EQUILIBRIUM
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 8 filings
Turnover
≈ €290,000
Estimated: probably between €190,000 and €490,000
Total assets
€143,335▲ 4.2%
2024 · €137,494
Net result
€783
2024 · -€24,139
Working capital
€9,500
2024 · -€21,456
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€2,203
2025
20182025
Net result
€783
2025
middle half of the sector
20182025
Equity
€41,045
▲ 1.9%
2025
middle half of the sector
20182025
Total assets
€143,335
▲ 4.2%
2025
middle half of the sector
20182025
Debt
€102,291
▲ 5.2%
2025
20182025
Working capital
€9,500
2025
middle half of the sector
20182025
Solvency
28.6%
▼ 0.6pp
2025
middle half of the sector
20182025
Current ratio
1.16
▲ 0.46
2025
middle half of the sector
20182025
Return on assets (ROA)
0.5%
▲ 18.1pp
2025
middle half of the sector
20182025
Staff (FTE)
4.8
▲ 71.4%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€27,251-€3,089€59,852▲ 19×€8,415▼ 85.9%€8,270▼ 1.7%€13,225▲ 59.9%-€22,790€2,203
Net result-€29,808-€202€52,476above the sector's middle half▲ 259×€5,063within the sector's middle half▼ 90.4%€6,446within the sector's middle half▲ 27.3%€11,420within the sector's middle half▲ 77.2%-€24,139below the sector's middle half€783within the sector's middle half
Equity-€11,208--€11,006▲ 1.8%€41,472within the sector's middle half€46,534within the sector's middle half▲ 12.2%€52,980within the sector's middle half▲ 13.9%€64,400within the sector's middle half▲ 21.6%€40,261within the sector's middle half▼ 37.5%€41,045within the sector's middle half▲ 1.9%
Total assets€161,178-€152,763▼ 5.2%€194,624within the sector's middle half▲ 27.4%€177,638within the sector's middle half▼ 8.7%€168,097within the sector's middle half▼ 5.4%€165,662within the sector's middle half▼ 1.4%€137,494within the sector's middle half▼ 17.0%€143,335within the sector's middle half▲ 4.2%
Debt€172,386-€163,769▼ 5.0%€153,153▼ 6.5%€131,104▼ 14.4%€115,116▼ 12.2%€101,261▼ 12.0%€97,233▼ 4.0%€102,291▲ 5.2%
Working capital-€9,328--€23,621▼ 153%€18,752within the sector's middle half€7,374within the sector's middle half▼ 60.7%€7,313within the sector's middle half▼ 0.8%€9,214within the sector's middle half▲ 26.0%-€21,456within the sector's middle half€9,500within the sector's middle half
Solvency-7.0%--7.2%▼ 0.3pp21.3%within the sector's middle half▲ 28.5pp26.2%within the sector's middle half▲ 4.9pp31.5%within the sector's middle half▲ 5.3pp38.9%within the sector's middle half▲ 7.4pp29.3%within the sector's middle half▼ 9.6pp28.6%within the sector's middle half▼ 0.6pp
Current ratio0.69-0.49▼ 0.191.33within the sector's middle half▲ 0.841.14within the sector's middle half▼ 0.191.13within the sector's middle half▼ 0.011.16within the sector's middle half▲ 0.030.70within the sector's middle half▼ 0.461.16within the sector's middle half▲ 0.46
Return on assets (ROA)-18.5%-0.1%▲ 18.6pp27.0%above the sector's middle half▲ 26.8pp2.9%within the sector's middle half▼ 24.1pp3.8%within the sector's middle half▲ 1.0pp6.9%within the sector's middle half▲ 3.1pp-17.6%below the sector's middle half▼ 24.4pp0.5%within the sector's middle half▲ 18.1pp
Staff (FTE)1.31.1within the sector's middle half▼ 15.4%1.5▲ 36.4%2▲ 33.3%2.5▲ 25.0%2.8▲ 12.0%4.8▲ 71.4%
above
within
below
The sector band is the middle half of the companies in Manufacture of food products (NACE 10). 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 profit of €2,203, after a loss of €22,790 in 2024.
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 €143,335
Fixed assets
€75,694 ▼ 13.3%
Current assets
€67,641 ▲ 34.7%
Equity and liabilities €143,335
Equity
€41,045 ▲ 1.9%
Debt
€102,291 ▲ 5.2%
Debt's share of the balance-sheet total rises from 70.7% to 71.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€15,234▲
2024 · -€10,000
Cash flow
€13,815▲
2024 · -€11,349
Quick ratio
1.04▲
2024 · 0.56
Debt to equity
2.49▲
2024 · 2.42
ROE
1.9%▲
2024 · -60.0%
Interest coverage
5.76▲
2024 · -3.28
Debt ≤ 1 year
€58,142▼
2024 · €71,663
Debt > 1 year
€44,149▲
2024 · €23,660
Income taxes
€777
Staff costs
€79,697▼
2024 · €108,143
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | - | 3 | 5 | 4 | 4 |
| full-time | - | 1 | 2 | 1 | 1 |
| part-time | - | 2 | 3 | 3 | 3 |
| in full-time equivalents | - | 2.6 | 4.1 | 3.1 | 2.6 |
| Average over the year, in full-time equivalents | 1.5 | 2 | 2.5 | 2.6 | 4.8 |
| On a permanent contract | - | 1 | 2 | 2 | 2 |
| Joined | - | 3 | 9 | 6 | 6 |
| Left | - | 3 | 6 | 5 | 5 |
| Training hours | - | 16 | 4 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €10,490 | €1,233 | €4,866 | €1,100 | €1,437 |
| Depreciation and write-downs of the year | €12,125 | €12,804 | €11,697 | €12,790 | €13,031 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 3 entries · €1,000 awarded · €1,000 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €176 | €176 |
| 2023 | 1 | €176 | €176 |
| 2022 | 1 | €648 | €648 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €2,160 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €77,880 | €69,427 | €86,993 | €108,143 | €79,697 | ▼ 26.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,896 | €10,896 | €10,896 | €12,125 | €12,804 | €11,697 | €12,790 | €13,031 | ▲ 1.9% |
| Other operating charges640/8 | - | - | - | €701 | €2,700 | €1,372 | €1,306 | €127 | ▼ 90.3% |
| Gross operating margin9900 | €20,002 | €58,156 | €117,570 | €99,122 | €93,200 | €113,287 | €99,449 | €95,059 | ▼ 4.4% |
| Operating profit (loss)9901 | -€27,251 | €3,089 | €59,852 | €8,415 | €8,270 | €13,225 | -€22,790 | €2,203 | - |
| Financial income75/76B | - | - | - | €67 | €2,278 | €2,350 | €1,696 | €2,001 | ▲ 18.0% |
| Recurring financial income75 | €32 | €77 | €637 | €67 | €2,278 | €2,350 | €1,696 | €2,001 | ▲ 18.0% |
| Financial charges65/66B | - | - | - | €1,985 | €2,144 | €711 | €3,044 | €2,644 | ▼ 13.2% |
| Recurring financial charges65 | €2,589 | €2,963 | €2,230 | €1,985 | €2,144 | €711 | €3,044 | €2,644 | ▼ 13.2% |
| Profit (loss) for the period before taxes9903 | -€29,808 | €202 | €58,259 | €6,498 | €8,404 | €14,864 | -€24,139 | €1,560 | - |
| Income taxes67/77 | - | - | €5,783 | €1,435 | €1,958 | €3,444 | - | €777 | - |
| Profit (loss) for the period9904 | -€29,808 | €202 | €52,476 | €5,063 | €6,446 | €11,420 | -€24,139 | €783 | - |
| Profit (loss) for the period to be appropriated9905 | -€29,808 | €202 | €52,476 | €5,063 | €6,446 | €11,420 | -€24,139 | €783 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €161,178 | €152,763 | €194,624 | €177,638 | €168,097 | €165,662 | €137,494 | €143,335 | ▲ 4.2% |
| Fixed assets21/28 | €140,805 | €129,909 | €119,014 | €117,379 | €105,809 | €98,978 | €87,288 | €75,694 | ▼ 13.3% |
| Tangible fixed assets22/27 | €140,805 | €129,909 | €119,014 | €117,379 | €105,809 | €98,978 | €87,288 | €75,694 | ▼ 13.3% |
| Land and buildings22 | - | - | - | €37,355 | €34,743 | €32,447 | €30,152 | €27,857 | ▼ 7.6% |
| Plant, machinery and equipment23 | - | - | - | €79,801 | €71,066 | €66,531 | €57,136 | €47,837 | ▼ 16.3% |
| Furniture and vehicles24 | - | - | - | €223 | - | - | - | - | - |
| Current assets29/58 | €20,373 | €22,854 | €75,611 | €60,259 | €62,288 | €66,683 | €50,206 | €67,641 | ▲ 34.7% |
| Stocks and contracts in progress3 | €2,232 | €3,005 | €4,097 | €1,884 | €1,798 | €1,465 | €9,883 | €7,095 | ▼ 28.2% |
| Stocks30/36 | - | - | - | €1,884 | €1,798 | €1,465 | €9,883 | €7,095 | ▼ 28.2% |
| Amounts receivable within one year40/41 | €3,355 | €3,350 | €12,829 | €27,748 | €43,372 | €55,941 | €35,492 | €49,604 | ▲ 39.8% |
| Trade receivables40 | - | - | - | €7,187 | €5,986 | €9,554 | €4,321 | €10,179 | ▲ 136% |
| Other amounts receivable41 | - | - | - | €20,562 | €37,385 | €46,387 | €31,171 | €39,425 | ▲ 26.5% |
| Cash at bank and in hand54/58 | €3,248 | €2,720 | €51,802 | €25,386 | €13,627 | €5,785 | €3,462 | €3,125 | ▼ 9.7% |
| Deferred charges and accrued income490/1 | - | - | - | €5,241 | €3,492 | €3,492 | €1,369 | €7,817 | ▲ 471% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €161,178 | €152,763 | €194,624 | €177,638 | €168,097 | €165,662 | €137,494 | €143,335 | ▲ 4.2% |
| Equity10/15 | -€11,208 | -€11,006 | €41,472 | €46,534 | €52,980 | €64,400 | €40,261 | €41,045 | ▲ 1.9% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€29,808 | -€29,606 | €22,872 | €27,934 | €34,380 | €45,800 | €21,661 | €22,445 | ▲ 3.6% |
| Amounts payable17/49 | €172,386 | €163,769 | €153,153 | €131,104 | €115,116 | €101,261 | €97,233 | €102,291 | ▲ 5.2% |
| Amounts payable after more than one year17 | €142,686 | €117,295 | €96,295 | €78,218 | €60,142 | €43,792 | €23,660 | €44,149 | ▲ 86.6% |
| Financial debts170/4 | - | - | - | €78,218 | €60,142 | €43,792 | €23,660 | €44,149 | ▲ 86.6% |
| Amounts payable within one year42/48 | €29,700 | €46,475 | €56,858 | €52,886 | €54,975 | €57,469 | €71,663 | €58,142 | ▼ 18.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,077 | €18,077 | €19,525 | €20,132 | €19,708 | ▼ 2.1% |
| Financial debts43 | - | - | - | - | - | - | - | €3,311 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €3,311 | - |
| Trade debts44 | €129 | €4,916 | €12,253 | €13,416 | €21,380 | €3,662 | €18,616 | €30,222 | ▲ 62.3% |
| Suppliers440/4 | - | - | - | €13,416 | €21,380 | €3,662 | €18,616 | €30,222 | ▲ 62.3% |
| Taxes, remuneration and social security45 | - | - | - | €21,393 | €15,518 | €34,282 | €32,915 | €4,901 | ▼ 85.1% |
| Taxes450/3 | - | - | - | €8,507 | €5,293 | €9,496 | €15,282 | €3,371 | ▼ 77.9% |
| Remuneration and social security454/9 | - | - | - | €12,887 | €10,225 | €24,787 | €17,633 | €1,530 | ▼ 91.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €1,910 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€29,808 | €202 | €52,476 | €5,063 | €6,446 | €11,420 | -€24,139 | €783 | - |
| + Depreciation and write-downs630 | €10,896 | €10,896 | €10,896 | €12,125 | €12,804 | €11,697 | €12,790 | €13,031 | ▲ 1.9% |
| Operating cash flow (approximation) | -€18,912 | €11,098 | €63,371 | €17,188 | €19,249 | €23,117 | -€11,349 | €13,815 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€10,490 | -€1,233 | -€4,866 | -€1,100 | -€1,437 | ▼ 30.6% |
| Change in cash | - | -€528 | €49,082 | -€26,416 | -€11,759 | -€7,842 | -€2,323 | -€337 | ▲ 85.5% |
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, 3,274 companies had the same profile as EQUILIBRIUM has now. Two years later, 94.7% were still going and 2.5% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
94.7%
was still going
2.5%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EQUILIBRIUM itself: 1.4% 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 3,274 companies, not a prediction for EQUILIBRIUM. 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 |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-07-2026 | 2026-00297991 | |
| 31-12-2024 | micro format | 13-08-2025 | 2025-00373175 | |
| 31-12-2023 | micro format | 09-08-2024 | 2024-00337282 | |
| 31-12-2022 | micro format | 04-08-2023 | 2023-00312742 | |
| 31-12-2021 | micro format | 16-08-2022 | 2022-20288106 | |
| 31-12-2020 | micro format | 24-08-2021 | 2021-53000281 | |
| 31-12-2019 | micro format | 17-07-2020 | 2020-31200257 | |
| 31-12-2018 | micro format | 23-08-2019 | 2019-49500545 |