IDEFICE
ActiveFinancials · financial year 2025, micro format, 2026 accounts filed
Annual accounts 2026 filed on 28-10-2026 at the NBB all 22 filings
The figures for financial year 2026 will follow.
Turnover
≈ €94,000
Estimated: probably between €64,000 and €160,000
Total assets
€472,703=
2024 · €472,696
Net result
€12,662▲ 501%
2024 · €2,105
Working capital
€247,032▲ 11.6%
2024 · €221,367
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€12,795
2025
20192025
Net result
€12,662
▲ 501%
2025
middle half of the sector
20192025
Equity
€443,768
▲ 2.9%
2025
highest quarter of the sector
20192025
Total assets
€472,703
=
2025
middle half of the sector
20192025
Debt
€28,935
▼ 30.4%
2025
20192025
Working capital
€247,032
▲ 11.6%
2025
highest quarter of the sector
20192025
Solvency
93.9%
▲ 2.7pp
2025
highest quarter of the sector
20192025
Current ratio
14.84
▲ 2.78
2025
highest quarter of the sector
20192025
Return on assets (ROA)
2.7%
▲ 2.2pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€254-€104,106€18,827▼ 81.9%€318,677▲ 17×€157,907▼ 50.4%-€330€12,795
Net result-€4,291-€70,229above the sector's middle half€10,602within the sector's middle half▼ 84.9%€216,485above the sector's middle half▲ 20×€109,534above the sector's middle half▼ 49.4%€2,105within the sector's middle half▼ 98.1%€12,662within the sector's middle half▲ 501%
Equity€337,235-€407,464above the sector's middle half▲ 20.8%€418,066above the sector's middle half▲ 2.6%€634,551above the sector's middle half▲ 51.8%€456,366above the sector's middle half▼ 28.1%€431,106above the sector's middle half▼ 5.5%€443,768above the sector's middle half▲ 2.9%
Total assets€608,360-€627,090within the sector's middle half▲ 3.1%€571,501within the sector's middle half▼ 8.9%€703,825within the sector's middle half▲ 23.2%€517,851within the sector's middle half▼ 26.4%€472,696within the sector's middle half▼ 8.7%€472,703within the sector's middle half=
Debt€271,124-€219,626▼ 19.0%€153,435▼ 30.1%€69,274▼ 54.9%€61,485▼ 11.2%€41,591▼ 32.4%€28,935▼ 30.4%
Working capital-€18,812-€61,675within the sector's middle half€73,898within the sector's middle half▲ 19.8%€430,358above the sector's middle half▲ 482%€236,050above the sector's middle half▼ 45.2%€221,367above the sector's middle half▼ 6.2%€247,032above the sector's middle half▲ 11.6%
Solvency55.4%-65.0%above the sector's middle half▲ 9.5pp73.2%above the sector's middle half▲ 8.2pp90.2%above the sector's middle half▲ 17.0pp88.1%above the sector's middle half▼ 2.0pp91.2%above the sector's middle half▲ 3.1pp93.9%above the sector's middle half▲ 2.7pp
Current ratio0.85-1.60within the sector's middle half▲ 0.742.27within the sector's middle half▲ 0.677.37above the sector's middle half▲ 5.118.86above the sector's middle half▲ 1.4912.06above the sector's middle half▲ 3.2014.84above the sector's middle half▲ 2.78
Return on assets (ROA)-0.7%-11.2%above the sector's middle half▲ 11.9pp1.9%within the sector's middle half▼ 9.3pp30.8%above the sector's middle half▲ 28.9pp21.2%above the sector's middle half▼ 9.6pp0.4%within the sector's middle half▼ 20.7pp2.7%within the sector's middle half▲ 2.2pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 profit of €12,795, after a loss of €330 in 2024.
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 €472,703
Fixed assets
€207,824 ▼ 10.2%
Current assets
€264,879 ▲ 9.7%
Equity and liabilities €472,703
Equity
€443,768 ▲ 2.9%
Debt
€28,935 ▼ 30.4%
Debt's share of the balance-sheet total falls from 8.8% to 6.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€38,310▲
2024 · €24,474
Cash flow
€38,177▲
2024 · €26,909
Debt to equity
0.07▼
2024 · 0.10
ROE
2.9%▲
2024 · 0.5%
Interest coverage
66.61▲
2024 · 23.53
Debt ≤ 1 year
€17,847▼
2024 · €20,018
Debt > 1 year
€11,088▼
2024 · €21,197
Income taxes
€5,553▲
2024 · €1,582
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €71,754 | - | €2,028 |
| Intangible fixed assets | - | - | €4,341 | - |
| Depreciation and write-downs of the year | €9,810 | €22,945 | €24,804 | €25,515 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €169,709 | €2,443 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €40,732 | €37,481 | €26,974 | €9,810 | €22,945 | €24,804 | €25,515 | ▲ 2.9% |
| Other operating charges640/8 | - | - | - | €4,539 | €3,067 | €3,442 | €3,766 | ▲ 9.4% |
| Non-recurring operating charges66A | - | - | - | - | €2,992 | €0 | - | - |
| Gross operating margin9900 | €44,564 | €146,124 | €50,064 | €333,026 | €186,911 | €27,917 | €42,076 | ▲ 50.7% |
| Operating profit (loss)9901 | -€254 | €104,106 | €18,827 | €318,677 | €157,907 | -€330 | €12,795 | - |
| Financial income75/76B | - | - | - | €6 | €0 | €5,057 | €5,996 | ▲ 18.6% |
| Recurring financial income75 | €64 | €1 | €0 | €6 | €0 | €5,057 | €5,996 | ▲ 18.6% |
| Financial charges65/66B | - | - | - | €2,988 | €1,705 | €1,040 | €575 | ▼ 44.7% |
| Recurring financial charges65 | €3,116 | €4,554 | €3,076 | €2,988 | €1,705 | €1,040 | €575 | ▼ 44.7% |
| Profit (loss) for the period before taxes9903 | -€3,306 | €99,553 | €15,751 | €315,695 | €156,202 | €3,687 | €18,216 | ▲ 394% |
| Income taxes67/77 | €984 | €29,324 | €5,149 | €99,210 | €46,669 | €1,582 | €5,553 | ▲ 251% |
| Profit (loss) for the period9904 | -€4,291 | €70,229 | €10,602 | €216,485 | €109,534 | €2,105 | €12,662 | ▲ 501% |
| Profit (loss) for the period to be appropriated9905 | -€4,291 | €70,229 | €10,602 | €216,485 | €109,534 | €2,105 | €12,662 | ▲ 501% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €608,360 | €627,090 | €571,501 | €703,825 | €517,851 | €472,696 | €472,703 | = |
| Fixed assets21/28 | €498,086 | €461,804 | €439,286 | €205,957 | €251,774 | €231,311 | €207,824 | ▼ 10.2% |
| Intangible fixed assets21 | €1,933 | €967 | €0 | - | - | €3,472 | €2,025 | ▼ 41.7% |
| Tangible fixed assets22/27 | €496,152 | €460,837 | €437,108 | €205,957 | €251,774 | €227,839 | €205,799 | ▼ 9.7% |
| Land and buildings22 | - | - | - | €201,585 | €192,631 | €183,676 | €174,721 | ▼ 4.9% |
| Furniture and vehicles24 | - | - | - | €4,372 | €59,143 | €44,163 | €31,077 | ▼ 29.6% |
| Financial fixed assets28 | - | - | €2,178 | €0 | - | - | - | - |
| Current assets29/58 | €110,274 | €165,286 | €132,214 | €497,868 | €266,077 | €241,385 | €264,879 | ▲ 9.7% |
| Amounts receivable within one year40/41 | €1,468 | €17 | €8,794 | €14,348 | €20,650 | €20,767 | €19,363 | ▼ 6.8% |
| Trade receivables40 | - | - | - | €13,411 | €10,370 | €5,724 | €8,593 | ▲ 50.1% |
| Other amounts receivable41 | - | - | - | €937 | €10,280 | €15,043 | €10,770 | ▼ 28.4% |
| Current investments50/53 | - | €0 | €0 | €0 | €200,000 | €190,000 | €200,000 | ▲ 5.3% |
| Cash at bank and in hand54/58 | €52,965 | €115,716 | €80,164 | €446,645 | €14,920 | €6,393 | €27,555 | ▲ 331% |
| Deferred charges and accrued income490/1 | - | - | - | €36,875 | €30,506 | €24,225 | €17,961 | ▼ 25.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €608,360 | €627,090 | €571,501 | €703,825 | €517,851 | €472,696 | €472,703 | = |
| Equity10/15 | €337,235 | €407,464 | €418,066 | €634,551 | €456,366 | €431,106 | €443,768 | ▲ 2.9% |
| Contributions10/11 | €82,200 | €0 | - | €86,060 | €10,060 | €10,060 | €6,200 | ▼ 38.4% |
| Reserves13 | €259,326 | €325,264 | €332,006 | €548,491 | €446,306 | €421,046 | €437,568 | ▲ 3.9% |
| Tax-exempt reserves132 | - | - | - | €16,000 | €16,000 | €16,000 | €16,000 | = |
| Distributable reserves133 | - | - | - | €532,491 | €430,306 | €405,046 | €421,568 | ▲ 4.1% |
| Profit (loss) carried forward14 | -€4,291 | €0 | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €271,124 | €219,626 | €153,435 | €69,274 | €61,485 | €41,591 | €28,935 | ▼ 30.4% |
| Amounts payable after more than one year17 | €141,003 | €113,334 | €93,334 | €0 | €31,186 | €21,197 | €11,088 | ▼ 47.7% |
| Financial debts170/4 | - | - | - | €0 | €31,186 | €21,197 | €11,088 | ▼ 47.7% |
| Amounts payable within one year42/48 | €129,086 | €103,611 | €58,316 | €67,511 | €30,027 | €20,018 | €17,847 | ▼ 10.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | €9,870 | €9,989 | €10,109 | ▲ 1.2% |
| Financial debts43 | - | - | - | €114 | €132 | €164 | €181 | ▲ 10.2% |
| Credit institutions430/8 | - | - | - | €114 | €132 | €164 | €181 | ▲ 10.2% |
| Trade debts44 | €1,506 | €6,003 | €181 | €2,099 | €1,833 | €704 | €4,498 | ▲ 539% |
| Suppliers440/4 | - | - | - | €2,099 | €1,833 | €704 | €4,498 | ▲ 539% |
| Taxes, remuneration and social security45 | - | - | - | €53,766 | €18,192 | €7,088 | €3,059 | ▼ 56.8% |
| Taxes450/3 | - | - | - | €53,766 | €18,192 | €4,284 | €3,059 | ▼ 28.6% |
| Remuneration and social security454/9 | - | - | - | - | - | €2,804 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €11,531 | €0 | €2,073 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €1,763 | €272 | €376 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,291 | €70,229 | €10,602 | €216,485 | €109,534 | €2,105 | €12,662 | ▲ 501% |
| + Depreciation and write-downs630 | €40,732 | €37,481 | €26,974 | €9,810 | €22,945 | €24,804 | €25,515 | ▲ 2.9% |
| Operating cash flow (approximation) | €36,441 | €107,710 | €37,576 | €226,295 | €132,478 | €26,909 | €38,177 | ▲ 41.9% |
| Investment in fixed assets (approximation) | - | -€1,199 | -€4,456 | €223,519 | -€68,762 | -€4,341 | -€2,028 | ▲ 53.3% |
| Change in cash | - | €62,751 | -€35,552 | €366,481 | -€431,725 | -€8,527 | €21,162 | - |
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, 14,766 companies had the same profile as IDEFICE has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of IDEFICE itself: 0.2% 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 14,766 companies, not a prediction for IDEFICE. 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 11 of 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 28-10-2026 | 2026-00599556 | |
| 31-03-2025 | micro format | 12-11-2025 | 2025-00567882 | |
| 31-03-2024 | micro format | 25-09-2024 | 2024-00474209 | |
| 31-03-2023 | micro format | 03-10-2023 | 2023-00472992 | |
| 31-03-2022 | micro format | 11-10-2022 | 2022-20457230 | |
| 31-03-2021 | micro format | 28-10-2021 | 2021-74400370 | |
| 31-03-2020 | micro format | 08-10-2020 | 2020-60700228 | |
| 31-03-2019 | micro format | 03-10-2019 | 2019-68400289 | |
| 31-03-2018 | micro format | 30-10-2018 | 2018-70700387 | |
| 31-12-2016 | micro format | 09-06-2017 | 2017-16200500 | |
| 31-12-2015 | abbreviated format | 30-06-2016 | 2016-26300330 |