INVULNERABLE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-10-2025 PDF all 35 filings
Turnover
≈ €700,000
Estimated: probably between €490,000 and €1.0m
Total assets
€537,599▲ 7.1%
2024 · €501,928
Net result
€26,429▼ 8.5%
2024 · €28,869
Working capital
€283,199▲ 24.7%
2024 · €227,173
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
€39,693
▼ 17.7%
2025
20182025
Net result
€26,429
▼ 8.5%
2025
middle half of the sector
20182025
Equity
€327,055
▲ 8.8%
2025
highest quarter of the sector
20182025
Total assets
€537,599
▲ 7.1%
2025
highest quarter of the sector
20182025
Debt
€210,544
▲ 4.6%
2025
20182025
Working capital
€283,199
▲ 24.7%
2025
highest quarter of the sector
20182025
Solvency
60.8%
▲ 0.9pp
2025
middle half of the sector
20182025
Current ratio
2.40
▲ 0.23
2025
middle half of the sector
20182025
Return on assets (ROA)
4.9%
▼ 0.8pp
2025
middle half of the sector
20182025
Staff (FTE)
4
▲ 42.9%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018202020212022202320242025
Operating result€60,017-€73,139-€74,989▲ 2.5%€52,659▼ 29.8%€33,183▼ 37.0%€48,233▲ 45.4%€39,693▼ 17.7%
Net result€40,707-€44,258above the sector's middle half-€49,286above the sector's middle half▲ 11.4%€31,790within the sector's middle half▼ 35.5%€22,873within the sector's middle half▼ 28.0%€28,869within the sector's middle half▲ 26.2%€26,429within the sector's middle half▼ 8.5%
Equity€259,049-€167,808within the sector's middle half-€217,094above the sector's middle half▲ 29.4%€248,884above the sector's middle half▲ 14.6%€271,757above the sector's middle half▲ 9.2%€300,626above the sector's middle half▲ 10.6%€327,055above the sector's middle half▲ 8.8%
Total assets€448,638-€616,465above the sector's middle half-€564,980above the sector's middle half▼ 8.4%€461,897above the sector's middle half▼ 18.2%€473,157above the sector's middle half▲ 2.4%€501,928above the sector's middle half▲ 6.1%€537,599above the sector's middle half▲ 7.1%
Debt€189,589-€448,657-€347,886▼ 22.5%€213,013▼ 38.8%€201,400▼ 5.5%€201,302=€210,544▲ 4.6%
Working capital€257,522-€165,693above the sector's middle half-€189,736above the sector's middle half▲ 14.5%€231,575above the sector's middle half▲ 22.1%€228,477above the sector's middle half▼ 1.3%€227,173above the sector's middle half▼ 0.6%€283,199above the sector's middle half▲ 24.7%
Solvency57.7%-27.2%within the sector's middle half-38.4%within the sector's middle half▲ 11.2pp53.9%within the sector's middle half▲ 15.5pp57.4%within the sector's middle half▲ 3.6pp59.9%within the sector's middle half▲ 2.5pp60.8%within the sector's middle half▲ 0.9pp
Current ratio2.36-1.37within the sector's middle half-1.55within the sector's middle half▲ 0.182.12within the sector's middle half▲ 0.562.17within the sector's middle half▲ 0.062.17within the sector's middle half=2.40within the sector's middle half▲ 0.23
Return on assets (ROA)9.1%-7.2%within the sector's middle half-8.7%within the sector's middle half▲ 1.5pp6.9%within the sector's middle half▼ 1.8pp4.8%within the sector's middle half▼ 2.0pp5.8%within the sector's middle half▲ 0.9pp4.9%within the sector's middle half▼ 0.8pp
Staff (FTE)4.1-4.2above the sector's middle half-4▼ 4.8%3.5▼ 12.5%3.1▼ 11.4%2.8▼ 9.7%4▲ 42.9%
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 18% lower than 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 €537,599
Fixed assets
€51,940 ▼ 35.8%
Current assets
€485,659 ▲ 15.3%
Equity and liabilities €537,599
Equity
€327,055 ▲ 8.8%
Debt
€210,544 ▲ 4.6%
Debt's share of the balance-sheet total falls from 40.1% to 39.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€68,645▼
2024 · €69,758
Cash flow
€55,381▲
2024 · €50,394
Quick ratio
2.14▲
2024 · 2.00
Debt to equity
0.64▼
2024 · 0.67
ROE
8.1%▼
2024 · 9.6%
Interest coverage
11.20▼
2024 · 11.50
Debt ≤ 1 year
€202,460▲
2024 · €193,863
Income taxes
€7,676▼
2024 · €15,278
Staff costs
€279,837▲
2024 · €171,012
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 2 | 4 | 4 |
| full-time | 3 | 2 | 4 | 4 |
| part-time | 1 | - | - | - |
| in full-time equivalents | 3.5 | 2 | 4 | 4 |
| Average over the year, in full-time equivalents | 3.5 | 3.1 | 2.8 | 4 |
| On a permanent contract | 3 | 2 | 4 | 4 |
| Joined | 1 | 11 | 8 | 1 |
| Left | 1 | 13 | 6 | 1 |
| Training hours | 11 | 85 | 55 | 151 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €43,742 | €52,633 | - |
| Depreciation and write-downs of the year | €9,833 | €17,009 | €21,525 | €28,952 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €183,259 | €175,294 | €171,012 | €279,837 | ▲ 63.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,485 | €1,922 | €5,683 | €9,833 | €17,009 | €21,525 | €28,952 | ▲ 34.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €657 | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €1,202 | €1,170 | €1,219 | €1,713 | ▲ 40.5% |
| Gross operating margin9900 | €216,654 | €283,590 | €225,321 | €246,953 | €226,656 | €242,646 | €350,195 | ▲ 44.3% |
| Operating profit (loss)9901 | €60,017 | €73,139 | €74,989 | €52,659 | €33,183 | €48,233 | €39,693 | ▼ 17.7% |
| Financial income75/76B | - | - | - | €42 | €510 | €1,981 | €541 | ▼ 72.7% |
| Recurring financial income75 | €1,099 | €467 | €471 | €42 | €510 | €1,981 | €541 | ▼ 72.7% |
| Financial charges65/66B | - | - | - | €5,774 | €6,541 | €6,067 | €6,129 | ▲ 1.0% |
| Recurring financial charges65 | €331 | €3,381 | €5,553 | €5,774 | €6,541 | €6,067 | €6,129 | ▲ 1.0% |
| Profit (loss) for the period before taxes9903 | €58,057 | €69,173 | €69,849 | €46,927 | €27,152 | €44,147 | €34,105 | ▼ 22.7% |
| Income taxes67/77 | €17,350 | €24,915 | €20,563 | €15,137 | €4,279 | €15,278 | €7,676 | ▼ 49.8% |
| Profit (loss) for the period9904 | €40,707 | €44,258 | €49,286 | €31,790 | €22,873 | €28,869 | €26,429 | ▼ 8.5% |
| Profit (loss) for the period to be appropriated9905 | €40,707 | €44,258 | €49,286 | €31,790 | €22,873 | €28,869 | €26,429 | ▼ 8.5% |
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €448,638 | €616,465 | €564,980 | €461,897 | €473,157 | €501,928 | €537,599 | ▲ 7.1% |
| Fixed assets21/28 | €1,527 | €5,383 | €32,884 | €23,051 | €49,784 | €80,892 | €51,940 | ▼ 35.8% |
| Tangible fixed assets22/27 | €1,527 | €5,383 | €32,884 | €23,051 | €49,784 | €80,892 | €51,940 | ▼ 35.8% |
| Plant, machinery and equipment23 | - | - | - | €2,309 | €867 | €0 | - | - |
| Furniture and vehicles24 | - | - | - | €20,742 | €48,917 | €80,892 | €51,940 | ▼ 35.8% |
| Current assets29/58 | €447,111 | €611,082 | €532,096 | €438,846 | €423,373 | €421,036 | €485,659 | ▲ 15.3% |
| Stocks and contracts in progress3 | €26,752 | €30,988 | €34,234 | €48,560 | €56,872 | €33,526 | €51,410 | ▲ 53.3% |
| Stocks30/36 | - | - | - | €48,560 | €56,872 | €33,526 | €51,410 | ▲ 53.3% |
| Amounts receivable within one year40/41 | €90,048 | €71,798 | €122,054 | €226,986 | €133,054 | €159,087 | €178,616 | ▲ 12.3% |
| Trade receivables40 | - | - | - | €197,688 | €81,723 | €137,034 | €155,077 | ▲ 13.2% |
| Other amounts receivable41 | - | - | - | €29,298 | €51,331 | €22,053 | €23,539 | ▲ 6.7% |
| Current investments50/53 | - | - | - | - | - | - | €100,000 | - |
| Cash at bank and in hand54/58 | €330,311 | €508,296 | €368,039 | €155,492 | €225,513 | €220,352 | €146,443 | ▼ 33.5% |
| Deferred charges and accrued income490/1 | - | - | - | €7,808 | €7,934 | €8,071 | €9,190 | ▲ 13.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €448,638 | €616,465 | €564,980 | €461,897 | €473,157 | €501,928 | €537,599 | ▲ 7.1% |
| Equity10/15 | €259,049 | €167,808 | €217,094 | €248,884 | €271,757 | €300,626 | €327,055 | ▲ 8.8% |
| Contributions10/11 | €235,499 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Capital10 | - | - | - | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Issued capital100 | - | - | - | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Reserves13 | €23,550 | €67,808 | €117,094 | €148,884 | €148,884 | €177,753 | €177,753 | = |
| Non-distributable reserves130/1 | - | - | - | €23,550 | €23,550 | €23,550 | €23,550 | = |
| Legal reserve130 | - | - | - | €23,550 | €23,550 | €23,550 | €23,550 | = |
| Distributable reserves133 | - | - | - | €125,334 | €125,334 | €154,203 | €154,203 | = |
| Profit (loss) carried forward14 | €0 | €0 | €0 | €0 | €22,873 | €22,873 | €49,302 | ▲ 116% |
| Amounts payable17/49 | €189,589 | €448,657 | €347,886 | €213,013 | €201,400 | €201,302 | €210,544 | ▲ 4.6% |
| Amounts payable within one year42/48 | €189,589 | €445,389 | €342,360 | €207,271 | €194,896 | €193,863 | €202,460 | ▲ 4.4% |
| Trade debts44 | €45,625 | €24,660 | €56,033 | €63,230 | €46,459 | €35,602 | €21,052 | ▼ 40.9% |
| Suppliers440/4 | - | - | - | €63,230 | €46,459 | €35,602 | €21,052 | ▼ 40.9% |
| Taxes, remuneration and social security45 | - | - | - | €2,808 | €3,184 | €8,456 | €27,408 | ▲ 224% |
| Remuneration and social security454/9 | - | - | - | €2,808 | €3,184 | €8,456 | €27,408 | ▲ 224% |
| Other amounts payable47/48 | - | - | - | €141,233 | €145,253 | €149,805 | €154,000 | ▲ 2.8% |
| Accrued charges and deferred income492/3 | - | - | - | €5,742 | €6,504 | €7,439 | €8,084 | ▲ 8.7% |
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €40,707 | €44,258 | €49,286 | €31,790 | €22,873 | €28,869 | €26,429 | ▼ 8.5% |
| + Depreciation and write-downs630 | €7,485 | €1,922 | €5,683 | €9,833 | €17,009 | €21,525 | €28,952 | ▲ 34.5% |
| Operating cash flow (approximation) | €48,192 | €46,180 | €54,969 | €41,623 | €39,882 | €50,394 | €55,381 | ▲ 9.9% |
| Investment in fixed assets (approximation) | - | - | -€33,184 | €0 | -€43,742 | -€52,633 | €0 | - |
| Change in cash | - | - | -€140,257 | -€212,547 | €70,021 | -€5,161 | -€73,909 | ▼ 1,332% |
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, 17,041 companies had the same profile as INVULNERABLE has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of INVULNERABLE 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 17,041 companies, not a prediction for INVULNERABLE. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | micro format | 31-10-2025 | 2025-00561420 | |
| 31-03-2024 | micro format | 29-10-2024 | 2024-00520357 | |
| 31-03-2023 | micro format | 09-11-2023 | 2023-00510156 | |
| 31-03-2022 | micro format | 31-10-2022 | 2022-20484058 | |
| 31-03-2021 | micro format | 25-11-2021 | 2021-78300560 | |
| 31-03-2020 | micro format | 06-11-2020 | 2020-68900394 | |
| 31-12-2018 | micro format | 10-05-2019 | 2019-12800518 | |
| 31-12-2017 | micro format | 29-05-2018 | 2018-14600386 | |
| 31-12-2016 | micro format | 22-05-2017 | 2017-12900166 | |
| 31-12-2015 | full format | 09-05-2016 | 2016-11600325 |