FINEZ
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 6 filings
Turnover
≈ €140,000
Estimated: probably between €100,000 and €190,000
Total assets
€255,966▲ 17.2%
2024 · €218,336
Net result
€72,275▲ 8.3%
2024 · €66,721
Working capital
€143,131▼ 2.0%
2024 · €145,992
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€58,217
▼ 3.4%
2025
20202025
Net result
€72,275
▲ 8.3%
2025
middle half of the sector
20202025
Equity
€107,233
▼ 0.2%
2025
middle half of the sector
20202025
Total assets
€255,966
▲ 17.2%
2025
lowest quarter of the sector
20202025
Debt
€148,733
▲ 34.1%
2025
20202025
Working capital
€143,131
▼ 2.0%
2025
middle half of the sector
20202025
Solvency
41.9%
▼ 7.3pp
2025
middle half of the sector
20202025
Current ratio
3.94
▼ 10.46
2025
highest quarter of the sector
20202025
Return on assets (ROA)
28.2%
▼ 2.3pp
2025
highest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€44,855-€131,294▲ 193%€43,832▼ 66.6%€55,992▲ 27.7%€60,239▲ 7.6%€58,217▼ 3.4%
Net result€34,583within the sector's middle half-€102,222above the sector's middle half▲ 196%€33,168within the sector's middle half▼ 67.6%€70,237within the sector's middle half▲ 112%€66,721within the sector's middle half▼ 5.0%€72,275within the sector's middle half▲ 8.3%
Equity€37,083within the sector's middle half-€139,305within the sector's middle half▲ 276%€2,500below the sector's middle half▼ 98.2%€40,737below the sector's middle half▲ 16×€107,458below the sector's middle half▲ 164%€107,233within the sector's middle half▼ 0.2%
Total assets€62,554below the sector's middle half-€191,463within the sector's middle half▲ 206%€220,560within the sector's middle half▲ 15.2%€198,147below the sector's middle half▼ 10.2%€218,336below the sector's middle half▲ 10.2%€255,966below the sector's middle half▲ 17.2%
Debt€25,472-€52,158▲ 105%€218,060▲ 318%€157,409▼ 27.8%€110,877▼ 29.6%€148,733▲ 34.1%
Working capital€37,809within the sector's middle half-€128,455within the sector's middle half▲ 240%-€11,729below the sector's middle half€75,725within the sector's middle half€145,992within the sector's middle half▲ 92.8%€143,131within the sector's middle half▼ 2.0%
Solvency59.3%within the sector's middle half-72.8%within the sector's middle half▲ 13.5pp1.1%below the sector's middle half▼ 71.6pp20.6%within the sector's middle half▲ 19.4pp49.2%within the sector's middle half▲ 28.7pp41.9%within the sector's middle half▼ 7.3pp
Current ratio2.53within the sector's middle half-3.46within the sector's middle half▲ 0.930.95below the sector's middle half▼ 2.522.32within the sector's middle half▲ 1.3714.40above the sector's middle half▲ 12.083.94above the sector's middle half▼ 10.46
Return on assets (ROA)55.3%above the sector's middle half-53.4%above the sector's middle half▼ 1.9pp15.0%within the sector's middle half▼ 38.4pp35.4%above the sector's middle half▲ 20.4pp30.6%above the sector's middle half▼ 4.9pp28.2%above the sector's middle half▼ 2.3pp
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 3% lower than in 2024.
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 €255,966
Fixed assets
€64,082 ▲ 4.3%
Current assets
€191,884 ▲ 22.3%
Equity and liabilities €255,966
Equity
€107,233 ▼ 0.2%
Debt
€148,733 ▲ 34.1%
Debt's share of the balance-sheet total rises from 50.8% to 58.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€62,429▼
2024 · €63,786
Cash flow
€76,487▲
2024 · €70,267
Debt to equity
1.39▲
2024 · 1.03
ROE
67.4%▲
2024 · 62.1%
Interest coverage
90.78▲
2024 · 61.20
Debt ≤ 1 year
€48,753▲
2024 · €10,897
Debt > 1 year
€99,980=
2024 · €99,980
Income taxes
€12,231▼
2024 · €12,876
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 | €9,129 | €5,715 | €2,887 | - | €6,747 |
| Financial fixed assets | €2,550 | - | €51,000 | - | €100 |
| Depreciation and write-downs of the year | €830 | €2,335 | €3,124 | €3,546 | €4,212 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €430 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,040 | €830 | €2,335 | €3,124 | €3,546 | €4,212 | ▲ 18.8% |
| Other operating charges640/8 | - | €1,022 | €229 | €969 | €760 | €691 | ▼ 9.1% |
| Gross operating margin9900 | €46,575 | €133,147 | €46,396 | €60,515 | €64,545 | €63,119 | ▼ 2.2% |
| Operating profit (loss)9901 | €44,855 | €131,294 | €43,832 | €55,992 | €60,239 | €58,217 | ▼ 3.4% |
| Financial income75/76B | - | - | €14 | €30,600 | €20,400 | €26,977 | ▲ 32.2% |
| Recurring financial income75 | €2 | - | €14 | €30,600 | €20,400 | €26,977 | ▲ 32.2% |
| Financial charges65/66B | - | €40 | €1,225 | €1,241 | €1,042 | €688 | ▼ 34.0% |
| Recurring financial charges65 | €138 | €40 | €1,225 | €1,241 | €1,042 | €688 | ▼ 34.0% |
| Profit (loss) for the period before taxes9903 | €44,720 | €131,255 | €42,620 | €85,352 | €79,597 | €84,506 | ▲ 6.2% |
| Income taxes67/77 | €10,137 | €29,033 | €9,452 | €15,115 | €12,876 | €12,231 | ▼ 5.0% |
| Profit (loss) for the period9904 | €34,583 | €102,222 | €33,168 | €70,237 | €66,721 | €72,275 | ▲ 8.3% |
| Profit (loss) for the period to be appropriated9905 | €34,583 | €102,222 | €33,168 | €70,237 | €66,721 | €72,275 | ▲ 8.3% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €62,554 | €191,463 | €220,560 | €198,147 | €218,336 | €255,966 | ▲ 17.2% |
| Fixed assets21/28 | - | €10,850 | €14,229 | €64,992 | €61,446 | €64,082 | ▲ 4.3% |
| Tangible fixed assets22/27 | - | €8,300 | €11,679 | €11,442 | €7,896 | €10,432 | ▲ 32.1% |
| Plant, machinery and equipment23 | - | €2,800 | €2,161 | €1,521 | €881 | €242 | ▼ 72.6% |
| Furniture and vehicles24 | - | €5,499 | €4,313 | €5,859 | €4,095 | €8,413 | ▲ 105% |
| Other tangible fixed assets26 | - | - | €5,206 | €4,063 | €2,920 | €1,777 | ▼ 39.1% |
| Financial fixed assets28 | - | €2,550 | €2,550 | €53,550 | €53,550 | €53,650 | ▲ 0.2% |
| Current assets29/58 | €62,554 | €180,613 | €206,331 | €133,154 | €156,890 | €191,884 | ▲ 22.3% |
| Amounts receivable after more than one year29 | - | - | - | €100,000 | €100,000 | €100,000 | = |
| Other amounts receivable291 | - | - | - | €100,000 | €100,000 | €100,000 | = |
| Amounts receivable within one year40/41 | €25,870 | €110,967 | €397 | €0 | €28,565 | €14,520 | ▼ 49.2% |
| Trade receivables40 | - | €11,837 | - | - | €28,441 | €14,520 | ▼ 48.9% |
| Other amounts receivable41 | - | €99,130 | €397 | €0 | €124 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €36,684 | €69,647 | €205,934 | €33,154 | €28,325 | €71,714 | ▲ 153% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €5,650 | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €62,554 | €191,463 | €220,560 | €198,147 | €218,336 | €255,966 | ▲ 17.2% |
| Equity10/15 | €37,083 | €139,305 | €2,500 | €40,737 | €107,458 | €107,233 | ▼ 0.2% |
| Contributions10/11 | - | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Reserves13 | - | - | - | - | - | €104,733 | - |
| Distributable reserves133 | - | - | - | - | - | €104,733 | - |
| Profit (loss) carried forward14 | €34,583 | €136,805 | - | €38,237 | €104,958 | €0 | ▼ 100% |
| Amounts payable17/49 | €25,472 | €52,158 | €218,060 | €157,409 | €110,877 | €148,733 | ▲ 34.1% |
| Amounts payable after more than one year17 | - | - | - | €99,980 | €99,980 | €99,980 | = |
| Financial debts170/4 | - | - | - | €99,980 | €99,980 | €99,980 | = |
| Amounts payable within one year42/48 | €24,745 | €52,158 | €218,060 | €57,429 | €10,897 | €48,753 | ▲ 347% |
| Trade debts44 | €1,307 | €563 | €1,303 | €1,277 | €1,434 | €1,592 | ▲ 11.0% |
| Suppliers440/4 | - | €563 | €1,303 | €1,277 | €1,434 | €1,592 | ▲ 11.0% |
| Taxes, remuneration and social security45 | - | €48,076 | €46,784 | €23,238 | €9,154 | €11,406 | ▲ 24.6% |
| Taxes450/3 | - | €48,076 | €46,784 | €23,238 | €9,154 | €11,406 | ▲ 24.6% |
| Other amounts payable47/48 | - | €3,519 | €169,973 | €32,915 | €309 | €35,755 | ▲ 116× |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €34,583 | €102,222 | €33,168 | €70,237 | €66,721 | €72,275 | ▲ 8.3% |
| + Depreciation and write-downs630 | €1,040 | €830 | €2,335 | €3,124 | €3,546 | €4,212 | ▲ 18.8% |
| Operating cash flow (approximation) | €35,623 | €103,052 | €35,503 | €73,361 | €70,267 | €76,487 | ▲ 8.9% |
| Investment in fixed assets (approximation) | - | - | -€5,715 | -€53,887 | €0 | -€6,847 | - |
| Change in cash | - | €32,962 | €136,287 | -€172,780 | -€4,829 | €43,389 | - |
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 FINEZ 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 FINEZ itself is lower: < 0.1% within 12 months. It rests on far more data about FINEZ 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 FINEZ. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-07-2026 | 2026-00356582 | |
| 31-12-2024 | abbreviated format | 29-07-2025 | 2025-00323480 | |
| 31-12-2023 | abbreviated format | 09-07-2024 | 2024-00223950 | |
| 31-12-2022 | micro format | 04-07-2023 | 2023-00196258 | |
| 31-12-2021 | micro format | 21-07-2022 | 2022-20209761 | |
| 31-12-2020 | micro format | 16-08-2021 | 2021-48900205 |