MULTIFIL
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 8 filings
Turnover
≈ €220,000
Estimated: probably between €180,000 and €280,000
Total assets
€917,484▲ 8.8%
2024 · €842,942
Net result
€69,208▲ 1.8%
2024 · €67,981
Working capital
€582,361▲ 4.4%
2024 · €557,888
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€103,814
▲ 6.3%
2025
20182025
Net result
€69,208
▲ 1.8%
2025
middle half of the sector
20182025
Equity
€710,637
▲ 10.8%
2025
middle half of the sector
20182025
Total assets
€917,484
▲ 8.8%
2025
middle half of the sector
20182025
Debt
€206,847
▲ 2.6%
2025
20182025
Working capital
€582,361
▲ 4.4%
2025
highest quarter of the sector
20182025
Solvency
77.5%
▲ 1.4pp
2025
middle half of the sector
20182025
Current ratio
3.84
▼ 0.65
2025
middle half of the sector
20182025
Return on assets (ROA)
7.5%
▼ 0.5pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€94,569-€104,364▲ 10.4%€64,066▼ 38.6%€217,603▲ 240%€270,042▲ 24.1%€8,722▼ 96.8%€97,706▲ 11×€103,814▲ 6.3%
Net result€63,889-€84,615▲ 32.4%€58,527within the sector's middle half▼ 30.8%€161,009above the sector's middle half▲ 175%€184,006above the sector's middle half▲ 14.3%€4,302within the sector's middle half▼ 97.7%€67,981within the sector's middle half▲ 16×€69,208within the sector's middle half▲ 1.8%
Equity€82,489-€165,604▲ 101%€224,131within the sector's middle half▲ 35.3%€385,141within the sector's middle half▲ 71.8%€569,147within the sector's middle half▲ 47.8%€573,448within the sector's middle half▲ 0.8%€641,429within the sector's middle half▲ 11.9%€710,637within the sector's middle half▲ 10.8%
Total assets€404,470-€618,440▲ 52.9%€624,644within the sector's middle half▲ 1.0%€817,844within the sector's middle half▲ 30.9%€921,680within the sector's middle half▲ 12.7%€876,623within the sector's middle half▼ 4.9%€842,942within the sector's middle half▼ 3.8%€917,484within the sector's middle half▲ 8.8%
Debt€321,982-€452,836▲ 40.6%€400,513▼ 11.6%€432,703▲ 8.0%€352,533▼ 18.5%€303,174▼ 14.0%€201,513▼ 33.5%€206,847▲ 2.6%
Working capital€171,512-€235,397▲ 37.2%€295,745within the sector's middle half▲ 25.6%€444,902above the sector's middle half▲ 50.4%€590,003above the sector's middle half▲ 32.6%€579,145above the sector's middle half▼ 1.8%€557,888above the sector's middle half▼ 3.7%€582,361above the sector's middle half▲ 4.4%
Solvency20.4%-26.8%▲ 6.4pp35.9%within the sector's middle half▲ 9.1pp47.1%within the sector's middle half▲ 11.2pp61.8%within the sector's middle half▲ 14.7pp65.4%within the sector's middle half▲ 3.7pp76.1%within the sector's middle half▲ 10.7pp77.5%within the sector's middle half▲ 1.4pp
Current ratio1.75-1.65▼ 0.101.96within the sector's middle half▲ 0.312.29within the sector's middle half▲ 0.332.89within the sector's middle half▲ 0.613.21within the sector's middle half▲ 0.314.49above the sector's middle half▲ 1.283.84within the sector's middle half▼ 0.65
Return on assets (ROA)15.8%-13.7%▼ 2.1pp9.4%within the sector's middle half▼ 4.3pp19.7%above the sector's middle half▲ 10.3pp20.0%above the sector's middle half▲ 0.3pp0.5%within the sector's middle half▼ 19.5pp8.1%within the sector's middle half▲ 7.6pp7.5%within the sector's middle half▼ 0.5pp
Staff (FTE)0.1-0.1below the sector's middle half0within the sector's middle half
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 6% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The abbreviated 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 €917,484
Fixed assets
€129,876 ▲ 3.8%
Current assets
€787,608 ▲ 9.7%
Equity and liabilities €917,484
Equity
€710,637 ▲ 10.8%
Debt
€206,847 ▲ 2.6%
Debt's share of the balance-sheet total falls from 23.9% to 22.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€125,147▲
2024 · €112,927
Cash flow
€90,540▲
2024 · €83,201
Quick ratio
3.68▼
2024 · 4.36
Debt to equity
0.29▼
2024 · 0.31
ROE
9.7%▼
2024 · 10.6%
Interest coverage
3.40▲
2024 · 2.88
Debt ≤ 1 year
€205,247▲
2024 · €159,913
Debt > 1 year
€0▼
2024 · €40,000
Income taxes
€34,981▲
2024 · €32,740
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 | €14,800 | €3,166 | €30,595 | €93,971 | €10,640 |
| Intangible fixed assets | - | - | - | €11,288 | €15,428 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €7,751 | €10,659 | €8,225 | €15,221 | €21,332 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €0 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,291 | €5,840 | €6,165 | €7,751 | €10,659 | €8,225 | €15,221 | €21,332 | ▲ 40.2% |
| Other operating charges640/8 | - | - | - | €3,006 | €1,672 | €2,539 | €1,311 | €10,638 | ▲ 711% |
| Gross operating margin9900 | €102,655 | €115,722 | €76,774 | €228,360 | €282,372 | €19,486 | €114,238 | €135,785 | ▲ 18.9% |
| Operating profit (loss)9901 | €94,569 | €104,364 | €64,066 | €217,603 | €270,042 | €8,722 | €97,706 | €103,814 | ▲ 6.3% |
| Financial income75/76B | - | - | - | €57,818 | €48,799 | €45,135 | €42,208 | €37,177 | ▼ 11.9% |
| Recurring financial income75 | €54,678 | €45,865 | €51,383 | €57,818 | €48,799 | €45,135 | €42,208 | €37,177 | ▼ 11.9% |
| Financial charges65/66B | - | - | - | €41,104 | €44,870 | €44,776 | €39,192 | €36,802 | ▼ 6.1% |
| Recurring financial charges65 | €35,094 | €28,532 | €31,946 | €41,104 | €44,870 | €44,776 | €39,192 | €36,802 | ▼ 6.1% |
| Profit (loss) for the period before taxes9903 | €114,153 | €121,697 | €83,503 | €234,317 | €273,971 | €9,081 | €100,721 | €104,189 | ▲ 3.4% |
| Income taxes67/77 | €50,265 | €37,082 | €24,976 | €73,308 | €89,965 | €4,780 | €32,740 | €34,981 | ▲ 6.8% |
| Profit (loss) for the period9904 | €63,889 | €84,615 | €58,527 | €161,009 | €184,006 | €4,302 | €67,981 | €69,208 | ▲ 1.8% |
| Profit (loss) for the period to be appropriated9905 | €63,889 | €84,615 | €58,527 | €161,009 | €184,006 | €4,302 | €67,981 | €69,208 | ▲ 1.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €404,470 | €618,440 | €624,644 | €817,844 | €921,680 | €876,623 | €842,942 | €917,484 | ▲ 8.8% |
| Fixed assets21/28 | €3,609 | €22,128 | €20,679 | €27,728 | €20,235 | €35,103 | €125,141 | €129,876 | ▲ 3.8% |
| Intangible fixed assets21 | - | - | - | - | - | - | €10,075 | €21,980 | ▲ 118% |
| Tangible fixed assets22/27 | €3,549 | €22,068 | €20,619 | €27,668 | €20,175 | €35,043 | €115,006 | €107,837 | ▼ 6.2% |
| Furniture and vehicles24 | - | - | - | €16,019 | €13,893 | €3,548 | €1,799 | €696 | ▼ 61.3% |
| Other tangible fixed assets26 | - | - | - | €11,648 | €6,282 | €31,495 | €113,207 | €107,140 | ▼ 5.4% |
| Financial fixed assets28 | €60 | €60 | €60 | €60 | €60 | €60 | €60 | €60 | = |
| Current assets29/58 | €400,861 | €596,312 | €603,965 | €790,116 | €901,444 | €841,519 | €717,801 | €787,608 | ▲ 9.7% |
| Stocks and contracts in progress3 | €15,321 | €67,212 | €59,872 | €194,421 | €167,144 | €53,031 | €21,361 | €31,680 | ▲ 48.3% |
| Stocks30/36 | - | - | - | €194,421 | €167,144 | €53,031 | €21,361 | €31,680 | ▲ 48.3% |
| Amounts receivable within one year40/41 | €168,203 | €282,008 | €238,722 | €304,479 | €234,975 | €301,139 | €292,205 | €283,162 | ▼ 3.1% |
| Trade receivables40 | - | - | - | €258,753 | €194,196 | €230,890 | €248,845 | €246,056 | ▼ 1.1% |
| Other amounts receivable41 | - | - | - | €45,727 | €40,779 | €70,249 | €43,359 | €37,106 | ▼ 14.4% |
| Current investments50/53 | - | - | - | - | - | €250,000 | €0 | - | - |
| Cash at bank and in hand54/58 | €211,678 | €241,826 | €302,087 | €287,584 | €496,808 | €225,555 | €401,630 | €469,147 | ▲ 16.8% |
| Deferred charges and accrued income490/1 | - | - | - | €3,632 | €2,518 | €11,794 | €2,605 | €3,619 | ▲ 38.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €404,470 | €618,440 | €624,644 | €817,844 | €921,680 | €876,623 | €842,942 | €917,484 | ▲ 8.8% |
| Equity10/15 | €82,489 | €165,604 | €224,131 | €385,141 | €569,147 | €573,448 | €641,429 | €710,637 | ▲ 10.8% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €63,889 | €147,004 | €205,531 | €366,541 | €550,547 | €554,848 | €622,829 | €692,037 | ▲ 11.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €0 | - | - | - | - |
| Distributable reserves133 | - | - | - | €364,681 | €550,547 | €554,848 | €622,829 | €692,037 | ▲ 11.1% |
| Amounts payable17/49 | €321,982 | €452,836 | €400,513 | €432,703 | €352,533 | €303,174 | €201,513 | €206,847 | ▲ 2.6% |
| Amounts payable after more than one year17 | €90,000 | €90,000 | €90,000 | €85,362 | €40,000 | €40,000 | €40,000 | €0 | ▼ 100% |
| Other amounts payable178/9 | - | - | - | €85,362 | €40,000 | €40,000 | €40,000 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €229,349 | €360,915 | €308,220 | €345,214 | €311,441 | €262,374 | €159,913 | €205,247 | ▲ 28.3% |
| Financial debts43 | - | - | - | €8,360 | €0 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €8,360 | €0 | - | - | - | - |
| Trade debts44 | €146,825 | €252,986 | €224,479 | €305,123 | €243,248 | €220,276 | €148,165 | €197,526 | ▲ 33.3% |
| Suppliers440/4 | - | - | - | €305,123 | €243,248 | €220,276 | €148,165 | €197,526 | ▲ 33.3% |
| Taxes, remuneration and social security45 | - | - | - | €23,308 | €58,728 | €35,850 | €7,253 | €6,921 | ▼ 4.6% |
| Taxes450/3 | - | - | - | €23,308 | €58,728 | €35,850 | €7,253 | €6,921 | ▼ 4.6% |
| Other amounts payable47/48 | - | - | - | €8,424 | €9,466 | €6,248 | €4,495 | €800 | ▼ 82.2% |
| Accrued charges and deferred income492/3 | - | - | - | €2,127 | €1,092 | €800 | €1,600 | €1,600 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €63,889 | €84,615 | €58,527 | €161,009 | €184,006 | €4,302 | €67,981 | €69,208 | ▲ 1.8% |
| + Depreciation and write-downs630 | €1,291 | €5,840 | €6,165 | €7,751 | €10,659 | €8,225 | €15,221 | €21,332 | ▲ 40.2% |
| Operating cash flow (approximation) | €65,179 | €90,455 | €64,692 | €168,760 | €194,665 | €12,527 | €83,201 | €90,540 | ▲ 8.8% |
| Investment in fixed assets (approximation) | - | -€24,358 | -€4,716 | -€14,800 | -€3,166 | -€23,093 | -€105,258 | -€26,068 | ▲ 75.2% |
| Change in cash | - | €30,147 | €60,261 | -€14,503 | €209,224 | -€271,253 | €176,075 | €67,517 | ▼ 61.7% |
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, 6,782 companies had the same profile as MULTIFIL has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of MULTIFIL 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 6,782 companies, not a prediction for MULTIFIL. 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.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 03-07-2026 | 2026-00245793 | |
| 31-12-2024 | abbreviated format | 16-07-2025 | 2025-00274894 | |
| 31-12-2023 | abbreviated format | 30-08-2024 | 2024-00449709 | |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00428513 | |
| 31-12-2021 | abbreviated format | 23-08-2022 | 2022-20306158 | |
| 31-12-2020 | abbreviated format | 30-08-2021 | 2021-57100077 | |
| 31-12-2019 | abbreviated format | 24-07-2020 | 2020-34100398 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-61700082 |