MULTIFISK
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00487834.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 27 filings
Turnover
≈ €2.6m
Estimated: probably between €1.8m and €4.3m
EBIT margin
Not included in this filing
Net result
€15,069▲ 611%
2024 · €2,121
Working capital
€137,323▲ 62.0%
2024 · €84,756
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
€94,771
▼ 10.1%
2025
20182025
Net result
€15,069
▲ 611%
2025
lowest quarter of the sector
20182025
Equity
€247,786
▲ 6.5%
2025
middle half of the sector
20182025
Total assets
€2.3m
▲ 10.9%
2025
middle half of the sector
20182025
Debt
€2.1m
▲ 11.5%
2025
20182025
Working capital
€137,323
▲ 62.0%
2025
middle half of the sector
20182025
Solvency
10.7%
▼ 0.4pp
2025
middle half of the sector
20182025
Current ratio
1.09
▲ 0.02
2025
middle half of the sector
20182025
Return on assets (ROA)
0.7%
▲ 0.5pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
17.7
▲ 0.6%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220242025
Operating result€0.1m-€0.1m▲ 13.1%€0.07m▼ 41.6%€0.09m▲ 14.7%€0.09m▲ 10.2%€0.1m-€0.09m▼ 10.1%
Net result€0.08m-€0.09m▲ 20.3%€0.03mwithin the sector's middle half▼ 69.8%€0.05mwithin the sector's middle half▲ 90.2%€0.01mbelow the sector's middle half▼ 76.6%€0.002mbelow the sector's middle half-€0.02mbelow the sector's middle half▲ 611%
Equity€0.1m-€0.2m▲ 88.3%€0.2mwithin the sector's middle half▲ 0.8%€0.2mwithin the sector's middle half▲ 14.0%€0.2mwithin the sector's middle half▲ 1.0%€0.2mwithin the sector's middle half-€0.2mwithin the sector's middle half▲ 6.5%
Total assets€1.6m-€1.7m▲ 7.6%€1.7mwithin the sector's middle half▲ 0.4%€1.8mwithin the sector's middle half▲ 6.3%€1.8mwithin the sector's middle half▼ 0.1%€2.1mwithin the sector's middle half-€2.3mwithin the sector's middle half▲ 10.9%
Debt€1.5m-€1.5m▲ 1.9%€1.5m▲ 0.3%€1.6m▲ 5.3%€1.6m▼ 0.3%€1.9m-€2.1m▲ 11.5%
Working capital-€0.005m-€0.07m€0.01mbelow the sector's middle half▼ 80.8%€0.07mwithin the sector's middle half▲ 450%€0.01mbelow the sector's middle half▼ 86.6%€0.08mwithin the sector's middle half-€0.1mwithin the sector's middle half▲ 62.0%
Solvency6.6%-11.5%▲ 4.9pp11.5%below the sector's middle half▲ 0.1pp12.4%below the sector's middle half▲ 0.8pp12.5%below the sector's middle half▲ 0.1pp11.1%below the sector's middle half-10.7%within the sector's middle half▼ 0.4pp
Current ratio0.99-1.13▲ 0.141.02below the sector's middle half▼ 0.111.10within the sector's middle half▲ 0.071.01below the sector's middle half▼ 0.081.07within the sector's middle half-1.09within the sector's middle half▲ 0.02
Return on assets (ROA)4.9%-5.4%▲ 0.6pp1.6%below the sector's middle half▼ 3.8pp2.9%within the sector's middle half▲ 1.3pp0.7%below the sector's middle half▼ 2.2pp0.1%below the sector's middle half-0.7%below the sector's middle half▲ 0.5pp
Staff (FTE)7.2-8.6▲ 19.4%11above the sector's middle half▲ 27.9%12.5above the sector's middle half▲ 13.6%14.7above the sector's middle half▲ 17.6%17.6above the sector's middle half-17.7above the sector's middle half▲ 0.6%
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 10% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.3m
Fixed assets
€678,284 ▼ 19.4%
Current assets
€1.6m ▲ 31.3%
Equity and liabilities €2.3m
Equity
€247,786 ▲ 6.5%
Debt
€2.1m ▲ 11.5%
Debt's share of the balance-sheet total rises from 88.9% to 89.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€264,082▼
2024 · €273,218
Cash flow
€184,380▲
2024 · €169,965
Debt to equity
8.36▲
2024 · 7.98
ROE
6.1%▲
2024 · 0.9%
Interest coverage
4.91▲
2024 · 4.17
Debt ≤ 1 year
€1.5m▲
2024 · €1.2m
Debt > 1 year
€562,288▼
2024 · €681,574
Income taxes
€26,614▼
2024 · €37,930
Staff costs
€1.2m▲
2024 · €1.2m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 15 | 17 | 18 | 17 |
| full-time | 10 | 11 | 13 | 11 |
| part-time | 5 | 6 | 5 | 6 |
| in full-time equivalents | 14 | 15.8 | 16.7 | 15.9 |
| Average over the year, in full-time equivalents | 12.5 | 14.7 | 17.6 | 17.7 |
| On a permanent contract | 15 | 17 | 18 | 17 |
| Joined | 4 | 4 | 3 | 5 |
| Left | 1 | 2 | 5 | 6 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €9,997 | €87,035 | €16,080 | €5,826 |
| Depreciation and write-downs of the year | €107,929 | €122,121 | €167,844 | €169,311 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 8 entries · €18,426 awarded · €19,175 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €6,804 | €6,804 |
| 2024 | 2 | €8,336 | €8,336 |
| 2023 | 2 | €2,631 | €3,448 |
| 2022 | 2 | €655 | €587 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €0.8m | €0.9m | €1.2m | €1.2m | ▲ 6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 0.9% |
| Other operating charges640/8 | - | - | - | €0.004m | €0.006m | €0.02m | €0.006m | ▼ 62.2% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €0.02m | - |
| Gross operating margin9900 | €0.7m | €0.8m | €0.8m | €1.0m | €1.1m | €1.4m | €1.5m | ▲ 5.9% |
| Operating profit (loss)9901 | €0.1m | €0.1m | €0.07m | €0.09m | €0.09m | €0.1m | €0.09m | ▼ 10.1% |
| Financial income75/76B | - | - | - | €62 | €250 | €173 | €0.001m | ▲ 321% |
| Recurring financial income75 | €71 | €298 | €5 | €62 | €250 | €173 | €227 | ▲ 31.5% |
| Non-recurring financial income76B | - | - | - | - | - | - | €0.001m | - |
| Financial charges65/66B | - | - | - | €0.03m | €0.04m | €0.07m | €0.05m | ▼ 17.8% |
| Recurring financial charges65 | €0.04m | €0.04m | €0.03m | €0.03m | €0.04m | €0.07m | €0.05m | ▼ 17.8% |
| Profit (loss) for the period before taxes9903 | €0.08m | €0.09m | €0.04m | €0.05m | €0.06m | €0.04m | €0.04m | ▲ 4.1% |
| Income taxes67/77 | €0.002m | €0.002m | €0.01m | - | €0.05m | €0.04m | €0.03m | ▼ 29.8% |
| Profit (loss) for the period9904 | €0.08m | €0.09m | €0.03m | €0.05m | €0.01m | €0.002m | €0.02m | ▲ 611% |
| Profit (loss) for the period to be appropriated9905 | €0.08m | €0.09m | €0.03m | €0.05m | €0.01m | €0.002m | €0.02m | ▲ 611% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.6m | €1.7m | €1.7m | €1.8m | €1.8m | €2.1m | €2.3m | ▲ 10.9% |
| Fixed assets21/28 | €1.1m | €1.1m | €1.0m | €0.9m | €0.9m | €0.8m | €0.7m | ▼ 19.4% |
| Intangible fixed assets21 | - | - | - | - | - | €0.2m | €0.1m | ▼ 31.6% |
| Tangible fixed assets22/27 | €1.1m | €1.1m | €1.0m | €0.9m | €0.9m | €0.7m | €0.6m | ▼ 16.6% |
| Land and buildings22 | - | - | - | €0.2m | €0.1m | €0.09m | €0.06m | ▼ 30.9% |
| Plant, machinery and equipment23 | - | - | - | - | €0.02m | €0.01m | €0.01m | ▲ 8.3% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.06m | €0.04m | €0.02m | ▼ 49.5% |
| Leasing and similar rights25 | - | - | - | €0.7m | €0.7m | €0.5m | €0.5m | ▼ 12.5% |
| Current assets29/58 | €0.5m | €0.6m | €0.6m | €0.8m | €0.9m | €1.2m | €1.6m | ▲ 31.3% |
| Amounts receivable within one year40/41 | €0.4m | €0.4m | €0.4m | €0.8m | €0.8m | €1.0m | €1.4m | ▲ 34.1% |
| Trade receivables40 | - | - | - | €0.7m | €0.7m | €1.0m | €1.0m | ▲ 8.3% |
| Other amounts receivable41 | - | - | - | €0.03m | €0.06m | €0.07m | €0.3m | ▲ 373% |
| Current investments50/53 | - | - | - | - | - | €21 | €21 | = |
| Cash at bank and in hand54/58 | €0.07m | €0.2m | €0.2m | €0.04m | €0.08m | €0.2m | €0.2m | ▲ 24.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.03m | €0.06m | €0.06m | ▲ 0.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.6m | €1.7m | €1.7m | €1.8m | €1.8m | €2.1m | €2.3m | ▲ 10.9% |
| Equity10/15 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 6.5% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Contributions outside capital11 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Other1109/19 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Profit (loss) carried forward14 | €0.08m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 7.1% |
| Amounts payable17/49 | €1.5m | €1.5m | €1.5m | €1.6m | €1.6m | €1.9m | €2.1m | ▲ 11.5% |
| Amounts payable after more than one year17 | €1.0m | €1.0m | €0.9m | €0.8m | €0.7m | €0.7m | €0.6m | ▼ 17.5% |
| Financial debts170/4 | - | - | - | €0.8m | €0.7m | €0.7m | €0.6m | ▼ 17.5% |
| Amounts payable within one year42/48 | €0.5m | €0.5m | €0.6m | €0.8m | €0.9m | €1.2m | €1.5m | ▲ 29.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.09m | €0.09m | €0.1m | €0.1m | ▲ 5.4% |
| Financial debts43 | - | - | - | €0.2m | €0.2m | €0.3m | €0.5m | ▲ 56.6% |
| Credit institutions430/8 | - | - | - | €0.2m | €0.2m | €0.3m | €0.5m | ▲ 56.6% |
| Trade debts44 | €0.02m | €0.05m | €0.02m | €0.04m | €0.09m | €0.3m | €0.2m | ▼ 37.4% |
| Suppliers440/4 | - | - | - | €0.04m | €0.09m | €0.3m | €0.2m | ▼ 37.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.5m | €0.3m | €0.3m | ▼ 8.0% |
| Taxes450/3 | - | - | - | €0.2m | €0.4m | €0.1m | €0.1m | ▼ 1.0% |
| Remuneration and social security454/9 | - | - | - | €0.09m | €0.1m | €0.1m | €0.1m | ▼ 14.5% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.02m | €0.2m | €0.5m | ▲ 168% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.01m | €0.006m | ▼ 54.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €75,499 | €90,792 | €27,403 | €52,128 | €12,191 | €2,121 | €15,069 | ▲ 611% |
| + Depreciation and write-downs630 | €97,401 | €101,800 | €105,309 | €107,929 | €122,121 | €167,844 | €169,311 | ▲ 0.9% |
| Operating cash flow (approximation) | €172,899 | €192,592 | €132,712 | €160,056 | €134,312 | €169,965 | €184,380 | ▲ 8.5% |
| Investment in fixed assets (approximation) | - | -€91,635 | -€60,374 | -€9,997 | -€87,035 | - | -€5,826 | - |
| Change in cash | - | €112,267 | €6,009 | -€145,424 | €36,325 | - | €38,233 | - |
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, 4,685 companies had the same profile as MULTIFISK has now. Two years later, 96.9% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.9%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of MULTIFISK 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 4,685 companies, not a prediction for MULTIFISK. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 31-08-2026 | 2026-00487834 | |
| 31-12-2024 | abbreviated format | 17-07-2025 | 2025-00281072 | |
| 31-12-2022 | abbreviated format | 26-07-2023 | 2023-00272913 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20397976 | |
| 31-12-2020 | abbreviated format | 10-07-2021 | 2021-35700324 | |
| 31-12-2019 | abbreviated format | 26-10-2020 | 2020-63200106 | |
| 31-12-2018 | abbreviated format | 25-08-2019 | 2019-50400404 | |
| 31-12-2017 | micro format | 25-08-2018 | 2018-52600519 | |
| 31-12-2016 | micro format | 03-08-2017 | 2017-41300149 | |
| 31-12-2015 | abbreviated format | 12-07-2016 | 2016-30600521 |