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ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 19-05-2026 PDF all 4 filings
Turnover
≈ €140,000
Estimated: probably between €82,000 and €190,000
Total assets
€369,220▲ 285%
2024 · €95,974
Net result
€32,780▲ 19.5%
2024 · €27,437
Working capital
-€45,716
2024 · €77,183
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€46,897
▲ 37.2%
2025
20222025
Net result
€32,780
▲ 19.5%
2025
middle half of the sector
20222025
Equity
€78,121
=
2025
middle half of the sector
20222025
Total assets
€369,220
▲ 285%
2025
middle half of the sector
20222025
Debt
€291,100
▲ 16×
2025
20222025
Working capital
-€45,716
2025
lowest quarter of the sector
20222025
Solvency
21.2%
▼ 60.2pp
2025
lowest quarter of the sector
20222025
Current ratio
0.54
▼ 4.78
2025
lowest quarter of the sector
20222025
Return on assets (ROA)
8.9%
▼ 19.7pp
2025
middle half of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€28,931-€23,119▼ 20.1%€34,171▲ 47.8%€46,897▲ 37.2%
Net result€22,503within the sector's middle half-€18,181within the sector's middle half▼ 19.2%€27,437within the sector's middle half▲ 50.9%€32,780within the sector's middle half▲ 19.5%
Equity€32,503within the sector's middle half-€50,684within the sector's middle half▲ 55.9%€78,121within the sector's middle half▲ 54.1%€78,121within the sector's middle half=
Total assets€54,184below the sector's middle half-€63,879below the sector's middle half▲ 17.9%€95,974within the sector's middle half▲ 50.2%€369,220within the sector's middle half▲ 285%
Debt€21,681-€13,196▼ 39.1%€17,853▲ 35.3%€291,100▲ 16×
Working capital€32,503within the sector's middle half-€49,482within the sector's middle half▲ 52.2%€77,183within the sector's middle half▲ 56.0%-€45,716below the sector's middle half
Solvency60.0%within the sector's middle half-79.3%above the sector's middle half▲ 19.4pp81.4%above the sector's middle half▲ 2.1pp21.2%below the sector's middle half▼ 60.2pp
Current ratio2.50within the sector's middle half-4.75above the sector's middle half▲ 2.255.32above the sector's middle half▲ 0.570.54below the sector's middle half▼ 4.78
Return on assets (ROA)41.5%above the sector's middle half-28.5%within the sector's middle half▼ 13.1pp28.6%within the sector's middle half▲ 0.1pp8.9%within the sector's middle half▼ 19.7pp
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 37% higher than in 2024 and the highest since 2022. It is the second rise in a row, after the fall in 2023.
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 €369,220
Fixed assets
€315,544 ▲ 337×
Current assets
€53,676 ▼ 43.5%
Equity and liabilities €369,220
Equity
€78,121 =
Debt
€291,100 ▲ 16×
Debt's share of the balance-sheet total rises from 18.6% to 78.8%. Debt is higher.
Key figures and ratios
EBITDA
€47,297▲
2024 · €34,435
Cash flow
€33,180▲
2024 · €27,701
Debt to equity
3.73▲
2024 · 0.23
ROE
42.0%▲
2024 · 35.1%
Interest coverage
5.40▼
2024 · over 100
Debt ≤ 1 year
€99,392▲
2024 · €17,853
Debt > 1 year
€191,708
Income taxes
€8,485▲
2024 · €7,304
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €1,322 | - | €2,024 |
| Financial fixed assets | - | - | - | €312,982 |
| Depreciation and write-downs of the year | - | €120 | €264 | €400 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €120 | €264 | €400 | ▲ 51.2% |
| Other operating charges640/8 | €427 | €188 | €64 | €923 | ▲ 14× |
| Gross operating margin9900 | €29,358 | €23,427 | €34,499 | €48,220 | ▲ 39.8% |
| Operating profit (loss)9901 | €28,931 | €23,119 | €34,171 | €46,897 | ▲ 37.2% |
| Financial income75/76B | €228 | €441 | €624 | €3,126 | ▲ 401% |
| Recurring financial income75 | €228 | €441 | €624 | €3,126 | ▲ 401% |
| Financial charges65/66B | €71 | €190 | €54 | €8,759 | ▲ 162× |
| Recurring financial charges65 | €71 | €190 | €54 | €8,759 | ▲ 162× |
| Profit (loss) for the period before taxes9903 | €29,087 | €23,371 | €34,741 | €41,264 | ▲ 18.8% |
| Income taxes67/77 | €6,584 | €5,190 | €7,304 | €8,485 | ▲ 16.2% |
| Profit (loss) for the period9904 | €22,503 | €18,181 | €27,437 | €32,780 | ▲ 19.5% |
| Profit (loss) for the period to be appropriated9905 | €22,503 | €18,181 | €27,437 | €32,780 | ▲ 19.5% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €54,184 | €63,879 | €95,974 | €369,220 | ▲ 285% |
| Fixed assets21/28 | - | €1,202 | €938 | €315,544 | ▲ 337× |
| Tangible fixed assets22/27 | - | €1,202 | €938 | €2,562 | ▲ 173% |
| Plant, machinery and equipment23 | - | - | - | €1,889 | - |
| Furniture and vehicles24 | - | €1,202 | €938 | €673 | ▼ 28.2% |
| Financial fixed assets28 | - | - | - | €312,982 | - |
| Current assets29/58 | €54,184 | €62,677 | €95,036 | €53,676 | ▼ 43.5% |
| Amounts receivable after more than one year29 | €13,228 | €25,669 | €36,293 | €36,928 | ▲ 1.7% |
| Trade receivables290 | €13,228 | €25,669 | €36,293 | €36,928 | ▲ 1.7% |
| Amounts receivable within one year40/41 | €9,025 | €8,302 | €8,961 | €3,772 | ▼ 57.9% |
| Trade receivables40 | €9,025 | €8,302 | €8,961 | - | - |
| Other amounts receivable41 | - | - | - | €3,772 | - |
| Cash at bank and in hand54/58 | €31,932 | €28,706 | €49,782 | €12,976 | ▼ 73.9% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €54,184 | €63,879 | €95,974 | €369,220 | ▲ 285% |
| Equity10/15 | €32,503 | €50,684 | €78,121 | €78,121 | = |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €22,503 | €40,684 | €68,121 | €68,121 | = |
| Distributable reserves133 | €22,503 | €40,684 | €68,121 | €68,121 | = |
| Amounts payable17/49 | €21,681 | €13,196 | €17,853 | €291,100 | ▲ 16× |
| Amounts payable after more than one year17 | - | - | - | €191,708 | - |
| Financial debts170/4 | - | - | - | €191,708 | - |
| Amounts payable within one year42/48 | €21,681 | €13,196 | €17,853 | €99,392 | ▲ 457% |
| Current portion of amounts payable after more than one year42 | - | - | - | €60,059 | - |
| Trade debts44 | €2,232 | - | €19 | - | - |
| Suppliers440/4 | €2,232 | - | €19 | - | - |
| Taxes, remuneration and social security45 | €18,071 | €11,682 | €16,118 | €4,100 | ▼ 74.6% |
| Taxes450/3 | €18,071 | €11,682 | €14,268 | €2,250 | ▼ 84.2% |
| Remuneration and social security454/9 | - | - | €1,850 | €1,850 | = |
| Other amounts payable47/48 | €1,378 | €1,514 | €1,717 | €35,233 | ▲ 21× |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,503 | €18,181 | €27,437 | €32,780 | ▲ 19.5% |
| + Depreciation and write-downs630 | - | €120 | €264 | €400 | ▲ 51.2% |
| Operating cash flow (approximation) | €22,503 | €18,301 | €27,701 | €33,180 | ▲ 19.8% |
| Investment in fixed assets (approximation) | - | - | €0 | -€315,006 | - |
| Change in cash | - | -€3,226 | €21,076 | -€36,806 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.