ENTROPY
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 25 filings
Turnover
≈ €100,000
Estimated: probably between €79,000 and €130,000
Total assets
€116,115▼ 38.5%
2024 · €188,881
Net result
-€7,987
2024 · €10,817
Working capital
€112,900▼ 32.5%
2024 · €167,334
In the rankings
#4 oldest company in Edegem, Telecoms and IT sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€9,931
2025
20182025
Net result
-€7,987
2025
lowest quarter of the sector
20182025
Equity
€110,589
▼ 33.5%
2025
middle half of the sector
20182025
Total assets
€116,115
▼ 38.5%
2025
middle half of the sector
20182025
Debt
€5,527
▼ 75.5%
2025
20182025
Working capital
€112,900
▼ 32.5%
2025
middle half of the sector
20182025
Solvency
95.2%
▲ 7.2pp
2025
highest quarter of the sector
20182025
Current ratio
36.11
▲ 27.26
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-6.9%
▼ 12.6pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€1,220-€3,869▲ 217%-€2,460€27,419€12,583▼ 54.1%€11,374▼ 9.6%€915▼ 92.0%-€9,931
Net result€816-€327▼ 59.9%-€2,888below the sector's middle half€19,192within the sector's middle half€7,973within the sector's middle half▼ 58.5%€7,162within the sector's middle half▼ 10.2%€10,817within the sector's middle half▲ 51.0%-€7,987below the sector's middle half
Equity€124,571-€124,898▲ 0.3%€122,010within the sector's middle half▼ 2.3%€141,201within the sector's middle half▲ 15.7%€149,174within the sector's middle half▲ 5.6%€156,336within the sector's middle half▲ 4.8%€166,294above the sector's middle half▲ 6.4%€110,589within the sector's middle half▼ 33.5%
Total assets€180,797-€168,160▼ 7.0%€145,600within the sector's middle half▼ 13.4%€163,528within the sector's middle half▲ 12.3%€172,488within the sector's middle half▲ 5.5%€198,468within the sector's middle half▲ 15.1%€188,881within the sector's middle half▼ 4.8%€116,115within the sector's middle half▼ 38.5%
Debt€56,226-€43,262▼ 23.1%€23,590▼ 45.5%€22,327▼ 5.4%€23,314▲ 4.4%€42,132▲ 80.7%€22,587▼ 46.4%€5,527▼ 75.5%
Working capital€99,511-€115,121▲ 15.7%€117,066above the sector's middle half▲ 1.7%€131,556above the sector's middle half▲ 12.4%€143,014above the sector's middle half▲ 8.7%€154,443above the sector's middle half▲ 8.0%€167,334above the sector's middle half▲ 8.3%€112,900within the sector's middle half▼ 32.5%
Solvency68.9%-74.3%▲ 5.4pp83.8%above the sector's middle half▲ 9.5pp86.3%above the sector's middle half▲ 2.5pp86.5%above the sector's middle half▲ 0.1pp78.8%within the sector's middle half▼ 7.7pp88.0%above the sector's middle half▲ 9.3pp95.2%above the sector's middle half▲ 7.2pp
Current ratio2.77-3.66▲ 0.895.96above the sector's middle half▲ 2.306.89above the sector's middle half▲ 0.937.13above the sector's middle half▲ 0.244.67within the sector's middle half▼ 2.478.86above the sector's middle half▲ 4.1936.11above the sector's middle half▲ 27.26
Return on assets (ROA)0.5%-0.2%▼ 0.3pp-2.0%below the sector's middle half▼ 2.2pp11.7%within the sector's middle half▲ 13.7pp4.6%within the sector's middle half▼ 7.1pp3.6%below the sector's middle half▼ 1.0pp5.7%within the sector's middle half▲ 2.1pp-6.9%below the sector's middle half▼ 12.6pp
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 a loss of €9,931, after a profit of €915 in 2024. It is the lowest result since 2021.
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
Equity and liabilities €116,115
Equity
€110,589 ▼ 33.5%
Debt
€5,527 ▼ 75.5%
Debt's share of the balance-sheet total falls from 12.0% to 4.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€9,686▼
2024 · €1,976
Cash flow
-€7,742▼
2024 · €11,878
Debt to equity
0.05▼
2024 · 0.14
ROE
-7.2%▼
2024 · 6.5%
Interest coverage
-8.71▼
2024 · 3.89
Debt ≤ 1 year
€3,216▼
2024 · €21,301
Income taxes
€22▼
2024 · €8,076
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-12-2021 | 30-12-2022 | 30-12-2023 | 30-12-2024 | 30-12-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €8,038 | €743 | - | - | - |
| Depreciation and write-downs of the year | €3,336 | €4,228 | €4,268 | €1,061 | €246 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €1,914 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,175 | €15,284 | €3,512 | €3,336 | €4,228 | €4,268 | €1,061 | €246 | ▼ 76.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €40,000 | - |
| Other operating charges640/8 | - | - | - | €2,309 | €1,216 | €1,230 | €1,130 | €585 | ▼ 48.2% |
| Gross operating margin9900 | €21,945 | €21,683 | €13,419 | €33,064 | €18,027 | €16,872 | €3,106 | €30,900 | ▲ 895% |
| Operating profit (loss)9901 | €1,220 | €3,869 | -€2,460 | €27,419 | €12,583 | €11,374 | €915 | -€9,931 | - |
| Financial income75/76B | - | - | - | €463 | - | - | €18,487 | €3,078 | ▼ 83.3% |
| Recurring financial income75 | €2,866 | €590 | €768 | €192 | - | - | €18,487 | €3,078 | ▼ 83.3% |
| Non-recurring financial income76B | - | - | - | €271 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €225 | €163 | €101 | €508 | €1,112 | ▲ 119% |
| Recurring financial charges65 | €73 | €235 | €178 | €225 | €163 | €101 | €508 | €1,112 | ▲ 119% |
| Profit (loss) for the period before taxes9903 | €4,013 | €4,224 | -€1,869 | €27,657 | €12,420 | €11,273 | €18,893 | -€7,965 | - |
| Income taxes67/77 | €3,197 | €3,897 | €1,018 | €8,466 | €4,447 | €4,111 | €8,076 | €22 | ▼ 99.7% |
| Profit (loss) for the period9904 | €816 | €327 | -€2,888 | €19,192 | €7,973 | €7,162 | €10,817 | -€7,987 | - |
| Profit (loss) for the period to be appropriated9905 | €816 | €327 | -€2,888 | €19,192 | €7,973 | €7,162 | €10,817 | -€7,987 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €180,797 | €168,160 | €145,600 | €163,528 | €172,488 | €198,468 | €188,881 | €116,115 | ▼ 38.5% |
| Fixed assets21/28 | €25,060 | €9,776 | €4,943 | €9,646 | €6,161 | €1,893 | €246 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €25,060 | €9,776 | €4,943 | €9,646 | €6,161 | €1,893 | €246 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | - | - | €1,448 | €1,504 | €778 | €235 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €8,198 | €4,657 | €1,116 | €10 | €0 | ▼ 100% |
| Current assets29/58 | €155,737 | €158,383 | €140,656 | €153,882 | €166,328 | €196,575 | €188,635 | €116,115 | ▼ 38.4% |
| Amounts receivable within one year40/41 | €26,378 | €9,535 | €12,401 | €12,100 | €11,440 | €37,004 | €84,868 | €44,973 | ▼ 47.0% |
| Trade receivables40 | - | - | - | €12,100 | €11,208 | €36,300 | €84,868 | - | - |
| Other amounts receivable41 | - | - | - | - | €232 | €704 | - | €44,973 | - |
| Current investments50/53 | €67,678 | €107,639 | €87,111 | €44,500 | €44,500 | €94,429 | - | - | - |
| Cash at bank and in hand54/58 | €52,985 | €32,514 | €40,449 | €96,732 | €105,835 | €64,500 | €102,456 | €55,874 | ▼ 45.5% |
| Deferred charges and accrued income490/1 | - | - | - | €550 | €4,553 | €643 | €1,312 | €15,268 | ▲ 12× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €180,797 | €168,160 | €145,600 | €163,528 | €172,488 | €198,468 | €188,881 | €116,115 | ▼ 38.5% |
| Equity10/15 | €124,571 | €124,898 | €122,010 | €141,201 | €149,174 | €156,336 | €166,294 | €110,589 | ▼ 33.5% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €110,064 | €110,064 | €109,610 | €128,801 | €136,774 | €143,936 | €153,894 | €98,189 | ▼ 36.2% |
| Non-distributable reserves130/1 | - | - | - | €13,290 | €13,290 | €13,290 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €13,290 | €13,290 | €13,290 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €25,171 | €25,171 | €25,171 | €25,171 | €25,171 | = |
| Distributable reserves133 | - | - | - | €90,340 | €98,313 | €105,475 | €128,723 | €73,018 | ▼ 43.3% |
| Profit (loss) carried forward14 | €2,107 | €2,434 | - | - | - | - | - | - | - |
| Amounts payable17/49 | €56,226 | €43,262 | €23,590 | €22,327 | €23,314 | €42,132 | €22,587 | €5,527 | ▼ 75.5% |
| Amounts payable within one year42/48 | €56,226 | €43,262 | €23,590 | €22,327 | €23,314 | €42,132 | €21,301 | €3,216 | ▼ 84.9% |
| Trade debts44 | €5,316 | €4,968 | €4,231 | €4,261 | €4,333 | €14,794 | €359 | €741 | ▲ 107% |
| Suppliers440/4 | - | - | - | €4,261 | €4,333 | €14,794 | €359 | €741 | ▲ 107% |
| Taxes, remuneration and social security45 | - | - | - | €16,371 | €13,534 | €17,745 | €20,083 | €88 | ▼ 99.6% |
| Taxes450/3 | - | - | - | €16,371 | €13,534 | €17,745 | €20,083 | €88 | ▼ 99.6% |
| Other amounts payable47/48 | - | - | - | €1,695 | €5,447 | €9,592 | €859 | €2,386 | ▲ 178% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €1,286 | €2,311 | ▲ 79.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €816 | €327 | -€2,888 | €19,192 | €7,973 | €7,162 | €10,817 | -€7,987 | - |
| + Depreciation and write-downs630 | €18,175 | €15,284 | €3,512 | €3,336 | €4,228 | €4,268 | €1,061 | €246 | ▼ 76.9% |
| Operating cash flow (approximation) | €18,991 | €15,611 | €624 | €22,527 | €12,201 | €11,429 | €11,878 | -€7,742 | - |
| Investment in fixed assets (approximation) | - | €0 | €1,321 | -€8,038 | -€743 | €0 | €586 | €0 | ▼ 100% |
| Change in cash | - | -€20,471 | €7,936 | €56,282 | €9,104 | -€41,336 | €37,956 | -€46,582 | - |
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, 12,322 companies had the same profile as ENTROPY has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ENTROPY 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 12,322 companies, not a prediction for ENTROPY. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-12-2025 | micro format | 17-07-2026 | 2026-00315420 | |
| 30-12-2024 | micro format | 05-08-2025 | 2025-00358801 | |
| 30-12-2023 | micro format | 12-06-2024 | 2024-00127039 | |
| 30-12-2022 | micro format | 16-08-2023 | 2023-00333359 | |
| 30-12-2021 | micro format | 21-06-2022 | 2022-20082433 | |
| 30-12-2020 | micro format | 28-06-2021 | 2021-25600227 | |
| 30-12-2019 | micro format | 10-07-2020 | 2020-29000076 | |
| 30-12-2018 | micro format | 22-07-2019 | 2019-36200052 | |
| 30-12-2017 | micro format | 31-07-2018 | 2018-41100489 | |
| 30-12-2016 | abbreviated format | 28-07-2017 | 2017-38900272 |