FoNS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 12-06-2026 PDF all 14 filings
Equity
€48,511▼ 12.3%
2024 · €55,286
Total assets
€49,806▼ 13.4%
2024 · €57,541
Net result
-€6,775▼ 8.8%
2024 · -€6,227
Working capital
€43,884▼ 12.1%
2024 · €49,900
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€6,725
▼ 8.9%
2025
20182025
Net result
-€6,775
▼ 8.8%
2025
lowest quarter of the sector
20182025
Equity
€48,511
▼ 12.3%
2025
middle half of the sector
20182025
Total assets
€49,806
▼ 13.4%
2025
middle half of the sector
20182025
Debt
€1,295
▼ 42.6%
2025
20182025
Working capital
€43,884
▼ 12.1%
2025
middle half of the sector
20182025
Solvency
97.4%
▲ 1.3pp
2025
highest quarter of the sector
20182025
Current ratio
34.89
▲ 11.76
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-13.6%
▼ 2.8pp
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€23,192-€20,256▼ 12.7%€35,086▲ 73.2%€27,286▼ 22.2%-€1,397€5,643-€6,179-€6,725▼ 8.9%
Net result€12,472-€11,045▼ 11.4%€21,843above the sector's middle half▲ 97.8%€16,519within the sector's middle half▼ 24.4%-€1,228within the sector's middle half€5,263within the sector's middle half-€6,227below the sector's middle half-€6,775below the sector's middle half▼ 8.8%
Equity€38,189-€49,234▲ 28.9%€71,077within the sector's middle half▲ 44.4%€57,478within the sector's middle half▼ 19.1%€56,250within the sector's middle half▼ 2.1%€61,513within the sector's middle half▲ 9.4%€55,286within the sector's middle half▼ 10.1%€48,511within the sector's middle half▼ 12.3%
Total assets€84,567-€101,090▲ 19.5%€105,468within the sector's middle half▲ 4.3%€82,834within the sector's middle half▼ 21.5%€72,455within the sector's middle half▼ 12.5%€95,947within the sector's middle half▲ 32.4%€57,541within the sector's middle half▼ 40.0%€49,806within the sector's middle half▼ 13.4%
Debt€46,378-€51,855▲ 11.8%€34,391▼ 33.7%€25,356▼ 26.3%€16,205▼ 36.1%€34,434▲ 112%€2,255▼ 93.5%€1,295▼ 42.6%
Working capital€41,810-€39,704▼ 5.0%€63,748within the sector's middle half▲ 60.6%€45,962within the sector's middle half▼ 27.9%€47,128within the sector's middle half▲ 2.5%€54,472within the sector's middle half▲ 15.6%€49,900within the sector's middle half▼ 8.4%€43,884within the sector's middle half▼ 12.1%
Solvency45.2%-48.7%▲ 3.5pp67.4%within the sector's middle half▲ 18.7pp69.4%within the sector's middle half▲ 2.0pp77.6%above the sector's middle half▲ 8.2pp64.1%within the sector's middle half▼ 13.5pp96.1%above the sector's middle half▲ 32.0pp97.4%above the sector's middle half▲ 1.3pp
Current ratio2.27-1.77▼ 0.512.85within the sector's middle half▲ 1.092.81within the sector's middle half▼ 0.043.91above the sector's middle half▲ 1.102.58within the sector's middle half▼ 1.3323.13above the sector's middle half▲ 20.5534.89above the sector's middle half▲ 11.76
Return on assets (ROA)14.7%-10.9%▼ 3.8pp20.7%above the sector's middle half▲ 9.8pp19.9%above the sector's middle half▼ 0.8pp-1.7%within the sector's middle half▼ 21.6pp5.5%within the sector's middle half▲ 7.2pp-10.8%below the sector's middle half▼ 16.3pp-13.6%below the sector's middle half▼ 2.8pp
above
within
below
The sector band is the middle half of the companies in Motion picture, video and television programme production, sound recording and music publishing activities (NACE 59). 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 a loss of €6,725, larger than the loss of €6,179 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €49,806
Fixed assets
€4,627 ▼ 14.1%
Current assets
€45,179 ▼ 13.4%
Equity and liabilities €49,806
Equity
€48,511 ▼ 12.3%
Debt
€1,295 ▼ 42.6%
Debt's share of the balance-sheet total falls from 3.9% to 2.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€5,966▼
2024 · -€4,523
Cash flow
-€6,016▼
2024 · -€4,571
Debt to equity
0.03▼
2024 · 0.04
ROE
-14.0%▼
2024 · -11.3%
Interest coverage
-29.05▼
2024 · -14.03
Debt ≤ 1 year
€1,295▼
2024 · €2,255
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 | €7,157 | €14,195 | - | - | - |
| Depreciation and write-downs of the year | €2,971 | €2,395 | €2,080 | €1,656 | €759 |
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 | - | - | - | - | €10,006 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,395 | €3,861 | €3,340 | €2,971 | €2,395 | €2,080 | €1,656 | €759 | ▼ 54.1% |
| Other operating charges640/8 | - | - | - | €1,467 | €621 | - | - | €787 | - |
| Gross operating margin9900 | €29,710 | €25,959 | €39,895 | €31,724 | €1,619 | €7,723 | -€4,523 | -€5,179 | ▼ 14.5% |
| Operating profit (loss)9901 | €23,192 | €20,256 | €35,086 | €27,286 | -€1,397 | €5,643 | -€6,179 | -€6,725 | ▼ 8.9% |
| Financial income75/76B | - | - | - | €15 | €648 | €390 | €274 | €156 | ▼ 43.2% |
| Recurring financial income75 | €0 | - | €1 | €15 | €648 | €390 | €274 | €156 | ▼ 43.2% |
| Financial charges65/66B | - | - | - | €1,098 | €250 | €129 | €322 | €205 | ▼ 36.3% |
| Recurring financial charges65 | €2,555 | €1,835 | €1,580 | €1,098 | €250 | €129 | €322 | €205 | ▼ 36.3% |
| Profit (loss) for the period before taxes9903 | €20,638 | €18,421 | €33,507 | €26,203 | -€999 | €5,904 | -€6,227 | -€6,775 | ▼ 8.8% |
| Income taxes67/77 | €8,166 | €7,376 | €11,664 | €9,683 | €229 | €641 | - | - | - |
| Profit (loss) for the period9904 | €12,472 | €11,045 | €21,843 | €16,519 | -€1,228 | €5,263 | -€6,227 | -€6,775 | ▼ 8.8% |
| Profit (loss) for the period to be appropriated9905 | €12,472 | €11,045 | €21,843 | €16,519 | -€1,228 | €5,263 | -€6,227 | -€6,775 | ▼ 8.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €84,567 | €101,090 | €105,468 | €82,834 | €72,455 | €95,947 | €57,541 | €49,806 | ▼ 13.4% |
| Fixed assets21/28 | €9,881 | €9,530 | €7,329 | €11,516 | €9,121 | €7,041 | €5,386 | €4,627 | ▼ 14.1% |
| Tangible fixed assets22/27 | €9,881 | €9,530 | €7,169 | €11,356 | €8,961 | €6,881 | €5,226 | €4,467 | ▼ 14.5% |
| Plant, machinery and equipment23 | - | - | - | €9,309 | €7,885 | €6,524 | €5,226 | €4,467 | ▼ 14.5% |
| Furniture and vehicles24 | - | - | - | €2,047 | €1,077 | €357 | - | - | - |
| Financial fixed assets28 | - | - | €160 | €160 | €160 | €160 | €160 | €160 | = |
| Current assets29/58 | €74,686 | €91,560 | €98,139 | €71,318 | €63,334 | €88,905 | €52,155 | €45,179 | ▼ 13.4% |
| Amounts receivable after more than one year29 | - | - | - | - | €19,611 | €12,584 | €5,438 | - | - |
| Other amounts receivable291 | - | - | - | - | €19,611 | €12,584 | €5,438 | - | - |
| Amounts receivable within one year40/41 | €58,271 | €66,159 | €76,691 | €54,445 | €38,614 | €75,406 | €46,715 | €45,118 | ▼ 3.4% |
| Trade receivables40 | - | - | - | €7,260 | €5,451 | €27,747 | - | - | - |
| Other amounts receivable41 | - | - | - | €47,185 | €33,163 | €47,659 | €46,715 | €45,118 | ▼ 3.4% |
| Cash at bank and in hand54/58 | €15,444 | €24,306 | €17,043 | €15,942 | €5,109 | €916 | €2 | €61 | ▲ 32× |
| Deferred charges and accrued income490/1 | - | - | - | €931 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €84,567 | €101,090 | €105,468 | €82,834 | €72,455 | €95,947 | €57,541 | €49,806 | ▼ 13.4% |
| Equity10/15 | €38,189 | €49,234 | €71,077 | €57,478 | €56,250 | €61,513 | €55,286 | €48,511 | ▼ 12.3% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €31,989 | €43,034 | €64,877 | €51,278 | €50,050 | €55,313 | €55,313 | €55,313 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €49,418 | €48,190 | €53,453 | €53,453 | €53,453 | = |
| Profit (loss) carried forward14 | - | - | - | - | - | - | -€6,227 | -€13,002 | ▼ 109% |
| Amounts payable17/49 | €46,378 | €51,855 | €34,391 | €25,356 | €16,205 | €34,434 | €2,255 | €1,295 | ▼ 42.6% |
| Amounts payable after more than one year17 | €13,502 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €32,876 | €51,855 | €34,391 | €25,356 | €16,205 | €34,434 | €2,255 | €1,295 | ▼ 42.6% |
| Trade debts44 | €2,491 | €2,800 | €6,896 | €260 | €600 | €2,679 | €1,614 | €1,295 | ▼ 19.8% |
| Suppliers440/4 | - | - | - | €260 | €600 | €2,679 | €1,614 | €1,295 | ▼ 19.8% |
| Advances received on contracts in progress46 | - | - | - | - | €5,717 | €30,885 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €25,096 | €9,888 | €870 | €641 | - | - |
| Taxes450/3 | - | - | - | €25,096 | €9,888 | €870 | €641 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,472 | €11,045 | €21,843 | €16,519 | -€1,228 | €5,263 | -€6,227 | -€6,775 | ▼ 8.8% |
| + Depreciation and write-downs630 | €3,395 | €3,861 | €3,340 | €2,971 | €2,395 | €2,080 | €1,656 | €759 | ▼ 54.1% |
| Operating cash flow (approximation) | €15,867 | €14,906 | €25,183 | €19,490 | €1,166 | €7,343 | -€4,571 | -€6,016 | ▼ 31.6% |
| Investment in fixed assets (approximation) | - | -€3,510 | -€1,139 | -€7,157 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €8,862 | -€7,263 | -€1,102 | -€10,833 | -€4,193 | -€914 | €59 | - |
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, 4,805 companies had the same profile as FoNS has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FoNS itself: 1.2% 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 4,805 companies, not a prediction for FoNS. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 12-06-2026 | 2026-00158376 | |
| 31-12-2024 | micro format | 25-08-2025 | 2025-00431910 | |
| 31-12-2023 | micro format | 24-09-2024 | 2024-00469759 | |
| 31-12-2022 | micro format | 08-11-2023 | 2023-00508360 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20380532 | |
| 31-12-2020 | micro format | 22-09-2021 | 2021-67900597 | |
| 31-12-2019 | micro format | 25-11-2020 | 2020-71900030 | |
| 31-12-2018 | micro format | 03-10-2019 | 2019-68600521 | |
| 31-12-2017 | micro format | 22-08-2018 | 2018-48500465 | |
| 31-12-2016 | micro format | 19-09-2017 | 2017-61300035 |