THINKEDGE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-12-2025 PDF all 7 filings
Turnover
≈ €760,000
Estimated: probably between €530,000 and €990,000
Total assets
€394,707▲ 17.2%
2024 · €336,721
Net result
€88,981▲ 89×
2024 · €1,000
Working capital
€152,951▲ 60.0%
2024 · €95,586
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€106,266
▲ 951%
2025
20192025
Net result
€88,981
▲ 89×
2025
highest quarter of the sector
20192025
Equity
€174,139
▲ 28.8%
2025
highest quarter of the sector
20192025
Total assets
€394,707
▲ 17.2%
2025
highest quarter of the sector
20192025
Debt
€220,568
▲ 9.4%
2025
20192025
Working capital
€152,951
▲ 60.0%
2025
highest quarter of the sector
20192025
Solvency
44.1%
▲ 4.0pp
2025
middle half of the sector
20192025
Current ratio
1.70
▲ 0.22
2025
middle half of the sector
20192025
Return on assets (ROA)
22.5%
▲ 22.2pp
2025
middle half of the sector
20192025
Staff (FTE)
5.5
▼ 23.6%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€33,167-€33,899▲ 2.2%€97,011▲ 186%€77,400▼ 20.2%€8,375▼ 89.2%€10,111▲ 20.7%€106,266▲ 951%
Net result€24,795-€27,721within the sector's middle half▲ 11.8%€75,095within the sector's middle half▲ 171%€53,434within the sector's middle half▼ 28.8%€1,059within the sector's middle half▼ 98.0%€1,000within the sector's middle half▼ 5.6%€88,981above the sector's middle half▲ 89×
Equity€36,395-€63,303within the sector's middle half▲ 73.9%€138,398within the sector's middle half▲ 119%€191,832within the sector's middle half▲ 38.6%€137,491within the sector's middle half▼ 28.3%€135,159within the sector's middle half▼ 1.7%€174,139above the sector's middle half▲ 28.8%
Total assets€118,089-€153,633below the sector's middle half▲ 30.1%€262,758within the sector's middle half▲ 71.0%€352,688within the sector's middle half▲ 34.2%€386,771within the sector's middle half▲ 9.7%€336,721within the sector's middle half▼ 12.9%€394,707above the sector's middle half▲ 17.2%
Debt€81,695-€90,330▲ 10.6%€124,360▲ 37.7%€160,856▲ 29.3%€249,280▲ 55.0%€201,562▼ 19.1%€220,568▲ 9.4%
Working capital€19,836-€52,814within the sector's middle half▲ 166%€114,811within the sector's middle half▲ 117%€146,736within the sector's middle half▲ 27.8%€69,570within the sector's middle half▼ 52.6%€95,586within the sector's middle half▲ 37.4%€152,951above the sector's middle half▲ 60.0%
Solvency30.8%-41.2%within the sector's middle half▲ 10.4pp52.7%within the sector's middle half▲ 11.5pp54.4%within the sector's middle half▲ 1.7pp35.5%within the sector's middle half▼ 18.8pp40.1%within the sector's middle half▲ 4.6pp44.1%within the sector's middle half▲ 4.0pp
Current ratio1.25-1.59within the sector's middle half▲ 0.351.93within the sector's middle half▲ 0.341.92within the sector's middle half▼ 0.011.28within the sector's middle half▼ 0.641.49within the sector's middle half▲ 0.201.70within the sector's middle half▲ 0.22
Return on assets (ROA)21.0%-18.0%above the sector's middle half▼ 3.0pp28.6%above the sector's middle half▲ 10.5pp15.2%above the sector's middle half▼ 13.4pp0.3%within the sector's middle half▼ 14.9pp0.3%within the sector's middle half=22.5%within the sector's middle half▲ 22.2pp
Staff (FTE)2.5-3.6within the sector's middle half▲ 44.0%4.7within the sector's middle half▲ 30.6%6.7within the sector's middle half▲ 42.6%9within the sector's middle half▲ 34.3%7.2within the sector's middle half▼ 20.0%5.5▼ 23.6%
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 nearly 11 times that of 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The abbreviated or 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 €394,707
Fixed assets
€24,267 ▼ 46.0%
Current assets
€370,439 ▲ 26.9%
Equity and liabilities €394,707
Equity
€174,139 ▲ 28.8%
Debt
€220,568 ▲ 9.4%
Debt's share of the balance-sheet total falls from 59.9% to 55.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€131,842▲
2024 · €43,437
Cash flow
€114,557▲
2024 · €34,326
Debt to equity
1.27▼
2024 · 1.49
ROE
51.1%▲
2024 · 0.7%
Interest coverage
33.29▲
2024 · 10.30
Debt ≤ 1 year
€217,488▲
2024 · €196,216
Income taxes
€16,616▲
2024 · €6,984
Staff costs
€257,885▼
2024 · €355,872
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 7 | 9 | 5 | 6 |
| full-time | 7 | 9 | 5 | 6 |
| in full-time equivalents | 7 | 9 | 5 | 6 |
| Average over the year, in full-time equivalents | 6.7 | 9 | 7.2 | 5.5 |
| On a permanent contract | 7 | 9 | 5 | 6 |
| Joined | 4 | 6 | 0 | 2 |
| Left | 3 | 4 | 4 | 1 |
| Training hours | 340 | 476 | 375 | 274 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €30,745 | €48,330 | €7,054 | €4,925 |
| Financial fixed assets | €4,500 | - | - | - |
| Depreciation and write-downs of the year | €12,803 | €23,686 | €33,326 | €25,576 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €9,203 awarded · €9,203 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €951 | €951 |
| 2024 | 1 | €1,747 | €1,747 |
| 2023 | 1 | €1,475 | €2,981 |
| 2022 | 1 | €5,030 | €3,524 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €247 | - | - | €500 | - |
| Remuneration, social security and pensions62 | - | - | - | €283,866 | €401,170 | €355,872 | €257,885 | ▼ 27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,481 | €7,243 | €7,190 | €12,803 | €23,686 | €33,326 | €25,576 | ▼ 23.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €241 | - | €846 | - |
| Other operating charges640/8 | - | - | - | €824 | €832 | €3,581 | €792 | ▼ 77.9% |
| Gross operating margin9900 | €119,882 | €162,062 | €267,362 | €374,894 | €434,305 | €402,890 | €391,365 | ▼ 2.9% |
| Operating profit (loss)9901 | €33,167 | €33,899 | €97,011 | €77,400 | €8,375 | €10,111 | €106,266 | ▲ 951% |
| Financial income75/76B | - | - | - | €92 | €271 | €2,088 | €3,291 | ▲ 57.6% |
| Recurring financial income75 | €4 | €1,518 | €89 | €92 | €271 | €2,088 | €3,291 | ▲ 57.6% |
| Financial charges65/66B | - | - | - | €2,041 | €4,624 | €4,216 | €3,960 | ▼ 6.1% |
| Recurring financial charges65 | €1,276 | €1,384 | €1,852 | €2,041 | €4,624 | €4,216 | €3,960 | ▼ 6.1% |
| Profit (loss) for the period before taxes9903 | €31,895 | €34,034 | €95,247 | €75,451 | €4,023 | €7,983 | €105,596 | ▲ 13× |
| Income taxes67/77 | €7,100 | €6,313 | €20,153 | €22,017 | €2,964 | €6,984 | €16,616 | ▲ 138% |
| Profit (loss) for the period9904 | €24,795 | €27,721 | €75,095 | €53,434 | €1,059 | €1,000 | €88,981 | ▲ 89× |
| Profit (loss) for the period to be appropriated9905 | €24,795 | €27,721 | €75,095 | €53,434 | €1,059 | €1,000 | €88,981 | ▲ 89× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €118,089 | €153,633 | €262,758 | €352,688 | €386,771 | €336,721 | €394,707 | ▲ 17.2% |
| Fixed assets21/28 | €17,718 | €11,656 | €24,998 | €46,546 | €71,190 | €44,919 | €24,267 | ▼ 46.0% |
| Intangible fixed assets21 | €1 | €1 | €0 | €0 | - | - | - | - |
| Tangible fixed assets22/27 | €14,717 | €8,656 | €21,998 | €39,546 | €64,190 | €37,919 | €17,267 | ▼ 54.5% |
| Plant, machinery and equipment23 | - | - | - | €2,317 | €16,676 | €8,170 | €3,180 | ▼ 61.1% |
| Furniture and vehicles24 | - | - | - | €30,422 | €42,379 | €19,468 | €5,434 | ▼ 72.1% |
| Other tangible fixed assets26 | - | - | - | €6,807 | €5,135 | €10,280 | €8,654 | ▼ 15.8% |
| Financial fixed assets28 | €3,000 | €3,000 | €3,000 | €7,000 | €7,000 | €7,000 | €7,000 | = |
| Current assets29/58 | €100,371 | €141,977 | €237,760 | €306,142 | €315,581 | €291,802 | €370,439 | ▲ 26.9% |
| Stocks and contracts in progress3 | - | - | €137 | - | €6,026 | €10,000 | - | - |
| Contracts in progress37 | - | - | - | - | €6,026 | €10,000 | - | - |
| Amounts receivable within one year40/41 | €79,869 | €67,595 | €73,198 | €175,702 | €214,568 | €204,375 | €209,550 | ▲ 2.5% |
| Trade receivables40 | - | - | - | €168,002 | €194,376 | €200,375 | €209,550 | ▲ 4.6% |
| Other amounts receivable41 | - | - | - | €7,700 | €20,192 | €4,000 | - | - |
| Cash at bank and in hand54/58 | €20,503 | €72,975 | €161,016 | €125,685 | €89,186 | €70,097 | €155,484 | ▲ 122% |
| Deferred charges and accrued income490/1 | - | - | - | €4,755 | €5,801 | €7,331 | €5,405 | ▼ 26.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €118,089 | €153,633 | €262,758 | €352,688 | €386,771 | €336,721 | €394,707 | ▲ 17.2% |
| Equity10/15 | €36,395 | €63,303 | €138,398 | €191,832 | €137,491 | €135,159 | €174,139 | ▲ 28.8% |
| Contributions10/11 | €12,400 | - | - | €12,400 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €54,860 | €54,860 | €53,000 | €53,000 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €53,000 | €54,860 | €53,000 | €53,000 | = |
| Profit (loss) carried forward14 | €22,135 | €49,043 | €124,138 | €124,572 | €64,031 | €63,559 | €102,539 | ▲ 61.3% |
| Amounts payable17/49 | €81,695 | €90,330 | €124,360 | €160,856 | €249,280 | €201,562 | €220,568 | ▲ 9.4% |
| Amounts payable within one year42/48 | €80,535 | €89,163 | €122,949 | €159,405 | €246,012 | €196,216 | €217,488 | ▲ 10.8% |
| Trade debts44 | €23,536 | €6,858 | €38,688 | €30,932 | €48,835 | €44,817 | €32,740 | ▼ 26.9% |
| Suppliers440/4 | - | - | - | €30,932 | €48,835 | €44,817 | €32,740 | ▼ 26.9% |
| Taxes, remuneration and social security45 | - | - | - | €92,402 | €116,957 | €93,476 | €102,350 | ▲ 9.5% |
| Taxes450/3 | - | - | - | €34,170 | €38,343 | €33,680 | €39,991 | ▲ 18.7% |
| Remuneration and social security454/9 | - | - | - | €58,232 | €78,614 | €59,796 | €62,359 | ▲ 4.3% |
| Other amounts payable47/48 | - | - | - | €36,072 | €80,219 | €57,923 | €82,398 | ▲ 42.3% |
| Accrued charges and deferred income492/3 | - | - | - | €1,451 | €3,269 | €5,346 | €3,079 | ▼ 42.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,795 | €27,721 | €75,095 | €53,434 | €1,059 | €1,000 | €88,981 | ▲ 89× |
| + Depreciation and write-downs630 | €11,481 | €7,243 | €7,190 | €12,803 | €23,686 | €33,326 | €25,576 | ▼ 23.3% |
| Operating cash flow (approximation) | €36,276 | €34,963 | €82,284 | €66,238 | €24,745 | €34,326 | €114,557 | ▲ 234% |
| Investment in fixed assets (approximation) | - | -€1,181 | -€20,532 | -€34,351 | -€48,330 | -€7,054 | -€4,925 | ▲ 30.2% |
| Change in cash | - | €52,472 | €88,041 | -€35,331 | -€36,499 | -€19,089 | €85,387 | - |
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 THINKEDGE 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.
The bankruptcy probability of THINKEDGE itself is lower: 0.1% within 12 months. It rests on far more data about THINKEDGE than the profile alone.
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 THINKEDGE. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 10-12-2025 | 2025-00578898 | |
| 30-06-2024 | abbreviated format | 25-11-2024 | 2024-00603838 | |
| 30-06-2023 | abbreviated format | 18-12-2023 | 2023-00529452 | |
| 30-06-2022 | abbreviated format | 14-01-2023 | 2023-20558134 | |
| 30-06-2021 | abbreviated format | 27-12-2021 | 2021-81800227 | |
| 30-06-2020 | abbreviated format | 07-01-2021 | 2021-00400277 | |
| 30-06-2019 | abbreviated format | 23-12-2019 | 2019-77100349 |