FunQ
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 29-09-2026 at the NBB all 17 filings
Turnover
≈ €280,000
Estimated: probably between €240,000 and €330,000
Total assets
€1.9m▼ 5.8%
2025 · €2.0m
Net result
€50,350▲ 7.1%
2025 · €47,011
Working capital
€704,665▼ 8.3%
2025 · €768,286
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€89,053
▲ 10.9%
2026
20192026
Net result
€50,350
▲ 7.1%
2026
20192026
Equity
€262,092
▲ 2.1%
2026
20192026
Total assets
€1.9m
▼ 5.8%
2026
20192026
Debt
€1.6m
▼ 6.9%
2026
20192026
Working capital
€704,665
▼ 8.3%
2026
20192026
Solvency
13.6%
▲ 1.1pp
2026
20192026
Current ratio
4.46
▼ 0.26
2026
20192026
Return on assets (ROA)
2.6%
▲ 0.3pp
2026
20192026
Staff (FTE)
no figure
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€0.1m-€0.1m▲ 23.3%€0.03m▼ 75.4%€0.03m▲ 1.6%€0.06m▲ 117%€0.04m▼ 43.0%€0.08m▲ 121%€0.09m▲ 10.9%
Net result€0.07m-€0.07m▲ 11.5%€0.009mwithin the sector's middle half▼ 88.3%€0.009mwithin the sector's middle half▲ 6.7%€0.03mwithin the sector's middle half▲ 263%€0.02mwithin the sector's middle half▼ 40.0%€0.05mwithin the sector's middle half▲ 134%€0.05m▲ 7.1%
Equity€0.1m-€0.2m▲ 42.6%€0.2mwithin the sector's middle half▲ 5.4%€0.2mwithin the sector's middle half▼ 6.5%€0.2mwithin the sector's middle half▲ 21.2%€0.2mwithin the sector's middle half▲ 9.5%€0.3mabove the sector's middle half▲ 22.4%€0.3m▲ 2.1%
Total assets€1.2m-€1.2m▼ 0.1%€1.4mwithin the sector's middle half▲ 21.3%€1.3mabove the sector's middle half▼ 8.7%€1.2mabove the sector's middle half▼ 5.0%€1.7mabove the sector's middle half▲ 35.0%€2.0mabove the sector's middle half▲ 22.5%€1.9m▼ 5.8%
Debt€1.1m-€1.0m▼ 4.7%€1.2m▲ 24.1%€1.1m▼ 9.1%€1.0m▼ 8.6%€1.4m▲ 40.0%€1.8m▲ 22.4%€1.6m▼ 6.9%
Working capital€0.3m-€0.3m▲ 4.7%€0.5mabove the sector's middle half▲ 49.5%€0.4mabove the sector's middle half▼ 17.4%€0.4mabove the sector's middle half▼ 5.4%€0.6mabove the sector's middle half▲ 52.5%€0.8mabove the sector's middle half▲ 34.8%€0.7m▼ 8.3%
Solvency9.6%-13.7%▲ 4.1pp11.9%below the sector's middle half▼ 1.8pp12.2%below the sector's middle half▲ 0.3pp15.5%below the sector's middle half▲ 3.4pp12.6%below the sector's middle half▼ 2.9pp12.6%below the sector's middle half=13.6%▲ 1.1pp
Current ratio3.31-3.08▼ 0.234.76above the sector's middle half▲ 1.674.13within the sector's middle half▼ 0.633.93within the sector's middle half▼ 0.194.94above the sector's middle half▲ 1.004.73above the sector's middle half▼ 0.214.46▼ 0.26
Return on assets (ROA)5.6%-6.3%▲ 0.7pp0.6%within the sector's middle half▼ 5.7pp0.7%below the sector's middle half▲ 0.1pp2.7%within the sector's middle half▲ 2.0pp1.2%below the sector's middle half▼ 1.5pp2.3%below the sector's middle half▲ 1.1pp2.6%▲ 0.3pp
Staff (FTE)0.5-0.5=0.2below the sector's middle half▼ 60.0%
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 2026 is 11% higher than in 2025 and the highest since 2022. It is the second rise in a row, after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €1.9m
Fixed assets
€1.0m ▼ 4.8%
Current assets
€908,224 ▼ 6.8%
Equity and liabilities €1.9m
Equity
€262,092 ▲ 2.1%
Provisions
€9,986 ▼ 5.9%
Debt
€1.6m ▼ 6.9%
Debt's share of the balance-sheet total falls from 86.9% to 85.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€156,863▼
2025 · €195,295
Cash flow
€118,160▼
2025 · €161,980
Debt to equity
6.29▼
2025 · 6.90
ROE
19.2%▲
2025 · 18.3%
Interest coverage
4.12▼
2025 · 5.24
Debt ≤ 1 year
€203,559▼
2025 · €206,159
Debt > 1 year
€1.4m▼
2025 · €1.6m
Income taxes
€21,933▲
2025 · €12,544
Staff costs
€0
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €100,000 | €100,000 | - | - | - |
| Mortgage mandates | €1.4m | €1.4m | - | - | - |
| Carrying value of the mortgaged assets | €735,616 | €695,672 | - | - | - |
Source: notes to the 2022 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €14,014 | €7,151 | €322,459 | €358,297 | €16,247 |
| Financial fixed assets | - | - | - | €225 | €0 |
| Depreciation and write-downs of the year | €54,007 | €50,931 | €104,782 | €114,969 | €67,810 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €26,141 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | - | -€337 | €0 | - | €0 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €77,221 | €57,453 | €57,652 | €54,007 | €50,931 | €104,782 | €114,969 | €67,810 | ▼ 41.0% |
| Other operating charges640/8 | - | - | - | €9,731 | €11,863 | €9,553 | €10,334 | €9,711 | ▼ 6.0% |
| Gross operating margin9900 | €222,605 | €208,851 | €119,977 | €93,077 | €126,074 | €150,624 | €205,629 | €166,574 | ▼ 19.0% |
| Operating profit (loss)9901 | €95,329 | €117,535 | €28,889 | €29,339 | €63,617 | €36,288 | €80,326 | €89,053 | ▲ 10.9% |
| Financial income75/76B | - | - | - | €6,406 | €5,023 | €14,308 | €20,389 | €20,636 | ▲ 1.2% |
| Recurring financial income75 | €9,417 | €9,130 | €13,182 | €6,406 | €5,023 | €14,308 | €20,389 | €18,580 | ▼ 8.9% |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €2,056 | - |
| Financial charges65/66B | - | - | - | €18,905 | €17,747 | €25,073 | €37,262 | €38,033 | ▲ 2.1% |
| Recurring financial charges65 | €14,359 | €20,193 | €28,128 | €18,905 | €17,747 | €25,073 | €37,262 | €38,033 | ▲ 2.1% |
| Profit (loss) for the period before taxes9903 | €90,388 | €106,472 | €13,943 | €16,840 | €50,893 | €25,523 | €63,454 | €71,655 | ▲ 12.9% |
| Transfer from deferred taxes780 | - | - | - | €480 | €480 | €2,351 | €541 | €628 | ▲ 16.1% |
| Transfer to deferred taxes680 | - | - | - | - | - | - | €4,439 | €0 | ▼ 100% |
| Income taxes67/77 | €15,045 | €33,106 | €5,779 | €8,095 | €17,846 | €7,769 | €12,544 | €21,933 | ▲ 74.9% |
| Profit (loss) for the period9904 | €66,229 | €73,846 | €8,644 | €9,225 | €33,527 | €20,106 | €47,011 | €50,350 | ▲ 7.1% |
| Transfer from tax-exempt reserves789 | - | - | - | €1,872 | €1,872 | - | €2,116 | €2,464 | ▲ 16.4% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €17,758 | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | €30,669 | €75,717 | €10,516 | €11,097 | €35,398 | €20,106 | €31,370 | €52,813 | ▲ 68.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.2m | €1.2m | €1.4m | €1.3m | €1.2m | €1.7m | €2.0m | €1.9m | ▼ 5.8% |
| Fixed assets21/28 | €0.7m | €0.7m | €0.8m | €0.8m | €0.7m | €0.9m | €1.1m | €1.0m | ▼ 4.8% |
| Intangible fixed assets21 | €0.02m | €0.02m | €0.008m | €0.001m | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.7m | €0.7m | €0.8m | €0.8m | €0.7m | €0.9m | €1.1m | €1.0m | ▼ 4.8% |
| Land and buildings22 | - | - | - | €0.7m | €0.7m | €0.9m | €1.0m | €1.0m | ▼ 4.2% |
| Plant, machinery and equipment23 | - | - | - | €0.03m | €0.02m | €0.03m | €0.02m | €0.01m | ▼ 36.3% |
| Furniture and vehicles24 | - | - | - | €0.007m | €0.01m | €0.02m | €0.02m | €0.02m | ▼ 7.1% |
| Other tangible fixed assets26 | - | - | - | - | - | - | €0.003m | €0.003m | = |
| Financial fixed assets28 | - | - | - | - | - | - | €225 | €225 | = |
| Current assets29/58 | €0.4m | €0.5m | €0.6m | €0.5m | €0.5m | €0.7m | €1.0m | €0.9m | ▼ 6.8% |
| Amounts receivable after more than one year29 | - | - | - | €0.3m | €0.3m | €0.5m | €0.7m | €0.7m | ▼ 5.5% |
| Other amounts receivable291 | - | - | - | €0.3m | €0.3m | €0.5m | €0.7m | €0.7m | ▼ 5.5% |
| Amounts receivable within one year40/41 | €0.04m | €0.09m | €0.09m | €0.05m | €0.05m | €0.06m | €0.07m | €0.2m | ▲ 140% |
| Trade receivables40 | - | - | - | - | €0.002m | €0.01m | €0.002m | €0.1m | ▲ 55× |
| Other amounts receivable41 | - | - | - | €0.05m | €0.05m | €0.05m | €0.07m | €0.07m | ▼ 0.8% |
| Current investments50/53 | - | - | - | - | - | €0.05m | €0.05m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €0.1m | €0.2m | €0.1m | €0.1m | €0.1m | €0.08m | €0.1m | €0.07m | ▼ 49.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.01m | €0.02m | €0.01m | €0.009m | ▼ 16.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.2m | €1.2m | €1.4m | €1.3m | €1.2m | €1.7m | €2.0m | €1.9m | ▼ 5.8% |
| Equity10/15 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 2.1% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.09m | €0.1m | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 2.2% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Tax-exempt reserves132 | - | - | - | €0.03m | €0.03m | €0.03m | €0.04m | €0.04m | ▼ 5.9% |
| Distributable reserves133 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 4.0% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | - | €0 | - |
| Provisions and deferred taxes16 | €0.009m | €0.009m | €0.008m | €0.008m | €0.007m | €0.007m | €0.01m | €0.01m | ▼ 5.9% |
| Deferred taxes168 | - | - | - | €0.008m | €0.007m | €0.007m | €0.01m | €0.01m | ▼ 5.9% |
| Amounts payable17/49 | €1.1m | €1.0m | €1.2m | €1.1m | €1.0m | €1.4m | €1.8m | €1.6m | ▼ 6.9% |
| Amounts payable after more than one year17 | €0.9m | €0.8m | €1.1m | €1.0m | €0.9m | €1.3m | €1.6m | €1.4m | ▼ 7.7% |
| Financial debts170/4 | - | - | - | €1.0m | €0.9m | €1.3m | €1.6m | €1.4m | ▼ 7.7% |
| Amounts payable within one year42/48 | €0.1m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 1.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 5.7% |
| Trade debts44 | €0.03m | €0.03m | €0.01m | €0.007m | €0.008m | €0.02m | €0.03m | €0.04m | ▲ 6.7% |
| Suppliers440/4 | - | - | - | €0.007m | €0.008m | €0.02m | €0.03m | €0.04m | ▲ 6.7% |
| Advances received on contracts in progress46 | - | - | - | €0.003m | - | €0.001m | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.02m | €0.02m | €0.04m | €0.04m | ▼ 5.0% |
| Taxes450/3 | - | - | - | €0.01m | €0.02m | €0.02m | €0.04m | €0.04m | ▼ 5.0% |
| Other amounts payable47/48 | - | - | - | €0.002m | €0.003m | €0.003m | €0.001m | €0.005m | ▲ 888% |
| Accrued charges and deferred income492/3 | - | - | - | €0.007m | €0.007m | €0.008m | €0 | €0.001m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €66,229 | €73,846 | €8,644 | €9,225 | €33,527 | €20,106 | €47,011 | €50,350 | ▲ 7.1% |
| + Depreciation and write-downs630 | €77,221 | €57,453 | €57,652 | €54,007 | €50,931 | €104,782 | €114,969 | €67,810 | ▼ 41.0% |
| Operating cash flow (approximation) | €143,450 | €131,299 | €66,296 | €63,232 | €84,457 | €124,888 | €161,980 | €118,160 | ▼ 27.1% |
| Investment in fixed assets (approximation) | - | -€19,924 | -€174,836 | -€14,014 | -€7,151 | -€322,459 | -€230,232 | -€16,247 | ▲ 92.9% |
| Change in cash | - | €3,697 | -€4,746 | -€3,035 | €19 | -€64,864 | €62,738 | -€70,545 | - |
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, 4,107 companies had the same profile as FunQ has now. Two years later, 98.0% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
98.0%
was still going
0.9%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FunQ itself: 0.2% 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 4,107 companies, not a prediction for FunQ. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 29-09-2026 | 2026-00545034 | |
| 31-03-2025 | micro format | 09-10-2025 | 2025-00537175 | |
| 31-03-2024 | micro format | 11-10-2024 | 2024-00504288 | |
| 31-03-2023 | micro format | 29-09-2023 | 2023-00458973 | |
| 31-03-2022 | micro format | 28-09-2022 | 2022-20437641 | |
| 31-03-2021 | abbreviated format | 06-10-2021 | 2021-71400451 | |
| 31-03-2020 | micro format | 28-09-2020 | 2020-56400203 | |
| 31-03-2019 | micro format | 01-10-2019 | 2019-68100268 | |
| 31-03-2018 | micro format | 13-09-2018 | 2018-63100212 | |
| 31-03-2017 | micro format | 30-10-2017 | 2017-68400157 |