - | - | - | - |
| Profit (loss) for the period9904 | -€337,106 | €263,315 | €16,316 | €246,674 | -€53,623 | -€6,878 | -€5,884 | -€71,219 | ▼ 1,110% |
| Profit (loss) for the period to be appropriated9905 | -€337,106 | €263,315 | €16,316 | €246,674 | -€53,623 | -€6,878 | -€5,884 | -€71,219 | ▼ 1,110% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €8.1m | €8.9m | €9.2m | €9.2m | €9.3m | €9.2m | €9.1m | €9.1m | ▲ 0.3% |
| Fixed assets21/28 | €7.7m | €8.5m | €8.8m | €8.5m | €9.1m | €9.1m | €9.1m | €9.0m | ▼ 1.1% |
| Tangible fixed assets22/27 | €1.9m | €2.7m | €3.0m | €2.7m | €3.3m | €3.3m | €3.2m | €3.1m | ▼ 3.0% |
| Land and buildings22 | - | - | - | €2.5m | €3.2m | €3.2m | €3.1m | €3.0m | ▼ 2.5% |
| Plant, machinery and equipment23 | - | - | - | €0.008m | €0.01m | €0.09m | €0.1m | €0.1m | ▼ 11.8% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.05m | €0.04m | €0.03m | €0.02m | ▼ 28.0% |
| Financial fixed assets28 | €5.8m | €5.8m | €5.8m | €5.8m | €5.8m | €5.8m | €5.8m | €5.8m | = |
| Current assets29/58 | €0.4m | €0.4m | €0.4m | €0.7m | €0.2m | €0.04m | €0.03m | €0.2m | ▲ 384% |
| Amounts receivable within one year40/41 | €0.3m | €0.2m | €0.4m | €0.4m | €0.05m | €0.02m | €0.02m | €0.2m | ▲ 629% |
| Trade receivables40 | - | - | - | - | - | - | - | €0.1m | - |
| Other amounts receivable41 | - | - | - | €0.4m | €0.05m | €0.02m | €0.02m | €0.02m | ▲ 1.3% |
| Cash at bank and in hand54/58 | €0.06m | €0.2m | €0.01m | €0.3m | €0.2m | €0.02m | €0.008m | €472 | ▼ 93.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.003m | €0.002m | €0.004m | €0.004m | ▲ 3.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €8.1m | €8.9m | €9.2m | €9.2m | €9.3m | €9.2m | €9.1m | €9.1m | ▲ 0.3% |
| Equity10/15 | €2.6m | €2.9m | €2.9m | €3.2m | €3.1m | €3.1m | €3.1m | €3.0m | ▼ 2.3% |
| Contributions10/11 | €4.3m | €4.3m | €4.3m | €4.3m | €4.3m | €4.3m | €4.3m | €4.3m | = |
| Capital10 | - | - | - | €4.3m | €4.3m | €4.3m | €4.3m | €4.3m | = |
| Issued capital100 | - | - | - | €4.7m | €4.7m | €4.7m | €4.7m | €4.7m | = |
| Uncalled capital101 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Reserves13 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Non-distributable reserves130/1 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Legal reserve130 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Distributable reserves133 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Profit (loss) carried forward14 | -€1.8m | -€1.6m | -€1.6m | -€1.3m | -€1.4m | -€1.4m | -€1.4m | -€1.4m | ▼ 5.2% |
| Amounts payable17/49 | €5.5m | €6.0m | €6.3m | €6.0m | €6.2m | €6.0m | €6.0m | €6.1m | ▲ 1.6% |
| Amounts payable after more than one year17 | - | €0.09m | €0.08m | €0.07m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 16.9% |
| Financial debts170/4 | - | - | - | €0.07m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 16.9% |
| Amounts payable within one year42/48 | €3.1m | €3.5m | €3.6m | €3.3m | €3.2m | €2.9m | €2.8m | €2.9m | ▲ 1.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.01m | €0.03m | €0.03m | €0.03m | €0.03m | ▲ 1.9% |
| Trade debts44 | €2.3m | €2.2m | €2.1m | €1.9m | €1.9m | €1.6m | €1.5m | €1.4m | ▼ 8.9% |
| Suppliers440/4 | - | - | - | €1.9m | €1.9m | €1.6m | €1.5m | €1.4m | ▼ 8.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.09m | €0.001m | €16 | - | - | - |
| Taxes450/3 | - | - | - | €0.09m | €0.001m | €16 | - | - | - |
| Other amounts payable47/48 | - | - | - | €1.3m | €1.2m | €1.3m | €1.3m | €1.5m | ▲ 14.1% |
| Accrued charges and deferred income492/3 | - | - | - | €2.7m | €2.8m | €2.9m | €2.9m | €3.0m | ▲ 2.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€337,106 | €263,315 | €16,316 | €246,674 | -€53,623 | -€6,878 | -€5,884 | -€71,219 | ▼ 1,110% |
| + Depreciation and write-downs630 | €66,791 | €69,786 | €86,780 | €80,080 | €85,214 | €91,295 | €97,577 | €98,585 | ▲ 1.0% |
| Operating cash flow (approximation) | -€270,315 | €333,102 | €103,095 | €326,754 | €31,591 | €84,416 | €91,693 | €27,366 | ▼ 70.2% |
| Investment in fixed assets (approximation) | - | -€848,420 | -€387,777 | €247,918 | -€705,628 | -€106,907 | -€34,865 | €0 | - |
| Change in cash | - | €130,592 | -€178,796 | €300,993 | -€143,101 | -€156,113 | -€7,477 | -€7,289 | ▲ 2.5% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-07-2026 | 2026-00370516 | |
| 31-12-2024 | full format | 30-07-2025 | 2025-00342577 | |
| 31-12-2023 | full format | 18-09-2024 | 2024-00465973 | |
| 31-12-2022 | full format | 19-09-2023 | 2023-00449903 | |
| 31-12-2021 | full format | 01-09-2022 | 2022-20412087 | |
| 31-12-2020 | full format | 31-08-2021 | 2021-60500466 | |
| 31-12-2019 | full format | 30-09-2020 | 2020-57600334 | |
| 31-12-2018 | full format | 12-09-2019 | 2019-64100321 | |
| 31-12-2017 | full format | 11-07-2018 | 2018-31900181 | |
| 31-12-2016 | full format | 21-09-2017 | 2017-61900232 |