KOALECT
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 11 filings
Turnover
≈ €1.2m
Estimated: probably between €970,000 and €2.3m
EBIT margin
Not included in this filing
Net result
-€21,718
2024 · €506
Working capital
€263,178▼ 27.5%
2024 · €363,186
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€150,774
▲ 26.2%
2025
20182025
Net result
-€21,718
2025
lowest quarter of the sector
20182025
Equity
€261,285
▼ 7.7%
2025
middle half of the sector
20182025
Total assets
€1.5m
▲ 11.6%
2025
middle half of the sector
20182025
Debt
€1.2m
▲ 16.9%
2025
20182025
Working capital
€263,178
▼ 27.5%
2025
middle half of the sector
20182025
Solvency
18.0%
▼ 3.8pp
2025
lowest quarter of the sector
20182025
Current ratio
1.50
▼ 0.66
2025
middle half of the sector
20182025
Return on assets (ROA)
-1.5%
▼ 1.5pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
6
▲ 11.1%
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-€0.1m--€0.09m▲ 17.0%-€0.001m▲ 99.0%€0.4m€0.3m▼ 24.6%€0.04m▼ 88.1%€0.1m▲ 236%€0.2m▲ 26.2%
Net result-€0.2m--€0.1m▲ 5.5%-€0.09mbelow the sector's middle half▲ 38.1%€0.3mabove the sector's middle half€0.2mwithin the sector's middle half▼ 26.3%-€0.06mbelow the sector's middle half€0.001mwithin the sector's middle half-€0.02mbelow the sector's middle half
Equity€0.04m--€0.1m-€0.2mbelow the sector's middle half▼ 85.4%€0.1mwithin the sector's middle half€0.3mwithin the sector's middle half▲ 199%€0.3mwithin the sector's middle half▼ 16.8%€0.3mwithin the sector's middle half▲ 0.2%€0.3mwithin the sector's middle half▼ 7.7%
Total assets€0.7m-€0.6m▼ 16.3%€0.6mwithin the sector's middle half▲ 13.3%€0.8mwithin the sector's middle half▲ 30.6%€0.9mwithin the sector's middle half▲ 10.5%€1.2mwithin the sector's middle half▲ 33.2%€1.3mwithin the sector's middle half▲ 7.5%€1.5mwithin the sector's middle half▲ 11.6%
Debt€0.6m-€0.7m▲ 5.8%€0.8m▲ 24.7%€0.7m▼ 13.8%€0.6m▼ 19.7%€0.9m▲ 63.0%€1.0m▲ 9.7%€1.2m▲ 16.9%
Working capital€0.5m-€0.4m▼ 28.6%€0.3mwithin the sector's middle half▼ 19.4%€0.3mwithin the sector's middle half▼ 4.1%€0.3mwithin the sector's middle half▼ 6.2%€0.5mwithin the sector's middle half▲ 85.2%€0.4mwithin the sector's middle half▼ 26.5%€0.3mwithin the sector's middle half▼ 27.5%
Solvency6.0%--18.8%▼ 24.7pp-30.7%below the sector's middle half▼ 11.9pp13.8%below the sector's middle half▲ 44.5pp37.4%within the sector's middle half▲ 23.6pp23.3%within the sector's middle half▼ 14.0pp21.8%within the sector's middle half▼ 1.6pp18.0%below the sector's middle half▼ 3.8pp
Current ratio5.42-3.50▼ 1.922.08within the sector's middle half▼ 1.422.34within the sector's middle half▲ 0.252.47within the sector's middle half▲ 0.133.81above the sector's middle half▲ 1.342.16within the sector's middle half▼ 1.651.50within the sector's middle half▼ 0.66
Return on assets (ROA)-22.9%--25.9%▼ 3.0pp-14.1%below the sector's middle half▲ 11.8pp37.3%above the sector's middle half▲ 51.4pp24.9%above the sector's middle half▼ 12.4pp-4.7%below the sector's middle half▼ 29.6pp0.0%within the sector's middle half▲ 4.8pp-1.5%below the sector's middle half▼ 1.5pp
Staff (FTE)5.1-6.9▲ 35.3%7within the sector's middle half▲ 1.4%6.1within the sector's middle half▼ 12.9%5.1within the sector's middle half▼ 16.4%5within the sector's middle half▼ 2.0%5.4within the sector's middle half▲ 8.0%6within the sector's middle half▲ 11.1%
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 26% higher than in 2024. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.5m
Fixed assets
€663,343 ▲ 6.3%
Current assets
€788,053 ▲ 16.5%
Equity and liabilities €1.5m
Equity
€261,285 ▼ 7.7%
Debt
€1.2m ▲ 16.9%
Debt's share of the balance-sheet total rises from 78.2% to 82.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€390,130▲
2024 · €310,992
Cash flow
€217,638▲
2024 · €191,997
Debt to equity
4.55▲
2024 · 3.60
ROE
-8.3%▼
2024 · 0.2%
Interest coverage
2.27▼
2024 · 2.57
Debt ≤ 1 year
€524,875▲
2024 · €313,430
Debt > 1 year
€201,917▼
2024 · €333,422
Income taxes
€973▲
2024 · €931
Staff costs
€417,765▲
2024 · €335,521
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 | 6 | 5 | 5 | 6 | 6 |
| full-time | 5 | 5 | 5 | 5 | 6 |
| part-time | 1 | - | - | 1 | - |
| in full-time equivalents | 5.6 | 5 | 5 | 5.6 | 6 |
| Average over the year, in full-time equivalents | 6.1 | 5.1 | 5 | 5.4 | 6 |
| On a permanent contract | 6 | 5 | 5 | 6 | 6 |
| Joined | 0 | 2 | - | 4 | 1 |
| Left | 1 | 3 | - | 3 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €20,058 | €19,317 | €7,924 | €3,667 | €1,356 |
| Intangible fixed assets | €303,750 | €221,255 | €221,930 | €271,693 | €280,944 |
| Depreciation and write-downs of the year | €47,363 | €105,327 | €149,942 | €191,491 | €239,356 |
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 | - | - | - | - | - | - | €1,253 | €2,565 | ▲ 105% |
| Remuneration, social security and pensions62 | - | - | - | €303,179 | €265,936 | €285,700 | €335,521 | €417,765 | ▲ 24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,290 | €15,910 | €21,313 | €47,363 | €105,327 | €149,942 | €191,491 | €239,356 | ▲ 25.0% |
| Other operating charges640/8 | - | - | - | €2,102 | €2,421 | €14,441 | €2,669 | €12,640 | ▲ 374% |
| Non-recurring operating charges66A | - | - | - | €3,201 | - | - | - | - | - |
| Gross operating margin9900 | €117,028 | €249,535 | €307,348 | €753,262 | €673,275 | €485,655 | €649,182 | €820,536 | ▲ 26.4% |
| Operating profit (loss)9901 | -€104,472 | -€86,685 | -€852 | €397,418 | €299,591 | €35,572 | €119,501 | €150,774 | ▲ 26.2% |
| Financial income75/76B | - | - | - | €145 | €17 | €338 | €3,157 | €33 | ▼ 99.0% |
| Recurring financial income75 | - | €34 | €59 | €145 | €17 | €338 | €3,157 | €33 | ▼ 99.0% |
| Financial charges65/66B | - | - | - | €89,558 | €73,458 | €92,224 | €121,220 | €171,552 | ▲ 41.5% |
| Recurring financial charges65 | €42,558 | €56,714 | €88,231 | €89,558 | €73,458 | €92,224 | €121,220 | €171,552 | ▲ 41.5% |
| Profit (loss) for the period before taxes9903 | -€147,030 | -€143,366 | -€89,024 | €308,005 | €226,150 | -€56,314 | €1,437 | -€20,745 | - |
| Income taxes67/77 | €5,119 | €456 | - | €1,300 | - | €801 | €931 | €973 | ▲ 4.4% |
| Profit (loss) for the period9904 | -€152,150 | -€143,822 | -€89,024 | €306,705 | €226,150 | -€57,115 | €506 | -€21,718 | - |
| Profit (loss) for the period to be appropriated9905 | -€152,150 | -€143,822 | -€89,024 | €306,705 | €226,150 | -€57,115 | €506 | -€21,718 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.7m | €0.6m | €0.6m | €0.8m | €0.9m | €1.2m | €1.3m | €1.5m | ▲ 11.6% |
| Fixed assets21/28 | €0.03m | €0.04m | €0.06m | €0.3m | €0.5m | €0.5m | €0.6m | €0.7m | ▲ 6.3% |
| Intangible fixed assets21 | - | - | - | €0.3m | €0.4m | €0.5m | €0.6m | €0.7m | ▲ 8.5% |
| Tangible fixed assets22/27 | €0.03m | €0.03m | €0.05m | €0.05m | €0.04m | €0.03m | €0.01m | €0.004m | ▼ 67.8% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.03m | €0.02m | €0.01m | €0.004m | ▼ 64.8% |
| Leasing and similar rights25 | - | - | - | €0.01m | €0.008m | €0.005m | €0.002m | - | - |
| Other tangible fixed assets26 | - | - | - | €0.001m | €462 | €404 | €347 | €289 | ▼ 16.7% |
| Financial fixed assets28 | €0.004m | €0.006m | €0.007m | €0.004m | €0.004m | €0.004m | €0.004m | €0.001m | ▼ 88.6% |
| Current assets29/58 | €0.6m | €0.5m | €0.6m | €0.5m | €0.4m | €0.7m | €0.7m | €0.8m | ▲ 16.5% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €0.1m | - | - | - |
| Other amounts receivable291 | - | - | - | - | - | €0.1m | - | - | - |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.4m | €0.3m | €0.3m | €0.3m | €0.6m | €0.7m | ▲ 20.7% |
| Trade receivables40 | - | - | - | €0.3m | €0.3m | €0.3m | €0.6m | €0.7m | ▲ 20.7% |
| Other amounts receivable41 | - | - | - | - | - | €0.005m | - | €4 | - |
| Cash at bank and in hand54/58 | €0.4m | €0.3m | €0.2m | €0.2m | €0.08m | €0.2m | €0.1m | €0.1m | ▼ 3.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.007m | €0.04m | €0.03m | €0.009m | €0.007m | ▼ 28.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.7m | €0.6m | €0.6m | €0.8m | €0.9m | €1.2m | €1.3m | €1.5m | ▲ 11.6% |
| Equity10/15 | €0.04m | -€0.1m | -€0.2m | €0.1m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 7.7% |
| Contributions10/11 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Capital10 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Issued capital100 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Profit (loss) carried forward14 | -€0.4m | -€0.6m | -€0.7m | -€0.4m | -€0.1m | -€0.2m | -€0.2m | -€0.2m | ▼ 10.8% |
| Amounts payable17/49 | €0.6m | €0.7m | €0.8m | €0.7m | €0.6m | €0.9m | €1.0m | €1.2m | ▲ 16.9% |
| Amounts payable after more than one year17 | €0.4m | €0.4m | €0.4m | €0.3m | €0.1m | €0.5m | €0.3m | €0.2m | ▼ 39.4% |
| Financial debts170/4 | - | - | - | €0.3m | €0.1m | €0.5m | €0.3m | €0.2m | ▼ 39.4% |
| Other amounts payable178/9 | - | - | - | €0.001m | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.3m | €0.2m | €0.2m | €0.2m | €0.3m | €0.5m | ▲ 67.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.05m | €0.04m | €0.1m | €0.1m | ▲ 0.6% |
| Trade debts44 | €0.03m | €0.04m | €0.1m | €0.06m | €0.03m | €0.04m | €0.09m | €0.1m | ▲ 47.1% |
| Suppliers440/4 | - | - | - | €0.06m | €0.03m | €0.04m | €0.09m | €0.1m | ▲ 47.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.1m | €0.09m | €0.09m | €0.2m | ▲ 76.0% |
| Taxes450/3 | - | - | - | €0.07m | €0.08m | €0.07m | €0.05m | €0.09m | ▲ 74.7% |
| Remuneration and social security454/9 | - | - | - | €0.03m | €0.03m | €0.03m | €0.04m | €0.06m | ▲ 77.9% |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €0.1m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.2m | €0.2m | €0.3m | €0.4m | €0.5m | ▲ 24.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€152,150 | -€143,822 | -€89,024 | €306,705 | €226,150 | -€57,115 | €506 | -€21,718 | - |
| + Depreciation and write-downs630 | €15,290 | €15,910 | €21,313 | €47,363 | €105,327 | €149,942 | €191,491 | €239,356 | ▲ 25.0% |
| Operating cash flow (approximation) | -€136,860 | -€127,912 | -€67,710 | €354,068 | €331,477 | €92,828 | €191,997 | €217,638 | ▲ 13.4% |
| Investment in fixed assets (approximation) | - | -€24,517 | -€40,427 | -€313,039 | -€240,573 | -€229,854 | -€275,360 | -€278,400 | ▼ 1.1% |
| Change in cash | - | -€136,097 | -€120,107 | €11,694 | -€93,232 | €151,255 | -€130,143 | -€3,366 | ▲ 97.4% |
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, 2,166 companies had the same profile as KOALECT has now. Two years later, 94.1% were still going and 2.5% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
94.1%
was still going
3.0%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of KOALECT itself: 0.6% 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 2,166 companies, not a prediction for KOALECT. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 16-07-2026 | 2026-00301016 | |
| 31-12-2024 | full format | 27-05-2025 | 2025-00107177 | |
| 31-12-2023 | full format | 24-06-2024 | 2024-00153644 | |
| 31-12-2022 | full format | 22-06-2023 | 2023-00146644 | |
| 31-12-2021 | full format | 08-06-2022 | 2022-20049171 | |
| 31-12-2020 | full format | 31-08-2021 | 2021-60900475 | |
| 31-12-2019 | full format | 30-09-2020 | 2020-57200566 | |
| 31-12-2018 | full format | 26-06-2019 | 2019-23400247 | |
| 31-12-2017 | full format | 31-05-2018 | 2018-14900071 | |
| 31-12-2016 | full format | 28-07-2017 | 2017-37500335 |