Compasser
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 5 days after the deadline Filed on 5 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00383010.
Annual accounts 2025 filed on 05-08-2026 at the NBB all 26 filings
Turnover
≈ €120,000
Estimated: probably between €71,000 and €230,000
Total assets
€124,678▼ 18.7%
2024 · €153,431
Net result
€7,811▼ 69.7%
2024 · €25,749
Working capital
€77,148▼ 3.8%
2024 · €80,195
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€13,396
▼ 59.4%
2025
20182025
Net result
€7,811
▼ 69.7%
2025
middle half of the sector
20182025
Equity
€103,380
▲ 8.2%
2025
middle half of the sector
20182025
Total assets
€124,678
▼ 18.7%
2025
middle half of the sector
20182025
Debt
€21,298
▼ 63.2%
2025
20182025
Working capital
€77,148
▼ 3.8%
2025
middle half of the sector
20182025
Solvency
82.9%
▲ 20.6pp
2025
highest quarter of the sector
20182025
Current ratio
4.62
▲ 2.24
2025
highest quarter of the sector
20182025
Return on assets (ROA)
6.3%
▼ 10.5pp
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
Operating result€34,583-€33,636▼ 2.7%€47,881▲ 42.4%€36,026▼ 24.8%€5,996▼ 83.4%-€21,893€33,028€13,396▼ 59.4%
Net result€36,074-€28,440▼ 21.2%€34,303above the sector's middle half▲ 20.6%€25,032within the sector's middle half▼ 27.0%€4,403within the sector's middle half▼ 82.4%-€22,465below the sector's middle half€25,749within the sector's middle half€7,811within the sector's middle half▼ 69.7%
Equity€36,181-€36,050▼ 0.4%€70,353within the sector's middle half▲ 95.2%€95,385within the sector's middle half▲ 35.6%€99,787within the sector's middle half▲ 4.6%€77,322within the sector's middle half▼ 22.5%€95,569within the sector's middle half▲ 23.6%€103,380within the sector's middle half▲ 8.2%
Total assets€67,692-€76,034▲ 12.3%€99,849within the sector's middle half▲ 31.3%€132,960within the sector's middle half▲ 33.2%€128,760within the sector's middle half▼ 3.2%€83,936within the sector's middle half▼ 34.8%€153,431within the sector's middle half▲ 82.8%€124,678within the sector's middle half▼ 18.7%
Debt€31,511-€39,984▲ 26.9%€29,496▼ 26.2%€37,575▲ 27.4%€28,973▼ 22.9%€6,614▼ 77.2%€57,861▲ 775%€21,298▼ 63.2%
Working capital€33,728-€34,698▲ 2.9%€67,835within the sector's middle half▲ 95.5%€93,421within the sector's middle half▲ 37.7%€86,531within the sector's middle half▼ 7.4%€64,011within the sector's middle half▼ 26.0%€80,195within the sector's middle half▲ 25.3%€77,148within the sector's middle half▼ 3.8%
Solvency53.4%-47.4%▼ 6.0pp70.5%within the sector's middle half▲ 23.0pp71.7%within the sector's middle half▲ 1.3pp77.5%above the sector's middle half▲ 5.8pp92.1%above the sector's middle half▲ 14.6pp62.3%within the sector's middle half▼ 29.8pp82.9%above the sector's middle half▲ 20.6pp
Current ratio2.07-1.87▼ 0.203.30within the sector's middle half▲ 1.433.49within the sector's middle half▲ 0.193.99within the sector's middle half▲ 0.5010.68above the sector's middle half▲ 6.692.39within the sector's middle half▼ 8.294.62above the sector's middle half▲ 2.24
Return on assets (ROA)53.3%-37.4%▼ 15.9pp34.4%above the sector's middle half▼ 3.0pp18.8%within the sector's middle half▼ 15.5pp3.4%within the sector's middle half▼ 15.4pp-26.8%below the sector's middle half▼ 30.2pp16.8%within the sector's middle half▲ 43.5pp6.3%within the sector's middle half▼ 10.5pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 59% lower than 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 €124,678
Fixed assets
€26,232 ▲ 70.6%
Current assets
€98,446 ▼ 28.7%
Equity and liabilities €124,678
Equity
€103,380 ▲ 8.2%
Debt
€21,298 ▼ 63.2%
Debt's share of the balance-sheet total falls from 37.7% to 17.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€19,886▼
2024 · €37,941
Cash flow
€14,301▼
2024 · €30,662
Debt to equity
0.21▼
2024 · 0.61
ROE
7.6%▼
2024 · 26.9%
Interest coverage
13.27▼
2024 · 23.58
Debt ≤ 1 year
€21,298▼
2024 · €57,861
Income taxes
€5,542▼
2024 · €6,816
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 | €9,500 | €13,291 | €3,914 | €6,976 | €50,659 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €554 | €1,998 | €3,858 | €4,913 | €6,490 |
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 | - | - | - | €165 | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,102 | €1,102 | €1,424 | €554 | €1,998 | €3,858 | €4,913 | €6,490 | ▲ 32.1% |
| Other operating charges640/8 | - | - | - | €2,435 | €2,253 | €2,910 | €3,678 | €3,141 | ▼ 14.6% |
| Non-recurring operating charges66A | - | - | - | €2,888 | €0 | - | €3,241 | €0 | ▼ 100% |
| Gross operating margin9900 | €36,556 | €35,939 | €53,365 | €41,904 | €10,247 | -€15,125 | €44,861 | €23,027 | ▼ 48.7% |
| Operating profit (loss)9901 | €34,583 | €33,636 | €47,881 | €36,026 | €5,996 | -€21,893 | €33,028 | €13,396 | ▼ 59.4% |
| Financial income75/76B | - | - | - | €1,200 | €1,332 | €1,073 | €1,145 | €1,456 | ▲ 27.1% |
| Recurring financial income75 | €2,875 | €3,096 | €3,207 | €1,200 | €1,332 | €1,073 | €1,145 | €1,456 | ▲ 27.1% |
| Financial charges65/66B | - | - | - | €731 | €897 | €1,423 | €1,609 | €1,499 | ▼ 6.8% |
| Recurring financial charges65 | €423 | €766 | €768 | €731 | €897 | €1,423 | €1,609 | €1,499 | ▼ 6.8% |
| Profit (loss) for the period before taxes9903 | €37,034 | €35,966 | €50,321 | €36,496 | €6,431 | -€22,243 | €32,565 | €13,353 | ▼ 59.0% |
| Income taxes67/77 | €961 | €7,526 | €16,018 | €11,464 | €2,028 | €222 | €6,816 | €5,542 | ▼ 18.7% |
| Profit (loss) for the period9904 | €36,074 | €28,440 | €34,303 | €25,032 | €4,403 | -€22,465 | €25,749 | €7,811 | ▼ 69.7% |
| Transfer from tax-exempt reserves789 | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €36,074 | €28,440 | €36,893 | €25,032 | €4,403 | -€22,465 | €25,749 | €7,811 | ▼ 69.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €67,692 | €76,034 | €99,849 | €132,960 | €128,760 | €83,936 | €153,431 | €124,678 | ▼ 18.7% |
| Fixed assets21/28 | €2,453 | €1,352 | €2,518 | €1,963 | €13,256 | €13,312 | €15,375 | €26,232 | ▲ 70.6% |
| Tangible fixed assets22/27 | €2,203 | €1,102 | €2,268 | €1,713 | €13,006 | €13,062 | €15,125 | €25,982 | ▲ 71.8% |
| Furniture and vehicles24 | - | - | - | €1,713 | €13,006 | €13,062 | €15,125 | €25,982 | ▲ 71.8% |
| Financial fixed assets28 | €250 | €250 | €250 | €250 | €250 | €250 | €250 | €250 | = |
| Current assets29/58 | €65,239 | €74,682 | €97,331 | €130,997 | €115,504 | €70,624 | €138,056 | €98,446 | ▼ 28.7% |
| Amounts receivable after more than one year29 | - | - | - | €60,000 | €72,500 | €34,500 | €34,500 | €34,500 | = |
| Other amounts receivable291 | - | - | - | €60,000 | €72,500 | €34,500 | €34,500 | €34,500 | = |
| Amounts receivable within one year40/41 | €17,991 | €44,555 | €25,318 | €13,552 | €31,192 | €24,830 | €68,973 | €36,075 | ▼ 47.7% |
| Trade receivables40 | - | - | - | €13,552 | €25,720 | €18,074 | €52,271 | €21,097 | ▼ 59.6% |
| Other amounts receivable41 | - | - | - | - | €5,472 | €6,756 | €16,702 | €14,978 | ▼ 10.3% |
| Cash at bank and in hand54/58 | €5,535 | €5,476 | €6,340 | €49,935 | €2,512 | €201 | €23,888 | €15,627 | ▼ 34.6% |
| Deferred charges and accrued income490/1 | - | - | - | €7,510 | €9,300 | €11,093 | €10,695 | €12,244 | ▲ 14.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €67,692 | €76,034 | €99,849 | €132,960 | €128,760 | €83,936 | €153,431 | €124,678 | ▼ 18.7% |
| Equity10/15 | €36,181 | €36,050 | €70,353 | €95,385 | €99,787 | €77,322 | €95,569 | €103,380 | ▲ 8.2% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €20,002 | €17,450 | €51,753 | €76,785 | €81,187 | €58,722 | €76,969 | €84,780 | ▲ 10.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €410 | €410 | €410 | €410 | €410 | = |
| Distributable reserves133 | - | - | - | €74,514 | €78,917 | €58,312 | €76,559 | €84,370 | ▲ 10.2% |
| Profit (loss) carried forward14 | -€2,421 | - | - | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €31,511 | €39,984 | €29,496 | €37,575 | €28,973 | €6,614 | €57,861 | €21,298 | ▼ 63.2% |
| Amounts payable within one year42/48 | €31,511 | €39,984 | €29,496 | €37,575 | €28,973 | €6,614 | €57,861 | €21,298 | ▼ 63.2% |
| Trade debts44 | €310 | €1,158 | €5,633 | €5,279 | €8,608 | €2,600 | €43,515 | €17,482 | ▼ 59.8% |
| Suppliers440/4 | - | - | - | €5,279 | €8,608 | €2,600 | €43,515 | €17,482 | ▼ 59.8% |
| Taxes, remuneration and social security45 | - | - | - | €28,937 | €19,913 | €3,899 | €6,844 | €3,816 | ▼ 44.2% |
| Taxes450/3 | - | - | - | €28,937 | €19,913 | €3,899 | €6,844 | €3,816 | ▼ 44.2% |
| Other amounts payable47/48 | - | - | - | €3,359 | €453 | €115 | €7,502 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €36,074 | €28,440 | €34,303 | €25,032 | €4,403 | -€22,465 | €25,749 | €7,811 | ▼ 69.7% |
| + Depreciation and write-downs630 | €1,102 | €1,102 | €1,424 | €554 | €1,998 | €3,858 | €4,913 | €6,490 | ▲ 32.1% |
| Operating cash flow (approximation) | €37,175 | €29,542 | €35,727 | €25,586 | €6,401 | -€18,607 | €30,662 | €14,301 | ▼ 53.4% |
| Investment in fixed assets (approximation) | - | €0 | -€2,590 | €0 | -€13,291 | -€3,914 | -€6,976 | -€17,348 | ▼ 149% |
| Change in cash | - | -€59 | €864 | €43,594 | -€47,422 | -€2,311 | €23,687 | -€8,261 | - |
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, 31,368 companies had the same profile as Compasser has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Compasser itself: 0.2% 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 31,368 companies, not a prediction for Compasser. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 05-08-2026 | 2026-00383010 | |
| 31-12-2024 | micro format | 21-08-2025 | 2025-00393307 | |
| 31-12-2023 | micro format | 23-07-2024 | 2024-00278086 | |
| 31-12-2022 | micro format | 26-07-2023 | 2023-00280754 | |
| 31-12-2021 | micro format | 18-08-2022 | 2022-20299031 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-59900179 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-48900178 | |
| 31-12-2018 | micro format | 18-07-2019 | 2019-34700459 | |
| 31-12-2017 | micro format | 23-07-2018 | 2018-35600562 | |
| 31-12-2016 | abbreviated format | 07-08-2017 | 2017-41400381 |