H2
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00476504.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 13 filings
Turnover
€223,820▼ 9.3%
2024 · €246,899
EBIT margin
5.2%▲ 1.7pp
2024 · 3.5%
Net result
€9,435▲ 24.8%
2024 · €7,558
Working capital
€7,538
2024 · -€4,936
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€223,820
▼ 9.3%
2025
20182025
Operating result
€11,581
▲ 34.8%
2025
20182025
Net result
€9,435
▲ 24.8%
2025
middle half of the sector
20182025
EBIT margin
5.2%
▲ 1.7pp
2025
20182025
Equity
€12,000
▲ 368%
2025
middle half of the sector
20182025
Total assets
€68,184
▲ 23.7%
2025
middle half of the sector
20182025
Debt
€56,184
▲ 6.9%
2025
20182025
Working capital
€7,538
2025
middle half of the sector
20182025
Solvency
17.6%
▲ 12.9pp
2025
middle half of the sector
20182025
Current ratio
1.13
▲ 0.23
2025
middle half of the sector
20182025
Return on assets (ROA)
13.8%
▲ 0.1pp
2025
middle half of the sector
20182025
Staff (FTE)
1
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€224,225-€175,046▼ 21.9%€138,347▼ 21.0%€176,610▲ 27.7%€231,543▲ 31.1%€286,872▲ 23.9%€246,899▼ 13.9%€223,820▼ 9.3%
Operating result€9,356--€13,226€4,209€19,302▲ 359%€2,341▼ 87.9%€33,486▲ 14×€8,593▼ 74.3%€11,581▲ 34.8%
Net result€7,187--€14,490€4,177within the sector's middle half€17,755within the sector's middle half▲ 325%€798within the sector's middle half▼ 95.5%€32,469above the sector's middle half▲ 41×€7,558within the sector's middle half▼ 76.7%€9,435within the sector's middle half▲ 24.8%
EBIT margin4.2%--7.6%▼ 11.7pp3.0%▲ 10.6pp10.9%▲ 7.9pp1.0%▼ 9.9pp11.7%▲ 10.7pp3.5%▼ 8.2pp5.2%▲ 1.7pp
Equity-€45,702--€60,192▼ 31.7%-€56,014below the sector's middle half▲ 6.9%-€38,259below the sector's middle half▲ 31.7%-€37,461below the sector's middle half▲ 2.1%-€4,993below the sector's middle half▲ 86.7%€2,565within the sector's middle half€12,000within the sector's middle half▲ 368%
Total assets€45,729-€80,981▲ 77.1%€55,130within the sector's middle half▼ 31.9%€79,605within the sector's middle half▲ 44.4%€66,880within the sector's middle half▼ 16.0%€51,906below the sector's middle half▼ 22.4%€55,136below the sector's middle half▲ 6.2%€68,184within the sector's middle half▲ 23.7%
Debt€91,431-€141,173▲ 54.4%€111,145▼ 21.3%€117,864▲ 6.0%€104,341▼ 11.5%€56,899▼ 45.5%€52,571▼ 7.6%€56,184▲ 6.9%
Working capital-€54,573--€69,198▼ 26.8%-€61,510below the sector's middle half▲ 11.1%-€42,223within the sector's middle half▲ 31.4%-€41,369within the sector's middle half▲ 2.0%-€10,334within the sector's middle half▲ 75.0%-€4,936within the sector's middle half▲ 52.2%€7,538within the sector's middle half
Solvency-99.9%--74.3%▲ 25.6pp-101.6%below the sector's middle half▼ 27.3pp-48.1%below the sector's middle half▲ 53.5pp-56.0%below the sector's middle half▼ 8.0pp-9.6%below the sector's middle half▲ 46.4pp4.7%within the sector's middle half▲ 14.3pp17.6%within the sector's middle half▲ 12.9pp
Current ratio0.40-0.51▲ 0.110.45within the sector's middle half▼ 0.060.64within the sector's middle half▲ 0.200.60within the sector's middle half▼ 0.040.82within the sector's middle half▲ 0.210.91within the sector's middle half▲ 0.091.13within the sector's middle half▲ 0.23
Return on assets (ROA)15.7%--17.9%▼ 33.6pp7.6%within the sector's middle half▲ 25.5pp22.3%above the sector's middle half▲ 14.7pp1.2%within the sector's middle half▼ 21.1pp62.6%above the sector's middle half▲ 61.4pp13.7%within the sector's middle half▼ 48.8pp13.8%within the sector's middle half▲ 0.1pp
Staff (FTE)0.9-0.9=0.9within the sector's middle half=1▲ 11.1%1=1=1=1=
above
within
below
The sector band is the middle half of the companies in Sports, amusement and recreation activities (NACE 93). 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 35% 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 €68,184
Fixed assets
€4,462 ▼ 40.5%
Current assets
€63,722 ▲ 33.8%
Equity and liabilities €68,184
Equity
€12,000 ▲ 368%
Debt
€56,184 ▲ 6.9%
Debt's share of the balance-sheet total falls from 95.3% to 82.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€14,925▲
2024 · €10,929
Cash flow
€12,779▲
2024 · €9,894
Quick ratio
1.08▲
2024 · 0.83
Debt to equity
4.68▼
2024 · 20.49
ROE
78.6%▼
2024 · 294.6%
Interest coverage
11.31▲
2024 · 8.24
Debt ≤ 1 year
€56,184▲
2024 · €52,571
Income taxes
€727▲
2024 · €9
Customer credit
28 days▲
2024 · 12 days
Staff costs
€32,195▲
2024 · €29,924
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.9 | 0.9 | 0.7 | 0.7 | 0.7 |
| Average over the year, in full-time equivalents | 0.9 | 0.9 | 0.8 | 0.7 | 0.7 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
| Joined | - | - | 1 | - | - |
| Left | - | - | 1 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | €5,007 | €6,641 | €12,236 | €11,554 | - |
| Overdue social security (RSZ) debts | - | - | €1,082 | €441 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,863 | €1,294 | €3,185 | €4,495 | €305 |
| Depreciation and write-downs of the year | €3,396 | €1,349 | €1,751 | €2,336 | €3,344 |
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 | €224,225 | €175,046 | €138,347 | €176,610 | €231,543 | €286,872 | €246,899 | €223,820 | ▼ 9.3% |
| Non-recurring operating income76A | - | - | - | €136 | €153 | - | - | €236 | - |
| Remuneration, social security and pensions62 | - | - | - | €21,583 | €26,663 | €31,998 | €29,924 | €32,195 | ▲ 7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,205 | €7,132 | €5,279 | €3,396 | €1,349 | €1,751 | €2,336 | €3,344 | ▲ 43.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €420 | €960 | €1,953 | €1,749 | €674 | ▼ 61.5% |
| Other operating charges640/8 | - | - | - | - | - | €50 | - | - | - |
| Gross operating margin9900 | €45,380 | €23,636 | €34,997 | €44,701 | €31,313 | €69,239 | €42,602 | €47,794 | ▲ 12.2% |
| Operating profit (loss)9901 | €9,356 | -€13,226 | €4,209 | €19,302 | €2,341 | €33,486 | €8,593 | €11,581 | ▲ 34.8% |
| Financial income75/76B | - | - | - | €23 | - | €216 | €301 | €182 | ▼ 39.5% |
| Recurring financial income75 | €20 | €16 | €45 | €23 | - | €41 | €95 | €182 | ▲ 92.7% |
| Non-recurring financial income76B | - | - | - | - | - | €175 | €207 | - | - |
| Financial charges65/66B | - | - | - | €1,574 | €1,543 | €1,233 | €1,327 | €1,601 | ▲ 20.7% |
| Recurring financial charges65 | €2,283 | €1,846 | €775 | €1,338 | €1,543 | €1,233 | €1,327 | €1,320 | ▼ 0.5% |
| Non-recurring financial charges66B | - | - | - | €236 | - | - | - | €281 | - |
| Profit (loss) for the period before taxes9903 | €7,193 | -€14,506 | €4,172 | €17,752 | €798 | €32,469 | €7,567 | €10,162 | ▲ 34.3% |
| Income taxes67/77 | €5 | -€16 | -€5 | -€3 | - | - | €9 | €727 | ▲ 78× |
| Profit (loss) for the period9904 | €7,187 | -€14,490 | €4,177 | €17,755 | €798 | €32,469 | €7,558 | €9,435 | ▲ 24.8% |
| Profit (loss) for the period to be appropriated9905 | €7,187 | -€14,490 | €4,177 | €17,755 | €798 | €32,469 | €7,558 | €9,435 | ▲ 24.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €45,729 | €80,981 | €55,130 | €79,605 | €66,880 | €51,906 | €55,136 | €68,184 | ▲ 23.7% |
| Fixed assets21/28 | €8,871 | €9,007 | €5,496 | €3,963 | €3,908 | €5,342 | €7,501 | €4,462 | ▼ 40.5% |
| Intangible fixed assets21 | €967 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €7,904 | €9,007 | €5,496 | €3,963 | €3,908 | €5,342 | €7,501 | €4,462 | ▼ 40.5% |
| Plant, machinery and equipment23 | - | - | - | €983 | €766 | €1,589 | €1,549 | €1,017 | ▼ 34.3% |
| Furniture and vehicles24 | - | - | - | €1,850 | €2,294 | €3,188 | €5,669 | €3,445 | ▼ 39.2% |
| Other tangible fixed assets26 | - | - | - | €1,130 | €847 | €565 | €282 | - | - |
| Current assets29/58 | €36,859 | €71,975 | €49,634 | €75,642 | €62,972 | €46,564 | €47,635 | €63,722 | ▲ 33.8% |
| Stocks and contracts in progress3 | €8,794 | €6,241 | €6,696 | €6,326 | €5,665 | €5,131 | €3,925 | €3,233 | ▼ 17.6% |
| Stocks30/36 | - | - | - | €6,326 | €5,665 | €5,131 | €3,925 | €3,233 | ▼ 17.6% |
| Amounts receivable within one year40/41 | €12,513 | €41,880 | €13,315 | €42,337 | €28,726 | €8,379 | €16,461 | €26,774 | ▲ 62.6% |
| Trade receivables40 | - | - | - | €21,640 | €20,610 | €886 | €8,155 | €17,165 | ▲ 110% |
| Other amounts receivable41 | - | - | - | €20,697 | €8,115 | €7,493 | €8,306 | €9,608 | ▲ 15.7% |
| Current investments50/53 | €9,123 | €9,130 | €9,137 | €9,139 | €9,139 | €9,161 | €9,227 | €9,355 | ▲ 1.4% |
| Cash at bank and in hand54/58 | €5,961 | €14,238 | €19,985 | €17,839 | €19,443 | €23,171 | €17,268 | €23,582 | ▲ 36.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €723 | €753 | €778 | ▲ 3.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €45,729 | €80,981 | €55,130 | €79,605 | €66,880 | €51,906 | €55,136 | €68,184 | ▲ 23.7% |
| Equity10/15 | -€45,702 | -€60,192 | -€56,014 | -€38,259 | -€37,461 | -€4,993 | €2,565 | €12,000 | ▲ 368% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Profit (loss) carried forward14 | -€65,702 | -€80,192 | -€76,014 | -€58,259 | -€57,461 | -€24,993 | -€17,435 | -€8,000 | ▲ 54.1% |
| Amounts payable17/49 | €91,431 | €141,173 | €111,145 | €117,864 | €104,341 | €56,899 | €52,571 | €56,184 | ▲ 6.9% |
| Amounts payable within one year42/48 | €91,431 | €141,173 | €111,145 | €117,864 | €104,341 | €56,899 | €52,571 | €56,184 | ▲ 6.9% |
| Financial debts43 | - | - | - | €2,330 | €2,153 | €2,549 | €2,536 | €2,345 | ▼ 7.5% |
| Credit institutions430/8 | - | - | - | €2,330 | €2,153 | €2,549 | €2,536 | €2,345 | ▼ 7.5% |
| Trade debts44 | €10,243 | €36,753 | €5,008 | €16,337 | €7,318 | €5,357 | €10,441 | €19,068 | ▲ 82.6% |
| Suppliers440/4 | - | - | - | €16,337 | €7,318 | €5,357 | €10,441 | €19,068 | ▲ 82.6% |
| Advances received on contracts in progress46 | - | - | - | €12,622 | €22,844 | - | €5,323 | €5,650 | ▲ 6.2% |
| Taxes, remuneration and social security45 | - | - | - | €7,889 | €10,376 | €17,450 | €14,940 | €20,472 | ▲ 37.0% |
| Taxes450/3 | - | - | - | €5,007 | €6,641 | €12,236 | €11,554 | €16,428 | ▲ 42.2% |
| Remuneration and social security454/9 | - | - | - | €2,882 | €3,735 | €5,214 | €3,386 | €4,044 | ▲ 19.4% |
| Other amounts payable47/48 | - | - | - | €78,687 | €61,651 | €31,543 | €19,331 | €8,649 | ▼ 55.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,187 | -€14,490 | €4,177 | €17,755 | €798 | €32,469 | €7,558 | €9,435 | ▲ 24.8% |
| + Depreciation and write-downs630 | €6,205 | €7,132 | €5,279 | €3,396 | €1,349 | €1,751 | €2,336 | €3,344 | ▲ 43.1% |
| Operating cash flow (approximation) | €13,393 | -€7,358 | €9,456 | €21,151 | €2,148 | €34,220 | €9,894 | €12,779 | ▲ 29.2% |
| Investment in fixed assets (approximation) | - | -€7,268 | -€1,768 | -€1,863 | -€1,294 | -€3,185 | -€4,495 | -€305 | ▲ 93.2% |
| Change in cash | - | €8,277 | €5,747 | -€2,146 | €1,604 | €3,728 | -€5,902 | €6,313 | - |
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, 5,053 companies had the same profile as H2 has now. Two years later, 95.9% were still going and 1.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.9%
was still going
2.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of H2 itself: 0.6% 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 5,053 companies, not a prediction for H2. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00476504 | |
| 31-12-2024 | micro format | 31-08-2025 | 2025-00468431 | |
| 31-12-2023 | micro format | 30-12-2024 | 2024-00627570 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00378710 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20396648 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-65400268 | |
| 31-12-2019 | micro format | 31-10-2020 | 2020-68200074 | |
| 31-12-2018 | micro format | 30-09-2019 | 2019-67900074 | |
| 31-12-2017 | micro format | 09-12-2018 | 2018-74200307 | |
| 31-12-2016 | full format | 10-11-2017 | 2017-69600149 |