SaaSwise
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-06-2026 at the NBB all 6 filings
Equity
€88,854▼ 30.7%
2024 · €128,157
Total assets
€90,372▼ 31.7%
2024 · €132,265
Net result
-€39,302
2024 · €6,557
Working capital
€86,479▼ 31.2%
2024 · €125,748
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
-€39,178
2025
20202025
Net result
-€39,302
2025
lowest quarter of the sector
20202025
Equity
€88,854
▼ 30.7%
2025
middle half of the sector
20202025
Total assets
€90,372
▼ 31.7%
2025
middle half of the sector
20202025
Debt
€1,518
▼ 63.0%
2025
20202025
Working capital
€86,479
▼ 31.2%
2025
middle half of the sector
20202025
Solvency
98.3%
▲ 1.4pp
2025
highest quarter of the sector
20202025
Current ratio
79.12
▲ 47.51
2025
highest quarter of the sector
20202025
Return on assets (ROA)
-43.5%
▼ 48.4pp
2025
lowest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€4,521-€26,005▲ 475%€66,111▲ 154%€68,631▲ 3.8%€9,955▼ 85.5%-€39,178
Net result€3,452within the sector's middle half-€18,450within the sector's middle half▲ 434%€47,389above the sector's middle half▲ 157%€48,909above the sector's middle half▲ 3.2%€6,557within the sector's middle half▼ 86.6%-€39,302below the sector's middle half
Equity€8,452below the sector's middle half-€26,102within the sector's middle half▲ 209%€72,691within the sector's middle half▲ 178%€121,600within the sector's middle half▲ 67.3%€128,157within the sector's middle half▲ 5.4%€88,854within the sector's middle half▼ 30.7%
Total assets€38,883below the sector's middle half-€66,591within the sector's middle half▲ 71.3%€111,423within the sector's middle half▲ 67.3%€160,753within the sector's middle half▲ 44.3%€132,265within the sector's middle half▼ 17.7%€90,372within the sector's middle half▼ 31.7%
Debt€30,431-€40,489▲ 33.1%€38,732▼ 4.3%€39,152▲ 1.1%€4,108▼ 89.5%€1,518▼ 63.0%
Working capital-€1,009below the sector's middle half-€17,924within the sector's middle half€64,503within the sector's middle half▲ 260%€114,696within the sector's middle half▲ 77.8%€125,748above the sector's middle half▲ 9.6%€86,479within the sector's middle half▼ 31.2%
Solvency21.7%within the sector's middle half-39.2%within the sector's middle half▲ 17.5pp65.2%within the sector's middle half▲ 26.0pp75.6%within the sector's middle half▲ 10.4pp96.9%above the sector's middle half▲ 21.2pp98.3%above the sector's middle half▲ 1.4pp
Current ratio0.93below the sector's middle half-1.60within the sector's middle half▲ 0.673.05within the sector's middle half▲ 1.444.06within the sector's middle half▲ 1.0131.61above the sector's middle half▲ 27.5579.12above the sector's middle half▲ 47.51
Return on assets (ROA)8.9%within the sector's middle half-27.7%above the sector's middle half▲ 18.8pp42.5%above the sector's middle half▲ 14.8pp30.4%above the sector's middle half▼ 12.1pp5.0%within the sector's middle half▼ 25.5pp-43.5%below the sector's middle half▼ 48.4pp
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 a loss of €39,178, after a profit of €9,955 in 2024. It is the lowest result since 2020.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €90,372
Fixed assets
€2,787 ▲ 15.7%
Current assets
€87,586 ▼ 32.6%
Equity and liabilities €90,372
Equity
€88,854 ▼ 30.7%
Debt
€1,518 ▼ 63.0%
Debt's share of the balance-sheet total falls from 3.1% to 1.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€36,871▼
2024 · €16,872
Cash flow
-€36,995▼
2024 · €13,473
Debt to equity
0.02▼
2024 · 0.03
ROE
-44.2%▼
2024 · 5.1%
Interest coverage
-423.75▼
2024 · over 100
Debt ≤ 1 year
€1,107▼
2024 · €4,108
Income taxes
€193▼
2024 · €3,385
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 | - | €3,047 | - | €1,235 | €2,686 |
| Depreciation and write-downs of the year | €6,050 | €6,634 | €6,912 | €6,916 | €2,308 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,042 | €6,050 | €6,634 | €6,912 | €6,916 | €2,308 | ▼ 66.6% |
| Other operating charges640/8 | - | €204 | €329 | €742 | €939 | €976 | ▲ 4.0% |
| Non-recurring operating charges66A | - | - | - | - | €430 | - | - |
| Gross operating margin9900 | €11,039 | €32,260 | €73,074 | €76,285 | €18,241 | -€35,894 | - |
| Operating profit (loss)9901 | €4,521 | €26,005 | €66,111 | €68,631 | €9,955 | -€39,178 | - |
| Financial income75/76B | - | €0 | €0 | €39 | €109 | €156 | ▲ 42.3% |
| Recurring financial income75 | - | €0 | €0 | €39 | €109 | €156 | ▲ 42.3% |
| Financial charges65/66B | - | €558 | €394 | €140 | €123 | €87 | ▼ 29.4% |
| Recurring financial charges65 | €327 | €558 | €394 | €140 | €123 | €87 | ▼ 29.4% |
| Profit (loss) for the period before taxes9903 | €4,194 | €25,447 | €65,717 | €68,530 | €9,942 | -€39,110 | - |
| Income taxes67/77 | €742 | €6,997 | €18,328 | €19,621 | €3,385 | €193 | ▼ 94.3% |
| Profit (loss) for the period9904 | €3,452 | €18,450 | €47,389 | €48,909 | €6,557 | -€39,302 | - |
| Profit (loss) for the period to be appropriated9905 | €3,452 | €18,450 | €47,389 | €48,909 | €6,557 | -€39,302 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €38,883 | €66,591 | €111,423 | €160,753 | €132,265 | €90,372 | ▼ 31.7% |
| Fixed assets21/28 | €25,069 | €19,019 | €15,432 | €8,520 | €2,408 | €2,787 | ▲ 15.7% |
| Tangible fixed assets22/27 | €25,069 | €19,019 | €15,432 | €8,520 | €2,408 | €2,787 | ▲ 15.7% |
| Furniture and vehicles24 | - | €19,019 | €15,432 | €8,520 | €2,408 | €2,787 | ▲ 15.7% |
| Current assets29/58 | €13,815 | €47,573 | €95,991 | €152,232 | €129,857 | €87,586 | ▼ 32.6% |
| Amounts receivable within one year40/41 | €5,088 | €9,680 | €9,680 | €24,851 | €8,169 | €8,174 | ▲ 0.1% |
| Trade receivables40 | - | €9,680 | €9,680 | €21,780 | - | - | - |
| Other amounts receivable41 | - | - | - | €3,071 | €8,169 | €8,174 | ▲ 0.1% |
| Cash at bank and in hand54/58 | €8,490 | €37,653 | €86,002 | €127,108 | €121,320 | €78,175 | ▼ 35.6% |
| Deferred charges and accrued income490/1 | - | €240 | €309 | €273 | €368 | €1,237 | ▲ 236% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €38,883 | €66,591 | €111,423 | €160,753 | €132,265 | €90,372 | ▼ 31.7% |
| Equity10/15 | €8,452 | €26,102 | €72,691 | €121,600 | €128,157 | €88,854 | ▼ 30.7% |
| Contributions10/11 | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €3,400 | €21,000 | €67,500 | €116,400 | €123,157 | €123,157 | = |
| Distributable reserves133 | - | €21,000 | €67,500 | €116,400 | €123,157 | €123,157 | = |
| Profit (loss) carried forward14 | €52 | €102 | €191 | €200 | - | -€39,302 | - |
| Amounts payable17/49 | €30,431 | €40,489 | €38,732 | €39,152 | €4,108 | €1,518 | ▼ 63.0% |
| Amounts payable after more than one year17 | €15,608 | €10,840 | €7,244 | €1,616 | - | - | - |
| Financial debts170/4 | - | €10,840 | €7,244 | €1,616 | - | - | - |
| Amounts payable within one year42/48 | €14,824 | €29,649 | €31,488 | €37,537 | €4,108 | €1,107 | ▼ 73.1% |
| Current portion of amounts payable after more than one year42 | - | €4,768 | €3,596 | €4,426 | €1,212 | - | - |
| Trade debts44 | €410 | €1,924 | €2,224 | €4,469 | €2,369 | €914 | ▼ 61.4% |
| Suppliers440/4 | - | €1,924 | €2,224 | €4,469 | €2,369 | €914 | ▼ 61.4% |
| Taxes, remuneration and social security45 | - | €12,095 | €23,546 | €28,642 | €528 | €193 | ▼ 63.5% |
| Taxes450/3 | - | €12,095 | €23,546 | €28,642 | €528 | €193 | ▼ 63.5% |
| Other amounts payable47/48 | - | €10,863 | €2,121 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €411 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,452 | €18,450 | €47,389 | €48,909 | €6,557 | -€39,302 | - |
| + Depreciation and write-downs630 | €6,042 | €6,050 | €6,634 | €6,912 | €6,916 | €2,308 | ▼ 66.6% |
| Operating cash flow (approximation) | €9,494 | €24,500 | €54,022 | €55,821 | €13,473 | -€36,995 | - |
| Investment in fixed assets (approximation) | - | €0 | -€3,047 | €0 | -€805 | -€2,686 | ▼ 234% |
| Change in cash | - | €29,164 | €48,349 | €41,106 | -€5,788 | -€43,145 | ▼ 645% |
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, 3,591 companies had the same profile as SaaSwise has now. Two years later, 87.4% were still going and 3.0% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
87.4%
was still going
9.4%
stopped otherwise
3.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of SaaSwise itself is lower: 0.1% within 12 months. It rests on far more data about SaaSwise than the profile alone.
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 3,591 companies, not a prediction for SaaSwise. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-06-2026 | 2026-00209614 | |
| 31-12-2024 | micro format | 25-06-2025 | 2025-00199397 | |
| 31-12-2023 | micro format | 26-07-2024 | 2024-00293025 | |
| 31-12-2022 | micro format | 21-08-2023 | 2023-00346677 | |
| 31-12-2021 | micro format | 05-08-2022 | 2022-20276171 | |
| 31-12-2020 | micro format | 08-06-2021 | 2021-18300569 |