FINPROBEL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-11-2025 PDF all 19 filings
Turnover
≈ €100,000
Estimated: probably between €60,000 and €140,000
Total assets
€315,394▲ 2.9%
2024 · €306,438
Net result
€16,726▲ 21.4%
2024 · €13,775
Working capital
€236,215=
2024 · €236,223
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€22,485
▲ 1.7%
2025
20192025
Net result
€16,726
▲ 21.4%
2025
middle half of the sector
20192025
Equity
€253,586
▼ 1.7%
2025
highest quarter of the sector
20192025
Total assets
€315,394
▲ 2.9%
2025
middle half of the sector
20192025
Debt
€61,808
▲ 27.3%
2025
20192025
Working capital
€236,215
=
2025
highest quarter of the sector
20192025
Solvency
80.4%
▼ 3.8pp
2025
highest quarter of the sector
20192025
Current ratio
6.24
▼ 4.67
2025
highest quarter of the sector
20192025
Return on assets (ROA)
5.3%
▲ 0.8pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€12,166-€19,836▲ 63.0%€30,912▲ 55.8%€15,590▼ 49.6%€27,083▲ 73.7%€22,118▼ 18.3%€22,485▲ 1.7%
Net result€7,081-€13,847within the sector's middle half▲ 95.6%€21,832within the sector's middle half▲ 57.7%€9,476within the sector's middle half▼ 56.6%€16,332within the sector's middle half▲ 72.4%€13,775within the sector's middle half▼ 15.7%€16,726within the sector's middle half▲ 21.4%
Equity€182,633-€196,480within the sector's middle half▲ 7.6%€218,312within the sector's middle half▲ 11.1%€227,788within the sector's middle half▲ 4.3%€244,120above the sector's middle half▲ 7.2%€257,895above the sector's middle half▲ 5.6%€253,586above the sector's middle half▼ 1.7%
Total assets€197,684-€221,343within the sector's middle half▲ 12.0%€237,602within the sector's middle half▲ 7.3%€240,301within the sector's middle half▲ 1.1%€298,196within the sector's middle half▲ 24.1%€306,438within the sector's middle half▲ 2.8%€315,394within the sector's middle half▲ 2.9%
Debt€15,051-€24,863▲ 65.2%€19,290▼ 22.4%€12,513▼ 35.1%€54,076▲ 332%€48,543▼ 10.2%€61,808▲ 27.3%
Working capital€169,089-€184,382above the sector's middle half▲ 9.0%€209,701above the sector's middle half▲ 13.7%€222,267above the sector's middle half▲ 6.0%€221,953above the sector's middle half▼ 0.1%€236,223above the sector's middle half▲ 6.4%€236,215above the sector's middle half=
Solvency92.4%-88.8%above the sector's middle half▼ 3.6pp91.9%above the sector's middle half▲ 3.1pp94.8%above the sector's middle half▲ 2.9pp81.9%above the sector's middle half▼ 12.9pp84.2%above the sector's middle half▲ 2.3pp80.4%above the sector's middle half▼ 3.8pp
Current ratio12.23-8.42above the sector's middle half▼ 3.8211.87above the sector's middle half▲ 3.4618.76above the sector's middle half▲ 6.8911.27above the sector's middle half▼ 7.4910.91above the sector's middle half▼ 0.366.24above the sector's middle half▼ 4.67
Return on assets (ROA)3.6%-6.3%within the sector's middle half▲ 2.7pp9.2%within the sector's middle half▲ 2.9pp3.9%within the sector's middle half▼ 5.2pp5.5%within the sector's middle half▲ 1.5pp4.5%within the sector's middle half▼ 1.0pp5.3%within the sector's middle half▲ 0.8pp
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 2% higher than in 2024. It is a recovery after the fall 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 €315,394
Fixed assets
€34,081 ▼ 26.5%
Current assets
€281,313 ▲ 8.2%
Equity and liabilities €315,394
Equity
€253,586 ▼ 1.7%
Debt
€61,808 ▲ 27.3%
Debt's share of the balance-sheet total rises from 15.8% to 19.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€34,779▼
2024 · €35,384
Cash flow
€29,020▲
2024 · €27,041
Debt to equity
0.24▲
2024 · 0.19
ROE
6.6%▲
2024 · 5.3%
Interest coverage
31.65▲
2024 · 25.38
Debt ≤ 1 year
€45,098▲
2024 · €23,840
Debt > 1 year
€16,710▼
2024 · €24,703
Income taxes
€6,511▼
2024 · €7,547
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 | - | €51,912 | €5,010 | - |
| Depreciation and write-downs of the year | €3,090 | €2,802 | €13,266 | €12,294 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 3 entries · €778 awarded · €777 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €275 | €549 |
| 2024 | 1 | €275 | €0 |
| 2022 | 1 | €228 | €228 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,274 | €6,757 | €5,592 | €3,090 | €2,802 | €13,266 | €12,294 | ▼ 7.3% |
| Other operating charges640/8 | - | - | - | €964 | €946 | €929 | €670 | ▼ 27.9% |
| Gross operating margin9900 | €19,487 | €27,378 | €37,189 | €19,644 | €30,831 | €36,313 | €35,449 | ▼ 2.4% |
| Operating profit (loss)9901 | €12,166 | €19,836 | €30,912 | €15,590 | €27,083 | €22,118 | €22,485 | ▲ 1.7% |
| Financial income75/76B | - | - | - | €32 | - | €598 | €1,851 | ▲ 210% |
| Recurring financial income75 | €94 | €165 | €180 | €32 | - | €598 | €1,851 | ▲ 210% |
| Financial charges65/66B | - | - | - | €156 | €498 | €1,394 | €1,099 | ▼ 21.2% |
| Recurring financial charges65 | €176 | €120 | €160 | €156 | €498 | €1,394 | €1,099 | ▼ 21.2% |
| Profit (loss) for the period before taxes9903 | €12,084 | €19,881 | €30,932 | €15,466 | €26,585 | €21,322 | €23,237 | ▲ 9.0% |
| Income taxes67/77 | €5,003 | €6,034 | €9,100 | €5,990 | €10,253 | €7,547 | €6,511 | ▼ 13.7% |
| Profit (loss) for the period9904 | €7,081 | €13,847 | €21,832 | €9,476 | €16,332 | €13,775 | €16,726 | ▲ 21.4% |
| Profit (loss) for the period to be appropriated9905 | €7,081 | €13,847 | €21,832 | €9,476 | €16,332 | €13,775 | €16,726 | ▲ 21.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €197,684 | €221,343 | €237,602 | €240,301 | €298,196 | €306,438 | €315,394 | ▲ 2.9% |
| Fixed assets21/28 | €13,544 | €12,098 | €8,611 | €5,521 | €54,631 | €46,375 | €34,081 | ▼ 26.5% |
| Tangible fixed assets22/27 | €13,544 | €12,098 | €8,611 | €5,521 | €54,631 | €46,375 | €34,081 | ▼ 26.5% |
| Plant, machinery and equipment23 | - | - | - | €3,000 | €3,483 | €6,025 | €3,944 | ▼ 34.5% |
| Furniture and vehicles24 | - | - | - | €2,521 | €51,148 | €40,350 | €30,137 | ▼ 25.3% |
| Current assets29/58 | €184,140 | €209,245 | €228,991 | €234,780 | €243,565 | €260,063 | €281,313 | ▲ 8.2% |
| Amounts receivable within one year40/41 | €14,536 | €16,591 | - | €16,426 | €18,634 | €16,940 | €17,211 | ▲ 1.6% |
| Trade receivables40 | - | - | - | €16,426 | €18,634 | €16,940 | €17,211 | ▲ 1.6% |
| Current investments50/53 | €165,142 | €190,005 | €200,005 | €210,021 | €210,021 | €220,416 | €241,711 | ▲ 9.7% |
| Cash at bank and in hand54/58 | €4,462 | €2,649 | €28,986 | €8,333 | €14,910 | €22,707 | €22,391 | ▼ 1.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €197,684 | €221,343 | €237,602 | €240,301 | €298,196 | €306,438 | €315,394 | ▲ 2.9% |
| Equity10/15 | €182,633 | €196,480 | €218,312 | €227,788 | €244,120 | €257,895 | €253,586 | ▼ 1.7% |
| Contributions10/11 | €19,530 | €19,530 | - | €19,530 | €19,530 | €19,530 | €19,530 | = |
| Capital10 | - | - | - | - | €19,530 | €19,530 | €19,530 | = |
| Issued capital100 | - | - | - | - | €19,530 | €19,530 | €19,530 | = |
| Reserves13 | €163,103 | €176,950 | €198,782 | €208,258 | €224,590 | €238,365 | €234,056 | ▼ 1.8% |
| Non-distributable reserves130/1 | - | - | - | €1,953 | €1,953 | €1,953 | €1,953 | = |
| Legal reserve130 | - | - | - | - | €1,953 | €1,953 | €1,953 | = |
| Reserves not available under the articles1311 | - | - | - | €1,953 | - | - | - | - |
| Distributable reserves133 | - | - | - | €206,305 | €222,637 | €236,412 | €232,103 | ▼ 1.8% |
| Amounts payable17/49 | €15,051 | €24,863 | €19,290 | €12,513 | €54,076 | €48,543 | €61,808 | ▲ 27.3% |
| Amounts payable after more than one year17 | - | - | - | - | €32,464 | €24,703 | €16,710 | ▼ 32.4% |
| Financial debts170/4 | - | - | - | - | €32,464 | €24,703 | €16,710 | ▼ 32.4% |
| Amounts payable within one year42/48 | €15,051 | €24,863 | €19,290 | €12,513 | €21,612 | €23,840 | €45,098 | ▲ 89.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €7,536 | €7,761 | €7,993 | ▲ 3.0% |
| Trade debts44 | €10,923 | €11,727 | €11,199 | €9,285 | €6,539 | €4,137 | €6,841 | ▲ 65.4% |
| Suppliers440/4 | - | - | - | €9,285 | €6,539 | €4,137 | €6,841 | ▲ 65.4% |
| Taxes, remuneration and social security45 | - | - | - | €3,046 | €7,423 | €11,790 | €10,230 | ▼ 13.2% |
| Taxes450/3 | - | - | - | €3,046 | €7,423 | €8,540 | €10,230 | ▲ 19.8% |
| Remuneration and social security454/9 | - | - | - | - | - | €3,250 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €182 | €114 | €152 | €20,034 | ▲ 132× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,081 | €13,847 | €21,832 | €9,476 | €16,332 | €13,775 | €16,726 | ▲ 21.4% |
| + Depreciation and write-downs630 | €6,274 | €6,757 | €5,592 | €3,090 | €2,802 | €13,266 | €12,294 | ▼ 7.3% |
| Operating cash flow (approximation) | €13,355 | €20,604 | €27,424 | €12,566 | €19,134 | €27,041 | €29,020 | ▲ 7.3% |
| Investment in fixed assets (approximation) | - | -€5,311 | -€2,105 | €0 | -€51,912 | -€5,010 | €0 | - |
| Change in cash | - | -€1,813 | €26,337 | -€20,653 | €6,577 | €7,797 | -€316 | - |
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, 31,368 companies had the same profile as FINPROBEL has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FINPROBEL 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 31,368 companies, not a prediction for FINPROBEL. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 10-11-2025 | 2025-00565086 | |
| 30-06-2024 | micro format | 15-11-2024 | 2024-00601126 | |
| 30-06-2023 | micro format | 27-11-2023 | 2023-00517978 | |
| 30-06-2022 | micro format | 22-11-2022 | 2022-20523335 | |
| 30-06-2021 | micro format | 12-11-2021 | 2021-77100470 | |
| 30-06-2020 | micro format | 03-11-2020 | 2020-68200592 | |
| 30-06-2019 | micro format | 11-11-2019 | 2019-73600016 | |
| 30-06-2018 | micro format | 27-10-2018 | 2018-71100155 | |
| 30-06-2017 | abbreviated format | 04-11-2017 | 2017-69300242 | |
| 30-06-2016 | abbreviated format | 05-11-2016 | 2016-67700261 |