FLEXURO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 16 filings
Turnover
≈ €180,000
Estimated: probably between €150,000 and €230,000
Total assets
€682,129▲ 1.8%
2024 · €669,835
Net result
€27,625▼ 27.8%
2024 · €38,241
Working capital
€956
2024 · -€3,991
In the rankings
#3 company by total assets in Stabroek, Telecoms and IT sector#4 company by equity in Stabroek, Telecoms and IT sector#5 oldest company in Stabroek, Telecoms and IT sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€54,598
▼ 22.6%
2025
20182025
Net result
€27,625
▼ 27.8%
2025
middle half of the sector
20182025
Equity
€298,587
▲ 10.2%
2025
highest quarter of the sector
20182025
Total assets
€682,129
▲ 1.8%
2025
highest quarter of the sector
20182025
Debt
€383,542
▼ 3.8%
2025
20182025
Working capital
€956
2025
lowest quarter of the sector
20182025
Solvency
43.8%
▲ 3.3pp
2025
middle half of the sector
20182025
Current ratio
1.01
▲ 0.06
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
4.0%
▼ 1.7pp
2025
lowest 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€13,169-€26,345▲ 100%€62,622▲ 138%€66,192▲ 5.7%€44,938▼ 32.1%€71,013▲ 58.0%€70,530▼ 0.7%€54,598▼ 22.6%
Net result€2,385-€14,626▲ 513%€37,036within the sector's middle half▲ 153%€40,100within the sector's middle half▲ 8.3%€27,564within the sector's middle half▼ 31.3%€39,191within the sector's middle half▲ 42.2%€38,241within the sector's middle half▼ 2.4%€27,625within the sector's middle half▼ 27.8%
Equity€89,204-€103,830▲ 16.4%€140,866within the sector's middle half▲ 35.7%€165,966above the sector's middle half▲ 17.8%€193,530above the sector's middle half▲ 16.6%€232,721above the sector's middle half▲ 20.3%€270,962above the sector's middle half▲ 16.4%€298,587above the sector's middle half▲ 10.2%
Total assets€591,541-€575,546▼ 2.7%€613,285above the sector's middle half▲ 6.6%€610,163above the sector's middle half▼ 0.5%€590,223above the sector's middle half▼ 3.3%€593,846above the sector's middle half▲ 0.6%€669,835above the sector's middle half▲ 12.8%€682,129above the sector's middle half▲ 1.8%
Debt€502,338-€471,717▼ 6.1%€472,419▲ 0.1%€444,197▼ 6.0%€396,693▼ 10.7%€361,125▼ 9.0%€398,873▲ 10.5%€383,542▼ 3.8%
Working capital€26,455-€18,188▼ 31.2%-€33,737below the sector's middle half-€34,682below the sector's middle half▼ 2.8%-€32,289below the sector's middle half▲ 6.9%-€8,173below the sector's middle half▲ 74.7%-€3,991below the sector's middle half▲ 51.2%€956below the sector's middle half
Solvency15.1%-18.0%▲ 3.0pp23.0%below the sector's middle half▲ 4.9pp27.2%below the sector's middle half▲ 4.2pp32.8%within the sector's middle half▲ 5.6pp39.2%within the sector's middle half▲ 6.4pp40.5%within the sector's middle half▲ 1.3pp43.8%within the sector's middle half▲ 3.3pp
Current ratio2.03-1.64▼ 0.390.61below the sector's middle half▼ 1.040.61below the sector's middle half▲ 0.010.57below the sector's middle half▼ 0.050.88below the sector's middle half▲ 0.310.96below the sector's middle half▲ 0.081.01below the sector's middle half▲ 0.06
Return on assets (ROA)0.4%-2.5%▲ 2.1pp6.0%within the sector's middle half▲ 3.5pp6.6%within the sector's middle half▲ 0.5pp4.7%within the sector's middle half▼ 1.9pp6.6%within the sector's middle half▲ 1.9pp5.7%within the sector's middle half▼ 0.9pp4.0%below the sector's middle half▼ 1.7pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 23% lower than in 2024. It is the second fall in a row.
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 €682,129
Fixed assets
€604,787 ▲ 3.7%
Current assets
€77,341 ▼ 10.8%
Equity and liabilities €682,129
Equity
€298,587 ▲ 10.2%
Debt
€383,542 ▼ 3.8%
Debt's share of the balance-sheet total falls from 59.5% to 56.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€76,383▼
2024 · €88,175
Cash flow
€49,410▼
2024 · €55,885
Debt to equity
1.28▼
2024 · 1.47
ROE
9.3%▼
2024 · 14.1%
Interest coverage
4.89▲
2024 · 4.82
Debt ≤ 1 year
€76,385▼
2024 · €90,735
Debt > 1 year
€302,885▲
2024 · €302,050
Income taxes
€13,774▼
2024 · €15,346
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 | €9,643 | €8,941 | €4,462 | €64,196 | €43,481 |
| Depreciation and write-downs of the year | €15,787 | €15,585 | €16,097 | €17,644 | €21,785 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €211 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €31,124 | €29,429 | €17,118 | €15,787 | €15,585 | €16,097 | €17,644 | €21,785 | ▲ 23.5% |
| Other operating charges640/8 | - | - | - | €898 | €2,100 | €1,809 | €1,954 | €1,994 | ▲ 2.1% |
| Non-recurring operating charges66A | - | - | - | - | €75 | - | - | - | - |
| Gross operating margin9900 | €45,165 | €56,655 | €80,706 | €82,877 | €62,698 | €88,920 | €90,129 | €78,377 | ▼ 13.0% |
| Operating profit (loss)9901 | €13,169 | €26,345 | €62,622 | €66,192 | €44,938 | €71,013 | €70,530 | €54,598 | ▼ 22.6% |
| Financial income75/76B | - | - | - | €916 | €545 | €642 | €1,359 | €2,406 | ▲ 77.0% |
| Recurring financial income75 | €455 | €886 | €1,794 | €916 | €545 | €642 | €1,359 | €2,406 | ▲ 77.0% |
| Financial charges65/66B | - | - | - | €6,850 | €6,852 | €17,027 | €18,302 | €15,605 | ▼ 14.7% |
| Recurring financial charges65 | €9,019 | €7,535 | €7,515 | €6,850 | €6,852 | €17,027 | €18,302 | €15,605 | ▼ 14.7% |
| Profit (loss) for the period before taxes9903 | €4,605 | €19,695 | €56,901 | €60,258 | €38,631 | €54,628 | €53,587 | €41,399 | ▼ 22.7% |
| Income taxes67/77 | €2,220 | €5,070 | €19,865 | €20,158 | €11,067 | €15,438 | €15,346 | €13,774 | ▼ 10.2% |
| Profit (loss) for the period9904 | €2,385 | €14,626 | €37,036 | €40,100 | €27,564 | €39,191 | €38,241 | €27,625 | ▼ 27.8% |
| Profit (loss) for the period to be appropriated9905 | €2,385 | €14,626 | €37,036 | €40,100 | €27,564 | €39,191 | €38,241 | €27,625 | ▼ 27.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €591,541 | €575,546 | €613,285 | €610,163 | €590,223 | €593,846 | €669,835 | €682,129 | ▲ 1.8% |
| Fixed assets21/28 | €539,402 | €529,075 | €561,037 | €554,893 | €548,173 | €536,539 | €583,091 | €604,787 | ▲ 3.7% |
| Tangible fixed assets22/27 | €531,227 | €521,075 | €552,962 | €546,818 | €540,173 | €528,539 | €575,091 | €596,787 | ▲ 3.8% |
| Land and buildings22 | - | - | - | €133,701 | €132,714 | €131,727 | €169,966 | €168,119 | ▼ 1.1% |
| Furniture and vehicles24 | - | - | - | - | - | - | €0 | €0 | - |
| Other tangible fixed assets26 | - | - | - | - | €4,087 | €3,672 | €3,257 | €2,842 | ▼ 12.7% |
| Assets under construction and advance payments27 | - | - | - | €413,116 | €403,373 | €393,140 | €401,868 | €425,826 | ▲ 6.0% |
| Financial fixed assets28 | €8,175 | €8,000 | €8,075 | €8,075 | €8,000 | €8,000 | €8,000 | €8,000 | = |
| Current assets29/58 | €52,140 | €46,471 | €52,248 | €55,270 | €42,050 | €57,307 | €86,744 | €77,341 | ▼ 10.8% |
| Amounts receivable within one year40/41 | €28,202 | €30,801 | €35,418 | €27,001 | €30,994 | €37,602 | €73,933 | €66,508 | ▼ 10.0% |
| Trade receivables40 | - | - | - | €17,897 | €20,082 | €22,115 | €30,043 | €10,332 | ▼ 65.6% |
| Other amounts receivable41 | - | - | - | €9,104 | €10,912 | €15,487 | €43,890 | €56,176 | ▲ 28.0% |
| Cash at bank and in hand54/58 | €22,609 | €14,719 | €15,881 | €27,332 | €10,152 | €18,775 | €12,282 | €10,833 | ▼ 11.8% |
| Deferred charges and accrued income490/1 | - | - | - | €937 | €904 | €930 | €529 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €591,541 | €575,546 | €613,285 | €610,163 | €590,223 | €593,846 | €669,835 | €682,129 | ▲ 1.8% |
| Equity10/15 | €89,204 | €103,830 | €140,866 | €165,966 | €193,530 | €232,721 | €270,962 | €298,587 | ▲ 10.2% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €41,860 | €41,860 | €78,360 | €103,460 | €131,020 | €170,210 | €208,410 | €236,010 | ▲ 13.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €101,600 | €129,160 | €170,210 | €208,410 | €236,010 | ▲ 13.2% |
| Profit (loss) carried forward14 | €28,744 | €43,370 | €43,906 | €43,906 | €43,910 | €43,911 | €43,952 | €43,977 | ▲ 0.1% |
| Amounts payable17/49 | €502,338 | €471,717 | €472,419 | €444,197 | €396,693 | €361,125 | €398,873 | €383,542 | ▼ 3.8% |
| Amounts payable after more than one year17 | €472,212 | €440,518 | €383,677 | €351,691 | €319,556 | €287,822 | €302,050 | €302,885 | ▲ 0.3% |
| Financial debts170/4 | - | - | - | €351,691 | €319,556 | €287,822 | €302,050 | €302,885 | ▲ 0.3% |
| Amounts payable within one year42/48 | €25,685 | €28,283 | €85,984 | €89,952 | €74,338 | €65,479 | €90,735 | €76,385 | ▼ 15.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €31,986 | €32,135 | €32,052 | €40,913 | €41,591 | ▲ 1.7% |
| Financial debts43 | - | - | - | €8,242 | €12,547 | €14,401 | €14,619 | €14,810 | ▲ 1.3% |
| Credit institutions430/8 | - | - | - | - | - | - | €5,916 | €5,889 | ▼ 0.5% |
| Other loans439 | - | - | - | €8,242 | €12,547 | €14,401 | €8,703 | €8,921 | ▲ 2.5% |
| Trade debts44 | €11,349 | €5,186 | €12,222 | €4,889 | €4,823 | €4,437 | €20,355 | €6,889 | ▼ 66.2% |
| Suppliers440/4 | - | - | - | €4,889 | €4,823 | €4,437 | €20,355 | €6,889 | ▼ 66.2% |
| Taxes, remuneration and social security45 | - | - | - | €44,835 | €24,833 | €14,589 | €14,848 | €13,095 | ▼ 11.8% |
| Taxes450/3 | - | - | - | €41,835 | €22,583 | €8,939 | €9,198 | €7,445 | ▼ 19.1% |
| Remuneration and social security454/9 | - | - | - | €3,000 | €2,250 | €5,650 | €5,650 | €5,650 | = |
| Other amounts payable47/48 | - | - | - | - | - | - | €0 | €0 | - |
| Accrued charges and deferred income492/3 | - | - | - | €2,554 | €2,798 | €7,824 | €6,088 | €4,272 | ▼ 29.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,385 | €14,626 | €37,036 | €40,100 | €27,564 | €39,191 | €38,241 | €27,625 | ▼ 27.8% |
| + Depreciation and write-downs630 | €31,124 | €29,429 | €17,118 | €15,787 | €15,585 | €16,097 | €17,644 | €21,785 | ▲ 23.5% |
| Operating cash flow (approximation) | €33,509 | €44,054 | €54,154 | €55,888 | €43,150 | €55,287 | €55,885 | €49,410 | ▼ 11.6% |
| Investment in fixed assets (approximation) | - | -€19,102 | -€49,080 | -€9,643 | -€8,866 | -€4,462 | -€64,196 | -€43,481 | ▲ 32.3% |
| Change in cash | - | -€7,890 | €1,162 | €11,450 | -€17,180 | €8,624 | -€6,493 | -€1,449 | ▲ 77.7% |
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, 6,049 companies had the same profile as FLEXURO has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of FLEXURO 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 6,049 companies, not a prediction for FLEXURO. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-06-2026 | 2026-00201348 | |
| 31-12-2024 | micro format | 17-06-2025 | 2025-00144397 | |
| 31-12-2023 | micro format | 21-06-2024 | 2024-00147181 | |
| 31-12-2022 | micro format | 23-06-2023 | 2023-00150743 | |
| 31-12-2021 | micro format | 03-06-2022 | 2022-20044791 | |
| 31-12-2020 | micro format | 20-07-2021 | 2021-37100162 | |
| 31-12-2019 | micro format | 23-06-2020 | 2020-19000367 | |
| 31-12-2018 | micro format | 23-07-2019 | 2019-35900131 | |
| 31-12-2017 | micro format | 21-06-2018 | 2018-20400326 | |
| 31-12-2016 | micro format | 13-06-2017 | 2017-16300582 |