FACTORY STUDIO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 09-04-2026 PDF all 21 filings
Turnover
≈ €300,000
Estimated: probably between €180,000 and €550,000
EBIT margin
Not included in this filing
Net result
€42,649▼ 9.3%
2024 · €47,010
Working capital
€75,719▲ 89.5%
2024 · €39,954
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€61,126
▲ 0.6%
2025
20192025
Net result
€42,649
▼ 9.3%
2025
middle half of the sector
20192025
Equity
€87,647
▲ 94.8%
2025
middle half of the sector
20192025
Total assets
€116,680
▲ 41.8%
2025
lowest quarter of the sector
20192025
Debt
€29,032
▼ 22.2%
2025
20192025
Working capital
€75,719
▲ 89.5%
2025
middle half of the sector
20192025
Solvency
75.1%
▲ 20.4pp
2025
highest quarter of the sector
20192025
Current ratio
3.61
▲ 1.54
2025
highest quarter of the sector
20192025
Return on assets (ROA)
36.6%
▼ 20.6pp
2025
highest quarter of the sector
20192025
Staff (FTE)
1
=
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€16,917--€18,692€16,210-€20,943€7,134€60,749▲ 752%€61,126▲ 0.6%
Net result€16,082--€3,151within the sector's middle half€26,470within the sector's middle half-€21,103below the sector's middle half€6,976within the sector's middle half€47,010within the sector's middle half▲ 574%€42,649within the sector's middle half▼ 9.3%
Equity-€11,204--€14,355below the sector's middle half▼ 28.1%€12,115below the sector's middle half-€8,988below the sector's middle half-€2,012below the sector's middle half▲ 77.6%€44,998within the sector's middle half€87,647within the sector's middle half▲ 94.8%
Total assets€97,609-€64,844below the sector's middle half▼ 33.6%€81,150below the sector's middle half▲ 25.1%€59,394below the sector's middle half▼ 26.8%€61,181below the sector's middle half▲ 3.0%€82,308below the sector's middle half▲ 34.5%€116,680below the sector's middle half▲ 41.8%
Debt€108,813-€79,199▼ 27.2%€69,035▼ 12.8%€68,382▼ 0.9%€63,193▼ 7.6%€37,310▼ 41.0%€29,032▼ 22.2%
Working capital-€9,190--€22,209below the sector's middle half▼ 142%€7,539within the sector's middle half-€10,808below the sector's middle half-€7,168within the sector's middle half▲ 33.7%€39,954within the sector's middle half€75,719within the sector's middle half▲ 89.5%
Solvency-11.5%--22.1%below the sector's middle half▼ 10.7pp14.9%below the sector's middle half▲ 37.1pp-15.1%below the sector's middle half▼ 30.1pp-3.3%below the sector's middle half▲ 11.8pp54.7%within the sector's middle half▲ 58.0pp75.1%above the sector's middle half▲ 20.4pp
Current ratio0.91-0.72below the sector's middle half▼ 0.191.11within the sector's middle half▲ 0.390.84below the sector's middle half▼ 0.270.89below the sector's middle half▲ 0.042.07within the sector's middle half▲ 1.183.61above the sector's middle half▲ 1.54
Return on assets (ROA)16.5%--4.9%below the sector's middle half▼ 21.3pp32.6%above the sector's middle half▲ 37.5pp-35.5%below the sector's middle half▼ 68.1pp11.4%within the sector's middle half▲ 46.9pp57.1%above the sector's middle half▲ 45.7pp36.6%above the sector's middle half▼ 20.6pp
Staff (FTE)0.5below the sector's middle half1below the sector's middle half▲ 100%1below the sector's middle half=1below the sector's middle half=1below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). 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 1% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €116,680
Fixed assets
€11,928 ▲ 136%
Current assets
€104,752 ▲ 35.6%
Equity and liabilities €116,680
Equity
€87,647 ▲ 94.8%
Debt
€29,032 ▼ 22.2%
Debt's share of the balance-sheet total falls from 45.3% to 24.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€67,874▲
2024 · €64,662
Cash flow
€49,398▼
2024 · €50,924
Debt to equity
0.33▼
2024 · 0.83
ROE
48.7%▼
2024 · 104.5%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€29,032▼
2024 · €37,310
Income taxes
€18,314▲
2024 · €13,580
Staff costs
€45,852▲
2024 · €43,763
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 |
| Training hours | 3 | 5 | 3 | 2 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €412 | €7,528 | €3,802 | €13,632 |
| Depreciation and write-downs of the year | €3,169 | €4,192 | €3,914 | €6,749 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €36,193 | €42,366 | €43,763 | €45,852 | ▲ 4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,117 | €2,758 | €3,278 | €3,169 | €4,192 | €3,914 | €6,749 | ▲ 72.4% |
| Other operating charges640/8 | - | - | - | €297 | €1,330 | €2,793 | €2,442 | ▼ 12.6% |
| Gross operating margin9900 | €25,434 | -€14,798 | €37,252 | €18,716 | €55,021 | €111,219 | €116,169 | ▲ 4.5% |
| Operating profit (loss)9901 | €16,917 | -€18,692 | €16,210 | -€20,943 | €7,134 | €60,749 | €61,126 | ▲ 0.6% |
| Financial income75/76B | - | - | - | €1 | - | - | - | - |
| Recurring financial income75 | €0 | €7,327 | €280 | €1 | - | - | - | - |
| Financial charges65/66B | - | - | - | €161 | €158 | €159 | €163 | ▲ 2.7% |
| Recurring financial charges65 | €835 | €286 | €270 | €161 | €158 | €159 | €163 | ▲ 2.7% |
| Profit (loss) for the period before taxes9903 | €16,082 | -€3,151 | €26,470 | -€21,103 | €6,976 | €60,590 | €60,963 | ▲ 0.6% |
| Income taxes67/77 | - | - | - | - | - | €13,580 | €18,314 | ▲ 34.9% |
| Profit (loss) for the period9904 | €16,082 | -€3,151 | €26,470 | -€21,103 | €6,976 | €47,010 | €42,649 | ▼ 9.3% |
| Profit (loss) for the period to be appropriated9905 | €16,082 | -€3,151 | €26,470 | -€21,103 | €6,976 | €47,010 | €42,649 | ▼ 9.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €97,609 | €64,844 | €81,150 | €59,394 | €61,181 | €82,308 | €116,680 | ▲ 41.8% |
| Fixed assets21/28 | €2,486 | €7,854 | €4,577 | €1,820 | €5,156 | €5,044 | €11,928 | ▲ 136% |
| Tangible fixed assets22/27 | €2,486 | €7,854 | €4,577 | €1,820 | €5,156 | €5,044 | €11,928 | ▲ 136% |
| Plant, machinery and equipment23 | - | - | - | €1,121 | €2,836 | €2,510 | €10,660 | ▲ 325% |
| Furniture and vehicles24 | - | - | - | €699 | €2,320 | €2,535 | €1,267 | ▼ 50.0% |
| Current assets29/58 | €95,123 | €56,990 | €76,574 | €57,574 | €56,025 | €77,264 | €104,752 | ▲ 35.6% |
| Amounts receivable within one year40/41 | €76,544 | €49,328 | €56,596 | €50,335 | €49,314 | €65,049 | €45,204 | ▼ 30.5% |
| Trade receivables40 | - | - | - | €18,943 | €17,575 | €24,435 | €764 | ▼ 96.9% |
| Other amounts receivable41 | - | - | - | €31,391 | €31,739 | €40,614 | €44,440 | ▲ 9.4% |
| Cash at bank and in hand54/58 | €16,525 | €6,805 | €18,654 | €7,239 | €6,657 | €11,842 | €57,518 | ▲ 386% |
| Deferred charges and accrued income490/1 | - | - | - | - | €54 | €372 | €2,030 | ▲ 445% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €97,609 | €64,844 | €81,150 | €59,394 | €61,181 | €82,308 | €116,680 | ▲ 41.8% |
| Equity10/15 | -€11,204 | -€14,355 | €12,115 | -€8,988 | -€2,012 | €44,998 | €87,647 | ▲ 94.8% |
| Contributions10/11 | €68,550 | - | - | €68,550 | €68,550 | €68,550 | €68,550 | = |
| Reserves13 | €10,226 | €10,226 | €10,226 | €10,226 | €10,226 | €10,226 | €10,226 | = |
| Non-distributable reserves130/1 | - | - | - | €620 | €620 | €620 | €620 | = |
| Reserves not available under the articles1311 | - | - | - | €620 | €620 | €620 | €620 | = |
| Tax-exempt reserves132 | - | - | - | €5,911 | €5,911 | €5,911 | €5,911 | = |
| Distributable reserves133 | - | - | - | €3,695 | €3,695 | €3,695 | €3,695 | = |
| Profit (loss) carried forward14 | -€89,980 | -€93,131 | -€66,661 | -€87,765 | -€80,789 | -€33,779 | €8,871 | - |
| Amounts payable17/49 | €108,813 | €79,199 | €69,035 | €68,382 | €63,193 | €37,310 | €29,032 | ▼ 22.2% |
| Amounts payable within one year42/48 | €104,313 | €79,199 | €69,035 | €68,382 | €63,193 | €37,310 | €29,032 | ▼ 22.2% |
| Trade debts44 | €30,908 | €21,184 | €12,047 | €10,604 | €11,581 | €30,770 | €20,266 | ▼ 34.1% |
| Suppliers440/4 | - | - | - | €10,604 | €11,581 | €30,770 | €20,266 | ▼ 34.1% |
| Taxes, remuneration and social security45 | - | - | - | €4,006 | €4,982 | €6,404 | €8,766 | ▲ 36.9% |
| Taxes450/3 | - | - | - | €147 | €57 | €1,248 | €3,350 | ▲ 168% |
| Remuneration and social security454/9 | - | - | - | €3,859 | €4,925 | €5,156 | €5,416 | ▲ 5.0% |
| Other amounts payable47/48 | - | - | - | €53,772 | €46,631 | €136 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,082 | -€3,151 | €26,470 | -€21,103 | €6,976 | €47,010 | €42,649 | ▼ 9.3% |
| + Depreciation and write-downs630 | €7,117 | €2,758 | €3,278 | €3,169 | €4,192 | €3,914 | €6,749 | ▲ 72.4% |
| Operating cash flow (approximation) | €23,198 | -€393 | €29,747 | -€17,934 | €11,168 | €50,924 | €49,398 | ▼ 3.0% |
| Investment in fixed assets (approximation) | - | -€8,127 | €0 | -€412 | -€7,528 | -€3,802 | -€13,632 | ▼ 259% |
| Change in cash | - | -€9,721 | €11,849 | -€11,414 | -€583 | €5,186 | €45,675 | ▲ 781% |
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, 31,368 companies had the same profile as FACTORY STUDIO has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FACTORY STUDIO itself: < 0.1% 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 31,368 companies, not a prediction for FACTORY STUDIO. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | full format | 09-04-2026 | 2026-00077150 | |
| 30-09-2024 | full format | 29-04-2025 | 2025-00084743 | |
| 30-09-2023 | full format | 27-03-2024 | 2024-00051936 | |
| 30-09-2022 | full format | 24-03-2023 | 2023-00044855 | |
| 30-09-2021 | full format | 31-03-2022 | 2022-09700111 | |
| 30-09-2020 | full format | 30-03-2021 | 2021-09100158 | |
| 30-09-2019 | full format | 29-04-2020 | 2020-10600179 | |
| 30-09-2018 | full format | 27-03-2019 | 2019-08400206 | |
| 30-09-2017 | full format | 26-03-2018 | 2018-07900513 | |
| 30-09-2016 | full format | 31-03-2017 | 2017-08500492 |