iD²
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 9 filings
Turnover
€200,845▲ 80.0%
2020 · €111,552
EBIT margin
0.1%▲ 13.5pp
2020 · -13.4%
Net result
-€174,179
2024 · €127,089
Working capital
-€140,816▼ 55.3%
2024 · -€90,683
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€155,402
2025
20182025
Net result
-€174,179
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
-€74,744
2025
lowest quarter of the sector
20182025
Total assets
€745,576
▼ 1.0%
2025
highest quarter of the sector
20182025
Debt
€820,320
▲ 25.5%
2025
20182025
Working capital
-€140,816
▼ 55.3%
2025
lowest quarter of the sector
20182025
Solvency
-10.0%
▼ 23.2pp
2025
lowest quarter of the sector
20182025
Current ratio
0.50
▼ 0.02
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-23.4%
▼ 40.2pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€111,552€200,845▲ 80.0%
Operating result€21,764--€67,227-€14,928▲ 77.8%€229€39,868▲ 174×€17,748▼ 55.5%€166,046▲ 836%-€155,402
Net result€15,961--€67,423-€26,198below the sector's middle half▲ 61.1%-€9,369below the sector's middle half▲ 64.2%€30,349within the sector's middle half€8,468within the sector's middle half▼ 72.1%€127,089above the sector's middle half▲ 15×-€174,179below the sector's middle half
EBIT margin-13.4%0.1%▲ 13.5pp
Equity€38,213--€29,210-€55,436below the sector's middle half▼ 89.8%-€64,806below the sector's middle half▼ 16.9%-€34,456below the sector's middle half▲ 46.8%-€25,989below the sector's middle half▲ 24.6%€99,434within the sector's middle half-€74,744below the sector's middle half
Total assets€84,654-€895,118▲ 957%€807,218above the sector's middle half▼ 9.8%€772,290above the sector's middle half▼ 4.3%€780,222above the sector's middle half▲ 1.0%€743,525above the sector's middle half▼ 4.7%€753,078above the sector's middle half▲ 1.3%€745,576above the sector's middle half▼ 1.0%
Debt€46,441-€924,328▲ 20×€862,654▼ 6.7%€837,096▼ 3.0%€814,678▼ 2.7%€769,514▼ 5.5%€653,643▼ 15.1%€820,320▲ 25.5%
Working capital-€6,333--€180,211▼ 2,745%-€171,994below the sector's middle half▲ 4.6%-€62,688below the sector's middle half▲ 63.6%-€84,365below the sector's middle half▼ 34.6%-€210,055below the sector's middle half▼ 149%-€90,683below the sector's middle half▲ 56.8%-€140,816below the sector's middle half▼ 55.3%
Solvency45.1%--3.3%▼ 48.4pp-6.9%below the sector's middle half▼ 3.6pp-8.4%below the sector's middle half▼ 1.5pp-4.4%below the sector's middle half▲ 4.0pp-3.5%below the sector's middle half▲ 0.9pp13.2%below the sector's middle half▲ 16.7pp-10.0%below the sector's middle half▼ 23.2pp
Current ratio0.86-0.38▼ 0.480.20below the sector's middle half▼ 0.190.25below the sector's middle half▲ 0.050.34below the sector's middle half▲ 0.090.18below the sector's middle half▼ 0.160.52below the sector's middle half▲ 0.330.50below the sector's middle half▼ 0.02
Return on assets (ROA)18.9%--7.5%▼ 26.4pp-3.2%below the sector's middle half▲ 4.3pp-1.2%below the sector's middle half▲ 2.0pp3.9%within the sector's middle half▲ 5.1pp1.1%within the sector's middle half▼ 2.8pp16.9%within the sector's middle half▲ 15.7pp-23.4%below the sector's middle half▼ 40.2pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 €155,402, after a profit of €166,046 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €745,576
Fixed assets
€603,966 ▼ 7.9%
Current assets
€141,609 ▲ 45.7%
Equity and liabilities
Equity-€74,744
Debt€820,320
Equity is negative. Debt (€820,320) exceeds the balance-sheet total (€745,576).
Key figures and ratios
EBITDA
-€103,478▼
2024 · €206,685
Cash flow
-€122,255▼
2024 · €167,728
Quick ratio
0.41▼
2024 · 0.44
Interest coverage
-5.45▼
2024 · 14.09
Debt ≤ 1 year
€282,425▲
2024 · €187,871
Debt > 1 year
€417,895▼
2024 · €465,773
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.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts guaranteed by Belgian public bodies | - | - | €558,459 | €512,462 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €33,969 | €4,479 | - | - |
| Financial fixed assets | €400 | - | - | - | - |
| Depreciation and write-downs of the year | €14,021 | €48,793 | €43,935 | €40,639 | €51,924 |
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 | - | - | €111,552 | €200,845 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €190,007 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,180 | €27,974 | €20,402 | €14,021 | €48,793 | €43,935 | €40,639 | €51,924 | ▲ 27.8% |
| Other operating charges640/8 | - | - | - | €2,253 | €1,994 | €17,765 | €3,184 | €16,704 | ▲ 425% |
| Gross operating margin9900 | €36,864 | -€35,951 | €16,755 | €16,503 | €90,655 | €79,448 | €209,869 | -€86,774 | - |
| Operating profit (loss)9901 | €21,764 | -€67,227 | -€14,928 | €229 | €39,868 | €17,748 | €166,046 | -€155,402 | - |
| Financial income75/76B | - | - | - | - | €0 | - | - | €193 | - |
| Recurring financial income75 | €130 | €703 | €493 | - | €0 | - | - | €193 | - |
| Financial charges65/66B | - | - | - | €9,599 | €9,519 | €9,280 | €14,669 | €18,970 | ▲ 29.3% |
| Recurring financial charges65 | €575 | €898 | €11,613 | €9,599 | €9,519 | €9,280 | €14,669 | €18,970 | ▲ 29.3% |
| Profit (loss) for the period before taxes9903 | €21,319 | -€67,423 | -€26,048 | -€9,369 | €30,349 | €8,468 | €151,377 | -€174,179 | - |
| Income taxes67/77 | €5,358 | - | €151 | - | - | - | €24,288 | - | - |
| Profit (loss) for the period9904 | €15,961 | -€67,423 | -€26,198 | -€9,369 | €30,349 | €8,468 | €127,089 | -€174,179 | - |
| Profit (loss) for the period to be appropriated9905 | €15,961 | -€67,423 | -€26,198 | -€9,369 | €30,349 | €8,468 | €127,089 | -€174,179 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €84,654 | €895,118 | €807,218 | €772,290 | €780,222 | €743,525 | €753,078 | €745,576 | ▼ 1.0% |
| Fixed assets21/28 | €44,546 | €782,337 | €765,075 | €751,454 | €735,986 | €696,529 | €655,890 | €603,966 | ▼ 7.9% |
| Tangible fixed assets22/27 | €44,301 | €782,092 | €764,830 | €750,809 | €735,986 | €696,529 | €655,890 | €603,966 | ▼ 7.9% |
| Land and buildings22 | - | - | - | €688,385 | €687,340 | €651,538 | €617,029 | €579,787 | ▼ 6.0% |
| Plant, machinery and equipment23 | - | - | - | €47,972 | €43,809 | €43,472 | €38,171 | €24,116 | ▼ 36.8% |
| Furniture and vehicles24 | - | - | - | €14,452 | €4,836 | €1,519 | €691 | €63 | ▼ 90.9% |
| Financial fixed assets28 | €245 | €245 | €245 | €645 | - | - | - | - | - |
| Current assets29/58 | €40,108 | €112,781 | €42,143 | €20,836 | €44,236 | €46,996 | €97,187 | €141,609 | ▲ 45.7% |
| Stocks and contracts in progress3 | - | - | - | - | €13,643 | €13,643 | €13,643 | €24,535 | ▲ 79.8% |
| Stocks30/36 | - | - | - | - | €13,643 | €13,643 | €13,643 | €24,535 | ▲ 79.8% |
| Amounts receivable within one year40/41 | €11,891 | €97,976 | €25,358 | €6,679 | €21,086 | €19,711 | €75,132 | €92,647 | ▲ 23.3% |
| Trade receivables40 | - | - | - | €6,679 | €21,086 | €19,711 | €75,132 | €74,400 | ▼ 1.0% |
| Other amounts receivable41 | - | - | - | - | - | - | - | €18,247 | - |
| Cash at bank and in hand54/58 | €28,217 | €12,972 | €12,946 | €14,058 | €9,507 | €12,314 | €8,413 | €24,428 | ▲ 190% |
| Deferred charges and accrued income490/1 | - | - | - | €99 | - | €1,328 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €84,654 | €895,118 | €807,218 | €772,290 | €780,222 | €743,525 | €753,078 | €745,576 | ▼ 1.0% |
| Equity10/15 | €38,213 | -€29,210 | -€55,436 | -€64,806 | -€34,456 | -€25,989 | €99,434 | -€74,744 | - |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €2,563 | €2,563 | €2,563 | €2,563 | €2,563 | €2,563 | €2,563 | €2,563 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €703 | €703 | €703 | €703 | €703 | = |
| Profit (loss) carried forward14 | €23,249 | -€44,173 | -€70,400 | -€79,769 | -€49,420 | -€40,952 | €84,471 | -€89,708 | - |
| Amounts payable17/49 | €46,441 | €924,328 | €862,654 | €837,096 | €814,678 | €769,514 | €653,643 | €820,320 | ▲ 25.5% |
| Amounts payable after more than one year17 | - | €631,335 | €648,517 | €603,815 | €558,459 | €512,463 | €465,773 | €417,895 | ▼ 10.3% |
| Financial debts170/4 | - | - | - | €603,815 | €558,459 | €512,463 | €465,773 | €417,895 | ▼ 10.3% |
| Amounts payable within one year42/48 | €46,441 | €292,992 | €214,137 | €83,524 | €128,601 | €257,051 | €187,871 | €282,425 | ▲ 50.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €44,703 | €45,356 | €45,996 | €46,690 | €59,127 | ▲ 26.6% |
| Trade debts44 | €31,838 | €205,465 | €71,730 | €37,631 | €70,642 | €211,055 | €129,964 | - | - |
| Suppliers440/4 | - | - | - | €37,631 | €70,642 | €88,022 | €11,995 | - | - |
| Bills of exchange payable441 | - | - | - | - | - | €123,033 | €117,969 | - | - |
| Taxes, remuneration and social security45 | - | - | - | - | €12,604 | - | €11,217 | €539 | ▼ 95.2% |
| Taxes450/3 | - | - | - | - | €12,604 | - | €11,217 | €539 | ▼ 95.2% |
| Other amounts payable47/48 | - | - | - | €1,190 | - | - | - | €222,758 | - |
| Accrued charges and deferred income492/3 | - | - | - | €149,758 | €127,618 | - | - | €120,000 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,961 | -€67,423 | -€26,198 | -€9,369 | €30,349 | €8,468 | €127,089 | -€174,179 | - |
| + Depreciation and write-downs630 | €14,180 | €27,974 | €20,402 | €14,021 | €48,793 | €43,935 | €40,639 | €51,924 | ▲ 27.8% |
| Operating cash flow (approximation) | €30,141 | -€39,449 | -€5,796 | €4,651 | €79,142 | €52,403 | €167,728 | -€122,255 | - |
| Investment in fixed assets (approximation) | - | -€765,764 | -€3,141 | -€400 | -€33,324 | -€4,479 | €0 | €0 | - |
| Change in cash | - | -€15,245 | -€26 | €1,111 | -€4,550 | €2,807 | -€3,901 | €16,015 | - |
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, 598 companies had the same profile as iD² has now. Two years later, 83.4% were still going and 9.4% had gone bankrupt.
- Small
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.4%
was still going
6.0%
stopped otherwise
9.4%
went bankrupt
Another 1.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of iD² itself is lower: 0.8% within 12 months. It rests on far more data about iD² than the profile alone.
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 598 companies, not a prediction for iD². 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-07-2026 | 2026-00298769 | |
| 31-12-2024 | micro format | 25-08-2025 | 2025-00397028 | |
| 31-12-2023 | micro format | 20-09-2024 | 2024-00466473 | |
| 31-12-2022 | micro format | 01-08-2023 | 2023-00300428 | |
| 31-12-2021 | micro format | 19-09-2022 | 2022-20430795 | |
| 31-12-2020 | micro format | 20-08-2021 | 2021-51900111 | |
| 31-12-2019 | micro format | 21-09-2020 | 2020-54600595 | |
| 31-12-2018 | micro format | 03-09-2019 | 2019-62700126 | |
| 31-12-2017 | micro format | 17-08-2018 | 2018-46800245 |