EXTENSA
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 28-05-2026 PDF all 27 filings
Turnover
€1,238▼ 31.7%
2024 · €1,813
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
-€798,495
2024 · €1.9m
Working capital
€19.5m▼ 5.5%
2024 · €20.7m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€1,238
▼ 31.7%
2025
20182025
Operating result
-€542,084
2025
20182025
Net result
-€798,495
2025
lowest quarter of the sector
20182025
Equity
€11.3m
▼ 6.6%
2025
highest quarter of the sector
20182025
Total assets
€20.5m
▼ 8.3%
2025
highest quarter of the sector
20182025
Debt
€9.0m
▼ 10.4%
2025
20182025
Working capital
€19.5m
▼ 5.5%
2025
highest quarter of the sector
20182025
Solvency
55.0%
▲ 1.0pp
2025
middle half of the sector
20182025
Current ratio
21.61
▲ 5.00
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-3.9%
▼ 12.6pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.1m-€0.9m▲ 602%€1.1m▲ 19.2%€0.08m▼ 92.7%€0.08m▲ 1.0%€0.004m▼ 94.6%€0.002m▼ 57.8%€0.001m▼ 31.7%
Operating result€0.05m-€0.5m▲ 912%€0.8m▲ 58.2%€0.05m▼ 94.1%-€0.4m-€0.5m▼ 9.2%€2.9m-€0.5m
Net result€0.06m-€0.5m▲ 653%€0.7mabove the sector's middle half▲ 48.1%€0.05mwithin the sector's middle half▼ 93.2%-€0.5mbelow the sector's middle half-€0.7mbelow the sector's middle half▼ 49.7%€1.9mabove the sector's middle half-€0.8mbelow the sector's middle half
Equity€10.0m-€10.5m▲ 4.8%€11.2mabove the sector's middle half▲ 6.8%€11.3mabove the sector's middle half▲ 0.4%€10.8mabove the sector's middle half▼ 4.1%€10.1mabove the sector's middle half▼ 6.4%€12.1mabove the sector's middle half▲ 19.3%€11.3mabove the sector's middle half▼ 6.6%
Total assets€18.5m-€19.4m▲ 4.8%€19.0mabove the sector's middle half▼ 2.0%€19.5mabove the sector's middle half▲ 2.3%€19.8mabove the sector's middle half▲ 1.7%€20.1mabove the sector's middle half▲ 1.5%€22.3mabove the sector's middle half▲ 11.1%€20.5mabove the sector's middle half▼ 8.3%
Debt€8.3m-€8.7m▲ 5.2%€7.6m▼ 12.4%€8.0m▲ 5.1%€8.8m▲ 9.9%€9.8m▲ 11.2%€10.1m▲ 2.8%€9.0m▼ 10.4%
Working capital€9.7m-€10.2m▲ 4.8%€10.9mabove the sector's middle half▲ 6.9%€10.9mabove the sector's middle half▲ 0.4%€10.4mabove the sector's middle half▼ 4.2%€9.8mabove the sector's middle half▼ 6.6%€20.7mabove the sector's middle half▲ 112%€19.5mabove the sector's middle half▼ 5.5%
Solvency54.1%-54.1%=58.9%within the sector's middle half▲ 4.8pp57.9%within the sector's middle half▼ 1.1pp54.6%within the sector's middle half▼ 3.3pp50.3%within the sector's middle half▼ 4.3pp54.0%within the sector's middle half▲ 3.7pp55.0%within the sector's middle half▲ 1.0pp
Current ratio2.17-2.17=2.42within the sector's middle half▲ 0.262.36within the sector's middle half▼ 0.062.18within the sector's middle half▼ 0.182.00within the sector's middle half▼ 0.1916.61above the sector's middle half▲ 14.6121.61above the sector's middle half▲ 5.00
Return on assets (ROA)0.3%-2.5%▲ 2.1pp3.7%within the sector's middle half▲ 1.3pp0.2%within the sector's middle half▼ 3.5pp-2.3%below the sector's middle half▼ 2.6pp-3.4%below the sector's middle half▼ 1.1pp8.7%above the sector's middle half▲ 12.2pp-3.9%below the sector's middle half▼ 12.6pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 €542,084, after a profit of €2.9m in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €20.5m
Fixed assets
€888 ▼ 99.7%
Current assets
€20.5m ▼ 6.8%
Equity and liabilities €20.5m
Equity
€11.3m ▼ 6.6%
Provisions
€173,862 =
Debt
€9.0m ▼ 10.4%
Debt's share of the balance-sheet total falls from 45.2% to 44.2%. Equity and debt are lower.
Key figures and ratios
Quick ratio
5.00▲
2024 · 4.63
Debt to equity
0.80▼
2024 · 0.84
ROE
-7.1%▼
2024 · 16.2%
Debt ≤ 1 year
€947,460▼
2024 · €1.3m
Debt > 1 year
€8.0m▼
2024 · €8.8m
Income taxes
-€219,247▼
2024 · €665,477
Customer credit
1147 days▲
2024 · 5 days
Supplier credit
4097883 days▲
2024 · 398 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Auditor
The auditor is Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €9,450 | €10,000 | €11,050 | €8,000 | €8,300 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €0.08m | €0.09m | €0.1m | €4.2m | €0.004m | ▼ 99.9% |
| Turnover70 | €0.1m | €0.9m | €1.1m | €0.08m | €0.08m | €0.004m | €0.002m | €0.001m | ▼ 31.7% |
| Other operating income74 | - | - | - | - | €0.008m | €0.003m | €3.8m | €0.003m | ▼ 99.9% |
| Non-recurring operating income76A | - | - | - | €0 | - | €0.1m | €0.4m | - | - |
| Operating charges60/66A | - | - | - | €0.03m | €0.5m | €0.6m | €1.3m | €0.5m | ▼ 59.2% |
| Goods for resale, raw materials and consumables60 | - | - | - | €0 | - | - | €0.4m | €26 | ▼ 100.0% |
| Purchases600/8 | - | - | - | €0.1m | - | - | €0.3m | - | - |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.1m | -€0.06m | -€0.06m | €0.2m | - | - |
| Services and other goods61 | - | - | - | €0.03m | €0.5m | €0.6m | €0.9m | €0.5m | ▼ 38.5% |
| Remuneration, social security and pensions62 | - | - | - | €0.002m | €0.001m | - | - | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.003m | €0.001m | €0.01m | €0.02m | €0.008m | ▼ 47.6% |
| Operating profit (loss)9901 | €0.05m | €0.5m | €0.8m | €0.05m | -€0.4m | -€0.5m | €2.9m | -€0.5m | - |
| Financial income75/76B | - | - | - | €0.2m | - | - | €0.3m | - | - |
| Recurring financial income75 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 6.6% |
| Income from financial fixed assets750 | - | - | - | €0 | - | - | - | - | - |
| Income from current assets751 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 6.6% |
| Financial charges65/66B | - | - | - | €0.2m | €0.2m | €0.5m | €0.6m | €0.8m | ▲ 36.9% |
| Recurring financial charges65 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.5m | €0.5m | €0.3m | ▼ 46.9% |
| Debt charges650 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.5m | €0.5m | €0.3m | ▼ 47.3% |
| Other financial charges652/9 | - | - | - | €0.01m | €0.01m | €0.01m | €0.008m | €0.007m | ▼ 19.5% |
| Non-recurring financial charges66B | - | - | - | - | - | €0.005m | €0.01m | €0.5m | ▲ 32× |
| Profit (loss) for the period before taxes9903 | €0.06m | €0.5m | €0.8m | €0.09m | -€0.4m | -€0.7m | €2.6m | -€1.0m | - |
| Income taxes67/77 | - | - | €0.1m | €0.04m | €0.03m | - | €0.7m | -€0.2m | - |
| Taxes670/3 | - | - | - | €0.05m | €0.03m | - | €0.7m | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.009m | - | - | - | €0.2m | - |
| Profit (loss) for the period9904 | €0.06m | €0.5m | €0.7m | €0.05m | -€0.5m | -€0.7m | €1.9m | -€0.8m | - |
| Profit (loss) for the period to be appropriated9905 | €0.06m | €0.5m | €0.7m | €0.05m | -€0.5m | -€0.7m | €1.9m | -€0.8m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €18.5m | €19.4m | €19.0m | €19.5m | €19.8m | €20.1m | €22.3m | €20.5m | ▼ 8.3% |
| Fixed assets21/28 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.3m | €0.001m | ▼ 99.7% |
| Financial fixed assets28 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.3m | €0.001m | ▼ 99.7% |
| Affiliated companies280/1 | - | - | - | €0.5m | €0.5m | €0.5m | €0.3m | €0.001m | ▼ 99.7% |
| Participating interests280 | - | - | - | €0.5m | €0.5m | €0.5m | €0.3m | €0.001m | ▼ 99.7% |
| Current assets29/58 | €18.0m | €18.9m | €18.5m | €18.9m | €19.3m | €19.6m | €22.0m | €20.5m | ▼ 6.8% |
| Stocks and contracts in progress3 | €15.9m | €15.8m | €15.8m | €15.9m | €16.0m | €16.0m | €15.9m | €15.7m | ▼ 0.8% |
| Stocks30/36 | - | - | - | €15.9m | €16.0m | €16.0m | €15.9m | €15.7m | ▼ 0.8% |
| Property held for sale35 | - | - | - | €15.9m | €16.0m | €16.0m | €15.9m | €15.7m | ▼ 0.8% |
| Amounts receivable within one year40/41 | €2.1m | €3.1m | €2.7m | €3.0m | €3.3m | €3.5m | €6.1m | €4.7m | ▼ 22.5% |
| Trade receivables40 | - | - | - | €0.07m | - | €123 | €24 | €0.004m | ▲ 162× |
| Other amounts receivable41 | - | - | - | €3.0m | €3.3m | €3.5m | €6.1m | €4.7m | ▼ 22.6% |
| Cash at bank and in hand54/58 | - | - | €0.001m | €0 | €0.009m | €0.009m | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €207 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €18.5m | €19.4m | €19.0m | €19.5m | €19.8m | €20.1m | €22.3m | €20.5m | ▼ 8.3% |
| Equity10/15 | €10.0m | €10.5m | €11.2m | €11.3m | €10.8m | €10.1m | €12.1m | €11.3m | ▼ 6.6% |
| Contributions10/11 | €2.2m | €2.2m | €2.2m | €2.2m | €2.2m | €2.2m | €2.2m | €2.2m | = |
| Capital10 | - | - | - | €2.2m | €2.2m | €2.2m | €2.2m | €2.2m | = |
| Issued capital100 | - | - | - | €2.2m | €2.2m | €2.2m | €2.2m | €2.2m | = |
| Reserves13 | €8.2m | €8.2m | €8.2m | €8.2m | €8.2m | €8.2m | €8.2m | €8.2m | = |
| Non-distributable reserves130/1 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Legal reserve130 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Tax-exempt reserves132 | - | - | - | €7.9m | €7.9m | €7.9m | €7.9m | €7.9m | = |
| Distributable reserves133 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | -€0.4m | €0.1m | €0.8m | €0.9m | €0.4m | -€0.3m | €1.7m | €0.9m | ▼ 48.0% |
| Provisions and deferred taxes16 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Provisions for liabilities and charges160/5 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Other liabilities and charges164/5 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Amounts payable17/49 | €8.3m | €8.7m | €7.6m | €8.0m | €8.8m | €9.8m | €10.1m | €9.0m | ▼ 10.4% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €8.8m | €8.0m | ▼ 8.4% |
| Other amounts payable178/9 | - | - | - | - | - | - | €8.8m | €8.0m | ▼ 8.4% |
| Amounts payable within one year42/48 | €8.3m | €8.7m | €7.6m | €8.0m | €8.8m | €9.8m | €1.3m | €0.9m | ▼ 28.4% |
| Trade debts44 | €0.08m | €0.04m | €0.03m | €0.08m | €0.5m | €0.4m | €0.5m | €0.3m | ▼ 40.4% |
| Suppliers440/4 | - | - | - | €0.08m | €0.5m | €0.4m | €0.5m | €0.3m | ▼ 40.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.03m | €0.03m | €0.2m | - | - |
| Taxes450/3 | - | - | - | €0.03m | €0.03m | €0.03m | €0.2m | - | - |
| Other amounts payable47/48 | - | - | - | €7.9m | €8.3m | €9.3m | €0.6m | €0.7m | ▲ 3.2% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | - | - | - | €0.07m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.06m | €0.5m | €0.7m | €0.05m | -€0.5m | -€0.7m | €1.9m | -€0.8m | - |
| Operating cash flow (approximation) | €0.06m | €0.5m | €0.7m | €0.05m | -€0.5m | -€0.7m | €1.9m | -€0.8m | - |
| Investment in fixed assets (approximation) | - | €0 | €163 | €0 | -€0 | €0.005m | €0.2m | €0.3m | ▲ 95.3% |
| Change in cash | - | - | - | -€0.001m | €0.009m | €0.001m | - | - | - |
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, 830 companies had the same profile as EXTENSA has now. Two years later, 96.5% were still going and 0.6% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a small loss
96.5%
was still going
2.9%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of EXTENSA 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 830 companies, not a prediction for EXTENSA. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 28-05-2026 | 2026-00129839 | |
| 31-12-2024 | full format | 20-05-2025 | 2025-00102781 | |
| 31-12-2023 | full format | 16-05-2024 | 2024-00090794 | |
| 31-12-2022 | full format | 22-05-2023 | 2023-00096115 | |
| 31-12-2021 | full format | 17-06-2022 | 2022-20078018 | |
| 31-12-2020 | full format | 20-08-2021 | 2021-52300369 | |
| 31-12-2019 | full format | 08-06-2020 | 2020-15600510 | |
| 31-12-2018 | full format | 06-05-2019 | 2019-12500250 | |
| 31-12-2017 | full format | 17-07-2018 | 2018-34500590 | |
| 31-12-2016 | full format | 12-06-2017 | 2017-16800460 |