KMO-PARTNERS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 17 filings
Turnover
≈ €160,000
Estimated: probably between €130,000 and €230,000
Total assets
€238,158▲ 15.0%
2024 · €207,140
Net result
€13,231▲ 140%
2024 · €5,518
Working capital
€149,985▲ 6.0%
2024 · €141,527
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€16,897
▲ 119%
2025
20182025
Net result
€13,231
▲ 140%
2025
middle half of the sector
20182025
Equity
€174,243
▲ 8.2%
2025
middle half of the sector
20182025
Total assets
€238,158
▲ 15.0%
2025
middle half of the sector
20182025
Debt
€63,915
▲ 38.6%
2025
20182025
Working capital
€149,985
▲ 6.0%
2025
middle half of the sector
20182025
Solvency
73.2%
▼ 4.6pp
2025
middle half of the sector
20182025
Current ratio
3.40
▼ 0.67
2025
middle half of the sector
20182025
Return on assets (ROA)
5.6%
▲ 2.9pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1.7
▼ 15.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€1,680-€12,588▲ 649%€9,218▼ 26.8%€15,592▲ 69.1%-€13,877€2,507€7,733▲ 208%€16,897▲ 119%
Net result-€248-€9,011€7,476within the sector's middle half▼ 17.0%€11,821within the sector's middle half▲ 58.1%-€10,793below the sector's middle half€1,726below the sector's middle half€5,518below the sector's middle half▲ 220%€13,231within the sector's middle half▲ 140%
Equity€136,252-€145,263▲ 6.6%€152,739within the sector's middle half▲ 5.1%€164,561within the sector's middle half▲ 7.7%€153,767within the sector's middle half▼ 6.6%€155,493within the sector's middle half▲ 1.1%€161,011within the sector's middle half▲ 3.5%€174,243within the sector's middle half▲ 8.2%
Total assets€187,279-€188,708▲ 0.8%€188,631within the sector's middle half=€202,548within the sector's middle half▲ 7.4%€204,070within the sector's middle half▲ 0.8%€200,157within the sector's middle half▼ 1.9%€207,140within the sector's middle half▲ 3.5%€238,158within the sector's middle half▲ 15.0%
Debt€51,027-€43,445▼ 14.9%€35,892▼ 17.4%€37,988▲ 5.8%€50,302▲ 32.4%€44,664▼ 11.2%€46,129▲ 3.3%€63,915▲ 38.6%
Working capital€134,323-€143,835▲ 7.1%€144,284within the sector's middle half▲ 0.3%€155,121within the sector's middle half▲ 7.5%€153,527within the sector's middle half▼ 1.0%€133,448within the sector's middle half▼ 13.1%€141,527within the sector's middle half▲ 6.1%€149,985within the sector's middle half▲ 6.0%
Solvency72.8%-77.0%▲ 4.2pp81.0%above the sector's middle half▲ 4.0pp81.2%above the sector's middle half▲ 0.3pp75.4%within the sector's middle half▼ 5.9pp77.7%above the sector's middle half▲ 2.3pp77.7%within the sector's middle half=73.2%within the sector's middle half▼ 4.6pp
Current ratio3.92-4.91▲ 0.995.02above the sector's middle half▲ 0.115.08above the sector's middle half▲ 0.064.53above the sector's middle half▼ 0.563.99within the sector's middle half▼ 0.544.07within the sector's middle half▲ 0.083.40within the sector's middle half▼ 0.67
Return on assets (ROA)-0.1%-4.8%▲ 4.9pp4.0%within the sector's middle half▼ 0.8pp5.8%within the sector's middle half▲ 1.9pp-5.3%below the sector's middle half▼ 11.1pp0.9%below the sector's middle half▲ 6.2pp2.7%below the sector's middle half▲ 1.8pp5.6%below the sector's middle half▲ 2.9pp
Staff (FTE)1.7-1.8▲ 5.9%1.8within the sector's middle half=2▲ 11.1%2.1▲ 5.0%2▼ 4.8%2=1.7▼ 15.0%
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 119% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €238,158
Fixed assets
€25,552 ▲ 31.1%
Current assets
€212,606 ▲ 13.3%
Equity and liabilities €238,158
Equity
€174,243 ▲ 8.2%
Debt
€63,915 ▲ 38.6%
Debt's share of the balance-sheet total rises from 22.3% to 26.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€23,232▲
2024 · €11,457
Cash flow
€19,567▲
2024 · €9,242
Debt to equity
0.37▲
2024 · 0.29
ROE
7.6%▲
2024 · 3.4%
Interest coverage
9.82▲
2024 · 6.60
Debt ≤ 1 year
€62,621▲
2024 · €46,129
Debt > 1 year
€1,294
Income taxes
€3,250▲
2024 · €1,974
Staff costs
€50,746▼
2024 · €112,184
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 | 2 | 2 | 2 | 2 | 2 |
| full-time | 0 | 0 | 0 | 0 | 0 |
| part-time | 2 | 2 | 2 | 2 | 2 |
| in full-time equivalents | 1.7 | 1.7 | 1.7 | 1.9 | 1.6 |
| Average over the year, in full-time equivalents | 1.7 | 1.9 | 2 | 2 | 1.7 |
| On a permanent contract | 2 | 2 | 2 | 2 | 2 |
| Joined | 0 | 2 | 1 | 2 | 1 |
| Left | 0 | 2 | 1 | 2 | 1 |
| Training hours | 0 | - | 0 | 0 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,033 | €1,727 | €9,056 | €1,163 | €12,403 |
| Depreciation and write-downs of the year | €4,048 | €4,153 | €4,026 | €3,724 | €6,335 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 2 entries · €1,521 awarded · €1,521 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €1,363 | €1,363 |
| 2023 | 1 | €158 | €158 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €129,391 | €152,692 | €138,192 | €112,184 | €50,746 | ▼ 54.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,386 | €4,409 | €5,153 | €4,048 | €4,153 | €4,026 | €3,724 | €6,335 | ▲ 70.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €2,050 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €2,496 | €2,292 | €5,830 | €10,842 | €4,182 | ▼ 61.4% |
| Gross operating margin9900 | €125,214 | €139,303 | €143,297 | €153,578 | €145,259 | €150,554 | €134,483 | €78,160 | ▼ 41.9% |
| Operating profit (loss)9901 | €1,680 | €12,588 | €9,218 | €15,592 | -€13,877 | €2,507 | €7,733 | €16,897 | ▲ 119% |
| Financial income75/76B | - | - | - | €957 | €4,410 | €2,787 | €1,495 | €1,950 | ▲ 30.4% |
| Recurring financial income75 | €873 | €1,065 | €1,908 | €957 | €3,605 | €1,742 | €1,495 | €1,950 | ▲ 30.4% |
| Non-recurring financial income76B | - | - | - | - | €805 | €1,045 | - | - | - |
| Financial charges65/66B | - | - | - | €974 | €1,248 | - | €1,736 | €2,365 | ▲ 36.3% |
| Recurring financial charges65 | €1,393 | €1,779 | €629 | €974 | €1,248 | - | €1,736 | €2,365 | ▲ 36.3% |
| Profit (loss) for the period before taxes9903 | €1,160 | €11,874 | €11,276 | €15,575 | -€10,716 | €5,294 | €7,492 | €16,481 | ▲ 120% |
| Income taxes67/77 | €1,408 | €2,863 | €3,800 | €3,754 | €78 | €3,568 | €1,974 | €3,250 | ▲ 64.7% |
| Profit (loss) for the period9904 | -€248 | €9,011 | €7,476 | €11,821 | -€10,793 | €1,726 | €5,518 | €13,231 | ▲ 140% |
| Profit (loss) for the period to be appropriated9905 | -€248 | €9,011 | €7,476 | €11,821 | -€10,793 | €1,726 | €5,518 | €13,231 | ▲ 140% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €187,279 | €188,708 | €188,631 | €202,548 | €204,070 | €200,157 | €207,140 | €238,158 | ▲ 15.0% |
| Fixed assets21/28 | €7,003 | €8,115 | €8,455 | €9,439 | €7,014 | €22,045 | €19,484 | €25,552 | ▲ 31.1% |
| Intangible fixed assets21 | €4,774 | €4,637 | €4,250 | €3,750 | €3,250 | €2,750 | €2,250 | €1,750 | ▼ 22.2% |
| Tangible fixed assets22/27 | €2,230 | €3,478 | €4,205 | €5,689 | €3,764 | €9,295 | €7,234 | €13,802 | ▲ 90.8% |
| Land and buildings22 | - | - | - | €186 | - | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €2,722 | €689 | - | €775 | €60 | ▼ 92.2% |
| Furniture and vehicles24 | - | - | - | €2,782 | €3,074 | €9,295 | €6,459 | €13,741 | ▲ 113% |
| Financial fixed assets28 | - | - | - | - | - | €10,000 | €10,000 | €10,000 | = |
| Current assets29/58 | €180,276 | €180,593 | €180,176 | €193,109 | €197,056 | €178,112 | €187,656 | €212,606 | ▲ 13.3% |
| Amounts receivable within one year40/41 | €68,086 | €73,857 | €50,468 | €77,101 | €95,526 | €90,455 | €121,996 | €113,748 | ▼ 6.8% |
| Trade receivables40 | - | - | - | €76,671 | €95,096 | €90,455 | €121,996 | €113,557 | ▼ 6.9% |
| Other amounts receivable41 | - | - | - | €431 | €431 | - | - | €191 | - |
| Current investments50/53 | €31,495 | €31,495 | €31,495 | €31,495 | €31,495 | €31,495 | €31,495 | €31,495 | = |
| Cash at bank and in hand54/58 | €80,695 | €75,241 | €98,213 | €84,513 | €70,034 | €56,162 | €34,165 | €67,364 | ▲ 97.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €187,279 | €188,708 | €188,631 | €202,548 | €204,070 | €200,157 | €207,140 | €238,158 | ▲ 15.0% |
| Equity10/15 | €136,252 | €145,263 | €152,739 | €164,561 | €153,767 | €155,493 | €161,011 | €174,243 | ▲ 8.2% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| 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 | = |
| Profit (loss) carried forward14 | €115,792 | €124,803 | €132,279 | €144,101 | €133,307 | €135,033 | €140,551 | €153,783 | ▲ 9.4% |
| Amounts payable17/49 | €51,027 | €43,445 | €35,892 | €37,988 | €50,302 | €44,664 | €46,129 | €63,915 | ▲ 38.6% |
| Amounts payable after more than one year17 | €5,074 | - | - | - | €6,774 | - | - | €1,294 | - |
| Financial debts170/4 | - | - | - | - | €6,774 | - | - | €1,294 | - |
| Amounts payable within one year42/48 | €45,953 | €36,757 | €35,892 | €37,988 | €43,528 | €44,664 | €46,129 | €62,621 | ▲ 35.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €9,959 | €6,773 | - | €1,892 | - |
| Trade debts44 | €13,973 | €3,514 | €4,085 | €7,754 | €16,640 | €14,986 | €20,653 | €33,840 | ▲ 63.9% |
| Suppliers440/4 | - | - | - | €7,754 | €16,640 | €14,986 | €20,653 | €33,840 | ▲ 63.9% |
| Taxes, remuneration and social security45 | - | - | - | €30,234 | €16,929 | €18,004 | €25,186 | €26,890 | ▲ 6.8% |
| Taxes450/3 | - | - | - | €19,123 | €12,827 | €13,901 | €25,186 | €26,890 | ▲ 6.8% |
| Remuneration and social security454/9 | - | - | - | €11,111 | €4,103 | €4,103 | - | - | - |
| Other amounts payable47/48 | - | - | - | - | - | €4,901 | €290 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€248 | €9,011 | €7,476 | €11,821 | -€10,793 | €1,726 | €5,518 | €13,231 | ▲ 140% |
| + Depreciation and write-downs630 | €5,386 | €4,409 | €5,153 | €4,048 | €4,153 | €4,026 | €3,724 | €6,335 | ▲ 70.1% |
| Operating cash flow (approximation) | €5,138 | €13,420 | €12,629 | €15,870 | -€6,640 | €5,751 | €9,242 | €19,567 | ▲ 112% |
| Investment in fixed assets (approximation) | - | -€5,521 | -€5,493 | -€5,033 | -€1,727 | -€19,056 | -€1,163 | -€12,403 | ▼ 966% |
| Change in cash | - | -€5,454 | €22,973 | -€13,701 | -€14,478 | -€13,873 | -€21,997 | €33,199 | - |
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, 34,693 companies had the same profile as KMO-PARTNERS has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of KMO-PARTNERS 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 34,693 companies, not a prediction for KMO-PARTNERS. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-07-2026 | 2026-00298269 | |
| 31-12-2024 | micro format | 11-08-2025 | 2025-00369062 | |
| 31-12-2023 | micro format | 25-07-2024 | 2024-00281470 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00286367 | |
| 31-12-2021 | micro format | 18-08-2022 | 2022-20302578 | |
| 31-12-2020 | micro format | 23-07-2021 | 2021-38900420 | |
| 31-12-2019 | micro format | 22-07-2020 | 2020-32800479 | |
| 31-12-2018 | micro format | 30-07-2019 | 2019-41300280 | |
| 31-12-2017 | micro format | 01-08-2018 | 2018-42500020 | |
| 31-12-2016 | abbreviated format | 20-07-2017 | 2017-34300395 |