MIDAS TECH
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 164 days after the deadline Filed on 11 October 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00555675.
Annual accounts 2025 filed on 11-10-2026 at the NBB all 12 filings
Turnover
€178,117
EBIT margin
18.1%
Net result
-€47,270▲ 7.7%
2024 · -€51,218
Working capital
€183,740▼ 8.6%
2024 · €201,084
Multi-year overview
2018 to 2025, 7 financial yearsTurnover
no figure
2025
20182025
Operating result
-€50,111
▲ 7.1%
2025
20182025
Net result
-€47,270
▲ 7.7%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€292,054
▼ 13.9%
2025
highest quarter of the sector
20182025
Total assets
€320,548
▼ 9.0%
2025
highest quarter of the sector
20182025
Debt
€28,494
▲ 119%
2025
20182025
Working capital
€183,740
▼ 8.6%
2025
highest quarter of the sector
20182025
Solvency
91.1%
▼ 5.2pp
2025
highest quarter of the sector
20182025
Current ratio
7.45
▼ 9.00
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-14.7%
▼ 0.2pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018202020212022202320242025
Turnover€178,117-
Operating result€32,216-€6,528-€91,611▲ 14×€185,550▲ 103%-€16,538-€53,935▼ 226%-€50,111▲ 7.1%
Net result€23,035-€307below the sector's middle half-€65,616above the sector's middle half▲ 213×€137,265above the sector's middle half▲ 109%-€18,017below the sector's middle half-€51,218below the sector's middle half▼ 184%-€47,270below the sector's middle half▲ 7.7%
EBIT margin18.1%-
Equity€205,354-€205,662above the sector's middle half-€271,278above the sector's middle half▲ 31.9%€408,542above the sector's middle half▲ 50.6%€390,526above the sector's middle half▼ 4.4%€339,308above the sector's middle half▼ 13.1%€292,054above the sector's middle half▼ 13.9%
Total assets€356,183-€383,118above the sector's middle half-€359,376above the sector's middle half▼ 6.2%€453,465above the sector's middle half▲ 26.2%€409,955above the sector's middle half▼ 9.6%€352,328above the sector's middle half▼ 14.1%€320,548above the sector's middle half▼ 9.0%
Debt€150,829-€177,457-€88,098▼ 50.4%€44,923▼ 49.0%€19,429▼ 56.8%€13,020▼ 33.0%€28,494▲ 119%
Working capital€68,725-€73,543within the sector's middle half-€62,254within the sector's middle half▼ 15.4%€222,104above the sector's middle half▲ 257%€228,499above the sector's middle half▲ 2.9%€201,084above the sector's middle half▼ 12.0%€183,740above the sector's middle half▼ 8.6%
Solvency57.7%-53.7%within the sector's middle half-75.5%within the sector's middle half▲ 21.8pp90.1%above the sector's middle half▲ 14.6pp95.3%above the sector's middle half▲ 5.2pp96.3%above the sector's middle half▲ 1.0pp91.1%above the sector's middle half▼ 5.2pp
Current ratio2.71-2.44within the sector's middle half-1.95within the sector's middle half▼ 0.498.45above the sector's middle half▲ 6.5020.34above the sector's middle half▲ 11.8916.44above the sector's middle half▼ 3.897.45above the sector's middle half▼ 9.00
Return on assets (ROA)6.5%-0.1%below the sector's middle half-18.3%within the sector's middle half▲ 18.2pp30.3%above the sector's middle half▲ 12.0pp-4.4%below the sector's middle half▼ 34.7pp-14.5%below the sector's middle half▼ 10.1pp-14.7%below the sector's middle half▼ 0.2pp
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 €50,111, smaller than the loss of €53,935 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €320,548
Fixed assets
€108,314 ▼ 21.6%
Current assets
€212,234 ▼ 0.9%
Equity and liabilities €320,548
Equity
€292,054 ▼ 13.9%
Debt
€28,494 ▲ 119%
Debt's share of the balance-sheet total rises from 3.7% to 8.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€20,201▲
2024 · -€22,519
Cash flow
-€17,360▲
2024 · -€19,802
Quick ratio
7.41▼
2024 · 16.44
Debt to equity
0.10▲
2024 · 0.04
ROE
-16.2%▼
2024 · -15.1%
Interest coverage
-44.03▼
2024 · -43.14
Debt ≤ 1 year
€28,494▲
2024 · €13,020
Supplier credit
145 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,083 | €1,933 | - | - | - |
| Depreciation and write-downs of the year | €30,885 | €31,917 | €31,916 | €31,416 | €29,910 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €178,117 | - | - | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | - | €67,466 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,111 | €38,112 | €30,885 | €31,917 | €31,916 | €31,416 | €29,910 | ▼ 4.8% |
| Other operating charges640/8 | - | - | €4,796 | €1,379 | €1,809 | €1,573 | €1,452 | ▼ 7.7% |
| Gross operating margin9900 | €54,467 | €46,095 | €127,291 | €218,846 | €17,187 | -€20,946 | -€18,749 | ▲ 10.5% |
| Operating profit (loss)9901 | €32,216 | €6,528 | €91,611 | €185,550 | -€16,538 | -€53,935 | -€50,111 | ▲ 7.1% |
| Financial income75/76B | - | - | - | - | - | €3,239 | €3,301 | ▲ 1.9% |
| Recurring financial income75 | - | €61 | - | - | - | €3,239 | €3,301 | ▲ 1.9% |
| Financial charges65/66B | - | - | €3,425 | €943 | €688 | €522 | €459 | ▼ 12.1% |
| Recurring financial charges65 | €5,077 | €4,432 | €3,425 | €943 | €688 | €522 | €459 | ▼ 12.1% |
| Profit (loss) for the period before taxes9903 | €27,138 | €2,158 | €88,186 | €184,606 | -€17,226 | -€51,218 | -€47,270 | ▲ 7.7% |
| Income taxes67/77 | €4,103 | €1,850 | €22,570 | €47,342 | €791 | - | - | - |
| Profit (loss) for the period9904 | €23,035 | €307 | €65,616 | €137,265 | -€18,017 | -€51,218 | -€47,270 | ▲ 7.7% |
| Profit (loss) for the period to be appropriated9905 | €23,035 | €307 | €65,616 | €137,265 | -€18,017 | -€51,218 | -€47,270 | ▲ 7.7% |
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €356,183 | €383,118 | €359,376 | €453,465 | €409,955 | €352,328 | €320,548 | ▼ 9.0% |
| Fixed assets21/28 | €247,161 | €258,341 | €231,540 | €201,556 | €169,640 | €138,224 | €108,314 | ▼ 21.6% |
| Tangible fixed assets22/27 | €247,136 | €258,316 | €231,515 | €201,531 | €169,615 | €138,199 | €108,289 | ▼ 21.6% |
| Land and buildings22 | - | - | €159,138 | €143,612 | €128,087 | €112,561 | €97,035 | ▼ 13.8% |
| Plant, machinery and equipment23 | - | - | €4,926 | €4,549 | €2,240 | €431 | €13 | ▼ 97.0% |
| Furniture and vehicles24 | - | - | €33,542 | €25,127 | €16,713 | €8,299 | - | - |
| Other tangible fixed assets26 | - | - | €33,910 | €28,242 | €22,575 | €16,908 | €11,241 | ▼ 33.5% |
| Financial fixed assets28 | €25 | €25 | €25 | €25 | €25 | €25 | €25 | = |
| Current assets29/58 | €109,021 | €124,777 | €127,836 | €251,909 | €240,315 | €214,104 | €212,234 | ▼ 0.9% |
| Stocks and contracts in progress3 | - | - | - | - | - | - | €1,058 | - |
| Stocks30/36 | - | - | - | - | - | - | €1,058 | - |
| Amounts receivable within one year40/41 | €229 | €17,721 | €14,397 | - | €13,983 | €60,305 | €71,308 | ▲ 18.2% |
| Trade receivables40 | - | - | - | - | - | €6,404 | €7,238 | ▲ 13.0% |
| Other amounts receivable41 | - | - | €14,397 | - | €13,983 | €53,901 | €64,070 | ▲ 18.9% |
| Current investments50/53 | - | - | - | €1,821 | €1,821 | €1,821 | €1,821 | = |
| Cash at bank and in hand54/58 | €108,792 | €107,057 | €113,142 | €249,791 | €224,511 | €151,978 | €138,048 | ▼ 9.2% |
| Deferred charges and accrued income490/1 | - | - | €297 | €297 | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €356,183 | €383,118 | €359,376 | €453,465 | €409,955 | €352,328 | €320,548 | ▼ 9.0% |
| Equity10/15 | €205,354 | €205,662 | €271,278 | €408,542 | €390,526 | €339,308 | €292,054 | ▼ 13.9% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Capital10 | - | - | €6,200 | €6,200 | - | - | - | - |
| Issued capital100 | - | - | €18,600 | €18,600 | - | - | - | - |
| Uncalled capital101 | - | - | €12,400 | €12,400 | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €197,294 | €197,602 | €263,218 | €400,482 | €382,466 | €331,248 | €283,994 | ▼ 14.3% |
| Amounts payable17/49 | €150,829 | €177,457 | €88,098 | €44,923 | €19,429 | €13,020 | €28,494 | ▲ 119% |
| Amounts payable after more than one year17 | €110,533 | €126,223 | €22,516 | €15,118 | €7,613 | - | - | - |
| Financial debts170/4 | - | - | €22,516 | €15,118 | €7,613 | - | - | - |
| Amounts payable within one year42/48 | €40,296 | €51,234 | €65,582 | €29,805 | €11,816 | €13,020 | €28,494 | ▲ 119% |
| Current portion of amounts payable after more than one year42 | - | - | €7,294 | €7,398 | €7,505 | €7,613 | - | - |
| Trade debts44 | €18,550 | €18,790 | €27,460 | €7,008 | €4,284 | €4,372 | €26,786 | ▲ 513% |
| Suppliers440/4 | - | - | €27,460 | €7,008 | €4,284 | €4,372 | €26,786 | ▲ 513% |
| Taxes, remuneration and social security45 | - | - | €11,653 | €12,850 | - | €1,035 | €1,709 | ▲ 65.0% |
| Taxes450/3 | - | - | €11,653 | €12,850 | - | €1,035 | €1,709 | ▲ 65.0% |
| Other amounts payable47/48 | - | - | €19,175 | €2,549 | €27 | - | - | - |
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €23,035 | €307 | €65,616 | €137,265 | -€18,017 | -€51,218 | -€47,270 | ▲ 7.7% |
| + Depreciation and write-downs630 | €21,111 | €38,112 | €30,885 | €31,917 | €31,916 | €31,416 | €29,910 | ▼ 4.8% |
| Operating cash flow (approximation) | €44,146 | €38,420 | €96,501 | €169,181 | €13,900 | -€19,802 | -€17,360 | ▲ 12.3% |
| Investment in fixed assets (approximation) | - | - | -€4,083 | -€1,933 | €0 | €0 | €0 | - |
| Change in cash | - | - | €6,085 | €136,649 | -€25,280 | -€72,533 | -€13,930 | ▲ 80.8% |
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, 4,805 companies had the same profile as MIDAS TECH has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MIDAS TECH itself: 1.2% 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 4,805 companies, not a prediction for MIDAS TECH. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 11-10-2026 | 2026-00555675 | |
| 30-09-2024 | micro format | 23-07-2026 | 2026-00321819 | |
| 30-09-2023 | micro format | 23-07-2026 | 2026-00321698 | |
| 30-09-2022 | micro format | 11-06-2023 | 2023-00127005 | |
| 30-09-2021 | micro format | 29-04-2022 | 2022-20013212 | |
| 30-09-2020 | micro format | 30-04-2021 | 2021-12000482 | |
| 31-12-2018 | micro format | 29-09-2019 | 2019-68800155 | |
| 31-12-2017 | micro format | 30-11-2018 | 2018-73400470 | |
| 31-12-2016 | full format | 21-09-2017 | 2017-61700011 | |
| 31-12-2015 | full format | 31-08-2016 | 2016-58700580 |