F-1
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 6 filings
Turnover
€73,353▲ 84.9%
2024 · €39,674
EBIT margin
38.7%▼ 37.1pp
2024 · 75.8%
Net result
€22,588▼ 21.4%
2024 · €28,752
Working capital
€18,052
2024 · -€5,857
Multi-year overview
2020 to 2025, 6 financial yearsTurnover
€73,353
▲ 84.9%
2025
20202025
Operating result
€28,387
▼ 5.6%
2025
20202025
Net result
€22,588
▼ 21.4%
2025
highest quarter of the sector
20202025
EBIT margin
38.7%
▼ 37.1pp
2025
20202025
Equity
€29,230
▲ 340%
2025
middle half of the sector
20202025
Total assets
€54,561
▲ 21.4%
2025
middle half of the sector
20202025
Debt
€25,331
▼ 33.9%
2025
20202025
Working capital
€18,052
2025
middle half of the sector
20202025
Solvency
53.6%
▲ 38.8pp
2025
middle half of the sector
20202025
Current ratio
1.71
▲ 0.87
2025
middle half of the sector
20202025
Return on assets (ROA)
41.4%
▼ 22.6pp
2025
highest quarter of the sector
20202025
Staff (FTE)
no figure
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Turnover€47,522€45,042▼ 5.2%€39,674▼ 11.9%€73,353▲ 84.9%
Operating result-€11,298--€41,885▼ 271%€29,369€462▼ 98.4%€30,075▲ 65×€28,387▼ 5.6%
Net result-€11,299below the sector's middle half--€42,038below the sector's middle half▼ 272%€29,016above the sector's middle half€211within the sector's middle half▼ 99.3%€28,752above the sector's middle half▲ 136×€22,588above the sector's middle half▼ 21.4%
EBIT margin61.8%1.0%▼ 60.8pp75.8%▲ 74.8pp38.7%▼ 37.1pp
Equity-€9,299below the sector's middle half--€51,337below the sector's middle half▼ 452%-€22,321below the sector's middle half▲ 56.5%-€22,110below the sector's middle half▲ 0.9%€6,642below the sector's middle half€29,230within the sector's middle half▲ 340%
Total assets€38,638within the sector's middle half-€38,689below the sector's middle half▲ 0.1%€53,551within the sector's middle half▲ 38.4%€57,447within the sector's middle half▲ 7.3%€44,948within the sector's middle half▼ 21.8%€54,561within the sector's middle half▲ 21.4%
Debt€47,937-€90,026▲ 87.8%€75,872▼ 15.7%€79,557▲ 4.9%€38,306▼ 51.9%€25,331▼ 33.9%
Working capital-€29,184below the sector's middle half--€75,238below the sector's middle half▼ 158%-€38,800below the sector's middle half▲ 48.4%-€41,315below the sector's middle half▼ 6.5%-€5,857within the sector's middle half▲ 85.8%€18,052within the sector's middle half
Solvency-24.1%below the sector's middle half--132.7%below the sector's middle half▼ 108.6pp-41.7%below the sector's middle half▲ 91.0pp-38.5%below the sector's middle half▲ 3.2pp14.8%within the sector's middle half▲ 53.3pp53.6%within the sector's middle half▲ 38.8pp
Current ratio0.39below the sector's middle half-0.16below the sector's middle half▼ 0.230.49below the sector's middle half▲ 0.320.48below the sector's middle half▼ 0.010.85within the sector's middle half▲ 0.371.71within the sector's middle half▲ 0.87
Return on assets (ROA)-29.2%below the sector's middle half--108.7%below the sector's middle half▼ 79.4pp54.2%above the sector's middle half▲ 162.8pp0.4%within the sector's middle half▼ 53.8pp64.0%above the sector's middle half▲ 63.6pp41.4%above the sector's middle half▼ 22.6pp
Staff (FTE)1
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 6% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €54,561
Fixed assets
€11,178 ▼ 10.6%
Current assets
€43,383 ▲ 33.7%
Equity and liabilities €54,561
Equity
€29,230 ▲ 340%
Debt
€25,331 ▼ 33.9%
Debt's share of the balance-sheet total falls from 85.2% to 46.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€30,889▲
2024 · €30,407
Cash flow
€25,090▼
2024 · €29,084
Debt to equity
0.87▼
2024 · 5.77
ROE
77.3%▼
2024 · 432.9%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€25,331▼
2024 · €38,306
Income taxes
€5,647▲
2024 · €1,161
Customer credit
65 days▲
2024 · 46 days
Supplier credit
75 days▼
2024 · 81 days
Staff costs
€5,000▼
2024 · €5,705
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 |
|---|---|
| Employees at the balance-sheet date | 1 |
| full-time | 1 |
| in full-time equivalents | 1 |
| Average over the year, in full-time equivalents | 1 |
Source: social balance sheet in the 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €28,369 | €16,045 | €18,771 | €12,065 | €10,744 |
| Financial fixed assets | €264 | €434 | €434 | €434 | €434 |
| Depreciation and write-downs of the year | €24,356 | €20,825 | €8,712 | €332 | €2,502 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | €47,522 | €45,042 | €39,674 | €73,353 | ▲ 84.9% |
| Non-recurring operating income76A | - | - | - | - | €9,335 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | €22,253 | €26,544 | €25,854 | €47,447 | ▲ 83.5% |
| Remuneration, social security and pensions62 | - | €3,512 | €26,402 | €29,349 | €5,705 | €5,000 | ▼ 12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,784 | €24,356 | €20,825 | €8,712 | €332 | €2,502 | ▲ 654% |
| Other operating charges640/8 | - | - | €2,021 | €3,056 | €347 | €5,675 | ▲ 16× |
| Non-recurring operating charges66A | €2,294 | €1,761 | - | €7,173 | €16,106 | - | - |
| Gross operating margin9900 | €4,779 | -€12,256 | €78,617 | €48,752 | €52,565 | €41,564 | ▼ 20.9% |
| Operating profit (loss)9901 | -€11,298 | -€41,885 | €29,369 | €462 | €30,075 | €28,387 | ▼ 5.6% |
| Financial income75/76B | €0 | - | - | - | - | - | - |
| Recurring financial income75 | €0 | - | - | - | - | - | - |
| Financial charges65/66B | €0 | €153 | €353 | €251 | €162 | €152 | ▼ 6.2% |
| Recurring financial charges65 | €0 | €153 | €353 | €251 | €162 | €152 | ▼ 6.2% |
| Profit (loss) for the period before taxes9903 | -€11,299 | -€42,038 | €29,016 | €211 | €29,913 | €28,235 | ▼ 5.6% |
| Income taxes67/77 | - | - | - | - | €1,161 | €5,647 | ▲ 386% |
| Profit (loss) for the period9904 | -€11,299 | -€42,038 | €29,016 | €211 | €28,752 | €22,588 | ▼ 21.4% |
| Profit (loss) for the period to be appropriated9905 | -€11,299 | -€42,038 | €29,016 | €211 | €28,752 | €22,588 | ▼ 21.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €38,638 | €38,689 | €53,551 | €57,447 | €44,948 | €54,561 | ▲ 21.4% |
| Formation expenses20 | €783 | €522 | - | - | - | - | - |
| Fixed assets21/28 | €19,102 | €23,379 | €16,479 | €19,205 | €12,499 | €11,178 | ▼ 10.6% |
| Tangible fixed assets22/27 | €18,932 | €22,945 | €16,045 | €18,771 | €12,065 | €10,744 | ▼ 10.9% |
| Plant, machinery and equipment23 | €18,932 | €22,945 | - | - | - | - | - |
| Furniture and vehicles24 | - | - | €16,045 | €18,771 | €12,065 | €10,744 | ▼ 10.9% |
| Financial fixed assets28 | €170 | €434 | €434 | €434 | €434 | €434 | = |
| Current assets29/58 | €18,753 | €14,788 | €37,072 | €38,242 | €32,449 | €43,383 | ▲ 33.7% |
| Amounts receivable within one year40/41 | €2,048 | €396 | €21,081 | €2,522 | €9,538 | €19,325 | ▲ 103% |
| Trade receivables40 | €1,897 | €0 | €18,364 | €1,027 | €5,007 | €13,153 | ▲ 163% |
| Other amounts receivable41 | €151 | €396 | €2,717 | €1,495 | €4,531 | €6,172 | ▲ 36.2% |
| Cash at bank and in hand54/58 | €16,704 | €14,392 | €15,991 | €35,720 | €22,911 | €24,058 | ▲ 5.0% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €38,638 | €38,689 | €53,551 | €57,447 | €44,948 | €54,561 | ▲ 21.4% |
| Equity10/15 | -€9,299 | -€51,337 | -€22,321 | -€22,110 | €6,642 | €29,230 | ▲ 340% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Profit (loss) carried forward14 | -€11,299 | -€53,337 | -€24,321 | -€24,110 | €4,642 | €27,230 | ▲ 487% |
| Amounts payable17/49 | €47,937 | €90,026 | €75,872 | €79,557 | €38,306 | €25,331 | ▼ 33.9% |
| Amounts payable within one year42/48 | €47,937 | €90,026 | €75,872 | €79,557 | €38,306 | €25,331 | ▼ 33.9% |
| Trade debts44 | - | €0 | €6,270 | €8,898 | €5,752 | €9,709 | ▲ 68.8% |
| Suppliers440/4 | - | €0 | €6,270 | €8,898 | €5,752 | €9,709 | ▲ 68.8% |
| Taxes, remuneration and social security45 | €1,658 | €2,850 | €4,376 | €6,003 | €9,263 | €8,562 | ▼ 7.6% |
| Taxes450/3 | - | - | €1,248 | €822 | €1,355 | €6,619 | ▲ 388% |
| Remuneration and social security454/9 | €1,658 | €2,850 | €3,128 | €5,181 | €7,908 | €1,943 | ▼ 75.4% |
| Other amounts payable47/48 | €46,279 | €87,176 | €65,226 | €64,656 | €23,291 | €7,060 | ▼ 69.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€11,299 | -€42,038 | €29,016 | €211 | €28,752 | €22,588 | ▼ 21.4% |
| + Depreciation and write-downs630 | €13,784 | €24,356 | €20,825 | €8,712 | €332 | €2,502 | ▲ 654% |
| Operating cash flow (approximation) | €2,485 | -€17,682 | €49,841 | €8,923 | €29,084 | €25,090 | ▼ 13.7% |
| Investment in fixed assets (approximation) | - | -€28,633 | -€13,925 | -€11,438 | €6,374 | -€1,181 | - |
| Change in cash | - | -€2,312 | €1,599 | €19,729 | -€12,809 | €1,147 | - |
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 F-1 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 F-1 itself: 1.5% 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 F-1. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-07-2026 | 2026-00329442 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00486451 | |
| 31-12-2023 | micro format | 31-08-2024 | 2024-00447400 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00423001 | |
| 31-12-2021 | micro format | 03-01-2023 | 2023-20551462 | |
| 31-12-2020 | micro format | 02-01-2023 | 2023-20550892 |