INTER ACTIF
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 28 days after the deadline Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00446164.
Annual accounts 2025 filed on 28-08-2026 at the NBB all 26 filings
Turnover
≈ €190,000
Estimated: probably between €120,000 and €350,000
EBIT margin
Not included in this filing
Net result
€30,331▲ 243%
2024 · €8,832
Working capital
€111,865▲ 6.6%
2024 · €104,933
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€30,389
▲ 86.9%
2025
20182025
Net result
€30,331
▲ 243%
2025
highest quarter of the sector
20182025
Equity
€174,061
▲ 21.1%
2025
highest quarter of the sector
20182025
Total assets
€246,135
▲ 24.3%
2025
middle half of the sector
20182025
Debt
€72,074
▲ 32.7%
2025
20182025
Working capital
€111,865
▲ 6.6%
2025
highest quarter of the sector
20182025
Solvency
70.7%
▼ 1.9pp
2025
middle half of the sector
20182025
Current ratio
2.84
▼ 0.09
2025
middle half of the sector
20182025
Return on assets (ROA)
12.3%
▲ 7.9pp
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-€52,354-€54,489€23,412▼ 57.0%€70,735▲ 202%€41,141▼ 41.8%€36,710▼ 10.8%€16,257▼ 55.7%€30,389▲ 86.9%
Net result-€53,973-€51,430€18,546within the sector's middle half▼ 63.9%€49,732above the sector's middle half▲ 168%€21,835within the sector's middle half▼ 56.1%€23,278within the sector's middle half▲ 6.6%€8,832within the sector's middle half▼ 62.1%€30,331above the sector's middle half▲ 243%
Equity€30,976-€82,406▲ 166%€80,952within the sector's middle half▼ 1.8%€130,684above the sector's middle half▲ 61.4%€152,519above the sector's middle half▲ 16.7%€175,797above the sector's middle half▲ 15.3%€143,729above the sector's middle half▼ 18.2%€174,061above the sector's middle half▲ 21.1%
Total assets€96,805-€126,606▲ 30.8%€145,296within the sector's middle half▲ 14.8%€279,863within the sector's middle half▲ 92.6%€236,973within the sector's middle half▼ 15.3%€239,880within the sector's middle half▲ 1.2%€198,051within the sector's middle half▼ 17.4%€246,135within the sector's middle half▲ 24.3%
Debt€65,829-€44,200▼ 32.9%€64,344▲ 45.6%€149,179▲ 132%€84,454▼ 43.4%€64,083▼ 24.1%€54,322▼ 15.2%€72,074▲ 32.7%
Working capital€48,455-€93,864▲ 93.7%€59,182within the sector's middle half▼ 36.9%€102,392above the sector's middle half▲ 73.0%€119,157above the sector's middle half▲ 16.4%€125,202above the sector's middle half▲ 5.1%€104,933above the sector's middle half▼ 16.2%€111,865above the sector's middle half▲ 6.6%
Solvency32.0%-65.1%▲ 33.1pp55.7%within the sector's middle half▼ 9.4pp46.7%within the sector's middle half▼ 9.0pp64.4%within the sector's middle half▲ 17.7pp73.3%above the sector's middle half▲ 8.9pp72.6%within the sector's middle half▼ 0.7pp70.7%within the sector's middle half▼ 1.9pp
Current ratio3.07-6.30▲ 3.232.52within the sector's middle half▼ 3.781.73within the sector's middle half▼ 0.792.41within the sector's middle half▲ 0.683.40within the sector's middle half▲ 0.992.93within the sector's middle half▼ 0.472.84within the sector's middle half▼ 0.09
Return on assets (ROA)-55.8%-40.6%▲ 96.4pp12.8%within the sector's middle half▼ 27.9pp17.8%within the sector's middle half▲ 5.0pp9.2%within the sector's middle half▼ 8.6pp9.7%within the sector's middle half▲ 0.5pp4.5%within the sector's middle half▼ 5.2pp12.3%within the sector's middle half▲ 7.9pp
above
within
below
The sector band is the middle half of the companies in Education (NACE 85). 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 87% higher than in 2024. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €246,135
Fixed assets
€73,523 ▲ 89.5%
Current assets
€172,612 ▲ 8.4%
Equity and liabilities €246,135
Equity
€174,061 ▲ 21.1%
Debt
€72,074 ▲ 32.7%
Debt's share of the balance-sheet total rises from 27.4% to 29.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€44,532▲
2024 · €40,030
Cash flow
€44,473▲
2024 · €32,605
Quick ratio
2.66▼
2024 · 2.70
Debt to equity
0.41▲
2024 · 0.38
ROE
17.4%▲
2024 · 6.1%
Interest coverage
30.98▲
2024 · 27.23
Debt ≤ 1 year
€60,748▲
2024 · €54,322
Debt > 1 year
€11,327
Income taxes
€18,583▲
2024 · €5,955
Staff costs
€0
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 | €3,149 | €11,126 | €50,635 | - | €48,917 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €13,367 | €14,792 | €21,428 | €23,773 | €14,142 |
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 | - | - | - | - | - | €12,397 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | - | - | €0 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,458 | €10,205 | €21,175 | €13,367 | €14,792 | €21,428 | €23,773 | €14,142 | ▼ 40.5% |
| Other operating charges640/8 | - | - | - | €1,990 | €1,834 | €1,874 | €1,247 | €3,150 | ▲ 153% |
| Gross operating margin9900 | -€37,975 | €67,722 | €50,051 | €86,092 | €57,767 | €60,012 | €41,277 | €47,682 | ▲ 15.5% |
| Operating profit (loss)9901 | -€52,354 | €54,489 | €23,412 | €70,735 | €41,141 | €36,710 | €16,257 | €30,389 | ▲ 86.9% |
| Financial income75/76B | - | - | - | - | - | - | - | €19,962 | - |
| Recurring financial income75 | €19 | - | - | - | - | - | - | €4,962 | - |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €15,000 | - |
| Financial charges65/66B | - | - | - | €1,494 | €1,421 | €4,501 | €1,470 | €1,437 | ▼ 2.2% |
| Recurring financial charges65 | €1,717 | €2,235 | €1,847 | €1,494 | €1,421 | €4,501 | €1,470 | €1,437 | ▼ 2.2% |
| Profit (loss) for the period before taxes9903 | -€54,052 | €52,254 | €21,565 | €69,241 | €39,720 | €32,209 | €14,787 | €48,914 | ▲ 231% |
| Income taxes67/77 | -€79 | €824 | €3,019 | €19,509 | €17,885 | €8,931 | €5,955 | €18,583 | ▲ 212% |
| Profit (loss) for the period9904 | -€53,973 | €51,430 | €18,546 | €49,732 | €21,835 | €23,278 | €8,832 | €30,331 | ▲ 243% |
| Transfer from tax-exempt reserves789 | - | - | - | €6,000 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€53,973 | €51,430 | €18,546 | €55,732 | €21,835 | €23,278 | €8,832 | €30,331 | ▲ 243% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €96,805 | €126,606 | €145,296 | €279,863 | €236,973 | €239,880 | €198,051 | €246,135 | ▲ 24.3% |
| Fixed assets21/28 | €24,919 | €15,018 | €47,197 | €36,979 | €33,362 | €62,569 | €38,796 | €73,523 | ▲ 89.5% |
| Tangible fixed assets22/27 | €24,919 | €15,018 | €47,197 | €36,979 | €33,362 | €62,569 | €38,796 | €73,523 | ▲ 89.5% |
| Land and buildings22 | - | - | - | €3,302 | €3,444 | €2,475 | €1,504 | €660 | ▼ 56.1% |
| Furniture and vehicles24 | - | - | - | €33,677 | €29,918 | €60,094 | €37,292 | €72,862 | ▲ 95.4% |
| Current assets29/58 | €71,886 | €111,588 | €98,099 | €242,884 | €203,611 | €177,311 | €159,255 | €172,612 | ▲ 8.4% |
| Amounts receivable after more than one year29 | - | - | - | - | €18,643 | €3,809 | €3,809 | €3,809 | = |
| Other amounts receivable291 | - | - | - | - | €18,643 | €3,809 | €3,809 | €3,809 | = |
| Stocks and contracts in progress3 | €13,328 | €13,785 | €14,331 | €12,723 | €12,723 | €9,583 | €12,582 | €10,847 | ▼ 13.8% |
| Stocks30/36 | - | - | - | €12,723 | €12,723 | €9,583 | €12,582 | €10,847 | ▼ 13.8% |
| Amounts receivable within one year40/41 | €12,632 | €38,974 | €19,019 | €27,784 | €70,627 | €104,052 | €94,518 | €129,764 | ▲ 37.3% |
| Trade receivables40 | - | - | - | €16,454 | €32,203 | €59,408 | €16,369 | €23,745 | ▲ 45.1% |
| Other amounts receivable41 | - | - | - | €11,330 | €38,424 | €44,644 | €78,149 | €106,019 | ▲ 35.7% |
| Cash at bank and in hand54/58 | €45,926 | €58,829 | €64,749 | €202,377 | €101,618 | €59,867 | €48,346 | €26,684 | ▼ 44.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €1,509 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €96,805 | €126,606 | €145,296 | €279,863 | €236,973 | €239,880 | €198,051 | €246,135 | ▲ 24.3% |
| Equity10/15 | €30,976 | €82,406 | €80,952 | €130,684 | €152,519 | €175,797 | €143,729 | €174,061 | ▲ 21.1% |
| Contributions10/11 | €6,197 | €6,197 | - | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Reserves13 | €7,860 | €7,860 | €7,860 | €1,860 | €23,660 | €46,860 | €55,690 | €86,021 | ▲ 54.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | - | €21,800 | €45,000 | €53,830 | €84,161 | ▲ 56.3% |
| Profit (loss) carried forward14 | €16,919 | €68,349 | €66,895 | €122,627 | €122,662 | €122,740 | €81,842 | €81,842 | = |
| Amounts payable17/49 | €65,829 | €44,200 | €64,344 | €149,179 | €84,454 | €64,083 | €54,322 | €72,074 | ▲ 32.7% |
| Amounts payable after more than one year17 | €42,398 | €26,476 | €25,427 | €8,687 | - | €9,093 | - | €11,327 | - |
| Financial debts170/4 | - | - | - | €8,687 | - | €9,093 | - | €11,327 | - |
| Amounts payable within one year42/48 | €23,431 | €17,724 | €38,917 | €140,492 | €84,454 | €52,109 | €54,322 | €60,748 | ▲ 11.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €16,740 | €8,687 | €12,000 | €9,093 | €6,537 | ▼ 28.1% |
| Trade debts44 | €1,884 | €860 | €4,978 | €12,236 | €3,118 | €8,899 | €1,265 | €2,162 | ▲ 70.9% |
| Suppliers440/4 | - | - | - | €12,236 | €3,118 | €8,899 | €1,265 | €2,162 | ▲ 70.9% |
| Taxes, remuneration and social security45 | - | - | - | €9,618 | €8,401 | €6,062 | €15,334 | €23,419 | ▲ 52.7% |
| Taxes450/3 | - | - | - | €9,618 | €8,401 | €6,062 | €15,334 | €23,419 | ▲ 52.7% |
| Other amounts payable47/48 | - | - | - | €101,898 | €64,248 | €25,148 | €28,630 | €28,630 | = |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €2,881 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€53,973 | €51,430 | €18,546 | €49,732 | €21,835 | €23,278 | €8,832 | €30,331 | ▲ 243% |
| + Depreciation and write-downs630 | €10,458 | €10,205 | €21,175 | €13,367 | €14,792 | €21,428 | €23,773 | €14,142 | ▼ 40.5% |
| Operating cash flow (approximation) | -€43,515 | €61,635 | €39,721 | €63,099 | €36,627 | €44,706 | €32,605 | €44,473 | ▲ 36.4% |
| Investment in fixed assets (approximation) | - | -€304 | -€53,354 | -€3,149 | -€11,175 | -€50,635 | €0 | -€48,869 | - |
| Change in cash | - | €12,903 | €5,920 | €137,628 | -€100,759 | -€41,751 | -€11,521 | -€21,662 | ▼ 88.0% |
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, 31,368 companies had the same profile as INTER ACTIF has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of INTER ACTIF 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 31,368 companies, not a prediction for INTER ACTIF. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-08-2026 | 2026-00446164 | |
| 31-12-2024 | micro format | 25-07-2025 | 2025-00318193 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00415760 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00401053 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20377169 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-60600476 | |
| 31-12-2019 | full format | 09-09-2020 | 2020-52200118 | |
| 31-12-2018 | full format | 23-08-2019 | 2019-52300029 | |
| 31-12-2017 | full format | 28-08-2018 | 2018-53600318 | |
| 31-12-2016 | full format | 29-08-2017 | 2017-55100258 |