Fiscomad
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 11 days after the deadline Filed on 11 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00394927.
Annual accounts 2025 filed on 11-08-2026 at the NBB all 36 filings
Turnover
≈ €220,000
Estimated: probably between €180,000 and €270,000
Total assets
€169,743▼ 2.8%
2024 · €174,653
Net result
€2,714
2024 · -€7,724
Working capital
€106,947▼ 15.7%
2024 · €126,936
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€7,586
2025
20182025
Net result
€2,714
2025
lowest quarter of the sector
20182025
Equity
€136,250
▲ 1.5%
2025
middle half of the sector
20182025
Total assets
€169,743
▼ 2.8%
2025
lowest quarter of the sector
20182025
Debt
€33,494
▼ 17.0%
2025
20182025
Working capital
€106,947
▼ 15.7%
2025
middle half of the sector
20182025
Solvency
80.3%
▲ 3.4pp
2025
highest quarter of the sector
20182025
Current ratio
4.19
▲ 0.05
2025
highest quarter of the sector
20182025
Return on assets (ROA)
1.6%
▲ 6.0pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1
=
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€4,124-€4,089▼ 0.8%€18,299▲ 347%€4,348▼ 76.2%€4,746▲ 9.2%€9,927▲ 109%-€5,103€7,586
Net result-€44--€88▼ 99.9%€11,079within the sector's middle half€189below the sector's middle half▼ 98.3%€437below the sector's middle half▲ 132%€3,769below the sector's middle half▲ 762%-€7,724below the sector's middle half€2,714below the sector's middle half
Equity€126,623-€126,536▼ 0.1%€137,615within the sector's middle half▲ 8.8%€137,804within the sector's middle half▲ 0.1%€138,241within the sector's middle half▲ 0.3%€142,010within the sector's middle half▲ 2.7%€134,286within the sector's middle half▼ 5.4%€136,250within the sector's middle half▲ 1.5%
Total assets€178,922-€185,520▲ 3.7%€178,915within the sector's middle half▼ 3.6%€189,971within the sector's middle half▲ 6.2%€170,645within the sector's middle half▼ 10.2%€172,683within the sector's middle half▲ 1.2%€174,653within the sector's middle half▲ 1.1%€169,743below the sector's middle half▼ 2.8%
Debt€52,299-€58,984▲ 12.8%€41,300▼ 30.0%€52,167▲ 26.3%€32,403▼ 37.9%€30,673▼ 5.3%€40,367▲ 31.6%€33,494▼ 17.0%
Working capital€117,666-€122,134▲ 3.8%€135,529within the sector's middle half▲ 11.0%€134,458within the sector's middle half▼ 0.8%€129,282within the sector's middle half▼ 3.8%€130,605within the sector's middle half▲ 1.0%€126,936within the sector's middle half▼ 2.8%€106,947within the sector's middle half▼ 15.7%
Solvency70.8%-68.2%▼ 2.6pp76.9%above the sector's middle half▲ 8.7pp72.5%within the sector's middle half▼ 4.4pp81.0%above the sector's middle half▲ 8.5pp82.2%above the sector's middle half▲ 1.2pp76.9%within the sector's middle half▼ 5.4pp80.3%above the sector's middle half▲ 3.4pp
Current ratio3.25-3.07▼ 0.184.28within the sector's middle half▲ 1.213.58within the sector's middle half▼ 0.704.99above the sector's middle half▲ 1.415.26above the sector's middle half▲ 0.274.14within the sector's middle half▼ 1.114.19above the sector's middle half▲ 0.05
Return on assets (ROA)0.0%-0.0%=6.2%within the sector's middle half▲ 6.2pp0.1%below the sector's middle half▼ 6.1pp0.3%below the sector's middle half▲ 0.2pp2.2%below the sector's middle half▲ 1.9pp-4.4%below the sector's middle half▼ 6.6pp1.6%below the sector's middle half▲ 6.0pp
Staff (FTE)1-1=1within the sector's middle half=1=1=1=1=1below the sector's middle half=
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 profit of €7,586, after a loss of €5,103 in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €169,743
Fixed assets
€29,302 ▲ 299%
Current assets
€140,441 ▼ 16.1%
Equity and liabilities €169,743
Equity
€136,250 ▲ 1.5%
Debt
€33,494 ▼ 17.0%
Debt's share of the balance-sheet total falls from 23.1% to 19.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€16,565▲
2024 · -€1,049
Cash flow
€11,693▲
2024 · -€3,670
Debt to equity
0.25▼
2024 · 0.30
ROE
2.0%▲
2024 · -5.8%
Interest coverage
40.71▲
2024 · -0.72
Debt ≤ 1 year
€33,494▼
2024 · €40,367
Income taxes
€4,647▲
2024 · €2,599
Staff costs
€97,950▲
2024 · €94,736
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 | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,695 | €9,265 | €6,500 | - | €28,575 |
| Depreciation and write-downs of the year | €1,436 | €3,651 | €4,054 | €4,054 | €8,979 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 3 entries · €315 awarded · €315 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €63 | €63 |
| 2023 | 1 | €132 | €132 |
| 2022 | 1 | €120 | €120 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €105 | - | - | €7,765 | €1,770 | ▼ 77.2% |
| Remuneration, social security and pensions62 | - | - | - | €79,718 | €85,361 | €91,267 | €94,736 | €97,950 | ▲ 3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,728 | €4,556 | €5,007 | €1,436 | €3,651 | €4,054 | €4,054 | €8,979 | ▲ 121% |
| Other operating charges640/8 | - | - | - | €1,236 | €1,416 | €1,551 | €3,425 | €1,585 | ▼ 53.7% |
| Gross operating margin9900 | €69,565 | €81,418 | €103,382 | €86,737 | €95,175 | €106,799 | €97,112 | €116,100 | ▲ 19.6% |
| Operating profit (loss)9901 | €4,124 | €4,089 | €18,299 | €4,348 | €4,746 | €9,927 | -€5,103 | €7,586 | - |
| Financial income75/76B | - | - | - | - | - | €85 | €1,439 | €181 | ▼ 87.4% |
| Recurring financial income75 | - | €11 | €3 | - | - | €85 | €1,439 | €181 | ▼ 87.4% |
| Financial charges65/66B | - | - | - | €1,475 | €955 | €470 | €1,461 | €407 | ▼ 72.1% |
| Recurring financial charges65 | €1,416 | €1,309 | €891 | €1,475 | €955 | €470 | €1,461 | €407 | ▼ 72.1% |
| Profit (loss) for the period before taxes9903 | €2,709 | €2,792 | €17,412 | €2,872 | €3,791 | €9,543 | -€5,125 | €7,360 | - |
| Income taxes67/77 | €2,753 | €2,879 | €6,332 | €2,684 | €3,354 | €5,774 | €2,599 | €4,647 | ▲ 78.8% |
| Profit (loss) for the period9904 | -€44 | -€88 | €11,079 | €189 | €437 | €3,769 | -€7,724 | €2,714 | - |
| Profit (loss) for the period to be appropriated9905 | -€44 | -€88 | €11,079 | €189 | €437 | €3,769 | -€7,724 | €2,714 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €178,922 | €185,520 | €178,915 | €189,971 | €170,645 | €172,683 | €174,653 | €169,743 | ▼ 2.8% |
| Fixed assets21/28 | €8,957 | €4,402 | €2,086 | €3,345 | €8,959 | €11,405 | €7,351 | €29,302 | ▲ 299% |
| Tangible fixed assets22/27 | €8,665 | €4,110 | €1,794 | €3,053 | €8,667 | €11,113 | €7,059 | €29,010 | ▲ 311% |
| Land and buildings22 | - | - | - | €2,156 | €8,667 | €5,913 | €3,159 | €3,195 | ▲ 1.1% |
| Plant, machinery and equipment23 | - | - | - | €897 | - | €0 | €0 | €2,254 | - |
| Furniture and vehicles24 | - | - | - | - | - | €5,200 | €3,900 | €23,562 | ▲ 504% |
| Financial fixed assets28 | €292 | €292 | €292 | €292 | €292 | €292 | €292 | €292 | = |
| Current assets29/58 | €169,965 | €181,118 | €176,828 | €186,625 | €161,686 | €161,278 | €167,302 | €140,441 | ▼ 16.1% |
| Amounts receivable within one year40/41 | €134,710 | €145,007 | €141,674 | €175,014 | €143,221 | €127,571 | €125,395 | €104,339 | ▼ 16.8% |
| Trade receivables40 | - | - | - | €35,014 | €22,221 | €10,071 | €14,395 | €4,739 | ▼ 67.1% |
| Other amounts receivable41 | - | - | - | €140,000 | €121,000 | €117,500 | €111,000 | €99,600 | ▼ 10.3% |
| Cash at bank and in hand54/58 | €33,171 | €34,028 | €33,487 | €9,945 | €16,798 | €33,707 | €41,907 | €36,102 | ▼ 13.9% |
| Deferred charges and accrued income490/1 | - | - | - | €1,667 | €1,667 | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €178,922 | €185,520 | €178,915 | €189,971 | €170,645 | €172,683 | €174,653 | €169,743 | ▼ 2.8% |
| Equity10/15 | €126,623 | €126,536 | €137,615 | €137,804 | €138,241 | €142,010 | €134,286 | €136,250 | ▲ 1.5% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Issued capital100 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €108,023 | €107,936 | €119,015 | €119,204 | €119,641 | €123,410 | €115,686 | €117,650 | ▲ 1.7% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Legal reserve130 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | - | €117,344 | €117,782 | €121,551 | €113,827 | €115,791 | ▲ 1.7% |
| Amounts payable17/49 | €52,299 | €58,984 | €41,300 | €52,167 | €32,403 | €30,673 | €40,367 | €33,494 | ▼ 17.0% |
| Amounts payable within one year42/48 | €52,299 | €58,984 | €41,300 | €52,167 | €32,403 | €30,673 | €40,367 | €33,494 | ▼ 17.0% |
| Trade debts44 | €23,675 | €13,687 | €5,596 | €9,187 | €3,345 | €4,462 | €9,337 | €8,829 | ▼ 5.4% |
| Suppliers440/4 | - | - | - | €9,187 | €3,345 | €4,462 | €9,337 | €8,829 | ▼ 5.4% |
| Taxes, remuneration and social security45 | - | - | - | €42,981 | €29,058 | €26,211 | €31,030 | €24,665 | ▼ 20.5% |
| Taxes450/3 | - | - | - | €33,548 | €18,927 | €15,583 | €20,169 | €13,651 | ▼ 32.3% |
| Remuneration and social security454/9 | - | - | - | €9,432 | €10,131 | €10,628 | €10,861 | €11,015 | ▲ 1.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€44 | -€88 | €11,079 | €189 | €437 | €3,769 | -€7,724 | €2,714 | - |
| + Depreciation and write-downs630 | €4,728 | €4,556 | €5,007 | €1,436 | €3,651 | €4,054 | €4,054 | €8,979 | ▲ 121% |
| Operating cash flow (approximation) | €4,684 | €4,468 | €16,086 | €1,625 | €4,089 | €7,823 | -€3,670 | €11,693 | - |
| Investment in fixed assets (approximation) | - | €0 | -€2,692 | -€2,695 | -€9,265 | -€6,500 | €0 | -€30,931 | - |
| Change in cash | - | €857 | -€541 | -€23,542 | €6,853 | €16,909 | €8,200 | -€5,805 | - |
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, 17,041 companies had the same profile as Fiscomad has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Fiscomad 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 17,041 companies, not a prediction for Fiscomad. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 11-08-2026 | 2026-00394927 | |
| 31-12-2024 | micro format | 02-07-2025 | 2025-00226122 | |
| 31-12-2023 | micro format | 27-08-2024 | 2024-00385719 | |
| 31-12-2022 | micro format | 28-08-2023 | 2023-00372833 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20353780 | |
| 31-12-2020 | micro format | 27-10-2021 | 2021-73800360 | |
| 31-12-2019 | micro format | 07-10-2020 | 2020-59600259 | |
| 31-12-2018 | micro format | 21-08-2019 | 2019-48300351 | |
| 31-12-2017 | micro format | 29-08-2018 | 2018-53800593 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-54500098 |