eSPHERES
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 35 days after the deadline Filed on 4 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00506982.
Annual accounts 2025 filed on 04-09-2026 at the NBB all 14 filings
Turnover
≈ €260,000
Estimated: probably between €160,000 and €500,000
EBIT margin
Not included in this filing
Net result
-€132,738
2024 · €56,051
Working capital
€169,059▼ 10.8%
2024 · €189,517
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€9,690
2025
20182025
Net result
-€132,738
2025
lowest quarter of the sector
20182025
Equity
€516,506
▼ 20.4%
2025
middle half of the sector
20182025
Total assets
€909,091
▼ 4.2%
2025
middle half of the sector
20182025
Debt
€392,585
▲ 31.0%
2025
20182025
Working capital
€169,059
▼ 10.8%
2025
middle half of the sector
20182025
Solvency
56.8%
▼ 11.6pp
2025
middle half of the sector
20182025
Current ratio
1.43
▼ 0.20
2025
middle half of the sector
20182025
Return on assets (ROA)
-14.6%
▼ 20.5pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.06m-€0.3m-€0.08m€0.03m-€0.06m€0.03m€0.06m▲ 76.9%-€0.01m
Net result-€0.8m-€1.0m-€0.09mbelow the sector's middle half€0.02mwithin the sector's middle half-€0.06mbelow the sector's middle half€0.007mwithin the sector's middle half€0.06mwithin the sector's middle half▲ 729%-€0.1mbelow the sector's middle half
Equity-€0.3m-€0.7m€0.6mwithin the sector's middle half▼ 12.5%€0.6mwithin the sector's middle half▲ 3.8%€0.6mwithin the sector's middle half▼ 9.7%€0.6mwithin the sector's middle half▲ 1.2%€0.6mwithin the sector's middle half▲ 9.4%€0.5mwithin the sector's middle half▼ 20.4%
Total assets€1.1m-€1.4m▲ 26.5%€1.2mwithin the sector's middle half▼ 13.4%€1.0mwithin the sector's middle half▼ 15.8%€0.9mwithin the sector's middle half▼ 9.3%€0.8mwithin the sector's middle half▼ 14.2%€0.9mwithin the sector's middle half▲ 21.2%€0.9mwithin the sector's middle half▼ 4.2%
Debt€1.4m-€0.7m▼ 52.2%€0.6m▼ 14.4%€0.4m▼ 37.4%€0.3m▼ 8.4%€0.2m▼ 41.8%€0.3m▲ 57.9%€0.4m▲ 31.0%
Working capital-€0.6m--€0.3m▲ 46.9%-€0.3mbelow the sector's middle half▲ 7.5%-€0.2mbelow the sector's middle half▲ 43.7%-€0.1mbelow the sector's middle half▲ 28.6%€0.02mwithin the sector's middle half€0.2mwithin the sector's middle half▲ 848%€0.2mwithin the sector's middle half▼ 10.8%
Solvency-27.4%-51.8%▲ 79.2pp52.4%within the sector's middle half▲ 0.5pp64.6%above the sector's middle half▲ 12.2pp64.2%above the sector's middle half▼ 0.3pp75.8%above the sector's middle half▲ 11.5pp68.4%within the sector's middle half▼ 7.3pp56.8%within the sector's middle half▼ 11.6pp
Current ratio0.47-0.50▲ 0.030.45below the sector's middle half▼ 0.040.51below the sector's middle half▲ 0.060.62below the sector's middle half▲ 0.111.11within the sector's middle half▲ 0.491.63within the sector's middle half▲ 0.531.43within the sector's middle half▼ 0.20
Return on assets (ROA)-71.1%-73.5%▲ 144.6pp-7.5%below the sector's middle half▼ 80.9pp2.3%within the sector's middle half▲ 9.8pp-6.9%below the sector's middle half▼ 9.2pp0.9%within the sector's middle half▲ 7.8pp5.9%within the sector's middle half▲ 5.0pp-14.6%below the sector's middle half▼ 20.5pp
Staff (FTE)2.4-4.1▲ 70.8%2.5below the sector's middle half▼ 39.0%1.9below the sector's middle half▼ 24.0%0.9below the sector's middle half▼ 52.6%
above
within
below
The sector band is the middle half of the companies in Publishing activities (NACE 58). 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 €9,690, after a profit of €59,719 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €909,091
Fixed assets
€347,447 ▼ 24.4%
Current assets
€561,644 ▲ 14.8%
Equity and liabilities €909,091
Equity
€516,506 ▼ 20.4%
Debt
€392,585 ▲ 31.0%
Debt's share of the balance-sheet total rises from 31.6% to 43.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€103,875▼
2024 · €173,192
Cash flow
-€19,173▼
2024 · €169,524
Debt to equity
0.76▲
2024 · 0.46
ROE
-25.7%▼
2024 · 8.6%
Interest coverage
28.34▼
2024 · 49.10
Debt ≤ 1 year
€392,585▲
2024 · €299,708
Income taxes
€119,293▲
2024 · €174
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 |
|---|---|---|
| Employees at the balance-sheet date | 2 | - |
| full-time | 1 | - |
| part-time | 1 | - |
| in full-time equivalents | 1.5 | - |
| Average over the year, in full-time equivalents | 1.9 | 0.9 |
| On a permanent contract | 2 | - |
| Joined | 0 | 0 |
| Left | 1 | 1 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €656 | - | - | €1,285 |
| Financial fixed assets | €1,000 | - | €5,383 | - | - |
| Depreciation and write-downs of the year | €113,331 | €113,304 | €113,473 | €113,473 | €113,565 |
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 | - | - | - | - | - | €0.1m | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.04m | €0.003m | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €0.003m | €0.02m | - | - | - |
| Other operating charges640/8 | - | - | - | €0.001m | €0.002m | €0.03m | €29 | - | - |
| Gross operating margin9900 | €0.2m | €0.7m | €0.1m | €0.2m | €0.06m | €0.2m | €0.2m | €0.1m | ▼ 40.0% |
| Operating profit (loss)9901 | -€0.06m | €0.3m | -€0.08m | €0.03m | -€0.06m | €0.03m | €0.06m | -€0.01m | - |
| Financial income75/76B | - | - | - | €306 | €20 | - | €44 | €4 | ▼ 92.0% |
| Recurring financial income75 | €366 | €328 | €317 | €306 | €20 | - | €44 | €4 | ▼ 92.0% |
| Non-recurring financial income76B | - | - | - | - | - | - | €44 | €4 | ▼ 92.0% |
| Financial charges65/66B | - | - | - | €0.003m | €0.001m | €0.03m | €0.004m | €0.004m | ▲ 6.2% |
| Recurring financial charges65 | €0.02m | €0.01m | €0.009m | €0.003m | €0.001m | €0.002m | €0.004m | €0.004m | ▲ 3.9% |
| Non-recurring financial charges66B | - | - | - | - | - | €0.03m | €10 | €92 | ▲ 797% |
| Profit (loss) for the period before taxes9903 | -€0.8m | €1.0m | -€0.09m | €0.02m | -€0.06m | €0.007m | €0.06m | -€0.01m | - |
| Income taxes67/77 | €47 | €335 | €208 | -€241 | €4 | €28 | €174 | €0.1m | ▲ 684× |
| Profit (loss) for the period9904 | -€0.8m | €1.0m | -€0.09m | €0.02m | -€0.06m | €0.007m | €0.06m | -€0.1m | - |
| Profit (loss) for the period to be appropriated9905 | -€0.8m | €1.0m | -€0.09m | €0.02m | -€0.06m | €0.007m | €0.06m | -€0.1m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.1m | €1.4m | €1.2m | €1.0m | €0.9m | €0.8m | €0.9m | €0.9m | ▼ 4.2% |
| Fixed assets21/28 | €0.5m | €1.1m | €0.9m | €0.8m | €0.7m | €0.6m | €0.5m | €0.3m | ▼ 24.4% |
| Intangible fixed assets21 | €150 | €1.0m | €0.9m | €0.8m | €0.7m | €0.6m | €0.5m | €0.3m | ▼ 25.0% |
| Tangible fixed assets22/27 | - | €0.001m | €77 | €0 | €0.001m | €388 | €169 | €0.001m | ▲ 576% |
| Furniture and vehicles24 | - | - | - | €0 | €0.001m | €388 | €169 | €0.001m | ▲ 576% |
| Financial fixed assets28 | €0.5m | €0.03m | €0.03m | €0.03m | €0.03m | €0.007m | €0.007m | €0.007m | = |
| Current assets29/58 | €0.6m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.5m | €0.6m | ▲ 14.8% |
| Stocks and contracts in progress3 | - | €0.003m | €0.003m | €0.003m | €0 | - | - | - | - |
| Stocks30/36 | - | - | - | €0.003m | €0 | - | - | - | - |
| Amounts receivable within one year40/41 | €0.5m | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | €0.4m | €0.3m | ▼ 9.1% |
| Trade receivables40 | - | - | - | €0.1m | €0.1m | €0.08m | €0.3m | €0.3m | ▼ 8.3% |
| Other amounts receivable41 | - | - | - | €0.03m | €0.04m | €0.03m | €0.03m | €0.02m | ▼ 19.4% |
| Cash at bank and in hand54/58 | €0.05m | €0.01m | €0.008m | €0.009m | €0.02m | €0.09m | €0.1m | €0.2m | ▲ 93.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.006m | €0.005m | €0.01m | €0.004m | €0.005m | ▲ 27.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.1m | €1.4m | €1.2m | €1.0m | €0.9m | €0.8m | €0.9m | €0.9m | ▼ 4.2% |
| Equity10/15 | -€0.3m | €0.7m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | ▼ 20.4% |
| Contributions10/11 | €2.7m | €2.7m | €2.7m | €2.7m | €2.7m | €2.7m | €2.7m | €2.7m | = |
| Capital10 | - | - | - | €2.7m | €2.7m | €2.7m | €2.7m | €2.7m | = |
| Issued capital100 | - | - | - | €2.7m | €2.7m | €2.7m | €2.7m | €2.7m | = |
| Contributions outside capital11 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Share premium1100/10 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Reserves13 | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tax-exempt reserves132 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | -€3.0m | -€2.0m | -€2.1m | -€2.1m | -€2.1m | -€2.1m | -€2.1m | -€2.2m | ▼ 6.4% |
| Amounts payable17/49 | €1.4m | €0.7m | €0.6m | €0.4m | €0.3m | €0.2m | €0.3m | €0.4m | ▲ 31.0% |
| Amounts payable after more than one year17 | €0.2m | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €1.2m | €0.7m | €0.6m | €0.4m | €0.3m | €0.2m | €0.3m | €0.4m | ▲ 31.0% |
| Trade debts44 | €1.0m | €0.4m | €0.4m | €0.3m | €0.3m | €0.1m | €0.3m | €0.2m | ▼ 9.9% |
| Suppliers440/4 | - | - | - | €0.3m | €0.3m | €0.1m | €0.3m | €0.2m | ▼ 9.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.002m | €0.001m | €0.002m | €0.1m | ▲ 74× |
| Taxes450/3 | - | - | - | €0.001m | €94 | €28 | €203 | €0.1m | ▲ 589× |
| Remuneration and social security454/9 | - | - | - | €0.008m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Other amounts payable47/48 | - | - | - | €0.06m | €0.05m | €0.05m | €0.02m | €0.02m | ▲ 3.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.8m | €1.0m | -€0.09m | €0.02m | -€0.06m | €0.007m | €0.06m | -€0.1m | - |
| + Depreciation and write-downs630 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 0.1% |
| Operating cash flow (approximation) | -€0.6m | €1.1m | €0.02m | €0.1m | €0.05m | €0.1m | €0.2m | -€0.02m | - |
| Investment in fixed assets (approximation) | - | -€0.6m | €0.001m | -€0.001m | -€211 | €0.02m | €0 | -€0.001m | - |
| Change in cash | - | -€0.04m | -€0.004m | €0.001m | €0.01m | €0.07m | €0.02m | €0.1m | ▲ 426% |
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, 376 companies had the same profile as eSPHERES has now. Two years later, 91.8% were still going and 0.8% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
91.8%
was still going
7.2%
stopped otherwise
0.8%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of eSPHERES itself: 0.3% 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 376 companies, not a prediction for eSPHERES. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 04-09-2026 | 2026-00506982 | |
| 31-12-2024 | full format | 08-09-2025 | 2025-00488326 | |
| 31-12-2023 | full format | 04-10-2024 | 2024-00497385 | |
| 31-12-2022 | full format | 14-09-2023 | 2023-00449958 | |
| 31-12-2021 | full format | 01-08-2022 | 2022-20274467 | |
| 31-12-2020 | full format | 27-07-2021 | 2021-42800364 | |
| 31-12-2019 | full format | 24-07-2020 | 2020-34100190 | |
| 31-12-2018 | full format | 27-06-2019 | 2019-24500354 | |
| 31-12-2017 | full format | 12-06-2018 | 2018-17800443 | |
| 31-12-2016 | full format | 19-07-2017 | 2017-33700231 |