SUBTILT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 16 filings
Equity
€11,512▼ 3.4%
2024 · €11,916
Total assets
€13,818▼ 0.3%
2024 · €13,855
Net result
-€405
2024 · €3,796
Working capital
€11,512▼ 3.4%
2024 · €11,916
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€604
2025
20182025
Net result
-€405
2025
middle half of the sector
20182025
Equity
€11,512
▼ 3.4%
2025
middle half of the sector
20182025
Total assets
€13,818
▼ 0.3%
2025
lowest quarter of the sector
20182025
Debt
€2,306
▲ 18.9%
2025
20182025
Working capital
€11,512
▼ 3.4%
2025
middle half of the sector
20182025
Solvency
83.3%
▼ 2.7pp
2025
highest quarter of the sector
20182025
Current ratio
5.99
▼ 1.15
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-2.9%
▼ 30.3pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€10,731-€5,571▼ 48.1%-€2,811-€935▲ 66.7%-€1,601▼ 71.3%€6,004€5,989▼ 0.3%-€604
Net result€6,415-€2,232▼ 65.2%-€3,142within the sector's middle half-€1,945within the sector's middle half▲ 38.1%-€2,452within the sector's middle half▼ 26.1%€4,435within the sector's middle half€3,796within the sector's middle half▼ 14.4%-€405within the sector's middle half
Equity€8,994-€11,225▲ 24.8%€8,083within the sector's middle half▼ 28.0%€6,138below the sector's middle half▼ 24.1%€3,686below the sector's middle half▼ 40.0%€8,120within the sector's middle half▲ 120%€11,916within the sector's middle half▲ 46.7%€11,512within the sector's middle half▼ 3.4%
Total assets€26,334-€24,867▼ 5.6%€18,113below the sector's middle half▼ 27.2%€16,436below the sector's middle half▼ 9.3%€13,844below the sector's middle half▼ 15.8%€12,056below the sector's middle half▼ 12.9%€13,855below the sector's middle half▲ 14.9%€13,818below the sector's middle half▼ 0.3%
Debt€17,340-€13,642▼ 21.3%€10,031▼ 26.5%€10,299▲ 2.7%€10,158▼ 1.4%€3,935▼ 61.3%€1,939▼ 50.7%€2,306▲ 18.9%
Working capital€8,576-€10,947▲ 27.6%€7,944within the sector's middle half▼ 27.4%€6,138within the sector's middle half▼ 22.7%€3,686within the sector's middle half▼ 40.0%€8,120within the sector's middle half▲ 120%€11,916within the sector's middle half▲ 46.7%€11,512within the sector's middle half▼ 3.4%
Solvency34.2%-45.1%▲ 11.0pp44.6%within the sector's middle half▼ 0.5pp37.3%within the sector's middle half▼ 7.3pp26.6%within the sector's middle half▼ 10.7pp67.4%within the sector's middle half▲ 40.7pp86.0%above the sector's middle half▲ 18.6pp83.3%above the sector's middle half▼ 2.7pp
Current ratio1.49-1.80▲ 0.311.79within the sector's middle half▼ 0.011.60within the sector's middle half▼ 0.201.36within the sector's middle half▼ 0.233.06within the sector's middle half▲ 1.707.15above the sector's middle half▲ 4.085.99above the sector's middle half▼ 1.15
Return on assets (ROA)24.4%-9.0%▼ 15.4pp-17.3%below the sector's middle half▼ 26.3pp-11.8%below the sector's middle half▲ 5.5pp-17.7%below the sector's middle half▼ 5.9pp36.8%above the sector's middle half▲ 54.5pp27.4%above the sector's middle half▼ 9.4pp-2.9%within the sector's middle half▼ 30.3pp
above
within
below
The sector band is the middle half of the companies in Arts creation and performing arts activities (NACE 90). 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 a loss of €604, after a profit of €5,989 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €13,818
Equity
€11,512 ▼ 3.4%
Debt
€2,306 ▲ 18.9%
Debt's share of the balance-sheet total rises from 14.0% to 16.7%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
0.20▲
2024 · 0.16
ROE
-3.5%▼
2024 · 31.9%
Debt ≤ 1 year
€2,306▲
2024 · €1,939
Income taxes
€32▼
2024 · €1,900
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €139 | €139 | €139 | €139 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | - | - | €384 | €861 | - | - |
| Gross operating margin9900 | €11,964 | €6,923 | -€2,401 | -€796 | -€1,601 | €6,389 | €6,850 | -€604 | - |
| Operating profit (loss)9901 | €10,731 | €5,571 | -€2,811 | -€935 | -€1,601 | €6,004 | €5,989 | -€604 | - |
| Financial income75/76B | - | - | - | €417 | - | - | €264 | €291 | ▲ 10.2% |
| Recurring financial income75 | €1,730 | €911 | €518 | €417 | - | - | €264 | €291 | ▲ 10.2% |
| Financial charges65/66B | - | - | - | €1,241 | €1,069 | €1,052 | €558 | €60 | ▼ 89.2% |
| Recurring financial charges65 | €2,636 | €2,579 | €817 | €1,241 | €1,069 | €1,052 | €558 | €60 | ▼ 89.2% |
| Profit (loss) for the period before taxes9903 | €9,825 | €3,904 | -€3,110 | -€1,759 | -€2,670 | €4,953 | €5,695 | -€373 | - |
| Income taxes67/77 | €3,411 | €1,672 | €32 | €186 | -€218 | €518 | €1,900 | €32 | ▼ 98.3% |
| Profit (loss) for the period9904 | €6,415 | €2,232 | -€3,142 | -€1,945 | -€2,452 | €4,435 | €3,796 | -€405 | - |
| Profit (loss) for the period to be appropriated9905 | €6,415 | €2,232 | -€3,142 | -€1,945 | -€2,452 | €4,435 | €3,796 | -€405 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €26,334 | €24,867 | €18,113 | €16,436 | €13,844 | €12,056 | €13,855 | €13,818 | ▼ 0.3% |
| Fixed assets21/28 | €418 | €278 | €139 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €418 | €278 | €139 | - | - | - | - | - | - |
| Current assets29/58 | €25,916 | €24,589 | €17,974 | €16,436 | €13,844 | €12,056 | €13,855 | €13,818 | ▼ 0.3% |
| Stocks and contracts in progress3 | - | - | - | - | - | - | €793 | - | - |
| Stocks30/36 | - | - | - | - | - | - | €793 | - | - |
| Amounts receivable within one year40/41 | €10,371 | €21,212 | €15,486 | €16,430 | €13,844 | €12,056 | €12,832 | €12,856 | ▲ 0.2% |
| Trade receivables40 | - | - | - | - | - | €325 | €107 | - | - |
| Other amounts receivable41 | - | - | - | €16,430 | €13,844 | €11,731 | €12,725 | €12,856 | ▲ 1.0% |
| Cash at bank and in hand54/58 | €14,633 | €3,194 | €2,489 | €6 | - | - | €231 | €961 | ▲ 317% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €26,334 | €24,867 | €18,113 | €16,436 | €13,844 | €12,056 | €13,855 | €13,818 | ▼ 0.3% |
| Equity10/15 | €8,994 | €11,225 | €8,083 | €6,138 | €3,686 | €8,120 | €11,916 | €11,512 | ▼ 3.4% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Contributions outside capital11 | - | - | - | €6,200 | - | - | - | - | - |
| Other1109/19 | - | - | - | €6,200 | - | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,883 | €1,883 | €1,883 | €1,883 | €5,679 | €5,656 | ▼ 0.4% |
| 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 | - | - | - | €23 | €23 | €23 | €3,819 | €3,796 | ▼ 0.6% |
| Profit (loss) carried forward14 | €934 | €3,165 | - | -€1,945 | -€4,397 | €38 | €38 | -€344 | - |
| Amounts payable17/49 | €17,340 | €13,642 | €10,031 | €10,299 | €10,158 | €3,935 | €1,939 | €2,306 | ▲ 18.9% |
| Amounts payable within one year42/48 | €17,340 | €13,642 | €10,031 | €10,299 | €10,158 | €3,935 | €1,939 | €2,306 | ▲ 18.9% |
| Financial debts43 | - | - | - | €9,216 | €9,766 | €3,351 | - | - | - |
| Credit institutions430/8 | - | - | - | €9,216 | €9,766 | €3,351 | - | - | - |
| Trade debts44 | €1,512 | €356 | €1,630 | €865 | €392 | €66 | €40 | €374 | ▲ 844% |
| Suppliers440/4 | - | - | - | €865 | €392 | €66 | €40 | €374 | ▲ 844% |
| Taxes, remuneration and social security45 | - | - | - | €218 | - | €518 | €1,900 | €1,932 | ▲ 1.7% |
| Taxes450/3 | - | - | - | €218 | - | €518 | €1,900 | €1,932 | ▲ 1.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,415 | €2,232 | -€3,142 | -€1,945 | -€2,452 | €4,435 | €3,796 | -€405 | - |
| + Depreciation and write-downs630 | €139 | €139 | €139 | €139 | - | - | - | - | - |
| Operating cash flow (approximation) | €6,554 | €2,371 | -€3,003 | -€1,806 | -€2,452 | €4,435 | €3,796 | -€405 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | - | - | - | - | - | - |
| Change in cash | - | -€11,440 | -€705 | -€2,482 | - | - | - | €730 | - |
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, 6,908 companies had the same profile as SUBTILT has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SUBTILT 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 6,908 companies, not a prediction for SUBTILT. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-06-2026 | 2026-00191174 | |
| 31-12-2024 | micro format | 28-07-2025 | 2025-00314796 | |
| 31-12-2023 | micro format | 25-07-2024 | 2024-00280662 | |
| 31-12-2022 | micro format | 02-08-2023 | 2023-00305476 | |
| 31-12-2021 | micro format | 10-08-2022 | 2022-20280403 | |
| 31-12-2020 | micro format | 12-08-2021 | 2021-48200312 | |
| 31-12-2019 | micro format | 10-09-2020 | 2020-52400281 | |
| 31-12-2018 | micro format | 28-06-2019 | 2019-25800371 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-58700112 | |
| 31-12-2016 | full format | 31-08-2017 | 2017-56900421 |