MIA
InactiveInactive; last annual accounts for fiscal year 2025. Dissolved without liquidation on 12-12-2025.
Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €-736k
neutral · Latest accounts filed on time
The financial year that closed on 30-11-2025 was due by 30-06-2026 and was filed on 09-02-2026, 141 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
141 d early
2024
13 d early
2023
43 d early
2022
32 d early
2021
11 d early
2020
2 d early
2019
7 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2025, full schema
Turnover
€3.07M
EBIT margin
-8.0%
Net result
€-55k▲ 88.4%
2024 · €-474k
2018: €226k
2019: €137k▼ -39.4% vs 2018
2020: €447k▲ +226% vs 2019highest in 8 years
2021: €274k▼ -38.6% vs 2020
2022: €-987k▼ -460% vs 2021lowest in 8 years
2023: €-264k▲ +73.2% vs 2022
2024: €-474k▼ -79.4% vs 2023
2025: €-55k▲ +88.4% vs 2024
2018 → 2025
Working capital
€-480k▼ 16.8%
2024 · €-411k
2018: €406khighest in 8 years
2019: €-272k▼ -167% vs 2018
2020: €318k▲ +217% vs 2019
2021: €358k▲ +12.8% vs 2020
2022: €-638k▼ -278% vs 2021lowest in 8 years
2023: €-237k▲ +62.8% vs 2022
2024: €-411k▼ -72.9% vs 2023
2025: €-480k▼ -16.8% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€3.07M
Equity€1.04M-€57k▼ 94.5%€-207k€-681k▼ 229%€-736k▼ 8.1%
2021: €1.04Mhighest in 5 years
2022: €57k▼ -94.5% vs 2021
2023: €-207k▼ -460% vs 2022
2024: €-681k▼ -229% vs 2023
2025: €-736k▼ -8.1% vs 2024lowest in 5 years
Operating result€410k-€-950k€-245k▲ 74.2%€-454k▼ 85.2%€-34k▲ 92.5%
2021: €410khighest in 5 years
2022: €-950k▼ -332% vs 2021lowest in 5 years
2023: €-245k▲ +74.2% vs 2022
2024: €-454k▼ -85.2% vs 2023
2025: €-34k▲ +92.5% vs 2024
Net result€274k-€-987k€-264k▲ 73.2%€-474k▼ 79.4%€-55k▲ 88.4%
2021: €274khighest in 5 years
2022: €-987k▼ -460% vs 2021lowest in 5 years
2023: €-264k▲ +73.2% vs 2022
2024: €-474k▼ -79.4% vs 2023
2025: €-55k▲ +88.4% vs 2024
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €34k in 2025 against €454k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €489k
Fixed assets
€10k ▼ 48.2%
Current assets
€479k ▼ 11.3%
Key figures and ratios
EBITDA
€-25k▲
2024 · €-444k
Cash flow
€-46k▲
2024 · €-464k
Solvency
-150.6%▼
2024 · -121.8%
Current ratio
0.50▼
2024 · 0.57
Debt to equity
-1.66▲
2024 · -1.82
ROA
-11.3%▲
2024 · -84.8%
Interest coverage
-4.15▲
2024 · -21.44
Debt
€1.22M▼
2024 · €1.24M
Debt ≤ 1 year
€959k▲
2024 · €951k
Debt > 1 year
€266k=
2024 · €266k
Income taxes
€15k
Staff costs
€871▼
2024 · €281k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 44 lines
Balance sheet
Code20242025
Assets
Total assets20/58€559k€489k▼
Fixed assets21/28€19k€10k▼
Intangible fixed assets21€19k€10k▼
Current assets29/58€540k€479k▼
Amounts receivable within one year40/41€531k€469k▼
Trade receivables40€139k-
Other amounts receivable41€392k€469k▲
Cash at bank and in hand54/58€9k€10k▲
Equity and liabilities
Total equity and liabilities10/49€559k€489k▼
Equity10/15€-681k€-736k▼
Contributions10/11€20k€20k=
Reserves13€19k€19k=
Tax-exempt reserves132€19k€19k=
Profit (loss) carried forward14€-720k€-775k▼
Amounts payable17/49€1.24M€1.22M▼
Amounts payable after more than one year17€266k€266k=
Financial debts170/4€266k€266k=
Amounts payable within one year42/48€951k€959k▲
Current portion of amounts payable after more than one year42€82k€11k▼
Trade debts44€503k€473k▼
Suppliers440/4€503k€473k▼
Taxes, remuneration and social security45€48k€465▼
Taxes450/3€37k€38▼
Remuneration and social security454/9€11k€428▼
Other amounts payable47/48€317k€475k▲
Accrued charges and deferred income492/3€23k-
Income statement
Code20242025
Non-recurring operating income76A€55k-
Remuneration, social security and pensions62€281k€871▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€10k€9k▼
Other operating charges640/8€35k€8k▼
Non-recurring operating charges66A€27€13k▲
Gross operating margin9900€-127k€-4k▲
Operating profit (loss)9901€-454k€-34k▲
Financial income75/76B€501-
Recurring financial income75€501-
Financial charges65/66B€21k€6k▼
Recurring financial charges65€21k€6k▼
Profit (loss) for the period before taxes9903€-474k€-40k▲
Income taxes67/77-€15k
Profit (loss) for the period9904€-474k€-55k▲
Profit (loss) for the period to be appropriated9905€-474k€-55k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-720k€-775k▼
Profit (loss) brought forward from the previous period14P€-246k€-720k▼
Social balance
Average headcount (FTE)908713.2-
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | €3.07M | - | - | - |
| Non-recurring operating income76A | - | - | €264k | €55k | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | €3.02M | - | - | - |
| Remuneration, social security and pensions62 | €1.82M | €1.67M | €598k | €281k | €871 | ▼ 99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €246k | €333k | €173k | €10k | €9k | ▼ 8.3% |
| Other operating charges640/8 | €32k | €14k | €34k | €35k | €8k | ▼ 77.2% |
| Non-recurring operating charges66A | - | €10k | €24k | €27 | €13k | ▲ 46,400% |
| Gross operating margin9900 | €2.50M | €1.07M | €584k | €-127k | €-4k | ▲ 97.2% |
| Operating profit (loss)9901 | €410k | €-950k | €-245k | €-454k | €-34k | ▲ 92.5% |
| Financial income75/76B | €2k | €113 | €7k | €501 | - | - |
| Recurring financial income75 | €2k | €113 | €7k | €501 | - | - |
| Financial charges65/66B | €34k | €44k | €26k | €21k | €6k | ▼ 71.0% |
| Recurring financial charges65 | €34k | €44k | €26k | €21k | €6k | ▼ 71.0% |
| Profit (loss) for the period before taxes9903 | €378k | €-993k | €-264k | €-474k | €-40k | ▲ 91.6% |
| Income taxes67/77 | €104k | €-6k | - | - | €15k | - |
| Profit (loss) for the period9904 | €274k | €-987k | €-264k | €-474k | €-55k | ▲ 88.4% |
| Profit (loss) for the period to be appropriated9905 | €274k | €-987k | €-264k | €-474k | €-55k | ▲ 88.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.90M | €2.37M | €1.54M | €559k | €489k | ▼ 12.5% |
| Fixed assets21/28 | €731k | €768k | €375k | €19k | €10k | ▼ 48.2% |
| Intangible fixed assets21 | €309k | €224k | €70k | €19k | €10k | ▼ 48.2% |
| Tangible fixed assets22/27 | €416k | €538k | €300k | - | - | - |
| Land and buildings22 | €756 | €632 | €518 | - | - | - |
| Plant, machinery and equipment23 | €292k | €307k | €88k | - | - | - |
| Furniture and vehicles24 | €37k | €46k | €1k | - | - | - |
| Other tangible fixed assets26 | €87k | €185k | €210k | - | - | - |
| Financial fixed assets28 | €5k | €5k | €5k | - | - | - |
| Current assets29/58 | €2.17M | €1.60M | €1.16M | €540k | €479k | ▼ 11.3% |
| Stocks and contracts in progress3 | €1.13M | €1.04M | €330k | - | - | - |
| Stocks30/36 | €1.13M | €1.04M | €330k | - | - | - |
| Amounts receivable within one year40/41 | €512k | €240k | €717k | €531k | €469k | ▼ 11.6% |
| Trade receivables40 | €432k | €36k | €86k | €139k | - | - |
| Other amounts receivable41 | €80k | €203k | €631k | €392k | €469k | ▲ 19.8% |
| Cash at bank and in hand54/58 | €514k | €311k | €117k | €9k | €10k | ▲ 3.5% |
| Deferred charges and accrued income490/1 | €19k | €17k | €2k | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.90M | €2.37M | €1.54M | €559k | €489k | ▼ 12.5% |
| Equity10/15 | €1.04M | €57k | €-207k | €-681k | €-736k | ▼ 8.1% |
| Contributions10/11 | €20k | €20k | €20k | €20k | €20k | = |
| Capital10 | €20k | - | - | - | - | - |
| Issued capital100 | €20k | - | - | - | - | - |
| Reserves13 | €19k | €19k | €19k | €19k | €19k | = |
| Tax-exempt reserves132 | €19k | €19k | €19k | €19k | €19k | = |
| Profit (loss) carried forward14 | €1.01M | €18k | €-246k | €-720k | €-775k | ▼ 7.7% |
| Amounts payable17/49 | €1.86M | €2.31M | €1.75M | €1.24M | €1.22M | ▼ 1.2% |
| Amounts payable after more than one year17 | €44k | €72k | €344k | €266k | €266k | = |
| Financial debts170/4 | €44k | €72k | €344k | €266k | €266k | = |
| Amounts payable within one year42/48 | €1.81M | €2.24M | €1.40M | €951k | €959k | ▲ 0.9% |
| Current portion of amounts payable after more than one year42 | €26k | €70k | €81k | €82k | €11k | ▼ 87.0% |
| Financial debts43 | €161k | €105k | €10k | - | - | - |
| Credit institutions430/8 | €161k | €25k | €10k | - | - | - |
| Other loans439 | - | €80k | - | - | - | - |
| Trade debts44 | €1.08M | €1.73M | €1.13M | €503k | €473k | ▼ 6.1% |
| Suppliers440/4 | €1.08M | €1.73M | €1.13M | €503k | €473k | ▼ 6.1% |
| Taxes, remuneration and social security45 | €295k | €229k | €53k | €48k | €465 | ▼ 99.0% |
| Taxes450/3 | €7k | €18k | €2k | €37k | €38 | ▼ 99.9% |
| Remuneration and social security454/9 | €288k | €211k | €51k | €11k | €428 | ▼ 96.2% |
| Other amounts payable47/48 | €250k | €113k | €128k | €317k | €475k | ▲ 49.7% |
| Accrued charges and deferred income492/3 | - | - | €499 | €23k | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €274k | €-987k | €-264k | €-474k | €-55k | ▲ 88.4% |
| + Depreciation and write-downs630 | €246k | €333k | €173k | €10k | €9k | ▼ 8.3% |
| Operating cash flow (approximation) | €520k | €-654k | €-91k | €-464k | €-46k | ▲ 90.1% |
| Investment in fixed assets (approximation) | - | €-371k | €220k | €346k | €0 | ▼ 100% |
| Change in cash | - | €-202k | €-195k | €-107k | €329 | ▲ 100% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2026
23-02
State Gazette act
Restructuring · End & cessationMerger · Dissolution · Accounting effect5 facts ▸
State Gazette act
Restructuring · End & cessation
Merger · Dissolution · Accounting effect5 facts ▸
- General meeting, 12-12-2025
- Merger, simplified, 12-12-2025
- Dissolution, 12-12-2025
- Accounting effect, 01-12-2025
- Merger project, 02-09-2025
09-02
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
18-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
18-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Weakest financial yearnet €-987k
Net result drops to €-987k, the lowest in the series.
20-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
29-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Highest result since 2018net €447k ▲226%
Operating result €630k, net result €447k, both a record.
31-12
Financial
Equity above €1MEq €1.02M ▲77.8%
3 profitable years in a row build equity to €1.02M.
24-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Equity above €500kEq €574k ▲31.3%
2 profitable years in a row build equity to €574k.
Show earlier events
04-12
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 126 days late
2018
21-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 21 days late
2017
10-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 10 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 6 acts read
About the unread acts
Of the 6 Belgian State Gazette acts we know for this company, 1 has been read. The other 5 have not been read yet: what they contain is neither established nor disproved here.
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Structure & network
Acquisitions and mergers
1 transactionTaken over by:HEADVITAM