Netstart
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 27-03-2026 PDF all 22 filings
Equity
€889,480▼ 4.3%
2024 · €929,608
Total assets
€938,411▼ 5.2%
2024 · €990,401
Net result
-€40,129▲ 20.1%
2024 · -€50,219
Working capital
€845,796▼ 2.4%
2024 · €866,161
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€20,572
▲ 65.8%
2025
20192025
Net result
-€40,129
▲ 20.1%
2025
lowest quarter of the sector
20192025
Equity
€889,480
▼ 4.3%
2025
middle half of the sector
20192025
Total assets
€938,411
▼ 5.2%
2025
middle half of the sector
20192025
Debt
€48,931
▼ 19.5%
2025
20192025
Working capital
€845,796
▼ 2.4%
2025
highest quarter of the sector
20192025
Solvency
94.8%
▲ 0.9pp
2025
highest quarter of the sector
20192025
Current ratio
34.93
▲ 19.69
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-4.3%
▲ 0.8pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
0
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.04m-€0.09m▲ 126%€0.04m▼ 57.6%-€0.2m-€0.1m▲ 39.3%-€0.06m▲ 56.8%-€0.02m▲ 65.8%
Net result€0.03m-€0.06mwithin the sector's middle half▲ 139%€0.03mwithin the sector's middle half▼ 59.8%€1.0mabove the sector's middle half▲ 38×-€0.1mbelow the sector's middle half-€0.05mbelow the sector's middle half▲ 50.2%-€0.04mbelow the sector's middle half▲ 20.1%
Equity€0.1m-€0.2mwithin the sector's middle half▲ 47.1%€0.2mwithin the sector's middle half▼ 12.1%€1.1mwithin the sector's middle half▲ 561%€1.0mabove the sector's middle half▼ 8.9%€0.9mwithin the sector's middle half▼ 9.6%€0.9mwithin the sector's middle half▼ 4.3%
Total assets€0.2m-€0.2mbelow the sector's middle half▲ 41.3%€0.3mbelow the sector's middle half▲ 7.2%€1.2mwithin the sector's middle half▲ 356%€1.1mabove the sector's middle half▼ 8.6%€1.0mwithin the sector's middle half▼ 10.4%€0.9mwithin the sector's middle half▼ 5.2%
Debt€0.04m-€0.05m▲ 23.5%€0.09m▲ 77.5%€0.08m▼ 15.0%€0.08m▼ 3.5%€0.06m▼ 21.6%€0.05m▼ 19.5%
Working capital€0.1m-€0.2mwithin the sector's middle half▲ 54.0%€0.2mwithin the sector's middle half▼ 16.1%€1.1mabove the sector's middle half▲ 654%€1.0mabove the sector's middle half▼ 11.5%€0.9mabove the sector's middle half▼ 13.8%€0.8mabove the sector's middle half▼ 2.4%
Solvency75.4%-78.5%above the sector's middle half▲ 3.1pp64.4%within the sector's middle half▼ 14.1pp93.4%above the sector's middle half▲ 29.0pp93.0%above the sector's middle half▼ 0.4pp93.9%above the sector's middle half▲ 0.9pp94.8%above the sector's middle half▲ 0.9pp
Current ratio4.80-5.85above the sector's middle half▲ 1.052.95within the sector's middle half▼ 2.9018.37above the sector's middle half▲ 15.4213.95above the sector's middle half▼ 4.4215.25above the sector's middle half▲ 1.3034.93above the sector's middle half▲ 19.69
Return on assets (ROA)14.8%-25.1%above the sector's middle half▲ 10.3pp9.4%within the sector's middle half▼ 15.7pp79.2%above the sector's middle half▲ 69.8pp-9.1%below the sector's middle half▼ 88.4pp-5.1%below the sector's middle half▲ 4.1pp-4.3%below the sector's middle half▲ 0.8pp
Staff (FTE)0within 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 a loss of €20,572, smaller than the loss of €60,220 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €938,411
Fixed assets
€67,689 ▲ 6.7%
Current assets
€870,721 ▼ 6.1%
Equity and liabilities €938,411
Equity
€889,480 ▼ 4.3%
Debt
€48,931 ▼ 19.5%
Debt's share of the balance-sheet total falls from 6.1% to 5.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€3,576▲
2024 · -€42,973
Cash flow
-€23,132▲
2024 · -€32,973
Debt to equity
0.06▼
2024 · 0.07
ROE
-4.5%▲
2024 · -5.4%
Interest coverage
-0.13▲
2024 · -70.60
Debt ≤ 1 year
€24,925▼
2024 · €60,793
Debt > 1 year
€24,006
Income taxes
€746▲
2024 · -€280
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €4,116 | €18,298 | €34,920 | €43,330 |
| Intangible fixed assets | - | €3,500 | - | - |
| Financial fixed assets | - | - | €25,000 | - |
| Depreciation and write-downs of the year | €5,097 | €7,758 | €17,246 | €16,997 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €0.02m | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.002m | €0.003m | €0.003m | €0.005m | €0.008m | €0.02m | €0.02m | ▼ 1.4% |
| Other operating charges640/8 | - | - | - | €482 | €0.001m | €0.001m | €0.003m | ▲ 143% |
| Non-recurring operating charges66A | - | - | - | €50 | €0.02m | €0.003m | €0 | ▼ 100% |
| Gross operating margin9900 | €0.07m | €0.09m | €0.04m | -€0.2m | -€0.1m | -€0.04m | -€0.001m | ▲ 97.9% |
| Operating profit (loss)9901 | €0.04m | €0.09m | €0.04m | -€0.2m | -€0.1m | -€0.06m | -€0.02m | ▲ 65.8% |
| Financial income75/76B | - | - | - | €1.5m | €0.03m | €0.01m | €0.008m | ▼ 20.1% |
| Recurring financial income75 | €20 | €0 | €94 | €0.008m | €0.01m | €0.01m | €0.008m | ▼ 20.1% |
| Non-recurring financial income76B | - | - | - | €1.5m | €0.02m | €0 | - | - |
| Financial charges65/66B | - | - | - | €0.3m | -€0.008m | €0.001m | €0.03m | ▲ 44× |
| Recurring financial charges65 | €0.001m | €0.002m | €0.003m | €0.2m | -€0.008m | €0.001m | €0.03m | ▲ 44× |
| Non-recurring financial charges66B | - | - | - | €0.02m | €0 | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.04m | €0.09m | €0.04m | €1.0m | -€0.1m | -€0.05m | -€0.04m | ▲ 22.0% |
| Income taxes67/77 | €0.01m | €0.03m | €0.01m | €0.06m | €0.001m | -€280 | €0.001m | - |
| Profit (loss) for the period9904 | €0.03m | €0.06m | €0.03m | €1.0m | -€0.1m | -€0.05m | -€0.04m | ▲ 20.1% |
| Profit (loss) for the period to be appropriated9905 | €0.03m | €0.06m | €0.03m | €1.0m | -€0.1m | -€0.05m | -€0.04m | ▲ 20.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.2m | €0.2m | €0.3m | €1.2m | €1.1m | €1.0m | €0.9m | ▼ 5.2% |
| Fixed assets21/28 | €0.03m | €0.03m | €0.04m | €0.01m | €0.02m | €0.06m | €0.07m | ▲ 6.7% |
| Intangible fixed assets21 | - | - | - | - | €0.003m | €0 | - | - |
| Tangible fixed assets22/27 | €0.002m | €0.005m | €0.01m | €0.01m | €0.02m | €0.04m | €0.04m | ▲ 11.0% |
| Plant, machinery and equipment23 | - | - | - | - | €0.002m | €0.001m | €0.001m | ▼ 28.2% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.02m | €0.04m | €0.04m | ▲ 12.6% |
| Financial fixed assets28 | €0.03m | €0.03m | €0.03m | €0 | €0 | €0.03m | €0.03m | = |
| Current assets29/58 | €0.1m | €0.2m | €0.2m | €1.2m | €1.1m | €0.9m | €0.9m | ▼ 6.1% |
| Amounts receivable after more than one year29 | - | - | - | €0.4m | €0.4m | €0.4m | €0.04m | ▼ 89.9% |
| Other amounts receivable291 | - | - | - | €0.4m | €0.4m | €0.4m | €0.04m | ▼ 89.9% |
| Amounts receivable within one year40/41 | €0.05m | €0.03m | €0.06m | €0.02m | €0.02m | €0.06m | €0.02m | ▼ 56.9% |
| Trade receivables40 | - | - | - | €0.02m | €0.01m | €0.01m | €0.02m | ▲ 68.2% |
| Other amounts receivable41 | - | - | - | €0.007m | €0.01m | €0.04m | €0.001m | ▼ 98.6% |
| Current investments50/53 | - | €0.1m | €0.08m | €0.6m | €0.7m | €0.4m | €0.6m | ▲ 43.7% |
| Cash at bank and in hand54/58 | €0.09m | €0.08m | €0.08m | €0.2m | €0.002m | €0.01m | €0.1m | ▲ 13× |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.03m | €0.04m | €0.04m | ▲ 13.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.2m | €0.2m | €0.3m | €1.2m | €1.1m | €1.0m | €0.9m | ▼ 5.2% |
| Equity10/15 | €0.1m | €0.2m | €0.2m | €1.1m | €1.0m | €0.9m | €0.9m | ▼ 4.3% |
| Contributions10/11 | €0.007m | - | - | €0.007m | €0.009m | €0.009m | €0.009m | = |
| Reserves13 | €0.1m | €0.2m | €0.2m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Profit (loss) carried forward14 | - | - | - | €0 | -€0.1m | -€0.2m | -€0.2m | ▼ 26.5% |
| Amounts payable17/49 | €0.04m | €0.05m | €0.09m | €0.08m | €0.08m | €0.06m | €0.05m | ▼ 19.5% |
| Amounts payable after more than one year17 | €0 | - | - | - | - | - | €0.02m | - |
| Financial debts170/4 | - | - | - | - | - | - | €0.02m | - |
| Amounts payable within one year42/48 | €0.03m | €0.04m | €0.08m | €0.07m | €0.08m | €0.06m | €0.02m | ▼ 59.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €0.01m | - |
| Financial debts43 | - | - | - | €11 | €139 | €390 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | €11 | €139 | €390 | €0 | ▼ 100% |
| Trade debts44 | €0.003m | €0.01m | €0.01m | €0.005m | €0.02m | €0.01m | €0.004m | ▼ 58.1% |
| Suppliers440/4 | - | - | - | €0.005m | €0.02m | €0.01m | €0.004m | ▼ 58.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.06m | €0.001m | €0.004m | ▲ 199% |
| Taxes450/3 | - | - | - | €0.06m | €0.06m | €0.001m | €0.004m | ▲ 199% |
| Remuneration and social security454/9 | - | - | - | - | €21 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €0 | - | €0.05m | €0.006m | ▼ 86.8% |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26,011 | €62,169 | €25,008 | €958,406 | -€100,897 | -€50,219 | -€40,129 | ▲ 20.1% |
| + Depreciation and write-downs630 | €2,076 | €2,538 | €3,027 | €5,097 | €7,758 | €17,246 | €16,997 | ▼ 1.4% |
| Operating cash flow (approximation) | €28,087 | €64,707 | €28,035 | €963,503 | -€93,138 | -€32,973 | -€23,132 | ▲ 29.8% |
| Investment in fixed assets (approximation) | - | -€5,659 | -€9,491 | €22,708 | -€21,798 | -€56,691 | -€21,239 | ▲ 62.5% |
| Change in cash | - | -€10,647 | -€416 | €120,352 | -€201,587 | €8,592 | €131,128 | ▲ 15× |
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, 8,617 companies had the same profile as Netstart has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Netstart 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 8,617 companies, not a prediction for Netstart. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 27-03-2026 | 2026-00064268 | |
| 30-09-2024 | abbreviated format | 29-04-2025 | 2025-00083959 | |
| 30-09-2023 | micro format | 29-04-2024 | 2024-00076738 | |
| 30-09-2022 | abbreviated format | 28-04-2023 | 2023-00077476 | |
| 30-09-2021 | abbreviated format | 31-03-2022 | 2022-09700208 | |
| 30-09-2020 | abbreviated format | 30-04-2021 | 2021-12800536 | |
| 30-09-2019 | micro format | 31-03-2020 | 2020-07900374 | |
| 30-09-2018 | micro format | 03-04-2019 | 2019-09400206 | |
| 30-09-2017 | micro format | 30-04-2018 | 2018-11100144 | |
| 30-09-2016 | abbreviated format | 29-03-2017 | 2017-07500025 |