CONTRABAS
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 7 days after the deadline Filed on 7 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00388627.
Annual accounts 2025 filed on 07-08-2026 at the NBB all 23 filings
Turnover
≈ €390,000
Estimated: probably between €330,000 and €470,000
Total assets
€288,763▼ 7.3%
2024 · €311,437
Net result
€148,778▼ 10.9%
2024 · €166,922
Working capital
€173,776▲ 76.5%
2024 · €98,435
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€226,697
▼ 1.2%
2025
20182025
Net result
€148,778
▼ 10.9%
2025
highest quarter of the sector
20182025
Equity
€193,004
▲ 83.9%
2025
middle half of the sector
20182025
Total assets
€288,763
▼ 7.3%
2025
middle half of the sector
20182025
Debt
€95,758
▼ 53.6%
2025
20182025
Working capital
€173,776
▲ 76.5%
2025
highest quarter of the sector
20182025
Solvency
66.8%
▲ 33.1pp
2025
middle half of the sector
20182025
Current ratio
2.81
▲ 1.34
2025
middle half of the sector
20182025
Return on assets (ROA)
51.5%
▼ 2.1pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€4,816-€131,996€4,176▼ 96.8%€35,447▲ 749%€47,471▲ 33.9%€92,964▲ 95.8%€229,457▲ 147%€226,697▼ 1.2%
Net result-€20,419-€157,136€2,792within the sector's middle half▼ 98.2%€26,426within the sector's middle half▲ 846%€38,507within the sector's middle half▲ 45.7%€64,071above the sector's middle half▲ 66.4%€166,922above the sector's middle half▲ 161%€148,778above the sector's middle half▼ 10.9%
Equity-€148,440-€8,696€11,488below the sector's middle half▲ 32.1%€37,914within the sector's middle half▲ 230%€40,905within the sector's middle half▲ 7.9%€104,977within the sector's middle half▲ 157%€104,977within the sector's middle half=€193,004within the sector's middle half▲ 83.9%
Total assets€593,299-€37,722▼ 93.6%€42,404below the sector's middle half▲ 12.4%€91,007within the sector's middle half▲ 115%€93,338within the sector's middle half▲ 2.6%€139,358within the sector's middle half▲ 49.3%€311,437within the sector's middle half▲ 123%€288,763within the sector's middle half▼ 7.3%
Debt€709,811-€29,026▼ 95.9%€30,916▲ 6.5%€53,093▲ 71.7%€52,433▼ 1.2%€34,381▼ 34.4%€206,460▲ 500%€95,758▼ 53.6%
Working capital-€701,063--€20,020▲ 97.1%-€12,570below the sector's middle half▲ 37.2%€1,071within the sector's middle half€17,218within the sector's middle half▲ 16×€86,336within the sector's middle half▲ 401%€98,435within the sector's middle half▲ 14.0%€173,776above the sector's middle half▲ 76.5%
Solvency-25.0%-23.1%▲ 48.1pp27.1%within the sector's middle half▲ 4.0pp41.7%within the sector's middle half▲ 14.6pp43.8%within the sector's middle half▲ 2.2pp75.3%within the sector's middle half▲ 31.5pp33.7%within the sector's middle half▼ 41.6pp66.8%within the sector's middle half▲ 33.1pp
Current ratio0.01-0.31▲ 0.300.59below the sector's middle half▲ 0.281.02within the sector's middle half▲ 0.431.33within the sector's middle half▲ 0.313.51within the sector's middle half▲ 2.181.48within the sector's middle half▼ 2.032.81within the sector's middle half▲ 1.34
Return on assets (ROA)-3.4%-416.6%▲ 420.0pp6.6%within the sector's middle half▼ 410.0pp29.0%above the sector's middle half▲ 22.5pp41.3%above the sector's middle half▲ 12.2pp46.0%above the sector's middle half▲ 4.7pp53.6%above the sector's middle half▲ 7.6pp51.5%above the sector's middle half▼ 2.1pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 1% lower than in 2024.
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
2025 in colour, 2024 as the grey bar beneath
Assets €288,763
Fixed assets
€19,229 ▲ 180%
Current assets
€269,534 ▼ 11.5%
Equity and liabilities €288,763
Equity
€193,004 ▲ 83.9%
Debt
€95,758 ▼ 53.6%
Debt's share of the balance-sheet total falls from 66.3% to 33.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€229,040▼
2024 · €231,363
Cash flow
€151,122▼
2024 · €168,827
Debt to equity
0.50▼
2024 · 1.97
ROE
77.1%▼
2024 · 159.0%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€95,758▼
2024 · €206,137
Income taxes
€81,150▲
2024 · €64,653
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €24,396 | €8,066 | - | €2,231 | €14,708 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €5,668 | €3,740 | €5,086 | €1,905 | €2,344 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €1,019 | €0 | - | €349 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,081 | €4,657 | €4,657 | €5,668 | €3,740 | €5,086 | €1,905 | €2,344 | ▲ 23.0% |
| Other operating charges640/8 | - | - | - | €2,528 | €2,156 | €1,156 | €1,944 | €2,053 | ▲ 5.6% |
| Non-recurring operating charges66A | - | - | - | - | €816 | €0 | €10,751 | €1,279 | ▼ 88.1% |
| Gross operating margin9900 | €26,846 | €138,070 | €12,890 | €43,643 | €54,183 | €99,207 | €244,058 | €232,373 | ▼ 4.8% |
| Operating profit (loss)9901 | -€4,816 | €131,996 | €4,176 | €35,447 | €47,471 | €92,964 | €229,457 | €226,697 | ▼ 1.2% |
| Financial income75/76B | - | - | - | €3 | - | €95 | €3,068 | €4,090 | ▲ 33.3% |
| Recurring financial income75 | - | - | €6 | €3 | - | €95 | €3,068 | €4,090 | ▲ 33.3% |
| Financial charges65/66B | - | - | - | €1,535 | €1,665 | €1,256 | €951 | €858 | ▼ 9.7% |
| Recurring financial charges65 | €16,634 | €6,570 | €1,101 | €1,535 | €1,665 | €1,256 | €951 | €847 | ▼ 10.9% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €11 | - |
| Profit (loss) for the period before taxes9903 | -€21,450 | €125,425 | €3,081 | €33,915 | €45,806 | €91,803 | €231,575 | €229,928 | ▼ 0.7% |
| Income taxes67/77 | €355 | €217 | €289 | €7,489 | €7,299 | €27,732 | €64,653 | €81,150 | ▲ 25.5% |
| Profit (loss) for the period9904 | -€20,419 | €157,136 | €2,792 | €26,426 | €38,507 | €64,071 | €166,922 | €148,778 | ▼ 10.9% |
| Transfer from tax-exempt reserves789 | - | - | - | €28,786 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€17,727 | €219,109 | €2,792 | €55,212 | €38,507 | €64,071 | €166,922 | €148,778 | ▼ 10.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €593,299 | €37,722 | €42,404 | €91,007 | €93,338 | €139,358 | €311,437 | €288,763 | ▼ 7.3% |
| Fixed assets21/28 | €584,550 | €28,716 | €24,059 | €42,747 | €23,687 | €18,641 | €6,865 | €19,229 | ▲ 180% |
| Tangible fixed assets22/27 | €582,300 | €26,466 | €21,809 | €40,537 | €21,477 | €16,391 | €6,865 | €19,229 | ▲ 180% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €3,287 | - |
| Furniture and vehicles24 | - | - | - | €27,375 | €5,047 | €3,539 | €3,865 | €12,942 | ▲ 235% |
| Other tangible fixed assets26 | - | - | - | €13,162 | €16,430 | €12,851 | €3,000 | €3,000 | = |
| Financial fixed assets28 | €2,250 | €2,250 | €2,250 | €2,210 | €2,210 | €2,250 | €0 | - | - |
| Current assets29/58 | €8,749 | €9,007 | €18,345 | €48,260 | €69,651 | €120,717 | €304,572 | €269,534 | ▼ 11.5% |
| Amounts receivable within one year40/41 | €2,220 | €920 | €2,060 | €8,892 | €25,356 | €39,174 | €147,765 | €9,779 | ▼ 93.4% |
| Trade receivables40 | - | - | - | €8,892 | €11,735 | €30,957 | €41,645 | €1,409 | ▼ 96.6% |
| Other amounts receivable41 | - | - | - | - | €13,620 | €8,218 | €106,120 | €8,370 | ▼ 92.1% |
| Current investments50/53 | €250 | €4,750 | €8,000 | €15,000 | €37,500 | - | €51,500 | €104,139 | ▲ 102% |
| Cash at bank and in hand54/58 | €3,569 | €1,577 | €5,974 | €21,979 | €6,517 | €80,757 | €104,658 | €129,156 | ▲ 23.4% |
| Deferred charges and accrued income490/1 | - | - | - | €2,389 | €279 | €786 | €648 | €26,460 | ▲ 41× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €593,299 | €37,722 | €42,404 | €91,007 | €93,338 | €139,358 | €311,437 | €288,763 | ▼ 7.3% |
| Equity10/15 | -€148,440 | €8,696 | €11,488 | €37,914 | €40,905 | €104,977 | €104,977 | €193,004 | ▲ 83.9% |
| Contributions10/11 | €10,000 | €10,000 | - | €10,000 | €11,860 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €128,134 | €66,162 | €66,162 | €59,620 | €60,751 | €94,977 | €94,977 | €183,004 | ▲ 92.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €57,760 | €60,751 | €94,977 | €94,977 | €183,004 | ▲ 92.7% |
| Profit (loss) carried forward14 | -€286,574 | -€67,466 | -€64,674 | -€31,705 | -€31,705 | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | €31,928 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €709,811 | €29,026 | €30,916 | €53,093 | €52,433 | €34,381 | €206,460 | €95,758 | ▼ 53.6% |
| Amounts payable after more than one year17 | - | - | - | €5,903 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €5,903 | - | - | - | - | - |
| Amounts payable within one year42/48 | €709,811 | €29,026 | €30,916 | €47,190 | €52,433 | €34,381 | €206,137 | €95,758 | ▼ 53.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4,989 | - | - | - | - | - |
| Trade debts44 | €1,971 | €77 | €2,386 | €12,299 | €12,378 | €4,567 | €12,697 | €2,937 | ▼ 76.9% |
| Suppliers440/4 | - | - | - | €12,299 | €12,378 | €4,567 | €12,697 | €2,937 | ▼ 76.9% |
| Taxes, remuneration and social security45 | - | - | - | €15,392 | €218 | €13,910 | €26,518 | €31,633 | ▲ 19.3% |
| Taxes450/3 | - | - | - | €15,392 | €218 | €13,910 | €26,518 | €31,633 | ▲ 19.3% |
| Other amounts payable47/48 | - | - | - | €14,510 | €39,837 | €15,905 | €166,922 | €61,189 | ▼ 63.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €323 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€20,419 | €157,136 | €2,792 | €26,426 | €38,507 | €64,071 | €166,922 | €148,778 | ▼ 10.9% |
| + Depreciation and write-downs630 | €21,081 | €4,657 | €4,657 | €5,668 | €3,740 | €5,086 | €1,905 | €2,344 | ▲ 23.0% |
| Operating cash flow (approximation) | €662 | €161,793 | €7,449 | €32,094 | €42,247 | €69,158 | €168,827 | €151,122 | ▼ 10.5% |
| Investment in fixed assets (approximation) | - | €551,177 | €0 | -€24,356 | €15,320 | -€40 | €9,871 | -€14,708 | - |
| Change in cash | - | -€1,993 | €4,397 | €16,005 | -€15,463 | €74,240 | €23,902 | €24,498 | ▲ 2.5% |
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, 31,368 companies had the same profile as CONTRABAS 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 CONTRABAS 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 CONTRABAS. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-08-2026 | 2026-00388627 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00347617 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00391620 | |
| 31-12-2022 | micro format | 26-07-2023 | 2023-00281835 | |
| 31-12-2021 | micro format | 19-07-2022 | 2022-20198130 | |
| 31-12-2020 | micro format | 28-07-2021 | 2021-42000594 | |
| 31-12-2019 | micro format | 16-07-2020 | 2020-30300276 | |
| 31-12-2018 | micro format | 23-07-2019 | 2019-35900390 | |
| 31-12-2017 | micro format | 30-07-2018 | 2018-39100081 | |
| 31-12-2016 | micro format | 28-07-2017 | 2017-36700433 |