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ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 10 days after the deadline Filed on 10 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00036435.
Annual accounts 2025 filed on 10-02-2026 PDF all 7 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€24,696▼ 975%
2024 · -€2,298
Working capital
-€176,203▼ 16.3%
2024 · -€151,507
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€2,514
▼ 11.9%
2025
20192025
Net result
-€24,696
▼ 975%
2025
20192025
Equity
€138,797
▼ 15.1%
2025
20192025
Total assets
€317,583
▼ 3.4%
2025
20192025
Debt
€178,786
▲ 8.1%
2025
20192025
Working capital
-€176,203
▼ 16.3%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€5,843-€4,636▼ 20.7%-€8,745€10,677€149,833▲ 14×-€2,247-€2,514▼ 11.9%
Net result€3,285-€4,368▲ 33.0%-€11,631€6,821€146,358▲ 21×-€2,298-€24,696▼ 975%
Equity€21,885-€26,253▲ 20.0%€14,622▼ 44.3%€21,443▲ 46.6%€167,801▲ 683%€163,493▼ 2.6%€138,797▼ 15.1%
Total assets€93,105-€78,201▼ 16.0%€246,706▲ 215%€257,462▲ 4.4%€331,152▲ 28.6%€328,854▼ 0.7%€317,583▼ 3.4%
Debt€71,220-€51,948▼ 27.1%€232,084▲ 347%€236,019▲ 1.7%€163,351▼ 30.8%€165,361▲ 1.2%€178,786▲ 8.1%
Working capital-€26,168--€26,600▼ 1.7%-€112,329▼ 322%-€145,750▼ 29.8%-€147,199▼ 1.0%-€151,507▼ 2.9%-€176,203▼ 16.3%
The operating result for 2025 is a loss of €2,514, larger than the loss of €2,247 in 2024. It is the lowest result since 2021.
Large changes and their cause
- 2023 Net result +2,046% on 2022. The accounts now follow the micro format, last year the full format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €317,583
Fixed assets
€315,000 =
Current assets
€2,583 ▼ 81.4%
Equity and liabilities €317,583
Equity
€138,797 ▼ 15.1%
Debt
€178,786 ▲ 8.1%
Debt's share of the balance-sheet total rises from 50.3% to 56.3%. Equity is lower and debt is higher.
Key figures and ratios
Current ratio
0.01▼
2024 · 0.08
Debt to equity
1.29▲
2024 · 1.01
ROE
-17.8%▼
2024 · -1.4%
ROA
-7.8%▼
2024 · -0.7%
Debt ≤ 1 year
€178,786▲
2024 · €165,361
Income taxes
€20,966
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Financial fixed assets | €20,000 | €220,000 | - | - |
| Depreciation and write-downs of the year | €7,970 | - | - | - |
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 | - | - | - | - | €11,250 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €7,970 | €7,970 | - | - | - | - |
| Other operating charges640/8 | - | - | - | - | - | €1,363 | €399 | ▼ 70.7% |
| Gross operating margin9900 | €6,190 | €5,483 | -€775 | €18,647 | €149,833 | -€884 | -€2,116 | ▼ 139% |
| Operating profit (loss)9901 | €5,843 | €4,636 | -€8,745 | €10,677 | €149,833 | -€2,247 | -€2,514 | ▼ 11.9% |
| Financial charges65/66B | - | - | - | €3,856 | €3,475 | €50 | €1,216 | ▲ 24× |
| Recurring financial charges65 | €941 | €268 | €1,231 | €3,856 | €3,475 | €50 | €1,216 | ▲ 24× |
| Profit (loss) for the period before taxes9903 | €4,902 | €4,368 | -€9,976 | €6,821 | €146,358 | -€2,298 | -€3,730 | ▼ 62.3% |
| Income taxes67/77 | €1,617 | - | €1,655 | - | - | - | €20,966 | - |
| Profit (loss) for the period9904 | €3,285 | €4,368 | -€11,631 | €6,821 | €146,358 | -€2,298 | -€24,696 | ▼ 975% |
| Transfer to tax-exempt reserves689 | - | - | - | - | €138,824 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €3,285 | €4,368 | -€11,631 | €6,821 | €7,534 | -€2,298 | -€24,696 | ▼ 975% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €93,105 | €78,201 | €246,706 | €257,462 | €331,152 | €328,854 | €317,583 | ▼ 3.4% |
| Fixed assets21/28 | €75,000 | €75,000 | €244,146 | €256,176 | €315,000 | €315,000 | €315,000 | = |
| Tangible fixed assets22/27 | - | - | €169,146 | €161,176 | - | - | - | - |
| Land and buildings22 | - | - | - | €161,176 | - | - | - | - |
| Financial fixed assets28 | €75,000 | €75,000 | €75,000 | €95,000 | €315,000 | €315,000 | €315,000 | = |
| Current assets29/58 | €18,105 | €3,201 | €2,560 | €1,286 | €16,152 | €13,854 | €2,583 | ▼ 81.4% |
| Amounts receivable within one year40/41 | - | - | - | - | €16,000 | €13,700 | €2,550 | ▼ 81.4% |
| Other amounts receivable41 | - | - | - | - | €16,000 | €13,700 | €2,550 | ▼ 81.4% |
| Cash at bank and in hand54/58 | €18,105 | €3,201 | €2,560 | €1,286 | €152 | €154 | €33 | ▼ 78.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €93,105 | €78,201 | €246,706 | €257,462 | €331,152 | €328,854 | €317,583 | ▼ 3.4% |
| Equity10/15 | €21,885 | €26,253 | €14,622 | €21,443 | €167,801 | €163,493 | €138,797 | ▼ 15.1% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | €18,600 | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | - | - | - |
| Reserves13 | - | - | - | - | €138,824 | €138,824 | €138,824 | = |
| Tax-exempt reserves132 | - | - | - | - | €138,824 | €138,824 | €138,824 | = |
| Profit (loss) carried forward14 | €3,285 | €7,653 | -€3,978 | €2,843 | €10,377 | €6,069 | -€18,627 | - |
| Amounts payable17/49 | €71,220 | €51,948 | €232,084 | €236,019 | €163,351 | €165,361 | €178,786 | ▲ 8.1% |
| Amounts payable after more than one year17 | €26,947 | €22,147 | €117,195 | €88,983 | - | - | - | - |
| Financial debts170/4 | - | - | - | €88,983 | - | - | - | - |
| Amounts payable within one year42/48 | €44,273 | €29,801 | €114,889 | €147,036 | €163,351 | €165,361 | €178,786 | ▲ 8.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,805 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | - | - | €2,011 | €21,875 | ▲ 988% |
| Taxes450/3 | - | - | - | - | - | €2,011 | €21,875 | ▲ 988% |
| Other amounts payable47/48 | - | - | - | €141,231 | €163,351 | €163,351 | €156,911 | ▼ 3.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,285 | €4,368 | -€11,631 | €6,821 | €146,358 | -€2,298 | -€24,696 | ▼ 975% |
| + Depreciation and write-downs630 | - | - | €7,970 | €7,970 | - | - | - | - |
| Operating cash flow (approximation) | €3,285 | €4,368 | -€3,661 | €14,791 | €146,358 | -€2,298 | -€24,696 | ▼ 975% |
| Investment in fixed assets (approximation) | - | €0 | -€177,116 | -€20,000 | -€58,824 | €0 | €0 | - |
| Change in cash | - | -€14,904 | -€641 | -€1,274 | -€1,134 | €2 | -€122 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 10-02-2026 | 2026-00036435 | |
| 30-06-2024 | micro format | 05-04-2025 | 2025-00064149 | |
| 30-06-2023 | micro format | 02-10-2024 | 2024-00502150 | |
| 30-06-2022 | full format | 05-08-2025 | 2025-00360440 | |
| 30-06-2021 | micro format | 09-02-2022 | 2022-05300470 | |
| 30-06-2020 | micro format | 01-02-2021 | 2021-04200170 | |
| 30-06-2019 | micro format | 23-10-2020 | 2020-63300316 |