Deadlock
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 23 days after the deadline Filed on 23 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00046273.
Annual accounts 2025 filed on 23-02-2026 PDF all 8 filings
Turnover
≈ €120,000
Estimated: probably between €110,000 and €160,000
Total assets
€144,884▲ 34.0%
2024 · €108,098
Net result
€39,408▼ 23.7%
2024 · €51,659
Working capital
-€27,164
2024 · €51,215
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€51,230
▼ 24.1%
2025
20192025
Net result
€39,408
▼ 23.7%
2025
middle half of the sector
20192025
Equity
€14,260
▼ 84.2%
2025
lowest quarter of the sector
20192025
Total assets
€144,884
▲ 34.0%
2025
middle half of the sector
20192025
Debt
€130,624
▲ 639%
2025
20192025
Working capital
-€27,164
2025
lowest quarter of the sector
20192025
Solvency
9.8%
▼ 73.8pp
2025
lowest quarter of the sector
20192025
Current ratio
0.79
▼ 3.10
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
27.2%
▼ 20.6pp
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€6,488-€78,637▲ 12×€10,716▼ 86.4%-€3,145€49,426€67,465▲ 36.5%€51,230▼ 24.1%
Net result€4,832-€61,678within the sector's middle half▲ 13×€7,633within the sector's middle half▼ 87.6%-€4,881below the sector's middle half€37,274within the sector's middle half€51,659within the sector's middle half▲ 38.6%€39,408within the sector's middle half▼ 23.7%
Equity€37,053-€98,732within the sector's middle half▲ 166%€106,365within the sector's middle half▲ 7.7%€101,484within the sector's middle half▼ 4.6%€38,758below the sector's middle half▼ 61.8%€90,417within the sector's middle half▲ 133%€14,260below the sector's middle half▼ 84.2%
Total assets€44,735-€121,500below the sector's middle half▲ 172%€164,406below the sector's middle half▲ 35.3%€153,881below the sector's middle half▼ 6.4%€172,985below the sector's middle half▲ 12.4%€108,098below the sector's middle half▼ 37.5%€144,884within the sector's middle half▲ 34.0%
Debt€7,682-€22,768▲ 196%€58,041▲ 155%€52,397▼ 9.7%€134,227▲ 156%€17,681▼ 86.8%€130,624▲ 639%
Working capital€30,620-€94,542within the sector's middle half▲ 209%€74,690within the sector's middle half▼ 21.0%€59,455within the sector's middle half▼ 20.4%-€3,863below the sector's middle half€51,215within the sector's middle half-€27,164below the sector's middle half
Solvency82.8%-81.3%above the sector's middle half▼ 1.6pp64.7%within the sector's middle half▼ 16.6pp65.9%within the sector's middle half▲ 1.3pp22.4%within the sector's middle half▼ 43.5pp83.6%above the sector's middle half▲ 61.2pp9.8%below the sector's middle half▼ 73.8pp
Current ratio5.27-5.24above the sector's middle half▼ 0.034.44above the sector's middle half▼ 0.802.77within the sector's middle half▼ 1.670.97below the sector's middle half▼ 1.803.90above the sector's middle half▲ 2.930.79below the sector's middle half▼ 3.10
Return on assets (ROA)10.8%-50.8%above the sector's middle half▲ 40.0pp4.6%within the sector's middle half▼ 46.1pp-3.2%below the sector's middle half▼ 7.8pp21.5%above the sector's middle half▲ 24.7pp47.8%above the sector's middle half▲ 26.2pp27.2%within the sector's middle half▼ 20.6pp
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 24% lower than in 2024.
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 €144,884
Fixed assets
€41,424 ▲ 5.7%
Current assets
€103,460 ▲ 50.2%
Equity and liabilities €144,884
Equity
€14,260 ▼ 84.2%
Debt
€130,624 ▲ 639%
Debt's share of the balance-sheet total rises from 16.4% to 90.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€61,553▼
2024 · €79,125
Cash flow
€49,730▼
2024 · €63,319
Debt to equity
9.16▲
2024 · 0.20
ROE
276.4%▲
2024 · 57.1%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€130,624▲
2024 · €17,681
Income taxes
€11,652▼
2024 · €15,480
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €4,044 | - | €1,949 | €12,878 |
| Depreciation and write-downs of the year | €11,159 | €11,991 | €11,660 | €10,322 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,269 | €2,277 | €3,475 | €11,159 | €11,991 | €11,660 | €10,322 | ▼ 11.5% |
| Other operating charges640/8 | - | - | - | €626 | €1,229 | €1,033 | €1,305 | ▲ 26.3% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €334 | - |
| Gross operating margin9900 | €11,132 | €81,333 | €15,714 | €8,639 | €62,646 | €80,158 | €63,191 | ▼ 21.2% |
| Operating profit (loss)9901 | €6,488 | €78,637 | €10,716 | -€3,145 | €49,426 | €67,465 | €51,230 | ▼ 24.1% |
| Financial income75/76B | - | - | - | - | €71 | €290 | €320 | ▲ 10.4% |
| Recurring financial income75 | €294 | €381 | €23 | - | €71 | €290 | €320 | ▲ 10.4% |
| Financial charges65/66B | - | - | - | €522 | €385 | €616 | €491 | ▼ 20.3% |
| Recurring financial charges65 | €65 | €41 | €778 | €522 | €385 | €616 | €491 | ▼ 20.3% |
| Profit (loss) for the period before taxes9903 | €6,716 | €78,976 | €9,961 | -€3,668 | €49,112 | €67,139 | €51,060 | ▼ 23.9% |
| Income taxes67/77 | €1,884 | €17,298 | €2,328 | €1,213 | €11,838 | €15,480 | €11,652 | ▼ 24.7% |
| Profit (loss) for the period9904 | €4,832 | €61,678 | €7,633 | -€4,881 | €37,274 | €51,659 | €39,408 | ▼ 23.7% |
| Profit (loss) for the period to be appropriated9905 | €4,832 | €61,678 | €7,633 | -€4,881 | €37,274 | €51,659 | €39,408 | ▼ 23.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €44,735 | €121,500 | €164,406 | €153,881 | €172,985 | €108,098 | €144,884 | ▲ 34.0% |
| Fixed assets21/28 | €6,947 | €4,670 | €68,018 | €60,904 | €48,913 | €39,202 | €41,424 | ▲ 5.7% |
| Tangible fixed assets22/27 | €6,547 | €4,270 | €67,618 | €60,504 | €48,513 | €38,802 | €41,024 | ▲ 5.7% |
| Land and buildings22 | - | - | - | €31,282 | €29,626 | €27,969 | €37,363 | ▲ 33.6% |
| Furniture and vehicles24 | - | - | - | €29,221 | €18,887 | €10,833 | €3,661 | ▼ 66.2% |
| Financial fixed assets28 | €400 | €400 | €400 | €400 | €400 | €400 | €400 | = |
| Current assets29/58 | €37,788 | €116,830 | €96,387 | €92,977 | €124,072 | €68,896 | €103,460 | ▲ 50.2% |
| Amounts receivable within one year40/41 | - | - | €5,434 | €4,200 | €139 | - | €3,328 | - |
| Other amounts receivable41 | - | - | - | €4,200 | €139 | - | €3,328 | - |
| Current investments50/53 | - | - | - | - | - | - | €55,005 | - |
| Cash at bank and in hand54/58 | €36,016 | €114,990 | €88,894 | €86,471 | €119,520 | €66,278 | €43,500 | ▼ 34.4% |
| Deferred charges and accrued income490/1 | - | - | - | €2,307 | €4,413 | €2,618 | €1,627 | ▼ 37.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €44,735 | €121,500 | €164,406 | €153,881 | €172,985 | €108,098 | €144,884 | ▲ 34.0% |
| Equity10/15 | €37,053 | €98,732 | €106,365 | €101,484 | €38,758 | €90,417 | €14,260 | ▼ 84.2% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €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 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €22,793 | €84,472 | €92,105 | €87,224 | €24,498 | €76,157 | €0 | ▼ 100% |
| Amounts payable17/49 | €7,682 | €22,768 | €58,041 | €52,397 | €134,227 | €17,681 | €130,624 | ▲ 639% |
| Amounts payable after more than one year17 | - | - | €35,464 | €17,995 | €6,292 | - | - | - |
| Financial debts170/4 | - | - | - | €17,995 | €6,292 | - | - | - |
| Amounts payable within one year42/48 | €7,168 | €22,288 | €21,697 | €33,522 | €127,935 | €17,681 | €130,624 | ▲ 639% |
| Current portion of amounts payable after more than one year42 | - | - | - | €17,469 | €11,703 | €6,292 | €0 | ▼ 100% |
| Trade debts44 | €347 | €29 | €1,101 | €540 | €4,421 | €3,008 | €1,597 | ▼ 46.9% |
| Suppliers440/4 | - | - | - | €540 | €4,421 | €3,008 | €1,597 | ▼ 46.9% |
| Taxes, remuneration and social security45 | - | - | - | €15,169 | €11,811 | €8,381 | €28,883 | ▲ 245% |
| Taxes450/3 | - | - | - | €6,844 | €3,486 | €8,381 | €20,558 | ▲ 145% |
| Remuneration and social security454/9 | - | - | - | €8,325 | €8,325 | - | €8,325 | - |
| Other amounts payable47/48 | - | - | - | €344 | €100,000 | - | €100,144 | - |
| Accrued charges and deferred income492/3 | - | - | - | €880 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,832 | €61,678 | €7,633 | -€4,881 | €37,274 | €51,659 | €39,408 | ▼ 23.7% |
| + Depreciation and write-downs630 | €4,269 | €2,277 | €3,475 | €11,159 | €11,991 | €11,660 | €10,322 | ▼ 11.5% |
| Operating cash flow (approximation) | €9,101 | €63,955 | €11,108 | €6,278 | €49,265 | €63,319 | €49,730 | ▼ 21.5% |
| Investment in fixed assets (approximation) | - | €0 | -€66,823 | -€4,044 | €0 | -€1,949 | -€12,544 | ▼ 544% |
| Change in cash | - | €78,974 | -€26,096 | -€2,423 | €33,049 | -€53,242 | -€22,778 | ▲ 57.2% |
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, 2,153 companies had the same profile as Deadlock has now. Two years later, 96.1% were still going and 1.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.1%
was still going
2.2%
stopped otherwise
1.7%
went bankrupt
That fits the bankruptcy probability of Deadlock itself: 0.3% 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 2,153 companies, not a prediction for Deadlock. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 23-02-2026 | 2026-00046273 | |
| 30-06-2024 | abbreviated format | 20-01-2025 | 2025-00006634 | |
| 30-06-2023 | abbreviated format | 04-01-2024 | 2024-00542641 | |
| 30-06-2022 | abbreviated format | 02-01-2023 | 2023-20550869 | |
| 30-06-2021 | abbreviated format | 24-01-2022 | 2022-01400420 | |
| 30-06-2020 | abbreviated format | 25-01-2021 | 2021-01500073 | |
| 30-06-2019 | abbreviated format | 10-02-2020 | 2020-04700074 | |
| 30-06-2018 | abbreviated format | 28-01-2019 | 2019-02800301 |