EXPLORERS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 25-02-2026 PDF all 8 filings
Turnover
≈ €43,000
Estimated: probably between €24,000 and €72,000
Total assets
€499,238▲ 0.8%
2024 · €495,041
Net result
€1,883▲ 22×
2024 · €87
Working capital
€344,587▲ 746%
2024 · €40,725
Multi-year overview
2019 to 2025, 6 financial yearsOperating result
€5,264
▼ 18.8%
2025
20192025
Net result
€1,883
▲ 22×
2025
middle half of the sector
20192025
Equity
€83,862
▲ 162%
2025
middle half of the sector
20192025
Total assets
€499,238
▲ 0.8%
2025
middle half of the sector
20192025
Debt
€415,375
▼ 10.3%
2025
20192025
Working capital
€344,587
▲ 746%
2025
highest quarter of the sector
20192025
Solvency
16.8%
▲ 10.3pp
2025
middle half of the sector
20192025
Current ratio
3.23
▲ 2.14
2025
highest quarter of the sector
20192025
Return on assets (ROA)
0.4%
▲ 0.4pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201920202021202220242025
Operating result€3,775-€3,071▼ 18.7%-€3,391-€1,429▲ 57.9%€6,479-€5,264▼ 18.8%
Net result€2,629-€3,056within the sector's middle half▲ 16.2%-€3,420within the sector's middle half-€1,459within the sector's middle half▲ 57.3%€87within the sector's middle half-€1,883within the sector's middle half▲ 22×
Equity€8,715-€11,771within the sector's middle half▲ 35.1%€8,351within the sector's middle half▼ 29.1%€6,892within the sector's middle half▼ 17.5%€31,979within the sector's middle half-€83,862within the sector's middle half▲ 162%
Total assets€10,035-€12,783below the sector's middle half▲ 27.4%€9,057below the sector's middle half▼ 29.1%€7,250below the sector's middle half▼ 20.0%€495,041within the sector's middle half-€499,238within the sector's middle half▲ 0.8%
Debt€1,320-€1,012▼ 23.4%€706▼ 30.3%€358▼ 49.2%€463,062-€415,375▼ 10.3%
Working capital€8,715-€11,771within the sector's middle half▲ 35.1%€8,351within the sector's middle half▼ 29.1%€6,892within the sector's middle half▼ 17.5%€40,725above the sector's middle half-€344,587above the sector's middle half▲ 746%
Solvency86.8%-92.1%above the sector's middle half▲ 5.2pp92.2%above the sector's middle half▲ 0.1pp95.1%above the sector's middle half▲ 2.9pp6.5%within the sector's middle half-16.8%within the sector's middle half▲ 10.3pp
Current ratio7.60-12.63above the sector's middle half▲ 5.0312.83above the sector's middle half▲ 0.2020.24above the sector's middle half▲ 7.411.09within the sector's middle half-3.23above the sector's middle half▲ 2.14
Return on assets (ROA)26.2%-23.9%above the sector's middle half▼ 2.3pp-37.8%below the sector's middle half▼ 61.7pp-20.1%below the sector's middle half▲ 17.6pp0.0%within the sector's middle half-0.4%within the sector's middle half▲ 0.4pp
above
within
below
The sector band is the middle half of the companies in Accommodation (NACE 55). 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 19% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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
Equity and liabilities €499,238
Equity
€83,862 ▲ 162%
Debt
€415,375 ▼ 10.3%
Debt's share of the balance-sheet total falls from 93.5% to 83.2%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
4.95▼
2024 · 14.48
ROE
2.2%▲
2024 · 0.3%
Debt ≤ 1 year
€154,651▼
2024 · €454,317
Income taxes
€746
Staff costs
€3,013▲
2024 · €2,867
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €2,867 | €3,013 | ▲ 5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €1,470 | - | - | - | - |
| Other operating charges640/8 | - | - | €55 | €57 | - | - | - |
| Gross operating margin9900 | €3,848 | €3,143 | -€1,866 | -€1,372 | €9,346 | €8,276 | ▼ 11.4% |
| Operating profit (loss)9901 | €3,775 | €3,071 | -€3,391 | -€1,429 | €6,479 | €5,264 | ▼ 18.8% |
| Financial income75/76B | - | - | - | - | €20 | €375 | ▲ 19× |
| Recurring financial income75 | - | - | - | - | €20 | €375 | ▲ 19× |
| Financial charges65/66B | - | - | €29 | €31 | €6,411 | €3,009 | ▼ 53.1% |
| Recurring financial charges65 | €5 | €15 | €29 | €31 | €6,411 | €3,009 | ▼ 53.1% |
| Profit (loss) for the period before taxes9903 | €3,771 | €3,056 | -€3,420 | -€1,459 | €87 | €2,629 | ▲ 30× |
| Income taxes67/77 | €1,141 | - | - | - | - | €746 | - |
| Profit (loss) for the period9904 | €2,629 | €3,056 | -€3,420 | -€1,459 | €87 | €1,883 | ▲ 22× |
| Transfer from tax-exempt reserves789 | - | - | €3,056 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €2,629 | - | -€364 | -€1,459 | €87 | €1,883 | ▲ 22× |
| Line | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €10,035 | €12,783 | €9,057 | €7,250 | €495,041 | €499,238 | ▲ 0.8% |
| Current assets29/58 | €10,035 | €12,783 | €9,057 | €7,250 | €495,041 | €499,238 | ▲ 0.8% |
| Amounts receivable within one year40/41 | €6,150 | €5,881 | €4,725 | €4,991 | €456,972 | €379,065 | ▼ 17.0% |
| Trade receivables40 | - | - | €4,410 | €4,410 | €447,901 | €379,065 | ▼ 15.4% |
| Other amounts receivable41 | - | - | €314 | €580 | €9,071 | - | - |
| Cash at bank and in hand54/58 | €3,885 | €6,903 | €4,332 | €2,260 | €38,070 | €37,073 | ▼ 2.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €83,100 | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €10,035 | €12,783 | €9,057 | €7,250 | €495,041 | €499,238 | ▲ 0.8% |
| Equity10/15 | €8,715 | €11,771 | €8,351 | €6,892 | €31,979 | €83,862 | ▲ 162% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €31,200 | €81,200 | ▲ 160% |
| Capital10 | - | - | €6,200 | €6,200 | - | - | - |
| Issued capital100 | - | - | €18,600 | €18,600 | - | - | - |
| Uncalled capital101 | - | - | €12,400 | €12,400 | - | - | - |
| Contributions outside capital11 | - | - | - | - | €31,200 | €81,200 | ▲ 160% |
| Other1109/19 | - | - | - | - | €31,200 | €81,200 | ▲ 160% |
| Reserves13 | €126 | €3,182 | €126 | €126 | €126 | €126 | = |
| Non-distributable reserves130/1 | - | - | €126 | €126 | - | - | - |
| Legal reserve130 | - | - | €126 | €126 | - | - | - |
| Distributable reserves133 | - | - | - | - | €126 | €126 | = |
| Profit (loss) carried forward14 | €2,389 | €2,389 | €2,026 | €566 | €653 | €2,536 | ▲ 288% |
| Amounts payable17/49 | €1,320 | €1,012 | €706 | €358 | €463,062 | €415,375 | ▼ 10.3% |
| Amounts payable after more than one year17 | - | - | - | - | €8,746 | - | - |
| Financial debts170/4 | - | - | - | - | €8,746 | - | - |
| Amounts payable within one year42/48 | €1,320 | €1,012 | €706 | €358 | €454,317 | €154,651 | ▼ 66.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €50,877 | €13,148 | ▼ 74.2% |
| Trade debts44 | €179 | €527 | €706 | €358 | €46,272 | €53,076 | ▲ 14.7% |
| Suppliers440/4 | - | - | €706 | €358 | €46,272 | €53,076 | ▲ 14.7% |
| Advances received on contracts in progress46 | - | - | - | - | €357,168 | €68,464 | ▼ 80.8% |
| Taxes, remuneration and social security45 | - | - | - | - | - | €19,963 | - |
| Taxes450/3 | - | - | - | - | - | €19,473 | - |
| Remuneration and social security454/9 | - | - | - | - | - | €490 | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €260,724 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,629 | €3,056 | -€3,420 | -€1,459 | €87 | €1,883 | ▲ 22× |
| Operating cash flow (approximation) | €2,629 | €3,056 | -€3,420 | -€1,459 | €87 | €1,883 | ▲ 22× |
| Change in cash | - | €3,017 | -€2,570 | -€2,073 | - | -€997 | - |
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, 4,107 companies had the same profile as EXPLORERS has now. Two years later, 98.0% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
98.0%
was still going
0.9%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EXPLORERS 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 4,107 companies, not a prediction for EXPLORERS. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-08-2025 | micro format | 25-02-2026 | 2026-00043555 | |
| 31-08-2024 | micro format | 20-03-2025 | 2025-00051727 | |
| 30-09-2022 | micro format | 28-04-2023 | 2023-00075614 | |
| 30-09-2021 | micro format | 29-04-2022 | 2022-20020740 | |
| 30-09-2020 | micro format | 30-04-2021 | 2021-12800263 | |
| 30-09-2019 | abbreviated format | 30-04-2020 | 2020-11000601 | |
| 30-09-2018 | abbreviated format | 30-04-2019 | 2019-11700468 | |
| 30-09-2017 | abbreviated format | 30-04-2018 | 2018-11500085 |