EUSCOPIA.NET
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-01-2026 PDF all 15 filings
Turnover
≈ €270,000
Estimated: probably between €230,000 and €320,000
Total assets
€453,244▲ 8.3%
2024 · €418,647
Net result
€115,993▲ 7.6%
2024 · €107,762
Working capital
€435,049▲ 12.6%
2024 · €386,242
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€157,476
▲ 6.1%
2025
20192025
Net result
€115,993
▲ 7.6%
2025
highest quarter of the sector
20192025
Equity
€436,735
▲ 12.1%
2025
highest quarter of the sector
20192025
Total assets
€453,244
▲ 8.3%
2025
highest quarter of the sector
20192025
Debt
€16,509
▼ 43.2%
2025
20192025
Working capital
€435,049
▲ 12.6%
2025
highest quarter of the sector
20192025
Solvency
96.4%
▲ 3.3pp
2025
highest quarter of the sector
20192025
Current ratio
27.35
▲ 13.05
2025
highest quarter of the sector
20192025
Return on assets (ROA)
25.6%
▼ 0.1pp
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-€1,682--€3,377▼ 101%€83,271€131,743▲ 58.2%€131,642▼ 0.1%€148,366▲ 12.7%€157,476▲ 6.1%
Net result-€1,880--€3,558below the sector's middle half▼ 89.2%€69,519above the sector's middle half€90,120above the sector's middle half▲ 29.6%€91,249above the sector's middle half▲ 1.3%€107,762above the sector's middle half▲ 18.1%€115,993above the sector's middle half▲ 7.6%
Equity€176,906-€173,348within the sector's middle half▼ 2.0%€174,696within the sector's middle half▲ 0.8%€256,764above the sector's middle half▲ 47.0%€348,012above the sector's middle half▲ 35.5%€389,599above the sector's middle half▲ 11.9%€436,735above the sector's middle half▲ 12.1%
Total assets€177,763-€174,086within the sector's middle half▼ 2.1%€280,145within the sector's middle half▲ 60.9%€328,875within the sector's middle half▲ 17.4%€370,350within the sector's middle half▲ 12.6%€418,647within the sector's middle half▲ 13.0%€453,244above the sector's middle half▲ 8.3%
Debt€858-€739▼ 13.9%€105,449▲ 143×€72,111▼ 31.6%€22,338▼ 69.0%€29,047▲ 30.0%€16,509▼ 43.2%
Working capital€176,906-€173,348above the sector's middle half▼ 2.0%€172,188above the sector's middle half▼ 0.7%€254,089above the sector's middle half▲ 47.6%€346,539above the sector's middle half▲ 36.4%€386,242above the sector's middle half▲ 11.5%€435,049above the sector's middle half▲ 12.6%
Solvency99.5%-99.6%above the sector's middle half▲ 0.1pp62.4%within the sector's middle half▼ 37.2pp78.1%above the sector's middle half▲ 15.7pp94.0%above the sector's middle half▲ 15.9pp93.1%above the sector's middle half▼ 0.9pp96.4%above the sector's middle half▲ 3.3pp
Current ratio2.63within the sector's middle half4.52above the sector's middle half▲ 1.8916.51above the sector's middle half▲ 11.9914.30above the sector's middle half▼ 2.2227.35above the sector's middle half▲ 13.05
Return on assets (ROA)-1.1%--2.0%below the sector's middle half▼ 1.0pp24.8%within the sector's middle half▲ 26.9pp27.4%within the sector's middle half▲ 2.6pp24.6%within the sector's middle half▼ 2.8pp25.7%within the sector's middle half▲ 1.1pp25.6%within the sector's middle half▼ 0.1pp
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 6% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €453,244
Fixed assets
€1,686 ▼ 49.8%
Current assets
€451,558 ▲ 8.7%
Equity and liabilities €453,244
Equity
€436,735 ▲ 12.1%
Debt
€16,509 ▼ 43.2%
Debt's share of the balance-sheet total falls from 6.9% to 3.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€159,148▲
2024 · €150,148
Cash flow
€117,665▲
2024 · €109,545
Debt to equity
0.04▼
2024 · 0.07
ROE
26.6%▼
2024 · 27.7%
Interest coverage
96.98▼
2024 · over 100
Debt ≤ 1 year
€16,509▼
2024 · €29,047
Income taxes
€49,579▲
2024 · €46,152
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 | €1,048 | - | €3,668 | - |
| Depreciation and write-downs of the year | €881 | €1,202 | €1,783 | €1,672 |
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 | - | - | €186 | €881 | €1,202 | €1,783 | €1,672 | ▼ 6.2% |
| Other operating charges640/8 | - | - | - | €861 | €348 | €424 | €400 | ▼ 5.8% |
| Gross operating margin9900 | -€1,334 | -€2,600 | €84,242 | €133,486 | €133,192 | €150,573 | €159,548 | ▲ 6.0% |
| Operating profit (loss)9901 | -€1,682 | -€3,377 | €83,271 | €131,743 | €131,642 | €148,366 | €157,476 | ▲ 6.1% |
| Financial income75/76B | - | - | - | €1 | €0 | €6,698 | €9,736 | ▲ 45.4% |
| Recurring financial income75 | - | - | €26 | €1 | €0 | €6,698 | €9,736 | ▲ 45.4% |
| Financial charges65/66B | - | - | - | €1,368 | €1,198 | €1,150 | €1,641 | ▲ 42.7% |
| Recurring financial charges65 | €128 | €109 | €593 | €1,368 | €1,198 | €1,150 | €1,641 | ▲ 42.7% |
| Profit (loss) for the period before taxes9903 | -€1,809 | -€3,486 | €82,704 | €130,376 | €130,444 | €153,914 | €165,572 | ▲ 7.6% |
| Income taxes67/77 | €71 | €73 | €13,185 | €40,256 | €39,196 | €46,152 | €49,579 | ▲ 7.4% |
| Profit (loss) for the period9904 | -€1,880 | -€3,558 | €69,519 | €90,120 | €91,249 | €107,762 | €115,993 | ▲ 7.6% |
| Profit (loss) for the period to be appropriated9905 | -€1,880 | -€3,558 | €69,519 | €90,120 | €91,249 | €107,762 | €115,993 | ▲ 7.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €177,763 | €174,086 | €280,145 | €328,875 | €370,350 | €418,647 | €453,244 | ▲ 8.3% |
| Fixed assets21/28 | - | - | €2,508 | €2,675 | €1,473 | €3,358 | €1,686 | ▼ 49.8% |
| Tangible fixed assets22/27 | - | - | €2,508 | €2,675 | €1,473 | €3,358 | €1,686 | ▼ 49.8% |
| Furniture and vehicles24 | - | - | - | €2,675 | €1,473 | €3,358 | €1,686 | ▼ 49.8% |
| Current assets29/58 | €177,763 | €174,086 | €277,637 | €326,200 | €368,877 | €415,289 | €451,558 | ▲ 8.7% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €18,248 | €18,248 | = |
| Trade receivables290 | - | - | - | - | - | €18,248 | €18,248 | = |
| Amounts receivable within one year40/41 | €4,511 | €4,893 | €50,984 | €105,258 | €109,825 | €81,780 | €53,175 | ▼ 35.0% |
| Trade receivables40 | - | - | - | €105,258 | €103,091 | €44,995 | €22,370 | ▼ 50.3% |
| Other amounts receivable41 | - | - | - | - | €6,734 | €36,784 | €30,805 | ▼ 16.3% |
| Current investments50/53 | - | - | - | - | - | - | €235,104 | - |
| Cash at bank and in hand54/58 | €173,253 | €167,842 | €223,996 | €219,130 | €257,389 | €313,500 | €143,365 | ▼ 54.3% |
| Deferred charges and accrued income490/1 | - | - | - | €1,813 | €1,663 | €1,762 | €1,667 | ▼ 5.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €177,763 | €174,086 | €280,145 | €328,875 | €370,350 | €418,647 | €453,244 | ▲ 8.3% |
| Equity10/15 | €176,906 | €173,348 | €174,696 | €256,764 | €348,012 | €389,599 | €436,735 | ▲ 12.1% |
| Contributions10/11 | €67,175 | €0 | - | €67,175 | €67,175 | €1,000 | €1,000 | = |
| Reserves13 | €145,080 | €145,080 | €107,521 | €189,589 | €280,837 | €388,599 | €435,735 | ▲ 12.1% |
| Non-distributable reserves130/1 | - | - | - | €7,958 | €7,958 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €7,958 | €7,958 | €0 | - | - |
| Distributable reserves133 | - | - | - | €181,631 | €272,880 | €388,599 | €435,735 | ▲ 12.1% |
| Profit (loss) carried forward14 | -€35,349 | -€38,907 | €0 | €0 | €0 | - | €0 | - |
| Amounts payable17/49 | €858 | €739 | €105,449 | €72,111 | €22,338 | €29,047 | €16,509 | ▼ 43.2% |
| Amounts payable within one year42/48 | €858 | €739 | €105,449 | €72,111 | €22,338 | €29,047 | €16,509 | ▼ 43.2% |
| Trade debts44 | €332 | €523 | €7,466 | €5,033 | €3,303 | €4,108 | €1,627 | ▼ 60.4% |
| Suppliers440/4 | - | - | - | €5,033 | €3,303 | €4,108 | €1,627 | ▼ 60.4% |
| Taxes, remuneration and social security45 | - | - | - | €60,625 | €19,035 | €24,939 | €14,127 | ▼ 43.4% |
| Taxes450/3 | - | - | - | €60,625 | €19,035 | €24,939 | €14,127 | ▼ 43.4% |
| Other amounts payable47/48 | - | - | - | €6,454 | €0 | - | €754 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,880 | -€3,558 | €69,519 | €90,120 | €91,249 | €107,762 | €115,993 | ▲ 7.6% |
| + Depreciation and write-downs630 | - | - | €186 | €881 | €1,202 | €1,783 | €1,672 | ▼ 6.2% |
| Operating cash flow (approximation) | -€1,880 | -€3,558 | €69,704 | €91,001 | €92,450 | €109,545 | €117,665 | ▲ 7.4% |
| Investment in fixed assets (approximation) | - | - | - | -€1,048 | €0 | -€3,668 | €0 | - |
| Change in cash | - | -€5,411 | €56,155 | -€4,866 | €38,259 | €56,111 | -€170,135 | - |
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, 17,811 companies had the same profile as EUSCOPIA.NET has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of EUSCOPIA.NET 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 17,811 companies, not a prediction for EUSCOPIA.NET. 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 | micro format | 29-01-2026 | 2026-00029745 | |
| 30-06-2024 | micro format | 17-01-2025 | 2025-00006069 | |
| 30-06-2023 | micro format | 11-01-2024 | 2024-00000144 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00017754 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-03300404 | |
| 30-06-2020 | micro format | 11-01-2021 | 2021-00700326 | |
| 30-06-2019 | micro format | 20-12-2019 | 2019-76900338 | |
| 30-06-2018 | micro format | 19-12-2018 | 2018-75000294 | |
| 30-06-2017 | micro format | 15-01-2018 | 2018-01700506 | |
| 30-06-2016 | full format | 21-12-2016 | 2016-71200207 |