SWINGACTIONS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 22 filings
Turnover
≈ €120,000
Estimated: probably between €69,000 and €160,000
Total assets
€235,025▲ 1.3%
2024 · €232,104
Net result
€15,623▼ 13.0%
2024 · €17,960
Working capital
€27,420▲ 2.8%
2024 · €26,673
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€29,309
▼ 15.5%
2025
20182025
Net result
€15,623
▼ 13.0%
2025
middle half of the sector
20182025
Equity
€135,325
▲ 13.1%
2025
middle half of the sector
20182025
Total assets
€235,025
▲ 1.3%
2025
middle half of the sector
20182025
Debt
€99,699
▼ 11.3%
2025
20182025
Working capital
€27,420
▲ 2.8%
2025
middle half of the sector
20182025
Solvency
57.6%
▲ 6.0pp
2025
middle half of the sector
20182025
Current ratio
1.40
▼ 0.06
2025
middle half of the sector
20182025
Return on assets (ROA)
6.6%
▼ 1.1pp
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€27,682-€43,655▲ 57.7%€54,736▲ 25.4%€32,657▼ 40.3%€37,303▲ 14.2%€38,833▲ 4.1%€34,672▼ 10.7%€29,309▼ 15.5%
Net result€13,057-€21,338▲ 63.4%€30,606within the sector's middle half▲ 43.4%€14,678within the sector's middle half▼ 52.0%€18,740within the sector's middle half▲ 27.7%€19,848within the sector's middle half▲ 5.9%€17,960within the sector's middle half▼ 9.5%€15,623within the sector's middle half▼ 13.0%
Equity-€1,855-€18,670€48,477within the sector's middle half▲ 160%€63,154within the sector's middle half▲ 30.3%€81,894within the sector's middle half▲ 29.7%€101,742within the sector's middle half▲ 24.2%€119,702within the sector's middle half▲ 17.7%€135,325within the sector's middle half▲ 13.1%
Total assets€222,302-€232,550▲ 4.6%€246,845within the sector's middle half▲ 6.1%€229,302within the sector's middle half▼ 7.1%€226,474within the sector's middle half▼ 1.2%€238,872within the sector's middle half▲ 5.5%€232,104within the sector's middle half▼ 2.8%€235,025within the sector's middle half▲ 1.3%
Debt€224,158-€213,880▼ 4.6%€198,369▼ 7.3%€166,148▼ 16.2%€144,580▼ 13.0%€137,129▼ 5.2%€112,402▼ 18.0%€99,699▼ 11.3%
Working capital-€11,901--€4,964▲ 58.3%€11,539within the sector's middle half€10,767within the sector's middle half▼ 6.7%€17,224within the sector's middle half▲ 60.0%€23,358within the sector's middle half▲ 35.6%€26,673within the sector's middle half▲ 14.2%€27,420within the sector's middle half▲ 2.8%
Solvency-0.8%-8.0%▲ 8.9pp19.6%below the sector's middle half▲ 11.6pp27.5%within the sector's middle half▲ 7.9pp36.2%within the sector's middle half▲ 8.6pp42.6%within the sector's middle half▲ 6.4pp51.6%within the sector's middle half▲ 9.0pp57.6%within the sector's middle half▲ 6.0pp
Current ratio0.70-0.90▲ 0.201.20within the sector's middle half▲ 0.301.22within the sector's middle half▲ 0.021.37within the sector's middle half▲ 0.151.39within the sector's middle half▲ 0.021.46within the sector's middle half▲ 0.071.40within the sector's middle half▼ 0.06
Return on assets (ROA)5.9%-9.2%▲ 3.3pp12.4%within the sector's middle half▲ 3.2pp6.4%within the sector's middle half▼ 6.0pp8.3%within the sector's middle half▲ 1.9pp8.3%within the sector's middle half=7.7%within the sector's middle half▼ 0.6pp6.6%within the sector's middle half▼ 1.1pp
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 15% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
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 €235,025
Fixed assets
€139,173 ▼ 5.8%
Current assets
€95,852 ▲ 13.5%
Equity and liabilities €235,025
Equity
€135,325 ▲ 13.1%
Debt
€99,699 ▼ 11.3%
Debt's share of the balance-sheet total falls from 48.4% to 42.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€37,809▼
2024 · €43,145
Cash flow
€24,123▼
2024 · €26,433
Debt to equity
0.74▼
2024 · 0.94
ROE
11.5%▼
2024 · 15.0%
Interest coverage
6.67▲
2024 · 5.62
Debt ≤ 1 year
€68,432▲
2024 · €57,758
Debt > 1 year
€31,268▼
2024 · €54,644
Income taxes
€8,023▼
2024 · €9,038
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 |
| Carrying value of the mortgaged assets | €170,199 | €162,307 | €154,415 | €146,523 | €138,631 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €237 | €1,219 | €370 | - |
| Depreciation and write-downs of the year | €8,476 | €7,953 | €8,251 | €8,474 | €8,500 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,610 | €8,698 | €8,431 | €8,476 | €7,953 | €8,251 | €8,474 | €8,500 | ▲ 0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €150 | - | - |
| Other operating charges640/8 | - | - | - | €2,307 | €2,591 | €2,591 | €2,681 | €3,116 | ▲ 16.2% |
| Gross operating margin9900 | €38,432 | €54,898 | €65,819 | €43,439 | €47,847 | €49,675 | €45,977 | €40,925 | ▼ 11.0% |
| Operating profit (loss)9901 | €27,682 | €43,655 | €54,736 | €32,657 | €37,303 | €38,833 | €34,672 | €29,309 | ▼ 15.5% |
| Financial income75/76B | - | - | - | €2 | €245 | €0 | - | €8 | - |
| Recurring financial income75 | €169 | €28 | €1,319 | €2 | €245 | €0 | - | €8 | - |
| Financial charges65/66B | - | - | - | €10,985 | €9,467 | €8,926 | €7,674 | €5,671 | ▼ 26.1% |
| Recurring financial charges65 | €14,794 | €13,393 | €12,212 | €10,985 | €9,467 | €8,926 | €7,674 | €5,671 | ▼ 26.1% |
| Profit (loss) for the period before taxes9903 | €13,057 | €30,290 | €43,843 | €21,674 | €28,081 | €29,907 | €26,998 | €23,647 | ▼ 12.4% |
| Income taxes67/77 | - | €8,953 | €13,236 | €6,996 | €9,342 | €10,059 | €9,038 | €8,023 | ▼ 11.2% |
| Profit (loss) for the period9904 | €13,057 | €21,338 | €30,606 | €14,678 | €18,740 | €19,848 | €17,960 | €15,623 | ▼ 13.0% |
| Profit (loss) for the period to be appropriated9905 | €13,057 | €21,338 | €30,606 | €14,678 | €18,740 | €19,848 | €17,960 | €15,623 | ▼ 13.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €222,302 | €232,550 | €246,845 | €229,302 | €226,474 | €238,872 | €232,104 | €235,025 | ▲ 1.3% |
| Fixed assets21/28 | €194,377 | €187,251 | €179,000 | €170,524 | €162,809 | €155,776 | €147,673 | €139,173 | ▼ 5.8% |
| Tangible fixed assets22/27 | €194,156 | €187,030 | €178,779 | €170,303 | €162,588 | €155,555 | €147,452 | €138,952 | ▼ 5.8% |
| Land and buildings22 | - | - | - | €170,199 | €162,307 | €154,415 | €146,523 | €138,631 | ▼ 5.4% |
| Furniture and vehicles24 | - | - | - | €104 | €281 | €1,141 | €929 | €321 | ▼ 65.4% |
| Financial fixed assets28 | €221 | €221 | €221 | €221 | €221 | €221 | €221 | €221 | = |
| Current assets29/58 | €27,925 | €45,299 | €67,846 | €58,778 | €63,665 | €83,095 | €84,431 | €95,852 | ▲ 13.5% |
| Amounts receivable after more than one year29 | - | - | - | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Other amounts receivable291 | - | - | - | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Amounts receivable within one year40/41 | €27,033 | €39,842 | €6,883 | €6,698 | €9,335 | €31,185 | €31,528 | €43,194 | ▲ 37.0% |
| Trade receivables40 | - | - | - | €3,415 | €2,362 | €6,178 | €8,678 | €10,139 | ▲ 16.8% |
| Other amounts receivable41 | - | - | - | €3,283 | €6,973 | €25,007 | €22,850 | €33,055 | ▲ 44.7% |
| Cash at bank and in hand54/58 | €738 | €5,220 | €10,575 | €1,413 | €3,366 | €1,181 | €113 | €1,550 | ▲ 14× |
| Deferred charges and accrued income490/1 | - | - | - | €667 | €964 | €729 | €2,791 | €1,107 | ▼ 60.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €222,302 | €232,550 | €246,845 | €229,302 | €226,474 | €238,872 | €232,104 | €235,025 | ▲ 1.3% |
| Equity10/15 | -€1,855 | €18,670 | €48,477 | €63,154 | €81,894 | €101,742 | €119,702 | €135,325 | ▲ 13.1% |
| 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 | €5,827 | €12,470 | €42,277 | €56,954 | €75,694 | €95,542 | €113,502 | €129,125 | ▲ 13.8% |
| Tax-exempt reserves132 | - | - | - | €5,220 | €5,220 | €5,220 | €5,220 | €5,220 | = |
| Distributable reserves133 | - | - | - | €51,734 | €70,474 | €90,322 | €108,282 | €123,905 | ▲ 14.4% |
| Profit (loss) carried forward14 | -€13,883 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €224,158 | €213,880 | €198,369 | €166,148 | €144,580 | €137,129 | €112,402 | €99,699 | ▼ 11.3% |
| Amounts payable after more than one year17 | €183,549 | €163,050 | €141,095 | €117,570 | €97,518 | €76,715 | €54,644 | €31,268 | ▼ 42.8% |
| Financial debts170/4 | - | - | - | €117,570 | €97,518 | €76,715 | €54,644 | €31,268 | ▼ 42.8% |
| Amounts payable within one year42/48 | €39,827 | €50,263 | €56,307 | €48,010 | €46,441 | €59,737 | €57,758 | €68,432 | ▲ 18.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €33,524 | €30,053 | €30,803 | €32,071 | €33,376 | ▲ 4.1% |
| Financial debts43 | - | - | - | - | - | €15,144 | €1,748 | - | - |
| Credit institutions430/8 | - | - | - | - | - | €15,144 | €1,748 | - | - |
| Trade debts44 | €14,659 | €13,237 | €8,666 | €5,123 | €4,816 | €9,446 | €20,027 | €31,649 | ▲ 58.0% |
| Suppliers440/4 | - | - | - | €5,123 | €4,816 | €9,446 | €20,027 | €31,649 | ▲ 58.0% |
| Taxes, remuneration and social security45 | - | - | - | €7,796 | €11,572 | €4,344 | €3,912 | €3,406 | ▼ 12.9% |
| Taxes450/3 | - | - | - | €7,796 | €11,572 | €4,344 | €3,342 | €3,406 | ▲ 1.9% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €570 | - | - |
| Other amounts payable47/48 | - | - | - | €1,567 | - | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €567 | €621 | €678 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,057 | €21,338 | €30,606 | €14,678 | €18,740 | €19,848 | €17,960 | €15,623 | ▼ 13.0% |
| + Depreciation and write-downs630 | €8,610 | €8,698 | €8,431 | €8,476 | €7,953 | €8,251 | €8,474 | €8,500 | ▲ 0.3% |
| Operating cash flow (approximation) | €21,667 | €30,035 | €39,037 | €23,153 | €26,692 | €28,100 | €26,433 | €24,123 | ▼ 8.7% |
| Investment in fixed assets (approximation) | - | -€1,572 | -€179 | €0 | -€237 | -€1,219 | -€370 | €0 | - |
| Change in cash | - | €4,482 | €5,355 | -€9,162 | €1,953 | -€2,185 | -€1,068 | €1,437 | - |
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 SWINGACTIONS 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 SWINGACTIONS 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 SWINGACTIONS. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-06-2026 | 2026-00187664 | |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00205321 | |
| 31-12-2023 | micro format | 01-07-2024 | 2024-00188445 | |
| 31-12-2022 | micro format | 12-07-2023 | 2023-00228624 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20110839 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-43500080 | |
| 31-12-2019 | micro format | 19-08-2020 | 2020-42400045 | |
| 31-12-2018 | micro format | 29-07-2019 | 2019-39500397 | |
| 31-12-2017 | micro format | 30-07-2018 | 2018-41000271 | |
| 31-12-2016 | micro format | 25-07-2017 | 2017-35600183 |