COMPOSITE SYSTEMS
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 27 days after the deadline Filed on 27 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00045270.
Annual accounts 2025 filed on 27-02-2026 PDF all 24 filings
Equity
-€216
2024 · €71,709
Total assets
€27,166▼ 70.7%
2024 · €92,684
Net result
-€11,926
2024 · €34,716
Working capital
€2,039▼ 97.2%
2024 · €71,709
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€7,735
2025
20192025
Net result
-€11,926
2025
lowest quarter of the sector
20192025
Equity
-€216
2025
lowest quarter of the sector
20192025
Total assets
€27,166
▼ 70.7%
2025
lowest quarter of the sector
20192025
Debt
€27,382
▲ 30.5%
2025
20192025
Working capital
€2,039
▼ 97.2%
2025
middle half of the sector
20192025
Solvency
-0.8%
▼ 78.2pp
2025
lowest quarter of the sector
20192025
Current ratio
1.08
▼ 3.34
2025
middle half of the sector
20192025
Return on assets (ROA)
-43.9%
▼ 81.4pp
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-€13,277--€10,656▲ 19.7%-€18,951▼ 77.9%-€7,528▲ 60.3%€34,897€40,481▲ 16.0%-€7,735
Net result-€13,651--€11,068below the sector's middle half▲ 18.9%-€18,990below the sector's middle half▼ 71.6%-€7,780below the sector's middle half▲ 59.0%€34,654within the sector's middle half€34,716above the sector's middle half▲ 0.2%-€11,926below the sector's middle half
Equity€87,892-€61,967within the sector's middle half▼ 29.5%€42,978within the sector's middle half▼ 30.6%€26,540within the sector's middle half▼ 38.2%€55,594within the sector's middle half▲ 109%€71,709within the sector's middle half▲ 29.0%-€216below the sector's middle half
Total assets€97,003-€69,852below the sector's middle half▼ 28.0%€47,906below the sector's middle half▼ 31.4%€32,414below the sector's middle half▼ 32.3%€59,231below the sector's middle half▲ 82.7%€92,684within the sector's middle half▲ 56.5%€27,166below the sector's middle half▼ 70.7%
Debt€9,111-€7,885▼ 13.5%€4,928▼ 37.5%€5,874▲ 19.2%€3,637▼ 38.1%€20,975▲ 477%€27,382▲ 30.5%
Working capital€90,505-€63,573within the sector's middle half▼ 29.8%€44,947within the sector's middle half▼ 29.3%€26,540within the sector's middle half▼ 41.0%€56,680within the sector's middle half▲ 114%€71,709within the sector's middle half▲ 26.5%€2,039within the sector's middle half▼ 97.2%
Solvency90.6%-88.7%above the sector's middle half▼ 1.9pp89.7%above the sector's middle half▲ 1.0pp81.9%above the sector's middle half▼ 7.8pp93.9%above the sector's middle half▲ 12.0pp77.4%above the sector's middle half▼ 16.5pp-0.8%below the sector's middle half▼ 78.2pp
Current ratio14.93-11.13above the sector's middle half▼ 3.8016.19above the sector's middle half▲ 5.075.52above the sector's middle half▼ 10.6723.23above the sector's middle half▲ 17.714.42above the sector's middle half▼ 18.811.08within the sector's middle half▼ 3.34
Return on assets (ROA)-14.1%--15.8%below the sector's middle half▼ 1.8pp-39.6%below the sector's middle half▼ 23.8pp-24.0%below the sector's middle half▲ 15.6pp58.5%above the sector's middle half▲ 82.5pp37.5%above the sector's middle half▼ 21.1pp-43.9%below the sector's middle half▼ 81.4pp
above
within
below
The sector band is the middle half of the companies in Manufacture of rubber and plastic products (NACE 22). 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 loss of €7,735, after a profit of €40,481 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Key figures and ratios
Debt ≤ 1 year
€25,127▲
2024 · €20,975
Income taxes
€2,562▼
2024 · €5,509
The equity ratios are withheld because equity of -€216 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | €478 | €412 | €581 | €483 | ▼ 16.9% |
| Gross operating margin9900 | -€12,842 | -€10,539 | -€18,478 | -€7,050 | €35,308 | €41,061 | -€7,252 | - |
| Operating profit (loss)9901 | -€13,277 | -€10,656 | -€18,951 | -€7,528 | €34,897 | €40,481 | -€7,735 | - |
| Financial income75/76B | - | - | - | €250 | €250 | €251 | €1 | ▼ 99.5% |
| Recurring financial income75 | €3 | €24 | €254 | €250 | €250 | €251 | €1 | ▼ 99.5% |
| Financial charges65/66B | - | - | - | €501 | €493 | €507 | €1,631 | ▲ 222% |
| Recurring financial charges65 | €377 | €433 | €293 | €501 | €493 | €507 | €1,631 | ▲ 222% |
| Profit (loss) for the period before taxes9903 | -€13,652 | -€11,065 | -€18,990 | -€7,780 | €34,654 | €40,224 | -€9,364 | - |
| Income taxes67/77 | -€1 | €3 | - | - | - | €5,509 | €2,562 | ▼ 53.5% |
| Profit (loss) for the period9904 | -€13,651 | -€11,068 | -€18,990 | -€7,780 | €34,654 | €34,716 | -€11,926 | - |
| Profit (loss) for the period to be appropriated9905 | -€13,651 | -€11,068 | -€18,990 | -€7,780 | €34,654 | €34,716 | -€11,926 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €97,003 | €69,852 | €47,906 | €32,414 | €59,231 | €92,684 | €27,166 | ▼ 70.7% |
| Current assets29/58 | €97,003 | €69,852 | €47,906 | €32,414 | €59,231 | €92,684 | €27,166 | ▼ 70.7% |
| Amounts receivable within one year40/41 | €3,881 | €7,640 | €6,960 | €7,786 | €8,667 | €10,091 | €402 | ▼ 96.0% |
| Trade receivables40 | - | - | - | €7,779 | €8,654 | - | - | - |
| Other amounts receivable41 | - | - | - | €7 | €13 | €10,091 | €402 | ▼ 96.0% |
| Cash at bank and in hand54/58 | €93,122 | €62,213 | €40,946 | €24,628 | €50,563 | €82,593 | €26,764 | ▼ 67.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €97,003 | €69,852 | €47,906 | €32,414 | €59,231 | €92,684 | €27,166 | ▼ 70.7% |
| Equity10/15 | €87,892 | €61,967 | €42,978 | €26,540 | €55,594 | €71,709 | -€216 | - |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €67,432 | €41,507 | €22,518 | €6,080 | €35,134 | €69,849 | -€2,076 | - |
| Amounts payable17/49 | €9,111 | €7,885 | €4,928 | €5,874 | €3,637 | €20,975 | €27,382 | ▲ 30.5% |
| Amounts payable within one year42/48 | €6,498 | €6,279 | €2,958 | €5,874 | €2,550 | €20,975 | €25,127 | ▲ 19.8% |
| Trade debts44 | €1,200 | €24 | €61 | €64 | €147 | €101 | - | - |
| Suppliers440/4 | - | - | - | €64 | €147 | €101 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €4,211 | €2,379 | - | €18,000 | - |
| Taxes450/3 | - | - | - | €4,211 | €2,379 | - | €18,000 | - |
| Other amounts payable47/48 | - | - | - | €1,598 | €24 | €20,874 | €7,127 | ▼ 65.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | €1,087 | - | €2,255 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€13,651 | -€11,068 | -€18,990 | -€7,780 | €34,654 | €34,716 | -€11,926 | - |
| Operating cash flow (approximation) | -€13,651 | -€11,068 | -€18,990 | -€7,780 | €34,654 | €34,716 | -€11,926 | - |
| Change in cash | - | -€30,909 | -€21,267 | -€16,318 | €25,936 | €32,030 | -€55,830 | - |
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, 6,619 companies had the same profile as COMPOSITE SYSTEMS has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of COMPOSITE SYSTEMS itself: 1.5% 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 6,619 companies, not a prediction for COMPOSITE SYSTEMS. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 27-02-2026 | 2026-00045270 | |
| 30-06-2024 | micro format | 27-02-2025 | 2025-00040231 | |
| 30-06-2023 | micro format | 28-02-2024 | 2024-00036415 | |
| 30-06-2022 | micro format | 26-02-2023 | 2023-00032353 | |
| 30-06-2021 | micro format | 28-02-2022 | 2022-07000067 | |
| 30-06-2020 | micro format | 28-02-2021 | 2021-07000010 | |
| 30-06-2019 | micro format | 28-02-2020 | 2020-06200069 | |
| 30-06-2018 | micro format | 25-02-2019 | 2019-06300182 | |
| 30-06-2017 | micro format | 26-02-2018 | 2018-06100555 | |
| 30-06-2016 | full format | 28-02-2017 | 2017-05600216 |