Logitail
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 8 filings
Turnover
€989,221▼ 13.0%
2024 · €1.1m
EBIT margin
-6.1%▼ 19.1pp
2024 · 13.0%
Net result
-€169,098
2024 · €32,423
Working capital
-€2.2m▼ 7.3%
2024 · -€2.1m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€989,221
▼ 13.0%
2025
20182025
Operating result
-€59,889
2025
20182025
Net result
-€169,098
2025
lowest quarter of the sector
20182025
EBIT margin
-6.1%
▼ 19.1pp
2025
20182025
Equity
-€2.3m
▼ 8.1%
2025
lowest quarter of the sector
20182025
Total assets
€216,430
▲ 30.5%
2025
lowest quarter of the sector
20182025
Debt
€2.5m
▲ 9.8%
2025
20182025
Working capital
-€2.2m
▼ 7.3%
2025
lowest quarter of the sector
20182025
Solvency
no figure
2025
20182025
Current ratio
0.09
▲ 0.02
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-78.1%
▼ 97.7pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
3.6
▲ 9.1%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.1m-€1.1m▲ 11×€1.1m▼ 0.3%€1.2m▲ 2.3%€0.8m▼ 33.2%€1.1m▲ 44.7%€1.1m▲ 1.0%€1.0m▼ 13.0%
Operating result-€0.5m--€0.3m▲ 40.5%€0.04m-€0.3m-€0.8m▼ 207%-€0.04m▲ 95.3%€0.1m-€0.06m
Net result-€0.5m--€0.3m▲ 35.1%€0.002mwithin the sector's middle half-€0.3mbelow the sector's middle half-€0.9mbelow the sector's middle half▼ 187%-€0.2mbelow the sector's middle half▲ 81.1%€0.03mwithin the sector's middle half-€0.2mbelow the sector's middle half
EBIT margin-499.1%--26.4%▲ 472.7pp3.7%▲ 30.1pp-22.1%▼ 25.8pp-101.6%▼ 79.5pp-3.3%▲ 98.4pp13.0%▲ 16.3pp-6.1%▼ 19.1pp
Equity-€0.5m--€0.8m▼ 73.7%-€0.8mbelow the sector's middle half▲ 0.2%-€1.1mbelow the sector's middle half▼ 37.8%-€2.0mbelow the sector's middle half▼ 78.8%-€2.1mbelow the sector's middle half▼ 8.3%-€2.1mbelow the sector's middle half▲ 1.5%-€2.3mbelow the sector's middle half▼ 8.1%
Total assets€0.2m-€0.7m▲ 357%€0.3mwithin the sector's middle half▼ 59.6%€0.4mwithin the sector's middle half▲ 38.7%€0.4mwithin the sector's middle half▲ 6.4%€0.4mwithin the sector's middle half▼ 0.2%€0.2mbelow the sector's middle half▼ 61.8%€0.2mbelow the sector's middle half▲ 30.5%
Debt€0.6m-€1.5m▲ 147%€1.1m▼ 28.6%€1.5m▲ 38.0%€2.4m▲ 59.1%€2.6m▲ 6.8%€2.3m▼ 11.8%€2.5m▲ 9.8%
Working capital-€0.5m--€0.8m▼ 72.1%-€0.8mbelow the sector's middle half▼ 3.3%-€1.1mbelow the sector's middle half▼ 33.2%-€2.0mbelow the sector's middle half▼ 80.4%-€2.2mbelow the sector's middle half▼ 9.7%-€2.1mbelow the sector's middle half▲ 2.7%-€2.2mbelow the sector's middle half▼ 7.3%
Solvency-287.4%--109.2%▲ 178.2pp-269.4%below the sector's middle half▼ 160.2pp-267.7%below the sector's middle half▲ 1.7pp-449.7%below the sector's middle half▼ 182.0pp-488.2%below the sector's middle half▼ 38.5pp
Current ratio0.26-0.48▲ 0.220.25below the sector's middle half▼ 0.230.26below the sector's middle half▲ 0.010.17below the sector's middle half▼ 0.090.16below the sector's middle half▼ 0.010.07below the sector's middle half▼ 0.090.09below the sector's middle half▲ 0.02
Return on assets (ROA)-326.3%--46.3%▲ 280.0pp0.6%within the sector's middle half▲ 46.9pp-73.4%below the sector's middle half▼ 74.0pp-198.1%below the sector's middle half▼ 124.7pp-37.6%below the sector's middle half▲ 160.6pp19.5%above the sector's middle half▲ 57.1pp-78.1%below the sector's middle half▼ 97.7pp
Staff (FTE)1-1.7▲ 70.0%1.9below the sector's middle half▲ 11.8%1below the sector's middle half▼ 47.4%1.8below the sector's middle half▲ 80.0%3within the sector's middle half▲ 66.7%3.3within the sector's middle half▲ 10.0%3.6below the sector's middle half▲ 9.1%
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 loss of €59,889, after a profit of €148,026 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €216,430
Fixed assets
€2,638 ▼ 50.8%
Current assets
€213,792 ▲ 33.2%
Equity and liabilities
Equity-€2.3m
Debt€2.5m
Equity is negative. Debt (€2.5m) exceeds the balance-sheet total (€216,430).
Key figures and ratios
EBITDA
-€57,164▼
2024 · €150,176
Cash flow
-€166,373▼
2024 · €34,572
Interest coverage
-0.52▼
2024 · 1.24
Debt ≤ 1 year
€2.5m▲
2024 · €2.3m
Income taxes
€799▼
2024 · €864
Customer credit
67 days▲
2024 · 47 days
Supplier credit
84 days▲
2024 · 80 days
Staff costs
€303,979▲
2024 · €246,705
A ratio outside any meaningful range has been withheld (balance sheet total €216,430, equity -€2.3m).
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 1 | 3 | 3 | 4 | 3 |
| full-time | 1 | 3 | 3 | 4 | 3 |
| in full-time equivalents | 1 | 3 | 3 | 4 | 3 |
| Average over the year, in full-time equivalents | 1 | 1.8 | 3 | 3.3 | 3.6 |
| On a permanent contract | 1 | 3 | 3 | 4 | 3 |
| Joined | - | 2 | - | 2 | 1 |
| Left | - | 0 | - | 1 | 2 |
| Training hours | 210 | - | - | 9 | 98 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €769 | €979 | €4,249 | €3,029 | - |
| Depreciation and write-downs of the year | €22 | €284 | €1,207 | €2,150 | €2,724 |
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 | €0.1m | €1.1m | €1.1m | €1.2m | €0.8m | €1.1m | €1.1m | €1.0m | ▼ 13.0% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €1.4m | €1.7m | €0.7m | €0.7m | €0.7m | ▲ 0.6% |
| Remuneration, social security and pensions62 | - | - | - | €0.06m | €0.1m | €0.2m | €0.2m | €0.3m | ▲ 23.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.002m | €466 | €323 | €22 | €284 | €0.001m | €0.002m | €0.003m | ▲ 26.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €0.3m | -€0.3m | - | -€18 | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | €148 | - | - |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.001m | €0.002m | €0.002m | ▲ 2.0% |
| Gross operating margin9900 | -€0.4m | -€0.2m | €0.2m | -€0.2m | -€0.4m | -€0.1m | €0.4m | €0.2m | ▼ 37.7% |
| Operating profit (loss)9901 | -€0.5m | -€0.3m | €0.04m | -€0.3m | -€0.8m | -€0.04m | €0.1m | -€0.06m | - |
| Financial income75/76B | - | - | - | €15 | - | €45 | €0.006m | €0.001m | ▼ 81.4% |
| Recurring financial income75 | - | €1 | €95 | €15 | - | €45 | €0.006m | €0.001m | ▼ 81.4% |
| Financial charges65/66B | - | - | - | €0.04m | €0.07m | €0.1m | €0.1m | €0.1m | ▼ 9.4% |
| Recurring financial charges65 | €0.01m | €0.04m | €0.04m | €0.04m | €0.07m | €0.1m | €0.1m | €0.1m | ▼ 9.4% |
| Profit (loss) for the period before taxes9903 | -€0.5m | -€0.3m | €0.002m | -€0.3m | -€0.9m | -€0.2m | €0.03m | -€0.2m | - |
| Income taxes67/77 | €322 | €340 | €429 | €330 | €112 | €0.001m | €0.001m | €0.001m | ▼ 7.5% |
| Profit (loss) for the period9904 | -€0.5m | -€0.3m | €0.002m | -€0.3m | -€0.9m | -€0.2m | €0.03m | -€0.2m | - |
| Profit (loss) for the period to be appropriated9905 | -€0.5m | -€0.3m | €0.002m | -€0.3m | -€0.9m | -€0.2m | €0.03m | -€0.2m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.2m | €0.7m | €0.3m | €0.4m | €0.4m | €0.4m | €0.2m | €0.2m | ▲ 30.5% |
| Fixed assets21/28 | €0.001m | €323 | €0.03m | €0.03m | €0.03m | €0.03m | €0.005m | €0.003m | ▼ 50.8% |
| Tangible fixed assets22/27 | €0.001m | €323 | - | €0.001m | €0.001m | €0.004m | €0.005m | €0.003m | ▼ 50.8% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €0.001m | €0.004m | €0.005m | €0.003m | ▼ 50.8% |
| Financial fixed assets28 | - | - | €0.03m | €0.03m | €0.03m | €0.03m | - | - | - |
| Current assets29/58 | €0.2m | €0.7m | €0.3m | €0.4m | €0.4m | €0.4m | €0.2m | €0.2m | ▲ 33.2% |
| Amounts receivable within one year40/41 | €0.1m | €0.6m | €0.2m | €0.3m | €0.4m | €0.4m | €0.1m | €0.2m | ▲ 21.1% |
| Trade receivables40 | - | - | - | €0.3m | €0.3m | €0.3m | €0.1m | €0.2m | ▲ 22.5% |
| Other amounts receivable41 | - | - | - | - | €0.1m | €0.1m | €0.002m | €58 | ▼ 96.7% |
| Cash at bank and in hand54/58 | €0.01m | €0.07m | €0.08m | €0.01m | €0.02m | €0.01m | €0.006m | €0.01m | ▲ 138% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.01m | €0.01m | €0.006m | €0.02m | ▲ 240% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.2m | €0.7m | €0.3m | €0.4m | €0.4m | €0.4m | €0.2m | €0.2m | ▲ 30.5% |
| Equity10/15 | -€0.5m | -€0.8m | -€0.8m | -€1.1m | -€2.0m | -€2.1m | -€2.1m | -€2.3m | ▼ 8.1% |
| 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 | = |
| Profit (loss) carried forward14 | -€0.5m | -€0.9m | -€0.9m | -€1.2m | -€2.0m | -€2.2m | -€2.1m | -€2.3m | ▼ 7.9% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €148 | €130 | ▼ 12.1% |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | €148 | €130 | ▼ 12.1% |
| Pensions and similar obligations160 | - | - | - | - | - | - | €148 | €130 | ▼ 12.1% |
| Amounts payable17/49 | €0.6m | €1.5m | €1.1m | €1.5m | €2.4m | €2.6m | €2.3m | €2.5m | ▲ 9.8% |
| Amounts payable within one year42/48 | €0.6m | €1.5m | €1.1m | €1.5m | €2.4m | €2.6m | €2.3m | €2.5m | ▲ 9.1% |
| Trade debts44 | €0.1m | €0.3m | €0.3m | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 6.2% |
| Suppliers440/4 | - | - | - | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 6.2% |
| Advances received on contracts in progress46 | - | - | - | - | €0.08m | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.02m | €0.03m | €0.03m | €0.04m | ▲ 27.0% |
| Taxes450/3 | - | - | - | €0.01m | €442 | €0.001m | €0.002m | €0.01m | ▲ 753% |
| Remuneration and social security454/9 | - | - | - | €0.008m | €0.01m | €0.03m | €0.03m | €0.02m | ▼ 17.7% |
| Other amounts payable47/48 | - | - | - | €1.3m | €2.1m | €2.4m | €2.1m | €2.2m | ▲ 9.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.03m | €0.02m | - | - | €0.01m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€520,256 | -€337,555 | €1,683 | -€300,226 | -€861,974 | -€163,182 | €32,423 | -€169,098 | - |
| + Depreciation and write-downs630 | €1,702 | €466 | €323 | €22 | €284 | €1,207 | €2,150 | €2,724 | ▲ 26.7% |
| Operating cash flow (approximation) | -€518,554 | -€337,089 | €2,005 | -€300,204 | -€861,689 | -€161,975 | €34,572 | -€166,373 | - |
| Investment in fixed assets (approximation) | - | €0 | -€26,887 | -€769 | -€979 | -€4,249 | €23,859 | €0 | ▼ 100% |
| Change in cash | - | €61,673 | €3,421 | -€61,808 | €994 | -€4,670 | -€4,881 | €7,803 | - |
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, 6,008 companies had the same profile as Logitail has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Logitail itself: 2.4% 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 6,008 companies, not a prediction for Logitail. 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.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 28-07-2026 | 2026-00369592 | |
| 31-12-2024 | abbreviated format | 07-07-2025 | 2025-00255261 | |
| 31-12-2023 | abbreviated format | 11-07-2024 | 2024-00259529 | |
| 31-12-2022 | abbreviated format | 03-08-2023 | 2023-00314146 | |
| 31-12-2021 | abbreviated format | 03-08-2022 | 2022-20270699 | |
| 31-12-2020 | abbreviated format | 06-05-2021 | 2021-13400564 | |
| 31-12-2019 | abbreviated format | 09-07-2020 | 2020-28000499 | |
| 31-12-2018 | abbreviated format | 20-06-2019 | 2019-20800040 |