FISCAL+
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 5 filings
Turnover
≈ €74,000
Estimated: probably between €53,000 and €100,000
Total assets
€91,552▲ 51.2%
2024 · €60,541
Net result
€18,377▼ 17.3%
2024 · €22,209
Working capital
€68,599▲ 42.5%
2024 · €48,144
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€28,474
▼ 10.1%
2025
20212025
Net result
€18,377
▼ 17.3%
2025
middle half of the sector
20212025
Equity
€66,081
▲ 38.5%
2025
middle half of the sector
20212025
Total assets
€91,552
▲ 51.2%
2025
middle half of the sector
20212025
Debt
€25,471
▲ 98.4%
2025
20212025
Working capital
€68,599
▲ 42.5%
2025
middle half of the sector
20212025
Solvency
72.2%
▼ 6.6pp
2025
middle half of the sector
20212025
Current ratio
4.37
▼ 0.52
2025
middle half of the sector
20212025
Return on assets (ROA)
20.1%
▼ 16.6pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€20,943-€11,620▼ 44.5%€4,588▼ 60.5%€31,684▲ 591%€28,474▼ 10.1%
Net result€13,926within the sector's middle half-€7,121below the sector's middle half▼ 48.9%€1,848below the sector's middle half▼ 74.1%€22,209within the sector's middle half▲ 12×€18,377within the sector's middle half▼ 17.3%
Equity€18,126below the sector's middle half-€24,447below the sector's middle half▲ 34.9%€25,495below the sector's middle half▲ 4.3%€47,704within the sector's middle half▲ 87.1%€66,081within the sector's middle half▲ 38.5%
Total assets€41,287below the sector's middle half-€40,417below the sector's middle half▼ 2.1%€37,779below the sector's middle half▼ 6.5%€60,541below the sector's middle half▲ 60.3%€91,552within the sector's middle half▲ 51.2%
Debt€23,162-€15,970▼ 31.0%€12,284▼ 23.1%€12,837▲ 4.5%€25,471▲ 98.4%
Working capital€18,126within the sector's middle half-€24,447within the sector's middle half▲ 34.9%€25,689within the sector's middle half▲ 5.1%€48,144within the sector's middle half▲ 87.4%€68,599within the sector's middle half▲ 42.5%
Solvency43.9%within the sector's middle half-60.5%within the sector's middle half▲ 16.6pp67.5%within the sector's middle half▲ 7.0pp78.8%above the sector's middle half▲ 11.3pp72.2%within the sector's middle half▼ 6.6pp
Current ratio1.78within the sector's middle half-2.53within the sector's middle half▲ 0.753.12within the sector's middle half▲ 0.594.88above the sector's middle half▲ 1.764.37within the sector's middle half▼ 0.52
Return on assets (ROA)33.7%above the sector's middle half-17.6%within the sector's middle half▼ 16.1pp4.9%within the sector's middle half▼ 12.7pp36.7%above the sector's middle half▲ 31.8pp20.1%within the sector's middle half▼ 16.6pp
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 10% lower than 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 €91,552
Fixed assets
€2,581
Current assets
€88,972
Equity and liabilities €91,552
Equity
€66,081 ▲ 38.5%
Debt
€25,471 ▲ 98.4%
Debt's share of the balance-sheet total rises from 21.2% to 27.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€29,005
Cash flow
€18,908
Debt to equity
0.39▲
2024 · 0.27
ROE
27.8%▼
2024 · 46.6%
Interest coverage
20.66
Debt ≤ 1 year
€20,373▲
2024 · €12,397
Income taxes
€8,913▲
2024 · €8,179
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 | - | - | - | - | €3,111 |
| Depreciation and write-downs of the year | €968 | - | - | - | €531 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €968 | - | - | - | €531 | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €105 | €764 | - | -€869 | - | - |
| Other operating charges640/8 | €1,832 | €658 | €1,089 | €2,990 | €1,125 | ▼ 62.4% |
| Gross operating margin9900 | €23,847 | €13,042 | €5,677 | €33,805 | €30,131 | ▼ 10.9% |
| Operating profit (loss)9901 | €20,943 | €11,620 | €4,588 | €31,684 | €28,474 | ▼ 10.1% |
| Financial income75/76B | €33 | €0 | €7 | €52 | €219 | ▲ 324% |
| Recurring financial income75 | €33 | €0 | €7 | €52 | €219 | ▲ 324% |
| Financial charges65/66B | €182 | €230 | €1,088 | €1,348 | €1,404 | ▲ 4.1% |
| Recurring financial charges65 | €182 | €230 | €1,088 | €1,348 | €1,404 | ▲ 4.1% |
| Profit (loss) for the period before taxes9903 | €20,794 | €11,390 | €3,507 | €30,388 | €27,290 | ▼ 10.2% |
| Income taxes67/77 | €6,868 | €4,269 | €1,659 | €8,179 | €8,913 | ▲ 9.0% |
| Profit (loss) for the period9904 | €13,926 | €7,121 | €1,848 | €22,209 | €18,377 | ▼ 17.3% |
| Profit (loss) for the period to be appropriated9905 | €13,926 | €7,121 | €1,848 | €22,209 | €18,377 | ▼ 17.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €41,287 | €40,417 | €37,779 | €60,541 | €91,552 | ▲ 51.2% |
| Fixed assets21/28 | - | - | - | - | €2,581 | - |
| Tangible fixed assets22/27 | - | - | - | - | €2,581 | - |
| Plant, machinery and equipment23 | - | - | - | - | €2,581 | - |
| Current assets29/58 | €41,287 | €40,417 | €37,779 | €60,541 | €88,972 | ▲ 47.0% |
| Amounts receivable within one year40/41 | €2,929 | €1,383 | €2,061 | €4,717 | €5,465 | ▲ 15.9% |
| Trade receivables40 | €2,929 | €1,383 | €2,057 | €4,265 | €4,210 | ▼ 1.3% |
| Other amounts receivable41 | - | - | €4 | €452 | €1,255 | ▲ 178% |
| Cash at bank and in hand54/58 | €37,146 | €37,056 | €32,268 | €52,069 | €74,745 | ▲ 43.5% |
| Deferred charges and accrued income490/1 | €1,212 | €1,979 | €3,449 | €3,755 | €8,762 | ▲ 133% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €41,287 | €40,417 | €37,779 | €60,541 | €91,552 | ▲ 51.2% |
| Equity10/15 | €18,126 | €24,447 | €25,495 | €47,704 | €66,081 | ▲ 38.5% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €13,126 | €19,447 | €20,495 | €42,704 | €61,081 | ▲ 43.0% |
| Distributable reserves133 | €13,126 | €19,447 | €20,495 | €42,704 | €61,081 | ▲ 43.0% |
| Amounts payable17/49 | €23,162 | €15,970 | €12,284 | €12,837 | €25,471 | ▲ 98.4% |
| Amounts payable within one year42/48 | €23,162 | €15,970 | €12,090 | €12,397 | €20,373 | ▲ 64.3% |
| Trade debts44 | €1,004 | €1,298 | €1,980 | €2,035 | €7,485 | ▲ 268% |
| Suppliers440/4 | €1,004 | €1,298 | €1,980 | €2,035 | €7,485 | ▲ 268% |
| Advances received on contracts in progress46 | - | - | - | €500 | €2,000 | ▲ 300% |
| Taxes, remuneration and social security45 | €9,231 | €12,700 | €8,160 | €5,778 | €5,961 | ▲ 3.2% |
| Taxes450/3 | €9,231 | €12,700 | €8,160 | €5,778 | €5,961 | ▲ 3.2% |
| Other amounts payable47/48 | €12,926 | €1,972 | €1,950 | €4,084 | €4,927 | ▲ 20.6% |
| Accrued charges and deferred income492/3 | - | - | €194 | €440 | €5,099 | ▲ 12× |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,926 | €7,121 | €1,848 | €22,209 | €18,377 | ▼ 17.3% |
| + Depreciation and write-downs630 | €968 | - | - | - | €531 | - |
| Operating cash flow (approximation) | €14,893 | €7,121 | €1,848 | €22,209 | €18,908 | ▼ 14.9% |
| Change in cash | - | -€91 | -€4,787 | €19,801 | €22,676 | ▲ 14.5% |
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 FISCAL+ 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 FISCAL+ itself is lower: < 0.1% within 12 months. It rests on far more data about FISCAL+ 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 FISCAL+. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 06-07-2026 | 2026-00254815 | |
| 31-12-2024 | micro format | 08-07-2025 | 2025-00245787 | |
| 31-12-2023 | micro format | 10-07-2024 | 2024-00226202 | |
| 31-12-2022 | micro format | 22-06-2023 | 2023-00146339 | |
| 31-12-2021 | micro format | 20-06-2022 | 2022-20072615 |