INTERMEDIAT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 19-03-2026 PDF all 24 filings
Turnover
≈ €400,000
Estimated: probably between €240,000 and €750,000
Total assets
€376,332▼ 12.4%
2024 · €429,497
Net result
€105,148▼ 42.3%
2024 · €182,225
Working capital
€319,185▲ 47.1%
2024 · €216,929
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€143,661
▼ 42.0%
2025
20182025
Net result
€105,148
▼ 42.3%
2025
highest quarter of the sector
20182025
Equity
€328,666
▲ 47.0%
2025
middle half of the sector
20182025
Total assets
€376,332
▼ 12.4%
2025
middle half of the sector
20182025
Debt
€47,666
▼ 76.9%
2025
20182025
Working capital
€319,185
▲ 47.1%
2025
highest quarter of the sector
20182025
Solvency
87.3%
▲ 35.3pp
2025
highest quarter of the sector
20182025
Current ratio
7.70
▲ 5.64
2025
highest quarter of the sector
20182025
Return on assets (ROA)
27.9%
▼ 14.5pp
2025
highest quarter of the sector
20182025
Staff (FTE)
0
▼ 100%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€87,239-€112,599▲ 29.1%€103,461▼ 8.1%€111,234▲ 7.5%€99,679▼ 10.4%€292,561▲ 194%€247,643▼ 15.4%€143,661▼ 42.0%
Net result€57,247-€76,275▲ 33.2%€77,472above the sector's middle half▲ 1.6%€83,131within the sector's middle half▲ 7.3%€64,520within the sector's middle half▼ 22.4%€212,331above the sector's middle half▲ 229%€182,225above the sector's middle half▼ 14.2%€105,148above the sector's middle half▼ 42.3%
Equity€69,300-€69,300=€69,300below the sector's middle half=€69,300within the sector's middle half=€69,300within the sector's middle half=€201,293within the sector's middle half▲ 190%€223,518within the sector's middle half▲ 11.0%€328,666within the sector's middle half▲ 47.0%
Total assets€201,765-€274,778▲ 36.2%€293,998below the sector's middle half▲ 7.0%€291,768within the sector's middle half▼ 0.8%€366,093within the sector's middle half▲ 25.5%€450,966within the sector's middle half▲ 23.2%€429,497within the sector's middle half▼ 4.8%€376,332within the sector's middle half▼ 12.4%
Debt€132,465-€205,478▲ 55.1%€224,698▲ 9.4%€222,468▼ 1.0%€296,793▲ 33.4%€249,672▼ 15.9%€205,978▼ 17.5%€47,666▼ 76.9%
Working capital€49,871-€49,379▼ 1.0%€46,739within the sector's middle half▼ 5.3%€34,972within the sector's middle half▼ 25.2%€50,470within the sector's middle half▲ 44.3%€185,715within the sector's middle half▲ 268%€216,929within the sector's middle half▲ 16.8%€319,185above the sector's middle half▲ 47.1%
Solvency34.3%-25.2%▼ 9.1pp23.6%within the sector's middle half▼ 1.6pp23.8%within the sector's middle half▲ 0.2pp18.9%within the sector's middle half▼ 4.8pp44.6%within the sector's middle half▲ 25.7pp52.0%within the sector's middle half▲ 7.4pp87.3%above the sector's middle half▲ 35.3pp
Current ratio1.46-1.25▼ 0.211.22within the sector's middle half▼ 0.031.16below the sector's middle half▼ 0.061.19below the sector's middle half▲ 0.031.76within the sector's middle half▲ 0.572.05within the sector's middle half▲ 0.297.70above the sector's middle half▲ 5.64
Return on assets (ROA)28.4%-27.8%▼ 0.6pp26.4%above the sector's middle half▼ 1.4pp28.5%above the sector's middle half▲ 2.1pp17.6%above the sector's middle half▼ 10.9pp47.1%above the sector's middle half▲ 29.5pp42.4%above the sector's middle half▼ 4.7pp27.9%above the sector's middle half▼ 14.5pp
Staff (FTE)1-1below the sector's middle half1.2below the sector's middle half▲ 20.0%0.5below the sector's middle half▼ 58.3%1.1below the sector's middle half▲ 120%0below the sector's middle half▼ 100%
above
within
below
The sector band is the middle half of the companies in Investigation and security activities (NACE 80). 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 42% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €376,332
Fixed assets
€9,481 ▲ 39.0%
Current assets
€366,851 ▼ 13.2%
Equity and liabilities €376,332
Equity
€328,666 ▲ 47.0%
Debt
€47,666 ▼ 76.9%
Debt's share of the balance-sheet total falls from 48.0% to 12.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€145,695▼
2024 · €249,721
Cash flow
€107,182▼
2024 · €184,303
Debt to equity
0.15▼
2024 · 0.92
ROE
32.0%▼
2024 · 81.5%
Interest coverage
over 100▲
2024 · 97.29
Debt ≤ 1 year
€47,666▼
2024 · €205,746
Income taxes
€37,856▼
2024 · €62,851
Staff costs
€191▼
2024 · €56,177
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 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 2 |
| full-time | 0 | 0 | 0 | 1 |
| part-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.5 | 0.5 | 0.5 | 1.5 |
| Average over the year, in full-time equivalents | 0.5 | 1.2 | 0.5 | 1.1 |
| On a permanent contract | 1 | 1 | 1 | 2 |
| Joined | - | 1 | - | 1 |
| Left | - | 1 | - | 2 |
Source: social balance sheet in the 2021 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €9,983 | €41,006 | - | €2,029 | €41,311 |
| Depreciation and write-downs of the year | €6,866 | €7,415 | €7,636 | €2,078 | €2,034 |
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 | - | - | - | €16,644 | €31,821 | €16,681 | €56,177 | €191 | ▼ 99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,769 | €12,329 | €2,409 | €6,866 | €7,415 | €7,636 | €2,078 | €2,034 | ▼ 2.1% |
| Other operating charges640/8 | - | - | - | €3,814 | €3,188 | €2,226 | €2,122 | €785 | ▼ 63.0% |
| Non-recurring operating charges66A | - | - | - | €0 | €7,799 | €0 | €2,869 | €9,468 | ▲ 230% |
| Gross operating margin9900 | €112,446 | €135,617 | €139,577 | €138,559 | €149,903 | €319,104 | €310,888 | €156,140 | ▼ 49.8% |
| Operating profit (loss)9901 | €87,239 | €112,599 | €103,461 | €111,234 | €99,679 | €292,561 | €247,643 | €143,661 | ▼ 42.0% |
| Financial income75/76B | - | - | - | €2,770 | €2,241 | €2,465 | €0 | €23 | - |
| Recurring financial income75 | €1,921 | €2,720 | €2,860 | €2,770 | €2,241 | €2,465 | €0 | €23 | - |
| Financial charges65/66B | - | - | - | €476 | €884 | €1,097 | €2,567 | €679 | ▼ 73.5% |
| Recurring financial charges65 | €1,261 | €1,069 | €888 | €476 | €884 | €1,097 | €2,567 | €679 | ▼ 73.5% |
| Profit (loss) for the period before taxes9903 | €87,898 | €114,250 | €105,434 | €113,528 | €101,036 | €293,929 | €245,076 | €143,004 | ▼ 41.6% |
| Income taxes67/77 | €30,651 | €37,974 | €27,962 | €30,398 | €36,516 | €81,598 | €62,851 | €37,856 | ▼ 39.8% |
| Profit (loss) for the period9904 | €57,247 | €76,275 | €77,472 | €83,131 | €64,520 | €212,331 | €182,225 | €105,148 | ▼ 42.3% |
| Profit (loss) for the period to be appropriated9905 | €57,247 | €76,275 | €77,472 | €83,131 | €64,520 | €212,331 | €182,225 | €105,148 | ▼ 42.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €201,765 | €274,778 | €293,998 | €291,768 | €366,093 | €450,966 | €429,497 | €376,332 | ▼ 12.4% |
| Fixed assets21/28 | €43,908 | €26,798 | €31,211 | €34,328 | €51,428 | €22,383 | €6,822 | €9,481 | ▲ 39.0% |
| Tangible fixed assets22/27 | €43,766 | €26,798 | €27,686 | €30,803 | €47,903 | €18,858 | €3,297 | €5,956 | ▲ 80.7% |
| Plant, machinery and equipment23 | - | - | - | €14,312 | €11,650 | €2,792 | €1,408 | €4,932 | ▲ 250% |
| Furniture and vehicles24 | - | - | - | €16,491 | €21,453 | €16,066 | €1,889 | €1,024 | ▼ 45.8% |
| Other tangible fixed assets26 | - | - | - | - | €14,800 | €0 | - | - | - |
| Financial fixed assets28 | €142 | €0 | €3,525 | €3,525 | €3,525 | €3,525 | €3,525 | €3,525 | = |
| Current assets29/58 | €157,857 | €247,980 | €262,787 | €257,439 | €314,665 | €428,582 | €422,675 | €366,851 | ▼ 13.2% |
| Amounts receivable within one year40/41 | €135,635 | €162,767 | €170,351 | €152,298 | €242,094 | €217,170 | €179,523 | €133,258 | ▼ 25.8% |
| Trade receivables40 | - | - | - | €61,909 | €167,929 | €135,725 | €172,344 | €80,991 | ▼ 53.0% |
| Other amounts receivable41 | - | - | - | €90,389 | €74,165 | €81,445 | €7,179 | €52,266 | ▲ 628% |
| Cash at bank and in hand54/58 | €17,106 | €81,550 | €90,492 | €102,383 | €71,261 | €211,412 | €240,938 | €233,594 | ▼ 3.0% |
| Deferred charges and accrued income490/1 | - | - | - | €2,758 | €1,309 | €0 | €2,214 | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €201,765 | €274,778 | €293,998 | €291,768 | €366,093 | €450,966 | €429,497 | €376,332 | ▼ 12.4% |
| Equity10/15 | €69,300 | €69,300 | €69,300 | €69,300 | €69,300 | €201,293 | €223,518 | €328,666 | ▲ 47.0% |
| Contributions10/11 | €63,000 | €63,000 | €63,000 | €63,000 | €63,000 | €63,000 | €63,000 | €63,000 | = |
| Capital10 | - | - | - | €63,000 | €63,000 | €63,000 | €63,000 | €63,000 | = |
| Issued capital100 | - | - | - | €63,000 | €63,000 | €63,000 | €63,000 | €63,000 | = |
| Reserves13 | €6,300 | €6,300 | €6,300 | €6,300 | €6,300 | €6,300 | €160,518 | €265,666 | ▲ 65.5% |
| Non-distributable reserves130/1 | - | - | - | €6,300 | €6,300 | €6,300 | €6,300 | €6,300 | = |
| Legal reserve130 | - | - | - | €6,300 | €6,300 | €6,300 | €6,300 | €6,300 | = |
| Distributable reserves133 | - | - | - | - | - | - | €154,218 | €259,366 | ▲ 68.2% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €131,993 | €0 | €0 | - |
| Amounts payable17/49 | €132,465 | €205,478 | €224,698 | €222,468 | €296,793 | €249,672 | €205,978 | €47,666 | ▼ 76.9% |
| Amounts payable after more than one year17 | €24,479 | €6,877 | €8,651 | €0 | €12,520 | €6,805 | €0 | - | - |
| Financial debts170/4 | - | - | - | €0 | €12,520 | €6,805 | €0 | - | - |
| Amounts payable within one year42/48 | €107,986 | €198,602 | €216,047 | €222,468 | €264,195 | €242,868 | €205,746 | €47,666 | ▼ 76.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8,651 | €5,609 | €5,715 | €0 | - | - |
| Financial debts43 | - | - | - | €6,701 | €6,705 | €6,838 | €6,824 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | €6,701 | €6,705 | €6,838 | €6,824 | €0 | ▼ 100% |
| Trade debts44 | €25,726 | €90,061 | €106,790 | €107,735 | €163,095 | €16,439 | €6,820 | €19,468 | ▲ 185% |
| Suppliers440/4 | - | - | - | €107,735 | €163,095 | €16,439 | €6,820 | €19,468 | ▲ 185% |
| Taxes, remuneration and social security45 | - | - | - | €12,985 | €24,266 | €72,801 | €11,020 | €1,149 | ▼ 89.6% |
| Taxes450/3 | - | - | - | €10,323 | €19,903 | €72,208 | €11,020 | €1,149 | ▼ 89.6% |
| Remuneration and social security454/9 | - | - | - | €2,662 | €4,363 | €594 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €86,396 | €64,520 | €141,074 | €181,083 | €27,049 | ▼ 85.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | €20,078 | €0 | €233 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €57,247 | €76,275 | €77,472 | €83,131 | €64,520 | €212,331 | €182,225 | €105,148 | ▼ 42.3% |
| + Depreciation and write-downs630 | €17,769 | €12,329 | €2,409 | €6,866 | €7,415 | €7,636 | €2,078 | €2,034 | ▼ 2.1% |
| Operating cash flow (approximation) | €75,016 | €88,604 | €79,881 | €89,997 | €71,936 | €219,967 | €184,303 | €107,182 | ▼ 41.8% |
| Investment in fixed assets (approximation) | - | €4,781 | -€6,822 | -€9,983 | -€24,515 | €21,409 | €13,483 | -€4,693 | - |
| Change in cash | - | €64,444 | €8,942 | €11,891 | -€31,122 | €140,151 | €29,526 | -€7,344 | - |
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 INTERMEDIAT 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 INTERMEDIAT 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 INTERMEDIAT. 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 | abbreviated format | 19-03-2026 | 2026-00057191 | |
| 31-12-2024 | abbreviated format | 17-06-2025 | 2025-00144660 | |
| 31-12-2023 | abbreviated format | 22-02-2024 | 2024-00032792 | |
| 31-12-2022 | abbreviated format | 04-04-2023 | 2023-00052808 | |
| 31-12-2021 | abbreviated format | 03-08-2022 | 2022-20265594 | |
| 31-12-2020 | abbreviated format | 15-07-2021 | 2021-35300455 | |
| 31-12-2019 | abbreviated format | 22-06-2020 | 2020-18400582 | |
| 31-12-2018 | abbreviated format | 09-07-2019 | 2019-30000420 | |
| 31-12-2017 | abbreviated format | 29-06-2018 | 2018-24500458 | |
| 31-12-2016 | abbreviated format | 03-07-2017 | 2017-24600490 |