EDM
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 29 days after the deadline Filed on 29 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00130513.
Annual accounts 2025 filed on 29-05-2026 PDF all 8 filings
Turnover
≈ €23,000
Estimated: probably between €11,000 and €45,000
Total assets
€709,224▼ 17.6%
2024 · €860,803
Net result
-€73,692▼ 144%
2024 · -€30,236
Working capital
-€83,700▲ 7.1%
2024 · -€90,134
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
-€67,325
▼ 191%
2025
20182025
Net result
-€73,692
▼ 144%
2025
lowest quarter of the sector
20182025
Equity
€68,108
▼ 52.0%
2025
middle half of the sector
20182025
Total assets
€709,224
▼ 17.6%
2025
highest quarter of the sector
20182025
Debt
€641,116
▼ 10.8%
2025
20182025
Working capital
-€83,700
▲ 7.1%
2025
lowest quarter of the sector
20182025
Solvency
9.6%
▼ 6.9pp
2025
lowest quarter of the sector
20182025
Current ratio
0.62
=
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-10.4%
▼ 6.9pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202320242025
Operating result-€0.06m-€0.08m€0.03m▼ 62.6%€0.01m▼ 50.5%€0.2m--€0.02m-€0.07m▼ 191%
Net result-€0.05m-€0.07m€0.02mwithin the sector's middle half▼ 71.6%-€0.001mbelow the sector's middle half€0.1mabove the sector's middle half--€0.03mbelow the sector's middle half-€0.07mbelow the sector's middle half▼ 144%
Equity-€0.06m-€0.01m€0.03mwithin the sector's middle half▲ 163%€0.03mwithin the sector's middle half▼ 2.3%€0.2mwithin the sector's middle half-€0.1mwithin the sector's middle half▼ 17.6%€0.07mwithin the sector's middle half▼ 52.0%
Total assets€0.6m-€0.8m▲ 18.6%€0.7mabove the sector's middle half▼ 3.0%€0.7mabove the sector's middle half▲ 0.5%€1.2mabove the sector's middle half-€0.9mabove the sector's middle half▼ 26.8%€0.7mabove the sector's middle half▼ 17.6%
Debt€0.7m-€0.7m▲ 7.2%€0.7m▼ 5.6%€0.7m▲ 0.7%€1.0m-€0.7m▼ 28.4%€0.6m▼ 10.8%
Working capital-€0.2m--€0.05m▲ 73.2%-€0.03mbelow the sector's middle half▲ 50.1%-€0.02mbelow the sector's middle half▲ 33.4%-€0.08mbelow the sector's middle half--€0.09mbelow the sector's middle half▼ 6.3%-€0.08mbelow the sector's middle half▲ 7.1%
Solvency-8.9%-1.6%▲ 10.5pp4.3%below the sector's middle half▲ 2.7pp4.2%below the sector's middle half▼ 0.1pp14.6%below the sector's middle half-16.5%below the sector's middle half▲ 1.8pp9.6%below the sector's middle half▼ 6.9pp
Current ratio0.20-0.71▲ 0.510.84below the sector's middle half▲ 0.130.86below the sector's middle half▲ 0.020.82below the sector's middle half-0.62below the sector's middle half▼ 0.210.62below the sector's middle half=
Return on assets (ROA)-8.2%-9.1%▲ 17.3pp2.7%within the sector's middle half▼ 6.4pp-0.1%below the sector's middle half▼ 2.8pp12.0%within the sector's middle half--3.5%below the sector's middle half▼ 15.5pp-10.4%below the sector's middle half▼ 6.9pp
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 a loss of €67,325, larger than the loss of €23,166 in 2024. It is the lowest result since 2020.
Turnover and EBIT margin are not published. The 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 €709,224
Fixed assets
€574,571 ▼ 19.8%
Current assets
€134,653 ▼ 6.5%
Equity and liabilities €709,224
Equity
€68,108 ▼ 52.0%
Debt
€641,116 ▼ 10.8%
Debt's share of the balance-sheet total rises from 83.5% to 90.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€3,522▼
2024 · €46,037
Cash flow
-€9,889▼
2024 · €38,967
Debt to equity
9.41▲
2024 · 5.07
ROE
-108.2%▼
2024 · -21.3%
Interest coverage
-0.55▼
2024 · 6.51
Debt ≤ 1 year
€218,353▼
2024 · €234,197
Debt > 1 year
€422,763▼
2024 · €484,805
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €104,223 | €45,388 | - | - |
| Financial fixed assets | - | €250,625 | - | - |
| Depreciation and write-downs of the year | €66,778 | €122,725 | €69,203 | €63,804 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €79,533 | €82,810 | €67,768 | €66,778 | €122,725 | €69,203 | €63,804 | ▼ 7.8% |
| Other operating charges640/8 | - | - | - | €943 | €2,956 | €4,035 | €8,351 | ▲ 107% |
| Gross operating margin9900 | €26,780 | €162,976 | €100,229 | €82,553 | €318,779 | €50,072 | €4,830 | ▼ 90.4% |
| Operating profit (loss)9901 | -€55,187 | €80,166 | €29,969 | €14,832 | €193,098 | -€23,166 | -€67,325 | ▼ 191% |
| Financial income75/76B | - | - | - | €3 | €0 | - | - | - |
| Recurring financial income75 | €13,787 | - | €30 | €3 | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €15,399 | €14,543 | €7,070 | €6,367 | ▼ 9.9% |
| Recurring financial charges65 | €10,912 | €11,229 | €10,429 | €15,399 | €14,543 | €7,070 | €6,367 | ▼ 9.9% |
| Profit (loss) for the period before taxes9903 | -€52,312 | €68,937 | €19,570 | -€564 | €178,555 | -€30,236 | -€73,692 | ▼ 144% |
| Income taxes67/77 | - | - | €9 | €158 | €37,327 | - | - | - |
| Profit (loss) for the period9904 | -€52,312 | €68,937 | €19,561 | -€722 | €141,228 | -€30,236 | -€73,692 | ▼ 144% |
| Profit (loss) for the period to be appropriated9905 | -€52,312 | €68,937 | €19,561 | -€722 | €141,228 | -€30,236 | -€73,692 | ▼ 144% |
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.6m | €0.8m | €0.7m | €0.7m | €1.2m | €0.9m | €0.7m | ▼ 17.6% |
| Fixed assets21/28 | €0.6m | €0.6m | €0.6m | €0.6m | €0.8m | €0.7m | €0.6m | ▼ 19.8% |
| Tangible fixed assets22/27 | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | €0.5m | €0.3m | ▼ 30.5% |
| Land and buildings22 | - | - | - | €0.6m | €0.5m | €0.5m | €0.3m | ▼ 30.5% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.001m | €104 | - | - |
| Financial fixed assets28 | - | - | - | - | €0.3m | €0.3m | €0.3m | = |
| Current assets29/58 | €0.05m | €0.1m | €0.1m | €0.1m | €0.4m | €0.1m | €0.1m | ▼ 6.5% |
| Amounts receivable within one year40/41 | €0.004m | - | - | - | €0.03m | €0.03m | €0.03m | = |
| Trade receivables40 | - | - | - | - | €0.002m | €0.002m | €0.002m | = |
| Other amounts receivable41 | - | - | - | - | €0.02m | €0.02m | €0.02m | = |
| Cash at bank and in hand54/58 | €0.04m | €0.08m | €0.1m | €0.07m | €0.1m | €0.1m | €0.1m | ▼ 8.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.3m | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.6m | €0.8m | €0.7m | €0.7m | €1.2m | €0.9m | €0.7m | ▼ 17.6% |
| Equity10/15 | -€0.06m | €0.01m | €0.03m | €0.03m | €0.2m | €0.1m | €0.07m | ▼ 52.0% |
| Contributions10/11 | €0.006m | €0.006m | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Profit (loss) carried forward14 | -€0.06m | €0.006m | €0.03m | €0.02m | €0.2m | €0.1m | €0.06m | ▼ 54.3% |
| Amounts payable17/49 | €0.7m | €0.7m | €0.7m | €0.7m | €1.0m | €0.7m | €0.6m | ▼ 10.8% |
| Amounts payable after more than one year17 | €0.5m | €0.6m | €0.5m | €0.6m | €0.5m | €0.5m | €0.4m | ▼ 12.8% |
| Financial debts170/4 | - | - | - | €0.6m | €0.5m | €0.5m | €0.4m | ▼ 12.8% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | €0.1m | €0.5m | €0.2m | €0.2m | ▼ 6.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.04m | €0.05m | €0.04m | ▼ 22.3% |
| Trade debts44 | €0.06m | €0.01m | €0.01m | €0.01m | €0.008m | €0.01m | €0.002m | ▼ 80.0% |
| Suppliers440/4 | - | - | - | €0.01m | €0.008m | €0.01m | €0.002m | ▼ 80.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.08m | €0.08m | €0.08m | = |
| Taxes450/3 | - | - | - | €0.02m | €0.06m | €0.06m | €0.06m | = |
| Remuneration and social security454/9 | - | - | - | €0.007m | €0.03m | €0.03m | €0.03m | = |
| Other amounts payable47/48 | - | - | - | €0.04m | €0.3m | €0.09m | €0.1m | ▲ 3.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€52,312 | €68,937 | €19,561 | -€722 | €141,228 | -€30,236 | -€73,692 | ▼ 144% |
| + Depreciation and write-downs630 | €79,533 | €82,810 | €67,768 | €66,778 | €122,725 | €69,203 | €63,804 | ▼ 7.8% |
| Operating cash flow (approximation) | €27,221 | €151,747 | €87,329 | €66,056 | €263,953 | €38,967 | -€9,889 | - |
| Investment in fixed assets (approximation) | - | -€125,525 | -€34,397 | -€104,223 | - | €0 | €78,364 | - |
| Change in cash | - | €33,494 | €17,464 | -€26,003 | - | €3,056 | -€9,411 | - |
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, 450 companies had the same profile as EDM has now. Two years later, 87.1% were still going and 6.4% had gone bankrupt.
- Small
- solvency under 10%
- a loss of 10% of the balance sheet or more
- without age
87.1%
was still going
5.3%
stopped otherwise
6.4%
went bankrupt
Another 1.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of EDM itself is lower: 0.2% within 12 months. It rests on far more data about EDM than the profile alone.
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 450 companies, not a prediction for EDM. 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 |
|---|---|---|---|---|
| 30-09-2025 | micro format | 29-05-2026 | 2026-00130513 | |
| 30-09-2024 | micro format | 30-04-2025 | 2025-00088045 | |
| 30-09-2023 | micro format | 30-04-2024 | 2024-00082755 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20412141 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-64400387 | |
| 31-12-2019 | micro format | 24-11-2020 | 2020-72100563 | |
| 31-12-2018 | micro format | 30-09-2019 | 2019-66900422 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-57200305 |