Slate
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-02-2026 PDF all 6 filings
Turnover
≈ €180,000
Estimated: probably between €160,000 and €260,000
Total assets
€19,407▼ 83.7%
2024 · €118,706
Net result
€86,623▲ 51.5%
2024 · €57,165
Working capital
€1,468
2024 · -€4,932
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€124,716
▲ 59.8%
2025
20202025
Net result
€86,623
▲ 51.5%
2025
highest quarter of the sector
20202025
Equity
€2,000
=
2025
lowest quarter of the sector
20202025
Total assets
€19,407
▼ 83.7%
2025
lowest quarter of the sector
20202025
Debt
€17,407
▼ 85.1%
2025
20202025
Working capital
€1,468
2025
lowest quarter of the sector
20202025
Solvency
10.3%
▲ 8.6pp
2025
lowest quarter of the sector
20202025
Current ratio
1.08
▲ 0.13
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
446.3%
▲ 398.2pp
2025
highest 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-€1,927-€32,890€107,927▲ 228%-€398€78,064€124,716▲ 59.8%
Net result-€1,927below the sector's middle half-€26,680within the sector's middle half€84,925above the sector's middle half▲ 218%€2,071below the sector's middle half▼ 97.6%€57,165above the sector's middle half▲ 28×€86,623above the sector's middle half▲ 51.5%
Equity€73below the sector's middle half-€25,953below the sector's middle half▲ 353×€110,078within the sector's middle half▲ 324%€2,000below the sector's middle half▼ 98.2%€2,000below the sector's middle half=€2,000below the sector's middle half=
Total assets€2,309below the sector's middle half-€42,862below the sector's middle half▲ 19×€145,761within the sector's middle half▲ 240%€132,108within the sector's middle half▼ 9.4%€118,706within the sector's middle half▼ 10.1%€19,407below the sector's middle half▼ 83.7%
Debt€2,235-€16,909▲ 657%€35,683▲ 111%€51,673▲ 44.8%€116,706▲ 126%€17,407▼ 85.1%
Working capital€73below the sector's middle half--€6,591below the sector's middle half€66,764within the sector's middle half€36,567within the sector's middle half▼ 45.2%-€4,932below the sector's middle half€1,468below the sector's middle half
Solvency60.6%within the sector's middle half75.5%within the sector's middle half▲ 15.0pp1.5%below the sector's middle half▼ 74.0pp1.7%below the sector's middle half▲ 0.2pp10.3%below the sector's middle half▲ 8.6pp
Current ratio0.61below the sector's middle half2.87within the sector's middle half▲ 2.261.71within the sector's middle half▼ 1.160.96below the sector's middle half▼ 0.751.08below the sector's middle half▲ 0.13
Return on assets (ROA)62.2%above the sector's middle half58.3%above the sector's middle half▼ 4.0pp1.6%below the sector's middle half▼ 56.7pp48.2%above the sector's middle half▲ 46.6pp446.3%above the sector's middle half▲ 398.2pp
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 60% higher than in 2024 and the highest since 2021. 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 €19,407
Fixed assets
€532 ▼ 92.3%
Current assets
€18,875 ▼ 83.1%
Equity and liabilities €19,407
Equity
€2,000 =
Debt
€17,407 ▼ 85.1%
Debt's share of the balance-sheet total falls from 98.3% to 89.7%. Debt is lower.
Key figures and ratios
EBITDA
€125,871▲
2024 · €83,985
Cash flow
€87,778▲
2024 · €63,086
Debt to equity
8.70▼
2024 · 58.35
Interest coverage
16.51▼
2024 · over 100
Debt ≤ 1 year
€17,407▼
2024 · €116,706
Income taxes
€30,226▲
2024 · €20,595
A ratio outside any meaningful range has been withheld (balance sheet total €19,407, equity €2,000).
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 | €36,932 | €18,286 | €13,594 | €924 | - |
| Depreciation and write-downs of the year | €4,389 | €7,515 | €8,591 | €5,921 | €1,155 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €3,551 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €4,389 | €7,515 | €8,591 | €5,921 | €1,155 | ▼ 80.5% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €78,435 | -€78,435 | - | - |
| Other operating charges640/8 | - | €4,662 | €5,690 | €1,183 | €1,104 | €593 | ▼ 46.3% |
| Non-recurring operating charges66A | - | - | - | - | €10,600 | - | - |
| Gross operating margin9900 | -€1,927 | €41,940 | €121,132 | €87,811 | €17,254 | €126,464 | ▲ 633% |
| Operating profit (loss)9901 | -€1,927 | €32,890 | €107,927 | -€398 | €78,064 | €124,716 | ▲ 59.8% |
| Financial income75/76B | - | €4 | - | €4,338 | €39 | - | - |
| Recurring financial income75 | - | €4 | - | €4,338 | €39 | - | - |
| Financial charges65/66B | - | €597 | €809 | €268 | €344 | €7,867 | ▲ 23× |
| Recurring financial charges65 | - | €597 | €809 | €268 | €344 | €7,622 | ▲ 22× |
| Non-recurring financial charges66B | - | - | - | - | - | €244 | - |
| Profit (loss) for the period before taxes9903 | -€1,927 | €32,296 | €107,118 | €3,673 | €77,760 | €116,849 | ▲ 50.3% |
| Income taxes67/77 | - | €5,617 | €22,192 | €1,602 | €20,595 | €30,226 | ▲ 46.8% |
| Profit (loss) for the period9904 | -€1,927 | €26,680 | €84,925 | €2,071 | €57,165 | €86,623 | ▲ 51.5% |
| Profit (loss) for the period to be appropriated9905 | -€1,927 | €26,680 | €84,925 | €2,071 | €57,165 | €86,623 | ▲ 51.5% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €2,309 | €42,862 | €145,761 | €132,108 | €118,706 | €19,407 | ▼ 83.7% |
| Fixed assets21/28 | - | €32,544 | €43,315 | €43,868 | €6,932 | €532 | ▼ 92.3% |
| Tangible fixed assets22/27 | - | €32,544 | €43,315 | €43,868 | €6,932 | €532 | ▼ 92.3% |
| Plant, machinery and equipment23 | - | €876 | €4,213 | €2,514 | €1,687 | €532 | ▼ 68.5% |
| Furniture and vehicles24 | - | €8,598 | €4,449 | €9,415 | €5,244 | - | - |
| Other tangible fixed assets26 | - | €23,069 | €34,653 | €31,940 | - | - | - |
| Current assets29/58 | €2,309 | €10,319 | €102,446 | €88,239 | €111,775 | €18,875 | ▼ 83.1% |
| Amounts receivable within one year40/41 | €309 | €4,604 | €30,892 | €41,372 | €71,132 | €16,404 | ▼ 76.9% |
| Trade receivables40 | - | €1,525 | €29,892 | €24,963 | €53,329 | €12,919 | ▼ 75.8% |
| Other amounts receivable41 | - | €3,079 | €1,000 | €16,409 | €17,804 | €3,485 | ▼ 80.4% |
| Cash at bank and in hand54/58 | €2,000 | €5,715 | €70,869 | €46,867 | €40,642 | €2,471 | ▼ 93.9% |
| Deferred charges and accrued income490/1 | - | - | €686 | - | - | - | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €2,309 | €42,862 | €145,761 | €132,108 | €118,706 | €19,407 | ▼ 83.7% |
| Equity10/15 | €73 | €25,953 | €110,078 | €2,000 | €2,000 | €2,000 | = |
| Contributions10/11 | - | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | - | €23,953 | €108,078 | - | - | - | - |
| Distributable reserves133 | - | €23,953 | €108,078 | - | - | - | - |
| Profit (loss) carried forward14 | -€1,927 | - | - | - | - | - | - |
| Provisions and deferred taxes16 | - | - | - | €78,435 | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €78,435 | - | - | - |
| Environmental obligations163 | - | - | - | €78,435 | - | - | - |
| Amounts payable17/49 | €2,235 | €16,909 | €35,683 | €51,673 | €116,706 | €17,407 | ▼ 85.1% |
| Amounts payable within one year42/48 | €2,235 | €16,909 | €35,683 | €51,673 | €116,706 | €17,407 | ▼ 85.1% |
| Trade debts44 | €545 | €6,686 | €1,554 | €2,290 | €58,451 | €197 | ▼ 99.7% |
| Suppliers440/4 | - | €6,686 | €1,554 | €2,290 | €58,451 | €197 | ▼ 99.7% |
| Taxes, remuneration and social security45 | - | €6,154 | €28,273 | €1,947 | €13,506 | €2,019 | ▼ 85.0% |
| Taxes450/3 | - | €6,154 | €28,273 | €1,947 | €13,506 | €243 | ▼ 98.2% |
| Remuneration and social security454/9 | - | - | - | - | - | €1,776 | - |
| Other amounts payable47/48 | - | €4,069 | €5,856 | €47,436 | €44,748 | €15,191 | ▼ 66.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,927 | €26,680 | €84,925 | €2,071 | €57,165 | €86,623 | ▲ 51.5% |
| + Depreciation and write-downs630 | - | €4,389 | €7,515 | €8,591 | €5,921 | €1,155 | ▼ 80.5% |
| Operating cash flow (approximation) | -€1,927 | €31,068 | €92,441 | €10,662 | €63,086 | €87,778 | ▲ 39.1% |
| Investment in fixed assets (approximation) | - | - | -€18,286 | -€9,144 | €31,016 | €5,244 | ▼ 83.1% |
| Change in cash | - | €3,715 | €65,154 | -€24,001 | -€6,225 | -€38,171 | ▼ 513% |
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, 6,713 companies had the same profile as Slate has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Slate itself: 0.4% 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 6,713 companies, not a prediction for Slate. 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 | 26-02-2026 | 2026-00046448 | |
| 31-12-2024 | micro format | 09-05-2025 | 2025-00092406 | |
| 31-12-2023 | micro format | 21-06-2024 | 2024-00156785 | |
| 31-12-2022 | micro format | 27-04-2023 | 2023-00075978 | |
| 31-12-2021 | micro format | 09-06-2022 | 2022-20056309 | |
| 31-12-2020 | micro format | 25-06-2021 | 2021-25400012 |