EVM
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-04-2026 PDF all 19 filings
Equity
-€58,896▼ 17.7%
2024 · -€50,032
Total assets
€8,995▼ 61.2%
2024 · €23,158
Net result
-€8,864
2024 · €3,670
Working capital
-€59,955▼ 10.4%
2024 · -€54,306
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€7,493
2025
20182025
Net result
-€8,864
2025
lowest quarter of the sector
20182025
Equity
-€58,896
▼ 17.7%
2025
lowest quarter of the sector
20182025
Total assets
€8,995
▼ 61.2%
2025
lowest quarter of the sector
20182025
Debt
€67,892
▼ 7.2%
2025
20182025
Working capital
-€59,955
▼ 10.4%
2025
lowest quarter of the sector
20182025
Solvency
-654.7%
▼ 438.7pp
2025
lowest quarter of the sector
20182025
Current ratio
0.09
▼ 0.16
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-98.5%
▼ 114.4pp
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-€2,016--€454▲ 77.5%-€5,810▼ 1,179%-€3,240▲ 44.2%-€28,349▼ 775%-€696▲ 97.5%€5,341-€7,493
Net result-€2,605--€1,969▲ 24.4%-€6,924below the sector's middle half▼ 252%-€4,393below the sector's middle half▲ 36.6%-€30,093below the sector's middle half▼ 585%-€2,645below the sector's middle half▲ 91.2%€3,670within the sector's middle half-€8,864below the sector's middle half
Equity-€7,679--€9,647▼ 25.6%-€16,571below the sector's middle half▼ 71.8%-€20,964below the sector's middle half▼ 26.5%-€51,057below the sector's middle half▼ 144%-€53,702below the sector's middle half▼ 5.2%-€50,032below the sector's middle half▲ 6.8%-€58,896below the sector's middle half▼ 17.7%
Total assets€3,943-€10,029▲ 154%€15,033below the sector's middle half▲ 49.9%€11,566below the sector's middle half▼ 23.1%€12,731below the sector's middle half▲ 10.1%€32,288below the sector's middle half▲ 154%€23,158below the sector's middle half▼ 28.3%€8,995below the sector's middle half▼ 61.2%
Debt€11,621-€19,676▲ 69.3%€31,604▲ 60.6%€32,529▲ 2.9%€63,788▲ 96.1%€85,990▲ 34.8%€73,190▼ 14.9%€67,892▼ 7.2%
Working capital-€7,679--€8,466▼ 10.3%-€22,729below the sector's middle half▼ 168%-€22,646below the sector's middle half▲ 0.4%-€58,828below the sector's middle half▼ 160%-€55,953below the sector's middle half▲ 4.9%-€54,306below the sector's middle half▲ 2.9%-€59,955below the sector's middle half▼ 10.4%
Solvency-96.2%-110.2%below the sector's middle half▼ 14.0pp-181.3%below the sector's middle half▼ 71.0pp-401.0%below the sector's middle half▼ 219.8pp-166.3%below the sector's middle half▲ 234.7pp-216.1%below the sector's middle half▼ 49.7pp-654.7%below the sector's middle half▼ 438.7pp
Current ratio0.540.07below the sector's middle half▼ 0.470.05below the sector's middle half▼ 0.020.04below the sector's middle half▼ 0.010.34below the sector's middle half▲ 0.300.25below the sector's middle half▼ 0.090.09below the sector's middle half▼ 0.16
Return on assets (ROA)-19.6%-46.1%below the sector's middle half▼ 26.4pp-38.0%below the sector's middle half▲ 8.1pp-236.4%below the sector's middle half▼ 198.4pp-8.2%below the sector's middle half▲ 228.2pp15.8%within the sector's middle half▲ 24.0pp-98.5%below the sector's middle half▼ 114.4pp
Staff (FTE)0.4-0.4=0.5below the sector's middle half▲ 25.0%1▲ 100%1=1=
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 a loss of €7,493, after a profit of €5,341 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8,995
Fixed assets
€2,945 ▼ 35.6%
Current assets
€6,051 ▼ 67.4%
Equity and liabilities
Equity-€58,896
Debt€67,892
Equity is negative. Debt (€67,892) exceeds the balance-sheet total (€8,995).
Key figures and ratios
EBITDA
-€5,866▼
2024 · €6,106
Cash flow
-€7,237▼
2024 · €4,435
Interest coverage
-4.20▼
2024 · 3.87
Debt ≤ 1 year
€66,006▼
2024 · €72,892
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | - |
| part-time | 1 | 1 | - |
| in full-time equivalents | 0.5 | 0.5 | - |
| Average over the year, in full-time equivalents | 0.5 | 0.5 | 0.5 |
| On a permanent contract | 1 | 1 | - |
| Joined | - | - | 0 |
| Left | - | - | 1 |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €6,200 | - | €5,337 | - |
| Depreciation and write-downs of the year | €2,830 | €2,523 | €1,830 | €765 | €1,627 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €1,139 awarded · €1,139 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €209 | €209 |
| 2024 | 1 | €195 | €195 |
| 2023 | 1 | €324 | €324 |
| 2022 | 1 | €411 | €411 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €28,293 | €16,654 | €32,850 | €71 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €947 | €2,830 | €2,523 | €1,830 | €765 | €1,627 | ▲ 113% |
| Other operating charges640/8 | - | - | - | €813 | €723 | €2,684 | €1,168 | €1,349 | ▲ 15.4% |
| Gross operating margin9900 | €30,029 | €30,664 | €4,860 | €28,697 | -€8,449 | €36,668 | €7,345 | -€4,517 | - |
| Operating profit (loss)9901 | -€2,016 | -€454 | -€5,810 | -€3,240 | -€28,349 | -€696 | €5,341 | -€7,493 | - |
| Financial income75/76B | - | - | - | €2 | €0 | €1 | €2 | €27 | ▲ 16× |
| Recurring financial income75 | €2 | - | €7 | €2 | €0 | €1 | €2 | €27 | ▲ 16× |
| Financial charges65/66B | - | - | - | €1,155 | €1,745 | €1,950 | €1,579 | €1,398 | ▼ 11.5% |
| Recurring financial charges65 | €591 | €561 | €1,120 | €1,155 | €1,745 | €1,950 | €1,579 | €1,398 | ▼ 11.5% |
| Profit (loss) for the period before taxes9903 | -€2,605 | -€1,015 | -€6,924 | -€4,393 | -€30,093 | -€2,645 | €3,763 | -€8,864 | - |
| Income taxes67/77 | - | €953 | - | - | - | - | €94 | - | - |
| Profit (loss) for the period9904 | -€2,605 | -€1,969 | -€6,924 | -€4,393 | -€30,093 | -€2,645 | €3,670 | -€8,864 | - |
| Profit (loss) for the period to be appropriated9905 | -€2,605 | -€1,969 | -€6,924 | -€4,393 | -€30,093 | -€2,645 | €3,670 | -€8,864 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3,943 | €10,029 | €15,033 | €11,566 | €12,731 | €32,288 | €23,158 | €8,995 | ▼ 61.2% |
| Fixed assets21/28 | - | - | €13,205 | €10,375 | €10,235 | €2,898 | €4,572 | €2,945 | ▼ 35.6% |
| Tangible fixed assets22/27 | - | - | €13,205 | €10,375 | €10,235 | €2,898 | €4,572 | €2,945 | ▼ 35.6% |
| Plant, machinery and equipment23 | - | - | - | €10,375 | €10,235 | €2,898 | €3,596 | €2,344 | ▼ 34.8% |
| Furniture and vehicles24 | - | - | - | - | - | - | €976 | €601 | ▼ 38.4% |
| Current assets29/58 | €3,943 | €10,029 | €1,828 | €1,191 | €2,496 | €29,390 | €18,586 | €6,051 | ▼ 67.4% |
| Amounts receivable within one year40/41 | - | - | - | - | €1,700 | €20,392 | €6,298 | €2,620 | ▼ 58.4% |
| Trade receivables40 | - | - | - | - | €1,532 | €20,121 | €3,698 | €2,620 | ▼ 29.1% |
| Other amounts receivable41 | - | - | - | - | €168 | €271 | €2,600 | - | - |
| Cash at bank and in hand54/58 | €3,943 | €10,029 | €1,828 | €1,191 | €796 | €8,998 | €10,680 | €3,431 | ▼ 67.9% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €1,608 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3,943 | €10,029 | €15,033 | €11,566 | €12,731 | €32,288 | €23,158 | €8,995 | ▼ 61.2% |
| Equity10/15 | -€7,679 | -€9,647 | -€16,571 | -€20,964 | -€51,057 | -€53,702 | -€50,032 | -€58,896 | ▼ 17.7% |
| Contributions10/11 | €18,550 | €18,550 | - | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Profit (loss) carried forward14 | -€26,229 | -€28,197 | -€35,121 | -€39,514 | -€69,607 | -€72,252 | -€68,582 | -€77,446 | ▼ 12.9% |
| Amounts payable17/49 | €11,621 | €19,676 | €31,604 | €32,529 | €63,788 | €85,990 | €73,190 | €67,892 | ▼ 7.2% |
| Amounts payable after more than one year17 | - | - | €6,458 | €6,458 | €2,464 | €347 | - | - | - |
| Financial debts170/4 | - | - | - | €6,458 | €2,464 | €347 | - | - | - |
| Amounts payable within one year42/48 | €11,621 | €18,495 | €24,557 | €23,837 | €61,324 | €85,343 | €72,892 | €66,006 | ▼ 9.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €2,010 | €2,064 | €347 | - | - |
| Financial debts43 | - | - | - | €6,354 | €7,293 | €3,735 | - | €6,226 | - |
| Credit institutions430/8 | - | - | - | €6,354 | €7,293 | €3,735 | - | €6,226 | - |
| Trade debts44 | €1,067 | €1,390 | €1,590 | €2,470 | €5,365 | €8,949 | €5,965 | €1,938 | ▼ 67.5% |
| Suppliers440/4 | - | - | - | €2,470 | €5,365 | €8,949 | €5,965 | €1,938 | ▼ 67.5% |
| Taxes, remuneration and social security45 | - | - | - | €4,684 | €3,591 | €11,484 | €1,043 | €648 | ▼ 37.9% |
| Taxes450/3 | - | - | - | €396 | €450 | €9,182 | €1,043 | €648 | ▼ 37.9% |
| Remuneration and social security454/9 | - | - | - | €4,288 | €3,141 | €2,302 | - | - | - |
| Other amounts payable47/48 | - | - | - | €10,330 | €43,065 | €59,111 | €65,537 | €57,194 | ▼ 12.7% |
| Accrued charges and deferred income492/3 | - | - | - | €2,234 | - | €300 | €298 | €1,886 | ▲ 532% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,605 | -€1,969 | -€6,924 | -€4,393 | -€30,093 | -€2,645 | €3,670 | -€8,864 | - |
| + Depreciation and write-downs630 | - | - | €947 | €2,830 | €2,523 | €1,830 | €765 | €1,627 | ▲ 113% |
| Operating cash flow (approximation) | -€2,605 | -€1,969 | -€5,977 | -€1,562 | -€27,570 | -€815 | €4,435 | -€7,237 | - |
| Investment in fixed assets (approximation) | - | - | - | €0 | -€2,384 | €5,507 | -€2,439 | €0 | - |
| Change in cash | - | €6,086 | -€8,201 | -€637 | -€395 | €8,202 | €1,682 | -€7,249 | - |
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, 6,619 companies had the same profile as EVM has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EVM itself: 1.0% 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 6,619 companies, not a prediction for EVM. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-04-2026 | 2026-00079761 | |
| 31-12-2024 | micro format | 10-06-2025 | 2025-00127302 | |
| 31-12-2023 | micro format | 09-06-2024 | 2024-00116955 | |
| 31-12-2022 | micro format | 08-06-2023 | 2023-00112941 | |
| 31-12-2021 | micro format | 11-06-2022 | 2022-20057399 | |
| 31-12-2020 | micro format | 06-06-2021 | 2021-17700136 | |
| 31-12-2019 | micro format | 01-06-2020 | 2020-14500445 | |
| 31-12-2018 | micro format | 12-06-2019 | 2019-17900591 | |
| 31-12-2017 | micro format | 19-06-2018 | 2018-19900337 | |
| 31-12-2016 | abbreviated format | 30-06-2017 | 2017-26400366 |