Flow&Light
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-06-2026 PDF all 11 filings
Turnover
€31,588▼ 74.7%
2024 · €124,795
EBIT margin
24.7%▲ 21.9pp
2024 · 2.8%
Net result
€4,173▲ 22.9%
2024 · €3,396
Working capital
€11,779▼ 33.7%
2024 · €17,757
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€31,588
▼ 74.7%
2025
20182025
Operating result
€7,812
▲ 120%
2025
20182025
Net result
€4,173
▲ 22.9%
2025
middle half of the sector
20182025
EBIT margin
24.7%
▲ 21.9pp
2025
20182025
Equity
€12,114
▼ 33.0%
2025
middle half of the sector
20182025
Total assets
€42,446
▼ 18.2%
2025
middle half of the sector
20182025
Debt
€30,332
▼ 10.3%
2025
20182025
Working capital
€11,779
▼ 33.7%
2025
middle half of the sector
20182025
Solvency
28.5%
▼ 6.3pp
2025
middle half of the sector
20182025
Current ratio
1.39
▼ 0.14
2025
middle half of the sector
20182025
Return on assets (ROA)
9.8%
▲ 3.3pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€132,030€124,795▼ 5.5%€31,588▼ 74.7%
Operating result€26,146-€52,881▲ 102%-€2,841-€13,912▼ 390%€25,965€2,612▼ 89.9%€3,543▲ 35.6%€7,812▲ 120%
Net result€18,458-€38,426▲ 108%-€1,446within the sector's middle half-€14,910below the sector's middle half▼ 931%€19,538within the sector's middle half€2,114within the sector's middle half▼ 89.2%€3,396within the sector's middle half▲ 60.6%€4,173within the sector's middle half▲ 22.9%
EBIT margin2.0%2.8%▲ 0.9pp24.7%▲ 21.9pp
Equity€23,099-€37,345▲ 61.7%€35,899within the sector's middle half▼ 3.9%€12,070within the sector's middle half▼ 66.4%€31,609within the sector's middle half▲ 162%€33,723within the sector's middle half▲ 6.7%€18,091within the sector's middle half▼ 46.4%€12,114within the sector's middle half▼ 33.0%
Total assets€120,193-€134,422▲ 11.8%€78,084within the sector's middle half▼ 41.9%€51,416within the sector's middle half▼ 34.2%€87,468within the sector's middle half▲ 70.1%€48,729within the sector's middle half▼ 44.3%€51,912within the sector's middle half▲ 6.5%€42,446within the sector's middle half▼ 18.2%
Debt€97,094-€97,077=€42,185▼ 56.5%€39,346▼ 6.7%€55,859▲ 42.0%€15,007▼ 73.1%€33,821▲ 125%€30,332▼ 10.3%
Working capital€6,335-€19,465▲ 207%€20,475within the sector's middle half▲ 5.2%-€1,939within the sector's middle half€19,888within the sector's middle half€33,388within the sector's middle half▲ 67.9%€17,757within the sector's middle half▼ 46.8%€11,779within the sector's middle half▼ 33.7%
Solvency19.2%-27.8%▲ 8.6pp46.0%within the sector's middle half▲ 18.2pp23.5%within the sector's middle half▼ 22.5pp36.1%within the sector's middle half▲ 12.7pp69.2%within the sector's middle half▲ 33.1pp34.8%within the sector's middle half▼ 34.4pp28.5%within the sector's middle half▼ 6.3pp
Current ratio1.07-1.29▲ 0.221.93within the sector's middle half▲ 0.640.93within the sector's middle half▼ 1.001.36within the sector's middle half▲ 0.423.22within the sector's middle half▲ 1.871.53within the sector's middle half▼ 1.701.39within the sector's middle half▼ 0.14
Return on assets (ROA)15.4%-28.6%▲ 13.2pp-1.9%within the sector's middle half▼ 30.4pp-29.0%below the sector's middle half▼ 27.1pp22.3%above the sector's middle half▲ 51.3pp4.3%within the sector's middle half▼ 18.0pp6.5%within the sector's middle half▲ 2.2pp9.8%within the sector's middle half▲ 3.3pp
above
within
below
The sector band is the middle half of the companies in Education (NACE 85). 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 120% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €42,446
Fixed assets
€335 =
Current assets
€42,111 ▼ 18.4%
Equity and liabilities €42,446
Equity
€12,114 ▼ 33.0%
Debt
€30,332 ▼ 10.3%
Debt's share of the balance-sheet total rises from 65.2% to 71.5%. Equity and debt are lower.
Key figures and ratios
Debt to equity
2.50▲
2024 · 1.87
ROE
34.4%▲
2024 · 18.8%
Debt ≤ 1 year
€30,332▼
2024 · €33,821
Income taxes
€3,248
Customer credit
215 days▲
2024 · 1 day
Supplier credit
199 days▲
2024 · 20 days
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 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | €210 | - | - |
| Depreciation and write-downs of the year | €12,151 | €11,806 | €11,596 | - | - |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | - | €132,030 | €124,795 | €31,588 | ▼ 74.7% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | €116,158 | €119,636 | €22,395 | ▼ 81.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,164 | €12,396 | €12,396 | €12,151 | €11,806 | €11,596 | - | - | - |
| Other operating charges640/8 | - | - | - | €1,264 | €1,298 | €1,663 | €1,615 | €1,380 | ▼ 14.5% |
| Gross operating margin9900 | €50,707 | €67,333 | €11,721 | -€497 | €39,069 | €15,871 | €5,159 | €9,193 | ▲ 78.2% |
| Operating profit (loss)9901 | €26,146 | €52,881 | -€2,841 | -€13,912 | €25,965 | €2,612 | €3,543 | €7,812 | ▲ 120% |
| Financial income75/76B | - | - | - | €61 | €20 | - | - | - | - |
| Recurring financial income75 | €114 | €178 | €3,231 | €61 | €20 | - | - | - | - |
| Financial charges65/66B | - | - | - | €588 | €443 | €488 | €148 | €392 | ▲ 166% |
| Recurring financial charges65 | €861 | €753 | €779 | €588 | €443 | €488 | €148 | €392 | ▲ 166% |
| Profit (loss) for the period before taxes9903 | €25,399 | €52,305 | -€389 | -€14,440 | €25,543 | €2,124 | €3,396 | €7,420 | ▲ 119% |
| Income taxes67/77 | €6,941 | €13,879 | €1,057 | €471 | €6,004 | €10 | - | €3,248 | - |
| Profit (loss) for the period9904 | €18,458 | €38,426 | -€1,446 | -€14,910 | €19,538 | €2,114 | €3,396 | €4,173 | ▲ 22.9% |
| Profit (loss) for the period to be appropriated9905 | €18,458 | €38,426 | -€1,446 | -€14,910 | €19,538 | €2,114 | €3,396 | €4,173 | ▲ 22.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €120,193 | €134,422 | €78,084 | €51,416 | €87,468 | €48,729 | €51,912 | €42,446 | ▼ 18.2% |
| Fixed assets21/28 | €27,884 | €48,073 | €35,678 | €23,527 | €11,721 | €335 | €335 | €335 | = |
| Tangible fixed assets22/27 | €27,759 | €47,949 | €35,553 | €23,402 | €11,596 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €23,402 | €11,596 | - | - | - | - |
| Financial fixed assets28 | €125 | €125 | €125 | €125 | €125 | €335 | €335 | €335 | = |
| Current assets29/58 | €92,309 | €86,348 | €42,406 | €27,889 | €75,747 | €48,395 | €51,577 | €42,111 | ▼ 18.4% |
| Amounts receivable within one year40/41 | €27,200 | €30,086 | €7,035 | €4,312 | €30,950 | €389 | €628 | €18,645 | ▲ 30× |
| Trade receivables40 | - | - | - | €3,094 | €30,950 | €263 | €238 | €18,645 | ▲ 78× |
| Other amounts receivable41 | - | - | - | €1,218 | - | €126 | €390 | - | - |
| Cash at bank and in hand54/58 | €63,691 | €55,982 | €35,371 | €22,429 | €44,797 | €48,006 | €50,950 | €23,466 | ▼ 53.9% |
| Deferred charges and accrued income490/1 | - | - | - | €1,149 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €120,193 | €134,422 | €78,084 | €51,416 | €87,468 | €48,729 | €51,912 | €42,446 | ▼ 18.2% |
| Equity10/15 | €23,099 | €37,345 | €35,899 | €12,070 | €31,609 | €33,723 | €18,091 | €12,114 | ▼ 33.0% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Contributions outside capital11 | - | - | - | - | - | €6,200 | €6,200 | - | - |
| Other1109/19 | - | - | - | - | - | €6,200 | €6,200 | - | - |
| Reserves13 | €13,699 | €27,945 | €27,945 | €19,027 | €25,027 | €25,027 | €6,000 | - | - |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | €25,027 | €6,000 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | €25,027 | €6,000 | - | - |
| Distributable reserves133 | - | - | - | €17,167 | €25,027 | - | - | - | - |
| Profit (loss) carried forward14 | €3,200 | €3,200 | €1,753 | -€13,157 | €381 | €2,495 | €5,891 | €5,914 | ▲ 0.4% |
| Amounts payable17/49 | €97,094 | €97,077 | €42,185 | €39,346 | €55,859 | €15,007 | €33,821 | €30,332 | ▼ 10.3% |
| Amounts payable after more than one year17 | €11,119 | €30,193 | €20,254 | €9,518 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €9,518 | - | - | - | - | - |
| Amounts payable within one year42/48 | €85,975 | €66,883 | €21,931 | €29,828 | €55,859 | €15,007 | €33,821 | €30,332 | ▼ 10.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,736 | €9,518 | - | - | - | - |
| Trade debts44 | €10,347 | €11,756 | €4,038 | €7,317 | €24,028 | €3,553 | €6,693 | €12,213 | ▲ 82.5% |
| Suppliers440/4 | - | - | - | €7,317 | €24,028 | €3,553 | €6,693 | €12,213 | ▲ 82.5% |
| Taxes, remuneration and social security45 | - | - | - | €3,428 | €13,967 | €7,167 | €2,727 | €2,449 | ▼ 10.2% |
| Taxes450/3 | - | - | - | €1,528 | €12,067 | €7,167 | €2,727 | €2,449 | ▼ 10.2% |
| Remuneration and social security454/9 | - | - | - | €1,900 | €1,900 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €8,347 | €8,347 | €4,286 | €24,401 | €15,671 | ▼ 35.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,458 | €38,426 | -€1,446 | -€14,910 | €19,538 | €2,114 | €3,396 | €4,173 | ▲ 22.9% |
| + Depreciation and write-downs630 | €23,164 | €12,396 | €12,396 | €12,151 | €11,806 | €11,596 | - | - | - |
| Operating cash flow (approximation) | €41,622 | €50,822 | €10,949 | -€2,760 | €31,345 | €13,710 | €3,396 | €4,173 | ▲ 22.9% |
| Investment in fixed assets (approximation) | - | -€32,585 | €0 | €0 | €0 | -€210 | €0 | €0 | - |
| Change in cash | - | -€7,708 | -€20,611 | -€12,942 | €22,368 | €3,210 | €2,944 | -€27,484 | - |
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, 5,053 companies had the same profile as Flow&Light has now. Two years later, 95.8% were still going and 1.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.4%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Flow&Light itself: 1.0% 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 5,053 companies, not a prediction for Flow&Light. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-06-2026 | 2026-00138306 | |
| 31-12-2024 | micro format | 04-06-2025 | 2025-00120837 | |
| 31-12-2023 | micro format | 19-06-2024 | 2024-00160197 | |
| 31-12-2022 | micro format | 23-08-2023 | 2023-00350642 | |
| 31-12-2021 | micro format | 07-07-2022 | 2022-20155418 | |
| 31-12-2020 | micro format | 29-06-2021 | 2021-26500450 | |
| 31-12-2019 | micro format | 19-06-2020 | 2020-18700149 | |
| 31-12-2018 | micro format | 10-06-2019 | 2019-17800365 | |
| 31-12-2017 | micro format | 13-07-2018 | 2018-33000234 | |
| 31-12-2016 | micro format | 31-07-2017 | 2017-39300549 |