SELECTION cs
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 29 days after the deadline Filed on 2 March 2026, deadline 1 February 2026 (7 months after the close on 1 July 2025, Companies Code art. 3:10). Source: NBB, 2026-00046308.
Annual accounts 2025 filed on 02-03-2026 PDF all 18 filings
Equity
€59,081▼ 21.4%
2024 · €75,141
Total assets
€223,644▼ 9.7%
2024 · €247,772
Net result
-€16,060
2024 · €866
Working capital
€40,373▼ 31.2%
2024 · €58,685
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€9,899
2025
20192025
Net result
-€16,060
2025
lowest quarter of the sector
20192025
Equity
€59,081
▼ 21.4%
2025
middle half of the sector
20192025
Total assets
€223,644
▼ 9.7%
2025
middle half of the sector
20192025
Debt
€164,563
▼ 4.7%
2025
20192025
Working capital
€40,373
▼ 31.2%
2025
middle half of the sector
20192025
Solvency
26.4%
▼ 3.9pp
2025
lowest quarter of the sector
20192025
Current ratio
2.42
▼ 0.70
2025
middle half of the sector
20192025
Return on assets (ROA)
-7.2%
▼ 7.5pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€7,406-€3,155▼ 57.4%€10,276▲ 226%€15,280▲ 48.7%€23,185▲ 51.7%€9,103▼ 60.7%-€9,899
Net result€3,515-€2,627below the sector's middle half▼ 25.3%€7,148within the sector's middle half▲ 172%€9,920within the sector's middle half▲ 38.8%€18,388within the sector's middle half▲ 85.4%€866below the sector's middle half▼ 95.3%-€16,060below the sector's middle half
Equity€36,992-€39,619within the sector's middle half▲ 7.1%€46,767within the sector's middle half▲ 18.0%€55,886within the sector's middle half▲ 19.5%€74,275within the sector's middle half▲ 32.9%€75,141within the sector's middle half▲ 1.2%€59,081within the sector's middle half▼ 21.4%
Total assets€51,939-€54,896below the sector's middle half▲ 5.7%€69,856below the sector's middle half▲ 27.3%€82,548within the sector's middle half▲ 18.2%€291,493above the sector's middle half▲ 253%€247,772within the sector's middle half▼ 15.0%€223,644within the sector's middle half▼ 9.7%
Debt€9,112-€9,441▲ 3.6%€17,253▲ 82.7%€26,661▲ 54.5%€217,219▲ 715%€172,631▼ 20.5%€164,563▼ 4.7%
Working capital€41,429-€40,406within the sector's middle half▼ 2.5%€48,658within the sector's middle half▲ 20.4%€50,983within the sector's middle half▲ 4.8%€67,912within the sector's middle half▲ 33.2%€58,685within the sector's middle half▼ 13.6%€40,373within the sector's middle half▼ 31.2%
Solvency71.2%-72.2%within the sector's middle half▲ 0.9pp66.9%within the sector's middle half▼ 5.2pp67.7%within the sector's middle half▲ 0.8pp25.5%below the sector's middle half▼ 42.2pp30.3%below the sector's middle half▲ 4.8pp26.4%below the sector's middle half▼ 3.9pp
Current ratio5.55-5.28above the sector's middle half▼ 0.273.82within the sector's middle half▼ 1.462.92within the sector's middle half▼ 0.902.19within the sector's middle half▼ 0.733.12within the sector's middle half▲ 0.932.42within the sector's middle half▼ 0.70
Return on assets (ROA)6.8%-4.8%within the sector's middle half▼ 2.0pp10.2%within the sector's middle half▲ 5.4pp12.0%within the sector's middle half▲ 1.8pp6.3%within the sector's middle half▼ 5.7pp0.3%below the sector's middle half▼ 6.0pp-7.2%below the sector's middle half▼ 7.5pp
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 a loss of €9,899, after a profit of €9,103 in 2024. It is the lowest result since 2019.
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 €223,644
Fixed assets
€154,756 ▼ 4.1%
Current assets
€68,887 ▼ 20.2%
Equity and liabilities €223,644
Equity
€59,081 ▼ 21.4%
Debt
€164,563 ▼ 4.7%
Debt's share of the balance-sheet total rises from 69.7% to 73.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€3,241▼
2024 · €15,705
Cash flow
-€9,402▼
2024 · €7,468
Debt to equity
2.79▲
2024 · 2.30
ROE
-27.2%▼
2024 · 1.2%
Interest coverage
-0.44▼
2024 · 1.88
Debt ≤ 1 year
€28,514▲
2024 · €27,672
Debt > 1 year
€136,049▼
2024 · €144,382
Income taxes
€177▼
2024 · €1,006
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 01-07-2022 | 01-07-2023 | 01-07-2024 | 01-07-2025 |
|---|---|---|---|---|
| Mortgages, amount registered | - | €50,000 | - | - |
| Carrying value of the mortgaged assets | - | €160,000 | - | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 01-07-2022 | 01-07-2023 | 01-07-2024 | 01-07-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €1,818 | €172,976 | €1,654 | - |
| Depreciation and write-downs of the year | €761 | €11,615 | €6,602 | €6,658 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,669 | €1,411 | €1,104 | €761 | €11,615 | €6,602 | €6,658 | ▲ 0.8% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€5,836 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €11,159 | €3,545 | €1,733 | €2,755 | ▲ 59.0% |
| Gross operating margin9900 | €9,993 | €4,566 | €11,727 | €21,364 | €38,344 | €17,438 | -€486 | - |
| Operating profit (loss)9901 | €7,406 | €3,155 | €10,276 | €15,280 | €23,185 | €9,103 | -€9,899 | - |
| Financial income75/76B | - | - | - | €10 | €1,225 | €1,139 | €1,357 | ▲ 19.2% |
| Recurring financial income75 | €25 | - | €30 | €10 | €1,225 | €1,139 | €1,357 | ▲ 19.2% |
| Financial charges65/66B | - | - | - | €1,019 | €1,150 | €8,370 | €7,341 | ▼ 12.3% |
| Recurring financial charges65 | €1,418 | €528 | €472 | €1,019 | €1,150 | €8,370 | €7,341 | ▼ 12.3% |
| Profit (loss) for the period before taxes9903 | €6,014 | €2,627 | €9,833 | €14,270 | €23,260 | €1,871 | -€15,883 | - |
| Income taxes67/77 | €2,499 | - | €2,686 | €4,351 | €4,871 | €1,006 | €177 | ▼ 82.4% |
| Profit (loss) for the period9904 | €3,515 | €2,627 | €7,148 | €9,920 | €18,388 | €866 | -€16,060 | - |
| Profit (loss) for the period to be appropriated9905 | €3,515 | €2,627 | €7,148 | €9,920 | €18,388 | €866 | -€16,060 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €51,939 | €54,896 | €69,856 | €82,548 | €291,493 | €247,772 | €223,644 | ▼ 9.7% |
| Fixed assets21/28 | €1,398 | €5,048 | €3,944 | €5,001 | €166,363 | €161,414 | €154,756 | ▼ 4.1% |
| Tangible fixed assets22/27 | €1,398 | €5,048 | €3,944 | €5,001 | €166,363 | €161,414 | €154,756 | ▼ 4.1% |
| Land and buildings22 | - | - | - | - | €160,000 | €154,874 | €149,748 | ▼ 3.3% |
| Furniture and vehicles24 | - | - | - | - | €1,914 | €1,150 | €387 | ▼ 66.4% |
| Other tangible fixed assets26 | - | - | - | €5,001 | €4,449 | €5,389 | €4,621 | ▼ 14.3% |
| Current assets29/58 | €50,541 | €49,847 | €65,912 | €77,546 | €125,131 | €86,358 | €68,887 | ▼ 20.2% |
| Amounts receivable within one year40/41 | €48,008 | €34,304 | €39,482 | €63,079 | €106,186 | €59,315 | €64,208 | ▲ 8.3% |
| Trade receivables40 | - | - | - | €42,120 | €67,409 | €33,279 | €36,733 | ▲ 10.4% |
| Other amounts receivable41 | - | - | - | €20,959 | €38,777 | €26,035 | €27,475 | ▲ 5.5% |
| Cash at bank and in hand54/58 | €2,533 | €15,544 | €26,430 | €14,053 | €18,531 | €24,547 | €4,285 | ▼ 82.5% |
| Deferred charges and accrued income490/1 | - | - | - | €414 | €414 | €2,496 | €394 | ▼ 84.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €51,939 | €54,896 | €69,856 | €82,548 | €291,493 | €247,772 | €223,644 | ▼ 9.7% |
| Equity10/15 | €36,992 | €39,619 | €46,767 | €55,886 | €74,275 | €75,141 | €59,081 | ▼ 21.4% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | €18,600 | €18,600 | €18,600 | = |
| Share premium1100/10 | - | - | - | - | - | €8,600 | €8,600 | = |
| Other1109/19 | - | - | - | - | €18,600 | €10,000 | €10,000 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €10,980 | €25,980 | €25,980 | €25,980 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | €9,120 | €24,120 | €25,980 | €25,980 | = |
| Profit (loss) carried forward14 | €16,532 | €19,159 | €26,307 | €26,307 | €29,695 | €30,561 | €14,501 | ▼ 52.6% |
| Provisions and deferred taxes16 | €5,836 | €5,836 | €5,836 | - | - | - | - | - |
| Amounts payable17/49 | €9,112 | €9,441 | €17,253 | €26,661 | €217,219 | €172,631 | €164,563 | ▼ 4.7% |
| Amounts payable after more than one year17 | - | - | - | - | €160,000 | €144,382 | €136,049 | ▼ 5.8% |
| Financial debts170/4 | - | - | - | - | €160,000 | €144,382 | €136,049 | ▼ 5.8% |
| Amounts payable within one year42/48 | €9,112 | €9,441 | €17,253 | €26,564 | €57,219 | €27,672 | €28,514 | ▲ 3.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €8,634 | €9,014 | ▲ 4.4% |
| Financial debts43 | - | - | - | - | - | - | €5,406 | - |
| Credit institutions430/8 | - | - | - | - | - | - | €5,406 | - |
| Trade debts44 | €5,017 | €9,341 | €11,016 | €14,410 | €42,301 | €13,775 | €6,530 | ▼ 52.6% |
| Suppliers440/4 | - | - | - | €14,410 | €42,301 | €13,775 | €6,530 | ▼ 52.6% |
| Taxes, remuneration and social security45 | - | - | - | €11,354 | €14,118 | €5,263 | €7,565 | ▲ 43.8% |
| Taxes450/3 | - | - | - | €11,354 | €12,118 | €3,263 | €5,565 | ▲ 70.6% |
| Remuneration and social security454/9 | - | - | - | - | €2,000 | €2,000 | €2,000 | = |
| Other amounts payable47/48 | - | - | - | €800 | €800 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €98 | - | €576 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,515 | €2,627 | €7,148 | €9,920 | €18,388 | €866 | -€16,060 | - |
| + Depreciation and write-downs630 | €1,669 | €1,411 | €1,104 | €761 | €11,615 | €6,602 | €6,658 | ▲ 0.8% |
| Operating cash flow (approximation) | €5,184 | €4,038 | €8,252 | €10,681 | €30,003 | €7,468 | -€9,402 | - |
| Investment in fixed assets (approximation) | - | -€5,061 | €0 | -€1,818 | -€172,976 | -€1,654 | €0 | - |
| Change in cash | - | €13,011 | €10,886 | -€12,377 | €4,478 | €6,017 | -€20,263 | - |
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, 2,166 companies had the same profile as SELECTION cs has now. Two years later, 94.1% were still going and 2.5% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
94.1%
was still going
3.0%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of SELECTION cs itself is lower: 0.5% within 12 months. It rests on far more data about SELECTION cs 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 2,166 companies, not a prediction for SELECTION cs. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 01-07-2025 | micro format | 02-03-2026 | 2026-00046308 | |
| 01-07-2024 | micro format | 13-03-2025 | 2025-00047243 | |
| 01-07-2023 | micro format | 01-03-2024 | 2024-00037279 | |
| 01-07-2022 | micro format | 23-02-2023 | 2023-00030609 | |
| 01-07-2021 | micro format | 28-02-2022 | 2022-06700523 | |
| 01-07-2020 | micro format | 01-03-2021 | 2021-06500184 | |
| 01-07-2019 | micro format | 15-01-2020 | 2020-01100079 | |
| 01-07-2018 | micro format | 15-01-2019 | 2019-01200005 | |
| 01-07-2017 | micro format | 12-01-2018 | 2018-01100285 | |
| 01-07-2016 | full format | 16-01-2017 | 2017-01000473 |