Fine Work
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 16 days after the deadline Filed on 16 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00040871.
Annual accounts 2025 filed on 16-02-2026 PDF all 11 filings
Turnover
≈ €11,000
Estimated: probably between €5,700 and €21,000
Total assets
€68,430▼ 28.0%
2024 · €95,075
Net result
-€6,905▼ 27.1%
2024 · -€5,432
Working capital
€31,959▼ 8.0%
2024 · €34,741
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€3,820
▲ 16.9%
2025
20192025
Net result
-€6,905
▼ 27.1%
2025
lowest quarter of the sector
20192025
Equity
€34,993
▼ 16.5%
2025
middle half of the sector
20192025
Total assets
€68,430
▼ 28.0%
2025
middle half of the sector
20192025
Debt
€33,437
▼ 37.1%
2025
20192025
Working capital
€31,959
▼ 8.0%
2025
middle half of the sector
20192025
Solvency
51.1%
▲ 7.1pp
2025
middle half of the sector
20192025
Current ratio
2.06
▲ 0.41
2025
middle half of the sector
20192025
Return on assets (ROA)
-10.1%
▼ 4.4pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€15,655-€30,614▲ 95.6%€17,184▼ 43.9%€3,455▼ 79.9%€10,313▲ 199%-€4,597-€3,820▲ 16.9%
Net result€13,846-€29,923above the sector's middle half▲ 116%€14,028within the sector's middle half▼ 53.1%€662below the sector's middle half▼ 95.3%€6,660within the sector's middle half▲ 906%-€5,432below the sector's middle half-€6,905below the sector's middle half▼ 27.1%
Equity€25,056-€34,979within the sector's middle half▲ 39.6%€40,007within the sector's middle half▲ 14.4%€40,669within the sector's middle half▲ 1.7%€47,330within the sector's middle half▲ 16.4%€41,897within the sector's middle half▼ 11.5%€34,993within the sector's middle half▼ 16.5%
Total assets€52,527-€96,640within the sector's middle half▲ 84.0%€87,290within the sector's middle half▼ 9.7%€89,689within the sector's middle half▲ 2.7%€96,972within the sector's middle half▲ 8.1%€95,075within the sector's middle half▼ 2.0%€68,430within the sector's middle half▼ 28.0%
Debt€27,470-€61,661▲ 124%€47,283▼ 23.3%€49,020▲ 3.7%€49,642▲ 1.3%€53,178▲ 7.1%€33,437▼ 37.1%
Working capital€23,599-€29,901within the sector's middle half▲ 26.7%€30,615within the sector's middle half▲ 2.4%€37,331within the sector's middle half▲ 21.9%€42,891within the sector's middle half▲ 14.9%€34,741within the sector's middle half▼ 19.0%€31,959within the sector's middle half▼ 8.0%
Solvency47.7%-36.2%within the sector's middle half▼ 11.5pp45.8%within the sector's middle half▲ 9.6pp45.3%within the sector's middle half▼ 0.5pp48.8%within the sector's middle half▲ 3.5pp44.1%within the sector's middle half▼ 4.7pp51.1%within the sector's middle half▲ 7.1pp
Current ratio1.90-1.50within the sector's middle half▼ 0.401.65within the sector's middle half▲ 0.161.80within the sector's middle half▲ 0.141.87within the sector's middle half▲ 0.071.66within the sector's middle half▼ 0.212.06within the sector's middle half▲ 0.41
Return on assets (ROA)26.4%-31.0%above the sector's middle half▲ 4.6pp16.1%within the sector's middle half▼ 14.9pp0.7%below the sector's middle half▼ 15.3pp6.9%within the sector's middle half▲ 6.1pp-5.7%below the sector's middle half▼ 12.6pp-10.1%below the sector's middle half▼ 4.4pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 €3,820, smaller than the loss of €4,597 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 €68,430
Fixed assets
€6,435 ▼ 13.1%
Current assets
€61,994 ▼ 29.3%
Equity and liabilities €68,430
Equity
€34,993 ▼ 16.5%
Debt
€33,437 ▼ 37.1%
Debt's share of the balance-sheet total falls from 55.9% to 48.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€1,255▼
2024 · -€981
Cash flow
-€4,340▼
2024 · -€1,816
Quick ratio
0.73▼
2024 · 0.83
Debt to equity
0.96▼
2024 · 1.27
ROE
-19.7%▼
2024 · -13.0%
Interest coverage
-0.41▲
2024 · -0.85
Debt ≤ 1 year
€30,035▼
2024 · €52,926
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €1,577 | €6,481 | €1,591 |
| Depreciation and write-downs of the year | €2,656 | €2,583 | €3,616 | €2,565 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,219 | €1,776 | €2,910 | €2,656 | €2,583 | €3,616 | €2,565 | ▼ 29.1% |
| Other operating charges640/8 | - | - | - | €958 | €749 | €2,071 | €2,041 | ▼ 1.5% |
| Gross operating margin9900 | €18,947 | €34,057 | €20,758 | €7,069 | €13,645 | €1,090 | €786 | ▼ 27.9% |
| Operating profit (loss)9901 | €15,655 | €30,614 | €17,184 | €3,455 | €10,313 | -€4,597 | -€3,820 | ▲ 16.9% |
| Financial income75/76B | - | - | - | €117 | €25 | €288 | €12 | ▼ 96.0% |
| Recurring financial income75 | €817 | €198 | €196 | €117 | €25 | €288 | €12 | ▼ 96.0% |
| Financial charges65/66B | - | - | - | €1,263 | €964 | €1,151 | €3,096 | ▲ 169% |
| Recurring financial charges65 | €630 | €890 | €959 | €1,263 | €964 | €1,151 | €3,096 | ▲ 169% |
| Profit (loss) for the period before taxes9903 | €15,842 | €29,923 | €16,422 | €2,309 | €9,375 | -€5,461 | -€6,905 | ▼ 26.4% |
| Income taxes67/77 | €1,996 | - | €2,394 | €1,646 | €2,714 | -€28 | - | - |
| Profit (loss) for the period9904 | €13,846 | €29,923 | €14,028 | €662 | €6,660 | -€5,432 | -€6,905 | ▼ 27.1% |
| Profit (loss) for the period to be appropriated9905 | €13,846 | €29,923 | €14,028 | €662 | €6,660 | -€5,432 | -€6,905 | ▼ 27.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €52,527 | €96,640 | €87,290 | €89,689 | €96,972 | €95,075 | €68,430 | ▼ 28.0% |
| Fixed assets21/28 | €2,745 | €6,633 | €9,808 | €5,550 | €4,544 | €7,409 | €6,435 | ▼ 13.1% |
| Tangible fixed assets22/27 | €2,745 | €6,633 | €9,808 | €5,550 | €4,544 | €7,409 | €6,435 | ▼ 13.1% |
| Plant, machinery and equipment23 | - | - | - | €1,260 | €1,096 | €400 | €100 | ▼ 75.0% |
| Furniture and vehicles24 | - | - | - | €4,290 | €3,447 | €7,008 | €6,335 | ▼ 9.6% |
| Current assets29/58 | €49,782 | €90,007 | €77,483 | €84,139 | €92,428 | €87,666 | €61,994 | ▼ 29.3% |
| Stocks and contracts in progress3 | - | - | €30,000 | €15,000 | - | €44,000 | €40,000 | ▼ 9.1% |
| Contracts in progress37 | - | - | - | €15,000 | - | €44,000 | €40,000 | ▼ 9.1% |
| Amounts receivable within one year40/41 | €47,489 | €89,047 | €45,071 | €65,846 | €92,276 | €42,702 | €20,567 | ▼ 51.8% |
| Trade receivables40 | - | - | - | €56,445 | €92,266 | €34,097 | €14,768 | ▼ 56.7% |
| Other amounts receivable41 | - | - | - | €9,401 | €9 | €8,604 | €5,799 | ▼ 32.6% |
| Cash at bank and in hand54/58 | €1,328 | - | €1,014 | €2,357 | - | - | €600 | - |
| Deferred charges and accrued income490/1 | - | - | - | €936 | €152 | €965 | €827 | ▼ 14.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €52,527 | €96,640 | €87,290 | €89,689 | €96,972 | €95,075 | €68,430 | ▼ 28.0% |
| Equity10/15 | €25,056 | €34,979 | €40,007 | €40,669 | €47,330 | €41,897 | €34,993 | ▼ 16.5% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €6,456 | €16,379 | €16,379 | €16,379 | €16,379 | €16,379 | €16,379 | = |
| 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 | = |
| Distributable reserves133 | - | - | - | €14,519 | €14,519 | €14,519 | €14,519 | = |
| Profit (loss) carried forward14 | - | - | €5,028 | €5,690 | €12,350 | €6,918 | €13 | ▼ 99.8% |
| Amounts payable17/49 | €27,470 | €61,661 | €47,283 | €49,020 | €49,642 | €53,178 | €33,437 | ▼ 37.1% |
| Amounts payable within one year42/48 | €26,183 | €60,106 | €46,867 | €46,809 | €49,537 | €52,926 | €30,035 | ▼ 43.3% |
| Financial debts43 | - | - | - | - | €7,928 | €8,037 | €29,435 | ▲ 266% |
| Credit institutions430/8 | - | - | - | - | €7,928 | €8,037 | €29,435 | ▲ 266% |
| Trade debts44 | €14,828 | €20,361 | €4,784 | €28,716 | €19,863 | €44,888 | - | - |
| Suppliers440/4 | - | - | - | €28,716 | €19,863 | €44,888 | - | - |
| Taxes, remuneration and social security45 | - | - | - | - | €6,890 | - | - | - |
| Taxes450/3 | - | - | - | - | €6,890 | - | - | - |
| Other amounts payable47/48 | - | - | - | €18,092 | €14,856 | - | €600 | - |
| Accrued charges and deferred income492/3 | - | - | - | €2,211 | €105 | €252 | €3,402 | ▲ 13× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,846 | €29,923 | €14,028 | €662 | €6,660 | -€5,432 | -€6,905 | ▼ 27.1% |
| + Depreciation and write-downs630 | €2,219 | €1,776 | €2,910 | €2,656 | €2,583 | €3,616 | €2,565 | ▼ 29.1% |
| Operating cash flow (approximation) | €16,065 | €31,699 | €16,938 | €3,318 | €9,243 | -€1,816 | -€4,340 | ▼ 139% |
| Investment in fixed assets (approximation) | - | -€5,664 | -€6,085 | €1,602 | -€1,577 | -€6,481 | -€1,591 | ▲ 75.4% |
| Change in cash | - | - | - | €1,343 | - | - | - | - |
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, 4,805 companies had the same profile as Fine Work has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Fine Work itself: 1.0% 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 4,805 companies, not a prediction for Fine Work. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 16-02-2026 | 2026-00040871 | |
| 30-06-2024 | micro format | 14-02-2025 | 2025-00035661 | |
| 30-06-2023 | micro format | 12-02-2024 | 2024-00030297 | |
| 30-06-2022 | micro format | 21-02-2023 | 2023-00032082 | |
| 30-06-2021 | micro format | 16-02-2022 | 2022-05800148 | |
| 30-06-2020 | micro format | 26-02-2021 | 2021-06800452 | |
| 30-06-2019 | micro format | 10-02-2020 | 2020-04800080 | |
| 30-06-2018 | full format | 07-02-2019 | 2019-04700425 | |
| 30-06-2017 | full format | 26-02-2018 | 2018-05800329 | |
| 30-06-2016 | full format | 28-02-2017 | 2017-05700413 |