Net-Com
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 15 filings
Turnover
≈ €120,000
Estimated: probably between €59,000 and €230,000
Total assets
€114,717▲ 1.4%
2024 · €113,158
Net result
€1,069▼ 94.6%
2024 · €19,657
Working capital
€6,437▼ 64.8%
2024 · €18,291
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€4,111
▼ 85.8%
2025
20182025
Net result
€1,069
▼ 94.6%
2025
lowest quarter of the sector
20182025
Equity
€43,032
▼ 10.1%
2025
middle half of the sector
20182025
Total assets
€114,717
▲ 1.4%
2025
middle half of the sector
20182025
Debt
€71,684
▲ 9.8%
2025
20182025
Working capital
€6,437
▼ 64.8%
2025
lowest quarter of the sector
20182025
Solvency
37.5%
▼ 4.8pp
2025
middle half of the sector
20182025
Current ratio
1.17
▼ 0.41
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
0.9%
▼ 16.4pp
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€1,043-€2,494▲ 139%€2,290▼ 8.2%€78▼ 96.6%€17,287▲ 220×€7,908▼ 54.3%€28,930▲ 266%€4,111▼ 85.8%
Net result€3,072-€965▼ 68.6%€1,071below the sector's middle half▲ 11.0%-€1,103below the sector's middle half€11,449within the sector's middle half€3,826below the sector's middle half▼ 66.6%€19,657within the sector's middle half▲ 414%€1,069below the sector's middle half▼ 94.6%
Equity€21,021-€21,987▲ 4.6%€23,058below the sector's middle half▲ 4.9%€21,954below the sector's middle half▼ 4.8%€33,403within the sector's middle half▲ 52.1%€28,205within the sector's middle half▼ 15.6%€47,861within the sector's middle half▲ 69.7%€43,032within the sector's middle half▼ 10.1%
Total assets€67,109-€67,774▲ 1.0%€65,625below the sector's middle half▼ 3.2%€61,244below the sector's middle half▼ 6.7%€66,437below the sector's middle half▲ 8.5%€104,763within the sector's middle half▲ 57.7%€113,158within the sector's middle half▲ 8.0%€114,717within the sector's middle half▲ 1.4%
Debt€46,087-€45,788▼ 0.6%€42,568▼ 7.0%€39,289▼ 7.7%€33,034▼ 15.9%€76,559▲ 132%€65,297▼ 14.7%€71,684▲ 9.8%
Working capital€13,159-€16,620▲ 26.3%€17,609within the sector's middle half▲ 5.9%€9,396below the sector's middle half▼ 46.6%€24,302within the sector's middle half▲ 159%€2,171below the sector's middle half▼ 91.1%€18,291within the sector's middle half▲ 742%€6,437below the sector's middle half▼ 64.8%
Solvency31.3%-32.4%▲ 1.1pp35.1%within the sector's middle half▲ 2.7pp35.8%within the sector's middle half▲ 0.7pp50.3%within the sector's middle half▲ 14.4pp26.9%below the sector's middle half▼ 23.4pp42.3%within the sector's middle half▲ 15.4pp37.5%within the sector's middle half▼ 4.8pp
Current ratio1.49-1.52▲ 0.031.52within the sector's middle half▼ 0.011.26below the sector's middle half▼ 0.261.74within the sector's middle half▲ 0.481.05below the sector's middle half▼ 0.691.58within the sector's middle half▲ 0.531.17below the sector's middle half▼ 0.41
Return on assets (ROA)4.6%-1.4%▼ 3.2pp1.6%below the sector's middle half▲ 0.2pp-1.8%below the sector's middle half▼ 3.4pp17.2%within the sector's middle half▲ 19.0pp3.7%below the sector's middle half▼ 13.6pp17.4%within the sector's middle half▲ 13.7pp0.9%below the sector's middle half▼ 16.4pp
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 86% 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 €114,717
Fixed assets
€70,276 ▲ 11.2%
Current assets
€44,441 ▼ 11.0%
Equity and liabilities €114,717
Equity
€43,032 ▼ 10.1%
Debt
€71,684 ▲ 9.8%
Debt's share of the balance-sheet total rises from 57.7% to 62.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€21,222▼
2024 · €41,739
Cash flow
€18,180▼
2024 · €32,467
Quick ratio
0.90▼
2024 · 1.42
Debt to equity
1.67▲
2024 · 1.36
ROE
2.5%▼
2024 · 41.1%
Interest coverage
7.66▼
2024 · 24.41
Debt ≤ 1 year
€38,004▲
2024 · €31,667
Debt > 1 year
€33,681▲
2024 · €33,629
Income taxes
€817▼
2024 · €8,138
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 | €8,149 | €1,642 | €75,327 | €16,843 | €24,187 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €6,634 | €7,924 | €9,969 | €12,810 | €17,111 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €150 awarded · €150 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | - | €1,207 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,442 | €7,948 | €6,960 | €6,634 | €7,924 | €9,969 | €12,810 | €17,111 | ▲ 33.6% |
| Other operating charges640/8 | - | - | - | €1,443 | €1,481 | €2,619 | €1,425 | €1,538 | ▲ 7.9% |
| Gross operating margin9900 | €11,069 | €11,659 | €10,553 | €8,155 | €26,692 | €20,496 | €43,165 | €22,760 | ▼ 47.3% |
| Operating profit (loss)9901 | €1,043 | €2,494 | €2,290 | €78 | €17,287 | €7,908 | €28,930 | €4,111 | ▼ 85.8% |
| Financial income75/76B | - | - | - | €0 | €20 | €5 | €575 | €544 | ▼ 5.4% |
| Recurring financial income75 | €3,000 | €2 | €36 | €0 | €20 | €5 | €575 | €544 | ▼ 5.4% |
| Financial charges65/66B | - | - | - | €736 | €548 | €1,267 | €1,710 | €2,769 | ▲ 62.0% |
| Recurring financial charges65 | €329 | €678 | €760 | €736 | €548 | €1,267 | €1,710 | €2,769 | ▲ 62.0% |
| Profit (loss) for the period before taxes9903 | €3,713 | €1,818 | €1,567 | -€657 | €16,759 | €6,646 | €27,795 | €1,886 | ▼ 93.2% |
| Income taxes67/77 | €641 | €853 | €495 | €446 | €5,310 | €2,819 | €8,138 | €817 | ▼ 90.0% |
| Profit (loss) for the period9904 | €3,072 | €965 | €1,071 | -€1,103 | €11,449 | €3,826 | €19,657 | €1,069 | ▼ 94.6% |
| Profit (loss) for the period to be appropriated9905 | €3,072 | €965 | €1,071 | -€1,103 | €11,449 | €3,826 | €19,657 | €1,069 | ▼ 94.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €67,109 | €67,774 | €65,625 | €61,244 | €66,437 | €104,763 | €113,158 | €114,717 | ▲ 1.4% |
| Fixed assets21/28 | €27,255 | €19,307 | €13,867 | €15,383 | €9,101 | €59,166 | €63,200 | €70,276 | ▲ 11.2% |
| Tangible fixed assets22/27 | €27,205 | €19,257 | €13,817 | €15,333 | €9,051 | €59,116 | €63,150 | €70,226 | ▲ 11.2% |
| Plant, machinery and equipment23 | - | - | - | - | - | €1,378 | €1,089 | €799 | ▼ 26.6% |
| Furniture and vehicles24 | - | - | - | €6,982 | €2,028 | €44,262 | €875 | €2,062 | ▲ 136% |
| Leasing and similar rights25 | - | - | - | - | - | - | €32,860 | €22,661 | ▼ 31.0% |
| Other tangible fixed assets26 | - | - | - | €8,351 | €7,023 | €13,476 | €28,326 | €44,703 | ▲ 57.8% |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €39,854 | €48,467 | €51,758 | €45,861 | €57,336 | €45,597 | €49,959 | €44,441 | ▼ 11.0% |
| Stocks and contracts in progress3 | €20,102 | €23,064 | €23,679 | €26,283 | €10,387 | €10,988 | €5,073 | €10,342 | ▲ 104% |
| Stocks30/36 | - | - | - | €26,283 | €10,387 | €10,988 | €5,073 | €10,342 | ▲ 104% |
| Amounts receivable within one year40/41 | €19,075 | €18,799 | €19,993 | €14,658 | €29,030 | €17,040 | €23,068 | €17,741 | ▼ 23.1% |
| Trade receivables40 | - | - | - | €14,570 | €23,770 | €12,354 | €11,296 | €7,006 | ▼ 38.0% |
| Other amounts receivable41 | - | - | - | €88 | €5,260 | €4,686 | €11,772 | €10,735 | ▼ 8.8% |
| Cash at bank and in hand54/58 | €677 | €2,662 | €5,260 | €2,230 | €15,204 | €15,926 | €20,191 | €14,729 | ▼ 27.1% |
| Deferred charges and accrued income490/1 | - | - | - | €2,690 | €2,715 | €1,643 | €1,626 | €1,629 | ▲ 0.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €67,109 | €67,774 | €65,625 | €61,244 | €66,437 | €104,763 | €113,158 | €114,717 | ▲ 1.4% |
| Equity10/15 | €21,021 | €21,987 | €23,058 | €21,954 | €33,403 | €28,205 | €47,861 | €43,032 | ▼ 10.1% |
| Contributions10/11 | €8,200 | €8,200 | - | €8,200 | €8,200 | €8,200 | €8,200 | €8,200 | = |
| Reserves13 | €13,957 | €14,923 | €14,923 | €14,923 | €25,203 | €20,005 | €39,661 | €34,832 | ▼ 12.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €13,063 | €23,343 | €20,005 | €39,661 | €34,832 | ▼ 12.2% |
| Profit (loss) carried forward14 | -€1,136 | -€1,136 | -€65 | -€1,168 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €46,087 | €45,788 | €42,568 | €39,289 | €33,034 | €76,559 | €65,297 | €71,684 | ▲ 9.8% |
| Amounts payable after more than one year17 | €19,392 | €13,941 | €8,418 | €2,824 | €0 | €33,133 | €33,629 | €33,681 | ▲ 0.2% |
| Financial debts170/4 | - | - | - | €2,824 | €0 | €33,133 | €33,629 | €33,681 | ▲ 0.2% |
| Amounts payable within one year42/48 | €26,695 | €31,847 | €34,149 | €36,465 | €33,034 | €43,426 | €31,667 | €38,004 | ▲ 20.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,594 | €2,824 | €9,857 | €13,348 | €16,104 | ▲ 20.6% |
| Trade debts44 | €10,152 | €12,265 | €13,312 | €19,642 | €7,744 | €15,758 | €9,591 | €7,522 | ▼ 21.6% |
| Suppliers440/4 | - | - | - | €19,642 | €7,744 | €15,758 | €9,591 | €7,522 | ▼ 21.6% |
| Taxes, remuneration and social security45 | - | - | - | €5,275 | €15,690 | €17,810 | €8,728 | €14,378 | ▲ 64.7% |
| Taxes450/3 | - | - | - | €5,275 | €15,690 | €17,810 | €8,728 | €14,378 | ▲ 64.7% |
| Other amounts payable47/48 | - | - | - | €5,954 | €6,775 | €0 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,072 | €965 | €1,071 | -€1,103 | €11,449 | €3,826 | €19,657 | €1,069 | ▼ 94.6% |
| + Depreciation and write-downs630 | €8,442 | €7,948 | €6,960 | €6,634 | €7,924 | €9,969 | €12,810 | €17,111 | ▲ 33.6% |
| Operating cash flow (approximation) | €11,515 | €8,913 | €8,031 | €5,530 | €19,373 | €13,796 | €32,467 | €18,180 | ▼ 44.0% |
| Investment in fixed assets (approximation) | - | €0 | -€1,520 | -€8,149 | -€1,642 | -€60,035 | -€16,843 | -€24,187 | ▼ 43.6% |
| Change in cash | - | €1,985 | €2,597 | -€3,030 | €12,974 | €722 | €4,265 | -€5,463 | - |
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, 10,904 companies had the same profile as Net-Com has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Net-Com 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 10,904 companies, not a prediction for Net-Com. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-07-2026 | 2026-00300002 | |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00422392 | |
| 31-12-2023 | micro format | 10-07-2024 | 2024-00229850 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00294661 | |
| 31-12-2021 | micro format | 28-08-2022 | 2022-20329642 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-62200525 | |
| 31-12-2019 | micro format | 28-08-2020 | 2020-47400477 | |
| 31-12-2018 | micro format | 19-07-2019 | 2019-35000038 | |
| 31-12-2017 | micro format | 28-08-2018 | 2018-52600126 | |
| 31-12-2016 | micro format | 18-07-2017 | 2017-32800326 |