CREATAX
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 53 days after the deadline Filed on 22 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00521154.
Annual accounts 2025 filed on 22-09-2026 at the NBB all 9 filings
Equity
€2,515▼ 25.9%
2024 · €3,393
Total assets
€20,801▼ 7.6%
2024 · €22,513
Net result
-€878▲ 49.4%
2024 · -€1,736
Working capital
€1,895▼ 31.7%
2024 · €2,773
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€726
▲ 44.7%
2025
20182025
Net result
-€878
▲ 49.4%
2025
lowest quarter of the sector
20182025
Equity
€2,515
▼ 25.9%
2025
lowest quarter of the sector
20182025
Total assets
€20,801
▼ 7.6%
2025
lowest quarter of the sector
20182025
Debt
€18,286
▼ 4.4%
2025
20182025
Working capital
€1,895
▼ 31.7%
2025
lowest quarter of the sector
20182025
Solvency
12.1%
▼ 3.0pp
2025
lowest quarter of the sector
20182025
Current ratio
1.10
▼ 0.04
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-4.2%
▲ 3.5pp
2025
lowest 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€10,485-€49,426▲ 371%€18,951▼ 61.7%€13,477▼ 28.9%€82,365▲ 511%-€9,778-€1,313▲ 86.6%-€726▲ 44.7%
Net result€7,917-€40,171▲ 407%€10,127within the sector's middle half▼ 74.8%€10,765within the sector's middle half▲ 6.3%€65,889within the sector's middle half▲ 512%-€15,331below the sector's middle half-€1,736below the sector's middle half▲ 88.7%-€878below the sector's middle half▲ 49.4%
Equity€14,893-€55,064▲ 270%€77,591within the sector's middle half▲ 40.9%€88,356within the sector's middle half▲ 13.9%€20,460below the sector's middle half▼ 76.8%€5,129below the sector's middle half▼ 74.9%€3,393below the sector's middle half▼ 33.8%€2,515below the sector's middle half▼ 25.9%
Total assets€91,849-€186,244▲ 103%€341,921within the sector's middle half▲ 83.6%€301,629within the sector's middle half▼ 11.8%€197,014within the sector's middle half▼ 34.7%€164,611within the sector's middle half▼ 16.4%€22,513below the sector's middle half▼ 86.3%€20,801below the sector's middle half▼ 7.6%
Debt€76,957-€131,180▲ 70.5%€264,330▲ 102%€206,523▼ 21.9%€176,554▼ 14.5%€159,482▼ 9.7%€19,120▼ 88.0%€18,286▼ 4.4%
Working capital€8,195-€53,905▲ 558%€76,971within the sector's middle half▲ 42.8%€91,891within the sector's middle half▲ 19.4%€19,450within the sector's middle half▼ 78.8%€4,509below the sector's middle half▼ 76.8%€2,773below the sector's middle half▼ 38.5%€1,895below the sector's middle half▼ 31.7%
Solvency16.2%-29.6%▲ 13.4pp22.7%below the sector's middle half▼ 6.9pp29.3%within the sector's middle half▲ 6.6pp10.4%below the sector's middle half▼ 18.9pp3.1%below the sector's middle half▼ 7.3pp15.1%below the sector's middle half▲ 12.0pp12.1%below the sector's middle half▼ 3.0pp
Current ratio1.11-1.41▲ 0.301.29within the sector's middle half▼ 0.121.44within the sector's middle half▲ 0.151.11below the sector's middle half▼ 0.331.03below the sector's middle half▼ 0.081.15below the sector's middle half▲ 0.121.10below the sector's middle half▼ 0.04
Return on assets (ROA)8.6%-21.6%▲ 12.9pp3.0%below the sector's middle half▼ 18.6pp3.6%below the sector's middle half▲ 0.6pp33.4%above the sector's middle half▲ 29.9pp-9.3%below the sector's middle half▼ 42.8pp-7.7%below the sector's middle half▲ 1.6pp-4.2%below the sector's middle half▲ 3.5pp
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 loss of €726, smaller than the loss of €1,313 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €20,801
Fixed assets
€620 =
Current assets
€20,181 ▼ 7.8%
Equity and liabilities €20,801
Equity
€2,515 ▼ 25.9%
Debt
€18,286 ▼ 4.4%
Debt's share of the balance-sheet total rises from 84.9% to 87.9%. Equity and debt are lower.
Key figures and ratios
Debt to equity
7.27▲
2024 · 5.64
ROE
-34.9%▲
2024 · -51.2%
Debt ≤ 1 year
€18,286▼
2024 · €19,120
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 | €4,800 | - | - | - | - |
| Depreciation and write-downs of the year | €2,205 | €2,205 | €390 | - | - |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,755 | €6,159 | €2,354 | €2,205 | €2,205 | €390 | - | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €6,750 | -€6,750 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €6,106 | €1,000 | €4,540 | €1,441 | €512 | ▼ 64.4% |
| Gross operating margin9900 | €18,676 | €56,795 | €24,461 | €28,538 | €78,820 | -€4,848 | €128 | -€214 | - |
| Operating profit (loss)9901 | €10,485 | €49,426 | €18,951 | €13,477 | €82,365 | -€9,778 | -€1,313 | -€726 | ▲ 44.7% |
| Financial income75/76B | - | - | - | - | - | €275 | - | - | - |
| Recurring financial income75 | - | - | - | - | - | €275 | - | - | - |
| Financial charges65/66B | - | - | - | €20 | €4 | €1,959 | €155 | €152 | ▼ 2.0% |
| Recurring financial charges65 | €39 | €57 | €42 | €20 | €4 | €1,959 | €155 | €152 | ▼ 2.0% |
| Profit (loss) for the period before taxes9903 | €10,446 | €49,369 | €18,909 | €13,457 | €82,361 | -€11,462 | -€1,468 | -€878 | ▲ 40.2% |
| Income taxes67/77 | €2,529 | €9,198 | €8,782 | €2,691 | €16,472 | €3,869 | €268 | - | - |
| Profit (loss) for the period9904 | €7,917 | €40,171 | €10,127 | €10,765 | €65,889 | -€15,331 | -€1,736 | -€878 | ▲ 49.4% |
| Profit (loss) for the period to be appropriated9905 | €7,917 | €40,171 | €10,127 | €10,765 | €65,889 | -€15,331 | -€1,736 | -€878 | ▲ 49.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €91,849 | €186,244 | €341,921 | €301,629 | €197,014 | €164,611 | €22,513 | €20,801 | ▼ 7.6% |
| Fixed assets21/28 | €6,698 | €1,158 | €620 | €3,215 | €1,010 | €620 | €620 | €620 | = |
| Tangible fixed assets22/27 | €6,698 | €539 | €0 | €2,595 | €390 | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | €2,595 | €390 | €0 | - | - | - |
| Financial fixed assets28 | - | €620 | €620 | €620 | €620 | €620 | €620 | €620 | = |
| Current assets29/58 | €85,151 | €185,085 | €341,301 | €298,415 | €196,004 | €163,991 | €21,893 | €20,181 | ▼ 7.8% |
| Amounts receivable within one year40/41 | €19,890 | €62,002 | €74,829 | €30,976 | €21,961 | €17,496 | €14,369 | €15,717 | ▲ 9.4% |
| Trade receivables40 | - | - | - | €14,755 | €5,740 | €3,127 | - | - | - |
| Other amounts receivable41 | - | - | - | €16,221 | €16,221 | €14,369 | €14,369 | €15,717 | ▲ 9.4% |
| Cash at bank and in hand54/58 | €65,211 | €123,084 | €266,472 | €267,438 | €174,043 | €146,495 | €7,524 | €4,464 | ▼ 40.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €91,849 | €186,244 | €341,921 | €301,629 | €197,014 | €164,611 | €22,513 | €20,801 | ▼ 7.6% |
| Equity10/15 | €14,893 | €55,064 | €77,591 | €88,356 | €20,460 | €5,129 | €3,393 | €2,515 | ▼ 25.9% |
| Contributions10/11 | €6,200 | €6,200 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| 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 | = |
| Profit (loss) carried forward14 | €6,833 | €47,004 | €57,131 | €67,896 | - | -€15,331 | -€17,067 | -€17,945 | ▼ 5.1% |
| Provisions and deferred taxes16 | - | - | - | €6,750 | €0 | - | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €6,750 | €0 | - | - | - | - |
| Major repairs and maintenance162 | - | - | - | €6,750 | €0 | - | - | - | - |
| Amounts payable17/49 | €76,957 | €131,180 | €264,330 | €206,523 | €176,554 | €159,482 | €19,120 | €18,286 | ▼ 4.4% |
| Amounts payable within one year42/48 | €76,957 | €131,180 | €264,330 | €206,523 | €176,554 | €159,482 | €19,120 | €18,286 | ▼ 4.4% |
| Trade debts44 | €45,676 | €113,444 | €198,196 | €167,542 | €23,926 | €23,760 | €19,120 | €18,286 | ▼ 4.4% |
| Suppliers440/4 | - | - | - | €167,542 | €23,926 | €23,760 | €19,120 | €18,286 | ▼ 4.4% |
| Taxes, remuneration and social security45 | - | - | - | €28,091 | €16,755 | - | - | - | - |
| Taxes450/3 | - | - | - | €2,691 | €16,755 | - | - | - | - |
| Remuneration and social security454/9 | - | - | - | €25,400 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €10,890 | €135,873 | €135,723 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,917 | €40,171 | €10,127 | €10,765 | €65,889 | -€15,331 | -€1,736 | -€878 | ▲ 49.4% |
| + Depreciation and write-downs630 | €6,755 | €6,159 | €2,354 | €2,205 | €2,205 | €390 | - | - | - |
| Operating cash flow (approximation) | €14,672 | €46,330 | €12,481 | €12,970 | €68,094 | -€14,941 | -€1,736 | -€878 | ▲ 49.4% |
| Investment in fixed assets (approximation) | - | -€620 | -€1,815 | -€4,800 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €57,873 | €143,389 | €966 | -€93,395 | -€27,548 | -€138,971 | -€3,060 | ▲ 97.8% |
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, 2,166 companies had the same profile as CREATAX has now. Two years later, 94.1% were still going and 2.5% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
94.1%
was still going
3.0%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CREATAX itself: 1.3% 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 2,166 companies, not a prediction for CREATAX. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-09-2026 | 2026-00521154 | |
| 31-12-2024 | micro format | 24-09-2025 | 2025-00500725 | |
| 31-12-2023 | micro format | 07-05-2026 | 2026-00107432 | |
| 31-12-2022 | micro format | 09-10-2023 | 2023-00477978 | |
| 31-12-2021 | micro format | 18-10-2022 | 2022-20472046 | |
| 31-12-2020 | micro format | 31-12-2021 | 2021-82300394 | |
| 31-12-2019 | micro format | 31-01-2021 | 2021-04500112 | |
| 31-12-2018 | micro format | 31-08-2019 | 2019-63000567 | |
| 31-12-2017 | micro format | 29-11-2018 | 2018-73100370 |