KOWORKS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-04-2026 PDF all 25 filings
Turnover
≈ €280,000
Estimated: probably between €240,000 and €330,000
Total assets
€182,511▲ 137%
2024 · €76,971
Net result
€146,355
2024 · -€21,509
Working capital
€146,532
2024 · -€26,062
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€163,452
2025
20192025
Net result
€146,355
2025
highest quarter of the sector
20192025
Equity
€137,106
2025
middle half of the sector
20192025
Total assets
€182,511
▲ 137%
2025
middle half of the sector
20192025
Debt
€45,405
▼ 47.3%
2025
20192025
Working capital
€146,532
2025
highest quarter of the sector
20192025
Solvency
75.1%
▲ 87.1pp
2025
middle half of the sector
20192025
Current ratio
5.23
▲ 4.60
2025
highest quarter of the sector
20192025
Return on assets (ROA)
80.2%
▲ 108.1pp
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€51,498--€4,662€24,701€29,895▲ 21.0%-€33,980-€17,683▲ 48.0%€163,452
Net result€41,047--€6,053below the sector's middle half€19,794within the sector's middle half€21,434within the sector's middle half▲ 8.3%-€35,932below the sector's middle half-€21,509below the sector's middle half▲ 40.1%€146,355above the sector's middle half
Equity€32,811-€26,758within the sector's middle half▼ 18.4%€26,758below the sector's middle half=€48,192within the sector's middle half▲ 80.1%€12,260below the sector's middle half▼ 74.6%-€9,248below the sector's middle half€137,106within the sector's middle half
Total assets€54,834-€59,604below the sector's middle half▲ 8.7%€72,128below the sector's middle half▲ 21.0%€70,157below the sector's middle half▼ 2.7%€65,176below the sector's middle half▼ 7.1%€76,971below the sector's middle half▲ 18.1%€182,511within the sector's middle half▲ 137%
Debt€22,024-€32,846▲ 49.1%€45,370▲ 38.1%€21,964▼ 51.6%€52,915▲ 141%€86,219▲ 62.9%€45,405▼ 47.3%
Working capital€29,510-€34,587within the sector's middle half▲ 17.2%€29,981within the sector's middle half▼ 13.3%€49,338within the sector's middle half▲ 64.6%€3,593within the sector's middle half▼ 92.7%-€26,062below the sector's middle half€146,532above the sector's middle half
Solvency59.8%-44.9%within the sector's middle half▼ 14.9pp37.1%within the sector's middle half▼ 7.8pp68.7%within the sector's middle half▲ 31.6pp18.8%below the sector's middle half▼ 49.9pp-12.0%below the sector's middle half▼ 30.8pp75.1%within the sector's middle half▲ 87.1pp
Current ratio2.34-2.63within the sector's middle half▲ 0.291.82within the sector's middle half▼ 0.814.02within the sector's middle half▲ 2.211.13within the sector's middle half▼ 2.890.62below the sector's middle half▼ 0.515.23above the sector's middle half▲ 4.60
Return on assets (ROA)74.9%--10.2%below the sector's middle half▼ 85.0pp27.4%above the sector's middle half▲ 37.6pp30.6%above the sector's middle half▲ 3.1pp-55.1%below the sector's middle half▼ 85.7pp-27.9%below the sector's middle half▲ 27.2pp80.2%above the sector's middle half▲ 108.1pp
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 a profit of €163,452, after a loss of €17,683 in 2024. It is the highest result since 2021.
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 €182,511
Fixed assets
€1,327 ▼ 96.1%
Current assets
€181,184 ▲ 318%
Equity and liabilities €182,511
Equity
€137,106
Debt
€45,405
Debt's share of the balance-sheet total is 24.9%.
Key figures and ratios
EBITDA
€163,702▲
2024 · -€17,433
Cash flow
€146,605▲
2024 · -€21,259
Debt to equity
0.33
ROE
106.7%
Interest coverage
27.98▲
2024 · -4.20
Debt ≤ 1 year
€34,652▼
2024 · €69,389
Debt > 1 year
€10,752▼
2024 · €16,830
Income taxes
€12,037▲
2024 · €178
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Pledge on other assets, amount secured | €15,000 | €15,000 | €15,000 | €15,000 | - |
| Carrying value of the other pledged assets | €15,000 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,500 | - | - | - | - |
| Financial fixed assets | - | - | €30,000 | - | - |
| Depreciation and write-downs of the year | €853 | €930 | €600 | €250 | €250 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €129,342 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €309 | €639 | €853 | €930 | €600 | €250 | €250 | = |
| Other operating charges640/8 | - | - | €1,736 | €1,228 | €1,003 | €1,221 | €1,752 | ▲ 43.5% |
| Gross operating margin9900 | €52,966 | -€2,584 | €27,290 | €32,053 | -€32,378 | -€16,212 | €165,454 | - |
| Operating profit (loss)9901 | €51,498 | -€4,662 | €24,701 | €29,895 | -€33,980 | -€17,683 | €163,452 | - |
| Financial income75/76B | - | - | €800 | €733 | €0 | €500 | €791 | ▲ 58.2% |
| Recurring financial income75 | - | €634 | €800 | €733 | €0 | €500 | €791 | ▲ 58.2% |
| Financial charges65/66B | - | - | €1,235 | €1,561 | €1,807 | €4,148 | €5,851 | ▲ 41.1% |
| Recurring financial charges65 | €1,237 | €1,841 | €1,235 | €1,561 | €1,807 | €4,148 | €5,851 | ▲ 41.1% |
| Profit (loss) for the period before taxes9903 | €50,261 | -€5,870 | €24,266 | €29,067 | -€35,788 | -€21,331 | €158,391 | - |
| Income taxes67/77 | €9,214 | €183 | €4,472 | €7,633 | €145 | €178 | €12,037 | ▲ 68× |
| Profit (loss) for the period9904 | €41,047 | -€6,053 | €19,794 | €21,434 | -€35,932 | -€21,509 | €146,355 | - |
| Profit (loss) for the period to be appropriated9905 | €41,047 | -€6,053 | €19,794 | €21,434 | -€35,932 | -€21,509 | €146,355 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €54,834 | €59,604 | €72,128 | €70,157 | €65,176 | €76,971 | €182,511 | ▲ 137% |
| Fixed assets21/28 | €3,301 | €3,777 | €5,424 | €4,494 | €33,893 | €33,643 | €1,327 | ▼ 96.1% |
| Tangible fixed assets22/27 | €1,234 | €1,710 | €3,357 | €2,427 | €1,827 | €1,577 | €1,327 | ▼ 15.9% |
| Plant, machinery and equipment23 | - | - | €617 | €309 | - | - | - | - |
| Furniture and vehicles24 | - | - | €413 | €42 | - | - | - | - |
| Other tangible fixed assets26 | - | - | €2,327 | €2,077 | €1,827 | €1,577 | €1,327 | ▼ 15.9% |
| Financial fixed assets28 | €2,067 | €2,067 | €2,067 | €2,067 | €32,067 | €32,067 | - | - |
| Current assets29/58 | €51,533 | €55,827 | €66,704 | €65,663 | €31,282 | €43,327 | €181,184 | ▲ 318% |
| Amounts receivable after more than one year29 | - | - | €17,500 | €15,000 | €12,500 | €10,000 | €7,500 | ▼ 25.0% |
| Other amounts receivable291 | - | - | €17,500 | €15,000 | €12,500 | €10,000 | €7,500 | ▼ 25.0% |
| Amounts receivable within one year40/41 | €32,617 | €16,391 | €25,302 | €24,148 | €17,531 | €29,933 | €110,570 | ▲ 269% |
| Trade receivables40 | - | - | €13,893 | €13,687 | €6,989 | €9,680 | €20,570 | ▲ 113% |
| Other amounts receivable41 | - | - | €11,409 | €10,461 | €10,543 | €20,253 | €90,000 | ▲ 344% |
| Cash at bank and in hand54/58 | €18,125 | €18,012 | €21,586 | €26,515 | €342 | €2,412 | €63,114 | ▲ 26× |
| Deferred charges and accrued income490/1 | - | - | €2,316 | - | €909 | €982 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €54,834 | €59,604 | €72,128 | €70,157 | €65,176 | €76,971 | €182,511 | ▲ 137% |
| Equity10/15 | €32,811 | €26,758 | €26,758 | €48,192 | €12,260 | -€9,248 | €137,106 | - |
| Contributions10/11 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | €18,600 | - | - | - | - | - |
| Other1109/19 | - | - | €18,600 | - | - | - | - | - |
| Reserves13 | €14,211 | €8,158 | €8,158 | €29,592 | €29,592 | €29,592 | €118,506 | ▲ 300% |
| Non-distributable reserves130/1 | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | - | - | - | - | - |
| Distributable reserves133 | - | - | €6,298 | €29,592 | €29,592 | €29,592 | €118,506 | ▲ 300% |
| Profit (loss) carried forward14 | - | - | - | - | -€35,932 | -€57,441 | - | - |
| Amounts payable17/49 | €22,024 | €32,846 | €45,370 | €21,964 | €52,915 | €86,219 | €45,405 | ▼ 47.3% |
| Amounts payable after more than one year17 | - | €11,606 | €8,646 | €5,639 | €25,226 | €16,830 | €10,752 | ▼ 36.1% |
| Financial debts170/4 | - | - | €8,646 | €5,639 | €25,226 | €16,830 | €10,752 | ▼ 36.1% |
| Amounts payable within one year42/48 | €22,024 | €21,240 | €36,723 | €16,325 | €27,689 | €69,389 | €34,652 | ▼ 50.1% |
| Current portion of amounts payable after more than one year42 | - | - | €2,960 | €3,007 | €8,614 | €8,396 | €6,078 | ▼ 27.6% |
| Financial debts43 | - | - | - | - | - | €1,686 | €516 | ▼ 69.4% |
| Credit institutions430/8 | - | - | - | - | - | €1,686 | €516 | ▼ 69.4% |
| Trade debts44 | €2,602 | €2,805 | €3,530 | €4,718 | €7,204 | €9,634 | €13,328 | ▲ 38.3% |
| Suppliers440/4 | - | - | €3,530 | €4,718 | €7,204 | €9,634 | €13,328 | ▲ 38.3% |
| Taxes, remuneration and social security45 | - | - | €10,440 | €8,599 | €145 | €894 | €14,731 | ▲ 16× |
| Taxes450/3 | - | - | €8,359 | €8,599 | €145 | €894 | €14,731 | ▲ 16× |
| Remuneration and social security454/9 | - | - | €2,081 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | €19,794 | - | €11,727 | €48,779 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €41,047 | -€6,053 | €19,794 | €21,434 | -€35,932 | -€21,509 | €146,355 | - |
| + Depreciation and write-downs630 | €309 | €639 | €853 | €930 | €600 | €250 | €250 | = |
| Operating cash flow (approximation) | €41,356 | -€5,414 | €20,647 | €22,365 | -€35,332 | -€21,259 | €146,605 | - |
| Investment in fixed assets (approximation) | - | -€1,115 | -€2,500 | €0 | -€30,000 | €0 | €32,067 | - |
| Change in cash | - | -€113 | €3,574 | €4,929 | -€26,173 | €2,070 | €60,702 | ▲ 29× |
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, 31,368 companies had the same profile as KOWORKS has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of KOWORKS 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 31,368 companies, not a prediction for KOWORKS. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 29-04-2026 | 2026-00092576 | |
| 30-09-2024 | micro format | 30-04-2025 | 2025-00081835 | |
| 30-09-2023 | micro format | 26-04-2024 | 2024-00069586 | |
| 30-09-2022 | micro format | 25-04-2023 | 2023-00064503 | |
| 30-09-2021 | micro format | 28-04-2022 | 2022-20011024 | |
| 30-09-2020 | micro format | 28-04-2021 | 2021-11400464 | |
| 30-09-2019 | micro format | 14-04-2020 | 2020-08900502 | |
| 30-09-2018 | micro format | 28-03-2019 | 2019-08100339 | |
| 31-12-2016 | abbreviated format | 25-07-2017 | 2017-34700054 | |
| 31-12-2015 | abbreviated format | 29-06-2016 | 2016-23200279 |