KONVERT
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 49 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€5.4m▼ 10.7%
2024 · €6.0m
EBIT margin
3.0%▼ 3.0pp
2024 · 6.0%
Net result
€194,597▼ 53.8%
2024 · €421,059
Working capital
€6.5m▼ 17.9%
2024 · €8.0m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€5.4m
▼ 10.7%
2025
20182025
Operating result
€162,203
▼ 55.1%
2025
20182025
Net result
€194,597
▼ 53.8%
2025
middle half of the sector
20182025
EBIT margin
3.0%
▼ 3.0pp
2025
20182025
Equity
€22.4m
▲ 0.2%
2025
highest quarter of the sector
20182025
Total assets
€27.0m
=
2025
highest quarter of the sector
20182025
Debt
€4.7m
▼ 1.4%
2025
20182025
Working capital
€6.5m
▼ 17.9%
2025
highest quarter of the sector
20182025
Solvency
82.7%
▲ 0.2pp
2025
highest quarter of the sector
20182025
Current ratio
4.27
▼ 1.50
2025
highest quarter of the sector
20182025
Return on assets (ROA)
0.7%
▼ 0.8pp
2025
middle half of the sector
20182025
Staff (FTE)
35.3
▼ 9.3%
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€8.6m€7.9m▼ 8.4%€5.9m▼ 25.5%€6.0m▲ 1.9%€5.4m▼ 10.7%
Operating result€2.4m-€1.7m▼ 27.8%€2.2m▲ 30.9%€1.8m▼ 21.4%€1.1m▼ 36.0%€0.2m▼ 78.5%€0.4m▲ 49.6%€0.2m▼ 55.1%
Net result€1.5m-€1.0m▼ 35.1%€1.4mabove the sector's middle half▲ 48.0%€1.1mabove the sector's middle half▼ 25.4%€0.7mabove the sector's middle half▼ 33.9%€0.6mabove the sector's middle half▼ 11.5%€0.4mabove the sector's middle half▼ 32.3%€0.2mwithin the sector's middle half▼ 53.8%
EBIT margin20.3%14.2%▼ 6.1pp4.1%▼ 10.1pp6.0%▲ 1.9pp3.0%▼ 3.0pp
Equity€18.4m-€19.3m▲ 5.2%€20.8mabove the sector's middle half▲ 7.4%€21.4mabove the sector's middle half▲ 2.8%€21.7mabove the sector's middle half▲ 1.6%€22.1mabove the sector's middle half▲ 1.8%€22.3mabove the sector's middle half▲ 1.0%€22.4mabove the sector's middle half▲ 0.2%
Total assets€29.8m-€30.8m▲ 3.5%€30.7mabove the sector's middle half▼ 0.4%€32.1mabove the sector's middle half▲ 4.5%€27.0mabove the sector's middle half▼ 15.9%€28.4mabove the sector's middle half▲ 5.3%€27.0mabove the sector's middle half▼ 4.7%€27.0mabove the sector's middle half=
Debt€11.4m-€11.5m▲ 0.8%€9.9m▼ 13.6%€10.7m▲ 7.9%€5.3m▼ 50.9%€6.3m▲ 19.9%€4.7m▼ 24.7%€4.7m▼ 1.4%
Working capital€12.9m-€8.6m▼ 33.4%€10.0mabove the sector's middle half▲ 16.1%€10.7mabove the sector's middle half▲ 7.9%€7.2mabove the sector's middle half▼ 33.3%€7.6mabove the sector's middle half▲ 5.4%€8.0mabove the sector's middle half▲ 5.4%€6.5mabove the sector's middle half▼ 17.9%
Solvency61.7%-62.7%▲ 1.0pp67.7%within the sector's middle half▲ 4.9pp66.6%within the sector's middle half▼ 1.1pp80.5%above the sector's middle half▲ 13.9pp77.8%above the sector's middle half▼ 2.7pp82.5%above the sector's middle half▲ 4.7pp82.7%above the sector's middle half▲ 0.2pp
Current ratio7.42-4.48▼ 2.948.61above the sector's middle half▲ 4.135.35above the sector's middle half▼ 3.266.14above the sector's middle half▲ 0.793.67above the sector's middle half▼ 2.475.78above the sector's middle half▲ 2.114.27above the sector's middle half▼ 1.50
Return on assets (ROA)5.0%-3.1%▼ 1.9pp4.6%within the sector's middle half▲ 1.5pp3.3%within the sector's middle half▼ 1.3pp2.6%within the sector's middle half▼ 0.7pp2.2%within the sector's middle half▼ 0.4pp1.6%within the sector's middle half▼ 0.6pp0.7%within the sector's middle half▼ 0.8pp
Staff (FTE)20.8-22.6▲ 8.7%26above the sector's middle half▲ 15.0%51.9above the sector's middle half▲ 99.6%38.5above the sector's middle half▼ 25.8%25.9above the sector's middle half▼ 32.7%38.9above the sector's middle half▲ 50.2%35.3above the sector's middle half▼ 9.3%
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 55% lower than in 2024 and the lowest since 2021.
Large changes and their cause
- 2021 Staff (FTE) +100% on 2020. The accounts now follow the full format, last year the abbreviated format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €27.0m
Fixed assets
€18.5m ▲ 6.2%
Current assets
€8.5m ▼ 11.3%
Equity and liabilities €27.0m
Equity
€22.4m ▲ 0.2%
Debt
€4.7m ▼ 1.4%
Debt's share of the balance-sheet total falls from 17.5% to 17.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€698,891▼
2024 · €968,798
Cash flow
€731,285▼
2024 · €1.0m
Debt to equity
0.21▼
2024 · 0.21
ROE
0.9%▼
2024 · 1.9%
Interest coverage
12.90▼
2024 · 15.51
Debt ≤ 1 year
€2.0m▲
2024 · €1.7m
Debt > 1 year
€2.7m▼
2024 · €3.1m
Income taxes
€86,101▼
2024 · €160,253
Customer credit
55 days▼
2024 · 62 days
Supplier credit
2343 days▲
2024 · 889 days
Staff costs
€2.1m▼
2024 · €2.3m
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 | 52 | 31 | 28 | 38 | 35 |
| full-time | 19 | 21 | 19 | 18 | 19 |
| part-time | 33 | 10 | 9 | 20 | 16 |
| in full-time equivalents | 48.5 | 28.2 | 25.2 | 30.6 | 30.4 |
| Average over the year, in full-time equivalents | 51.9 | 38.5 | 25.9 | 38.9 | 35.3 |
| On a permanent contract | 26 | 31 | 28 | 28 | 26 |
| Joined | 184 | 136 | 5 | 1,729 | 1,740 |
| Left | 181 | 131 | 8 | 1,720 | 1,743 |
| Agency workers, average number | 1.7 | 2 | - | 0.9 | 1.4 |
| Training hours | 18 | 27 | 91 | 2 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €4.3m | €3.9m | €3.5m | €3.1m |
| Mortgages, amount registered | - | €6.0m | €6.0m | €6.0m | - |
| Mortgage mandates | - | €6.0m | €6.0m | €6.0m | €6.0m |
| Carrying value of the mortgaged assets | - | €9.8m | €9.4m | €8.9m | €8.5m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €54,289 | €174,105 | €240,203 | €12,057 | €3,108 |
| Intangible fixed assets | - | - | €699 | €672 | €709 |
| Depreciation and write-downs of the year | €624,604 | €617,343 | €632,280 | €607,303 | €536,688 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is BOES & VERRUE BEDRIJFSREVISOREN.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €2,500 | €2,500 | €2,654 | €2,800 | €2,800 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 · 2 entries · €1,083 awarded · €1,083 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €9.3m | €8.8m | €6.6m | €7.0m | €5.9m | ▼ 15.8% |
| Turnover70 | - | - | - | €8.6m | €7.9m | €5.9m | €6.0m | €5.4m | ▼ 10.7% |
| Other operating income74 | - | - | - | €0.7m | €0.8m | €0.7m | €1.0m | €0.5m | ▼ 46.6% |
| Non-recurring operating income76A | - | - | - | €0 | - | - | - | - | - |
| Operating charges60/66A | - | - | - | €7.6m | €7.6m | €6.3m | €6.6m | €5.7m | ▼ 13.6% |
| Goods for resale, raw materials and consumables60 | - | - | - | €1.8m | €1.9m | €0.7m | €0.3m | €0.2m | ▼ 42.8% |
| Purchases600/8 | - | - | - | €1.8m | €1.9m | €0.7m | €0.3m | €0.2m | ▼ 42.8% |
| Services and other goods61 | - | - | - | €2.1m | €2.2m | €2.4m | €2.3m | €2.4m | ▲ 3.9% |
| Remuneration, social security and pensions62 | - | - | - | €2.5m | €2.3m | €2.0m | €2.3m | €2.1m | ▼ 12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.5m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | ▼ 11.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €112 | - |
| Other operating charges640/8 | - | - | - | €0.6m | €0.6m | €0.6m | €1.0m | €0.6m | ▼ 46.5% |
| Non-recurring operating charges66A | - | - | - | €35 | €0 | - | - | - | - |
| Gross operating margin9900 | €4.2m | €4.0m | €4.7m | - | - | - | - | - | - |
| Operating profit (loss)9901 | €2.4m | €1.7m | €2.2m | €1.8m | €1.1m | €0.2m | €0.4m | €0.2m | ▼ 55.1% |
| Financial income75/76B | - | - | - | €0.003m | €0.001m | €0.7m | €0.3m | €0.2m | ▼ 38.3% |
| Recurring financial income75 | €0.03m | €0.04m | €0.003m | €0.002m | €0.001m | €0.2m | €0.3m | €0.2m | ▼ 38.3% |
| Income from current assets751 | - | - | - | €0.002m | €420 | €0.2m | €0.3m | €0.2m | ▼ 38.4% |
| Other financial income752/9 | - | - | - | €481 | €229 | €208 | €0 | €359 | - |
| Non-recurring financial income76B | - | - | - | €0.001m | €0 | €0.5m | €0 | - | - |
| Financial charges65/66B | - | - | - | €0.3m | €0.2m | €0.07m | €0.07m | €0.06m | ▼ 12.8% |
| Recurring financial charges65 | €0.3m | €0.3m | €0.2m | €0.3m | €0.2m | €0.07m | €0.07m | €0.06m | ▼ 12.8% |
| Debt charges650 | - | - | - | €0.3m | €0.2m | €0.06m | €0.06m | €0.05m | ▼ 13.3% |
| Other financial charges652/9 | - | - | - | €0.007m | €0.006m | €0.005m | €0.005m | €0.005m | ▼ 7.3% |
| Profit (loss) for the period before taxes9903 | €2.1m | €1.4m | €2.0m | €1.5m | €1.0m | €0.8m | €0.6m | €0.3m | ▼ 51.7% |
| Income taxes67/77 | €0.6m | €0.5m | €0.6m | €0.4m | €0.3m | €0.2m | €0.2m | €0.09m | ▼ 46.3% |
| Taxes670/3 | - | - | - | €0.4m | €0.3m | €0.2m | €0.2m | €0.09m | ▼ 46.3% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.02m | €0 | €0.003m | €0 | - | - |
| Profit (loss) for the period9904 | €1.5m | €1.0m | €1.4m | €1.1m | €0.7m | €0.6m | €0.4m | €0.2m | ▼ 53.8% |
| Profit (loss) for the period to be appropriated9905 | €1.5m | €1.0m | €1.4m | €1.1m | €0.7m | €0.6m | €0.4m | €0.2m | ▼ 53.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €29.8m | €30.8m | €30.7m | €32.1m | €27.0m | €28.4m | €27.0m | €27.0m | = |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €14.9m | €19.8m | €19.4m | €18.9m | €18.4m | €18.0m | €17.4m | €18.5m | ▲ 6.2% |
| Intangible fixed assets21 | €0 | €0.07m | €0.06m | €0.04m | €0.03m | €0.01m | €0.001m | €0.002m | ▲ 34.8% |
| Tangible fixed assets22/27 | €7.0m | €11.9m | €11.5m | €11.0m | €10.5m | €10.2m | €9.6m | €9.0m | ▼ 5.6% |
| Land and buildings22 | - | - | - | €10.2m | €9.8m | €9.4m | €8.9m | €8.5m | ▼ 4.9% |
| Furniture and vehicles24 | - | - | - | €0.7m | €0.7m | €0.8m | €0.6m | €0.5m | ▼ 14.8% |
| Financial fixed assets28 | €7.9m | €7.9m | €7.9m | €7.9m | €7.9m | €7.9m | €7.9m | €9.5m | ▲ 20.5% |
| Affiliated companies280/1 | - | - | - | €7.8m | €7.8m | €7.8m | €7.8m | €9.5m | ▲ 20.5% |
| Participating interests280 | - | - | - | €7.8m | €7.8m | €7.8m | €7.8m | €7.8m | = |
| Amounts receivable281 | - | - | - | - | - | - | - | €1.6m | - |
| Other financial fixed assets284/8 | - | - | - | €0.009m | €0.009m | €0.008m | €0.008m | €0.008m | = |
| Shares284 | - | - | - | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.002m | €0.002m | €248 | €248 | €248 | = |
| Current assets29/58 | €14.9m | €11.0m | €11.3m | €13.2m | €8.6m | €10.4m | €9.6m | €8.5m | ▼ 11.3% |
| Amounts receivable after more than one year29 | - | - | - | €0 | - | - | - | - | - |
| Other amounts receivable291 | - | - | - | €0 | - | - | - | - | - |
| Stocks and contracts in progress3 | €0 | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €0.9m | €0.8m | €1.3m | €3.0m | €1.1m | €1.3m | €1.2m | €1.3m | ▲ 16.0% |
| Trade receivables40 | - | - | - | €1.1m | €0.7m | €1.1m | €1.0m | €0.8m | ▼ 21.1% |
| Other amounts receivable41 | - | - | - | €1.9m | €0.3m | €0.3m | €0.1m | €0.5m | ▲ 302% |
| Current investments50/53 | €0 | - | - | - | - | €6.9m | €0 | €6.9m | - |
| Other investments51/53 | - | - | - | - | - | €6.9m | €0 | €6.9m | - |
| Cash at bank and in hand54/58 | €13.9m | €10.2m | €6.7m | €10.2m | €7.5m | €2.1m | €8.5m | €0.3m | ▼ 96.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.001m | €0 | - | €0.03m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €29.8m | €30.8m | €30.7m | €32.1m | €27.0m | €28.4m | €27.0m | €27.0m | = |
| Equity10/15 | €18.4m | €19.3m | €20.8m | €21.4m | €21.7m | €22.1m | €22.3m | €22.4m | ▲ 0.2% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €18.3m | €19.3m | €20.7m | €21.3m | €21.6m | €22.0m | €22.2m | €22.3m | ▲ 0.2% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Tax-exempt reserves132 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Distributable reserves133 | - | - | - | €21.2m | €21.6m | €22.0m | €22.2m | €22.2m | ▲ 0.2% |
| Profit (loss) carried forward14 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €11.4m | €11.5m | €9.9m | €10.7m | €5.3m | €6.3m | €4.7m | €4.7m | ▼ 1.4% |
| Amounts payable after more than one year17 | €9.2m | €8.9m | €8.5m | €8.1m | €3.9m | €3.5m | €3.1m | €2.7m | ▼ 13.1% |
| Financial debts170/4 | - | - | - | €8.1m | €3.9m | €3.5m | €3.1m | €2.7m | ▼ 13.1% |
| Credit institutions173 | - | - | - | €4.3m | €3.9m | €3.5m | €3.1m | €2.7m | ▼ 13.1% |
| Other loans174 | - | - | - | €3.9m | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €2.0m | €2.5m | €1.3m | €2.5m | €1.4m | €2.8m | €1.7m | €2.0m | ▲ 19.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 1.6% |
| Financial debts43 | - | - | - | - | - | €0.4m | €0 | - | - |
| Credit institutions430/8 | - | - | - | - | - | €0.4m | €0 | - | - |
| Trade debts44 | €0.9m | €0.8m | €0.5m | €0.6m | €0.7m | €1.7m | €0.8m | €1.2m | ▲ 50.7% |
| Suppliers440/4 | - | - | - | €0.6m | €0.7m | €1.7m | €0.8m | €1.2m | ▲ 50.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.5m | €0.3m | €0.4m | €0.4m | €0.4m | ▼ 20.7% |
| Taxes450/3 | - | - | - | €0.08m | €0 | €0.1m | €0.1m | €0.1m | ▼ 16.9% |
| Remuneration and social security454/9 | - | - | - | €0.4m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 22.6% |
| Other amounts payable47/48 | - | - | - | €1.0m | €0 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.1m | €0 | - | - | €0.006m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.5m | €1.0m | €1.4m | €1.1m | €0.7m | €0.6m | €0.4m | €0.2m | ▼ 53.8% |
| + Depreciation and write-downs630 | €0.3m | €0.5m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | ▼ 11.6% |
| Operating cash flow (approximation) | €1.8m | €1.5m | €2.1m | €1.7m | €1.3m | €1.3m | €1.0m | €0.7m | ▼ 28.9% |
| Investment in fixed assets (approximation) | - | -€5.4m | -€0.3m | -€0.05m | -€0.2m | -€0.2m | -€0.01m | -€1.6m | ▼ 12,582% |
| Change in cash | - | -€3.7m | -€3.5m | €3.5m | -€2.8m | -€5.3m | €6.3m | -€8.2m | - |
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, 14,766 companies had the same profile as KONVERT has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of KONVERT 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 14,766 companies, not a prediction for KONVERT. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 15-07-2026 | 2026-00301817 | |
| 31-12-2024 | full format | 29-08-2025 | 2025-00445554 | |
| 31-12-2023 | full format | 28-08-2024 | 2024-00398571 | |
| 31-12-2022 | full format | 31-08-2023 | 2023-00428013 | |
| 31-12-2021 | full format | 31-08-2022 | 2022-20401458 | |
| 31-12-2020 | abbreviated format | 30-07-2021 | 2021-44500023 | |
| 31-12-2019 | abbreviated format | 21-10-2020 | 2020-62300069 | |
| 31-12-2018 | abbreviated format | 24-07-2019 | 2019-37600375 | |
| 31-12-2017 | abbreviated format | 30-08-2018 | 2018-56700011 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-58100144 |