COMWAYS.BE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 16-12-2025 PDF all 15 filings
Turnover
≈ €77,000
Estimated: probably between €35,000 and €240,000
Total assets
€353,627▼ 9.0%
2024 · €388,782
Net result
€5,019▼ 43.0%
2024 · €8,810
Working capital
€347,632▼ 5.1%
2024 · €366,175
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€8,385
▼ 36.6%
2025
20192025
Net result
€5,019
▼ 43.0%
2025
middle half of the sector
20192025
Equity
€257,030
▲ 2.0%
2025
middle half of the sector
20192025
Total assets
€353,627
▼ 9.0%
2025
middle half of the sector
20192025
Debt
€96,597
▼ 29.4%
2025
20192025
Working capital
€347,632
▼ 5.1%
2025
highest quarter of the sector
20192025
Solvency
72.7%
▲ 7.9pp
2025
middle half of the sector
20192025
Current ratio
70.91
▲ 51.43
2025
highest quarter of the sector
20192025
Return on assets (ROA)
1.4%
▼ 0.8pp
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€15,780-€14,036▼ 11.1%€13,678▼ 2.6%€21,159▲ 54.7%€13,954▼ 34.1%€13,228▼ 5.2%€8,385▼ 36.6%
Net result€12,908-€8,074within the sector's middle half▼ 37.4%€12,981within the sector's middle half▲ 60.8%€14,737within the sector's middle half▲ 13.5%€10,843within the sector's middle half▼ 26.4%€8,810within the sector's middle half▼ 18.7%€5,019within the sector's middle half▼ 43.0%
Equity€196,566-€204,640within the sector's middle half▲ 4.1%€217,621within the sector's middle half▲ 6.3%€232,358within the sector's middle half▲ 6.8%€243,201within the sector's middle half▲ 4.7%€252,011within the sector's middle half▲ 3.6%€257,030within the sector's middle half▲ 2.0%
Total assets€377,108-€684,120within the sector's middle half▲ 81.4%€597,443within the sector's middle half▼ 12.7%€455,406within the sector's middle half▼ 23.8%€512,395within the sector's middle half▲ 12.5%€388,782within the sector's middle half▼ 24.1%€353,627within the sector's middle half▼ 9.0%
Debt€180,542-€479,480▲ 166%€379,822▼ 20.8%€223,048▼ 41.3%€269,194▲ 20.7%€136,771▼ 49.2%€96,597▼ 29.4%
Working capital€250,828-€436,015above the sector's middle half▲ 73.8%€418,413above the sector's middle half▼ 4.0%€393,449within the sector's middle half▼ 6.0%€437,350above the sector's middle half▲ 11.2%€366,175within the sector's middle half▼ 16.3%€347,632above the sector's middle half▼ 5.1%
Solvency52.1%-29.9%within the sector's middle half▼ 22.2pp36.4%within the sector's middle half▲ 6.5pp51.0%within the sector's middle half▲ 14.6pp47.5%within the sector's middle half▼ 3.6pp64.8%within the sector's middle half▲ 17.4pp72.7%within the sector's middle half▲ 7.9pp
Current ratio6.98-3.12within the sector's middle half▼ 3.853.37within the sector's middle half▲ 0.2511.15above the sector's middle half▲ 7.788.31above the sector's middle half▼ 2.8419.48above the sector's middle half▲ 11.1770.91above the sector's middle half▲ 51.43
Return on assets (ROA)3.4%-1.2%within the sector's middle half▼ 2.2pp2.2%within the sector's middle half▲ 1.0pp3.2%within the sector's middle half▲ 1.1pp2.1%within the sector's middle half▼ 1.1pp2.3%within the sector's middle half▲ 0.1pp1.4%within the sector's middle half▼ 0.8pp
Staff (FTE)0.1below the sector's middle half0.2below the sector's middle half▲ 100%0.2below 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 37% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €353,627
Fixed assets
€1,023 ▼ 63.4%
Current assets
€352,604 ▼ 8.6%
Equity and liabilities €353,627
Equity
€257,030 ▲ 2.0%
Debt
€96,597 ▼ 29.4%
Debt's share of the balance-sheet total falls from 35.2% to 27.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€10,154▼
2024 · €25,688
Cash flow
€6,788▼
2024 · €21,270
Debt to equity
0.38▼
2024 · 0.54
ROE
2.0%▼
2024 · 3.5%
Interest coverage
10.96▼
2024 · 48.73
Debt ≤ 1 year
€4,972▼
2024 · €19,815
Income taxes
€2,073▼
2024 · €3,891
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 |
|---|---|
| Average over the year, in full-time equivalents | 0.2 |
| Joined | 1 |
| Left | 1 |
Source: social balance sheet in the 2022 annual accounts
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €3,430 | - | - | - |
| Carrying value of the other pledged assets | €21,381 | - | - | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €4,710 | - | - |
| Intangible fixed assets | €32,071 | - | - | - |
| Financial fixed assets | - | €85 | - | - |
| Depreciation and write-downs of the year | €11,402 | €12,751 | €12,459 | €1,769 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €375 | €225 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €41,046 | €40,975 | €41,231 | €11,402 | €12,751 | €12,459 | €1,769 | ▼ 85.8% |
| Other operating charges640/8 | - | - | - | €450 | €960 | €834 | €984 | ▲ 18.1% |
| Gross operating margin9900 | €57,272 | €56,654 | €57,471 | €33,385 | €27,891 | €26,521 | €11,138 | ▼ 58.0% |
| Operating profit (loss)9901 | €15,780 | €14,036 | €13,678 | €21,159 | €13,954 | €13,228 | €8,385 | ▼ 36.6% |
| Financial income75/76B | - | - | - | €0 | €1 | - | €535 | - |
| Recurring financial income75 | €22 | €0 | €0 | €0 | €1 | - | €535 | - |
| Financial charges65/66B | - | - | - | €1,514 | €656 | €527 | €1,828 | ▲ 247% |
| Recurring financial charges65 | €384 | €2,462 | €1,568 | €1,514 | €656 | €527 | €927 | ▲ 75.8% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €901 | - |
| Profit (loss) for the period before taxes9903 | €15,418 | €11,574 | €12,110 | €19,645 | €13,299 | €12,701 | €7,092 | ▼ 44.2% |
| Income taxes67/77 | €2,510 | €3,500 | -€871 | €4,908 | €2,456 | €3,891 | €2,073 | ▼ 46.7% |
| Profit (loss) for the period9904 | €12,908 | €8,074 | €12,981 | €14,737 | €10,843 | €8,810 | €5,019 | ▼ 43.0% |
| Profit (loss) for the period to be appropriated9905 | €12,908 | €8,074 | €12,981 | €14,737 | €10,843 | €8,810 | €5,019 | ▼ 43.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €377,108 | €684,120 | €597,443 | €455,406 | €512,395 | €388,782 | €353,627 | ▼ 9.0% |
| Fixed assets21/28 | €84,302 | €42,893 | €2,538 | €23,207 | €15,251 | €2,792 | €1,023 | ▼ 63.4% |
| Intangible fixed assets21 | €80,568 | €40,284 | - | €21,381 | €10,690 | - | - | - |
| Tangible fixed assets22/27 | €2,760 | €2,069 | €1,998 | €1,286 | €3,936 | €2,167 | €398 | ▼ 81.6% |
| Furniture and vehicles24 | - | - | - | €292 | €3,140 | €1,570 | - | - |
| Other tangible fixed assets26 | - | - | - | €994 | €796 | €597 | €398 | ▼ 33.3% |
| Financial fixed assets28 | €975 | €540 | €540 | €540 | €625 | €625 | €625 | = |
| Current assets29/58 | €292,805 | €641,228 | €594,905 | €432,199 | €497,144 | €385,991 | €352,604 | ▼ 8.6% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €90,169 | - |
| Trade receivables290 | - | - | - | - | - | - | €90,169 | - |
| Amounts receivable within one year40/41 | €20,197 | €146,946 | €82,530 | €68,614 | €62,114 | €9,850 | €13,735 | ▲ 39.4% |
| Trade receivables40 | - | - | - | €67,515 | €61,814 | €2,553 | €12,493 | ▲ 389% |
| Other amounts receivable41 | - | - | - | €1,099 | €300 | €7,297 | €1,242 | ▼ 83.0% |
| Cash at bank and in hand54/58 | €140,376 | €304,256 | €344,523 | €317,055 | €377,722 | €340,325 | €186,050 | ▼ 45.3% |
| Deferred charges and accrued income490/1 | - | - | - | €46,529 | €57,307 | €35,816 | €62,650 | ▲ 74.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €377,108 | €684,120 | €597,443 | €455,406 | €512,395 | €388,782 | €353,627 | ▼ 9.0% |
| Equity10/15 | €196,566 | €204,640 | €217,621 | €232,358 | €243,201 | €252,011 | €257,030 | ▲ 2.0% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €190,366 | €198,440 | €211,421 | €226,158 | €237,001 | €245,811 | €250,830 | ▲ 2.0% |
| Non-distributable reserves130/1 | - | - | - | €1,855 | €1,855 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,855 | €1,855 | - | - | - |
| Distributable reserves133 | - | - | - | €224,303 | €235,146 | €245,811 | €250,830 | ▲ 2.0% |
| Amounts payable17/49 | €180,542 | €479,480 | €379,822 | €223,048 | €269,194 | €136,771 | €96,597 | ▼ 29.4% |
| Amounts payable after more than one year17 | - | €44,152 | €3,430 | - | - | - | - | - |
| Amounts payable within one year42/48 | €41,977 | €205,213 | €176,492 | €38,749 | €59,794 | €19,815 | €4,972 | ▼ 74.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €3,430 | - | - | - | - |
| Trade debts44 | €36,120 | €145,500 | €99,254 | €6,110 | €45,130 | €15,123 | €2,472 | ▼ 83.7% |
| Suppliers440/4 | - | - | - | €6,110 | €45,130 | €15,123 | €2,472 | ▼ 83.7% |
| Taxes, remuneration and social security45 | - | - | - | €28,477 | €14,024 | €4,692 | €2,500 | ▼ 46.7% |
| Taxes450/3 | - | - | - | €28,477 | €14,024 | €4,692 | €2,500 | ▼ 46.7% |
| Other amounts payable47/48 | - | - | - | €733 | €641 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €184,299 | €209,400 | €116,956 | €91,624 | ▼ 21.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,908 | €8,074 | €12,981 | €14,737 | €10,843 | €8,810 | €5,019 | ▼ 43.0% |
| + Depreciation and write-downs630 | €41,046 | €40,975 | €41,231 | €11,402 | €12,751 | €12,459 | €1,769 | ▼ 85.8% |
| Operating cash flow (approximation) | €53,954 | €49,049 | €54,212 | €26,138 | €23,594 | €21,270 | €6,788 | ▼ 68.1% |
| Investment in fixed assets (approximation) | - | €435 | -€876 | -€32,071 | -€4,795 | €0 | €0 | - |
| Change in cash | - | €163,880 | €40,267 | -€27,468 | €60,667 | -€37,398 | -€154,275 | ▼ 313% |
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, 10,904 companies had the same profile as COMWAYS.BE has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of COMWAYS.BE 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 10,904 companies, not a prediction for COMWAYS.BE. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 16-12-2025 | 2025-00582367 | |
| 30-06-2024 | abbreviated format | 06-01-2025 | 2025-00630253 | |
| 30-06-2023 | abbreviated format | 22-12-2023 | 2023-00535312 | |
| 30-06-2022 | abbreviated format | 13-12-2022 | 2022-20535989 | |
| 30-06-2021 | abbreviated format | 28-12-2021 | 2021-81800255 | |
| 30-06-2020 | abbreviated format | 02-12-2020 | 2020-73700241 | |
| 30-06-2019 | abbreviated format | 26-12-2019 | 2019-77500189 | |
| 30-06-2018 | abbreviated format | 21-12-2018 | 2018-75100345 | |
| 30-06-2017 | abbreviated format | 08-12-2017 | 2017-71300145 | |
| 30-06-2016 | abbreviated format | 24-12-2016 | 2016-71400093 |