Quadrum
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 05-08-2026 at the NBB all 9 filings
Turnover
≈ €440,000
Estimated: probably between €380,000 and €520,000
EBIT margin
Not included in this filing
Net result
€95,727▲ 6.6%
2024 · €89,790
Working capital
-€421,005▼ 105%
2024 · -€204,995
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€187,493
=
2025
20182025
Net result
€95,727
▲ 6.6%
2025
middle half of the sector
20182025
Equity
€540,310
▲ 21.5%
2025
middle half of the sector
20182025
Total assets
€2.9m
▼ 8.4%
2025
highest quarter of the sector
20182025
Debt
€2.3m
▼ 13.4%
2025
20182025
Working capital
-€421,005
▼ 105%
2025
lowest quarter of the sector
20182025
Solvency
19.0%
▲ 4.7pp
2025
middle half of the sector
20182025
Current ratio
0.18
▼ 0.41
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
3.4%
▲ 0.5pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.4m-€0.3m▼ 34.2%€0.4m▲ 57.2%€0.1m▼ 72.6%€0.1m▼ 5.6%€0.3m▲ 203%€0.2m▼ 45.2%€0.2m=
Net result€0.4m-€0.4m▼ 17.1%€0.5mabove the sector's middle half▲ 37.8%€1.9mabove the sector's middle half▲ 278%€0.09mwithin the sector's middle half▼ 95.0%€0.3mwithin the sector's middle half▲ 206%€0.09mwithin the sector's middle half▼ 68.7%€0.1mwithin the sector's middle half▲ 6.6%
Equity€1.3m-€1.6m▲ 28.7%€2.3mabove the sector's middle half▲ 41.4%€0.3mwithin the sector's middle half▼ 85.6%€0.07mbelow the sector's middle half▼ 79.6%€0.4mwithin the sector's middle half▲ 424%€0.4mwithin the sector's middle half▲ 25.3%€0.5mwithin the sector's middle half▲ 21.5%
Total assets€4.3m-€4.3m▲ 0.5%€4.6mabove the sector's middle half▲ 7.9%€0.3mbelow the sector's middle half▼ 92.8%€3.5mabove the sector's middle half▲ 962%€3.4mabove the sector's middle half▼ 4.4%€3.1mabove the sector's middle half▼ 7.8%€2.9mabove the sector's middle half▼ 8.4%
Debt€3.0m-€2.7m▼ 11.4%€2.3m▼ 12.6%€3.5m€3.0m▼ 12.7%€2.7m▼ 11.7%€2.3m▼ 13.4%
Working capital-€0.1m--€0.1m▼ 0.2%€0.2mwithin the sector's middle half-€1.1mbelow the sector's middle half-€0.2mbelow the sector's middle half▲ 80.5%-€0.2mbelow the sector's middle half▲ 0.3%-€0.4mbelow the sector's middle half▼ 105%
Solvency29.7%-38.1%▲ 8.3pp49.9%within the sector's middle half▲ 11.8pp100.0%above the sector's middle half▲ 50.1pp1.9%below the sector's middle half▼ 98.1pp10.5%below the sector's middle half▲ 8.6pp14.3%below the sector's middle half▲ 3.8pp19.0%within the sector's middle half▲ 4.7pp
Current ratio0.82-0.83▲ 0.011.35within the sector's middle half▲ 0.530.39below the sector's middle half0.71below the sector's middle half▲ 0.320.59below the sector's middle half▼ 0.120.18below the sector's middle half▼ 0.41
Return on assets (ROA)10.3%-8.5%▼ 1.8pp10.8%within the sector's middle half▲ 2.3pp570.8%above the sector's middle half▲ 560.0pp2.7%below the sector's middle half▼ 568.2pp8.5%within the sector's middle half▲ 5.8pp2.9%below the sector's middle half▼ 5.6pp3.4%below the sector's middle half▲ 0.5pp
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 0% lower than in 2024. It is the second fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.9m
Fixed assets
€2.8m ▼ 1.9%
Current assets
€92,369 ▼ 69.1%
Equity and liabilities €2.9m
Equity
€540,310 ▲ 21.5%
Debt
€2.3m ▼ 13.4%
Debt's share of the balance-sheet total falls from 85.7% to 81.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€241,743=
2024 · €241,829
Cash flow
€149,978▲
2024 · €144,040
Debt to equity
4.28▼
2024 · 6.00
ROE
17.7%▼
2024 · 20.2%
Interest coverage
4.04▲
2024 · 3.41
Debt ≤ 1 year
€513,374▲
2024 · €503,700
Debt > 1 year
€1.8m▼
2024 · €2.2m
Income taxes
€31,909▲
2024 · €29,033
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €2.3m | €2.3m | €2.3m | €2.3m |
| Mortgages, amount registered | - | €2.3m | €2.3m | €2.3m | €2.3m |
| Carrying value of the mortgaged assets | - | €2.9m | €2.9m | €2.8m | €2.7m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €2.9m | €98,329 | - | - |
| Depreciation and write-downs of the year | - | €2,629 | €92,805 | €54,251 | €54,251 |
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 | - | - | - | - | €0.003m | €0.09m | €0.05m | €0.05m | = |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.001m | €0.01m | €0.01m | ▲ 3.6% |
| Gross operating margin9900 | €0.4m | €0.3m | €0.4m | €0.1m | €0.1m | €0.4m | €0.3m | €0.3m | ▲ 0.1% |
| Operating profit (loss)9901 | €0.4m | €0.3m | €0.4m | €0.1m | €0.1m | €0.3m | €0.2m | €0.2m | = |
| Financial income75/76B | - | - | - | €1.8m | - | €0.001m | €0.002m | - | - |
| Recurring financial income75 | €0.2m | €0.2m | €0.2m | €1.8m | - | €0.001m | €0.002m | - | - |
| Financial charges65/66B | - | - | - | €0.03m | €0.02m | €0.06m | €0.07m | €0.06m | ▼ 15.7% |
| Recurring financial charges65 | €0.04m | €0.04m | €0.03m | €0.03m | €0.02m | €0.06m | €0.07m | €0.06m | ▼ 15.7% |
| Profit (loss) for the period before taxes9903 | €0.6m | €0.4m | €0.6m | €1.9m | €0.09m | €0.3m | €0.1m | €0.1m | ▲ 7.4% |
| Income taxes67/77 | €0.1m | €0.07m | €0.1m | €0.02m | - | - | €0.03m | €0.03m | ▲ 9.9% |
| Profit (loss) for the period9904 | €0.4m | €0.4m | €0.5m | €1.9m | €0.09m | €0.3m | €0.09m | €0.1m | ▲ 6.6% |
| Profit (loss) for the period to be appropriated9905 | €0.4m | €0.4m | €0.5m | €1.9m | €0.09m | €0.3m | €0.09m | €0.1m | ▲ 6.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.3m | €4.3m | €4.6m | €0.3m | €3.5m | €3.4m | €3.1m | €2.9m | ▼ 8.4% |
| Fixed assets21/28 | €3.8m | €3.8m | €3.8m | - | €2.9m | €2.9m | €2.8m | €2.8m | ▼ 1.9% |
| Tangible fixed assets22/27 | - | - | - | - | €2.9m | €2.9m | €2.8m | €2.8m | ▼ 1.9% |
| Land and buildings22 | - | - | - | - | €2.9m | €2.9m | €2.8m | €2.8m | ▼ 1.9% |
| Financial fixed assets28 | €3.8m | €3.8m | €3.8m | - | - | - | - | - | - |
| Current assets29/58 | €0.4m | €0.5m | €0.8m | €0.3m | €0.7m | €0.5m | €0.3m | €0.09m | ▼ 69.1% |
| Amounts receivable after more than one year29 | - | - | - | €0.3m | - | €0.5m | €0.2m | - | - |
| Trade receivables290 | - | - | - | €0.3m | - | €0.5m | €0.2m | - | - |
| Amounts receivable within one year40/41 | €0.02m | €0.02m | €0.006m | €0.02m | €0.6m | €0.03m | €0.04m | €0.07m | ▲ 84.5% |
| Trade receivables40 | - | - | - | - | - | €0.02m | €0.03m | €0.07m | ▲ 101% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.6m | €0.008m | €0.003m | €124 | ▼ 95.8% |
| Current investments50/53 | €0.2m | €0.2m | €0.6m | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.2m | €0.2m | €0.2m | €0.01m | €0.08m | €0.02m | €0.1m | €0.03m | ▼ 73.7% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €0.001m | €0.003m | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.3m | €4.3m | €4.6m | €0.3m | €3.5m | €3.4m | €3.1m | €2.9m | ▼ 8.4% |
| Equity10/15 | €1.3m | €1.6m | €2.3m | €0.3m | €0.07m | €0.4m | €0.4m | €0.5m | ▲ 21.5% |
| Contributions10/11 | €0.3m | €0.3m | €0.4m | €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 | €1.0m | €1.4m | €1.9m | €0.3m | €0.006m | €0.3m | €0.4m | €0.5m | ▲ 25.0% |
| 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 | - | - | - | €0.3m | €57 | €0.3m | €0.4m | €0.5m | ▲ 25.4% |
| Amounts payable17/49 | €3.0m | €2.7m | €2.3m | - | €3.5m | €3.0m | €2.7m | €2.3m | ▼ 13.4% |
| Amounts payable after more than one year17 | €2.5m | €2.1m | €1.7m | - | €1.7m | €2.3m | €2.2m | €1.8m | ▼ 16.7% |
| Financial debts170/4 | - | - | - | - | €1.7m | €2.1m | €1.9m | €1.8m | ▼ 7.9% |
| Other amounts payable178/9 | - | - | - | - | - | €0.3m | €0.3m | €0.04m | ▼ 84.0% |
| Amounts payable within one year42/48 | €0.5m | €0.6m | €0.6m | - | €1.7m | €0.7m | €0.5m | €0.5m | ▲ 1.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.6m | €0.1m | €0.1m | €0.2m | ▲ 2.0% |
| Trade debts44 | €0.1m | €0.1m | €0.1m | - | €0.4m | €0.6m | €0.3m | €0.3m | = |
| Suppliers440/4 | - | - | - | - | €0.4m | €0.6m | €0.3m | €0.3m | = |
| Taxes, remuneration and social security45 | - | - | - | - | - | €0.004m | €0.03m | €0.04m | ▲ 8.9% |
| Taxes450/3 | - | - | - | - | - | €0.004m | €0.03m | €0.04m | ▲ 8.9% |
| Other amounts payable47/48 | - | - | - | - | €0.8m | - | - | €0.004m | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €425 | €0.005m | €0.001m | ▼ 85.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.4m | €0.4m | €0.5m | €1.9m | €0.09m | €0.3m | €0.09m | €0.1m | ▲ 6.6% |
| + Depreciation and write-downs630 | - | - | - | - | €0.003m | €0.09m | €0.05m | €0.05m | = |
| Operating cash flow (approximation) | €0.4m | €0.4m | €0.5m | €1.9m | €0.1m | €0.4m | €0.1m | €0.1m | ▲ 4.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | - | - | -€0.1m | €0 | €0 | - |
| Change in cash | - | €0.02m | €0.04m | -€0.2m | €0.07m | -€0.06m | €0.08m | -€0.07m | - |
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, 4,107 companies had the same profile as Quadrum has now. Two years later, 98.0% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
98.0%
was still going
0.9%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Quadrum 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 4,107 companies, not a prediction for Quadrum. 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.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 05-08-2026 | 2026-00382953 | |
| 31-12-2024 | abbreviated format | 30-08-2025 | 2025-00451695 | |
| 31-12-2023 | abbreviated format | 31-07-2024 | 2024-00314320 | |
| 31-12-2022 | abbreviated format | 18-08-2023 | 2023-00334913 | |
| 31-12-2021 | abbreviated format | 29-07-2022 | 2022-20245340 | |
| 31-12-2020 | abbreviated format | 28-07-2021 | 2021-40200093 | |
| 31-12-2019 | abbreviated format | 31-07-2020 | 2020-36800122 | |
| 31-12-2018 | abbreviated format | 30-07-2019 | 2019-38900501 | |
| 31-12-2017 | abbreviated format | 27-07-2018 | 2018-38200454 |