FINOLOGIC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 05-06-2026 PDF all 18 filings
Turnover
≈ €390,000
Estimated: probably between €260,000 and €610,000
Total assets
€410,617▲ 16.5%
2024 · €352,497
Net result
€103,241▲ 48.3%
2024 · €69,593
Working capital
€311,465▲ 19.2%
2024 · €261,371
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€137,910
▲ 43.0%
2025
20182025
Net result
€103,241
▲ 48.3%
2025
highest quarter of the sector
20182025
Equity
€352,674
▲ 17.8%
2025
highest quarter of the sector
20182025
Total assets
€410,617
▲ 16.5%
2025
middle half of the sector
20182025
Debt
€57,943
▲ 9.2%
2025
20182025
Working capital
€311,465
▲ 19.2%
2025
highest quarter of the sector
20182025
Solvency
85.9%
▲ 0.9pp
2025
highest quarter of the sector
20182025
Current ratio
8.44
▼ 1.24
2025
highest quarter of the sector
20182025
Return on assets (ROA)
25.1%
▲ 5.4pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€19,338-€62,569€53,809▼ 14.0%€65,080▲ 20.9%€46,447▼ 28.6%€44,504▼ 4.2%€96,448▲ 117%€137,910▲ 43.0%
Net result-€24,342-€51,003€39,713above the sector's middle half▼ 22.1%€48,001above the sector's middle half▲ 20.9%€29,572within the sector's middle half▼ 38.4%€33,176above the sector's middle half▲ 12.2%€69,593above the sector's middle half▲ 110%€103,241above the sector's middle half▲ 48.3%
Equity€94,375-€145,378▲ 54.0%€185,091above the sector's middle half▲ 27.3%€208,092above the sector's middle half▲ 12.4%€196,664above the sector's middle half▼ 5.5%€229,840above the sector's middle half▲ 16.9%€299,433above the sector's middle half▲ 30.3%€352,674above the sector's middle half▲ 17.8%
Total assets€114,473-€310,004▲ 171%€338,045within the sector's middle half▲ 9.0%€247,274within the sector's middle half▼ 26.9%€227,147within the sector's middle half▼ 8.1%€263,266within the sector's middle half▲ 15.9%€352,497within the sector's middle half▲ 33.9%€410,617within the sector's middle half▲ 16.5%
Debt€20,098-€164,626▲ 719%€152,954▼ 7.1%€39,182▼ 74.4%€30,483▼ 22.2%€33,426▲ 9.7%€53,064▲ 58.8%€57,943▲ 9.2%
Working capital€88,725-€149,898▲ 68.9%€181,577above the sector's middle half▲ 21.1%€184,302above the sector's middle half▲ 1.5%€176,015above the sector's middle half▼ 4.5%€216,935above the sector's middle half▲ 23.2%€261,371above the sector's middle half▲ 20.5%€311,465above the sector's middle half▲ 19.2%
Solvency82.4%-46.9%▼ 35.5pp54.8%within the sector's middle half▲ 7.9pp84.2%above the sector's middle half▲ 29.4pp86.6%above the sector's middle half▲ 2.4pp87.3%above the sector's middle half▲ 0.7pp84.9%above the sector's middle half▼ 2.4pp85.9%above the sector's middle half▲ 0.9pp
Current ratio5.53-2.12▼ 3.412.32within the sector's middle half▲ 0.207.51above the sector's middle half▲ 5.198.03above the sector's middle half▲ 0.527.66above the sector's middle half▼ 0.379.68above the sector's middle half▲ 2.028.44above the sector's middle half▼ 1.24
Return on assets (ROA)-21.3%-16.5%▲ 37.7pp11.7%within the sector's middle half▼ 4.7pp19.4%above the sector's middle half▲ 7.7pp13.0%within the sector's middle half▼ 6.4pp12.6%within the sector's middle half▼ 0.4pp19.7%above the sector's middle half▲ 7.1pp25.1%above the sector's middle half▲ 5.4pp
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 43% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €410,617
Fixed assets
€57,275 ▼ 6.1%
Current assets
€353,342 ▲ 21.2%
Equity and liabilities €410,617
Equity
€352,674 ▲ 17.8%
Debt
€57,943 ▲ 9.2%
Debt's share of the balance-sheet total falls from 15.1% to 14.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€155,474▲
2024 · €113,230
Cash flow
€120,805▲
2024 · €86,375
Debt to equity
0.16▼
2024 · 0.18
ROE
29.3%▲
2024 · 23.2%
Interest coverage
-120.99▼
2024 · over 100
Debt ≤ 1 year
€41,877▲
2024 · €30,112
Debt > 1 year
€15,631▼
2024 · €22,153
Income taxes
€41,512▲
2024 · €28,093
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Pledge on other assets, amount secured | - | €9,932 | - | - | - |
| Carrying value of the other pledged assets | €10,242 | €5,121 | - | - | €38,065 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €28,163 | €3,908 | - | €64,032 | €19,769 |
| Depreciation and write-downs of the year | €10,814 | €12,469 | €12,324 | €16,782 | €17,564 |
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 | €5,562 | €10,545 | €9,469 | €10,814 | €12,469 | €12,324 | €16,782 | €17,564 | ▲ 4.7% |
| Other operating charges640/8 | - | - | - | €974 | €1,126 | €953 | €983 | €1,135 | ▲ 15.5% |
| Non-recurring operating charges66A | - | - | - | €53 | €62 | €140 | €126 | €303 | ▲ 140% |
| Gross operating margin9900 | -€12,682 | €76,538 | €64,408 | €76,921 | €60,104 | €57,921 | €114,339 | €156,912 | ▲ 37.2% |
| Operating profit (loss)9901 | -€19,338 | €62,569 | €53,809 | €65,080 | €46,447 | €44,504 | €96,448 | €137,910 | ▲ 43.0% |
| Financial income75/76B | - | - | - | €1,039 | €948 | €1,300 | €1,712 | €5,558 | ▲ 225% |
| Recurring financial income75 | €1,391 | €1,274 | €4,320 | €1,039 | €948 | €1,300 | €1,712 | €5,558 | ▲ 225% |
| Financial charges65/66B | - | - | - | €276 | €4,068 | -€910 | €474 | -€1,285 | - |
| Recurring financial charges65 | €6,269 | -€1,279 | €2,633 | €276 | €4,068 | -€910 | €474 | -€1,285 | - |
| Profit (loss) for the period before taxes9903 | -€24,216 | €65,122 | €55,496 | €65,843 | €43,327 | €46,714 | €97,686 | €144,753 | ▲ 48.2% |
| Income taxes67/77 | €126 | €14,119 | €15,783 | €17,842 | €13,755 | €13,538 | €28,093 | €41,512 | ▲ 47.8% |
| Profit (loss) for the period9904 | -€24,342 | €51,003 | €39,713 | €48,001 | €29,572 | €33,176 | €69,593 | €103,241 | ▲ 48.3% |
| Profit (loss) for the period to be appropriated9905 | -€24,342 | €51,003 | €39,713 | €48,001 | €29,572 | €33,176 | €69,593 | €103,241 | ▲ 48.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €114,473 | €310,004 | €338,045 | €247,274 | €227,147 | €263,266 | €352,497 | €410,617 | ▲ 16.5% |
| Fixed assets21/28 | €6,150 | €26,521 | €19,070 | €34,649 | €26,088 | €13,764 | €61,014 | €57,275 | ▼ 6.1% |
| Tangible fixed assets22/27 | €6,150 | €26,521 | €19,070 | €34,649 | €26,088 | €13,764 | €61,014 | €57,275 | ▼ 6.1% |
| Plant, machinery and equipment23 | - | - | - | €1,288 | €2,434 | €1,165 | €2,715 | €1,889 | ▼ 30.4% |
| Furniture and vehicles24 | - | - | - | €31,207 | €22,014 | €11,474 | €57,688 | €55,290 | ▼ 4.2% |
| Other tangible fixed assets26 | - | - | - | €2,154 | €1,640 | €1,125 | €611 | €96 | ▼ 84.3% |
| Current assets29/58 | €108,323 | €283,483 | €318,975 | €212,625 | €201,059 | €249,502 | €291,483 | €353,342 | ▲ 21.2% |
| Stocks and contracts in progress3 | - | €139,518 | €194,082 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €16,942 | €69,887 | €39,045 | €22,083 | €40,201 | €87,377 | €63,202 | €13,130 | ▼ 79.2% |
| Trade receivables40 | - | - | - | €12,263 | €37,175 | €87,327 | €61,400 | €6,687 | ▼ 89.1% |
| Other amounts receivable41 | - | - | - | €9,820 | €3,026 | €50 | €1,802 | €6,443 | ▲ 258% |
| Current investments50/53 | €44,700 | €38,292 | €28,777 | €29,796 | €26,025 | €21,812 | €147,569 | €25,000 | ▼ 83.1% |
| Cash at bank and in hand54/58 | €45,892 | €32,657 | €55,286 | €157,704 | €133,016 | €138,420 | €78,545 | €312,332 | ▲ 298% |
| Deferred charges and accrued income490/1 | - | - | - | €3,042 | €1,817 | €1,893 | €2,167 | €2,880 | ▲ 32.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €114,473 | €310,004 | €338,045 | €247,274 | €227,147 | €263,266 | €352,497 | €410,617 | ▲ 16.5% |
| Equity10/15 | €94,375 | €145,378 | €185,091 | €208,092 | €196,664 | €229,840 | €299,433 | €352,674 | ▲ 17.8% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €88,175 | €139,178 | €178,891 | €201,892 | €190,464 | €223,640 | €293,233 | €346,474 | ▲ 18.2% |
| Non-distributable reserves130/1 | - | - | - | €4,551 | €4,551 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €4,551 | €4,551 | - | - | - | - |
| Distributable reserves133 | - | - | - | €197,341 | €185,913 | €223,640 | €293,233 | €346,474 | ▲ 18.2% |
| Amounts payable17/49 | €20,098 | €164,626 | €152,954 | €39,182 | €30,483 | €33,426 | €53,064 | €57,943 | ▲ 9.2% |
| Amounts payable after more than one year17 | - | €30,141 | €15,056 | €9,932 | €4,768 | - | €22,153 | €15,631 | ▼ 29.4% |
| Financial debts170/4 | - | - | - | €9,932 | €4,768 | - | €22,153 | €15,631 | ▼ 29.4% |
| Amounts payable within one year42/48 | €19,598 | €133,585 | €137,398 | €28,323 | €25,044 | €32,567 | €30,112 | €41,877 | ▲ 39.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,124 | €5,164 | €4,768 | €6,274 | €6,522 | ▲ 4.0% |
| Trade debts44 | €3,101 | €3,459 | €2,676 | €2,542 | €6,707 | €9,905 | €5,989 | €9,324 | ▲ 55.7% |
| Suppliers440/4 | - | - | - | €2,542 | €6,707 | €9,905 | €5,989 | €9,324 | ▲ 55.7% |
| Taxes, remuneration and social security45 | - | - | - | €10,955 | €3,471 | €8,192 | €10,579 | €20,893 | ▲ 97.5% |
| Taxes450/3 | - | - | - | €10,955 | €3,471 | €8,192 | €10,579 | €20,893 | ▲ 97.5% |
| Other amounts payable47/48 | - | - | - | €9,702 | €9,702 | €9,702 | €7,270 | €5,138 | ▼ 29.3% |
| Accrued charges and deferred income492/3 | - | - | - | €927 | €671 | €859 | €799 | €435 | ▼ 45.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€24,342 | €51,003 | €39,713 | €48,001 | €29,572 | €33,176 | €69,593 | €103,241 | ▲ 48.3% |
| + Depreciation and write-downs630 | €5,562 | €10,545 | €9,469 | €10,814 | €12,469 | €12,324 | €16,782 | €17,564 | ▲ 4.7% |
| Operating cash flow (approximation) | -€18,780 | €61,548 | €49,182 | €58,815 | €42,041 | €45,500 | €86,375 | €120,805 | ▲ 39.9% |
| Investment in fixed assets (approximation) | - | -€30,916 | -€2,018 | -€26,393 | -€3,908 | €0 | -€64,032 | -€13,825 | ▲ 78.4% |
| Change in cash | - | -€13,235 | €22,629 | €102,418 | -€24,688 | €5,404 | -€59,875 | €233,787 | - |
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 FINOLOGIC 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 FINOLOGIC 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 34,693 companies, not a prediction for FINOLOGIC. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 05-06-2026 | 2026-00151133 | |
| 31-12-2024 | micro format | 06-06-2025 | 2025-00129646 | |
| 31-12-2023 | micro format | 27-06-2024 | 2024-00189247 | |
| 31-12-2022 | micro format | 08-06-2023 | 2023-00116854 | |
| 31-12-2021 | micro format | 09-06-2022 | 2022-20053747 | |
| 31-12-2020 | micro format | 09-06-2021 | 2021-18700174 | |
| 31-12-2019 | micro format | 02-06-2020 | 2020-14200095 | |
| 31-12-2018 | micro format | 02-07-2019 | 2019-27600177 | |
| 31-12-2017 | micro format | 20-07-2018 | 2018-36400498 | |
| 31-12-2016 | micro format | 31-05-2017 | 2017-14300422 |