MICCONSULT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-03-2026 PDF all 34 filings
Turnover
≈ €660,000
Estimated: probably between €450,000 and €860,000
Total assets
€672,238▼ 2.4%
2024 · €688,986
Net result
€57,759▲ 192%
2024 · €19,774
Working capital
€250,923▼ 24.4%
2024 · €332,121
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€88,102
▲ 127%
2025
20192025
Net result
€57,759
▲ 192%
2025
highest quarter of the sector
20192025
Equity
€271,511
▼ 28.0%
2025
highest quarter of the sector
20192025
Total assets
€672,238
▼ 2.4%
2025
highest quarter of the sector
20192025
Debt
€400,727
▲ 28.4%
2025
20192025
Working capital
€250,923
▼ 24.4%
2025
highest quarter of the sector
20192025
Solvency
40.4%
▼ 14.3pp
2025
middle half of the sector
20192025
Current ratio
1.83
▼ 0.88
2025
middle half of the sector
20192025
Return on assets (ROA)
8.6%
▲ 5.7pp
2025
middle half of the sector
20192025
Staff (FTE)
2
▼ 9.1%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€74,785-€71,521▼ 4.4%€98,979▲ 38.4%€79,394▼ 19.8%€48,960▼ 38.3%€38,804▼ 20.7%€88,102▲ 127%
Net result€44,158-€50,752above the sector's middle half▲ 14.9%€65,057above the sector's middle half▲ 28.2%€47,571above the sector's middle half▼ 26.9%€35,626within the sector's middle half▼ 25.1%€19,774within the sector's middle half▼ 44.5%€57,759above the sector's middle half▲ 192%
Equity€253,948-€303,099above the sector's middle half▲ 19.4%€364,556above the sector's middle half▲ 20.3%€410,527above the sector's middle half▲ 12.6%€404,581above the sector's middle half▼ 1.4%€376,979above the sector's middle half▼ 6.8%€271,511above the sector's middle half▼ 28.0%
Total assets€415,189-€730,040above the sector's middle half▲ 75.8%€775,971above the sector's middle half▲ 6.3%€850,100above the sector's middle half▲ 9.6%€734,295above the sector's middle half▼ 13.6%€688,986above the sector's middle half▼ 6.2%€672,238above the sector's middle half▼ 2.4%
Debt€161,241-€426,941▲ 165%€411,415▼ 3.6%€439,573▲ 6.8%€329,714▼ 25.0%€312,007▼ 5.4%€400,727▲ 28.4%
Working capital€326,956-€410,826above the sector's middle half▲ 25.7%€410,428above the sector's middle half▼ 0.1%€346,507above the sector's middle half▼ 15.6%€332,361above the sector's middle half▼ 4.1%€332,121above the sector's middle half▼ 0.1%€250,923above the sector's middle half▼ 24.4%
Solvency61.2%-41.5%within the sector's middle half▼ 19.6pp47.0%within the sector's middle half▲ 5.5pp48.3%within the sector's middle half▲ 1.3pp55.1%within the sector's middle half▲ 6.8pp54.7%within the sector's middle half▼ 0.4pp40.4%within the sector's middle half▼ 14.3pp
Current ratio6.83-4.12above the sector's middle half▼ 2.714.05within the sector's middle half▼ 0.072.23within the sector's middle half▼ 1.832.73within the sector's middle half▲ 0.502.71within the sector's middle half▼ 0.021.83within the sector's middle half▼ 0.88
Return on assets (ROA)10.6%-7.0%within the sector's middle half▼ 3.7pp8.4%within the sector's middle half▲ 1.4pp5.6%within the sector's middle half▼ 2.8pp4.9%within the sector's middle half▼ 0.7pp2.9%within the sector's middle half▼ 2.0pp8.6%within the sector's middle half▲ 5.7pp
Staff (FTE)2-2within the sector's middle half=2=2=2.1▲ 5.0%2.2▲ 4.8%2▼ 9.1%
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 127% higher than in 2024. It is a recovery after the fall in 2024.
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 €672,238
Fixed assets
€118,486 ▼ 27.2%
Current assets
€553,752 ▲ 5.2%
Equity and liabilities €672,238
Equity
€271,511 ▼ 28.0%
Debt
€400,727 ▲ 28.4%
Debt's share of the balance-sheet total rises from 45.3% to 59.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€125,883▲
2024 · €76,825
Cash flow
€95,540▲
2024 · €57,795
Debt to equity
1.48▲
2024 · 0.83
ROE
21.3%▲
2024 · 5.2%
Interest coverage
20.20▲
2024 · 10.19
Debt ≤ 1 year
€302,829▲
2024 · €194,105
Debt > 1 year
€97,898▼
2024 · €117,829
Income taxes
€25,492▲
2024 · €11,584
Staff costs
€210,401▼
2024 · €217,077
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 3 | 2 | 2 |
| full-time | 2 | 2 | 2 | 2 |
| part-time | 0 | 1 | 0 | 0 |
| in full-time equivalents | 2 | 2.8 | 2 | 2 |
| Average over the year, in full-time equivalents | 2 | 2.1 | 2.2 | 2 |
| On a permanent contract | 2 | 3 | 2 | 2 |
| Joined | - | 1 | 0 | 1 |
| Left | - | 0 | 1 | 1 |
| Training hours | - | - | 0 | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Mortgages, amount registered | - | €220,000 | €220,000 | €220,000 |
| Carrying value of the mortgaged assets | - | €134,116 | €115,116 | €115,116 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €33,523 | €37,074 | €7,699 | €1,445 |
| Depreciation and write-downs of the year | €38,985 | €44,569 | €38,020 | €37,782 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €461 awarded · €578 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €122 | €122 |
| 2024 | 1 | €0 | €192 |
| 2023 | 1 | €231 | €195 |
| 2022 | 1 | €108 | €69 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €178,280 | €203,612 | €217,077 | €210,401 | ▼ 3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,133 | €8,423 | €32,089 | €38,985 | €44,569 | €38,020 | €37,782 | ▼ 0.6% |
| Other operating charges640/8 | - | - | - | €1,246 | €1,690 | €805 | €1,477 | ▲ 83.4% |
| Non-recurring operating charges66A | - | - | - | €0 | - | - | - | - |
| Gross operating margin9900 | €264,700 | €255,444 | €305,980 | €297,905 | €298,830 | €294,707 | €337,761 | ▲ 14.6% |
| Operating profit (loss)9901 | €74,785 | €71,521 | €98,979 | €79,394 | €48,960 | €38,804 | €88,102 | ▲ 127% |
| Financial income75/76B | - | - | - | €102 | €10,181 | €95 | €1,382 | ▲ 15× |
| Recurring financial income75 | €25 | €569 | €183 | €102 | €10,181 | €95 | €1,382 | ▲ 15× |
| Financial charges65/66B | - | - | - | €8,873 | €6,599 | €7,541 | €6,233 | ▼ 17.3% |
| Recurring financial charges65 | €5,990 | €7,079 | €9,665 | €8,873 | €6,599 | €7,541 | €6,233 | ▼ 17.3% |
| Profit (loss) for the period before taxes9903 | €68,820 | €65,011 | €89,497 | €70,623 | €52,543 | €31,358 | €83,251 | ▲ 165% |
| Income taxes67/77 | €24,661 | €14,259 | €24,441 | €23,052 | €16,916 | €11,584 | €25,492 | ▲ 120% |
| Profit (loss) for the period9904 | €44,158 | €50,752 | €65,057 | €47,571 | €35,626 | €19,774 | €57,759 | ▲ 192% |
| Profit (loss) for the period to be appropriated9905 | €44,158 | €50,752 | €65,057 | €47,571 | €35,626 | €19,774 | €57,759 | ▲ 192% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €415,189 | €730,040 | €775,971 | €850,100 | €734,295 | €688,986 | €672,238 | ▼ 2.4% |
| Fixed assets21/28 | €32,169 | €187,551 | €231,165 | €221,023 | €209,750 | €162,760 | €118,486 | ▼ 27.2% |
| Tangible fixed assets22/27 | €16,522 | €171,904 | €215,517 | €205,376 | €194,102 | €147,113 | €110,776 | ▼ 24.7% |
| Plant, machinery and equipment23 | - | - | - | €0 | €2,701 | €2,142 | €1,583 | ▼ 26.1% |
| Furniture and vehicles24 | - | - | - | €52,260 | €57,284 | €29,854 | €13,077 | ▼ 56.2% |
| Other tangible fixed assets26 | - | - | - | €153,116 | €134,116 | €115,116 | €96,116 | ▼ 16.5% |
| Financial fixed assets28 | €15,648 | €15,648 | €15,648 | €15,648 | €15,648 | €15,648 | €7,710 | ▼ 50.7% |
| Current assets29/58 | €383,019 | €542,489 | €544,806 | €629,077 | €524,545 | €526,226 | €553,752 | ▲ 5.2% |
| Amounts receivable within one year40/41 | €144,859 | €207,254 | €173,977 | €270,281 | €241,474 | €267,620 | €216,488 | ▼ 19.1% |
| Trade receivables40 | - | - | - | €265,608 | €230,780 | €257,611 | €211,314 | ▼ 18.0% |
| Other amounts receivable41 | - | - | - | €4,673 | €10,694 | €10,009 | €5,173 | ▼ 48.3% |
| Current investments50/53 | €75,000 | €78,584 | €78,566 | €78,566 | €546 | €847 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €161,920 | €256,651 | €289,570 | €277,167 | €279,196 | €257,437 | €335,685 | ▲ 30.4% |
| Deferred charges and accrued income490/1 | - | - | - | €3,063 | €3,329 | €322 | €1,579 | ▲ 391% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €415,189 | €730,040 | €775,971 | €850,100 | €734,295 | €688,986 | €672,238 | ▼ 2.4% |
| Equity10/15 | €253,948 | €303,099 | €364,556 | €410,527 | €404,581 | €376,979 | €271,511 | ▼ 28.0% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €82,673 | €284,499 | €345,956 | €391,927 | €385,981 | €358,379 | €252,911 | ▼ 29.4% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €390,067 | €385,981 | €358,379 | €252,911 | ▼ 29.4% |
| Profit (loss) carried forward14 | €152,675 | €0 | - | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €161,241 | €426,941 | €411,415 | €439,573 | €329,714 | €312,007 | €400,727 | ▲ 28.4% |
| Amounts payable after more than one year17 | €100,000 | €295,278 | €276,252 | €157,003 | €137,530 | €117,829 | €97,898 | ▼ 16.9% |
| Financial debts170/4 | - | - | - | €157,003 | €137,530 | €117,829 | €97,898 | ▼ 16.9% |
| Amounts payable within one year42/48 | €56,063 | €131,663 | €134,378 | €282,569 | €192,184 | €194,105 | €302,829 | ▲ 56.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €131,779 | €19,473 | €19,701 | €19,931 | ▲ 1.2% |
| Trade debts44 | €1,883 | €54,982 | €15,680 | €35,326 | €32,454 | €22,908 | €27,273 | ▲ 19.1% |
| Suppliers440/4 | - | - | - | €35,326 | €32,454 | €22,908 | €27,273 | ▲ 19.1% |
| Taxes, remuneration and social security45 | - | - | - | €79,093 | €93,051 | €102,993 | €91,134 | ▼ 11.5% |
| Taxes450/3 | - | - | - | €49,506 | €60,696 | €73,781 | €66,912 | ▼ 9.3% |
| Remuneration and social security454/9 | - | - | - | €29,586 | €32,355 | €29,212 | €24,222 | ▼ 17.1% |
| Other amounts payable47/48 | - | - | - | €36,372 | €47,206 | €48,503 | €164,491 | ▲ 239% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | €73 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €44,158 | €50,752 | €65,057 | €47,571 | €35,626 | €19,774 | €57,759 | ▲ 192% |
| + Depreciation and write-downs630 | €12,133 | €8,423 | €32,089 | €38,985 | €44,569 | €38,020 | €37,782 | ▼ 0.6% |
| Operating cash flow (approximation) | €56,292 | €59,175 | €97,146 | €86,556 | €80,195 | €57,795 | €95,540 | ▲ 65.3% |
| Investment in fixed assets (approximation) | - | -€163,805 | -€75,703 | -€28,843 | -€33,295 | €8,969 | €6,493 | ▼ 27.6% |
| Change in cash | - | €94,731 | €32,919 | -€12,403 | €2,029 | -€21,759 | €78,248 | - |
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 MICCONSULT 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 MICCONSULT 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 MICCONSULT. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 02-03-2026 | 2026-00046942 | |
| 30-09-2024 | micro format | 31-03-2025 | 2025-00058516 | |
| 30-09-2023 | micro format | 25-03-2024 | 2024-00048451 | |
| 30-09-2022 | micro format | 13-03-2023 | 2023-00038494 | |
| 30-09-2021 | micro format | 21-03-2022 | 2022-08100133 | |
| 30-09-2020 | micro format | 29-03-2021 | 2021-08800169 | |
| 30-09-2019 | micro format | 29-04-2020 | 2020-10600331 | |
| 30-09-2018 | micro format | 03-06-2019 | 2019-15600488 | |
| 30-09-2017 | micro format | 06-04-2018 | 2018-09400502 | |
| 30-09-2016 | abbreviated format | 10-05-2017 | 2017-11800293 |