FINCONSULT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 38 filings
Turnover
≈ €96,000
Estimated: probably between €51,000 and €180,000
Total assets
€2.6m▲ 9.7%
2024 · €2.3m
Net result
€197,561
2024 · -€212,664
Working capital
€2.2m▲ 11.0%
2024 · €1.9m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€20,964
▼ 3.4%
2025
20182025
Net result
€197,561
2025
20182025
Equity
€2.3m
▲ 9.3%
2025
20182025
Total assets
€2.6m
▲ 9.7%
2025
20182025
Debt
€234,670
▲ 13.8%
2025
20182025
Working capital
€2.2m
▲ 11.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.009m--€0.006m▲ 28.9%-€0.02m▼ 285%-€0.02m▲ 37.3%-€0.03m▼ 68.6%-€0.02m▲ 25.3%-€0.02m▼ 3.5%-€0.02m▼ 3.4%
Net result-€0.03m-€0.04m-€0.05m€0.04m€0.009m▼ 79.9%-€0.02m-€0.2m▼ 1,232%€0.2m
Equity€2.3m-€2.4m▲ 1.5%€2.3m▼ 2.1%€2.3m▲ 1.8%€2.4m▲ 0.4%€2.3m▼ 0.7%€2.1m▼ 9.1%€2.3m▲ 9.3%
Total assets€2.4m-€2.4m▲ 2.3%€2.4m▼ 1.6%€2.5m▲ 3.5%€2.5m▲ 1.0%€2.5m=€2.3m▼ 7.3%€2.6m▲ 9.7%
Debt€0.08m-€0.09m▲ 24.6%€0.1m▲ 8.7%€0.1m▲ 41.1%€0.2m▲ 11.0%€0.2m▲ 9.4%€0.2m▲ 16.8%€0.2m▲ 13.8%
Working capital€2.1m-€2.2m▲ 2.6%€2.1m▼ 2.2%€2.1m▼ 2.2%€2.1m▲ 1.4%€2.1m▲ 1.1%€1.9m▼ 9.0%€2.2m▲ 11.0%
The operating result for 2025 is a loss of €20,964, larger than the loss of €20,267 in 2024. It is the lowest result since 2022.
Turnover and EBIT margin are not published. The abbreviated or 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 €2.6m
Fixed assets
€162,839 ▼ 15.7%
Current assets
€2.4m ▲ 12.0%
Equity and liabilities €2.6m
Equity
€2.3m ▲ 9.3%
Debt
€234,670 ▲ 13.8%
Debt's share of the balance-sheet total rises from 8.8% to 9.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€13,422▼
2024 · €15,713
Cash flow
€231,947▲
2024 · -€176,684
Current ratio
10.20▼
2024 · 11.13
Debt to equity
0.10▲
2024 · 0.10
ROE
8.5%▲
2024 · -10.0%
ROA
7.7%▲
2024 · -9.1%
Interest coverage
-0.11▼
2024 · 0.06
Debt ≤ 1 year
€234,670▲
2024 · €192,140
Income taxes
€29,068▲
2024 · €9,928
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 | €127,668 | €14,809 | €4,242 | €17,767 | €4,163 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €21,297 | €37,604 | €37,427 | €35,980 | €34,386 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,944 | €29,899 | €30,483 | €21,297 | €37,604 | €37,427 | €35,980 | €34,386 | ▼ 4.4% |
| Other operating charges640/8 | - | - | - | €11,882 | €11,808 | €12,645 | €13,308 | €13,500 | ▲ 1.4% |
| Gross operating margin9900 | €32,324 | €34,256 | €17,196 | €17,615 | €23,179 | €30,489 | €29,021 | €26,921 | ▼ 7.2% |
| Operating profit (loss)9901 | -€9,071 | -€6,451 | -€24,834 | -€15,563 | -€26,233 | -€19,583 | -€20,267 | -€20,964 | ▼ 3.4% |
| Financial income75/76B | - | - | - | €101,224 | €188,766 | €101,911 | €69,298 | €129,027 | ▲ 86.2% |
| Recurring financial income75 | €28,481 | €40,204 | €36,154 | €101,224 | €188,766 | €101,911 | €69,298 | €129,027 | ▲ 86.2% |
| Financial charges65/66B | - | - | - | €17,332 | €114,886 | €79,695 | €251,768 | -€118,566 | - |
| Recurring financial charges65 | €39,053 | -€12,691 | €56,042 | €17,332 | €114,886 | €79,695 | €251,768 | -€118,566 | - |
| Profit (loss) for the period before taxes9903 | -€19,643 | €46,444 | -€44,722 | €68,329 | €47,647 | €2,633 | -€202,736 | €226,629 | - |
| Income taxes67/77 | €6,551 | €11,133 | €3,855 | €25,883 | €39,129 | €18,601 | €9,928 | €29,068 | ▲ 193% |
| Profit (loss) for the period9904 | -€26,193 | €35,311 | -€48,577 | €42,446 | €8,518 | -€15,967 | -€212,664 | €197,561 | - |
| Profit (loss) for the period to be appropriated9905 | -€26,193 | €35,311 | -€48,577 | €42,446 | €8,518 | -€15,967 | -€212,664 | €197,561 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.4m | €2.4m | €2.4m | €2.5m | €2.5m | €2.5m | €2.3m | €2.6m | ▲ 9.7% |
| Fixed assets21/28 | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 15.7% |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 15.7% |
| Land and buildings22 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 6.9% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €0.002m | €0.002m | €0.001m | €0.001m | ▼ 46.2% |
| Furniture and vehicles24 | - | - | - | €0.09m | €0.08m | €0.06m | €0.04m | €0.02m | ▼ 50.1% |
| Financial fixed assets28 | €98 | €98 | €98 | €98 | €98 | €98 | €98 | €98 | = |
| Current assets29/58 | €2.2m | €2.3m | €2.2m | €2.2m | €2.3m | €2.3m | €2.1m | €2.4m | ▲ 12.0% |
| Amounts receivable within one year40/41 | €0.002m | €0.004m | €0.007m | €0.008m | €0.01m | €0.03m | €0.05m | €0.03m | ▼ 24.4% |
| Trade receivables40 | - | - | - | €0 | - | €0.001m | €0 | - | - |
| Other amounts receivable41 | - | - | - | €0.008m | €0.01m | €0.03m | €0.05m | €0.03m | ▼ 24.4% |
| Current investments50/53 | €1.2m | €1.3m | €1.4m | €1.5m | €1.6m | €1.7m | €1.4m | €1.5m | ▲ 4.7% |
| Cash at bank and in hand54/58 | €1.0m | €1.0m | €0.8m | €0.7m | €0.7m | €0.6m | €0.6m | €0.8m | ▲ 31.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.001m | €0 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.4m | €2.4m | €2.4m | €2.5m | €2.5m | €2.5m | €2.3m | €2.6m | ▲ 9.7% |
| Equity10/15 | €2.3m | €2.4m | €2.3m | €2.3m | €2.4m | €2.3m | €2.1m | €2.3m | ▲ 9.3% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | = |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | = |
| Profit (loss) carried forward14 | €0.5m | €0.5m | €0.4m | €0.5m | €0.5m | €0.5m | €0.3m | €0.5m | ▲ 74.2% |
| Amounts payable17/49 | €0.08m | €0.09m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 13.8% |
| Amounts payable after more than one year17 | €0.002m | €0.002m | €0.002m | €0 | - | - | - | - | - |
| Other amounts payable178/9 | - | - | - | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.07m | €0.09m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 22.1% |
| Trade debts44 | €0.001m | €0.005m | €0.002m | €0.009m | €0.006m | €0.002m | €0.005m | €0.004m | ▼ 15.4% |
| Suppliers440/4 | - | - | - | €0.009m | €0.006m | €0.002m | €0.005m | €0.004m | ▼ 15.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.006m | €0 | - | €0.01m | - |
| Taxes450/3 | - | - | - | €0.01m | €0.006m | €0 | - | €0.01m | - |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 16.4% |
| Accrued charges and deferred income492/3 | - | - | - | €0.007m | €0.006m | €0.01m | €0.01m | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€26,193 | €35,311 | -€48,577 | €42,446 | €8,518 | -€15,967 | -€212,664 | €197,561 | - |
| + Depreciation and write-downs630 | €29,944 | €29,899 | €30,483 | €21,297 | €37,604 | €37,427 | €35,980 | €34,386 | ▼ 4.4% |
| Operating cash flow (approximation) | €3,751 | €65,209 | -€18,094 | €63,743 | €46,122 | €21,460 | -€176,684 | €231,947 | - |
| Investment in fixed assets (approximation) | - | -€10,648 | -€31,740 | -€113,668 | -€14,809 | -€4,242 | -€17,767 | -€4,163 | ▲ 76.6% |
| Change in cash | - | -€37,900 | -€177,581 | -€128,893 | -€18,901 | -€55,540 | €37,818 | €200,221 | ▲ 429% |
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, 20,136 companies had the same profile as FINCONSULT has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of FINCONSULT 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 20,136 companies, not a prediction for FINCONSULT. 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 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 15-07-2026 | 2026-00309388 | |
| 31-12-2024 | micro format | 15-07-2025 | 2025-00270200 | |
| 31-12-2023 | micro format | 19-07-2024 | 2024-00273596 | |
| 31-12-2022 | micro format | 19-07-2023 | 2023-00250001 | |
| 31-12-2021 | micro format | 20-07-2022 | 2022-20214351 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-43300359 | |
| 31-12-2019 | micro format | 17-07-2020 | 2020-32100428 | |
| 31-12-2018 | micro format | 18-07-2019 | 2019-35300484 | |
| 31-12-2017 | micro format | 19-07-2018 | 2018-35200475 | |
| 31-12-2016 | micro format | 19-07-2017 | 2017-34400003 |