INBUDEC
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 202 days after the deadline Filed on 21 August 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00445840.
Annual accounts 2025 filed on 21-08-2026 at the NBB all 9 filings
Equity
-€121,296▼ 500%
2024 · -€20,223
Total assets
€917,567▼ 9.2%
2024 · €1.0m
Net result
-€100,738
2024 · €6,808
Working capital
-€734,777▼ 19.0%
2024 · -€617,698
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€90,543
2025
20192025
Net result
-€100,738
2025
lowest quarter of the sector
20192025
Equity
-€121,296
▼ 500%
2025
lowest quarter of the sector
20192025
Total assets
€917,567
▼ 9.2%
2025
middle half of the sector
20192025
Debt
€1.0m
▲ 0.8%
2025
20192025
Working capital
-€734,777
▼ 19.0%
2025
lowest quarter of the sector
20192025
Solvency
-13.2%
▼ 11.2pp
2025
lowest quarter of the sector
20192025
Current ratio
0.02
▼ 0.11
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-11.0%
▼ 11.7pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.05m-€0.04m▼ 20.9%€0.06m▲ 56.3%€0.01m▼ 84.1%-€0.006m€0.02m-€0.09m
Net result€0.03m-€0.002mwithin the sector's middle half▼ 91.7%€0.02mwithin the sector's middle half▲ 712%-€0.03mbelow the sector's middle half-€0.05mbelow the sector's middle half▼ 84.1%€0.007mwithin the sector's middle half-€0.1mbelow the sector's middle half
Equity€0.03m-€0.03mwithin the sector's middle half▲ 7.4%€0.05mwithin the sector's middle half▲ 55.9%€0.02mwithin the sector's middle half▼ 53.9%-€0.03mbelow the sector's middle half-€0.02mbelow the sector's middle half▲ 25.2%-€0.1mbelow the sector's middle half▼ 500%
Total assets€0.7m-€1.3mabove the sector's middle half▲ 73.0%€1.3mabove the sector's middle half▲ 0.3%€1.2mabove the sector's middle half▼ 5.0%€1.2mabove the sector's middle half▼ 2.1%€1.0mwithin the sector's middle half▼ 13.8%€0.9mwithin the sector's middle half▼ 9.2%
Debt€0.7m-€1.2m▲ 75.9%€1.2m▼ 1.2%€1.2m▼ 2.9%€1.2m▲ 2.1%€1.0m▼ 14.0%€1.0m▲ 0.8%
Working capital-€0.2m--€0.6mbelow the sector's middle half▼ 185%-€0.6mbelow the sector's middle half▲ 1.6%-€0.6mbelow the sector's middle half▼ 2.2%-€0.7mbelow the sector's middle half▼ 11.4%-€0.6mbelow the sector's middle half▲ 7.5%-€0.7mbelow the sector's middle half▼ 19.0%
Solvency4.2%-2.6%below the sector's middle half▼ 1.6pp4.0%below the sector's middle half▲ 1.4pp2.0%below the sector's middle half▼ 2.1pp-2.3%below the sector's middle half▼ 4.3pp-2.0%below the sector's middle half▲ 0.3pp-13.2%below the sector's middle half▼ 11.2pp
Current ratio0.13-0.06below the sector's middle half▼ 0.060.10below the sector's middle half▲ 0.040.03below the sector's middle half▼ 0.070.01below the sector's middle half▼ 0.020.13below the sector's middle half▲ 0.120.02below the sector's middle half▼ 0.11
Return on assets (ROA)3.7%-0.2%within the sector's middle half▼ 3.6pp1.5%within the sector's middle half▲ 1.3pp-2.3%below the sector's middle half▼ 3.7pp-4.3%below the sector's middle half▼ 2.0pp0.7%within the sector's middle half▲ 5.0pp-11.0%below the sector's middle half▼ 11.7pp
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 loss of €90,543, after a profit of €24,394 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €917,567
Fixed assets
€902,955 ▼ 1.9%
Current assets
€14,613 ▼ 83.7%
Equity and liabilities
Equity-€121,296
Debt€1.0m
Equity is negative. Debt (€1.0m) exceeds the balance-sheet total (€917,567).
Key figures and ratios
EBITDA
-€66,568▼
2024 · €42,395
Cash flow
-€76,764▼
2024 · €24,809
Interest coverage
-6.67▼
2024 · 2.44
Debt ≤ 1 year
€749,390▲
2024 · €707,540
Debt > 1 year
€289,473▼
2024 · €322,895
Income taxes
€220▲
2024 · €217
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.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €6,929 | €12,340 | - | €2,584 |
| Financial fixed assets | €2,002 | - | - | €4,000 |
| Depreciation and write-downs of the year | €23,857 | €23,928 | €18,001 | €23,974 |
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 | - | - | - | €6,368 | - | €75,237 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,224 | €23,983 | €23,702 | €23,857 | €23,928 | €18,001 | €23,974 | ▲ 33.2% |
| Other operating charges640/8 | - | - | - | €18,057 | €30,876 | €21,048 | €20,060 | ▼ 4.7% |
| Gross operating margin9900 | €66,603 | €70,769 | €102,744 | €51,824 | €48,651 | €63,443 | -€46,509 | - |
| Operating profit (loss)9901 | €50,302 | €39,779 | €62,164 | €9,911 | -€6,152 | €24,394 | -€90,543 | - |
| Financial income75/76B | - | - | - | €45 | €131 | €6 | - | - |
| Recurring financial income75 | - | - | €0 | €45 | €131 | €6 | - | - |
| Financial charges65/66B | - | - | - | €37,209 | €44,275 | €17,376 | €9,975 | ▼ 42.6% |
| Recurring financial charges65 | €23,107 | €37,411 | €37,517 | €37,209 | €44,275 | €17,376 | €9,975 | ▼ 42.6% |
| Profit (loss) for the period before taxes9903 | €27,196 | €2,368 | €24,647 | -€27,254 | -€50,296 | €7,024 | -€100,518 | - |
| Income taxes67/77 | €107 | €117 | €6,379 | €185 | €222 | €217 | €220 | ▲ 1.6% |
| Profit (loss) for the period9904 | €27,089 | €2,251 | €18,268 | -€27,438 | -€50,519 | €6,808 | -€100,738 | - |
| Profit (loss) for the period to be appropriated9905 | €27,089 | €2,251 | €18,268 | -€27,438 | -€50,519 | €6,808 | -€100,738 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.7m | €1.3m | €1.3m | €1.2m | €1.2m | €1.0m | €0.9m | ▼ 9.2% |
| Fixed assets21/28 | €0.7m | €1.2m | €1.2m | €1.2m | €1.2m | €0.9m | €0.9m | ▼ 1.9% |
| Tangible fixed assets22/27 | €0.6m | €1.2m | €1.1m | €1.1m | €1.1m | €0.9m | €0.8m | ▼ 2.5% |
| Land and buildings22 | - | - | - | €1.1m | €1.1m | €0.8m | €0.8m | ▼ 2.2% |
| Furniture and vehicles24 | - | - | - | - | - | €0.02m | €0.02m | ▼ 15.0% |
| Other tangible fixed assets26 | - | - | - | €0.003m | €0.003m | - | - | - |
| Financial fixed assets28 | €0.06m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | ▲ 5.9% |
| Current assets29/58 | €0.03m | €0.04m | €0.07m | €0.02m | €0.005m | €0.09m | €0.01m | ▼ 83.7% |
| Amounts receivable within one year40/41 | €0.02m | €0.03m | €0.03m | €0.003m | €0.001m | €0.001m | €0.001m | ▲ 31.6% |
| Trade receivables40 | - | - | - | €455 | €50 | €50 | - | - |
| Other amounts receivable41 | - | - | - | €0.002m | €0.001m | €470 | €0.001m | ▲ 45.6% |
| Current investments50/53 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.001m | €0.001m | = |
| Cash at bank and in hand54/58 | €0.009m | €0.01m | €0.04m | €0.01m | €0.002m | €0.08m | €0.01m | ▼ 84.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | - | €0.005m | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.7m | €1.3m | €1.3m | €1.2m | €1.2m | €1.0m | €0.9m | ▼ 9.2% |
| Equity10/15 | €0.03m | €0.03m | €0.05m | €0.02m | -€0.03m | -€0.02m | -€0.1m | ▼ 500% |
| Contributions10/11 | €0.05m | €0.05m | - | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Profit (loss) carried forward14 | -€0.02m | -€0.02m | €0.001m | -€0.03m | -€0.08m | -€0.07m | -€0.2m | ▼ 144% |
| Amounts payable17/49 | €0.7m | €1.2m | €1.2m | €1.2m | €1.2m | €1.0m | €1.0m | ▲ 0.8% |
| Amounts payable after more than one year17 | €0.5m | €0.6m | €0.6m | €0.6m | €0.5m | €0.3m | €0.3m | ▼ 10.4% |
| Financial debts170/4 | - | - | - | €0.6m | €0.5m | €0.3m | €0.3m | ▼ 10.4% |
| Amounts payable within one year42/48 | €0.2m | €0.6m | €0.7m | €0.6m | €0.7m | €0.7m | €0.7m | ▲ 5.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.05m | €0.04m | €0.04m | ▼ 11.5% |
| Trade debts44 | €0.001m | €269 | €0.001m | €0.001m | €251 | €0.002m | €121 | ▼ 94.1% |
| Suppliers440/4 | - | - | - | €0.001m | €251 | €0.002m | €121 | ▼ 94.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.007m | €0.01m | €217 | €220 | ▲ 1.6% |
| Taxes450/3 | - | - | - | €0.007m | €0.01m | €217 | €220 | ▲ 1.6% |
| Other amounts payable47/48 | - | - | - | €0.6m | €0.6m | €0.7m | €0.7m | ▲ 7.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €27,089 | €2,251 | €18,268 | -€27,438 | -€50,519 | €6,808 | -€100,738 | - |
| + Depreciation and write-downs630 | €14,224 | €23,983 | €23,702 | €23,857 | €23,928 | €18,001 | €23,974 | ▲ 33.2% |
| Operating cash flow (approximation) | €41,312 | €26,234 | €41,970 | -€3,581 | -€26,591 | €24,809 | -€76,764 | - |
| Investment in fixed assets (approximation) | - | -€544,697 | €0 | -€8,930 | -€12,340 | €228,195 | -€6,559 | - |
| Change in cash | - | €776 | €27,274 | -€25,387 | -€10,246 | €81,639 | -€70,507 | - |
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 INBUDEC 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.
That fits the bankruptcy probability of INBUDEC itself: 3.5% 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 598 companies, not a prediction for INBUDEC. 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 |
|---|---|---|---|---|
| 30-06-2025 | micro format | 21-08-2026 | 2026-00445840 | |
| 30-06-2024 | micro format | 13-02-2025 | 2025-00036649 | |
| 30-06-2023 | micro format | 29-02-2024 | 2024-00039252 | |
| 30-06-2022 | micro format | 23-01-2023 | 2023-00006899 | |
| 30-06-2021 | micro format | 20-01-2022 | 2022-01400549 | |
| 30-06-2020 | micro format | 07-12-2020 | 2020-75200110 | |
| 30-06-2019 | micro format | 05-12-2019 | 2019-75400494 | |
| 30-06-2018 | micro format | 12-12-2018 | 2018-74300116 | |
| 30-06-2017 | micro format | 22-12-2017 | 2017-73000595 |