EFFICIO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-12-2025 PDF all 15 filings
Equity
€479,686▼ 18.6%
2024 · €589,607
Total assets
€596,390▼ 11.6%
2024 · €675,025
Net result
-€55,485
2024 · €34,732
Working capital
€364,386▼ 25.2%
2024 · €487,063
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€63,633
2025
20192025
Net result
-€55,485
2025
lowest quarter of the sector
20192025
Equity
€479,686
▼ 18.6%
2025
middle half of the sector
20192025
Total assets
€596,390
▼ 11.6%
2025
middle half of the sector
20192025
Debt
€71,951
▲ 76.9%
2025
20192025
Working capital
€364,386
▼ 25.2%
2025
highest quarter of the sector
20192025
Solvency
80.4%
▼ 6.9pp
2025
highest quarter of the sector
20192025
Current ratio
15.51
▲ 2.53
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-9.3%
▼ 14.4pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€87,287-€77,293▼ 11.5%€77,714▲ 0.5%€80,377▲ 3.4%€184,035▲ 129%€56,303▼ 69.4%-€63,633
Net result€54,436-€58,274within the sector's middle half▲ 7.1%€95,152within the sector's middle half▲ 63.3%€56,715within the sector's middle half▼ 40.4%€127,143within the sector's middle half▲ 124%€34,732within the sector's middle half▼ 72.7%-€55,485below the sector's middle half
Equity€261,525-€319,799within the sector's middle half▲ 22.3%€398,979within the sector's middle half▲ 24.8%€455,694within the sector's middle half▲ 14.2%€575,587within the sector's middle half▲ 26.3%€589,607within the sector's middle half▲ 2.4%€479,686within the sector's middle half▼ 18.6%
Total assets€516,713-€526,646within the sector's middle half▲ 1.9%€576,967within the sector's middle half▲ 9.6%€592,221within the sector's middle half▲ 2.6%€705,861within the sector's middle half▲ 19.2%€675,025within the sector's middle half▼ 4.4%€596,390within the sector's middle half▼ 11.6%
Debt€210,435-€162,094▼ 23.0%€133,235▼ 17.8%€91,774▼ 31.1%€85,521▼ 6.8%€40,665▼ 52.4%€71,951▲ 76.9%
Working capital€164,218-€173,964within the sector's middle half▲ 5.9%€344,542within the sector's middle half▲ 98.1%€349,125within the sector's middle half▲ 1.3%€463,782above the sector's middle half▲ 32.8%€487,063above the sector's middle half▲ 5.0%€364,386above the sector's middle half▼ 25.2%
Solvency50.6%-60.7%within the sector's middle half▲ 10.1pp69.2%within the sector's middle half▲ 8.4pp76.9%within the sector's middle half▲ 7.8pp81.5%above the sector's middle half▲ 4.6pp87.3%above the sector's middle half▲ 5.8pp80.4%above the sector's middle half▼ 6.9pp
Current ratio3.00-3.36within the sector's middle half▲ 0.365.04above the sector's middle half▲ 1.685.11above the sector's middle half▲ 0.076.42above the sector's middle half▲ 1.3112.98above the sector's middle half▲ 6.5515.51above the sector's middle half▲ 2.53
Return on assets (ROA)10.5%-11.1%within the sector's middle half▲ 0.5pp16.5%above the sector's middle half▲ 5.4pp9.6%within the sector's middle half▼ 6.9pp18.0%above the sector's middle half▲ 8.4pp5.1%within the sector's middle half▼ 12.9pp-9.3%below the sector's middle half▼ 14.4pp
Staff (FTE)0within the sector's middle half0within the sector's middle half
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 €63,633, after a profit of €56,303 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €596,390
Fixed assets
€206,894 ▲ 40.5%
Current assets
€389,496 ▼ 26.2%
Equity and liabilities €596,390
Equity
€479,686 ▼ 18.6%
Provisions
€44,753 =
Debt
€71,951 ▲ 76.9%
Debt's share of the balance-sheet total rises from 6.0% to 12.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€50,645▼
2024 · €68,611
Cash flow
-€42,497▼
2024 · €47,039
Debt to equity
0.15▲
2024 · 0.07
ROE
-11.6%▼
2024 · 5.9%
Interest coverage
-34.35▼
2024 · over 100
Debt ≤ 1 year
€25,110▼
2024 · €40,665
Debt > 1 year
€46,841
Income taxes
€187▼
2024 · €19,701
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €10,467 | €9,772 | €13,046 | €3,986 |
| Financial fixed assets | €10,000 | - | - | €68,600 |
| Depreciation and write-downs of the year | €9,382 | €11,434 | €12,307 | €12,988 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,420 | €6,639 | €8,789 | €9,382 | €11,434 | €12,307 | €12,988 | ▲ 5.5% |
| Other operating charges640/8 | - | - | - | €839 | €878 | €945 | €879 | ▼ 7.0% |
| Gross operating margin9900 | €93,450 | €84,413 | €87,335 | €90,598 | €196,347 | €69,555 | -€49,766 | - |
| Operating profit (loss)9901 | €87,287 | €77,293 | €77,714 | €80,377 | €184,035 | €56,303 | -€63,633 | - |
| Financial income75/76B | - | - | - | €2,227 | €3,750 | €8,321 | €9,809 | ▲ 17.9% |
| Recurring financial income75 | €4,498 | €1,808 | €2,434 | €2,227 | €3,750 | €8,321 | €9,809 | ▲ 17.9% |
| Non-recurring financial income76B | - | - | - | €0 | - | - | - | - |
| Financial charges65/66B | - | - | - | €1,261 | €692 | €10,191 | €1,475 | ▼ 85.5% |
| Recurring financial charges65 | €2,825 | €2,346 | €1,782 | €1,261 | €692 | €192 | €1,475 | ▲ 669% |
| Non-recurring financial charges66B | - | - | - | - | - | €9,999 | - | - |
| Profit (loss) for the period before taxes9903 | €88,961 | €71,755 | €122,394 | €81,343 | €187,094 | €54,433 | -€55,298 | - |
| Income taxes67/77 | €34,526 | €13,481 | €27,242 | €24,629 | €59,951 | €19,701 | €187 | ▼ 99.0% |
| Profit (loss) for the period9904 | €54,436 | €58,274 | €95,152 | €56,715 | €127,143 | €34,732 | -€55,485 | - |
| Profit (loss) for the period to be appropriated9905 | €54,436 | €58,274 | €95,152 | €56,715 | €127,143 | €34,732 | -€55,485 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €516,713 | €526,646 | €576,967 | €592,221 | €705,861 | €675,025 | €596,390 | ▼ 11.6% |
| Fixed assets21/28 | €270,369 | €278,999 | €147,134 | €158,220 | €156,558 | €147,296 | €206,894 | ▲ 40.5% |
| Tangible fixed assets22/27 | €14,451 | €28,081 | €29,688 | €30,774 | €29,112 | €29,851 | €20,848 | ▼ 30.2% |
| Land and buildings22 | - | - | - | €6,256 | €5,379 | €4,502 | €3,625 | ▼ 19.5% |
| Plant, machinery and equipment23 | - | - | - | €11,910 | €11,977 | €18,743 | €12,924 | ▼ 31.0% |
| Furniture and vehicles24 | - | - | - | €12,608 | €11,756 | €6,605 | €4,299 | ▼ 34.9% |
| Financial fixed assets28 | €255,918 | €250,918 | €117,446 | €127,446 | €127,446 | €117,446 | €186,046 | ▲ 58.4% |
| Current assets29/58 | €246,344 | €247,646 | €429,833 | €434,002 | €549,303 | €527,729 | €389,496 | ▼ 26.2% |
| Amounts receivable within one year40/41 | €100,792 | €120,324 | €175,753 | €112,353 | €208,221 | €201,473 | €188,299 | ▼ 6.5% |
| Trade receivables40 | - | - | - | €53,551 | €84,110 | €58,234 | €39,861 | ▼ 31.6% |
| Other amounts receivable41 | - | - | - | €58,802 | €124,111 | €143,238 | €148,437 | ▲ 3.6% |
| Current investments50/53 | - | €100,091 | €0 | - | €50,000 | €25,000 | €75,000 | ▲ 200% |
| Cash at bank and in hand54/58 | €140,634 | €25,330 | €251,569 | €317,995 | €284,434 | €292,543 | €116,083 | ▼ 60.3% |
| Deferred charges and accrued income490/1 | - | - | - | €3,653 | €6,648 | €8,713 | €10,115 | ▲ 16.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €516,713 | €526,646 | €576,967 | €592,221 | €705,861 | €675,025 | €596,390 | ▼ 11.6% |
| Equity10/15 | €261,525 | €319,799 | €398,979 | €455,694 | €575,587 | €589,607 | €479,686 | ▼ 18.6% |
| Contributions10/11 | €18,600 | €0 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €242,925 | €301,199 | €380,379 | €437,094 | €556,987 | €571,007 | €461,086 | ▼ 19.3% |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - |
| Distributable reserves133 | - | - | - | €437,094 | €556,987 | €571,007 | €461,086 | ▼ 19.3% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | - | - |
| Provisions and deferred taxes16 | €44,753 | €44,753 | €44,753 | €44,753 | €44,753 | €44,753 | €44,753 | = |
| Provisions for liabilities and charges160/5 | - | - | - | €44,753 | €44,753 | €44,753 | €44,753 | = |
| Pensions and similar obligations160 | - | - | - | €44,753 | €44,753 | €44,753 | €44,753 | = |
| Amounts payable17/49 | €210,435 | €162,094 | €133,235 | €91,774 | €85,521 | €40,665 | €71,951 | ▲ 76.9% |
| Amounts payable after more than one year17 | €128,309 | €88,412 | €47,944 | €6,898 | €0 | - | €46,841 | - |
| Financial debts170/4 | - | - | - | €6,898 | €0 | - | €46,841 | - |
| Amounts payable within one year42/48 | €82,126 | €73,682 | €85,291 | €84,877 | €85,521 | €40,665 | €25,110 | ▼ 38.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €41,046 | €6,898 | €0 | €12,841 | - |
| Financial debts43 | - | - | - | €5,076 | €87 | €2,920 | €130 | ▼ 95.6% |
| Credit institutions430/8 | - | - | - | €5,076 | €87 | €2,920 | €130 | ▼ 95.6% |
| Trade debts44 | €1,868 | €2,410 | €4,973 | €3,045 | €7,397 | €3,567 | €6,947 | ▲ 94.7% |
| Suppliers440/4 | - | - | - | €3,045 | €7,397 | €3,567 | €6,947 | ▲ 94.7% |
| Taxes, remuneration and social security45 | - | - | - | €35,709 | €71,139 | €33,863 | €4,878 | ▼ 85.6% |
| Taxes450/3 | - | - | - | €35,709 | €71,139 | €33,863 | €4,878 | ▼ 85.6% |
| Other amounts payable47/48 | - | - | - | - | - | €314 | €314 | = |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €54,436 | €58,274 | €95,152 | €56,715 | €127,143 | €34,732 | -€55,485 | - |
| + Depreciation and write-downs630 | €5,420 | €6,639 | €8,789 | €9,382 | €11,434 | €12,307 | €12,988 | ▲ 5.5% |
| Operating cash flow (approximation) | €59,856 | €64,913 | €103,940 | €66,096 | €138,577 | €47,039 | -€42,497 | - |
| Investment in fixed assets (approximation) | - | -€15,269 | €123,077 | -€20,467 | -€9,772 | -€3,046 | -€72,586 | ▼ 2,283% |
| Change in cash | - | -€115,303 | €226,239 | €66,426 | -€33,561 | €8,108 | -€176,460 | - |
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, 8,617 companies had the same profile as EFFICIO has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EFFICIO 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 8,617 companies, not a prediction for EFFICIO. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 23-12-2025 | 2025-00589174 | |
| 30-06-2024 | abbreviated format | 31-01-2025 | 2025-00018999 | |
| 30-06-2023 | abbreviated format | 30-01-2024 | 2024-00012385 | |
| 30-06-2022 | abbreviated format | 30-01-2023 | 2023-00008468 | |
| 30-06-2021 | abbreviated format | 25-02-2022 | 2022-06600053 | |
| 30-06-2020 | abbreviated format | 29-01-2021 | 2021-03100260 | |
| 30-06-2019 | abbreviated format | 27-02-2020 | 2020-05800029 | |
| 30-06-2018 | abbreviated format | 05-02-2019 | 2019-04400438 | |
| 30-06-2017 | abbreviated format | 31-01-2018 | 2018-03400497 | |
| 30-06-2016 | abbreviated format | 09-12-2016 | 2016-69600390 |