EASY4
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 05-07-2026 at the NBB all 11 filings
Turnover
€57,707▼ 11.3%
2018 · €65,079
EBIT margin
-7.8%▼ 7.3pp
2018 · -0.5%
Net result
€1,857▼ 60.5%
2024 · €4,699
Working capital
-€12,763▲ 46.3%
2024 · -€23,787
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€7,027
▼ 17.1%
2025
20182025
Net result
€1,857
▼ 60.5%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€26,258
▲ 7.6%
2025
middle half of the sector
20182025
Total assets
€84,873
▼ 23.0%
2025
middle half of the sector
20182025
Debt
€58,615
▼ 31.7%
2025
20182025
Working capital
-€12,763
▲ 46.3%
2025
lowest quarter of the sector
20182025
Solvency
30.9%
▲ 8.8pp
2025
middle half of the sector
20182025
Current ratio
0.40
▲ 0.07
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
2.2%
▼ 2.1pp
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€65,079-€57,707▼ 11.3%
Operating result-€316--€4,499▼ 1,324%-€1,239▲ 72.5%€10,805€819▼ 92.4%€5,798▲ 608%€8,477▲ 46.2%€7,027▼ 17.1%
Net result-€610--€4,933▼ 708%-€1,625below the sector's middle half▲ 67.1%€9,244within the sector's middle half€162below the sector's middle half▼ 98.2%€4,052within the sector's middle half▲ 25×€4,699within the sector's middle half▲ 16.0%€1,857within the sector's middle half▼ 60.5%
EBIT margin-0.5%--7.8%▼ 7.3pp
Equity€12,803-€7,869▼ 38.5%€6,244below the sector's middle half▼ 20.7%€15,488below the sector's middle half▲ 148%€15,650below the sector's middle half▲ 1.0%€19,702below the sector's middle half▲ 25.9%€24,401within the sector's middle half▲ 23.8%€26,258within the sector's middle half▲ 7.6%
Total assets€30,901-€38,095▲ 23.3%€23,739below the sector's middle half▼ 37.7%€20,893below the sector's middle half▼ 12.0%€24,015below the sector's middle half▲ 14.9%€25,450below the sector's middle half▲ 6.0%€110,215within the sector's middle half▲ 333%€84,873within the sector's middle half▼ 23.0%
Debt€18,099-€30,225▲ 67.0%€17,495▼ 42.1%€5,405▼ 69.1%€8,365▲ 54.7%€5,748▼ 31.3%€85,814▲ 15×€58,615▼ 31.7%
Working capital€2,484--€1,211€2,710below the sector's middle half€10,600within the sector's middle half▲ 291%€6,235within the sector's middle half▼ 41.2%€9,100within the sector's middle half▲ 46.0%-€23,787below the sector's middle half-€12,763below the sector's middle half▲ 46.3%
Solvency41.4%-20.7%▼ 20.8pp26.3%within the sector's middle half▲ 5.6pp74.1%above the sector's middle half▲ 47.8pp65.2%within the sector's middle half▼ 9.0pp77.4%above the sector's middle half▲ 12.2pp22.1%below the sector's middle half▼ 55.3pp30.9%within the sector's middle half▲ 8.8pp
Current ratio1.14-0.96▼ 0.181.16within the sector's middle half▲ 0.203.14above the sector's middle half▲ 1.991.75within the sector's middle half▼ 1.402.59within the sector's middle half▲ 0.840.33below the sector's middle half▼ 2.260.40below the sector's middle half▲ 0.07
Return on assets (ROA)-2.0%--13.0%▼ 11.0pp-6.8%below the sector's middle half▲ 6.1pp44.2%above the sector's middle half▲ 51.1pp0.7%below the sector's middle half▼ 43.6pp15.9%within the sector's middle half▲ 15.2pp4.3%within the sector's middle half▼ 11.7pp2.2%within the sector's middle half▼ 2.1pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 17% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €84,873
Fixed assets
€76,359 ▼ 22.6%
Current assets
€8,514 ▼ 26.5%
Equity and liabilities €84,873
Equity
€26,258 ▲ 7.6%
Debt
€58,615 ▼ 31.7%
Debt's share of the balance-sheet total falls from 77.9% to 69.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€29,296▲
2024 · €19,155
Cash flow
€24,127▲
2024 · €15,377
Debt to equity
2.23▼
2024 · 3.52
ROE
7.1%▼
2024 · 19.3%
Interest coverage
6.65▼
2024 · 7.66
Debt ≤ 1 year
€21,276▼
2024 · €35,374
Debt > 1 year
€37,146▼
2024 · €50,441
Income taxes
€766▼
2024 · €1,278
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 | €3,069 | €5,678 | €3,555 | €98,688 | - |
| Depreciation and write-downs of the year | €1,458 | €1,606 | €2,352 | €10,678 | €22,270 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 3 entries · €647 awarded · €647 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €96 | €96 |
| 2023 | 1 | €0 | €96 |
| 2022 | 1 | €551 | €455 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €65,079 | €57,707 | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €4 | €13 | - | €1,233 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,280 | €1,280 | €709 | €1,458 | €1,606 | €2,352 | €10,678 | €22,270 | ▲ 109% |
| Other operating charges640/8 | - | - | - | €2,239 | €1,741 | €804 | €1,233 | €4,039 | ▲ 228% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €243 | - |
| Gross operating margin9900 | €1,277 | -€2,838 | €9,980 | €14,501 | €4,166 | €8,954 | €20,388 | €33,579 | ▲ 64.7% |
| Operating profit (loss)9901 | -€316 | -€4,499 | -€1,239 | €10,805 | €819 | €5,798 | €8,477 | €7,027 | ▼ 17.1% |
| Financial income75/76B | - | - | - | €1 | €131 | €29 | - | - | - |
| Recurring financial income75 | €76 | €2 | €0 | €1 | €131 | €29 | - | - | - |
| Financial charges65/66B | - | - | - | €235 | €196 | €181 | €2,500 | €4,403 | ▲ 76.1% |
| Recurring financial charges65 | €205 | €260 | €270 | €235 | €196 | €181 | €2,500 | €4,403 | ▲ 76.1% |
| Profit (loss) for the period before taxes9903 | -€445 | -€4,757 | -€1,509 | €10,571 | €754 | €5,646 | €5,977 | €2,624 | ▼ 56.1% |
| Income taxes67/77 | €165 | €177 | €116 | €1,327 | €591 | €1,594 | €1,278 | €766 | ▼ 40.0% |
| Profit (loss) for the period9904 | -€610 | -€4,933 | -€1,625 | €9,244 | €162 | €4,052 | €4,699 | €1,857 | ▼ 60.5% |
| Profit (loss) for the period to be appropriated9905 | -€610 | -€4,933 | -€1,625 | €9,244 | €162 | €4,052 | €4,699 | €1,857 | ▼ 60.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €30,901 | €38,095 | €23,739 | €20,893 | €24,015 | €25,450 | €110,215 | €84,873 | ▼ 23.0% |
| Fixed assets21/28 | €10,360 | €9,080 | €3,732 | €5,344 | €9,415 | €10,619 | €98,628 | €76,359 | ▼ 22.6% |
| Tangible fixed assets22/27 | €10,240 | €8,960 | €3,612 | €5,224 | €9,295 | €10,499 | €98,508 | €76,239 | ▼ 22.6% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €15,216 | €11,905 | ▼ 21.8% |
| Furniture and vehicles24 | - | - | - | €742 | €1,185 | €655 | €265 | €0 | ▼ 100% |
| Leasing and similar rights25 | - | - | - | - | - | - | €72,513 | €56,477 | ▼ 22.1% |
| Other tangible fixed assets26 | - | - | - | €4,482 | €8,111 | €9,843 | €10,514 | €7,857 | ▼ 25.3% |
| Financial fixed assets28 | €120 | €120 | €120 | €120 | €120 | €120 | €120 | €120 | = |
| Current assets29/58 | €20,541 | €29,015 | €20,007 | €15,549 | €14,599 | €14,831 | €11,587 | €8,514 | ▼ 26.5% |
| Amounts receivable within one year40/41 | €18,334 | €26,041 | €19,141 | €10,207 | €12,183 | €8,068 | €7,510 | €4,355 | ▼ 42.0% |
| Trade receivables40 | - | - | - | €10,207 | €8,862 | €8,003 | €7,409 | €4,334 | ▼ 41.5% |
| Other amounts receivable41 | - | - | - | - | €3,321 | €64 | €100 | €21 | ▼ 79.6% |
| Current investments50/53 | - | €2,719 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €1,164 | - | €0 | €4,753 | €1,190 | €5,309 | €2,345 | €1,639 | ▼ 30.1% |
| Deferred charges and accrued income490/1 | - | - | - | €589 | €1,227 | €1,455 | €1,732 | €2,520 | ▲ 45.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €30,901 | €38,095 | €23,739 | €20,893 | €24,015 | €25,450 | €110,215 | €84,873 | ▼ 23.0% |
| Equity10/15 | €12,803 | €7,869 | €6,244 | €15,488 | €15,650 | €19,702 | €24,401 | €26,258 | ▲ 7.6% |
| Contributions10/11 | €18,450 | €18,450 | - | €18,450 | €18,450 | €18,450 | €18,450 | €18,450 | = |
| Profit (loss) carried forward14 | -€5,647 | -€10,581 | -€12,206 | -€2,962 | -€2,800 | €1,252 | €5,951 | €7,808 | ▲ 31.2% |
| Amounts payable17/49 | €18,099 | €30,225 | €17,495 | €5,405 | €8,365 | €5,748 | €85,814 | €58,615 | ▼ 31.7% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €50,441 | €37,146 | ▼ 26.4% |
| Financial debts170/4 | - | - | - | - | - | - | €50,441 | €37,146 | ▼ 26.4% |
| Amounts payable within one year42/48 | €18,058 | €30,225 | €17,297 | €4,949 | €8,365 | €5,731 | €35,374 | €21,276 | ▼ 39.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €12,483 | €13,295 | ▲ 6.5% |
| Financial debts43 | - | - | - | - | - | €676 | - | €951 | - |
| Credit institutions430/8 | - | - | - | - | - | €676 | - | €951 | - |
| Trade debts44 | €7,572 | €2,172 | €7,471 | €2,668 | €5,333 | €1,363 | €577 | €1,204 | ▲ 109% |
| Suppliers440/4 | - | - | - | €2,668 | €5,333 | €1,363 | €577 | €1,204 | ▲ 109% |
| Taxes, remuneration and social security45 | - | - | - | €2,029 | €3,032 | €1,600 | €2,199 | €1,936 | ▼ 11.9% |
| Taxes450/3 | - | - | - | €2,029 | €3,032 | €1,600 | €2,199 | €1,936 | ▼ 11.9% |
| Other amounts payable47/48 | - | - | - | €253 | - | €2,093 | €20,115 | €3,890 | ▼ 80.7% |
| Accrued charges and deferred income492/3 | - | - | - | €456 | - | €16 | - | €193 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€610 | -€4,933 | -€1,625 | €9,244 | €162 | €4,052 | €4,699 | €1,857 | ▼ 60.5% |
| + Depreciation and write-downs630 | €1,280 | €1,280 | €709 | €1,458 | €1,606 | €2,352 | €10,678 | €22,270 | ▲ 109% |
| Operating cash flow (approximation) | €670 | -€3,653 | -€916 | €10,702 | €1,768 | €6,404 | €15,377 | €24,127 | ▲ 56.9% |
| Investment in fixed assets (approximation) | - | €0 | €4,639 | -€3,069 | -€5,678 | -€3,555 | -€98,688 | €0 | - |
| Change in cash | - | - | - | €4,753 | -€3,564 | €4,119 | -€2,964 | -€706 | ▲ 76.2% |
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, 10,904 companies had the same profile as EASY4 has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of EASY4 itself: 0.6% 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 10,904 companies, not a prediction for EASY4. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 05-07-2026 | 2026-00253121 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00323377 | |
| 31-12-2023 | micro format | 22-05-2024 | 2024-00093851 | |
| 31-12-2022 | micro format | 23-07-2023 | 2023-00260336 | |
| 31-12-2021 | micro format | 20-07-2022 | 2022-20205220 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-44300470 | |
| 31-12-2019 | full format | 29-10-2020 | 2020-64700354 | |
| 31-12-2018 | full format | 30-12-2019 | 2019-77800581 | |
| 31-12-2017 | full format | 31-10-2018 | 2018-71500038 | |
| 31-12-2016 | full format | 10-01-2018 | 2018-01000352 |