FORMULE S
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 17-06-2026 at the NBB all 33 filings
Equity
-€189,662▼ 3.6%
2024 · -€183,103
Total assets
€22,289▼ 12.1%
2024 · €25,355
Net result
-€6,559▼ 13.6%
2024 · -€5,771
Working capital
-€204,881▼ 2.8%
2024 · -€199,241
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€6,382
▼ 16.1%
2025
20182025
Net result
-€6,559
▼ 13.6%
2025
lowest quarter of the sector
20182025
Equity
-€189,662
▼ 3.6%
2025
lowest quarter of the sector
20182025
Total assets
€22,289
▼ 12.1%
2025
lowest quarter of the sector
20182025
Debt
€211,951
▲ 1.7%
2025
20182025
Working capital
-€204,881
▼ 2.8%
2025
lowest quarter of the sector
20182025
Solvency
-850.9%
▼ 128.8pp
2025
lowest quarter of the sector
20182025
Current ratio
0.03
▼ 0.01
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-29.4%
▼ 6.7pp
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€2,679-€6,845▲ 156%-€5,336-€4,138▲ 22.4%-€7,978▼ 92.8%-€3,079▲ 61.4%-€5,496▼ 78.5%-€6,382▼ 16.1%
Net result€2,617-€6,789▲ 159%-€5,456within the sector's middle half-€4,265below the sector's middle half▲ 21.8%-€8,849below the sector's middle half▼ 108%-€3,218within the sector's middle half▲ 63.6%-€5,771below the sector's middle half▼ 79.4%-€6,559below the sector's middle half▼ 13.6%
Equity-€162,333--€155,544▲ 4.2%-€161,000below the sector's middle half▼ 3.5%-€165,265below the sector's middle half▼ 2.6%-€174,114below the sector's middle half▼ 5.4%-€177,332below the sector's middle half▼ 1.8%-€183,103below the sector's middle half▼ 3.3%-€189,662below the sector's middle half▼ 3.6%
Total assets€30,905-€35,525▲ 15.0%€30,755within the sector's middle half▼ 13.4%€27,271within the sector's middle half▼ 11.3%€24,738within the sector's middle half▼ 9.3%€23,271within the sector's middle half▼ 5.9%€25,355within the sector's middle half▲ 9.0%€22,289below the sector's middle half▼ 12.1%
Debt€193,238-€191,069▼ 1.1%€191,756▲ 0.4%€192,535▲ 0.4%€198,853▲ 3.3%€200,603▲ 0.9%€208,458▲ 3.9%€211,951▲ 1.7%
Working capital-€176,658--€169,847▲ 3.9%-€177,829below the sector's middle half▼ 4.7%-€185,191below the sector's middle half▼ 4.1%-€192,541below the sector's middle half▼ 4.0%-€194,374below the sector's middle half▼ 1.0%-€199,241below the sector's middle half▼ 2.5%-€204,881below the sector's middle half▼ 2.8%
Solvency-525.3%--437.8%▲ 87.4pp-523.5%below the sector's middle half▼ 85.6pp-606.0%below the sector's middle half▼ 82.5pp-703.8%below the sector's middle half▼ 97.8pp-762.0%below the sector's middle half▼ 58.2pp-722.2%below the sector's middle half▲ 39.9pp-850.9%below the sector's middle half▼ 128.8pp
Current ratio0.08-0.11▲ 0.030.07below the sector's middle half▼ 0.040.04below the sector's middle half▼ 0.030.03below the sector's middle half▼ 0.010.03below the sector's middle half=0.04below the sector's middle half▲ 0.010.03below the sector's middle half▼ 0.01
Return on assets (ROA)8.5%-19.1%▲ 10.6pp-17.7%below the sector's middle half▼ 36.9pp-15.6%below the sector's middle half▲ 2.1pp-35.8%below the sector's middle half▼ 20.1pp-13.8%below the sector's middle half▲ 21.9pp-22.8%below the sector's middle half▼ 8.9pp-29.4%below the sector's middle half▼ 6.7pp
above
within
below
The sector band is the middle half of the companies in Personal service activities (NACE 96). 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 €6,382, larger than the loss of €5,496 in 2024. It is the lowest result since 2022.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €22,289
Fixed assets
€15,219 ▼ 6.3%
Current assets
€7,070 ▼ 22.4%
Equity and liabilities
Equity-€189,662
Debt€211,951
Equity is negative. Debt (€211,951) exceeds the balance-sheet total (€22,289).
Key figures and ratios
EBITDA
-€5,362▼
2024 · -€4,475
Cash flow
-€5,538▼
2024 · -€4,751
Quick ratio
0.03▼
2024 · 0.04
Interest coverage
-24.37▼
2024 · -16.25
Debt ≤ 1 year
€211,951▲
2024 · €208,357
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | €4,008 | - | - | - | - |
| Financial fixed assets | €912 | €1,200 | - | - | €0 |
| Depreciation and write-downs of the year | €2,384 | €2,687 | €1,367 | €1,021 | €1,021 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €904 | €404 | €1,725 | €2,384 | €2,687 | €1,367 | €1,021 | €1,021 | = |
| Other operating charges640/8 | - | - | - | €2,830 | €2,971 | €3,110 | €3,171 | €3,270 | ▲ 3.1% |
| Gross operating margin9900 | €6,332 | €10,180 | -€723 | €1,076 | -€2,319 | €1,398 | -€1,304 | -€2,092 | ▼ 60.4% |
| Operating profit (loss)9901 | €2,679 | €6,845 | -€5,336 | -€4,138 | -€7,978 | -€3,079 | -€5,496 | -€6,382 | ▼ 16.1% |
| Financial income75/76B | - | - | - | - | €18 | €3 | €0 | €43 | ▲ 4,340× |
| Recurring financial income75 | - | €4 | €0 | - | €18 | €3 | €0 | €43 | ▲ 4,340× |
| Financial charges65/66B | - | - | - | €126 | €890 | €142 | €275 | €220 | ▼ 20.1% |
| Recurring financial charges65 | €62 | €59 | €121 | €126 | €890 | €142 | €275 | €220 | ▼ 20.1% |
| Profit (loss) for the period before taxes9903 | €2,617 | €6,789 | -€5,456 | -€4,265 | -€8,849 | -€3,218 | -€5,771 | -€6,559 | ▼ 13.6% |
| Profit (loss) for the period9904 | €2,617 | €6,789 | -€5,456 | -€4,265 | -€8,849 | -€3,218 | -€5,771 | -€6,559 | ▼ 13.6% |
| Profit (loss) for the period to be appropriated9905 | €2,617 | €6,789 | -€5,456 | -€4,265 | -€8,849 | -€3,218 | -€5,771 | -€6,559 | ▼ 13.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €30,905 | €35,525 | €30,755 | €27,271 | €24,738 | €23,271 | €25,355 | €22,289 | ▼ 12.1% |
| Fixed assets21/28 | €14,707 | €14,303 | €17,578 | €20,114 | €18,627 | €17,260 | €16,239 | €15,219 | ▼ 6.3% |
| Tangible fixed assets22/27 | €14,707 | €14,303 | €17,578 | €19,202 | €16,515 | €15,148 | €14,127 | €13,107 | ▼ 7.2% |
| Land and buildings22 | - | - | - | €13,679 | €13,460 | €13,241 | €13,022 | €12,803 | ▼ 1.7% |
| Plant, machinery and equipment23 | - | - | - | €3,510 | €2,708 | €1,906 | €1,105 | €303 | ▼ 72.6% |
| Furniture and vehicles24 | - | - | - | €2,013 | €347 | €0 | - | - | - |
| Financial fixed assets28 | - | - | - | €912 | €2,112 | €2,112 | €2,112 | €2,112 | = |
| Current assets29/58 | €16,198 | €21,223 | €13,178 | €7,157 | €6,112 | €6,012 | €9,116 | €7,070 | ▼ 22.4% |
| Stocks and contracts in progress3 | €463 | €270 | €426 | €210 | €346 | €150 | €31 | €25 | ▼ 19.5% |
| Stocks30/36 | - | - | - | €210 | €346 | €150 | €31 | €25 | ▼ 19.5% |
| Amounts receivable within one year40/41 | €4,977 | €1,535 | €1,717 | €1,444 | €1,380 | €1,787 | €2,426 | €2,842 | ▲ 17.2% |
| Trade receivables40 | - | - | - | €1,252 | €1,226 | €1,345 | €1,421 | €2,073 | ▲ 45.8% |
| Other amounts receivable41 | - | - | - | €193 | €153 | €441 | €1,004 | €769 | ▼ 23.4% |
| Cash at bank and in hand54/58 | €9,831 | €18,307 | €10,037 | €4,466 | €2,747 | €2,360 | €4,196 | €1,680 | ▼ 60.0% |
| Deferred charges and accrued income490/1 | - | - | - | €1,037 | €1,639 | €1,715 | €2,463 | €2,523 | ▲ 2.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €30,905 | €35,525 | €30,755 | €27,271 | €24,738 | €23,271 | €25,355 | €22,289 | ▼ 12.1% |
| Equity10/15 | -€162,333 | -€155,544 | -€161,000 | -€165,265 | -€174,114 | -€177,332 | -€183,103 | -€189,662 | ▼ 3.6% |
| Contributions10/11 | €61,975 | €61,975 | €61,975 | €61,975 | €61,975 | €61,975 | €61,975 | €61,975 | = |
| Capital10 | - | - | - | €61,975 | €61,975 | €61,975 | €61,975 | €61,975 | = |
| Issued capital100 | - | - | - | €61,975 | €61,975 | €61,975 | €61,975 | €61,975 | = |
| Reserves13 | €37 | €37 | €37 | €37 | €37 | €37 | €37 | €37 | = |
| Non-distributable reserves130/1 | - | - | - | €37 | €37 | €37 | €37 | €37 | = |
| Legal reserve130 | - | - | - | €37 | €37 | €37 | €37 | €37 | = |
| Profit (loss) carried forward14 | -€224,345 | -€217,556 | -€223,012 | -€227,277 | -€236,126 | -€239,344 | -€245,115 | -€251,674 | ▼ 2.7% |
| Amounts payable17/49 | €193,238 | €191,069 | €191,756 | €192,535 | €198,853 | €200,603 | €208,458 | €211,951 | ▲ 1.7% |
| Amounts payable within one year42/48 | €192,855 | €191,069 | €191,007 | €192,348 | €198,653 | €200,386 | €208,357 | €211,951 | ▲ 1.7% |
| Trade debts44 | €3,195 | €2,937 | €2,391 | €1,052 | €1,729 | €2,290 | €3,401 | €1,749 | ▼ 48.6% |
| Suppliers440/4 | - | - | - | €1,052 | €1,729 | €2,290 | €3,401 | €1,749 | ▼ 48.6% |
| Taxes, remuneration and social security45 | - | - | - | - | €252 | €5 | €5 | €5 | = |
| Taxes450/3 | - | - | - | - | €252 | €5 | €5 | €5 | = |
| Other amounts payable47/48 | - | - | - | €191,296 | €196,671 | €198,091 | €204,950 | €210,196 | ▲ 2.6% |
| Accrued charges and deferred income492/3 | - | - | - | €188 | €200 | €217 | €101 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,617 | €6,789 | -€5,456 | -€4,265 | -€8,849 | -€3,218 | -€5,771 | -€6,559 | ▼ 13.6% |
| + Depreciation and write-downs630 | €904 | €404 | €1,725 | €2,384 | €2,687 | €1,367 | €1,021 | €1,021 | = |
| Operating cash flow (approximation) | €3,521 | €7,193 | -€3,732 | -€1,881 | -€6,162 | -€1,851 | -€4,751 | -€5,538 | ▼ 16.6% |
| Investment in fixed assets (approximation) | - | €0 | -€5,000 | -€4,920 | -€1,200 | €0 | €0 | €0 | - |
| Change in cash | - | €8,476 | -€8,271 | -€5,571 | -€1,718 | -€388 | €1,837 | -€2,516 | - |
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, 6,619 companies had the same profile as FORMULE S has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of FORMULE S itself is lower: 0.6% within 12 months. It rests on far more data about FORMULE S 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 6,619 companies, not a prediction for FORMULE S. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 17-06-2026 | 2026-00167647 | |
| 31-12-2024 | micro format | 16-07-2025 | 2025-00273287 | |
| 31-12-2023 | micro format | 10-06-2024 | 2024-00118153 | |
| 31-12-2022 | micro format | 27-06-2023 | 2023-00161871 | |
| 31-12-2021 | micro format | 23-06-2022 | 2022-20084028 | |
| 31-12-2020 | micro format | 23-06-2021 | 2021-22800066 | |
| 31-12-2019 | micro format | 14-07-2020 | 2020-29200414 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-58800583 | |
| 31-12-2017 | micro format | 16-07-2018 | 2018-34500334 | |
| 31-12-2016 | micro format | 21-08-2017 | 2017-46500018 |