FENCER
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 09-06-2026 PDF all 5 filings
Turnover
≈ €2.4m
Estimated: probably between €1.6m and €4.0m
Total assets
€2.6m▲ 2.8%
2024 · €2.5m
Net result
€941,459▲ 22.3%
2024 · €769,613
Working capital
€552,182▼ 25.1%
2024 · €737,162
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€956,608
▲ 19.8%
2025
20212025
Net result
€941,459
▲ 22.3%
2025
highest quarter of the sector
20212025
Equity
€72,095
▲ 0.5%
2025
lowest quarter of the sector
20212025
Total assets
€2.6m
▲ 2.8%
2025
highest quarter of the sector
20212025
Debt
€2.5m
▲ 2.8%
2025
20212025
Working capital
€552,182
▼ 25.1%
2025
highest quarter of the sector
20212025
Solvency
2.8%
▼ 0.1pp
2025
lowest quarter of the sector
20212025
Current ratio
1.31
▼ 0.18
2025
middle half of the sector
20212025
Return on assets (ROA)
36.0%
▲ 5.8pp
2025
highest quarter of the sector
20212025
Staff (FTE)
4.8
▲ 33.3%
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€0.6m-€0.4m▼ 36.9%€0.7m▲ 65.8%€0.8m▲ 20.3%€1.0m▲ 19.8%
Net result€0.6mabove the sector's middle half-€0.4mabove the sector's middle half▼ 36.4%€0.7mabove the sector's middle half▲ 66.9%€0.8mabove the sector's middle half▲ 18.2%€0.9mabove the sector's middle half▲ 22.3%
Equity€0.07mbelow the sector's middle half-€0.07mbelow the sector's middle half▲ 0.5%€0.07mbelow the sector's middle half▲ 0.7%€0.07mbelow the sector's middle half▲ 1.2%€0.07mbelow the sector's middle half▲ 0.5%
Total assets€1.0mwithin the sector's middle half-€1.0mwithin the sector's middle half▲ 3.0%€1.6mwithin the sector's middle half▲ 59.7%€2.5mwithin the sector's middle half▲ 60.1%€2.6mabove the sector's middle half▲ 2.8%
Debt€0.9m-€0.9m▲ 3.2%€1.5m▲ 64.2%€2.5m▲ 62.8%€2.5m▲ 2.8%
Working capital€0.2mwithin the sector's middle half-€0.05mwithin the sector's middle half▼ 69.2%€0.01mbelow the sector's middle half▼ 75.3%€0.7mabove the sector's middle half▲ 61×€0.6mabove the sector's middle half▼ 25.1%
Solvency7.2%below the sector's middle half-7.1%below the sector's middle half▼ 0.2pp4.5%below the sector's middle half▼ 2.6pp2.8%below the sector's middle half▼ 1.6pp2.8%below the sector's middle half▼ 0.1pp
Current ratio1.21within the sector's middle half-1.05within the sector's middle half▼ 0.151.01below the sector's middle half▼ 0.041.48within the sector's middle half▲ 0.471.31within the sector's middle half▼ 0.18
Return on assets (ROA)63.4%above the sector's middle half-39.2%above the sector's middle half▼ 24.3pp40.9%above the sector's middle half▲ 1.8pp30.2%above the sector's middle half▼ 10.7pp36.0%above the sector's middle half▲ 5.8pp
Staff (FTE)1.1below the sector's middle half-1.6below the sector's middle half▲ 45.5%2.4within the sector's middle half▲ 50.0%3.6within the sector's middle half▲ 50.0%4.8within the sector's middle half▲ 33.3%
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 20% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €2.6m
Fixed assets
€268,544 ▼ 5.3%
Current assets
€2.3m ▲ 3.8%
Equity and liabilities €2.6m
Equity
€72,095 ▲ 0.5%
Debt
€2.5m ▲ 2.8%
Debt's share of the balance-sheet total rises from 97.2% to 97.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€999,442▲
2024 · €836,112
Cash flow
€984,293▲
2024 · €807,407
Debt to equity
35.30▲
2024 · 34.51
Interest coverage
45.31▲
2024 · 33.82
Debt ≤ 1 year
€1.8m▲
2024 · €1.5m
Debt > 1 year
€182,474▼
2024 · €222,758
Income taxes
€12,573▲
2024 · €7,268
Staff costs
€356,542▲
2024 · €259,990
A ratio outside any meaningful range has been withheld (balance sheet total €2.6m, equity €72,095).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 2 | 4 | 5 | 5 |
| full-time | 1 | 2 | 3 | 3 | 4 |
| part-time | 0 | 0 | 1 | 2 | 1 |
| in full-time equivalents | 1 | 2 | 3.2 | 4 | 4.8 |
| Average over the year, in full-time equivalents | 1.1 | 1.6 | 2.4 | 3.6 | 4.8 |
| On a permanent contract | 1 | 2 | 3 | 4 | 5 |
| Joined | 2 | 1 | 3 | 3 | 5 |
| Left | 1 | 0 | 1 | 2 | 5 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €42,030 | €4,837 | €252,939 | €65,912 | €27,790 |
| Intangible fixed assets | €3,381 | €1,748 | €1,886 | - | - |
| Financial fixed assets | €25 | - | - | - | €0 |
| Depreciation and write-downs of the year | €14,006 | €15,257 | €22,114 | €37,794 | €42,834 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €0.08m | €0.1m | €0.2m | €0.3m | €0.4m | ▲ 37.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.02m | €0.02m | €0.04m | €0.04m | ▲ 13.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €0.01m | €0.02m | €0.02m | ▲ 4.5% |
| Other operating charges640/8 | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | ▲ 11.9% |
| Gross operating margin9900 | €0.7m | €0.5m | €0.9m | €1.1m | €1.4m | ▲ 23.2% |
| Operating profit (loss)9901 | €0.6m | €0.4m | €0.7m | €0.8m | €1.0m | ▲ 19.8% |
| Financial income75/76B | €273 | €392 | €0.003m | €0.003m | €0.02m | ▲ 493% |
| Recurring financial income75 | €273 | €392 | €0.003m | €0.003m | €0.02m | ▲ 493% |
| Financial charges65/66B | €0.008m | €0.007m | €0.01m | €0.02m | €0.02m | ▼ 10.8% |
| Recurring financial charges65 | €0.008m | €0.007m | €0.01m | €0.02m | €0.02m | ▼ 10.8% |
| Profit (loss) for the period before taxes9903 | €0.6m | €0.4m | €0.7m | €0.8m | €1.0m | ▲ 22.8% |
| Income taxes67/77 | €0.01m | €0.003m | €0.004m | €0.007m | €0.01m | ▲ 73.0% |
| Profit (loss) for the period9904 | €0.6m | €0.4m | €0.7m | €0.8m | €0.9m | ▲ 22.3% |
| Profit (loss) for the period to be appropriated9905 | €0.6m | €0.4m | €0.7m | €0.8m | €0.9m | ▲ 22.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.0m | €1.0m | €1.6m | €2.5m | €2.6m | ▲ 2.8% |
| Fixed assets21/28 | €0.03m | €0.02m | €0.3m | €0.3m | €0.3m | ▼ 5.3% |
| Intangible fixed assets21 | €0.003m | €0.004m | €0.004m | €0.003m | €0.002m | ▼ 43.7% |
| Tangible fixed assets22/27 | €0.03m | €0.02m | €0.3m | €0.3m | €0.3m | ▼ 4.9% |
| Plant, machinery and equipment23 | €0.03m | €0.02m | €0.006m | €0.009m | €0.02m | ▲ 172% |
| Furniture and vehicles24 | €0.001m | €0.001m | €0.02m | €0.03m | €0.03m | ▼ 11.5% |
| Other tangible fixed assets26 | - | - | €0.2m | €0.2m | €0.2m | ▼ 10.3% |
| Financial fixed assets28 | €25 | €25 | €25 | €25 | €25 | = |
| Current assets29/58 | €0.9m | €1.0m | €1.3m | €2.3m | €2.3m | ▲ 3.8% |
| Amounts receivable within one year40/41 | €0.7m | €0.8m | €1.2m | €1.4m | €1.5m | ▲ 5.6% |
| Trade receivables40 | €0.7m | €0.8m | €1.1m | €1.3m | €1.4m | ▲ 4.8% |
| Other amounts receivable41 | €0.02m | €0.03m | €0.03m | €0.04m | €0.05m | ▲ 31.2% |
| Cash at bank and in hand54/58 | €0.2m | €0.1m | €0.1m | €0.9m | €0.9m | ▼ 0.1% |
| Deferred charges and accrued income490/1 | €0.02m | €0.03m | €0.03m | €0.03m | €0.04m | ▲ 29.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.0m | €1.0m | €1.6m | €2.5m | €2.6m | ▲ 2.8% |
| Equity10/15 | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | ▲ 0.5% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | ▲ 0.7% |
| Amounts payable17/49 | €0.9m | €0.9m | €1.5m | €2.5m | €2.5m | ▲ 2.8% |
| Amounts payable after more than one year17 | €0.1m | €0 | €0.2m | €0.2m | €0.2m | ▼ 18.1% |
| Financial debts170/4 | €0.1m | €0 | €0.2m | €0.2m | €0.2m | ▼ 18.1% |
| Amounts payable within one year42/48 | €0.8m | €0.9m | €1.3m | €1.5m | €1.8m | ▲ 17.7% |
| Current portion of amounts payable after more than one year42 | - | - | €0.03m | €0.04m | €0.04m | ▲ 4.2% |
| Trade debts44 | €0.09m | €0.4m | €0.5m | €0.6m | €0.8m | ▲ 36.9% |
| Suppliers440/4 | €0.09m | €0.4m | €0.5m | €0.6m | €0.8m | ▲ 36.9% |
| Taxes, remuneration and social security45 | €0.02m | €0.05m | €0.08m | €0.06m | €0.06m | ▼ 13.6% |
| Taxes450/3 | €0.01m | €0.03m | €0.06m | €0.03m | €0.02m | ▼ 52.4% |
| Remuneration and social security454/9 | €0.008m | €0.01m | €0.02m | €0.03m | €0.04m | ▲ 31.7% |
| Other amounts payable47/48 | €0.7m | €0.5m | €0.8m | €0.9m | €0.9m | ▲ 8.3% |
| Accrued charges and deferred income492/3 | €0.02m | €0.002m | €0 | €0.7m | €0.6m | ▼ 22.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €614,001 | €390,376 | €651,381 | €769,613 | €941,459 | ▲ 22.3% |
| + Depreciation and write-downs630 | €14,006 | €15,257 | €22,114 | €37,794 | €42,834 | ▲ 13.3% |
| Operating cash flow (approximation) | €628,007 | €405,633 | €673,495 | €807,407 | €984,293 | ▲ 21.9% |
| Investment in fixed assets (approximation) | - | -€6,585 | -€254,825 | -€65,912 | -€27,790 | ▲ 57.8% |
| Change in cash | - | -€104,258 | €6,602 | €713,861 | -€521 | - |
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, 2,153 companies had the same profile as FENCER has now. Two years later, 96.1% were still going and 1.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.1%
was still going
2.2%
stopped otherwise
1.7%
went bankrupt
The bankruptcy probability of FENCER itself is lower: 0.1% within 12 months. It rests on far more data about FENCER than the profile alone.
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 2,153 companies, not a prediction for FENCER. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 09-06-2026 | 2026-00146555 | |
| 31-12-2024 | abbreviated format | 03-06-2025 | 2025-00115789 | |
| 31-12-2023 | abbreviated format | 10-06-2024 | 2024-00117739 | |
| 31-12-2022 | abbreviated format | 26-06-2023 | 2023-00155074 | |
| 31-12-2021 | abbreviated format | 28-06-2022 | 2022-20099098 |