Extern
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 8 filings
Turnover
≈ €180,000
Estimated: probably between €110,000 and €330,000
Total assets
€232,888▲ 19.2%
2024 · €195,320
Net result
€22,509▼ 58.9%
2024 · €54,711
Working capital
€156,484▲ 329%
2024 · €36,440
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€37,450
▼ 52.2%
2025
20182025
Net result
€22,509
▼ 58.9%
2025
middle half of the sector
20182025
Equity
€171,969
▲ 14.4%
2025
highest quarter of the sector
20182025
Total assets
€232,888
▲ 19.2%
2025
middle half of the sector
20182025
Debt
€60,919
▲ 35.5%
2025
20182025
Working capital
€156,484
▲ 329%
2025
highest quarter of the sector
20182025
Solvency
73.8%
▼ 3.1pp
2025
middle half of the sector
20182025
Current ratio
3.57
▲ 1.76
2025
middle half of the sector
20182025
Return on assets (ROA)
9.7%
▼ 18.3pp
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-€3,452--€28,666▼ 731%€31,482€30,530▼ 3.0%€38,935▲ 27.5%€49,749▲ 27.8%€78,329▲ 57.5%€37,450▼ 52.2%
Net result-€3,464--€28,718▼ 729%€28,618within the sector's middle half€22,180within the sector's middle half▼ 22.5%€25,739within the sector's middle half▲ 16.0%€35,914within the sector's middle half▲ 39.5%€54,711above the sector's middle half▲ 52.3%€22,509within the sector's middle half▼ 58.9%
Equity€16,536--€16,807€11,812below the sector's middle half€33,992within the sector's middle half▲ 188%€59,732within the sector's middle half▲ 75.7%€95,645within the sector's middle half▲ 60.1%€150,356above the sector's middle half▲ 57.2%€171,969above the sector's middle half▲ 14.4%
Total assets€201,137-€13,699▼ 93.2%€47,075below the sector's middle half▲ 244%€80,051within the sector's middle half▲ 70.1%€149,019within the sector's middle half▲ 86.2%€203,295within the sector's middle half▲ 36.4%€195,320within the sector's middle half▼ 3.9%€232,888within the sector's middle half▲ 19.2%
Debt€184,600-€30,505▼ 83.5%€35,263▲ 15.6%€46,059▲ 30.6%€89,287▲ 93.9%€107,649▲ 20.6%€44,964▼ 58.2%€60,919▲ 35.5%
Working capital€8,929--€22,430-€6,689below the sector's middle half▲ 70.2%€21,514within the sector's middle half€53,041within the sector's middle half▲ 147%€79,281within the sector's middle half▲ 49.5%€36,440within the sector's middle half▼ 54.0%€156,484above the sector's middle half▲ 329%
Solvency8.2%--122.7%▼ 130.9pp25.1%within the sector's middle half▲ 147.8pp42.5%within the sector's middle half▲ 17.4pp40.1%within the sector's middle half▼ 2.4pp47.0%within the sector's middle half▲ 7.0pp77.0%above the sector's middle half▲ 29.9pp73.8%within the sector's middle half▼ 3.1pp
Current ratio1.05-0.26▼ 0.780.81below the sector's middle half▲ 0.551.47within the sector's middle half▲ 0.661.59within the sector's middle half▲ 0.131.74within the sector's middle half▲ 0.141.81within the sector's middle half▲ 0.073.57within the sector's middle half▲ 1.76
Return on assets (ROA)-1.7%--209.6%▼ 207.9pp60.8%above the sector's middle half▲ 270.4pp27.7%within the sector's middle half▼ 33.1pp17.3%within the sector's middle half▼ 10.4pp17.7%within the sector's middle half▲ 0.4pp28.0%within the sector's middle half▲ 10.3pp9.7%within the sector's middle half▼ 18.3pp
above
within
below
The sector band is the middle half of the companies in Employment activities (NACE 78). 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 52% 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 €232,888
Fixed assets
€15,485 ▼ 86.4%
Current assets
€217,403 ▲ 167%
Equity and liabilities €232,888
Equity
€171,969 ▲ 14.4%
Debt
€60,919 ▲ 35.5%
Debt's share of the balance-sheet total rises from 23.0% to 26.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€44,736▼
2024 · €81,722
Cash flow
€29,796▼
2024 · €58,103
Debt to equity
0.35▲
2024 · 0.30
ROE
13.1%▼
2024 · 36.4%
Interest coverage
10.72▼
2024 · over 100
Debt ≤ 1 year
€60,919▲
2024 · €44,964
Income taxes
€10,813▼
2024 · €23,541
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 | - | - | €16,113 | €49,076 | €4,264 |
| Financial fixed assets | - | - | - | €94,047 | €0 |
| Depreciation and write-downs of the year | €6,023 | €5,788 | €6,438 | €3,392 | €7,286 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €492 | €744 | €2,364 | €6,023 | €5,788 | €6,438 | €3,392 | €7,286 | ▲ 115% |
| Other operating charges640/8 | - | - | - | €1,180 | €1,042 | €790 | €2,248 | €830 | ▼ 63.1% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €2,179 | €0 | ▼ 100% |
| Gross operating margin9900 | -€2,203 | -€22,665 | €35,519 | €37,733 | €45,765 | €56,977 | €86,149 | €45,566 | ▼ 47.1% |
| Operating profit (loss)9901 | -€3,452 | -€28,666 | €31,482 | €30,530 | €38,935 | €49,749 | €78,329 | €37,450 | ▼ 52.2% |
| Financial income75/76B | - | - | - | €1,069 | €3,895 | €4,734 | €6 | €45 | ▲ 610% |
| Recurring financial income75 | - | €0 | €730 | €1,069 | €3,895 | €4,734 | €6 | €45 | ▲ 610% |
| Financial charges65/66B | - | - | - | €307 | €1,620 | €764 | €84 | €4,173 | ▲ 50× |
| Recurring financial charges65 | €12 | €52 | €1,548 | €307 | €1,620 | €764 | €84 | €4,173 | ▲ 50× |
| Profit (loss) for the period before taxes9903 | -€3,464 | -€28,718 | €30,664 | €31,292 | €41,211 | €53,718 | €78,252 | €33,322 | ▼ 57.4% |
| Income taxes67/77 | - | - | €2,046 | €9,111 | €15,471 | €17,804 | €23,541 | €10,813 | ▼ 54.1% |
| Profit (loss) for the period9904 | -€3,464 | -€28,718 | €28,618 | €22,180 | €25,739 | €35,914 | €54,711 | €22,509 | ▼ 58.9% |
| Profit (loss) for the period to be appropriated9905 | -€3,464 | -€28,718 | €28,618 | €22,180 | €25,739 | €35,914 | €54,711 | €22,509 | ▼ 58.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €201,137 | €13,699 | €47,075 | €80,051 | €149,019 | €203,295 | €195,320 | €232,888 | ▲ 19.2% |
| Fixed assets21/28 | €7,607 | €5,624 | €18,501 | €12,478 | €6,690 | €16,365 | €113,916 | €15,485 | ▼ 86.4% |
| Tangible fixed assets22/27 | €7,607 | €5,174 | €18,051 | €12,028 | €6,240 | €15,915 | €19,419 | €15,035 | ▼ 22.6% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €991 | €2,508 | ▲ 153% |
| Furniture and vehicles24 | - | - | - | €12,028 | €6,240 | €15,915 | €18,428 | €12,526 | ▼ 32.0% |
| Financial fixed assets28 | - | €450 | €450 | €450 | €450 | €450 | €94,497 | €450 | ▼ 99.5% |
| Current assets29/58 | €193,529 | €8,075 | €28,574 | €67,573 | €142,328 | €186,930 | €81,404 | €217,403 | ▲ 167% |
| Amounts receivable within one year40/41 | €185,741 | €4,061 | €25,571 | €63,788 | €130,656 | €176,542 | €63,560 | €197,337 | ▲ 210% |
| Trade receivables40 | - | - | - | €19,566 | €48,820 | €78,820 | €63,359 | €43,886 | ▼ 30.7% |
| Other amounts receivable41 | - | - | - | €44,222 | €81,836 | €97,721 | €201 | €153,451 | ▲ 762× |
| Cash at bank and in hand54/58 | €7,788 | €4,014 | €3,003 | €3,785 | €11,672 | €10,389 | €17,844 | €19,980 | ▲ 12.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €87 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €201,137 | €13,699 | €47,075 | €80,051 | €149,019 | €203,295 | €195,320 | €232,888 | ▲ 19.2% |
| Equity10/15 | €16,536 | -€16,807 | €11,812 | €33,992 | €59,732 | €95,645 | €150,356 | €171,969 | ▲ 14.4% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Profit (loss) carried forward14 | -€3,464 | -€36,807 | -€8,188 | €13,992 | €39,732 | €75,645 | €130,356 | €151,969 | ▲ 16.6% |
| Amounts payable17/49 | €184,600 | €30,505 | €35,263 | €46,059 | €89,287 | €107,649 | €44,964 | €60,919 | ▲ 35.5% |
| Amounts payable within one year42/48 | €184,600 | €30,505 | €35,263 | €46,059 | €89,287 | €107,649 | €44,964 | €60,919 | ▲ 35.5% |
| Financial debts43 | - | - | - | €5 | €5 | - | €1,916 | €3,098 | ▲ 61.7% |
| Credit institutions430/8 | - | - | - | €5 | €5 | - | €1,916 | €3,098 | ▲ 61.7% |
| Trade debts44 | €184,600 | €21,093 | €26,776 | €24,024 | €37,385 | €38,241 | €8,918 | €7,442 | ▼ 16.6% |
| Suppliers440/4 | - | - | - | €24,024 | €37,385 | €38,241 | €8,918 | €7,442 | ▼ 16.6% |
| Advances received on contracts in progress46 | - | - | - | €4,404 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €16,826 | €29,959 | €38,965 | €31,735 | €50,379 | ▲ 58.7% |
| Taxes450/3 | - | - | - | €16,826 | €29,959 | €38,965 | €31,735 | €50,379 | ▲ 58.7% |
| Other amounts payable47/48 | - | - | - | €799 | €21,939 | €30,443 | €2,395 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,464 | -€28,718 | €28,618 | €22,180 | €25,739 | €35,914 | €54,711 | €22,509 | ▼ 58.9% |
| + Depreciation and write-downs630 | €492 | €744 | €2,364 | €6,023 | €5,788 | €6,438 | €3,392 | €7,286 | ▲ 115% |
| Operating cash flow (approximation) | -€2,972 | -€27,973 | €30,983 | €28,203 | €31,527 | €42,352 | €58,103 | €29,796 | ▼ 48.7% |
| Investment in fixed assets (approximation) | - | €1,239 | -€15,242 | €0 | €0 | -€16,113 | -€100,944 | €91,145 | - |
| Change in cash | - | -€3,774 | -€1,011 | €782 | €7,888 | -€1,284 | €7,455 | €2,136 | ▼ 71.4% |
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, 26,972 companies had the same profile as Extern has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Extern itself: 0.7% 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 26,972 companies, not a prediction for Extern. 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 |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-07-2026 | 2026-00345802 | |
| 31-12-2024 | micro format | 29-09-2025 | 2025-00526576 | |
| 31-12-2023 | micro format | 31-08-2024 | 2024-00446602 | |
| 31-12-2022 | micro format | 31-08-2024 | 2024-00446603 | |
| 31-12-2021 | micro format | 23-08-2022 | 2022-20339947 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-29300295 | |
| 31-12-2019 | micro format | 25-09-2020 | 2020-57400054 | |
| 31-12-2018 | micro format | 15-09-2019 | 2019-64700286 |