SQUAREFISH
ActiveFrom the official registers: KBO 11 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
SQUAREFISH has been active since 2015 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €232,464 and a net result of -€36,056. Equity has been growing by about 26% per year since 2018. Its solvency ranks better than 65% of 502 sector peers (NACE 59, financial year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Financials · financial year 2025, abbreviated format
Annual accounts 2025
- Financial year ended
- 31-12-2025
- Filed on
- 26-06-2026
- Format
- abbreviated format
- Reference
- 2026-00202295
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is a loss of €27,599, after a profit of €38,464 in 2024. It is the lowest result since 2021.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Motion picture, video and television programme production, sound recording and music publishing activities (NACE 59). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
- 2022 The accounts state 769,489 FTE. That amounts to under EUR 100 of staff costs per FTE. The figure is therefore left out.
Companies with the same profile, two years later
Historical observationIn July 2024, 6,908 companies had the same profile as SQUAREFISH has now. Two years later, 1.1% had gone bankrupt and 90.9% were still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SQUAREFISH itself: 0.3% within 12 months.
Test of the method
The method was tested on the 497,445 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 6,908 companies, not a prediction for SQUAREFISH. 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €373,255 | €769,489 | €690,095 | €168,677 | €174,624 | ▲ 3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,930 | €27,378 | €17,989 | €59,258 | €64,227 | €112,758 | €152,914 | €149,835 | ▼ 2.0% |
| Other operating charges640/8 | - | - | - | €1,484 | €906 | €656 | €673 | €1,372 | ▲ 104% |
| Gross operating margin9900 | €448,373 | €269,630 | €313,595 | €461,449 | €841,358 | €790,827 | €360,728 | €298,232 | ▼ 17.3% |
| Operating profit (loss)9901 | -€121,721 | €30,988 | €15,757 | €27,452 | €6,736 | -€12,682 | €38,464 | -€27,599 | - |
| Financial income75/76B | - | - | - | €104 | - | €723 | €57 | €14 | ▼ 75.1% |
| Recurring financial income75 | €3,088 | €2,856 | €5,044 | €104 | - | €723 | €57 | €14 | ▼ 75.1% |
| Financial charges65/66B | - | - | - | €6,515 | €6,939 | €10,616 | €7,905 | €8,471 | ▲ 7.2% |
| Recurring financial charges65 | €6,537 | €6,498 | €5,228 | €6,515 | €6,939 | €10,616 | €7,905 | €8,471 | ▲ 7.2% |
| Profit (loss) for the period before taxes9903 | -€124,629 | €27,347 | €15,573 | €21,041 | -€203 | -€22,576 | €30,617 | -€36,056 | - |
| Income taxes67/77 | €1,500 | -€2,184 | €6,853 | - | - | - | - | - | - |
| Profit (loss) for the period9904 | -€125,142 | €30,613 | €9,981 | €21,041 | -€203 | -€22,576 | €30,617 | -€36,056 | - |
| Profit (loss) for the period to be appropriated9905 | -€125,142 | €30,613 | €9,981 | €21,041 | -€203 | -€22,576 | €30,617 | -€36,056 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €180,851 | €289,376 | €349,963 | €399,960 | €475,584 | €571,774 | €556,238 | €450,072 | ▼ 19.1% |
| Formation expenses20 | €195 | €64 | €87,376 | - | - | - | - | - | - |
| Fixed assets21/28 | €40,633 | €41,855 | €31,109 | €266,807 | €302,651 | €511,904 | €431,476 | €284,995 | ▼ 33.9% |
| Intangible fixed assets21 | €2,124 | €0 | - | €237,718 | €274,667 | €484,979 | €401,190 | €254,820 | ▼ 36.5% |
| Tangible fixed assets22/27 | €38,384 | €14,930 | €4,184 | €2,164 | €1,059 | - | €3,361 | €3,250 | ▼ 3.3% |
| Furniture and vehicles24 | - | - | - | €2,164 | €1,059 | - | €3,361 | €3,250 | ▼ 3.3% |
| Financial fixed assets28 | €125 | €26,925 | €26,925 | €26,925 | €26,925 | €26,925 | €26,925 | €26,925 | = |
| Current assets29/58 | €140,023 | €247,457 | €231,478 | €133,153 | €172,932 | €59,870 | €124,762 | €165,077 | ▲ 32.3% |
| Amounts receivable within one year40/41 | €123,943 | €236,622 | €208,720 | €133,153 | €149,684 | €56,415 | €70,056 | €50,450 | ▼ 28.0% |
| Trade receivables40 | - | - | - | €100,949 | €134,616 | €50,963 | €64,199 | €48,659 | ▼ 24.2% |
| Other amounts receivable41 | - | - | - | €32,204 | €15,068 | €5,452 | €5,857 | €1,791 | ▼ 69.4% |
| Cash at bank and in hand54/58 | €13,442 | €6,541 | €22,117 | - | €23,248 | €3,455 | €54,707 | €114,627 | ▲ 110% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €180,851 | €289,376 | €349,963 | €399,960 | €475,584 | €571,774 | €556,238 | €450,072 | ▼ 19.1% |
| Equity10/15 | -€58,914 | -€30,958 | €127,778 | €218,264 | €285,888 | €226,728 | €354,397 | €232,464 | ▼ 34.4% |
| Contributions10/11 | €6,201 | €6,201 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €20,610 | €20,610 | €20,610 | €20,610 | €20,610 | €20,610 | €20,610 | €20,610 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Tax-exempt reserves132 | - | - | - | €18,750 | €18,750 | €18,750 | €18,750 | €18,750 | = |
| Profit (loss) carried forward14 | -€90,766 | -€60,153 | -€50,172 | -€29,131 | -€29,334 | -€51,910 | -€21,293 | -€57,349 | ▼ 169% |
| Investment grants15 | - | - | - | €220,585 | €288,412 | €251,828 | €348,880 | €263,003 | ▼ 24.6% |
| Provisions and deferred taxes16 | €1,709 | €626 | €37,785 | - | - | - | - | - | - |
| Amounts payable17/49 | €238,056 | €319,708 | €184,400 | €181,696 | €189,696 | €345,046 | €201,842 | €217,608 | ▲ 7.8% |
| Amounts payable after more than one year17 | €81,506 | €39,891 | €65,843 | €36,352 | €28,790 | €28,790 | €9,467 | - | - |
| Financial debts170/4 | - | - | - | €7,562 | - | - | - | - | - |
| Other amounts payable178/9 | - | - | - | €28,790 | €28,790 | €28,790 | €9,467 | - | - |
| Amounts payable within one year42/48 | €146,050 | €207,717 | €118,557 | €145,344 | €160,906 | €316,256 | €192,375 | €217,608 | ▲ 13.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €19,438 | €7,562 | €50,000 | €47,235 | €50,000 | ▲ 5.9% |
| Financial debts43 | - | - | - | €42,687 | - | €73,139 | - | - | - |
| Other loans439 | - | - | - | €42,687 | - | €73,139 | - | - | - |
| Trade debts44 | €18,599 | €46,053 | €39,661 | €24,698 | €69,707 | €71,107 | €53,736 | €9,703 | ▼ 81.9% |
| Suppliers440/4 | - | - | - | €24,698 | €69,707 | €71,107 | €53,736 | €9,703 | ▼ 81.9% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €8,470 | - |
| Taxes, remuneration and social security45 | - | - | - | €57,529 | €82,645 | €120,356 | €90,137 | €126,318 | ▲ 40.1% |
| Taxes450/3 | - | - | - | €26,363 | €28,003 | €47,995 | €15,305 | €22,470 | ▲ 46.8% |
| Remuneration and social security454/9 | - | - | - | €31,166 | €54,641 | €72,361 | €74,832 | €103,848 | ▲ 38.8% |
| Other amounts payable47/48 | - | - | - | €992 | €992 | €1,653 | €1,267 | €23,117 | ▲ 18× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€125,142 | €30,613 | €9,981 | €21,041 | -€203 | -€22,576 | €30,617 | -€36,056 | - |
| + Depreciation and write-downs630 | €29,930 | €27,378 | €17,989 | €59,258 | €64,227 | €112,758 | €152,914 | €149,835 | ▼ 2.0% |
| Operating cash flow (approximation) | -€95,212 | €57,991 | €27,969 | €80,299 | €64,024 | €90,182 | €183,531 | €113,780 | ▼ 38.0% |
| Investment in fixed assets (approximation) | - | -€28,600 | -€7,242 | -€294,956 | -€100,071 | -€322,011 | -€72,486 | -€3,355 | ▲ 95.4% |
| Change in cash | - | -€6,901 | €15,576 | - | - | -€19,794 | €51,252 | €59,921 | ▲ 16.9% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 26-06-2026 | 2026-00202295 | NBB |
| 31-12-2024 | full format | 18-06-2025 | 2025-00149010 | |
| 31-12-2023 | full format | 23-08-2024 | 2024-00363060 | |
| 31-12-2022 | full format | 29-06-2023 | 2023-00172985 | |
| 31-12-2021 | full format | 22-07-2022 | 2022-20212243 | |
| 31-12-2020 | micro format | 15-03-2021 | 2021-07600424 | |
| 31-12-2019 | micro format | 06-07-2020 | 2020-26800562 | |
| 31-12-2018 | micro format | 07-07-2019 | 2019-32300031 | |
| 31-12-2017 | micro format | 23-07-2018 | 2018-36100544 | |
| 31-12-2016 | micro format | 14-07-2017 | 2017-32500586 |
Comparable companies
These companies have the same main activity as SQUAREFISH: video and film production, excluding cinema and television films (NACE 59113). They are comparable in size and age: total assets between €374,000 and €788,000, founded between 2008 and 2018.
| Company | Founded | Total assets | Equity | Gross margin | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|
| SQUAREFISH Sint-Jans-Molenbeek | 2015 | €450,072 | €232,464 | €298,232 | -€36,056 | 4 | 2025 |
| KoKoNuT Productions Gent | 2012 | €483,107 | -€138,907 | €396,315 | €33,172 | 5.4 | 2025 |
| KUBUS Hasselt | 2013 | €626,584 | €180,303 | €297,906 | €71,417 | 2.7 | 2025 |
| DoubleDouble Brussel | 2008 | €374,228 | €229,214 | €193,605 | -€30,226 | 3.2 | 2025 |
| HILLVIEW Genk | 2018 | €396,687 | €298,349 | €301,031 | €120,406 | 2.4 | 2025 |
| HET BATALJON Gent | 2017 | €787,979 | €123,500 | €355,559 | €10,464 | 4.6 | 2025 |
| DIGITAL DISTRICT BE Rixensart | 2015 | €580,605 | -€512,636 | €299,859 | €21,122 | 2 | 2025 |
They were chosen from the 719 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Subsidies and aid
Wallonia-Brussels Federation
2021 to 2024 · 7 entries · €119,500 in total| Year | Entries | Paid |
|---|---|---|
| 2024 | 1 | €60,000 |
| 2023 | 2 | €4,000 |
| 2022 | 2 | €18,500 |
| 2021 | 2 | €37,000 |
European Union, budget
2024 · 1 entry · €39,687 in totalPublic contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.