Fisco.pro
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-06-2026 at the NBB all 17 filings
Turnover
≈ €650,000
Estimated: probably between €560,000 and €770,000
Total assets
€383,006▼ 19.3%
2024 · €474,782
Net result
€99,822▼ 27.2%
2024 · €137,194
Working capital
-€41,734
2024 · €83,119
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€139,418
▼ 24.8%
2025
20182025
Net result
€99,822
▼ 27.2%
2025
highest quarter of the sector
20182025
Equity
€161,336
▼ 38.3%
2025
middle half of the sector
20182025
Total assets
€383,006
▼ 19.3%
2025
middle half of the sector
20182025
Debt
€221,670
▲ 3.9%
2025
20182025
Working capital
-€41,734
2025
lowest quarter of the sector
20182025
Solvency
42.1%
▼ 13.0pp
2025
middle half of the sector
20182025
Current ratio
0.81
▼ 0.60
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
26.1%
▼ 2.8pp
2025
middle half of the sector
20182025
Staff (FTE)
4
▲ 25.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€28,734-€9,226▼ 67.9%€3,377▼ 63.4%€45,404▲ 13×€46,584▲ 2.6%€199,920▲ 329%€185,426▼ 7.3%€139,418▼ 24.8%
Net result€19,146-€3,741▼ 80.5%-€1,991below the sector's middle half€36,962within the sector's middle half€33,968within the sector's middle half▼ 8.1%€147,118above the sector's middle half▲ 333%€137,194above the sector's middle half▼ 6.7%€99,822above the sector's middle half▼ 27.2%
Equity€103,520-€107,261▲ 3.6%€105,271within the sector's middle half▼ 1.9%€142,233within the sector's middle half▲ 35.1%€176,201within the sector's middle half▲ 23.9%€323,319above the sector's middle half▲ 83.5%€261,514above the sector's middle half▼ 19.1%€161,336within the sector's middle half▼ 38.3%
Total assets€165,605-€179,478▲ 8.4%€174,807within the sector's middle half▼ 2.6%€210,850within the sector's middle half▲ 20.6%€269,947within the sector's middle half▲ 28.0%€457,858within the sector's middle half▲ 69.6%€474,782within the sector's middle half▲ 3.7%€383,006within the sector's middle half▼ 19.3%
Debt€62,085-€72,217▲ 16.3%€69,536▼ 3.7%€68,617▼ 1.3%€93,746▲ 36.6%€134,538▲ 43.5%€213,268▲ 58.5%€221,670▲ 3.9%
Working capital€63,185-€76,145▲ 20.5%€80,209within the sector's middle half▲ 5.3%€109,832within the sector's middle half▲ 36.9%€88,765within the sector's middle half▼ 19.2%€244,016above the sector's middle half▲ 175%€83,119within the sector's middle half▼ 65.9%-€41,734below the sector's middle half
Solvency62.5%-59.8%▼ 2.7pp60.2%within the sector's middle half▲ 0.5pp67.5%within the sector's middle half▲ 7.2pp65.3%within the sector's middle half▼ 2.2pp70.6%within the sector's middle half▲ 5.3pp55.1%within the sector's middle half▼ 15.5pp42.1%within the sector's middle half▼ 13.0pp
Current ratio2.35-2.17▼ 0.182.15within the sector's middle half▼ 0.012.60within the sector's middle half▲ 0.452.26within the sector's middle half▼ 0.353.08within the sector's middle half▲ 0.821.41within the sector's middle half▼ 1.670.81below the sector's middle half▼ 0.60
Return on assets (ROA)11.6%-2.1%▼ 9.5pp-1.1%below the sector's middle half▼ 3.2pp17.5%within the sector's middle half▲ 18.7pp12.6%within the sector's middle half▼ 4.9pp32.1%above the sector's middle half▲ 19.5pp28.9%within the sector's middle half▼ 3.2pp26.1%within the sector's middle half▼ 2.8pp
Staff (FTE)2.72.83.3▲ 17.9%2.5▼ 24.2%3.2▲ 28.0%4▲ 25.0%
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 25% lower than in 2024. It is the second fall in a row.
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 €383,006
Fixed assets
€207,937 ▲ 9.7%
Current assets
€175,070 ▼ 38.6%
Equity and liabilities €383,006
Equity
€161,336 ▼ 38.3%
Debt
€221,670 ▲ 3.9%
Debt's share of the balance-sheet total rises from 44.9% to 57.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€204,542▼
2024 · €234,684
Cash flow
€164,946▼
2024 · €186,452
Debt to equity
1.37▲
2024 · 0.82
ROE
61.9%▲
2024 · 52.5%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€216,803▲
2024 · €202,122
Debt > 1 year
€4,867▼
2024 · €11,146
Income taxes
€38,731▼
2024 · €46,808
Staff costs
€161,507▲
2024 · €154,013
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 3 | 3 | 3 | 5 |
| full-time | 2 | 3 | 3 | 3 | 4 |
| part-time | 1 | - | - | - | 1 |
| in full-time equivalents | 2.8 | 3 | 3 | 3 | 4.5 |
| Average over the year, in full-time equivalents | 2.8 | 3.3 | 2.5 | 3.2 | 4 |
| On a permanent contract | 3 | 3 | 3 | 3 | 5 |
| Joined | 2 | 1 | 4 | 1 | 2 |
| Left | 2 | 1 | 4 | 1 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €23,448 | €94,331 | €18,462 | €143,911 | €83,681 |
| Financial fixed assets | - | €3,062 | - | - | - |
| Depreciation and write-downs of the year | €16,110 | €19,338 | €31,693 | €49,258 | €65,124 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €34,493 | - | - | €16,206 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €116,667 | €162,333 | €103,077 | €154,013 | €161,507 | ▲ 4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,593 | €27,213 | €25,429 | €16,110 | €19,338 | €31,693 | €49,258 | €65,124 | ▲ 32.2% |
| Other operating charges640/8 | - | - | - | €7,789 | €4,690 | €1,527 | €6,622 | €8,118 | ▲ 22.6% |
| Non-recurring operating charges66A | - | - | - | €646 | €1,614 | €1,059 | €1,220 | €406 | ▼ 66.7% |
| Gross operating margin9900 | €142,803 | €109,984 | €130,347 | €186,616 | €234,559 | €337,277 | €396,539 | €374,574 | ▼ 5.5% |
| Operating profit (loss)9901 | €28,734 | €9,226 | €3,377 | €45,404 | €46,584 | €199,920 | €185,426 | €139,418 | ▼ 24.8% |
| Financial income75/76B | - | - | - | €14 | €151 | €227 | €166 | €293 | ▲ 76.8% |
| Recurring financial income75 | €66 | €70 | €314 | €14 | €151 | €227 | €166 | €293 | ▲ 76.8% |
| Financial charges65/66B | - | - | - | €700 | €1,331 | €2,050 | €1,589 | €1,158 | ▼ 27.1% |
| Recurring financial charges65 | €1,182 | €723 | €806 | €700 | €1,331 | €2,050 | €1,589 | €1,158 | ▼ 27.1% |
| Profit (loss) for the period before taxes9903 | €27,618 | €8,573 | €2,885 | €44,718 | €45,403 | €198,098 | €184,003 | €138,553 | ▼ 24.7% |
| Income taxes67/77 | €8,472 | €4,832 | €4,875 | €7,756 | €11,435 | €50,979 | €46,808 | €38,731 | ▼ 17.3% |
| Profit (loss) for the period9904 | €19,146 | €3,741 | -€1,991 | €36,962 | €33,968 | €147,118 | €137,194 | €99,822 | ▼ 27.2% |
| Profit (loss) for the period to be appropriated9905 | €19,146 | €3,741 | -€1,991 | €36,962 | €33,968 | €147,118 | €137,194 | €99,822 | ▼ 27.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €165,605 | €179,478 | €174,807 | €210,850 | €269,947 | €457,858 | €474,782 | €383,006 | ▼ 19.3% |
| Fixed assets21/28 | €55,447 | €38,051 | €25,062 | €32,401 | €110,455 | €96,498 | €189,541 | €207,937 | ▲ 9.7% |
| Tangible fixed assets22/27 | €55,239 | €37,843 | €24,854 | €32,193 | €107,186 | €93,954 | €188,607 | €207,165 | ▲ 9.8% |
| Plant, machinery and equipment23 | - | - | - | €15,089 | €8,224 | €2,591 | €26,682 | €20,687 | ▼ 22.5% |
| Furniture and vehicles24 | - | - | - | €10,256 | €46,574 | €41,369 | €122,791 | €116,567 | ▼ 5.1% |
| Other tangible fixed assets26 | - | - | - | €6,848 | €52,388 | €49,994 | €39,134 | €69,910 | ▲ 78.6% |
| Financial fixed assets28 | €208 | €208 | €208 | €208 | €3,270 | €2,544 | €934 | €772 | ▼ 17.3% |
| Current assets29/58 | €110,158 | €141,427 | €149,744 | €178,449 | €159,492 | €361,360 | €285,241 | €175,070 | ▼ 38.6% |
| Amounts receivable within one year40/41 | €39,319 | €54,753 | €1,234 | €15,487 | €20,187 | €43,495 | €33,151 | €13,131 | ▼ 60.4% |
| Trade receivables40 | - | - | - | €15,471 | €20,187 | €43,495 | €33,119 | €13,054 | ▼ 60.6% |
| Other amounts receivable41 | - | - | - | €16 | - | - | €33 | €77 | ▲ 135% |
| Cash at bank and in hand54/58 | €70,840 | €85,855 | €147,130 | €161,765 | €138,337 | €315,551 | €247,625 | €152,919 | ▼ 38.2% |
| Deferred charges and accrued income490/1 | - | - | - | €1,197 | €968 | €2,313 | €4,464 | €9,020 | ▲ 102% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €165,605 | €179,478 | €174,807 | €210,850 | €269,947 | €457,858 | €474,782 | €383,006 | ▼ 19.3% |
| Equity10/15 | €103,520 | €107,261 | €105,271 | €142,233 | €176,201 | €323,319 | €261,514 | €161,336 | ▼ 38.3% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €19,600 | €19,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €83,060 | €86,801 | €84,811 | €121,773 | €155,741 | €302,859 | €240,054 | €139,876 | ▼ 41.7% |
| Amounts payable17/49 | €62,085 | €72,217 | €69,536 | €68,617 | €93,746 | €134,538 | €213,268 | €221,670 | ▲ 3.9% |
| Amounts payable after more than one year17 | €15,112 | €6,935 | - | - | €23,020 | €17,194 | €11,146 | €4,867 | ▼ 56.3% |
| Financial debts170/4 | - | - | - | - | €23,020 | €17,194 | €11,146 | €4,867 | ▼ 56.3% |
| Amounts payable within one year42/48 | €46,973 | €65,282 | €69,536 | €68,617 | €70,726 | €117,344 | €202,122 | €216,803 | ▲ 7.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €5,610 | €5,825 | €6,048 | €6,280 | ▲ 3.8% |
| Trade debts44 | €4,545 | €28,351 | €14,476 | €19,377 | €24,509 | €11,882 | €65,456 | €15,716 | ▼ 76.0% |
| Suppliers440/4 | - | - | - | €19,377 | €24,509 | €11,882 | €65,456 | €15,716 | ▼ 76.0% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €15,468 | - |
| Taxes, remuneration and social security45 | - | - | - | €48,262 | €39,127 | €99,636 | €79,230 | €107,232 | ▲ 35.3% |
| Taxes450/3 | - | - | - | €27,676 | €34,989 | €89,070 | €48,422 | €91,543 | ▲ 89.1% |
| Remuneration and social security454/9 | - | - | - | €20,586 | €4,138 | €10,566 | €30,808 | €15,688 | ▼ 49.1% |
| Other amounts payable47/48 | - | - | - | €977 | €1,479 | - | €51,387 | €72,108 | ▲ 40.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,146 | €3,741 | -€1,991 | €36,962 | €33,968 | €147,118 | €137,194 | €99,822 | ▼ 27.2% |
| + Depreciation and write-downs630 | €29,593 | €27,213 | €25,429 | €16,110 | €19,338 | €31,693 | €49,258 | €65,124 | ▲ 32.2% |
| Operating cash flow (approximation) | €48,739 | €30,955 | €23,438 | €53,072 | €53,306 | €178,811 | €186,452 | €164,946 | ▼ 11.5% |
| Investment in fixed assets (approximation) | - | -€9,818 | -€12,440 | -€23,448 | -€97,392 | -€17,736 | -€142,301 | -€83,519 | ▲ 41.3% |
| Change in cash | - | €15,015 | €61,275 | €14,634 | -€23,428 | €177,215 | -€67,926 | -€94,706 | ▼ 39.4% |
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 Fisco.pro 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 Fisco.pro 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 Fisco.pro. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-06-2026 | 2026-00172248 | |
| 31-12-2024 | micro format | 02-07-2025 | 2025-00223854 | |
| 31-12-2023 | micro format | 26-06-2024 | 2024-00163806 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00382598 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20333500 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-61300482 | |
| 31-12-2019 | micro format | 11-10-2020 | 2020-60800317 | |
| 31-12-2018 | micro format | 20-08-2019 | 2019-47800516 | |
| 31-12-2017 | micro format | 07-09-2018 | 2018-62400164 | |
| 31-12-2016 | micro format | 22-09-2017 | 2017-61800556 |