DRIVE MUT
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 20 filings
Turnover
€226,840▲ 24.4%
2023 · €182,347
EBIT margin
-13.4%▼ 26.8pp
2023 · 13.4%
Net result
-€26,122
2024 · €20,506
Working capital
€885,956▼ 2.9%
2024 · €912,678
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€226,840
2025
20182025
Operating result
-€30,456
2025
20182025
Net result
-€26,122
2025
lowest quarter of the sector
20182025
EBIT margin
-13.4%
2025
20182025
Equity
€873,603
▼ 2.9%
2025
middle half of the sector
20182025
Total assets
€1.1m
▲ 0.8%
2025
middle half of the sector
20182025
Debt
€195,583
▲ 21.6%
2025
20182025
Working capital
€885,956
▼ 2.9%
2025
highest quarter of the sector
20182025
Solvency
81.7%
▼ 3.1pp
2025
highest quarter of the sector
20182025
Current ratio
5.84
▼ 1.34
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-2.4%
▼ 4.4pp
2025
middle half of the sector
20182025
Staff (FTE)
6.7
▲ 15.5%
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€0.2m-€0.2m▲ 11.5%€0.1m▼ 31.4%€0.1m▲ 13.8%€0.1m▼ 0.1%€0.2m▲ 31.1%€0.2m
Operating result€0.03m-€0.1m▲ 199%€0.2m▲ 75.9%€0.09m▼ 46.1%€0.1m▲ 41.1%€0.02m▼ 81.5%€0.003m▼ 89.6%-€0.03m
Net result€0.03m-€0.1m▲ 199%€0.2mabove the sector's middle half▲ 76.0%€0.09mabove the sector's middle half▼ 46.6%€0.1mabove the sector's middle half▲ 41.4%€0.03mwithin the sector's middle half▼ 77.0%€0.02mwithin the sector's middle half▼ 31.9%-€0.03mbelow the sector's middle half
EBIT margin20.7%-55.5%▲ 34.8pp142.1%▲ 86.6pp67.4%▼ 74.7pp95.1%▲ 27.8pp13.4%▼ 81.7pp-13.4%
Equity€0.4m-€0.5m▲ 28.0%€0.6mabove the sector's middle half▲ 38.5%€0.7mabove the sector's middle half▲ 14.8%€0.8mabove the sector's middle half▲ 18.3%€0.9mabove the sector's middle half▲ 3.5%€0.9mabove the sector's middle half▲ 2.3%€0.9mwithin the sector's middle half▼ 2.9%
Total assets€0.5m-€0.6m▲ 19.7%€0.7mwithin the sector's middle half▲ 27.9%€0.8mwithin the sector's middle half▲ 18.9%€1.0mwithin the sector's middle half▲ 18.3%€1.0mwithin the sector's middle half▲ 4.5%€1.1mwithin the sector's middle half▲ 1.8%€1.1mwithin the sector's middle half▲ 0.8%
Debt€0.1m-€0.1m▼ 6.9%€0.08m▼ 18.7%€0.1m▲ 49.3%€0.1m▲ 18.8%€0.2m▲ 9.9%€0.2m▼ 1.2%€0.2m▲ 21.6%
Working capital€0.4m-€0.5m▲ 28.2%€0.6mabove the sector's middle half▲ 38.2%€0.7mabove the sector's middle half▲ 15.1%€0.8mabove the sector's middle half▲ 18.4%€0.9mabove the sector's middle half▲ 3.7%€0.9mabove the sector's middle half▲ 3.7%€0.9mabove the sector's middle half▼ 2.9%
Solvency76.2%-81.5%▲ 5.3pp88.2%above the sector's middle half▲ 6.7pp85.2%above the sector's middle half▼ 3.0pp85.1%above the sector's middle half▼ 0.1pp84.4%above the sector's middle half▼ 0.8pp84.8%above the sector's middle half▲ 0.5pp81.7%above the sector's middle half▼ 3.1pp
Current ratio4.19-5.39▲ 1.208.46above the sector's middle half▲ 3.076.78above the sector's middle half▼ 1.686.74above the sector's middle half▼ 0.046.44above the sector's middle half▼ 0.307.17above the sector's middle half▲ 0.735.84above the sector's middle half▼ 1.34
Return on assets (ROA)7.1%-17.8%▲ 10.7pp24.5%above the sector's middle half▲ 6.7pp11.0%within the sector's middle half▼ 13.5pp13.2%above the sector's middle half▲ 2.1pp2.9%within the sector's middle half▼ 10.3pp1.9%within the sector's middle half▼ 1.0pp-2.4%within the sector's middle half▼ 4.4pp
Staff (FTE)7-7=6.8within the sector's middle half▼ 2.9%6.8within the sector's middle half=6.7within the sector's middle half▼ 1.5%6within the sector's middle half▼ 10.4%5.8within the sector's middle half▼ 3.3%6.7within the sector's middle half▲ 15.5%
above
within
below
The sector band is the middle half of the companies in Personal service activities (NACE 96). 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 €30,456, after a profit of €2,548 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €1.1m
Equity
€873,603 ▼ 2.9%
Debt
€195,583 ▲ 21.6%
Debt's share of the balance-sheet total rises from 15.2% to 18.3%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
0.22▲
2024 · 0.18
ROE
-3.0%▼
2024 · 2.3%
Debt ≤ 1 year
€183,231▲
2024 · €147,835
Customer credit
18 days
Supplier credit
169 days
Staff costs
€501,206▲
2024 · €417,575
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 | 7 | 6 | 6 | 6 | 7 |
| full-time | 7 | 6 | 6 | 6 | 7 |
| in full-time equivalents | 7 | 6 | 6 | 6 | 7 |
| Average over the year, in full-time equivalents | 6.8 | 6.7 | 6 | 5.8 | 6.7 |
| On a permanent contract | 7 | 6 | 6 | 6 | 7 |
| Joined | - | 1 | 1 | 1 | 1 |
| Left | - | 2 | 1 | 1 | 0 |
| Training hours | - | - | - | 8 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €588 | - | - | - | - |
| Depreciation and write-downs of the year | €1,091 | €1,091 | €196 | - | - |
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 | €159,804 | €178,236 | €122,355 | €139,187 | €139,043 | €182,347 | - | €226,840 | - |
| Membership fees, donations, legacies and grants73 | - | - | - | €412,838 | €502,673 | €410,690 | - | €416,535 | - |
| Non-recurring operating income76A | - | - | - | - | - | - | - | €1,116 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €109,766 | €136,611 | €128,055 | - | €192,219 | - |
| Remuneration, social security and pensions62 | - | - | - | €357,567 | €381,081 | €449,124 | €417,575 | €501,206 | ▲ 20.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €530 | €379 | €1,272 | €1,091 | €1,091 | €196 | - | - | - |
| Other operating charges640/8 | - | - | - | €1,595 | €2,145 | €3,943 | €6,858 | €2,984 | ▼ 56.5% |
| Gross operating margin9900 | €405,361 | €478,135 | €425,987 | €453,997 | €516,561 | €477,714 | €426,980 | €473,734 | ▲ 10.9% |
| Operating profit (loss)9901 | €33,073 | €98,855 | €173,848 | €93,744 | €132,244 | €24,451 | €2,548 | -€30,456 | - |
| Financial income75/76B | - | - | - | - | - | €6,426 | €18,753 | €4,812 | ▼ 74.3% |
| Recurring financial income75 | - | - | - | - | - | €6,426 | €18,753 | €4,812 | ▼ 74.3% |
| Financial charges65/66B | - | - | - | €975 | €1,074 | €764 | €794 | €477 | ▼ 39.9% |
| Recurring financial charges65 | €93 | €89 | - | €975 | €1,074 | €764 | €794 | €477 | ▼ 39.9% |
| Profit (loss) for the period before taxes9903 | €32,981 | €98,767 | €173,848 | €92,769 | €131,170 | €30,112 | €20,506 | -€26,122 | - |
| Profit (loss) for the period9904 | €32,981 | €98,767 | €173,848 | €92,769 | €131,170 | €30,112 | €20,506 | -€26,122 | - |
| Profit (loss) for the period to be appropriated9905 | €32,981 | €98,767 | €173,848 | €92,769 | €131,170 | €30,112 | €20,506 | -€26,122 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.5m | €0.6m | €0.7m | €0.8m | €1.0m | €1.0m | €1.1m | €1.1m | ▲ 0.8% |
| Fixed assets21/28 | €0.001m | €390 | €0.002m | €0.001m | €196 | - | - | - | - |
| Tangible fixed assets22/27 | €0.001m | €390 | €0.002m | €0.001m | €196 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.001m | €196 | - | - | - | - |
| Current assets29/58 | €0.5m | €0.6m | €0.7m | €0.8m | €1.0m | €1.0m | €1.1m | €1.1m | ▲ 0.8% |
| Stocks and contracts in progress3 | €0.008m | €0.008m | €0.002m | €0.005m | €0.009m | €0.02m | €0 | - | - |
| Stocks30/36 | - | - | - | €0.005m | €0.009m | €0.02m | €0 | - | - |
| Amounts receivable within one year40/41 | €0.3m | €0.4m | €0.2m | €0.2m | €0.1m | €0.05m | €0.08m | €0.07m | ▼ 14.0% |
| Trade receivables40 | - | - | - | €54 | €0.002m | €45 | €0.03m | €0.01m | ▼ 57.8% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.1m | €0.05m | €0.05m | €0.06m | ▲ 7.7% |
| Current investments50/53 | - | - | - | - | - | €0.2m | - | - | - |
| Cash at bank and in hand54/58 | €0.1m | €0.1m | €0.5m | €0.7m | €0.8m | €0.8m | €1.0m | €1.0m | ▲ 1.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | - | €137 | €137 | €0.008m | ▲ 61× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.5m | €0.6m | €0.7m | €0.8m | €1.0m | €1.0m | €1.1m | €1.1m | ▲ 0.8% |
| Equity10/15 | €0.4m | €0.5m | €0.6m | €0.7m | €0.8m | €0.9m | €0.9m | €0.9m | ▼ 2.9% |
| Contributions10/11 | - | - | - | - | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Capital10 | - | - | - | - | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Profit (loss) carried forward14 | €0.3m | €0.4m | €0.5m | €0.6m | €0.8m | €0.8m | €0.8m | €0.8m | ▼ 3.2% |
| Amounts payable17/49 | €0.1m | €0.1m | €0.08m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 21.6% |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.08m | €0.1m | €0.1m | €0.2m | €0.1m | €0.2m | ▲ 23.9% |
| Trade debts44 | €0.03m | €0.03m | €0.04m | €0.05m | €0.07m | €0.06m | €0.07m | €0.09m | ▲ 20.9% |
| Suppliers440/4 | - | - | - | €0.05m | €0.07m | €0.06m | €0.07m | €0.09m | ▲ 20.9% |
| Advances received on contracts in progress46 | - | - | - | €0.002m | - | €0.006m | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.08m | €0.1m | €0.07m | €0.09m | ▲ 26.9% |
| Taxes450/3 | - | - | - | €0.02m | €0.02m | €0.03m | €0.03m | €0.02m | ▼ 17.9% |
| Remuneration and social security454/9 | - | - | - | €0.05m | €0.06m | €0.06m | €0.05m | €0.07m | ▲ 51.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €240 | €0.001m | €0.01m | €0.01m | ▼ 4.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32,981 | €98,767 | €173,848 | €92,769 | €131,170 | €30,112 | €20,506 | -€26,122 | - |
| + Depreciation and write-downs630 | €530 | €379 | €1,272 | €1,091 | €1,091 | €196 | - | - | - |
| Operating cash flow (approximation) | €33,511 | €99,146 | €175,120 | €93,860 | €132,260 | €30,308 | €20,506 | -€26,122 | - |
| Investment in fixed assets (approximation) | - | €0 | -€2,671 | -€588 | €0 | - | - | - | - |
| Change in cash | - | €29,161 | €407,641 | €131,258 | €163,137 | -€73,536 | €215,589 | €11,364 | ▼ 94.7% |
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, 12,322 companies had the same profile as DRIVE MUT has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DRIVE MUT 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 12,322 companies, not a prediction for DRIVE MUT. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 25-06-2026 | 2026-00228755 | |
| 31-12-2024 | full format | 26-06-2025 | 2025-00212423 | |
| 31-12-2023 | full format | 02-07-2024 | 2024-00213780 | |
| 31-12-2022 | full format | 04-07-2023 | 2023-00206608 | |
| 31-12-2021 | full format | 25-07-2022 | 2022-20233430 | |
| 31-12-2020 | full format | 08-07-2021 | 2021-34300198 | |
| 31-12-2019 | full format | 02-07-2020 | 2020-26700083 | |
| 31-12-2018 | full format | 02-07-2019 | 2019-28800144 | |
| 31-12-2017 | full format | 03-07-2018 | 2018-28600258 | |
| 31-12-2016 | full format | 11-07-2017 | 2017-30500051 |