FAILSAFE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 38 filings
Turnover
≈ €2.2m
Estimated: probably between €1.9m and €2.7m
Total assets
€3.9m▲ 14.0%
2024 · €3.4m
Net result
€205,039▼ 2.0%
2024 · €209,144
Working capital
€901,126▼ 23.1%
2024 · €1.2m
Multi-year overview
2019 to 2025, 8 financial yearsOperating result
€334,083
▲ 15.8%
2025
20192025
Net result
€205,039
▼ 2.0%
2025
highest quarter of the sector
20192025
Equity
€1.1m
▲ 21.7%
2025
highest quarter of the sector
20192025
Total assets
€3.9m
▲ 14.0%
2025
highest quarter of the sector
20192025
Debt
€2.7m
▲ 11.0%
2025
20192025
Working capital
€901,126
▼ 23.1%
2025
highest quarter of the sector
20192025
Solvency
29.7%
▲ 1.9pp
2025
middle half of the sector
20192025
Current ratio
1.66
▼ 0.97
2025
middle half of the sector
20192025
Return on assets (ROA)
5.3%
▼ 0.9pp
2025
middle half of the sector
20192025
Staff (FTE)
7.8
▲ 47.2%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420242025
Operating result€0.2m-€0.3m▲ 12.3%€0.2m▼ 16.5%€0.3m▲ 37.5%€0.3m▼ 2.9%€0.4m▲ 40.8%€0.3m-€0.3m▲ 15.8%
Net result€0.2m-€0.2m▲ 13.5%€0.2mabove the sector's middle half▼ 15.2%€0.3mabove the sector's middle half▲ 37.4%€0.3mabove the sector's middle half▼ 1.4%€0.3mabove the sector's middle half▲ 30.1%€0.2mabove the sector's middle half-€0.2mabove the sector's middle half▼ 2.0%
Equity€0.4m-€0.4m▲ 10.3%€0.4mwithin the sector's middle half▲ 8.8%€0.5mwithin the sector's middle half▲ 10.3%€0.5mwithin the sector's middle half▲ 0.4%€0.7mwithin the sector's middle half▲ 48.8%€0.9mabove the sector's middle half-€1.1mabove the sector's middle half▲ 21.7%
Total assets€1.2m-€1.4m▲ 13.2%€1.3mwithin the sector's middle half▼ 5.6%€1.4mwithin the sector's middle half▲ 11.1%€1.4mwithin the sector's middle half▼ 1.0%€1.6mwithin the sector's middle half▲ 10.8%€3.4mabove the sector's middle half-€3.9mabove the sector's middle half▲ 14.0%
Debt€0.8m-€0.9m▲ 14.5%€0.8m▼ 11.8%€0.9m▲ 11.5%€0.9m▼ 1.8%€0.8m▼ 9.8%€2.5m-€2.7m▲ 11.0%
Working capital€0.7m-€0.7m▲ 2.9%€0.7mabove the sector's middle half▲ 2.4%€0.7mabove the sector's middle half=€0.7mabove the sector's middle half▼ 3.8%€0.9mabove the sector's middle half▲ 33.4%€1.2mabove the sector's middle half-€0.9mabove the sector's middle half▼ 23.1%
Solvency31.1%-30.3%▼ 0.8pp34.9%within the sector's middle half▲ 4.6pp34.7%within the sector's middle half▼ 0.2pp35.2%within the sector's middle half▲ 0.5pp47.2%within the sector's middle half▲ 12.0pp27.8%within the sector's middle half-29.7%within the sector's middle half▲ 1.9pp
Current ratio2.41-2.22▼ 0.202.42within the sector's middle half▲ 0.212.11within the sector's middle half▼ 0.312.03within the sector's middle half▼ 0.082.48within the sector's middle half▲ 0.462.62within the sector's middle half-1.66within the sector's middle half▼ 0.97
Return on assets (ROA)16.8%-16.9%=15.1%above the sector's middle half▼ 1.7pp18.7%above the sector's middle half▲ 3.6pp18.7%above the sector's middle half▼ 0.1pp21.9%above the sector's middle half▲ 3.2pp6.2%within the sector's middle half-5.3%within the sector's middle half▼ 0.9pp
Staff (FTE)3.6-5.3▲ 47.2%5.3within the sector's middle half=5.2within the sector's middle half▼ 1.9%6within the sector's middle half▲ 15.4%5.3within the sector's middle half▼ 11.7%5.3within the sector's middle half-7.8within the sector's middle half▲ 47.2%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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.
Several financial years end in the same calendar year, so there is no annual trend.
Turnover and EBIT margin are not published. The abbreviated 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 €3.9m
Fixed assets
€1.6m ▲ 6.2%
Current assets
€2.3m ▲ 20.2%
Equity and liabilities €3.9m
Equity
€1.1m ▲ 21.7%
Debt
€2.7m ▲ 11.0%
Debt's share of the balance-sheet total falls from 72.2% to 70.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€370,229▲
2024 · €300,673
Cash flow
€241,185▲
2024 · €221,410
Quick ratio
1.40▼
2024 · 2.48
Debt to equity
2.37▼
2024 · 2.59
ROE
17.8%▼
2024 · 22.1%
Interest coverage
5.35▼
2024 · 32.85
Debt ≤ 1 year
€1.4m▲
2024 · €721,559
Debt > 1 year
€1.3m▼
2024 · €1.7m
Income taxes
€74,278▲
2024 · €72,325
Staff costs
€606,188▲
2024 · €181,708
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 6 | 5 | 5 | 5 | 9 |
| full-time | 6 | 5 | 5 | 5 | 8 |
| part-time | - | - | - | - | 1 |
| in full-time equivalents | 6 | 5 | 5 | 5 | 8.8 |
| Average over the year, in full-time equivalents | 5.2 | 6 | 5.3 | 5.3 | 7.8 |
| On a permanent contract | 6 | 5 | 5 | 5 | 9 |
| Joined | 4 | 3 | 14 | 14 | 5 |
| Left | 3 | 4 | 14 | 14 | 5 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 2024 | 2025 |
|---|---|---|---|---|---|
| Pledge on the business | - | - | - | - | €3.9m |
| Pledge on other assets, amount secured | - | - | - | - | €1.5m |
| Carrying value of the other pledged assets | - | - | - | - | €1.4m |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €35,718 | €20,960 | €10,219 | €24,215 | €129,458 |
| Intangible fixed assets | - | - | - | €1,741 | - |
| Financial fixed assets | - | - | - | €1.4m | €25 |
| Depreciation and write-downs of the year | €31,560 | €34,206 | €29,895 | €12,266 | €36,146 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 5 entries · €3,029 awarded · €3,014 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €940 | €940 |
| 2024 | 1 | €489 | €474 |
| 2023 | 1 | €380 | €380 |
| 2022 | 2 | €1,220 | €1,220 |
Public contracts
1 award · 2026
Uitbreiding, onderhoud en ondersteuning van het toegangscontrolesysteem
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €290,101 | €379,027 | €408,844 | €181,708 | €606,188 | ▲ 234% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,998 | €31,431 | €32,697 | €31,560 | €34,206 | €29,895 | €12,266 | €36,146 | ▲ 195% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €1,714 | -€18,829 | - | - | - |
| Other operating charges640/8 | - | - | - | €6,735 | €5,831 | €31,100 | €4,379 | €12,758 | ▲ 191% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €4,254 | - |
| Gross operating margin9900 | €464,633 | €607,052 | €584,404 | €640,260 | €723,490 | €877,162 | €486,761 | €993,429 | ▲ 104% |
| Operating profit (loss)9901 | €241,713 | €271,484 | €226,810 | €311,864 | €302,713 | €426,152 | €288,407 | €334,083 | ▲ 15.8% |
| Financial income75/76B | - | - | - | €6,285 | €10,757 | €5,391 | €2,245 | €14,383 | ▲ 541% |
| Recurring financial income75 | €6,528 | €11,634 | €5,856 | €6,285 | €7,816 | €5,391 | €2,245 | €14,383 | ▲ 541% |
| Non-recurring financial income76B | - | - | - | - | €2,940 | - | - | - | - |
| Financial charges65/66B | - | - | - | €6,971 | €7,021 | €7,369 | €9,184 | €69,149 | ▲ 653% |
| Recurring financial charges65 | €7,572 | €8,613 | €8,137 | €6,971 | €7,021 | €7,369 | €9,152 | €69,149 | ▲ 656% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €32 | - | - |
| Profit (loss) for the period before taxes9903 | €240,669 | €274,505 | €224,529 | €311,178 | €306,448 | €424,174 | €281,469 | €279,317 | ▼ 0.8% |
| Income taxes67/77 | €39,536 | €46,276 | €30,972 | €45,177 | €44,248 | €83,145 | €72,325 | €74,278 | ▲ 2.7% |
| Profit (loss) for the period9904 | €201,133 | €228,229 | €193,557 | €266,001 | €262,200 | €341,029 | €209,144 | €205,039 | ▼ 2.0% |
| Profit (loss) for the period to be appropriated9905 | €201,133 | €228,229 | €193,557 | €266,001 | €262,200 | €341,029 | €209,144 | €205,039 | ▼ 2.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.2m | €1.4m | €1.3m | €1.4m | €1.4m | €1.6m | €3.4m | €3.9m | ▲ 14.0% |
| Fixed assets21/28 | €0.08m | €0.1m | €0.1m | €0.1m | €0.09m | €0.07m | €1.5m | €1.6m | ▲ 6.2% |
| Intangible fixed assets21 | €0.01m | €0.006m | €0.005m | €0.003m | €0.002m | €0.001m | €0.003m | €0.001m | ▼ 44.4% |
| Tangible fixed assets22/27 | €0.07m | €0.1m | €0.1m | €0.1m | €0.09m | €0.07m | €0.08m | €0.2m | ▲ 120% |
| Land and buildings22 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Plant, machinery and equipment23 | - | - | - | €0.06m | €0.05m | €0.04m | €0.03m | €0.02m | ▼ 46.9% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.01m | €0.01m | €0.03m | €0.03m | ▲ 1.0% |
| Leasing and similar rights25 | - | - | - | - | - | - | - | €0.1m | - |
| Financial fixed assets28 | - | €240 | €240 | €240 | €240 | €240 | €1.4m | €1.4m | = |
| Current assets29/58 | €1.1m | €1.2m | €1.2m | €1.3m | €1.3m | €1.5m | €1.9m | €2.3m | ▲ 20.2% |
| Amounts receivable after more than one year29 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | - | - |
| Other amounts receivable291 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | - | - |
| Stocks and contracts in progress3 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.3m | ▲ 228% |
| Stocks30/36 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 5.6% |
| Contracts in progress37 | - | - | - | - | - | - | - | €0.2m | - |
| Amounts receivable within one year40/41 | €0.4m | €0.5m | €0.4m | €0.5m | €0.6m | €0.6m | €1.0m | €1.6m | ▲ 54.2% |
| Trade receivables40 | - | - | - | €0.3m | €0.3m | €0.4m | €0.7m | €0.7m | ▼ 0.7% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.3m | €0.2m | €0.3m | €0.8m | ▲ 206% |
| Cash at bank and in hand54/58 | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.5m | €0.5m | €0.3m | ▼ 30.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.003m | €0.005m | €0.01m | €0.02m | ▲ 60.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.2m | €1.4m | €1.3m | €1.4m | €1.4m | €1.6m | €3.4m | €3.9m | ▲ 14.0% |
| Equity10/15 | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | €0.7m | €0.9m | €1.1m | ▲ 21.7% |
| Contributions10/11 | €0.05m | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Reserves13 | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | €0.7m | €0.9m | €0.9m | = |
| Non-distributable reserves130/1 | - | - | - | - | - | €0.005m | €0.005m | €0.005m | = |
| Reserves not available under the articles1311 | - | - | - | - | - | €0.005m | €0.005m | €0.005m | = |
| Tax-exempt reserves132 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Distributable reserves133 | - | - | - | €0.4m | €0.4m | €0.7m | €0.9m | €0.9m | = |
| Profit (loss) carried forward14 | €0.01m | €0.01m | €0.007m | €0.003m | €0.005m | €0.001m | €67 | €0.2m | ▲ 3,069× |
| Amounts payable17/49 | €0.8m | €0.9m | €0.8m | €0.9m | €0.9m | €0.8m | €2.5m | €2.7m | ▲ 11.0% |
| Amounts payable after more than one year17 | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €0.2m | €1.7m | €1.3m | ▼ 22.1% |
| Financial debts170/4 | - | - | - | €0.3m | €0.3m | €0.2m | €1.7m | €1.3m | ▼ 22.1% |
| Amounts payable within one year42/48 | €0.5m | €0.6m | €0.5m | €0.6m | €0.6m | €0.6m | €0.7m | €1.4m | ▲ 90.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.06m | €0.06m | €0.05m | €0.07m | €0.3m | ▲ 298% |
| Trade debts44 | €0.2m | €0.3m | €0.2m | €0.3m | €0.3m | €0.4m | €0.6m | €0.7m | ▲ 17.4% |
| Suppliers440/4 | - | - | - | €0.3m | €0.3m | €0.4m | €0.6m | €0.7m | ▲ 17.4% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €0.3m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.05m | €0.05m | €0.05m | €0.1m | ▲ 181% |
| Taxes450/3 | - | - | - | €0.005m | €0.004m | €0.006m | €0.03m | €0.07m | ▲ 109% |
| Remuneration and social security454/9 | - | - | - | €0.05m | €0.04m | €0.05m | €0.02m | €0.08m | ▲ 293% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.3m | €0.1m | €0.009m | €0.002m | ▼ 80.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €47 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €201,133 | €228,229 | €193,557 | €266,001 | €262,200 | €341,029 | €209,144 | €205,039 | ▼ 2.0% |
| + Depreciation and write-downs630 | €23,998 | €31,431 | €32,697 | €31,560 | €34,206 | €29,895 | €12,266 | €36,146 | ▲ 195% |
| Operating cash flow (approximation) | €225,131 | €259,660 | €226,254 | €297,561 | €296,406 | €370,924 | €221,410 | €241,185 | ▲ 8.9% |
| Investment in fixed assets (approximation) | - | -€79,692 | -€11,351 | -€35,718 | -€20,059 | -€10,219 | - | -€129,483 | - |
| Change in cash | - | €86,450 | €9,299 | €60,132 | -€70,420 | €201,115 | - | -€152,273 | - |
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, 3,818 companies had the same profile as FAILSAFE has now. Two years later, 95.1% were still going and 1.0% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.1%
was still going
3.7%
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 FAILSAFE itself: 0.4% 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 3,818 companies, not a prediction for FAILSAFE. 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 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 01-07-2026 | 2026-00241389 | |
| 31-12-2024 | abbreviated format | 04-04-2025 | 2025-00064828 | |
| 30-06-2024 | abbreviated format | 24-02-2025 | 2025-00039184 | |
| 30-06-2023 | abbreviated format | 22-01-2024 | 2024-00005136 | |
| 30-06-2022 | abbreviated format | 09-01-2023 | 2023-20556138 | |
| 30-06-2021 | abbreviated format | 11-02-2022 | 2022-05500535 | |
| 30-06-2020 | abbreviated format | 22-01-2021 | 2021-01500381 | |
| 30-06-2019 | abbreviated format | 23-01-2020 | 2020-02100007 | |
| 30-06-2018 | abbreviated format | 22-02-2019 | 2019-05500586 | |
| 30-06-2017 | abbreviated format | 04-01-2018 | 2018-00300502 |