eFFiciency research
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 6 filings
Turnover
≈ €160,000
Estimated: probably between €140,000 and €210,000
Total assets
€645,468▲ 120%
2024 · €292,933
Net result
€27,137▲ 32.8%
2024 · €20,441
Working capital
-€110,067▼ 1,723%
2024 · -€6,037
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€44,377
▲ 57.1%
2025
20202025
Net result
€27,137
▲ 32.8%
2025
middle half of the sector
20202025
Equity
€5,225
▼ 93.3%
2025
lowest quarter of the sector
20202025
Total assets
€645,468
▲ 120%
2025
highest quarter of the sector
20202025
Debt
€640,243
▲ 198%
2025
20202025
Working capital
-€110,067
▼ 1,723%
2025
lowest quarter of the sector
20202025
Solvency
0.8%
▼ 25.8pp
2025
lowest quarter of the sector
20202025
Current ratio
0.51
▼ 0.30
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
4.2%
▼ 2.8pp
2025
lowest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€38,252-€11,907▼ 68.9%€8,172▼ 31.4%€22,748▲ 178%€28,252▲ 24.2%€44,377▲ 57.1%
Net result€29,155within the sector's middle half-€7,729within the sector's middle half▼ 73.5%€4,203within the sector's middle half▼ 45.6%€16,460within the sector's middle half▲ 292%€20,441within the sector's middle half▲ 24.2%€27,137within the sector's middle half▲ 32.8%
Equity€29,255within the sector's middle half-€36,984within the sector's middle half▲ 26.4%€41,187within the sector's middle half▲ 11.4%€57,647within the sector's middle half▲ 40.0%€78,088within the sector's middle half▲ 35.5%€5,225below the sector's middle half▼ 93.3%
Total assets€326,265above the sector's middle half-€342,510above the sector's middle half▲ 5.0%€304,142above the sector's middle half▼ 11.2%€309,181above the sector's middle half▲ 1.7%€292,933above the sector's middle half▼ 5.3%€645,468above the sector's middle half▲ 120%
Debt€297,010-€305,526▲ 2.9%€262,955▼ 13.9%€251,535▼ 4.3%€214,846▼ 14.6%€640,243▲ 198%
Working capital-€1,812below the sector's middle half--€4,417below the sector's middle half▼ 144%-€976below the sector's middle half▲ 77.9%-€19,387below the sector's middle half▼ 1,887%-€6,037below the sector's middle half▲ 68.9%-€110,067below the sector's middle half▼ 1,723%
Solvency9.0%below the sector's middle half-10.8%below the sector's middle half▲ 1.8pp13.5%below the sector's middle half▲ 2.7pp18.6%below the sector's middle half▲ 5.1pp26.7%below the sector's middle half▲ 8.0pp0.8%below the sector's middle half▼ 25.8pp
Current ratio0.96below the sector's middle half-0.94below the sector's middle half▼ 0.020.98below the sector's middle half▲ 0.040.63below the sector's middle half▼ 0.350.82below the sector's middle half▲ 0.190.51below the sector's middle half▼ 0.30
Return on assets (ROA)8.9%within the sector's middle half-2.3%below the sector's middle half▼ 6.7pp1.4%below the sector's middle half▼ 0.9pp5.3%within the sector's middle half▲ 3.9pp7.0%within the sector's middle half▲ 1.7pp4.2%below the sector's middle half▼ 2.8pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 57% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €645,468
Fixed assets
€529,415 ▲ 98.9%
Current assets
€116,053 ▲ 334%
Equity and liabilities €645,468
Equity
€5,225 ▼ 93.3%
Debt
€640,243 ▲ 198%
Debt's share of the balance-sheet total rises from 73.3% to 99.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€67,787▲
2024 · €45,804
Cash flow
€50,548▲
2024 · €37,992
ROE
519.4%▲
2024 · 26.2%
Interest coverage
7.29▼
2024 · 19.85
Debt ≤ 1 year
€226,119▲
2024 · €32,778
Debt > 1 year
€414,123▲
2024 · €181,797
Income taxes
€7,947▲
2024 · €5,513
A ratio outside any meaningful range has been withheld (balance sheet total €645,468, equity €5,225).
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 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | - | - | €226,000 |
| Mortgage mandates | - | - | - | - | €172,663 |
| Carrying value of the mortgaged assets | - | - | - | - | €501,883 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €8,998 | - | €32,511 | €6,930 | €286,634 |
| Depreciation and write-downs of the year | €16,171 | €16,903 | €15,459 | €17,551 | €23,411 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,942 | €16,171 | €16,903 | €15,459 | €17,551 | €23,411 | ▲ 33.4% |
| Other operating charges640/8 | - | €1,705 | €1,519 | €2,207 | €2,089 | €2,653 | ▲ 27.0% |
| Gross operating margin9900 | €45,842 | €29,783 | €26,594 | €40,414 | €47,893 | €70,441 | ▲ 47.1% |
| Operating profit (loss)9901 | €38,252 | €11,907 | €8,172 | €22,748 | €28,252 | €44,377 | ▲ 57.1% |
| Financial income75/76B | - | €41 | €23 | - | €9 | - | - |
| Recurring financial income75 | - | €41 | €23 | - | €9 | - | - |
| Financial charges65/66B | - | €1,807 | €1,539 | €1,620 | €2,307 | €9,293 | ▲ 303% |
| Recurring financial charges65 | €1,234 | €1,807 | €1,539 | €1,620 | €2,307 | €9,293 | ▲ 303% |
| Profit (loss) for the period before taxes9903 | €37,017 | €10,141 | €6,655 | €21,128 | €25,954 | €35,084 | ▲ 35.2% |
| Income taxes67/77 | €7,862 | €2,412 | €2,452 | €4,668 | €5,513 | €7,947 | ▲ 44.1% |
| Profit (loss) for the period9904 | €29,155 | €7,729 | €4,203 | €16,460 | €20,441 | €27,137 | ▲ 32.8% |
| Profit (loss) for the period to be appropriated9905 | €29,155 | €7,729 | €4,203 | €16,460 | €20,441 | €27,137 | ▲ 32.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €326,265 | €342,510 | €304,142 | €309,181 | €292,933 | €645,468 | ▲ 120% |
| Fixed assets21/28 | €283,837 | €276,664 | €259,761 | €276,813 | €266,192 | €529,415 | ▲ 98.9% |
| Tangible fixed assets22/27 | €283,837 | €276,664 | €259,761 | €276,813 | €266,192 | €529,415 | ▲ 98.9% |
| Plant, machinery and equipment23 | - | €11,515 | €5,488 | €21,411 | €17,263 | €14,733 | ▼ 14.7% |
| Furniture and vehicles24 | - | €1,749 | €1,062 | €12,381 | €11,863 | €12,800 | ▲ 7.9% |
| Leasing and similar rights25 | - | €263,401 | €253,211 | €243,021 | €237,066 | €281,950 | ▲ 18.9% |
| Assets under construction and advance payments27 | - | - | - | - | - | €219,933 | - |
| Current assets29/58 | €42,429 | €65,846 | €44,381 | €32,368 | €26,741 | €116,053 | ▲ 334% |
| Amounts receivable within one year40/41 | €6,281 | €11,533 | €42,092 | €27,046 | €4,990 | €84,415 | ▲ 17× |
| Trade receivables40 | - | €11,533 | €42,092 | €27,046 | €4,503 | €84,415 | ▲ 19× |
| Other amounts receivable41 | - | - | - | - | €487 | - | - |
| Cash at bank and in hand54/58 | €31,634 | €50,316 | €2,289 | €5,322 | €21,751 | €26,819 | ▲ 23.3% |
| Deferred charges and accrued income490/1 | - | €3,997 | - | - | - | €4,819 | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €326,265 | €342,510 | €304,142 | €309,181 | €292,933 | €645,468 | ▲ 120% |
| Equity10/15 | €29,255 | €36,984 | €41,187 | €57,647 | €78,088 | €5,225 | ▼ 93.3% |
| Contributions10/11 | - | €100 | €100 | €100 | €100 | €100 | = |
| Profit (loss) carried forward14 | €29,155 | €36,884 | €41,087 | €57,547 | €77,988 | €5,125 | ▼ 93.4% |
| Amounts payable17/49 | €297,010 | €305,526 | €262,955 | €251,535 | €214,846 | €640,243 | ▲ 198% |
| Amounts payable after more than one year17 | €252,770 | €235,262 | €217,599 | €199,779 | €181,797 | €414,123 | ▲ 128% |
| Financial debts170/4 | - | €235,262 | €217,599 | €199,779 | €181,797 | €414,123 | ▲ 128% |
| Amounts payable within one year42/48 | €44,240 | €70,263 | €45,357 | €51,755 | €32,778 | €226,119 | ▲ 590% |
| Current portion of amounts payable after more than one year42 | - | €17,508 | €17,664 | €17,819 | €17,982 | €27,738 | ▲ 54.3% |
| Trade debts44 | €2,885 | €30,065 | €472 | €1,484 | €360 | €67,060 | ▲ 186× |
| Suppliers440/4 | - | €30,065 | €472 | €1,484 | €360 | €67,060 | ▲ 186× |
| Taxes, remuneration and social security45 | - | €19,666 | €20,235 | €29,000 | €5,649 | €12,450 | ▲ 120% |
| Taxes450/3 | - | €14,573 | €10,718 | €21,714 | €5,649 | €12,450 | ▲ 120% |
| Remuneration and social security454/9 | - | €5,093 | €9,517 | €7,286 | €0 | - | - |
| Other amounts payable47/48 | - | €3,025 | €6,985 | €3,453 | €8,786 | €118,872 | ▲ 14× |
| Accrued charges and deferred income492/3 | - | - | - | - | €271 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,155 | €7,729 | €4,203 | €16,460 | €20,441 | €27,137 | ▲ 32.8% |
| + Depreciation and write-downs630 | €5,942 | €16,171 | €16,903 | €15,459 | €17,551 | €23,411 | ▲ 33.4% |
| Operating cash flow (approximation) | €35,098 | €23,900 | €21,106 | €31,919 | €37,992 | €50,548 | ▲ 33.0% |
| Investment in fixed assets (approximation) | - | -€8,998 | €0 | -€32,511 | -€6,930 | -€286,634 | ▼ 4,036% |
| Change in cash | - | €18,681 | -€48,027 | €3,034 | €16,429 | €5,068 | ▼ 69.1% |
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, 1,603 companies had the same profile as eFFiciency research has now. Two years later, 96.1% were still going and 1.9% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency under 10%
- a profit under 5% of the balance sheet
96.1%
was still going
1.8%
stopped otherwise
1.9%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of eFFiciency research itself is lower: 0.2% within 12 months. It rests on far more data about eFFiciency research 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 1,603 companies, not a prediction for eFFiciency research. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-06-2026 | 2026-00207971 | |
| 31-12-2024 | micro format | 24-02-2026 | 2026-00043731 | |
| 31-12-2023 | micro format | 17-08-2024 | 2024-00348862 | |
| 31-12-2022 | micro format | 24-08-2023 | 2023-00355469 | |
| 31-12-2021 | micro format | 22-08-2022 | 2022-20303284 | |
| 31-12-2020 | micro format | 26-08-2021 | 2021-53900382 |