KadiConsult
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-12-2025 PDF all 4 filings
Turnover
€71,900
EBIT margin
15.8%
Net result
€19,369
2024 · -€2,575
Working capital
€24,133▲ 795%
2024 · €2,697
Multi-year overview
2022 to 2025, 4 financial yearsTurnover
no figure
2025
20222025
Operating result
€26,307
2025
20222025
Net result
€19,369
2025
middle half of the sector
20222025
EBIT margin
no figure
2025
20222025
Equity
€28,348
▲ 216%
2025
middle half of the sector
20222025
Total assets
€51,362
▲ 129%
2025
lowest quarter of the sector
20222025
Debt
€23,014
▲ 71.3%
2025
20222025
Working capital
€24,133
▲ 795%
2025
middle half of the sector
20222025
Solvency
55.2%
▲ 15.1pp
2025
middle half of the sector
20222025
Current ratio
2.05
▲ 0.85
2025
middle half of the sector
20222025
Return on assets (ROA)
37.7%
▲ 49.2pp
2025
highest quarter of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Turnover€71,900-
Operating result€11,354-€2,370▼ 79.1%-€1,164€26,307
Net result€6,388within the sector's middle half-€166below the sector's middle half▼ 97.4%-€2,575below the sector's middle half€19,369within the sector's middle half
EBIT margin15.8%-
Equity€11,388below the sector's middle half-€11,554below the sector's middle half▲ 1.5%€8,978below the sector's middle half▼ 22.3%€28,348within the sector's middle half▲ 216%
Total assets€43,990below the sector's middle half-€32,330below the sector's middle half▼ 26.5%€22,415below the sector's middle half▼ 30.7%€51,362below the sector's middle half▲ 129%
Debt€32,602-€20,776▼ 36.3%€13,437▼ 35.3%€23,014▲ 71.3%
Working capital€13,203within the sector's middle half-€6,352within the sector's middle half▼ 51.9%€2,697within the sector's middle half▼ 57.5%€24,133within the sector's middle half▲ 795%
Solvency25.9%below the sector's middle half-35.7%within the sector's middle half▲ 9.8pp40.1%within the sector's middle half▲ 4.3pp55.2%within the sector's middle half▲ 15.1pp
Current ratio1.43within the sector's middle half-1.33within the sector's middle half▼ 0.101.20within the sector's middle half▼ 0.132.05within the sector's middle half▲ 0.85
Return on assets (ROA)14.5%within the sector's middle half-0.5%below the sector's middle half▼ 14.0pp-11.5%below the sector's middle half▼ 12.0pp37.7%above the sector's middle half▲ 49.2pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 €26,307, after a loss of €1,164 in 2024. It is the highest result since 2022.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €51,362
Fixed assets
€4,214 ▼ 32.9%
Current assets
€47,147 ▲ 192%
Equity and liabilities €51,362
Equity
€28,348 ▲ 216%
Debt
€23,014 ▲ 71.3%
Debt's share of the balance-sheet total falls from 59.9% to 44.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€28,374▲
2024 · €736
Cash flow
€21,436▲
2024 · -€676
Debt to equity
0.81▼
2024 · 1.50
ROE
68.3%▲
2024 · -28.7%
Interest coverage
43.18▲
2024 · 0.69
Debt ≤ 1 year
€23,014▲
2024 · €13,437
Income taxes
€6,281▲
2024 · €351
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €7,869 | €1,479 | - |
| Depreciation and write-downs of the year | - | €1,167 | €1,900 | €2,067 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Turnover70 | €71,900 | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €6,022 | - |
| Goods, raw materials, services and sundry goods60/61 | €61,993 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €1,167 | €1,900 | €2,067 | ▲ 8.8% |
| Other operating charges640/8 | €996 | €1,407 | €1,719 | €1,188 | ▼ 30.9% |
| Gross operating margin9900 | €12,350 | €4,944 | €2,455 | €29,562 | ▲ 12× |
| Operating profit (loss)9901 | €11,354 | €2,370 | -€1,164 | €26,307 | - |
| Financial income75/76B | - | €5 | €0 | - | - |
| Recurring financial income75 | - | €5 | €0 | - | - |
| Financial charges65/66B | €1,332 | €1,675 | €1,060 | €657 | ▼ 38.0% |
| Recurring financial charges65 | €1,332 | €1,675 | €1,060 | €657 | ▼ 38.0% |
| Profit (loss) for the period before taxes9903 | €10,022 | €700 | -€2,224 | €25,650 | - |
| Income taxes67/77 | €3,634 | €534 | €351 | €6,281 | ▲ 18× |
| Profit (loss) for the period9904 | €6,388 | €166 | -€2,575 | €19,369 | - |
| Profit (loss) for the period to be appropriated9905 | €6,388 | €166 | -€2,575 | €19,369 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €43,990 | €32,330 | €22,415 | €51,362 | ▲ 129% |
| Fixed assets21/28 | - | €6,702 | €6,281 | €4,214 | ▼ 32.9% |
| Tangible fixed assets22/27 | - | €6,702 | €6,281 | €4,214 | ▼ 32.9% |
| Plant, machinery and equipment23 | - | €6,702 | €5,128 | €3,554 | ▼ 30.7% |
| Furniture and vehicles24 | - | - | €1,153 | €660 | ▼ 42.8% |
| Current assets29/58 | €43,990 | €25,628 | €16,134 | €47,147 | ▲ 192% |
| Amounts receivable within one year40/41 | €41,066 | €17,527 | €10,570 | €30,609 | ▲ 190% |
| Trade receivables40 | €41,066 | €17,507 | €10,570 | €22,990 | ▲ 118% |
| Other amounts receivable41 | - | €20 | €0 | €7,619 | - |
| Cash at bank and in hand54/58 | €2,924 | €6,929 | €5,564 | €16,538 | ▲ 197% |
| Deferred charges and accrued income490/1 | - | €1,172 | €0 | - | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €43,990 | €32,330 | €22,415 | €51,362 | ▲ 129% |
| Equity10/15 | €11,388 | €11,554 | €8,978 | €28,348 | ▲ 216% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €6,388 | €6,388 | €6,388 | €6,388 | = |
| Distributable reserves133 | €6,388 | €6,388 | €6,388 | €6,388 | = |
| Profit (loss) carried forward14 | - | €166 | -€2,409 | €16,960 | - |
| Amounts payable17/49 | €32,602 | €20,776 | €13,437 | €23,014 | ▲ 71.3% |
| Amounts payable within one year42/48 | €30,787 | €19,276 | €13,437 | €23,014 | ▲ 71.3% |
| Trade debts44 | €11,340 | €79 | €3,203 | €0 | ▼ 100% |
| Suppliers440/4 | €11,340 | €79 | €3,203 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | €13,797 | €13,711 | €9,621 | €18,763 | ▲ 95.0% |
| Taxes450/3 | €12,297 | €12,211 | €9,621 | €17,263 | ▲ 79.4% |
| Remuneration and social security454/9 | €1,500 | €1,500 | €0 | €1,500 | - |
| Other amounts payable47/48 | €5,650 | €5,487 | €613 | €4,251 | ▲ 593% |
| Accrued charges and deferred income492/3 | €1,815 | €1,500 | €0 | - | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,388 | €166 | -€2,575 | €19,369 | - |
| + Depreciation and write-downs630 | - | €1,167 | €1,900 | €2,067 | ▲ 8.8% |
| Operating cash flow (approximation) | €6,388 | €1,333 | -€676 | €21,436 | - |
| Investment in fixed assets (approximation) | - | - | -€1,479 | €0 | - |
| Change in cash | - | €4,005 | -€1,365 | €10,974 | - |
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, 26,972 companies had the same profile as KadiConsult has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of KadiConsult itself is lower: < 0.1% within 12 months. It rests on far more data about KadiConsult than the profile alone.
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 26,972 companies, not a prediction for KadiConsult. 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.