Injection Test
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-02-2026 PDF all 6 filings
Turnover
€0
2022 · €0
Total assets
€92,603▼ 35.5%
2024 · €143,668
Net result
€12,518▲ 362%
2024 · €2,710
Working capital
€37,891▼ 48.9%
2024 · €74,079
Multi-year overview
2020 to 2025, 6 financial yearsTurnover
no figure
2025
20202025
Operating result
€72,972
▲ 14×
2025
20202025
Net result
€12,518
▲ 362%
2025
middle half of the sector
20202025
Equity
€67,547
▲ 7.2%
2025
middle half of the sector
20202025
Total assets
€92,603
▼ 35.5%
2025
middle half of the sector
20202025
Debt
€25,056
▼ 13.6%
2025
20202025
Working capital
€37,891
▼ 48.9%
2025
middle half of the sector
20202025
Solvency
72.9%
▲ 29.1pp
2025
highest quarter of the sector
20202025
Current ratio
2.51
▼ 1.24
2025
middle half of the sector
20202025
Return on assets (ROA)
13.5%
▲ 11.6pp
2025
highest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Turnover€0€0€0
Operating result€34,323-€40,678▲ 18.5%€22,584▼ 44.5%€48,059▲ 113%€5,146▼ 89.3%€72,972▲ 14×
Net result€30,039within the sector's middle half-€29,149above the sector's middle half▼ 3.0%€16,806above the sector's middle half▼ 42.3%€34,531above the sector's middle half▲ 105%€2,710within the sector's middle half▼ 92.2%€12,518within the sector's middle half▲ 362%
Equity€15,039within the sector's middle half-€36,189within the sector's middle half▲ 141%€44,995within the sector's middle half▲ 24.3%€68,319within the sector's middle half▲ 51.8%€63,029within the sector's middle half▼ 7.7%€67,547within the sector's middle half▲ 7.2%
Total assets€35,813below the sector's middle half-€95,602within the sector's middle half▲ 167%€79,418within the sector's middle half▼ 16.9%€106,890within the sector's middle half▲ 34.6%€143,668within the sector's middle half▲ 34.4%€92,603within the sector's middle half▼ 35.5%
Debt€20,774-€59,414▲ 186%€34,423▼ 42.1%€38,571▲ 12.0%€29,014▼ 24.8%€25,056▼ 13.6%
Working capital€14,473within the sector's middle half-€44,843within the sector's middle half▲ 210%€37,430within the sector's middle half▼ 16.5%€52,527within the sector's middle half▲ 40.3%€74,079above the sector's middle half▲ 41.0%€37,891within the sector's middle half▼ 48.9%
Solvency42.0%within the sector's middle half-37.9%within the sector's middle half▼ 4.1pp56.7%within the sector's middle half▲ 18.8pp63.9%above the sector's middle half▲ 7.3pp43.9%within the sector's middle half▼ 20.0pp72.9%above the sector's middle half▲ 29.1pp
Current ratio1.70within the sector's middle half-1.90within the sector's middle half▲ 0.212.88within the sector's middle half▲ 0.972.74within the sector's middle half▼ 0.143.75above the sector's middle half▲ 1.012.51within the sector's middle half▼ 1.24
Return on assets (ROA)83.9%above the sector's middle half-30.5%above the sector's middle half▼ 53.4pp21.2%above the sector's middle half▼ 9.3pp32.3%above the sector's middle half▲ 11.1pp1.9%within the sector's middle half▼ 30.4pp13.5%above the sector's middle half▲ 11.6pp
above
within
below
The sector band is the middle half of the companies in Manufacture of chemicals and chemical products (NACE 20). 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 over 14 times that of 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €92,603
Fixed assets
€29,656 ▼ 30.5%
Current assets
€62,948 ▼ 37.7%
Equity and liabilities €92,603
Equity
€67,547 ▲ 7.2%
Provisions
€0 ▼ 100%
Debt
€25,056 ▼ 13.6%
Debt's share of the balance-sheet total rises from 20.2% to 27.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€85,983▲
2024 · €13,848
Cash flow
€25,528▲
2024 · €11,411
Debt to equity
0.37▼
2024 · 0.46
ROE
18.5%▲
2024 · 4.3%
Interest coverage
1.61▼
2024 · 16.58
Debt ≤ 1 year
€25,056▼
2024 · €26,924
Income taxes
€7,183▲
2024 · €1,601
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2024 | 31-12-2025 |
|---|---|---|
| Employees at the balance-sheet date | 0 | 0 |
| full-time | 0 | 0 |
| part-time | 0 | 0 |
Source: social balance sheet in the 2024 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €984 | €24,676 | €7,961 | €27,251 | - |
| Depreciation and write-downs of the year | €377 | €3,782 | €5,911 | €8,701 | €13,011 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Turnover70 | - | €0 | €0 | €0 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | €0 | €0 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,069 | €377 | €3,782 | €5,911 | €8,701 | €13,011 | ▲ 49.5% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | €51,626 | -€51,626 | - |
| Other operating charges640/8 | - | €348 | €564 | €639 | €3,698 | €1,099 | ▼ 70.3% |
| Gross operating margin9900 | €36,087 | €41,403 | €26,930 | €54,609 | €69,171 | €35,456 | ▼ 48.7% |
| Operating profit (loss)9901 | €34,323 | €40,678 | €22,584 | €48,059 | €5,146 | €72,972 | ▲ 14× |
| Financial income75/76B | - | - | - | - | - | €2 | - |
| Recurring financial income75 | - | - | - | - | - | €2 | - |
| Financial charges65/66B | - | €141 | €351 | €345 | €835 | €53,273 | ▲ 64× |
| Recurring financial charges65 | €10 | €141 | €351 | €345 | €835 | €53,273 | ▲ 64× |
| Profit (loss) for the period before taxes9903 | €34,313 | €40,538 | €22,233 | €47,714 | €4,311 | €19,701 | ▲ 357% |
| Income taxes67/77 | €4,274 | €11,388 | €5,427 | €13,183 | €1,601 | €7,183 | ▲ 349% |
| Profit (loss) for the period9904 | €30,039 | €29,149 | €16,806 | €34,531 | €2,710 | €12,518 | ▲ 362% |
| Profit (loss) for the period to be appropriated9905 | €30,039 | €29,149 | €16,806 | €34,531 | €2,710 | €12,518 | ▲ 362% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €35,813 | €95,602 | €79,418 | €106,890 | €143,668 | €92,603 | ▼ 35.5% |
| Formation expenses20 | €0 | €0 | - | - | - | - | - |
| Fixed assets21/28 | €566 | €1,173 | €22,067 | €24,117 | €42,666 | €29,656 | ▼ 30.5% |
| Tangible fixed assets22/27 | €566 | €1,173 | €22,067 | €24,117 | €42,666 | €29,656 | ▼ 30.5% |
| Plant, machinery and equipment23 | - | €0 | - | €2,713 | €2,140 | €1,567 | ▼ 26.8% |
| Furniture and vehicles24 | - | €1,173 | €22,067 | €21,404 | €40,526 | €28,089 | ▼ 30.7% |
| Current assets29/58 | €35,247 | €94,429 | €57,351 | €82,773 | €101,002 | €62,948 | ▼ 37.7% |
| Amounts receivable within one year40/41 | €5,220 | €83,772 | €1,071 | €1,307 | €12,372 | €25,537 | ▲ 106% |
| Trade receivables40 | - | €83,772 | €0 | €1,307 | €3,973 | €17,138 | ▲ 331% |
| Other amounts receivable41 | - | €0 | €1,071 | €0 | €8,399 | €8,399 | = |
| Cash at bank and in hand54/58 | €30,028 | €10,657 | €51,883 | €81,095 | €86,935 | €35,861 | ▼ 58.8% |
| Deferred charges and accrued income490/1 | - | - | €4,397 | €371 | €1,695 | €1,550 | ▼ 8.6% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €35,813 | €95,602 | €79,418 | €106,890 | €143,668 | €92,603 | ▼ 35.5% |
| Equity10/15 | €15,039 | €36,189 | €44,995 | €68,319 | €63,029 | €67,547 | ▲ 7.2% |
| Contributions10/11 | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €10,000 | €30,000 | €35,000 | €60,000 | €55,000 | €60,000 | ▲ 9.1% |
| Distributable reserves133 | - | €30,000 | €35,000 | €60,000 | €55,000 | €60,000 | ▲ 9.1% |
| Profit (loss) carried forward14 | €39 | €1,189 | €4,995 | €3,319 | €3,029 | €2,547 | ▼ 15.9% |
| Provisions and deferred taxes16 | - | - | - | - | €51,626 | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | €51,626 | - | - |
| Other liabilities and charges164/5 | - | - | - | - | €51,626 | - | - |
| Amounts payable17/49 | €20,774 | €59,414 | €34,423 | €38,571 | €29,014 | €25,056 | ▼ 13.6% |
| Amounts payable after more than one year17 | - | €9,828 | €14,502 | €8,324 | €2,090 | - | - |
| Financial debts170/4 | - | - | €14,502 | €8,324 | €2,090 | - | - |
| Other amounts payable178/9 | - | €9,828 | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €20,774 | €49,586 | €19,921 | €30,247 | €26,924 | €25,056 | ▼ 6.9% |
| Current portion of amounts payable after more than one year42 | - | - | €6,123 | €6,178 | €6,234 | €2,090 | ▼ 66.5% |
| Trade debts44 | €272 | €30,860 | €2,570 | €2,186 | €2,243 | €2,727 | ▲ 21.5% |
| Suppliers440/4 | - | €30,860 | €2,570 | €2,186 | €2,243 | €2,727 | ▲ 21.5% |
| Taxes, remuneration and social security45 | - | €13,126 | €4,829 | €15,482 | €11,646 | €6,605 | ▼ 43.3% |
| Taxes450/3 | - | €12,966 | €4,653 | €12,176 | €8,340 | €3,473 | ▼ 58.4% |
| Remuneration and social security454/9 | - | €160 | €176 | €3,306 | €3,306 | €3,132 | ▼ 5.3% |
| Other amounts payable47/48 | - | €5,600 | €6,400 | €6,400 | €6,800 | €13,634 | ▲ 100% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €30,039 | €29,149 | €16,806 | €34,531 | €2,710 | €12,518 | ▲ 362% |
| + Depreciation and write-downs630 | €1,069 | €377 | €3,782 | €5,911 | €8,701 | €13,011 | ▲ 49.5% |
| Operating cash flow (approximation) | €31,108 | €29,526 | €20,588 | €40,442 | €11,411 | €25,528 | ▲ 124% |
| Investment in fixed assets (approximation) | - | -€984 | -€24,676 | -€7,961 | -€27,251 | €0 | - |
| Change in cash | - | -€19,371 | €41,226 | €29,212 | €5,840 | -€51,075 | - |
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, 26,972 companies had the same profile as Injection Test has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Injection Test itself: 0.4% 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 26,972 companies, not a prediction for Injection Test. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-02-2026 | 2026-00042263 | |
| 31-12-2024 | micro format | 02-06-2025 | 2025-00113239 | |
| 31-12-2023 | micro format | 14-03-2024 | 2024-00043458 | |
| 31-12-2022 | micro format | 08-02-2023 | 2023-00025023 | |
| 31-12-2021 | micro format | 28-04-2022 | 2022-20011635 | |
| 31-12-2020 | micro format | 17-06-2021 | 2021-21600370 |