CONICS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-01-2026 PDF all 7 filings
Turnover
≈ €2.1m
Estimated: probably between €1.4m and €3.3m
Total assets
€703,590▲ 34.6%
2024 · €522,712
Net result
€106,397▲ 7.0%
2024 · €99,398
Working capital
€254,248▲ 47.4%
2024 · €172,487
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€153,095
▲ 14.0%
2025
20192025
Net result
€106,397
▲ 7.0%
2025
highest quarter of the sector
20192025
Equity
€266,629
▲ 66.4%
2025
middle half of the sector
20192025
Total assets
€703,590
▲ 34.6%
2025
middle half of the sector
20192025
Debt
€436,961
▲ 20.5%
2025
20192025
Working capital
€254,248
▲ 47.4%
2025
middle half of the sector
20192025
Solvency
37.9%
▲ 7.2pp
2025
middle half of the sector
20192025
Current ratio
1.98
▲ 0.17
2025
middle half of the sector
20192025
Return on assets (ROA)
15.1%
▼ 3.9pp
2025
middle half of the sector
20192025
Staff (FTE)
10
▲ 42.9%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€30,561-€5,461▼ 82.1%€16,077▲ 194%€17,225▲ 7.1%€54,157▲ 214%€134,299▲ 148%€153,095▲ 14.0%
Net result€15,860-€3,503below the sector's middle half▼ 77.9%€10,920within the sector's middle half▲ 212%€8,421within the sector's middle half▼ 22.9%€32,754within the sector's middle half▲ 289%€99,398above the sector's middle half▲ 203%€106,397above the sector's middle half▲ 7.0%
Equity€22,060-€25,563below the sector's middle half▲ 15.9%€36,483within the sector's middle half▲ 42.7%€44,904within the sector's middle half▲ 23.1%€77,658within the sector's middle half▲ 72.9%€160,232within the sector's middle half▲ 106%€266,629within the sector's middle half▲ 66.4%
Total assets€90,178-€63,225below the sector's middle half▼ 29.9%€168,036within the sector's middle half▲ 166%€198,854within the sector's middle half▲ 18.3%€280,636above the sector's middle half▲ 41.1%€522,712above the sector's middle half▲ 86.3%€703,590within the sector's middle half▲ 34.6%
Debt€68,119-€37,662▼ 44.7%€131,553▲ 249%€153,949▲ 17.0%€202,978▲ 31.8%€362,480▲ 78.6%€436,961▲ 20.5%
Working capital€19,468-€23,877within the sector's middle half▲ 22.6%€38,570within the sector's middle half▲ 61.5%€40,117within the sector's middle half▲ 4.0%€77,648within the sector's middle half▲ 93.6%€172,487above the sector's middle half▲ 122%€254,248within the sector's middle half▲ 47.4%
Solvency24.5%-40.4%within the sector's middle half▲ 16.0pp21.7%below the sector's middle half▼ 18.7pp22.6%below the sector's middle half▲ 0.9pp27.7%below the sector's middle half▲ 5.1pp30.7%below the sector's middle half▲ 3.0pp37.9%within the sector's middle half▲ 7.2pp
Current ratio1.29-1.63within the sector's middle half▲ 0.351.33below the sector's middle half▼ 0.301.37below the sector's middle half▲ 0.041.48within the sector's middle half▲ 0.111.81within the sector's middle half▲ 0.331.98within the sector's middle half▲ 0.17
Return on assets (ROA)17.6%-5.5%within the sector's middle half▼ 12.0pp6.5%within the sector's middle half▲ 1.0pp4.2%within the sector's middle half▼ 2.3pp11.7%within the sector's middle half▲ 7.4pp19.0%within the sector's middle half▲ 7.3pp15.1%within the sector's middle half▼ 3.9pp
Staff (FTE)1.2-3above the sector's middle half▲ 150%4▲ 33.3%5.7▲ 42.5%6▲ 5.3%7▲ 16.7%10within the sector's middle half▲ 42.9%
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 14% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The abbreviated or 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 €703,590
Fixed assets
€189,216 ▲ 38.5%
Current assets
€514,374 ▲ 33.2%
Equity and liabilities €703,590
Equity
€266,629 ▲ 66.4%
Debt
€436,961 ▲ 20.5%
Debt's share of the balance-sheet total falls from 69.3% to 62.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€207,652▲
2024 · €162,027
Cash flow
€160,954▲
2024 · €127,127
Debt to equity
1.64▼
2024 · 2.26
ROE
39.9%▼
2024 · 62.0%
Interest coverage
34.20▼
2024 · 48.97
Debt ≤ 1 year
€260,126▲
2024 · €213,573
Debt > 1 year
€86,421▲
2024 · €74,579
Income taxes
€40,920▲
2024 · €32,023
Staff costs
€580,188▲
2024 · €410,390
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 6 | 6 | 9 | 11 |
| full-time | 6 | 6 | 8 | 10 |
| part-time | - | 0 | 1 | 1 |
| in full-time equivalents | 6 | 6 | 8.9 | 10.9 |
| Average over the year, in full-time equivalents | 5.7 | 6 | 7 | 10 |
| On a permanent contract | 6 | 6 | 8 | 11 |
| Joined | 2 | - | 3 | 5 |
| Left | 0 | - | 0 | 3 |
| Training hours | 125 | - | 300 | 150 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €45,011 | €7,201 | €124,372 | €108,121 |
| Depreciation and write-downs of the year | €8,457 | €11,672 | €27,729 | €54,558 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €18,063 awarded · €16,314 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €6,021 | €5,715 |
| 2024 | 1 | €7,110 | €8,071 |
| 2023 | 1 | €4,932 | €2,528 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €243,410 | €334,322 | €410,390 | €580,188 | ▲ 41.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,858 | €3,195 | €2,694 | €8,457 | €11,672 | €27,729 | €54,558 | ▲ 96.8% |
| Other operating charges640/8 | - | - | - | €350 | €460 | €499 | €1,487 | ▲ 198% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €885 | - |
| Gross operating margin9900 | €91,480 | €136,313 | €181,006 | €269,441 | €400,610 | €572,917 | €790,212 | ▲ 37.9% |
| Operating profit (loss)9901 | €30,561 | €5,461 | €16,077 | €17,225 | €54,157 | €134,299 | €153,095 | ▲ 14.0% |
| Financial income75/76B | - | - | - | €31 | €0 | €431 | €293 | ▼ 32.0% |
| Recurring financial income75 | €5 | €970 | €3 | €31 | €0 | €431 | €293 | ▼ 32.0% |
| Financial charges65/66B | - | - | - | €857 | €707 | €3,309 | €6,071 | ▲ 83.5% |
| Recurring financial charges65 | €896 | €59 | €68 | €857 | €707 | €3,309 | €6,071 | ▲ 83.5% |
| Profit (loss) for the period before taxes9903 | €29,670 | €6,373 | €16,013 | €16,399 | €53,449 | €131,421 | €147,317 | ▲ 12.1% |
| Income taxes67/77 | €13,811 | €2,869 | €5,093 | €7,978 | €20,695 | €32,023 | €40,920 | ▲ 27.8% |
| Profit (loss) for the period9904 | €15,860 | €3,503 | €10,920 | €8,421 | €32,754 | €99,398 | €106,397 | ▲ 7.0% |
| Profit (loss) for the period to be appropriated9905 | €15,860 | €3,503 | €10,920 | €8,421 | €32,754 | €99,398 | €106,397 | ▲ 7.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €90,178 | €63,225 | €168,036 | €198,854 | €280,636 | €522,712 | €703,590 | ▲ 34.6% |
| Fixed assets21/28 | €2,592 | €1,686 | €12,713 | €49,266 | €40,008 | €136,651 | €189,216 | ▲ 38.5% |
| Intangible fixed assets21 | €272 | - | €7,587 | €4,787 | €0 | - | - | - |
| Tangible fixed assets22/27 | €2,320 | €1,686 | €5,126 | €44,479 | €40,008 | €136,651 | €189,216 | ▲ 38.5% |
| Furniture and vehicles24 | - | - | - | €44,479 | €40,008 | €136,651 | €189,216 | ▲ 38.5% |
| Current assets29/58 | €87,587 | €61,539 | €155,324 | €149,587 | €240,628 | €386,061 | €514,374 | ▲ 33.2% |
| Amounts receivable within one year40/41 | €50,925 | €30,502 | €96,572 | €97,295 | €116,062 | €183,485 | €217,498 | ▲ 18.5% |
| Trade receivables40 | - | - | - | €84,431 | €108,474 | €171,508 | €202,418 | ▲ 18.0% |
| Other amounts receivable41 | - | - | - | €12,864 | €7,588 | €11,977 | €15,080 | ▲ 25.9% |
| Cash at bank and in hand54/58 | €36,661 | €31,037 | €58,751 | €52,293 | €119,466 | €193,775 | €276,618 | ▲ 42.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | €5,100 | €8,801 | €20,258 | ▲ 130% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €90,178 | €63,225 | €168,036 | €198,854 | €280,636 | €522,712 | €703,590 | ▲ 34.6% |
| Equity10/15 | €22,060 | €25,563 | €36,483 | €44,904 | €77,658 | €160,232 | €266,629 | ▲ 66.4% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €15,860 | €19,363 | €30,283 | €38,704 | €71,458 | €154,032 | €260,429 | ▲ 69.1% |
| Non-distributable reserves130/1 | - | - | - | €968 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €968 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €37,736 | €71,458 | €154,032 | €260,429 | ▲ 69.1% |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €68,119 | €37,662 | €131,553 | €153,949 | €202,978 | €362,480 | €436,961 | ▲ 20.5% |
| Amounts payable after more than one year17 | - | - | - | €22,965 | €16,323 | €74,579 | €86,421 | ▲ 15.9% |
| Financial debts170/4 | - | - | - | €22,965 | €16,323 | €74,579 | €86,421 | ▲ 15.9% |
| Amounts payable within one year42/48 | €68,119 | €37,662 | €116,753 | €109,470 | €162,980 | €213,573 | €260,126 | ▲ 21.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,578 | €10,393 | €31,698 | €52,379 | ▲ 65.2% |
| Trade debts44 | €45,869 | €17,272 | €63,376 | €50,804 | €76,553 | €59,506 | €45,801 | ▼ 23.0% |
| Suppliers440/4 | - | - | - | €50,804 | €76,553 | €59,506 | €45,801 | ▼ 23.0% |
| Taxes, remuneration and social security45 | - | - | - | €52,017 | €75,964 | €105,351 | €147,915 | ▲ 40.4% |
| Taxes450/3 | - | - | - | €10,611 | €7,555 | €35,019 | €37,247 | ▲ 6.4% |
| Remuneration and social security454/9 | - | - | - | €41,407 | €68,409 | €70,332 | €110,667 | ▲ 57.3% |
| Other amounts payable47/48 | - | - | - | €70 | €70 | €17,019 | €14,032 | ▼ 17.5% |
| Accrued charges and deferred income492/3 | - | - | - | €21,514 | €23,675 | €74,328 | €90,413 | ▲ 21.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,860 | €3,503 | €10,920 | €8,421 | €32,754 | €99,398 | €106,397 | ▲ 7.0% |
| + Depreciation and write-downs630 | €3,858 | €3,195 | €2,694 | €8,457 | €11,672 | €27,729 | €54,558 | ▲ 96.8% |
| Operating cash flow (approximation) | €19,717 | €6,699 | €13,614 | €16,878 | €44,426 | €127,127 | €160,954 | ▲ 26.6% |
| Investment in fixed assets (approximation) | - | -€2,290 | -€13,721 | -€45,011 | -€2,414 | -€124,372 | -€107,122 | ▲ 13.9% |
| Change in cash | - | -€5,625 | €27,715 | -€6,459 | €67,173 | €74,309 | €82,843 | ▲ 11.5% |
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, 6,782 companies had the same profile as CONICS has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of CONICS 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 6,782 companies, not a prediction for CONICS. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 30-01-2026 | 2026-00021119 | |
| 30-06-2024 | micro format | 23-12-2024 | 2024-00622686 | |
| 30-06-2023 | micro format | 18-12-2023 | 2023-00529713 | |
| 30-06-2022 | micro format | 27-12-2022 | 2022-20548151 | |
| 30-06-2021 | micro format | 16-12-2021 | 2021-80500355 | |
| 30-06-2020 | micro format | 10-12-2020 | 2020-75200387 | |
| 30-06-2019 | abbreviated format | 10-01-2020 | 2020-00800448 |