EDGER
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 13-03-2026 PDF all 3 filings
Every figure per financial year
The operating result for 2025 is 11% lower than in 2024 and the lowest since 2023. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €55,721 | €8,790 | €150,418 |
| Intangible fixed assets | €150,000 | - | - |
| Depreciation and write-downs of the year | €22,322 | €25,400 | €31,408 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Remuneration, social security and pensions62 | €62 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,322 | €25,400 | €31,408 | ▲ 23.7% |
| Other operating charges640/8 | €2,872 | €2,986 | €3,739 | ▲ 25.2% |
| Gross operating margin9900 | €86,373 | €86,480 | €86,740 | ▲ 0.3% |
| Operating profit (loss)9901 | €61,117 | €58,094 | €51,593 | ▼ 11.2% |
| Financial income75/76B | €1,973 | €3,700 | €4,027 | ▲ 8.8% |
| Recurring financial income75 | €1,973 | €3,700 | €4,027 | ▲ 8.8% |
| Financial charges65/66B | €17,491 | €19,964 | €21,235 | ▲ 6.4% |
| Recurring financial charges65 | €17,491 | €19,964 | €21,235 | ▲ 6.4% |
| Profit (loss) for the period before taxes9903 | €45,598 | €41,831 | €34,385 | ▼ 17.8% |
| Income taxes67/77 | €13,727 | €12,583 | €7,904 | ▼ 37.2% |
| Profit (loss) for the period9904 | €31,872 | €29,247 | €26,480 | ▼ 9.5% |
| Profit (loss) for the period to be appropriated9905 | €31,872 | €29,247 | €26,480 | ▼ 9.5% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €318,617 | €330,460 | €531,178 | ▲ 60.7% |
| Fixed assets21/28 | €183,399 | €166,789 | €285,799 | ▲ 71.4% |
| Intangible fixed assets21 | €134,777 | €119,777 | €104,777 | ▼ 12.5% |
| Tangible fixed assets22/27 | €48,621 | €47,011 | €181,022 | ▲ 285% |
| Plant, machinery and equipment23 | €7,274 | €8,709 | €65,807 | ▲ 656% |
| Furniture and vehicles24 | €9,410 | €7,049 | €80,313 | ▲ 11× |
| Other tangible fixed assets26 | €31,937 | €31,253 | €34,902 | ▲ 11.7% |
| Current assets29/58 | €135,218 | €163,671 | €245,379 | ▲ 49.9% |
| Stocks and contracts in progress3 | €13,141 | €18,962 | €8,619 | ▼ 54.5% |
| Stocks30/36 | €13,141 | €18,962 | €8,619 | ▼ 54.5% |
| Amounts receivable within one year40/41 | €46,261 | €52,501 | €162,375 | ▲ 209% |
| Trade receivables40 | €18,024 | €4,731 | €85,022 | ▲ 18× |
| Other amounts receivable41 | €28,238 | €47,770 | €77,353 | ▲ 61.9% |
| Cash at bank and in hand54/58 | €73,312 | €83,171 | €69,046 | ▼ 17.0% |
| Deferred charges and accrued income490/1 | €2,504 | €9,036 | €5,338 | ▼ 40.9% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €318,617 | €330,460 | €531,178 | ▲ 60.7% |
| Equity10/15 | €36,872 | €66,119 | €92,599 | ▲ 40.0% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €31,872 | €61,119 | €87,599 | ▲ 43.3% |
| Distributable reserves133 | €31,872 | €61,119 | €87,599 | ▲ 43.3% |
| Amounts payable17/49 | €281,745 | €264,341 | €438,579 | ▲ 65.9% |
| Amounts payable after more than one year17 | €176,200 | €157,678 | €254,846 | ▲ 61.6% |
| Financial debts170/4 | €176,200 | €157,678 | €254,846 | ▲ 61.6% |
| Amounts payable within one year42/48 | €100,470 | €100,006 | €177,991 | ▲ 78.0% |
| Current portion of amounts payable after more than one year42 | €17,801 | €18,523 | €42,999 | ▲ 132% |
| Trade debts44 | €44,713 | €25,741 | €106,513 | ▲ 314% |
| Suppliers440/4 | €44,713 | €25,741 | €106,513 | ▲ 314% |
| Taxes, remuneration and social security45 | €37,956 | €55,742 | €28,478 | ▼ 48.9% |
| Taxes450/3 | €29,956 | €47,742 | €28,478 | ▼ 40.3% |
| Remuneration and social security454/9 | €8,000 | €8,000 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | €5,075 | €6,657 | €5,741 | ▼ 13.8% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,872 | €29,247 | €26,480 | ▼ 9.5% |
| + Depreciation and write-downs630 | €22,322 | €25,400 | €31,408 | ▲ 23.7% |
| Operating cash flow (approximation) | €54,194 | €54,647 | €57,888 | ▲ 5.9% |
| Investment in fixed assets (approximation) | - | -€8,790 | -€150,418 | ▼ 1,611% |
| Change in cash | - | €9,860 | -€14,125 | - |
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, 896 companies had the same profile as EDGER has now. Two years later, 98.1% were still going and 1.1% had gone bankrupt.
- Small
- 2 to 5 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EDGER itself: 1.2% 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 896 companies, not a prediction for EDGER. 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.