O'ACTIVE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-01-2026 PDF all 18 filings
Equity
€32,443▼ 27.1%
2024 · €44,496
Total assets
€60,121▼ 14.0%
2024 · €69,943
Net result
-€12,053
2024 · €1,568
Working capital
€32,043▼ 26.6%
2024 · €43,671
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€9,952
2025
20192025
Net result
-€12,053
2025
lowest quarter of the sector
20192025
Equity
€32,443
▼ 27.1%
2025
middle half of the sector
20192025
Total assets
€60,121
▼ 14.0%
2025
lowest quarter of the sector
20192025
Debt
€27,678
▲ 8.8%
2025
20192025
Working capital
€32,043
▼ 26.6%
2025
middle half of the sector
20192025
Solvency
54.0%
▼ 9.7pp
2025
middle half of the sector
20192025
Current ratio
2.16
▼ 0.56
2025
middle half of the sector
20192025
Return on assets (ROA)
-20.0%
▼ 22.3pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€6,078-€2,532▼ 58.3%-€9,548-€8,278▲ 13.3%€5,617€4,390▼ 21.8%-€9,952
Net result€2,171-€1,254within the sector's middle half▼ 42.2%€24,022within the sector's middle half▲ 19×-€9,124below the sector's middle half€4,326within the sector's middle half€1,568within the sector's middle half▼ 63.8%-€12,053below the sector's middle half
Equity€22,450-€23,704within the sector's middle half▲ 5.6%€47,726within the sector's middle half▲ 101%€38,602within the sector's middle half▼ 19.1%€42,928within the sector's middle half▲ 11.2%€44,496within the sector's middle half▲ 3.7%€32,443within the sector's middle half▼ 27.1%
Total assets€77,510-€90,045within the sector's middle half▲ 16.2%€69,440below the sector's middle half▼ 22.9%€53,312below the sector's middle half▼ 23.2%€72,129within the sector's middle half▲ 35.3%€69,943within the sector's middle half▼ 3.0%€60,121below the sector's middle half▼ 14.0%
Debt€55,060-€66,341▲ 20.5%€21,713▼ 67.3%€14,710▼ 32.3%€29,201▲ 98.5%€25,447▼ 12.9%€27,678▲ 8.8%
Working capital€22,050-€32,022within the sector's middle half▲ 45.2%€53,660within the sector's middle half▲ 67.6%€36,731within the sector's middle half▼ 31.5%€41,579within the sector's middle half▲ 13.2%€43,671within the sector's middle half▲ 5.0%€32,043within the sector's middle half▼ 26.6%
Solvency29.0%-26.3%within the sector's middle half▼ 2.6pp68.7%above the sector's middle half▲ 42.4pp72.4%above the sector's middle half▲ 3.7pp59.5%within the sector's middle half▼ 12.9pp63.6%within the sector's middle half▲ 4.1pp54.0%within the sector's middle half▼ 9.7pp
Current ratio1.40-1.56within the sector's middle half▲ 0.164.49above the sector's middle half▲ 2.933.50above the sector's middle half▼ 0.992.42within the sector's middle half▼ 1.072.72within the sector's middle half▲ 0.292.16within the sector's middle half▼ 0.56
Return on assets (ROA)2.8%-1.4%within the sector's middle half▼ 1.4pp34.6%above the sector's middle half▲ 33.2pp-17.1%below the sector's middle half▼ 51.7pp6.0%within the sector's middle half▲ 23.1pp2.2%within the sector's middle half▼ 3.8pp-20.0%below the sector's middle half▼ 22.3pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 €9,952, after a profit of €4,390 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €60,121
Fixed assets
€400 ▼ 51.5%
Current assets
€59,721 ▼ 13.6%
Equity and liabilities €60,121
Equity
€32,443 ▼ 27.1%
Debt
€27,678 ▲ 8.8%
Debt's share of the balance-sheet total rises from 36.4% to 46.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€9,526▼
2024 · €4,914
Cash flow
-€11,627▼
2024 · €2,092
Quick ratio
0.76▼
2024 · 0.87
Debt to equity
0.85▲
2024 · 0.57
ROE
-37.2%▼
2024 · 3.5%
Interest coverage
-4.90▼
2024 · 1.97
Debt ≤ 1 year
€27,678▲
2024 · €25,447
Income taxes
€173▼
2024 · €328
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €1,569 | - | - | - |
| Depreciation and write-downs of the year | €98 | €523 | €524 | €426 |
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 | - | - | - | - | €3,121 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,338 | - | - | €98 | €523 | €524 | €426 | ▼ 18.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €5,265 | -€5,265 | - | - |
| Other operating charges640/8 | - | - | - | €348 | €670 | €686 | €2,534 | ▲ 269% |
| Gross operating margin9900 | €11,992 | €2,899 | -€14,962 | -€7,833 | €12,075 | €335 | -€6,992 | - |
| Operating profit (loss)9901 | €6,078 | €2,532 | -€9,548 | -€8,278 | €5,617 | €4,390 | -€9,952 | - |
| Financial income75/76B | - | - | - | €6 | €38 | - | €15 | - |
| Recurring financial income75 | €3 | - | €108 | €6 | €38 | - | €15 | - |
| Financial charges65/66B | - | - | - | €534 | €735 | €2,494 | €1,943 | ▼ 22.1% |
| Recurring financial charges65 | €3,952 | €679 | €3,911 | €534 | €735 | €2,494 | €1,943 | ▼ 22.1% |
| Profit (loss) for the period before taxes9903 | €2,129 | €1,859 | €24,022 | -€8,807 | €4,920 | €1,896 | -€11,880 | - |
| Income taxes67/77 | -€42 | €605 | - | €317 | €594 | €328 | €173 | ▼ 47.3% |
| Profit (loss) for the period9904 | €2,171 | €1,254 | €24,022 | -€9,124 | €4,326 | €1,568 | -€12,053 | - |
| Profit (loss) for the period to be appropriated9905 | €2,171 | €1,254 | €24,022 | -€9,124 | €4,326 | €1,568 | -€12,053 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €77,510 | €90,045 | €69,440 | €53,312 | €72,129 | €69,943 | €60,121 | ▼ 14.0% |
| Fixed assets21/28 | €400 | €400 | €400 | €1,872 | €1,349 | €825 | €400 | ▼ 51.5% |
| Intangible fixed assets21 | - | - | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | - | - | €0 | €1,472 | €949 | €425 | - | - |
| Furniture and vehicles24 | - | - | - | €1,472 | €949 | €425 | - | - |
| Financial fixed assets28 | €400 | €400 | €400 | €400 | €400 | €400 | €400 | = |
| Current assets29/58 | €77,110 | €89,645 | €69,040 | €51,440 | €70,780 | €69,118 | €59,721 | ▼ 13.6% |
| Stocks and contracts in progress3 | €59,917 | €66,485 | €47,312 | €50,262 | €44,600 | €47,096 | €38,688 | ▼ 17.9% |
| Stocks30/36 | - | - | - | €50,262 | €44,600 | €47,096 | €38,688 | ▼ 17.9% |
| Amounts receivable within one year40/41 | €11,210 | €15,389 | €15,309 | €516 | €1,732 | €5,588 | €13,082 | ▲ 134% |
| Trade receivables40 | - | - | - | €200 | €1,457 | €5,588 | €13,082 | ▲ 134% |
| Other amounts receivable41 | - | - | - | €316 | €275 | - | - | - |
| Cash at bank and in hand54/58 | €3,490 | €7,705 | €5,418 | €661 | €9,575 | €4,636 | €1,395 | ▼ 69.9% |
| Deferred charges and accrued income490/1 | - | - | - | - | €14,873 | €11,798 | €6,556 | ▼ 44.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €77,510 | €90,045 | €69,440 | €53,312 | €72,129 | €69,943 | €60,121 | ▼ 14.0% |
| Equity10/15 | €22,450 | €23,704 | €47,726 | €38,602 | €42,928 | €44,496 | €32,443 | ▼ 27.1% |
| Contributions10/11 | €13,900 | €13,900 | €13,900 | €13,900 | €13,900 | €15,760 | €13,900 | ▼ 11.8% |
| Reserves13 | €8,550 | €8,550 | €8,550 | €8,550 | €12,876 | €12,584 | €14,444 | ▲ 14.8% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | €6,690 | €11,016 | €12,584 | €14,444 | ▲ 14.8% |
| Profit (loss) carried forward14 | - | €1,254 | €25,276 | €16,152 | €16,152 | €16,152 | €4,099 | ▼ 74.6% |
| Amounts payable17/49 | €55,060 | €66,341 | €21,713 | €14,710 | €29,201 | €25,447 | €27,678 | ▲ 8.8% |
| Amounts payable within one year42/48 | €55,060 | €57,623 | €15,380 | €14,710 | €29,201 | €25,447 | €27,678 | ▲ 8.8% |
| Trade debts44 | €41,227 | €51,265 | €14,715 | €7,161 | €4,265 | €4,497 | €11,742 | ▲ 161% |
| Suppliers440/4 | - | - | - | €7,161 | €4,265 | €4,497 | €11,742 | ▲ 161% |
| Taxes, remuneration and social security45 | - | - | - | €129 | €732 | €1,537 | €858 | ▼ 44.2% |
| Taxes450/3 | - | - | - | €129 | €732 | €1,537 | €858 | ▼ 44.2% |
| Other amounts payable47/48 | - | - | - | €7,420 | €24,204 | €19,413 | €15,078 | ▼ 22.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,171 | €1,254 | €24,022 | -€9,124 | €4,326 | €1,568 | -€12,053 | - |
| + Depreciation and write-downs630 | €5,338 | - | - | €98 | €523 | €524 | €426 | ▼ 18.7% |
| Operating cash flow (approximation) | €7,509 | €1,254 | €24,022 | -€9,026 | €4,849 | €2,092 | -€11,627 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€1,569 | -€0 | €0 | -€1 | - |
| Change in cash | - | €4,215 | -€2,287 | -€4,757 | €8,914 | -€4,939 | -€3,241 | ▲ 34.4% |
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, 4,805 companies had the same profile as O'ACTIVE has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of O'ACTIVE itself: 2.0% 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 4,805 companies, not a prediction for O'ACTIVE. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 31-01-2026 | 2026-00025938 | |
| 30-06-2024 | micro format | 04-02-2025 | 2025-00025884 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00026526 | |
| 30-06-2022 | micro format | 27-02-2023 | 2023-00032969 | |
| 30-06-2021 | micro format | 25-02-2022 | 2022-06700130 | |
| 30-06-2020 | micro format | 20-07-2021 | 2021-39400424 | |
| 30-06-2019 | micro format | 20-07-2021 | 2021-39400360 | |
| 30-06-2018 | full format | 27-03-2019 | 2019-07900461 | |
| 30-06-2017 | full format | 01-02-2018 | 2018-03500167 | |
| 30-06-2016 | full format | 28-02-2017 | 2017-05200492 |