Flanders@Work
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 9 filings
Turnover
≈ €1.9m
Estimated: probably between €1.2m and €3.3m
Total assets
€4.0m▲ 83.4%
2024 · €2.2m
Net result
€89,574▲ 408%
2024 · €17,628
Working capital
€783,109▲ 59.5%
2024 · €490,868
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€201,958
▲ 212%
2025
20182025
Net result
€89,574
▲ 408%
2025
middle half of the sector
20182025
Equity
€508,817
▲ 132%
2025
highest quarter of the sector
20182025
Total assets
€4.0m
▲ 83.4%
2025
highest quarter of the sector
20182025
Debt
€3.5m
▲ 78.0%
2025
20182025
Working capital
€783,109
▲ 59.5%
2025
highest quarter of the sector
20182025
Solvency
12.6%
▲ 2.6pp
2025
middle half of the sector
20182025
Current ratio
1.27
▼ 0.11
2025
middle half of the sector
20182025
Return on assets (ROA)
2.2%
▲ 1.4pp
2025
middle half of the sector
20182025
Staff (FTE)
90.1
▲ 33.5%
2025
highest 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€0.04m-€0.02m▼ 56.6%€0.02m▼ 6.2%€0.04m▲ 166%€0.1m▲ 160%€0.06m▼ 43.4%€0.06m▲ 5.3%€0.2m▲ 212%
Net result€0.02m-€0.006m▼ 70.6%€0.002mwithin the sector's middle half▼ 73.1%€0.02mwithin the sector's middle half▲ 12×€0.08mwithin the sector's middle half▲ 285%€0.02mwithin the sector's middle half▼ 80.4%€0.02mwithin the sector's middle half▲ 14.0%€0.09mwithin the sector's middle half▲ 408%
Equity€0.06m-€0.06m▲ 10.4%€0.1mwithin the sector's middle half▲ 64.2%€0.1mwithin the sector's middle half▲ 19.3%€0.2mwithin the sector's middle half▲ 46.5%€0.2mwithin the sector's middle half▲ 8.3%€0.2mwithin the sector's middle half▲ 8.7%€0.5mabove the sector's middle half▲ 132%
Total assets€0.2m-€0.4m▲ 83.4%€0.5mwithin the sector's middle half▲ 34.3%€0.7mwithin the sector's middle half▲ 27.8%€1.7mwithin the sector's middle half▲ 138%€2.1mabove the sector's middle half▲ 27.3%€2.2mabove the sector's middle half▲ 3.7%€4.0mabove the sector's middle half▲ 83.4%
Debt€0.2m-€0.3m▲ 110%€0.4m▲ 28.7%€0.6m▲ 29.8%€1.5m▲ 159%€1.9m▲ 29.6%€2.0m▲ 3.1%€3.5m▲ 78.0%
Working capital-€0.02m-€0.05m€0.09mwithin the sector's middle half▲ 91.7%€0.1mwithin the sector's middle half▲ 21.6%€0.2mwithin the sector's middle half▲ 42.9%€0.2mwithin the sector's middle half=€0.5mabove the sector's middle half▲ 209%€0.8mabove the sector's middle half▲ 59.5%
Solvency26.4%-15.9%▼ 10.5pp19.4%within the sector's middle half▲ 3.5pp18.2%within the sector's middle half▼ 1.3pp11.2%within the sector's middle half▼ 7.0pp9.5%below the sector's middle half▼ 1.7pp10.0%within the sector's middle half▲ 0.5pp12.6%within the sector's middle half▲ 2.6pp
Current ratio0.89-1.14▲ 0.251.21within the sector's middle half▲ 0.071.19within the sector's middle half▼ 0.011.11within the sector's middle half▼ 0.091.09within the sector's middle half▼ 0.011.38within the sector's middle half▲ 0.291.27within the sector's middle half▼ 0.11
Return on assets (ROA)9.4%-1.5%▼ 7.9pp0.3%within the sector's middle half▼ 1.2pp2.9%within the sector's middle half▲ 2.6pp4.7%within the sector's middle half▲ 1.8pp0.7%within the sector's middle half▼ 4.0pp0.8%within the sector's middle half▲ 0.1pp2.2%within the sector's middle half▲ 1.4pp
Staff (FTE)0.5-2.1▲ 320%3.3below the sector's middle half▲ 57.1%4.7within the sector's middle half▲ 42.4%56.9above the sector's middle half▲ 12×67.5above the sector's middle half▲ 18.6%67.5above the sector's middle half=90.1above the sector's middle half▲ 33.5%
above
within
below
The sector band is the middle half of the companies in Employment activities (NACE 78). 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 over 3.1 times that of 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Large changes and their cause
- 2025 Equity +132% on 2024. Capital increase of €200,000 (Official Gazette 22-01-2025).
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 €4.0m
Fixed assets
€403,947 ▼ 3.6%
Current assets
€3.6m ▲ 104%
Equity and liabilities €4.0m
Equity
€508,817 ▲ 132%
Debt
€3.5m ▲ 78.0%
Debt's share of the balance-sheet total falls from 90.0% to 87.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€232,899▲
2024 · €87,362
Cash flow
€120,515▲
2024 · €40,311
Debt to equity
6.94▼
2024 · 9.05
ROE
17.6%▲
2024 · 8.0%
Interest coverage
3.81▲
2024 · 1.39
Debt ≤ 1 year
€2.9m▲
2024 · €1.3m
Debt > 1 year
€568,576▼
2024 · €682,655
Income taxes
€51,188▲
2024 · €14,882
Staff costs
€559,110▲
2024 · €493,965
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 | 35 | 58 | 64 | 58 | 60 |
| full-time | 34 | 33 | 39 | 36 | 60 |
| part-time | 1 | 25 | 25 | 22 | 0 |
| in full-time equivalents | 34.5 | 44.2 | 50.2 | 51.1 | 60 |
| Average over the year, in full-time equivalents | 26.9 | 56.9 | 67.5 | 71.2 | 90.1 |
| On a permanent contract | 6 | 5 | 11 | 10 | 10 |
| Joined | 1,546 | 3,900 | 3,908 | 5,550 | 5,324 |
| Left | 1,530 | 3,877 | 3,884 | 5,546 | 5,322 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | €252,174 | €249,252 | €276,187 |
| Mortgages, amount registered | - | - | €70,000 | €70,000 | €120,000 |
| Mortgage mandates | - | - | €200,000 | €200,000 | €200,000 |
| Carrying value of the mortgaged assets | - | - | €232,219 | €232,219 | €350,061 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €6,932 | €263,695 | €171,685 | €14,733 |
| Intangible fixed assets | - | €4,760 | - | - | - |
| Financial fixed assets | €3,000 | €56 | - | €5,692 | €941 |
| Depreciation and write-downs of the year | €2,090 | €451 | €12,017 | €22,683 | €30,941 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 6 entries · €25,854 awarded · €24,930 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €20,068 | €20,068 |
| 2024 | 1 | €2,601 | €1,677 |
| 2023 | 1 | €1,301 | €1,301 |
| 2022 | 2 | €1,884 | €1,884 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €1.7m | €4.1m | €0.4m | €0.5m | €0.6m | ▲ 13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €0.002m | €0.002m | €0.002m | €451 | €0.01m | €0.02m | €0.03m | ▲ 36.4% |
| Other operating charges640/8 | - | - | - | €0.002m | €0.003m | €0.004m | €0.006m | €0.02m | ▲ 299% |
| Non-recurring operating charges66A | - | - | - | - | - | €0.005m | €0 | - | - |
| Gross operating margin9900 | €0.7m | €0.8m | €1.3m | €1.7m | €4.2m | €0.5m | €0.6m | €0.8m | ▲ 38.7% |
| Operating profit (loss)9901 | €0.04m | €0.02m | €0.02m | €0.04m | €0.1m | €0.06m | €0.06m | €0.2m | ▲ 212% |
| Financial income75/76B | - | - | - | €0.001m | €0.02m | €0.001m | €0.03m | €0 | ▼ 100.0% |
| Recurring financial income75 | €0 | €0 | €426 | €0.001m | €0.02m | €0.001m | €0.03m | €0 | ▼ 100.0% |
| Financial charges65/66B | - | - | - | €0.01m | €0.01m | €0.04m | €0.06m | €0.06m | ▼ 2.5% |
| Recurring financial charges65 | €0.003m | €0.001m | €0.006m | €0.01m | €0.01m | €0.04m | €0.06m | €0.06m | ▼ 2.5% |
| Profit (loss) for the period before taxes9903 | €0.04m | €0.02m | €0.01m | €0.03m | €0.1m | €0.02m | €0.03m | €0.1m | ▲ 333% |
| Income taxes67/77 | €0.01m | €0.009m | €0.008m | €0.01m | €0.04m | €0.009m | €0.01m | €0.05m | ▲ 244% |
| Profit (loss) for the period9904 | €0.02m | €0.006m | €0.002m | €0.02m | €0.08m | €0.02m | €0.02m | €0.09m | ▲ 408% |
| Profit (loss) for the period to be appropriated9905 | €0.02m | €0.006m | €0.002m | €0.02m | €0.08m | €0.02m | €0.02m | €0.09m | ▲ 408% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.2m | €0.4m | €0.5m | €0.7m | €1.7m | €2.1m | €2.2m | €4.0m | ▲ 83.4% |
| Fixed assets21/28 | €0.08m | €0.02m | €0.02m | €0.02m | €0.03m | €0.3m | €0.4m | €0.4m | ▼ 3.6% |
| Intangible fixed assets21 | - | - | - | - | €0.004m | €0.003m | €0.002m | €0.001m | ▼ 39.4% |
| Tangible fixed assets22/27 | - | €0.004m | €0.002m | - | €0.007m | €0.3m | €0.4m | €0.4m | ▼ 3.8% |
| Land and buildings22 | - | - | - | - | - | €0.2m | €0.4m | €0.4m | ▼ 1.3% |
| Furniture and vehicles24 | - | - | - | - | €0.007m | €0.02m | €0.04m | €0.03m | ▼ 24.4% |
| Financial fixed assets28 | €0.08m | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 5.0% |
| Current assets29/58 | €0.1m | €0.4m | €0.5m | €0.7m | €1.6m | €1.9m | €1.8m | €3.6m | ▲ 104% |
| Amounts receivable within one year40/41 | €0.1m | €0.3m | €0.4m | €0.5m | €1.5m | €1.5m | €1.6m | €3.3m | ▲ 110% |
| Trade receivables40 | - | - | - | €0.5m | €1.5m | €1.5m | €1.6m | €3.3m | ▲ 109% |
| Other amounts receivable41 | - | - | - | - | €0.001m | €0.006m | €0.006m | €0.03m | ▲ 413% |
| Cash at bank and in hand54/58 | €0.02m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.1m | €0.2m | ▲ 60.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | - | €0.03m | €0.06m | €0.08m | ▲ 36.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.2m | €0.4m | €0.5m | €0.7m | €1.7m | €2.1m | €2.2m | €4.0m | ▲ 83.4% |
| Equity10/15 | €0.06m | €0.06m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.5m | ▲ 132% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.3m | ▲ 331% |
| Reserves13 | €0.002m | €0.002m | - | - | - | - | - | - | - |
| Profit (loss) carried forward14 | €0.04m | €0.04m | €0.05m | €0.07m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 56.4% |
| Amounts payable17/49 | €0.2m | €0.3m | €0.4m | €0.6m | €1.5m | €1.9m | €2.0m | €3.5m | ▲ 78.0% |
| Amounts payable after more than one year17 | - | - | - | - | - | €0.2m | €0.7m | €0.6m | ▼ 16.7% |
| Financial debts170/4 | - | - | - | - | - | €0.2m | €0.3m | €0.3m | ▼ 11.1% |
| Other amounts payable178/9 | - | - | - | - | - | - | €0.4m | €0.3m | ▼ 21.3% |
| Amounts payable within one year42/48 | €0.2m | €0.3m | €0.4m | €0.6m | €1.5m | €1.7m | €1.3m | €2.9m | ▲ 121% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.03m | €0.09m | €0.1m | €0.1m | ▲ 1.0% |
| Financial debts43 | - | - | - | - | - | €0.3m | €0 | €0.9m | - |
| Other loans439 | - | - | - | - | - | €0.3m | €0 | €0.9m | - |
| Trade debts44 | €0.02m | €0.05m | €0.08m | €0.07m | €0.2m | €0.07m | €0.2m | €0.02m | ▼ 91.4% |
| Suppliers440/4 | - | - | - | €0.07m | €0.2m | €0.07m | €0.2m | €0.02m | ▼ 91.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €1.0m | €0.9m | €1.0m | €1.9m | ▲ 90.0% |
| Taxes450/3 | - | - | - | €0.2m | €0.5m | €0.2m | €0.2m | €0.3m | ▲ 53.2% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.6m | €0.7m | €0.8m | €1.6m | ▲ 98.0% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.2m | €0.4m | €0.002m | €0.001m | ▼ 42.8% |
| Accrued charges and deferred income492/3 | - | - | - | €131 | - | - | €0.008m | €0.1m | ▲ 13× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,875 | €6,133 | €1,653 | €20,537 | €79,093 | €15,468 | €17,628 | €89,574 | ▲ 408% |
| + Depreciation and write-downs630 | - | €2,090 | €2,090 | €2,090 | €451 | €12,017 | €22,683 | €30,941 | ▲ 36.4% |
| Operating cash flow (approximation) | €20,875 | €8,223 | €3,742 | €22,627 | €79,544 | €27,485 | €40,311 | €120,515 | ▲ 199% |
| Investment in fixed assets (approximation) | - | €59,506 | -€0 | -€3,000 | -€11,748 | -€258,591 | -€168,052 | -€15,674 | ▲ 90.7% |
| Change in cash | - | €103,567 | €28,043 | €33,716 | -€15,768 | €139,814 | -€172,642 | €82,711 | - |
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, 290 companies had the same profile as Flanders@Work has now. Two years later, 96.9% were still going and 0.0% had gone bankrupt.
- Medium-sized
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
3.1%
stopped otherwise
0.0%
went bankrupt
That fits the bankruptcy probability of Flanders@Work itself: 0.2% 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 290 companies, not a prediction for Flanders@Work. 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.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 13-07-2026 | 2026-00304267 | |
| 31-12-2024 | abbreviated format | 04-07-2025 | 2025-00248451 | |
| 31-12-2023 | abbreviated format | 10-07-2024 | 2024-00234384 | |
| 31-12-2022 | abbreviated format | 25-07-2023 | 2023-00282583 | |
| 31-12-2021 | abbreviated format | 01-07-2022 | 2022-20122863 | |
| 31-12-2020 | abbreviated format | 30-08-2021 | 2021-59100305 | |
| 31-12-2019 | abbreviated format | 31-08-2020 | 2020-50300480 | |
| 31-12-2018 | abbreviated format | 27-08-2019 | 2019-53900126 | |
| 31-12-2017 | abbreviated format | 30-08-2018 | 2018-58400126 |