KDK Support
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 3 days after the deadline Filed on 3 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00373082.
Annual accounts 2025 filed on 03-08-2026 at the NBB all 38 filings
Turnover
≈ €66,000
Estimated: probably between €32,000 and €140,000
Total assets
€92,275▲ 1.2%
2024 · €91,136
Net result
€357▼ 94.9%
2024 · €7,000
Working capital
€61,516▲ 8.5%
2024 · €56,693
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€2,206
▼ 80.8%
2025
20182025
Net result
€357
▼ 94.9%
2025
middle half of the sector
20182025
Equity
€82,230
▲ 0.4%
2025
middle half of the sector
20182025
Total assets
€92,275
▲ 1.2%
2025
middle half of the sector
20182025
Debt
€10,046
▲ 8.4%
2025
20182025
Working capital
€61,516
▲ 8.5%
2025
middle half of the sector
20182025
Solvency
89.1%
▼ 0.7pp
2025
highest quarter of the sector
20182025
Current ratio
7.12
=
2025
highest quarter of the sector
20182025
Return on assets (ROA)
0.4%
▼ 7.3pp
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€4,751-€12,280▲ 158%€4,618▼ 62.4%-€5,231€11,426€46,207▲ 304%€11,482▼ 75.1%€2,206▼ 80.8%
Net result€4,703-€11,589▲ 146%€5,146within the sector's middle half▼ 55.6%-€5,310below the sector's middle half€11,197within the sector's middle half€35,870above the sector's middle half▲ 220%€7,000within the sector's middle half▼ 80.5%€357within the sector's middle half▼ 94.9%
Equity€16,380-€27,969▲ 70.7%€33,115within the sector's middle half▲ 18.4%€27,805within the sector's middle half▼ 16.0%€39,002within the sector's middle half▲ 40.3%€74,873within the sector's middle half▲ 92.0%€81,873within the sector's middle half▲ 9.3%€82,230within the sector's middle half▲ 0.4%
Total assets€18,245-€31,742▲ 74.0%€34,927below the sector's middle half▲ 10.0%€31,456below the sector's middle half▼ 9.9%€47,533within the sector's middle half▲ 51.1%€89,376within the sector's middle half▲ 88.0%€91,136within the sector's middle half▲ 2.0%€92,275within the sector's middle half▲ 1.2%
Debt€1,865-€3,774▲ 102%€1,812▼ 52.0%€3,651▲ 101%€8,531▲ 134%€14,503▲ 70.0%€9,264▼ 36.1%€10,046▲ 8.4%
Working capital€15,494-€25,034▲ 61.6%€30,026within the sector's middle half▲ 19.9%€21,959within the sector's middle half▼ 26.9%€35,085within the sector's middle half▲ 59.8%€57,413within the sector's middle half▲ 63.6%€56,693within the sector's middle half▼ 1.3%€61,516within the sector's middle half▲ 8.5%
Solvency89.8%-88.1%▼ 1.7pp94.8%above the sector's middle half▲ 6.7pp88.4%above the sector's middle half▼ 6.4pp82.1%above the sector's middle half▼ 6.3pp83.8%above the sector's middle half▲ 1.7pp89.8%above the sector's middle half▲ 6.1pp89.1%above the sector's middle half▼ 0.7pp
Current ratio9.31-7.63▼ 1.6817.57above the sector's middle half▲ 9.947.01above the sector's middle half▼ 10.565.11above the sector's middle half▼ 1.904.96above the sector's middle half▼ 0.157.12above the sector's middle half▲ 2.167.12above the sector's middle half=
Return on assets (ROA)25.8%-36.5%▲ 10.7pp14.7%above the sector's middle half▼ 21.8pp-16.9%below the sector's middle half▼ 31.6pp23.6%above the sector's middle half▲ 40.4pp40.1%above the sector's middle half▲ 16.6pp7.7%within the sector's middle half▼ 32.5pp0.4%within the sector's middle half▼ 7.3pp
above
within
below
The sector band is the middle half of the companies in Arts creation and performing arts activities (NACE 90). 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 81% lower than in 2024. It is the second fall 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 €92,275
Fixed assets
€20,714 ▼ 17.7%
Current assets
€71,561 ▲ 8.5%
Equity and liabilities €92,275
Equity
€82,230 ▲ 0.4%
Debt
€10,046 ▲ 8.4%
Debt's share of the balance-sheet total rises from 10.2% to 10.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€10,188▼
2024 · €18,616
Cash flow
€8,339▼
2024 · €14,133
Debt to equity
0.12▲
2024 · 0.11
ROE
0.4%▼
2024 · 8.5%
Interest coverage
75.16▼
2024 · over 100
Debt ≤ 1 year
€10,046▲
2024 · €9,264
Income taxes
€1,714▼
2024 · €4,334
Staff costs
€1,458▲
2024 · €752
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 | €6,392 | €1,352 | €18,503 | €14,853 | €3,516 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €3,455 | €21,378 | €4,962 | €7,133 | €7,982 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 2 entries · €3,353 awarded · €3,353 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €353 | €353 |
| 2022 | 1 | €3,000 | €3,000 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €987 | €987 | €1,106 | €752 | €1,458 | ▲ 93.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €443 | €1,279 | €1,915 | €3,455 | €21,378 | €4,962 | €7,133 | €7,982 | ▲ 11.9% |
| Other operating charges640/8 | - | - | - | €10,820 | - | - | - | - | - |
| Non-recurring operating charges66A | - | - | - | €179 | - | - | - | - | - |
| Gross operating margin9900 | €5,921 | €14,417 | €6,808 | €10,210 | €33,792 | €52,275 | €19,368 | €11,646 | ▼ 39.9% |
| Operating profit (loss)9901 | €4,751 | €12,280 | €4,618 | -€5,231 | €11,426 | €46,207 | €11,482 | €2,206 | ▼ 80.8% |
| Financial income75/76B | - | - | - | €0 | - | - | €0 | €0 | ▼ 88.9% |
| Recurring financial income75 | - | - | €600 | €0 | - | - | €0 | €0 | ▼ 88.9% |
| Financial charges65/66B | - | - | - | €79 | €229 | €109 | €148 | €136 | ▼ 8.7% |
| Recurring financial charges65 | €48 | €692 | €72 | €79 | €229 | €109 | €148 | €136 | ▼ 8.7% |
| Profit (loss) for the period before taxes9903 | €4,703 | €11,589 | €5,146 | -€5,310 | €11,197 | €46,098 | €11,334 | €2,071 | ▼ 81.7% |
| Income taxes67/77 | - | - | - | - | - | €10,228 | €4,334 | €1,714 | ▼ 60.5% |
| Profit (loss) for the period9904 | €4,703 | €11,589 | €5,146 | -€5,310 | €11,197 | €35,870 | €7,000 | €357 | ▼ 94.9% |
| Profit (loss) for the period to be appropriated9905 | €4,703 | €11,589 | €5,146 | -€5,310 | €11,197 | €35,870 | €7,000 | €357 | ▼ 94.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €18,245 | €31,742 | €34,927 | €31,456 | €47,533 | €89,376 | €91,136 | €92,275 | ▲ 1.2% |
| Fixed assets21/28 | €886 | €2,934 | €3,088 | €5,846 | €3,918 | €17,459 | €25,179 | €20,714 | ▼ 17.7% |
| Tangible fixed assets22/27 | €886 | €2,934 | €3,088 | €5,846 | €3,918 | €17,459 | €25,179 | €20,714 | ▼ 17.7% |
| Plant, machinery and equipment23 | - | - | - | €775 | €1,595 | €5,601 | €8,059 | €7,349 | ▼ 8.8% |
| Furniture and vehicles24 | - | - | - | €5,071 | €2,323 | €10,063 | €15,740 | €12,401 | ▼ 21.2% |
| Other tangible fixed assets26 | - | - | - | - | - | €1,795 | €1,380 | €964 | ▼ 30.1% |
| Current assets29/58 | €17,359 | €28,808 | €31,838 | €25,610 | €43,615 | €71,916 | €65,957 | €71,561 | ▲ 8.5% |
| Amounts receivable within one year40/41 | €10,067 | €18,239 | €8,523 | €22,733 | €15,550 | €19,973 | €21,577 | €6,129 | ▼ 71.6% |
| Trade receivables40 | - | - | - | €11,997 | €12,832 | €19,973 | €21,577 | €6,129 | ▼ 71.6% |
| Other amounts receivable41 | - | - | - | €10,735 | €2,719 | - | - | - | - |
| Cash at bank and in hand54/58 | €7,291 | €10,569 | €23,315 | €2,878 | €28,065 | €51,943 | €44,380 | €65,432 | ▲ 47.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €18,245 | €31,742 | €34,927 | €31,456 | €47,533 | €89,376 | €91,136 | €92,275 | ▲ 1.2% |
| Equity10/15 | €16,380 | €27,969 | €33,115 | €27,805 | €39,002 | €74,873 | €81,873 | €82,230 | ▲ 0.4% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €30,281 | €30,281 | €30,281 | €30,281 | €30,281 | €56,281 | €63,281 | €63,638 | ▲ 0.6% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | - | €28,421 | €28,421 | €54,421 | €61,421 | €61,778 | ▲ 0.6% |
| Profit (loss) carried forward14 | -€32,493 | -€20,904 | -€15,758 | -€21,068 | -€9,870 | - | - | - | - |
| Amounts payable17/49 | €1,865 | €3,774 | €1,812 | €3,651 | €8,531 | €14,503 | €9,264 | €10,046 | ▲ 8.4% |
| Amounts payable within one year42/48 | €1,865 | €3,774 | €1,812 | €3,651 | €8,531 | €14,503 | €9,264 | €10,046 | ▲ 8.4% |
| Trade debts44 | €1,865 | - | - | - | €424 | €136 | €3,119 | €3,096 | ▼ 0.7% |
| Suppliers440/4 | - | - | - | - | €424 | €136 | €3,119 | €3,096 | ▼ 0.7% |
| Taxes, remuneration and social security45 | - | - | - | €3,651 | €7,442 | €14,114 | €5,193 | €4,052 | ▼ 22.0% |
| Taxes450/3 | - | - | - | €3,651 | €7,442 | €11,501 | €2,779 | €4,052 | ▲ 45.8% |
| Remuneration and social security454/9 | - | - | - | - | - | €2,612 | €2,413 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | - | €666 | €254 | €952 | €2,898 | ▲ 204% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,703 | €11,589 | €5,146 | -€5,310 | €11,197 | €35,870 | €7,000 | €357 | ▼ 94.9% |
| + Depreciation and write-downs630 | €443 | €1,279 | €1,915 | €3,455 | €21,378 | €4,962 | €7,133 | €7,982 | ▲ 11.9% |
| Operating cash flow (approximation) | €5,146 | €12,867 | €7,062 | -€1,854 | €32,576 | €40,832 | €14,133 | €8,339 | ▼ 41.0% |
| Investment in fixed assets (approximation) | - | -€3,327 | -€2,069 | -€6,213 | -€19,450 | -€18,503 | -€14,853 | -€3,516 | ▲ 76.3% |
| Change in cash | - | €3,277 | €12,747 | -€20,438 | €25,187 | €23,878 | -€7,563 | €21,052 | - |
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 KDK Support 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 KDK Support 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 KDK Support. 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 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-08-2026 | 2026-00373082 | |
| 31-12-2024 | micro format | 03-07-2025 | 2025-00223060 | |
| 31-12-2023 | micro format | 27-08-2024 | 2024-00388240 | |
| 31-12-2022 | micro format | 15-06-2023 | 2023-00132415 | |
| 31-12-2021 | micro format | 25-08-2022 | 2022-20327724 | |
| 31-12-2020 | micro format | 23-08-2021 | 2021-52100004 | |
| 31-12-2019 | abbreviated format | 06-10-2020 | 2020-59400076 | |
| 31-12-2018 | abbreviated format | 19-08-2019 | 2019-47500178 | |
| 31-12-2017 | abbreviated format | 23-08-2018 | 2018-49200485 | |
| 31-12-2016 | abbreviated format | 16-08-2017 | 2017-43900558 |