Q
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 25 days after the deadline Filed on 25 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00430239.
Annual accounts 2025 filed on 25-08-2026 at the NBB all 34 filings
Turnover
≈ €350,000
Estimated: probably between €230,000 and €540,000
Total assets
€494,968▲ 8.6%
2024 · €455,909
Net result
€79,930▲ 11.5%
2024 · €71,717
Working capital
€236,461▲ 22.3%
2024 · €193,333
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€115,720
▲ 10.0%
2025
20182025
Net result
€79,930
▲ 11.5%
2025
highest quarter of the sector
20182025
Equity
€452,519
▲ 6.9%
2025
highest quarter of the sector
20182025
Total assets
€494,968
▲ 8.6%
2025
highest quarter of the sector
20182025
Debt
€42,449
▲ 30.3%
2025
20182025
Working capital
€236,461
▲ 22.3%
2025
highest quarter of the sector
20182025
Solvency
91.4%
▼ 1.4pp
2025
highest quarter of the sector
20182025
Current ratio
6.57
▼ 1.60
2025
highest quarter of the sector
20182025
Return on assets (ROA)
16.1%
▲ 0.4pp
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€14,895-€71,233▲ 378%€29,266▼ 58.9%€63,801▲ 118%€36,927▼ 42.1%€65,460▲ 77.3%€105,213▲ 60.7%€115,720▲ 10.0%
Net result€9,692-€49,072▲ 406%€19,957above the sector's middle half▼ 59.3%€42,157above the sector's middle half▲ 111%€23,423within the sector's middle half▼ 44.4%€45,008above the sector's middle half▲ 92.1%€71,717above the sector's middle half▲ 59.3%€79,930above the sector's middle half▲ 11.5%
Equity€207,291-€256,363▲ 23.7%€274,920above the sector's middle half▲ 7.2%€315,926above the sector's middle half▲ 14.9%€338,200above the sector's middle half▲ 7.1%€382,058above the sector's middle half▲ 13.0%€423,325above the sector's middle half▲ 10.8%€452,519above the sector's middle half▲ 6.9%
Total assets€368,388-€409,668▲ 11.2%€395,838above the sector's middle half▼ 3.4%€448,968above the sector's middle half▲ 13.4%€380,298above the sector's middle half▼ 15.3%€422,086above the sector's middle half▲ 11.0%€455,909above the sector's middle half▲ 8.0%€494,968above the sector's middle half▲ 8.6%
Debt€86,333-€78,542▼ 9.0%€46,154▼ 41.2%€58,277▲ 26.3%€42,098▼ 27.8%€40,028▼ 4.9%€32,584▼ 18.6%€42,449▲ 30.3%
Working capital€81,034-€158,063▲ 95.1%€152,631above the sector's middle half▼ 3.4%€168,580above the sector's middle half▲ 10.4%€105,908above the sector's middle half▼ 37.2%€159,893above the sector's middle half▲ 51.0%€193,333above the sector's middle half▲ 20.9%€236,461above the sector's middle half▲ 22.3%
Solvency56.3%-62.6%▲ 6.3pp69.5%within the sector's middle half▲ 6.9pp70.4%within the sector's middle half▲ 0.9pp88.9%above the sector's middle half▲ 18.6pp90.5%above the sector's middle half▲ 1.6pp92.9%above the sector's middle half▲ 2.3pp91.4%above the sector's middle half▼ 1.4pp
Current ratio2.67-5.80▲ 3.136.26above the sector's middle half▲ 0.467.31above the sector's middle half▲ 1.055.34above the sector's middle half▼ 1.976.64above the sector's middle half▲ 1.308.17above the sector's middle half▲ 1.536.57above the sector's middle half▼ 1.60
Return on assets (ROA)2.6%-12.0%▲ 9.3pp5.0%within the sector's middle half▼ 6.9pp9.4%within the sector's middle half▲ 4.3pp6.2%within the sector's middle half▼ 3.2pp10.7%within the sector's middle half▲ 4.5pp15.7%within the sector's middle half▲ 5.1pp16.1%within the sector's middle half▲ 0.4pp
above
within
below
The sector band is the middle half of the companies in Arts creation and performing arts activities (NACE 90). 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 10% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €494,968
Fixed assets
€216,058 ▼ 8.3%
Current assets
€278,910 ▲ 26.6%
Equity and liabilities €494,968
Equity
€452,519 ▲ 6.9%
Debt
€42,449 ▲ 30.3%
Debt's share of the balance-sheet total rises from 7.1% to 8.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€137,003▲
2024 · €124,306
Cash flow
€101,214▲
2024 · €90,809
Debt to equity
0.09▲
2024 · 0.08
ROE
17.7%▲
2024 · 16.9%
Interest coverage
58.93▲
2024 · 39.71
Debt ≤ 1 year
€42,449▲
2024 · €26,963
Income taxes
€33,477▲
2024 · €30,379
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €48,585 | €14,247 | €1,445 | €20,849 | €1,727 |
| Depreciation and write-downs of the year | €9,084 | €17,944 | €17,576 | €19,093 | €21,283 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €33,805 | €21,395 | €7,450 | €9,084 | €17,944 | €17,576 | €19,093 | €21,283 | ▲ 11.5% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | -€74,764 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €2,330 | €2,174 | €2,327 | €2,530 | €2,623 | ▲ 3.7% |
| Gross operating margin9900 | €50,849 | €94,488 | €39,152 | €75,215 | -€17,718 | €85,363 | €126,836 | €139,626 | ▲ 10.1% |
| Operating profit (loss)9901 | €14,895 | €71,233 | €29,266 | €63,801 | €36,927 | €65,460 | €105,213 | €115,720 | ▲ 10.0% |
| Financial income75/76B | - | - | - | €8 | - | €89 | €13 | €12 | ▼ 3.1% |
| Recurring financial income75 | €977 | €824 | €306 | €8 | - | €89 | €13 | €12 | ▼ 3.1% |
| Financial charges65/66B | - | - | - | €2,278 | €2,101 | €2,275 | €3,131 | €2,325 | ▼ 25.7% |
| Recurring financial charges65 | €1,640 | €1,343 | €1,035 | €2,278 | €2,101 | €2,275 | €3,131 | €2,325 | ▼ 25.7% |
| Profit (loss) for the period before taxes9903 | €14,232 | €70,713 | €28,537 | €61,531 | €34,826 | €63,274 | €102,095 | €113,408 | ▲ 11.1% |
| Income taxes67/77 | €4,540 | €21,642 | €8,580 | €19,375 | €11,402 | €18,266 | €30,379 | €33,477 | ▲ 10.2% |
| Profit (loss) for the period9904 | €9,692 | €49,072 | €19,957 | €42,157 | €23,423 | €45,008 | €71,717 | €79,930 | ▲ 11.5% |
| Profit (loss) for the period to be appropriated9905 | €9,692 | €49,072 | €19,957 | €42,157 | €23,423 | €45,008 | €71,717 | €79,930 | ▲ 11.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €368,388 | €409,668 | €395,838 | €448,968 | €380,298 | €422,086 | €455,909 | €494,968 | ▲ 8.6% |
| Fixed assets21/28 | €238,862 | €218,685 | €214,184 | €253,685 | €249,988 | €233,857 | €235,614 | €216,058 | ▼ 8.3% |
| Tangible fixed assets22/27 | €237,262 | €217,085 | €212,584 | €252,085 | €248,388 | €232,257 | €234,014 | €214,458 | ▼ 8.4% |
| Land and buildings22 | - | - | - | €188,196 | €196,512 | €193,502 | €190,491 | €187,481 | ▼ 1.6% |
| Plant, machinery and equipment23 | - | - | - | €15,979 | €11,776 | €7,573 | €3,370 | - | - |
| Furniture and vehicles24 | - | - | - | €47,911 | €40,100 | €31,182 | €40,152 | €26,977 | ▼ 32.8% |
| Financial fixed assets28 | €1,600 | €1,600 | €1,600 | €1,600 | €1,600 | €1,600 | €1,600 | €1,600 | = |
| Current assets29/58 | €129,526 | €190,983 | €181,653 | €195,282 | €130,310 | €188,230 | €220,295 | €278,910 | ▲ 26.6% |
| Amounts receivable within one year40/41 | €34,390 | €79,735 | €61,733 | €82,305 | €83,714 | €35,713 | €39,912 | €39,302 | ▼ 1.5% |
| Trade receivables40 | - | - | - | €50,003 | €34,277 | €24,277 | €17,514 | €39,302 | ▲ 124% |
| Other amounts receivable41 | - | - | - | €32,302 | €49,437 | €11,437 | €22,397 | - | - |
| Current investments50/53 | €776 | €776 | €781 | €781 | €781 | €781 | - | - | - |
| Cash at bank and in hand54/58 | €62,860 | €84,437 | €117,553 | €110,551 | €44,726 | €149,243 | €177,823 | €235,818 | ▲ 32.6% |
| Deferred charges and accrued income490/1 | - | - | - | €1,644 | €1,088 | €2,492 | €2,560 | €3,790 | ▲ 48.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €368,388 | €409,668 | €395,838 | €448,968 | €380,298 | €422,086 | €455,909 | €494,968 | ▲ 8.6% |
| Equity10/15 | €207,291 | €256,363 | €274,920 | €315,926 | €338,200 | €382,058 | €423,325 | €452,519 | ▲ 6.9% |
| Contributions10/11 | €40,754 | €40,754 | - | €40,754 | €40,754 | €40,754 | €40,754 | €40,754 | = |
| Reserves13 | €166,375 | €215,445 | €233,995 | €274,995 | €297,265 | €341,115 | €382,380 | €411,544 | ▲ 7.6% |
| Non-distributable reserves130/1 | - | - | - | €4,075 | €4,075 | €4,075 | €4,075 | €4,075 | = |
| Reserves not available under the articles1311 | - | - | - | €4,075 | €4,075 | €4,075 | €4,075 | €4,075 | = |
| Distributable reserves133 | - | - | - | €270,920 | €293,190 | €337,040 | €378,305 | €407,469 | ▲ 7.7% |
| Profit (loss) carried forward14 | €162 | €164 | €171 | €177 | €181 | €189 | €191 | €221 | ▲ 15.9% |
| Provisions and deferred taxes16 | €74,764 | €74,764 | €74,764 | €74,764 | - | - | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €74,764 | - | - | - | - | - |
| Pensions and similar obligations160 | - | - | - | €74,764 | - | - | - | - | - |
| Amounts payable17/49 | €86,333 | €78,542 | €46,154 | €58,277 | €42,098 | €40,028 | €32,584 | €42,449 | ▲ 30.3% |
| Amounts payable after more than one year17 | €37,841 | €26,166 | €17,131 | €31,576 | €17,696 | €11,692 | €5,622 | - | - |
| Financial debts170/4 | - | - | - | €31,576 | €17,696 | €11,692 | €5,622 | - | - |
| Amounts payable within one year42/48 | €48,492 | €32,920 | €29,023 | €26,702 | €24,402 | €28,337 | €26,963 | €42,449 | ▲ 57.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €15,095 | €13,852 | €6,005 | €6,070 | €5,622 | ▼ 7.4% |
| Trade debts44 | €6,562 | €4,657 | €4,522 | €5,444 | €2,896 | €6,228 | €8,604 | €6,795 | ▼ 21.0% |
| Suppliers440/4 | - | - | - | €5,444 | €2,896 | €6,228 | €8,604 | €6,795 | ▼ 21.0% |
| Taxes, remuneration and social security45 | - | - | - | €5,000 | €6,368 | €14,954 | €11,138 | €13,042 | ▲ 17.1% |
| Taxes450/3 | - | - | - | €5,000 | €6,368 | €14,954 | €11,138 | €13,042 | ▲ 17.1% |
| Other amounts payable47/48 | - | - | - | €1,162 | €1,286 | €1,150 | €1,150 | €16,990 | ▲ 15× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,692 | €49,072 | €19,957 | €42,157 | €23,423 | €45,008 | €71,717 | €79,930 | ▲ 11.5% |
| + Depreciation and write-downs630 | €33,805 | €21,395 | €7,450 | €9,084 | €17,944 | €17,576 | €19,093 | €21,283 | ▲ 11.5% |
| Operating cash flow (approximation) | €43,497 | €70,467 | €27,407 | €51,240 | €41,368 | €62,584 | €90,809 | €101,214 | ▲ 11.5% |
| Investment in fixed assets (approximation) | - | -€1,218 | -€2,949 | -€48,585 | -€14,247 | -€1,445 | -€20,849 | -€1,727 | ▲ 91.7% |
| Change in cash | - | €21,577 | €33,115 | -€7,001 | -€65,825 | €104,516 | €28,581 | €57,995 | ▲ 103% |
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, 20,136 companies had the same profile as Q has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of Q 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 20,136 companies, not a prediction for Q. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-08-2026 | 2026-00430239 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00227472 | |
| 31-12-2023 | micro format | 01-07-2024 | 2024-00204913 | |
| 31-12-2022 | micro format | 21-08-2023 | 2023-00342442 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20275048 | |
| 31-12-2020 | micro format | 27-07-2021 | 2021-41200091 | |
| 31-12-2019 | micro format | 21-08-2020 | 2020-43100072 | |
| 31-12-2018 | micro format | 20-08-2019 | 2019-47800309 | |
| 31-12-2017 | micro format | 17-08-2018 | 2018-47200185 | |
| 31-12-2016 | micro format | 24-07-2017 | 2017-34500458 |