FINCORE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-12-2025 PDF all 9 filings
Turnover
≈ €190,000
Estimated: probably between €140,000 and €240,000
Total assets
€79,341▼ 17.6%
2024 · €96,266
Net result
€39,492▼ 35.0%
2024 · €60,752
Working capital
€61,597▼ 25.0%
2024 · €82,105
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€53,462
▼ 34.1%
2025
20192025
Net result
€39,492
▼ 35.0%
2025
middle half of the sector
20192025
Equity
€61,647
▼ 25.0%
2025
middle half of the sector
20192025
Total assets
€79,341
▼ 17.6%
2025
middle half of the sector
20192025
Debt
€17,694
▲ 25.4%
2025
20192025
Working capital
€61,597
▼ 25.0%
2025
middle half of the sector
20192025
Solvency
77.7%
▼ 7.6pp
2025
middle half of the sector
20192025
Current ratio
4.48
▼ 2.34
2025
highest quarter of the sector
20192025
Return on assets (ROA)
49.8%
▼ 13.3pp
2025
highest quarter of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€62,087-€35,480▼ 42.9%€79,138▲ 123%€94,494▲ 19.4%€81,758▼ 13.5%€81,087▼ 0.8%€53,462▼ 34.1%
Net result€40,432-€19,604within the sector's middle half▼ 51.5%€53,986within the sector's middle half▲ 175%€69,566above the sector's middle half▲ 28.9%€60,568within the sector's middle half▼ 12.9%€60,752within the sector's middle half▲ 0.3%€39,492within the sector's middle half▼ 35.0%
Equity€112,679-€42,283within the sector's middle half▼ 62.5%€96,269within the sector's middle half▲ 128%€90,835within the sector's middle half▼ 5.6%€76,402within the sector's middle half▼ 15.9%€82,155within the sector's middle half▲ 7.5%€61,647within the sector's middle half▼ 25.0%
Total assets€180,127-€77,577below the sector's middle half▼ 56.9%€112,093within the sector's middle half▲ 44.5%€102,682within the sector's middle half▼ 8.4%€83,982within the sector's middle half▼ 18.2%€96,266within the sector's middle half▲ 14.6%€79,341within the sector's middle half▼ 17.6%
Debt€67,447-€35,294▼ 47.7%€15,824▼ 55.2%€11,847▼ 25.1%€7,579▼ 36.0%€14,112▲ 86.2%€17,694▲ 25.4%
Working capital€93,046-€31,454within the sector's middle half▼ 66.2%€83,081within the sector's middle half▲ 164%€84,216within the sector's middle half▲ 1.4%€76,365within the sector's middle half▼ 9.3%€82,105within the sector's middle half▲ 7.5%€61,597within the sector's middle half▼ 25.0%
Solvency62.6%-54.5%within the sector's middle half▼ 8.1pp85.9%above the sector's middle half▲ 31.4pp88.5%above the sector's middle half▲ 2.6pp91.0%above the sector's middle half▲ 2.5pp85.3%above the sector's middle half▼ 5.6pp77.7%within the sector's middle half▼ 7.6pp
Current ratio2.95-2.19within the sector's middle half▼ 0.756.25above the sector's middle half▲ 4.068.11above the sector's middle half▲ 1.8611.09above the sector's middle half▲ 2.986.82above the sector's middle half▼ 4.274.48above the sector's middle half▼ 2.34
Return on assets (ROA)22.4%-25.3%above the sector's middle half▲ 2.8pp48.2%above the sector's middle half▲ 22.9pp67.7%above the sector's middle half▲ 19.6pp72.1%above the sector's middle half▲ 4.4pp63.1%above the sector's middle half▼ 9.0pp49.8%above the sector's middle half▼ 13.3pp
Staff (FTE)1
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 34% lower than in 2024 and the lowest since 2020. It is the third fall in a row.
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 €79,341
Fixed assets
€50 =
Current assets
€79,291 ▼ 17.6%
Equity and liabilities €79,341
Equity
€61,647 ▼ 25.0%
Debt
€17,694 ▲ 25.4%
Debt's share of the balance-sheet total rises from 14.7% to 22.3%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
0.29▲
2024 · 0.17
ROE
64.1%▼
2024 · 73.9%
Debt ≤ 1 year
€17,694▲
2024 · €14,112
Income taxes
€14,078▼
2024 · €20,664
Staff costs
€35,580▲
2024 · €30,875
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2024 |
|---|---|
| Employees at the balance-sheet date | 1 |
| part-time | 1 |
| in full-time equivalents | 0.8 |
| Average over the year, in full-time equivalents | 0.8 |
| On a permanent contract | 1 |
Source: social balance sheet in the 2024 annual accounts
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €19,505 | €26,601 | €30,875 | €35,580 | ▲ 15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,546 | €19,546 | €6,569 | €6,569 | €6,569 | - | - | - |
| Other operating charges640/8 | - | - | - | €1,735 | €1,755 | €1,932 | €2,064 | ▲ 6.8% |
| Gross operating margin9900 | €87,997 | €60,665 | €91,038 | €122,303 | €116,682 | €113,894 | €91,106 | ▼ 20.0% |
| Operating profit (loss)9901 | €62,087 | €35,480 | €79,138 | €94,494 | €81,758 | €81,087 | €53,462 | ▼ 34.1% |
| Financial income75/76B | - | - | - | €0 | - | €442 | €478 | ▲ 8.2% |
| Recurring financial income75 | €0 | - | €0 | €0 | - | €442 | €478 | ▲ 8.2% |
| Financial charges65/66B | - | - | - | €153 | €116 | €112 | €371 | ▲ 231% |
| Recurring financial charges65 | €455 | €372 | €225 | €153 | €116 | €112 | €371 | ▲ 231% |
| Profit (loss) for the period before taxes9903 | €61,632 | €35,108 | €78,913 | €94,341 | €81,642 | €81,417 | €53,569 | ▼ 34.2% |
| Income taxes67/77 | €21,200 | €15,504 | €24,927 | €24,776 | €21,075 | €20,664 | €14,078 | ▼ 31.9% |
| Profit (loss) for the period9904 | €40,432 | €19,604 | €53,986 | €69,566 | €60,568 | €60,752 | €39,492 | ▼ 35.0% |
| Profit (loss) for the period to be appropriated9905 | €40,432 | €19,604 | €53,986 | €69,566 | €60,568 | €60,752 | €39,492 | ▼ 35.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €180,127 | €77,577 | €112,093 | €102,682 | €83,982 | €96,266 | €79,341 | ▼ 17.6% |
| Fixed assets21/28 | €39,302 | €19,756 | €13,188 | €6,619 | €50 | €50 | €50 | = |
| Tangible fixed assets22/27 | €39,252 | €19,706 | €13,138 | €6,569 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €6,569 | - | - | - | - |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €140,825 | €57,821 | €98,905 | €96,063 | €83,932 | €96,216 | €79,291 | ▼ 17.6% |
| Amounts receivable within one year40/41 | €7,036 | €14,672 | €2,708 | €13,458 | €7,941 | €523 | €9,561 | ▲ 18× |
| Trade receivables40 | - | - | - | €4,437 | €7,941 | €523 | €561 | ▲ 7.1% |
| Other amounts receivable41 | - | - | - | €9,020 | - | - | €9,000 | - |
| Cash at bank and in hand54/58 | €133,789 | €43,148 | €96,198 | €82,606 | €75,991 | €95,693 | €69,730 | ▼ 27.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €180,127 | €77,577 | €112,093 | €102,682 | €83,982 | €96,266 | €79,341 | ▼ 17.6% |
| Equity10/15 | €112,679 | €42,283 | €96,269 | €90,835 | €76,402 | €82,155 | €61,647 | ▼ 25.0% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €92,219 | €21,823 | €75,809 | €70,375 | €55,942 | €61,695 | €41,187 | ▼ 33.2% |
| Amounts payable17/49 | €67,447 | €35,294 | €15,824 | €11,847 | €7,579 | €14,112 | €17,694 | ▲ 25.4% |
| Amounts payable after more than one year17 | €19,668 | €8,928 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €47,779 | €26,366 | €15,824 | €11,847 | €7,566 | €14,112 | €17,694 | ▲ 25.4% |
| Trade debts44 | €1,840 | €8,208 | €510 | €758 | €5,309 | €9,217 | €6,635 | ▼ 28.0% |
| Suppliers440/4 | - | - | - | €758 | €5,309 | €9,217 | €6,635 | ▼ 28.0% |
| Taxes, remuneration and social security45 | - | - | - | €11,089 | €2,257 | €4,895 | €11,059 | ▲ 126% |
| Taxes450/3 | - | - | - | €8,362 | €2,046 | €3,995 | €7,098 | ▲ 77.7% |
| Remuneration and social security454/9 | - | - | - | €2,727 | €211 | €899 | €3,961 | ▲ 340% |
| Accrued charges and deferred income492/3 | - | - | - | - | €13 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €40,432 | €19,604 | €53,986 | €69,566 | €60,568 | €60,752 | €39,492 | ▼ 35.0% |
| + Depreciation and write-downs630 | €19,546 | €19,546 | €6,569 | €6,569 | €6,569 | - | - | - |
| Operating cash flow (approximation) | €59,977 | €39,149 | €60,555 | €76,134 | €67,136 | €60,752 | €39,492 | ▼ 35.0% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€90,641 | €53,050 | -€13,592 | -€6,615 | €19,702 | -€25,963 | - |
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, 34,693 companies had the same profile as FINCORE has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of FINCORE itself: 0.4% 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 34,693 companies, not a prediction for FINCORE. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 22-12-2025 | 2025-00587275 | |
| 30-06-2024 | micro format | 07-01-2025 | 2025-00631110 | |
| 30-06-2023 | micro format | 23-01-2024 | 2024-00004795 | |
| 30-06-2022 | micro format | 04-01-2023 | 2023-20552166 | |
| 30-06-2021 | micro format | 20-12-2021 | 2021-80600303 | |
| 30-06-2020 | micro format | 13-01-2021 | 2021-00800362 | |
| 30-06-2019 | micro format | 23-12-2019 | 2019-77100533 | |
| 30-06-2018 | micro format | 23-01-2019 | 2019-01900331 | |
| 30-06-2017 | micro format | 10-01-2018 | 2018-00800332 |