SPOTLIGHTS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 3 filings
Every figure per financial year
The operating result for 2025 is a loss of €35,037, larger than the loss of €15,070 in 2024. It is the lowest result since 2023.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Intangible fixed assets | €123,430 | €19,940 | €6,619 |
| Depreciation and write-downs of the year | - | €27,262 | €29,465 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €660 paid| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €27,262 | €29,465 | ▲ 8.1% |
| Other operating charges640/8 | €384 | €387 | €400 | ▲ 3.2% |
| Gross operating margin9900 | €620 | €12,580 | -€5,172 | - |
| Operating profit (loss)9901 | €236 | -€15,070 | -€35,037 | ▼ 132% |
| Financial charges65/66B | €20 | €143 | €258 | ▲ 80.6% |
| Recurring financial charges65 | €20 | €143 | €258 | ▲ 80.6% |
| Profit (loss) for the period before taxes9903 | €216 | -€15,213 | -€35,294 | ▼ 132% |
| Income taxes67/77 | €43 | €0 | - | - |
| Profit (loss) for the period9904 | €172 | -€15,213 | -€35,294 | ▼ 132% |
| Profit (loss) for the period to be appropriated9905 | €172 | -€15,213 | -€35,294 | ▼ 132% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €133,141 | €130,169 | €96,078 | ▼ 26.2% |
| Fixed assets21/28 | €123,430 | €116,108 | €93,262 | ▼ 19.7% |
| Intangible fixed assets21 | €123,430 | €116,108 | €93,262 | ▼ 19.7% |
| Current assets29/58 | €9,711 | €14,061 | €2,816 | ▼ 80.0% |
| Amounts receivable within one year40/41 | €3,978 | €0 | €363 | - |
| Trade receivables40 | €303 | €0 | €363 | - |
| Other amounts receivable41 | €3,676 | €0 | - | - |
| Cash at bank and in hand54/58 | €5,631 | €11,372 | €1,729 | ▼ 84.8% |
| Deferred charges and accrued income490/1 | €102 | €2,689 | €723 | ▼ 73.1% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €133,141 | €130,169 | €96,078 | ▼ 26.2% |
| Equity10/15 | €83,506 | €68,293 | €32,999 | ▼ 51.7% |
| Contributions10/11 | €83,333 | €83,333 | €83,333 | = |
| Profit (loss) carried forward14 | €172 | -€15,040 | -€50,335 | ▼ 235% |
| Amounts payable17/49 | €49,635 | €61,875 | €63,079 | ▲ 1.9% |
| Amounts payable after more than one year17 | €36,817 | €36,817 | €36,817 | = |
| Financial debts170/4 | €36,817 | €36,817 | €36,817 | = |
| Amounts payable within one year42/48 | €12,818 | €17,510 | €22,745 | ▲ 29.9% |
| Financial debts43 | €18 | €417 | €44 | ▼ 89.6% |
| Credit institutions430/8 | €18 | €417 | €44 | ▼ 89.6% |
| Trade debts44 | €12,350 | €1,514 | €2,699 | ▲ 78.2% |
| Suppliers440/4 | €12,350 | €1,514 | €2,699 | ▲ 78.2% |
| Taxes, remuneration and social security45 | €43 | €186 | €317 | ▲ 70.6% |
| Taxes450/3 | €43 | €186 | €317 | ▲ 70.6% |
| Other amounts payable47/48 | €407 | €15,393 | €19,686 | ▲ 27.9% |
| Accrued charges and deferred income492/3 | - | €7,549 | €3,517 | ▼ 53.4% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €172 | -€15,213 | -€35,294 | ▼ 132% |
| + Depreciation and write-downs630 | - | €27,262 | €29,465 | ▲ 8.1% |
| Operating cash flow (approximation) | €172 | €12,050 | -€5,830 | - |
| Investment in fixed assets (approximation) | - | -€19,940 | -€6,619 | ▲ 66.8% |
| Change in cash | - | €5,741 | -€9,642 | - |
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, 3,223 companies had the same profile as SPOTLIGHTS has now. Two years later, 87.8% were still going and 3.4% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SPOTLIGHTS itself: 1.3% 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 3,223 companies, not a prediction for SPOTLIGHTS. 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.