FAUST
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 16 days after the deadline Filed on 16 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00400243.
Annual accounts 2025 filed on 16-08-2026 at the NBB all 13 filings
Turnover
≈ €130,000
Estimated: probably between €82,000 and €160,000
Total assets
€369,507▲ 17.4%
2024 · €314,730
Net result
€26,177▲ 46.2%
2024 · €17,908
Working capital
€120,996▲ 4.5%
2024 · €115,800
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€37,002
▲ 67.8%
2025
20182025
Net result
€26,177
▲ 46.2%
2025
middle half of the sector
20182025
Equity
€256,391
▲ 11.4%
2025
highest quarter of the sector
20182025
Total assets
€369,507
▲ 17.4%
2025
middle half of the sector
20182025
Debt
€113,117
▲ 33.8%
2025
20182025
Working capital
€120,996
▲ 4.5%
2025
middle half of the sector
20182025
Solvency
69.4%
▼ 3.8pp
2025
middle half of the sector
20182025
Current ratio
4.66
▼ 0.06
2025
highest quarter of the sector
20182025
Return on assets (ROA)
7.1%
▲ 1.4pp
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€20,869-€21,754▲ 4.2%€52,577▲ 142%€27,263▼ 48.1%€19,261▼ 29.4%€37,973▲ 97.1%€22,057▼ 41.9%€37,002▲ 67.8%
Net result€13,520-€14,182▲ 4.9%€37,640within the sector's middle half▲ 165%€20,583within the sector's middle half▼ 45.3%€14,546within the sector's middle half▼ 29.3%€25,425within the sector's middle half▲ 74.8%€17,908within the sector's middle half▼ 29.6%€26,177within the sector's middle half▲ 46.2%
Equity€99,929-€114,111▲ 14.2%€151,752within the sector's middle half▲ 33.0%€172,335within the sector's middle half▲ 13.6%€186,881within the sector's middle half▲ 8.4%€212,306within the sector's middle half▲ 13.6%€230,213within the sector's middle half▲ 8.4%€256,391above the sector's middle half▲ 11.4%
Total assets€270,277-€258,381▼ 4.4%€279,270within the sector's middle half▲ 8.1%€294,581within the sector's middle half▲ 5.5%€290,073within the sector's middle half▼ 1.5%€316,880within the sector's middle half▲ 9.2%€314,730within the sector's middle half▼ 0.7%€369,507within the sector's middle half▲ 17.4%
Debt€170,348-€144,270▼ 15.3%€127,518▼ 11.6%€122,246▼ 4.1%€103,192▼ 15.6%€104,574▲ 1.3%€84,516▼ 19.2%€113,117▲ 33.8%
Working capital€36,643-€47,063▲ 28.4%€74,156within the sector's middle half▲ 57.6%€88,010within the sector's middle half▲ 18.7%€91,040within the sector's middle half▲ 3.4%€106,941within the sector's middle half▲ 17.5%€115,800within the sector's middle half▲ 8.3%€120,996within the sector's middle half▲ 4.5%
Solvency37.0%-44.2%▲ 7.2pp54.3%within the sector's middle half▲ 10.2pp58.5%within the sector's middle half▲ 4.2pp64.4%within the sector's middle half▲ 5.9pp67.0%within the sector's middle half▲ 2.6pp73.1%within the sector's middle half▲ 6.1pp69.4%within the sector's middle half▼ 3.8pp
Current ratio1.91-2.50▲ 0.593.86within the sector's middle half▲ 1.363.73within the sector's middle half▼ 0.134.63above the sector's middle half▲ 0.903.77within the sector's middle half▼ 0.864.72within the sector's middle half▲ 0.954.66above the sector's middle half▼ 0.06
Return on assets (ROA)5.0%-5.5%▲ 0.5pp13.5%within the sector's middle half▲ 8.0pp7.0%within the sector's middle half▼ 6.5pp5.0%within the sector's middle half▼ 2.0pp8.0%within the sector's middle half▲ 3.0pp5.7%below the sector's middle half▼ 2.3pp7.1%within the sector's middle half▲ 1.4pp
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 68% higher than in 2024. It is a recovery after the fall 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 €369,507
Fixed assets
€215,431 ▲ 28.4%
Current assets
€154,076 ▲ 4.9%
Equity and liabilities €369,507
Equity
€256,391 ▲ 11.4%
Debt
€113,117 ▲ 33.8%
Debt's share of the balance-sheet total rises from 26.9% to 30.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€44,165▲
2024 · €28,966
Cash flow
€33,340▲
2024 · €24,817
Debt to equity
0.44▲
2024 · 0.37
ROE
10.2%▲
2024 · 7.8%
Interest coverage
22.47▲
2024 · 13.13
Debt ≤ 1 year
€33,080▲
2024 · €31,120
Debt > 1 year
€80,037▲
2024 · €53,397
Income taxes
€12,985▲
2024 · €5,907
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 | €820 | €5,973 | €3,473 | €3,906 | €54,784 |
| Depreciation and write-downs of the year | €5,687 | €5,887 | €6,619 | €6,910 | €7,163 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €285 awarded · €285 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €7,240 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,793 | €13,592 | €5,582 | €5,687 | €5,887 | €6,619 | €6,910 | €7,163 | ▲ 3.7% |
| Other operating charges640/8 | - | - | - | €1,029 | €1,245 | €1,442 | €1,264 | €1,798 | ▲ 42.3% |
| Gross operating margin9900 | €34,854 | €35,541 | €59,238 | €33,979 | €26,393 | €46,034 | €30,230 | €45,963 | ▲ 52.0% |
| Operating profit (loss)9901 | €20,869 | €21,754 | €52,577 | €27,263 | €19,261 | €37,973 | €22,057 | €37,002 | ▲ 67.8% |
| Financial income75/76B | - | - | - | €2,669 | €3,113 | €3,667 | €3,965 | €4,126 | ▲ 4.1% |
| Recurring financial income75 | €1,907 | €2,333 | €2,006 | €2,669 | €3,113 | €3,667 | €3,965 | €4,126 | ▲ 4.1% |
| Financial charges65/66B | - | - | - | €2,982 | €2,624 | €2,385 | €2,206 | €1,966 | ▼ 10.9% |
| Recurring financial charges65 | €4,089 | €4,807 | €3,353 | €2,982 | €2,624 | €2,385 | €2,206 | €1,966 | ▼ 10.9% |
| Profit (loss) for the period before taxes9903 | €18,688 | €19,279 | €51,230 | €26,950 | €19,750 | €39,255 | €23,815 | €39,162 | ▲ 64.4% |
| Income taxes67/77 | €5,168 | €5,096 | €13,590 | €6,367 | €5,204 | €13,830 | €5,907 | €12,985 | ▲ 120% |
| Profit (loss) for the period9904 | €13,520 | €14,182 | €37,640 | €20,583 | €14,546 | €25,425 | €17,908 | €26,177 | ▲ 46.2% |
| Profit (loss) for the period to be appropriated9905 | €13,520 | €14,182 | €37,640 | €20,583 | €14,546 | €25,425 | €17,908 | €26,177 | ▲ 46.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €270,277 | €258,381 | €279,270 | €294,581 | €290,073 | €316,880 | €314,730 | €369,507 | ▲ 17.4% |
| Fixed assets21/28 | €193,554 | €179,963 | €179,206 | €174,339 | €173,959 | €171,280 | €167,810 | €215,431 | ▲ 28.4% |
| Tangible fixed assets22/27 | €193,554 | €179,963 | €179,206 | €174,339 | €173,959 | €171,280 | €167,810 | €215,431 | ▲ 28.4% |
| Land and buildings22 | - | - | - | €170,264 | €170,335 | €166,639 | €165,518 | €160,230 | ▼ 3.2% |
| Furniture and vehicles24 | - | - | - | €4,075 | €3,624 | €4,641 | €2,292 | €55,201 | ▲ 24× |
| Current assets29/58 | €76,722 | €78,418 | €100,064 | €120,242 | €116,114 | €145,600 | €146,920 | €154,076 | ▲ 4.9% |
| Amounts receivable after more than one year29 | - | - | - | €89,000 | €109,000 | €124,000 | €109,000 | €109,000 | = |
| Other amounts receivable291 | - | - | - | €89,000 | €109,000 | €124,000 | €109,000 | €109,000 | = |
| Amounts receivable within one year40/41 | €1,582 | €938 | €5,863 | €938 | €938 | €938 | €18,816 | €27,091 | ▲ 44.0% |
| Trade receivables40 | - | - | - | - | - | - | - | €3,150 | - |
| Other amounts receivable41 | - | - | - | €938 | €938 | €938 | €18,816 | €23,941 | ▲ 27.2% |
| Cash at bank and in hand54/58 | €18,140 | €7,481 | €24,201 | €30,304 | €6,176 | €20,662 | €19,104 | €17,986 | ▼ 5.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €270,277 | €258,381 | €279,270 | €294,581 | €290,073 | €316,880 | €314,730 | €369,507 | ▲ 17.4% |
| Equity10/15 | €99,929 | €114,111 | €151,752 | €172,335 | €186,881 | €212,306 | €230,213 | €256,391 | ▲ 11.4% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Capital10 | - | - | - | €12,400 | €12,400 | €12,400 | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | €18,600 | - | - | - |
| Uncalled capital101 | - | - | - | €6,200 | €6,200 | €6,200 | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €27,285 | €38,193 | €64,370 | ▲ 68.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | - | - |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | - | €1,860 | - | - |
| Distributable reserves133 | - | - | - | - | - | €25,425 | €36,333 | €64,370 | ▲ 77.2% |
| Profit (loss) carried forward14 | €85,669 | €99,851 | €137,492 | €158,075 | €172,621 | €172,621 | €179,621 | €179,621 | = |
| Amounts payable17/49 | €170,348 | €144,270 | €127,518 | €122,246 | €103,192 | €104,574 | €84,516 | €113,117 | ▲ 33.8% |
| Amounts payable after more than one year17 | €130,269 | €112,914 | €101,610 | €90,014 | €78,119 | €65,915 | €53,397 | €80,037 | ▲ 49.9% |
| Financial debts170/4 | - | - | - | €90,014 | €78,119 | €65,915 | €53,397 | €80,037 | ▲ 49.9% |
| Amounts payable within one year42/48 | €40,079 | €31,356 | €25,908 | €32,232 | €25,073 | €38,659 | €31,120 | €33,080 | ▲ 6.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €11,596 | €11,896 | €12,203 | €12,519 | €22,174 | ▲ 77.1% |
| Trade debts44 | €761 | €602 | €2,496 | €1,309 | €343 | €732 | €1,236 | €1,940 | ▲ 56.9% |
| Suppliers440/4 | - | - | - | €1,309 | €343 | €732 | €1,236 | €1,940 | ▲ 56.9% |
| Taxes, remuneration and social security45 | - | - | - | €18,671 | €9,374 | €24,834 | €17,365 | €8,966 | ▼ 48.4% |
| Taxes450/3 | - | - | - | €18,671 | €9,374 | €24,834 | €17,365 | €8,966 | ▼ 48.4% |
| Other amounts payable47/48 | - | - | - | €656 | €3,461 | €890 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,520 | €14,182 | €37,640 | €20,583 | €14,546 | €25,425 | €17,908 | €26,177 | ▲ 46.2% |
| + Depreciation and write-downs630 | €13,793 | €13,592 | €5,582 | €5,687 | €5,887 | €6,619 | €6,910 | €7,163 | ▲ 3.7% |
| Operating cash flow (approximation) | €27,313 | €27,774 | €43,222 | €26,270 | €20,433 | €32,044 | €24,817 | €33,340 | ▲ 34.3% |
| Investment in fixed assets (approximation) | - | €0 | -€4,825 | -€820 | -€5,507 | -€3,940 | -€3,439 | -€54,784 | ▼ 1,493% |
| Change in cash | - | -€10,660 | €16,720 | €6,103 | -€24,128 | €14,486 | -€1,558 | -€1,119 | ▲ 28.2% |
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, 34,693 companies had the same profile as FAUST has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of FAUST 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 34,693 companies, not a prediction for FAUST. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-08-2026 | 2026-00400243 | |
| 31-12-2024 | micro format | 13-08-2025 | 2025-00373041 | |
| 31-12-2023 | micro format | 14-08-2024 | 2024-00344295 | |
| 31-12-2022 | micro format | 18-08-2023 | 2023-00333765 | |
| 31-12-2021 | micro format | 25-08-2022 | 2022-20315674 | |
| 31-12-2020 | micro format | 20-08-2021 | 2021-50900572 | |
| 31-12-2019 | micro format | 30-07-2020 | 2020-36300532 | |
| 31-12-2018 | micro format | 25-07-2019 | 2019-38600312 | |
| 31-12-2017 | micro format | 10-07-2018 | 2018-31300574 | |
| 31-12-2016 | micro format | 14-08-2017 | 2017-43700185 |