Structi-LIES
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 8 filings
Turnover
≈ €330,000
Estimated: probably between €220,000 and €510,000
Total assets
€249,256▼ 7.1%
2024 · €268,408
Net result
€23,547▼ 15.5%
2024 · €27,873
Working capital
€121,826▲ 14.1%
2024 · €106,785
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€37,365
▼ 22.3%
2025
20182025
Net result
€23,547
▼ 15.5%
2025
middle half of the sector
20182025
Equity
€154,205
▲ 17.3%
2025
highest quarter of the sector
20182025
Total assets
€249,256
▼ 7.1%
2025
middle half of the sector
20182025
Debt
€95,051
▼ 30.6%
2025
20182025
Working capital
€121,826
▲ 14.1%
2025
highest quarter of the sector
20182025
Solvency
61.9%
▲ 12.9pp
2025
middle half of the sector
20182025
Current ratio
3.34
▲ 0.78
2025
middle half of the sector
20182025
Return on assets (ROA)
9.4%
▼ 0.9pp
2025
middle half of the sector
20182025
Staff (FTE)
1
▼ 16.7%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€7,791-€14,951▲ 91.9%€13,148▼ 12.1%€52,386▲ 298%€37,810▼ 27.8%€47,484▲ 25.6%€48,105▲ 1.3%€37,365▼ 22.3%
Net result€5,136-€11,231▲ 119%€9,130within the sector's middle half▼ 18.7%€37,557within the sector's middle half▲ 311%€27,758within the sector's middle half▼ 26.1%€29,807within the sector's middle half▲ 7.4%€27,873within the sector's middle half▼ 6.5%€23,547within the sector's middle half▼ 15.5%
Equity€10,536-€20,143▲ 91.2%€29,273within the sector's middle half▲ 45.3%€52,545within the sector's middle half▲ 79.5%€75,502within the sector's middle half▲ 43.7%€104,476within the sector's middle half▲ 38.4%€131,490within the sector's middle half▲ 25.9%€154,205above the sector's middle half▲ 17.3%
Total assets€17,480-€33,507▲ 91.7%€53,375below the sector's middle half▲ 59.3%€86,816within the sector's middle half▲ 62.7%€107,119within the sector's middle half▲ 23.4%€229,144within the sector's middle half▲ 114%€268,408within the sector's middle half▲ 17.1%€249,256within the sector's middle half▼ 7.1%
Debt€6,943-€13,363▲ 92.5%€24,102▲ 80.4%€34,271▲ 42.2%€31,617▼ 7.7%€124,668▲ 294%€136,917▲ 9.8%€95,051▼ 30.6%
Working capital€7,290-€14,457▲ 98.3%€36,494within the sector's middle half▲ 152%€44,463within the sector's middle half▲ 21.8%€70,993within the sector's middle half▲ 59.7%€94,523within the sector's middle half▲ 33.1%€106,785above the sector's middle half▲ 13.0%€121,826above the sector's middle half▲ 14.1%
Solvency60.3%-60.1%▼ 0.2pp54.8%within the sector's middle half▼ 5.3pp60.5%within the sector's middle half▲ 5.7pp70.5%within the sector's middle half▲ 10.0pp45.6%within the sector's middle half▼ 24.9pp49.0%within the sector's middle half▲ 3.4pp61.9%within the sector's middle half▲ 12.9pp
Current ratio2.05-2.08▲ 0.033.96within the sector's middle half▲ 1.882.82within the sector's middle half▼ 1.144.67above the sector's middle half▲ 1.852.52within the sector's middle half▼ 2.142.55within the sector's middle half▲ 0.033.34within the sector's middle half▲ 0.78
Return on assets (ROA)29.4%-33.5%▲ 4.1pp17.1%within the sector's middle half▼ 16.4pp43.3%above the sector's middle half▲ 26.2pp25.9%within the sector's middle half▼ 17.3pp13.0%within the sector's middle half▼ 12.9pp10.4%within the sector's middle half▼ 2.6pp9.4%within the sector's middle half▼ 0.9pp
Staff (FTE)0.71.2▲ 71.4%1▼ 16.7%
above
within
below
The sector band is the middle half of the companies in Computing infrastructure, data processing, hosting and other information service activities (NACE 63). 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 22% lower than in 2024 and the lowest since 2021.
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 €249,256
Fixed assets
€75,281 ▼ 18.9%
Current assets
€173,975 ▼ 0.9%
Equity and liabilities €249,256
Equity
€154,205 ▲ 17.3%
Debt
€95,051 ▼ 30.6%
Debt's share of the balance-sheet total falls from 51.0% to 38.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€60,737▼
2024 · €70,515
Cash flow
€46,920▼
2024 · €50,284
Debt to equity
0.62▼
2024 · 1.04
ROE
15.3%▼
2024 · 21.2%
Interest coverage
16.20▲
2024 · 16.08
Debt ≤ 1 year
€52,149▼
2024 · €68,782
Debt > 1 year
€42,902▼
2024 · €62,513
Income taxes
€11,329▼
2024 · €15,878
Staff costs
€69,494▲
2024 · €67,945
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 |
| part-time | 1 | 1 | 1 |
| in full-time equivalents | 0.8 | 0.8 | 0.8 |
| Average over the year, in full-time equivalents | 0.6 | 0.9 | 0.9 |
| On a permanent contract | 1 | 1 | 1 |
| Joined | 1 | 3 | 3 |
| Left | 0 | 3 | 3 |
| Training hours | - | - | 0 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €16,980 | €1,860 | €78,432 | €42,776 | €5,813 |
| Depreciation and write-downs of the year | €2,937 | €3,016 | €7,396 | €22,410 | €23,372 |
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 | - | - | - | €0 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | €47,426 | €67,945 | €69,494 | ▲ 2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €692 | €1,817 | €1,817 | €2,937 | €3,016 | €7,396 | €22,410 | €23,372 | ▲ 4.3% |
| Other operating charges640/8 | - | - | - | €834 | €862 | €7,994 | €1,146 | €817 | ▼ 28.7% |
| Gross operating margin9900 | €8,831 | €17,267 | €15,772 | €56,158 | €41,688 | €110,300 | €139,605 | €131,049 | ▼ 6.1% |
| Operating profit (loss)9901 | €7,791 | €14,951 | €13,148 | €52,386 | €37,810 | €47,484 | €48,105 | €37,365 | ▼ 22.3% |
| Financial income75/76B | - | - | - | €8 | €1,422 | €12 | €34 | €1,261 | ▲ 38× |
| Recurring financial income75 | €14 | €0 | €0 | €8 | €1,422 | €12 | €34 | €1,261 | ▲ 38× |
| Financial charges65/66B | - | - | - | €543 | €777 | €2,735 | €4,387 | €3,750 | ▼ 14.5% |
| Recurring financial charges65 | €81 | €35 | €680 | €543 | €777 | €2,735 | €4,387 | €3,750 | ▼ 14.5% |
| Profit (loss) for the period before taxes9903 | €7,724 | €14,916 | €12,469 | €51,851 | €38,455 | €44,760 | €43,752 | €34,877 | ▼ 20.3% |
| Income taxes67/77 | €2,588 | €3,685 | €3,339 | €14,294 | €10,697 | €14,954 | €15,878 | €11,329 | ▼ 28.6% |
| Profit (loss) for the period9904 | €5,136 | €11,231 | €9,130 | €37,557 | €27,758 | €29,807 | €27,873 | €23,547 | ▼ 15.5% |
| Profit (loss) for the period to be appropriated9905 | €5,136 | €11,231 | €9,130 | €37,557 | €27,758 | €29,807 | €27,873 | €23,547 | ▼ 15.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €17,480 | €33,507 | €53,375 | €86,816 | €107,119 | €229,144 | €268,408 | €249,256 | ▼ 7.1% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €3,246 | €5,686 | €4,569 | €17,912 | €16,756 | €72,475 | €92,841 | €75,281 | ▼ 18.9% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €3,246 | €5,686 | €4,569 | €17,912 | €16,756 | €72,475 | €92,841 | €75,281 | ▼ 18.9% |
| Plant, machinery and equipment23 | - | - | - | €748 | €423 | €1,177 | €1,362 | €1,518 | ▲ 11.5% |
| Furniture and vehicles24 | - | - | - | €0 | €1,756 | €50,291 | €69,421 | €51,056 | ▼ 26.5% |
| Other tangible fixed assets26 | - | - | - | €17,164 | €14,577 | €21,006 | €22,058 | €22,707 | ▲ 2.9% |
| Assets under construction and advance payments27 | - | - | - | €0 | - | - | - | - | - |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €14,234 | €27,821 | €48,806 | €68,903 | €90,363 | €156,669 | €175,567 | €173,975 | ▼ 0.9% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €1,965 | €14,965 | €2,727 | €6,106 | €2,848 | €8,110 | €40,861 | €35,439 | ▼ 13.3% |
| Trade receivables40 | - | - | - | €5,901 | €2,608 | €6,883 | €31,796 | €23,792 | ▼ 25.2% |
| Other amounts receivable41 | - | - | - | €206 | €240 | €1,227 | €9,065 | €11,647 | ▲ 28.5% |
| Current investments50/53 | €0 | - | - | €25,854 | €25,854 | €25,854 | €25,854 | €55,854 | ▲ 116% |
| Cash at bank and in hand54/58 | €12,269 | €7,295 | €45,643 | €36,456 | €61,662 | €109,535 | €108,566 | €82,356 | ▼ 24.1% |
| Deferred charges and accrued income490/1 | - | - | - | €487 | - | €13,171 | €286 | €325 | ▲ 13.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €17,480 | €33,507 | €53,375 | €86,816 | €107,119 | €229,144 | €268,408 | €249,256 | ▼ 7.1% |
| Equity10/15 | €10,536 | €20,143 | €29,273 | €52,545 | €75,502 | €104,476 | €131,490 | €154,205 | ▲ 17.3% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €4,336 | €13,943 | €23,073 | €46,345 | €68,345 | €96,345 | €123,345 | €123,345 | = |
| 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 | = |
| Distributable reserves133 | - | - | - | €44,485 | €66,485 | €94,485 | €121,485 | €121,485 | = |
| Profit (loss) carried forward14 | €0 | - | - | €0 | €958 | €1,931 | €1,946 | €24,660 | ▲ 13× |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €6,943 | €13,363 | €24,102 | €34,271 | €31,617 | €124,668 | €136,917 | €95,051 | ▼ 30.6% |
| Amounts payable after more than one year17 | €0 | - | €11,790 | €9,831 | €7,889 | €57,357 | €62,513 | €42,902 | ▼ 31.4% |
| Financial debts170/4 | - | - | - | €9,831 | €7,889 | €57,357 | €62,513 | €42,902 | ▼ 31.4% |
| Amounts payable within one year42/48 | €6,943 | €13,363 | €12,312 | €24,440 | €19,370 | €62,147 | €68,782 | €52,149 | ▼ 24.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1,959 | €1,941 | €21,016 | €37,978 | €19,611 | ▼ 48.4% |
| Trade debts44 | €1,727 | €8,297 | €2,908 | €6,474 | €5,299 | €1,938 | €340 | €523 | ▲ 53.8% |
| Suppliers440/4 | - | - | - | €6,474 | €5,299 | €1,938 | €340 | €523 | ▲ 53.8% |
| Advances received on contracts in progress46 | - | - | - | €0 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €5,585 | €3,323 | €36,575 | €27,132 | €28,205 | ▲ 4.0% |
| Taxes450/3 | - | - | - | €5,585 | €3,323 | €24,850 | €16,314 | €16,223 | ▼ 0.6% |
| Remuneration and social security454/9 | - | - | - | - | - | €11,725 | €10,818 | €11,982 | ▲ 10.8% |
| Other amounts payable47/48 | - | - | - | €10,422 | €8,807 | €2,617 | €3,332 | €3,809 | ▲ 14.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | €4,358 | €5,165 | €5,622 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,136 | €11,231 | €9,130 | €37,557 | €27,758 | €29,807 | €27,873 | €23,547 | ▼ 15.5% |
| + Depreciation and write-downs630 | €692 | €1,817 | €1,817 | €2,937 | €3,016 | €7,396 | €22,410 | €23,372 | ▲ 4.3% |
| Operating cash flow (approximation) | €5,828 | €13,048 | €10,947 | €40,494 | €30,774 | €37,203 | €50,284 | €46,920 | ▼ 6.7% |
| Investment in fixed assets (approximation) | - | -€4,257 | -€700 | -€16,280 | -€1,860 | -€63,115 | -€42,776 | -€5,813 | ▲ 86.4% |
| Change in cash | - | -€4,973 | €38,348 | -€9,187 | €25,206 | €47,873 | -€969 | -€26,210 | ▼ 2,605% |
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, 26,972 companies had the same profile as Structi-LIES has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Structi-LIES itself is lower: < 0.1% within 12 months. It rests on far more data about Structi-LIES than the profile alone.
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 26,972 companies, not a prediction for Structi-LIES. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00389593 | |
| 31-12-2024 | micro format | 20-08-2025 | 2025-00384602 | |
| 31-12-2023 | micro format | 26-08-2024 | 2024-00429846 | |
| 31-12-2022 | micro format | 11-07-2023 | 2023-00224084 | |
| 31-12-2021 | micro format | 22-06-2022 | 2022-20081182 | |
| 31-12-2020 | micro format | 20-07-2021 | 2021-37100381 | |
| 31-12-2019 | micro format | 23-06-2020 | 2020-20300048 | |
| 31-12-2018 | micro format | 01-07-2019 | 2019-26000198 |