INCOS
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 20 days after the deadline Filed on 20 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00408214.
Annual accounts 2025 filed on 20-08-2026 at the NBB all 35 filings
Turnover
≈ €88,000
Estimated: probably between €62,000 and €120,000
Total assets
€436,679▼ 9.0%
2024 · €479,782
Net result
-€36,544
2024 · €0
Working capital
€348,531▼ 11.0%
2024 · €391,551
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€22,872
▲ 64.4%
2025
20182025
Net result
-€36,544
2025
lowest quarter of the sector
20182025
Equity
€286,958
▼ 11.3%
2025
middle half of the sector
20182025
Total assets
€436,679
▼ 9.0%
2025
middle half of the sector
20182025
Debt
€12,855
▲ 148%
2025
20182025
Working capital
€348,531
▼ 11.0%
2025
highest quarter of the sector
20182025
Solvency
65.7%
▼ 1.7pp
2025
middle half of the sector
20182025
Current ratio
28.30
▼ 48.29
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-8.4%
▼ 8.4pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€25,425-€5,416▼ 78.7%€29,122▲ 438%€17,289▼ 40.6%€20,485▲ 18.5%€15,900▼ 22.4%€13,910▼ 12.5%€22,872▲ 64.4%
Net result€36,992--€31,782€53,294above the sector's middle half€63,013above the sector's middle half▲ 18.2%€6,719within the sector's middle half▼ 89.3%€2,421within the sector's middle half▼ 64.0%€0within the sector's middle half▼ 100.0%-€36,544below the sector's middle half
Equity€229,836-€198,054▼ 13.8%€251,348above the sector's middle half▲ 26.9%€314,361above the sector's middle half▲ 25.1%€321,080above the sector's middle half▲ 2.1%€323,502above the sector's middle half▲ 0.8%€323,502above the sector's middle half=€286,958within the sector's middle half▼ 11.3%
Total assets€431,082-€407,416▼ 5.5%€460,055above the sector's middle half▲ 12.9%€525,920above the sector's middle half▲ 14.3%€514,840above the sector's middle half▼ 2.1%€503,008above the sector's middle half▼ 2.3%€479,782above the sector's middle half▼ 4.6%€436,679within the sector's middle half▼ 9.0%
Debt€14,341€20,662▲ 44.1%€32,003▲ 54.9%€22,750▼ 28.9%€17,961▼ 21.1%€5,180▼ 71.2%€12,855▲ 148%
Working capital€255,904€295,730above the sector's middle half▲ 15.6%€368,957above the sector's middle half▲ 24.8%€372,229above the sector's middle half▲ 0.9%€383,656above the sector's middle half▲ 3.1%€391,551above the sector's middle half▲ 2.1%€348,531above the sector's middle half▼ 11.0%
Solvency53.3%-48.6%▼ 4.7pp54.6%within the sector's middle half▲ 6.0pp59.8%within the sector's middle half▲ 5.1pp62.4%within the sector's middle half▲ 2.6pp64.3%within the sector's middle half▲ 1.9pp67.4%within the sector's middle half▲ 3.1pp65.7%within the sector's middle half▼ 1.7pp
Current ratio18.8415.31above the sector's middle half▼ 3.5312.53above the sector's middle half▼ 2.7817.36above the sector's middle half▲ 4.8322.36above the sector's middle half▲ 5.0076.59above the sector's middle half▲ 54.2328.30above the sector's middle half▼ 48.29
Return on assets (ROA)8.6%--7.8%▼ 16.4pp11.6%within the sector's middle half▲ 19.4pp12.0%within the sector's middle half▲ 0.4pp1.3%within the sector's middle half▼ 10.7pp0.5%within the sector's middle half▼ 0.8pp0.0%within the sector's middle half▼ 0.5pp-8.4%below the sector's middle half▼ 8.4pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 64% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
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 €436,679
Fixed assets
€75,383 ▼ 9.2%
Current assets
€361,296 ▼ 8.9%
Equity and liabilities €436,679
Equity
€286,958 ▼ 11.3%
Provisions
€136,865 ▼ 9.4%
Debt
€12,855 ▲ 148%
Debt's share of the balance-sheet total rises from 1.1% to 2.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€43,412▲
2024 · €34,681
Cash flow
-€16,004▼
2024 · €20,771
Debt to equity
0.04▲
2024 · 0.02
ROE
-12.7%▼
2024 · 0.0%
Interest coverage
0.64▼
2024 · 1.74
Debt ≤ 1 year
€12,765▲
2024 · €5,180
Income taxes
€1,870▲
2024 · €181
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €574 | €15,449 | €2,500 | €2,429 | €14,612 |
| Depreciation and write-downs of the year | €19,276 | €20,549 | €20,969 | €20,771 | €20,540 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,538 | €18,013 | €18,441 | €19,276 | €20,549 | €20,969 | €20,771 | €20,540 | ▼ 1.1% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€8,489 | -€8,546 | -€9,464 | -€10,446 | -€14,235 | ▼ 36.3% |
| Other operating charges640/8 | - | - | - | €2,027 | €2,127 | €2,091 | €3,096 | €2,611 | ▼ 15.7% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €1,492 | - |
| Gross operating margin9900 | €38,483 | €19,134 | €42,724 | €30,103 | €34,616 | €29,496 | €27,331 | €33,280 | ▲ 21.8% |
| Operating profit (loss)9901 | €25,425 | €5,416 | €29,122 | €17,289 | €20,485 | €15,900 | €13,910 | €22,872 | ▲ 64.4% |
| Financial income75/76B | - | - | - | €72,518 | €5,954 | €6,062 | €6,210 | €9,830 | ▲ 58.3% |
| Recurring financial income75 | €1,693 | €1,050 | €593 | €744 | €5,954 | €6,062 | €6,210 | €9,830 | ▲ 58.3% |
| Non-recurring financial income76B | - | - | - | €71,773 | €0 | - | - | - | - |
| Financial charges65/66B | - | - | - | €20,302 | €18,908 | €19,299 | €19,939 | €67,376 | ▲ 238% |
| Recurring financial charges65 | €22,292 | €18,558 | €24,566 | €20,302 | €18,908 | €19,299 | €19,939 | €67,376 | ▲ 238% |
| Profit (loss) for the period before taxes9903 | €37,118 | -€31,726 | €58,750 | €69,504 | €7,531 | €2,664 | €181 | -€34,674 | - |
| Income taxes67/77 | €126 | €56 | €5,456 | €6,491 | €812 | €242 | €181 | €1,870 | ▲ 932% |
| Profit (loss) for the period9904 | €36,992 | -€31,782 | €53,294 | €63,013 | €6,719 | €2,421 | €0 | -€36,544 | - |
| Profit (loss) for the period to be appropriated9905 | €36,992 | -€31,782 | €53,294 | €63,013 | €6,719 | €2,421 | €0 | -€36,544 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €431,082 | €407,416 | €460,055 | €525,920 | €514,840 | €503,008 | €479,782 | €436,679 | ▼ 9.0% |
| Fixed assets21/28 | €144,248 | €137,170 | €143,663 | €124,960 | €119,861 | €101,392 | €83,051 | €75,383 | ▼ 9.2% |
| Tangible fixed assets22/27 | €144,248 | €137,170 | €143,663 | €124,960 | €119,861 | €101,392 | €83,051 | €75,383 | ▼ 9.2% |
| Land and buildings22 | - | - | - | €113,467 | €104,434 | €88,707 | €72,981 | €71,512 | ▼ 2.0% |
| Plant, machinery and equipment23 | - | - | - | €1,484 | €742 | €0 | €2,375 | €1,889 | ▼ 20.5% |
| Furniture and vehicles24 | - | - | - | €10,009 | €14,684 | €12,685 | €7,695 | €1,982 | ▼ 74.2% |
| Current assets29/58 | €286,834 | €270,246 | €316,392 | €400,960 | €394,979 | €401,616 | €396,731 | €361,296 | ▼ 8.9% |
| Amounts receivable after more than one year29 | - | - | - | €223,802 | €229,599 | €235,546 | €239,081 | €245,274 | ▲ 2.6% |
| Trade receivables290 | - | - | - | €223,802 | €229,599 | €0 | - | - | - |
| Other amounts receivable291 | - | - | - | - | - | €235,546 | €239,081 | €245,274 | ▲ 2.6% |
| Amounts receivable within one year40/41 | €60,512 | €77,940 | €76,031 | €76,809 | €65,785 | €51,874 | €29,387 | €13,700 | ▼ 53.4% |
| Trade receivables40 | - | - | - | - | - | - | - | €248 | - |
| Other amounts receivable41 | - | - | - | €76,809 | €65,785 | €51,874 | €29,387 | €13,452 | ▼ 54.2% |
| Current investments50/53 | €108,953 | €155,330 | €219,962 | €49,747 | €49,757 | €49,757 | €49,762 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €117,370 | €36,976 | €20,400 | €50,602 | €49,839 | €64,441 | €78,501 | €101,964 | ▲ 29.9% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €359 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €431,082 | €407,416 | €460,055 | €525,920 | €514,840 | €503,008 | €479,782 | €436,679 | ▼ 9.0% |
| Equity10/15 | €229,836 | €198,054 | €251,348 | €314,361 | €321,080 | €323,502 | €323,502 | €286,958 | ▼ 11.3% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €167,836 | €136,054 | €189,348 | €252,361 | €259,080 | €261,502 | €261,502 | €261,502 | = |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Distributable reserves133 | - | - | - | €246,161 | €252,880 | €255,302 | €255,302 | €255,302 | = |
| Profit (loss) carried forward14 | - | - | - | - | - | - | - | -€36,544 | - |
| Provisions and deferred taxes16 | €201,246 | €195,020 | €188,045 | €179,556 | €171,010 | €161,546 | €151,100 | €136,865 | ▼ 9.4% |
| Provisions for liabilities and charges160/5 | - | - | - | €179,556 | €171,010 | €161,546 | €151,100 | €136,865 | ▼ 9.4% |
| Environmental obligations163 | - | - | - | €179,556 | €171,010 | €0 | - | - | - |
| Other liabilities and charges164/5 | - | - | - | - | - | €161,546 | €151,100 | €136,865 | ▼ 9.4% |
| Amounts payable17/49 | - | €14,341 | €20,662 | €32,003 | €22,750 | €17,961 | €5,180 | €12,855 | ▲ 148% |
| Amounts payable within one year42/48 | - | €14,341 | €20,662 | €32,003 | €22,750 | €17,961 | €5,180 | €12,765 | ▲ 146% |
| Trade debts44 | - | €14,341 | €11,519 | €20,420 | €19,280 | €17,903 | €5,000 | €12,547 | ▲ 151% |
| Suppliers440/4 | - | - | - | €20,420 | €19,280 | €17,903 | €5,000 | €12,547 | ▲ 151% |
| Taxes, remuneration and social security45 | - | - | - | €11,583 | €3,470 | €58 | €180 | €219 | ▲ 21.7% |
| Taxes450/3 | - | - | - | €11,583 | €3,445 | €58 | €180 | €219 | ▲ 21.7% |
| Remuneration and social security454/9 | - | - | - | €0 | €25 | €0 | - | - | - |
| Other amounts payable47/48 | - | - | - | €0 | - | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €90 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €36,992 | -€31,782 | €53,294 | €63,013 | €6,719 | €2,421 | €0 | -€36,544 | - |
| + Depreciation and write-downs630 | €16,538 | €18,013 | €18,441 | €19,276 | €20,549 | €20,969 | €20,771 | €20,540 | ▼ 1.1% |
| Operating cash flow (approximation) | €53,530 | -€13,768 | €71,735 | €82,289 | €27,268 | €23,390 | €20,771 | -€16,004 | - |
| Investment in fixed assets (approximation) | - | -€10,936 | -€24,934 | -€574 | -€15,449 | -€2,500 | -€2,429 | -€12,872 | ▼ 430% |
| Change in cash | - | -€80,394 | -€16,576 | €30,202 | -€763 | €14,602 | €14,060 | €23,463 | ▲ 66.9% |
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, 12,322 companies had the same profile as INCOS has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of INCOS itself: 0.1% 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 12,322 companies, not a prediction for INCOS. 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 10 of 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 20-08-2026 | 2026-00408214 | |
| 31-12-2024 | micro format | 03-06-2025 | 2025-00115613 | |
| 31-12-2023 | micro format | 11-07-2024 | 2024-00236495 | |
| 31-12-2022 | micro format | 11-07-2023 | 2023-00238032 | |
| 31-12-2021 | micro format | 21-06-2022 | 2022-20086559 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-29200062 | |
| 31-12-2019 | micro format | 02-07-2020 | 2020-25500136 | |
| 31-12-2018 | micro format | 26-06-2019 | 2019-23300576 | |
| 31-12-2017 | micro format | 20-06-2018 | 2018-23000171 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-51100126 |