CONFIDEM
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 29-09-2026 at the NBB all 30 filings
Turnover
≈ €520,000
Estimated: probably between €360,000 and €750,000
Total assets
€252,441▲ 80.9%
2025 · €139,576
Net result
€162,203▲ 52×
2025 · €3,127
Working capital
€109,125▲ 779%
2025 · €12,413
Multi-year overview
2020 to 2026, 7 financial yearsOperating result
€251,209
▲ 16×
2026
20202026
Net result
€162,203
▲ 52×
2026
20202026
Equity
€148,677
▲ 63.1%
2026
20202026
Total assets
€252,441
▲ 80.9%
2026
20202026
Debt
€103,764
▲ 114%
2026
20202026
Working capital
€109,125
▲ 779%
2026
20202026
Solvency
58.9%
▼ 6.4pp
2026
20202026
Current ratio
2.05
▲ 0.80
2026
20202026
Return on assets (ROA)
64.3%
▲ 62.0pp
2026
20202026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2020202120222023202420252026
Operating result€1,901-€22,540▲ 12×€24,188▲ 7.3%-€23,130€5,589€15,368▲ 175%€251,209▲ 16×
Net result€1,829-€11,021within the sector's middle half▲ 502%€3,796within the sector's middle half▼ 65.6%-€25,817below the sector's middle half-€1,823below the sector's middle half▲ 92.9%€3,127within the sector's middle half€162,203▲ 52×
Equity€100,871-€111,891within the sector's middle half▲ 10.9%€115,687within the sector's middle half▲ 3.4%€89,870within the sector's middle half▼ 22.3%€88,047within the sector's middle half▼ 2.0%€91,174within the sector's middle half▲ 3.6%€148,677▲ 63.1%
Total assets€203,964-€208,970within the sector's middle half▲ 2.5%€175,435within the sector's middle half▼ 16.0%€145,274within the sector's middle half▼ 17.2%€127,215within the sector's middle half▼ 12.4%€139,576within the sector's middle half▲ 9.7%€252,441▲ 80.9%
Debt€103,093-€97,079▼ 5.8%€59,748▼ 38.5%€55,404▼ 7.3%€39,168▼ 29.3%€48,402▲ 23.6%€103,764▲ 114%
Working capital€2,997-€22,008within the sector's middle half▲ 634%€24,985within the sector's middle half▲ 13.5%€9,641within the sector's middle half▼ 61.4%€9,008within the sector's middle half▼ 6.6%€12,413within the sector's middle half▲ 37.8%€109,125▲ 779%
Solvency49.5%-53.5%within the sector's middle half▲ 4.1pp65.9%within the sector's middle half▲ 12.4pp61.9%within the sector's middle half▼ 4.1pp69.2%within the sector's middle half▲ 7.3pp65.3%within the sector's middle half▼ 3.9pp58.9%▼ 6.4pp
Current ratio1.03-1.23within the sector's middle half▲ 0.201.42within the sector's middle half▲ 0.191.17below the sector's middle half▼ 0.241.23within the sector's middle half▲ 0.061.26within the sector's middle half▲ 0.032.05▲ 0.80
Return on assets (ROA)0.9%-5.3%within the sector's middle half▲ 4.4pp2.2%below the sector's middle half▼ 3.1pp-17.8%below the sector's middle half▼ 19.9pp-1.4%below the sector's middle half▲ 16.3pp2.2%within the sector's middle half▲ 3.7pp64.3%▲ 62.0pp
above
within
below
The sector band is the middle half of the companies in Employment activities (NACE 78). 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 2026 is over 16 times that of 2025 and the highest since 2022. It is the third rise in a row, after the fall in 2023.
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
2026 in colour, 2025 as the grey bar beneath
Assets €252,441
Fixed assets
€39,553 ▼ 49.8%
Current assets
€212,888 ▲ 250%
Equity and liabilities €252,441
Equity
€148,677 ▲ 63.1%
Debt
€103,764 ▲ 114%
Debt's share of the balance-sheet total rises from 34.7% to 41.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€258,344▲
2025 · €25,905
Cash flow
€169,338▲
2025 · €13,664
Debt to equity
0.70▲
2025 · 0.53
ROE
109.1%▲
2025 · 3.4%
Interest coverage
77.34▲
2025 · 7.42
Debt ≤ 1 year
€103,764▲
2025 · €48,402
Income taxes
€85,665▲
2025 · €8,750
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €11,848 | €2,147 | €8,188 | €10,260 | €18,149 |
| Depreciation and write-downs of the year | €11,029 | €12,620 | €9,379 | €10,537 | €7,135 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,528 | €15,089 | €11,029 | €12,620 | €9,379 | €10,537 | €7,135 | ▼ 32.3% |
| Other operating charges640/8 | - | - | €1,627 | €1,396 | €1,452 | €1,104 | €1,085 | ▼ 1.7% |
| Gross operating margin9900 | €22,348 | €40,410 | €36,845 | -€9,114 | €16,420 | €27,008 | €259,428 | ▲ 861% |
| Operating profit (loss)9901 | €1,901 | €22,540 | €24,188 | -€23,130 | €5,589 | €15,368 | €251,209 | ▲ 16× |
| Financial income75/76B | - | - | €1,184 | €0 | €3 | €2 | €0 | ▼ 100% |
| Recurring financial income75 | €2,244 | €2,821 | €1,184 | €0 | €3 | €2 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | €1,648 | €1,415 | €1,080 | €3,493 | €3,341 | ▼ 4.4% |
| Recurring financial charges65 | €2,312 | €3,329 | €1,648 | €1,415 | €1,080 | €3,493 | €3,341 | ▼ 4.4% |
| Profit (loss) for the period before taxes9903 | €1,832 | €22,032 | €23,724 | -€24,545 | €4,513 | €11,877 | €247,868 | ▲ 21× |
| Income taxes67/77 | €3 | €11,011 | €19,928 | €1,273 | €6,336 | €8,750 | €85,665 | ▲ 879% |
| Profit (loss) for the period9904 | €1,829 | €11,021 | €3,796 | -€25,817 | -€1,823 | €3,127 | €162,203 | ▲ 52× |
| Profit (loss) for the period to be appropriated9905 | €1,829 | €11,021 | €3,796 | -€25,817 | -€1,823 | €3,127 | €162,203 | ▲ 52× |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €203,964 | €208,970 | €175,435 | €145,274 | €127,215 | €139,576 | €252,441 | ▲ 80.9% |
| Fixed assets21/28 | €97,874 | €89,884 | €90,702 | €80,229 | €79,039 | €78,761 | €39,553 | ▼ 49.8% |
| Intangible fixed assets21 | €5,667 | €1 | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €92,206 | €89,883 | €90,702 | €80,229 | €79,039 | €78,761 | €39,553 | ▼ 49.8% |
| Land and buildings22 | - | - | €58,165 | €54,040 | €54,845 | €50,223 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | - | €17,720 | €11,013 | €9,935 | €9,638 | €22,787 | ▲ 136% |
| Furniture and vehicles24 | - | - | €7,472 | €8,319 | €7,890 | €7,461 | €7,031 | ▼ 5.8% |
| Other tangible fixed assets26 | - | - | €7,345 | €6,857 | €6,369 | €11,440 | €9,735 | ▼ 14.9% |
| Current assets29/58 | €106,090 | €119,087 | €84,733 | €65,045 | €48,176 | €60,814 | €212,888 | ▲ 250% |
| Amounts receivable within one year40/41 | €42,299 | €32,179 | €20,582 | €6,643 | €8,460 | €24,251 | €56,125 | ▲ 131% |
| Trade receivables40 | - | - | €12,083 | €6,611 | €0 | €24,200 | €340 | ▼ 98.6% |
| Other amounts receivable41 | - | - | €8,499 | €31 | €8,460 | €51 | €55,785 | ▲ 1,089× |
| Cash at bank and in hand54/58 | €58,707 | €86,480 | €63,701 | €57,922 | €39,263 | €36,140 | €156,356 | ▲ 333% |
| Deferred charges and accrued income490/1 | - | - | €450 | €480 | €453 | €423 | €408 | ▼ 3.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €203,964 | €208,970 | €175,435 | €145,274 | €127,215 | €139,576 | €252,441 | ▲ 80.9% |
| Equity10/15 | €100,871 | €111,891 | €115,687 | €89,870 | €88,047 | €91,174 | €148,677 | ▲ 63.1% |
| Contributions10/11 | €6,197 | - | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Reserves13 | €91,859 | €104,859 | €108,559 | €108,559 | €108,559 | €108,559 | €141,859 | ▲ 30.7% |
| Non-distributable reserves130/1 | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | €106,700 | €106,700 | €106,700 | €106,700 | €140,000 | ▲ 31.2% |
| Profit (loss) carried forward14 | €2,814 | €835 | €931 | -€24,887 | -€26,710 | -€23,583 | €621 | - |
| Amounts payable17/49 | €103,093 | €97,079 | €59,748 | €55,404 | €39,168 | €48,402 | €103,764 | ▲ 114% |
| Amounts payable within one year42/48 | €103,093 | €97,079 | €59,748 | €55,404 | €39,168 | €48,402 | €103,764 | ▲ 114% |
| Trade debts44 | €1,510 | €10,184 | €735 | €615 | €2,397 | €775 | €10,626 | ▲ 14× |
| Suppliers440/4 | - | - | €735 | €615 | €2,397 | €775 | €10,626 | ▲ 14× |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €122 | - |
| Taxes, remuneration and social security45 | - | - | €31,605 | €26,576 | €23,984 | €27,870 | €91,726 | ▲ 229% |
| Taxes450/3 | - | - | €24,105 | €26,576 | €23,984 | €27,870 | €91,726 | ▲ 229% |
| Remuneration and social security454/9 | - | - | €7,500 | €0 | - | - | - | - |
| Other amounts payable47/48 | - | - | €27,408 | €28,213 | €12,787 | €19,757 | €1,290 | ▼ 93.5% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,829 | €11,021 | €3,796 | -€25,817 | -€1,823 | €3,127 | €162,203 | ▲ 52× |
| + Depreciation and write-downs630 | €17,528 | €15,089 | €11,029 | €12,620 | €9,379 | €10,537 | €7,135 | ▼ 32.3% |
| Operating cash flow (approximation) | €19,357 | €26,110 | €14,825 | -€13,198 | €7,556 | €13,664 | €169,338 | ▲ 12× |
| Investment in fixed assets (approximation) | - | -€7,099 | -€11,847 | -€2,147 | -€8,188 | -€10,260 | €32,074 | - |
| Change in cash | - | €27,772 | -€22,779 | -€5,779 | -€18,659 | -€3,123 | €120,215 | - |
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 CONFIDEM 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 CONFIDEM 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 CONFIDEM. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 29-09-2026 | 2026-00539131 | |
| 31-03-2025 | micro format | 13-10-2025 | 2025-00542335 | |
| 31-03-2024 | micro format | 27-10-2024 | 2024-00518586 | |
| 31-03-2023 | micro format | 15-11-2023 | 2023-00512910 | |
| 31-03-2022 | micro format | 19-11-2022 | 2022-20522862 | |
| 31-03-2021 | micro format | 03-11-2021 | 2021-76000324 | |
| 31-03-2020 | micro format | 20-10-2020 | 2020-62000396 | |
| 31-03-2018 | micro format | 23-10-2018 | 2018-70100156 | |
| 31-03-2017 | micro format | 22-09-2017 | 2017-62100575 | |
| 31-03-2016 | abbreviated format | 28-10-2016 | 2016-66800057 |