STRAK
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-12-2025 PDF all 23 filings
Turnover
≈ €90,000
Estimated: probably between €44,000 and €180,000
Total assets
€111,645▲ 18.0%
2024 · €94,643
Net result
€11,990▼ 39.0%
2024 · €19,644
Working capital
€13,873▼ 40.5%
2024 · €23,303
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€18,947
▼ 37.3%
2025
20192025
Net result
€11,990
▼ 39.0%
2025
middle half of the sector
20192025
Equity
€66,720
▼ 12.4%
2025
middle half of the sector
20192025
Total assets
€111,645
▲ 18.0%
2025
middle half of the sector
20192025
Debt
€44,924
▲ 143%
2025
20192025
Working capital
€13,873
▼ 40.5%
2025
middle half of the sector
20192025
Solvency
59.8%
▼ 20.7pp
2025
middle half of the sector
20192025
Current ratio
1.31
▼ 0.95
2025
middle half of the sector
20192025
Return on assets (ROA)
10.7%
▼ 10.0pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€3,061-€2,493▼ 18.5%€7,479▲ 200%€16,505▲ 121%€20,947▲ 26.9%€30,222▲ 44.3%€18,947▼ 37.3%
Net result€368-€10below the sector's middle half▼ 97.3%€3,173within the sector's middle half▲ 315×€10,597within the sector's middle half▲ 234%€13,506within the sector's middle half▲ 27.4%€19,644within the sector's middle half▲ 45.5%€11,990within the sector's middle half▼ 39.0%
Equity€29,220-€29,230within the sector's middle half=€32,403within the sector's middle half▲ 10.9%€43,001within the sector's middle half▲ 32.7%€56,506within the sector's middle half▲ 31.4%€76,151within the sector's middle half▲ 34.8%€66,720within the sector's middle half▼ 12.4%
Total assets€91,978-€69,192below the sector's middle half▼ 24.8%€74,082below the sector's middle half▲ 7.1%€81,492below the sector's middle half▲ 10.0%€85,390within the sector's middle half▲ 4.8%€94,643within the sector's middle half▲ 10.8%€111,645within the sector's middle half▲ 18.0%
Debt€62,758-€39,962▼ 36.3%€41,678▲ 4.3%€38,491▼ 7.6%€28,883▼ 25.0%€18,492▼ 36.0%€44,924▲ 143%
Working capital-€6,161--€13,128below the sector's middle half▼ 113%-€13,650below the sector's middle half▼ 4.0%-€10,865below the sector's middle half▲ 20.4%€3,434within the sector's middle half€23,303within the sector's middle half▲ 579%€13,873within the sector's middle half▼ 40.5%
Solvency31.8%-42.2%within the sector's middle half▲ 10.5pp43.7%within the sector's middle half▲ 1.5pp52.8%within the sector's middle half▲ 9.0pp66.2%within the sector's middle half▲ 13.4pp80.5%above the sector's middle half▲ 14.3pp59.8%within the sector's middle half▼ 20.7pp
Current ratio0.86-0.55below the sector's middle half▼ 0.310.61below the sector's middle half▲ 0.050.70below the sector's middle half▲ 0.101.13within the sector's middle half▲ 0.422.26within the sector's middle half▲ 1.131.31within the sector's middle half▼ 0.95
Return on assets (ROA)0.4%-0.0%below the sector's middle half▼ 0.4pp4.3%within the sector's middle half▲ 4.3pp13.0%within the sector's middle half▲ 8.7pp15.8%within the sector's middle half▲ 2.8pp20.8%within the sector's middle half▲ 4.9pp10.7%within the sector's middle half▼ 10.0pp
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 37% 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 €111,645
Fixed assets
€52,848 =
Current assets
€58,797 ▲ 40.7%
Equity and liabilities €111,645
Equity
€66,720 ▼ 12.4%
Debt
€44,924 ▲ 143%
Debt's share of the balance-sheet total rises from 19.5% to 40.2%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
0.67▲
2024 · 0.24
ROE
18.0%▼
2024 · 25.8%
Debt ≤ 1 year
€44,924▲
2024 · €18,492
Income taxes
€6,377▼
2024 · €9,556
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-05-2022 | 31-05-2023 | 31-05-2024 | 31-05-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €3,361 | - | - | - |
| Depreciation and write-downs of the year | €516 | €1,120 | - | - |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €5,875 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €516 | €1,120 | - | - | - |
| Other operating charges640/8 | - | - | - | €385 | €326 | €227 | €386 | ▲ 70.2% |
| Gross operating margin9900 | €3,314 | €2,688 | €7,739 | €17,405 | €22,393 | €30,449 | €19,333 | ▼ 36.5% |
| Operating profit (loss)9901 | €3,061 | €2,493 | €7,479 | €16,505 | €20,947 | €30,222 | €18,947 | ▼ 37.3% |
| Financial charges65/66B | - | - | - | €443 | €251 | €1,021 | €580 | ▼ 43.2% |
| Recurring financial charges65 | €1,397 | €1,623 | €1,079 | €443 | €251 | €1,021 | €580 | ▼ 43.2% |
| Profit (loss) for the period before taxes9903 | €1,663 | €870 | €6,401 | €16,061 | €20,696 | €29,201 | €18,367 | ▼ 37.1% |
| Income taxes67/77 | €1,296 | €860 | €3,228 | €5,464 | €7,190 | €9,556 | €6,377 | ▼ 33.3% |
| Profit (loss) for the period9904 | €368 | €10 | €3,173 | €10,597 | €13,506 | €19,644 | €11,990 | ▼ 39.0% |
| Profit (loss) for the period to be appropriated9905 | €368 | €10 | €3,173 | €10,597 | €13,506 | €19,644 | €11,990 | ▼ 39.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €91,978 | €69,192 | €74,082 | €81,492 | €85,390 | €94,643 | €111,645 | ▲ 18.0% |
| Fixed assets21/28 | €52,940 | €52,940 | €52,940 | €55,785 | €54,573 | €52,848 | €52,848 | = |
| Tangible fixed assets22/27 | - | - | - | €2,845 | €1,725 | - | - | - |
| Furniture and vehicles24 | - | - | - | €2,845 | €1,725 | - | - | - |
| Financial fixed assets28 | €52,940 | €52,940 | €52,940 | €52,940 | €52,848 | €52,848 | €52,848 | = |
| Current assets29/58 | €39,037 | €16,252 | €21,141 | €25,706 | €30,817 | €41,795 | €58,797 | ▲ 40.7% |
| Stocks and contracts in progress3 | €6,600 | €5,000 | €8,000 | €5,000 | - | - | - | - |
| Contracts in progress37 | - | - | - | €5,000 | - | - | - | - |
| Amounts receivable within one year40/41 | €31,648 | €10,479 | €12,170 | €13,629 | €29,104 | €31,200 | €55,450 | ▲ 77.7% |
| Trade receivables40 | - | - | - | €11,100 | €29,104 | €31,200 | €55,450 | ▲ 77.7% |
| Other amounts receivable41 | - | - | - | €2,529 | - | - | - | - |
| Cash at bank and in hand54/58 | €49 | €250 | €237 | €6,440 | €634 | €9,573 | €2,392 | ▼ 75.0% |
| Deferred charges and accrued income490/1 | - | - | - | €637 | €1,079 | €1,023 | €955 | ▼ 6.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €91,978 | €69,192 | €74,082 | €81,492 | €85,390 | €94,643 | €111,645 | ▲ 18.0% |
| Equity10/15 | €29,220 | €29,230 | €32,403 | €43,001 | €56,506 | €76,151 | €66,720 | ▼ 12.4% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Other1109/19 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €9,510 | €9,510 | €12,683 | €23,280 | €36,786 | €56,431 | €47,000 | ▼ 16.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €21,420 | €34,926 | €54,571 | €45,140 | ▼ 17.3% |
| Profit (loss) carried forward14 | €1,110 | €1,120 | €1,120 | €1,120 | €1,120 | €1,120 | €1,120 | = |
| Amounts payable17/49 | €62,758 | €39,962 | €41,678 | €38,491 | €28,883 | €18,492 | €44,924 | ▲ 143% |
| Amounts payable after more than one year17 | €14,259 | €10,582 | €4,387 | - | - | - | - | - |
| Amounts payable within one year42/48 | €45,198 | €29,380 | €34,792 | €36,571 | €27,383 | €18,492 | €44,924 | ▲ 143% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4,387 | - | - | - | - |
| Trade debts44 | €8,592 | €8,253 | €10,435 | €8,656 | €9,961 | €3,013 | €8,070 | ▲ 168% |
| Suppliers440/4 | - | - | - | €8,656 | €9,961 | €3,013 | €8,070 | ▲ 168% |
| Taxes, remuneration and social security45 | - | - | - | €20,554 | €17,384 | €15,113 | €15,964 | ▲ 5.6% |
| Taxes450/3 | - | - | - | €13,791 | €12,384 | €15,113 | €14,680 | ▼ 2.9% |
| Remuneration and social security454/9 | - | - | - | €6,762 | €5,000 | - | €1,284 | - |
| Other amounts payable47/48 | - | - | - | €2,975 | €38 | €366 | €20,890 | ▲ 57× |
| Accrued charges and deferred income492/3 | - | - | - | €1,920 | €1,500 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €368 | €10 | €3,173 | €10,597 | €13,506 | €19,644 | €11,990 | ▼ 39.0% |
| + Depreciation and write-downs630 | - | - | - | €516 | €1,120 | - | - | - |
| Operating cash flow (approximation) | €368 | €10 | €3,173 | €11,113 | €14,626 | €19,644 | €11,990 | ▼ 39.0% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€3,361 | €93 | €1,725 | €0 | ▼ 100% |
| Change in cash | - | €201 | -€13 | €6,203 | -€5,806 | €8,939 | -€7,181 | - |
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, 31,368 companies had the same profile as STRAK has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of STRAK 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 31,368 companies, not a prediction for STRAK. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-05-2025 | micro format | 31-12-2025 | 2026-00000762 | |
| 31-05-2024 | micro format | 31-12-2024 | 2024-00627393 | |
| 31-05-2023 | micro format | 28-11-2023 | 2023-00517039 | |
| 31-05-2022 | micro format | 30-12-2022 | 2022-20549556 | |
| 31-05-2021 | micro format | 31-12-2021 | 2021-82400304 | |
| 31-05-2020 | micro format | 30-12-2020 | 2020-77600269 | |
| 31-05-2019 | micro format | 30-04-2020 | 2020-11500326 | |
| 31-05-2018 | micro format | 30-11-2018 | 2018-73600295 | |
| 31-05-2017 | micro format | 01-12-2017 | 2017-71000064 | |
| 31-05-2016 | abbreviated format | 05-10-2016 | 2016-65100287 |