IN ONE
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 7 days after the deadline Filed on 7 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00387039.
Annual accounts 2025 filed on 07-08-2026 at the NBB all 5 filings
Turnover
≈ €180,000
Estimated: probably between €110,000 and €350,000
Total assets
€444,522▲ 27.5%
2024 · €348,577
Net result
€46,295
2024 · -€1,522
Working capital
€91,692▼ 32.0%
2024 · €134,868
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€63,436
▲ 431%
2025
20212025
Net result
€46,295
2025
middle half of the sector
20212025
Equity
€5,000
▼ 88.5%
2025
lowest quarter of the sector
20212025
Total assets
€444,522
▲ 27.5%
2025
middle half of the sector
20212025
Debt
€439,522
▲ 44.1%
2025
20212025
Working capital
€91,692
▼ 32.0%
2025
middle half of the sector
20212025
Solvency
1.1%
▼ 11.4pp
2025
lowest quarter of the sector
20212025
Current ratio
1.26
▼ 0.40
2025
middle half of the sector
20212025
Return on assets (ROA)
10.4%
▲ 10.9pp
2025
highest quarter of the sector
20212025
Staff (FTE)
no figure
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€50,674-€58,141▲ 14.7%€3,766▼ 93.5%€11,953▲ 217%€63,436▲ 431%
Net result€40,196above the sector's middle half-€44,140above the sector's middle half▲ 9.8%-€90within the sector's middle half-€1,522within the sector's middle half▼ 1,594%€46,295within the sector's middle half
Equity€45,196within the sector's middle half-€45,196within the sector's middle half=€45,106within the sector's middle half▼ 0.2%€43,584within the sector's middle half▼ 3.4%€5,000below the sector's middle half▼ 88.5%
Total assets€308,194above the sector's middle half-€247,751within the sector's middle half▼ 19.6%€331,725above the sector's middle half▲ 33.9%€348,577above the sector's middle half▲ 5.1%€444,522within the sector's middle half▲ 27.5%
Debt€262,998-€202,555▼ 23.0%€286,619▲ 41.5%€304,993▲ 6.4%€439,522▲ 44.1%
Working capital€181,828above the sector's middle half-€20,415within the sector's middle half▼ 88.8%€137,669above the sector's middle half▲ 574%€134,868above the sector's middle half▼ 2.0%€91,692within the sector's middle half▼ 32.0%
Solvency14.7%within the sector's middle half-18.2%within the sector's middle half▲ 3.6pp13.6%below the sector's middle half▼ 4.6pp12.5%below the sector's middle half▼ 1.1pp1.1%below the sector's middle half▼ 11.4pp
Current ratio2.45within the sector's middle half-1.10within the sector's middle half▼ 1.351.79within the sector's middle half▲ 0.691.67within the sector's middle half▼ 0.121.26within the sector's middle half▼ 0.40
Return on assets (ROA)13.0%within the sector's middle half-17.8%above the sector's middle half▲ 4.8pp0.0%within the sector's middle half▼ 17.8pp-0.4%within the sector's middle half▼ 0.4pp10.4%above the sector's middle half▲ 10.9pp
Staff (FTE)11=0.6▼ 40.0%
above
within
below
The sector band is the middle half of the companies in Printing and reproduction of recorded media (NACE 18). 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 5.3 times that of 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The abbreviated or 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 €444,522
Fixed assets
€5,136 ▼ 53.7%
Current assets
€439,386 ▲ 30.2%
Equity and liabilities €444,522
Equity
€5,000 ▼ 88.5%
Debt
€439,522 ▲ 44.1%
Debt's share of the balance-sheet total rises from 87.5% to 98.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€65,586▲
2024 · €23,591
Cash flow
€48,444▲
2024 · €10,117
Debt to equity
87.90▲
2024 · 7.00
ROE
925.9%▲
2024 · -3.5%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€347,694▲
2024 · €202,617
Income taxes
€18,097▲
2024 · €13,368
Staff costs
-€81▼
2024 · €49,062
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | - |
| full-time | 1 | 1 | - |
| in full-time equivalents | 1 | 1 | - |
| Average over the year, in full-time equivalents | 1 | 1 | 0.6 |
| On a permanent contract | 1 | - | - |
| Joined | 1 | - | 0 |
| Left | 0 | - | 1 |
Source: social balance sheet in the 2022 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €826 | €31,282 | €4,160 | €3,294 | €1,136 |
| Financial fixed assets | €495 | - | €2,010 | - | - |
| Depreciation and write-downs of the year | €332 | €7,489 | €11,515 | €11,639 | €2,149 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €17,586 | - |
| Remuneration, social security and pensions62 | - | €65,946 | €106,756 | €49,062 | -€81 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €332 | €7,489 | €11,515 | €11,639 | €2,149 | ▼ 81.5% |
| Other operating charges640/8 | €150 | €279 | €362 | €375 | €28 | ▼ 92.4% |
| Gross operating margin9900 | €51,157 | €131,856 | €122,399 | €73,028 | €65,533 | ▼ 10.3% |
| Operating profit (loss)9901 | €50,674 | €58,141 | €3,766 | €11,953 | €63,436 | ▲ 431% |
| Financial income75/76B | €0 | - | - | €56 | €1,039 | ▲ 19× |
| Recurring financial income75 | €0 | - | - | €56 | €1,039 | ▲ 19× |
| Financial charges65/66B | €62 | €70 | €106 | €162 | €83 | ▼ 49.2% |
| Recurring financial charges65 | €62 | €70 | €106 | €162 | €83 | ▼ 49.2% |
| Profit (loss) for the period before taxes9903 | €50,612 | €58,072 | €3,660 | €11,846 | €64,392 | ▲ 444% |
| Income taxes67/77 | €10,416 | €13,932 | €3,750 | €13,368 | €18,097 | ▲ 35.4% |
| Profit (loss) for the period9904 | €40,196 | €44,140 | -€90 | -€1,522 | €46,295 | - |
| Profit (loss) for the period to be appropriated9905 | €40,196 | €44,140 | -€90 | -€1,522 | €46,295 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €308,194 | €247,751 | €331,725 | €348,577 | €444,522 | ▲ 27.5% |
| Fixed assets21/28 | €989 | €24,782 | €19,437 | €11,092 | €5,136 | ▼ 53.7% |
| Tangible fixed assets22/27 | €494 | €24,287 | €16,932 | €8,587 | €4,641 | ▼ 46.0% |
| Furniture and vehicles24 | €494 | €24,287 | €16,932 | €8,587 | €4,641 | ▼ 46.0% |
| Financial fixed assets28 | €495 | €495 | €2,505 | €2,505 | €495 | ▼ 80.2% |
| Current assets29/58 | €307,205 | €222,969 | €312,288 | €337,485 | €439,386 | ▲ 30.2% |
| Amounts receivable within one year40/41 | €270,683 | €170,569 | €269,331 | €156,895 | €166,137 | ▲ 5.9% |
| Trade receivables40 | €236,052 | €142,226 | €268,467 | €150,671 | €146,111 | ▼ 3.0% |
| Other amounts receivable41 | €34,631 | €28,343 | €864 | €6,224 | €20,026 | ▲ 222% |
| Cash at bank and in hand54/58 | €35,398 | €50,027 | €39,066 | €179,420 | €273,093 | ▲ 52.2% |
| Deferred charges and accrued income490/1 | €1,123 | €2,374 | €3,891 | €1,170 | €156 | ▼ 86.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €308,194 | €247,751 | €331,725 | €348,577 | €444,522 | ▲ 27.5% |
| Equity10/15 | €45,196 | €45,196 | €45,106 | €43,584 | €5,000 | ▼ 88.5% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Contributions outside capital11 | - | - | - | €5,000 | €5,000 | = |
| Other1109/19 | - | - | - | €5,000 | €5,000 | = |
| Profit (loss) carried forward14 | €40,196 | €40,196 | €40,106 | €38,584 | - | - |
| Amounts payable17/49 | €262,998 | €202,555 | €286,619 | €304,993 | €439,522 | ▲ 44.1% |
| Amounts payable within one year42/48 | €125,377 | €202,555 | €174,619 | €202,617 | €347,694 | ▲ 71.6% |
| Trade debts44 | €112,167 | €140,225 | €113,202 | €155,179 | €188,375 | ▲ 21.4% |
| Suppliers440/4 | €112,167 | €140,225 | €113,202 | €155,179 | €188,375 | ▲ 21.4% |
| Taxes, remuneration and social security45 | €10,416 | €23,038 | €18,149 | €6,344 | €31,750 | ▲ 400% |
| Taxes450/3 | €10,416 | €13,932 | €3,750 | €6,344 | €31,750 | ▲ 400% |
| Remuneration and social security454/9 | - | €9,106 | €14,399 | - | - | - |
| Other amounts payable47/48 | €2,794 | €39,292 | €43,268 | €41,095 | €127,569 | ▲ 210% |
| Accrued charges and deferred income492/3 | €137,621 | - | €112,000 | €102,376 | €91,828 | ▼ 10.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €40,196 | €44,140 | -€90 | -€1,522 | €46,295 | - |
| + Depreciation and write-downs630 | €332 | €7,489 | €11,515 | €11,639 | €2,149 | ▼ 81.5% |
| Operating cash flow (approximation) | €40,528 | €51,629 | €11,425 | €10,117 | €48,444 | ▲ 379% |
| Investment in fixed assets (approximation) | - | -€31,282 | -€6,170 | -€3,294 | €3,807 | - |
| Change in cash | - | €14,628 | -€10,960 | €140,354 | €93,673 | ▼ 33.3% |
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, 2,153 companies had the same profile as IN ONE has now. Two years later, 96.1% were still going and 1.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.1%
was still going
2.2%
stopped otherwise
1.7%
went bankrupt
That fits the bankruptcy probability of IN ONE itself: 0.7% 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 2,153 companies, not a prediction for IN ONE. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 07-08-2026 | 2026-00387039 | |
| 31-12-2024 | micro format | 27-08-2025 | 2025-00416559 | |
| 31-12-2023 | micro format | 24-09-2024 | 2024-00469640 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00393109 | |
| 31-12-2021 | micro format | 24-08-2022 | 2022-20311478 |