New chapter
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-04-2026 PDF all 6 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€752,151
2024 · -€29,950
Working capital
€2.1m▲ 35.3%
2024 · €1.5m
Multi-year overview
2021 to 2025, 6 financial yearsOperating result
-€28,118
▲ 8.6%
2025
20212025
Net result
€752,151
2025
20212025
Equity
€3.2m
▲ 30.9%
2025
20212025
Total assets
€3.2m
▲ 22.1%
2025
20212025
Debt
€32,387
▼ 84.0%
2025
20212025
Working capital
€2.1m
▲ 35.3%
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202120212022202320242025
Operating result-€0.006m--€0.03m▼ 446%-€0.04m▼ 9.0%-€0.03m▲ 14.9%-€0.03m▲ 8.6%
Net result-€0.01m--€0.5m▼ 3,533%€0.2m-€0.03m€0.8m
Equity€14.5m-€14.5m-€1.9m▼ 87.1%€2.0m▲ 8.6%€2.4m▲ 19.5%€3.2m▲ 30.9%
Total assets€16.7m-€16.6m-€4.4m▼ 73.5%€2.8m▼ 36.6%€2.6m▼ 5.4%€3.2m▲ 22.1%
Debt€2.2m-€2.1m-€2.5m▲ 19.6%€0.8m▼ 70.2%€0.2m▼ 73.1%€0.03m▼ 84.0%
Working capital€3.2m-€1.6m-€1.5m▼ 4.7%€1.6m▲ 8.6%€1.5m▼ 5.1%€2.1m▲ 35.3%
The operating result for 2025 is a loss of €28,118, smaller than the loss of €30,766 in 2024.
Large changes and their cause
- 2022 Net result -3,533% on 2021. Partial demerger to HSI, Official Gazette 14-10-2022. The previous financial year ran 1 months, this one 12.
- 2022 Equity -87%, Total assets -74% on 2021. Partial demerger to HSI, Official Gazette 14-10-2022. Capital reduction of €12,156,868 (Official Gazette 14-10-2022).
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.2m
Fixed assets
€1.1m ▲ 23.3%
Current assets
€2.1m ▲ 21.5%
Equity and liabilities €3.2m
Equity
€3.2m ▲ 30.9%
Debt
€32,387 ▼ 84.0%
Debt's share of the balance-sheet total falls from 7.6% to 1.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
-€26,578▲
2024 · -€28,705
Cash flow
€753,691▲
2024 · -€27,889
Current ratio
65.39▲
2024 · 8.64
Debt to equity
0.01▼
2024 · 0.08
ROE
23.6%▲
2024 · -1.2%
ROA
23.3%▲
2024 · -1.1%
Interest coverage
-0.65▼
2024 · -0.32
Debt ≤ 1 year
€32,387▼
2024 · €201,791
Income taxes
€4,018▼
2024 · €18,661
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 | - | €3,747 | €2,438 | - | - |
| Financial fixed assets | €11,643 | - | €32,618 | €483,949 | €209,920 |
| Depreciation and write-downs of the year | €2,612 | €42,085 | €1,995 | €2,061 | €1,540 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €2,612 | €42,085 | €1,995 | €2,061 | €1,540 | ▼ 25.3% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | -€250 | - | - | - | - | - |
| Other operating charges640/8 | - | €348 | €650 | €1,459 | €968 | €1,368 | ▲ 41.4% |
| Gross operating margin9900 | - | -€3,360 | €9,575 | -€32,680 | -€27,737 | -€25,210 | ▲ 9.1% |
| Operating profit (loss)9901 | - | -€6,069 | -€33,160 | -€36,134 | -€30,766 | -€28,118 | ▲ 8.6% |
| Financial income75/76B | - | €11,643 | €216,292 | €187,491 | €108,145 | €825,150 | ▲ 663% |
| Recurring financial income75 | - | €11,643 | €216,292 | €187,491 | €108,145 | €825,150 | ▲ 663% |
| Financial charges65/66B | - | €17,800 | €615,996 | -€36,267 | €88,668 | €40,863 | ▼ 53.9% |
| Recurring financial charges65 | - | €17,800 | €615,996 | -€36,267 | €88,668 | €40,863 | ▼ 53.9% |
| Profit (loss) for the period before taxes9903 | - | -€12,226 | -€432,864 | €187,625 | -€11,289 | €756,169 | - |
| Income taxes67/77 | - | €800 | €40,443 | €25,314 | €18,661 | €4,018 | ▼ 78.5% |
| Profit (loss) for the period9904 | - | -€13,026 | -€473,308 | €162,311 | -€29,950 | €752,151 | - |
| Profit (loss) for the period to be appropriated9905 | - | -€13,026 | -€473,308 | €162,311 | -€29,950 | €752,151 | - |
| Line | 2021 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €16.7m | €16.6m | €4.4m | €2.8m | €2.6m | €3.2m | ▲ 22.1% |
| Formation expenses20 | €0.03m | €0.04m | - | - | - | - | - |
| Fixed assets21/28 | €12.9m | €12.9m | €0.4m | €0.4m | €0.9m | €1.1m | ▲ 23.3% |
| Intangible fixed assets21 | €0.01m | €0.01m | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.004m | €0.004m | €0.003m | €0.004m | €0.002m | €67 | ▼ 95.8% |
| Furniture and vehicles24 | €0.004m | €0.004m | €0.003m | €0.004m | €0.002m | €67 | ▼ 95.8% |
| Financial fixed assets28 | €12.9m | €12.9m | €0.4m | €0.4m | €0.9m | €1.1m | ▲ 23.5% |
| Affiliated companies280/1 | €10.1m | - | - | - | - | - | - |
| Amounts receivable281 | €0.7m | - | - | - | - | - | - |
| Other financial fixed assets284/8 | €2.8m | - | - | - | - | - | - |
| Amounts receivable and cash guarantees285/8 | €2.8m | - | - | - | - | - | - |
| Current assets29/58 | €3.8m | €3.7m | €4.0m | €2.4m | €1.7m | €2.1m | ▲ 21.5% |
| Amounts receivable within one year40/41 | €0.02m | €0.02m | - | €0.003m | €0.001m | €0.006m | ▲ 355% |
| Trade receivables40 | €0.02m | - | - | €0.001m | - | - | - |
| Other amounts receivable41 | - | €0.02m | - | €0.001m | €0.001m | €0.006m | ▲ 355% |
| Current investments50/53 | €2.7m | €2.6m | €2.1m | €0.7m | €1.2m | €1.7m | ▲ 36.8% |
| Other investments51/53 | €2.7m | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €1.2m | €1.1m | €1.9m | €1.7m | €0.5m | €0.4m | ▼ 17.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | €267 | - | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €16.7m | €16.6m | €4.4m | €2.8m | €2.6m | €3.2m | ▲ 22.1% |
| Equity10/15 | €14.5m | €14.5m | €1.9m | €2.0m | €2.4m | €3.2m | ▲ 30.9% |
| Contributions10/11 | €13.4m | €13.4m | €2.2m | €2.2m | €2.6m | €2.6m | = |
| Other1109/19 | €13.4m | - | - | - | - | - | - |
| Reserves13 | €0.05m | €0.05m | €0.009m | €0.009m | €0.009m | €0.009m | = |
| Non-distributable reserves130/1 | €0.02m | €0.02m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Reserves not available under the articles1311 | €0.02m | €0.02m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Distributable reserves133 | €0.04m | €0.04m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Profit (loss) carried forward14 | €1.1m | €1.1m | -€0.3m | -€0.1m | -€0.2m | €0.6m | - |
| Provisions and deferred taxes16 | €250 | - | - | - | - | - | - |
| Other liabilities and charges164/5 | €250 | - | - | - | - | - | - |
| Amounts payable17/49 | €2.2m | €2.1m | €2.5m | €0.8m | €0.2m | €0.03m | ▼ 84.0% |
| Amounts payable within one year42/48 | €0.6m | €2.1m | €2.5m | €0.8m | €0.2m | €0.03m | ▼ 84.0% |
| Financial debts43 | - | €0.6m | €0.6m | - | - | - | - |
| Credit institutions430/8 | €0.6m | €0.6m | €0.6m | - | - | - | - |
| Trade debts44 | €0.004m | €0.01m | - | €0.002m | - | €0.002m | - |
| Suppliers440/4 | €0.004m | €0.01m | - | €0.002m | - | €0.002m | - |
| Taxes, remuneration and social security45 | - | €0.001m | €0.04m | - | €0.009m | - | - |
| Taxes450/3 | - | €0.001m | €0.04m | - | €0.009m | - | - |
| Other amounts payable47/48 | €1.6m | €1.5m | €1.9m | €0.7m | €0.2m | €0.03m | ▼ 84.4% |
| Accrued charges and deferred income492/3 | €0.002m | - | - | - | - | - | - |
| Line | 2021 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | - | -€0.01m | -€0.5m | €0.2m | -€0.03m | €0.8m | - |
| + Depreciation and write-downs630 | - | €0.003m | €0.04m | €0.002m | €0.002m | €0.002m | ▼ 25.3% |
| Operating cash flow (approximation) | - | -€0.01m | -€0.4m | €0.2m | -€0.03m | €0.8m | - |
| Investment in fixed assets (approximation) | - | - | €12.5m | -€0.04m | -€0.5m | -€0.2m | ▲ 56.6% |
| Change in cash | - | - | €0.8m | -€0.2m | -€1.2m | -€0.09m | ▲ 92.8% |
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, 3,127 companies had the same profile as New chapter has now. Two years later, 97.2% were still going and 0.8% had gone bankrupt.
- Small
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
97.2%
was still going
1.9%
stopped otherwise
0.8%
went bankrupt
That fits the bankruptcy probability of New chapter 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 3,127 companies, not a prediction for New chapter. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-04-2026 | 2026-00102854 | |
| 31-12-2024 | micro format | 12-06-2025 | 2025-00139451 | |
| 31-12-2023 | micro format | 18-06-2024 | 2024-00142705 | |
| 31-12-2022 | micro format | 01-06-2023 | 2023-00109920 | |
| 31-12-2021 | micro format | 07-07-2022 | 2022-20176193 | |
| 09-12-2021 | unclassified schema | 19-01-2022 | 2022-01400113 |