FLANDERS CLASSICS
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 28-04-2026 PDF all 15 filings
Turnover
€21.6m▲ 1.6%
2024 · €21.2m
EBIT margin
7.8%=
2024 · 7.8%
Net result
€1.2m▲ 1.6%
2024 · €1.2m
Working capital
€3.8m▼ 4.5%
2024 · €4.0m
In the rankings
#1 company by total assets in Vilvoorde, Arts, sports and recreation sector#1 company by equity in Vilvoorde, Arts, sports and recreation sector#4 company by staff growth in Flemish Brabant, Sports and recreation sector
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€21.6m
▲ 1.6%
2025
20192025
Operating result
€1.7m
▲ 1.6%
2025
20192025
Net result
€1.2m
▲ 1.6%
2025
highest quarter of the sector
20192025
EBIT margin
7.8%
=
2025
20192025
Equity
€3.8m
▼ 6.3%
2025
highest quarter of the sector
20192025
Total assets
€6.6m
▲ 5.4%
2025
highest quarter of the sector
20192025
Debt
€2.8m
▲ 27.2%
2025
20192025
Working capital
€3.8m
▼ 4.5%
2025
highest quarter of the sector
20192025
Solvency
57.7%
▼ 7.2pp
2025
middle half of the sector
20192025
Current ratio
2.44
▼ 0.44
2025
middle half of the sector
20192025
Return on assets (ROA)
19.0%
▼ 0.7pp
2025
highest quarter of the sector
20192025
Staff (FTE)
28.5
▼ 1.4%
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€21.0m€21.2m▲ 1.4%€21.6m▲ 1.6%
Operating result€0.7m--€0.7m€1.9m€2.6m▲ 40.7%€1.5m▼ 42.0%€1.7m▲ 10.2%€1.7m▲ 1.6%
Net result€0.5m--€0.7mbelow the sector's middle half€1.3mabove the sector's middle half€1.8mabove the sector's middle half▲ 37.7%€1.3mabove the sector's middle half▼ 30.3%€1.2mabove the sector's middle half▼ 3.9%€1.2mabove the sector's middle half▲ 1.6%
EBIT margin7.2%7.8%▲ 0.6pp7.8%=
Equity€1.1m-€0.4mwithin the sector's middle half▼ 65.3%€1.7mabove the sector's middle half▲ 348%€3.5mabove the sector's middle half▲ 107%€4.8mabove the sector's middle half▲ 36.0%€4.0mabove the sector's middle half▼ 16.1%€3.8mabove the sector's middle half▼ 6.3%
Total assets€2.1m-€4.2mabove the sector's middle half▲ 101%€4.7mabove the sector's middle half▲ 10.4%€7.4mabove the sector's middle half▲ 59.9%€8.1mabove the sector's middle half▲ 8.3%€6.2mabove the sector's middle half▼ 22.9%€6.6mabove the sector's middle half▲ 5.4%
Debt€1.0m-€3.8m▲ 284%€2.9m▼ 23.2%€3.7m▲ 24.0%€3.2m▼ 11.2%€2.2m▼ 32.9%€2.8m▲ 27.2%
Working capital€1.0m-€3.2mabove the sector's middle half▲ 206%€2.8mabove the sector's middle half▼ 12.2%€4.2mabove the sector's middle half▲ 50.0%€5.0mabove the sector's middle half▲ 19.6%€4.0mabove the sector's middle half▼ 21.0%€3.8mabove the sector's middle half▼ 4.5%
Solvency52.4%-9.1%within the sector's middle half▼ 43.3pp36.7%within the sector's middle half▲ 27.7pp47.6%within the sector's middle half▲ 10.8pp59.7%within the sector's middle half▲ 12.2pp65.0%above the sector's middle half▲ 5.2pp57.7%within the sector's middle half▼ 7.2pp
Current ratio2.04-4.21above the sector's middle half▲ 2.172.54within the sector's middle half▼ 1.672.30within the sector's middle half▼ 0.242.73above the sector's middle half▲ 0.422.88above the sector's middle half▲ 0.152.44within the sector's middle half▼ 0.44
Return on assets (ROA)21.6%--17.0%below the sector's middle half▼ 38.6pp28.5%above the sector's middle half▲ 45.6pp24.6%above the sector's middle half▼ 4.0pp15.8%above the sector's middle half▼ 8.8pp19.7%above the sector's middle half▲ 3.9pp19.0%above the sector's middle half▼ 0.7pp
Staff (FTE)16.8-19.2above the sector's middle half▲ 14.3%19.5above the sector's middle half▲ 1.6%23.5above the sector's middle half▲ 20.5%25.3above the sector's middle half▲ 7.7%28.9above the sector's middle half▲ 14.2%28.5above the sector's middle half▼ 1.4%
above
within
below
The sector band is the middle half of the companies in Sports, amusement and recreation activities (NACE 93). 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 2% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.6m
Fixed assets
€141,414 ▲ 0.3%
Current assets
€6.4m ▲ 5.5%
Equity and liabilities €6.6m
Equity
€3.8m ▼ 6.3%
Debt
€2.8m ▲ 27.2%
Debt's share of the balance-sheet total rises from 35.0% to 42.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€1.7m▲
2024 · €1.7m
Cash flow
€1.3m▲
2024 · €1.3m
Debt to equity
0.73▲
2024 · 0.54
ROE
32.9%▲
2024 · 30.3%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€2.6m▲
2024 · €2.1m
Income taxes
€458,860▲
2024 · €456,957
Customer credit
29 days▼
2024 · 38 days
Supplier credit
50 days▲
2024 · 38 days
Staff costs
€2.0m▲
2024 · €1.9m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 27 | 25 | 25 | 32 | 28 |
| full-time | 25 | 23 | 25 | 31 | 28 |
| part-time | 2 | 2 | - | 1 | - |
| in full-time equivalents | 26.6 | 24.6 | 25 | 31.8 | 28 |
| Average over the year, in full-time equivalents | 19.5 | 23.5 | 25.3 | 28.9 | 28.5 |
| On a permanent contract | 22 | 24 | 25 | 26 | 28 |
| Joined | 15 | 7 | 4 | 22 | 4 |
| Left | 7 | 9 | 4 | 15 | 8 |
| Agency workers, average number | - | - | 0.6 | 1.1 | 0.8 |
| Training hours | - | - | - | 28 | 100 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €31,394 | €3,652 | €135,154 | €47,353 | €51,305 |
| Depreciation and write-downs of the year | €17,137 | €16,833 | €28,612 | €41,855 | €50,844 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Fee for the audit | - | - | €11,000 | €11,220 | €11,613 |
| Other work by the auditor | - | - | - | - | €8,245 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €203,500 awarded · €168,000 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €36,000 | €33,000 |
| 2024 | 1 | €65,000 | €47,500 |
| 2023 | 1 | €65,000 | €65,000 |
| 2022 | 1 | €37,500 | €22,500 |
Public contracts
1 award · 2024
Organisatie WK Cyclocross (veldrijden) op 30/01/2027 en 31/01/2027: 2027-TO-0001/1 - 1
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | €21.2m | €21.6m | €21.8m | ▲ 0.8% |
| Turnover70 | - | - | - | - | €21.0m | €21.2m | €21.6m | ▲ 1.6% |
| Other operating income74 | - | - | - | - | €0.3m | €0.4m | €0.2m | ▼ 41.4% |
| Non-recurring operating income76A | - | - | €0.07m | - | - | - | - | - |
| Operating charges60/66A | - | - | - | - | €19.7m | €20.0m | €20.1m | ▲ 0.7% |
| Goods for resale, raw materials and consumables60 | - | - | - | - | €17.1m | €16.6m | €16.6m | ▼ 0.5% |
| Purchases600/8 | - | - | - | - | €17.1m | €16.6m | €16.6m | ▼ 0.5% |
| Services and other goods61 | - | - | - | - | €1.2m | €1.3m | €1.5m | ▲ 14.6% |
| Remuneration, social security and pensions62 | - | - | €1.1m | €1.4m | €1.6m | €1.9m | €2.0m | ▲ 1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.03m | €0.02m | €0.02m | €0.03m | €0.04m | €0.05m | ▲ 21.5% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0.3m | -€0.3m | - | - | - |
| Other operating charges640/8 | - | - | €0.01m | €0.004m | €0.004m | €0.007m | €0.006m | ▼ 23.1% |
| Gross operating margin9900 | €1.6m | €0.1m | €3.0m | €4.2m | - | - | - | - |
| Operating profit (loss)9901 | €0.7m | -€0.7m | €1.9m | €2.6m | €1.5m | €1.7m | €1.7m | ▲ 1.6% |
| Financial income75/76B | - | - | €0.02m | €0.01m | €0.02m | €0.03m | €0.03m | ▼ 17.7% |
| Recurring financial income75 | €2 | €0.01m | €0.02m | €0.01m | €0.02m | €0.03m | €0.03m | ▼ 17.7% |
| Income from current assets751 | - | - | - | - | €0.02m | €0.03m | €0.02m | ▼ 32.6% |
| Other financial income752/9 | - | - | - | - | €393 | €157 | €0.005m | ▲ 32× |
| Financial charges65/66B | - | - | €0.009m | €0.01m | €0.01m | €0.02m | €0.02m | ▲ 1.2% |
| Recurring financial charges65 | €0.005m | €0.005m | €0.009m | €0.01m | €0.01m | €0.02m | €0.02m | ▲ 1.2% |
| Debt charges650 | - | - | - | - | €0.01m | €0.02m | €0.02m | ▲ 4.0% |
| Other financial charges652/9 | - | - | - | - | €0.002m | €0.002m | €0.001m | ▼ 26.3% |
| Profit (loss) for the period before taxes9903 | €0.7m | -€0.7m | €1.9m | €2.6m | €1.5m | €1.7m | €1.7m | ▲ 1.3% |
| Income taxes67/77 | €0.2m | -€0.004m | €0.5m | €0.8m | €0.2m | €0.5m | €0.5m | ▲ 0.4% |
| Taxes670/3 | - | - | - | - | €0.3m | €0.5m | €0.5m | ▲ 0.4% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €0.04m | - | - | - |
| Profit (loss) for the period9904 | €0.5m | -€0.7m | €1.3m | €1.8m | €1.3m | €1.2m | €1.2m | ▲ 1.6% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.2m | - | €0.8m | €0.2m | ▼ 74.1% |
| Transfer to tax-exempt reserves689 | - | - | €0.2m | €0.5m | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.2m | -€0.7m | €1.1m | €1.4m | €1.3m | €2.0m | €1.5m | ▼ 28.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.1m | €4.2m | €4.7m | €7.4m | €8.1m | €6.2m | €6.6m | ▲ 5.4% |
| Fixed assets21/28 | €0.06m | €0.04m | €0.04m | €0.03m | €0.1m | €0.1m | €0.1m | ▲ 0.3% |
| Tangible fixed assets22/27 | €0.06m | €0.04m | €0.04m | €0.03m | €0.1m | €0.1m | €0.1m | ▲ 0.3% |
| Furniture and vehicles24 | - | - | €0.04m | €0.03m | €0.1m | €0.1m | €0.1m | ▲ 0.3% |
| Current assets29/58 | €2.0m | €4.2m | €4.6m | €7.4m | €7.9m | €6.1m | €6.4m | ▲ 5.5% |
| Amounts receivable within one year40/41 | €1.9m | €2.8m | €2.0m | €5.3m | €3.9m | €2.8m | €2.1m | ▼ 25.6% |
| Trade receivables40 | - | - | €1.4m | €4.7m | €1.7m | €2.2m | €1.7m | ▼ 24.6% |
| Other amounts receivable41 | - | - | €0.5m | €0.7m | €2.2m | €0.6m | €0.4m | ▼ 29.6% |
| Current investments50/53 | - | - | - | - | - | €2.0m | €3.0m | ▲ 50.0% |
| Other investments51/53 | - | - | - | - | - | €2.0m | €3.0m | ▲ 50.0% |
| Cash at bank and in hand54/58 | €0.1m | €0.02m | €1.9m | €1.3m | €3.2m | €1.1m | €1.2m | ▲ 9.7% |
| Deferred charges and accrued income490/1 | - | - | €0.7m | €0.7m | €0.8m | €0.1m | €0.06m | ▼ 43.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.1m | €4.2m | €4.7m | €7.4m | €8.1m | €6.2m | €6.6m | ▲ 5.4% |
| Equity10/15 | €1.1m | €0.4m | €1.7m | €3.5m | €4.8m | €4.0m | €3.8m | ▼ 6.3% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.5m | €0.5m | €0.7m | €1.1m | €1.1m | €0.3m | €0.09m | ▼ 71.2% |
| Non-distributable reserves130/1 | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Tax-exempt reserves132 | - | - | €0.6m | €1.0m | €1.0m | €0.2m | - | - |
| Distributable reserves133 | - | - | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Profit (loss) carried forward14 | €0.5m | -€0.2m | €0.9m | €2.3m | €3.6m | €3.6m | €3.6m | ▼ 1.2% |
| Provisions and deferred taxes16 | - | - | - | €0.3m | - | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €0.3m | - | - | - | - |
| Other liabilities and charges164/5 | - | - | - | €0.3m | - | - | - | - |
| Amounts payable17/49 | €1.0m | €3.8m | €2.9m | €3.7m | €3.2m | €2.2m | €2.8m | ▲ 27.2% |
| Amounts payable within one year42/48 | €1.0m | €1.0m | €1.8m | €3.2m | €2.9m | €2.1m | €2.6m | ▲ 24.4% |
| Trade debts44 | €0.8m | €0.8m | €1.5m | €2.9m | €2.6m | €1.7m | €2.3m | ▲ 32.5% |
| Suppliers440/4 | - | - | €1.5m | €2.9m | €2.6m | €1.7m | €2.3m | ▲ 32.5% |
| Taxes, remuneration and social security45 | - | - | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | ▼ 9.9% |
| Taxes450/3 | - | - | €0.008m | €0.07m | €0.04m | €0.02m | €0.02m | ▼ 27.7% |
| Remuneration and social security454/9 | - | - | €0.3m | €0.3m | €0.3m | €0.4m | €0.3m | ▼ 8.9% |
| Other amounts payable47/48 | - | - | €0.05m | - | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | €1.1m | €0.4m | €0.3m | €0.07m | €0.1m | ▲ 117% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.5m | -€0.7m | €1.3m | €1.8m | €1.3m | €1.2m | €1.2m | ▲ 1.6% |
| + Depreciation and write-downs630 | €0.03m | €0.03m | €0.02m | €0.02m | €0.03m | €0.04m | €0.05m | ▲ 21.5% |
| Operating cash flow (approximation) | €0.5m | -€0.7m | €1.3m | €1.8m | €1.3m | €1.3m | €1.3m | ▲ 2.2% |
| Investment in fixed assets (approximation) | - | -€0.005m | -€0.02m | -€0.004m | -€0.1m | -€0.05m | -€0.05m | ▼ 8.3% |
| Change in cash | - | -€0.08m | €1.9m | -€0.6m | €1.9m | -€2.1m | €0.1m | - |
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, 17,811 companies had the same profile as FLANDERS CLASSICS has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of FLANDERS CLASSICS 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 17,811 companies, not a prediction for FLANDERS CLASSICS. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | full format | 28-04-2026 | 2026-00091295 | |
| 30-09-2024 | full format | 25-04-2025 | 2025-00078410 | |
| 30-09-2023 | full format | 29-04-2024 | 2024-00080101 | |
| 30-09-2022 | abbreviated format | 27-04-2023 | 2023-00076057 | |
| 30-09-2021 | abbreviated format | 17-05-2022 | 2022-20028117 | |
| 30-09-2020 | abbreviated format | 20-05-2021 | 2021-14600518 | |
| 30-09-2019 | abbreviated format | 02-04-2020 | 2020-08500024 | |
| 30-09-2018 | abbreviated format | 27-03-2019 | 2019-08200359 | |
| 30-09-2017 | abbreviated format | 27-03-2018 | 2018-08400289 | |
| 30-09-2016 | abbreviated format | 24-03-2017 | 2017-07300479 |