OUTBOUND
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-05-2026 PDF all 31 filings
Equity
€421,065▼ 27.1%
2024 · €577,387
Total assets
€498,080▼ 30.6%
2024 · €718,123
Net result
-€156,323
2024 · €6,887
Working capital
€435,675▼ 25.8%
2024 · €586,779
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€155,624
2025
20192025
Net result
-€156,323
2025
lowest quarter of the sector
20192025
Equity
€421,065
▼ 27.1%
2025
middle half of the sector
20192025
Total assets
€498,080
▼ 30.6%
2025
middle half of the sector
20192025
Debt
€77,015
▼ 45.3%
2025
20192025
Working capital
€435,675
▼ 25.8%
2025
middle half of the sector
20192025
Solvency
84.5%
▲ 4.1pp
2025
highest quarter of the sector
20192025
Current ratio
16.88
▲ 8.81
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-31.4%
▼ 32.3pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
0
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€0.2m--€0.07m€0.01m€0.03m▲ 93.8%-€0.05m€0.008m-€0.2m
Net result€0.1m--€0.08mwithin the sector's middle half€0.01mwithin the sector's middle half€0.02mwithin the sector's middle half▲ 129%-€0.05mbelow the sector's middle half€0.007mwithin the sector's middle half-€0.2mbelow the sector's middle half
Equity€0.8m-€0.7mabove the sector's middle half▼ 9.9%€0.7mabove the sector's middle half▲ 1.4%€0.7mabove the sector's middle half▲ 3.2%€0.7mabove the sector's middle half▼ 6.4%€0.6mabove the sector's middle half▼ 17.1%€0.4mwithin the sector's middle half▼ 27.1%
Total assets€1.1m-€1.2mwithin the sector's middle half▲ 10.3%€1.1mwithin the sector's middle half▼ 12.2%€1.3mwithin the sector's middle half▲ 19.7%€1.0mwithin the sector's middle half▼ 20.8%€0.7mwithin the sector's middle half▼ 28.5%€0.5mwithin the sector's middle half▼ 30.6%
Debt€0.3m-€0.5m▲ 63.9%€0.3m▼ 31.1%€0.5m▲ 55.1%€0.3m▼ 41.1%€0.1m▼ 54.3%€0.08m▼ 45.3%
Working capital€0.8m-€0.8mabove the sector's middle half▼ 8.9%€0.7mabove the sector's middle half▼ 2.1%€0.8mabove the sector's middle half▲ 4.4%€0.7mabove the sector's middle half▼ 8.7%€0.6mabove the sector's middle half▼ 16.6%€0.4mwithin the sector's middle half▼ 25.8%
Solvency72.2%-59.0%above the sector's middle half▼ 13.2pp68.2%above the sector's middle half▲ 9.2pp58.7%above the sector's middle half▼ 9.4pp69.3%above the sector's middle half▲ 10.6pp80.4%above the sector's middle half▲ 11.1pp84.5%above the sector's middle half▲ 4.1pp
Current ratio4.33-2.72above the sector's middle half▼ 1.613.37above the sector's middle half▲ 0.652.56within the sector's middle half▼ 0.803.95above the sector's middle half▲ 1.388.07above the sector's middle half▲ 4.1216.88above the sector's middle half▲ 8.81
Return on assets (ROA)12.3%--6.4%within the sector's middle half▼ 18.8pp0.9%within the sector's middle half▲ 7.4pp1.8%within the sector's middle half▲ 0.9pp-4.8%below the sector's middle half▼ 6.6pp1.0%within the sector's middle half▲ 5.7pp-31.4%below the sector's middle half▼ 32.3pp
Staff (FTE)0below the sector's middle half0below the sector's middle half0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Travel agency, tour operator and other reservation service and related activities (NACE 79). 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 €155,624, after a profit of €8,218 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €498,080
Fixed assets
€34,965 ▼ 27.7%
Current assets
€463,115 ▼ 30.9%
Equity and liabilities €498,080
Equity
€421,065 ▼ 27.1%
Debt
€77,015 ▼ 45.3%
Debt's share of the balance-sheet total falls from 19.6% to 15.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€142,259▼
2024 · €21,583
Cash flow
-€142,958▼
2024 · €20,253
Debt to equity
0.18▼
2024 · 0.24
ROE
-37.1%▼
2024 · 1.2%
Interest coverage
-47.24▼
2024 · 5.62
Debt ≤ 1 year
€27,439▼
2024 · €83,014
Debt > 1 year
€45,841▼
2024 · €57,722
Income taxes
€290▲
2024 · €248
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-10-2021 | 31-10-2022 | 31-10-2023 | 31-10-2024 | 31-10-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €0 | - | €66,824 | - | - |
| Intangible fixed assets | €0 | - | - | - | - |
| Financial fixed assets | €0 | - | - | - | - |
| Depreciation and write-downs of the year | €4,170 | €4,170 | €9,300 | €13,365 | €13,365 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €16,300 awarded · €16,300 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,547 | €4,170 | €4,170 | €4,170 | €9,300 | €13,365 | €13,365 | = |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | -€5,148 | €0 | - | - | - | - |
| Other operating charges640/8 | - | - | €1,798 | €2,141 | €1,532 | €783 | €3,086 | ▲ 294% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €62,476 | - |
| Gross operating margin9900 | €264,829 | -€56,635 | €13,874 | €31,604 | -€39,033 | €22,366 | -€76,697 | - |
| Operating profit (loss)9901 | €220,492 | -€65,487 | €13,053 | €25,293 | -€49,865 | €8,218 | -€155,624 | - |
| Financial income75/76B | - | - | €1,932 | €1,950 | €3,721 | €2,757 | €2,603 | ▼ 5.6% |
| Recurring financial income75 | €9,457 | €2,052 | €1,932 | €1,950 | €3,721 | €2,757 | €2,603 | ▼ 5.6% |
| Financial charges65/66B | - | - | €3,648 | €1,365 | €1,669 | €3,840 | €3,012 | ▼ 21.6% |
| Recurring financial charges65 | €8,224 | €4,039 | €3,648 | €1,365 | €1,669 | €3,840 | €3,012 | ▼ 21.6% |
| Profit (loss) for the period before taxes9903 | €221,725 | -€67,473 | €11,337 | €25,878 | -€47,814 | €7,135 | -€156,033 | - |
| Income taxes67/77 | €86,758 | €10,308 | €1,332 | €3,003 | €95 | €248 | €290 | ▲ 17.1% |
| Profit (loss) for the period9904 | €134,968 | -€77,781 | €10,005 | €22,875 | -€47,908 | €6,887 | -€156,323 | - |
| Profit (loss) for the period to be appropriated9905 | €134,968 | -€77,781 | €10,005 | €22,875 | -€47,908 | €6,887 | -€156,323 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.1m | €1.2m | €1.1m | €1.3m | €1.0m | €0.7m | €0.5m | ▼ 30.6% |
| Fixed assets21/28 | €0.02m | €0.01m | €0.008m | €0.004m | €0.06m | €0.05m | €0.03m | ▼ 27.7% |
| Tangible fixed assets22/27 | €0.02m | €0.01m | €0.008m | €0.004m | €0.06m | €0.05m | €0.03m | ▼ 27.7% |
| Furniture and vehicles24 | - | - | - | - | €0.06m | €0.05m | €0.03m | ▼ 27.7% |
| Other tangible fixed assets26 | - | - | €0.008m | €0.004m | €0 | €0 | - | - |
| Current assets29/58 | €1.1m | €1.2m | €1.1m | €1.3m | €0.9m | €0.7m | €0.5m | ▼ 30.9% |
| Amounts receivable after more than one year29 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 1.6% |
| Other amounts receivable291 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 1.6% |
| Amounts receivable within one year40/41 | €0.3m | €0.1m | €0.1m | €0.7m | €0.4m | €0.2m | €0.03m | ▼ 78.1% |
| Trade receivables40 | - | - | €0.1m | €0.7m | €0.3m | €0.1m | €0.03m | ▼ 80.9% |
| Other amounts receivable41 | - | - | €0.002m | €0.001m | €0.003m | €0.009m | €0.006m | ▼ 34.4% |
| Current investments50/53 | - | - | €0.002m | €0.3m | €0.2m | €0.005m | €0.002m | ▼ 60.8% |
| Cash at bank and in hand54/58 | €0.8m | €0.9m | €0.8m | €0.2m | €0.2m | €0.4m | €0.3m | ▼ 22.7% |
| Deferred charges and accrued income490/1 | - | - | €0 | - | €0.05m | €0.001m | €0.002m | ▲ 172% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.1m | €1.2m | €1.1m | €1.3m | €1.0m | €0.7m | €0.5m | ▼ 30.6% |
| Equity10/15 | €0.8m | €0.7m | €0.7m | €0.7m | €0.7m | €0.6m | €0.4m | ▼ 27.1% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.7m | €0.7m | €0.7m | €0.7m | €0.6m | €0.5m | €0.4m | ▼ 30.3% |
| Non-distributable reserves130/1 | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | €0.7m | €0.7m | €0.6m | €0.5m | €0.4m | ▼ 30.7% |
| Profit (loss) carried forward14 | - | -€0.08m | €0 | - | - | - | - | - |
| Provisions and deferred taxes16 | €0.005m | €0.005m | €0 | - | - | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | €0 | - | - | - | - | - |
| Major repairs and maintenance162 | - | - | €0 | - | - | - | - | - |
| Amounts payable17/49 | €0.3m | €0.5m | €0.3m | €0.5m | €0.3m | €0.1m | €0.08m | ▼ 45.3% |
| Amounts payable after more than one year17 | €0.05m | €0.05m | €0.03m | €0.03m | €0.07m | €0.06m | €0.05m | ▼ 20.6% |
| Financial debts170/4 | - | - | €0 | - | €0.04m | €0.03m | €0.02m | ▼ 36.3% |
| Other amounts payable178/9 | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Amounts payable within one year42/48 | €0.2m | €0.4m | €0.3m | €0.5m | €0.2m | €0.08m | €0.03m | ▼ 66.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.01m | €0.01m | €0.01m | ▲ 3.9% |
| Trade debts44 | €0.2m | €0.07m | €0.05m | €0.08m | €0.2m | €0.07m | €0.009m | ▼ 86.5% |
| Suppliers440/4 | - | - | €0.05m | €0.08m | €0.2m | €0.07m | €0.009m | ▼ 86.5% |
| Advances received on contracts in progress46 | - | - | €0.2m | €0.4m | €0.04m | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | €0.006m | €0.009m | €0.006m | €0.003m | €0.006m | ▲ 134% |
| Taxes450/3 | - | - | €0.006m | €0.009m | €0.006m | €0.003m | €0.006m | ▲ 134% |
| Remuneration and social security454/9 | - | - | €0 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | €0.02m | €0.002m | €0 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | €402 | €0.006m | €0 | - | €0.004m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €134,968 | -€77,781 | €10,005 | €22,875 | -€47,908 | €6,887 | -€156,323 | - |
| + Depreciation and write-downs630 | €5,547 | €4,170 | €4,170 | €4,170 | €9,300 | €13,365 | €13,365 | = |
| Operating cash flow (approximation) | €140,515 | -€73,611 | €14,176 | €27,045 | -€38,608 | €20,253 | -€142,958 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€66,824 | €0 | €0 | - |
| Change in cash | - | €155,576 | -€78,384 | -€662,545 | €36,155 | €185,209 | -€87,540 | - |
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, 929 companies had the same profile as OUTBOUND has now. Two years later, 90.1% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
90.1%
was still going
8.8%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of OUTBOUND 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 929 companies, not a prediction for OUTBOUND. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-10-2025 | abbreviated format | 30-05-2026 | 2026-00134477 | |
| 31-10-2024 | abbreviated format | 30-06-2025 | 2025-00233977 | |
| 31-10-2023 | abbreviated format | 31-05-2024 | 2024-00107794 | |
| 31-10-2022 | abbreviated format | 28-07-2023 | 2023-00285593 | |
| 31-10-2021 | abbreviated format | 30-06-2022 | 2022-20124410 | |
| 31-10-2020 | abbreviated format | 02-06-2021 | 2021-17100515 | |
| 31-10-2019 | abbreviated format | 30-07-2020 | 2020-37900236 | |
| 31-10-2018 | abbreviated format | 16-05-2019 | 2019-13100536 | |
| 31-10-2017 | abbreviated format | 21-05-2018 | 2018-13200573 | |
| 31-10-2016 | abbreviated format | 25-05-2017 | 2017-13600461 |