OTOKI
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 55 days after the deadline Filed on 24 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00536183.
Annual accounts 2025 filed on 24-09-2026 at the NBB all 15 filings
Turnover
≈ €150,000
Estimated: probably between €98,000 and €200,000
Total assets
€307,465▼ 19.9%
2024 · €383,758
Net result
€37,760▲ 130%
2024 · €16,436
Working capital
€259,513▲ 18.2%
2024 · €219,612
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€45,972
▲ 108%
2025
20182025
Net result
€37,760
▲ 130%
2025
middle half of the sector
20182025
Equity
€265,023
▲ 16.6%
2025
highest quarter of the sector
20182025
Total assets
€307,465
▼ 19.9%
2025
middle half of the sector
20182025
Debt
€42,443
▼ 72.9%
2025
20182025
Working capital
€259,513
▲ 18.2%
2025
highest quarter of the sector
20182025
Solvency
86.2%
▲ 27.0pp
2025
highest quarter of the sector
20182025
Current ratio
7.11
▲ 4.71
2025
highest quarter of the sector
20182025
Return on assets (ROA)
12.3%
▲ 8.0pp
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€25,879-€38,718▲ 49.6%€53,059▲ 37.0%€115,960▲ 119%€31,984▼ 72.4%€38,780▲ 21.2%€22,121▼ 43.0%€45,972▲ 108%
Net result€16,044-€24,798▲ 54.6%€35,581above the sector's middle half▲ 43.5%€77,857above the sector's middle half▲ 119%€22,647within the sector's middle half▼ 70.9%€28,040within the sector's middle half▲ 23.8%€16,436within the sector's middle half▼ 41.4%€37,760within the sector's middle half▲ 130%
Equity€138,357-€163,155▲ 17.9%€198,736above the sector's middle half▲ 21.8%€276,593above the sector's middle half▲ 39.2%€299,241above the sector's middle half▲ 8.2%€327,280above the sector's middle half▲ 9.4%€227,262above the sector's middle half▼ 30.6%€265,023above the sector's middle half▲ 16.6%
Total assets€258,892-€267,741▲ 3.4%€307,668within the sector's middle half▲ 14.9%€348,732above the sector's middle half▲ 13.3%€374,739above the sector's middle half▲ 7.5%€418,342above the sector's middle half▲ 11.6%€383,758above the sector's middle half▼ 8.3%€307,465within the sector's middle half▼ 19.9%
Debt€120,535-€104,586▼ 13.2%€108,932▲ 4.2%€72,139▼ 33.8%€75,498▲ 4.7%€91,062▲ 20.6%€156,496▲ 71.9%€42,443▼ 72.9%
Working capital€72,205-€93,233▲ 29.1%€119,453above the sector's middle half▲ 28.1%€271,663above the sector's middle half▲ 127%€294,908above the sector's middle half▲ 8.6%€325,256above the sector's middle half▲ 10.3%€219,612above the sector's middle half▼ 32.5%€259,513above the sector's middle half▲ 18.2%
Solvency53.4%-60.9%▲ 7.5pp64.6%within the sector's middle half▲ 3.7pp79.3%above the sector's middle half▲ 14.7pp79.9%above the sector's middle half▲ 0.5pp78.2%above the sector's middle half▼ 1.6pp59.2%within the sector's middle half▼ 19.0pp86.2%above the sector's middle half▲ 27.0pp
Current ratio2.49-3.13▲ 0.643.01within the sector's middle half▼ 0.124.77above the sector's middle half▲ 1.754.91above the sector's middle half▲ 0.144.57above the sector's middle half▼ 0.332.40within the sector's middle half▼ 2.177.11above the sector's middle half▲ 4.71
Return on assets (ROA)6.2%-9.3%▲ 3.1pp11.6%within the sector's middle half▲ 2.3pp22.3%within the sector's middle half▲ 10.8pp6.0%within the sector's middle half▼ 16.3pp6.7%within the sector's middle half▲ 0.7pp4.3%within the sector's middle half▼ 2.4pp12.3%within the sector's middle half▲ 8.0pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 108% higher than in 2024. It is a recovery after the fall 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 €307,465
Fixed assets
€5,510 ▼ 28.0%
Current assets
€301,956 ▼ 19.7%
Equity and liabilities €307,465
Equity
€265,023 ▲ 16.6%
Debt
€42,443 ▼ 72.9%
Debt's share of the balance-sheet total falls from 40.8% to 13.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€48,112▲
2024 · €24,218
Cash flow
€39,901▲
2024 · €18,533
Debt to equity
0.16▼
2024 · 0.69
ROE
14.2%▲
2024 · 7.2%
Interest coverage
68.25▲
2024 · 7.40
Debt ≤ 1 year
€42,443▼
2024 · €156,496
Income taxes
€16,831▲
2024 · €11,951
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | - | €6,894 | €44,142 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,321 | €1,355 | - | €7,723 | - |
| Depreciation and write-downs of the year | €1,804 | €1,954 | €2,308 | €2,097 | €2,140 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €113 awardedAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €82,878 | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,291 | €7,574 | €7,808 | €1,804 | €1,954 | €2,308 | €2,097 | €2,140 | ▲ 2.0% |
| Other operating charges640/8 | - | - | - | €2,997 | €2,953 | €6,084 | €12,816 | €1,533 | ▼ 88.0% |
| Gross operating margin9900 | €35,800 | €48,708 | €63,068 | €120,761 | €36,891 | €47,172 | €37,034 | €49,645 | ▲ 34.1% |
| Operating profit (loss)9901 | €25,879 | €38,718 | €53,059 | €115,960 | €31,984 | €38,780 | €22,121 | €45,972 | ▲ 108% |
| Financial income75/76B | - | - | - | €0 | €6,484 | €6,802 | €9,541 | €9,325 | ▼ 2.3% |
| Recurring financial income75 | €6 | €3 | €0 | €0 | €6,484 | €6,802 | €9,541 | €9,325 | ▼ 2.3% |
| Financial charges65/66B | - | - | - | €2,944 | €3,565 | €1,934 | €3,275 | €705 | ▼ 78.5% |
| Recurring financial charges65 | €2,905 | €2,458 | €2,023 | €2,944 | €3,565 | €1,934 | €3,275 | €705 | ▼ 78.5% |
| Profit (loss) for the period before taxes9903 | €22,980 | €36,262 | €51,036 | €113,015 | €34,904 | €43,648 | €28,387 | €54,592 | ▲ 92.3% |
| Income taxes67/77 | €6,935 | €11,464 | €15,455 | €35,158 | €12,257 | €15,608 | €11,951 | €16,831 | ▲ 40.8% |
| Profit (loss) for the period9904 | €16,044 | €24,798 | €35,581 | €77,857 | €22,647 | €28,040 | €16,436 | €37,760 | ▲ 130% |
| Profit (loss) for the period to be appropriated9905 | €16,044 | €24,798 | €35,581 | €77,857 | €22,647 | €28,040 | €16,436 | €37,760 | ▲ 130% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €258,892 | €267,741 | €307,668 | €348,732 | €374,739 | €418,342 | €383,758 | €307,465 | ▼ 19.9% |
| Fixed assets21/28 | €138,288 | €130,714 | €128,828 | €4,931 | €4,332 | €2,024 | €7,650 | €5,510 | ▼ 28.0% |
| Tangible fixed assets22/27 | €138,288 | €130,714 | €128,828 | €4,931 | €4,332 | €2,024 | €7,650 | €5,510 | ▼ 28.0% |
| Land and buildings22 | - | - | - | €0 | - | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €4,931 | €4,332 | €2,024 | €7,650 | €5,510 | ▼ 28.0% |
| Current assets29/58 | €120,604 | €137,027 | €178,840 | €343,802 | €370,407 | €416,318 | €376,108 | €301,956 | ▼ 19.7% |
| Amounts receivable after more than one year29 | - | - | - | €206,647 | €206,647 | €206,647 | €206,647 | €206,647 | = |
| Other amounts receivable291 | - | - | - | €206,647 | €206,647 | €206,647 | €206,647 | €206,647 | = |
| Amounts receivable within one year40/41 | €14,132 | €16,119 | €25,968 | €33,035 | €29,766 | €62,660 | €95,674 | €31,077 | ▼ 67.5% |
| Trade receivables40 | - | - | - | €33,033 | €29,766 | €12,481 | €12,681 | €31,044 | ▲ 145% |
| Other amounts receivable41 | - | - | - | €2 | €0 | €50,179 | €82,993 | €33 | ▼ 100.0% |
| Current investments50/53 | - | - | - | €72,795 | €108,244 | €91,562 | €28,220 | €20,330 | ▼ 28.0% |
| Cash at bank and in hand54/58 | €105,589 | €120,084 | €148,951 | €29,649 | €18,603 | €42,099 | €27,102 | €20,134 | ▼ 25.7% |
| Deferred charges and accrued income490/1 | - | - | - | €1,675 | €7,146 | €13,351 | €18,465 | €23,767 | ▲ 28.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €258,892 | €267,741 | €307,668 | €348,732 | €374,739 | €418,342 | €383,758 | €307,465 | ▼ 19.9% |
| Equity10/15 | €138,357 | €163,155 | €198,736 | €276,593 | €299,241 | €327,280 | €227,262 | €265,023 | ▲ 16.6% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €125,957 | €150,755 | €186,336 | €264,193 | €286,841 | €314,880 | €214,862 | €252,623 | ▲ 17.6% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €262,333 | €284,981 | €313,020 | €213,002 | €250,763 | ▲ 17.7% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €120,535 | €104,586 | €108,932 | €72,139 | €75,498 | €91,062 | €156,496 | €42,443 | ▼ 72.9% |
| Amounts payable after more than one year17 | €72,137 | €60,792 | €49,219 | €0 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €48,398 | €43,794 | €59,386 | €72,139 | €75,498 | €91,062 | €156,496 | €42,443 | ▼ 72.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | - | - | - | - | - |
| Trade debts44 | €1,576 | €2,629 | €16,907 | €2,998 | €1,727 | €10,422 | €2,007 | €3,062 | ▲ 52.6% |
| Suppliers440/4 | - | - | - | €2,998 | €1,727 | €10,422 | €2,007 | €3,062 | ▲ 52.6% |
| Taxes, remuneration and social security45 | - | - | - | €69,141 | €70,657 | €79,057 | €38,035 | €36,275 | ▼ 4.6% |
| Taxes450/3 | - | - | - | €69,141 | €70,657 | €79,057 | €38,035 | €36,275 | ▼ 4.6% |
| Other amounts payable47/48 | - | - | - | €0 | €3,115 | €1,582 | €116,454 | €3,106 | ▼ 97.3% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,044 | €24,798 | €35,581 | €77,857 | €22,647 | €28,040 | €16,436 | €37,760 | ▲ 130% |
| + Depreciation and write-downs630 | €9,291 | €7,574 | €7,808 | €1,804 | €1,954 | €2,308 | €2,097 | €2,140 | ▲ 2.0% |
| Operating cash flow (approximation) | €25,336 | €32,372 | €43,389 | €79,662 | €24,601 | €30,347 | €18,533 | €39,901 | ▲ 115% |
| Investment in fixed assets (approximation) | - | €0 | -€5,922 | €122,093 | -€1,355 | €0 | -€7,723 | €0 | - |
| Change in cash | - | €14,495 | €28,866 | -€119,301 | -€11,046 | €23,495 | -€14,997 | -€6,967 | ▲ 53.5% |
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, 34,693 companies had the same profile as OTOKI has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of OTOKI itself: 0.3% 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 34,693 companies, not a prediction for OTOKI. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-09-2026 | 2026-00536183 | |
| 31-12-2024 | micro format | 03-09-2025 | 2025-00481692 | |
| 31-12-2023 | micro format | 18-11-2024 | 2024-00602031 | |
| 31-12-2022 | micro format | 19-01-2024 | 2024-00003501 | |
| 31-12-2021 | micro format | 20-12-2023 | 2023-00533557 | |
| 31-12-2020 | micro format | 06-08-2021 | 2021-47800150 | |
| 31-12-2019 | micro format | 26-11-2020 | 2020-72700220 | |
| 31-12-2018 | micro format | 04-09-2019 | 2019-62700389 | |
| 31-12-2017 | micro format | 04-12-2018 | 2018-73400575 | |
| 31-12-2016 | micro format | 29-09-2017 | 2017-63700380 |