InSystems
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 5 days after the deadline Filed on 5 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00385707.
Annual accounts 2025 filed on 05-08-2026 at the NBB all 24 filings
Turnover
≈ €210,000
Estimated: probably between €140,000 and €360,000
Total assets
€459,959▲ 24.9%
2024 · €368,262
Net result
€48,657▼ 6.0%
2024 · €51,737
Working capital
€363,336▲ 2.5%
2024 · €354,550
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€62,178
▼ 10.5%
2025
20182025
Net result
€48,657
▼ 6.0%
2025
middle half of the sector
20182025
Equity
€379,928
▲ 6.4%
2025
highest quarter of the sector
20182025
Total assets
€459,959
▲ 24.9%
2025
highest quarter of the sector
20182025
Debt
€80,032
▲ 617%
2025
20182025
Working capital
€363,336
▲ 2.5%
2025
highest quarter of the sector
20182025
Solvency
82.6%
▼ 14.4pp
2025
highest quarter of the sector
20182025
Current ratio
8.28
▼ 24.48
2025
highest quarter of the sector
20182025
Return on assets (ROA)
10.6%
▼ 3.5pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€43,810-€28,686€73,981▲ 158%€65,606▼ 11.3%€69,170▲ 5.4%€71,926▲ 4.0%€69,478▼ 3.4%€62,178▼ 10.5%
Net result-€40,649-€28,268€62,131above the sector's middle half▲ 120%€50,989above the sector's middle half▼ 17.9%€52,871above the sector's middle half▲ 3.7%€61,067above the sector's middle half▲ 15.5%€51,737above the sector's middle half▼ 15.3%€48,657within the sector's middle half▼ 6.0%
Equity€145,898-€173,366▲ 18.8%€234,697above the sector's middle half▲ 35.4%€251,386above the sector's middle half▲ 7.1%€303,457above the sector's middle half▲ 20.7%€328,694above the sector's middle half▲ 8.3%€357,101above the sector's middle half▲ 8.6%€379,928above the sector's middle half▲ 6.4%
Total assets€154,410-€187,623▲ 21.5%€272,155within the sector's middle half▲ 45.1%€299,506within the sector's middle half▲ 10.0%€335,828above the sector's middle half▲ 12.1%€369,478above the sector's middle half▲ 10.0%€368,262above the sector's middle half▼ 0.3%€459,959above the sector's middle half▲ 24.9%
Debt€8,512-€14,257▲ 67.5%€37,458▲ 163%€48,120▲ 28.5%€32,371▼ 32.7%€40,785▲ 26.0%€11,161▼ 72.6%€80,032▲ 617%
Working capital€139,803-€172,937▲ 23.7%€231,875above the sector's middle half▲ 34.1%€245,138above the sector's middle half▲ 5.7%€298,618above the sector's middle half▲ 21.8%€325,407above the sector's middle half▲ 9.0%€354,550above the sector's middle half▲ 9.0%€363,336above the sector's middle half▲ 2.5%
Solvency94.5%-92.4%▼ 2.1pp86.2%above the sector's middle half▼ 6.2pp83.9%above the sector's middle half▼ 2.3pp90.4%above the sector's middle half▲ 6.4pp89.0%above the sector's middle half▼ 1.4pp97.0%above the sector's middle half▲ 8.0pp82.6%above the sector's middle half▼ 14.4pp
Current ratio17.42-13.13▼ 4.297.19above the sector's middle half▼ 5.946.09above the sector's middle half▼ 1.1010.22above the sector's middle half▲ 4.138.98above the sector's middle half▼ 1.2532.77above the sector's middle half▲ 23.798.28above the sector's middle half▼ 24.48
Return on assets (ROA)-26.3%-15.1%▲ 41.4pp22.8%within the sector's middle half▲ 7.8pp17.0%within the sector's middle half▼ 5.8pp15.7%within the sector's middle half▼ 1.3pp16.5%within the sector's middle half▲ 0.8pp14.0%within the sector's middle half▼ 2.5pp10.6%within the sector's middle half▼ 3.5pp
above
within
below
The sector band is the middle half of the companies in Computing infrastructure, data processing, hosting and other information service activities (NACE 63). 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 11% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
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 €459,959
Fixed assets
€46,744 ▲ 18×
Current assets
€413,215 ▲ 13.0%
Equity and liabilities €459,959
Equity
€379,928 ▲ 6.4%
Debt
€80,032 ▲ 617%
Debt's share of the balance-sheet total rises from 3.0% to 17.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€67,433▼
2024 · €71,170
Cash flow
€53,912▲
2024 · €53,429
Debt to equity
0.21▲
2024 · 0.03
ROE
12.8%▼
2024 · 14.5%
Interest coverage
26.29▼
2024 · 54.65
Debt ≤ 1 year
€49,879▲
2024 · €11,161
Debt > 1 year
€30,153
Income taxes
€15,125▼
2024 · €20,391
Staff costs
€73▼
2024 · €282
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 | €5,049 | €966 | €652 | €999 | €49,448 |
| Depreciation and write-downs of the year | €1,623 | €2,375 | €2,204 | €1,692 | €5,255 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €5,113 | - |
| Remuneration, social security and pensions62 | - | - | - | €140 | - | €169 | €282 | €73 | ▼ 74.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,617 | €5,667 | €1,010 | €1,623 | €2,375 | €2,204 | €1,692 | €5,255 | ▲ 211% |
| Other operating charges640/8 | - | - | - | €1,177 | €969 | €1,169 | €1,243 | €1,092 | ▼ 12.2% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €42 | - | - |
| Gross operating margin9900 | -€36,150 | €35,293 | €75,950 | €68,547 | €72,514 | €75,468 | €72,738 | €68,598 | ▼ 5.7% |
| Operating profit (loss)9901 | -€43,810 | €28,686 | €73,981 | €65,606 | €69,170 | €71,926 | €69,478 | €62,178 | ▼ 10.5% |
| Financial income75/76B | - | - | - | €5,315 | €4,631 | €4,301 | €3,953 | €4,168 | ▲ 5.4% |
| Recurring financial income75 | €3,496 | €2,728 | €3,234 | €5,315 | €4,631 | €4,301 | €3,953 | €4,168 | ▲ 5.4% |
| Financial charges65/66B | - | - | - | €338 | €304 | €294 | €1,302 | €2,565 | ▲ 97.0% |
| Recurring financial charges65 | €149 | €153 | €194 | €338 | €304 | €294 | €1,302 | €2,565 | ▲ 97.0% |
| Profit (loss) for the period before taxes9903 | -€40,463 | €31,261 | €77,021 | €70,583 | €73,497 | €75,933 | €72,128 | €63,781 | ▼ 11.6% |
| Income taxes67/77 | €186 | €2,993 | €14,890 | €19,595 | €20,626 | €14,866 | €20,391 | €15,125 | ▼ 25.8% |
| Profit (loss) for the period9904 | -€40,649 | €28,268 | €62,131 | €50,989 | €52,871 | €61,067 | €51,737 | €48,657 | ▼ 6.0% |
| Profit (loss) for the period to be appropriated9905 | -€40,649 | €28,268 | €65,431 | €50,989 | €52,871 | €61,067 | €51,737 | €48,657 | ▼ 6.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €154,410 | €187,623 | €272,155 | €299,506 | €335,828 | €369,478 | €368,262 | €459,959 | ▲ 24.9% |
| Fixed assets21/28 | €6,096 | €429 | €2,822 | €6,247 | €4,839 | €3,286 | €2,551 | €46,744 | ▲ 18× |
| Tangible fixed assets22/27 | €6,096 | €429 | €2,822 | €6,247 | €4,839 | €3,286 | €2,551 | €46,744 | ▲ 18× |
| Plant, machinery and equipment23 | - | - | - | €2,096 | €1,607 | €1,119 | €631 | €2,276 | ▲ 261% |
| Furniture and vehicles24 | - | - | - | €4,152 | €3,232 | €2,167 | €1,920 | €44,469 | ▲ 23× |
| Current assets29/58 | €148,315 | €187,194 | €269,333 | €293,259 | €330,989 | €366,192 | €365,710 | €413,215 | ▲ 13.0% |
| Amounts receivable after more than one year29 | - | - | - | €193,322 | €179,982 | €166,309 | €152,295 | €137,930 | ▼ 9.4% |
| Other amounts receivable291 | - | - | - | €193,322 | €179,982 | €166,309 | €152,295 | €137,930 | ▼ 9.4% |
| Amounts receivable within one year40/41 | €789 | €12,390 | €14,859 | €25,781 | €44,702 | €37,573 | €15,756 | €27,269 | ▲ 73.1% |
| Trade receivables40 | - | - | - | €25,361 | €44,043 | €32,000 | €14,400 | €17,245 | ▲ 19.8% |
| Other amounts receivable41 | - | - | - | €420 | €659 | €5,573 | €1,356 | €10,024 | ▲ 639% |
| Current investments50/53 | - | - | - | - | - | €126,940 | €166,002 | €234,362 | ▲ 41.2% |
| Cash at bank and in hand54/58 | €47,526 | €98,732 | €32,508 | €73,943 | €106,188 | €35,274 | €31,573 | €13,366 | ▼ 57.7% |
| Deferred charges and accrued income490/1 | - | - | - | €213 | €117 | €96 | €85 | €290 | ▲ 240% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €154,410 | €187,623 | €272,155 | €299,506 | €335,828 | €369,478 | €368,262 | €459,959 | ▲ 24.9% |
| Equity10/15 | €145,898 | €173,366 | €234,697 | €251,386 | €303,457 | €328,694 | €357,101 | €379,928 | ▲ 6.4% |
| Contributions10/11 | €6,197 | €6,197 | - | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Reserves13 | €61,159 | €89,409 | €151,109 | €168,509 | €221,309 | €281,309 | €310,309 | €358,809 | ▲ 15.6% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | - | - | - |
| Distributable reserves133 | - | - | - | €166,650 | €219,450 | €279,450 | €310,309 | €358,809 | ▲ 15.6% |
| Profit (loss) carried forward14 | €78,542 | €77,760 | €77,391 | €76,679 | €75,951 | €41,187 | €40,594 | €14,921 | ▼ 63.2% |
| Amounts payable17/49 | €8,512 | €14,257 | €37,458 | €48,120 | €32,371 | €40,785 | €11,161 | €80,032 | ▲ 617% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | - | €30,153 | - |
| Financial debts170/4 | - | - | - | - | - | - | - | €30,153 | - |
| Amounts payable within one year42/48 | €8,512 | €14,257 | €37,458 | €48,120 | €32,371 | €40,785 | €11,161 | €49,879 | ▲ 347% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €7,873 | - |
| Trade debts44 | €1,168 | €1,225 | €500 | €897 | €920 | €705 | €773 | €2,464 | ▲ 219% |
| Suppliers440/4 | - | - | - | €897 | €920 | €705 | €773 | €2,464 | ▲ 219% |
| Taxes, remuneration and social security45 | - | - | - | €22,279 | €13,146 | €4,249 | €9,558 | €13,712 | ▲ 43.5% |
| Taxes450/3 | - | - | - | €22,279 | €13,146 | €4,249 | €9,558 | €13,712 | ▲ 43.5% |
| Other amounts payable47/48 | - | - | - | €24,944 | €18,306 | €35,830 | €830 | €25,830 | ▲ 31× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€40,649 | €28,268 | €62,131 | €50,989 | €52,871 | €61,067 | €51,737 | €48,657 | ▼ 6.0% |
| + Depreciation and write-downs630 | €6,617 | €5,667 | €1,010 | €1,623 | €2,375 | €2,204 | €1,692 | €5,255 | ▲ 211% |
| Operating cash flow (approximation) | -€34,032 | €33,935 | €63,142 | €52,612 | €55,246 | €63,271 | €53,429 | €53,912 | ▲ 0.9% |
| Investment in fixed assets (approximation) | - | €0 | -€3,404 | -€5,049 | -€966 | -€652 | -€957 | -€49,448 | ▼ 5,066% |
| Change in cash | - | €51,206 | -€66,224 | €41,435 | €32,245 | -€70,914 | -€3,701 | -€18,207 | ▼ 392% |
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, 20,136 companies had the same profile as InSystems has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of InSystems 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 20,136 companies, not a prediction for InSystems. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 05-08-2026 | 2026-00385707 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00440284 | |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00154941 | |
| 31-12-2022 | micro format | 23-08-2023 | 2023-00364232 | |
| 31-12-2021 | micro format | 26-07-2022 | 2022-20266113 | |
| 31-12-2020 | micro format | 02-07-2021 | 2021-30500566 | |
| 31-12-2019 | micro format | 23-07-2020 | 2020-33000069 | |
| 31-12-2018 | micro format | 26-07-2019 | 2019-39300143 | |
| 31-12-2017 | micro format | 29-08-2018 | 2018-53800244 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-53900214 |