COMPULED
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 20 filings
Turnover
€394,069
EBIT margin
2.3%
Net result
€4,670
2024 · -€5,008
Working capital
€57,986▲ 9.2%
2024 · €53,090
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€7,907
2025
20182025
Net result
€4,670
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€62,697
▲ 8.0%
2025
middle half of the sector
20182025
Total assets
€92,314
▼ 2.9%
2025
lowest quarter of the sector
20182025
Debt
€29,617
▼ 20.0%
2025
20182025
Working capital
€57,986
▲ 9.2%
2025
middle half of the sector
20182025
Solvency
67.9%
▲ 6.9pp
2025
middle half of the sector
20182025
Current ratio
2.96
▲ 0.52
2025
middle half of the sector
20182025
Return on assets (ROA)
5.1%
▲ 10.3pp
2025
middle half of the sector
20182025
Staff (FTE)
1
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
Turnover€394,069
Operating result€9,544-€18,695▲ 95.9%€37,484▲ 101%€11,127▼ 70.3%€9,134▼ 17.9%€2,196▼ 76.0%-€3,283€7,907
Net result€5,173-€12,222▲ 136%€28,027within the sector's middle half▲ 129%€8,759within the sector's middle half▼ 68.7%€5,930within the sector's middle half▼ 32.3%-€158within the sector's middle half-€5,008below the sector's middle half▼ 3,064%€4,670within the sector's middle half
EBIT margin2.3%
Equity€8,256-€20,477▲ 148%€48,505within the sector's middle half▲ 137%€57,263within the sector's middle half▲ 18.1%€63,194within the sector's middle half▲ 10.4%€63,035within the sector's middle half▼ 0.3%€58,027within the sector's middle half▼ 7.9%€62,697within the sector's middle half▲ 8.0%
Total assets€68,208-€63,609▼ 6.7%€79,657within the sector's middle half▲ 25.2%€88,311within the sector's middle half▲ 10.9%€87,487within the sector's middle half▼ 0.9%€93,019below the sector's middle half▲ 6.3%€95,046within the sector's middle half▲ 2.2%€92,314below the sector's middle half▼ 2.9%
Debt€59,953-€43,132▼ 28.1%€31,152▼ 27.8%€31,047▼ 0.3%€24,293▼ 21.8%€29,983▲ 23.4%€37,018▲ 23.5%€29,617▼ 20.0%
Working capital€7,265-€19,846▲ 173%€44,313within the sector's middle half▲ 123%€53,456within the sector's middle half▲ 20.6%€59,808within the sector's middle half▲ 11.9%€56,690within the sector's middle half▼ 5.2%€53,090within the sector's middle half▼ 6.3%€57,986within the sector's middle half▲ 9.2%
Solvency12.1%-32.2%▲ 20.1pp60.9%within the sector's middle half▲ 28.7pp64.8%within the sector's middle half▲ 4.0pp72.2%within the sector's middle half▲ 7.4pp67.8%within the sector's middle half▼ 4.5pp61.1%within the sector's middle half▼ 6.7pp67.9%within the sector's middle half▲ 6.9pp
Current ratio1.12-1.46▲ 0.342.42within the sector's middle half▲ 0.962.72within the sector's middle half▲ 0.303.46within the sector's middle half▲ 0.742.89within the sector's middle half▼ 0.572.43within the sector's middle half▼ 0.462.96within the sector's middle half▲ 0.52
Return on assets (ROA)7.6%-19.2%▲ 11.6pp35.2%above the sector's middle half▲ 16.0pp9.9%within the sector's middle half▼ 25.3pp6.8%within the sector's middle half▼ 3.1pp-0.2%within the sector's middle half▼ 6.9pp-5.3%below the sector's middle half▼ 5.1pp5.1%within the sector's middle half▲ 10.3pp
Staff (FTE)1-1=1within the sector's middle half=1=1=1below the sector's middle half=1within the sector's middle half
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 €7,907, after a loss of €3,283 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €92,314
Fixed assets
€4,711 ▼ 4.6%
Current assets
€87,603 ▼ 2.8%
Equity and liabilities €92,314
Equity
€62,697 ▲ 8.0%
Debt
€29,617 ▼ 20.0%
Debt's share of the balance-sheet total falls from 38.9% to 32.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€10,338▲
2024 · €1,769
Cash flow
€7,100▲
2024 · €44
Quick ratio
2.42▲
2024 · 1.94
Debt to equity
0.47▼
2024 · 0.64
ROE
7.4%▲
2024 · -8.6%
Interest coverage
4.44▲
2024 · 0.97
Debt ≤ 1 year
€29,617▼
2024 · €37,018
Income taxes
€1,423▲
2024 · €0
Staff costs
€44,924▲
2024 · €42,091
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | - |
| full-time | 1 | 1 | 1 | - |
| in full-time equivalents | 1 | 1 | 1 | - |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,039 | €1,032 | €5,160 | €3,643 | €970 |
| Depreciation and write-downs of the year | €1,424 | €1,453 | €2,200 | €5,052 | €2,430 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | €394,069 | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €5,500 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €349,284 | €344,181 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €35,209 | €38,811 | €41,214 | €42,091 | €44,924 | ▲ 6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €869 | €615 | €924 | €1,424 | €1,453 | €2,200 | €5,052 | €2,430 | ▼ 51.9% |
| Other operating charges640/8 | - | - | - | €702 | €852 | €862 | €1,020 | €505 | ▼ 50.4% |
| Gross operating margin9900 | €40,381 | €49,165 | €70,815 | €48,461 | €50,251 | €46,472 | €44,879 | €55,768 | ▲ 24.3% |
| Operating profit (loss)9901 | €9,544 | €18,695 | €37,484 | €11,127 | €9,134 | €2,196 | -€3,283 | €7,907 | - |
| Financial income75/76B | - | - | - | €58 | €129 | €167 | €91 | €511 | ▲ 459% |
| Recurring financial income75 | €1 | €820 | €45 | €58 | €129 | €167 | €91 | €511 | ▲ 459% |
| Financial charges65/66B | - | - | - | €1,242 | €1,134 | €1,345 | €1,816 | €2,326 | ▲ 28.1% |
| Recurring financial charges65 | €3,026 | €3,684 | €2,199 | €1,242 | €1,134 | €1,345 | €1,816 | €2,326 | ▲ 28.1% |
| Profit (loss) for the period before taxes9903 | €6,520 | €15,832 | €35,330 | €9,943 | €8,128 | €1,018 | -€5,008 | €6,093 | - |
| Income taxes67/77 | €1,347 | €3,610 | €7,303 | €1,184 | €2,198 | €1,177 | €0 | €1,423 | - |
| Profit (loss) for the period9904 | €5,173 | €12,222 | €28,027 | €8,759 | €5,930 | -€158 | -€5,008 | €4,670 | - |
| Profit (loss) for the period to be appropriated9905 | €5,173 | €12,222 | €28,027 | €8,759 | €5,930 | -€158 | -€5,008 | €4,670 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €68,208 | €63,609 | €79,657 | €88,311 | €87,487 | €93,019 | €95,046 | €92,314 | ▼ 2.9% |
| Fixed assets21/28 | €1,330 | €968 | €4,192 | €3,808 | €3,386 | €6,346 | €4,937 | €4,711 | ▼ 4.6% |
| Intangible fixed assets21 | - | - | - | - | €0 | €0 | €0 | - | - |
| Tangible fixed assets22/27 | €1,330 | €968 | €4,192 | €3,808 | €3,386 | €6,346 | €4,937 | €4,711 | ▼ 4.6% |
| Plant, machinery and equipment23 | - | - | - | €2,326 | €1,579 | €2,872 | €1,643 | €1,670 | ▲ 1.6% |
| Furniture and vehicles24 | - | - | - | €1,482 | €1,807 | €3,474 | €3,294 | €3,042 | ▼ 7.7% |
| Current assets29/58 | €66,878 | €62,641 | €75,465 | €84,503 | €84,101 | €86,673 | €90,108 | €87,603 | ▼ 2.8% |
| Stocks and contracts in progress3 | €10,434 | €9,461 | €11,510 | €13,855 | €16,382 | €17,985 | €18,202 | €15,894 | ▼ 12.7% |
| Stocks30/36 | - | - | - | €13,855 | €16,382 | €17,985 | €18,202 | €15,894 | ▼ 12.7% |
| Amounts receivable within one year40/41 | €23,778 | €21,492 | €25,729 | €27,531 | €28,301 | €30,344 | €33,692 | €32,867 | ▼ 2.4% |
| Trade receivables40 | - | - | - | €10,016 | €10,000 | €10,779 | €13,580 | €10,555 | ▼ 22.3% |
| Other amounts receivable41 | - | - | - | €17,515 | €18,301 | €19,565 | €20,111 | €22,312 | ▲ 10.9% |
| Current investments50/53 | €31,500 | €30,450 | €30,450 | €30,450 | €30,450 | €30,450 | €30,450 | €30,450 | = |
| Cash at bank and in hand54/58 | - | - | €5,991 | €10,958 | €7,068 | €6,614 | €5,606 | €8,393 | ▲ 49.7% |
| Deferred charges and accrued income490/1 | - | - | - | €1,709 | €1,901 | €1,279 | €2,159 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €68,208 | €63,609 | €79,657 | €88,311 | €87,487 | €93,019 | €95,046 | €92,314 | ▼ 2.9% |
| Equity10/15 | €8,256 | €20,477 | €48,505 | €57,263 | €63,194 | €63,035 | €58,027 | €62,697 | ▲ 8.0% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | - | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | - | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | - | €18,600 | - | €18,600 | - |
| Other1109/19 | - | - | - | - | - | €18,600 | - | €18,600 | - |
| Reserves13 | - | €1,877 | €29,905 | €38,663 | €44,594 | €44,435 | €39,427 | €44,097 | ▲ 11.8% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €36,803 | €42,734 | €42,575 | €37,567 | €42,237 | ▲ 12.4% |
| Profit (loss) carried forward14 | -€10,344 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €59,953 | €43,132 | €31,152 | €31,047 | €24,293 | €29,983 | €37,018 | €29,617 | ▼ 20.0% |
| Amounts payable within one year42/48 | €59,613 | €42,795 | €31,152 | €31,047 | €24,293 | €29,983 | €37,018 | €29,617 | ▼ 20.0% |
| Financial debts43 | - | - | - | - | - | - | €8,081 | - | - |
| Other loans439 | - | - | - | - | - | - | €8,081 | - | - |
| Trade debts44 | €41,565 | €27,284 | €14,808 | €20,955 | €13,691 | €15,916 | €14,428 | €18,031 | ▲ 25.0% |
| Suppliers440/4 | - | - | - | €20,955 | €13,691 | €15,916 | €14,428 | €18,031 | ▲ 25.0% |
| Taxes, remuneration and social security45 | - | - | - | €10,092 | €10,603 | €14,067 | €14,509 | €11,586 | ▼ 20.1% |
| Taxes450/3 | - | - | - | €5,903 | €6,173 | €5,847 | €5,553 | €4,542 | ▼ 18.2% |
| Remuneration and social security454/9 | - | - | - | €4,189 | €4,429 | €8,220 | €8,956 | €7,044 | ▼ 21.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,173 | €12,222 | €28,027 | €8,759 | €5,930 | -€158 | -€5,008 | €4,670 | - |
| + Depreciation and write-downs630 | €869 | €615 | €924 | €1,424 | €1,453 | €2,200 | €5,052 | €2,430 | ▼ 51.9% |
| Operating cash flow (approximation) | €6,042 | €12,837 | €28,951 | €10,182 | €7,384 | €2,041 | €44 | €7,100 | ▲ 161× |
| Investment in fixed assets (approximation) | - | -€254 | -€4,148 | -€1,039 | -€1,032 | -€5,160 | -€3,643 | -€2,205 | ▲ 39.5% |
| Change in cash | - | - | - | €4,967 | -€3,891 | -€453 | -€1,008 | €2,787 | - |
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 COMPULED 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 COMPULED itself: 0.1% 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 COMPULED. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-07-2026 | 2026-00346602 | |
| 31-12-2024 | micro format | 04-06-2025 | 2025-00117833 | |
| 31-12-2023 | abbreviated format | 03-07-2024 | 2024-00205548 | |
| 31-12-2023 | micro format | 25-06-2024 | 2024-00164894 | |
| 31-12-2022 | micro format | 11-08-2023 | 2023-00328730 | |
| 31-12-2021 | micro format | 12-08-2022 | 2022-20285495 | |
| 31-12-2020 | micro format | 25-08-2021 | 2021-53100400 | |
| 31-12-2019 | micro format | 28-10-2020 | 2020-64500113 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-57400507 | |
| 31-12-2017 | micro format | 24-08-2018 | 2018-50200062 |