excap
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 08-06-2026 PDF all 9 filings
Turnover
≈ €1.0m
Estimated: probably between €860,000 and €1.5m
Total assets
€649,561▲ 31.6%
2024 · €493,685
Net result
€22,658▼ 4.1%
2024 · €23,627
Working capital
€72,258▲ 122%
2024 · €32,477
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€41,122
▲ 32.6%
2025
20182025
Net result
€22,658
▼ 4.1%
2025
middle half of the sector
20182025
Equity
€78,210
▲ 40.8%
2025
middle half of the sector
20182025
Total assets
€649,561
▲ 31.6%
2025
middle half of the sector
20182025
Debt
€571,351
▲ 30.4%
2025
20182025
Working capital
€72,258
▲ 122%
2025
middle half of the sector
20182025
Solvency
12.0%
▲ 0.8pp
2025
lowest quarter of the sector
20182025
Current ratio
1.13
▲ 0.06
2025
middle half of the sector
20182025
Return on assets (ROA)
3.5%
▼ 1.3pp
2025
middle half of the sector
20182025
Staff (FTE)
6.7
▲ 13.6%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€1,212-€50,220▲ 41×€42,262▼ 15.8%€11,468▼ 72.9%-€37,055€18,101€31,018▲ 71.4%€41,122▲ 32.6%
Net result-€2,518-€24,151€26,047within the sector's middle half▲ 7.9%€3,776within the sector's middle half▼ 85.5%-€43,292below the sector's middle half€4,570within the sector's middle half€23,627within the sector's middle half▲ 417%€22,658within the sector's middle half▼ 4.1%
Equity€16,672-€40,823▲ 145%€66,871within the sector's middle half▲ 63.8%€70,647within the sector's middle half▲ 5.6%€27,355below the sector's middle half▼ 61.3%€31,925below the sector's middle half▲ 16.7%€55,552below the sector's middle half▲ 74.0%€78,210within the sector's middle half▲ 40.8%
Total assets€242,961-€423,023▲ 74.1%€330,318within the sector's middle half▼ 21.9%€410,122within the sector's middle half▲ 24.2%€397,428within the sector's middle half▼ 3.1%€420,523within the sector's middle half▲ 5.8%€493,685within the sector's middle half▲ 17.4%€649,561within the sector's middle half▲ 31.6%
Debt€226,288-€382,199▲ 68.9%€263,447▼ 31.1%€339,474▲ 28.9%€370,073▲ 9.0%€388,598▲ 5.0%€438,133▲ 12.7%€571,351▲ 30.4%
Working capital€19,041-€55,448▲ 191%€70,088within the sector's middle half▲ 26.4%€50,063within the sector's middle half▼ 28.6%-€15,311within the sector's middle half€12,175within the sector's middle half€32,477within the sector's middle half▲ 167%€72,258within the sector's middle half▲ 122%
Solvency6.9%-9.7%▲ 2.8pp20.2%within the sector's middle half▲ 10.6pp17.2%within the sector's middle half▼ 3.0pp6.9%below the sector's middle half▼ 10.3pp7.6%below the sector's middle half▲ 0.7pp11.3%below the sector's middle half▲ 3.7pp12.0%below the sector's middle half▲ 0.8pp
Current ratio1.09-1.15▲ 0.071.29within the sector's middle half▲ 0.131.15within the sector's middle half▼ 0.140.96within the sector's middle half▼ 0.191.03within the sector's middle half▲ 0.071.07within the sector's middle half▲ 0.041.13within the sector's middle half▲ 0.06
Return on assets (ROA)-1.0%-5.7%▲ 6.7pp7.9%within the sector's middle half▲ 2.2pp0.9%within the sector's middle half▼ 7.0pp-10.9%below the sector's middle half▼ 11.8pp1.1%within the sector's middle half▲ 12.0pp4.8%within the sector's middle half▲ 3.7pp3.5%within the sector's middle half▼ 1.3pp
Staff (FTE)2.6-4.2▲ 61.5%6.1within the sector's middle half▲ 45.2%6.3within the sector's middle half▲ 3.3%8.7within the sector's middle half▲ 38.1%7.5within the sector's middle half▼ 13.8%5.9within the sector's middle half▼ 21.3%6.7within the sector's middle half▲ 13.6%
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 33% higher than in 2024 and the highest since 2020. It is the third rise in a row, after the fall in 2022.
Turnover and EBIT margin are not published. The abbreviated 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 €649,561
Fixed assets
€20,212 ▼ 20.9%
Current assets
€629,349 ▲ 34.4%
Equity and liabilities €649,561
Equity
€78,210 ▲ 40.8%
Debt
€571,351 ▲ 30.4%
Debt's share of the balance-sheet total falls from 88.7% to 88.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€52,393▲
2024 · €40,372
Cash flow
€33,929▲
2024 · €32,981
Debt to equity
7.31▼
2024 · 7.89
ROE
29.0%▼
2024 · 42.5%
Interest coverage
15.67▲
2024 · 13.10
Debt ≤ 1 year
€557,091▲
2024 · €435,643
Income taxes
€15,140▲
2024 · €4,313
Staff costs
€635,942▲
2024 · €548,027
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 | 7 | 9 | 6 | 6 | 7 |
| full-time | 7 | 8 | 5 | 4 | 5 |
| part-time | 0 | 1 | 1 | 2 | 2 |
| in full-time equivalents | 7 | 8.6 | 5.9 | 5.8 | 6.7 |
| Average over the year, in full-time equivalents | 6.3 | 8.7 | 7.5 | 5.9 | 6.7 |
| On a permanent contract | 7 | 9 | 6 | 6 | 7 |
| Joined | 6 | 4 | 0 | 1 | 1 |
| Left | 6 | 2 | 3 | 1 | 0 |
| Training hours | - | - | - | 109 | 147 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €21,411 | €1,769 | €7,788 | €4,856 |
| Intangible fixed assets | - | €4,444 | €1,820 | - | €1,063 |
| Financial fixed assets | €18,400 | - | - | €2,000 | €0 |
| Depreciation and write-downs of the year | €5,763 | €7,156 | €9,046 | €9,354 | €11,271 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 2 entries · €13,515 awarded · €13,515 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €393,162 | €564,810 | €615,618 | €548,027 | €635,942 | ▲ 16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €1,469 | €2,896 | €5,763 | €7,156 | €9,046 | €9,354 | €11,271 | ▲ 20.5% |
| Other operating charges640/8 | - | - | - | €858 | €4,845 | €7,255 | €7,439 | €8,609 | ▲ 15.7% |
| Gross operating margin9900 | €171,050 | €322,052 | €385,634 | €411,251 | €539,757 | €650,019 | €595,838 | €696,944 | ▲ 17.0% |
| Operating profit (loss)9901 | €1,212 | €50,220 | €42,262 | €11,468 | -€37,055 | €18,101 | €31,018 | €41,122 | ▲ 32.6% |
| Financial income75/76B | - | - | - | €34 | €9 | €132 | €4 | €19 | ▲ 402% |
| Recurring financial income75 | €2 | €0 | €10 | €34 | €9 | €132 | €4 | €19 | ▲ 402% |
| Financial charges65/66B | - | - | - | €2,297 | €5,979 | €6,098 | €3,082 | €3,343 | ▲ 8.5% |
| Recurring financial charges65 | €485 | €10,939 | €3,191 | €2,297 | €5,979 | €6,098 | €3,082 | €3,343 | ▲ 8.5% |
| Profit (loss) for the period before taxes9903 | €729 | €39,281 | €39,080 | €9,205 | -€43,025 | €12,135 | €27,940 | €37,798 | ▲ 35.3% |
| Income taxes67/77 | €3,247 | €15,130 | €13,033 | €5,428 | €267 | €7,565 | €4,313 | €15,140 | ▲ 251% |
| Profit (loss) for the period9904 | -€2,518 | €24,151 | €26,047 | €3,776 | -€43,292 | €4,570 | €23,627 | €22,658 | ▼ 4.1% |
| Profit (loss) for the period to be appropriated9905 | -€2,518 | €24,151 | €26,047 | €3,776 | -€43,292 | €4,570 | €23,627 | €22,658 | ▼ 4.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €242,961 | €423,023 | €330,318 | €410,122 | €397,428 | €420,523 | €493,685 | €649,561 | ▲ 31.6% |
| Fixed assets21/28 | - | €7,685 | €17,652 | €30,289 | €48,988 | €25,131 | €25,565 | €20,212 | ▼ 20.9% |
| Intangible fixed assets21 | - | - | €10,018 | €8,004 | €10,335 | €9,148 | €5,882 | €3,710 | ▼ 36.9% |
| Tangible fixed assets22/27 | - | €7,685 | €7,634 | €3,885 | €20,253 | €15,983 | €17,683 | €14,501 | ▼ 18.0% |
| Plant, machinery and equipment23 | - | - | - | €2,864 | €2,670 | €2,560 | €8,391 | €9,020 | ▲ 7.5% |
| Furniture and vehicles24 | - | - | - | €1,021 | €9,390 | €6,982 | €4,603 | €2,544 | ▼ 44.7% |
| Other tangible fixed assets26 | - | - | - | - | €8,193 | €6,441 | €4,689 | €2,937 | ▼ 37.4% |
| Financial fixed assets28 | - | - | - | €18,400 | €18,400 | €0 | €2,000 | €2,000 | = |
| Current assets29/58 | €242,961 | €415,338 | €312,666 | €379,832 | €348,441 | €395,392 | €468,120 | €629,349 | ▲ 34.4% |
| Amounts receivable within one year40/41 | €180,955 | €343,084 | €251,771 | €247,786 | €289,619 | €359,611 | €444,096 | €574,097 | ▲ 29.3% |
| Trade receivables40 | - | - | - | €225,619 | €286,916 | €357,472 | €438,159 | €568,790 | ▲ 29.8% |
| Other amounts receivable41 | - | - | - | €22,168 | €2,703 | €2,139 | €5,937 | €5,307 | ▼ 10.6% |
| Cash at bank and in hand54/58 | €52,474 | €63,688 | €56,450 | €121,441 | €46,754 | €21,386 | €5,880 | €47,844 | ▲ 714% |
| Deferred charges and accrued income490/1 | - | - | - | €10,605 | €12,068 | €14,394 | €18,144 | €7,408 | ▼ 59.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €242,961 | €423,023 | €330,318 | €410,122 | €397,428 | €420,523 | €493,685 | €649,561 | ▲ 31.6% |
| Equity10/15 | €16,672 | €40,823 | €66,871 | €70,647 | €27,355 | €31,925 | €55,552 | €78,210 | ▲ 40.8% |
| Contributions10/11 | €18,550 | €18,550 | - | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €640 | €640 | €640 | €640 | €640 | €640 | €640 | €640 | = |
| Distributable reserves133 | - | - | - | €640 | €640 | €640 | €640 | €640 | = |
| Profit (loss) carried forward14 | -€2,518 | €21,634 | €47,681 | €51,457 | €8,166 | €12,735 | €36,362 | €59,020 | ▲ 62.3% |
| Amounts payable17/49 | €226,288 | €382,199 | €263,447 | €339,474 | €370,073 | €388,598 | €438,133 | €571,351 | ▲ 30.4% |
| Amounts payable within one year42/48 | €223,920 | €359,890 | €242,578 | €329,770 | €363,752 | €383,217 | €435,643 | €557,091 | ▲ 27.9% |
| Trade debts44 | €23,307 | €138,137 | €133,154 | €189,996 | €134,872 | €226,360 | €301,535 | €406,959 | ▲ 35.0% |
| Suppliers440/4 | - | - | - | €189,996 | €134,872 | €226,360 | €301,535 | €406,959 | ▲ 35.0% |
| Advances received on contracts in progress46 | - | - | - | - | €4,425 | €0 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €86,144 | €92,077 | €78,677 | €74,777 | €109,388 | ▲ 46.3% |
| Taxes450/3 | - | - | - | €43,059 | €30,516 | €22,612 | €15,137 | €39,252 | ▲ 159% |
| Remuneration and social security454/9 | - | - | - | €43,084 | €61,561 | €56,065 | €59,640 | €70,136 | ▲ 17.6% |
| Other amounts payable47/48 | - | - | - | €53,630 | €132,378 | €78,179 | €59,332 | €40,745 | ▼ 31.3% |
| Accrued charges and deferred income492/3 | - | - | - | €9,705 | €6,322 | €5,381 | €2,489 | €14,260 | ▲ 473% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,518 | €24,151 | €26,047 | €3,776 | -€43,292 | €4,570 | €23,627 | €22,658 | ▼ 4.1% |
| + Depreciation and write-downs630 | - | €1,469 | €2,896 | €5,763 | €7,156 | €9,046 | €9,354 | €11,271 | ▲ 20.5% |
| Operating cash flow (approximation) | -€2,518 | €25,620 | €28,944 | €9,539 | -€36,136 | €13,616 | €32,981 | €33,929 | ▲ 2.9% |
| Investment in fixed assets (approximation) | - | - | -€12,864 | -€18,400 | -€25,855 | €14,811 | -€9,788 | -€5,919 | ▲ 39.5% |
| Change in cash | - | €11,213 | -€7,238 | €64,991 | -€74,688 | -€25,367 | -€15,506 | €41,964 | - |
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, 4,508 companies had the same profile as excap has now. Two years later, 96.9% were still going and 1.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.6%
stopped otherwise
1.4%
went bankrupt
That fits the bankruptcy probability of excap itself: 1.6% 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 4,508 companies, not a prediction for excap. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 08-06-2026 | 2026-00141985 | |
| 31-12-2024 | abbreviated format | 25-07-2025 | 2025-00306974 | |
| 31-12-2023 | abbreviated format | 26-07-2024 | 2024-00287785 | |
| 31-12-2022 | abbreviated format | 06-07-2023 | 2023-00210025 | |
| 31-12-2021 | abbreviated format | 12-07-2022 | 2022-20175406 | |
| 31-12-2020 | abbreviated format | 29-07-2021 | 2021-42300056 | |
| 31-12-2019 | abbreviated format | 19-06-2020 | 2020-18400315 | |
| 31-12-2018 | abbreviated format | 05-07-2019 | 2019-29700448 | |
| 31-12-2017 | abbreviated format | 26-07-2018 | 2018-38800298 |