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Kompas

Active
Non-profit associationfounded 1990active for 36 yearsBotestraat 131-133, 9032 Gent, BelgiumKBO/BCE: BE 0443.255.356

Financials · financial year 2025, abbreviated format

Annual accounts 2025 filed on 01-07-2026 at the NBB all 20 filings

Turnover
€3.1m▼ 1.8%
2024 · €3.2m
EBIT margin
55.8%▲ 25.1pp
2024 · 30.7%
Net result
€1.8m▲ 70.1%
2024 · €1.1m
Working capital
€6.5m▲ 69.3%
2024 · €3.8m
Multi-year overview
2018 to 2025, 8 financial years
Turnover
€3.1m
▼ 1.8% 2025
20182025
Operating result
€1.7m
▲ 78.3% 2025
20182025
Net result
€1.8m
▲ 70.1% 2025
highest quarter of the sector
20182025
EBIT margin
55.8%
▲ 25.1pp 2025
20182025
Equity
€7.3m
▲ 32.2% 2025
middle half of the sector
20182025
Total assets
€14.9m
▲ 22.2% 2025
middle half of the sector
20182025
Debt
€5.2m
▲ 2.2% 2025
20182025
Working capital
€6.5m
▲ 69.3% 2025
highest quarter of the sector
20182025
Solvency
48.6%
▲ 3.6pp 2025
middle half of the sector
20182025
Current ratio
2.40
▲ 0.53 2025
middle half of the sector
20182025
Return on assets (ROA)
12.3%
▲ 3.5pp 2025
highest quarter of the sector
20182025
Staff (FTE)
253.9
▲ 3.6% 2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Turnover€1.2m-€1.2m▲ 5.3%€1.1m▼ 10.0%€1.3m▲ 15.9%€1.9m▲ 44.9%€3.2m▲ 69.7%€3.2m▼ 0.4%€3.1m▼ 1.8%
Operating result€0.2m-€0.3m▲ 21.0%€0.1m▼ 48.8%€0.1m▼ 26.3%€0.3m▲ 169%-€0.2m€1.0m€1.7m▲ 78.3%
Net result€0.2m-€0.2m▲ 31.8%€0.03mwithin the sector's middle half▼ 87.4%€0.1mwithin the sector's middle half▲ 261%€0.1mwithin the sector's middle half▲ 30.3%-€0.08mbelow the sector's middle half€1.1mabove the sector's middle half€1.8mabove the sector's middle half▲ 70.1%
EBIT margin18.1%-20.8%▲ 2.7pp11.8%▼ 8.9pp7.5%▼ 4.3pp14.0%▲ 6.5pp-5.5%▼ 19.5pp30.7%▲ 36.3pp55.8%▲ 25.1pp
Equity€3.3m-€3.5m▲ 6.0%€3.5mwithin the sector's middle half▼ 0.8%€3.5mwithin the sector's middle half▲ 1.7%€4.6mwithin the sector's middle half▲ 32.1%€4.5mwithin the sector's middle half▼ 3.4%€5.5mwithin the sector's middle half▲ 22.4%€7.3mwithin the sector's middle half▲ 32.2%
Total assets€7.4m-€8.3m▲ 13.0%€8.5mwithin the sector's middle half▲ 1.7%€8.3mwithin the sector's middle half▼ 2.6%€11.8mwithin the sector's middle half▲ 43.3%€10.2mwithin the sector's middle half▼ 13.5%€12.2mwithin the sector's middle half▲ 19.5%€14.9mwithin the sector's middle half▲ 22.2%
Debt€2.8m-€3.3m▲ 17.1%€3.2m▼ 4.2%€3.0m▼ 5.7%€5.6m▲ 87.5%€4.8m▼ 14.6%€5.1m▲ 6.8%€5.2m▲ 2.2%
Working capital€2.8m-€3.3m▲ 18.0%€3.4mabove the sector's middle half▲ 2.9%€2.5mwithin the sector's middle half▼ 25.5%€2.6mwithin the sector's middle half▲ 3.2%€1.8mwithin the sector's middle half▼ 30.7%€3.8mabove the sector's middle half▲ 113%€6.5mabove the sector's middle half▲ 69.3%
Solvency44.5%-41.8%▼ 2.7pp40.8%within the sector's middle half▼ 1.0pp42.6%within the sector's middle half▲ 1.8pp39.2%within the sector's middle half▼ 3.3pp43.8%within the sector's middle half▲ 4.6pp44.9%within the sector's middle half▲ 1.1pp48.6%within the sector's middle half▲ 3.6pp
Current ratio2.32-2.52▲ 0.203.02within the sector's middle half▲ 0.502.02within the sector's middle half▼ 1.001.56within the sector's middle half▼ 0.471.44within the sector's middle half▼ 0.121.87within the sector's middle half▲ 0.432.40within the sector's middle half▲ 0.53
Return on assets (ROA)2.3%-2.7%▲ 0.4pp0.3%within the sector's middle half▼ 2.4pp1.2%within the sector's middle half▲ 0.9pp1.1%within the sector's middle half▼ 0.1pp-0.8%below the sector's middle half▼ 1.9pp8.9%above the sector's middle half▲ 9.6pp12.3%above the sector's middle half▲ 3.5pp
Staff (FTE)116.4-125.1▲ 7.5%134.9above the sector's middle half▲ 7.8%142.5above the sector's middle half▲ 5.6%188.3above the sector's middle half▲ 32.1%245.3above the sector's middle half▲ 30.3%245.1above the sector's middle half▼ 0.1%253.9above the sector's middle half▲ 3.6%
above within below The sector band is the middle half of the companies in Residential care activities (NACE 87). 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 78% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.

Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €14.9m
Fixed assets €3.8m ▼ 4.5%
Current assets €11.2m ▲ 35.0%
Equity and liabilities €14.9m
Equity €7.3m ▲ 32.2%
Provisions €2.5m ▲ 52.3%
Debt €5.2m ▲ 2.2%
Debt's share of the balance-sheet total falls from 41.9% to 35.0%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€2.2m▲
2024 · €1.4m
Cash flow
€2.3m▲
2024 · €1.5m
Quick ratio
2.40▲
2024 · 1.87
Debt to equity
0.72▼
2024 · 0.93
ROE
25.4%▲
2024 · 19.7%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€4.6m▲
2024 · €4.4m
Debt > 1 year
€451,736▼
2024 · €518,901
Customer credit
58 days▼
2024 · 72 days
Supplier credit
630 days▲
2024 · 484 days
Staff costs
€18.6m▲
2024 · €17.7m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item31-12-202131-12-202231-12-202331-12-202431-12-2025
Employees at the balance-sheet date179316298307312
full-time67118135120135
part-time112198163187177
in full-time equivalents146257.5249.7250.1260.9
Average over the year, in full-time equivalents142.5188.3245.3245.1253.9
On a permanent contract145290268277281
Joined97239109100136
Left9110212791131
Agency workers, average number1.300.100
Training hours--4,9345,1794,128

Source: social balance sheet in the 2021 to 2025 annual accounts

Securities and guarantees

on own assets and for others
Item20212022202320242025
Debts secured on the company's own assets€576,525€765,486€673,137€580,754€506,703
Mortgages, amount registered--€49,579€49,579€49,579
Mortgage mandates€1.6m€2.0m€1.9m€1.9m€1.9m
Carrying value of the mortgaged assets--€1.4m€1.3m€1.3m

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets€244,883€2.9m€214,797€97,522€263,699
Intangible fixed assets--€12,100€5,209€34,135
Depreciation and write-downs of the year€392,850€470,383€468,097€461,293€472,129

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Auditor

fees

The auditor is FIGURAD BEDRIJFSREVISOREN.

Item20212022202320242025
Fee for the audit€16,553€14,978€16,598€23,777€21,385
Other work by the auditor€7,639----

Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)

Subsidies and aid

Flemish government

2022 to 2025 · 60 entries · €21.5m awarded · €20.8m paid
Year Entries AwardedPaid
2025 13 €4.8m€4.9m
2024 16 €1.2m€1.3m
2023 16 €2.1m€1.7m
2022 15 €13.4m€12.9m
Schemes
4 entries · €16.5m · €16.5m paid · VLAAMS AGENTSCHAP VOOR PERSONEN MET EEN HANDICAP
5 entries · €964,585 · €544,045 paid · Departement Werk en Sociale Economie
4 entries · €478,844 · €478,844 paid · VLAAMS AGENTSCHAP VOOR PERSONEN MET EEN HANDICAP
2 entries · €262,173 · €131,164 paid · Fonds Jongerenwelzijn
4 entries · €149,110 · €128,633 paid · Toerisme Vlaanderen
Show 14 more
4 entries · €112,819 · €112,819 paid · Departement Zorg
1 entry · €88,950 · Vlaams Infrastructuurfonds voor Persoonsgebonden Aangelegenheden
4 entries · €68,703 · €68,703 paid · Departement Werk en Sociale Economie
4 entries · €49,507 · €49,507 paid · Vlaams Infrastructuurfonds voor Persoonsgebonden Aangelegenheden
4 entries · €23,892 · €23,892 paid · Departement Werk en Sociale Economie
3 entries · €20,000 · €20,000 paid · Departement Zorg
3 entries · €19,711 · €19,711 paid · Departement Zorg
3 entries · €18,308 · €18,308 paid · Departement Werk en Sociale Economie
3 entries · €6,000 · €6,000 paid · Toerisme Vlaanderen
2 entries · €3,000 · €3,000 paid · Departement Werk en Sociale Economie
1 entry · €357 · Vlaams Infrastructuurfonds voor Persoonsgebonden Aangelegenheden

Federal government

2025 · 1 entry · €100 in total
Year Department Transactions Amount
2025 FOD Justitie 1 €100
Budget allocations
Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 80 lines
Balance sheet Code20242025
Assets
Total assets20/58€12.2m€14.9m▲
Fixed assets21/28€3.9m€3.8m▼
Intangible fixed assets21€0.01m€0.04m▲
Tangible fixed assets22/27€3.9m€3.7m▼
Land and buildings22€3.5m€3.3m▼
Plant, machinery and equipment23€0.3m€0.3m▼
Furniture and vehicles24€0.07m€0.2m▲
Other tangible fixed assets26€0.001m€0▼
Financial fixed assets28€0.03m€0.02m▼
Other financial fixed assets284/8€0.03m€0.02m▼
Amounts receivable and cash guarantees285/8€0.03m€0.02m▼
Current assets29/58€8.3m€11.2m▲
Amounts receivable after more than one year29€0.6m€0.6m=
Trade receivables290€0.6m-
Other amounts receivable291-€0.6m
Stocks and contracts in progress3€0.004m€0.004m▼
Stocks30/36€0.004m€0.004m▼
Goods purchased for resale34€0.004m€0.004m▼
Amounts receivable within one year40/41€3.6m€4.7m▲
Trade receivables40€0.6m€0.5m▼
Other amounts receivable41€3.0m€4.2m▲
Current investments50/53€3.0m€4.7m▲
Cash at bank and in hand54/58€0.9m€1.0m▲
Deferred charges and accrued income490/1€0.1m€0.2m▲
Equity and liabilities
Total equity and liabilities10/49€12.2m€14.9m▲
Equity10/15€5.5m€7.3m▲
Contributions10/11€0.05m€0.05m=
Capital10€0.05m€0.05m=
Reserves13€1.0m€6.3m▲
Profit (loss) carried forward14€3.5m€0▼
Investment grants15€1.0m€0.9m▼
Provisions and deferred taxes16€1.6m€2.5m▲
Provisions for liabilities and charges160/5€1.6m€2.5m▲
Pensions and similar obligations160€0-
Major repairs and maintenance162€1.6m€1.6m▲
Other liabilities and charges164/5-€0.8m
Amounts payable17/49€5.1m€5.2m▲
Amounts payable after more than one year17€0.5m€0.5m▼
Financial debts170/4€0.5m€0.4m▼
Credit institutions173€0.5m€0.4m▼
Other amounts payable178/9€0.01m€0.01m▲
Amounts payable within one year42/48€4.4m€4.6m▲
Current portion of amounts payable after more than one year42€0.07m€0.07m▼
Trade debts44€0.8m€0.9m▲
Suppliers440/4€0.8m€0.9m▲
Taxes, remuneration and social security45€3.5m€3.5m▼
Taxes450/3€0.7m€0.8m▲
Remuneration and social security454/9€2.8m€2.7m▼
Accrued charges and deferred income492/3€0.2m€0.1m▼
Income statement Code20242025
Operating income70/76A€25.0m€26.9m▲
Turnover70€3.2m€3.1m▼
Membership fees, donations, legacies and grants73€20.8m€22.8m▲
Other operating income74€1.0m€1.0m▼
Operating charges60/66A€24.1m€25.2m▲
Goods for resale, raw materials and consumables60€0.6m€0.5m▼
Purchases600/8€0.6m€0.5m▼
Change in stocks: decrease (increase)609€0.003m€89▼
Services and other goods61€3.8m€3.9m▲
Remuneration, social security and pensions62€17.7m€18.6m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.5m€0.5m▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0-
Other operating charges640/8€0.8m€0.8m▼
Non-recurring operating charges66A€0€0.02m▲
Operating profit (loss)9901€1.0m€1.7m▲
Financial income75/76B€0.1m€0.1m▲
Recurring financial income75€0.1m€0.1m▲
Income from current assets751€0.09m€0.1m▲
Other financial income752/9€0.04m€0.04m▼
Financial charges65/66B€0.03m€0.05m▲
Recurring financial charges65€0.03m€0.05m▲
Debt charges650€0.01m€0.01m▼
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651-€0.02m€0.03m▲
Other financial charges652/9€0.03m€0.007m▼
Profit (loss) for the period before taxes9903€1.1m€1.8m▲
Profit (loss) for the period9904€1.1m€1.8m▲
Profit (loss) for the period to be appropriated9905€1.1m€1.8m▲
Appropriation of the result
Profit (loss) to be appropriated9906€4.2m€5.3m▲
Profit (loss) brought forward from the previous period14P€3.1m€3.5m▲
Addition to contributions691€0.8m€5.3m▲
Social balance sheet
Average headcount (FTE)9087245.1253.9▲

The notes to these accounts have 90 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 01-07-2026.

Line20182019202020212022202320242025Change
Operating income70/76A---€11.9m€16.0m€21.7m€25.0m€26.9m▲ 7.6%
Turnover70€1.2m€1.2m€1.1m€1.3m€1.9m€3.2m€3.2m€3.1m▼ 1.8%
Membership fees, donations, legacies and grants73---€9.8m€13.5m€17.7m€20.8m€22.8m▲ 9.4%
Other operating income74---€0.4m€0.6m€0.8m€1.0m€1.0m▼ 0.8%
Non-recurring operating income76A---€0.4m€0----
Operating charges60/66A---€11.8m€15.7m€21.9m€24.1m€25.2m▲ 4.7%
Goods for resale, raw materials and consumables60---€0.3m€0.4m€0.6m€0.6m€0.5m▼ 5.2%
Purchases600/8---€0.3m€0.4m€0.6m€0.6m€0.5m▼ 4.8%
Change in stocks: decrease (increase)609----€0.006m€0.005m€500€0.003m€89▼ 96.6%
Services and other goods61---€2.7m€2.9m€3.8m€3.8m€3.9m▲ 1.8%
Remuneration, social security and pensions62---€8.1m€11.4m€16.7m€17.7m€18.6m▲ 5.0%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.3m€0.3m€0.4m€0.4m€0.5m€0.5m€0.5m€0.5m▲ 2.3%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-----€0.01m€0--
Other operating charges640/8---€0.4m€0.7m€0.9m€0.8m€0.8m▼ 2.4%
Non-recurring operating charges66A---€0.02m€0.006m€0.08m€0€0.02m-
Operating profit (loss)9901€0.2m€0.3m€0.1m€0.1m€0.3m-€0.2m€1.0m€1.7m▲ 78.3%
Financial income75/76B---€0.04m€0.05m€0.07m€0.1m€0.1m▲ 12.4%
Recurring financial income75€0.002m€0.001m€0.01m€0.04m€0.05m€0.07m€0.1m€0.1m▲ 12.4%
Income from current assets751---€0.03m€0.02m€0.03m€0.09m€0.1m▲ 21.8%
Other financial income752/9---€0.004m€0.03m€0.05m€0.04m€0.04m▼ 6.1%
Financial charges65/66B---€0.03m€0.2m-€0.02m€0.03m€0.05m▲ 91.8%
Recurring financial charges65€0.04m€0.03m€0.1m€0.03m€0.2m-€0.02m€0.03m€0.05m▲ 91.8%
Debt charges650€0.04m€0.02m€0.02m€0.01m€0.02m€0.01m€0.01m€0.01m▼ 13.9%
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651----€0.02m€0.1m-€0.05m-€0.02m€0.03m-
Other financial charges652/9---€0.04m€0.03m€0.01m€0.03m€0.007m▼ 78.6%
Profit (loss) for the period before taxes9903€0.2m€0.2m€0.03m€0.1m€0.1m-€0.08m€1.1m€1.8m▲ 70.1%
Profit (loss) for the period9904€0.2m€0.2m€0.03m€0.1m€0.1m-€0.08m€1.1m€1.8m▲ 70.1%
Profit (loss) for the period to be appropriated9905€0.2m€0.2m€0.03m€0.1m€0.1m-€0.08m€1.1m€1.8m▲ 70.1%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€7.4m€8.3m€8.5m€8.3m€11.8m€10.2m€12.2m€14.9m▲ 22.2%
Fixed assets21/28€2.5m€2.9m€3.4m€3.3m€4.6m€4.3m€3.9m€3.8m▼ 4.5%
Intangible fixed assets21€0.001m----€0.01m€0.01m€0.04m▲ 204%
Tangible fixed assets22/27€2.4m€2.9m€3.4m€3.2m€4.5m€4.3m€3.9m€3.7m▼ 5.2%
Land and buildings22---€2.8m€4.1m€3.9m€3.5m€3.3m▼ 7.9%
Plant, machinery and equipment23---€0.3m€0.3m€0.3m€0.3m€0.3m▼ 0.4%
Furniture and vehicles24---€0.1m€0.1m€0.09m€0.07m€0.2m▲ 108%
Other tangible fixed assets26---€0.006m€0.005m€0.003m€0.001m€0▼ 100%
Financial fixed assets28€0.03m€0.02m€0.02m€0.03m€0.03m€0.03m€0.03m€0.02m▼ 6.8%
Other financial fixed assets284/8---€0.03m€0.03m€0.03m€0.03m€0.02m▼ 6.8%
Amounts receivable and cash guarantees285/8---€0.03m€0.03m€0.03m€0.03m€0.02m▼ 6.8%
Current assets29/58€4.9m€5.5m€5.1m€5.0m€7.3m€5.9m€8.3m€11.2m▲ 35.0%
Amounts receivable after more than one year29---€0.6m€0.6m€0.6m€0.6m€0.6m=
Trade receivables290----€0.6m€0.6m€0.6m--
Other amounts receivable291---€0.6m---€0.6m-
Stocks and contracts in progress3€0.005m€0.007m€0.007m€0.01m€0.007m€0.007m€0.004m€0.004m▼ 2.1%
Stocks30/36---€0.01m€0.007m€0.007m€0.004m€0.004m▼ 2.1%
Goods purchased for resale34---€0.01m€0.007m€0.007m€0.004m€0.004m▼ 2.1%
Amounts receivable within one year40/41€0.3m€1.0m€0.2m€0.2m€1.0m€0.9m€3.6m€4.7m▲ 27.7%
Trade receivables40---€0.1m€0.6m€0.5m€0.6m€0.5m▼ 20.5%
Other amounts receivable41---€0.1m€0.4m€0.4m€3.0m€4.2m▲ 37.8%
Current investments50/53-€3.8m€3.7m€3.7m€3.1m€3.5m€3.0m€4.7m▲ 55.5%
Cash at bank and in hand54/58€3.9m€0.04m€0.5m€0.4m€2.5m€0.8m€0.9m€1.0m▲ 10.4%
Deferred charges and accrued income490/1---€0.06m€0.2m€0.1m€0.1m€0.2m▲ 81.4%
Equity and liabilities
Total equity and liabilities10/49€7.4m€8.3m€8.5m€8.3m€11.8m€10.2m€12.2m€14.9m▲ 22.2%
Equity10/15€3.3m€3.5m€3.5m€3.5m€4.6m€4.5m€5.5m€7.3m▲ 32.2%
Contributions10/11----€0.05m€0.05m€0.05m€0.05m=
Capital10----€0.05m€0.05m€0.05m€0.05m=
Reserves13----€0.2m€0.2m€1.0m€6.3m▲ 548%
Profit (loss) carried forward14€2.4m€2.7m€2.7m€2.8m€3.2m€3.1m€3.5m€0▼ 100%
Investment grants15---€0.7m€1.2m€1.1m€1.0m€0.9m▼ 7.5%
Provisions and deferred taxes16€1.3m€1.5m€1.8m€1.7m€1.6m€1.0m€1.6m€2.5m▲ 52.3%
Provisions for liabilities and charges160/5---€1.7m€1.6m€1.0m€1.6m€2.5m▲ 52.3%
Pensions and similar obligations160---€0.8m€0.8m€0.8m€0--
Major repairs and maintenance162---€0.3m€0.2m€0.2m€1.6m€1.6m▲ 2.0%
Other liabilities and charges164/5---€0.7m€0.6m€0-€0.8m-
Amounts payable17/49€2.8m€3.3m€3.2m€3.0m€5.6m€4.8m€5.1m€5.2m▲ 2.2%
Amounts payable after more than one year17€0.7m€0.6m€0.6m€0.5m€0.7m€0.6m€0.5m€0.5m▼ 12.9%
Financial debts170/4---€0.5m€0.7m€0.6m€0.5m€0.4m▼ 13.7%
Credit institutions173---€0.5m€0.7m€0.6m€0.5m€0.4m▼ 13.7%
Other amounts payable178/9------€0.01m€0.01m▲ 18.5%
Amounts payable within one year42/48€2.1m€2.2m€1.7m€2.5m€4.7m€4.1m€4.4m€4.6m▲ 5.1%
Current portion of amounts payable after more than one year42---€0.07m€0.09m€0.09m€0.07m€0.07m▼ 6.2%
Trade debts44€1.0m€1.0m€0.3m€0.9m€1.5m€0.9m€0.8m€0.9m▲ 23.2%
Suppliers440/4---€0.9m€1.5m€0.9m€0.8m€0.9m▲ 23.2%
Taxes, remuneration and social security45---€1.5m€3.0m€3.2m€3.5m€3.5m▼ 0.4%
Taxes450/3---€0.3m€0.7m€0.7m€0.7m€0.8m▲ 7.0%
Remuneration and social security454/9---€1.2m€2.3m€2.5m€2.8m€2.7m▼ 2.3%
Accrued charges and deferred income492/3---€0.03m€0.3m€0.1m€0.2m€0.1m▼ 27.7%
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€0.2m€0.2m€0.03m€0.1m€0.1m-€0.08m€1.1m€1.8m▲ 70.1%
+ Depreciation and write-downs630€0.3m€0.3m€0.4m€0.4m€0.5m€0.5m€0.5m€0.5m▲ 2.3%
Operating cash flow (approximation)€0.4m€0.6m€0.4m€0.5m€0.6m€0.4m€1.5m€2.3m▲ 49.8%
Investment in fixed assets (approximation)--€0.7m-€0.9m-€0.2m-€1.8m-€0.2m-€0.1m-€0.3m▼ 189%
Change in cash--€3.8m€0.4m-€0.02m€2.1m-€1.7m€0.06m€0.09m▲ 51.2%

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 321 companies had the same profile as Kompas has now. Two years later, 97.5% were still going and 0.0% had gone bankrupt.

  • Large
  • 20 years or older
  • solvency 30% or more
  • a profit of 5% of the balance sheet or more
97.5% was still going
2.5% stopped otherwise
0.0% went bankrupt

That fits the bankruptcy probability of Kompas 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 321 companies, not a prediction for Kompas. 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 20 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2025 abbreviated format 01-07-2026 2026-00231708 PDF
31-12-2024 abbreviated format 27-05-2025 2025-00108944 PDF
31-12-2023 abbreviated format 03-07-2024 2024-00211727 PDF
31-12-2022 abbreviated format 06-07-2023 2023-00222748 PDF
31-12-2021 abbreviated format 14-06-2022 2022-20062892 PDF
31-12-2020 abbreviated format 12-07-2021 2021-35500122 PDF
31-12-2019 abbreviated format 28-09-2020 2020-56600600 PDF
31-12-2018 abbreviated format 25-06-2019 2019-22300314 PDF
31-12-2017 abbreviated format 26-06-2018 2018-22800524 PDF
31-12-2016 abbreviated format 18-07-2017 2017-32500142 PDF

Show all 20 filings

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