MIND SERVER
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 28 filings
Turnover
€136,661
EBIT margin
27.4%
Net result
€5.6m▲ 69×
2024 · €81,313
Working capital
€2.9m
2024 · -€5,426
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€53,616
2025
20182025
Net result
€5.6m
▲ 69×
2025
highest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€5.0m
▲ 70×
2025
highest quarter of the sector
20182025
Total assets
€6.0m
▲ 26×
2025
highest quarter of the sector
20182025
Debt
€1.1m
▲ 568%
2025
20182025
Working capital
€2.9m
2025
highest quarter of the sector
20182025
Solvency
82.6%
▲ 51.5pp
2025
highest quarter of the sector
20182025
Current ratio
3.73
▲ 2.77
2025
middle half of the sector
20182025
Return on assets (ROA)
93.3%
▲ 57.6pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.1m
Operating result€0.04m-€0.04m▼ 2.3%€0.04m▲ 2.3%€0.03m▼ 27.9%€0.08m▲ 214%€0.1m▲ 17.8%€0.1m▲ 4.7%-€0.05m
Net result€0.03m-€0.03m▲ 15.7%€0.03mwithin the sector's middle half▼ 11.4%€0.02mwithin the sector's middle half▼ 31.5%€0.06mabove the sector's middle half▲ 229%€0.07mabove the sector's middle half▲ 17.0%€0.08mabove the sector's middle half▲ 15.0%€5.6mabove the sector's middle half▲ 69×
EBIT margin27.4%
Equity€0.2m-€0.2m▲ 14.1%€0.3mabove the sector's middle half▲ 10.9%€0.3mabove the sector's middle half▲ 6.7%€0.4mabove the sector's middle half▲ 20.8%€0.1mwithin the sector's middle half▼ 57.6%€0.07mwithin the sector's middle half▼ 52.5%€5.0mabove the sector's middle half▲ 70×
Total assets€0.3m-€0.3m▲ 2.6%€0.3mabove the sector's middle half▲ 10.2%€0.3mabove the sector's middle half▲ 9.0%€0.4mabove the sector's middle half▲ 24.6%€0.2mwithin the sector's middle half▼ 45.9%€0.2mwithin the sector's middle half▲ 9.3%€6.0mabove the sector's middle half▲ 26×
Debt€0.04m-€0.01m▼ 66.4%€0.01m▼ 3.4%€0.02m▲ 61.9%€0.03m▲ 83.8%€0.06m▲ 72.1%€0.2m▲ 164%€1.1m▲ 568%
Working capital€0.1m-€0.2m▲ 21.7%€0.2mabove the sector's middle half▲ 15.8%€0.2mabove the sector's middle half▲ 9.4%€0.3mabove the sector's middle half▲ 26.4%€0.07mwithin the sector's middle half▼ 73.6%-€0.005mbelow the sector's middle half€2.9mabove the sector's middle half
Solvency85.7%-95.3%▲ 9.6pp95.9%above the sector's middle half▲ 0.6pp93.9%above the sector's middle half▼ 2.0pp91.0%above the sector's middle half▼ 2.9pp71.4%within the sector's middle half▼ 19.6pp31.1%below the sector's middle half▼ 40.4pp82.6%above the sector's middle half▲ 51.5pp
Current ratio4.92-15.18▲ 10.2618.01above the sector's middle half▲ 2.8312.49above the sector's middle half▼ 5.528.90above the sector's middle half▼ 3.592.21within the sector's middle half▼ 6.690.97below the sector's middle half▼ 1.253.73within the sector's middle half▲ 2.77
Return on assets (ROA)10.4%-11.7%▲ 1.3pp9.4%within the sector's middle half▼ 2.3pp5.9%within the sector's middle half▼ 3.5pp15.7%within the sector's middle half▲ 9.7pp33.9%above the sector's middle half▲ 18.2pp35.7%within the sector's middle half▲ 1.8pp93.3%above the sector's middle half▲ 57.6pp
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 €53,616, after a profit of €104,451 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.0m
Fixed assets
€2.1m ▲ 28×
Current assets
€3.9m ▲ 26×
Equity and liabilities €6.0m
Equity
€5.0m ▲ 70×
Debt
€1.1m ▲ 568%
Debt's share of the balance-sheet total falls from 68.9% to 17.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
-€50,712▼
2024 · €104,816
Cash flow
€5.6m▲
2024 · €81,678
Debt to equity
0.21▼
2024 · 2.22
ROE
112.9%▼
2024 · 114.8%
Interest coverage
-45.98▼
2024 · over 100
Debt ≤ 1 year
€1.1m▲
2024 · €157,126
Income taxes
€400,366▲
2024 · €22,156
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 | - | €3,557 | - | - | - |
| Intangible fixed assets | - | - | - | - | €123,000 |
| Financial fixed assets | - | - | - | - | €2.0m |
| Depreciation and write-downs of the year | €190 | €252 | €365 | €365 | €2,904 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | €0.1m | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €228 | €171 | €200 | €190 | €252 | €365 | €365 | €0.003m | ▲ 696% |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 46.6% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €0.002m | - |
| Gross operating margin9900 | €0.04m | €0.04m | €0.04m | €0.03m | €0.09m | €0.1m | €0.1m | -€0.05m | - |
| Operating profit (loss)9901 | €0.04m | €0.04m | €0.04m | €0.03m | €0.08m | €0.1m | €0.1m | -€0.05m | - |
| Financial income75/76B | - | - | - | €5 | €10 | €0 | - | €6.1m | - |
| Recurring financial income75 | €0.001m | - | €0 | €5 | €10 | €0 | - | €0.003m | - |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €6.1m | - |
| Financial charges65/66B | - | - | - | €0.001m | €249 | €0.001m | €0.001m | €0.001m | ▲ 12.4% |
| Recurring financial charges65 | €135 | €128 | €134 | €0.001m | €249 | €0.001m | €0.001m | €0.001m | ▲ 12.4% |
| Profit (loss) for the period before taxes9903 | €0.04m | €0.04m | €0.04m | €0.03m | €0.08m | €0.1m | €0.1m | €6.0m | ▲ 58× |
| Income taxes67/77 | €0.01m | €0.008m | €0.01m | €0.008m | €0.02m | €0.03m | €0.02m | €0.4m | ▲ 18× |
| Profit (loss) for the period9904 | €0.03m | €0.03m | €0.03m | €0.02m | €0.06m | €0.07m | €0.08m | €5.6m | ▲ 69× |
| Profit (loss) for the period to be appropriated9905 | €0.03m | €0.03m | €0.03m | €0.02m | €0.06m | €0.07m | €0.08m | €5.6m | ▲ 69× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.2m | €0.2m | €6.0m | ▲ 26× |
| Fixed assets21/28 | €0.07m | €0.07m | €0.07m | €0.07m | €0.08m | €0.08m | €0.08m | €2.1m | ▲ 28× |
| Intangible fixed assets21 | - | - | - | - | - | - | - | €0.1m | - |
| Tangible fixed assets22/27 | €0.001m | €0.001m | €333 | €143 | €0.003m | €0.003m | €0.003m | €0 | ▼ 100% |
| Land and buildings22 | - | - | - | - | €0.003m | €0.003m | €0.003m | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €45 | €0 | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €98 | €90 | €80 | €71 | €0 | ▼ 100% |
| Financial fixed assets28 | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €2.0m | ▲ 27× |
| Current assets29/58 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.1m | €0.2m | €3.9m | ▲ 26× |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.2m | €0.1m | €0.05m | €0 | €211 | €0.3m | ▲ 1,569× |
| Trade receivables40 | - | - | - | €0.1m | €0.05m | €0 | €211 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €0.002m | €0 | - | - | €0.3m | - |
| Cash at bank and in hand54/58 | €0.02m | €0.03m | €0.06m | €0.09m | €0.3m | €0.1m | €0.2m | €3.6m | ▲ 24× |
| Deferred charges and accrued income490/1 | - | - | - | €412 | €0 | €32 | €0 | €0.02m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.2m | €0.2m | €6.0m | ▲ 26× |
| Equity10/15 | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | €0.1m | €0.07m | €5.0m | ▲ 70× |
| Contributions10/11 | €0.009m | €0.009m | - | €0.009m | €0.009m | €0.009m | €0.009m | €0.009m | = |
| Reserves13 | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.1m | €0.06m | €4.7m | ▲ 76× |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0 | - | - |
| Distributable reserves133 | - | - | - | €0.3m | €0.3m | €0.1m | €0.06m | €4.7m | ▲ 76× |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | €0 | €0.3m | - |
| Amounts payable17/49 | €0.04m | €0.01m | €0.01m | €0.02m | €0.03m | €0.06m | €0.2m | €1.1m | ▲ 568% |
| Amounts payable within one year42/48 | €0.04m | €0.01m | €0.01m | €0.02m | €0.03m | €0.06m | €0.2m | €1.1m | ▲ 568% |
| Trade debts44 | €0.002m | €0.007m | €0.002m | €0.003m | €0.003m | €0.002m | €0.001m | €0.006m | ▲ 376% |
| Suppliers440/4 | - | - | - | €0.003m | €0.003m | €0.002m | €0.001m | €0.006m | ▲ 376% |
| Advances received on contracts in progress46 | - | - | - | - | - | €0.008m | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.007m | €0.02m | €0.02m | €0.02m | €0.3m | ▲ 21× |
| Taxes450/3 | - | - | - | €0.007m | €0.02m | €0.02m | €0.02m | €0.3m | ▲ 21× |
| Other amounts payable47/48 | - | - | - | €0.009m | €0.01m | €0.03m | €0.1m | €0.7m | ▲ 411% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €35 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.03m | €0.03m | €0.03m | €0.02m | €0.06m | €0.07m | €0.08m | €5.6m | ▲ 69× |
| + Depreciation and write-downs630 | €228 | €171 | €200 | €190 | €252 | €365 | €365 | €0.003m | ▲ 696% |
| Operating cash flow (approximation) | €0.03m | €0.03m | €0.03m | €0.02m | €0.06m | €0.07m | €0.08m | €5.6m | ▲ 69× |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€0.004m | €0.001m | €0 | -€2.0m | - |
| Change in cash | - | €0.01m | €0.03m | €0.04m | €0.2m | -€0.1m | €0.02m | €3.4m | ▲ 174× |
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, 1,579 companies had the same profile as MIND SERVER has now. Two years later, 96.7% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
3.2%
stopped otherwise
0.1%
went bankrupt
That fits the bankruptcy probability of MIND SERVER 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 1,579 companies, not a prediction for MIND SERVER. 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 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-07-2026 | 2026-00299764 | |
| 31-12-2024 | micro format | 03-06-2025 | 2025-00115486 | |
| 31-12-2023 | micro format | 14-06-2024 | 2024-00129429 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00292571 | |
| 31-12-2021 | micro format | 21-07-2022 | 2022-20209775 | |
| 31-12-2020 | micro format | 27-07-2021 | 2021-40500212 | |
| 31-12-2019 | micro format | 20-07-2020 | 2020-32200293 | |
| 31-12-2018 | micro format | 16-07-2019 | 2019-33600018 | |
| 31-12-2017 | micro format | 24-07-2018 | 2018-37800438 | |
| 31-12-2016 | micro format | 28-07-2017 | 2017-39100205 |