MINDSHARE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-03-2026 PDF all 30 filings
Turnover
≈ €230,000
Estimated: probably between €200,000 and €270,000
Total assets
€400,636▲ 15.2%
2024 · €347,692
Net result
€104,086▲ 20.3%
2024 · €86,506
Working capital
€347,861▲ 51.1%
2024 · €230,228
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€121,364
▼ 7.6%
2025
20192025
Net result
€104,086
▲ 20.3%
2025
highest quarter of the sector
20192025
Equity
€376,866
▲ 37.7%
2025
highest quarter of the sector
20192025
Total assets
€400,636
▲ 15.2%
2025
middle half of the sector
20192025
Debt
€23,770
▼ 67.9%
2025
20192025
Working capital
€347,861
▲ 51.1%
2025
highest quarter of the sector
20192025
Solvency
94.1%
▲ 15.4pp
2025
highest quarter of the sector
20192025
Current ratio
15.89
▲ 11.76
2025
highest quarter of the sector
20192025
Return on assets (ROA)
26.0%
▲ 1.1pp
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€10,642-€17,013€66,355▲ 290%€84,231▲ 26.9%€115,761▲ 37.4%€131,303▲ 13.4%€121,364▼ 7.6%
Net result-€11,618-€14,933within the sector's middle half€46,828within the sector's middle half▲ 214%€60,388above the sector's middle half▲ 29.0%€71,241above the sector's middle half▲ 18.0%€86,506above the sector's middle half▲ 21.4%€104,086above the sector's middle half▲ 20.3%
Equity€138,915-€153,847within the sector's middle half▲ 10.7%€156,040within the sector's middle half▲ 1.4%€179,403within the sector's middle half▲ 15.0%€224,879within the sector's middle half▲ 25.3%€273,613above the sector's middle half▲ 21.7%€376,866above the sector's middle half▲ 37.7%
Total assets€219,825-€213,729within the sector's middle half▼ 2.8%€218,200within the sector's middle half▲ 2.1%€239,018within the sector's middle half▲ 9.5%€281,383within the sector's middle half▲ 17.7%€347,692within the sector's middle half▲ 23.6%€400,636within the sector's middle half▲ 15.2%
Debt€80,911-€59,882▼ 26.0%€62,160▲ 3.8%€59,615▼ 4.1%€56,503▼ 5.2%€74,079▲ 31.1%€23,770▼ 67.9%
Working capital€82,049-€108,241within the sector's middle half▲ 31.9%€118,634within the sector's middle half▲ 9.6%€126,310within the sector's middle half▲ 6.5%€171,310above the sector's middle half▲ 35.6%€230,228above the sector's middle half▲ 34.4%€347,861above the sector's middle half▲ 51.1%
Solvency63.2%-72.0%within the sector's middle half▲ 8.8pp71.5%within the sector's middle half▼ 0.5pp75.1%within the sector's middle half▲ 3.5pp79.9%above the sector's middle half▲ 4.9pp78.7%within the sector's middle half▼ 1.2pp94.1%above the sector's middle half▲ 15.4pp
Current ratio2.57-3.31within the sector's middle half▲ 0.742.92within the sector's middle half▼ 0.393.81within the sector's middle half▲ 0.894.30within the sector's middle half▲ 0.494.12within the sector's middle half▼ 0.1715.89above the sector's middle half▲ 11.76
Return on assets (ROA)-5.3%-7.0%within the sector's middle half▲ 12.3pp21.5%within the sector's middle half▲ 14.5pp25.3%within the sector's middle half▲ 3.8pp25.3%within the sector's middle half▲ 0.1pp24.9%within the sector's middle half▼ 0.4pp26.0%within the sector's middle half▲ 1.1pp
Staff (FTE)10.3▼ 70.0%
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 8% lower than 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 €400,636
Fixed assets
€29,406 ▼ 32.8%
Current assets
€371,230 ▲ 22.1%
Equity and liabilities €400,636
Equity
€376,866 ▲ 37.7%
Debt
€23,770 ▼ 67.9%
Debt's share of the balance-sheet total falls from 21.3% to 5.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€135,731▼
2024 · €145,670
Cash flow
€118,453▲
2024 · €100,873
Debt to equity
0.06▼
2024 · 0.27
ROE
27.6%▼
2024 · 31.6%
Interest coverage
63.36▲
2024 · 33.43
Debt ≤ 1 year
€23,370▼
2024 · €73,691
Income taxes
€42,342▼
2024 · €43,873
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 |
|---|---|---|
| Employees at the balance-sheet date | 1 | - |
| full-time | 1 | - |
| in full-time equivalents | 1 | - |
| Average over the year, in full-time equivalents | 1 | 0.1 |
| On a permanent contract | 1 | - |
| Joined | - | 0 |
| Left | - | 2 |
Source: social balance sheet in the 2022 to 2023 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €64,146 | €5,709 | - | - |
| Depreciation and write-downs of the year | €16,459 | €10,403 | €15,292 | €14,367 | €14,367 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 2 entries · €2,098 awarded · €2,098 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €735 | €735 |
| 2022 | 1 | €1,363 | €1,363 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €29,110 | €38,914 | €4,721 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,209 | €20,432 | €16,459 | €10,403 | €15,292 | €14,367 | €14,367 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €1,975 | €0 | - | - | - |
| Other operating charges640/8 | - | - | €1,183 | €1,211 | €694 | €760 | €903 | ▲ 18.8% |
| Gross operating margin9900 | €56,134 | €64,589 | €113,107 | €136,734 | €136,468 | €146,430 | €136,634 | ▼ 6.7% |
| Operating profit (loss)9901 | -€10,642 | €17,013 | €66,355 | €84,231 | €115,761 | €131,303 | €121,364 | ▼ 7.6% |
| Financial income75/76B | - | - | - | €1,366 | €0 | €3,433 | €27,207 | ▲ 692% |
| Recurring financial income75 | €13 | €314 | - | €1,366 | €0 | €3,433 | €27,207 | ▲ 692% |
| Financial charges65/66B | - | - | €475 | €566 | €722 | €4,357 | €2,142 | ▼ 50.8% |
| Recurring financial charges65 | €581 | €606 | €475 | €566 | €722 | €4,357 | €2,142 | ▼ 50.8% |
| Profit (loss) for the period before taxes9903 | -€11,209 | €16,720 | €65,880 | €85,031 | €115,039 | €130,379 | €146,428 | ▲ 12.3% |
| Income taxes67/77 | €409 | €1,788 | €19,052 | €24,643 | €43,798 | €43,873 | €42,342 | ▼ 3.5% |
| Profit (loss) for the period9904 | -€11,618 | €14,933 | €46,828 | €60,388 | €71,241 | €86,506 | €104,086 | ▲ 20.3% |
| Profit (loss) for the period to be appropriated9905 | -€14,264 | €12,427 | €46,828 | €60,388 | €71,241 | €86,506 | €104,086 | ▲ 20.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €219,825 | €213,729 | €218,200 | €239,018 | €281,383 | €347,692 | €400,636 | ▲ 15.2% |
| Fixed assets21/28 | €85,377 | €58,647 | €37,754 | €67,723 | €58,140 | €43,773 | €29,406 | ▼ 32.8% |
| Intangible fixed assets21 | €8,000 | €6,000 | €4,000 | €2,000 | €0 | - | - | - |
| Tangible fixed assets22/27 | €75,177 | €50,447 | €31,554 | €63,523 | €55,940 | €41,573 | €27,206 | ▼ 34.6% |
| Plant, machinery and equipment23 | - | - | €537 | - | - | - | - | - |
| Furniture and vehicles24 | - | - | €31,017 | €63,523 | €55,940 | €41,573 | €27,206 | ▼ 34.6% |
| Financial fixed assets28 | €2,200 | €2,200 | €2,200 | €2,200 | €2,200 | €2,200 | €2,200 | = |
| Current assets29/58 | €134,448 | €155,083 | €180,446 | €171,295 | €223,243 | €303,919 | €371,230 | ▲ 22.1% |
| Amounts receivable within one year40/41 | €29,241 | €23,331 | €17,413 | €3,268 | €1,157 | €55,722 | €6,764 | ▼ 87.9% |
| Trade receivables40 | - | - | €17,413 | €3,268 | €1,157 | €55,722 | €5,944 | ▼ 89.3% |
| Other amounts receivable41 | - | - | - | - | - | - | €820 | - |
| Current investments50/53 | - | - | - | - | - | €118,397 | €218,397 | ▲ 84.5% |
| Cash at bank and in hand54/58 | €104,107 | €129,462 | €162,117 | €168,027 | €222,086 | €129,665 | €145,932 | ▲ 12.5% |
| Deferred charges and accrued income490/1 | - | - | €916 | - | - | €135 | €137 | ▲ 1.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €219,825 | €213,729 | €218,200 | €239,018 | €281,383 | €347,692 | €400,636 | ▲ 15.2% |
| Equity10/15 | €138,915 | €153,847 | €156,040 | €179,403 | €224,879 | €273,613 | €376,866 | ▲ 37.7% |
| Contributions10/11 | €18,592 | - | €18,592 | €18,592 | €18,592 | €144 | €144 | = |
| Reserves13 | €134,353 | €136,858 | €137,433 | €160,708 | €206,143 | €273,278 | €376,518 | ▲ 37.8% |
| Non-distributable reserves130/1 | - | - | €1,859 | €1,859 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,859 | €1,859 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | €11,652 | €11,652 | €11,652 | €11,652 | €11,652 | = |
| Distributable reserves133 | - | - | €123,922 | €147,197 | €194,491 | €261,626 | €364,866 | ▲ 39.5% |
| Profit (loss) carried forward14 | -€14,030 | -€1,603 | €15 | €103 | €145 | €192 | €205 | ▲ 6.8% |
| Amounts payable17/49 | €80,911 | €59,882 | €62,160 | €59,615 | €56,503 | €74,079 | €23,770 | ▼ 67.9% |
| Amounts payable after more than one year17 | €28,512 | €13,040 | - | €14,282 | €4,223 | €0 | - | - |
| Financial debts170/4 | - | - | - | €14,282 | €4,223 | €0 | - | - |
| Amounts payable within one year42/48 | €52,399 | €46,842 | €61,812 | €44,985 | €51,933 | €73,691 | €23,370 | ▼ 68.3% |
| Current portion of amounts payable after more than one year42 | - | - | €13,040 | €9,957 | €10,060 | €4,223 | €0 | ▼ 100% |
| Trade debts44 | €21,162 | €4,740 | €5,146 | €5,052 | €7,105 | €5,248 | €10,284 | ▲ 96.0% |
| Suppliers440/4 | - | - | €5,146 | €5,052 | €7,105 | €5,248 | €10,284 | ▲ 96.0% |
| Taxes, remuneration and social security45 | - | - | €26,420 | €21,749 | €28,815 | €20,349 | €10,786 | ▼ 47.0% |
| Taxes450/3 | - | - | €26,420 | €15,809 | €28,815 | €20,349 | €10,786 | ▼ 47.0% |
| Remuneration and social security454/9 | - | - | - | €5,940 | €0 | - | - | - |
| Other amounts payable47/48 | - | - | €17,206 | €8,227 | €5,953 | €43,871 | €2,299 | ▼ 94.8% |
| Accrued charges and deferred income492/3 | - | - | €348 | €348 | €348 | €387 | €400 | ▲ 3.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€11,618 | €14,933 | €46,828 | €60,388 | €71,241 | €86,506 | €104,086 | ▲ 20.3% |
| + Depreciation and write-downs630 | €29,209 | €20,432 | €16,459 | €10,403 | €15,292 | €14,367 | €14,367 | = |
| Operating cash flow (approximation) | €17,591 | €35,365 | €63,287 | €70,791 | €86,533 | €100,873 | €118,453 | ▲ 17.4% |
| Investment in fixed assets (approximation) | - | €6,299 | €4,434 | -€40,372 | -€5,709 | €0 | €0 | - |
| Change in cash | - | €25,355 | €32,655 | €5,910 | €54,059 | -€92,421 | €16,267 | - |
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 MINDSHARE 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 MINDSHARE 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 MINDSHARE. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 30-03-2026 | 2026-00070335 | |
| 30-09-2024 | micro format | 30-04-2025 | 2025-00088732 | |
| 30-09-2023 | micro format | 19-03-2024 | 2024-00046638 | |
| 30-09-2022 | micro format | 30-05-2023 | 2023-00100789 | |
| 30-09-2021 | micro format | 27-04-2022 | 2022-20011905 | |
| 30-09-2020 | micro format | 19-03-2021 | 2021-07900378 | |
| 30-09-2019 | micro format | 06-03-2020 | 2020-06300497 | |
| 30-09-2018 | micro format | 14-03-2019 | 2019-07100051 | |
| 30-09-2017 | micro format | 27-02-2018 | 2018-05800383 | |
| 30-09-2016 | abbreviated format | 28-02-2017 | 2017-05800239 |