Objectway
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 11-06-2026 PDF all 20 filings
Turnover
€13.2m▼ 3.6%
2024 · €13.7m
EBIT margin
0.7%▼ 7.4pp
2024 · 8.0%
Net result
€16,003▼ 98.7%
2024 · €1.2m
Working capital
€2.6m▼ 9.1%
2024 · €2.8m
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€13.2m
▼ 3.6%
2025
20192025
Operating result
€87,602
▼ 92.1%
2025
20192025
Net result
€16,003
▼ 98.7%
2025
middle half of the sector
20192025
EBIT margin
0.7%
▼ 7.4pp
2025
20192025
Equity
€2.1m
▲ 0.8%
2025
highest quarter of the sector
20192025
Total assets
€7.0m
▼ 19.3%
2025
highest quarter of the sector
20192025
Debt
€4.9m
▼ 25.8%
2025
20192025
Working capital
€2.6m
▼ 9.1%
2025
highest quarter of the sector
20192025
Solvency
30.4%
▲ 6.1pp
2025
middle half of the sector
20192025
Current ratio
1.82
▲ 0.25
2025
middle half of the sector
20192025
Return on assets (ROA)
0.2%
▼ 13.5pp
2025
middle half of the sector
20192025
Staff (FTE)
36.7
▼ 7.6%
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€12.3m-€11.5m▼ 6.9%€11.2m▼ 2.2%€10.0m▼ 10.9%€10.8m▲ 7.9%€13.7m▲ 27.0%€13.2m▼ 3.6%
Operating result€1.1m-€0.5m▼ 51.5%€1.2m▲ 116%€0.6m▼ 45.3%€0.3m▼ 52.6%€1.1m▲ 258%€0.09m▼ 92.1%
Net result€1.0m-€0.5mabove the sector's middle half▼ 50.5%€0.8mabove the sector's middle half▲ 70.5%€0.8mabove the sector's middle half▼ 2.4%€0.1mwithin the sector's middle half▼ 85.3%€1.2mabove the sector's middle half▲ 899%€0.02mwithin the sector's middle half▼ 98.7%
EBIT margin9.2%-4.8%▼ 4.4pp10.6%▲ 5.8pp6.5%▼ 4.1pp2.8%▼ 3.6pp8.0%▲ 5.2pp0.7%▼ 7.4pp
Equity€3.0m-€3.5mabove the sector's middle half▲ 17.0%€3.5mabove the sector's middle half▲ 0.6%€2.3mabove the sector's middle half▼ 34.0%€2.4mabove the sector's middle half▲ 5.2%€2.1mabove the sector's middle half▼ 12.4%€2.1mabove the sector's middle half▲ 0.8%
Total assets€9.7m-€7.6mabove the sector's middle half▼ 21.5%€8.5mabove the sector's middle half▲ 11.4%€8.9mabove the sector's middle half▲ 4.7%€9.2mabove the sector's middle half▲ 3.4%€8.7mabove the sector's middle half▼ 5.1%€7.0mabove the sector's middle half▼ 19.3%
Debt€6.7m-€4.2m▼ 38.4%€5.0m▲ 20.3%€6.6m▲ 31.6%€6.8m▲ 2.7%€6.6m▼ 2.4%€4.9m▼ 25.8%
Working capital€2.1m-€3.4mabove the sector's middle half▲ 64.8%€4.2mabove the sector's middle half▲ 23.7%€3.9mabove the sector's middle half▼ 7.9%€3.9mabove the sector's middle half▼ 0.1%€2.8mabove the sector's middle half▼ 27.2%€2.6mabove the sector's middle half▼ 9.1%
Solvency30.5%-45.5%within the sector's middle half▲ 15.0pp41.1%within the sector's middle half▼ 4.4pp25.9%within the sector's middle half▼ 15.2pp26.4%within the sector's middle half▲ 0.5pp24.3%within the sector's middle half▼ 2.0pp30.4%within the sector's middle half▲ 6.1pp
Current ratio1.39-2.25within the sector's middle half▲ 0.872.18within the sector's middle half▼ 0.071.81within the sector's middle half▼ 0.371.75within the sector's middle half▼ 0.061.58within the sector's middle half▼ 0.181.82within the sector's middle half▲ 0.25
Return on assets (ROA)10.2%-6.4%within the sector's middle half▼ 3.8pp9.8%within the sector's middle half▲ 3.4pp9.2%within the sector's middle half▼ 0.7pp1.3%within the sector's middle half▼ 7.9pp13.7%within the sector's middle half▲ 12.4pp0.2%within the sector's middle half▼ 13.5pp
Staff (FTE)41.4-43.1above the sector's middle half▲ 4.1%41.4above the sector's middle half▼ 3.9%40.3above the sector's middle half▼ 2.7%41.9above the sector's middle half▲ 4.0%39.7above the sector's middle half▼ 5.3%36.7above the sector's middle half▼ 7.6%
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 92% lower than in 2024 and the lowest since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.0m
Fixed assets
€1.4m ▲ 32.4%
Current assets
€5.7m ▼ 26.3%
Equity and liabilities €7.0m
Equity
€2.1m ▲ 0.8%
Debt
€4.9m ▼ 25.8%
Debt's share of the balance-sheet total falls from 75.7% to 69.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€488,689▼
2024 · €1.4m
Cash flow
€417,090▼
2024 · €1.5m
Debt to equity
2.29▼
2024 · 3.11
ROE
0.7%▼
2024 · 56.5%
Interest coverage
7.55▼
2024 · 99.27
Debt ≤ 1 year
€3.1m▼
2024 · €4.9m
Income taxes
€117,786▼
2024 · €319,175
Customer credit
56 days▲
2024 · 32 days
Supplier credit
115 days▼
2024 · 174 days
Staff costs
€5.0m▼
2024 · €5.6m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 41 | 43 | 39 | 38 |
| full-time | 37 | 40 | 35 | 32 |
| part-time | 4 | 3 | 4 | 6 |
| in full-time equivalents | 40.3 | 41.9 | 37.9 | 36.6 |
| Average over the year, in full-time equivalents | 38.4 | 39.8 | 39.7 | 36.7 |
| On a permanent contract | 41 | 43 | 39 | 38 |
| Joined | 3 | 5 | 2 | 0 |
| Left | 4 | 3 | 6 | 1 |
| Training hours | 23 | 6 | 170 | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Guarantees given for others' debts | €37,086 | €37,086 | €37,063 | €23,330 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €84,635 | €7,852 | €2,064 |
| Intangible fixed assets | €24,894 | - | €1.1m | €733,926 |
| Depreciation and write-downs of the year | €511,061 | €136,945 | €258,304 | €401,087 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Fee for the audit | €17,000 | €17,850 | €18,500 | €19,000 |
| Work by persons linked to the auditor | €5,552 | €1,101 | €4,000 | €19,126 |
Source: notes to the 2022 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 · 1 entry · €1,457 awarded · €1,457 paidSchemes
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €10.0m | €10.8m | €14.8m | €14.0m | ▼ 5.6% |
| Turnover70 | €12.3m | €11.5m | €11.2m | €10.0m | €10.8m | €13.7m | €13.2m | ▼ 3.6% |
| Own construction capitalised72 | - | - | - | - | - | €1.1m | €0.7m | ▼ 30.6% |
| Other operating income74 | - | - | - | €0.03m | €0.03m | €0.02m | €0.01m | ▼ 26.1% |
| Operating charges60/66A | - | - | - | €9.4m | €10.5m | €13.7m | €13.9m | ▲ 1.4% |
| Goods for resale, raw materials and consumables60 | - | - | - | €2.6m | €2.4m | €4.9m | €5.1m | ▲ 3.8% |
| Purchases600/8 | - | - | - | €2.6m | €2.4m | €4.9m | €5.1m | ▲ 3.8% |
| Services and other goods61 | - | - | - | €1.7m | €2.9m | €3.0m | €3.4m | ▲ 13.7% |
| Remuneration, social security and pensions62 | - | - | - | €4.6m | €5.1m | €5.6m | €5.0m | ▼ 9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.0m | €0.9m | €0.7m | €0.5m | €0.1m | €0.3m | €0.4m | ▲ 55.3% |
| Other operating charges640/8 | - | - | - | €0.06m | €0.009m | €0.01m | €0.009m | ▼ 9.7% |
| Operating profit (loss)9901 | €1.1m | €0.5m | €1.2m | €0.6m | €0.3m | €1.1m | €0.09m | ▼ 92.1% |
| Financial income75/76B | - | - | - | €0.5m | €0.2m | €0.4m | €0.1m | ▼ 74.1% |
| Recurring financial income75 | €0.2m | €0.1m | €0.2m | €0.5m | €0.2m | €0.4m | €0.1m | ▼ 74.1% |
| Income from current assets751 | - | - | - | €0.02m | €0.08m | €0.1m | €0.06m | ▼ 56.8% |
| Other financial income752/9 | - | - | - | €0.4m | €0.1m | €0.3m | €0.05m | ▼ 82.9% |
| Financial charges65/66B | - | - | - | €0.05m | €0.07m | €0.01m | €0.06m | ▲ 372% |
| Recurring financial charges65 | €0.3m | €0.2m | €0.03m | €0.05m | €0.07m | €0.01m | €0.06m | ▲ 372% |
| Other financial charges652/9 | - | - | - | €0.05m | €0.07m | €0.01m | €0.06m | ▲ 372% |
| Profit (loss) for the period before taxes9903 | €1.0m | €0.5m | €1.3m | €1.1m | €0.4m | €1.5m | €0.1m | ▼ 91.2% |
| Income taxes67/77 | €0.03m | €0.01m | €0.5m | €0.3m | €0.3m | €0.3m | €0.1m | ▼ 63.1% |
| Taxes670/3 | - | - | - | €0.3m | €0.3m | €0.4m | €0.1m | ▼ 72.3% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | €0.1m | - | - |
| Profit (loss) for the period9904 | €1.0m | €0.5m | €0.8m | €0.8m | €0.1m | €1.2m | €0.02m | ▼ 98.7% |
| Profit (loss) for the period to be appropriated9905 | €1.0m | €0.5m | €0.8m | €0.8m | €0.1m | €1.2m | €0.02m | ▼ 98.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €9.7m | €7.6m | €8.5m | €8.9m | €9.2m | €8.7m | €7.0m | ▼ 19.3% |
| Fixed assets21/28 | €2.3m | €1.5m | €0.7m | €0.2m | €0.2m | €1.0m | €1.4m | ▲ 32.4% |
| Intangible fixed assets21 | €2.2m | €1.3m | €0.6m | €0.1m | €0.01m | €0.9m | €1.2m | ▲ 41.5% |
| Tangible fixed assets22/27 | €0.07m | €0.1m | €0.06m | €0.03m | €0.08m | €0.05m | €0.02m | ▼ 57.0% |
| Plant, machinery and equipment23 | - | - | - | €0.03m | €0.08m | €0.05m | €0.02m | ▼ 57.0% |
| Furniture and vehicles24 | - | - | - | €0.003m | €0.001m | - | - | - |
| Financial fixed assets28 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Affiliated companies280/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Participating interests280 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Current assets29/58 | €7.4m | €6.1m | €7.7m | €8.6m | €9.0m | €7.7m | €5.7m | ▼ 26.3% |
| Amounts receivable within one year40/41 | €4.1m | €2.8m | €1.5m | €5.1m | €4.9m | €3.7m | €2.9m | ▼ 22.2% |
| Trade receivables40 | - | - | - | €1.5m | €1.8m | €1.2m | €2.0m | ▲ 69.0% |
| Other amounts receivable41 | - | - | - | €3.6m | €3.1m | €2.5m | €0.8m | ▼ 66.6% |
| Cash at bank and in hand54/58 | €2.5m | €2.8m | €5.5m | €3.2m | €3.2m | €2.9m | €2.2m | ▼ 24.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.4m | €0.8m | €1.1m | €0.6m | ▼ 46.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €9.7m | €7.6m | €8.5m | €8.9m | €9.2m | €8.7m | €7.0m | ▼ 19.3% |
| Equity10/15 | €3.0m | €3.5m | €3.5m | €2.3m | €2.4m | €2.1m | €2.1m | ▲ 0.8% |
| Contributions10/11 | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | = |
| Capital10 | - | - | - | €1.5m | €1.5m | €1.5m | €1.5m | = |
| Issued capital100 | - | - | - | €1.5m | €1.5m | €1.5m | €1.5m | = |
| Reserves13 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.4m | €0.6m | ▲ 47.0% |
| Non-distributable reserves130/1 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Legal reserve130 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Distributable reserves133 | - | - | - | €0.6m | €0.6m | €0.3m | €0.5m | ▲ 72.9% |
| Profit (loss) carried forward14 | €0.7m | €1.2m | €1.3m | €0.08m | €0.2m | €0.2m | €0.02m | ▼ 91.9% |
| Amounts payable17/49 | €6.7m | €4.2m | €5.0m | €6.6m | €6.8m | €6.6m | €4.9m | ▼ 25.8% |
| Amounts payable within one year42/48 | €5.3m | €2.7m | €3.6m | €4.8m | €5.1m | €4.9m | €3.1m | ▼ 36.2% |
| Trade debts44 | €1.8m | €0.8m | €1.1m | €1.3m | €3.5m | €2.4m | €1.6m | ▼ 31.6% |
| Suppliers440/4 | - | - | - | €1.3m | €3.5m | €2.4m | €1.6m | ▼ 31.6% |
| Advances received on contracts in progress46 | - | - | - | €0.3m | €0.3m | €0.1m | €0.2m | ▲ 130% |
| Taxes, remuneration and social security45 | - | - | - | €1.2m | €1.4m | €1.4m | €1.3m | ▼ 10.9% |
| Taxes450/3 | - | - | - | €0.4m | €0.6m | €0.4m | €0.3m | ▼ 20.1% |
| Remuneration and social security454/9 | - | - | - | €0.8m | €0.8m | €1.0m | €1.0m | ▼ 7.5% |
| Other amounts payable47/48 | - | - | - | €2.0m | - | €1.0m | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €1.8m | €1.6m | €1.7m | €1.8m | ▲ 3.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.0m | €0.5m | €0.8m | €0.8m | €0.1m | €1.2m | €0.02m | ▼ 98.7% |
| + Depreciation and write-downs630 | €1.0m | €0.9m | €0.7m | €0.5m | €0.1m | €0.3m | €0.4m | ▲ 55.3% |
| Operating cash flow (approximation) | €2.0m | €1.4m | €1.6m | €1.3m | €0.3m | €1.5m | €0.4m | ▼ 71.4% |
| Investment in fixed assets (approximation) | - | -€0.08m | €0.05m | -€0.01m | -€0.08m | -€1.1m | -€0.7m | ▲ 32.9% |
| Change in cash | - | €0.3m | €2.8m | -€2.3m | €0.01m | -€0.3m | -€0.7m | ▼ 155% |
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, 14,766 companies had the same profile as Objectway has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Objectway itself: 0.2% 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 14,766 companies, not a prediction for Objectway. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 11-06-2026 | 2026-00152999 | |
| 30-06-2024 | full format | 15-09-2025 | 2025-00491296 | |
| 30-06-2023 | full format | 30-11-2023 | 2023-00518834 | |
| 30-06-2022 | full format | 02-12-2022 | 2022-20531867 | |
| 30-06-2021 | full format | 30-11-2021 | 2021-79100287 | |
| 30-06-2020 | full format | 27-11-2020 | 2020-73200287 | |
| 30-06-2019 | full format | 18-12-2019 | 2019-76600239 | |
| 30-06-2018 | full format | 28-12-2018 | 2018-75900031 | |
| 30-06-2017 | full format | 28-11-2017 | 2017-70700510 | |
| 30-06-2016 | full format | 28-11-2016 | 2016-68600121 |