INTERMADE
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 38 days after the deadline Filed on 7 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00509738.
Annual accounts 2025 filed on 07-09-2026 at the NBB all 10 filings
Turnover
≈ €350,000
Estimated: probably between €320,000 and €440,000
Total assets
€68,653▼ 48.8%
2024 · €134,146
Net result
-€2,762▲ 86.1%
2024 · -€19,870
Working capital
-€21,365▼ 33.7%
2024 · -€15,983
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€5,315
2025
20182025
Net result
-€2,762
▲ 86.1%
2025
lowest quarter of the sector
20182025
Equity
-€18,315
▼ 17.8%
2025
lowest quarter of the sector
20182025
Total assets
€68,653
▼ 48.8%
2025
lowest quarter of the sector
20182025
Debt
€86,968
▼ 41.9%
2025
20182025
Working capital
-€21,365
▼ 33.7%
2025
lowest quarter of the sector
20182025
Solvency
-26.7%
▼ 15.1pp
2025
lowest quarter of the sector
20182025
Current ratio
0.75
▼ 0.14
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-4.0%
▲ 10.8pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
3
▼ 37.5%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€51,570-€21,397▼ 58.5%-€19,147€11,323€30,843▲ 172%€13,668▼ 55.7%-€10,475€5,315
Net result€37,929-€7,059▼ 81.4%-€22,616below the sector's middle half-€113below the sector's middle half▲ 99.5%€10,696within the sector's middle half-€2,418below the sector's middle half-€19,870below the sector's middle half▼ 722%-€2,762below the sector's middle half▲ 86.1%
Equity€11,709-€18,768▲ 60.3%-€3,848below the sector's middle half-€3,961below the sector's middle half▼ 2.9%€6,735below the sector's middle half€4,317below the sector's middle half▼ 35.9%-€15,553below the sector's middle half-€18,315below the sector's middle half▼ 17.8%
Total assets€141,157-€119,350▼ 15.4%€136,717within the sector's middle half▲ 14.6%€173,835within the sector's middle half▲ 27.2%€159,648within the sector's middle half▼ 8.2%€129,575within the sector's middle half▼ 18.8%€134,146within the sector's middle half▲ 3.5%€68,653below the sector's middle half▼ 48.8%
Debt€129,448-€100,581▼ 22.3%€140,564▲ 39.8%€177,796▲ 26.5%€152,913▼ 14.0%€125,258▼ 18.1%€149,699▲ 19.5%€86,968▼ 41.9%
Working capital€16,229-€16,917▲ 4.2%-€8,844below the sector's middle half-€8,545below the sector's middle half▲ 3.4%€3,620below the sector's middle half€2,267below the sector's middle half▼ 37.4%-€15,983below the sector's middle half-€21,365below the sector's middle half▼ 33.7%
Solvency8.3%-15.7%▲ 7.4pp-2.8%below the sector's middle half▼ 18.5pp-2.3%below the sector's middle half▲ 0.5pp4.2%below the sector's middle half▲ 6.5pp3.3%below the sector's middle half▼ 0.9pp-11.6%below the sector's middle half▼ 14.9pp-26.7%below the sector's middle half▼ 15.1pp
Current ratio1.16-1.18▲ 0.020.94below the sector's middle half▼ 0.240.95below the sector's middle half▲ 0.021.02below the sector's middle half▲ 0.071.02below the sector's middle half▼ 0.010.89below the sector's middle half▼ 0.130.75below the sector's middle half▼ 0.14
Return on assets (ROA)26.9%-5.9%▼ 21.0pp-16.5%below the sector's middle half▼ 22.5pp-0.1%below the sector's middle half▲ 16.5pp6.7%within the sector's middle half▲ 6.8pp-1.9%below the sector's middle half▼ 8.6pp-14.8%below the sector's middle half▼ 12.9pp-4.0%below the sector's middle half▲ 10.8pp
Staff (FTE)5-6▲ 20.0%8above the sector's middle half▲ 33.3%7.4▼ 7.5%6.3▼ 14.9%5.3▼ 15.9%4.8▼ 9.4%3▼ 37.5%
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 a profit of €5,315, after a loss of €10,475 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 €68,653
Fixed assets
€3,050 ▲ 2.4%
Current assets
€65,603 ▼ 50.0%
Equity and liabilities
Equity-€18,315
Debt€86,968
Equity is negative. Debt (€86,968) exceeds the balance-sheet total (€68,653).
Key figures and ratios
EBITDA
€5,628▲
2024 · -€9,862
Cash flow
-€2,449▲
2024 · -€19,257
Interest coverage
0.77▲
2024 · -1.23
Debt ≤ 1 year
€86,968▼
2024 · €147,149
Income taxes
€751▼
2024 · €1,437
Staff costs
€223,782▼
2024 · €320,826
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 7 | 6 | 6 | 4 | 3 |
| full-time | 6 | 5 | 5 | 4 | 3 |
| part-time | 1 | 1 | 1 | - | - |
| in full-time equivalents | 6.8 | 5.8 | 5.3 | 4 | 3 |
| Average over the year, in full-time equivalents | 7.4 | 6.3 | 5.3 | 4.8 | 3 |
| On a permanent contract | 7 | 6 | 6 | 4 | 3 |
| Joined | 0 | 0 | 1 | 0 | - |
| Left | 1 | 1 | 2 | 1 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,231 | - | - | - | €3,233 |
| Depreciation and write-downs of the year | €1,314 | €1,420 | €1,071 | €613 | €313 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €362,745 | €337,633 | €333,415 | €320,826 | €223,782 | ▼ 30.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,763 | €13,626 | €3,491 | €1,314 | €1,420 | €1,071 | €613 | €313 | ▼ 48.9% |
| Other operating charges640/8 | - | - | - | €902 | €832 | €942 | €750 | €514 | ▼ 31.4% |
| Non-recurring operating charges66A | - | - | - | €1,129 | - | - | - | - | - |
| Gross operating margin9900 | €271,608 | €280,972 | €327,148 | €377,413 | €370,727 | €349,096 | €311,715 | €229,924 | ▼ 26.2% |
| Operating profit (loss)9901 | €51,570 | €21,397 | -€19,147 | €11,323 | €30,843 | €13,668 | -€10,475 | €5,315 | - |
| Financial income75/76B | - | - | - | €45 | €10 | - | €80 | €30 | ▼ 62.6% |
| Recurring financial income75 | - | €1 | €5 | €45 | €10 | - | €80 | €30 | ▼ 62.6% |
| Financial charges65/66B | - | - | - | €1,372 | €7,474 | €9,510 | €8,038 | €7,356 | ▼ 8.5% |
| Recurring financial charges65 | €878 | €2,506 | €1,509 | €1,372 | €7,474 | €9,510 | €8,038 | €7,356 | ▼ 8.5% |
| Profit (loss) for the period before taxes9903 | €50,693 | €18,891 | -€20,652 | €9,996 | €23,379 | €4,159 | -€18,433 | -€2,011 | ▲ 89.1% |
| Income taxes67/77 | €12,764 | €11,832 | €1,964 | €10,109 | €12,683 | €6,576 | €1,437 | €751 | ▼ 47.8% |
| Profit (loss) for the period9904 | €37,929 | €7,059 | -€22,616 | -€113 | €10,696 | -€2,418 | -€19,870 | -€2,762 | ▲ 86.1% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €0 | - | - |
| Profit (loss) for the period to be appropriated9905 | €37,929 | €7,059 | -€22,616 | -€113 | €10,696 | -€2,418 | -€19,870 | -€2,762 | ▲ 86.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €141,157 | €119,350 | €136,717 | €173,835 | €159,648 | €129,575 | €134,146 | €68,653 | ▼ 48.8% |
| Fixed assets21/28 | €22,252 | €7,958 | €6,496 | €6,084 | €4,664 | €3,593 | €2,980 | €3,050 | ▲ 2.4% |
| Intangible fixed assets21 | - | - | - | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €18,604 | €4,978 | €3,516 | €3,104 | €1,684 | €613 | - | €2,920 | - |
| Furniture and vehicles24 | - | - | - | €3,104 | €1,684 | €613 | - | €2,920 | - |
| Financial fixed assets28 | €3,648 | €2,980 | €2,980 | €2,980 | €2,980 | €2,980 | €2,980 | €130 | ▼ 95.6% |
| Current assets29/58 | €118,905 | €111,392 | €130,220 | €167,752 | €154,984 | €125,982 | €131,166 | €65,603 | ▼ 50.0% |
| Amounts receivable within one year40/41 | €73,875 | €53,802 | €94,255 | €66,425 | €127,587 | €106,540 | €116,371 | €37,689 | ▼ 67.6% |
| Trade receivables40 | - | - | - | €66,355 | €81,003 | €43,533 | €116,350 | €37,689 | ▼ 67.6% |
| Other amounts receivable41 | - | - | - | €71 | €46,583 | €63,007 | €21 | - | - |
| Cash at bank and in hand54/58 | €39,105 | €51,467 | €32,360 | €98,557 | €24,569 | €18,452 | €10,108 | €24,152 | ▲ 139% |
| Deferred charges and accrued income490/1 | - | - | - | €2,769 | €2,828 | €991 | €4,688 | €3,762 | ▼ 19.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €141,157 | €119,350 | €136,717 | €173,835 | €159,648 | €129,575 | €134,146 | €68,653 | ▼ 48.8% |
| Equity10/15 | €11,709 | €18,768 | -€3,848 | -€3,961 | €6,735 | €4,317 | -€15,553 | -€18,315 | ▼ 17.8% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €8,060 | €8,060 | = |
| Reserves13 | €5,360 | €12,360 | €12,360 | €12,360 | €12,360 | €12,360 | €10,500 | €10,500 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | €10,500 | €10,500 | €10,500 | €10,500 | €10,500 | = |
| Profit (loss) carried forward14 | €149 | €208 | -€22,408 | -€22,521 | -€11,825 | -€14,243 | -€34,113 | -€36,875 | ▼ 8.1% |
| Amounts payable17/49 | €129,448 | €100,581 | €140,564 | €177,796 | €152,913 | €125,258 | €149,699 | €86,968 | ▼ 41.9% |
| Amounts payable after more than one year17 | €13,272 | €6,107 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €102,676 | €94,474 | €139,064 | €176,296 | €151,364 | €123,715 | €147,149 | €86,968 | ▼ 40.9% |
| Trade debts44 | €13,050 | €12,194 | €10,828 | €11,724 | €28,543 | €17,135 | €22,741 | €20,134 | ▼ 11.5% |
| Suppliers440/4 | - | - | - | €11,724 | €28,543 | €17,135 | €22,741 | €20,134 | ▼ 11.5% |
| Taxes, remuneration and social security45 | - | - | - | €116,156 | €122,820 | €106,580 | €124,409 | €37,899 | ▼ 69.5% |
| Taxes450/3 | - | - | - | €50,496 | €46,689 | €12,683 | €18,978 | €1,281 | ▼ 93.3% |
| Remuneration and social security454/9 | - | - | - | €65,660 | €76,131 | €93,896 | €105,430 | €36,619 | ▼ 65.3% |
| Other amounts payable47/48 | - | - | - | €48,417 | - | - | - | €28,935 | - |
| Accrued charges and deferred income492/3 | - | - | - | €1,500 | €1,550 | €1,543 | €2,550 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €37,929 | €7,059 | -€22,616 | -€113 | €10,696 | -€2,418 | -€19,870 | -€2,762 | ▲ 86.1% |
| + Depreciation and write-downs630 | €13,763 | €13,626 | €3,491 | €1,314 | €1,420 | €1,071 | €613 | €313 | ▼ 48.9% |
| Operating cash flow (approximation) | €51,691 | €20,685 | -€19,125 | €1,200 | €12,116 | -€1,347 | -€19,257 | -€2,449 | ▲ 87.3% |
| Investment in fixed assets (approximation) | - | €668 | -€2,029 | -€901 | €0 | €0 | €0 | -€383 | - |
| Change in cash | - | €12,362 | -€19,107 | €66,197 | -€73,989 | -€6,117 | -€8,344 | €14,044 | - |
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, 2,333 companies had the same profile as INTERMADE has now. Two years later, 90.5% were still going and 2.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a small loss
90.5%
was still going
5.8%
stopped otherwise
2.8%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of INTERMADE itself: 0.9% 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 2,333 companies, not a prediction for INTERMADE. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-09-2026 | 2026-00509738 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00407886 | |
| 31-12-2023 | micro format | 22-08-2024 | 2024-00365128 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00401828 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20381453 | |
| 31-12-2020 | micro format | 30-09-2021 | 2021-69600101 | |
| 31-12-2019 | micro format | 29-10-2020 | 2020-65500059 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-57800157 | |
| 31-12-2017 | micro format | 04-07-2018 | 2018-28200567 | |
| 31-12-2016 | full format | 31-08-2017 | 2017-56900059 |