Q²
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 21-09-2026 at the NBB all 14 filings
Turnover
≈ €160,000
Estimated: probably between €120,000 and €220,000
Total assets
€253,871▼ 10.4%
2025 · €283,292
Net result
€72,053▲ 56.6%
2025 · €46,017
Working capital
€206,958▼ 12.1%
2025 · €235,439
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€64,808
▼ 1.4%
2026
20192026
Net result
€72,053
▲ 56.6%
2026
20192026
Equity
€233,506
▼ 9.8%
2026
20192026
Total assets
€253,871
▼ 10.4%
2026
20192026
Debt
€20,365
▼ 16.5%
2026
20192026
Working capital
€206,958
▼ 12.1%
2026
20192026
Solvency
92.0%
▲ 0.6pp
2026
20192026
Current ratio
11.16
▲ 0.51
2026
20192026
Return on assets (ROA)
28.4%
▲ 12.1pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€36,959-€47,457▲ 28.4%€46,403▼ 2.2%€40,467▼ 12.8%€61,599▲ 52.2%€78,236▲ 27.0%€65,753▼ 16.0%€64,808▼ 1.4%
Net result€27,360-€33,023▲ 20.7%€33,903within the sector's middle half▲ 2.7%€30,510within the sector's middle half▼ 10.0%€46,907above the sector's middle half▲ 53.7%€58,519above the sector's middle half▲ 24.8%€46,017above the sector's middle half▼ 21.4%€72,053▲ 56.6%
Equity€102,795-€135,818▲ 32.1%€169,721above the sector's middle half▲ 25.0%€200,231above the sector's middle half▲ 18.0%€208,367above the sector's middle half▲ 4.1%€235,644above the sector's middle half▲ 13.1%€258,890above the sector's middle half▲ 9.9%€233,506▼ 9.8%
Total assets€205,125-€216,358▲ 5.5%€241,672within the sector's middle half▲ 11.7%€244,893within the sector's middle half▲ 1.3%€242,850within the sector's middle half▼ 0.8%€267,881within the sector's middle half▲ 10.3%€283,292within the sector's middle half▲ 5.8%€253,871▼ 10.4%
Debt€102,331-€80,540▼ 21.3%€71,950▼ 10.7%€44,662▼ 37.9%€34,482▼ 22.8%€32,237▼ 6.5%€24,402▼ 24.3%€20,365▼ 16.5%
Working capital€51,364-€88,246▲ 71.8%€125,170above the sector's middle half▲ 41.8%€157,053above the sector's middle half▲ 25.5%€212,859above the sector's middle half▲ 35.5%€213,143above the sector's middle half▲ 0.1%€235,439above the sector's middle half▲ 10.5%€206,958▼ 12.1%
Solvency50.1%-62.8%▲ 12.7pp70.2%within the sector's middle half▲ 7.5pp81.8%above the sector's middle half▲ 11.5pp85.8%above the sector's middle half▲ 4.0pp88.0%above the sector's middle half▲ 2.2pp91.4%above the sector's middle half▲ 3.4pp92.0%▲ 0.6pp
Current ratio2.64-3.89▲ 1.263.96within the sector's middle half▲ 0.075.31above the sector's middle half▲ 1.368.83above the sector's middle half▲ 3.517.81above the sector's middle half▼ 1.0210.65above the sector's middle half▲ 2.8411.16▲ 0.51
Return on assets (ROA)13.3%-15.3%▲ 1.9pp14.0%within the sector's middle half▼ 1.2pp12.5%within the sector's middle half▼ 1.6pp19.3%within the sector's middle half▲ 6.9pp21.8%within the sector's middle half▲ 2.5pp16.2%within the sector's middle half▼ 5.6pp28.4%▲ 12.1pp
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 2026 is 1% lower than in 2025. It is the second fall in a row.
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
2026 in colour, 2025 as the grey bar beneath
Assets €253,871
Fixed assets
€26,548 ▲ 13.2%
Current assets
€227,323 ▼ 12.5%
Equity and liabilities €253,871
Equity
€233,506 ▼ 9.8%
Debt
€20,365 ▼ 16.5%
Debt's share of the balance-sheet total falls from 8.6% to 8.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€72,326▲
2025 · €72,061
Cash flow
€79,572▲
2025 · €52,325
Debt to equity
0.09▼
2025 · 0.09
ROE
30.9%▲
2025 · 17.8%
Interest coverage
16.03▲
2025 · 14.62
Debt ≤ 1 year
€20,365▼
2025 · €24,402
Income taxes
€27,864▲
2025 · €18,028
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,183 | - | €24,396 | €6,328 | €10,617 |
| Depreciation and write-downs of the year | €24,939 | €1,232 | €3,771 | €6,308 | €7,519 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €9,000 | €29,864 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €32,589 | €27,314 | €27,738 | €24,939 | €1,232 | €3,771 | €6,308 | €7,519 | ▲ 19.2% |
| Other operating charges640/8 | - | - | - | €591 | €1,457 | €1,230 | €776 | €757 | ▼ 2.5% |
| Non-recurring operating charges66A | - | - | - | - | €8,008 | - | - | - | - |
| Gross operating margin9900 | €70,773 | €75,360 | €74,954 | €65,997 | €72,296 | €83,237 | €72,837 | €73,084 | ▲ 0.3% |
| Operating profit (loss)9901 | €36,959 | €47,457 | €46,403 | €40,467 | €61,599 | €78,236 | €65,753 | €64,808 | ▼ 1.4% |
| Financial income75/76B | - | - | - | €3,033 | €4,183 | €3,768 | €3,220 | €39,622 | ▲ 12× |
| Recurring financial income75 | €25 | €110 | €1,938 | €3,033 | €4,183 | €3,768 | €3,220 | €39,622 | ▲ 12× |
| Financial charges65/66B | - | - | - | €1,086 | €752 | €1,043 | €4,928 | €4,512 | ▼ 8.4% |
| Recurring financial charges65 | €1,672 | €1,359 | €1,297 | €1,086 | €752 | €1,043 | €4,928 | €4,512 | ▼ 8.4% |
| Profit (loss) for the period before taxes9903 | €35,313 | €46,208 | €47,043 | €42,415 | €65,030 | €80,960 | €64,045 | €99,917 | ▲ 56.0% |
| Income taxes67/77 | €7,953 | €13,185 | €13,140 | €11,905 | €18,124 | €22,442 | €18,028 | €27,864 | ▲ 54.6% |
| Profit (loss) for the period9904 | €27,360 | €33,023 | €33,903 | €30,510 | €46,907 | €58,519 | €46,017 | €72,053 | ▲ 56.6% |
| Profit (loss) for the period to be appropriated9905 | €22,771 | €33,023 | €33,903 | €30,510 | €46,907 | €58,519 | €46,017 | €72,053 | ▲ 56.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €205,125 | €216,358 | €241,672 | €244,893 | €242,850 | €267,881 | €283,292 | €253,871 | ▼ 10.4% |
| Fixed assets21/28 | €122,391 | €97,613 | €74,198 | €51,441 | €2,805 | €23,430 | €23,450 | €26,548 | ▲ 13.2% |
| Tangible fixed assets22/27 | €122,391 | €97,613 | €74,198 | €51,441 | €2,805 | €23,430 | €23,450 | €26,548 | ▲ 13.2% |
| Land and buildings22 | - | - | - | €21,000 | - | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €2,481 | €1,723 | €22,232 | €21,553 | €25,193 | ▲ 16.9% |
| Furniture and vehicles24 | - | - | - | €1,555 | €1,082 | €1,198 | €1,898 | €1,355 | ▼ 28.6% |
| Other tangible fixed assets26 | - | - | - | €26,405 | - | - | - | - | - |
| Current assets29/58 | €82,735 | €118,745 | €167,474 | €193,452 | €240,045 | €244,451 | €259,841 | €227,323 | ▼ 12.5% |
| Amounts receivable after more than one year29 | - | - | - | €97,000 | €125,168 | €125,000 | €125,000 | €125,000 | = |
| Other amounts receivable291 | - | - | - | €97,000 | €125,168 | €125,000 | €125,000 | €125,000 | = |
| Amounts receivable within one year40/41 | €32,765 | €19,060 | €34,151 | €38,056 | €59,764 | €67,732 | €38,081 | €24,203 | ▼ 36.4% |
| Trade receivables40 | - | - | - | €34,964 | €33,338 | €51,498 | €35,455 | €19,965 | ▼ 43.7% |
| Other amounts receivable41 | - | - | - | €3,092 | €26,426 | €16,234 | €2,625 | €4,238 | ▲ 61.4% |
| Current investments50/53 | - | - | - | - | - | - | €73,542 | €32,276 | ▼ 56.1% |
| Cash at bank and in hand54/58 | €48,096 | €59,167 | €47,742 | €53,492 | €51,079 | €50,375 | €19,790 | €44,454 | ▲ 125% |
| Deferred charges and accrued income490/1 | - | - | - | €4,905 | €4,035 | €1,344 | €3,428 | €1,390 | ▼ 59.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €205,125 | €216,358 | €241,672 | €244,893 | €242,850 | €267,881 | €283,292 | €253,871 | ▼ 10.4% |
| Equity10/15 | €102,795 | €135,818 | €169,721 | €200,231 | €208,367 | €235,644 | €258,890 | €233,506 | ▼ 9.8% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €4,000 | €4,000 | €4,000 | = |
| Reserves13 | €96,595 | €129,618 | €163,521 | €194,031 | €202,167 | €231,644 | €254,890 | €229,506 | ▼ 10.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €4,589 | €4,589 | €4,589 | €4,589 | €4,589 | = |
| Distributable reserves133 | - | - | - | €187,582 | €195,719 | €227,055 | €250,301 | €224,918 | ▼ 10.1% |
| Amounts payable17/49 | €102,331 | €80,540 | €71,950 | €44,662 | €34,482 | €32,237 | €24,402 | €20,365 | ▼ 16.5% |
| Amounts payable after more than one year17 | €70,442 | €50,040 | €29,316 | €8,263 | €4,618 | €929 | - | - | - |
| Financial debts170/4 | - | - | - | €8,263 | €4,618 | €929 | - | - | - |
| Amounts payable within one year42/48 | €31,371 | €30,500 | €42,304 | €36,399 | €27,186 | €31,308 | €24,402 | €20,365 | ▼ 16.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €21,053 | €3,645 | €3,689 | €929 | - | - |
| Trade debts44 | €5,406 | €2,267 | €3,969 | €3,959 | €6,359 | €9,637 | €6,952 | €4,726 | ▼ 32.0% |
| Suppliers440/4 | - | - | - | €3,959 | €6,359 | €9,637 | €6,952 | €4,726 | ▼ 32.0% |
| Taxes, remuneration and social security45 | - | - | - | €11,387 | €17,182 | €15,000 | €16,521 | €15,638 | ▼ 5.3% |
| Taxes450/3 | - | - | - | €11,387 | €17,182 | €15,000 | €16,521 | €15,638 | ▼ 5.3% |
| Other amounts payable47/48 | - | - | - | - | - | €2,982 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €2,678 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €27,360 | €33,023 | €33,903 | €30,510 | €46,907 | €58,519 | €46,017 | €72,053 | ▲ 56.6% |
| + Depreciation and write-downs630 | €32,589 | €27,314 | €27,738 | €24,939 | €1,232 | €3,771 | €6,308 | €7,519 | ▲ 19.2% |
| Operating cash flow (approximation) | €59,949 | €60,337 | €61,642 | €55,449 | €48,138 | €62,289 | €52,325 | €79,572 | ▲ 52.1% |
| Investment in fixed assets (approximation) | - | -€2,536 | -€4,323 | -€2,183 | €47,405 | -€24,396 | -€6,328 | -€10,617 | ▼ 67.8% |
| Change in cash | - | €11,071 | -€11,426 | €5,751 | -€2,413 | -€703 | -€30,585 | €24,665 | - |
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 Q² 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 Q² 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 34,693 companies, not a prediction for Q². 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 21-09-2026 | 2026-00518229 | |
| 31-03-2025 | micro format | 25-09-2025 | 2025-00503972 | |
| 31-03-2024 | micro format | 20-09-2024 | 2024-00466313 | |
| 31-03-2023 | micro format | 19-09-2023 | 2023-00448381 | |
| 31-03-2022 | micro format | 25-10-2022 | 2022-20471382 | |
| 31-03-2021 | micro format | 21-09-2021 | 2021-67900154 | |
| 31-03-2020 | micro format | 01-10-2020 | 2020-57700489 | |
| 31-03-2019 | micro format | 24-09-2019 | 2019-65500499 | |
| 31-03-2018 | micro format | 19-09-2018 | 2018-63700286 | |
| 31-03-2017 | micro format | 29-09-2017 | 2017-64700413 |