ORTHOPON
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-04-2026 PDF all 25 filings
Turnover
≈ €910,000
Estimated: probably between €640,000 and €1.3m
Total assets
€2.4m▲ 3.8%
2024 · €2.3m
Net result
€202,500▼ 32.6%
2024 · €300,647
Working capital
€233,550▲ 173%
2024 · €85,445
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€337,220
▼ 28.1%
2025
20192025
Net result
€202,500
▼ 32.6%
2025
20192025
Equity
€1.4m
▼ 16.5%
2025
20192025
Total assets
€2.4m
▲ 3.8%
2025
20192025
Debt
€941,589
▲ 65.0%
2025
20192025
Working capital
€233,550
▲ 173%
2025
20192025
Staff (FTE)
0.8
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.03m-€0.03m▲ 13.1%€0.3m▲ 762%€0.2m▼ 22.7%€0.4m▲ 79.3%€0.5m▲ 30.3%€0.3m▼ 28.1%
Net result€0.2m-€0.03m▼ 87.5%€0.2m▲ 636%€0.1m▼ 32.6%€0.2m▲ 83.3%€0.3m▲ 26.8%€0.2m▼ 32.6%
Equity€1.3m-€0.9m▼ 32.2%€1.1m▲ 22.2%€1.2m▲ 12.2%€1.4m▲ 19.4%€1.7m▲ 21.2%€1.4m▼ 16.5%
Total assets€1.5m-€1.2m▼ 21.4%€1.4m▲ 17.3%€1.5m▲ 8.9%€2.0m▲ 30.4%€2.3m▲ 16.4%€2.4m▲ 3.8%
Debt€0.2m-€0.3m▲ 34.2%€0.3m▼ 3.5%€0.3m▼ 1.1%€0.5m▲ 72.4%€0.6m▲ 4.9%€0.9m▲ 65.0%
Working capital€0.9m-€0.1m▼ 84.6%€0.3m▲ 87.2%€0.3m▼ 2.8%€0.2m▼ 25.0%€0.09m▼ 55.1%€0.2m▲ 173%
Staff (FTE)1-1=1=1=0.8
The operating result for 2025 is 28% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.4m
Fixed assets
€2.1m ▲ 1.2%
Current assets
€309,047 ▲ 26.2%
Equity and liabilities €2.4m
Equity
€1.4m ▼ 16.5%
Provisions
€28,685 ▼ 3.4%
Debt
€941,589 ▲ 65.0%
Debt's share of the balance-sheet total rises from 24.7% to 39.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€424,790▼
2024 · €548,932
Cash flow
€290,070▼
2024 · €380,757
Current ratio
4.09▲
2024 · 1.54
Debt to equity
0.66▲
2024 · 0.33
ROE
14.1%▼
2024 · 17.5%
ROA
8.4%▼
2024 · 13.0%
Interest coverage
11.42▼
2024 · 26.74
Debt ≤ 1 year
€75,497▼
2024 · €159,365
Debt > 1 year
€830,000▲
2024 · €389,315
Income taxes
€100,087▼
2024 · €153,601
Staff costs
€29,208
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | - | 1 |
| full-time | 1 | 1 | - | - |
| part-time | - | - | - | 1 |
| in full-time equivalents | 1 | 1 | - | 0.5 |
| Average over the year, in full-time equivalents | 1 | 1 | - | 0.8 |
| On a permanent contract | 1 | 1 | - | 1 |
| Joined | - | - | 0 | 1 |
| Left | - | - | 1 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €517,249 | €145,680 | €618,984 | €450,129 | €111,400 |
| Depreciation and write-downs of the year | €36,792 | €46,887 | €59,552 | €80,110 | €87,570 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €133,402 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | €77,910 | €86,116 | €103 | - | €29,208 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €58,260 | €78,444 | €36,792 | €46,887 | €59,552 | €80,110 | €87,570 | ▲ 9.3% |
| Other operating charges640/8 | - | - | €4,863 | €2,028 | €1,749 | €2,060 | €1,705 | ▼ 17.3% |
| Gross operating margin9900 | €187,079 | €171,593 | €379,066 | €335,707 | €421,256 | €550,993 | €455,703 | ▼ 17.3% |
| Operating profit (loss)9901 | €26,612 | €30,102 | €259,502 | €200,675 | €359,852 | €468,822 | €337,220 | ▼ 28.1% |
| Financial income75/76B | - | - | €4,863 | €4,866 | €4,963 | €4,958 | €1,581 | ▼ 68.1% |
| Recurring financial income75 | €3,108 | €7,808 | €4,863 | €4,866 | €4,963 | €4,958 | €1,581 | ▼ 68.1% |
| Financial charges65/66B | - | - | €6,946 | €5,926 | €11,744 | €20,528 | €37,210 | ▲ 81.3% |
| Recurring financial charges65 | €4,096 | €3,260 | €6,946 | €5,926 | €11,744 | €20,528 | €37,210 | ▲ 81.3% |
| Profit (loss) for the period before taxes9903 | €234,382 | €34,651 | €257,418 | €199,616 | €353,071 | €453,252 | €301,591 | ▼ 33.5% |
| Transfer from deferred taxes780 | - | - | €433 | €797 | €996 | €996 | €996 | = |
| Transfer to deferred taxes680 | - | - | €26,569 | - | - | - | - | - |
| Income taxes67/77 | €25,876 | €8,599 | €39,575 | €71,117 | €117,007 | €153,601 | €100,087 | ▼ 34.8% |
| Profit (loss) for the period9904 | €208,506 | €26,052 | €191,708 | €129,296 | €237,061 | €300,647 | €202,500 | ▼ 32.6% |
| Transfer from tax-exempt reserves789 | - | - | €1,731 | €12,747 | €2,989 | €2,989 | €2,989 | = |
| Transfer to tax-exempt reserves689 | - | - | €106,275 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €202,832 | €20,711 | €87,164 | €142,042 | €240,050 | €303,636 | €205,489 | ▼ 32.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.5m | €1.2m | €1.4m | €1.5m | €2.0m | €2.3m | €2.4m | ▲ 3.8% |
| Fixed assets21/28 | €0.5m | €0.9m | €1.0m | €1.1m | €1.7m | €2.1m | €2.1m | ▲ 1.2% |
| Tangible fixed assets22/27 | €0.5m | €0.9m | €1.0m | €1.1m | €1.7m | €2.1m | €2.1m | ▲ 1.2% |
| Land and buildings22 | - | - | €1.0m | €1.1m | €1.7m | €2.1m | €2.0m | ▼ 1.7% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €0.003m | - |
| Furniture and vehicles24 | - | - | €0.04m | €0.03m | €0.02m | €0.01m | €0.07m | ▲ 470% |
| Current assets29/58 | €1.0m | €0.3m | €0.4m | €0.4m | €0.3m | €0.2m | €0.3m | ▲ 26.2% |
| Amounts receivable after more than one year29 | - | - | €0.2m | €0.2m | €0.2m | €0.2m | - | - |
| Other amounts receivable291 | - | - | €0.2m | €0.2m | €0.2m | €0.2m | - | - |
| Amounts receivable within one year40/41 | €0.2m | €0.04m | €0.04m | €0.03m | €0.05m | €0.05m | €0.05m | ▼ 8.9% |
| Trade receivables40 | - | - | €0.04m | €0.03m | €0.05m | €0.05m | €0.05m | ▼ 8.9% |
| Other amounts receivable41 | - | - | €0.008m | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.6m | €0.06m | €0.2m | €0.2m | €0.07m | €0.02m | €0.3m | ▲ 12× |
| Deferred charges and accrued income490/1 | - | - | €0.003m | €0.003m | €0.004m | €0.009m | €0.001m | ▼ 83.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.5m | €1.2m | €1.4m | €1.5m | €2.0m | €2.3m | €2.4m | ▲ 3.8% |
| Equity10/15 | €1.3m | €0.9m | €1.1m | €1.2m | €1.4m | €1.7m | €1.4m | ▼ 16.5% |
| Contributions10/11 | €0.7m | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €0.5m | €0.6m | €0.8m | €0.9m | €1.1m | €1.4m | €1.1m | ▼ 19.9% |
| Tax-exempt reserves132 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 2.7% |
| Distributable reserves133 | - | - | €0.6m | €0.8m | €1.0m | €1.3m | €1.0m | ▼ 21.4% |
| Provisions and deferred taxes16 | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 3.4% |
| Deferred taxes168 | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 3.4% |
| Amounts payable17/49 | €0.2m | €0.3m | €0.3m | €0.3m | €0.5m | €0.6m | €0.9m | ▲ 65.0% |
| Amounts payable after more than one year17 | €0.1m | €0.2m | €0.2m | €0.2m | €0.4m | €0.4m | €0.8m | ▲ 113% |
| Financial debts170/4 | - | - | €0.1m | €0.08m | €0.04m | €0.009m | - | - |
| Other amounts payable178/9 | - | - | €0.1m | €0.1m | €0.4m | €0.4m | €0.8m | ▲ 118% |
| Amounts payable within one year42/48 | €0.1m | €0.2m | €0.1m | €0.1m | €0.1m | €0.2m | €0.08m | ▼ 52.6% |
| Current portion of amounts payable after more than one year42 | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.01m | ▼ 68.2% |
| Trade debts44 | €0.009m | €0.007m | €0.007m | €0.01m | €0.02m | €0.005m | €0.02m | ▲ 325% |
| Suppliers440/4 | - | - | €0.007m | €0.01m | €0.02m | €0.005m | €0.02m | ▲ 325% |
| Taxes, remuneration and social security45 | - | - | €0.04m | €0.07m | €0.03m | €0.1m | €0.03m | ▼ 70.6% |
| Taxes450/3 | - | - | €0.03m | €0.06m | €0.03m | €0.1m | €0.02m | ▼ 76.0% |
| Remuneration and social security454/9 | - | - | €0.008m | €0.009m | - | - | €0.006m | - |
| Other amounts payable47/48 | - | - | €0.02m | €0.01m | €0.01m | €0.01m | €0.01m | ▼ 13.9% |
| Accrued charges and deferred income492/3 | - | - | €0.004m | €0.004m | €0.01m | €0.02m | €0.04m | ▲ 65.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €208,506 | €26,052 | €191,708 | €129,296 | €237,061 | €300,647 | €202,500 | ▼ 32.6% |
| + Depreciation and write-downs630 | €58,260 | €78,444 | €36,792 | €46,887 | €59,552 | €80,110 | €87,570 | ▲ 9.3% |
| Operating cash flow (approximation) | €266,766 | €104,496 | €228,499 | €176,183 | €296,612 | €380,757 | €290,070 | ▼ 23.8% |
| Investment in fixed assets (approximation) | - | -€440,328 | -€200,650 | -€145,680 | -€618,984 | -€450,129 | -€111,400 | ▲ 75.3% |
| Change in cash | - | -€518,201 | €86,624 | €34,788 | -€113,573 | -€49,826 | €238,143 | - |
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, 31,368 companies had the same profile as ORTHOPON has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ORTHOPON 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 31,368 companies, not a prediction for ORTHOPON. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 30-04-2026 | 2026-00103001 | |
| 30-09-2024 | micro format | 26-03-2025 | 2025-00058855 | |
| 30-09-2023 | micro format | 29-04-2024 | 2024-00079080 | |
| 30-09-2022 | micro format | 21-04-2023 | 2023-00067380 | |
| 30-09-2021 | micro format | 28-04-2022 | 2022-20012534 | |
| 30-09-2020 | micro format | 13-04-2021 | 2021-10300010 | |
| 30-09-2019 | micro format | 31-03-2020 | 2020-08300258 | |
| 30-09-2018 | abbreviated format | 29-03-2019 | 2019-08800566 | |
| 30-09-2017 | abbreviated format | 29-03-2018 | 2018-08300222 | |
| 30-09-2016 | abbreviated format | 23-03-2017 | 2017-07100303 |