MULTI-CONSULTING
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 18-06-2026 at the NBB all 25 filings
Turnover
≈ €30,000
Estimated: probably between €13,000 and €76,000
Total assets
€213,326▼ 8.8%
2024 · €233,937
Net result
-€14,031▲ 46.3%
2024 · -€26,127
Working capital
-€16,882▼ 17.3%
2024 · -€14,388
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€14,578
▲ 38.8%
2025
20182025
Net result
-€14,031
▲ 46.3%
2025
lowest quarter of the sector
20182025
Equity
€83,915
▼ 14.3%
2025
middle half of the sector
20182025
Total assets
€213,326
▼ 8.8%
2025
lowest quarter of the sector
20182025
Debt
€129,411
▼ 4.8%
2025
20182025
Working capital
-€16,882
▼ 17.3%
2025
middle half of the sector
20182025
Solvency
39.3%
▼ 2.5pp
2025
middle half of the sector
20182025
Current ratio
0.52
▼ 0.07
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-6.6%
▲ 4.6pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€20,000-€21,786▲ 8.9%€69,435▲ 219%-€8,502-€9,079▼ 6.8%€47,161-€23,829-€14,578▲ 38.8%
Net result€12,638-€11,657▼ 7.8%€53,505above the sector's middle half▲ 359%-€12,707below the sector's middle half-€18,953below the sector's middle half▼ 49.2%€28,109within the sector's middle half-€26,127below the sector's middle half-€14,031below the sector's middle half▲ 46.3%
Equity€62,462-€74,119▲ 18.7%€127,624within the sector's middle half▲ 72.2%€114,917within the sector's middle half▼ 10.0%€95,964within the sector's middle half▼ 16.5%€124,073within the sector's middle half▲ 29.3%€97,946within the sector's middle half▼ 21.1%€83,915within the sector's middle half▼ 14.3%
Total assets€424,332-€572,120▲ 34.8%€308,332within the sector's middle half▼ 46.1%€647,348above the sector's middle half▲ 110%€618,494above the sector's middle half▼ 4.5%€300,228within the sector's middle half▼ 51.5%€233,937within the sector's middle half▼ 22.1%€213,326below the sector's middle half▼ 8.8%
Debt€361,871-€498,001▲ 37.6%€180,709▼ 63.7%€532,431▲ 195%€522,530▼ 1.9%€176,155▼ 66.3%€135,991▼ 22.8%€129,411▼ 4.8%
Working capital€3,759--€46,417-€11,140below the sector's middle half▲ 76.0%-€410,300below the sector's middle half▼ 3,583%-€409,661below the sector's middle half▲ 0.2%€2,401within the sector's middle half-€14,388below the sector's middle half-€16,882within the sector's middle half▼ 17.3%
Solvency14.7%-13.0%▼ 1.8pp41.4%within the sector's middle half▲ 28.4pp17.8%below the sector's middle half▼ 23.6pp15.5%below the sector's middle half▼ 2.2pp41.3%within the sector's middle half▲ 25.8pp41.9%within the sector's middle half▲ 0.5pp39.3%within the sector's middle half▼ 2.5pp
Current ratio1.10-0.19▼ 0.920.82below the sector's middle half▲ 0.630.02below the sector's middle half▼ 0.800.02below the sector's middle half▼ 0.011.03below the sector's middle half▲ 1.020.59below the sector's middle half▼ 0.440.52below the sector's middle half▼ 0.07
Return on assets (ROA)3.0%-2.0%▼ 0.9pp17.4%within the sector's middle half▲ 15.3pp-2.0%below the sector's middle half▼ 19.3pp-3.1%below the sector's middle half▼ 1.1pp9.4%within the sector's middle half▲ 12.4pp-11.2%below the sector's middle half▼ 20.5pp-6.6%below the sector's middle half▲ 4.6pp
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 a loss of €14,578, smaller than the loss of €23,829 in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €213,326
Fixed assets
€194,748 ▼ 8.6%
Current assets
€18,579 ▼ 10.6%
Equity and liabilities €213,326
Equity
€83,915 ▼ 14.3%
Debt
€129,411 ▼ 4.8%
Debt's share of the balance-sheet total rises from 58.1% to 60.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€3,827▲
2024 · -€3,756
Cash flow
€4,374▲
2024 · -€6,053
Debt to equity
1.54▲
2024 · 1.39
ROE
-16.7%▲
2024 · -26.7%
Interest coverage
1.91▲
2024 · -1.65
Debt ≤ 1 year
€35,460▲
2024 · €35,172
Debt > 1 year
€93,951▼
2024 · €100,819
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 | €452,440 | - | €3,975 | €11,736 | - |
| Depreciation and write-downs of the year | €72,459 | €26,194 | €20,496 | €20,074 | €18,405 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €24,827 | €74,438 | €24,488 | €72,459 | €26,194 | €20,496 | €20,074 | €18,405 | ▼ 8.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €7,066 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €3,792 | €3,812 | €2,596 | €4,936 | €3,734 | ▼ 24.4% |
| Gross operating margin9900 | €49,068 | €102,341 | €96,368 | €74,816 | €20,927 | €70,253 | €1,181 | €7,561 | ▲ 540% |
| Operating profit (loss)9901 | €20,000 | €21,786 | €69,435 | -€8,502 | -€9,079 | €47,161 | -€23,829 | -€14,578 | ▲ 38.8% |
| Financial income75/76B | - | - | - | - | - | - | €0 | €2,551 | ▲ 8,502× |
| Recurring financial income75 | - | €1 | - | - | - | - | €0 | €2,551 | ▲ 8,502× |
| Financial charges65/66B | - | - | - | €5,473 | €9,874 | €5,520 | €2,276 | €2,003 | ▼ 12.0% |
| Recurring financial charges65 | €7,362 | €8,965 | €10,413 | €5,473 | €9,874 | €5,520 | €2,276 | €2,003 | ▼ 12.0% |
| Profit (loss) for the period before taxes9903 | €12,638 | €12,823 | €59,023 | -€13,975 | -€18,953 | €41,641 | -€26,105 | -€14,031 | ▲ 46.3% |
| Income taxes67/77 | - | €1,166 | €5,517 | -€1,268 | - | €13,531 | €22 | - | - |
| Profit (loss) for the period9904 | €12,638 | €11,657 | €53,505 | -€12,707 | -€18,953 | €28,109 | -€26,127 | -€14,031 | ▲ 46.3% |
| Profit (loss) for the period to be appropriated9905 | €12,638 | €11,657 | €53,505 | -€12,707 | -€18,953 | €28,109 | -€26,127 | -€14,031 | ▲ 46.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €424,332 | €572,120 | €308,332 | €647,348 | €618,494 | €300,228 | €233,937 | €213,326 | ▼ 8.8% |
| Fixed assets21/28 | €384,640 | €561,541 | €257,885 | €637,865 | €611,671 | €221,491 | €213,153 | €194,748 | ▼ 8.6% |
| Tangible fixed assets22/27 | €384,640 | €561,541 | €257,885 | €637,865 | €611,671 | €221,491 | €213,153 | €194,748 | ▼ 8.6% |
| Land and buildings22 | - | - | - | €620,866 | €599,556 | €209,392 | €196,077 | €182,278 | ▼ 7.0% |
| Plant, machinery and equipment23 | - | - | - | €16,999 | €12,115 | €8,251 | €14,553 | €11,272 | ▼ 22.5% |
| Furniture and vehicles24 | - | - | - | - | - | €3,848 | €2,523 | €1,198 | ▼ 52.5% |
| Current assets29/58 | €39,693 | €10,579 | €50,448 | €9,483 | €6,823 | €78,737 | €20,784 | €18,579 | ▼ 10.6% |
| Amounts receivable within one year40/41 | €614 | €5,219 | €6,303 | €6,103 | €3,182 | €35,627 | €3,824 | €8,532 | ▲ 123% |
| Trade receivables40 | - | - | - | €6,068 | - | €32,462 | €659 | €260 | ▼ 60.6% |
| Other amounts receivable41 | - | - | - | €35 | €3,182 | €3,165 | €3,165 | €8,273 | ▲ 161% |
| Cash at bank and in hand54/58 | €37,733 | €3,671 | €42,349 | €1,064 | €1,086 | €40,868 | €12,068 | €5,037 | ▼ 58.3% |
| Deferred charges and accrued income490/1 | - | - | - | €2,317 | €2,555 | €2,242 | €4,892 | €5,009 | ▲ 2.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €424,332 | €572,120 | €308,332 | €647,348 | €618,494 | €300,228 | €233,937 | €213,326 | ▼ 8.8% |
| Equity10/15 | €62,462 | €74,119 | €127,624 | €114,917 | €95,964 | €124,073 | €97,946 | €83,915 | ▼ 14.3% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | - | - | - | - |
| Issued capital100 | - | - | - | €62,000 | €62,000 | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | - | - | €62,000 | €62,000 | = |
| Other1109/19 | - | - | - | - | - | - | €62,000 | €62,000 | = |
| Reserves13 | €23,146 | €14,803 | €14,803 | €14,803 | €14,803 | €42,912 | €42,912 | €42,912 | = |
| Non-distributable reserves130/1 | - | - | - | €3,146 | €3,146 | - | - | - | - |
| Legal reserve130 | - | - | - | €3,146 | €3,146 | - | - | - | - |
| Distributable reserves133 | - | - | - | €11,657 | €11,657 | €42,912 | €42,912 | €42,912 | = |
| Profit (loss) carried forward14 | -€22,685 | -€2,685 | €50,820 | €38,114 | €19,161 | €19,161 | -€6,967 | -€20,997 | ▼ 201% |
| Amounts payable17/49 | €361,871 | €498,001 | €180,709 | €532,431 | €522,530 | €176,155 | €135,991 | €129,411 | ▼ 4.8% |
| Amounts payable after more than one year17 | €325,937 | €441,005 | €119,121 | €112,648 | €106,046 | €99,319 | €100,819 | €93,951 | ▼ 6.8% |
| Financial debts170/4 | - | - | - | €112,648 | €106,046 | €99,319 | €99,319 | €92,451 | ▼ 6.9% |
| Other amounts payable178/9 | - | - | - | - | - | - | €1,500 | €1,500 | = |
| Amounts payable within one year42/48 | €35,934 | €56,996 | €61,588 | €419,783 | €416,484 | €76,336 | €35,172 | €35,460 | ▲ 0.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,473 | €6,602 | €6,728 | - | - | - |
| Financial debts43 | - | - | - | €374,988 | €376,676 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €374,988 | €376,676 | - | - | - | - |
| Trade debts44 | €1,021 | €2,309 | €42,070 | €1,918 | €1,500 | €4,695 | €3,764 | €3,299 | ▼ 12.4% |
| Suppliers440/4 | - | - | - | €1,918 | €1,500 | €4,695 | €3,764 | €3,299 | ▼ 12.4% |
| Advances received on contracts in progress46 | - | - | - | €6,068 | - | €28,800 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €1,145 | €1,074 | €4,846 | €141 | - | - |
| Taxes450/3 | - | - | - | €1,145 | €1,074 | €4,846 | €141 | - | - |
| Other amounts payable47/48 | - | - | - | €29,191 | €30,632 | €31,267 | €31,267 | €32,162 | ▲ 2.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €500 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,638 | €11,657 | €53,505 | -€12,707 | -€18,953 | €28,109 | -€26,127 | -€14,031 | ▲ 46.3% |
| + Depreciation and write-downs630 | €24,827 | €74,438 | €24,488 | €72,459 | €26,194 | €20,496 | €20,074 | €18,405 | ▼ 8.3% |
| Operating cash flow (approximation) | €37,465 | €86,095 | €77,993 | €59,752 | €7,241 | €48,606 | -€6,053 | €4,374 | - |
| Investment in fixed assets (approximation) | - | -€251,339 | €279,168 | -€452,440 | €0 | €369,684 | -€11,736 | €0 | - |
| Change in cash | - | -€34,062 | €38,678 | -€41,285 | €22 | €39,782 | -€28,800 | -€7,030 | ▲ 75.6% |
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, 12,322 companies had the same profile as MULTI-CONSULTING has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MULTI-CONSULTING itself: 0.3% 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 12,322 companies, not a prediction for MULTI-CONSULTING. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 18-06-2026 | 2026-00171973 | |
| 31-12-2024 | micro format | 29-09-2025 | 2025-00510107 | |
| 31-12-2023 | micro format | 27-08-2024 | 2024-00379356 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00376396 | |
| 31-12-2021 | micro format | 17-08-2022 | 2022-20292191 | |
| 31-12-2020 | micro format | 29-07-2021 | 2021-43200259 | |
| 31-12-2019 | micro format | 16-09-2020 | 2020-53600103 | |
| 31-12-2018 | micro format | 27-06-2019 | 2019-24300217 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-42300421 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-53100333 |