FLATPOLIS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-07-2026 at the NBB all 17 filings
Turnover
€576,014
EBIT margin
35.1%
Net result
€141,301▲ 63.6%
2024 · €86,365
Working capital
-€291,076▲ 17.0%
2024 · -€350,582
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€220,276
▲ 49.3%
2025
20182025
Net result
€141,301
▲ 63.6%
2025
highest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€539,816
▲ 35.5%
2025
highest quarter of the sector
20182025
Total assets
€1.7m
▼ 0.9%
2025
highest quarter of the sector
20182025
Debt
€1.2m
▼ 12.0%
2025
20182025
Working capital
-€291,076
▲ 17.0%
2025
lowest quarter of the sector
20182025
Solvency
31.9%
▲ 8.6pp
2025
middle half of the sector
20182025
Current ratio
0.37
▲ 0.14
2025
middle half of the sector
20182025
Return on assets (ROA)
8.3%
▲ 3.3pp
2025
highest quarter of the sector
20182025
Staff (FTE)
0.8
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.6m-
Operating result€0.2m-€0.2m▼ 22.3%€0.02m▼ 88.0%€0.1m▲ 540%€0.2m▲ 32.9%€0.2m▲ 8.3%€0.1m▼ 15.2%€0.2m▲ 49.3%
Net result€0.1m-€0.06m▼ 52.8%-€0.03mbelow the sector's middle half€0.06mwithin the sector's middle half€0.08mabove the sector's middle half▲ 33.0%€0.1mabove the sector's middle half▲ 19.1%€0.09mabove the sector's middle half▼ 14.5%€0.1mabove the sector's middle half▲ 63.6%
EBIT margin35.1%-
Equity€0.03m-€0.09m▲ 204%€0.06mwithin the sector's middle half▼ 31.4%€0.1mwithin the sector's middle half▲ 102%€0.2mwithin the sector's middle half▲ 67.2%€0.3mabove the sector's middle half▲ 47.9%€0.4mabove the sector's middle half▲ 27.7%€0.5mabove the sector's middle half▲ 35.5%
Total assets€2.2m-€2.2m▼ 1.7%€2.0mabove the sector's middle half▼ 8.8%€1.9mwithin the sector's middle half▼ 2.8%€1.9mabove the sector's middle half▼ 4.3%€1.8mabove the sector's middle half▼ 3.2%€1.7mabove the sector's middle half▼ 4.7%€1.7mabove the sector's middle half▼ 0.9%
Debt€2.2m-€2.1m▼ 4.5%€1.9m▼ 7.8%€1.8m▼ 6.2%€1.6m▼ 9.3%€1.5m▼ 9.8%€1.3m▼ 11.5%€1.2m▼ 12.0%
Working capital-€0.4m--€0.3m▲ 11.5%-€0.4mbelow the sector's middle half▼ 13.7%-€0.4mwithin the sector's middle half▲ 6.0%-€0.4mbelow the sector's middle half▼ 5.6%-€0.3mbelow the sector's middle half▲ 9.5%-€0.4mbelow the sector's middle half▼ 2.4%-€0.3mbelow the sector's middle half▲ 17.0%
Solvency1.4%-4.2%▲ 2.8pp3.1%within the sector's middle half▼ 1.0pp6.5%within the sector's middle half▲ 3.4pp11.4%within the sector's middle half▲ 4.9pp17.4%within the sector's middle half▲ 6.0pp23.3%within the sector's middle half▲ 5.9pp31.9%within the sector's middle half▲ 8.6pp
Current ratio0.20-0.32▲ 0.130.19below the sector's middle half▼ 0.140.25below the sector's middle half▲ 0.060.21below the sector's middle half▼ 0.040.26within the sector's middle half▲ 0.050.23within the sector's middle half▼ 0.030.37within the sector's middle half▲ 0.14
Return on assets (ROA)5.8%-2.8%▼ 3.0pp-1.4%within the sector's middle half▼ 4.2pp3.3%within the sector's middle half▲ 4.7pp4.6%within the sector's middle half▲ 1.3pp5.6%within the sector's middle half▲ 1.1pp5.1%within the sector's middle half▼ 0.6pp8.3%above the sector's middle half▲ 3.3pp
Staff (FTE)10.6▼ 40.0%0.8
above
within
below
The sector band is the middle half of the companies in Accommodation (NACE 55). 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 49% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.7m
Fixed assets
€1.5m ▼ 5.2%
Current assets
€172,603 ▲ 63.8%
Equity and liabilities €1.7m
Equity
€539,816 ▲ 35.5%
Debt
€1.2m ▼ 12.0%
Debt's share of the balance-sheet total falls from 76.7% to 68.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€385,599▲
2024 · €305,029
Cash flow
€306,624▲
2024 · €243,812
Debt to equity
2.14▼
2024 · 3.29
ROE
26.2%▲
2024 · 21.7%
Interest coverage
12.72▲
2024 · 9.08
Debt ≤ 1 year
€463,679▲
2024 · €455,955
Debt > 1 year
€683,433▼
2024 · €848,148
Income taxes
€48,701▲
2024 · €27,615
Staff costs
€15,347▲
2024 · -€1,820
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | - | 1 |
| part-time | 1 | - | 1 |
| in full-time equivalents | 0.5 | - | 0.5 |
| Average over the year, in full-time equivalents | 0.5 | 0.3 | 0.5 |
| On a permanent contract | 1 | - | - |
| Joined | 1 | 0 | 1 |
| Left | 0 | 1 | 0 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €52,835 | €89,248 | €80,450 | €90,315 | €82,654 |
| Depreciation and write-downs of the year | €140,541 | €151,050 | €162,283 | €157,447 | €165,323 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €576,014 | - | - | - | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | €19,640 | €13,103 | -€1,820 | €15,347 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €155,929 | €150,566 | €136,846 | €140,541 | €151,050 | €162,283 | €157,447 | €165,323 | ▲ 5.0% |
| Other operating charges640/8 | - | - | - | €33,796 | €30,192 | €52,349 | €82,033 | €51,028 | ▼ 37.8% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €19,000 | - | - |
| Gross operating margin9900 | €379,497 | €344,541 | €170,393 | €295,223 | €361,479 | €401,697 | €404,242 | €451,973 | ▲ 11.8% |
| Operating profit (loss)9901 | €201,991 | €156,990 | €18,883 | €120,886 | €160,597 | €173,961 | €147,582 | €220,276 | ▲ 49.3% |
| Financial income75/76B | - | - | - | €2 | €135 | €127 | - | €41 | - |
| Recurring financial income75 | - | €0 | €25 | €2 | €135 | €127 | - | €41 | - |
| Financial charges65/66B | - | - | - | €46,759 | €49,854 | €39,320 | €33,602 | €30,314 | ▼ 9.8% |
| Recurring financial charges65 | €65,571 | €68,095 | €47,514 | €46,759 | €49,854 | €39,320 | €33,602 | €30,314 | ▼ 9.8% |
| Profit (loss) for the period before taxes9903 | €136,420 | €88,895 | -€28,606 | €74,130 | €110,878 | €134,769 | €113,981 | €190,002 | ▲ 66.7% |
| Income taxes67/77 | €6,938 | €27,795 | - | €10,320 | €26,028 | €33,715 | €27,615 | €48,701 | ▲ 76.4% |
| Profit (loss) for the period9904 | €129,482 | €61,100 | -€28,606 | €63,810 | €84,850 | €101,054 | €86,365 | €141,301 | ▲ 63.6% |
| Profit (loss) for the period to be appropriated9905 | €129,482 | €61,100 | -€28,606 | €63,810 | €84,850 | €101,054 | €86,365 | €141,301 | ▲ 63.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.2m | €2.2m | €2.0m | €1.9m | €1.9m | €1.8m | €1.7m | €1.7m | ▼ 0.9% |
| Fixed assets21/28 | €2.1m | €2.0m | €1.9m | €1.8m | €1.8m | €1.7m | €1.6m | €1.5m | ▼ 5.2% |
| Intangible fixed assets21 | €1.0m | €0.9m | €0.9m | €0.8m | €0.7m | €0.7m | €0.6m | €0.5m | ▼ 11.1% |
| Tangible fixed assets22/27 | €1.1m | €1.1m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | ▼ 1.5% |
| Land and buildings22 | - | - | - | €0.9m | €0.8m | €0.8m | €0.8m | €0.7m | ▼ 5.8% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.008m | €0.006m | €0.05m | €0.09m | ▲ 78.2% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.02m | €0.04m | €0.04m | €0.04m | ▲ 7.0% |
| Other tangible fixed assets26 | - | - | - | €0.07m | €0.1m | €0.2m | €0.2m | €0.1m | ▼ 8.3% |
| Financial fixed assets28 | €250 | €250 | €250 | €250 | €250 | €250 | - | - | - |
| Current assets29/58 | €0.09m | €0.2m | €0.09m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 63.8% |
| Amounts receivable within one year40/41 | €0.002m | €0.003m | €0.01m | €0.01m | €0.02m | €0.04m | €0.05m | €0.05m | ▲ 6.5% |
| Trade receivables40 | - | - | - | €0.002m | €0.008m | €0.01m | €0.01m | €0.03m | ▲ 108% |
| Other amounts receivable41 | - | - | - | €0.01m | €0.008m | €0.02m | €0.03m | €0.02m | ▼ 37.1% |
| Cash at bank and in hand54/58 | €0.09m | €0.2m | €0.07m | €0.1m | €0.08m | €0.09m | €0.06m | €0.1m | ▲ 115% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.2m | €2.2m | €2.0m | €1.9m | €1.9m | €1.8m | €1.7m | €1.7m | ▼ 0.9% |
| Equity10/15 | €0.03m | €0.09m | €0.06m | €0.1m | €0.2m | €0.3m | €0.4m | €0.5m | ▲ 35.5% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Capital10 | - | - | - | €0.02m | €0.02m | - | - | - | - |
| Issued capital100 | - | - | - | €0.02m | €0.02m | - | - | - | - |
| Reserves13 | €402 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Legal reserve130 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | €0.002m | €0.002m | €0.002m | = |
| Profit (loss) carried forward14 | €0.01m | €0.07m | €0.04m | €0.1m | €0.2m | €0.3m | €0.4m | €0.5m | ▲ 37.4% |
| Amounts payable17/49 | €2.2m | €2.1m | €1.9m | €1.8m | €1.6m | €1.5m | €1.3m | €1.2m | ▼ 12.0% |
| Amounts payable after more than one year17 | €1.7m | €1.6m | €1.5m | €1.3m | €1.2m | €1.0m | €0.8m | €0.7m | ▼ 19.4% |
| Financial debts170/4 | - | - | - | €1.3m | €1.2m | €1.0m | €0.8m | €0.7m | ▼ 19.4% |
| Amounts payable within one year42/48 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 1.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 3.2% |
| Trade debts44 | €0.007m | €0.02m | €0.02m | €0.006m | €0.005m | €0.003m | €0.001m | - | - |
| Suppliers440/4 | - | - | - | €0.006m | €0.005m | €0.003m | €0.001m | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.006m | €0.002m | - | €0.02m | - |
| Taxes450/3 | - | - | - | €0.01m | €0.004m | - | - | €0.01m | - |
| Remuneration and social security454/9 | - | - | - | - | €0.002m | €0.002m | - | €0.002m | - |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 3.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | - | €0.008m | €0.005m | €0.005m | ▲ 4.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €129,482 | €61,100 | -€28,606 | €63,810 | €84,850 | €101,054 | €86,365 | €141,301 | ▲ 63.6% |
| + Depreciation and write-downs630 | €155,929 | €150,566 | €136,846 | €140,541 | €151,050 | €162,283 | €157,447 | €165,323 | ▲ 5.0% |
| Operating cash flow (approximation) | €285,411 | €211,666 | €108,240 | €204,351 | €235,900 | €263,338 | €243,812 | €306,624 | ▲ 25.8% |
| Investment in fixed assets (approximation) | - | -€45,840 | -€17,950 | -€52,835 | -€89,248 | -€80,450 | -€90,065 | -€82,654 | ▲ 8.2% |
| Change in cash | - | €69,040 | -€84,590 | €33,713 | -€24,845 | €3,260 | -€29,996 | €64,017 | - |
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 FLATPOLIS 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 FLATPOLIS 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 FLATPOLIS. 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 | 22-07-2026 | 2026-00327574 | |
| 31-12-2024 | micro format | 22-08-2025 | 2025-00392554 | |
| 31-12-2023 | micro format | 22-08-2024 | 2024-00369553 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00379717 | |
| 31-12-2021 | full format | 31-08-2022 | 2022-20412804 | |
| 31-12-2020 | micro format | 27-08-2021 | 2021-54500112 | |
| 31-12-2019 | full format | 26-08-2020 | 2020-45800236 | |
| 31-12-2018 | full format | 13-08-2019 | 2019-46300026 | |
| 31-12-2017 | full format | 13-08-2018 | 2018-45500113 | |
| 31-12-2016 | full format | 08-08-2017 | 2017-42300582 |