THE VIEWMASTERS
InactiveSignals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€96,623
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
36 d late
2023
117 d late
2022
66 d late
2021
25 d late
2020
88 d late
2019
34 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 57 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 5 September (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
01-10-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€599,386▼ 13.9%
2024 · €696,008
Total assets
€619,660▼ 16.3%
2024 · €740,330
Net result
-€96,623▼ 140%
2024 · -€40,218
Working capital
€599,386▼ 2.4%
2024 · €614,438
Trend over the years
In euros
In euros
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€102,694▲ 14.1%-€79,975-€70,288▲ 12.1%-€45,449▲ 35.3%-€95,831▼ 111%
Net result€66,059▲ 4.8%-€80,686-€67,682▲ 16.1%-€40,218▲ 40.6%-€96,623▼ 140%
Equity€884,594▲ 8.1%€803,908▼ 9.1%€736,226▼ 8.4%€696,008▼ 5.5%€599,386▼ 13.9%
Total assets€1.0m▲ 9.9%€886,933▼ 12.4%€782,325▼ 11.8%€740,330▼ 5.4%€619,660▼ 16.3%
Debt€128,336▲ 24.2%€83,025▼ 35.3%€46,099▼ 44.5%€44,322▼ 3.9%€20,274▼ 54.3%
Working capital€759,186▲ 4.3%€688,958▼ 9.3%€642,207▼ 6.8%€614,438▼ 4.3%€599,386▼ 2.4%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €95,831 in 2025 against €45,449 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €619,660
Equity
€599,386 ▼ 13.9%
Debt
€20,274 ▼ 54.3%
Debt's share of the balance-sheet total falls from 6.0% to 3.3%. Equity and debt are lower.
Key figures and ratios
Current ratio
30.56▲
2024 · 14.86
Debt to equity
0.03▼
2024 · 0.06
ROE
-16.1%▼
2024 · -5.8%
ROA
-15.6%▼
2024 · -5.4%
Debt ≤ 1 year
€20,274▼
2024 · €44,322
Income taxes
€7,589▲
2024 · €696
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,075 | €17,622 | €17,210 | €15,969 | - | - |
| Other operating charges640/8 | €1,965 | €1,298 | €2,191 | €2,265 | €80,382 | ▲ 3,449% |
| Gross operating margin9900 | €124,733 | -€61,055 | -€50,887 | -€27,216 | -€15,449 | ▲ 43.2% |
| Operating profit (loss)9901 | €102,694 | -€79,975 | -€70,288 | -€45,449 | -€95,831 | ▼ 111% |
| Financial income75/76B | €1,525 | €1,952 | €3,770 | €6,694 | €7,629 | ▲ 14.0% |
| Recurring financial income75 | €1,525 | €1,952 | €3,770 | €6,694 | €7,629 | ▲ 14.0% |
| Financial charges65/66B | €1,270 | €2,385 | €872 | €767 | €832 | ▲ 8.4% |
| Recurring financial charges65 | €1,270 | €2,385 | €872 | €767 | €832 | ▲ 8.4% |
| Profit (loss) for the period before taxes9903 | €102,948 | -€80,408 | -€67,390 | -€39,522 | -€89,034 | ▼ 125% |
| Income taxes67/77 | €36,889 | €278 | €292 | €696 | €7,589 | ▲ 990% |
| Profit (loss) for the period9904 | €66,059 | -€80,686 | -€67,682 | -€40,218 | -€96,623 | ▼ 140% |
| Transfer from tax-exempt reserves789 | - | - | - | - | €28,623 | - |
| Profit (loss) for the period to be appropriated9905 | €66,059 | -€80,686 | -€67,682 | -€40,218 | -€68,000 | ▼ 69.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.0m | €886,933 | €782,325 | €740,330 | €619,660 | ▼ 16.3% |
| Fixed assets21/28 | €125,408 | €114,950 | €94,020 | €81,570 | - | - |
| Tangible fixed assets22/27 | €124,928 | €114,470 | €93,540 | €81,090 | - | - |
| Plant, machinery and equipment23 | €183 | €41 | - | - | - | - |
| Furniture and vehicles24 | €2,411 | €964 | - | - | - | - |
| Other tangible fixed assets26 | €122,334 | €113,464 | €93,540 | €81,090 | - | - |
| Financial fixed assets28 | €480 | €480 | €480 | €480 | - | - |
| Current assets29/58 | €887,523 | €771,983 | €688,305 | €658,760 | €619,660 | ▼ 5.9% |
| Amounts receivable within one year40/41 | €64,763 | €82,162 | €206,220 | €223,646 | €219,539 | ▼ 1.8% |
| Trade receivables40 | €40,366 | €40,366 | €40,366 | €42,181 | €10,000 | ▼ 76.3% |
| Other amounts receivable41 | €24,397 | €41,796 | €165,854 | €181,465 | €209,539 | ▲ 15.5% |
| Cash at bank and in hand54/58 | €822,759 | €689,821 | €482,085 | €435,114 | €400,121 | ▼ 8.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.0m | €886,933 | €782,325 | €740,330 | €619,660 | ▼ 16.3% |
| Equity10/15 | €884,594 | €803,908 | €736,226 | €696,008 | €599,386 | ▼ 13.9% |
| Contributions10/11 | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €671,129 | €671,129 | €671,129 | €671,129 | €642,506 | ▼ 4.3% |
| Non-distributable reserves130/1 | €11,156 | €11,156 | €11,156 | €11,156 | €11,156 | = |
| Reserves not available under the articles1311 | €11,156 | €11,156 | €11,156 | €11,156 | €11,156 | = |
| Tax-exempt reserves132 | €28,623 | €28,623 | €28,623 | €28,623 | - | - |
| Distributable reserves133 | €631,350 | €631,350 | €631,350 | €631,350 | €631,350 | = |
| Profit (loss) carried forward14 | €194,915 | €114,230 | €46,548 | €6,330 | -€61,670 | ▼ 1,074% |
| Amounts payable17/49 | €128,336 | €83,025 | €46,099 | €44,322 | €20,274 | ▼ 54.3% |
| Amounts payable within one year42/48 | €128,336 | €83,025 | €46,099 | €44,322 | €20,274 | ▼ 54.3% |
| Current portion of amounts payable after more than one year42 | €2,715 | €3,000 | - | - | - | - |
| Trade debts44 | €73,936 | €49,753 | €45,183 | €44,061 | €6,577 | ▼ 85.1% |
| Suppliers440/4 | €73,936 | €49,753 | €45,183 | €44,061 | €6,577 | ▼ 85.1% |
| Taxes, remuneration and social security45 | €51,686 | €30,272 | €916 | €261 | €13,697 | ▲ 5,156% |
| Taxes450/3 | €51,686 | €30,272 | €916 | €261 | €13,697 | ▲ 5,156% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €66,059 | -€80,686 | -€67,682 | -€40,218 | -€96,623 | ▼ 140% |
| + Depreciation and write-downs630 | €20,075 | €17,622 | €17,210 | €15,969 | - | - |
| Operating cash flow (approximation) | €86,134 | -€63,064 | -€50,472 | -€24,249 | -€96,623 | ▼ 298% |
| Investment in fixed assets (approximation) | - | -€7,164 | €3,720 | -€3,519 | - | - |
| Change in cash | - | -€132,938 | -€207,736 | -€46,972 | -€34,992 | ▲ 25.5% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
31-12
Financial
Weakest financial yearnet -€96,623
Net result drops to -€96,623, the lowest in the series.
31-12
Financial
Liquidity doublescurrent ratio 30.56
Current ratio from 14.86 to 30.56; short-term debt falls from €44,322 to €20,274.
05-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 36 days late
2024
25-11
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 117 days late
2023
05-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 66 days late
2022
25-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 25 days late
2021
31-12
Financial
Highest result since 2018net €66,059 ▲4.8%
Operating result €102,694, net result €66,059, both a record.
27-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 88 days late
2020
03-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 34 days late
2019
14-08
State Gazette act
General meeting · Director reappointment
Director discharge · Director resignation
27-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
17-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 17 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 11 acts read
About the unread acts
We know of 11 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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