FINANS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-03-2026 PDF all 5 filings
Turnover
≈ €130,000
Estimated: probably between €94,000 and €160,000
Total assets
€518,339▼ 1.4%
2024 · €525,881
Net result
€14,287▲ 226%
2024 · €4,387
Working capital
-€187,907▼ 37.0%
2024 · -€137,114
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€26,264
▲ 100%
2025
20212025
Net result
€14,287
▲ 226%
2025
middle half of the sector
20212025
Equity
€15,287
▼ 66.6%
2025
lowest quarter of the sector
20212025
Total assets
€518,339
▼ 1.4%
2025
highest quarter of the sector
20212025
Debt
€503,052
▲ 4.8%
2025
20212025
Working capital
-€187,907
▼ 37.0%
2025
lowest quarter of the sector
20212025
Solvency
2.9%
▼ 5.8pp
2025
lowest quarter of the sector
20212025
Current ratio
0.14
=
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
2.8%
▲ 1.9pp
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€8,448-€21,054▲ 149%€26,029▲ 23.6%€13,106▼ 49.6%€26,264▲ 100%
Net result€5,177within the sector's middle half-€16,118within the sector's middle half▲ 211%€19,152within the sector's middle half▲ 18.8%€4,387within the sector's middle half▼ 77.1%€14,287within the sector's middle half▲ 226%
Equity€6,177below the sector's middle half-€22,295below the sector's middle half▲ 261%€41,447within the sector's middle half▲ 85.9%€45,835within the sector's middle half▲ 10.6%€15,287below the sector's middle half▼ 66.6%
Total assets€328,498within the sector's middle half-€634,712above the sector's middle half▲ 93.2%€545,136above the sector's middle half▼ 14.1%€525,881above the sector's middle half▼ 3.5%€518,339above the sector's middle half▼ 1.4%
Debt€322,321-€612,417▲ 90.0%€503,689▼ 17.8%€480,046▼ 4.7%€503,052▲ 4.8%
Working capital-€64,826below the sector's middle half--€126,200below the sector's middle half▼ 94.7%-€132,267below the sector's middle half▼ 4.8%-€137,114below the sector's middle half▼ 3.7%-€187,907below the sector's middle half▼ 37.0%
Solvency1.9%below the sector's middle half-3.5%below the sector's middle half▲ 1.6pp7.6%below the sector's middle half▲ 4.1pp8.7%below the sector's middle half▲ 1.1pp2.9%below the sector's middle half▼ 5.8pp
Current ratio0.49below the sector's middle half-0.43below the sector's middle half▼ 0.060.10below the sector's middle half▼ 0.330.14below the sector's middle half▲ 0.050.14below the sector's middle half=
Return on assets (ROA)1.6%within the sector's middle half-2.5%within the sector's middle half▲ 1.0pp3.5%within the sector's middle half▲ 1.0pp0.8%below the sector's middle half▼ 2.7pp2.8%within the sector's middle half▲ 1.9pp
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 100% higher than in 2024 and the highest since 2021. 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 €518,339
Fixed assets
€487,986 ▼ 3.0%
Current assets
€30,353 ▲ 31.7%
Equity and liabilities €518,339
Equity
€15,287 ▼ 66.6%
Debt
€503,052 ▲ 4.8%
Debt's share of the balance-sheet total rises from 91.3% to 97.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€56,926▲
2024 · €40,958
Cash flow
€44,949▲
2024 · €32,240
Debt to equity
32.91▲
2024 · 10.47
ROE
93.5%▲
2024 · 9.6%
Interest coverage
10.96▲
2024 · 6.99
Debt ≤ 1 year
€218,260▲
2024 · €160,168
Debt > 1 year
€284,724▼
2024 · €319,812
Income taxes
€6,793▲
2024 · €2,867
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 | €266,402 | €293,329 | €19,683 | - | €15,822 |
| Depreciation and write-downs of the year | €6,385 | €18,748 | €29,552 | €27,852 | €30,662 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €5,769 awarded · €5,769 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €4,170 | €4,170 |
| 2024 | 1 | €549 | €549 |
| 2023 | 1 | €1,050 | €1,050 |
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €1,275 | - | - | - | €2,578 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,385 | €18,748 | €29,552 | €27,852 | €30,662 | ▲ 10.1% |
| Other operating charges640/8 | €1,740 | €1,400 | €4,466 | €4,183 | €4,444 | ▲ 6.2% |
| Gross operating margin9900 | €16,573 | €41,202 | €60,047 | €45,141 | €61,370 | ▲ 36.0% |
| Operating profit (loss)9901 | €8,448 | €21,054 | €26,029 | €13,106 | €26,264 | ▲ 100% |
| Financial income75/76B | - | €19 | - | €8 | €9 | ▲ 6.3% |
| Recurring financial income75 | - | €19 | - | €8 | €9 | ▲ 6.3% |
| Financial charges65/66B | €526 | €4,830 | €6,577 | €5,860 | €5,193 | ▼ 11.4% |
| Recurring financial charges65 | €526 | €4,830 | €6,577 | €5,860 | €5,193 | ▼ 11.4% |
| Profit (loss) for the period before taxes9903 | €7,922 | €16,243 | €19,452 | €7,254 | €21,080 | ▲ 191% |
| Income taxes67/77 | €2,745 | €125 | €300 | €2,867 | €6,793 | ▲ 137% |
| Profit (loss) for the period9904 | €5,177 | €16,118 | €19,152 | €4,387 | €14,287 | ▲ 226% |
| Profit (loss) for the period to be appropriated9905 | €5,177 | €16,118 | €19,152 | €4,387 | €14,287 | ▲ 226% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €328,498 | €634,712 | €545,136 | €525,881 | €518,339 | ▼ 1.4% |
| Formation expenses20 | €13 | - | - | - | - | - |
| Fixed assets21/28 | €265,953 | €540,547 | €530,678 | €502,826 | €487,986 | ▼ 3.0% |
| Tangible fixed assets22/27 | €265,953 | €540,547 | €530,678 | €502,826 | €487,986 | ▼ 3.0% |
| Land and buildings22 | €265,953 | €536,185 | €526,966 | €501,454 | €475,942 | ▼ 5.1% |
| Plant, machinery and equipment23 | - | €4,362 | €2,334 | €306 | €7,132 | ▲ 23× |
| Furniture and vehicles24 | - | - | €1,378 | €1,066 | €4,911 | ▲ 361% |
| Current assets29/58 | €62,533 | €94,165 | €14,458 | €23,055 | €30,353 | ▲ 31.7% |
| Amounts receivable within one year40/41 | €52,865 | €91,234 | €10,558 | €12,670 | €15,863 | ▲ 25.2% |
| Trade receivables40 | €9,438 | €7,200 | €10,306 | €9,983 | €10,164 | ▲ 1.8% |
| Other amounts receivable41 | €43,427 | €84,034 | €252 | €2,687 | €5,699 | ▲ 112% |
| Cash at bank and in hand54/58 | €9,127 | €2,318 | €1,340 | €7,879 | €10,807 | ▲ 37.2% |
| Deferred charges and accrued income490/1 | €541 | €614 | €2,560 | €2,506 | €3,684 | ▲ 47.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €328,498 | €634,712 | €545,136 | €525,881 | €518,339 | ▼ 1.4% |
| Equity10/15 | €6,177 | €22,295 | €41,447 | €45,835 | €15,287 | ▼ 66.6% |
| Contributions10/11 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Profit (loss) carried forward14 | €5,177 | €21,295 | €40,447 | €44,835 | €14,287 | ▼ 68.1% |
| Amounts payable17/49 | €322,321 | €612,417 | €503,689 | €480,046 | €503,052 | ▲ 4.8% |
| Amounts payable after more than one year17 | €192,906 | €389,988 | €354,900 | €319,812 | €284,724 | ▼ 11.0% |
| Financial debts170/4 | €192,906 | €389,988 | €354,900 | €319,812 | €284,724 | ▼ 11.0% |
| Amounts payable within one year42/48 | €127,358 | €220,365 | €146,725 | €160,168 | €218,260 | ▲ 36.3% |
| Current portion of amounts payable after more than one year42 | - | €35,088 | €35,088 | €35,088 | €35,088 | = |
| Trade debts44 | €1,112 | €11,138 | €7,415 | €9,522 | €5,561 | ▼ 41.6% |
| Suppliers440/4 | €1,112 | €11,138 | €7,415 | €9,522 | €5,561 | ▼ 41.6% |
| Advances received on contracts in progress46 | - | - | €975 | €1,430 | - | - |
| Taxes, remuneration and social security45 | €2,745 | €2,870 | €1,504 | €2,799 | €6,725 | ▲ 140% |
| Taxes450/3 | €2,745 | €2,870 | €1,504 | €2,799 | €6,725 | ▲ 140% |
| Other amounts payable47/48 | €123,502 | €171,269 | €101,743 | €111,330 | €170,886 | ▲ 53.5% |
| Accrued charges and deferred income492/3 | €2,057 | €2,064 | €2,064 | €66 | €67 | ▲ 2.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,177 | €16,118 | €19,152 | €4,387 | €14,287 | ▲ 226% |
| + Depreciation and write-downs630 | €6,385 | €18,748 | €29,552 | €27,852 | €30,662 | ▲ 10.1% |
| Operating cash flow (approximation) | €11,562 | €34,866 | €48,704 | €32,240 | €44,949 | ▲ 39.4% |
| Investment in fixed assets (approximation) | - | -€293,342 | -€19,683 | €0 | -€15,822 | - |
| Change in cash | - | -€6,809 | -€978 | €6,539 | €2,928 | ▼ 55.2% |
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, 1,603 companies had the same profile as FINANS has now. Two years later, 96.1% were still going and 1.9% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency under 10%
- a profit under 5% of the balance sheet
96.1%
was still going
1.8%
stopped otherwise
1.9%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of FINANS itself is lower: 0.2% within 12 months. It rests on far more data about FINANS 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 1,603 companies, not a prediction for FINANS. 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 | micro format | 27-03-2026 | 2026-00074599 | |
| 31-12-2024 | micro format | 23-06-2025 | 2025-00202015 | |
| 31-12-2023 | micro format | 19-06-2024 | 2024-00171134 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00442076 | |
| 31-12-2021 | micro format | 19-07-2022 | 2022-20231177 |