Customer Link
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 41 days after the deadline Filed on 10 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00512466.
Annual accounts 2025 filed on 10-09-2026 at the NBB all 29 filings
Turnover
€3.4m▼ 20.5%
2024 · €4.3m
EBIT margin
1.1%▲ 0.6pp
2024 · 0.5%
Net result
€13,179▲ 368%
2024 · €2,813
Working capital
€258,442▼ 4.4%
2024 · €270,243
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€3.4m
▼ 20.5%
2025
20182025
Operating result
€36,978
▲ 66.9%
2025
20182025
Net result
€13,179
▲ 368%
2025
middle half of the sector
20182025
EBIT margin
1.1%
▲ 0.6pp
2025
20182025
Equity
€290,878
▲ 4.7%
2025
middle half of the sector
20182025
Total assets
€1.3m
▲ 25.1%
2025
middle half of the sector
20182025
Debt
€996,226
▲ 32.7%
2025
20182025
Working capital
€258,442
▼ 4.4%
2025
middle half of the sector
20182025
Solvency
22.6%
▼ 4.4pp
2025
lowest quarter of the sector
20182025
Current ratio
1.26
▼ 0.10
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
1.0%
▲ 0.7pp
2025
middle half of the sector
20182025
Staff (FTE)
9.7
▼ 8.5%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€1.4m-€2.9m▲ 111%€3.6m▲ 22.6%€4.7m▲ 31.9%€5.4m▲ 15.6%€5.9m▲ 9.0%€4.3m▼ 27.8%€3.4m▼ 20.5%
Operating result€0.2m-€0.3m▲ 44.4%€0.1m▼ 55.5%€0.1m▼ 35.1%€0.09m▼ 9.1%€0.1m▲ 10.6%€0.02m▼ 77.2%€0.04m▲ 66.9%
Net result€0.2m-€0.5m▲ 170%€0.1mwithin the sector's middle half▼ 71.6%€0.06mwithin the sector's middle half▼ 56.9%€0.05mwithin the sector's middle half▼ 22.9%€0.05mwithin the sector's middle half▲ 7.2%€0.003mwithin the sector's middle half▼ 94.3%€0.01mwithin the sector's middle half▲ 368%
EBIT margin16.8%-11.5%▼ 5.3pp4.2%▼ 7.3pp2.1%▼ 2.1pp1.6%▼ 0.4pp1.6%=0.5%▼ 1.1pp1.1%▲ 0.6pp
Equity-€0.5m-€0.02m€0.2mbelow the sector's middle half▲ 793%€0.2mbelow the sector's middle half▲ 38.3%€0.3mwithin the sector's middle half▲ 21.3%€0.3mwithin the sector's middle half▲ 5.4%€0.3mwithin the sector's middle half▲ 1.0%€0.3mwithin the sector's middle half▲ 4.7%
Total assets€0.6m-€0.7m▲ 7.0%€1.1mwithin the sector's middle half▲ 56.1%€1.0mwithin the sector's middle half▼ 9.4%€1.6mwithin the sector's middle half▲ 60.9%€1.1mwithin the sector's middle half▼ 32.7%€1.0mwithin the sector's middle half▼ 2.0%€1.3mwithin the sector's middle half▲ 25.1%
Debt€1.1m-€0.7m▼ 39.7%€0.9m▲ 36.8%€0.8m▼ 17.5%€1.3m▲ 72.4%€0.8m▼ 40.5%€0.8m▼ 3.2%€1.0m▲ 32.7%
Working capital-€0.6m-€0.03m€0.1mwithin the sector's middle half▲ 334%€0.2mwithin the sector's middle half▲ 48.0%€0.2mwithin the sector's middle half▲ 17.1%€0.3mwithin the sector's middle half▲ 10.3%€0.3mwithin the sector's middle half▲ 4.2%€0.3mwithin the sector's middle half▼ 4.4%
Solvency-72.8%-2.5%▲ 75.4pp14.5%below the sector's middle half▲ 12.0pp22.1%below the sector's middle half▲ 7.6pp16.7%below the sector's middle half▼ 5.4pp26.1%below the sector's middle half▲ 9.4pp26.9%below the sector's middle half▲ 0.8pp22.6%below the sector's middle half▼ 4.4pp
Current ratio0.48-1.05▲ 0.571.15below the sector's middle half▲ 0.101.27below the sector's middle half▲ 0.121.18below the sector's middle half▼ 0.091.34below the sector's middle half▲ 0.161.36below the sector's middle half▲ 0.031.26below the sector's middle half▼ 0.10
Return on assets (ROA)28.0%-70.6%▲ 42.7pp12.9%above the sector's middle half▼ 57.8pp6.1%within the sector's middle half▼ 6.8pp2.9%within the sector's middle half▼ 3.2pp4.7%within the sector's middle half▲ 1.7pp0.3%within the sector's middle half▼ 4.4pp1.0%within the sector's middle half▲ 0.7pp
Staff (FTE)6.8-9▲ 32.4%11.6within the sector's middle half▲ 28.9%11.8within the sector's middle half▲ 1.7%12.9within the sector's middle half▲ 9.3%13.1within the sector's middle half▲ 1.6%10.6within the sector's middle half▼ 19.1%9.7within the sector's middle half▼ 8.5%
above
within
below
The sector band is the middle half of the companies in Education (NACE 85). 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 67% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€35,124 ▲ 169%
Current assets
€1.3m ▲ 23.2%
Equity and liabilities €1.3m
Equity
€290,878 ▲ 4.7%
Provisions
€2,688 ▼ 10.6%
Debt
€996,226 ▲ 32.7%
Debt's share of the balance-sheet total rises from 72.8% to 77.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€45,482▲
2024 · €31,714
Cash flow
€21,683▲
2024 · €12,370
Quick ratio
1.26▼
2024 · 1.36
Debt to equity
3.42▲
2024 · 2.70
ROE
4.5%▲
2024 · 1.0%
Interest coverage
1.89▲
2024 · 1.51
Debt ≤ 1 year
€996,226▲
2024 · €747,942
Income taxes
€2,180▲
2024 · -€87
Customer credit
88 days▲
2024 · 64 days
Supplier credit
74 days▲
2024 · 46 days
Staff costs
€879,806▼
2024 · €931,906
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 13 | 15 | 12 | 11 | 10 |
| full-time | 12 | 13 | 10 | 9 | 9 |
| part-time | 1 | 2 | 2 | 2 | 1 |
| in full-time equivalents | 12.6 | 14.4 | 11.4 | 10.4 | 9.6 |
| Average over the year, in full-time equivalents | 11.8 | 12.9 | 13.1 | 10.6 | 9.7 |
| On a permanent contract | 13 | 15 | 12 | 11 | 10 |
| Joined | 4 | 3 | 0 | 1 | 0 |
| Left | 3 | 1 | 3 | 2 | 1 |
| Training hours | 231 | 161 | 347 | 220 | 144 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,766 | €23,384 | €7,833 | €1,536 | €5,764 |
| Financial fixed assets | - | - | - | - | €24,800 |
| Depreciation and write-downs of the year | €12,032 | €13,263 | €12,429 | €9,557 | €8,504 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €1.4m | €2.9m | €3.6m | €4.7m | €5.4m | €5.9m | €4.3m | €3.4m | ▼ 20.5% |
| Non-recurring operating income76A | - | - | - | - | - | - | - | €77 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €4.0m | €4.6m | €5.0m | €3.5m | €3.0m | ▼ 14.2% |
| Remuneration, social security and pensions62 | - | - | - | €0.7m | €0.9m | €1.0m | €0.9m | €0.9m | ▼ 5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.003m | €0.006m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.009m | ▼ 11.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €387 | - | - | €0.002m | €0.02m | ▲ 13× |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | -€0.001m | €0.002m | - | - | - |
| Other operating charges640/8 | - | - | - | €0.003m | €0.004m | €0.005m | €0.006m | €0.005m | ▼ 17.4% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €0.01m | €0.1m | ▲ 602% |
| Gross operating margin9900 | - | €0.9m | €0.9m | €0.8m | €1.0m | €1.1m | €1.0m | €1.0m | ▲ 6.5% |
| Operating profit (loss)9901 | €0.2m | €0.3m | €0.1m | €0.1m | €0.09m | €0.1m | €0.02m | €0.04m | ▲ 66.9% |
| Financial income75/76B | - | - | - | - | €0.001m | €354 | €0.002m | €0.003m | ▲ 61.4% |
| Recurring financial income75 | €3 | €5 | €15 | - | €0.001m | €354 | €0.002m | €0.003m | ▲ 61.4% |
| Financial charges65/66B | - | - | - | €0.009m | €0.01m | €0.02m | €0.02m | €0.02m | ▲ 15.0% |
| Recurring financial charges65 | €0.05m | €0.03m | €0.009m | €0.009m | €0.01m | €0.02m | €0.02m | €0.02m | ▲ 15.0% |
| Debt charges650 | €0.05m | - | - | - | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.5m | €0.1m | €0.09m | €0.07m | €0.08m | €0.003m | €0.02m | ▲ 463% |
| Income taxes67/77 | €0.004m | €0.003m | €0.002m | €0.03m | €0.03m | €0.03m | -€87 | €0.002m | - |
| Profit (loss) for the period9904 | €0.2m | €0.5m | €0.1m | €0.06m | €0.05m | €0.05m | €0.003m | €0.01m | ▲ 368% |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.5m | €0.1m | €0.06m | €0.05m | €0.05m | €0.003m | €0.01m | ▲ 368% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.6m | €0.7m | €1.1m | €1.0m | €1.6m | €1.1m | €1.0m | €1.3m | ▲ 25.1% |
| Fixed assets21/28 | €0.1m | €0.02m | €0.02m | €0.02m | €0.03m | €0.02m | €0.01m | €0.04m | ▲ 169% |
| Tangible fixed assets22/27 | €0.008m | €0.02m | €0.02m | €0.02m | €0.03m | €0.02m | €0.01m | €0.01m | ▼ 21.0% |
| Plant, machinery and equipment23 | - | - | - | €0.02m | €0.03m | €0.02m | €0.01m | €0.01m | ▼ 21.0% |
| Financial fixed assets28 | €0.1m | - | - | - | - | - | - | €0.02m | - |
| Current assets29/58 | €0.5m | €0.7m | €1.1m | €1.0m | €1.5m | €1.0m | €1.0m | €1.3m | ▲ 23.2% |
| Stocks and contracts in progress3 | €0.01m | - | - | - | - | - | - | €119 | - |
| Contracts in progress37 | - | - | - | - | - | - | - | €119 | - |
| Amounts receivable within one year40/41 | €0.5m | €0.6m | €1.0m | €0.9m | €1.5m | €1.0m | €1.0m | €1.2m | ▲ 25.1% |
| Trade receivables40 | - | - | - | €0.9m | €1.4m | €0.8m | €0.7m | €0.8m | ▲ 10.2% |
| Other amounts receivable41 | - | - | - | €12 | €0.1m | €0.1m | €0.2m | €0.4m | ▲ 74.0% |
| Cash at bank and in hand54/58 | €0.03m | €0.02m | €0.01m | €0.01m | €0.007m | €0.07m | €0.03m | €0.02m | ▼ 34.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.04m | €0.05m | €0.01m | €0.01m | €0.02m | ▲ 20.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.6m | €0.7m | €1.1m | €1.0m | €1.6m | €1.1m | €1.0m | €1.3m | ▲ 25.1% |
| Equity10/15 | -€0.5m | €0.02m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 4.7% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.003m | €0.003m | €0.09m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 6.0% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 6.2% |
| Profit (loss) carried forward14 | -€0.5m | -€0.05m | €219 | €0.001m | €0.001m | €0.001m | €499 | €0.001m | ▲ 35.9% |
| Provisions and deferred taxes16 | - | - | €0.001m | €0.001m | - | €0.002m | €0.003m | €0.003m | ▼ 10.6% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.001m | - | €0.002m | €0.003m | €0.003m | ▼ 10.6% |
| Pensions and similar obligations160 | - | - | - | €0.001m | - | €0.002m | €0.003m | €0.003m | ▼ 10.6% |
| Amounts payable17/49 | €1.1m | €0.7m | €0.9m | €0.8m | €1.3m | €0.8m | €0.8m | €1.0m | ▲ 32.7% |
| Amounts payable within one year42/48 | €1.1m | €0.6m | €0.9m | €0.8m | €1.3m | €0.8m | €0.7m | €1.0m | ▲ 33.2% |
| Trade debts44 | €0.2m | €0.4m | €0.8m | €0.5m | €0.9m | €0.6m | €0.4m | €0.6m | ▲ 37.4% |
| Suppliers440/4 | - | - | - | €0.5m | €0.9m | €0.6m | €0.4m | €0.6m | ▲ 37.4% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €0.1m | €0.2m | ▲ 102% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.1m | ▼ 16.2% |
| Taxes450/3 | - | - | - | €0.05m | €0.03m | €0.04m | €0.06m | €0.04m | ▼ 35.9% |
| Remuneration and social security454/9 | - | - | - | €0.08m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 6.4% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.3m | €0.04m | €0.01m | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.003m | €0.003m | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €179,520 | €485,203 | €138,018 | €59,462 | €45,856 | €49,148 | €2,813 | €13,179 | ▲ 368% |
| + Depreciation and write-downs630 | €3,333 | €6,033 | €9,907 | €12,032 | €13,263 | €12,429 | €9,557 | €8,504 | ▼ 11.0% |
| Operating cash flow (approximation) | €182,853 | €491,236 | €147,925 | €71,494 | €59,119 | €61,577 | €12,370 | €21,683 | ▲ 75.3% |
| Investment in fixed assets (approximation) | - | €84,507 | -€14,542 | -€6,766 | -€23,384 | -€7,833 | -€1,536 | -€30,564 | ▼ 1,889% |
| Change in cash | - | -€7,359 | -€7,473 | €1,778 | -€5,327 | €58,277 | -€34,561 | -€10,512 | ▲ 69.6% |
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, 3,984 companies had the same profile as Customer Link has now. Two years later, 96.5% were still going and 1.1% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.5%
was still going
2.3%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of Customer Link itself: 1.0% 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 3,984 companies, not a prediction for Customer Link. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 10-09-2026 | 2026-00512466 | |
| 31-12-2024 | abbreviated format | 26-08-2025 | 2025-00424222 | |
| 31-12-2023 | abbreviated format | 28-08-2024 | 2024-00417673 | |
| 31-12-2022 | abbreviated format | 08-08-2023 | 2023-00319369 | |
| 31-12-2021 | abbreviated format | 25-08-2022 | 2022-20316918 | |
| 31-12-2020 | abbreviated format | 05-07-2021 | 2021-31300380 | |
| 31-12-2019 | abbreviated format | 09-07-2020 | 2020-28400341 | |
| 31-12-2018 | full format | 21-06-2019 | 2019-21300090 | |
| 31-12-2017 | full format | 16-07-2018 | 2018-33600301 | |
| 31-12-2016 | full format | 18-08-2017 | 2017-44800244 |