SOLIDITY
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 18 filings
Turnover
≈ €87,000
Estimated: probably between €41,000 and €180,000
Total assets
€289,150▲ 8.4%
2024 · €266,864
Net result
€3,698▼ 92.4%
2024 · €48,819
Working capital
€193,129▲ 3.1%
2024 · €187,296
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€8,081
▼ 84.4%
2025
20182025
Net result
€3,698
▼ 92.4%
2025
middle half of the sector
20182025
Equity
€213,571
▲ 1.8%
2025
middle half of the sector
20182025
Total assets
€289,150
▲ 8.4%
2025
middle half of the sector
20182025
Debt
€75,579
▲ 32.6%
2025
20182025
Working capital
€193,129
▲ 3.1%
2025
highest quarter of the sector
20182025
Solvency
73.9%
▼ 4.8pp
2025
middle half of the sector
20182025
Current ratio
3.64
▼ 1.33
2025
middle half of the sector
20182025
Return on assets (ROA)
1.3%
▼ 17.0pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€5,008--€3,470€23,606€82,325▲ 249%€68,694▼ 16.6%-€48,722€51,662€8,081▼ 84.4%
Net result-€198--€4,585▼ 2,211%€28,318within the sector's middle half€54,994within the sector's middle half▲ 94.2%€45,649within the sector's middle half▼ 17.0%-€50,412below the sector's middle half€48,819within the sector's middle half€3,698within the sector's middle half▼ 92.4%
Equity€171,690-€167,105▼ 2.7%€195,423within the sector's middle half▲ 16.9%€250,416above the sector's middle half▲ 28.1%€296,066above the sector's middle half▲ 18.2%€245,654above the sector's middle half▼ 17.0%€209,873within the sector's middle half▼ 14.6%€213,571within the sector's middle half▲ 1.8%
Total assets€213,269-€197,946▼ 7.2%€240,338within the sector's middle half▲ 21.4%€282,628within the sector's middle half▲ 17.6%€356,145within the sector's middle half▲ 26.0%€295,426within the sector's middle half▼ 17.0%€266,864within the sector's middle half▼ 9.7%€289,150within the sector's middle half▲ 8.4%
Debt€41,579-€30,842▼ 25.8%€44,916▲ 45.6%€32,212▼ 28.3%€60,079▲ 86.5%€49,772▼ 17.2%€56,992▲ 14.5%€75,579▲ 32.6%
Working capital€22,238-€16,859▼ 24.2%€47,230within the sector's middle half▲ 180%€103,891within the sector's middle half▲ 120%€132,470within the sector's middle half▲ 27.5%€221,380above the sector's middle half▲ 67.1%€187,296above the sector's middle half▼ 15.4%€193,129above the sector's middle half▲ 3.1%
Solvency80.5%-84.4%▲ 3.9pp81.3%above the sector's middle half▼ 3.1pp88.6%above the sector's middle half▲ 7.3pp83.1%above the sector's middle half▼ 5.5pp83.2%above the sector's middle half=78.6%within the sector's middle half▼ 4.5pp73.9%within the sector's middle half▼ 4.8pp
Current ratio1.55-1.56▲ 0.022.07within the sector's middle half▲ 0.514.29within the sector's middle half▲ 2.225.55above the sector's middle half▲ 1.267.62above the sector's middle half▲ 2.074.96above the sector's middle half▼ 2.653.64within the sector's middle half▼ 1.33
Return on assets (ROA)-0.1%--2.3%▼ 2.2pp11.8%within the sector's middle half▲ 14.1pp19.5%within the sector's middle half▲ 7.7pp12.8%within the sector's middle half▼ 6.6pp-17.1%below the sector's middle half▼ 29.9pp18.3%within the sector's middle half▲ 35.4pp1.3%below the sector's middle half▼ 17.0pp
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 84% 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 €289,150
Fixed assets
€22,795 ▼ 29.5%
Current assets
€266,355 ▲ 13.6%
Equity and liabilities €289,150
Equity
€213,571 ▲ 1.8%
Debt
€75,579 ▲ 32.6%
Debt's share of the balance-sheet total rises from 21.4% to 26.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€18,751▼
2024 · €62,007
Cash flow
€14,368▼
2024 · €59,163
Debt to equity
0.35▲
2024 · 0.27
ROE
1.7%▼
2024 · 23.3%
Interest coverage
6.45▼
2024 · 25.32
Debt ≤ 1 year
€73,226▲
2024 · €47,239
Income taxes
€1,743▲
2024 · €578
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 | - | €47,685 | €2,711 | €2,089 | €1,136 |
| Depreciation and write-downs of the year | €1,965 | €287 | €9,568 | €10,345 | €10,670 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €5,838 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,814 | €1,965 | €1,965 | €1,965 | €287 | €9,568 | €10,345 | €10,670 | ▲ 3.1% |
| Other operating charges640/8 | - | - | - | €53 | - | €113 | €44 | - | - |
| Non-recurring operating charges66A | - | - | - | - | - | €142,600 | - | - | - |
| Gross operating margin9900 | €7,147 | -€1,174 | €25,571 | €84,343 | €68,982 | €103,560 | €62,051 | €18,751 | ▼ 69.8% |
| Operating profit (loss)9901 | €5,008 | -€3,470 | €23,606 | €82,325 | €68,694 | -€48,722 | €51,662 | €8,081 | ▼ 84.4% |
| Financial income75/76B | - | - | - | €0 | - | - | €184 | €268 | ▲ 46.0% |
| Recurring financial income75 | €68 | €14 | €13,404 | €0 | - | - | €184 | €268 | ▲ 46.0% |
| Financial charges65/66B | - | - | - | €890 | €583 | €1,541 | €2,449 | €2,908 | ▲ 18.7% |
| Recurring financial charges65 | €955 | €850 | €1,014 | €890 | €583 | €1,541 | €2,449 | €2,908 | ▲ 18.7% |
| Profit (loss) for the period before taxes9903 | €4,121 | -€4,306 | €35,997 | €81,435 | €68,112 | -€50,263 | €49,397 | €5,442 | ▼ 89.0% |
| Income taxes67/77 | €4,320 | €279 | €7,679 | €26,441 | €22,462 | €149 | €578 | €1,743 | ▲ 202% |
| Profit (loss) for the period9904 | -€198 | -€4,585 | €28,318 | €54,994 | €45,649 | -€50,412 | €48,819 | €3,698 | ▼ 92.4% |
| Profit (loss) for the period to be appropriated9905 | -€412 | -€4,585 | €28,318 | €54,994 | €45,649 | -€50,412 | €48,819 | €3,698 | ▼ 92.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €213,269 | €197,946 | €240,338 | €282,628 | €356,145 | €295,426 | €266,864 | €289,150 | ▲ 8.4% |
| Fixed assets21/28 | €150,345 | €151,075 | €149,110 | €147,145 | €194,542 | €40,585 | €32,330 | €22,795 | ▼ 29.5% |
| Tangible fixed assets22/27 | €3,200 | €3,930 | €1,965 | - | €47,397 | €40,540 | €32,285 | €22,750 | ▼ 29.5% |
| Furniture and vehicles24 | - | - | - | - | €47,397 | €40,540 | €32,285 | €22,750 | ▼ 29.5% |
| Financial fixed assets28 | €147,145 | €147,145 | €147,145 | €147,145 | €147,145 | €45 | €45 | €45 | = |
| Current assets29/58 | €62,924 | €46,871 | €91,228 | €135,483 | €161,602 | €254,840 | €234,535 | €266,355 | ▲ 13.6% |
| Amounts receivable within one year40/41 | €16,293 | €9,684 | €14,044 | €12,867 | €17,740 | €35,359 | €39,533 | €17,679 | ▼ 55.3% |
| Trade receivables40 | - | - | - | €12,658 | €17,740 | €15,428 | €17,243 | €15,258 | ▼ 11.5% |
| Other amounts receivable41 | - | - | - | €209 | - | €19,932 | €22,290 | €2,422 | ▼ 89.1% |
| Current investments50/53 | €30,325 | €30,339 | €25,350 | €25,350 | €25,350 | €25,350 | €25,534 | €25,801 | ▲ 1.0% |
| Cash at bank and in hand54/58 | €15,756 | €6,848 | €48,777 | €93,603 | €118,512 | €192,498 | €164,961 | €222,588 | ▲ 34.9% |
| Deferred charges and accrued income490/1 | - | - | - | €3,663 | - | €1,633 | €4,507 | €286 | ▼ 93.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €213,269 | €197,946 | €240,338 | €282,628 | €356,145 | €295,426 | €266,864 | €289,150 | ▲ 8.4% |
| Equity10/15 | €171,690 | €167,105 | €195,423 | €250,416 | €296,066 | €245,654 | €209,873 | €213,571 | ▲ 1.8% |
| Contributions10/11 | €97,000 | €97,000 | - | €97,000 | €97,000 | €97,000 | €12,400 | €12,400 | = |
| Reserves13 | €75,102 | €75,102 | €98,423 | €153,416 | €199,066 | €199,066 | €199,066 | €201,171 | ▲ 1.1% |
| Non-distributable reserves130/1 | - | - | - | €10,320 | €10,320 | €10,320 | - | - | - |
| Own shares acquired1312 | - | - | - | €10,320 | €10,320 | €10,320 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €427 | €427 | €427 | €427 | €427 | = |
| Distributable reserves133 | - | - | - | €142,670 | €188,319 | €188,319 | €198,639 | €200,744 | ▲ 1.1% |
| Profit (loss) carried forward14 | -€412 | -€4,997 | - | - | - | -€50,412 | -€1,593 | - | - |
| Amounts payable17/49 | €41,579 | €30,842 | €44,916 | €32,212 | €60,079 | €49,772 | €56,992 | €75,579 | ▲ 32.6% |
| Amounts payable after more than one year17 | - | - | - | - | €30,739 | €15,943 | €8,117 | - | - |
| Financial debts170/4 | - | - | - | - | €30,739 | €15,943 | €8,117 | - | - |
| Amounts payable within one year42/48 | €40,686 | €30,012 | €43,998 | €31,592 | €29,132 | €33,460 | €47,239 | €73,226 | ▲ 55.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €7,547 | €7,827 | €8,117 | ▲ 3.7% |
| Financial debts43 | - | - | - | €70 | €72 | €74 | €78 | - | - |
| Credit institutions430/8 | - | - | - | €70 | €72 | €74 | €78 | - | - |
| Trade debts44 | €5,275 | €2,661 | €1,210 | €4,158 | €3,259 | €5,801 | €1,543 | €8,649 | ▲ 461% |
| Suppliers440/4 | - | - | - | €4,158 | €3,259 | €5,801 | €1,543 | €8,649 | ▲ 461% |
| Taxes, remuneration and social security45 | - | - | - | €17,065 | €13,277 | €13,318 | €3,708 | €21,064 | ▲ 468% |
| Taxes450/3 | - | - | - | €17,065 | €10,956 | €6,389 | €1,363 | €13,979 | ▲ 926% |
| Remuneration and social security454/9 | - | - | - | - | €2,321 | €6,929 | €2,345 | €7,085 | ▲ 202% |
| Other amounts payable47/48 | - | - | - | €10,299 | €12,524 | €6,720 | €34,083 | €35,397 | ▲ 3.9% |
| Accrued charges and deferred income492/3 | - | - | - | €620 | €208 | €369 | €1,636 | €2,353 | ▲ 43.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€198 | -€4,585 | €28,318 | €54,994 | €45,649 | -€50,412 | €48,819 | €3,698 | ▼ 92.4% |
| + Depreciation and write-downs630 | €1,814 | €1,965 | €1,965 | €1,965 | €287 | €9,568 | €10,345 | €10,670 | ▲ 3.1% |
| Operating cash flow (approximation) | €1,615 | -€2,620 | €30,283 | €56,959 | €45,937 | -€40,844 | €59,163 | €14,368 | ▼ 75.7% |
| Investment in fixed assets (approximation) | - | -€2,696 | -€0 | €0 | -€47,685 | €144,389 | -€2,089 | -€1,136 | ▲ 45.6% |
| Change in cash | - | -€8,908 | €41,929 | €44,826 | €24,909 | €73,986 | -€27,537 | €57,627 | - |
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, 10,904 companies had the same profile as SOLIDITY has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of SOLIDITY itself: < 0.1% 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 10,904 companies, not a prediction for SOLIDITY. 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 |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-07-2026 | 2026-00306981 | |
| 31-12-2024 | micro format | 26-06-2025 | 2025-00209462 | |
| 31-12-2023 | micro format | 13-06-2024 | 2024-00134699 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00301790 | |
| 31-12-2021 | micro format | 12-07-2022 | 2022-20182462 | |
| 31-12-2020 | micro format | 07-07-2021 | 2021-33100034 | |
| 31-12-2019 | micro format | 08-09-2020 | 2020-52300521 | |
| 31-12-2018 | micro format | 24-06-2019 | 2019-22000020 | |
| 31-12-2017 | micro format | 10-07-2018 | 2018-31000176 | |
| 31-12-2016 | abbreviated format | 19-05-2017 | 2017-12600217 |