GREENZONE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 19 filings
Turnover
€30,586
EBIT margin
-57.6%
Net result
-€3,676▲ 26.7%
2024 · -€5,015
Working capital
-€85,890▲ 0.1%
2024 · -€85,936
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€3,463
▲ 27.2%
2025
20182025
Net result
-€3,676
▲ 26.7%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
-€74,611
▼ 5.2%
2025
lowest quarter of the sector
20182025
Total assets
€13,295
▼ 11.4%
2025
lowest quarter of the sector
20182025
Debt
€87,906
▲ 2.3%
2025
20182025
Working capital
-€85,890
▲ 0.1%
2025
lowest quarter of the sector
20182025
Solvency
-561.2%
▼ 88.3pp
2025
lowest quarter of the sector
20182025
Current ratio
0.02
▲ 0.02
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-27.6%
▲ 5.8pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€30,586-
Operating result-€17,618-€2,974€12,728▲ 328%€497▼ 96.1%-€3,209€555-€4,760-€3,463▲ 27.2%
Net result-€17,784-€2,565€12,511within the sector's middle half▲ 388%€402within the sector's middle half▼ 96.8%-€4,058below the sector's middle half-€407below the sector's middle half▲ 90.0%-€5,015below the sector's middle half▼ 1,131%-€3,676below the sector's middle half▲ 26.7%
EBIT margin-57.6%-
Equity-€76,934--€74,368▲ 3.3%-€61,857below the sector's middle half▲ 16.8%-€61,455below the sector's middle half▲ 0.6%-€65,513below the sector's middle half▼ 6.6%-€65,920below the sector's middle half▼ 0.6%-€70,935below the sector's middle half▼ 7.6%-€74,611below the sector's middle half▼ 5.2%
Total assets€13,343-€10,883▼ 18.4%€15,824below the sector's middle half▲ 45.4%€18,199below the sector's middle half▲ 15.0%€31,648below the sector's middle half▲ 73.9%€22,633below the sector's middle half▼ 28.5%€15,001below the sector's middle half▼ 33.7%€13,295below the sector's middle half▼ 11.4%
Debt€90,277-€85,251▼ 5.6%€77,681▼ 8.9%€79,654▲ 2.5%€97,160▲ 22.0%€88,553▼ 8.9%€85,936▼ 3.0%€87,906▲ 2.3%
Working capital-€83,350--€78,108▲ 6.3%-€74,581below the sector's middle half▲ 4.5%-€71,757below the sector's middle half▲ 3.8%-€86,897below the sector's middle half▼ 21.1%-€86,786below the sector's middle half▲ 0.1%-€85,936below the sector's middle half▲ 1.0%-€85,890below the sector's middle half▲ 0.1%
Solvency-576.6%--683.4%▼ 106.8pp-390.9%below the sector's middle half▲ 292.5pp-337.7%below the sector's middle half▲ 53.2pp-207.0%below the sector's middle half▲ 130.7pp-291.3%below the sector's middle half▼ 84.2pp-472.9%below the sector's middle half▼ 181.6pp-561.2%below the sector's middle half▼ 88.3pp
Current ratio0.08-0.08▲ 0.010.04below the sector's middle half▼ 0.040.10below the sector's middle half▲ 0.060.05below the sector's middle half▼ 0.050.02below the sector's middle half▼ 0.030.00below the sector's middle half▼ 0.020.02below the sector's middle half▲ 0.02
Return on assets (ROA)-133.3%-23.6%▲ 156.9pp79.1%above the sector's middle half▲ 55.5pp2.2%within the sector's middle half▼ 76.9pp-12.8%below the sector's middle half▼ 15.0pp-1.8%below the sector's middle half▲ 11.0pp-33.4%below the sector's middle half▼ 31.6pp-27.6%below the sector's middle half▲ 5.8pp
Staff (FTE)0.2
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). 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 €3,463, smaller than the loss of €4,760 in 2024.
Balance-sheet composition
Assets €13,295
Fixed assets
€11,279
Current assets
€2,016
Equity and liabilities
Equity-€74,611
Debt€87,906
Equity is negative. Debt (€87,906) exceeds the balance-sheet total (€13,295).
Key figures and ratios
EBITDA
€1,918▲
2024 · €1,106
Cash flow
€1,706▲
2024 · €850
Interest coverage
9.03▲
2024 · 3.75
Debt ≤ 1 year
€87,906▲
2024 · €85,936
Staff costs
€2,369▲
2024 · €325
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.
Staff
| Item | 31-12-2021 |
|---|---|
| Average over the year, in full-time equivalents | 0.2 |
| Joined | 3 |
| Left | 3 |
Source: social balance sheet in the 2021 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €743 | €25,420 | - | - | €1,659 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €3,165 | €3,215 | €5,865 | €5,865 | €5,381 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €30,586 | - | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €0 | €2,945 | €0 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €3,166 | €0 | €315 | €325 | €2,369 | ▲ 630% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,404 | €2,676 | €2,680 | €3,165 | €3,215 | €5,865 | €5,865 | €5,381 | ▼ 8.3% |
| Other operating charges640/8 | - | - | - | €2,446 | €1,378 | €753 | €731 | €338 | ▼ 53.7% |
| Gross operating margin9900 | -€13,214 | €7,301 | €17,272 | €9,274 | €1,383 | €7,489 | €2,162 | €4,625 | ▲ 114% |
| Operating profit (loss)9901 | -€17,618 | €2,974 | €12,728 | €497 | -€3,209 | €555 | -€4,760 | -€3,463 | ▲ 27.2% |
| Financial income75/76B | - | - | - | €69 | €10 | €0 | €39 | €0 | ▼ 100.0% |
| Recurring financial income75 | €0 | €0 | €12 | €69 | €10 | €0 | €39 | €0 | ▼ 100.0% |
| Financial charges65/66B | - | - | - | €164 | €858 | €962 | €295 | €212 | ▼ 28.0% |
| Recurring financial charges65 | €167 | €409 | €229 | €164 | €858 | €962 | €295 | €212 | ▼ 28.0% |
| Profit (loss) for the period before taxes9903 | -€17,784 | €2,565 | €12,511 | €402 | -€4,058 | -€407 | -€5,015 | -€3,676 | ▲ 26.7% |
| Profit (loss) for the period9904 | -€17,784 | €2,565 | €12,511 | €402 | -€4,058 | -€407 | -€5,015 | -€3,676 | ▲ 26.7% |
| Profit (loss) for the period to be appropriated9905 | -€17,784 | €2,565 | €12,511 | €402 | -€4,058 | -€407 | -€5,015 | -€3,676 | ▲ 26.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €13,343 | €10,883 | €15,824 | €18,199 | €31,648 | €22,633 | €15,001 | €13,295 | ▼ 11.4% |
| Fixed assets21/28 | €6,416 | €3,740 | €12,724 | €10,302 | €26,732 | €20,867 | €15,001 | €11,279 | ▼ 24.8% |
| Tangible fixed assets22/27 | €4,466 | €1,790 | €10,774 | €8,352 | €24,782 | €18,917 | €13,051 | €9,329 | ▼ 28.5% |
| Plant, machinery and equipment23 | - | - | - | €1,377 | €7,501 | €5,636 | €3,770 | €3,648 | ▼ 3.2% |
| Furniture and vehicles24 | - | - | - | €6,975 | €17,281 | €13,281 | €9,281 | €5,681 | ▼ 38.8% |
| Financial fixed assets28 | €1,950 | €1,950 | €1,950 | €1,950 | €1,950 | €1,950 | €1,950 | €1,950 | = |
| Current assets29/58 | €6,927 | €7,142 | €3,101 | €7,896 | €4,916 | €1,766 | €0 | €2,016 | - |
| Amounts receivable within one year40/41 | €6,927 | €7,142 | €2,870 | €5,256 | €4,916 | €1,059 | €0 | €2,016 | - |
| Trade receivables40 | - | - | - | €4,074 | €1,878 | €479 | €0 | €1,813 | - |
| Other amounts receivable41 | - | - | - | €1,182 | €3,038 | €580 | €0 | €203 | - |
| Cash at bank and in hand54/58 | - | - | €231 | €2,640 | €0 | - | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €708 | €0 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €13,343 | €10,883 | €15,824 | €18,199 | €31,648 | €22,633 | €15,001 | €13,295 | ▼ 11.4% |
| Equity10/15 | -€76,934 | -€74,368 | -€61,857 | -€61,455 | -€65,513 | -€65,920 | -€70,935 | -€74,611 | ▼ 5.2% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Profit (loss) carried forward14 | -€89,334 | -€86,768 | -€74,257 | -€73,855 | -€77,913 | -€78,320 | -€83,335 | -€87,011 | ▼ 4.4% |
| Amounts payable17/49 | €90,277 | €85,251 | €77,681 | €79,654 | €97,160 | €88,553 | €85,936 | €87,906 | ▲ 2.3% |
| Amounts payable after more than one year17 | - | - | - | - | €5,348 | €0 | - | - | - |
| Financial debts170/4 | - | - | - | - | €5,348 | €0 | - | - | - |
| Amounts payable within one year42/48 | €90,277 | €85,251 | €77,681 | €79,654 | €91,813 | €88,553 | €85,936 | €87,906 | ▲ 2.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €7,585 | €5,999 | €3,837 | €5,792 | ▲ 50.9% |
| Financial debts43 | - | - | - | - | €590 | €15 | €0 | - | - |
| Credit institutions430/8 | - | - | - | - | €590 | €15 | €0 | - | - |
| Trade debts44 | €5,483 | €0 | €3,040 | €10,442 | €9,460 | €12,551 | €12,475 | €769 | ▼ 93.8% |
| Suppliers440/4 | - | - | - | €10,442 | €9,460 | €12,551 | €12,475 | €769 | ▼ 93.8% |
| Taxes, remuneration and social security45 | - | - | - | €2,232 | €0 | - | €1,390 | €219 | ▼ 84.2% |
| Taxes450/3 | - | - | - | €2,232 | €0 | - | €1,390 | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | - | - | - | - | - | €219 | - |
| Other amounts payable47/48 | - | - | - | €66,980 | €74,178 | €69,987 | €68,234 | €81,126 | ▲ 18.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€17,784 | €2,565 | €12,511 | €402 | -€4,058 | -€407 | -€5,015 | -€3,676 | ▲ 26.7% |
| + Depreciation and write-downs630 | €3,404 | €2,676 | €2,680 | €3,165 | €3,215 | €5,865 | €5,865 | €5,381 | ▼ 8.3% |
| Operating cash flow (approximation) | -€14,379 | €5,241 | €15,191 | €3,567 | -€843 | €5,458 | €850 | €1,706 | ▲ 101% |
| Investment in fixed assets (approximation) | - | €0 | -€11,664 | -€743 | -€19,645 | €0 | €0 | -€1,659 | - |
| Change in cash | - | - | - | €2,410 | -€2,640 | - | - | - | - |
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, 6,907 companies had the same profile as GREENZONE has now. Two years later, 85.5% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.5%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GREENZONE itself: 1.6% 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 6,907 companies, not a prediction for GREENZONE. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00371343 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00330367 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00406832 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00416871 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20253088 | |
| 31-12-2020 | micro format | 26-08-2021 | 2021-54100160 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-48100318 | |
| 31-12-2018 | micro format | 28-08-2019 | 2019-54000353 | |
| 31-12-2017 | micro format | 24-08-2018 | 2018-50000564 | |
| 31-12-2016 | micro format | 26-07-2017 | 2017-36900583 |