METAFORA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-06-2026 PDF all 27 filings
Turnover
≈ €15,000
Estimated: probably between €7,400 and €30,000
Total assets
€29,465▲ 6.6%
2024 · €27,630
Net result
€2,804
2024 · -€16,135
Working capital
€24,492▲ 11.6%
2024 · €21,941
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€2,955
2025
20182025
Net result
€2,804
2025
lowest quarter of the sector
20182025
Equity
€24,847
▲ 12.7%
2025
middle half of the sector
20182025
Total assets
€29,465
▲ 6.6%
2025
lowest quarter of the sector
20182025
Debt
€4,618
▼ 17.4%
2025
20182025
Working capital
€24,492
▲ 11.6%
2025
middle half of the sector
20182025
Solvency
84.3%
▲ 4.6pp
2025
highest quarter of the sector
20182025
Current ratio
6.30
▲ 1.38
2025
highest quarter of the sector
20182025
Return on assets (ROA)
9.5%
▲ 67.9pp
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€8,042--€2,151€2,586€12,364▲ 378%€8,454▼ 31.6%€1,335▼ 84.2%-€17,307€2,955
Net result€7,719--€1,872€3,298within the sector's middle half€13,016within the sector's middle half▲ 295%€9,566within the sector's middle half▼ 26.5%-€1,458below the sector's middle half-€16,135below the sector's middle half▼ 1,007%€2,804below the sector's middle half
Equity€15,627-€13,755▼ 12.0%€17,053below the sector's middle half▲ 24.0%€30,069within the sector's middle half▲ 76.3%€39,635within the sector's middle half▲ 31.8%€38,177within the sector's middle half▼ 3.7%€22,042below the sector's middle half▼ 42.3%€24,847within the sector's middle half▲ 12.7%
Total assets€16,786-€14,918▼ 11.1%€19,701below the sector's middle half▲ 32.1%€37,000below the sector's middle half▲ 87.8%€46,038below the sector's middle half▲ 24.4%€46,653below the sector's middle half▲ 1.3%€27,630below the sector's middle half▼ 40.8%€29,465below the sector's middle half▲ 6.6%
Debt€1,159-€1,163▲ 0.3%€2,648▲ 128%€6,931▲ 162%€6,403▼ 7.6%€8,476▲ 32.4%€5,588▼ 34.1%€4,618▼ 17.4%
Working capital€14,984-€13,755▼ 8.2%€17,053within the sector's middle half▲ 24.0%€28,836within the sector's middle half▲ 69.1%€37,219within the sector's middle half▲ 29.1%€37,025within the sector's middle half▼ 0.5%€21,941within the sector's middle half▼ 40.7%€24,492within the sector's middle half▲ 11.6%
Solvency93.1%-92.2%▼ 0.9pp86.6%above the sector's middle half▼ 5.6pp81.3%above the sector's middle half▼ 5.3pp86.1%above the sector's middle half▲ 4.8pp81.8%above the sector's middle half▼ 4.3pp79.8%above the sector's middle half▼ 2.1pp84.3%above the sector's middle half▲ 4.6pp
Current ratio13.93-12.83▼ 1.107.44above the sector's middle half▼ 5.395.16above the sector's middle half▼ 2.286.81above the sector's middle half▲ 1.655.37above the sector's middle half▼ 1.444.93above the sector's middle half▼ 0.446.30above the sector's middle half▲ 1.38
Return on assets (ROA)46.0%--12.5%▼ 58.5pp16.7%within the sector's middle half▲ 29.3pp35.2%above the sector's middle half▲ 18.4pp20.8%within the sector's middle half▼ 14.4pp-3.1%below the sector's middle half▼ 23.9pp-58.4%below the sector's middle half▼ 55.3pp9.5%within the sector's middle half▲ 67.9pp
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 €2,955, after a loss of €17,307 in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €29,465
Fixed assets
€355 ▲ 251%
Current assets
€29,110 ▲ 5.7%
Equity and liabilities €29,465
Equity
€24,847 ▲ 12.7%
Debt
€4,618 ▼ 17.4%
Debt's share of the balance-sheet total falls from 20.2% to 15.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€3,136▲
2024 · -€16,255
Cash flow
€2,985▲
2024 · -€15,083
Debt to equity
0.19▼
2024 · 0.25
ROE
11.3%▲
2024 · -73.2%
Interest coverage
20.77▲
2024 · -84.22
Debt ≤ 1 year
€4,618▼
2024 · €5,588
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 | €1,445 | €2,346 | - | - | €435 |
| Depreciation and write-downs of the year | €212 | €1,163 | €1,264 | €1,052 | €181 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €643 | €643 | - | €212 | €1,163 | €1,264 | €1,052 | €181 | ▼ 82.8% |
| Other operating charges640/8 | - | - | - | €101 | €102 | €109 | €165 | €120 | ▼ 27.3% |
| Gross operating margin9900 | €8,800 | -€1,410 | €2,686 | €12,677 | €9,719 | €2,708 | -€16,090 | €3,256 | - |
| Operating profit (loss)9901 | €8,042 | -€2,151 | €2,586 | €12,364 | €8,454 | €1,335 | -€17,307 | €2,955 | - |
| Financial income75/76B | - | - | - | €762 | €1,403 | €1,446 | €1,365 | - | - |
| Recurring financial income75 | - | - | - | €762 | €1,403 | €1 | €1,365 | - | - |
| Non-recurring financial income76B | - | - | - | €762 | €1,403 | €1,445 | €1,365 | - | - |
| Financial charges65/66B | - | - | - | €110 | €95 | €4,130 | €193 | €151 | ▼ 21.8% |
| Recurring financial charges65 | - | €90 | €128 | €110 | €95 | €190 | €193 | €151 | ▼ 21.8% |
| Non-recurring financial charges66B | - | - | - | - | - | €3,940 | - | - | - |
| Profit (loss) for the period before taxes9903 | €7,719 | -€1,872 | €3,298 | €13,016 | €9,762 | -€1,349 | -€16,135 | €2,804 | - |
| Income taxes67/77 | - | - | - | - | €196 | €109 | - | - | - |
| Profit (loss) for the period9904 | €7,719 | -€1,872 | €3,298 | €13,016 | €9,566 | -€1,458 | -€16,135 | €2,804 | - |
| Profit (loss) for the period to be appropriated9905 | €7,719 | -€1,872 | €3,298 | €13,016 | €9,566 | -€1,458 | -€16,135 | €2,804 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €16,786 | €14,918 | €19,701 | €37,000 | €46,038 | €46,653 | €27,630 | €29,465 | ▲ 6.6% |
| Fixed assets21/28 | €643 | - | - | €1,233 | €2,416 | €1,152 | €101 | €355 | ▲ 251% |
| Tangible fixed assets22/27 | €643 | - | - | €1,233 | €2,416 | €1,152 | €101 | €355 | ▲ 251% |
| Plant, machinery and equipment23 | - | - | - | €1,233 | €2,416 | €1,152 | €101 | €355 | ▲ 251% |
| Current assets29/58 | €16,143 | €14,918 | €19,701 | €35,767 | €43,622 | €45,501 | €27,529 | €29,110 | ▲ 5.7% |
| Amounts receivable within one year40/41 | €6,925 | €14,577 | €16,194 | €26,403 | €39,927 | €41,323 | €24,351 | €22,507 | ▼ 7.6% |
| Trade receivables40 | - | - | - | €10,744 | €12,091 | €5,971 | €3,083 | €3,602 | ▲ 16.8% |
| Other amounts receivable41 | - | - | - | €15,659 | €27,836 | €35,352 | €21,268 | €18,905 | ▼ 11.1% |
| Cash at bank and in hand54/58 | €9,218 | €341 | €3,507 | €8,430 | €3,695 | €4,178 | €3,178 | €6,603 | ▲ 108% |
| Deferred charges and accrued income490/1 | - | - | - | €934 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €16,786 | €14,918 | €19,701 | €37,000 | €46,038 | €46,653 | €27,630 | €29,465 | ▲ 6.6% |
| Equity10/15 | €15,627 | €13,755 | €17,053 | €30,069 | €39,635 | €38,177 | €22,042 | €24,847 | ▲ 12.7% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €12,084 | €12,084 | €12,084 | €12,084 | €12,084 | €12,084 | €12,084 | €12,084 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €10,224 | €10,224 | €12,084 | €12,084 | €12,084 | = |
| Profit (loss) carried forward14 | -€15,057 | -€16,929 | -€13,631 | -€615 | €8,951 | €7,493 | -€8,642 | -€5,837 | ▲ 32.5% |
| Amounts payable17/49 | €1,159 | €1,163 | €2,648 | €6,931 | €6,403 | €8,476 | €5,588 | €4,618 | ▼ 17.4% |
| Amounts payable within one year42/48 | €1,159 | €1,163 | €2,648 | €6,931 | €6,403 | €8,476 | €5,588 | €4,618 | ▼ 17.4% |
| Financial debts43 | - | - | - | - | €3,000 | €3,000 | €3,000 | - | - |
| Credit institutions430/8 | - | - | - | - | €3,000 | €3,000 | €3,000 | - | - |
| Trade debts44 | €745 | €467 | €965 | €6,206 | €1,343 | €1,213 | €1,393 | €4,203 | ▲ 202% |
| Suppliers440/4 | - | - | - | €6,206 | €1,343 | €1,213 | €1,393 | €4,203 | ▲ 202% |
| Taxes, remuneration and social security45 | - | - | - | €725 | €2,060 | €4,263 | €1,195 | €415 | ▼ 65.3% |
| Taxes450/3 | - | - | - | €725 | €2,060 | €2,263 | €1,195 | €415 | ▼ 65.3% |
| Remuneration and social security454/9 | - | - | - | - | - | €2,000 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,719 | -€1,872 | €3,298 | €13,016 | €9,566 | -€1,458 | -€16,135 | €2,804 | - |
| + Depreciation and write-downs630 | €643 | €643 | - | €212 | €1,163 | €1,264 | €1,052 | €181 | ▼ 82.8% |
| Operating cash flow (approximation) | €8,362 | -€1,229 | €3,298 | €13,228 | €10,729 | -€194 | -€15,083 | €2,985 | - |
| Investment in fixed assets (approximation) | - | - | - | - | -€2,346 | €0 | -€1 | -€435 | ▼ 43,400% |
| Change in cash | - | -€8,877 | €3,166 | €4,923 | -€4,735 | €483 | -€1,000 | €3,425 | - |
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 METAFORA 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 METAFORA 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 METAFORA. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 09-06-2026 | 2026-00146834 | |
| 31-12-2024 | micro format | 23-07-2025 | 2025-00300821 | |
| 31-12-2023 | micro format | 27-06-2024 | 2024-00170391 | |
| 31-12-2022 | micro format | 26-07-2023 | 2023-00272192 | |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20235771 | |
| 31-12-2020 | micro format | 29-07-2021 | 2021-43100158 | |
| 31-12-2019 | micro format | 30-06-2020 | 2020-24100444 | |
| 31-12-2018 | abbreviated format | 24-07-2019 | 2019-37500285 | |
| 31-12-2017 | abbreviated format | 30-05-2018 | 2018-14800396 | |
| 31-12-2016 | abbreviated format | 26-06-2017 | 2017-22600061 |