EXPECTED BEHAVIOUR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 9 filings
Turnover
≈ €170,000
Estimated: probably between €160,000 and €220,000
Total assets
€128,400▼ 69.0%
2024 · €414,122
Net result
€84,651▼ 25.2%
2024 · €113,201
Working capital
-€1,348
2024 · €345,875
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€106,754
▼ 28.0%
2025
20182025
Net result
€84,651
▼ 25.2%
2025
highest quarter of the sector
20182025
Equity
€0
▼ 100%
2025
lowest quarter of the sector
20182025
Total assets
€128,400
▼ 69.0%
2025
middle half of the sector
20182025
Debt
€128,400
▲ 98.4%
2025
20182025
Working capital
-€1,348
2025
lowest quarter of the sector
20182025
Solvency
0.0%
▼ 84.4pp
2025
lowest quarter of the sector
20182025
Current ratio
0.99
▼ 5.38
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
65.9%
▲ 38.6pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€4,320-€25,993▲ 502%€47,248▲ 81.8%€42,244▼ 10.6%€105,753▲ 150%€132,511▲ 25.3%€148,253▲ 11.9%€106,754▼ 28.0%
Net result€2,109-€19,792▲ 838%€35,775within the sector's middle half▲ 80.8%€32,617within the sector's middle half▼ 8.8%€84,267above the sector's middle half▲ 158%€101,965above the sector's middle half▲ 21.0%€113,201above the sector's middle half▲ 11.0%€84,651above the sector's middle half▼ 25.2%
Equity€24,582-€42,750▲ 73.9%€76,925within the sector's middle half▲ 79.9%€107,942within the sector's middle half▲ 40.3%€190,609above the sector's middle half▲ 76.6%€236,209above the sector's middle half▲ 23.9%€349,410above the sector's middle half▲ 47.9%€0below the sector's middle half▼ 100%
Total assets€39,303-€88,833▲ 126%€133,779within the sector's middle half▲ 50.6%€134,852within the sector's middle half▲ 0.8%€230,160within the sector's middle half▲ 70.7%€317,471above the sector's middle half▲ 37.9%€414,122above the sector's middle half▲ 30.4%€128,400within the sector's middle half▼ 69.0%
Debt€14,720-€46,083▲ 213%€56,854▲ 23.4%€26,910▼ 52.7%€39,551▲ 47.0%€81,262▲ 105%€64,712▼ 20.4%€128,400▲ 98.4%
Working capital€13,464-€19,050▲ 41.5%€50,979within the sector's middle half▲ 168%€90,305within the sector's middle half▲ 77.1%€178,381above the sector's middle half▲ 97.5%€231,020above the sector's middle half▲ 29.5%€345,875above the sector's middle half▲ 49.7%-€1,348below the sector's middle half
Solvency62.5%-48.1%▼ 14.4pp57.5%within the sector's middle half▲ 9.4pp80.0%above the sector's middle half▲ 22.5pp82.8%above the sector's middle half▲ 2.8pp74.4%within the sector's middle half▼ 8.4pp84.4%above the sector's middle half▲ 10.0pp0.0%below the sector's middle half▼ 84.4pp
Current ratio1.91-1.53▼ 0.381.90within the sector's middle half▲ 0.364.36within the sector's middle half▲ 2.465.51above the sector's middle half▲ 1.153.84within the sector's middle half▼ 1.676.36above the sector's middle half▲ 2.520.99below the sector's middle half▼ 5.38
Return on assets (ROA)5.4%-22.3%▲ 16.9pp26.7%within the sector's middle half▲ 4.5pp24.2%within the sector's middle half▼ 2.6pp36.6%above the sector's middle half▲ 12.4pp32.1%within the sector's middle half▼ 4.5pp27.3%within the sector's middle half▼ 4.8pp65.9%above the sector's middle half▲ 38.6pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 28% lower than 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 €128,400
Fixed assets
€1,348 ▼ 64.3%
Current assets
€127,052 ▼ 69.0%
Key figures and ratios
EBITDA
€109,181▼
2024 · €150,763
Cash flow
€87,078▼
2024 · €115,711
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€128,400▲
2024 · €64,472
Income taxes
€22,747▼
2024 · €34,924
Staff costs
€2,714▼
2024 · €4,209
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €496 | €4,544 | €2,148 | €1,096 | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €8,805 | €9,952 | €9,187 | €2,510 | €2,427 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €4,120 | €4,115 | €4,357 | €4,209 | €2,714 | ▼ 35.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,163 | €7,498 | €8,623 | €8,805 | €9,952 | €9,187 | €2,510 | €2,427 | ▼ 3.3% |
| Other operating charges640/8 | - | - | - | €1,126 | €1,905 | €2,546 | €758 | €1,862 | ▲ 146% |
| Gross operating margin9900 | €19,450 | €38,192 | €60,843 | €56,295 | €121,726 | €148,601 | €155,730 | €113,757 | ▼ 27.0% |
| Operating profit (loss)9901 | €4,320 | €25,993 | €47,248 | €42,244 | €105,753 | €132,511 | €148,253 | €106,754 | ▼ 28.0% |
| Financial income75/76B | - | - | - | €10 | €0 | €287 | €71 | €875 | ▲ 12× |
| Recurring financial income75 | €2 | €4 | €5 | €10 | €0 | €287 | €71 | €875 | ▲ 12× |
| Financial charges65/66B | - | - | - | €276 | €124 | €181 | €198 | €231 | ▲ 16.2% |
| Recurring financial charges65 | €243 | €154 | €344 | €276 | €124 | €181 | €198 | €231 | ▲ 16.2% |
| Profit (loss) for the period before taxes9903 | €4,079 | €25,843 | €46,910 | €41,978 | €105,629 | €132,616 | €148,126 | €107,399 | ▼ 27.5% |
| Income taxes67/77 | €1,970 | €6,051 | €11,135 | €9,361 | €21,362 | €30,652 | €34,924 | €22,747 | ▼ 34.9% |
| Profit (loss) for the period9904 | €2,109 | €19,792 | €35,775 | €32,617 | €84,267 | €101,965 | €113,201 | €84,651 | ▼ 25.2% |
| Profit (loss) for the period to be appropriated9905 | €2,109 | €19,792 | €35,775 | €32,617 | €84,267 | €101,965 | €113,201 | €84,651 | ▼ 25.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €39,303 | €88,833 | €133,779 | €134,852 | €230,160 | €317,471 | €414,122 | €128,400 | ▼ 69.0% |
| Fixed assets21/28 | €11,118 | €34,117 | €25,946 | €17,637 | €12,228 | €5,189 | €3,775 | €1,348 | ▼ 64.3% |
| Tangible fixed assets22/27 | €11,118 | €34,117 | €25,946 | €17,637 | €12,228 | €5,189 | €3,775 | €1,348 | ▼ 64.3% |
| Plant, machinery and equipment23 | - | - | - | €1,520 | €3,885 | €1,172 | €1,429 | €673 | ▼ 52.9% |
| Furniture and vehicles24 | - | - | - | €11,918 | €5,100 | €1,728 | €1,012 | €296 | ▼ 70.7% |
| Other tangible fixed assets26 | - | - | - | €4,199 | €3,244 | €2,289 | €1,334 | €379 | ▼ 71.6% |
| Current assets29/58 | €28,184 | €54,717 | €107,833 | €117,215 | €217,932 | €312,282 | €410,347 | €127,052 | ▼ 69.0% |
| Amounts receivable within one year40/41 | €23,469 | €40,749 | €59,649 | €52,361 | €63,507 | €60,836 | €71,995 | €38,657 | ▼ 46.3% |
| Trade receivables40 | - | - | - | €38,805 | €37,248 | €42,824 | €42,079 | €13,657 | ▼ 67.5% |
| Other amounts receivable41 | - | - | - | €13,557 | €26,259 | €18,011 | €29,916 | €25,000 | ▼ 16.4% |
| Current investments50/53 | €2,884 | €36 | €10,570 | €17,050 | €20,316 | €110,970 | €110,936 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €156 | €11,645 | €34,600 | €44,931 | €131,088 | €136,879 | €224,277 | €83,798 | ▼ 62.6% |
| Deferred charges and accrued income490/1 | - | - | - | €2,873 | €3,021 | €3,597 | €3,138 | €4,597 | ▲ 46.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €39,303 | €88,833 | €133,779 | €134,852 | €230,160 | €317,471 | €414,122 | €128,400 | ▼ 69.0% |
| Equity10/15 | €24,582 | €42,750 | €76,925 | €107,942 | €190,609 | €236,209 | €349,410 | €0 | ▼ 100% |
| Contributions10/11 | €18,550 | €18,550 | - | €18,550 | €18,550 | €8,550 | €8,550 | €0 | ▼ 100% |
| Reserves13 | €3,855 | €23,855 | €58,005 | €89,305 | €172,005 | €227,659 | €340,860 | €0 | ▼ 100% |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €89,305 | €172,005 | €227,659 | €340,860 | €0 | ▼ 100% |
| Profit (loss) carried forward14 | €2,177 | €345 | €370 | €87 | €54 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €14,720 | €46,083 | €56,854 | €26,910 | €39,551 | €81,262 | €64,712 | €128,400 | ▲ 98.4% |
| Amounts payable after more than one year17 | - | €10,417 | €0 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €14,720 | €35,667 | €56,854 | €26,910 | €39,551 | €81,262 | €64,472 | €128,400 | ▲ 99.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | - | - | - | - | - |
| Financial debts43 | - | - | - | €469 | €21 | €10 | €0 | - | - |
| Credit institutions430/8 | - | - | - | €469 | €21 | €10 | €0 | - | - |
| Trade debts44 | €2,112 | €5,380 | €6,015 | €0 | €1,475 | €763 | €3,354 | €203 | ▼ 93.9% |
| Suppliers440/4 | - | - | - | €0 | €1,475 | €763 | €3,354 | €203 | ▼ 93.9% |
| Taxes, remuneration and social security45 | - | - | - | €23,693 | €35,911 | €45,257 | €60,906 | €42,619 | ▼ 30.0% |
| Taxes450/3 | - | - | - | €23,693 | €35,911 | €45,257 | €60,906 | €42,619 | ▼ 30.0% |
| Other amounts payable47/48 | - | - | - | €2,748 | €2,145 | €35,232 | €212 | €85,577 | ▲ 404× |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €240 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,109 | €19,792 | €35,775 | €32,617 | €84,267 | €101,965 | €113,201 | €84,651 | ▼ 25.2% |
| + Depreciation and write-downs630 | €11,163 | €7,498 | €8,623 | €8,805 | €9,952 | €9,187 | €2,510 | €2,427 | ▼ 3.3% |
| Operating cash flow (approximation) | €13,272 | €27,289 | €44,398 | €41,422 | €94,219 | €111,152 | €115,711 | €87,078 | ▼ 24.7% |
| Investment in fixed assets (approximation) | - | -€30,496 | -€452 | -€496 | -€4,544 | -€2,148 | -€1,096 | €0 | - |
| Change in cash | - | €11,489 | €22,955 | €10,332 | €86,157 | €5,791 | €87,398 | -€140,480 | - |
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, 1,325 companies had the same profile as EXPECTED BEHAVIOUR has now. Two years later, 95.2% were still going and 1.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
95.2%
was still going
3.2%
stopped otherwise
1.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EXPECTED BEHAVIOUR itself: 0.2% 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 1,325 companies, not a prediction for EXPECTED BEHAVIOUR. 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 | micro format | 23-06-2026 | 2026-00193086 | |
| 31-12-2024 | micro format | 16-06-2025 | 2025-00153845 | |
| 31-12-2023 | micro format | 21-06-2024 | 2024-00150918 | |
| 31-12-2022 | micro format | 13-06-2023 | 2023-00124567 | |
| 31-12-2021 | micro format | 13-06-2022 | 2022-20064230 | |
| 31-12-2020 | micro format | 15-06-2021 | 2021-20700239 | |
| 31-12-2019 | micro format | 09-07-2020 | 2020-28900164 | |
| 31-12-2018 | micro format | 18-07-2019 | 2019-34300070 | |
| 31-12-2017 | micro format | 13-07-2018 | 2018-34000301 |