Karin Beeckman
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 35 days after the deadline Filed on 4 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00501332.
Annual accounts 2025 filed on 04-09-2026 at the NBB all 30 filings
Turnover
≈ €920,000
Estimated: probably between €800,000 and €1.1m
Total assets
€1.2m▲ 4.1%
2024 · €1.1m
Net result
€114,847▲ 0.4%
2024 · €114,369
Working capital
€267,447▲ 87.8%
2024 · €142,435
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€193,328
▲ 6.7%
2025
20182025
Net result
€114,847
▲ 0.4%
2025
middle half of the sector
20182025
Equity
€658,071
▲ 21.1%
2025
middle half of the sector
20182025
Total assets
€1.2m
▲ 4.1%
2025
middle half of the sector
20182025
Debt
€473,190
▼ 18.2%
2025
20182025
Working capital
€267,447
▲ 87.8%
2025
middle half of the sector
20182025
Solvency
56.4%
▲ 7.9pp
2025
middle half of the sector
20182025
Current ratio
1.82
▲ 0.42
2025
middle half of the sector
20182025
Return on assets (ROA)
9.8%
▼ 0.4pp
2025
middle half of the sector
20182025
Staff (FTE)
3.9
▲ 21.9%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.007m-€0.02m▲ 116%€0.05m▲ 190%€0.08m▲ 69.3%€0.1m▲ 24.4%€0.2m▲ 56.0%€0.2m▲ 17.5%€0.2m▲ 6.7%
Net result€0.001m-€0.01m▲ 18×€0.03mwithin the sector's middle half▲ 148%€0.04mwithin the sector's middle half▲ 58.2%€0.06mwithin the sector's middle half▲ 36.3%€0.09mabove the sector's middle half▲ 64.9%€0.1mabove the sector's middle half▲ 21.4%€0.1mwithin the sector's middle half▲ 0.4%
Equity€0.2m-€0.2m▲ 5.4%€0.2mwithin the sector's middle half▲ 12.7%€0.3mabove the sector's middle half▲ 17.8%€0.3mabove the sector's middle half▲ 20.6%€0.4mabove the sector's middle half▲ 28.2%€0.5mabove the sector's middle half▲ 26.7%€0.7mwithin the sector's middle half▲ 21.1%
Total assets€0.4m-€0.4m▲ 0.7%€0.4mwithin the sector's middle half▲ 17.7%€0.9mabove the sector's middle half▲ 111%€1.0mabove the sector's middle half▲ 6.7%€1.1mabove the sector's middle half▲ 11.3%€1.1mabove the sector's middle half▲ 3.3%€1.2mwithin the sector's middle half▲ 4.1%
Debt€0.2m-€0.2m▼ 4.9%€0.2m▲ 24.4%€0.6m▲ 221%€0.6m▲ 0.6%€0.7m▲ 2.5%€0.6m▼ 12.0%€0.5m▼ 18.2%
Working capital€0.2m-€0.2m▲ 3.4%€0.2mwithin the sector's middle half▼ 18.5%-€0.05mbelow the sector's middle half-€0.01mbelow the sector's middle half▲ 71.6%€0.05mwithin the sector's middle half€0.1mwithin the sector's middle half▲ 171%€0.3mwithin the sector's middle half▲ 87.8%
Solvency54.2%-56.7%▲ 2.5pp54.3%within the sector's middle half▼ 2.4pp30.3%within the sector's middle half▼ 23.9pp34.3%within the sector's middle half▲ 4.0pp39.5%within the sector's middle half▲ 5.2pp48.4%within the sector's middle half▲ 9.0pp56.4%within the sector's middle half▲ 7.9pp
Current ratio2.21-2.27▲ 0.061.80within the sector's middle half▼ 0.470.84below the sector's middle half▼ 0.970.96below the sector's middle half▲ 0.121.14below the sector's middle half▲ 0.191.39within the sector's middle half▲ 0.251.82within the sector's middle half▲ 0.42
Return on assets (ROA)0.2%-2.9%▲ 2.7pp6.1%within the sector's middle half▲ 3.2pp4.6%within the sector's middle half▼ 1.5pp5.9%within the sector's middle half▲ 1.3pp8.7%within the sector's middle half▲ 2.8pp10.2%within the sector's middle half▲ 1.5pp9.8%within the sector's middle half▼ 0.4pp
Staff (FTE)0.7below the sector's middle half3▲ 329%4.2▲ 40.0%4.1▼ 2.4%3.2▼ 22.0%3.9within the sector's middle half▲ 21.9%
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 7% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The abbreviated or 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 €1.2m
Fixed assets
€572,809 ▼ 7.4%
Current assets
€594,460 ▲ 18.2%
Equity and liabilities €1.2m
Equity
€658,071 ▲ 21.1%
Provisions
€36,008
Debt
€473,190 ▼ 18.2%
Debt's share of the balance-sheet total falls from 51.6% to 40.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€252,625▲
2024 · €237,665
Cash flow
€174,144▲
2024 · €170,890
Debt to equity
0.72▼
2024 · 1.06
ROE
17.5%▼
2024 · 21.1%
Interest coverage
22.86▲
2024 · 18.77
Debt ≤ 1 year
€327,013▼
2024 · €360,662
Debt > 1 year
€146,177▼
2024 · €215,537
Income taxes
€68,264▲
2024 · €56,999
Staff costs
€193,987▲
2024 · €160,945
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 | 3 | 5 | 3 | 4 | 4 |
| full-time | 3 | 4 | 2 | 3 | 3 |
| part-time | - | 1 | 1 | 1 | 1 |
| in full-time equivalents | 3 | 4.8 | 2.8 | 3.8 | 3.8 |
| Average over the year, in full-time equivalents | 3 | 4.2 | 4.1 | 3.2 | 3.9 |
| On a permanent contract | 3 | 5 | 3 | 4 | 4 |
| Joined | 2 | 2 | 0 | 1 | - |
| Left | 1 | 0 | 2 | 0 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €809,569 | €53,938 | €58,602 | €14,026 | €13,778 |
| Depreciation and write-downs of the year | €29,099 | €40,224 | €59,518 | €56,521 | €59,297 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €6,254 awarded · €6,254 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €2,510 | €2,510 |
| 2024 | 1 | €3,564 | €3,564 |
| 2023 | 1 | €180 | €180 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €127,691 | €170,317 | €188,120 | €160,945 | €193,987 | ▲ 20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,850 | €10,352 | €11,121 | €29,099 | €40,224 | €59,518 | €56,521 | €59,297 | ▲ 4.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €12,435 | -€8,347 | €1,787 | €8,330 | €12,417 | ▲ 49.1% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | - | €36,008 | - |
| Other operating charges640/8 | - | - | - | €4,781 | €17,732 | €6,146 | €7,388 | €33,252 | ▲ 350% |
| Gross operating margin9900 | €15,028 | €27,596 | €108,957 | €253,397 | €318,724 | €409,746 | €414,329 | €528,288 | ▲ 27.5% |
| Operating profit (loss)9901 | €7,483 | €16,191 | €46,900 | €79,390 | €98,799 | €154,175 | €181,144 | €193,328 | ▲ 6.7% |
| Financial income75/76B | - | - | - | €4 | €56 | €28 | €2,882 | €832 | ▼ 71.1% |
| Recurring financial income75 | €7 | €4,685 | €2 | €4 | €56 | €28 | €2,882 | €832 | ▼ 71.1% |
| Financial charges65/66B | - | - | - | €12,697 | €14,547 | €14,534 | €12,659 | €11,050 | ▼ 12.7% |
| Recurring financial charges65 | €3,720 | €3,707 | €3,673 | €12,697 | €14,547 | €14,534 | €12,659 | €11,050 | ▼ 12.7% |
| Profit (loss) for the period before taxes9903 | €3,770 | €17,170 | €43,229 | €66,697 | €84,308 | €139,669 | €171,368 | €183,110 | ▲ 6.9% |
| Income taxes67/77 | €3,165 | €6,498 | €16,729 | €24,777 | €27,171 | €45,446 | €56,999 | €68,264 | ▲ 19.8% |
| Profit (loss) for the period9904 | €605 | €10,672 | €26,500 | €41,920 | €57,136 | €94,222 | €114,369 | €114,847 | ▲ 0.4% |
| Profit (loss) for the period to be appropriated9905 | €605 | €10,672 | €44,500 | €41,920 | €57,136 | €94,222 | €114,369 | €114,847 | ▲ 0.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.4m | €0.4m | €0.4m | €0.9m | €1.0m | €1.1m | €1.1m | €1.2m | ▲ 4.1% |
| Fixed assets21/28 | €0.02m | €0.02m | €0.08m | €0.6m | €0.7m | €0.7m | €0.6m | €0.6m | ▼ 7.4% |
| Intangible fixed assets21 | - | - | €0.007m | €0.005m | €0.002m | €0 | - | - | - |
| Tangible fixed assets22/27 | €0.02m | €0.02m | €0.02m | €0.6m | €0.7m | €0.7m | €0.6m | €0.6m | ▼ 7.4% |
| Land and buildings22 | - | - | - | €0.6m | €0.7m | €0.6m | €0.6m | €0.5m | ▼ 5.8% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €0.003m | €0.002m | €0.008m | €0.006m | ▼ 27.0% |
| Furniture and vehicles24 | - | - | - | - | €0.001m | €0.04m | €0.03m | €0.02m | ▼ 33.4% |
| Financial fixed assets28 | - | - | €0.05m | - | - | - | - | - | - |
| Current assets29/58 | €0.3m | €0.3m | €0.4m | €0.3m | €0.3m | €0.4m | €0.5m | €0.6m | ▲ 18.2% |
| Amounts receivable within one year40/41 | €0.3m | €0.3m | €0.3m | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 12.3% |
| Trade receivables40 | - | - | - | €0.2m | €0.1m | €0.1m | €0.2m | €0.1m | ▼ 7.8% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.03m | €0.001m | €0.02m | €0.006m | ▼ 58.6% |
| Current investments50/53 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.02m | €0.08m | €0.2m | ▲ 112% |
| Cash at bank and in hand54/58 | €0.02m | €0.05m | €0.03m | €0.05m | €0.1m | €0.3m | €0.2m | €0.2m | ▼ 0.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.04m | €0.05m | €0.01m | €0.03m | €0.05m | ▲ 60.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.4m | €0.4m | €0.4m | €0.9m | €1.0m | €1.1m | €1.1m | €1.2m | ▲ 4.1% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | €0.5m | €0.7m | ▲ 21.1% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.09m | €0.1m | €0.1m | €0.3m | €0.3m | €0.4m | €0.5m | €0.6m | ▲ 21.9% |
| Distributable reserves133 | - | - | - | €0.3m | €0.3m | €0.4m | €0.5m | €0.6m | ▲ 21.9% |
| Profit (loss) carried forward14 | €0.09m | €0.09m | €0.09m | - | - | - | - | - | - |
| Provisions and deferred taxes16 | - | - | - | - | - | - | - | €0.04m | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | - | €0.04m | - |
| Other liabilities and charges164/5 | - | - | - | - | - | - | - | €0.04m | - |
| Amounts payable17/49 | €0.2m | €0.2m | €0.2m | €0.6m | €0.6m | €0.7m | €0.6m | €0.5m | ▼ 18.2% |
| Amounts payable after more than one year17 | €0.01m | €0.006m | - | €0.3m | €0.3m | €0.3m | €0.2m | €0.1m | ▼ 32.2% |
| Financial debts170/4 | - | - | - | €0.3m | €0.3m | €0.3m | €0.2m | €0.1m | ▼ 32.2% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | €0.3m | ▼ 9.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.08m | - | - | - | - |
| Financial debts43 | - | - | - | €0.07m | - | €0.08m | €0.08m | €0.09m | ▲ 2.3% |
| Credit institutions430/8 | - | - | - | €0.07m | - | €0.08m | €0.08m | €0.09m | ▲ 2.3% |
| Trade debts44 | €0.01m | €0.02m | €0.01m | €0.01m | €0.04m | €0.02m | €0.04m | €0.04m | ▼ 3.4% |
| Suppliers440/4 | - | - | - | €0.01m | €0.04m | €0.02m | €0.04m | €0.04m | ▼ 3.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.03m | €0.06m | €0.03m | €0.06m | ▲ 112% |
| Taxes450/3 | - | - | - | €0.02m | €0.007m | €0.02m | €0.01m | €0.02m | ▲ 123% |
| Remuneration and social security454/9 | - | - | - | €0.03m | €0.02m | €0.03m | €0.02m | €0.04m | ▲ 105% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 33.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.002m | €0.002m | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €605 | €10,672 | €26,500 | €41,920 | €57,136 | €94,222 | €114,369 | €114,847 | ▲ 0.4% |
| + Depreciation and write-downs630 | €10,850 | €10,352 | €11,121 | €29,099 | €40,224 | €59,518 | €56,521 | €59,297 | ▲ 4.9% |
| Operating cash flow (approximation) | €11,455 | €21,024 | €37,622 | €71,019 | €97,360 | €153,740 | €170,890 | €174,144 | ▲ 1.9% |
| Investment in fixed assets (approximation) | - | -€8,913 | -€68,146 | -€601,138 | -€53,938 | -€58,602 | -€14,026 | -€13,778 | ▲ 1.8% |
| Change in cash | - | €27,808 | -€13,381 | €14,705 | €81,529 | €138,817 | -€56,469 | -€1,034 | ▲ 98.2% |
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 Karin Beeckman 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 Karin Beeckman 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 Karin Beeckman. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 04-09-2026 | 2026-00501332 | |
| 31-12-2024 | micro format | 26-07-2025 | 2025-00312178 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00415453 | |
| 31-12-2022 | micro format | 05-10-2023 | 2023-00473846 | |
| 31-12-2021 | micro format | 29-09-2022 | 2022-20446345 | |
| 31-12-2020 | micro format | 27-07-2021 | 2021-44000514 | |
| 31-12-2019 | micro format | 09-11-2020 | 2020-69500427 | |
| 31-12-2018 | micro format | 30-09-2019 | 2019-68300267 | |
| 31-12-2017 | micro format | 28-09-2018 | 2018-66700413 | |
| 31-12-2016 | micro format | 29-09-2017 | 2017-64900049 |