O2
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 29 filings
Turnover
≈ €240,000
Estimated: probably between €190,000 and €290,000
EBIT margin
Not included in this filing
Net result
€47,787▼ 14.8%
2024 · €56,071
Working capital
€153,804▲ 33.6%
2024 · €115,084
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€74,284
▼ 9.2%
2025
20182025
Net result
€47,787
▼ 14.8%
2025
middle half of the sector
20182025
Equity
€352,804
▲ 8.5%
2025
highest quarter of the sector
20182025
Total assets
€557,702
▼ 4.8%
2025
highest quarter of the sector
20182025
Debt
€204,899
▼ 21.4%
2025
20182025
Working capital
€153,804
▲ 33.6%
2025
middle half of the sector
20182025
Solvency
63.3%
▲ 7.8pp
2025
middle half of the sector
20182025
Current ratio
2.55
▲ 0.61
2025
middle half of the sector
20182025
Return on assets (ROA)
8.6%
▼ 1.0pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€45,714-€44,188▼ 3.3%€36,246▼ 18.0%€62,193▲ 71.6%€52,435▼ 15.7%€50,041▼ 4.6%€81,840▲ 63.5%€74,284▼ 9.2%
Net result€25,834-€33,166▲ 28.4%€20,147within the sector's middle half▼ 39.3%€41,184within the sector's middle half▲ 104%€33,573within the sector's middle half▼ 18.5%€31,047within the sector's middle half▼ 7.5%€56,071within the sector's middle half▲ 80.6%€47,787within the sector's middle half▼ 14.8%
Equity€214,828-€237,994▲ 10.8%€248,141within the sector's middle half▲ 4.3%€279,324above the sector's middle half▲ 12.6%€302,898above the sector's middle half▲ 8.4%€308,945above the sector's middle half▲ 2.0%€325,016above the sector's middle half▲ 5.2%€352,804above the sector's middle half▲ 8.5%
Total assets€531,526-€526,866▼ 0.9%€510,383above the sector's middle half▼ 3.1%€531,709above the sector's middle half▲ 4.2%€612,132above the sector's middle half▲ 15.1%€588,679above the sector's middle half▼ 3.8%€585,539above the sector's middle half▼ 0.5%€557,702above the sector's middle half▼ 4.8%
Debt€316,698-€288,872▼ 8.8%€262,242▼ 9.2%€252,385▼ 3.8%€309,234▲ 22.5%€279,734▼ 9.5%€260,522▼ 6.9%€204,899▼ 21.4%
Working capital€76,910-€92,676▲ 20.5%€91,394within the sector's middle half▼ 1.4%€114,816within the sector's middle half▲ 25.6%€97,630within the sector's middle half▼ 15.0%€105,028within the sector's middle half▲ 7.6%€115,084within the sector's middle half▲ 9.6%€153,804within the sector's middle half▲ 33.6%
Solvency40.4%-45.2%▲ 4.8pp48.6%within the sector's middle half▲ 3.4pp52.5%within the sector's middle half▲ 3.9pp49.5%within the sector's middle half▼ 3.1pp52.5%within the sector's middle half▲ 3.0pp55.5%within the sector's middle half▲ 3.0pp63.3%within the sector's middle half▲ 7.8pp
Current ratio2.25-2.43▲ 0.182.24within the sector's middle half▼ 0.182.49within the sector's middle half▲ 0.242.05within the sector's middle half▼ 0.442.01within the sector's middle half▼ 0.041.94within the sector's middle half▼ 0.072.55within the sector's middle half▲ 0.61
Return on assets (ROA)4.9%-6.3%▲ 1.4pp3.9%within the sector's middle half▼ 2.3pp7.7%within the sector's middle half▲ 3.8pp5.5%within the sector's middle half▼ 2.3pp5.3%within the sector's middle half▼ 0.2pp9.6%within the sector's middle half▲ 4.3pp8.6%within the sector's middle half▼ 1.0pp
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 9% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €557,702
Fixed assets
€304,561 ▼ 12.4%
Current assets
€253,141 ▲ 6.4%
Equity and liabilities €557,702
Equity
€352,804 ▲ 8.5%
Debt
€204,899 ▼ 21.4%
Debt's share of the balance-sheet total falls from 44.5% to 36.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€117,440▼
2024 · €125,399
Cash flow
€90,943▼
2024 · €99,630
Debt to equity
0.58▼
2024 · 0.80
ROE
13.5%▼
2024 · 17.3%
Interest coverage
25.30▲
2024 · 23.11
Debt ≤ 1 year
€99,337▼
2024 · €122,737
Debt > 1 year
€105,562▼
2024 · €137,785
Income taxes
€27,304▲
2024 · €25,471
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 | €29,589 | €106,500 | - | €11,685 | - |
| Depreciation and write-downs of the year | €35,448 | €22,473 | €41,508 | €43,559 | €43,156 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €4,573 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €33,710 | €31,715 | €33,298 | €35,448 | €22,473 | €41,508 | €43,559 | €43,156 | ▼ 0.9% |
| Other operating charges640/8 | - | - | - | €10,236 | €8,075 | €5,239 | €4,823 | €8,532 | ▲ 76.9% |
| Gross operating margin9900 | €91,601 | €82,385 | €76,068 | €107,877 | €82,983 | €96,788 | €130,222 | €125,973 | ▼ 3.3% |
| Operating profit (loss)9901 | €45,714 | €44,188 | €36,246 | €62,193 | €52,435 | €50,041 | €81,840 | €74,284 | ▼ 9.2% |
| Financial income75/76B | - | - | - | €1,128 | €496 | €5,296 | €5,130 | €5,449 | ▲ 6.2% |
| Recurring financial income75 | €4,233 | €7,882 | €2 | €1,128 | €496 | €5,296 | €5,130 | €5,449 | ▲ 6.2% |
| Financial charges65/66B | - | - | - | €5,993 | €4,748 | €6,532 | €5,427 | €4,642 | ▼ 14.5% |
| Recurring financial charges65 | €5,438 | €7,419 | €7,395 | €5,993 | €4,748 | €6,532 | €5,427 | €4,642 | ▼ 14.5% |
| Profit (loss) for the period before taxes9903 | €44,510 | €44,651 | €28,854 | €57,327 | €48,183 | €48,806 | €81,543 | €75,092 | ▼ 7.9% |
| Income taxes67/77 | €18,676 | €11,485 | €8,708 | €16,144 | €14,610 | €17,758 | €25,471 | €27,304 | ▲ 7.2% |
| Profit (loss) for the period9904 | €25,834 | €33,166 | €20,147 | €41,184 | €33,573 | €31,047 | €56,071 | €47,787 | ▼ 14.8% |
| Profit (loss) for the period to be appropriated9905 | €25,834 | €33,166 | €20,147 | €41,184 | €33,573 | €31,047 | €56,071 | €47,787 | ▼ 14.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €531,526 | €526,866 | €510,383 | €531,709 | €612,132 | €588,679 | €585,539 | €557,702 | ▼ 4.8% |
| Fixed assets21/28 | €392,964 | €369,159 | €345,482 | €339,622 | €421,099 | €379,591 | €347,717 | €304,561 | ▼ 12.4% |
| Tangible fixed assets22/27 | €283,795 | €259,990 | €236,313 | €230,453 | €311,930 | €270,422 | €238,549 | €195,393 | ▼ 18.1% |
| Land and buildings22 | - | - | - | €187,883 | €176,767 | €165,650 | €154,533 | €143,417 | ▼ 7.2% |
| Furniture and vehicles24 | - | - | - | €18,065 | €113,456 | €86,892 | €69,963 | €41,562 | ▼ 40.6% |
| Other tangible fixed assets26 | - | - | - | €24,504 | €21,707 | €17,880 | €14,052 | €10,414 | ▼ 25.9% |
| Financial fixed assets28 | €109,169 | €109,169 | €109,169 | €109,169 | €109,169 | €109,169 | €109,169 | €109,169 | = |
| Current assets29/58 | €138,562 | €157,707 | €164,901 | €192,087 | €191,033 | €209,088 | €237,821 | €253,141 | ▲ 6.4% |
| Amounts receivable after more than one year29 | - | - | - | €116,846 | €116,846 | €120,726 | €124,184 | €127,205 | ▲ 2.4% |
| Trade receivables290 | - | - | - | €116,846 | €116,846 | €120,726 | €124,184 | €127,205 | ▲ 2.4% |
| Amounts receivable within one year40/41 | €103,772 | €114,307 | €9,951 | €31,786 | €37,541 | €52,170 | €78,934 | €83,030 | ▲ 5.2% |
| Trade receivables40 | - | - | - | €11,020 | €11,320 | €24,324 | €51,159 | €20,710 | ▼ 59.5% |
| Other amounts receivable41 | - | - | - | €20,766 | €26,221 | €27,846 | €27,776 | €62,320 | ▲ 124% |
| Cash at bank and in hand54/58 | €22,790 | €34,401 | €32,104 | €40,455 | €36,646 | €36,193 | €34,703 | €42,907 | ▲ 23.6% |
| Deferred charges and accrued income490/1 | - | - | - | €3,000 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €531,526 | €526,866 | €510,383 | €531,709 | €612,132 | €588,679 | €585,539 | €557,702 | ▼ 4.8% |
| Equity10/15 | €214,828 | €237,994 | €248,141 | €279,324 | €302,898 | €308,945 | €325,016 | €352,804 | ▲ 8.5% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €19,740 | €29,740 | €39,740 | €69,740 | €89,740 | €95,740 | €109,740 | €134,740 | ▲ 22.8% |
| Non-distributable reserves130/1 | - | - | - | €1,240 | €1,240 | €1,240 | €1,240 | €1,240 | = |
| Reserves not available under the articles1311 | - | - | - | €1,240 | €1,240 | €1,240 | €1,240 | €1,240 | = |
| Tax-exempt reserves132 | - | - | - | €3,500 | €3,500 | €3,500 | €3,500 | €3,500 | = |
| Distributable reserves133 | - | - | - | €65,000 | €85,000 | €91,000 | €105,000 | €130,000 | ▲ 23.8% |
| Profit (loss) carried forward14 | €188,888 | €202,054 | €202,201 | €203,385 | €206,958 | €207,005 | €209,077 | €211,864 | ▲ 1.3% |
| Amounts payable17/49 | €316,698 | €288,872 | €262,242 | €252,385 | €309,234 | €279,734 | €260,522 | €204,899 | ▼ 21.4% |
| Amounts payable after more than one year17 | €255,046 | €223,841 | €188,736 | €175,114 | €215,831 | €175,674 | €137,785 | €105,562 | ▼ 23.4% |
| Financial debts170/4 | - | - | - | €175,114 | €215,831 | €175,674 | €137,785 | €105,562 | ▼ 23.4% |
| Amounts payable within one year42/48 | €61,652 | €65,032 | €73,506 | €77,271 | €93,403 | €104,060 | €122,737 | €99,337 | ▼ 19.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €50,350 | €62,997 | €59,927 | €56,499 | €46,867 | ▼ 17.0% |
| Trade debts44 | €5,634 | - | €5,798 | €2,082 | €4,692 | €4,890 | €5,286 | €14,079 | ▲ 166% |
| Suppliers440/4 | - | - | - | €2,082 | €4,692 | €4,890 | €5,286 | €14,079 | ▲ 166% |
| Taxes, remuneration and social security45 | - | - | - | €11,700 | €12,574 | €11,854 | €24,313 | €15,751 | ▼ 35.2% |
| Taxes450/3 | - | - | - | €11,700 | €12,574 | €11,854 | €24,313 | €15,751 | ▼ 35.2% |
| Other amounts payable47/48 | - | - | - | €13,140 | €13,140 | €27,390 | €36,640 | €22,640 | ▼ 38.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €25,834 | €33,166 | €20,147 | €41,184 | €33,573 | €31,047 | €56,071 | €47,787 | ▼ 14.8% |
| + Depreciation and write-downs630 | €33,710 | €31,715 | €33,298 | €35,448 | €22,473 | €41,508 | €43,559 | €43,156 | ▼ 0.9% |
| Operating cash flow (approximation) | €59,543 | €64,882 | €53,445 | €76,632 | €56,046 | €72,555 | €99,630 | €90,943 | ▼ 8.7% |
| Investment in fixed assets (approximation) | - | -€7,911 | -€9,621 | -€29,589 | -€103,950 | €0 | -€11,685 | -€0 | ▲ 100.0% |
| Change in cash | - | €11,611 | -€2,296 | €8,351 | -€3,809 | -€454 | -€1,490 | €8,204 | - |
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, 20,136 companies had the same profile as O2 has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of O2 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 20,136 companies, not a prediction for O2. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-07-2026 | 2026-00325190 | |
| 31-12-2024 | micro format | 29-09-2025 | 2025-00512839 | |
| 31-12-2023 | micro format | 23-07-2024 | 2024-00275554 | |
| 31-12-2022 | micro format | 28-08-2023 | 2023-00358732 | |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20235688 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-60500507 | |
| 31-12-2019 | micro format | 22-07-2020 | 2020-32800565 | |
| 31-12-2018 | full format | 25-07-2019 | 2019-38300372 | |
| 31-12-2017 | full format | 29-07-2018 | 2018-42300568 | |
| 31-12-2016 | full format | 21-07-2017 | 2017-34900402 |