FUSUMA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 6 filings
Turnover
€84,116
EBIT margin
8.1%
Net result
€15,387▲ 130%
2024 · €6,702
Working capital
€62,211▲ 38.7%
2024 · €44,845
Multi-year overview
2020 to 2025, 6 financial yearsTurnover
no figure
2025
20202025
Operating result
€23,034
▲ 104%
2025
20202025
Net result
€15,387
▲ 130%
2025
middle half of the sector
20202025
EBIT margin
no figure
2025
20202025
Equity
€66,167
▲ 30.3%
2025
middle half of the sector
20202025
Total assets
€72,500
▲ 20.8%
2025
middle half of the sector
20202025
Debt
€6,334
▼ 31.6%
2025
20202025
Working capital
€62,211
▲ 38.7%
2025
middle half of the sector
20202025
Solvency
91.3%
▲ 6.7pp
2025
highest quarter of the sector
20202025
Current ratio
10.82
▲ 4.98
2025
highest quarter of the sector
20202025
Return on assets (ROA)
21.2%
▲ 10.1pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Turnover€84,116-
Operating result€6,783--€1,897€29,026€33,773▲ 16.4%€11,292▼ 66.6%€23,034▲ 104%
Net result€6,292within the sector's middle half--€1,949below the sector's middle half€22,142within the sector's middle half€23,461within the sector's middle half▲ 6.0%€6,702within the sector's middle half▼ 71.4%€15,387within the sector's middle half▲ 130%
EBIT margin8.1%-
Equity€423below the sector's middle half--€1,526below the sector's middle half€20,616below the sector's middle half€44,077within the sector's middle half▲ 114%€50,779within the sector's middle half▲ 15.2%€66,167within the sector's middle half▲ 30.3%
Total assets€19,282below the sector's middle half-€7,232below the sector's middle half▼ 62.5%€33,966below the sector's middle half▲ 370%€58,538below the sector's middle half▲ 72.3%€60,038below the sector's middle half▲ 2.6%€72,500within the sector's middle half▲ 20.8%
Debt€18,859-€8,758▼ 53.6%€13,350▲ 52.4%€14,461▲ 8.3%€9,258▼ 36.0%€6,334▼ 31.6%
Working capital-€2,834below the sector's middle half--€2,403below the sector's middle half▲ 15.2%€10,312below the sector's middle half€36,165within the sector's middle half▲ 251%€44,845within the sector's middle half▲ 24.0%€62,211within the sector's middle half▲ 38.7%
Solvency2.2%below the sector's middle half--21.1%below the sector's middle half▼ 23.3pp60.7%within the sector's middle half▲ 81.8pp75.3%within the sector's middle half▲ 14.6pp84.6%above the sector's middle half▲ 9.3pp91.3%above the sector's middle half▲ 6.7pp
Current ratio0.85below the sector's middle half-0.73below the sector's middle half▼ 0.121.77within the sector's middle half▲ 1.053.50within the sector's middle half▲ 1.735.84above the sector's middle half▲ 2.3410.82above the sector's middle half▲ 4.98
Return on assets (ROA)32.6%above the sector's middle half--27.0%below the sector's middle half▼ 59.6pp65.2%above the sector's middle half▲ 92.1pp40.1%above the sector's middle half▼ 25.1pp11.2%within the sector's middle half▼ 28.9pp21.2%within the sector's middle half▲ 10.1pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 104% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €72,500
Fixed assets
€3,956 ▼ 33.3%
Current assets
€68,544 ▲ 26.7%
Equity and liabilities €72,500
Equity
€66,167 ▲ 30.3%
Debt
€6,334 ▼ 31.6%
Debt's share of the balance-sheet total falls from 15.4% to 8.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€25,012▲
2024 · €13,270
Cash flow
€17,365▲
2024 · €8,680
Quick ratio
7.67▲
2024 · 5.84
Debt to equity
0.10▼
2024 · 0.18
ROE
23.3%▲
2024 · 13.2%
Interest coverage
over 100▲
2024 · 73.69
Debt ≤ 1 year
€6,334▼
2024 · €9,258
Income taxes
€7,532▲
2024 · €4,431
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 | - | €9,890 | €3,550 | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €2,380 | €463 | €2,392 | €1,978 | €1,978 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Turnover70 | €84,116 | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €8,847 | €0 | €11,818 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,535 | €2,380 | €463 | €2,392 | €1,978 | €1,978 | = |
| Other operating charges640/8 | - | €1,722 | €170 | €730 | €567 | €634 | ▲ 11.7% |
| Gross operating margin9900 | €11,879 | €2,205 | €29,658 | €36,895 | €13,837 | €25,645 | ▲ 85.3% |
| Operating profit (loss)9901 | €6,783 | -€1,897 | €29,026 | €33,773 | €11,292 | €23,034 | ▲ 104% |
| Financial income75/76B | - | €1 | €1 | €0 | €22 | €0 | ▼ 100.0% |
| Recurring financial income75 | €6 | €1 | €1 | €0 | €22 | €0 | ▼ 100.0% |
| Financial charges65/66B | - | €53 | €64 | €65 | €180 | €115 | ▼ 36.4% |
| Recurring financial charges65 | €53 | €53 | €64 | €65 | €180 | €115 | ▼ 36.4% |
| Profit (loss) for the period before taxes9903 | €6,735 | -€1,949 | €28,963 | €33,708 | €11,133 | €22,919 | ▲ 106% |
| Income taxes67/77 | €443 | - | €6,820 | €10,247 | €4,431 | €7,532 | ▲ 70.0% |
| Profit (loss) for the period9904 | €6,292 | -€1,949 | €22,142 | €23,461 | €6,702 | €15,387 | ▲ 130% |
| Profit (loss) for the period to be appropriated9905 | €6,292 | -€1,949 | €22,142 | €23,461 | €6,702 | €15,387 | ▲ 130% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €19,282 | €7,232 | €33,966 | €58,538 | €60,038 | €72,500 | ▲ 20.8% |
| Fixed assets21/28 | €3,257 | €877 | €10,304 | €7,912 | €5,934 | €3,956 | ▼ 33.3% |
| Tangible fixed assets22/27 | €3,257 | €877 | €10,304 | €7,912 | €5,934 | €3,956 | ▼ 33.3% |
| Plant, machinery and equipment23 | - | €877 | €414 | €0 | - | - | - |
| Furniture and vehicles24 | - | €0 | €9,890 | €7,912 | €5,934 | €3,956 | ▼ 33.3% |
| Current assets29/58 | €16,025 | €6,355 | €23,662 | €50,626 | €54,104 | €68,544 | ▲ 26.7% |
| Stocks and contracts in progress3 | €407 | €0 | - | - | - | €19,980 | - |
| Stocks30/36 | - | €0 | - | - | - | €19,980 | - |
| Amounts receivable within one year40/41 | €1,526 | €183 | €4,363 | €5,878 | €11,971 | €23,115 | ▲ 93.1% |
| Trade receivables40 | - | €179 | €4,363 | €5,874 | €8,902 | €23,115 | ▲ 160% |
| Other amounts receivable41 | - | €4 | €0 | €4 | €3,069 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €14,092 | €4,237 | €17,057 | €42,156 | €39,433 | €22,095 | ▼ 44.0% |
| Deferred charges and accrued income490/1 | - | €1,935 | €2,242 | €2,592 | €2,700 | €3,354 | ▲ 24.3% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €19,282 | €7,232 | €33,966 | €58,538 | €60,038 | €72,500 | ▲ 20.8% |
| Equity10/15 | €423 | -€1,526 | €20,616 | €44,077 | €50,779 | €66,167 | ▲ 30.3% |
| Contributions10/11 | - | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | - | - | €18,616 | €42,077 | €48,779 | €64,167 | ▲ 31.5% |
| Distributable reserves133 | - | - | €18,616 | €42,077 | €48,779 | €64,167 | ▲ 31.5% |
| Profit (loss) carried forward14 | -€1,577 | -€3,526 | €0 | - | - | - | - |
| Amounts payable17/49 | €18,859 | €8,758 | €13,350 | €14,461 | €9,258 | €6,334 | ▼ 31.6% |
| Amounts payable within one year42/48 | €18,859 | €8,758 | €13,350 | €14,461 | €9,258 | €6,334 | ▼ 31.6% |
| Trade debts44 | €2,005 | €0 | €2,365 | €2,387 | €1,825 | €2,047 | ▲ 12.2% |
| Suppliers440/4 | - | €0 | €2,365 | €2,387 | €1,825 | €2,047 | ▲ 12.2% |
| Taxes, remuneration and social security45 | - | €149 | €8,247 | €8,117 | €5,309 | €2,235 | ▼ 57.9% |
| Taxes450/3 | - | €149 | €8,247 | €8,117 | €5,309 | €2,235 | ▼ 57.9% |
| Remuneration and social security454/9 | - | €0 | - | - | - | - | - |
| Other amounts payable47/48 | - | €8,608 | €2,738 | €3,957 | €2,125 | €2,052 | ▼ 3.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,292 | -€1,949 | €22,142 | €23,461 | €6,702 | €15,387 | ▲ 130% |
| + Depreciation and write-downs630 | €4,535 | €2,380 | €463 | €2,392 | €1,978 | €1,978 | = |
| Operating cash flow (approximation) | €10,826 | €431 | €22,605 | €25,853 | €8,680 | €17,365 | ▲ 100% |
| Investment in fixed assets (approximation) | - | €0 | -€9,890 | €0 | €0 | €0 | - |
| Change in cash | - | -€9,855 | €12,820 | €25,099 | -€2,723 | -€17,338 | ▼ 537% |
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, 34,693 companies had the same profile as FUSUMA has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of FUSUMA itself: < 0.1% 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 34,693 companies, not a prediction for FUSUMA. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00235382 | |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00219284 | |
| 31-12-2023 | micro format | 02-07-2024 | 2024-00215939 | |
| 31-12-2022 | micro format | 04-07-2023 | 2023-00205935 | |
| 31-12-2021 | micro format | 22-08-2022 | 2022-20307681 | |
| 31-12-2020 | micro format | 05-07-2021 | 2021-30000456 |