KWADRIX
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 25 filings
Turnover
€188,453▼ 12.4%
2024 · €215,058
EBIT margin
9.5%▼ 9.5pp
2024 · 19.0%
Net result
€11,028▼ 59.7%
2024 · €27,332
Working capital
-€25,251
2024 · €18,145
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€188,453
▼ 12.4%
2025
20182025
Operating result
€17,949
▼ 56.2%
2025
20182025
Net result
€11,028
▼ 59.7%
2025
middle half of the sector
20182025
EBIT margin
9.5%
▼ 9.5pp
2025
20182025
Equity
€592,371
▼ 7.9%
2025
highest quarter of the sector
20182025
Total assets
€707,903
=
2025
middle half of the sector
20182025
Debt
€115,532
▲ 78.3%
2025
20182025
Working capital
-€25,251
2025
lowest quarter of the sector
20182025
Solvency
83.7%
▼ 7.2pp
2025
highest quarter of the sector
20182025
Current ratio
0.78
▼ 0.50
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
1.6%
▼ 2.3pp
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
Turnover€316,424-€252,700▼ 20.1%€164,667▼ 34.8%€278,008€241,447▼ 13.2%€215,058▼ 10.9%€188,453▼ 12.4%
Operating result€103,645-€40,012▼ 61.4%€31,556▼ 21.1%€74,314▲ 136%€92,081▲ 23.9%€62,109▼ 32.5%€40,951▼ 34.1%€17,949▼ 56.2%
Net result€124,253-€25,500▼ 79.5%€20,163within the sector's middle half▼ 20.9%€51,866within the sector's middle half▲ 157%€140,455above the sector's middle half▲ 171%€41,844within the sector's middle half▼ 70.2%€27,332within the sector's middle half▼ 34.7%€11,028within the sector's middle half▼ 59.7%
EBIT margin32.8%-15.8%▼ 16.9pp19.2%▲ 3.3pp33.1%25.7%▼ 7.4pp19.0%▼ 6.7pp9.5%▼ 9.5pp
Equity€440,593-€464,468▲ 5.4%€483,031above the sector's middle half▲ 4.0%€483,297above the sector's middle half▲ 0.1%€622,152above the sector's middle half▲ 28.7%€637,395above the sector's middle half▲ 2.5%€643,061above the sector's middle half▲ 0.9%€592,371above the sector's middle half▼ 7.9%
Total assets€715,143-€649,146▼ 9.2%€635,090within the sector's middle half▼ 2.2%€633,188within the sector's middle half▼ 0.3%€720,083within the sector's middle half▲ 13.7%€725,618within the sector's middle half▲ 0.8%€707,847within the sector's middle half▼ 2.4%€707,903within the sector's middle half=
Debt€274,550-€184,678▼ 32.7%€152,059▼ 17.7%€149,891▼ 1.4%€97,931▼ 34.7%€88,223▼ 9.9%€64,785▼ 26.6%€115,532▲ 78.3%
Working capital-€38,313--€96,719▼ 152%-€114,323below the sector's middle half▼ 18.2%-€124,738below the sector's middle half▼ 9.1%€20,236within the sector's middle half€13,599within the sector's middle half▼ 32.8%€18,145within the sector's middle half▲ 33.4%-€25,251below the sector's middle half
Solvency61.6%-71.6%▲ 9.9pp76.1%above the sector's middle half▲ 4.5pp76.3%above the sector's middle half▲ 0.3pp86.4%above the sector's middle half▲ 10.1pp87.8%above the sector's middle half▲ 1.4pp90.8%above the sector's middle half▲ 3.0pp83.7%above the sector's middle half▼ 7.2pp
Current ratio0.70-0.23▼ 0.470.16below the sector's middle half▼ 0.070.17below the sector's middle half▲ 0.011.21within the sector's middle half▲ 1.041.15within the sector's middle half▼ 0.051.28within the sector's middle half▲ 0.130.78below the sector's middle half▼ 0.50
Return on assets (ROA)17.4%-3.9%▼ 13.4pp3.2%within the sector's middle half▼ 0.8pp8.2%within the sector's middle half▲ 5.0pp19.5%above the sector's middle half▲ 11.3pp5.8%within the sector's middle half▼ 13.7pp3.9%within the sector's middle half▼ 1.9pp1.6%within the sector's middle half▼ 2.3pp
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). 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 56% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €707,903
Fixed assets
€617,622 ▼ 1.2%
Current assets
€90,281 ▲ 8.9%
Equity and liabilities €707,903
Equity
€592,371 ▼ 7.9%
Debt
€115,532 ▲ 78.3%
Debt's share of the balance-sheet total rises from 9.2% to 16.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€25,242▼
2024 · €48,447
Cash flow
€18,322▼
2024 · €34,828
Debt to equity
0.20▲
2024 · 0.10
ROE
1.9%▼
2024 · 4.3%
Interest coverage
36.42▲
2024 · 36.27
Debt ≤ 1 year
€115,532▲
2024 · €64,785
Income taxes
€6,228▼
2024 · €12,284
Customer credit
124 days▲
2024 · 104 days
Supplier credit
12 days▲
2024 · 8 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €29,329 | €8,615 | - |
| Depreciation and write-downs of the year | €5,901 | €6,119 | €7,448 | €7,496 | €7,294 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €316,424 | €252,700 | €164,667 | - | €278,008 | €241,447 | €215,058 | €188,453 | ▼ 12.4% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €182,180 | €174,363 | €168,999 | €165,704 | ▼ 1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,442 | €10,041 | €7,088 | €5,901 | €6,119 | €7,448 | €7,496 | €7,294 | ▼ 2.7% |
| Other operating charges640/8 | - | - | - | €1,803 | €961 | €1,035 | €1,163 | €1,178 | ▲ 1.3% |
| Gross operating margin9900 | €114,924 | €50,929 | €39,273 | €82,018 | €99,162 | €70,592 | €49,610 | €26,420 | ▼ 46.7% |
| Operating profit (loss)9901 | €103,645 | €40,012 | €31,556 | €74,314 | €92,081 | €62,109 | €40,951 | €17,949 | ▼ 56.2% |
| Financial income75/76B | - | - | - | €0 | €80,000 | €1 | €0 | €0 | ▼ 10.2% |
| Recurring financial income75 | €50,001 | €1 | €0 | €0 | €80,000 | €1 | €0 | €0 | ▼ 10.2% |
| Financial charges65/66B | - | - | - | €1,397 | €1,596 | €2,523 | €1,336 | €693 | ▼ 48.1% |
| Recurring financial charges65 | €5,030 | €3,064 | €2,452 | €1,397 | €1,596 | €2,523 | €1,336 | €693 | ▼ 48.1% |
| Profit (loss) for the period before taxes9903 | €148,616 | €36,949 | €29,104 | €72,917 | €170,485 | €59,587 | €39,616 | €17,256 | ▼ 56.4% |
| Income taxes67/77 | €24,363 | €11,449 | €8,941 | €21,051 | €30,030 | €17,743 | €12,284 | €6,228 | ▼ 49.3% |
| Profit (loss) for the period9904 | €124,253 | €25,500 | €20,163 | €51,866 | €140,455 | €41,844 | €27,332 | €11,028 | ▼ 59.7% |
| Profit (loss) for the period to be appropriated9905 | €124,253 | €25,500 | €20,163 | €51,866 | €140,455 | €41,844 | €27,332 | €11,028 | ▼ 59.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €715,143 | €649,146 | €635,090 | €633,188 | €720,083 | €725,618 | €707,847 | €707,903 | = |
| Fixed assets21/28 | €626,956 | €621,024 | €613,936 | €608,035 | €601,915 | €623,797 | €624,916 | €617,622 | ▼ 1.2% |
| Tangible fixed assets22/27 | €81,906 | €75,975 | €68,887 | €62,985 | €56,866 | €78,747 | €79,866 | €72,573 | ▼ 9.1% |
| Land and buildings22 | - | - | - | €61,470 | €56,409 | €76,738 | €78,366 | €71,487 | ▼ 8.8% |
| Plant, machinery and equipment23 | - | - | - | €797 | €451 | €2,009 | €1,500 | €1,086 | ▼ 27.6% |
| Furniture and vehicles24 | - | - | - | €719 | €5 | €0 | €0 | €0 | = |
| Financial fixed assets28 | €545,050 | €545,050 | €545,050 | €545,050 | €545,050 | €545,050 | €545,050 | €545,050 | = |
| Current assets29/58 | €88,187 | €28,122 | €21,154 | €25,153 | €118,168 | €101,821 | €82,931 | €90,281 | ▲ 8.9% |
| Amounts receivable within one year40/41 | €80,079 | €22,343 | €9,555 | €17,835 | €104,093 | €98,750 | €61,568 | €89,276 | ▲ 45.0% |
| Trade receivables40 | - | - | - | €17,835 | €64,093 | €97,993 | €61,568 | €64,276 | ▲ 4.4% |
| Other amounts receivable41 | - | - | - | - | €40,000 | €757 | - | €25,000 | - |
| Cash at bank and in hand54/58 | €8,107 | €5,779 | €11,598 | €7,318 | €14,075 | €3,071 | €21,363 | €1,005 | ▼ 95.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €715,143 | €649,146 | €635,090 | €633,188 | €720,083 | €725,618 | €707,847 | €707,903 | = |
| Equity10/15 | €440,593 | €464,468 | €483,031 | €483,297 | €622,152 | €637,395 | €643,061 | €592,371 | ▼ 7.9% |
| Contributions10/11 | €100,000 | €100,000 | - | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Reserves13 | €340,593 | €364,468 | €383,031 | €383,297 | €522,152 | €537,395 | €543,061 | €492,371 | ▼ 9.3% |
| Non-distributable reserves130/1 | - | - | - | €10,000 | €10,000 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €10,000 | €10,000 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €1,321 | €1,321 | €1,321 | €1,321 | €1,321 | = |
| Distributable reserves133 | - | - | - | €371,975 | €510,830 | €536,074 | €541,740 | €491,050 | ▼ 9.4% |
| Amounts payable17/49 | €274,550 | €184,678 | €152,059 | €149,891 | €97,931 | €88,223 | €64,785 | €115,532 | ▲ 78.3% |
| Amounts payable after more than one year17 | €146,997 | €59,837 | €16,582 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €126,500 | €124,841 | €135,477 | €149,891 | €97,931 | €88,223 | €64,785 | €115,532 | ▲ 78.3% |
| Trade debts44 | €553 | €10,805 | €889 | €570 | €145 | €2,762 | €3,774 | €5,529 | ▲ 46.5% |
| Suppliers440/4 | - | - | - | €570 | €145 | €2,762 | €3,774 | €5,529 | ▲ 46.5% |
| Taxes, remuneration and social security45 | - | - | - | €30,221 | €36,187 | €26,361 | €20,345 | €18,285 | ▼ 10.1% |
| Taxes450/3 | - | - | - | €30,221 | €35,187 | €26,361 | €20,345 | €18,285 | ▼ 10.1% |
| Remuneration and social security454/9 | - | - | - | - | €1,000 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €119,100 | €61,600 | €59,100 | €40,666 | €91,718 | ▲ 126% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €124,253 | €25,500 | €20,163 | €51,866 | €140,455 | €41,844 | €27,332 | €11,028 | ▼ 59.7% |
| + Depreciation and write-downs630 | €9,442 | €10,041 | €7,088 | €5,901 | €6,119 | €7,448 | €7,496 | €7,294 | ▼ 2.7% |
| Operating cash flow (approximation) | €133,694 | €35,541 | €27,251 | €57,767 | €146,574 | €49,291 | €34,828 | €18,322 | ▼ 47.4% |
| Investment in fixed assets (approximation) | - | -€4,109 | €0 | €0 | €0 | -€29,329 | -€8,615 | €0 | - |
| Change in cash | - | -€2,328 | €5,819 | -€4,280 | €6,757 | -€11,004 | €18,291 | -€20,357 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-06-2026 | 2026-00258004 | |
| 31-12-2024 | abbreviated format | 13-08-2025 | 2025-00387213 | |
| 31-12-2023 | abbreviated format | 10-06-2024 | 2024-00134559 | |
| 31-12-2022 | abbreviated format | 02-08-2023 | 2023-00317084 | |
| 31-12-2021 | abbreviated format | 05-08-2022 | 2022-20279696 | |
| 31-12-2020 | abbreviated format | 09-08-2021 | 2021-47300075 | |
| 31-12-2019 | abbreviated format | 08-09-2020 | 2020-52500235 | |
| 31-12-2018 | abbreviated format | 09-08-2019 | 2019-45400143 | |
| 31-12-2017 | abbreviated format | 06-08-2018 | 2018-44000362 | |
| 31-12-2016 | abbreviated format | 19-07-2017 | 2017-34900067 |