FLINK
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 04-11-2025 PDF all 9 filings
Turnover
≈ €120,000
Estimated: probably between €87,000 and €150,000
Total assets
€95,647▲ 0.1%
2024 · €95,563
Net result
€32,400▲ 8.4%
2024 · €29,884
Working capital
€26,404▲ 73.6%
2024 · €15,212
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€45,989
▲ 8.0%
2025
20192025
Net result
€32,400
▲ 8.4%
2025
middle half of the sector
20192025
Equity
€44,052
▲ 29.8%
2025
middle half of the sector
20192025
Total assets
€95,647
▲ 0.1%
2025
middle half of the sector
20192025
Debt
€51,596
▼ 16.3%
2025
20192025
Working capital
€26,404
▲ 73.6%
2025
middle half of the sector
20192025
Solvency
46.1%
▲ 10.6pp
2025
middle half of the sector
20192025
Current ratio
1.57
▲ 0.25
2025
middle half of the sector
20192025
Return on assets (ROA)
33.9%
▲ 2.6pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€9,361--€1,163▲ 87.6%€44,270€17,842▼ 59.7%€25,502▲ 42.9%€42,596▲ 67.0%€45,989▲ 8.0%
Net result-€9,693--€2,512below the sector's middle half▲ 74.1%€33,154within the sector's middle half€11,292within the sector's middle half▼ 65.9%€15,272within the sector's middle half▲ 35.2%€29,884within the sector's middle half▲ 95.7%€32,400within the sector's middle half▲ 8.4%
Equity€14,918-€12,406below the sector's middle half▼ 16.8%€45,560within the sector's middle half▲ 267%€20,300below the sector's middle half▼ 55.4%€27,572within the sector's middle half▲ 35.8%€33,927within the sector's middle half▲ 23.0%€44,052within the sector's middle half▲ 29.8%
Total assets€30,528-€26,325below the sector's middle half▼ 13.8%€50,523below the sector's middle half▲ 91.9%€68,400below the sector's middle half▲ 35.4%€73,861below the sector's middle half▲ 8.0%€95,563within the sector's middle half▲ 29.4%€95,647within the sector's middle half▲ 0.1%
Debt€15,610-€13,919▼ 10.8%€4,963▼ 64.3%€48,100▲ 869%€46,288▼ 3.8%€61,636▲ 33.2%€51,596▼ 16.3%
Working capital-€2,707--€2,676below the sector's middle half▲ 1.1%€35,655within the sector's middle half€13,060within the sector's middle half▼ 63.4%€7,993within the sector's middle half▼ 38.8%€15,212within the sector's middle half▲ 90.3%€26,404within the sector's middle half▲ 73.6%
Solvency48.9%-47.1%within the sector's middle half▼ 1.7pp90.2%above the sector's middle half▲ 43.1pp29.7%within the sector's middle half▼ 60.5pp37.3%within the sector's middle half▲ 7.7pp35.5%within the sector's middle half▼ 1.8pp46.1%within the sector's middle half▲ 10.6pp
Current ratio0.83-0.81below the sector's middle half▼ 0.028.73above the sector's middle half▲ 7.921.27within the sector's middle half▼ 7.451.31within the sector's middle half▲ 0.041.31within the sector's middle half=1.57within the sector's middle half▲ 0.25
Return on assets (ROA)-31.8%--9.5%below the sector's middle half▲ 22.2pp65.6%above the sector's middle half▲ 75.2pp16.5%within the sector's middle half▼ 49.1pp20.7%within the sector's middle half▲ 4.2pp31.3%within the sector's middle half▲ 10.6pp33.9%within the sector's middle half▲ 2.6pp
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 8% 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 €95,647
Fixed assets
€22,654 ▼ 28.8%
Current assets
€72,993 ▲ 14.5%
Equity and liabilities €95,647
Equity
€44,052 ▲ 29.8%
Debt
€51,596 ▼ 16.3%
Debt's share of the balance-sheet total falls from 64.5% to 53.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€55,139▲
2024 · €52,419
Cash flow
€41,550▲
2024 · €39,707
Debt to equity
1.17▼
2024 · 1.82
ROE
73.5%▼
2024 · 88.1%
Interest coverage
50.78▲
2024 · 35.71
Debt ≤ 1 year
€46,589▼
2024 · €48,546
Debt > 1 year
€4,822▼
2024 · €12,717
Income taxes
€12,503▲
2024 · €11,302
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €2,400 | €41,990 | €1,500 | - |
| Financial fixed assets | - | €450 | - | - | - |
| Depreciation and write-downs of the year | €4,830 | €5,516 | €5,049 | €9,823 | €9,151 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €3,619 | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,400 | €4,691 | €4,830 | €5,516 | €5,049 | €9,823 | €9,151 | ▼ 6.8% |
| Other operating charges640/8 | - | - | €2,831 | €2,248 | €1,731 | €1,392 | €1,379 | ▼ 0.9% |
| Non-recurring operating charges66A | - | - | - | - | €4,874 | €0 | - | - |
| Gross operating margin9900 | -€2,490 | €4,784 | €51,930 | €25,607 | €37,157 | €53,811 | €56,518 | ▲ 5.0% |
| Operating profit (loss)9901 | -€9,361 | -€1,163 | €44,270 | €17,842 | €25,502 | €42,596 | €45,989 | ▲ 8.0% |
| Financial income75/76B | - | - | €1 | €0 | - | €58 | €0 | ▼ 100% |
| Recurring financial income75 | €10 | €0 | €1 | €0 | - | €58 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | €75 | €77 | €1,598 | €1,468 | €1,086 | ▼ 26.0% |
| Recurring financial charges65 | €238 | €73 | €75 | €77 | €1,598 | €1,468 | €1,086 | ▼ 26.0% |
| Profit (loss) for the period before taxes9903 | -€9,589 | -€1,236 | €44,196 | €17,765 | €23,905 | €41,186 | €44,903 | ▲ 9.0% |
| Income taxes67/77 | €104 | €1,276 | €11,042 | €6,473 | €8,633 | €11,302 | €12,503 | ▲ 10.6% |
| Profit (loss) for the period9904 | -€9,693 | -€2,512 | €33,154 | €11,292 | €15,272 | €29,884 | €32,400 | ▲ 8.4% |
| Profit (loss) for the period to be appropriated9905 | -€9,693 | -€2,512 | €33,154 | €11,292 | €15,272 | €29,884 | €32,400 | ▲ 8.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €30,528 | €26,325 | €50,523 | €68,400 | €73,861 | €95,563 | €95,647 | ▲ 0.1% |
| Fixed assets21/28 | €17,625 | €15,083 | €10,253 | €7,587 | €40,128 | €31,805 | €22,654 | ▼ 28.8% |
| Tangible fixed assets22/27 | €17,600 | €15,058 | €10,228 | €7,112 | €39,653 | €31,330 | €22,179 | ▼ 29.2% |
| Furniture and vehicles24 | - | - | €10,228 | €7,112 | €39,653 | €31,330 | €22,179 | ▼ 29.2% |
| Financial fixed assets28 | €25 | €25 | €25 | €475 | €475 | €475 | €475 | = |
| Current assets29/58 | €12,903 | €11,243 | €40,270 | €60,813 | €33,733 | €63,758 | €72,993 | ▲ 14.5% |
| Amounts receivable within one year40/41 | €10,601 | €7,399 | €12,786 | €12,248 | €14,096 | €30,171 | €31,755 | ▲ 5.2% |
| Trade receivables40 | - | - | €9,877 | €12,221 | €12,096 | €30,171 | €31,755 | ▲ 5.2% |
| Other amounts receivable41 | - | - | €2,909 | €27 | €2,000 | €0 | - | - |
| Cash at bank and in hand54/58 | €33 | €2,336 | €24,560 | €47,013 | €17,102 | €31,271 | €39,167 | ▲ 25.3% |
| Deferred charges and accrued income490/1 | - | - | €2,924 | €1,553 | €2,534 | €2,316 | €2,071 | ▼ 10.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €30,528 | €26,325 | €50,523 | €68,400 | €73,861 | €95,563 | €95,647 | ▲ 0.1% |
| Equity10/15 | €14,918 | €12,406 | €45,560 | €20,300 | €27,572 | €33,927 | €44,052 | ▲ 29.8% |
| Contributions10/11 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €300 | €300 | €300 | €300 | €7,572 | €13,927 | €24,052 | ▲ 72.7% |
| Non-distributable reserves130/1 | - | - | €300 | €300 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | €300 | €300 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | - | €7,572 | €13,927 | €24,052 | ▲ 72.7% |
| Profit (loss) carried forward14 | -€5,382 | -€7,894 | €25,260 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €15,610 | €13,919 | €4,963 | €48,100 | €46,288 | €61,636 | €51,596 | ▼ 16.3% |
| Amounts payable after more than one year17 | €0 | - | - | - | €20,164 | €12,717 | €4,822 | ▼ 62.1% |
| Financial debts170/4 | - | - | - | - | €20,164 | €12,717 | €4,822 | ▼ 62.1% |
| Amounts payable within one year42/48 | €15,610 | €13,919 | €4,615 | €47,752 | €25,739 | €48,546 | €46,589 | ▼ 4.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €7,026 | €7,448 | €7,895 | ▲ 6.0% |
| Trade debts44 | €49 | €3,529 | €2,007 | €3,682 | €629 | €1,810 | €1,510 | ▼ 16.6% |
| Suppliers440/4 | - | - | €2,007 | €3,682 | €629 | €1,810 | €1,510 | ▼ 16.6% |
| Taxes, remuneration and social security45 | - | - | €2,182 | €4,848 | €6,090 | €9,866 | €11,095 | ▲ 12.5% |
| Taxes450/3 | - | - | €2,182 | €4,848 | €6,090 | €9,866 | €11,095 | ▲ 12.5% |
| Other amounts payable47/48 | - | - | €426 | €39,222 | €11,994 | €29,422 | €26,089 | ▼ 11.3% |
| Accrued charges and deferred income492/3 | - | - | €348 | €348 | €384 | €373 | €185 | ▼ 50.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,693 | -€2,512 | €33,154 | €11,292 | €15,272 | €29,884 | €32,400 | ▲ 8.4% |
| + Depreciation and write-downs630 | €4,400 | €4,691 | €4,830 | €5,516 | €5,049 | €9,823 | €9,151 | ▼ 6.8% |
| Operating cash flow (approximation) | -€5,293 | €2,179 | €37,984 | €16,808 | €20,321 | €39,707 | €41,550 | ▲ 4.6% |
| Investment in fixed assets (approximation) | - | -€2,149 | €0 | -€2,850 | -€37,590 | -€1,500 | €0 | - |
| Change in cash | - | €2,304 | €22,223 | €22,453 | -€29,910 | €14,168 | €7,897 | ▼ 44.3% |
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 FLINK 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 FLINK 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 FLINK. 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 |
|---|---|---|---|---|
| 30-09-2025 | micro format | 04-11-2025 | 2025-00561475 | |
| 30-09-2024 | micro format | 03-01-2025 | 2025-00629484 | |
| 30-09-2023 | micro format | 22-01-2024 | 2024-00004300 | |
| 30-09-2022 | micro format | 01-03-2023 | 2023-00033920 | |
| 30-09-2021 | micro format | 11-04-2022 | 2022-20002932 | |
| 30-09-2020 | micro format | 26-03-2021 | 2021-08600060 | |
| 30-09-2019 | micro format | 23-03-2020 | 2020-07300385 | |
| 30-09-2018 | micro format | 19-03-2019 | 2019-07400004 | |
| 30-09-2017 | abbreviated format | 26-03-2018 | 2018-07900046 |