THE REFERENCE
InactiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-06-2026 PDF all 25 filings
Turnover
€12.4m▼ 16.1%
2024 · €14.8m
EBIT margin
-5.6%▼ 8.3pp
2024 · 2.8%
Net result
-€678,327
2024 · €111,437
Working capital
€1.5m▼ 20.8%
2024 · €1.9m
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is a loss of €691,150, after a profit of €407,730 in 2024. It is the lowest result since 2021.
Turnover€12.4m
2025
Operating result-€0.7m
2025
Net result-€0.7m
2025
Total assets€3.5m
2025
Equity€1.0m
2025
Debt€2.6m
2025
Working capital€1.5m
2025
EBIT margin-5.6%
2025
Staff (FTE)75.4
2025
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€17.1m-€16.7m▼ 2.3%€14.8m▼ 11.3%€13.9m▼ 6.2%€15.7m▲ 12.6%€16.1m▲ 2.7%€14.8m▼ 8.2%€12.4m▼ 16.1%
Operating result€0.2m--€0.05m€0.2m€0.3m▲ 50.4%€0.5m▲ 71.3%€0.4m▼ 21.0%€0.4m▲ 14.4%-€0.7m
Net result€0.008m--€0.2m-€0.01m▲ 94.3%€0.07m€0.2m▲ 264%€0.06m▼ 76.7%€0.1m▲ 96.1%-€0.7m
EBIT margin1.4%--0.3%▼ 1.7pp1.2%▲ 1.5pp1.9%▲ 0.7pp2.9%▲ 1.0pp2.2%▼ 0.7pp2.8%▲ 0.5pp-5.6%▼ 8.3pp
Equity€0.7m-€0.4m▼ 35.3%€1.2m▲ 170%€1.2m▲ 5.7%€1.5m▲ 19.7%€1.5m▲ 3.8%€1.6m▲ 7.3%€1.0m▼ 41.2%
Total assets€7.6m-€7.0m▼ 7.7%€6.8m▼ 3.2%€6.5m▼ 4.3%€6.9m▲ 6.3%€5.5m▼ 20.6%€4.7m▼ 15.0%€3.5m▼ 24.4%
Debt€6.9m-€6.6m▼ 4.5%€5.6m▼ 14.5%€5.3m▼ 6.4%€5.4m▲ 3.1%€3.9m▼ 27.3%€3.0m▼ 23.6%€2.6m▼ 15.2%
Working capital-€0.1m--€0.003m▲ 97.8%€0.8m€0.8m▼ 2.1%€0.2m▼ 77.6%€2.0m▲ 11×€1.9m▼ 3.2%€1.5m▼ 20.8%
Staff (FTE)108.7-116.4▲ 7.1%101.1▼ 13.1%88.6▼ 12.4%89.6▲ 1.1%91.3▲ 1.9%84.3▼ 7.7%75.4▼ 10.6%
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.5m
Fixed assets
€92,597 ▼ 25.5%
Current assets
€3.4m ▼ 23.6%
Equity and liabilities €3.5m
Equity
€969,313 ▼ 41.2%
Debt
€2.6m ▼ 15.2%
Debt's share of the balance-sheet total rises from 64.6% to 72.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€568,126▼
2024 · €557,436
Cash flow
-€555,303▼
2024 · €261,143
Current ratio
1.79▲
2024 · 1.75
Debt to equity
2.63▲
2024 · 1.83
ROE
-70.0%▼
2024 · 6.8%
ROA
-19.3%▼
2024 · 2.4%
Interest coverage
-33537.52▼
2024 · 5.36
Debt ≤ 1 year
€1.9m▼
2024 · €2.6m
Income taxes
-€9,212▼
2024 · €171,705
Customer credit
70 days▼
2024 · 77 days
Supplier credit
96 days▼
2024 · 134 days
Staff costs
€8.3m▲
2024 · €8.1m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 92 | 95 | 98 | 89 | 77 |
| full-time | 73 | 72 | 65 | 58 | 47 |
| part-time | 19 | 23 | 33 | 31 | 30 |
| in full-time equivalents | 87.7 | 90.5 | 90.6 | 82.7 | 70.7 |
| Average over the year, in full-time equivalents | 88.2 | 89.6 | 91.3 | 84.3 | 75.4 |
| On a permanent contract | 92 | 95 | 98 | 89 | 77 |
| Joined | 19 | 20 | 13 | 5 | 0 |
| Left | 19 | 17 | 11 | 14 | 12 |
| Training hours | 221 | 233 | 4,706 | 1,844 | 251 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue social security (RSZ) debts | - | - | - | €0 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | - | €1.4m |
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 | €231,396 | €43,500 | €32,563 | €9,960 | €46,003 |
| Intangible fixed assets | €79,751 | - | - | - | - |
| Financial fixed assets | - | €921,453 | - | - | - |
| Depreciation and write-downs of the year | €336,833 | €228,433 | €166,454 | €149,706 | €123,024 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is Forvis Mazars Réviseurs d’Entreprises.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €19,050 | - | €19,000 | €19,640 | €16,031 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2023 to 2024 · 2 entries · €3,152 awarded · €3,152 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €2,364 | €2,364 |
| 2023 | 1 | €788 | €788 |
Schemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €14.5m | €16.3m | €16.4m | €15.3m | €13.0m | ▼ 15.2% |
| Turnover70 | €17.1m | €16.7m | €14.8m | €13.9m | €15.7m | €16.1m | €14.8m | €12.4m | ▼ 16.1% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €0.1m | €0.08m | -€0.3m | - | - | - |
| Own construction capitalised72 | - | - | - | €0.08m | - | - | - | - | - |
| Other operating income74 | - | - | - | €0.4m | €0.6m | €0.6m | €0.6m | €0.6m | ▲ 8.8% |
| Non-recurring operating income76A | - | - | - | - | - | €205 | - | - | - |
| Operating charges60/66A | - | - | - | €14.2m | €15.9m | €16.0m | €14.9m | €13.7m | ▼ 8.3% |
| Goods for resale, raw materials and consumables60 | - | - | - | €1.1m | €1.2m | €2.9m | €2.8m | €1.9m | ▼ 32.7% |
| Purchases600/8 | - | - | - | €1.1m | €1.2m | €2.9m | €2.8m | €1.9m | ▼ 32.7% |
| Services and other goods61 | - | - | - | €5.9m | €7.0m | €4.9m | €3.9m | €3.4m | ▼ 12.2% |
| Remuneration, social security and pensions62 | - | - | - | €6.9m | €7.4m | €8.0m | €8.1m | €8.3m | ▲ 2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.4m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 17.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €0.04m | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.009m | €0.01m | €0.02m | €0.06m | €0.03m | ▼ 50.4% |
| Non-recurring operating charges66A | - | - | - | €0.04m | - | €0.004m | - | €165 | - |
| Operating profit (loss)9901 | €0.2m | -€0.05m | €0.2m | €0.3m | €0.5m | €0.4m | €0.4m | -€0.7m | - |
| Financial income75/76B | - | - | - | €0.1m | €0.2m | €0.03m | €0.07m | €0.08m | ▲ 26.9% |
| Recurring financial income75 | €0.07m | €0.06m | €0.09m | €0.1m | €0.2m | €0.03m | €0.07m | €0.08m | ▲ 26.9% |
| Income from financial fixed assets750 | - | - | - | €0.03m | €0.01m | - | - | - | - |
| Other financial income752/9 | - | - | - | €0.07m | €0.1m | €0.03m | €0.07m | €0.08m | ▲ 26.9% |
| Financial charges65/66B | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.08m | ▼ 58.3% |
| Recurring financial charges65 | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | €0.08m | ▼ 58.3% |
| Debt charges650 | €0.09m | €0.1m | €0.09m | €0.07m | €0.07m | €0.06m | €0.1m | €17 | ▼ 100.0% |
| Other financial charges652/9 | - | - | - | €0.07m | €0.09m | €0.1m | €0.09m | €0.08m | ▼ 7.7% |
| Non-recurring financial charges66B | - | - | - | - | - | €0.02m | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.2m | -€0.1m | €0.05m | €0.2m | €0.5m | €0.2m | €0.3m | -€0.7m | - |
| Income taxes67/77 | €0.1m | €0.09m | €0.06m | €0.2m | €0.2m | €0.1m | €0.2m | -€0.009m | - |
| Taxes670/3 | - | - | - | €0.2m | €0.2m | €0.1m | €0.2m | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €0.004m | - | - | €0.009m | - |
| Profit (loss) for the period9904 | €0.008m | -€0.2m | -€0.01m | €0.07m | €0.2m | €0.06m | €0.1m | -€0.7m | - |
| Profit (loss) for the period to be appropriated9905 | €0.008m | -€0.2m | -€0.01m | €0.07m | €0.2m | €0.06m | €0.1m | -€0.7m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €7.6m | €7.0m | €6.8m | €6.5m | €6.9m | €5.5m | €4.7m | €3.5m | ▼ 24.4% |
| Formation expenses20 | - | - | €0.2m | €0.2m | €0.1m | €0.09m | €0.05m | - | - |
| Fixed assets21/28 | €0.9m | €0.8m | €0.5m | €0.5m | €1.3m | €0.2m | €0.1m | €0.09m | ▼ 25.5% |
| Intangible fixed assets21 | €0.2m | €0.2m | €0.1m | €0.09m | €0.06m | €0.04m | €0.02m | €0.008m | ▼ 66.7% |
| Tangible fixed assets22/27 | €0.5m | €0.4m | €0.2m | €0.3m | €0.2m | €0.2m | €0.08m | €0.07m | ▼ 19.6% |
| Plant, machinery and equipment23 | - | - | - | €0.003m | €0.001m | €0 | €0.005m | €0.007m | ▲ 29.3% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.1m | €0.1m | €0.04m | €0.05m | ▲ 14.6% |
| Other tangible fixed assets26 | - | - | - | €0.2m | €0.1m | €0.06m | €0.03m | €0.01m | ▼ 70.1% |
| Financial fixed assets28 | €0.2m | €0.2m | €0.2m | €0.1m | €1.0m | €0.02m | €0.02m | €0.02m | = |
| Affiliated companies280/1 | - | - | - | €0.001m | €0.9m | €0 | - | - | - |
| Participating interests280 | - | - | - | €0.001m | €0.9m | €0 | - | - | - |
| Other financial fixed assets284/8 | - | - | - | €0.1m | €0.1m | €0.02m | €0.02m | €0.02m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.1m | €0.1m | €0.02m | €0.02m | €0.02m | = |
| Current assets29/58 | €6.7m | €6.2m | €6.0m | €5.8m | €5.5m | €5.2m | €4.5m | €3.4m | ▼ 23.6% |
| Stocks and contracts in progress3 | €0.2m | €0.4m | €0.1m | €0.2m | €0.3m | - | - | - | - |
| Contracts in progress37 | - | - | - | €0.2m | €0.3m | - | - | - | - |
| Amounts receivable within one year40/41 | €5.8m | €5.4m | €5.0m | €5.3m | €4.6m | €3.4m | €3.1m | €2.4m | ▼ 23.5% |
| Trade receivables40 | - | - | - | €3.7m | €4.6m | €3.4m | €3.1m | €2.4m | ▼ 23.5% |
| Other amounts receivable41 | - | - | - | €1.6m | €0 | €0.04m | €124 | €0.001m | ▲ 398% |
| Cash at bank and in hand54/58 | €0.3m | €0.1m | €0.7m | €0.2m | €0.5m | €1.6m | €1.2m | €1.0m | ▼ 17.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.2m | €0.1m | €0.1m | €0.2m | €0.09m | ▼ 59.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €7.6m | €7.0m | €6.8m | €6.5m | €6.9m | €5.5m | €4.7m | €3.5m | ▼ 24.4% |
| Equity10/15 | €0.7m | €0.4m | €1.2m | €1.2m | €1.5m | €1.5m | €1.6m | €1.0m | ▼ 41.2% |
| Contributions10/11 | €0.5m | €0.5m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Capital10 | - | - | - | €1.3m | €1.3m | - | - | - | - |
| Issued capital100 | - | - | - | €1.3m | €1.3m | - | - | - | - |
| Reserves13 | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Non-distributable reserves130/1 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Legal reserve130 | - | - | - | €0.05m | €0.05m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | €0.05m | €0.05m | €0.05m | = |
| Profit (loss) carried forward14 | €0.1m | -€0.1m | -€0.1m | -€0.06m | €0.2m | €0.2m | €0.3m | -€0.3m | - |
| Provisions and deferred taxes16 | €0.05m | €0.01m | - | €0 | - | - | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €0 | - | - | - | - | - |
| Other liabilities and charges164/5 | - | - | - | €0 | - | - | - | - | - |
| Amounts payable17/49 | €6.9m | €6.6m | €5.6m | €5.3m | €5.4m | €3.9m | €3.0m | €2.6m | ▼ 15.2% |
| Amounts payable after more than one year17 | - | €0.3m | €0.2m | €0.1m | €0.04m | €0.009m | €0 | - | - |
| Financial debts170/4 | - | - | - | €0.1m | €0.04m | €0.009m | €0 | - | - |
| Credit institutions173 | - | - | - | €0.1m | €0.04m | €0.009m | €0 | - | - |
| Amounts payable within one year42/48 | €6.8m | €6.2m | €5.2m | €5.0m | €5.3m | €3.2m | €2.6m | €1.9m | ▼ 25.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.3m | - | €0.04m | €0.009m | - | - |
| Financial debts43 | - | - | - | €0.6m | €0.07m | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0.6m | €0.07m | - | - | - | - |
| Trade debts44 | €1.4m | €1.3m | €1.2m | €1.1m | €1.4m | €1.6m | €1.0m | €0.5m | ▼ 51.6% |
| Suppliers440/4 | - | - | - | €1.1m | €1.4m | €1.6m | €1.0m | €0.5m | ▼ 51.6% |
| Advances received on contracts in progress46 | - | - | - | €1.6m | €1.8m | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €1.6m | €1.5m | €1.6m | €1.5m | €1.4m | ▼ 8.3% |
| Taxes450/3 | - | - | - | €0.3m | €0.4m | €0.3m | €0.3m | €0.07m | ▼ 77.1% |
| Remuneration and social security454/9 | - | - | - | €1.3m | €1.1m | €1.3m | €1.2m | €1.3m | ▲ 9.1% |
| Other amounts payable47/48 | - | - | - | - | €0.6m | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.1m | €0.1m | €0.7m | €0.4m | €0.6m | ▲ 46.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.008m | -€0.2m | -€0.01m | €0.07m | €0.2m | €0.06m | €0.1m | -€0.7m | - |
| + Depreciation and write-downs630 | €0.4m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 17.8% |
| Operating cash flow (approximation) | €0.4m | €0.05m | €0.3m | €0.4m | €0.5m | €0.2m | €0.3m | -€0.6m | - |
| Investment in fixed assets (approximation) | - | -€0.2m | -€0.03m | -€0.3m | -€1.1m | €0.9m | -€0.06m | -€0.09m | ▼ 64.6% |
| Change in cash | - | -€0.2m | €0.6m | -€0.6m | €0.3m | €1.1m | -€0.4m | -€0.2m | ▲ 54.6% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-06-2026 | 2026-00238234 | |
| 31-12-2024 | full format | 04-06-2025 | 2025-00137898 | |
| 31-12-2023 | full format | 28-06-2024 | 2024-00193390 | |
| 31-12-2022 | full format | 13-06-2023 | 2023-00124438 | |
| 31-12-2021 | full format | 24-06-2022 | 2022-20088446 | |
| 31-12-2020 | full format | 26-05-2021 | 2021-15100198 | |
| 31-12-2019 | full format | 05-06-2020 | 2020-14700061 | |
| 31-12-2018 | full format | 17-06-2019 | 2019-18500510 | |
| 31-12-2017 | full format | 11-05-2018 | 2018-12600321 | |
| 31-12-2016 | full format | 16-05-2017 | 2017-12000387 |