FEops
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 17 filings
Turnover
≈ €3.7m
Estimated: probably between €2.6m and €4.7m
EBIT margin
Not included in this filing
Net result
-€2.3m▲ 34.2%
2024 · -€3.4m
Working capital
€274,087▼ 83.6%
2024 · €1.7m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€2.3m
▲ 30.7%
2025
20182025
Net result
-€2.3m
▲ 34.2%
2025
lowest quarter of the sector
20182025
Equity
€2.2m
▼ 50.6%
2025
middle half of the sector
20182025
Total assets
€3.4m
▼ 38.0%
2025
middle half of the sector
20182025
Debt
€1.2m
▲ 15.2%
2025
20182025
Working capital
€274,087
▼ 83.6%
2025
middle half of the sector
20182025
Solvency
64.3%
▼ 16.5pp
2025
middle half of the sector
20182025
Current ratio
1.29
▼ 1.87
2025
middle half of the sector
20182025
Return on assets (ROA)
-66.0%
▼ 3.8pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
22.6
▼ 28.0%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€1.2m--€1.5m▼ 20.7%-€0.1m▲ 90.4%-€0.5m▼ 253%-€2.1m▼ 304%-€2.2m▼ 7.6%-€3.3m▼ 49.3%-€2.3m▲ 30.7%
Net result-€1.2m--€1.4m▼ 17.2%-€0.08mbelow the sector's middle half▲ 94.5%-€0.4mbelow the sector's middle half▼ 471%-€2.1mbelow the sector's middle half▼ 380%-€2.4mbelow the sector's middle half▼ 14.0%-€3.4mbelow the sector's middle half▼ 45.5%-€2.3mbelow the sector's middle half▲ 34.2%
Equity€5.2m-€3.8m▼ 27.4%€3.7mabove the sector's middle half▼ 1.9%€3.2mabove the sector's middle half▼ 13.1%€1.2mwithin the sector's middle half▼ 63.9%€2.4mwithin the sector's middle half▲ 105%€4.5mabove the sector's middle half▲ 87.2%€2.2mwithin the sector's middle half▼ 50.6%
Total assets€7.0m-€5.3m▼ 23.7%€6.3mabove the sector's middle half▲ 18.3%€5.4mabove the sector's middle half▼ 14.8%€6.6mabove the sector's middle half▲ 22.4%€4.6mwithin the sector's middle half▼ 29.9%€5.5mabove the sector's middle half▲ 19.4%€3.4mwithin the sector's middle half▼ 38.0%
Debt€1.8m-€1.6m▼ 13.0%€2.6m▲ 67.2%€2.2m▼ 17.2%€5.4m▲ 151%€2.2m▼ 58.7%€1.1m▼ 52.8%€1.2m▲ 15.2%
Working capital€5.5m-€3.4m▼ 38.3%€4.4mabove the sector's middle half▲ 28.8%€3.3mabove the sector's middle half▼ 25.5%€3.6mabove the sector's middle half▲ 8.3%€0.3mwithin the sector's middle half▼ 91.9%€1.7mabove the sector's middle half▲ 479%€0.3mwithin the sector's middle half▼ 83.6%
Solvency74.4%-70.8%▼ 3.6pp58.7%within the sector's middle half▼ 12.1pp59.9%within the sector's middle half▲ 1.2pp17.7%below the sector's middle half▼ 42.2pp51.5%within the sector's middle half▲ 33.9pp80.8%above the sector's middle half▲ 29.3pp64.3%within the sector's middle half▼ 16.5pp
Current ratio16.89-7.27▼ 9.629.83above the sector's middle half▲ 2.555.67above the sector's middle half▼ 4.164.21above the sector's middle half▼ 1.461.18within the sector's middle half▼ 3.033.17within the sector's middle half▲ 1.991.29within the sector's middle half▼ 1.87
Return on assets (ROA)-16.7%--25.7%▼ 9.0pp-1.2%below the sector's middle half▲ 24.5pp-8.0%below the sector's middle half▼ 6.8pp-31.4%below the sector's middle half▼ 23.4pp-51.0%below the sector's middle half▼ 19.6pp-62.2%below the sector's middle half▼ 11.2pp-66.0%below the sector's middle half▼ 3.8pp
Staff (FTE)14-19▲ 35.7%27.1above the sector's middle half▲ 42.6%31.1above the sector's middle half▲ 14.8%32.2above the sector's middle half▲ 3.5%33.8above the sector's middle half▲ 5.0%31.4above the sector's middle half▼ 7.1%22.6above the sector's middle half▼ 28.0%
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 €2.3m, smaller than the loss of €3.3m in 2024.
Large changes and their cause
- 2025 Equity -51% on 2024. Capital reduction of €2,624,904 (Official Gazette 21-01-2025).
- 2024 Equity +87% on 2023. Capital increase of €3,551,639 (Official Gazette 03-01-2024). Capital increase of €633,831 (Official Gazette 03-01-2024).
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.4m
Fixed assets
€2.2m ▼ 28.3%
Current assets
€1.2m ▼ 50.2%
Equity and liabilities €3.4m
Equity
€2.2m ▼ 50.6%
Debt
€1.2m ▲ 15.2%
Debt's share of the balance-sheet total rises from 19.2% to 35.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€76,834▲
2024 · -€2.5m
Cash flow
-€28,905▲
2024 · -€2.6m
Debt to equity
0.55▲
2024 · 0.24
ROE
-102.6%▼
2024 · -77.0%
Interest coverage
-2.69▲
2024 · -15.33
Debt ≤ 1 year
€943,560▲
2024 · €772,878
Income taxes
-€60,330▼
2024 · -€55,301
Staff costs
€2.0m▼
2024 · €2.3m
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 | 32 | 36 | 33 | 30 | 20 |
| full-time | 30 | 33 | 30 | 29 | 18 |
| part-time | 2 | 3 | 3 | 1 | 2 |
| in full-time equivalents | 31.3 | 34.4 | 32.1 | 29.8 | 19.6 |
| Average over the year, in full-time equivalents | 31.1 | 32.2 | 33.8 | 31.4 | 22.6 |
| On a permanent contract | 32 | 34 | 33 | 30 | 20 |
| Joined | 4 | 6 | 2 | 1 | 0 |
| Left | 3 | 2 | 5 | 4 | 10 |
| Training hours | 0 | - | - | - | 88 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €225,205 | €431,121 | - | - |
| Pledge on the business | - | €400,000 | €700,000 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €13,034 | €77,227 | €8,023 | €10,218 | €3,053 |
| Intangible fixed assets | €679,444 | €1.3m | €1.5m | €1.2m | €1.4m |
| Financial fixed assets | - | €60 | - | - | €369 |
| Depreciation and write-downs of the year | €704,092 | €900,770 | €756,425 | €868,626 | €2.2m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 13 entries · €783,958 awarded · €783,958 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 4 | -€417,408 | €342,853 |
| 2023 | 5 | €933,231 | €426,844 |
| 2022 | 4 | €268,135 | €14,261 |
European Union, budget
2021 · 1 entry · €29,103 in totalProjects
INSILC - INSILC: IN-SILICO TRIALS FOR DRUG-ELUTING BVS DESIGN, DEVELOPMENT AND EVALUATION
European research
7 projects · 2 as coordinator · €4.8m EU contributionProgrammes
Projects
Disruptive personalized pre-operative planning tool for transcatheter procedures
InSilc: In-silico trials for drug-eluting BVS design, development and evaluation
Transform safety-critical cyber-physical systems into distributed solutions for end-users and partners
CDT-net: The Cardiovascular Digital Twin Network
MUltiSectoral Integrative approaches to CArdiac care
Show 2 more projects
Personalised In-Silico Cardiology
ICT platform to reduce mortality rates for Transcatheter Aortic Valve Implantation (TAVI) by pre-operative risk management
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €289 | €1 | €0 | €1.1m | €0.3m | ▼ 75.6% |
| Remuneration, social security and pensions62 | - | - | - | €2.5m | €2.6m | €2.9m | €2.3m | €2.0m | ▼ 13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.6m | €0.7m | €0.7m | €0.7m | €0.9m | €0.8m | €0.9m | €2.2m | ▲ 156% |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.005m | ▲ 311% |
| Non-recurring operating charges66A | - | - | - | €0 | €0 | €0 | €2.1m | €27 | ▼ 100.0% |
| Gross operating margin9900 | €0.5m | €0.7m | €2.7m | €2.7m | €1.5m | €1.5m | €1.9m | €2.0m | ▲ 0.7% |
| Operating profit (loss)9901 | -€1.2m | -€1.5m | -€0.1m | -€0.5m | -€2.1m | -€2.2m | -€3.3m | -€2.3m | ▲ 30.7% |
| Financial income75/76B | - | - | - | €0.08m | €0.009m | €0.006m | €0.003m | €0.02m | ▲ 411% |
| Recurring financial income75 | €0.06m | €0.06m | €0.06m | €0.08m | €0.009m | €0.006m | €0.003m | €0.02m | ▲ 411% |
| Financial charges65/66B | - | - | - | €0.02m | €0.07m | €0.2m | €0.2m | €0.03m | ▼ 82.2% |
| Recurring financial charges65 | €0.007m | €0.004m | €0.01m | €0.02m | €0.07m | €0.2m | €0.2m | €0.03m | ▼ 82.2% |
| Profit (loss) for the period before taxes9903 | -€1.2m | -€1.4m | -€0.1m | -€0.5m | -€2.1m | -€2.4m | -€3.5m | -€2.3m | ▲ 33.5% |
| Income taxes67/77 | -€0.02m | -€0.08m | -€0.02m | -€0.02m | -€0.07m | -€0.09m | -€0.06m | -€0.06m | ▼ 9.1% |
| Profit (loss) for the period9904 | -€1.2m | -€1.4m | -€0.08m | -€0.4m | -€2.1m | -€2.4m | -€3.4m | -€2.3m | ▲ 34.2% |
| Profit (loss) for the period to be appropriated9905 | -€1.2m | -€1.4m | -€0.08m | -€0.4m | -€2.1m | -€2.4m | -€3.4m | -€2.3m | ▲ 34.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €7.0m | €5.3m | €6.3m | €5.4m | €6.6m | €4.6m | €5.5m | €3.4m | ▼ 38.0% |
| Fixed assets21/28 | €1.1m | €1.4m | €1.4m | €1.4m | €1.9m | €2.7m | €3.1m | €2.2m | ▼ 28.3% |
| Intangible fixed assets21 | €1.0m | €1.3m | €1.3m | €1.3m | €1.8m | €2.6m | €3.0m | €2.1m | ▼ 28.2% |
| Tangible fixed assets22/27 | €0.04m | €0.05m | €0.04m | €0.02m | €0.08m | €0.06m | €0.04m | €0.01m | ▼ 69.0% |
| Plant, machinery and equipment23 | - | - | - | €0 | €0.003m | €0.006m | €0.02m | - | - |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.08m | €0.05m | €0.01m | €0.01m | ▼ 10.7% |
| Financial fixed assets28 | €0.04m | €0.04m | €0.05m | €0.05m | €0.05m | €0.05m | €0.04m | €0.04m | ▲ 1.0% |
| Current assets29/58 | €5.9m | €4.0m | €4.9m | €4.0m | €4.7m | €1.9m | €2.4m | €1.2m | ▼ 50.2% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | - | €0.3m | - |
| Other amounts receivable291 | - | - | - | - | - | - | - | €0.3m | - |
| Amounts receivable within one year40/41 | €1.2m | €1.2m | €2.3m | €1.8m | €1.1m | €1.1m | €0.7m | €0.5m | ▼ 28.6% |
| Trade receivables40 | - | - | - | €0.08m | €0.1m | €0.2m | €0.3m | €0.3m | ▲ 27.0% |
| Other amounts receivable41 | - | - | - | €1.7m | €0.9m | €0.9m | €0.5m | €0.2m | ▼ 60.5% |
| Current investments50/53 | €1.5m | €0.5m | €0 | - | - | - | - | €0.02m | - |
| Cash at bank and in hand54/58 | €3.1m | €2.1m | €2.5m | €2.0m | €3.4m | €0.7m | €1.6m | €0.1m | ▼ 91.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.1m | €0.2m | €0.1m | €0.06m | €0.2m | ▲ 206% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €7.0m | €5.3m | €6.3m | €5.4m | €6.6m | €4.6m | €5.5m | €3.4m | ▼ 38.0% |
| Equity10/15 | €5.2m | €3.8m | €3.7m | €3.2m | €1.2m | €2.4m | €4.5m | €2.2m | ▼ 50.6% |
| Contributions10/11 | €3.1m | €3.1m | €3.1m | €3.7m | €3.7m | €4.3m | €7.2m | €7.2m | = |
| Capital10 | - | - | - | €3.1m | €3.1m | €4.3m | €7.2m | €7.2m | = |
| Issued capital100 | - | - | - | €3.1m | €3.1m | €4.3m | €7.2m | €7.2m | = |
| Contributions outside capital11 | - | - | - | €0.6m | €0.6m | €0 | - | - | - |
| Share premium1100/10 | - | - | - | €0.6m | €0.6m | €0 | - | - | - |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0 | - | - |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0 | - | - |
| Legal reserve130 | - | - | - | €0.002m | €0.002m | €0.002m | €0 | - | - |
| Tax-exempt reserves132 | - | - | - | €169 | €169 | €169 | €0 | - | - |
| Profit (loss) carried forward14 | -€2.3m | -€3.7m | -€0.08m | -€0.5m | -€2.6m | -€1.9m | -€2.7m | -€5.0m | ▼ 82.7% |
| Investment grants15 | - | - | - | €0 | - | - | - | - | - |
| Amounts payable17/49 | €1.8m | €1.6m | €2.6m | €2.2m | €5.4m | €2.2m | €1.1m | €1.2m | ▲ 15.2% |
| Amounts payable after more than one year17 | - | - | - | - | €3.4m | €0.04m | €0 | - | - |
| Financial debts170/4 | - | - | - | - | €3.4m | €0.04m | €0 | - | - |
| Amounts payable within one year42/48 | €0.3m | €0.5m | €0.5m | €0.7m | €1.1m | €1.6m | €0.8m | €0.9m | ▲ 22.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.01m | €0.01m | €0 | - | - |
| Financial debts43 | - | - | - | - | €0.2m | €0.4m | €0 | - | - |
| Credit institutions430/8 | - | - | - | - | €0.2m | €0.4m | €0 | - | - |
| Trade debts44 | €0.2m | €0.2m | €0.05m | €0.2m | €0.4m | €0.7m | €0.3m | €0.2m | ▼ 31.2% |
| Suppliers440/4 | - | - | - | €0.2m | €0.4m | €0.7m | €0.3m | €0.2m | ▼ 31.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.5m | €0.5m | €0.6m | €0.5m | €0.2m | ▼ 49.6% |
| Taxes450/3 | - | - | - | €0.03m | €0.03m | €0.03m | €0.04m | - | - |
| Remuneration and social security454/9 | - | - | - | €0.4m | €0.5m | €0.5m | €0.4m | €0.2m | ▼ 45.5% |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €0.5m | - |
| Accrued charges and deferred income492/3 | - | - | - | €1.5m | €0.9m | €0.6m | €0.3m | €0.3m | ▼ 3.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1.2m | -€1.4m | -€0.08m | -€0.4m | -€2.1m | -€2.4m | -€3.4m | -€2.3m | ▲ 34.2% |
| + Depreciation and write-downs630 | €0.6m | €0.7m | €0.7m | €0.7m | €0.9m | €0.8m | €0.9m | €2.2m | ▲ 156% |
| Operating cash flow (approximation) | -€0.6m | -€0.7m | €0.6m | €0.3m | -€1.2m | -€1.6m | -€2.6m | -€0.03m | ▲ 98.9% |
| Investment in fixed assets (approximation) | - | -€1.0m | -€0.7m | -€0.7m | -€1.4m | -€1.5m | -€1.2m | -€1.4m | ▼ 11.3% |
| Change in cash | - | -€1.0m | €0.3m | -€0.4m | €1.4m | -€2.7m | €1.0m | -€1.5m | - |
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, 376 companies had the same profile as FEops has now. Two years later, 91.8% were still going and 0.8% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
91.8%
was still going
7.2%
stopped otherwise
0.8%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FEops itself: 0.5% 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 376 companies, not a prediction for FEops. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-06-2026 | 2026-00242229 | |
| 31-12-2024 | abbreviated format | 01-07-2025 | 2025-00246317 | |
| 31-12-2023 | full format | 28-08-2024 | 2024-00392590 | |
| 31-12-2023 | abbreviated format | 22-07-2024 | 2024-00267940 | |
| 31-12-2022 | abbreviated format | 03-07-2023 | 2023-00199172 | |
| 31-12-2021 | abbreviated format | 25-05-2022 | 2022-20034348 | |
| 31-12-2020 | abbreviated format | 19-05-2021 | 2021-14800080 | |
| 31-12-2019 | abbreviated format | 11-05-2020 | 2020-12000526 | |
| 31-12-2018 | abbreviated format | 04-06-2019 | 2019-16200136 | |
| 31-12-2017 | abbreviated format | 23-05-2018 | 2018-14000092 |