FLEX-T
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 11-05-2026 PDF all 7 filings
Turnover
≈ €200,000
Estimated: probably between €170,000 and €240,000
Total assets
€190,121▲ 32.2%
2024 · €143,836
Net result
€84,414▲ 1.8%
2024 · €82,884
Working capital
-€34,111▼ 192%
2024 · -€11,683
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€104,385
▲ 2.0%
2025
20192025
Net result
€84,414
▲ 1.8%
2025
highest quarter of the sector
20192025
Equity
€18,600
=
2025
lowest quarter of the sector
20192025
Total assets
€190,121
▲ 32.2%
2025
middle half of the sector
20192025
Debt
€171,521
▲ 37.0%
2025
20192025
Working capital
-€34,111
▼ 192%
2025
lowest quarter of the sector
20192025
Solvency
9.8%
▼ 3.1pp
2025
lowest quarter of the sector
20192025
Current ratio
0.80
▼ 0.10
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
44.4%
▼ 13.2pp
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
Operating result€91,834-€100,760▲ 9.7%€81,893▼ 18.7%€29,157▼ 64.4%€59,895▲ 105%€102,314▲ 70.8%€104,385▲ 2.0%
Net result€72,213-€80,282above the sector's middle half▲ 11.2%€64,542above the sector's middle half▼ 19.6%€23,383within the sector's middle half▼ 63.8%€48,655within the sector's middle half▲ 108%€82,884above the sector's middle half▲ 70.4%€84,414above the sector's middle half▲ 1.8%
Equity€83,813-€163,295within the sector's middle half▲ 94.8%€233,237within the sector's middle half▲ 42.8%€18,600below the sector's middle half▼ 92.0%€18,600below the sector's middle half=€18,600below the sector's middle half=€18,600below the sector's middle half=
Total assets€138,464-€251,106within the sector's middle half▲ 81.4%€278,764within the sector's middle half▲ 11.0%€60,501below the sector's middle half▼ 78.3%€106,763within the sector's middle half▲ 76.5%€143,836within the sector's middle half▲ 34.7%€190,121within the sector's middle half▲ 32.2%
Debt€54,651-€87,811▲ 60.7%€45,527▼ 48.2%€41,901▼ 8.0%€88,163▲ 110%€125,236▲ 42.1%€171,521▲ 37.0%
Working capital€92,755-€143,650above the sector's middle half▲ 54.9%€225,643above the sector's middle half▲ 57.1%€14,313within the sector's middle half▼ 93.7%€15,276within the sector's middle half▲ 6.7%-€11,683below the sector's middle half-€34,111below the sector's middle half▼ 192%
Solvency60.5%-65.0%within the sector's middle half▲ 4.5pp83.7%above the sector's middle half▲ 18.6pp30.7%within the sector's middle half▼ 52.9pp17.4%below the sector's middle half▼ 13.3pp12.9%below the sector's middle half▼ 4.5pp9.8%below the sector's middle half▼ 3.1pp
Current ratio4.48-2.64within the sector's middle half▼ 1.845.98above the sector's middle half▲ 3.341.34within the sector's middle half▼ 4.631.17within the sector's middle half▼ 0.170.91below the sector's middle half▼ 0.270.80below the sector's middle half▼ 0.10
Return on assets (ROA)52.2%-32.0%above the sector's middle half▼ 20.2pp23.2%within the sector's middle half▼ 8.8pp38.6%above the sector's middle half▲ 15.5pp45.6%above the sector's middle half▲ 6.9pp57.6%above the sector's middle half▲ 12.1pp44.4%above the sector's middle half▼ 13.2pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Turnover and EBIT margin are not published. The 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 €190,121
Fixed assets
€52,711 ▲ 66.3%
Current assets
€137,410 ▲ 22.5%
Equity and liabilities €190,121
Equity
€18,600 =
Debt
€171,521 ▲ 37.0%
Debt's share of the balance-sheet total rises from 87.1% to 90.2%. Debt is higher.
Key figures and ratios
EBITDA
€118,079▲
2024 · €104,673
Cash flow
€98,108▲
2024 · €85,244
Debt to equity
9.22▲
2024 · 6.73
ROE
453.8%▲
2024 · 445.6%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€171,521▲
2024 · €123,817
Income taxes
€19,644▲
2024 · €19,341
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €949 | - | €2,443 | €30,737 | €34,702 |
| Depreciation and write-downs of the year | €11,179 | €3,479 | €3,406 | €2,359 | €13,694 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €26,049 awarded · €26,049 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €7,553 | €7,553 |
| 2024 | 1 | €7,292 | €7,292 |
| 2023 | 1 | €6,969 | €6,969 |
| 2022 | 1 | €4,235 | €4,235 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €199 | - | - | €7,964 | - | - |
| Remuneration, social security and pensions62 | - | - | €13,194 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,402 | €9,805 | €11,179 | €3,479 | €3,406 | €2,359 | €13,694 | ▲ 480% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €10,992 | - | - |
| Other operating charges640/8 | - | - | €464 | €522 | €384 | €395 | €648 | ▲ 64.0% |
| Non-recurring operating charges66A | - | - | €88 | - | - | - | - | - |
| Gross operating margin9900 | €101,317 | €119,582 | €106,818 | €33,158 | €63,685 | €116,060 | €118,727 | ▲ 2.3% |
| Operating profit (loss)9901 | €91,834 | €100,760 | €81,893 | €29,157 | €59,895 | €102,314 | €104,385 | ▲ 2.0% |
| Financial income75/76B | - | - | - | - | - | €7 | - | - |
| Recurring financial income75 | €1 | €2 | - | - | - | €7 | - | - |
| Financial charges65/66B | - | - | €209 | €65 | €65 | €95 | €328 | ▲ 245% |
| Recurring financial charges65 | €44 | €81 | €209 | €65 | €65 | €95 | €328 | ▲ 245% |
| Profit (loss) for the period before taxes9903 | €91,791 | €100,681 | €81,684 | €29,093 | €59,830 | €102,226 | €104,057 | ▲ 1.8% |
| Income taxes67/77 | €19,578 | €20,399 | €17,142 | €5,709 | €11,175 | €19,341 | €19,644 | ▲ 1.6% |
| Profit (loss) for the period9904 | €72,213 | €80,282 | €64,542 | €23,383 | €48,655 | €82,884 | €84,414 | ▲ 1.8% |
| Profit (loss) for the period to be appropriated9905 | €72,213 | €80,282 | €64,542 | €23,383 | €48,655 | €82,884 | €84,414 | ▲ 1.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €138,464 | €251,106 | €278,764 | €60,501 | €106,763 | €143,836 | €190,121 | ▲ 32.2% |
| Fixed assets21/28 | €19,058 | €19,645 | €7,766 | €4,287 | €3,324 | €31,702 | €52,711 | ▲ 66.3% |
| Tangible fixed assets22/27 | €19,058 | €19,645 | €7,766 | €4,287 | €3,324 | €31,702 | €52,711 | ▲ 66.3% |
| Plant, machinery and equipment23 | - | - | €6,587 | €3,712 | €1,129 | €878 | €253 | ▼ 71.2% |
| Furniture and vehicles24 | - | - | €1,179 | €575 | €661 | €28,107 | €50,400 | ▲ 79.3% |
| Other tangible fixed assets26 | - | - | - | - | €1,535 | €2,717 | €2,058 | ▼ 24.3% |
| Current assets29/58 | €119,406 | €231,461 | €270,998 | €56,214 | €103,438 | €112,134 | €137,410 | ▲ 22.5% |
| Amounts receivable after more than one year29 | - | - | - | - | €1,000 | - | - | - |
| Other amounts receivable291 | - | - | - | - | €1,000 | - | - | - |
| Amounts receivable within one year40/41 | €20,198 | €29,394 | €63,098 | €14,950 | €72,152 | €43,166 | €108,019 | ▲ 150% |
| Trade receivables40 | - | - | €62,607 | €10,651 | €69,320 | €36,682 | €104,004 | ▲ 184% |
| Other amounts receivable41 | - | - | €491 | €4,298 | €2,832 | €6,484 | €4,015 | ▼ 38.1% |
| Cash at bank and in hand54/58 | €99,208 | €202,067 | €207,901 | €41,264 | €30,286 | €67,510 | €29,390 | ▼ 56.5% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €1,458 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €138,464 | €251,106 | €278,764 | €60,501 | €106,763 | €143,836 | €190,121 | ▲ 32.2% |
| Equity10/15 | €83,813 | €163,295 | €233,237 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions10/11 | €12,400 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €71,413 | €150,895 | €214,637 | - | - | - | - | - |
| Distributable reserves133 | - | - | €214,637 | - | - | - | - | - |
| Amounts payable17/49 | €54,651 | €87,811 | €45,527 | €41,901 | €88,163 | €125,236 | €171,521 | ▲ 37.0% |
| Amounts payable within one year42/48 | €26,651 | €87,811 | €45,355 | €41,901 | €88,163 | €123,817 | €171,521 | ▲ 38.5% |
| Trade debts44 | €1,739 | €26,790 | €7,622 | €7,901 | €16,395 | €28,422 | €960 | ▼ 96.6% |
| Suppliers440/4 | - | - | €7,622 | €7,901 | €16,395 | €28,422 | €960 | ▼ 96.6% |
| Taxes, remuneration and social security45 | - | - | €30,807 | €9,460 | €19,241 | €23,870 | €24,116 | ▲ 1.0% |
| Taxes450/3 | - | - | €30,807 | €9,460 | €19,241 | €23,870 | €23,590 | ▼ 1.2% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €527 | - |
| Other amounts payable47/48 | - | - | €6,925 | €24,540 | €52,527 | €71,524 | €146,445 | ▲ 105% |
| Accrued charges and deferred income492/3 | - | - | €172 | - | - | €1,420 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €72,213 | €80,282 | €64,542 | €23,383 | €48,655 | €82,884 | €84,414 | ▲ 1.8% |
| + Depreciation and write-downs630 | €9,402 | €9,805 | €11,179 | €3,479 | €3,406 | €2,359 | €13,694 | ▲ 480% |
| Operating cash flow (approximation) | €81,615 | €90,087 | €75,722 | €26,862 | €52,061 | €85,244 | €98,108 | ▲ 15.1% |
| Investment in fixed assets (approximation) | - | -€10,392 | €699 | €0 | -€2,443 | -€30,737 | -€34,702 | ▼ 12.9% |
| Change in cash | - | €102,859 | €5,834 | -€166,636 | -€10,978 | €37,223 | -€38,119 | - |
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, 2,153 companies had the same profile as FLEX-T has now. Two years later, 96.1% were still going and 1.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.1%
was still going
2.2%
stopped otherwise
1.7%
went bankrupt
The bankruptcy probability of FLEX-T itself is lower: 0.1% within 12 months. It rests on far more data about FLEX-T than the profile alone.
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 2,153 companies, not a prediction for FLEX-T. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 11-05-2026 | 2026-00108974 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00344732 | |
| 31-12-2023 | micro format | 30-07-2024 | 2024-00325329 | |
| 31-12-2022 | micro format | 25-07-2023 | 2023-00273891 | |
| 31-12-2021 | micro format | 12-07-2022 | 2022-20176178 | |
| 31-12-2020 | micro format | 15-07-2021 | 2021-37200263 | |
| 31-12-2019 | micro format | 30-06-2020 | 2020-23200296 |