RED LINE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 21 filings
Turnover
≈ €120,000
Estimated: probably between €62,000 and €210,000
Total assets
€227,839▼ 7.6%
2024 · €246,462
Net result
€13,878▲ 116%
2024 · €6,418
Working capital
€180,181▲ 9.3%
2024 · €164,874
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€18,498
▲ 117%
2025
20182025
Net result
€13,878
▲ 116%
2025
middle half of the sector
20182025
Equity
€180,909
▲ 8.3%
2025
highest quarter of the sector
20182025
Total assets
€227,839
▼ 7.6%
2025
middle half of the sector
20182025
Debt
€46,930
▼ 40.9%
2025
20182025
Working capital
€180,181
▲ 9.3%
2025
highest quarter of the sector
20182025
Solvency
79.4%
▲ 11.6pp
2025
highest quarter of the sector
20182025
Current ratio
4.84
▲ 1.76
2025
highest quarter of the sector
20182025
Return on assets (ROA)
6.1%
▲ 3.5pp
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€35,338-€2,373▼ 93.3%€12,200▲ 414%-€1,622€28,670€6,181▼ 78.4%€8,540▲ 38.2%€18,498▲ 117%
Net result€24,486-€986▼ 96.0%€9,361within the sector's middle half▲ 849%€1,300within the sector's middle half▼ 86.1%€22,749within the sector's middle half▲ 18×€4,515within the sector's middle half▼ 80.2%€6,418within the sector's middle half▲ 42.1%€13,878within the sector's middle half▲ 116%
Equity€131,703-€132,689▲ 0.7%€142,050within the sector's middle half▲ 7.1%€143,350within the sector's middle half▲ 0.9%€166,098within the sector's middle half▲ 15.9%€160,613within the sector's middle half▼ 3.3%€167,031within the sector's middle half▲ 4.0%€180,909above the sector's middle half▲ 8.3%
Total assets€163,293-€180,118▲ 10.3%€203,352within the sector's middle half▲ 12.9%€160,975within the sector's middle half▼ 20.8%€187,676within the sector's middle half▲ 16.6%€225,185within the sector's middle half▲ 20.0%€246,462within the sector's middle half▲ 9.4%€227,839within the sector's middle half▼ 7.6%
Debt€31,590-€47,429▲ 50.1%€61,303▲ 29.3%€17,626▼ 71.2%€21,577▲ 22.4%€64,572▲ 199%€79,431▲ 23.0%€46,930▼ 40.9%
Working capital€130,551-€131,815▲ 1.0%€141,453above the sector's middle half▲ 7.3%€143,031above the sector's middle half▲ 1.1%€155,595above the sector's middle half▲ 8.8%€154,824above the sector's middle half▼ 0.5%€164,874above the sector's middle half▲ 6.5%€180,181above the sector's middle half▲ 9.3%
Solvency80.7%-73.7%▼ 7.0pp69.9%within the sector's middle half▼ 3.8pp89.1%above the sector's middle half▲ 19.2pp88.5%above the sector's middle half▼ 0.5pp71.3%within the sector's middle half▼ 17.2pp67.8%within the sector's middle half▼ 3.6pp79.4%above the sector's middle half▲ 11.6pp
Current ratio5.13-3.78▼ 1.353.31within the sector's middle half▼ 0.479.11above the sector's middle half▲ 5.818.21above the sector's middle half▼ 0.903.40within the sector's middle half▼ 4.813.08within the sector's middle half▼ 0.324.84above the sector's middle half▲ 1.76
Return on assets (ROA)15.0%-0.5%▼ 14.4pp4.6%within the sector's middle half▲ 4.1pp0.8%within the sector's middle half▼ 3.8pp12.1%within the sector's middle half▲ 11.3pp2.0%within the sector's middle half▼ 10.1pp2.6%within the sector's middle half▲ 0.6pp6.1%within the sector's middle half▲ 3.5pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 117% higher than in 2024. It is the second rise in a row, after the fall in 2023.
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 €227,839
Fixed assets
€728 ▼ 66.3%
Current assets
€227,111 ▼ 7.0%
Equity and liabilities €227,839
Equity
€180,909 ▲ 8.3%
Debt
€46,930 ▼ 40.9%
Debt's share of the balance-sheet total falls from 32.2% to 20.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€19,928▲
2024 · €13,357
Cash flow
€15,307▲
2024 · €11,235
Debt to equity
0.26▼
2024 · 0.48
ROE
7.7%▲
2024 · 3.8%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€46,930▼
2024 · €79,431
Income taxes
€5,572▲
2024 · €2,108
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 | - | €14,144 | - | €1,185 | - |
| Depreciation and write-downs of the year | €278 | €3,959 | €4,714 | €4,817 | €1,430 |
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 | €278 | €278 | €278 | €278 | €3,959 | €4,714 | €4,817 | €1,430 | ▼ 70.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€4,199 | - | -€2,824 | - | - | - |
| Other operating charges640/8 | - | - | - | €7,385 | €965 | €11,084 | €781 | €952 | ▲ 21.9% |
| Gross operating margin9900 | €35,963 | €9,188 | €17,662 | €1,842 | €33,594 | €19,155 | €14,138 | €20,880 | ▲ 47.7% |
| Operating profit (loss)9901 | €35,338 | €2,373 | €12,200 | -€1,622 | €28,670 | €6,181 | €8,540 | €18,498 | ▲ 117% |
| Financial income75/76B | - | - | - | €3,666 | €333 | €83 | €23 | €1,050 | ▲ 46× |
| Recurring financial income75 | €56 | €9 | €1,144 | €3,666 | €333 | €83 | €23 | €1,050 | ▲ 46× |
| Financial charges65/66B | - | - | - | €123 | €111 | €44 | €36 | €98 | ▲ 170% |
| Recurring financial charges65 | €137 | €214 | €102 | €123 | €111 | €44 | €36 | €98 | ▲ 170% |
| Profit (loss) for the period before taxes9903 | €35,257 | €2,169 | €13,243 | €1,922 | €28,892 | €6,220 | €8,526 | €19,450 | ▲ 128% |
| Income taxes67/77 | €10,771 | €1,183 | €3,883 | €622 | €6,143 | €1,705 | €2,108 | €5,572 | ▲ 164% |
| Profit (loss) for the period9904 | €24,486 | €986 | €9,361 | €1,300 | €22,749 | €4,515 | €6,418 | €13,878 | ▲ 116% |
| Profit (loss) for the period to be appropriated9905 | €24,486 | €986 | €9,361 | €1,300 | €22,749 | €4,515 | €6,418 | €13,878 | ▲ 116% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €163,293 | €180,118 | €203,352 | €160,975 | €187,676 | €225,185 | €246,462 | €227,839 | ▼ 7.6% |
| Fixed assets21/28 | €1,152 | €874 | €596 | €319 | €10,504 | €5,789 | €2,157 | €728 | ▼ 66.3% |
| Tangible fixed assets22/27 | €1,112 | €834 | €556 | €278 | €10,463 | €5,749 | €2,117 | €687 | ▼ 67.5% |
| Furniture and vehicles24 | - | - | - | €278 | €10,463 | €5,749 | €2,117 | €687 | ▼ 67.5% |
| Financial fixed assets28 | €41 | €41 | €41 | €41 | €41 | €41 | €41 | €41 | = |
| Current assets29/58 | €162,141 | €179,244 | €202,756 | €160,657 | €177,172 | €219,396 | €244,305 | €227,111 | ▼ 7.0% |
| Amounts receivable within one year40/41 | €108,863 | €73,898 | €124,249 | €60,190 | €84,024 | €140,331 | €107,644 | €139,800 | ▲ 29.9% |
| Trade receivables40 | - | - | - | €51,181 | €77,789 | €131,009 | €106,750 | €138,905 | ▲ 30.1% |
| Other amounts receivable41 | - | - | - | €9,008 | €6,235 | €9,322 | €895 | €895 | = |
| Cash at bank and in hand54/58 | €51,652 | €104,839 | €76,673 | €99,867 | €92,552 | €78,466 | €136,044 | €86,856 | ▼ 36.2% |
| Deferred charges and accrued income490/1 | - | - | - | €600 | €596 | €598 | €617 | €456 | ▼ 26.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €163,293 | €180,118 | €203,352 | €160,975 | €187,676 | €225,185 | €246,462 | €227,839 | ▼ 7.6% |
| Equity10/15 | €131,703 | €132,689 | €142,050 | €143,350 | €166,098 | €160,613 | €167,031 | €180,909 | ▲ 8.3% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €12,000 | €12,000 | €12,000 | = |
| Reserves13 | €2,000 | €2,000 | €11,361 | €11,361 | €11,361 | €9,361 | €9,361 | €23,238 | ▲ 148% |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | - | - | - | - |
| Distributable reserves133 | - | - | - | €9,361 | €9,361 | €9,361 | €9,361 | €23,238 | ▲ 148% |
| Profit (loss) carried forward14 | €109,703 | €110,689 | €110,689 | €111,989 | €134,738 | €139,253 | €145,671 | €145,671 | = |
| Amounts payable17/49 | €31,590 | €47,429 | €61,303 | €17,626 | €21,577 | €64,572 | €79,431 | €46,930 | ▼ 40.9% |
| Amounts payable within one year42/48 | €31,590 | €47,429 | €61,303 | €17,626 | €21,577 | €64,572 | €79,431 | €46,930 | ▼ 40.9% |
| Trade debts44 | €30,490 | €47,429 | €59,420 | €17,626 | €21,059 | €62,412 | €73,579 | €40,035 | ▼ 45.6% |
| Suppliers440/4 | - | - | - | €17,626 | €21,059 | €62,412 | €73,579 | €40,035 | ▼ 45.6% |
| Taxes, remuneration and social security45 | - | - | - | - | €519 | €2,160 | €5,852 | €6,895 | ▲ 17.8% |
| Taxes450/3 | - | - | - | - | €519 | €2,160 | €5,852 | €6,895 | ▲ 17.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,486 | €986 | €9,361 | €1,300 | €22,749 | €4,515 | €6,418 | €13,878 | ▲ 116% |
| + Depreciation and write-downs630 | €278 | €278 | €278 | €278 | €3,959 | €4,714 | €4,817 | €1,430 | ▼ 70.3% |
| Operating cash flow (approximation) | €24,764 | €1,264 | €9,639 | €1,578 | €26,708 | €9,229 | €11,235 | €15,307 | ▲ 36.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€14,144 | €0 | -€1,185 | €0 | - |
| Change in cash | - | €53,188 | -€28,167 | €23,194 | -€7,315 | -€14,086 | €57,578 | -€49,188 | - |
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, 31,368 companies had the same profile as RED LINE has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of RED LINE 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 31,368 companies, not a prediction for RED LINE. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-07-2026 | 2026-00343250 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00333534 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00320668 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00297071 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20247661 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-28400392 | |
| 31-12-2019 | micro format | 02-07-2020 | 2020-25500379 | |
| 31-12-2018 | micro format | 22-08-2019 | 2019-50100256 | |
| 31-12-2017 | micro format | 13-07-2018 | 2018-33000376 | |
| 31-12-2016 | full format | 16-10-2017 | 2017-67200544 |