FINCOR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-04-2026 PDF all 7 filings
Turnover
≈ €110,000
Estimated: probably between €65,000 and €190,000
Total assets
€97,890▼ 0.5%
2024 · €98,412
Net result
€11,897
2024 · -€5,591
Working capital
€51,312▲ 0.6%
2024 · €51,003
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€14,787
2025
20192025
Net result
€11,897
2025
20192025
Equity
€62,340
▲ 3.1%
2025
20192025
Total assets
€97,890
▼ 0.5%
2025
20192025
Debt
€35,550
▼ 6.4%
2025
20192025
Working capital
€51,312
▲ 0.6%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€54,743--€2,761▲ 95.0%€74,396€93,585▲ 25.8%€31,256▼ 66.6%-€4,297€14,787
Net result-€55,775--€3,197▲ 94.3%€68,746€69,491▲ 1.1%€23,370▼ 66.4%-€5,591€11,897
Equity€4,225-€1,028▼ 75.7%€68,174▲ 66×€62,665▼ 8.1%€66,035▲ 5.4%€60,444▼ 8.5%€62,340▲ 3.1%
Total assets€60,363-€56,677▼ 6.1%€87,649▲ 54.6%€212,035▲ 142%€137,717▼ 35.1%€98,412▼ 28.5%€97,890▼ 0.5%
Debt€56,138-€55,649▼ 0.9%€19,475▼ 65.0%€149,370▲ 667%€71,682▼ 52.0%€37,968▼ 47.0%€35,550▼ 6.4%
Working capital-€10,964--€8,846▲ 19.3%€59,977€54,331▼ 9.4%€58,144▲ 7.0%€51,003▼ 12.3%€51,312▲ 0.6%
The operating result for 2025 is a profit of €14,787, after a loss of €4,297 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 €97,890
Fixed assets
€22,210 ▼ 29.9%
Current assets
€75,680 ▲ 13.4%
Equity and liabilities €97,890
Equity
€62,340 ▲ 3.1%
Debt
€35,550 ▼ 6.4%
Debt's share of the balance-sheet total falls from 38.6% to 36.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€25,908▲
2024 · €6,799
Cash flow
€23,018▲
2024 · €5,505
Current ratio
3.11▼
2024 · 4.24
Debt to equity
0.57▼
2024 · 0.63
ROE
19.1%▲
2024 · -9.3%
ROA
12.2%▲
2024 · -5.7%
Interest coverage
31.45▲
2024 · 5.95
Debt ≤ 1 year
€24,368▲
2024 · €15,732
Debt > 1 year
€9,701▼
2024 · €21,051
Income taxes
€2,066▲
2024 · €151
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €55,480 | - | - | €1,655 |
| Depreciation and write-downs of the year | €8,329 | €2,899 | €11,480 | €11,096 | €11,122 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €44 awarded · €44 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €6,423 | €8,974 | - | €2,000 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,882 | €13,882 | €8,329 | €2,899 | €11,480 | €11,096 | €11,122 | ▲ 0.2% |
| Other operating charges640/8 | - | - | €842 | €898 | €730 | €763 | €782 | ▲ 2.4% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €122 | - |
| Gross operating margin9900 | -€39,113 | €11,958 | €83,568 | €97,381 | €43,466 | €7,562 | €26,812 | ▲ 255% |
| Operating profit (loss)9901 | -€54,743 | -€2,761 | €74,396 | €93,585 | €31,256 | -€4,297 | €14,787 | - |
| Financial income75/76B | - | - | - | - | €8 | - | - | - |
| Recurring financial income75 | - | - | - | - | €8 | - | - | - |
| Financial charges65/66B | - | - | €140 | €501 | €1,677 | €1,144 | €824 | ▼ 28.0% |
| Recurring financial charges65 | €674 | €239 | €140 | €501 | €1,677 | €1,144 | €824 | ▼ 28.0% |
| Profit (loss) for the period before taxes9903 | -€55,417 | -€3,001 | €74,256 | €93,084 | €29,586 | -€5,441 | €13,963 | - |
| Income taxes67/77 | €358 | €196 | €5,510 | €23,593 | €6,216 | €151 | €2,066 | ▲ 14× |
| Profit (loss) for the period9904 | -€55,775 | -€3,197 | €68,746 | €69,491 | €23,370 | -€5,591 | €11,897 | - |
| Profit (loss) for the period to be appropriated9905 | -€55,775 | -€3,197 | €68,746 | €69,491 | €23,370 | -€5,591 | €11,897 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €60,363 | €56,677 | €87,649 | €212,035 | €137,717 | €98,412 | €97,890 | ▼ 0.5% |
| Formation expenses20 | €2,353 | €1,177 | €941 | €235 | - | - | - | - |
| Fixed assets21/28 | €25,002 | €12,297 | €9,756 | €54,017 | €42,773 | €31,677 | €22,210 | ▼ 29.9% |
| Intangible fixed assets21 | €1,484 | €742 | €594 | €148 | - | - | - | - |
| Tangible fixed assets22/27 | €23,518 | €11,555 | €9,162 | €53,869 | €42,773 | €31,677 | €22,210 | ▼ 29.9% |
| Furniture and vehicles24 | - | - | €9,162 | €53,869 | €42,773 | €31,677 | €22,210 | ▼ 29.9% |
| Current assets29/58 | €33,008 | €43,203 | €76,952 | €157,783 | €94,944 | €66,735 | €75,680 | ▲ 13.4% |
| Amounts receivable within one year40/41 | €17,580 | €21,185 | €13,977 | €3,666 | €2,954 | €9,759 | €6,608 | ▼ 32.3% |
| Trade receivables40 | - | - | €13,977 | €3,666 | €2,954 | €4,756 | €5,575 | ▲ 17.2% |
| Other amounts receivable41 | - | - | - | - | - | €5,002 | €1,034 | ▼ 79.3% |
| Cash at bank and in hand54/58 | €11,649 | €14,932 | €60,161 | €150,670 | €88,743 | €54,012 | €67,084 | ▲ 24.2% |
| Deferred charges and accrued income490/1 | - | - | €2,814 | €3,447 | €3,247 | €2,964 | €1,988 | ▼ 33.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €60,363 | €56,677 | €87,649 | €212,035 | €137,717 | €98,412 | €97,890 | ▼ 0.5% |
| Equity10/15 | €4,225 | €1,028 | €68,174 | €62,665 | €66,035 | €60,444 | €62,340 | ▲ 3.1% |
| Contributions10/11 | €60,000 | - | €60,000 | €60,000 | €60,000 | €60,000 | €60,000 | = |
| Profit (loss) carried forward14 | -€55,775 | -€58,972 | €8,174 | €2,665 | €6,035 | €444 | €2,340 | ▲ 427% |
| Amounts payable17/49 | €56,138 | €55,649 | €19,475 | €149,370 | €71,682 | €37,968 | €35,550 | ▼ 6.4% |
| Amounts payable after more than one year17 | €12,167 | €3,599 | - | €42,836 | €32,094 | €21,051 | €9,701 | ▼ 53.9% |
| Financial debts170/4 | - | - | - | €42,836 | €32,094 | €21,051 | €9,701 | ▼ 53.9% |
| Amounts payable within one year42/48 | €43,972 | €52,050 | €16,975 | €103,451 | €36,800 | €15,732 | €24,368 | ▲ 54.9% |
| Current portion of amounts payable after more than one year42 | - | - | €3,599 | €10,450 | €10,742 | €11,042 | €11,351 | ▲ 2.8% |
| Financial debts43 | - | - | - | €7,521 | €2,522 | €2,522 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | - | - | - | €0 | - |
| Other loans439 | - | - | - | €7,521 | €2,522 | €2,522 | - | - |
| Trade debts44 | €985 | €4,526 | €4,716 | €537 | €969 | €233 | €902 | ▲ 288% |
| Suppliers440/4 | - | - | €4,716 | €537 | €969 | €233 | €902 | ▲ 288% |
| Taxes, remuneration and social security45 | - | - | €7,060 | €9,943 | €2,566 | €1,935 | €2,115 | ▲ 9.3% |
| Taxes450/3 | - | - | €6,860 | €9,943 | €2,566 | €1,935 | €2,115 | ▲ 9.3% |
| Remuneration and social security454/9 | - | - | €200 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | €1,600 | €75,000 | €20,000 | - | €10,000 | - |
| Accrued charges and deferred income492/3 | - | - | €2,500 | €3,083 | €2,788 | €1,185 | €1,482 | ▲ 25.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€55,775 | -€3,197 | €68,746 | €69,491 | €23,370 | -€5,591 | €11,897 | - |
| + Depreciation and write-downs630 | €13,882 | €13,882 | €8,329 | €2,899 | €11,480 | €11,096 | €11,122 | ▲ 0.2% |
| Operating cash flow (approximation) | -€41,893 | €10,685 | €77,075 | €72,390 | €34,850 | €5,505 | €23,018 | ▲ 318% |
| Investment in fixed assets (approximation) | - | -€1,177 | -€5,788 | -€47,160 | -€235 | €0 | -€1,655 | - |
| Change in cash | - | €3,283 | €45,229 | €90,508 | -€61,927 | -€34,731 | €13,072 | - |
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, 26,972 companies had the same profile as FINCOR has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of FINCOR itself is lower: 0.1% within 12 months. It rests on far more data about FINCOR 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 26,972 companies, not a prediction for FINCOR. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 29-04-2026 | 2026-00096940 | |
| 30-09-2024 | micro format | 27-03-2025 | 2025-00056769 | |
| 30-09-2023 | micro format | 29-03-2024 | 2024-00057272 | |
| 30-09-2022 | micro format | 05-04-2023 | 2023-00054163 | |
| 30-09-2021 | micro format | 06-04-2022 | 2022-20000924 | |
| 30-09-2020 | micro format | 08-04-2021 | 2021-09900584 | |
| 30-09-2019 | micro format | 21-04-2020 | 2020-09700368 |