DEVELOPMENT, LEARNING AND MANAGEMENT ADVICE
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 75 days after the deadline Filed on 14 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00561347.
Annual accounts 2025 filed on 14-10-2026 at the NBB all 23 filings
Turnover
≈ €340,000
Estimated: probably between €280,000 and €400,000
Total assets
€785,940▲ 154%
2023 · €309,741
Net result
€112,116▲ 131%
2023 · €48,495
Working capital
-€63,652▼ 126%
2023 · -€28,104
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
€165,370
2025
20182025
Net result
€112,116
2025
highest quarter of the sector
20182025
Equity
€345,263
2025
highest quarter of the sector
20182025
Total assets
€785,940
2025
highest quarter of the sector
20182025
Debt
€395,934
2025
20182025
Working capital
-€63,652
2025
lowest quarter of the sector
20182025
Solvency
43.9%
2025
middle half of the sector
20182025
Current ratio
0.48
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
14.3%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232025
Operating result€11,251--€60,199€11,409€65,955▲ 478%€58,896▼ 10.7%€69,356▲ 17.8%€165,370-
Net result€5,413--€62,756€7,533within the sector's middle half€54,947within the sector's middle half▲ 629%€40,732within the sector's middle half▼ 25.9%€48,495within the sector's middle half▲ 19.1%€112,116above the sector's middle half-
Equity€118,049-€55,293▼ 53.2%€62,826within the sector's middle half▲ 13.6%€117,773within the sector's middle half▲ 87.5%€158,505within the sector's middle half▲ 34.6%€207,000within the sector's middle half▲ 30.6%€345,263above the sector's middle half-
Total assets€240,781-€190,152▼ 21.0%€171,514within the sector's middle half▼ 9.8%€162,315within the sector's middle half▼ 5.4%€214,248within the sector's middle half▲ 32.0%€309,741within the sector's middle half▲ 44.6%€785,940above the sector's middle half-
Debt€122,732-€134,860▲ 9.9%€108,688▼ 19.4%€44,542▼ 59.0%€55,744▲ 25.1%€102,741▲ 84.3%€395,934-
Working capital-€23,794--€84,026▼ 253%-€71,650below the sector's middle half▲ 14.7%-€12,701below the sector's middle half▲ 82.3%€15,432within the sector's middle half-€28,104below the sector's middle half-€63,652below the sector's middle half-
Solvency49.0%-29.1%▼ 19.9pp36.6%within the sector's middle half▲ 7.6pp72.6%within the sector's middle half▲ 35.9pp74.0%within the sector's middle half▲ 1.4pp66.8%within the sector's middle half▼ 7.2pp43.9%within the sector's middle half-
Current ratio0.61-0.11▼ 0.510.17below the sector's middle half▲ 0.060.66below the sector's middle half▲ 0.501.28within the sector's middle half▲ 0.610.73below the sector's middle half▼ 0.550.48below the sector's middle half-
Return on assets (ROA)2.2%--33.0%▼ 35.3pp4.4%within the sector's middle half▲ 37.4pp33.9%above the sector's middle half▲ 29.5pp19.0%within the sector's middle half▼ 14.8pp15.7%within the sector's middle half▼ 3.4pp14.3%within the sector's middle half-
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 €165,370, against €69,356 in 2023. Comparable figures for the intervening years are unavailable.
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, 2023 as the grey bar beneath
Assets €785,940
Fixed assets
€727,721 ▲ 210%
Current assets
€58,219 ▼ 22.0%
Equity and liabilities €785,940
Equity
€345,263 ▲ 66.8%
Provisions
€44,742
Debt
€395,934 ▲ 285%
Debt's share of the balance-sheet total rises from 33.2% to 50.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€196,957▲
2023 · €83,570
Cash flow
€143,702▲
2023 · €62,709
Debt to equity
1.15▲
2023 · 0.50
ROE
32.5%▲
2023 · 23.4%
Interest coverage
23.86▼
2023 · over 100
Debt ≤ 1 year
€121,871▲
2023 · €102,741
Debt > 1 year
€269,726
Income taxes
€440▼
2023 · €20,582
Staff costs
€110▲
2023 · €47
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2025 |
|---|---|---|---|---|
| Mortgages, amount registered | - | - | - | €300,000 |
| Carrying value of the mortgaged assets | - | - | - | €548,066 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €15,462 | €107,102 | €586,818 |
| Depreciation and write-downs of the year | €19,799 | €9,686 | €14,214 | €31,586 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €180,121 | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | €47 | €110 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €24,396 | €24,789 | €22,911 | €19,799 | €9,686 | €14,214 | €31,586 | - |
| Other operating charges640/8 | - | - | - | €1,499 | €2,391 | €1,805 | €1,899 | - |
| Non-recurring operating charges66A | - | - | - | - | - | €917 | - | - |
| Gross operating margin9900 | €36,061 | -€32,973 | €35,944 | €87,252 | €70,973 | €86,339 | €198,965 | - |
| Operating profit (loss)9901 | €11,251 | -€60,199 | €11,409 | €65,955 | €58,896 | €69,356 | €165,370 | - |
| Financial income75/76B | - | - | - | €0 | €63 | €16 | €184 | - |
| Recurring financial income75 | €9 | - | €0 | €0 | €63 | €16 | €184 | - |
| Financial charges65/66B | - | - | - | €847 | €498 | €296 | €8,255 | - |
| Recurring financial charges65 | €2,550 | €2,020 | €3,726 | €847 | €498 | €296 | €8,255 | - |
| Profit (loss) for the period before taxes9903 | €8,710 | -€62,589 | €7,683 | €65,107 | €58,462 | €69,077 | €157,299 | - |
| Transfer from deferred taxes780 | - | - | - | - | - | - | €288 | - |
| Transfer to deferred taxes680 | - | - | - | - | - | - | €45,030 | - |
| Income taxes67/77 | €3,297 | €167 | €150 | €10,161 | €17,730 | €20,582 | €440 | - |
| Profit (loss) for the period9904 | €5,413 | -€62,756 | €7,533 | €54,947 | €40,732 | €48,495 | €112,116 | - |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | €864 | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €135,091 | - |
| Profit (loss) for the period to be appropriated9905 | €5,413 | -€62,756 | €7,533 | €54,947 | €40,732 | €48,495 | -€22,111 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €240,781 | €190,152 | €171,514 | €162,315 | €214,248 | €309,741 | €785,940 | - |
| Fixed assets21/28 | €202,847 | €180,067 | €157,156 | €137,357 | €143,134 | €235,104 | €727,721 | - |
| Tangible fixed assets22/27 | €202,476 | €180,067 | €157,156 | €137,357 | €143,134 | €235,104 | €727,721 | - |
| Land and buildings22 | - | - | - | - | - | - | €548,066 | - |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €1,525 | - |
| Furniture and vehicles24 | - | - | - | €0 | - | €817 | €3,206 | - |
| Other tangible fixed assets26 | - | - | - | €137,357 | €143,134 | €234,287 | €174,923 | - |
| Financial fixed assets28 | €370 | - | - | - | - | - | - | - |
| Current assets29/58 | €37,934 | €10,085 | €14,358 | €24,958 | €71,115 | €74,637 | €58,219 | - |
| Amounts receivable within one year40/41 | €35,967 | €7,877 | €10,266 | €19,689 | €34,796 | €1,266 | €16,352 | - |
| Trade receivables40 | - | - | - | €19,602 | €34,796 | €1,266 | €15,223 | - |
| Other amounts receivable41 | - | - | - | €87 | €0 | - | €1,129 | - |
| Cash at bank and in hand54/58 | €830 | - | €3,062 | €3,869 | €35,171 | €72,635 | €41,723 | - |
| Deferred charges and accrued income490/1 | - | - | - | €1,399 | €1,147 | €736 | €144 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €240,781 | €190,152 | €171,514 | €162,315 | €214,248 | €309,741 | €785,940 | - |
| Equity10/15 | €118,049 | €55,293 | €62,826 | €117,773 | €158,505 | €207,000 | €345,263 | - |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | - |
| Reserves13 | €105,649 | €42,893 | €50,426 | €105,373 | €146,105 | €194,600 | €332,863 | - |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Tax-exempt reserves132 | - | - | - | - | - | - | €134,227 | - |
| Distributable reserves133 | - | - | - | €103,513 | €144,245 | €194,600 | €198,636 | - |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €44,742 | - |
| Deferred taxes168 | - | - | - | - | - | - | €44,742 | - |
| Amounts payable17/49 | €122,732 | €134,860 | €108,688 | €44,542 | €55,744 | €102,741 | €395,934 | - |
| Amounts payable after more than one year17 | €61,004 | €40,748 | €20,078 | €6,883 | €0 | - | €269,726 | - |
| Financial debts170/4 | - | - | - | €6,883 | €0 | - | €269,726 | - |
| Amounts payable within one year42/48 | €61,728 | €94,111 | €86,008 | €37,659 | €55,683 | €102,741 | €121,871 | - |
| Current portion of amounts payable after more than one year42 | - | - | - | €13,194 | €6,883 | €0 | €26,022 | - |
| Financial debts43 | - | - | - | - | - | - | €31 | - |
| Credit institutions430/8 | - | - | - | - | - | - | €31 | - |
| Trade debts44 | €5,593 | €1,992 | €1,039 | €683 | €857 | €1,385 | €1,101 | - |
| Suppliers440/4 | - | - | - | €683 | €857 | €1,385 | €1,101 | - |
| Advances received on contracts in progress46 | - | - | - | - | - | €54,547 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €14,575 | €32,096 | €41,763 | €20,022 | - |
| Taxes450/3 | - | - | - | €14,575 | €32,096 | €41,763 | €20,022 | - |
| Other amounts payable47/48 | - | - | - | €9,207 | €15,847 | €5,046 | €74,695 | - |
| Accrued charges and deferred income492/3 | - | - | - | €0 | €61 | €0 | €4,337 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,413 | -€62,756 | €7,533 | €54,947 | €40,732 | €48,495 | €112,116 | - |
| + Depreciation and write-downs630 | €24,396 | €24,789 | €22,911 | €19,799 | €9,686 | €14,214 | €31,586 | - |
| Operating cash flow (approximation) | €29,810 | -€37,968 | €30,444 | €74,745 | €50,418 | €62,709 | €143,702 | - |
| Investment in fixed assets (approximation) | - | -€2,009 | €0 | €0 | -€15,462 | -€106,184 | - | - |
| Change in cash | - | - | - | €807 | €31,302 | €37,464 | - | - |
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, 20,136 companies had the same profile as DEVELOPMENT, LEARNING AND MANAGEMENT ADVICE has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of DEVELOPMENT, LEARNING AND MANAGEMENT ADVICE 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 20,136 companies, not a prediction for DEVELOPMENT, LEARNING AND MANAGEMENT ADVICE. 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 | 14-10-2026 | 2026-00561347 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00184326 | |
| 31-12-2022 | micro format | 01-08-2023 | 2023-00301405 | |
| 31-12-2021 | micro format | 16-08-2022 | 2022-20299477 | |
| 31-12-2020 | micro format | 20-08-2021 | 2021-51300492 | |
| 31-12-2019 | abbreviated format | 31-08-2020 | 2020-48600560 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-59100036 | |
| 31-12-2017 | micro format | 22-08-2018 | 2018-48100005 | |
| 31-12-2016 | micro format | 24-08-2017 | 2017-46300574 | |
| 31-12-2015 | abbreviated format | 02-08-2016 | 2016-38500301 |