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ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 27 days after the deadline Filed on 27 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00452836.
Annual accounts 2025 filed on 27-08-2026 at the NBB all 5 filings
Turnover
≈ €140,000
Estimated: probably between €100,000 and €170,000
Total assets
€713,208▲ 258%
2024 · €199,213
Net result
€32,634▼ 48.3%
2024 · €63,119
Working capital
-€41,672
2024 · €127,085
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€60,186
▼ 29.0%
2025
20212025
Net result
€32,634
▼ 48.3%
2025
middle half of the sector
20212025
Equity
€188,388
▲ 21.0%
2025
middle half of the sector
20212025
Total assets
€713,208
▲ 258%
2025
highest quarter of the sector
20212025
Debt
€524,819
▲ 12×
2025
20212025
Working capital
-€41,672
2025
lowest quarter of the sector
20212025
Solvency
26.4%
▼ 51.8pp
2025
middle half of the sector
20212025
Current ratio
0.59
▼ 3.33
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
4.6%
▼ 27.1pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€39,420-€48,891▲ 24.0%€38,611▼ 21.0%€84,783▲ 120%€60,186▼ 29.0%
Net result€29,744within the sector's middle half-€37,415within the sector's middle half▲ 25.8%€26,677within the sector's middle half▼ 28.7%€63,119within the sector's middle half▲ 137%€32,634within the sector's middle half▼ 48.3%
Equity€30,144within the sector's middle half-€65,958within the sector's middle half▲ 119%€92,635within the sector's middle half▲ 40.4%€155,755within the sector's middle half▲ 68.1%€188,388within the sector's middle half▲ 21.0%
Total assets€60,237below the sector's middle half-€94,672within the sector's middle half▲ 57.2%€124,592within the sector's middle half▲ 31.6%€199,213within the sector's middle half▲ 59.9%€713,208above the sector's middle half▲ 258%
Debt€30,093-€28,713▼ 4.6%€31,957▲ 11.3%€43,458▲ 36.0%€524,819▲ 12×
Working capital€30,144within the sector's middle half-€65,958within the sector's middle half▲ 119%€61,318within the sector's middle half▼ 7.0%€127,085within the sector's middle half▲ 107%-€41,672below the sector's middle half
Solvency50.0%within the sector's middle half-69.7%within the sector's middle half▲ 19.6pp74.4%within the sector's middle half▲ 4.7pp78.2%within the sector's middle half▲ 3.8pp26.4%within the sector's middle half▼ 51.8pp
Current ratio2.00within the sector's middle half-3.30within the sector's middle half▲ 1.302.92within the sector's middle half▼ 0.383.92within the sector's middle half▲ 1.010.59below the sector's middle half▼ 3.33
Return on assets (ROA)49.4%above the sector's middle half-39.5%above the sector's middle half▼ 9.9pp21.4%within the sector's middle half▼ 18.1pp31.7%within the sector's middle half▲ 10.3pp4.6%within the sector's middle half▼ 27.1pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 29% lower than in 2024.
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 €713,208
Fixed assets
€653,055 ▲ 23×
Current assets
€60,153 ▼ 64.7%
Equity and liabilities €713,208
Equity
€188,388 ▲ 21.0%
Debt
€524,819 ▲ 12×
Debt's share of the balance-sheet total rises from 21.8% to 73.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€64,976▼
2024 · €88,881
Cash flow
€37,425▼
2024 · €67,217
Debt to equity
2.79▲
2024 · 0.28
ROE
17.3%▼
2024 · 40.5%
Interest coverage
4.52▼
2024 · 20.33
Debt ≤ 1 year
€101,825▲
2024 · €43,458
Debt > 1 year
€422,994
Income taxes
€13,252▼
2024 · €17,313
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 |
|---|---|---|---|---|---|
| Carrying value of the other pledged assets | - | - | - | - | €621,500 |
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 | - | - | €59,254 | €1,450 | €7,676 |
| Financial fixed assets | - | - | - | - | €621,500 |
| Depreciation and write-downs of the year | €1,175 | - | €2,540 | €4,098 | €4,791 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €1,754 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,175 | - | €2,540 | €4,098 | €4,791 | ▲ 16.9% |
| Other operating charges640/8 | €336 | €512 | €871 | €873 | €1,702 | ▲ 94.9% |
| Gross operating margin9900 | €40,931 | €49,403 | €42,023 | €89,754 | €66,678 | ▼ 25.7% |
| Operating profit (loss)9901 | €39,420 | €48,891 | €38,611 | €84,783 | €60,186 | ▼ 29.0% |
| Financial income75/76B | €3 | €0 | - | €20 | €65 | ▲ 223% |
| Recurring financial income75 | €3 | €0 | - | €20 | €65 | ▲ 223% |
| Financial charges65/66B | €1,416 | €1,294 | €4,121 | €4,372 | €14,365 | ▲ 229% |
| Recurring financial charges65 | €1,416 | €1,294 | €4,121 | €4,372 | €14,365 | ▲ 229% |
| Profit (loss) for the period before taxes9903 | €38,007 | €47,597 | €34,490 | €80,432 | €45,885 | ▼ 43.0% |
| Income taxes67/77 | €8,264 | €10,182 | €7,813 | €17,313 | €13,252 | ▼ 23.5% |
| Profit (loss) for the period9904 | €29,744 | €37,415 | €26,677 | €63,119 | €32,634 | ▼ 48.3% |
| Profit (loss) for the period to be appropriated9905 | €29,744 | €37,415 | €26,677 | €63,119 | €32,634 | ▼ 48.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €60,237 | €94,672 | €124,592 | €199,213 | €713,208 | ▲ 258% |
| Fixed assets21/28 | - | - | €31,318 | €28,670 | €653,055 | ▲ 23× |
| Tangible fixed assets22/27 | - | - | €31,318 | €28,670 | €31,555 | ▲ 10.1% |
| Land and buildings22 | - | - | €19,115 | €18,526 | €17,937 | ▼ 3.2% |
| Furniture and vehicles24 | - | - | €12,203 | €10,144 | €13,618 | ▲ 34.2% |
| Financial fixed assets28 | - | - | - | - | €621,500 | - |
| Current assets29/58 | €60,237 | €94,672 | €93,275 | €170,543 | €60,153 | ▼ 64.7% |
| Amounts receivable within one year40/41 | €12,351 | €13,547 | €28,695 | €28,008 | €41,042 | ▲ 46.5% |
| Trade receivables40 | €12,003 | €13,511 | €28,615 | €27,919 | €31,379 | ▲ 12.4% |
| Other amounts receivable41 | €348 | €37 | €80 | €89 | €9,663 | ▲ 108× |
| Current investments50/53 | - | - | - | - | €0 | - |
| Cash at bank and in hand54/58 | €38,010 | €74,056 | €60,301 | €135,672 | €13,313 | ▼ 90.2% |
| Deferred charges and accrued income490/1 | €9,875 | €7,069 | €4,279 | €6,863 | €5,798 | ▼ 15.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €60,237 | €94,672 | €124,592 | €199,213 | €713,208 | ▲ 258% |
| Equity10/15 | €30,144 | €65,958 | €92,635 | €155,755 | €188,388 | ▲ 21.0% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | - | - | €90,635 | €153,755 | €186,388 | ▲ 21.2% |
| Distributable reserves133 | - | - | €90,635 | €153,755 | €186,388 | ▲ 21.2% |
| Profit (loss) carried forward14 | €28,144 | €63,958 | - | - | - | - |
| Amounts payable17/49 | €30,093 | €28,713 | €31,957 | €43,458 | €524,819 | ▲ 12× |
| Amounts payable after more than one year17 | - | - | - | - | €422,994 | - |
| Financial debts170/4 | - | - | - | - | €422,994 | - |
| Amounts payable within one year42/48 | €30,093 | €28,713 | €31,957 | €43,458 | €101,825 | ▲ 134% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €68,384 | - |
| Financial debts43 | - | - | - | €5,071 | €12,971 | ▲ 156% |
| Credit institutions430/8 | - | - | - | €5,071 | €12,971 | ▲ 156% |
| Trade debts44 | €13,008 | €4,712 | €2,325 | €7,468 | €830 | ▼ 88.9% |
| Suppliers440/4 | €13,008 | €4,712 | €2,325 | €7,468 | €830 | ▼ 88.9% |
| Taxes, remuneration and social security45 | €15,415 | €21,597 | €28,386 | €29,603 | €19,640 | ▼ 33.7% |
| Taxes450/3 | €15,415 | €21,597 | €28,386 | €29,603 | €19,640 | ▼ 33.7% |
| Other amounts payable47/48 | €1,670 | €2,405 | €1,246 | €1,317 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,744 | €37,415 | €26,677 | €63,119 | €32,634 | ▼ 48.3% |
| + Depreciation and write-downs630 | €1,175 | - | €2,540 | €4,098 | €4,791 | ▲ 16.9% |
| Operating cash flow (approximation) | €30,919 | €37,415 | €29,218 | €67,217 | €37,425 | ▼ 44.3% |
| Investment in fixed assets (approximation) | - | - | - | -€1,450 | -€629,176 | ▼ 43,305% |
| Change in cash | - | €36,045 | -€13,754 | €75,371 | -€122,360 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-08-2026 | 2026-00452836 | |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00447747 | |
| 31-12-2023 | micro format | 08-07-2024 | 2024-00242660 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00424981 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20374692 |