POSTEP
ActiveFinancials · financial year 2025, micro format, 2026 accounts filed
Annual accounts 2026 filed on 29-10-2026 at the NBB all 13 filings
The figures for financial year 2026 will follow.
Turnover
≈ €120,000
Estimated: probably between €93,000 and €160,000
EBIT margin
Not included in this filing
Net result
€49,799▼ 42.2%
2024 · €86,147
Working capital
-€193,683▲ 16.1%
2024 · -€230,790
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€50,638
▼ 21.5%
2025
20192025
Net result
€49,799
▼ 42.2%
2025
middle half of the sector
20192025
Equity
-€184,244
▲ 21.3%
2025
lowest quarter of the sector
20192025
Total assets
€271,517
▼ 1.3%
2025
middle half of the sector
20192025
Debt
€455,761
▼ 10.5%
2025
20192025
Working capital
-€193,683
▲ 16.1%
2025
lowest quarter of the sector
20192025
Solvency
-67.9%
▲ 17.2pp
2025
lowest quarter of the sector
20192025
Current ratio
0.45
▲ 0.04
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
18.3%
▼ 13.0pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€24,672--€73,843-€38,997▲ 47.2%€19,424€48,494▲ 150%€64,467▲ 32.9%€50,638▼ 21.5%
Net result-€68,146--€267,397below the sector's middle half▼ 292%-€58,440below the sector's middle half▲ 78.1%€18,694within the sector's middle half€14,164within the sector's middle half▼ 24.2%€86,147above the sector's middle half▲ 508%€49,799within the sector's middle half▼ 42.2%
Equity€55,789--€294,608below the sector's middle half-€353,048below the sector's middle half▼ 19.8%-€334,354below the sector's middle half▲ 5.3%-€320,190below the sector's middle half▲ 4.2%-€234,043below the sector's middle half▲ 26.9%-€184,244below the sector's middle half▲ 21.3%
Total assets€767,142-€384,451within the sector's middle half▼ 49.9%€257,433within the sector's middle half▼ 33.0%€245,287within the sector's middle half▼ 4.7%€254,517within the sector's middle half▲ 3.8%€275,087within the sector's middle half▲ 8.1%€271,517within the sector's middle half▼ 1.3%
Debt€711,353-€679,059▼ 4.5%€610,481▼ 10.1%€579,641▼ 5.1%€574,707▼ 0.9%€509,130▼ 11.4%€455,761▼ 10.5%
Working capital-€103,124--€222,169below the sector's middle half▼ 115%-€269,003below the sector's middle half▼ 21.1%-€278,173below the sector's middle half▼ 3.4%-€293,625below the sector's middle half▼ 5.6%-€230,790below the sector's middle half▲ 21.4%-€193,683below the sector's middle half▲ 16.1%
Solvency7.3%--76.6%below the sector's middle half▼ 83.9pp-137.1%below the sector's middle half▼ 60.5pp-136.3%below the sector's middle half▲ 0.8pp-125.8%below the sector's middle half▲ 10.5pp-85.1%below the sector's middle half▲ 40.7pp-67.9%below the sector's middle half▲ 17.2pp
Current ratio0.76-0.52within the sector's middle half▼ 0.240.32below the sector's middle half▼ 0.200.30below the sector's middle half▼ 0.010.32below the sector's middle half▲ 0.010.41below the sector's middle half▲ 0.090.45below the sector's middle half▲ 0.04
Return on assets (ROA)-8.9%--69.6%below the sector's middle half▼ 60.7pp-22.7%below the sector's middle half▲ 46.9pp7.6%within the sector's middle half▲ 30.3pp5.6%within the sector's middle half▼ 2.1pp31.3%within the sector's middle half▲ 25.8pp18.3%within the sector's middle half▼ 13.0pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 21% lower than in 2024.
Large changes and their cause
- 2021 Net result +78% on 2020. The accounts now follow the micro format, last year the full format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €271,517
Fixed assets
€110,915 ▼ 3.2%
Current assets
€160,602 ▲ 0.1%
Equity and liabilities
Equity-€184,244
Debt€455,761
Equity is negative. Debt (€455,761) exceeds the balance-sheet total (€271,517).
Key figures and ratios
EBITDA
€57,671▼
2024 · €71,000
Cash flow
€56,832▼
2024 · €92,681
Interest coverage
7.43▼
2024 · 8.37
Debt ≤ 1 year
€354,285▼
2024 · €391,284
Debt > 1 year
€101,476▼
2024 · €117,246
Income taxes
€103▲
2024 · -€25,110
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2021 | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €2,923 | €3,356 |
| Depreciation and write-downs of the year | €10,514 | €8,016 | €6,480 | €6,534 | €7,034 |
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 | - | - | - | - | €8,789 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,553 | €10,514 | €10,514 | €8,016 | €6,480 | €6,534 | €7,034 | ▲ 7.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €10,237 | - | - | - | - | - |
| Other operating charges640/8 | - | - | €2,801 | €2,958 | €5,863 | €1,638 | €2,748 | ▲ 67.8% |
| Non-recurring operating charges66A | - | - | €1,137 | - | - | - | - | - |
| Gross operating margin9900 | €38,995 | €105,740 | -€14,308 | €30,398 | €60,838 | €72,638 | €60,419 | ▼ 16.8% |
| Operating profit (loss)9901 | €24,672 | -€73,843 | -€38,997 | €19,424 | €48,494 | €64,467 | €50,638 | ▼ 21.5% |
| Financial income75/76B | - | - | €6,898 | €4,991 | €5,713 | €5,053 | €7,024 | ▲ 39.0% |
| Recurring financial income75 | - | €1,369 | €6,898 | €4,991 | €5,713 | €5,053 | €7,024 | ▲ 39.0% |
| Financial charges65/66B | - | - | €26,077 | €5,721 | €8,168 | €8,483 | €7,759 | ▼ 8.5% |
| Recurring financial charges65 | €7,125 | €5,542 | €6,076 | €5,721 | €8,168 | €8,483 | €7,759 | ▼ 8.5% |
| Non-recurring financial charges66B | - | - | €20,001 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€57,452 | -€267,516 | -€58,176 | €18,694 | €46,039 | €61,037 | €49,902 | ▼ 18.2% |
| Income taxes67/77 | €10,694 | -€119 | €264 | - | €31,875 | -€25,110 | €103 | - |
| Profit (loss) for the period9904 | -€68,146 | -€267,397 | -€58,440 | €18,694 | €14,164 | €86,147 | €49,799 | ▼ 42.2% |
| Profit (loss) for the period to be appropriated9905 | -€68,146 | -€267,397 | -€58,440 | €18,694 | €14,164 | €86,147 | €49,799 | ▼ 42.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €767,142 | €384,451 | €257,433 | €245,287 | €254,517 | €275,087 | €271,517 | ▼ 1.3% |
| Fixed assets21/28 | €434,442 | €143,213 | €132,699 | €124,683 | €118,203 | €114,592 | €110,915 | ▼ 3.2% |
| Intangible fixed assets21 | €1,716 | €858 | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €145,320 | €135,773 | €126,117 | €118,101 | €111,621 | €108,010 | €104,333 | ▼ 3.4% |
| Land and buildings22 | - | - | €124,250 | €117,935 | €111,621 | €108,010 | €101,477 | ▼ 6.0% |
| Furniture and vehicles24 | - | - | €1,867 | €166 | - | - | €2,856 | - |
| Financial fixed assets28 | €287,407 | €6,582 | €6,582 | €6,582 | €6,582 | €6,582 | €6,582 | = |
| Current assets29/58 | €332,699 | €241,238 | €124,734 | €120,604 | €136,314 | €160,495 | €160,602 | ▲ 0.1% |
| Amounts receivable within one year40/41 | €315,629 | €170,772 | €118,239 | €116,955 | €116,670 | €154,886 | €147,056 | ▼ 5.1% |
| Trade receivables40 | - | - | €44,654 | €28,589 | €23,606 | €27,600 | €22,033 | ▼ 20.2% |
| Other amounts receivable41 | - | - | €73,585 | €88,366 | €93,065 | €127,286 | €125,023 | ▼ 1.8% |
| Cash at bank and in hand54/58 | €17,003 | €70,336 | €6,191 | €3,649 | €19,644 | €5,570 | €13,503 | ▲ 142% |
| Deferred charges and accrued income490/1 | - | - | €304 | - | - | €39 | €43 | ▲ 10.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €767,142 | €384,451 | €257,433 | €245,287 | €254,517 | €275,087 | €271,517 | ▼ 1.3% |
| Equity10/15 | €55,789 | -€294,608 | -€353,048 | -€334,354 | -€320,190 | -€234,043 | -€184,244 | ▲ 21.3% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| 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 | = |
| Profit (loss) carried forward14 | -€47,671 | -€315,068 | -€373,508 | -€354,814 | -€340,650 | -€254,503 | -€204,704 | ▲ 19.6% |
| Amounts payable17/49 | €711,353 | €679,059 | €610,481 | €579,641 | €574,707 | €509,130 | €455,761 | ▼ 10.5% |
| Amounts payable after more than one year17 | €275,530 | €215,652 | €216,744 | €180,864 | €144,768 | €117,246 | €101,476 | ▼ 13.5% |
| Financial debts170/4 | - | - | €216,744 | €180,864 | €144,768 | €117,246 | €101,476 | ▼ 13.5% |
| Amounts payable within one year42/48 | €435,823 | €463,407 | €393,737 | €398,777 | €429,939 | €391,284 | €354,285 | ▼ 9.5% |
| Current portion of amounts payable after more than one year42 | - | - | €51,042 | €38,037 | €27,136 | €28,095 | €15,770 | ▼ 43.9% |
| Trade debts44 | €31,799 | €10,979 | €3,638 | €45,729 | €40,672 | €20,244 | €18,281 | ▼ 9.7% |
| Suppliers440/4 | - | - | €3,638 | €45,729 | €40,672 | €20,244 | €18,281 | ▼ 9.7% |
| Taxes, remuneration and social security45 | - | - | - | - | €31,875 | €5,525 | - | - |
| Taxes450/3 | - | - | - | - | €31,875 | €5,525 | - | - |
| Other amounts payable47/48 | - | - | €339,057 | €315,011 | €330,256 | €337,421 | €320,234 | ▼ 5.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €599 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€68,146 | -€267,397 | -€58,440 | €18,694 | €14,164 | €86,147 | €49,799 | ▼ 42.2% |
| + Depreciation and write-downs630 | €13,553 | €10,514 | €10,514 | €8,016 | €6,480 | €6,534 | €7,034 | ▲ 7.7% |
| Operating cash flow (approximation) | -€54,593 | -€256,883 | -€47,926 | €26,710 | €20,645 | €92,681 | €56,832 | ▼ 38.7% |
| Investment in fixed assets (approximation) | - | €280,715 | €0 | €0 | -€0 | -€2,923 | -€3,356 | ▼ 14.8% |
| Change in cash | - | €53,333 | -€64,145 | -€2,542 | €15,995 | -€14,074 | €7,933 | - |
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, 3,632 companies had the same profile as POSTEP has now. Two years later, 91.9% were still going and 2.9% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
91.9%
was still going
4.8%
stopped otherwise
2.9%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of POSTEP itself: 0.6% 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 3,632 companies, not a prediction for POSTEP. 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 11 of 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | abbreviated format | 29-10-2026 | 2026-00600783 | |
| 31-03-2025 | micro format | 03-11-2025 | 2025-00565244 | |
| 31-03-2024 | micro format | 10-12-2024 | 2024-00612910 | |
| 31-03-2023 | micro format | 30-10-2023 | 2023-00496460 | |
| 31-03-2022 | micro format | 14-07-2023 | 2023-00244023 | |
| 31-03-2021 | micro format | 04-07-2022 | 2022-20165030 | |
| 31-03-2020 | full format | 19-11-2020 | 2020-71200415 | |
| 31-03-2019 | full format | 30-10-2019 | 2019-72300271 | |
| 31-03-2018 | full format | 09-10-2018 | 2018-69100300 | |
| 31-03-2017 | full format | 28-11-2017 | 2017-70500192 | |
| 31-03-2016 | full format | 20-09-2016 | 2016-60900459 |