ETHIC & TAC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 11-06-2026 PDF all 7 filings
Turnover
≈ €160,000
Estimated: probably between €120,000 and €200,000
Total assets
€530,275▼ 4.2%
2024 · €553,372
Net result
€30,144▲ 1,087×
2024 · €28
Working capital
-€85,727▼ 65.8%
2024 · -€51,691
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€47,281
▲ 378%
2025
20192025
Net result
€30,144
▲ 1,087×
2025
middle half of the sector
20192025
Equity
€18,600
▼ 40.4%
2025
lowest quarter of the sector
20192025
Total assets
€530,275
▼ 4.2%
2025
highest quarter of the sector
20192025
Debt
€511,675
▼ 2.0%
2025
20192025
Working capital
-€85,727
▼ 65.8%
2025
lowest quarter of the sector
20192025
Solvency
3.5%
▼ 2.1pp
2025
lowest quarter of the sector
20192025
Current ratio
0.37
▼ 0.13
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
5.7%
▲ 5.7pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€7,168--€4,453-€14,838▼ 233%€42,381€54,292▲ 28.1%€9,892▼ 81.8%€47,281▲ 378%
Net result€1,384--€11,259below the sector's middle half-€26,830below the sector's middle half▼ 138%€29,065within the sector's middle half€38,541within the sector's middle half▲ 32.6%€28below the sector's middle half▼ 99.9%€30,144within the sector's middle half▲ 1,087×
Equity€7,584-€8,726below the sector's middle half▲ 15.0%-€18,104below the sector's middle half€10,960below the sector's middle half€47,668within the sector's middle half▲ 335%€31,196within the sector's middle half▼ 34.6%€18,600below the sector's middle half▼ 40.4%
Total assets€247,146-€833,898above the sector's middle half▲ 237%€768,104above the sector's middle half▼ 7.9%€581,484above the sector's middle half▼ 24.3%€600,220above the sector's middle half▲ 3.2%€553,372above the sector's middle half▼ 7.8%€530,275above the sector's middle half▼ 4.2%
Debt€239,562-€825,173▲ 244%€786,209▼ 4.7%€570,524▼ 27.4%€552,552▼ 3.2%€522,176▼ 5.5%€511,675▼ 2.0%
Working capital-€46,547--€42,336below the sector's middle half▲ 9.0%-€94,730below the sector's middle half▼ 124%-€43,449below the sector's middle half▲ 54.1%-€13,445below the sector's middle half▲ 69.1%-€51,691below the sector's middle half▼ 284%-€85,727below the sector's middle half▼ 65.8%
Solvency3.1%-1.0%below the sector's middle half▼ 2.0pp-2.4%below the sector's middle half▼ 3.4pp1.9%below the sector's middle half▲ 4.2pp7.9%below the sector's middle half▲ 6.1pp5.6%below the sector's middle half▼ 2.3pp3.5%below the sector's middle half▼ 2.1pp
Current ratio0.34-0.63below the sector's middle half▲ 0.290.25below the sector's middle half▼ 0.380.50below the sector's middle half▲ 0.250.85below the sector's middle half▲ 0.350.50below the sector's middle half▼ 0.350.37below the sector's middle half▼ 0.13
Return on assets (ROA)0.6%--1.4%below the sector's middle half▼ 1.9pp-3.5%below the sector's middle half▼ 2.1pp5.0%within the sector's middle half▲ 8.5pp6.4%within the sector's middle half▲ 1.4pp0.0%below the sector's middle half▼ 6.4pp5.7%within the sector's middle half▲ 5.7pp
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 4.8 times that of 2024. It is a recovery after the fall 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 €530,275
Fixed assets
€479,618 ▼ 4.5%
Current assets
€50,658 ▼ 0.8%
Equity and liabilities €530,275
Equity
€18,600 ▼ 40.4%
Debt
€511,675 ▼ 2.0%
Debt's share of the balance-sheet total rises from 94.4% to 96.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€71,808▲
2024 · €34,937
Cash flow
€54,672▲
2024 · €25,073
Debt to equity
27.51▲
2024 · 16.74
ROE
162.1%▲
2024 · 0.1%
Interest coverage
9.33▲
2024 · 4.49
Debt ≤ 1 year
€136,385▲
2024 · €102,744
Debt > 1 year
€375,291▼
2024 · €419,035
Income taxes
€9,442▲
2024 · €2,202
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 | €132,000 | €132,000 | €132,000 | €132,000 | €132,000 |
| Mortgage mandates | €620,000 | €620,000 | €620,000 | €620,000 | €620,000 |
| Carrying value of the mortgaged assets | €732,389 | €530,075 | €511,498 | €501,261 | €477,593 |
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 | €2,821 | €7,378 | €12,962 | €3,844 | €1,826 |
| Depreciation and write-downs of the year | €28,935 | €24,405 | €23,149 | €25,045 | €24,528 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €31,453 | €5,990 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,066 | €19,700 | €28,935 | €24,405 | €23,149 | €25,045 | €24,528 | ▼ 2.1% |
| Other operating charges640/8 | - | - | €7,379 | €7,815 | €10,436 | €4,849 | €3,830 | ▼ 21.0% |
| Non-recurring operating charges66A | - | - | - | €177 | - | - | - | - |
| Gross operating margin9900 | €26,482 | €19,212 | €21,477 | €74,778 | €87,877 | €39,785 | €75,638 | ▲ 90.1% |
| Operating profit (loss)9901 | €7,168 | -€4,453 | -€14,838 | €42,381 | €54,292 | €9,892 | €47,281 | ▲ 378% |
| Financial income75/76B | - | - | €12 | €0 | €16 | €119 | €0 | ▼ 99.9% |
| Recurring financial income75 | €210 | - | €12 | €0 | €16 | €119 | €0 | ▼ 99.9% |
| Financial charges65/66B | - | - | €11,569 | €10,859 | €7,681 | €7,781 | €7,695 | ▼ 1.1% |
| Recurring financial charges65 | €3,761 | €6,681 | €11,569 | €10,859 | €7,681 | €7,781 | €7,695 | ▼ 1.1% |
| Profit (loss) for the period before taxes9903 | €3,617 | -€11,134 | -€26,395 | €31,522 | €46,626 | €2,230 | €39,586 | ▲ 18× |
| Income taxes67/77 | €2,232 | €125 | €436 | €2,458 | €8,085 | €2,202 | €9,442 | ▲ 329% |
| Profit (loss) for the period9904 | €1,384 | -€11,259 | -€26,830 | €29,065 | €38,541 | €28 | €30,144 | ▲ 1,087× |
| Profit (loss) for the period to be appropriated9905 | €1,384 | -€11,259 | -€26,830 | €29,065 | €38,541 | €28 | €30,144 | ▲ 1,087× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €247,146 | €833,898 | €768,104 | €581,484 | €600,220 | €553,372 | €530,275 | ▼ 4.2% |
| Fixed assets21/28 | €223,380 | €763,196 | €737,082 | €538,335 | €523,521 | €502,319 | €479,618 | ▼ 4.5% |
| Intangible fixed assets21 | €397 | €287 | €177 | - | - | - | - | - |
| Tangible fixed assets22/27 | €222,983 | €762,909 | €736,905 | €538,335 | €523,521 | €502,319 | €479,618 | ▼ 4.5% |
| Land and buildings22 | - | - | €732,389 | €530,074 | €511,498 | €501,261 | €477,592 | ▼ 4.7% |
| Plant, machinery and equipment23 | - | - | €491 | €208 | €41 | - | - | - |
| Furniture and vehicles24 | - | - | €4,024 | €8,053 | €1,412 | €1,059 | €2,025 | ▲ 91.3% |
| Assets under construction and advance payments27 | - | - | - | - | €10,570 | - | - | - |
| Current assets29/58 | €23,767 | €70,703 | €31,022 | €43,149 | €76,699 | €51,053 | €50,658 | ▼ 0.8% |
| Amounts receivable within one year40/41 | €13,762 | €45,213 | €20,727 | €40,934 | €70,360 | €45,654 | €30,363 | ▼ 33.5% |
| Trade receivables40 | - | - | €13,831 | €31,729 | €23,342 | €22,256 | €28,886 | ▲ 29.8% |
| Other amounts receivable41 | - | - | €6,896 | €9,205 | €47,019 | €23,399 | €1,477 | ▼ 93.7% |
| Current investments50/53 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Cash at bank and in hand54/58 | €7,832 | €18,742 | €9,438 | €215 | €3,255 | €1,232 | €16,192 | ▲ 13× |
| Deferred charges and accrued income490/1 | - | - | €857 | - | €1,084 | €2,167 | €2,103 | ▼ 3.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €247,146 | €833,898 | €768,104 | €581,484 | €600,220 | €553,372 | €530,275 | ▼ 4.2% |
| Equity10/15 | €7,584 | €8,726 | -€18,104 | €10,960 | €47,668 | €31,196 | €18,600 | ▼ 40.4% |
| Contributions10/11 | €6,200 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | €1,384 | -€9,874 | -€36,704 | -€7,640 | €29,068 | €12,596 | - | - |
| Amounts payable17/49 | €239,562 | €825,173 | €786,209 | €570,524 | €552,552 | €522,176 | €511,675 | ▼ 2.0% |
| Amounts payable after more than one year17 | €169,248 | €710,800 | €660,131 | €483,600 | €461,948 | €419,035 | €375,291 | ▼ 10.4% |
| Financial debts170/4 | - | - | €658,144 | €481,613 | €459,960 | €415,855 | €372,111 | ▼ 10.5% |
| Other amounts payable178/9 | - | - | €1,988 | €1,988 | €1,988 | €3,180 | €3,180 | = |
| Amounts payable within one year42/48 | €70,313 | €113,038 | €125,752 | €86,598 | €90,145 | €102,744 | €136,385 | ▲ 32.7% |
| Current portion of amounts payable after more than one year42 | - | - | €51,518 | €41,051 | €41,573 | €43,144 | €43,744 | ▲ 1.4% |
| Financial debts43 | - | - | - | €3,068 | €5,590 | €9,404 | - | - |
| Credit institutions430/8 | - | - | - | €3,068 | €5,590 | €9,404 | - | - |
| Trade debts44 | €4,415 | €5,312 | €21,838 | €21,412 | €20,867 | €14,251 | €13,243 | ▼ 7.1% |
| Suppliers440/4 | - | - | €21,838 | €21,412 | €20,867 | €14,251 | €13,243 | ▼ 7.1% |
| Taxes, remuneration and social security45 | - | - | €11,263 | €16,674 | €20,203 | €19,367 | €21,581 | ▲ 11.4% |
| Taxes450/3 | - | - | €11,263 | €16,674 | €20,203 | €19,367 | €21,581 | ▲ 11.4% |
| Other amounts payable47/48 | - | - | €41,133 | €4,393 | €1,911 | €16,578 | €57,817 | ▲ 249% |
| Accrued charges and deferred income492/3 | - | - | €325 | €325 | €460 | €398 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,384 | -€11,259 | -€26,830 | €29,065 | €38,541 | €28 | €30,144 | ▲ 1,087× |
| + Depreciation and write-downs630 | €11,066 | €19,700 | €28,935 | €24,405 | €23,149 | €25,045 | €24,528 | ▼ 2.1% |
| Operating cash flow (approximation) | €12,451 | €8,442 | €2,105 | €53,469 | €61,690 | €25,073 | €54,672 | ▲ 118% |
| Investment in fixed assets (approximation) | - | -€559,517 | -€2,821 | €174,342 | -€8,335 | -€3,844 | -€1,826 | ▲ 52.5% |
| Change in cash | - | €10,910 | -€9,304 | -€9,223 | €3,040 | -€2,023 | €14,960 | - |
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, 875 companies had the same profile as ETHIC & TAC has now. Two years later, 96.6% were still going and 1.4% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.6%
was still going
1.9%
stopped otherwise
1.4%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of ETHIC & TAC itself is lower: 0.1% within 12 months. It rests on far more data about ETHIC & TAC 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 875 companies, not a prediction for ETHIC & TAC. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 11-06-2026 | 2026-00158022 | |
| 31-12-2024 | micro format | 03-07-2025 | 2025-00231462 | |
| 31-12-2023 | micro format | 03-07-2024 | 2024-00220879 | |
| 31-12-2022 | micro format | 15-07-2023 | 2023-00246564 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20376764 | |
| 31-12-2020 | micro format | 20-09-2021 | 2021-67800551 | |
| 31-12-2019 | micro format | 26-08-2020 | 2020-45900282 |