IMPROVE
InactiveFinancials · financial year 2025, abbreviated format
Equity
€764,525▼ 3.2%
2024 · €789,565
Total assets
€1.3m▲ 11.5%
2024 · €1.2m
Net result
-€25,040
2024 · €36,295
Working capital
-€30,351▲ 14.3%
2024 · -€35,408
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result turns negative in 2025: a loss of €19,802 after €41,504 in 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result-€0.02m
2025
Net result-€0.03m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€1.3m
2025
Equity€0.8m
2025
Debt€0.6m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€0.03m
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)0
2025
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.005m--€0.09m-€0.05m▲ 51.0%€0.04m€144▼ 99.7%-€0.06m€0.04m-€0.02m
Net result-€0.004m-€0.08m-€0.03m-€0.02m▲ 43.8%-€0.003m▲ 79.0%-€0.07m▼ 1,893%€0.04m-€0.03m
Equity€0.8m-€0.9m▲ 10.8%€0.8m▼ 3.2%€0.8m▼ 1.9%€0.8m▼ 0.4%€0.8m▼ 8.1%€0.8m▲ 4.8%€0.8m▼ 3.2%
Total assets€1.6m-€1.3m▼ 17.7%€1.2m▼ 11.1%€1.0m▼ 17.5%€1.1m▲ 7.9%€1.2m▲ 9.1%€1.2m▲ 1.6%€1.3m▲ 11.5%
Debt€0.8m-€0.5m▼ 45.3%€0.3m▼ 27.1%€0.1m▼ 59.2%€0.2m▲ 60.6%€0.4m▲ 75.9%€0.4m▲ 3.8%€0.6m▲ 41.0%
Working capital-€0.05m-€0.08m€0.07m▼ 10.7%€0.2m▲ 125%€0.1m▼ 19.9%-€0.006m-€0.04m▼ 452%-€0.03m▲ 14.3%
Staff (FTE)000
Turnover and EBIT margin not published: the abbreviated format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€860,125 ▼ 5.6%
Current assets
€458,824 ▲ 68.9%
Equity and liabilities €1.3m
Equity
€764,525 ▼ 3.2%
Debt
€554,425 ▲ 41.0%
Debt's share of the balance-sheet total rises from 33.2% to 42.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€19,881▼
2024 · €82,674
Cash flow
€14,643▼
2024 · €77,464
Current ratio
0.94▲
2024 · 0.88
Debt to equity
0.73▲
2024 · 0.50
ROE
-3.3%▼
2024 · 4.6%
ROA
-1.9%▼
2024 · 3.1%
Interest coverage
1.13▼
2024 · 6.07
Debt ≤ 1 year
€489,175▲
2024 · €307,009
Debt > 1 year
€65,249▼
2024 · €86,249
Income taxes
€315▼
2024 · €408
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €77,214 | €98,393 | - | €32,488 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €52,604 | €54,501 | €51,960 | €36,507 | €33,462 | €31,990 | €41,169 | €39,683 | ▼ 3.6% |
| Other operating charges640/8 | - | - | - | €13,598 | €3,838 | €4,375 | €4,253 | €4,909 | ▲ 15.4% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €4,056 | €6,790 | ▲ 67.4% |
| Gross operating margin9900 | €62,254 | -€32,440 | €13,249 | €92,374 | €37,444 | -€19,140 | €90,983 | €31,580 | ▼ 65.3% |
| Operating profit (loss)9901 | €4,822 | -€92,343 | -€45,260 | €42,269 | €144 | -€55,504 | €41,504 | -€19,802 | - |
| Financial income75/76B | - | - | - | €2,455 | €6,807 | €3,444 | €8,820 | €12,728 | ▲ 44.3% |
| Recurring financial income75 | €13,780 | €205,592 | €34,868 | €2,455 | €6,807 | €3,444 | €8,820 | €12,728 | ▲ 44.3% |
| Financial charges65/66B | - | - | - | €49,130 | €10,096 | €13,704 | €13,623 | €17,652 | ▲ 29.6% |
| Recurring financial charges65 | €17,089 | €28,960 | €17,509 | €9,130 | €10,096 | €13,704 | €13,623 | €17,652 | ▲ 29.6% |
| Non-recurring financial charges66B | - | - | - | €40,000 | €0 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €1,514 | €84,289 | -€27,902 | -€4,406 | -€3,145 | -€65,764 | €36,702 | -€24,726 | - |
| Income taxes67/77 | €5,689 | €175 | €164 | €11,358 | €166 | €218 | €408 | €315 | ▼ 22.8% |
| Profit (loss) for the period9904 | -€4,176 | €84,114 | -€28,066 | -€15,764 | -€3,311 | -€65,983 | €36,295 | -€25,040 | - |
| Profit (loss) for the period to be appropriated9905 | -€4,176 | €84,114 | -€28,066 | -€15,764 | -€3,311 | -€65,983 | €36,295 | -€25,040 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.6m | €1.3m | €1.2m | €1.0m | €1.1m | €1.2m | €1.2m | €1.3m | ▲ 11.5% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €1.1m | €1.0m | €0.9m | €0.8m | €0.8m | €0.9m | €0.9m | €0.9m | ▼ 5.6% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.8m | €0.8m | €0.8m | €0.7m | €0.7m | €0.8m | €0.8m | €0.8m | ▼ 6.3% |
| Land and buildings22 | - | - | - | €0.6m | €0.5m | €0.5m | €0.8m | €0.7m | ▼ 3.1% |
| Plant, machinery and equipment23 | - | - | - | €0.004m | €0.005m | €0.005m | €0.004m | €0.004m | ▼ 7.8% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.03m | €0.05m | €0.05m | €0.02m | ▼ 52.2% |
| Assets under construction and advance payments27 | - | - | - | - | €0.1m | €0.2m | €0 | - | - |
| Financial fixed assets28 | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Current assets29/58 | €0.6m | €0.4m | €0.3m | €0.2m | €0.3m | €0.3m | €0.3m | €0.5m | ▲ 68.9% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.5m | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | €0.4m | ▲ 75.3% |
| Trade receivables40 | - | - | - | €0.03m | €0.003m | €0.05m | €0.1m | €0.03m | ▼ 77.7% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.2m | €0.09m | €0.1m | €0.4m | ▲ 233% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.07m | €0.07m | €0.09m | €0.003m | €0.08m | €0.1m | €0.02m | €0.02m | ▲ 0.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.01m | €0.02m | €0.004m | €0.004m | ▲ 2.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.6m | €1.3m | €1.2m | €1.0m | €1.1m | €1.2m | €1.2m | €1.3m | ▲ 11.5% |
| Equity10/15 | €0.8m | €0.9m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | ▼ 3.2% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.7m | €0.8m | €0.7m | ▼ 3.2% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Tax-exempt reserves132 | - | - | - | - | €0.02m | - | €0.02m | €0.02m | = |
| Distributable reserves133 | - | - | - | €0.8m | €0.8m | €0.7m | €0.7m | €0.7m | ▼ 3.4% |
| Profit (loss) carried forward14 | -€0.004m | €0 | -€0.03m | -€0.04m | €0 | - | - | - | - |
| Provisions and deferred taxes16 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0 | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €0.03m | €0.03m | €0.03m | €0 | - | - |
| Pensions and similar obligations160 | - | - | - | €0.03m | €0.03m | €0.03m | €0 | - | - |
| Amounts payable17/49 | €0.8m | €0.5m | €0.3m | €0.1m | €0.2m | €0.4m | €0.4m | €0.6m | ▲ 41.0% |
| Amounts payable after more than one year17 | €0.2m | €0.1m | €0.1m | €0.06m | €0.04m | €0.1m | €0.09m | €0.07m | ▼ 24.3% |
| Financial debts170/4 | - | - | - | €0.06m | €0.04m | €0.1m | €0.09m | €0.07m | ▼ 24.3% |
| Amounts payable within one year42/48 | €0.6m | €0.3m | €0.2m | €0.07m | €0.2m | €0.3m | €0.3m | €0.5m | ▲ 59.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | ▼ 3.0% |
| Financial debts43 | - | - | - | €0 | - | - | - | €0.1m | - |
| Credit institutions430/8 | - | - | - | €0 | - | - | - | €0.1m | - |
| Trade debts44 | €0.004m | €0.003m | €64 | €0.001m | €0.004m | €0.007m | €0.003m | €0.002m | ▼ 43.6% |
| Suppliers440/4 | - | - | - | €0.001m | €0.004m | €0.007m | €0.003m | €0.002m | ▼ 43.6% |
| Advances received on contracts in progress46 | - | - | - | €0.02m | €0 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.001m | €0.006m | €0.001m | €0.002m | €0.02m | ▲ 624% |
| Taxes450/3 | - | - | - | €0.001m | €0.006m | €0.001m | €0.002m | €0.02m | ▲ 624% |
| Other amounts payable47/48 | - | - | - | €0.04m | €0.1m | €0.2m | €0.3m | €0.4m | ▲ 25.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.005m | €0.02m | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,176 | €84,114 | -€28,066 | -€15,764 | -€3,311 | -€65,983 | €36,295 | -€25,040 | - |
| + Depreciation and write-downs630 | €52,604 | €54,501 | €51,960 | €36,507 | €33,462 | €31,990 | €41,169 | €39,683 | ▼ 3.6% |
| Operating cash flow (approximation) | €48,428 | €138,615 | €23,894 | €20,744 | €30,151 | -€33,993 | €77,464 | €14,643 | ▼ 81.1% |
| Investment in fixed assets (approximation) | - | €21,982 | €5,678 | €128,562 | -€60,143 | -€147,780 | -€52,325 | €11,414 | - |
| Change in cash | - | €3,194 | €21,534 | -€88,665 | €76,027 | €25,490 | -€85,527 | €140 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 21 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-03-2026 | 2026-00071714 |
| 31-12-2024 | abbreviated format | 26-06-2025 | 2025-00200251 |
| 31-12-2023 | abbreviated format | 03-07-2024 | 2024-00209945 |
| 31-12-2022 | abbreviated format | 04-08-2023 | 2023-00315546 |
| 31-12-2021 | abbreviated format | 30-06-2022 | 2022-20112569 |
| 31-12-2020 | abbreviated format | 30-07-2021 | 2021-45100399 |
| 31-12-2019 | abbreviated format | 27-07-2020 | 2020-35400007 |
| 31-12-2018 | abbreviated format | 20-08-2019 | 2019-48100224 |
| 31-12-2017 | abbreviated format | 09-08-2018 | 2018-45600461 |
| 31-12-2016 | abbreviated format | 19-07-2017 | 2017-34000368 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.