FISCO-DATA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-06-2026 PDF all 42 filings
Turnover
≈ €34,000
Estimated: probably between €23,000 and €55,000
Total assets
€299,039▼ 3.3%
2024 · €309,168
Net result
-€4,818▼ 69.0%
2024 · -€2,850
Working capital
-€3,570▲ 34.7%
2024 · -€5,470
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€4,241
▲ 77.6%
2025
20182025
Net result
-€4,818
▼ 69.0%
2025
lowest quarter of the sector
20182025
Equity
€286,560
▼ 1.7%
2025
highest quarter of the sector
20182025
Total assets
€299,039
▼ 3.3%
2025
middle half of the sector
20182025
Debt
€12,479
▼ 29.9%
2025
20182025
Working capital
-€3,570
▲ 34.7%
2025
lowest quarter of the sector
20182025
Solvency
95.8%
▲ 1.6pp
2025
highest quarter of the sector
20182025
Current ratio
0.69
▲ 0.01
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-1.6%
▼ 0.7pp
2025
lowest 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-€31,690--€35,971▼ 13.5%-€32,085▲ 10.8%-€31,909▲ 0.6%-€22,219▲ 30.4%-€13,340▲ 40.0%-€18,962▼ 42.1%-€4,241▲ 77.6%
Net result-€12,501--€16,845▼ 34.7%-€12,001below the sector's middle half▲ 28.8%-€15,224below the sector's middle half▼ 26.9%-€6,278below the sector's middle half▲ 58.8%€2,679below the sector's middle half-€2,850below the sector's middle half-€4,818below the sector's middle half▼ 69.0%
Equity€341,897-€325,052▼ 4.9%€313,051above the sector's middle half▼ 3.7%€297,827above the sector's middle half▼ 4.9%€291,550above the sector's middle half▼ 2.1%€294,228above the sector's middle half▲ 0.9%€291,378above the sector's middle half▼ 1.0%€286,560above the sector's middle half▼ 1.7%
Total assets€383,325-€362,794▼ 5.4%€348,871within the sector's middle half▼ 3.8%€332,040within the sector's middle half▼ 4.8%€322,992within the sector's middle half▼ 2.7%€317,654within the sector's middle half▼ 1.7%€309,168within the sector's middle half▼ 2.7%€299,039within the sector's middle half▼ 3.3%
Debt€41,428-€37,742▼ 8.9%€35,820▼ 5.1%€34,213▼ 4.5%€31,442▼ 8.1%€23,426▼ 25.5%€17,790▼ 24.1%€12,479▼ 29.9%
Working capital-€34,181--€33,330▲ 2.5%-€30,953below the sector's middle half▲ 7.1%-€29,437below the sector's middle half▲ 4.9%-€19,300below the sector's middle half▲ 34.4%-€9,621below the sector's middle half▲ 50.2%-€5,470below the sector's middle half▲ 43.1%-€3,570below the sector's middle half▲ 34.7%
Solvency89.2%-89.6%▲ 0.4pp89.7%above the sector's middle half▲ 0.1pp89.7%above the sector's middle half=90.3%above the sector's middle half▲ 0.6pp92.6%above the sector's middle half▲ 2.4pp94.2%above the sector's middle half▲ 1.6pp95.8%above the sector's middle half▲ 1.6pp
Current ratio0.15-0.09▼ 0.060.11below the sector's middle half▲ 0.020.11below the sector's middle half=0.37below the sector's middle half▲ 0.250.57below the sector's middle half▲ 0.210.67below the sector's middle half▲ 0.100.69below the sector's middle half▲ 0.01
Return on assets (ROA)-3.3%--4.6%▼ 1.4pp-3.4%below the sector's middle half▲ 1.2pp-4.6%below the sector's middle half▼ 1.1pp-1.9%below the sector's middle half▲ 2.6pp0.8%below the sector's middle half▲ 2.8pp-0.9%below the sector's middle half▼ 1.8pp-1.6%below the sector's middle half▼ 0.7pp
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 a loss of €4,241, smaller than the loss of €18,962 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 €299,039
Fixed assets
€291,127 ▼ 2.3%
Current assets
€7,912 ▼ 30.1%
Equity and liabilities €299,039
Equity
€286,560 ▼ 1.7%
Debt
€12,479 ▼ 29.9%
Debt's share of the balance-sheet total falls from 5.8% to 4.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€2,477▲
2024 · -€11,961
Cash flow
€1,901▼
2024 · €4,150
Debt to equity
0.04▼
2024 · 0.06
ROE
-1.7%▼
2024 · -1.0%
Interest coverage
13.48▲
2024 · -61.85
Debt ≤ 1 year
€11,482▼
2024 · €16,793
Income taxes
€393▼
2024 · €460
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €1,843 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,666 | €16,447 | €16,496 | €16,740 | €16,414 | €7,001 | €7,001 | €6,719 | ▼ 4.0% |
| Other operating charges640/8 | - | - | - | €4,013 | €4,541 | €4,508 | €4,574 | €4,672 | ▲ 2.1% |
| Gross operating margin9900 | -€10,722 | -€15,744 | -€11,428 | -€11,156 | -€1,265 | -€1,831 | -€7,387 | €7,149 | - |
| Operating profit (loss)9901 | -€31,690 | -€35,971 | -€32,085 | -€31,909 | -€22,219 | -€13,340 | -€18,962 | -€4,241 | ▲ 77.6% |
| Financial income75/76B | - | - | - | €17,865 | €16,765 | €16,768 | €16,765 | - | - |
| Recurring financial income75 | €19,402 | €19,403 | €20,365 | €17,865 | €16,765 | €16,768 | €16,765 | - | - |
| Financial charges65/66B | - | - | - | €291 | €333 | €267 | €193 | €184 | ▼ 5.0% |
| Recurring financial charges65 | €214 | €278 | €281 | €291 | €333 | €267 | €193 | €184 | ▼ 5.0% |
| Profit (loss) for the period before taxes9903 | -€12,501 | -€16,845 | -€12,001 | -€14,334 | -€5,787 | €3,161 | -€2,391 | -€4,425 | ▼ 85.1% |
| Income taxes67/77 | - | - | - | €890 | €490 | €482 | €460 | €393 | ▼ 14.5% |
| Profit (loss) for the period9904 | -€12,501 | -€16,845 | -€12,001 | -€15,224 | -€6,278 | €2,679 | -€2,850 | -€4,818 | ▼ 69.0% |
| Profit (loss) for the period to be appropriated9905 | -€12,501 | -€16,845 | -€12,001 | -€15,224 | -€6,278 | €2,679 | -€2,850 | -€4,818 | ▼ 69.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €383,325 | €362,794 | €348,871 | €332,040 | €322,992 | €317,654 | €309,168 | €299,039 | ▼ 3.3% |
| Fixed assets21/28 | €377,075 | €359,379 | €345,001 | €328,261 | €311,847 | €304,846 | €297,845 | €291,127 | ▼ 2.3% |
| Tangible fixed assets22/27 | €377,075 | €359,379 | €345,001 | €328,261 | €311,847 | €304,846 | €297,845 | €291,127 | ▼ 2.3% |
| Land and buildings22 | - | - | - | €317,635 | €310,684 | €304,107 | €297,529 | €291,127 | ▼ 2.2% |
| Plant, machinery and equipment23 | - | - | - | €1,626 | €1,163 | €740 | €316 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €9,000 | - | - | - | - | - |
| Current assets29/58 | €6,250 | €3,415 | €3,870 | €3,779 | €11,144 | €12,808 | €11,323 | €7,912 | ▼ 30.1% |
| Amounts receivable within one year40/41 | €1,152 | €708 | €891 | €490 | €454 | €333 | - | €998 | - |
| Trade receivables40 | - | - | - | €490 | €454 | €333 | - | €998 | - |
| Current investments50/53 | €2,266 | €2,268 | €2,268 | €2,268 | €2,268 | - | - | - | - |
| Cash at bank and in hand54/58 | €2,832 | €439 | €711 | €1,022 | €8,423 | €12,475 | €11,323 | €6,914 | ▼ 38.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €383,325 | €362,794 | €348,871 | €332,040 | €322,992 | €317,654 | €309,168 | €299,039 | ▼ 3.3% |
| Equity10/15 | €341,897 | €325,052 | €313,051 | €297,827 | €291,550 | €294,228 | €291,378 | €286,560 | ▼ 1.7% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €424,694 | €424,694 | €424,694 | €424,694 | €424,694 | €424,694 | €424,694 | €267,960 | ▼ 36.9% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €4,309 | €4,309 | €4,309 | €4,309 | €4,309 | = |
| Distributable reserves133 | - | - | - | €418,526 | €418,526 | €420,385 | €420,385 | €263,651 | ▼ 37.3% |
| Profit (loss) carried forward14 | -€101,397 | -€118,242 | -€130,243 | -€145,467 | -€151,745 | -€149,066 | -€151,916 | €0 | - |
| Amounts payable17/49 | €41,428 | €37,742 | €35,820 | €34,213 | €31,442 | €23,426 | €17,790 | €12,479 | ▼ 29.9% |
| Amounts payable within one year42/48 | €40,431 | €36,745 | €34,823 | €33,216 | €30,445 | €22,429 | €16,793 | €11,482 | ▼ 31.6% |
| Trade debts44 | - | €182 | €1,143 | €711 | €307 | €144 | €347 | €113 | ▼ 67.6% |
| Suppliers440/4 | - | - | - | €711 | €307 | €144 | €347 | €113 | ▼ 67.6% |
| Taxes, remuneration and social security45 | - | - | - | €479 | €1,706 | €761 | €729 | €641 | ▼ 12.0% |
| Taxes450/3 | - | - | - | €479 | €1,706 | €761 | €729 | €641 | ▼ 12.0% |
| Other amounts payable47/48 | - | - | - | €32,026 | €28,433 | €21,524 | €15,717 | €10,728 | ▼ 31.7% |
| Accrued charges and deferred income492/3 | - | - | - | €997 | €997 | €997 | €997 | €997 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€12,501 | -€16,845 | -€12,001 | -€15,224 | -€6,278 | €2,679 | -€2,850 | -€4,818 | ▼ 69.0% |
| + Depreciation and write-downs630 | €16,666 | €16,447 | €16,496 | €16,740 | €16,414 | €7,001 | €7,001 | €6,719 | ▼ 4.0% |
| Operating cash flow (approximation) | €4,165 | -€399 | €4,495 | €1,516 | €10,136 | €9,680 | €4,150 | €1,901 | ▼ 54.2% |
| Investment in fixed assets (approximation) | - | €1,250 | -€2,118 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€2,392 | €271 | €311 | €7,401 | €4,053 | -€1,153 | -€4,409 | ▼ 283% |
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, 12,322 companies had the same profile as FISCO-DATA has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FISCO-DATA 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 12,322 companies, not a prediction for FISCO-DATA. 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 42 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 09-06-2026 | 2026-00148804 | |
| 31-12-2024 | micro format | 22-04-2025 | 2025-00074198 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00422236 | |
| 31-12-2022 | micro format | 09-08-2023 | 2023-00322333 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20160081 | |
| 31-12-2020 | micro format | 20-08-2021 | 2021-50900240 | |
| 31-12-2019 | micro format | 29-06-2020 | 2020-22100425 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-57500196 | |
| 31-12-2017 | micro format | 02-07-2018 | 2018-27300089 | |
| 31-12-2016 | micro format | 29-06-2017 | 2017-24900258 |