IT4FUSION
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-06-2026 at the NBB all 25 filings
Turnover
≈ €12,000
Estimated: probably between €6,000 and €24,000
Total assets
€81,762▼ 5.4%
2024 · €86,421
Net result
-€2,838▲ 75.1%
2024 · -€11,411
Working capital
€52,876▼ 18.3%
2024 · €64,681
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€2,021
▲ 80.4%
2025
20182025
Net result
-€2,838
▲ 75.1%
2025
lowest quarter of the sector
20182025
Equity
€32,920
▼ 7.9%
2025
middle half of the sector
20182025
Total assets
€81,762
▼ 5.4%
2025
middle half of the sector
20182025
Debt
€48,842
▼ 3.6%
2025
20182025
Working capital
€52,876
▼ 18.3%
2025
middle half of the sector
20182025
Solvency
40.3%
▼ 1.1pp
2025
middle half of the sector
20182025
Current ratio
3.82
▼ 2.94
2025
middle half of the sector
20182025
Return on assets (ROA)
-3.5%
▲ 9.7pp
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-€1,085-€21,889€45,599▲ 108%€13,286▼ 70.9%-€29,284-€26,420▲ 9.8%-€10,294▲ 61.0%-€2,021▲ 80.4%
Net result-€3,786-€20,985€33,639within the sector's middle half▲ 60.3%€6,048within the sector's middle half▼ 82.0%-€31,130below the sector's middle half-€27,808below the sector's middle half▲ 10.7%-€11,411below the sector's middle half▲ 59.0%-€2,838below the sector's middle half▲ 75.1%
Equity€123,536-€104,520▼ 15.4%€126,060within the sector's middle half▲ 20.6%€106,108within the sector's middle half▼ 15.8%€74,978within the sector's middle half▼ 29.3%€47,170within the sector's middle half▼ 37.1%€35,758within the sector's middle half▼ 24.2%€32,920within the sector's middle half▼ 7.9%
Total assets€258,018-€260,794▲ 1.1%€266,242within the sector's middle half▲ 2.1%€181,341within the sector's middle half▼ 31.9%€140,553within the sector's middle half▼ 22.5%€105,678within the sector's middle half▼ 24.8%€86,421within the sector's middle half▼ 18.2%€81,762within the sector's middle half▼ 5.4%
Debt€134,482-€156,274▲ 16.2%€140,182▼ 10.3%€75,233▼ 46.3%€65,575▼ 12.8%€58,509▼ 10.8%€50,662▼ 13.4%€48,842▼ 3.6%
Working capital€81,108-€46,832▼ 42.3%€71,748within the sector's middle half▲ 53.2%€128,982above the sector's middle half▲ 79.8%€103,899within the sector's middle half▼ 19.4%€81,614within the sector's middle half▼ 21.4%€64,681within the sector's middle half▼ 20.7%€52,876within the sector's middle half▼ 18.3%
Solvency47.9%-40.1%▼ 7.8pp47.3%within the sector's middle half▲ 7.3pp58.5%within the sector's middle half▲ 11.2pp53.3%within the sector's middle half▼ 5.2pp44.6%within the sector's middle half▼ 8.7pp41.4%within the sector's middle half▼ 3.3pp40.3%within the sector's middle half▼ 1.1pp
Current ratio3.34-2.11▼ 1.232.66within the sector's middle half▲ 0.5513.36above the sector's middle half▲ 10.7112.79above the sector's middle half▼ 0.589.01above the sector's middle half▼ 3.786.76above the sector's middle half▼ 2.253.82within the sector's middle half▼ 2.94
Return on assets (ROA)-1.5%-8.0%▲ 9.5pp12.6%within the sector's middle half▲ 4.6pp3.3%below the sector's middle half▼ 9.3pp-22.1%below the sector's middle half▼ 25.5pp-26.3%below the sector's middle half▼ 4.2pp-13.2%below the sector's middle half▲ 13.1pp-3.5%below the sector's middle half▲ 9.7pp
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 loss of €2,021, smaller than the loss of €10,294 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 €81,762
Fixed assets
€10,129 ▼ 3.6%
Current assets
€71,633 ▼ 5.6%
Equity and liabilities €81,762
Equity
€32,920 ▼ 7.9%
Debt
€48,842 ▼ 3.6%
Debt's share of the balance-sheet total rises from 58.6% to 59.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€1,779▲
2024 · -€6,928
Cash flow
€961▲
2024 · -€8,046
Debt to equity
1.48▲
2024 · 1.42
ROE
-8.6%▲
2024 · -31.9%
Interest coverage
0.72▲
2024 · -2.36
Debt ≤ 1 year
€18,757▲
2024 · €11,233
Debt > 1 year
€30,085▼
2024 · €39,429
Income taxes
€59▲
2024 · €57
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 | €8,696 | - | - | - | €3,422 |
| Depreciation and write-downs of the year | €13,301 | €14,086 | €13,968 | €3,366 | €3,800 |
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 | - | - | - | €49,539 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,992 | €21,805 | €21,923 | €13,301 | €14,086 | €13,968 | €3,366 | €3,800 | ▲ 12.9% |
| Other operating charges640/8 | - | - | - | €2,308 | €122 | €516 | €528 | €544 | ▲ 3.0% |
| Non-recurring operating charges66A | - | - | - | €756 | - | - | - | - | - |
| Gross operating margin9900 | €29,948 | €50,119 | €69,501 | €29,651 | -€15,076 | -€11,935 | -€6,400 | €2,323 | - |
| Operating profit (loss)9901 | -€1,085 | €21,889 | €45,599 | €13,286 | -€29,284 | -€26,420 | -€10,294 | -€2,021 | ▲ 80.4% |
| Financial income75/76B | - | - | - | €202 | €2,041 | €2,006 | €1,870 | €1,721 | ▼ 8.0% |
| Recurring financial income75 | €3,385 | €4,447 | €2,006 | €202 | €2,041 | €2,006 | €1,870 | €1,721 | ▼ 8.0% |
| Financial charges65/66B | - | - | - | €4,684 | €3,730 | €3,333 | €2,931 | €2,479 | ▼ 15.4% |
| Recurring financial charges65 | €5,978 | €5,237 | €5,090 | €4,684 | €3,730 | €3,333 | €2,931 | €2,479 | ▼ 15.4% |
| Profit (loss) for the period before taxes9903 | -€3,678 | €21,100 | €42,515 | €8,804 | -€30,973 | -€27,748 | -€11,354 | -€2,779 | ▲ 75.5% |
| Income taxes67/77 | €108 | €115 | €8,876 | €2,756 | €157 | €61 | €57 | €59 | ▲ 2.7% |
| Profit (loss) for the period9904 | -€3,786 | €20,985 | €33,639 | €6,048 | -€31,130 | -€27,808 | -€11,411 | -€2,838 | ▲ 75.1% |
| Profit (loss) for the period to be appropriated9905 | -€3,786 | €20,985 | €33,639 | €6,048 | -€31,130 | -€27,808 | -€11,411 | -€2,838 | ▲ 75.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €258,018 | €260,794 | €266,242 | €181,341 | €140,553 | €105,678 | €86,421 | €81,762 | ▼ 5.4% |
| Fixed assets21/28 | €142,189 | €171,631 | €151,207 | €41,926 | €27,840 | €13,872 | €10,506 | €10,129 | ▼ 3.6% |
| Tangible fixed assets22/27 | €142,189 | €171,631 | €150,451 | €41,926 | €27,840 | €13,872 | €10,506 | €10,129 | ▼ 3.6% |
| Plant, machinery and equipment23 | - | - | - | €378 | €130 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €25,823 | €14,349 | €2,875 | €1,874 | €2,988 | ▲ 59.5% |
| Leasing and similar rights25 | - | - | - | €15,726 | €13,362 | €10,997 | €8,633 | €7,141 | ▼ 17.3% |
| Financial fixed assets28 | - | - | €756 | - | - | - | - | - | - |
| Current assets29/58 | €115,829 | €89,164 | €115,035 | €139,414 | €112,712 | €91,806 | €75,914 | €71,633 | ▼ 5.6% |
| Amounts receivable after more than one year29 | - | - | - | €75,218 | €70,682 | €66,025 | €61,244 | €56,336 | ▼ 8.0% |
| Other amounts receivable291 | - | - | - | €75,218 | €70,682 | €66,025 | €61,244 | €56,336 | ▼ 8.0% |
| Amounts receivable within one year40/41 | €61,662 | €19,392 | €42,805 | €9,110 | €8,377 | €6,042 | €7,921 | €5,247 | ▼ 33.8% |
| Trade receivables40 | - | - | - | €1,265 | €3,130 | - | €1,134 | €339 | ▼ 70.1% |
| Other amounts receivable41 | - | - | - | €7,845 | €5,247 | €6,042 | €6,787 | €4,908 | ▼ 27.7% |
| Cash at bank and in hand54/58 | €9,570 | €8,595 | €15,056 | €55,086 | €33,654 | €19,739 | €6,749 | €10,050 | ▲ 48.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €258,018 | €260,794 | €266,242 | €181,341 | €140,553 | €105,678 | €86,421 | €81,762 | ▼ 5.4% |
| Equity10/15 | €123,536 | €104,520 | €126,060 | €106,108 | €74,978 | €47,170 | €35,758 | €32,920 | ▼ 7.9% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €49,554 | €49,554 | €71,094 | €51,142 | €51,142 | €51,142 | €51,142 | €51,142 | = |
| 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 | = |
| Tax-exempt reserves132 | - | - | - | €9,594 | €9,594 | €9,594 | €9,594 | €9,594 | = |
| Distributable reserves133 | - | - | - | €39,688 | €39,688 | €39,688 | €39,688 | €39,688 | = |
| Profit (loss) carried forward14 | €61,581 | €42,566 | €42,566 | €42,566 | €11,436 | -€16,372 | -€27,783 | -€30,621 | ▼ 10.2% |
| Amounts payable17/49 | €134,482 | €156,274 | €140,182 | €75,233 | €65,575 | €58,509 | €50,662 | €48,842 | ▼ 3.6% |
| Amounts payable after more than one year17 | €99,761 | €113,943 | €96,896 | €64,801 | €56,761 | €48,316 | €39,429 | €30,085 | ▼ 23.7% |
| Financial debts170/4 | - | - | - | €64,801 | €56,761 | €48,316 | €39,429 | €30,085 | ▼ 23.7% |
| Amounts payable within one year42/48 | €34,721 | €42,331 | €43,287 | €10,432 | €8,814 | €10,192 | €11,233 | €18,757 | ▲ 67.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,647 | €8,040 | €8,445 | €8,887 | €9,344 | ▲ 5.1% |
| Trade debts44 | €9,392 | €2,267 | €4,412 | €29 | €226 | - | €663 | €534 | ▼ 19.5% |
| Suppliers440/4 | - | - | - | €29 | €226 | - | €663 | €534 | ▼ 19.5% |
| Taxes, remuneration and social security45 | - | - | - | €2,756 | €157 | €36 | €267 | €705 | ▲ 164% |
| Taxes450/3 | - | - | - | €2,756 | €157 | €36 | €267 | €705 | ▲ 164% |
| Other amounts payable47/48 | - | - | - | - | €390 | €1,711 | €1,416 | €8,174 | ▲ 477% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,786 | €20,985 | €33,639 | €6,048 | -€31,130 | -€27,808 | -€11,411 | -€2,838 | ▲ 75.1% |
| + Depreciation and write-downs630 | €15,992 | €21,805 | €21,923 | €13,301 | €14,086 | €13,968 | €3,366 | €3,800 | ▲ 12.9% |
| Operating cash flow (approximation) | €12,206 | €42,790 | €55,562 | €19,349 | -€17,044 | -€13,840 | -€8,046 | €961 | - |
| Investment in fixed assets (approximation) | - | -€51,247 | -€1,499 | €95,980 | €0 | €0 | €0 | -€3,422 | - |
| Change in cash | - | -€975 | €6,461 | €40,031 | -€21,433 | -€13,915 | -€12,990 | €3,301 | - |
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, 12,322 companies had the same profile as IT4FUSION has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of IT4FUSION 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 12,322 companies, not a prediction for IT4FUSION. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-06-2026 | 2026-00171212 | |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00213145 | |
| 31-12-2023 | micro format | 16-06-2024 | 2024-00132132 | |
| 31-12-2022 | micro format | 12-06-2023 | 2023-00119613 | |
| 31-12-2021 | micro format | 14-06-2022 | 2022-20061330 | |
| 31-12-2020 | micro format | 09-08-2021 | 2021-46900495 | |
| 31-12-2019 | micro format | 24-08-2020 | 2020-43700470 | |
| 31-12-2018 | micro format | 04-09-2019 | 2019-62700340 | |
| 31-12-2017 | micro format | 07-10-2018 | 2018-68700084 | |
| 31-12-2016 | micro format | 17-09-2017 | 2017-61000053 |