KINFI
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 29-05-2026 PDF all 26 filings
Turnover
≈ €95,000
Estimated: probably between €40,000 and €240,000
EBIT margin
Not included in this filing
Net result
-€2,153
2024 · €1,611
Working capital
€7,831▼ 60.7%
2024 · €19,930
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€386
2025
20182025
Net result
-€2,153
2025
20182025
Equity
€39,547
▼ 5.2%
2025
20182025
Total assets
€55,301
▼ 27.4%
2025
20182025
Debt
€15,754
▼ 54.2%
2025
20182025
Working capital
€7,831
▼ 60.7%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€163--€2,225▼ 1,268%€3,199€3,066▼ 4.2%€43,774▲ 14×€9,491▼ 78.3%€3,684▼ 61.2%-€386
Net result-€1,622--€3,109▼ 91.7%€1,877€2,053▲ 9.4%€30,080▲ 15×€5,901▼ 80.4%€1,611▼ 72.7%-€2,153
Equity€3,288-€179▼ 94.6%€2,056▲ 12×€4,109▲ 99.9%€34,188▲ 732%€40,089▲ 17.3%€41,700▲ 4.0%€39,547▼ 5.2%
Total assets€52,453-€39,722▼ 24.3%€45,507▲ 14.6%€44,651▼ 1.9%€63,444▲ 42.1%€81,345▲ 28.2%€76,123▼ 6.4%€55,301▼ 27.4%
Debt€49,165-€39,544▼ 19.6%€43,452▲ 9.9%€40,542▼ 6.7%€29,256▼ 27.8%€41,256▲ 41.0%€34,423▼ 16.6%€15,754▼ 54.2%
Working capital-€16,146--€5,026▲ 68.9%€1,532€3,381▲ 121%€28,651▲ 747%€16,369▼ 42.9%€19,930▲ 21.8%€7,831▼ 60.7%
The operating result for 2025 is a loss of €386, after a profit of €3,684 in 2024. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €55,301
Fixed assets
€40,829 ▼ 17.3%
Current assets
€14,473 ▼ 45.9%
Equity and liabilities €55,301
Equity
€39,547 ▼ 5.2%
Debt
€15,754 ▼ 54.2%
Debt's share of the balance-sheet total falls from 45.2% to 28.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€11,747▼
2024 · €15,603
Cash flow
€9,980▼
2024 · €13,530
Current ratio
2.18▼
2024 · 3.92
Debt to equity
0.40▼
2024 · 0.83
ROE
-5.4%▼
2024 · 3.9%
ROA
-3.9%▼
2024 · 2.1%
Interest coverage
14.59▼
2024 · 15.49
Debt ≤ 1 year
€6,641▼
2024 · €6,823
Debt > 1 year
€9,113▼
2024 · €27,600
Income taxes
€962▼
2024 · €1,066
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 | €3,525 | - | €35,338 | €2,310 | €3,591 |
| Depreciation and write-downs of the year | €4,354 | €4,591 | €8,497 | €11,919 | €12,133 |
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 | - | - | - | - | €38,752 | €5,000 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,547 | €11,559 | €4,577 | €4,354 | €4,591 | €8,497 | €11,919 | €12,133 | ▲ 1.8% |
| Other operating charges640/8 | - | - | - | €2,228 | €2,428 | €2,275 | €2,221 | €2,292 | ▲ 3.2% |
| Non-recurring operating charges66A | - | - | - | €767 | - | - | - | - | - |
| Gross operating margin9900 | €14,416 | €12,804 | €10,147 | €10,414 | €50,793 | €20,264 | €17,824 | €14,038 | ▼ 21.2% |
| Operating profit (loss)9901 | -€163 | -€2,225 | €3,199 | €3,066 | €43,774 | €9,491 | €3,684 | -€386 | - |
| Financial income75/76B | - | - | - | €123 | - | - | - | - | - |
| Recurring financial income75 | €0 | €2 | €4 | €123 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €81 | €114 | €783 | €1,007 | €805 | ▼ 20.1% |
| Recurring financial charges65 | €431 | €211 | €57 | €81 | €114 | €783 | €1,007 | €805 | ▼ 20.1% |
| Profit (loss) for the period before taxes9903 | -€594 | -€2,434 | €3,146 | €3,108 | €43,660 | €8,709 | €2,677 | -€1,191 | - |
| Income taxes67/77 | €1,028 | €675 | €1,269 | €1,054 | €13,581 | €2,808 | €1,066 | €962 | ▼ 9.8% |
| Profit (loss) for the period9904 | -€1,622 | -€3,109 | €1,877 | €2,053 | €30,080 | €5,901 | €1,611 | -€2,153 | - |
| Profit (loss) for the period to be appropriated9905 | -€1,622 | -€3,109 | €1,877 | €2,053 | €30,080 | €5,901 | €1,611 | -€2,153 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €52,453 | €39,722 | €45,507 | €44,651 | €63,444 | €81,345 | €76,123 | €55,301 | ▼ 27.4% |
| Fixed assets21/28 | €47,730 | €37,204 | €38,523 | €36,728 | €32,137 | €58,978 | €49,370 | €40,829 | ▼ 17.3% |
| Tangible fixed assets22/27 | €47,730 | €37,204 | €38,523 | €36,728 | €32,137 | €58,978 | €49,370 | €40,829 | ▼ 17.3% |
| Land and buildings22 | - | - | - | €34,939 | €30,808 | €27,537 | €25,282 | €23,945 | ▼ 5.3% |
| Plant, machinery and equipment23 | - | - | - | €465 | €331 | €1,145 | €779 | €483 | ▼ 38.0% |
| Furniture and vehicles24 | - | - | - | €1,324 | €998 | €30,297 | €23,309 | €16,400 | ▼ 29.6% |
| Current assets29/58 | €4,724 | €2,518 | €6,984 | €7,923 | €31,307 | €22,367 | €26,753 | €14,473 | ▼ 45.9% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | - | €5,300 | - |
| Other amounts receivable291 | - | - | - | - | - | - | - | €5,300 | - |
| Amounts receivable within one year40/41 | €1,861 | - | €650 | €4,002 | €4,717 | €9,834 | €4,334 | €2,038 | ▼ 53.0% |
| Trade receivables40 | - | - | - | - | €300 | €4,142 | €1,400 | - | - |
| Other amounts receivable41 | - | - | - | €4,002 | €4,417 | €5,692 | €2,934 | €2,038 | ▼ 30.5% |
| Cash at bank and in hand54/58 | €2,863 | €2,518 | €5,987 | €3,609 | €26,249 | €12,068 | €21,933 | €6,625 | ▼ 69.8% |
| Deferred charges and accrued income490/1 | - | - | - | €312 | €340 | €465 | €486 | €509 | ▲ 4.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €52,453 | €39,722 | €45,507 | €44,651 | €63,444 | €81,345 | €76,123 | €55,301 | ▼ 27.4% |
| Equity10/15 | €3,288 | €179 | €2,056 | €4,109 | €34,188 | €40,089 | €41,700 | €39,547 | ▼ 5.2% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Capital10 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Issued capital100 | - | - | - | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Uncalled capital101 | - | - | - | €12,350 | €12,350 | €12,350 | €12,350 | €12,350 | = |
| Reserves13 | €2,710 | €2,710 | €2,710 | €2,710 | €27,710 | €33,611 | €35,222 | €35,222 | = |
| Non-distributable reserves130/1 | - | - | - | €2,710 | €2,710 | €2,710 | €2,710 | €2,710 | = |
| Legal reserve130 | - | - | - | €2,710 | €2,710 | €2,710 | €2,710 | €2,710 | = |
| Distributable reserves133 | - | - | - | - | €25,000 | €30,901 | €32,512 | €32,512 | = |
| Profit (loss) carried forward14 | -€5,622 | -€8,731 | -€6,854 | -€4,801 | €279 | €279 | €279 | -€1,874 | - |
| Amounts payable17/49 | €49,165 | €39,544 | €43,452 | €40,542 | €29,256 | €41,256 | €34,423 | €15,754 | ▼ 54.2% |
| Amounts payable after more than one year17 | €28,296 | €32,000 | €38,000 | €36,000 | €26,600 | €35,258 | €27,600 | €9,113 | ▼ 67.0% |
| Financial debts170/4 | - | - | - | - | - | €20,420 | €14,883 | €9,113 | ▼ 38.8% |
| Other amounts payable178/9 | - | - | - | €36,000 | €26,600 | €14,838 | €12,717 | - | - |
| Amounts payable within one year42/48 | €20,870 | €7,544 | €5,452 | €4,542 | €2,656 | €5,998 | €6,823 | €6,641 | ▼ 2.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €5,314 | €5,538 | €5,770 | ▲ 4.2% |
| Financial debts43 | - | - | - | €1,675 | €2,010 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €1,675 | €2,010 | - | - | - | - |
| Trade debts44 | €12,485 | €4,106 | €2,692 | €73 | €132 | - | €571 | €509 | ▼ 10.8% |
| Suppliers440/4 | - | - | - | €73 | €132 | - | €571 | €509 | ▼ 10.8% |
| Taxes, remuneration and social security45 | - | - | - | €1,269 | - | - | - | - | - |
| Taxes450/3 | - | - | - | €1,269 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €1,525 | €514 | €684 | €714 | €362 | ▼ 49.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,622 | -€3,109 | €1,877 | €2,053 | €30,080 | €5,901 | €1,611 | -€2,153 | - |
| + Depreciation and write-downs630 | €11,547 | €11,559 | €4,577 | €4,354 | €4,591 | €8,497 | €11,919 | €12,133 | ▲ 1.8% |
| Operating cash flow (approximation) | €9,926 | €8,449 | €6,454 | €6,407 | €34,670 | €14,398 | €13,530 | €9,980 | ▼ 26.2% |
| Investment in fixed assets (approximation) | - | -€1,033 | -€5,896 | -€2,558 | €0 | -€35,338 | -€2,310 | -€3,591 | ▼ 55.4% |
| Change in cash | - | -€345 | €3,469 | -€2,378 | €22,640 | -€14,182 | €9,865 | -€15,307 | - |
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 KINFI 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 KINFI itself: 0.3% 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 KINFI. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 29-05-2026 | 2026-00134255 | |
| 31-12-2024 | full format | 26-08-2025 | 2025-00438759 | |
| 31-12-2023 | full format | 21-06-2024 | 2024-00155518 | |
| 31-12-2022 | full format | 23-08-2023 | 2023-00376398 | |
| 31-12-2021 | full format | 05-08-2022 | 2022-20272504 | |
| 31-12-2020 | full format | 24-06-2021 | 2021-24300298 | |
| 31-12-2019 | full format | 14-08-2020 | 2020-41400512 | |
| 31-12-2018 | full format | 25-06-2019 | 2019-22700097 | |
| 31-12-2017 | full format | 18-06-2018 | 2018-20200293 | |
| 31-12-2016 | full format | 30-08-2017 | 2017-53600001 |