LOREM IPSUM
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-06-2026 PDF all 20 filings
Turnover
≈ €70,000
Estimated: probably between €34,000 and €140,000
Total assets
€165,871▲ 8.5%
2024 · €152,944
Net result
€12,143▲ 387%
2024 · €2,494
Working capital
€94,038▲ 14.8%
2024 · €81,895
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€12,672
▲ 301%
2025
20182025
Net result
€12,143
▲ 387%
2025
middle half of the sector
20182025
Equity
€103,138
▲ 13.3%
2025
middle half of the sector
20182025
Total assets
€165,871
▲ 8.5%
2025
middle half of the sector
20182025
Debt
€62,733
▲ 1.3%
2025
20182025
Working capital
€94,038
▲ 14.8%
2025
middle half of the sector
20182025
Solvency
62.2%
▲ 2.7pp
2025
middle half of the sector
20182025
Current ratio
2.50
▲ 0.18
2025
middle half of the sector
20182025
Return on assets (ROA)
7.3%
▲ 5.7pp
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
Operating result-€5,903--€234,946▼ 3,880%-€32,483▲ 86.2%-€38,045▼ 17.1%-€69,829▼ 83.5%-€4,715▲ 93.2%€3,160€12,672▲ 301%
Net result-€6,331--€236,427▼ 3,634%-€33,223below the sector's middle half▲ 85.9%-€38,357below the sector's middle half▼ 15.5%-€70,771below the sector's middle half▼ 84.5%-€5,159below the sector's middle half▲ 92.7%€2,494below the sector's middle half€12,143within the sector's middle half▲ 387%
Equity€472,438-€236,012▼ 50.0%€202,788above the sector's middle half▼ 14.1%€164,432above the sector's middle half▼ 18.9%€93,660within the sector's middle half▼ 43.0%€88,502within the sector's middle half▼ 5.5%€90,995within the sector's middle half▲ 2.8%€103,138within the sector's middle half▲ 13.3%
Total assets€627,992-€382,864▼ 39.0%€334,454above the sector's middle half▼ 12.6%€307,249above the sector's middle half▼ 8.1%€234,283within the sector's middle half▼ 23.7%€138,774within the sector's middle half▼ 40.8%€152,944within the sector's middle half▲ 10.2%€165,871within the sector's middle half▲ 8.5%
Debt€155,553-€146,853▼ 5.6%€131,666▼ 10.3%€142,817▲ 8.5%€140,623▼ 1.5%€50,272▼ 64.3%€61,949▲ 23.2%€62,733▲ 1.3%
Working capital€399,548-€187,355▼ 53.1%€193,688above the sector's middle half▲ 3.4%€155,332above the sector's middle half▼ 19.8%€88,739within the sector's middle half▼ 42.9%€79,402within the sector's middle half▼ 10.5%€81,895within the sector's middle half▲ 3.1%€94,038within the sector's middle half▲ 14.8%
Solvency75.2%-61.6%▼ 13.6pp60.6%within the sector's middle half▼ 1.0pp53.5%within the sector's middle half▼ 7.1pp40.0%within the sector's middle half▼ 13.5pp63.8%within the sector's middle half▲ 23.8pp59.5%within the sector's middle half▼ 4.3pp62.2%within the sector's middle half▲ 2.7pp
Current ratio3.57-2.28▼ 1.292.47within the sector's middle half▲ 0.202.09within the sector's middle half▼ 0.381.65within the sector's middle half▼ 0.442.58within the sector's middle half▲ 0.932.32within the sector's middle half▼ 0.262.50within the sector's middle half▲ 0.18
Return on assets (ROA)-1.0%--61.8%▼ 60.7pp-9.9%below the sector's middle half▲ 51.8pp-12.5%below the sector's middle half▼ 2.6pp-30.2%below the sector's middle half▼ 17.7pp-3.7%below the sector's middle half▲ 26.5pp1.6%below the sector's middle half▲ 5.3pp7.3%within the sector's middle half▲ 5.7pp
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 4 times that of 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €165,871
Fixed assets
€9,100 =
Current assets
€156,771 ▲ 9.0%
Equity and liabilities €165,871
Equity
€103,138 ▲ 13.3%
Debt
€62,733 ▲ 1.3%
Debt's share of the balance-sheet total falls from 40.5% to 37.8%. Equity and debt are higher.
Key figures and ratios
Debt to equity
0.61▼
2024 · 0.68
ROE
11.8%▲
2024 · 2.7%
Debt ≤ 1 year
€62,733▲
2024 · €61,949
Income taxes
€144▲
2024 · €136
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,000 | €14,593 | - | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €449 | €302 | €1,389 | €1,037 | €524 | ▼ 49.5% |
| Gross operating margin9900 | €16,051 | -€218,494 | -€30,072 | -€37,596 | -€69,527 | -€3,327 | €4,197 | €13,196 | ▲ 214% |
| Operating profit (loss)9901 | -€5,903 | -€234,946 | -€32,483 | -€38,045 | -€69,829 | -€4,715 | €3,160 | €12,672 | ▲ 301% |
| Recurring financial income75 | €180 | - | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €191 | €297 | €182 | €531 | €385 | ▼ 27.4% |
| Recurring financial charges65 | €514 | €423 | €360 | €191 | €297 | €182 | €531 | €385 | ▼ 27.4% |
| Profit (loss) for the period before taxes9903 | -€6,237 | -€235,369 | -€32,843 | -€38,236 | -€70,126 | -€4,897 | €2,630 | €12,287 | ▲ 367% |
| Income taxes67/77 | €94 | €1,058 | €380 | €121 | €646 | €261 | €136 | €144 | ▲ 5.8% |
| Profit (loss) for the period9904 | -€6,331 | -€236,427 | -€33,223 | -€38,357 | -€70,771 | -€5,159 | €2,494 | €12,143 | ▲ 387% |
| Profit (loss) for the period to be appropriated9905 | -€6,331 | -€236,427 | -€33,223 | -€38,357 | -€70,771 | -€5,159 | €2,494 | €12,143 | ▲ 387% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €627,992 | €382,864 | €334,454 | €307,249 | €234,283 | €138,774 | €152,944 | €165,871 | ▲ 8.5% |
| Fixed assets21/28 | €72,890 | €48,656 | €9,100 | €9,100 | €9,100 | €9,100 | €9,100 | €9,100 | = |
| Tangible fixed assets22/27 | €72,890 | €48,656 | €9,100 | €9,100 | €9,100 | €9,100 | €9,100 | €9,100 | = |
| Other tangible fixed assets26 | - | - | - | €9,100 | €9,100 | €9,100 | €9,100 | €9,100 | = |
| Current assets29/58 | €555,101 | €334,208 | €325,354 | €298,149 | €225,183 | €129,674 | €143,844 | €156,771 | ▲ 9.0% |
| Amounts receivable within one year40/41 | €27,316 | €35,518 | €10,679 | €3,868 | - | €24,867 | €23,559 | €34,939 | ▲ 48.3% |
| Trade receivables40 | - | - | - | €3,686 | - | €24,867 | €23,559 | €34,939 | ▲ 48.3% |
| Other amounts receivable41 | - | - | - | €182 | - | - | - | - | - |
| Current investments50/53 | €507,869 | €257,869 | €217,869 | €217,869 | €207,869 | €57,869 | €57,869 | €57,869 | = |
| Cash at bank and in hand54/58 | €19,917 | €40,821 | €96,807 | €76,412 | €17,233 | €46,939 | €62,417 | €63,964 | ▲ 2.5% |
| Deferred charges and accrued income490/1 | - | - | - | - | €81 | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €627,992 | €382,864 | €334,454 | €307,249 | €234,283 | €138,774 | €152,944 | €165,871 | ▲ 8.5% |
| Equity10/15 | €472,438 | €236,012 | €202,788 | €164,432 | €93,660 | €88,502 | €90,995 | €103,138 | ▲ 13.3% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €20,460 | ▲ 10.0% |
| Reserves13 | €402,509 | €217,412 | €217,412 | €217,412 | €217,412 | €217,412 | €217,412 | €215,552 | ▼ 0.9% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | - | - |
| Distributable reserves133 | - | - | - | €215,552 | €215,552 | €215,552 | €215,552 | €215,552 | = |
| Profit (loss) carried forward14 | €51,330 | - | -€33,223 | -€71,580 | -€142,351 | -€147,510 | -€145,016 | -€132,874 | ▲ 8.4% |
| Amounts payable17/49 | €155,553 | €146,853 | €131,666 | €142,817 | €140,623 | €50,272 | €61,949 | €62,733 | ▲ 1.3% |
| Amounts payable within one year42/48 | €155,553 | €146,853 | €131,666 | €142,817 | €136,444 | €50,272 | €61,949 | €62,733 | ▲ 1.3% |
| Trade debts44 | €546 | - | €1,020 | €3,730 | €81 | €1,520 | €9,493 | €45 | ▼ 99.5% |
| Suppliers440/4 | - | - | - | €3,730 | €81 | €1,520 | €9,493 | €45 | ▼ 99.5% |
| Taxes, remuneration and social security45 | - | - | - | €38,638 | €37,073 | €38,794 | €30,433 | €34,192 | ▲ 12.4% |
| Taxes450/3 | - | - | - | €12,969 | €11,923 | €14,651 | €6,290 | €7,549 | ▲ 20.0% |
| Remuneration and social security454/9 | - | - | - | €25,670 | €25,150 | €24,143 | €24,143 | €26,643 | ▲ 10.4% |
| Other amounts payable47/48 | - | - | - | €100,448 | €99,290 | €9,958 | €22,023 | €28,496 | ▲ 29.4% |
| Accrued charges and deferred income492/3 | - | - | - | - | €4,178 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,331 | -€236,427 | -€33,223 | -€38,357 | -€70,771 | -€5,159 | €2,494 | €12,143 | ▲ 387% |
| + Depreciation and write-downs630 | €20,000 | €14,593 | - | - | - | - | - | - | - |
| Operating cash flow (approximation) | €13,669 | -€221,834 | -€33,223 | -€38,357 | -€70,771 | -€5,159 | €2,494 | €12,143 | ▲ 387% |
| Investment in fixed assets (approximation) | - | €9,641 | €39,556 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €20,904 | €55,986 | -€20,395 | -€59,179 | €29,705 | €15,478 | €1,546 | ▼ 90.0% |
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 LOREM IPSUM 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 LOREM IPSUM 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 LOREM IPSUM. 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 | micro format | 15-06-2026 | 2026-00160705 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00329670 | |
| 31-12-2023 | micro format | 19-07-2024 | 2024-00261825 | |
| 31-12-2022 | micro format | 06-06-2023 | 2023-00108832 | |
| 31-12-2021 | micro format | 04-07-2022 | 2022-20126602 | |
| 31-12-2020 | micro format | 09-09-2021 | 2021-66800454 | |
| 31-12-2019 | micro format | 21-10-2020 | 2020-62400090 | |
| 31-12-2018 | micro format | 17-08-2019 | 2019-47300110 | |
| 31-12-2017 | micro format | 21-07-2018 | 2018-36600032 | |
| 31-12-2016 | micro format | 27-07-2017 | 2017-37100372 |