INFISACHA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 17 filings
Turnover
≈ €330,000
Estimated: probably between €220,000 and €510,000
Total assets
€507,787▲ 10.0%
2024 · €461,827
Net result
€84,431▼ 15.6%
2024 · €99,979
Working capital
€371,753▲ 14.5%
2024 · €324,754
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€119,156
▼ 15.7%
2025
20182025
Net result
€84,431
▼ 15.6%
2025
20182025
Equity
€436,320
▲ 13.1%
2025
20182025
Total assets
€507,787
▲ 10.0%
2025
20182025
Debt
€71,467
▼ 6.0%
2025
20182025
Working capital
€371,753
▲ 14.5%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€30,848-€5,173▼ 83.2%€58,304▲ 11×€81,892▲ 40.5%€66,770▼ 18.5%€104,175▲ 56.0%€141,409▲ 35.7%€119,156▼ 15.7%
Net result€23,088-€2,988▼ 87.1%€41,160▲ 14×€57,844▲ 40.5%€43,551▼ 24.7%€74,689▲ 71.5%€99,979▲ 33.9%€84,431▼ 15.6%
Equity€89,396-€92,384▲ 3.3%€133,544▲ 44.6%€191,388▲ 43.3%€214,939▲ 12.3%€295,830▲ 37.6%€385,808▲ 30.4%€436,320▲ 13.1%
Total assets€123,702-€124,959▲ 1.0%€163,385▲ 30.8%€232,484▲ 42.3%€270,333▲ 16.3%€356,526▲ 31.9%€461,827▲ 29.5%€507,787▲ 10.0%
Debt€34,306-€32,575▼ 5.0%€29,841▼ 8.4%€41,096▲ 37.7%€55,394▲ 34.8%€60,696▲ 9.6%€76,019▲ 25.2%€71,467▼ 6.0%
Working capital€37,983-€35,577▼ 6.3%€75,973▲ 114%€136,787▲ 80.0%€164,851▲ 20.5%€226,692▲ 37.5%€324,754▲ 43.3%€371,753▲ 14.5%
The operating result for 2025 is 16% lower than in 2024.
Turnover and EBIT margin are not published. The 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 €507,787
Fixed assets
€74,374 ▼ 2.0%
Current assets
€433,413 ▲ 12.3%
Equity and liabilities €507,787
Equity
€436,320 ▲ 13.1%
Debt
€71,467 ▼ 6.0%
Debt's share of the balance-sheet total falls from 16.5% to 14.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€131,464▼
2024 · €154,340
Cash flow
€96,739▼
2024 · €112,910
Current ratio
7.03▲
2024 · 6.31
Debt to equity
0.16▼
2024 · 0.20
ROE
19.4%▼
2024 · 25.9%
ROA
16.6%▼
2024 · 21.6%
Interest coverage
54.96▼
2024 · 91.98
Debt ≤ 1 year
€61,660▲
2024 · €61,165
Debt > 1 year
€9,807▼
2024 · €14,854
Income taxes
€33,024▼
2024 · €40,338
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 | - | €1,658 | €47,577 | - | €10,774 |
| Depreciation and write-downs of the year | €9,060 | €8,192 | €5,295 | €12,931 | €12,308 |
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 | €3,252 | €8,247 | €8,932 | €9,060 | €8,192 | €5,295 | €12,931 | €12,308 | ▼ 4.8% |
| Other operating charges640/8 | - | - | - | €2,193 | €2,233 | €2,084 | €1,056 | €902 | ▼ 14.6% |
| Gross operating margin9900 | €35,029 | €15,894 | €69,456 | €93,145 | €77,195 | €111,554 | €155,396 | €132,366 | ▼ 14.8% |
| Operating profit (loss)9901 | €30,848 | €5,173 | €58,304 | €81,892 | €66,770 | €104,175 | €141,409 | €119,156 | ▼ 15.7% |
| Financial income75/76B | - | - | - | - | - | €26 | €586 | €691 | ▲ 17.9% |
| Recurring financial income75 | €526 | - | - | - | - | €26 | €586 | €691 | ▲ 17.9% |
| Financial charges65/66B | - | - | - | €183 | €971 | €989 | €1,678 | €2,392 | ▲ 42.6% |
| Recurring financial charges65 | €770 | €698 | €400 | €183 | €971 | €989 | €1,678 | €2,392 | ▲ 42.6% |
| Profit (loss) for the period before taxes9903 | €30,604 | €4,475 | €57,904 | €81,709 | €65,799 | €103,212 | €140,317 | €117,455 | ▼ 16.3% |
| Income taxes67/77 | €7,516 | €1,487 | €16,744 | €23,865 | €22,248 | €28,523 | €40,338 | €33,024 | ▼ 18.1% |
| Profit (loss) for the period9904 | €23,088 | €2,988 | €41,160 | €57,844 | €43,551 | €74,689 | €99,979 | €84,431 | ▼ 15.6% |
| Profit (loss) for the period to be appropriated9905 | €23,088 | €2,988 | €41,160 | €57,844 | €43,551 | €74,689 | €99,979 | €84,431 | ▼ 15.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €123,702 | €124,959 | €163,385 | €232,484 | €270,333 | €356,526 | €461,827 | €507,787 | ▲ 10.0% |
| Formation expenses20 | - | - | - | - | - | €1,130 | - | - | - |
| Fixed assets21/28 | €55,447 | €72,175 | €65,682 | €56,622 | €50,088 | €87,708 | €75,908 | €74,374 | ▼ 2.0% |
| Tangible fixed assets22/27 | €55,397 | €72,125 | €65,632 | €56,572 | €50,038 | €87,658 | €75,858 | €74,324 | ▼ 2.0% |
| Land and buildings22 | - | - | - | €45,640 | €44,914 | €44,923 | €42,103 | €49,549 | ▲ 17.7% |
| Furniture and vehicles24 | - | - | - | €942 | €129 | €42,735 | €33,755 | €24,775 | ▼ 26.6% |
| Leasing and similar rights25 | - | - | - | €9,990 | €4,995 | - | - | - | - |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €68,255 | €52,784 | €97,703 | €175,862 | €220,245 | €267,688 | €385,919 | €433,413 | ▲ 12.3% |
| Amounts receivable within one year40/41 | €6,515 | €9,707 | €11,990 | €29,076 | €38,963 | €59,971 | €97,372 | €73,039 | ▼ 25.0% |
| Trade receivables40 | - | - | - | €28,185 | €38,963 | €54,948 | €92,025 | €69,417 | ▼ 24.6% |
| Other amounts receivable41 | - | - | - | €891 | - | €5,023 | €5,347 | €3,622 | ▼ 32.3% |
| Cash at bank and in hand54/58 | €47,427 | €33,684 | €85,313 | €146,786 | €181,282 | €207,667 | €288,547 | €358,283 | ▲ 24.2% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €50 | - | €2,091 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €123,702 | €124,959 | €163,385 | €232,484 | €270,333 | €356,526 | €461,827 | €507,787 | ▲ 10.0% |
| Equity10/15 | €89,396 | €92,384 | €133,544 | €191,388 | €214,939 | €295,830 | €385,808 | €436,320 | ▲ 13.1% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €20,460 | €20,460 | €20,460 | = |
| Reserves13 | €31,860 | €31,860 | €71,860 | €128,860 | €151,587 | €224,416 | €314,395 | €393,478 | ▲ 25.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €127,000 | €149,727 | €224,416 | €314,395 | €393,478 | ▲ 25.2% |
| Profit (loss) carried forward14 | €45,136 | €48,124 | €49,284 | €50,128 | €50,952 | €50,954 | €50,953 | €22,382 | ▼ 56.1% |
| Amounts payable17/49 | €34,306 | €32,575 | €29,841 | €41,096 | €55,394 | €60,696 | €76,019 | €71,467 | ▼ 6.0% |
| Amounts payable after more than one year17 | €3,036 | €14,128 | €8,111 | €2,021 | - | €19,700 | €14,854 | €9,807 | ▼ 34.0% |
| Financial debts170/4 | - | - | - | €2,021 | - | €19,700 | €14,854 | €9,807 | ▼ 34.0% |
| Amounts payable within one year42/48 | €30,272 | €17,207 | €21,730 | €39,075 | €55,394 | €40,996 | €61,165 | €61,660 | ▲ 0.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,090 | €2,021 | €4,651 | €17,796 | €18,381 | ▲ 3.3% |
| Trade debts44 | - | €1,493 | €1,656 | €2,095 | €3,170 | €9,581 | €14,597 | €5,805 | ▼ 60.2% |
| Suppliers440/4 | - | - | - | €2,095 | €3,170 | €9,581 | €14,597 | €5,805 | ▼ 60.2% |
| Taxes, remuneration and social security45 | - | - | - | €30,890 | €29,114 | €26,764 | €28,772 | €23,094 | ▼ 19.7% |
| Taxes450/3 | - | - | - | €28,611 | €29,114 | €26,764 | €28,772 | €20,700 | ▼ 28.1% |
| Remuneration and social security454/9 | - | - | - | €2,279 | - | - | - | €2,394 | - |
| Other amounts payable47/48 | - | - | - | - | €21,089 | - | - | €14,380 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €23,088 | €2,988 | €41,160 | €57,844 | €43,551 | €74,689 | €99,979 | €84,431 | ▼ 15.6% |
| + Depreciation and write-downs630 | €3,252 | €8,247 | €8,932 | €9,060 | €8,192 | €5,295 | €12,931 | €12,308 | ▼ 4.8% |
| Operating cash flow (approximation) | €26,340 | €11,235 | €50,092 | €66,904 | €51,743 | €79,984 | €112,910 | €96,739 | ▼ 14.3% |
| Investment in fixed assets (approximation) | - | -€24,975 | -€2,439 | €0 | -€1,658 | -€42,915 | -€1,131 | -€10,774 | ▼ 853% |
| Change in cash | - | -€13,743 | €51,629 | €61,473 | €34,496 | €26,385 | €80,880 | €69,736 | ▼ 13.8% |
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, 17,811 companies had the same profile as INFISACHA has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of INFISACHA 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 17,811 companies, not a prediction for INFISACHA. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00352764 | |
| 31-12-2024 | micro format | 23-06-2025 | 2025-00164253 | |
| 31-12-2023 | micro format | 27-08-2024 | 2024-00374206 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00366123 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20321206 | |
| 31-12-2020 | micro format | 21-10-2021 | 2021-72500574 | |
| 31-12-2019 | micro format | 12-08-2020 | 2020-40900023 | |
| 31-12-2018 | micro format | 25-06-2019 | 2019-22900094 | |
| 31-12-2017 | micro format | 29-08-2018 | 2018-52900053 | |
| 31-12-2016 | micro format | 29-06-2017 | 2017-24200410 |