RISI
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 18-07-2026 at the NBB all 26 filings
Turnover
€305,341▼ 61.8%
2024 · €800,341
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
€281,266▼ 35.4%
2024 · €435,632
Working capital
€487,299▲ 49.1%
2024 · €326,760
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€305,341
▼ 61.8%
2025
20182025
Operating result
€412,921
▼ 34.2%
2025
20182025
Net result
€281,266
▼ 35.4%
2025
highest quarter of the sector
20182025
Equity
€508,006
▲ 124%
2025
middle half of the sector
20182025
Total assets
€4.3m
=
2025
middle half of the sector
20182025
Debt
€3.8m
▼ 6.9%
2025
20182025
Working capital
€487,299
▲ 49.1%
2025
middle half of the sector
20182025
Solvency
11.8%
▲ 6.5pp
2025
middle half of the sector
20182025
Current ratio
1.13
▲ 0.05
2025
middle half of the sector
20182025
Return on assets (ROA)
6.5%
▼ 3.6pp
2025
middle half of the sector
20182025
Staff (FTE)
14.8
▼ 22.9%
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
Turnover€0.3m-€1.1m▲ 233%€0.4m▼ 61.6%€0.3m€0.3m▲ 2.6%€0.8m▲ 130%€0.3m▼ 61.8%
Operating result€0.1m-€0.8m▲ 669%€1.2m▲ 56.9%€0.5m▼ 59.7%€0.4m▼ 14.0%€0.6m▲ 45.7%€0.6m▲ 2.0%€0.4m▼ 34.2%
Net result€0.1m-€0.8m▲ 668%€1.2m▲ 58.4%€0.3m▼ 74.2%€0.3m▼ 5.5%€0.4m▲ 49.0%€0.4m▼ 1.2%€0.3mabove the sector's middle half▼ 35.4%
Equity-€3.2m--€2.5m▲ 23.8%-€1.3m▲ 49.1%-€0.9m▲ 24.9%-€0.6m▲ 31.3%-€0.2m▲ 67.9%€0.2m€0.5mwithin the sector's middle half▲ 124%
Total assets€0.6m-€0.3m▼ 57.0%€0.5m▲ 83.4%€0.5m▲ 1.3%€0.8m▲ 68.9%€1.0m▲ 19.8%€4.3m▲ 349%€4.3mwithin the sector's middle half=
Debt€3.8m-€2.7m▼ 28.9%€1.7m▼ 36.7%€1.4m▼ 17.8%€1.5m▲ 2.2%€1.2m▼ 19.5%€4.1m▲ 250%€3.8m▼ 6.9%
Working capital-€3.1m--€2.4m▲ 23.6%-€1.3m▲ 45.5%-€1.0m▲ 24.4%-€0.6m▲ 38.0%-€0.1m▲ 83.6%€0.3m€0.5mwithin the sector's middle half▲ 49.1%
Solvency-546.4%--968.6%▼ 422.2pp-269.1%▲ 699.5pp-199.5%▲ 69.6pp-81.2%▲ 118.4pp-21.8%▲ 59.4pp5.3%▲ 27.0pp11.8%within the sector's middle half▲ 6.5pp
Current ratio0.14-0.08▼ 0.060.25▲ 0.170.31▲ 0.060.56▲ 0.250.90▲ 0.341.08▲ 0.181.13within the sector's middle half▲ 0.05
Return on assets (ROA)16.8%-299.9%▲ 283.1pp259.1%▼ 40.7pp66.1%▼ 193.1pp37.0%▼ 29.1pp46.0%▲ 9.0pp10.1%▼ 35.9pp6.5%within the sector's middle half▼ 3.6pp
Staff (FTE)20.3-19.1▼ 5.9%20▲ 4.7%23.2▲ 16.0%23.4▲ 0.9%21.4▼ 8.5%19.2▼ 10.3%14.8within the sector's middle half▼ 22.9%
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 34% lower than in 2024 and the lowest since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.3m
Fixed assets
€20,707 ▲ 141%
Current assets
€4.3m ▼ 0.3%
Equity and liabilities €4.3m
Equity
€508,006 ▲ 124%
Debt
€3.8m ▼ 6.9%
Debt's share of the balance-sheet total falls from 94.7% to 88.2%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
7.48▼
2024 · 18.01
ROE
55.4%▼
2024 · 192.1%
Debt ≤ 1 year
€3.8m▼
2024 · €4.0m
Income taxes
€111,600▼
2024 · €178,119
Customer credit
1 day▼
2024 · 16 days
Staff costs
€3.1m▲
2024 · €3.0m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 24 | 24 | 21 | 19 | 13 |
| full-time | 20 | 20 | 18 | 13 | 10 |
| part-time | 4 | 4 | 3 | 6 | 3 |
| in full-time equivalents | 23.2 | 23.4 | 20.5 | 18.4 | 12.6 |
| Average over the year, in full-time equivalents | 21.9 | 23 | 21.4 | 19.2 | 14.8 |
| On a permanent contract | 23 | 24 | 21 | 19 | 12 |
| Joined | 5 | 3 | 0 | 1 | 1 |
| Left | 2 | 3 | 3 | 3 | 6 |
| Training hours | 86 | 113 | 0 | 0 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | €29,528 | €143,511 | €125,877 | €176,826 | €181,819 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Auditor
The auditor is Ernst et Young Reviseurs d'Entreprises.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €18,400 | €18,400 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €3.9m | €4.1m | €4.0m | €4.3m | €3.9m | ▼ 9.3% |
| Turnover70 | €0.3m | €1.1m | €0.4m | - | €0.3m | €0.3m | €0.8m | €0.3m | ▼ 61.8% |
| Other operating income74 | - | - | - | €3.9m | €3.8m | €3.6m | €3.5m | €3.6m | ▲ 2.8% |
| Operating charges60/66A | - | - | - | €3.4m | €3.7m | €3.4m | €3.7m | €3.5m | ▼ 5.0% |
| Services and other goods61 | - | - | - | €0.4m | €0.4m | €0.4m | €0.7m | €0.4m | ▼ 49.3% |
| Remuneration, social security and pensions62 | - | - | - | €3.0m | €3.3m | €3.0m | €3.0m | €3.1m | ▲ 5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.03m | €0.01m | €0.004m | €0 | - | - | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €0.002m | €0.008m | -€0.01m | €0.001m | - |
| Other operating charges640/8 | - | - | - | €368 | €0 | - | - | - | - |
| Operating profit (loss)9901 | €0.1m | €0.8m | €1.2m | €0.5m | €0.4m | €0.6m | €0.6m | €0.4m | ▼ 34.2% |
| Financial income75/76B | - | - | - | - | €0.002m | €0.006m | €0.002m | €0.005m | ▲ 189% |
| Recurring financial income75 | - | - | - | - | €0.002m | €0.006m | €0.002m | €0.005m | ▲ 189% |
| Other financial income752/9 | - | - | - | - | €0.002m | €0.006m | €0.002m | €0.005m | ▲ 189% |
| Financial charges65/66B | - | - | - | €0.004m | €0.001m | €0.005m | €0.02m | €0.03m | ▲ 61.8% |
| Recurring financial charges65 | €0.001m | €0.004m | €0.006m | €0.004m | €0.001m | €0.005m | €0.02m | €0.03m | ▲ 61.8% |
| Debt charges650 | €0.001m | €0.004m | €0.006m | €0.004m | €0.001m | €0 | - | - | - |
| Other financial charges652/9 | - | - | - | - | - | €0.005m | €0.02m | €0.03m | ▲ 61.8% |
| Profit (loss) for the period before taxes9903 | €0.1m | €0.8m | €1.2m | €0.5m | €0.4m | €0.6m | €0.6m | €0.4m | ▼ 36.0% |
| Income taxes67/77 | - | - | - | €0.2m | €0.1m | €0.2m | €0.2m | €0.1m | ▼ 37.3% |
| Taxes670/3 | - | - | - | €0.2m | €0.1m | €0.2m | €0.2m | €0.1m | ▼ 37.3% |
| Profit (loss) for the period9904 | €0.1m | €0.8m | €1.2m | €0.3m | €0.3m | €0.4m | €0.4m | €0.3m | ▼ 35.4% |
| Profit (loss) for the period to be appropriated9905 | €0.1m | €0.8m | €1.2m | €0.3m | €0.3m | €0.4m | €0.4m | €0.3m | ▼ 35.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.6m | €0.3m | €0.5m | €0.5m | €0.8m | €1.0m | €4.3m | €4.3m | = |
| Fixed assets21/28 | €0.08m | €0.05m | €0.04m | €0.03m | €0.02m | €0.01m | €0.009m | €0.02m | ▲ 141% |
| Tangible fixed assets22/27 | €0.04m | €0.02m | €0.004m | - | - | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €0 | - | - | - | - | - |
| Financial fixed assets28 | €0.04m | €0.03m | €0.03m | €0.03m | €0.02m | €0.01m | €0.009m | €0.02m | ▲ 141% |
| Other financial fixed assets284/8 | - | - | - | €0.03m | €0.02m | €0.01m | €0.009m | €0.02m | ▲ 141% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.03m | €0.02m | €0.01m | €0.009m | €0.02m | ▲ 141% |
| Current assets29/58 | €0.5m | €0.2m | €0.4m | €0.4m | €0.8m | €0.9m | €4.3m | €4.3m | ▼ 0.3% |
| Amounts receivable within one year40/41 | €0.2m | €0.1m | €0.2m | €0.3m | €0.6m | €0.7m | €3.7m | €3.7m | ▼ 1.1% |
| Trade receivables40 | - | - | - | - | €0.02m | €0.02m | €0.04m | €0.001m | ▼ 98.1% |
| Other amounts receivable41 | - | - | - | €0.3m | €0.5m | €0.7m | €3.7m | €3.7m | ▼ 0.2% |
| Cash at bank and in hand54/58 | €0.3m | €0.08m | €0.2m | €0.07m | €0.2m | €0.2m | €0.6m | €0.6m | ▲ 4.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.03m | €0.07m | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.6m | €0.3m | €0.5m | €0.5m | €0.8m | €1.0m | €4.3m | €4.3m | = |
| Equity10/15 | -€3.2m | -€2.5m | -€1.3m | -€0.9m | -€0.6m | -€0.2m | €0.2m | €0.5m | ▲ 124% |
| Contributions10/11 | €1.5m | €1.5m | - | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | = |
| Profit (loss) carried forward14 | -€4.7m | -€3.9m | -€2.7m | -€2.4m | -€2.1m | -€1.7m | -€1.3m | -€1.0m | ▲ 22.4% |
| Amounts payable17/49 | €3.8m | €2.7m | €1.7m | €1.4m | €1.5m | €1.2m | €4.1m | €3.8m | ▼ 6.9% |
| Amounts payable within one year42/48 | €3.6m | €2.6m | €1.7m | €1.4m | €1.4m | €1.0m | €4.0m | €3.8m | ▼ 4.3% |
| Trade debts44 | €0.08m | €0.2m | €0.08m | €0.1m | €0.09m | €0.08m | €0.2m | €0.06m | ▼ 73.0% |
| Suppliers440/4 | - | - | - | €0.1m | €0.09m | €0.08m | €0.2m | €0.06m | ▼ 73.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.7m | €0.9m | €0.8m | €0.7m | €0.7m | ▲ 0.1% |
| Taxes450/3 | - | - | - | €0.2m | €0.3m | €0.3m | €0.4m | €0.3m | ▼ 14.1% |
| Remuneration and social security454/9 | - | - | - | €0.6m | €0.6m | €0.4m | €0.4m | €0.4m | ▲ 13.6% |
| Other amounts payable47/48 | - | - | - | €0.5m | €0.4m | €0.2m | €3.0m | €3.0m | ▼ 0.2% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.06m | €0.1m | €0.1m | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.1m | €0.8m | €1.2m | €0.3m | €0.3m | €0.4m | €0.4m | €0.3m | ▼ 35.4% |
| + Depreciation and write-downs630 | €0.02m | €0.03m | €0.01m | €0.004m | €0 | - | - | - | - |
| Operating cash flow (approximation) | €0.1m | €0.8m | €1.2m | €0.3m | €0.3m | €0.4m | €0.4m | €0.3m | ▼ 35.4% |
| Investment in fixed assets (approximation) | - | €356 | €31 | €0 | €0.02m | €498 | €0.006m | -€0.01m | - |
| Change in cash | - | -€0.2m | €0.07m | -€0.08m | €0.1m | -€0.003m | €0.4m | €0.03m | ▼ 93.1% |
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, 2,613 companies had the same profile as RISI has now. Two years later, 97.3% were still going and 0.7% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
2.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of RISI itself: 0.2% 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 2,613 companies, not a prediction for RISI. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 18-07-2026 | 2026-00324990 | |
| 31-12-2024 | unclassified schema | 07-07-2025 | 2025-00239991 | |
| 31-12-2023 | unclassified schema | 10-07-2024 | 2024-00234226 | |
| 31-12-2022 | unclassified schema | 07-07-2023 | 2023-00226943 | |
| 31-12-2021 | unclassified schema | 30-06-2022 | 2022-20135559 | |
| 31-12-2020 | unclassified schema | 15-07-2021 | 2021-35800003 | |
| 31-12-2019 | full format | 13-07-2020 | 2020-29700223 | |
| 31-12-2018 | full format | 20-08-2019 | 2019-47400213 | |
| 31-12-2017 | full format | 13-08-2018 | 2018-47000319 | |
| 31-12-2016 | full format | 15-03-2018 | 2018-07300199 |