NFCI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-12-2025 PDF all 3 filings
Turnover
€121,034
EBIT margin
78.3%
Net result
€61,661▼ 10.7%
2024 · €69,062
Working capital
€170,814▲ 72.3%
2024 · €99,155
Multi-year overview
2023 to 2025, 3 financial yearsTurnover
no figure
2025
20232025
Operating result
€81,109
▼ 19.5%
2025
20232025
Net result
€61,661
▼ 10.7%
2025
middle half of the sector
20232025
EBIT margin
no figure
2025
20232025
Equity
€200,633
▲ 44.4%
2025
middle half of the sector
20232025
Total assets
€229,499
▲ 30.9%
2025
middle half of the sector
20232025
Debt
€28,867
▼ 20.7%
2025
20232025
Working capital
€170,814
▲ 72.3%
2025
highest quarter of the sector
20232025
Solvency
87.4%
▲ 8.2pp
2025
highest quarter of the sector
20232025
Current ratio
6.92
▲ 3.19
2025
highest quarter of the sector
20232025
Return on assets (ROA)
26.9%
▼ 12.5pp
2025
middle half of the sector
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Turnover€121,034-
Operating result€94,772-€100,770▲ 6.3%€81,109▼ 19.5%
Net result€68,409above the sector's middle half-€69,062above the sector's middle half▲ 1.0%€61,661within the sector's middle half▼ 10.7%
EBIT margin78.3%-
Equity€69,909within the sector's middle half-€138,971within the sector's middle half▲ 98.8%€200,633within the sector's middle half▲ 44.4%
Total assets€104,286within the sector's middle half-€175,368within the sector's middle half▲ 68.2%€229,499within the sector's middle half▲ 30.9%
Debt€34,378-€36,396▲ 5.9%€28,867▼ 20.7%
Working capital€66,078within the sector's middle half-€99,155within the sector's middle half▲ 50.1%€170,814above the sector's middle half▲ 72.3%
Solvency67.0%within the sector's middle half-79.2%within the sector's middle half▲ 12.2pp87.4%above the sector's middle half▲ 8.2pp
Current ratio2.92within the sector's middle half-3.72within the sector's middle half▲ 0.806.92above the sector's middle half▲ 3.19
Return on assets (ROA)65.6%above the sector's middle half-39.4%above the sector's middle half▼ 26.2pp26.9%within the sector's middle half▼ 12.5pp
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 20% lower than in 2024 and the lowest since 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €229,499
Fixed assets
€29,819 ▼ 25.1%
Current assets
€199,681 ▲ 47.3%
Equity and liabilities €229,499
Equity
€200,633 ▲ 44.4%
Debt
€28,867 ▼ 20.7%
Debt's share of the balance-sheet total falls from 20.8% to 12.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€91,776▼
2024 · €103,295
Cash flow
€72,328▲
2024 · €71,588
Debt to equity
0.14▼
2024 · 0.26
ROE
30.7%▼
2024 · 49.7%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€28,867▼
2024 · €36,396
Income taxes
€21,941▼
2024 · €33,339
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|
| Tangible fixed assets | €4,096 | €38,511 | €670 |
| Intangible fixed assets | €1,143 | - | - |
| Depreciation and write-downs of the year | €1,408 | €2,525 | €10,667 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Turnover70 | €121,034 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €25,645 | €28,070 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,408 | €2,525 | €10,667 | ▲ 322% |
| Other operating charges640/8 | - | €88 | €513 | ▲ 486% |
| Gross operating margin9900 | €96,180 | €103,383 | €92,289 | ▼ 10.7% |
| Operating profit (loss)9901 | €94,772 | €100,770 | €81,109 | ▼ 19.5% |
| Financial income75/76B | - | €1,716 | €2,577 | ▲ 50.2% |
| Recurring financial income75 | - | €1,716 | €2,577 | ▲ 50.2% |
| Financial charges65/66B | €131 | €84 | €84 | ▼ 0.2% |
| Recurring financial charges65 | €131 | €84 | €84 | ▼ 0.2% |
| Profit (loss) for the period before taxes9903 | €94,641 | €102,402 | €83,602 | ▼ 18.4% |
| Income taxes67/77 | €26,232 | €33,339 | €21,941 | ▼ 34.2% |
| Profit (loss) for the period9904 | €68,409 | €69,062 | €61,661 | ▼ 10.7% |
| Profit (loss) for the period to be appropriated9905 | €68,409 | €69,062 | €61,661 | ▼ 10.7% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €104,286 | €175,368 | €229,499 | ▲ 30.9% |
| Formation expenses20 | €0 | €0 | €0 | - |
| Fixed assets21/28 | €3,831 | €39,816 | €29,819 | ▼ 25.1% |
| Tangible fixed assets22/27 | €3,831 | €39,816 | €29,819 | ▼ 25.1% |
| Plant, machinery and equipment23 | €2,296 | €1,802 | €1,308 | ▼ 27.4% |
| Furniture and vehicles24 | €1,535 | €38,014 | €28,510 | ▼ 25.0% |
| Current assets29/58 | €100,456 | €135,552 | €199,681 | ▲ 47.3% |
| Amounts receivable after more than one year29 | - | €85,477 | €100,103 | ▲ 17.1% |
| Trade receivables290 | - | €85,477 | €100,103 | ▲ 17.1% |
| Amounts receivable within one year40/41 | €8,711 | €8,071 | €59,450 | ▲ 637% |
| Trade receivables40 | €8,711 | €8,071 | €59,450 | ▲ 637% |
| Other amounts receivable41 | €0 | €0 | - | - |
| Cash at bank and in hand54/58 | €91,745 | €40,939 | €39,104 | ▼ 4.5% |
| Deferred charges and accrued income490/1 | - | €1,065 | €1,024 | ▼ 3.8% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €104,286 | €175,368 | €229,499 | ▲ 30.9% |
| Equity10/15 | €69,909 | €138,971 | €200,633 | ▲ 44.4% |
| Contributions10/11 | €1,500 | €1,500 | €1,500 | = |
| Reserves13 | €68,409 | €137,471 | €137,471 | = |
| Distributable reserves133 | €68,409 | €137,471 | €137,471 | = |
| Profit (loss) carried forward14 | - | - | €61,661 | - |
| Amounts payable17/49 | €34,378 | €36,396 | €28,867 | ▼ 20.7% |
| Amounts payable within one year42/48 | €34,378 | €36,396 | €28,867 | ▼ 20.7% |
| Trade debts44 | €573 | €536 | €827 | ▲ 54.2% |
| Suppliers440/4 | €573 | €536 | €827 | ▲ 54.2% |
| Taxes, remuneration and social security45 | €32,328 | €35,860 | €28,040 | ▼ 21.8% |
| Taxes450/3 | €32,328 | €35,860 | €28,040 | ▼ 21.8% |
| Remuneration and social security454/9 | €0 | €0 | - | - |
| Other amounts payable47/48 | €1,476 | €0 | €0 | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €68,409 | €69,062 | €61,661 | ▼ 10.7% |
| + Depreciation and write-downs630 | €1,408 | €2,525 | €10,667 | ▲ 322% |
| Operating cash flow (approximation) | €69,817 | €71,588 | €72,328 | ▲ 1.0% |
| Investment in fixed assets (approximation) | - | -€38,511 | -€670 | ▲ 98.3% |
| Change in cash | - | -€50,806 | -€1,835 | ▲ 96.4% |
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, 39,278 companies had the same profile as NFCI has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.3%
stopped otherwise
1.8%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of NFCI itself is lower: < 0.1% within 12 months. It rests on far more data about NFCI than the profile alone.
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 39,278 companies, not a prediction for NFCI. 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.