SWEETSPOT
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 7 days after the deadline Filed on 7 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00400771.
Annual accounts 2025 filed on 07-08-2026 at the NBB all 6 filings
Turnover
€119,350
EBIT margin
61.5%
Net result
€47,693
2024 · -€27,028
Working capital
€118,877▲ 64.2%
2024 · €72,392
Multi-year overview
2020 to 2025, 6 financial yearsTurnover
no figure
2025
20202025
Operating result
€70,462
2025
20202025
Net result
€47,693
2025
middle half of the sector
20202025
EBIT margin
no figure
2025
20202025
Equity
€152,761
▲ 45.4%
2025
middle half of the sector
20202025
Total assets
€384,338
▲ 3.9%
2025
middle half of the sector
20202025
Debt
€231,577
▼ 12.5%
2025
20202025
Working capital
€118,877
▲ 64.2%
2025
middle half of the sector
20202025
Solvency
39.7%
▲ 11.3pp
2025
middle half of the sector
20202025
Current ratio
5.77
▲ 3.51
2025
highest quarter of the sector
20202025
Return on assets (ROA)
12.4%
▲ 19.7pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Turnover€119,350-
Operating result€73,369-€75,208▲ 2.5%€74,329▼ 1.2%€39,849▼ 46.4%-€17,490€70,462
Net result€58,612above the sector's middle half-€59,401above the sector's middle half▲ 1.3%€58,209within the sector's middle half▼ 2.0%-€2,027below the sector's middle half-€27,028below the sector's middle half▼ 1,233%€47,693within the sector's middle half
EBIT margin61.5%-
Equity€63,612within the sector's middle half-€123,013within the sector's middle half▲ 93.4%€181,223within the sector's middle half▲ 47.3%€132,096within the sector's middle half▼ 27.1%€105,068within the sector's middle half▼ 20.5%€152,761within the sector's middle half▲ 45.4%
Total assets€99,516within the sector's middle half-€197,207within the sector's middle half▲ 98.2%€263,696within the sector's middle half▲ 33.7%€470,218within the sector's middle half▲ 78.3%€369,859within the sector's middle half▼ 21.3%€384,338within the sector's middle half▲ 3.9%
Debt€35,904-€74,194▲ 107%€82,474▲ 11.2%€338,122▲ 310%€264,792▼ 21.7%€231,577▼ 12.5%
Working capital€52,604within the sector's middle half-€112,648within the sector's middle half▲ 114%€172,539above the sector's middle half▲ 53.2%€91,292within the sector's middle half▼ 47.1%€72,392within the sector's middle half▼ 20.7%€118,877within the sector's middle half▲ 64.2%
Solvency63.9%within the sector's middle half-62.4%within the sector's middle half▼ 1.5pp68.7%within the sector's middle half▲ 6.3pp28.1%within the sector's middle half▼ 40.6pp28.4%within the sector's middle half▲ 0.3pp39.7%within the sector's middle half▲ 11.3pp
Current ratio2.47within the sector's middle half-2.52within the sector's middle half▲ 0.063.09within the sector's middle half▲ 0.571.71within the sector's middle half▼ 1.392.26within the sector's middle half▲ 0.565.77above the sector's middle half▲ 3.51
Return on assets (ROA)58.9%above the sector's middle half-30.1%above the sector's middle half▼ 28.8pp22.1%within the sector's middle half▼ 8.0pp-0.4%below the sector's middle half▼ 22.5pp-7.3%below the sector's middle half▼ 6.9pp12.4%within the sector's middle half▲ 19.7pp
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 a profit of €70,462, after a loss of €17,490 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €384,338
Fixed assets
€240,527 ▲ 0.2%
Current assets
€143,811 ▲ 10.8%
Equity and liabilities €384,338
Equity
€152,761 ▲ 45.4%
Debt
€231,577 ▼ 12.5%
Debt's share of the balance-sheet total falls from 71.6% to 60.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€79,781▲
2024 · -€7,966
Cash flow
€57,012▲
2024 · -€17,503
Debt to equity
1.52▼
2024 · 2.52
ROE
31.2%▲
2024 · -25.7%
Interest coverage
8.29▲
2024 · -0.84
Debt ≤ 1 year
€24,935▼
2024 · €57,417
Debt > 1 year
€206,579▲
2024 · €205,886
Income taxes
€13,141▲
2024 · €71
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,635 | €2,829 | €251,932 | - | €9,794 |
| Depreciation and write-downs of the year | €3,874 | €4,617 | €19,287 | €9,525 | €9,319 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Turnover70 | €119,350 | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | €7,443 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €576 | €3,874 | €4,617 | €19,287 | €9,525 | €9,319 | ▼ 2.2% |
| Other operating charges640/8 | - | €245 | €146 | €824 | €1,312 | €602 | ▼ 54.1% |
| Gross operating margin9900 | €73,973 | €79,327 | €79,093 | €59,960 | -€6,653 | €80,382 | - |
| Operating profit (loss)9901 | €73,369 | €75,208 | €74,329 | €39,849 | -€17,490 | €70,462 | - |
| Recurring financial income75 | €90 | - | - | - | - | - | - |
| Financial charges65/66B | - | €203 | €227 | €40,902 | €9,466 | €9,628 | ▲ 1.7% |
| Recurring financial charges65 | €95 | €203 | €227 | €7,915 | €9,466 | €9,628 | ▲ 1.7% |
| Non-recurring financial charges66B | - | - | - | €32,987 | - | - | - |
| Profit (loss) for the period before taxes9903 | €73,364 | €75,005 | €74,102 | -€1,053 | -€26,957 | €60,834 | - |
| Income taxes67/77 | €14,752 | €15,604 | €15,893 | €974 | €71 | €13,141 | ▲ 185× |
| Profit (loss) for the period9904 | €58,612 | €59,401 | €58,209 | -€2,027 | -€27,028 | €47,693 | - |
| Profit (loss) for the period to be appropriated9905 | €58,612 | €59,401 | €58,209 | -€2,027 | -€27,028 | €47,693 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €99,516 | €197,207 | €263,696 | €470,218 | €369,859 | €384,338 | ▲ 3.9% |
| Fixed assets21/28 | €11,008 | €10,473 | €8,684 | €249,576 | €240,051 | €240,527 | ▲ 0.2% |
| Tangible fixed assets22/27 | €10,964 | €10,429 | €8,640 | €249,532 | €240,007 | €240,483 | ▲ 0.2% |
| Land and buildings22 | - | - | - | €243,561 | €236,927 | €239,830 | ▲ 1.2% |
| Furniture and vehicles24 | - | €10,429 | €8,640 | €5,971 | €3,080 | €653 | ▼ 78.8% |
| Financial fixed assets28 | €44 | €44 | €44 | €44 | €44 | €44 | = |
| Current assets29/58 | €88,508 | €186,734 | €255,013 | €220,642 | €129,809 | €143,811 | ▲ 10.8% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €133,716 | - |
| Trade receivables290 | - | - | - | - | - | €133,716 | - |
| Amounts receivable within one year40/41 | €9,075 | €2,668 | €24,663 | €44,938 | €60,156 | €8,199 | ▼ 86.4% |
| Trade receivables40 | - | €2,668 | €24,656 | €40,480 | €186 | €198 | ▲ 6.6% |
| Other amounts receivable41 | - | - | €8 | €4,457 | €59,971 | €8,001 | ▼ 86.7% |
| Cash at bank and in hand54/58 | €77,811 | €182,783 | €229,091 | €174,039 | €67,741 | €276 | ▼ 99.6% |
| Deferred charges and accrued income490/1 | - | €1,283 | €1,258 | €1,665 | €1,912 | €1,621 | ▼ 15.2% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €99,516 | €197,207 | €263,696 | €470,218 | €369,859 | €384,338 | ▲ 3.9% |
| Equity10/15 | €63,612 | €123,013 | €181,223 | €132,096 | €105,068 | €152,761 | ▲ 45.4% |
| Contributions10/11 | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | - | - | - | - | - | €47,693 | - |
| Distributable reserves133 | - | - | - | - | - | €47,693 | - |
| Profit (loss) carried forward14 | €58,612 | €118,013 | €176,223 | €127,096 | €100,068 | €100,068 | = |
| Amounts payable17/49 | €35,904 | €74,194 | €82,474 | €338,122 | €264,792 | €231,577 | ▼ 12.5% |
| Amounts payable after more than one year17 | - | - | - | €208,760 | €205,886 | €206,579 | ▲ 0.3% |
| Financial debts170/4 | - | - | - | €208,760 | €205,886 | €206,579 | ▲ 0.3% |
| Amounts payable within one year42/48 | €35,904 | €74,086 | €82,474 | €129,351 | €57,417 | €24,935 | ▼ 56.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,677 | €7,984 | €9,259 | ▲ 16.0% |
| Trade debts44 | €470 | €525 | - | €42,116 | €640 | €372 | ▼ 41.9% |
| Suppliers440/4 | - | €525 | - | €42,116 | €640 | €372 | ▼ 41.9% |
| Taxes, remuneration and social security45 | - | €59,584 | €35,518 | €1,622 | €1,693 | €13,104 | ▲ 674% |
| Taxes450/3 | - | €38,904 | €35,518 | €1,622 | €1,693 | €13,104 | ▲ 674% |
| Remuneration and social security454/9 | - | €20,680 | - | - | - | - | - |
| Other amounts payable47/48 | - | €13,977 | €46,956 | €77,936 | €47,100 | €2,200 | ▼ 95.3% |
| Accrued charges and deferred income492/3 | - | €108 | - | €11 | €1,489 | €64 | ▼ 95.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €58,612 | €59,401 | €58,209 | -€2,027 | -€27,028 | €47,693 | - |
| + Depreciation and write-downs630 | €576 | €3,874 | €4,617 | €19,287 | €9,525 | €9,319 | ▼ 2.2% |
| Operating cash flow (approximation) | €59,188 | €63,275 | €62,826 | €17,260 | -€17,503 | €57,012 | - |
| Investment in fixed assets (approximation) | - | -€3,339 | -€2,828 | -€260,179 | €0 | -€9,794 | - |
| Change in cash | - | €104,972 | €46,308 | -€55,052 | -€106,299 | -€67,465 | ▲ 36.5% |
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 SWEETSPOT 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.
That fits the bankruptcy probability of SWEETSPOT itself: 0.5% 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 26,972 companies, not a prediction for SWEETSPOT. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-08-2026 | 2026-00400771 | |
| 31-12-2024 | micro format | 04-06-2025 | 2025-00122860 | |
| 31-12-2023 | micro format | 17-09-2024 | 2024-00462988 | |
| 31-12-2022 | micro format | 30-04-2024 | 2024-00078517 | |
| 31-12-2021 | micro format | 21-08-2022 | 2022-20303864 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-59200011 |