FAIRTIME
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 4 days after the deadline Filed on 4 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00033896.
Annual accounts 2025 filed on 04-02-2026 PDF all 7 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€48,458▼ 3,520%
2024 · -€1,339
Working capital
-€107,960▼ 74.9%
2024 · -€61,723
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€47,970
2025
20192025
Net result
-€48,458
▼ 3,520%
2025
lowest quarter of the sector
20192025
Equity
-€104,680
▼ 86.2%
2025
lowest quarter of the sector
20192025
Total assets
€224,317
▼ 29.9%
2025
lowest quarter of the sector
20192025
Debt
€328,997
▼ 12.6%
2025
20192025
Working capital
-€107,960
▼ 74.9%
2025
lowest quarter of the sector
20192025
Solvency
-46.7%
▼ 29.1pp
2025
lowest quarter of the sector
20192025
Current ratio
0.67
▼ 0.16
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-21.6%
▼ 21.2pp
2025
lowest 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-€0.06m--€0.04m▲ 39.7%€0.03m€0.02m▼ 29.9%-€0.009m€0.002m-€0.05m
Net result-€0.07m--€0.03mbelow the sector's middle half▲ 47.9%€0.03mwithin the sector's middle half€0.02mwithin the sector's middle half▼ 40.2%-€0.01mbelow the sector's middle half-€0.001mwithin the sector's middle half▲ 88.6%-€0.05mbelow the sector's middle half▼ 3,520%
Equity-€0.06m--€0.09mbelow the sector's middle half▼ 57.6%-€0.06mbelow the sector's middle half▲ 33.5%-€0.04mbelow the sector's middle half▲ 30.1%-€0.05mbelow the sector's middle half▼ 27.2%-€0.06mbelow the sector's middle half▼ 2.4%-€0.1mbelow the sector's middle half▼ 86.2%
Total assets€1.0m-€0.4mwithin the sector's middle half▼ 63.9%€0.3mbelow the sector's middle half▼ 15.1%€0.6mwithin the sector's middle half▲ 86.7%€0.4mwithin the sector's middle half▼ 28.6%€0.3mbelow the sector's middle half▼ 19.4%€0.2mbelow the sector's middle half▼ 29.9%
Debt€1.0m-€0.4m▼ 57.0%€0.4m▼ 19.0%€0.6m▲ 66.7%€0.5m▼ 24.6%€0.4m▼ 16.7%€0.3m▼ 12.6%
Working capital-€0.08m--€0.1mbelow the sector's middle half▼ 38.1%-€0.08mbelow the sector's middle half▲ 34.0%-€0.02mwithin the sector's middle half▲ 69.5%-€0.05mbelow the sector's middle half▼ 116%-€0.06mwithin the sector's middle half▼ 24.3%-€0.1mbelow the sector's middle half▼ 74.9%
Solvency-6.1%--26.4%below the sector's middle half▼ 20.4pp-20.7%below the sector's middle half▲ 5.7pp-7.8%below the sector's middle half▲ 13.0pp-13.8%below the sector's middle half▼ 6.1pp-17.6%below the sector's middle half▼ 3.7pp-46.7%below the sector's middle half▼ 29.1pp
Current ratio0.92-0.74within the sector's middle half▼ 0.180.79within the sector's middle half▲ 0.050.96within the sector's middle half▲ 0.170.89within the sector's middle half▼ 0.070.84within the sector's middle half▼ 0.050.67below the sector's middle half▼ 0.16
Return on assets (ROA)-6.7%--9.7%below the sector's middle half▼ 3.0pp10.4%within the sector's middle half▲ 20.1pp3.3%within the sector's middle half▼ 7.1pp-3.0%below the sector's middle half▼ 6.3pp-0.4%within the sector's middle half▲ 2.5pp-21.6%below the sector's middle half▼ 21.2pp
Staff (FTE)1-1below the sector's middle half=1below the sector's middle half=1below the sector's middle half=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 Office administrative, office support and other business support activities (NACE 82). 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 €47,970, after a profit of €1,854 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €224,317
Fixed assets
€3,280 ▼ 40.4%
Current assets
€221,037 ▼ 29.7%
Equity and liabilities
Equity-€104,680
Debt€328,997
Equity is negative. Debt (€328,997) exceeds the balance-sheet total (€224,317).
Key figures and ratios
EBITDA
-€45,748▼
2024 · €6,628
Cash flow
-€46,236▼
2024 · €3,435
Interest coverage
-828.33▼
2024 · 2.27
Debt ≤ 1 year
€328,997▼
2024 · €376,278
Income taxes
€433▲
2024 · €276
Staff costs
€42,725▼
2024 · €69,457
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | - |
| full-time | 1 | 1 | 1 | - |
| in full-time equivalents | 1 | 1 | 1 | - |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 |
| On a permanent contract | - | 1 | 1 | - |
| Joined | - | - | - | 0 |
| Left | - | - | - | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €2,510 | - | - |
| Intangible fixed assets | €6,500 | - | - | - |
| Depreciation and write-downs of the year | €5,538 | €5,335 | €4,774 | €2,222 |
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 | - | - | - | €42,041 | €59,629 | €69,457 | €42,725 | ▼ 38.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,521 | €3,908 | €5,397 | €5,538 | €5,335 | €4,774 | €2,222 | ▼ 53.5% |
| Other operating charges640/8 | - | - | - | €868 | €1,897 | €938 | €1,903 | ▲ 103% |
| Non-recurring operating charges66A | - | - | - | €38,040 | - | - | - | - |
| Gross operating margin9900 | -€28,675 | €12,144 | €59,560 | €108,488 | €57,639 | €77,023 | -€1,120 | - |
| Operating profit (loss)9901 | -€64,069 | -€38,661 | €31,365 | €22,002 | -€9,222 | €1,854 | -€47,970 | - |
| Recurring financial income75 | €83 | €6,004 | €38 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €3,446 | €2,348 | €2,917 | €55 | ▼ 98.1% |
| Recurring financial charges65 | €917 | €1,056 | €366 | €3,446 | €2,348 | €2,917 | €55 | ▼ 98.1% |
| Profit (loss) for the period before taxes9903 | -€64,903 | -€33,712 | €31,036 | €18,556 | -€11,571 | -€1,062 | -€48,026 | ▼ 4,421% |
| Income taxes67/77 | €145 | €178 | - | - | €167 | €276 | €433 | ▲ 56.5% |
| Profit (loss) for the period9904 | -€65,047 | -€33,890 | €31,036 | €18,556 | -€11,737 | -€1,339 | -€48,458 | ▼ 3,520% |
| Profit (loss) for the period to be appropriated9905 | -€65,047 | -€33,890 | €31,036 | €18,556 | -€11,737 | -€1,339 | -€48,458 | ▼ 3,520% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.0m | €0.4m | €0.3m | €0.6m | €0.4m | €0.3m | €0.2m | ▼ 29.9% |
| Fixed assets21/28 | €0.02m | €0.02m | €0.02m | €0.02m | €0.01m | €0.006m | €0.003m | ▼ 40.4% |
| Intangible fixed assets21 | - | - | - | €0.005m | €0.004m | €0.003m | €0.001m | ▼ 50.0% |
| Tangible fixed assets22/27 | €0.02m | €0.02m | €0.01m | €0.008m | €0.006m | €0.003m | €0.002m | ▼ 34.9% |
| Furniture and vehicles24 | - | - | - | €0.008m | €0.006m | €0.003m | €0.002m | ▼ 34.9% |
| Financial fixed assets28 | €0.007m | €0.007m | €0.004m | €0.003m | €0.003m | €261 | €261 | = |
| Current assets29/58 | €0.9m | €0.3m | €0.3m | €0.5m | €0.4m | €0.3m | €0.2m | ▼ 29.7% |
| Amounts receivable within one year40/41 | €0.8m | €0.2m | €0.2m | €0.3m | €0.2m | €0.3m | €0.2m | ▼ 15.5% |
| Trade receivables40 | - | - | - | €0.2m | €0.1m | €0.06m | €0.03m | ▼ 58.0% |
| Other amounts receivable41 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 1.6% |
| Cash at bank and in hand54/58 | €0.1m | €0.1m | €0.03m | €0.3m | €0.2m | €0.06m | €0.01m | ▼ 85.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.01m | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.0m | €0.4m | €0.3m | €0.6m | €0.4m | €0.3m | €0.2m | ▼ 29.9% |
| Equity10/15 | -€0.06m | -€0.09m | -€0.06m | -€0.04m | -€0.05m | -€0.06m | -€0.1m | ▼ 86.2% |
| Contributions10/11 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Capital10 | - | - | - | €0.006m | €0.006m | €0.006m | - | - |
| Issued capital100 | - | - | - | €0.02m | €0.02m | €0.02m | - | - |
| Uncalled capital101 | - | - | - | €0.01m | €0.01m | €0.01m | - | - |
| Contributions outside capital11 | - | - | - | - | - | - | €0.006m | - |
| Other1109/19 | - | - | - | - | - | - | €0.006m | - |
| Profit (loss) carried forward14 | -€0.07m | -€0.1m | -€0.07m | -€0.05m | -€0.06m | -€0.06m | -€0.1m | ▼ 77.6% |
| Amounts payable17/49 | €1.0m | €0.4m | €0.4m | €0.6m | €0.5m | €0.4m | €0.3m | ▼ 12.6% |
| Amounts payable within one year42/48 | €1.0m | €0.4m | €0.4m | €0.6m | €0.4m | €0.4m | €0.3m | ▼ 12.6% |
| Trade debts44 | €0.6m | €0.4m | €0.2m | €0.5m | €0.3m | €0.3m | €0.002m | ▼ 99.2% |
| Suppliers440/4 | - | - | - | €0.5m | €0.3m | €0.3m | €0.002m | ▼ 99.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.01m | €0.01m | €111 | ▼ 99.0% |
| Taxes450/3 | - | - | - | €0.001m | €0.001m | €242 | €111 | ▼ 54.2% |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.01m | €0.01m | - | - |
| Other amounts payable47/48 | - | - | - | €0.08m | €0.08m | €0.05m | €0.3m | ▲ 510% |
| Accrued charges and deferred income492/3 | - | - | - | €0.04m | €0.02m | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€65,047 | -€33,890 | €31,036 | €18,556 | -€11,737 | -€1,339 | -€48,458 | ▼ 3,520% |
| + Depreciation and write-downs630 | €4,521 | €3,908 | €5,397 | €5,538 | €5,335 | €4,774 | €2,222 | ▼ 53.5% |
| Operating cash flow (approximation) | -€60,527 | -€29,982 | €36,433 | €24,094 | -€6,403 | €3,435 | -€46,236 | - |
| Investment in fixed assets (approximation) | - | -€3,712 | €2,323 | -€5,314 | -€2,510 | €2,500 | €0 | ▼ 100% |
| Change in cash | - | -€7,300 | -€107,414 | €226,227 | -€98,218 | -€92,950 | -€54,854 | ▲ 41.0% |
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, 6,008 companies had the same profile as FAIRTIME has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FAIRTIME itself: 2.3% 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 6,008 companies, not a prediction for FAIRTIME. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 04-02-2026 | 2026-00033896 | |
| 30-06-2024 | full format | 11-02-2025 | 2025-00033694 | |
| 30-06-2023 | full format | 05-02-2024 | 2024-00027027 | |
| 30-06-2022 | full format | 24-02-2023 | 2023-00032142 | |
| 30-06-2021 | full format | 25-02-2022 | 2022-06600287 | |
| 30-06-2020 | full format | 25-02-2021 | 2021-06300131 | |
| 30-06-2019 | full format | 13-02-2020 | 2020-05000170 |