FISCOPTI
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 02-01-2026 PDF all 30 filings
Turnover
≈ €670,000
Estimated: probably between €580,000 and €790,000
Total assets
€266,386▲ 21.3%
2024 · €219,638
Net result
€58,759▲ 34.5%
2024 · €43,685
Working capital
-€36,801▲ 15.5%
2024 · -€43,563
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€73,414
▲ 31.6%
2025
20192025
Net result
€58,759
▲ 34.5%
2025
middle half of the sector
20192025
Equity
€21,050
▼ 3.8%
2025
lowest quarter of the sector
20192025
Total assets
€266,386
▲ 21.3%
2025
lowest quarter of the sector
20192025
Debt
€245,336
▲ 24.1%
2025
20192025
Working capital
-€36,801
▲ 15.5%
2025
lowest quarter of the sector
20192025
Solvency
7.9%
▼ 2.1pp
2025
lowest quarter of the sector
20192025
Current ratio
0.83
▲ 0.09
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
22.1%
▲ 2.2pp
2025
middle half of the sector
20192025
Staff (FTE)
4.5
▼ 15.1%
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€27,826-€40,725▲ 46.4%€78,853▲ 93.6%€77,043▼ 2.3%€62,774▼ 18.5%€55,774▼ 11.2%€73,414▲ 31.6%
Net result€327-€26,195within the sector's middle half▲ 80×€60,178within the sector's middle half▲ 130%€49,278within the sector's middle half▼ 18.1%€42,381within the sector's middle half▼ 14.0%€43,685within the sector's middle half▲ 3.1%€58,759within the sector's middle half▲ 34.5%
Equity€13,297-€22,000below the sector's middle half▲ 65.5%€64,100below the sector's middle half▲ 191%€106,200below the sector's middle half▲ 65.7%€50,200below the sector's middle half▼ 52.7%€21,885below the sector's middle half▼ 56.4%€21,050below the sector's middle half▼ 3.8%
Total assets€277,537-€253,309below the sector's middle half▼ 8.7%€263,618below the sector's middle half▲ 4.1%€283,047below the sector's middle half▲ 7.4%€337,197below the sector's middle half▲ 19.1%€219,638below the sector's middle half▼ 34.9%€266,386below the sector's middle half▲ 21.3%
Debt€264,240-€231,309▼ 12.5%€199,518▼ 13.7%€176,847▼ 11.4%€286,997▲ 62.3%€197,753▼ 31.1%€245,336▲ 24.1%
Working capital-€44,339--€28,578below the sector's middle half▲ 35.5%-€14,049below the sector's middle half▲ 50.8%€26,675within the sector's middle half-€28,871below the sector's middle half-€43,563below the sector's middle half▼ 50.9%-€36,801below the sector's middle half▲ 15.5%
Solvency4.8%-8.7%below the sector's middle half▲ 3.9pp24.3%within the sector's middle half▲ 15.6pp37.5%within the sector's middle half▲ 13.2pp14.9%below the sector's middle half▼ 22.6pp10.0%below the sector's middle half▼ 4.9pp7.9%below the sector's middle half▼ 2.1pp
Current ratio0.66-0.77below the sector's middle half▲ 0.110.88below the sector's middle half▲ 0.111.22within the sector's middle half▲ 0.340.88below the sector's middle half▼ 0.340.73below the sector's middle half▼ 0.150.83below the sector's middle half▲ 0.09
Return on assets (ROA)0.1%-10.3%within the sector's middle half▲ 10.2pp22.8%above the sector's middle half▲ 12.5pp17.4%within the sector's middle half▼ 5.4pp12.6%within the sector's middle half▼ 4.8pp19.9%within the sector's middle half▲ 7.3pp22.1%within the sector's middle half▲ 2.2pp
Staff (FTE)2.6-2.5within the sector's middle half▼ 3.8%2.7within the sector's middle half▲ 8.0%2.7within the sector's middle half=4within the sector's middle half▲ 48.1%5.3within the sector's middle half▲ 32.5%4.5within the sector's middle half▼ 15.1%
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 32% higher than in 2024. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €266,386
Fixed assets
€92,262 ▼ 7.1%
Current assets
€174,124 ▲ 44.7%
Equity and liabilities €266,386
Equity
€21,050 ▼ 3.8%
Debt
€245,336 ▲ 24.1%
Debt's share of the balance-sheet total rises from 90.0% to 92.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€96,927▲
2024 · €81,815
Cash flow
€82,272▲
2024 · €69,726
Debt to equity
11.65▲
2024 · 9.04
ROE
279.1%▲
2024 · 199.6%
Interest coverage
5.08▲
2024 · 4.84
Debt ≤ 1 year
€210,925▲
2024 · €163,880
Debt > 1 year
€34,411▲
2024 · €32,873
Income taxes
€1,440▲
2024 · €663
Staff costs
€280,049▲
2024 · €271,758
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 6 | 7 | 6 |
| full-time | 1 | 2 | 4 | 5 |
| part-time | 3 | 4 | 3 | 1 |
| in full-time equivalents | 2.7 | 4.7 | 5.1 | 5.4 |
| Average over the year, in full-time equivalents | 2.7 | 4 | 5.3 | 4.5 |
| On a permanent contract | 3 | 5 | 5 | 6 |
| Joined | 1 | 4 | 3 | 2 |
| Left | 0 | 2 | 2 | 3 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €85,363 | €53,957 | €43,218 | €30,380 |
| Mortgages, amount registered | €259,400 | €259,400 | €259,400 | €259,400 |
| Carrying value of the mortgaged assets | €102,981 | €98,864 | €81,802 | €65,105 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €6,127 | €20,937 | - | €16,454 |
| Intangible fixed assets | €2,588 | €1,753 | - | - |
| Depreciation and write-downs of the year | €33,585 | €31,535 | €26,041 | €23,513 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €2,334 awarded · €2,214 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €210 | €210 |
| 2024 | 1 | €210 | €210 |
| 2023 | 1 | €210 | €210 |
| 2022 | 1 | €1,704 | €1,584 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €119,949 | €183,521 | €271,758 | €280,049 | ▲ 3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €32,857 | €32,703 | €32,605 | €33,585 | €31,535 | €26,041 | €23,513 | ▼ 9.7% |
| Other operating charges640/8 | - | - | - | €4,474 | €8,440 | €7,229 | €7,122 | ▼ 1.5% |
| Non-recurring operating charges66A | - | - | - | €256 | - | - | - | - |
| Gross operating margin9900 | €191,716 | €191,470 | €226,588 | €235,307 | €286,270 | €360,802 | €384,098 | ▲ 6.5% |
| Operating profit (loss)9901 | €27,826 | €40,725 | €78,853 | €77,043 | €62,774 | €55,774 | €73,414 | ▲ 31.6% |
| Financial income75/76B | - | - | - | €559 | €1,559 | €5,488 | €5,883 | ▲ 7.2% |
| Recurring financial income75 | - | €608 | €1,785 | €559 | €1,559 | €5,488 | €5,883 | ▲ 7.2% |
| Financial charges65/66B | - | - | - | €8,324 | €13,212 | €16,914 | €19,098 | ▲ 12.9% |
| Recurring financial charges65 | €10,674 | €9,038 | €8,257 | €8,324 | €13,212 | €16,914 | €19,098 | ▲ 12.9% |
| Profit (loss) for the period before taxes9903 | €17,152 | €32,295 | €72,381 | €69,278 | €51,121 | €44,348 | €60,199 | ▲ 35.7% |
| Income taxes67/77 | €16,825 | €6,100 | €12,203 | €20,000 | €8,740 | €663 | €1,440 | ▲ 117% |
| Profit (loss) for the period9904 | €327 | €26,195 | €60,178 | €49,278 | €42,381 | €43,685 | €58,759 | ▲ 34.5% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | €21,050 | - | - |
| Transfer to tax-exempt reserves689 | - | - | - | €21,050 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €327 | €26,195 | €39,128 | €28,228 | €42,381 | €64,735 | €58,759 | ▼ 9.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €277,537 | €253,309 | €263,618 | €283,047 | €337,197 | €219,638 | €266,386 | ▲ 21.3% |
| Fixed assets21/28 | €189,942 | €157,241 | €159,077 | €134,207 | €125,362 | €99,321 | €92,262 | ▼ 7.1% |
| Intangible fixed assets21 | - | - | - | €2,588 | €3,510 | €2,642 | €1,774 | ▼ 32.9% |
| Tangible fixed assets22/27 | €189,867 | €157,166 | €159,002 | €131,544 | €121,777 | €96,604 | €90,413 | ▼ 6.4% |
| Furniture and vehicles24 | - | - | - | €8,163 | €6,593 | €2,562 | €17,148 | ▲ 569% |
| Other tangible fixed assets26 | - | - | - | €123,381 | €115,184 | €94,042 | €73,265 | ▼ 22.1% |
| Financial fixed assets28 | €75 | €75 | €75 | €75 | €75 | €75 | €75 | = |
| Current assets29/58 | €87,595 | €96,068 | €104,541 | €148,840 | €211,835 | €120,317 | €174,124 | ▲ 44.7% |
| Amounts receivable within one year40/41 | €87,595 | €86,565 | €88,191 | €148,840 | €211,835 | €120,317 | €130,144 | ▲ 8.2% |
| Trade receivables40 | - | - | - | €148,840 | €103,435 | €120,317 | €130,144 | ▲ 8.2% |
| Other amounts receivable41 | - | - | - | - | €108,400 | - | - | - |
| Cash at bank and in hand54/58 | - | - | €15,807 | - | - | - | €1,913 | - |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €42,067 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €277,537 | €253,309 | €263,618 | €283,047 | €337,197 | €219,638 | €266,386 | ▲ 21.3% |
| Equity10/15 | €13,297 | €22,000 | €64,100 | €106,200 | €50,200 | €21,885 | €21,050 | ▼ 3.8% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | - | - | - | - |
| Capital10 | - | - | - | €20,000 | - | - | - | - |
| Issued capital100 | - | - | - | €20,000 | - | - | - | - |
| Reserves13 | €2,000 | €2,000 | €44,100 | €86,200 | €50,200 | €21,885 | €21,050 | ▼ 3.8% |
| Non-distributable reserves130/1 | - | - | - | €2,000 | - | - | - | - |
| Legal reserve130 | - | - | - | €2,000 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €42,100 | €42,100 | €21,050 | €21,050 | = |
| Distributable reserves133 | - | - | - | €42,100 | €8,100 | €835 | - | - |
| Profit (loss) carried forward14 | -€8,703 | - | - | - | - | - | - | - |
| Amounts payable17/49 | €264,240 | €231,309 | €199,518 | €176,847 | €286,997 | €197,753 | €245,336 | ▲ 24.1% |
| Amounts payable after more than one year17 | €131,802 | €106,445 | €80,490 | €53,923 | €46,291 | €32,873 | €34,411 | ▲ 4.7% |
| Financial debts170/4 | - | - | - | €53,923 | €46,291 | €32,873 | €34,411 | ▲ 4.7% |
| Amounts payable within one year42/48 | €131,934 | €124,646 | €118,590 | €122,165 | €240,706 | €163,880 | €210,925 | ▲ 28.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €26,567 | €21,494 | €13,644 | €16,462 | ▲ 20.7% |
| Financial debts43 | - | - | - | €17,417 | €30,823 | €21,838 | €5,121 | ▼ 76.6% |
| Credit institutions430/8 | - | - | - | €17,417 | €30,823 | €21,838 | €5,121 | ▼ 76.6% |
| Trade debts44 | €26,518 | €21,289 | €23,521 | €20,141 | €38,940 | €49,276 | €123,652 | ▲ 151% |
| Suppliers440/4 | - | - | - | €20,141 | €38,940 | €49,276 | €123,652 | ▲ 151% |
| Taxes, remuneration and social security45 | - | - | - | €50,195 | €66,171 | €53,900 | €45,780 | ▼ 15.1% |
| Taxes450/3 | - | - | - | €40,595 | €52,344 | €43,914 | €43,027 | ▼ 2.0% |
| Remuneration and social security454/9 | - | - | - | €9,600 | €13,827 | €9,986 | €2,753 | ▼ 72.4% |
| Other amounts payable47/48 | - | - | - | €7,845 | €83,278 | €25,222 | €19,910 | ▼ 21.1% |
| Accrued charges and deferred income492/3 | - | - | - | €759 | - | €1,000 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €327 | €26,195 | €60,178 | €49,278 | €42,381 | €43,685 | €58,759 | ▲ 34.5% |
| + Depreciation and write-downs630 | €32,857 | €32,703 | €32,605 | €33,585 | €31,535 | €26,041 | €23,513 | ▼ 9.7% |
| Operating cash flow (approximation) | €33,184 | €58,898 | €92,783 | €82,863 | €73,916 | €69,726 | €82,272 | ▲ 18.0% |
| Investment in fixed assets (approximation) | - | -€2 | -€34,441 | -€8,715 | -€22,690 | €0 | -€16,454 | - |
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, 931 companies had the same profile as FISCOPTI has now. Two years later, 93.2% were still going and 1.9% had gone bankrupt.
- Micro
- 20 years or older
- solvency under 10%
- a profit of 5% of the balance sheet or more
93.2%
was still going
4.5%
stopped otherwise
1.9%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FISCOPTI itself: 1.0% 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 931 companies, not a prediction for FISCOPTI. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 02-01-2026 | 2026-00000071 | |
| 30-06-2024 | abbreviated format | 30-09-2024 | 2024-00482027 | |
| 30-06-2023 | abbreviated format | 01-12-2023 | 2023-00520293 | |
| 30-06-2022 | abbreviated format | 25-12-2022 | 2022-20548228 | |
| 30-06-2021 | abbreviated format | 21-11-2021 | 2021-77900011 | |
| 30-06-2020 | abbreviated format | 14-12-2020 | 2020-75500484 | |
| 30-06-2019 | abbreviated format | 26-12-2019 | 2019-77600190 | |
| 30-06-2018 | abbreviated format | 16-08-2018 | 2018-46200412 | |
| 30-06-2017 | abbreviated format | 28-02-2018 | 2018-06200332 | |
| 30-06-2016 | abbreviated format | 01-02-2017 | 2017-03600203 |