TODO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 21-05-2026 PDF all 25 filings
Turnover
≈ €150,000
Estimated: probably between €80,000 and €290,000
EBIT margin
Not included in this filing
Net result
€17,298▲ 139%
2024 · €7,247
Working capital
€58,138▼ 6.6%
2024 · €62,243
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€32,162
▲ 109%
2025
20182025
Net result
€17,298
▲ 139%
2025
middle half of the sector
20182025
Equity
€62,699
▲ 38.1%
2025
middle half of the sector
20182025
Total assets
€122,420
▼ 27.2%
2025
lowest quarter of the sector
20182025
Debt
€59,720
▼ 51.4%
2025
20182025
Working capital
€58,138
▼ 6.6%
2025
middle half of the sector
20182025
Solvency
51.2%
▲ 24.2pp
2025
middle half of the sector
20182025
Current ratio
1.97
▲ 0.33
2025
middle half of the sector
20182025
Return on assets (ROA)
14.1%
▲ 9.8pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€916-€8,451▲ 823%€5,989▼ 29.1%€6,499▲ 8.5%€25,036▲ 285%€32,876▲ 31.3%€15,382▼ 53.2%€32,162▲ 109%
Net result€18-€10,464▲ 594×€2,919within the sector's middle half▼ 72.1%€3,246within the sector's middle half▲ 11.2%€16,646within the sector's middle half▲ 413%€22,512within the sector's middle half▲ 35.2%€7,247within the sector's middle half▼ 67.8%€17,298within the sector's middle half▲ 139%
Equity€12,366-€22,830▲ 84.6%€25,749within the sector's middle half▲ 12.8%€28,996within the sector's middle half▲ 12.6%€45,642within the sector's middle half▲ 57.4%€38,154within the sector's middle half▼ 16.4%€45,401within the sector's middle half▲ 19.0%€62,699within the sector's middle half▲ 38.1%
Total assets€61,545-€74,539▲ 21.1%€81,413within the sector's middle half▲ 9.2%€78,444below the sector's middle half▼ 3.6%€121,420within the sector's middle half▲ 54.8%€129,141within the sector's middle half▲ 6.4%€168,211within the sector's middle half▲ 30.3%€122,420below the sector's middle half▼ 27.2%
Debt€49,179-€51,708▲ 5.1%€55,664▲ 7.6%€49,449▼ 11.2%€75,778▲ 53.2%€90,987▲ 20.1%€122,810▲ 35.0%€59,720▼ 51.4%
Working capital-€1,300-€12,994€13,046within the sector's middle half▲ 0.4%€14,034within the sector's middle half▲ 7.6%€34,300within the sector's middle half▲ 144%€29,592within the sector's middle half▼ 13.7%€62,243within the sector's middle half▲ 110%€58,138within the sector's middle half▼ 6.6%
Solvency20.1%-30.6%▲ 10.5pp31.6%within the sector's middle half▲ 1.0pp37.0%within the sector's middle half▲ 5.3pp37.6%within the sector's middle half▲ 0.6pp29.5%within the sector's middle half▼ 8.0pp27.0%within the sector's middle half▼ 2.6pp51.2%within the sector's middle half▲ 24.2pp
Current ratio0.97-1.27▲ 0.301.23within the sector's middle half▼ 0.031.28within the sector's middle half▲ 0.051.45within the sector's middle half▲ 0.171.33within the sector's middle half▼ 0.131.64within the sector's middle half▲ 0.321.97within the sector's middle half▲ 0.33
Return on assets (ROA)0.0%-14.0%▲ 14.0pp3.6%within the sector's middle half▼ 10.5pp4.1%within the sector's middle half▲ 0.6pp13.7%within the sector's middle half▲ 9.6pp17.4%above the sector's middle half▲ 3.7pp4.3%within the sector's middle half▼ 13.1pp14.1%above the sector's middle half▲ 9.8pp
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). 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 109% higher than in 2024. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €122,420
Fixed assets
€4,562 ▼ 50.0%
Current assets
€117,858 ▼ 25.9%
Equity and liabilities €122,420
Equity
€62,699 ▲ 38.1%
Debt
€59,720 ▼ 51.4%
Debt's share of the balance-sheet total falls from 73.0% to 48.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€36,714▲
2024 · €20,021
Cash flow
€21,851▲
2024 · €11,886
Quick ratio
0.95▼
2024 · 1.09
Debt to equity
0.95▼
2024 · 2.70
ROE
27.6%▲
2024 · 16.0%
Interest coverage
10.88▼
2024 · 39.83
Debt ≤ 1 year
€59,720▼
2024 · €96,854
Income taxes
€11,489▲
2024 · €8,392
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 | €7,505 | €1,904 | €7,552 | €5,191 | €13,429 |
| Depreciation and write-downs of the year | €5,247 | €5,523 | €10,332 | €4,638 | €4,553 |
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 | €9,156 | €8,024 | €2,880 | €5,247 | €5,523 | €10,332 | €4,638 | €4,553 | ▼ 1.8% |
| Other operating charges640/8 | - | - | - | €1,848 | €3,647 | €3,399 | €4,733 | €5,776 | ▲ 22.0% |
| Gross operating margin9900 | €11,134 | €17,853 | €13,303 | €13,595 | €34,207 | €46,606 | €24,754 | €42,490 | ▲ 71.6% |
| Operating profit (loss)9901 | €916 | €8,451 | €5,989 | €6,499 | €25,036 | €32,876 | €15,382 | €32,162 | ▲ 109% |
| Financial income75/76B | - | - | - | - | - | - | €760 | - | - |
| Recurring financial income75 | - | €2,800 | - | - | - | - | €760 | - | - |
| Financial charges65/66B | - | - | - | €158 | €294 | €336 | €503 | €3,374 | ▲ 571% |
| Recurring financial charges65 | €511 | €426 | €666 | €158 | €294 | €336 | €503 | €3,374 | ▲ 571% |
| Profit (loss) for the period before taxes9903 | €405 | €10,825 | €5,323 | €6,341 | €24,742 | €32,540 | €15,640 | €28,787 | ▲ 84.1% |
| Income taxes67/77 | €387 | €360 | €2,404 | €3,095 | €8,096 | €10,028 | €8,392 | €11,489 | ▲ 36.9% |
| Profit (loss) for the period9904 | €18 | €10,464 | €2,919 | €3,246 | €16,646 | €22,512 | €7,247 | €17,298 | ▲ 139% |
| Profit (loss) for the period to be appropriated9905 | €18 | €10,464 | €2,919 | €3,246 | €16,646 | €22,512 | €7,247 | €17,298 | ▲ 139% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €61,545 | €74,539 | €81,413 | €78,444 | €121,420 | €129,141 | €168,211 | €122,420 | ▼ 27.2% |
| Fixed assets21/28 | €19,916 | €13,087 | €12,704 | €14,962 | €11,342 | €8,561 | €9,114 | €4,562 | ▼ 50.0% |
| Intangible fixed assets21 | €841 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €19,075 | €13,087 | €12,704 | €14,962 | €11,342 | €8,561 | €9,114 | €4,562 | ▼ 50.0% |
| Furniture and vehicles24 | - | - | - | €9,350 | €5,731 | €8,561 | €9,114 | €4,562 | ▼ 50.0% |
| Other tangible fixed assets26 | - | - | - | €5,611 | €5,611 | - | - | - | - |
| Current assets29/58 | €41,629 | €61,452 | €68,710 | €63,483 | €110,078 | €120,580 | €159,097 | €117,858 | ▼ 25.9% |
| Stocks and contracts in progress3 | €21,470 | €33,815 | €28,072 | €33,708 | €48,811 | €51,566 | €53,209 | €61,230 | ▲ 15.1% |
| Stocks30/36 | - | - | - | €33,708 | €48,811 | €51,566 | €53,209 | €61,230 | ▲ 15.1% |
| Amounts receivable within one year40/41 | €12,349 | €22,912 | €31,677 | €12,683 | €34,570 | €38,740 | €80,550 | €23,749 | ▼ 70.5% |
| Trade receivables40 | - | - | - | €9,963 | €34,570 | €26,255 | €60,191 | €8,475 | ▼ 85.9% |
| Other amounts receivable41 | - | - | - | €2,720 | - | €12,485 | €20,359 | €15,274 | ▼ 25.0% |
| Cash at bank and in hand54/58 | €5,348 | €4,725 | €8,960 | €17,091 | €26,698 | €27,340 | €25,338 | €32,879 | ▲ 29.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €2,933 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €61,545 | €74,539 | €81,413 | €78,444 | €121,420 | €129,141 | €168,211 | €122,420 | ▼ 27.2% |
| Equity10/15 | €12,366 | €22,830 | €25,749 | €28,996 | €45,642 | €38,154 | €45,401 | €62,699 | ▲ 38.1% |
| Contributions10/11 | €57,600 | €57,600 | - | €57,600 | €57,600 | €27,600 | €27,600 | €27,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €16,860 | ▲ 806% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,860 | €1,860 | €16,860 | ▲ 806% |
| Profit (loss) carried forward14 | -€47,094 | -€36,630 | -€33,711 | -€30,464 | -€13,818 | €8,694 | €15,941 | €18,239 | ▲ 14.4% |
| Amounts payable17/49 | €49,179 | €51,708 | €55,664 | €49,449 | €75,778 | €90,987 | €122,810 | €59,720 | ▼ 51.4% |
| Amounts payable after more than one year17 | €6,250 | €3,250 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €42,929 | €48,458 | €55,664 | €49,449 | €75,778 | €90,987 | €96,854 | €59,720 | ▼ 38.3% |
| Trade debts44 | €6,113 | €5,699 | €12,975 | €11,619 | €20,243 | €33,243 | €55,147 | €18,386 | ▼ 66.7% |
| Suppliers440/4 | - | - | - | €11,619 | €20,243 | €33,243 | €55,147 | €18,386 | ▼ 66.7% |
| Taxes, remuneration and social security45 | - | - | - | €8,045 | €14,516 | €11,278 | €12,400 | €16,400 | ▲ 32.3% |
| Taxes450/3 | - | - | - | €8,045 | €14,516 | €11,278 | €12,400 | €16,400 | ▲ 32.3% |
| Other amounts payable47/48 | - | - | - | €29,784 | €41,019 | €46,466 | €29,307 | €24,934 | ▼ 14.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €25,956 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18 | €10,464 | €2,919 | €3,246 | €16,646 | €22,512 | €7,247 | €17,298 | ▲ 139% |
| + Depreciation and write-downs630 | €9,156 | €8,024 | €2,880 | €5,247 | €5,523 | €10,332 | €4,638 | €4,553 | ▼ 1.8% |
| Operating cash flow (approximation) | €9,174 | €18,488 | €5,799 | €8,493 | €22,169 | €32,845 | €11,886 | €21,851 | ▲ 83.8% |
| Investment in fixed assets (approximation) | - | -€1,195 | -€2,497 | -€7,505 | -€1,904 | -€7,552 | -€5,191 | €0 | - |
| Change in cash | - | -€623 | €4,236 | €8,131 | €9,606 | €642 | -€2,002 | €7,542 | - |
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 TODO 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 TODO 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 TODO. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 21-05-2026 | 2026-00116631 | |
| 31-12-2024 | full format | 22-05-2025 | 2025-00102981 | |
| 31-12-2023 | full format | 22-05-2024 | 2024-00092448 | |
| 31-12-2022 | full format | 17-05-2023 | 2023-00089841 | |
| 31-12-2021 | full format | 18-05-2022 | 2022-20028634 | |
| 31-12-2020 | full format | 26-05-2021 | 2021-15200542 | |
| 31-12-2019 | full format | 03-06-2020 | 2020-14300325 | |
| 31-12-2018 | full format | 02-07-2019 | 2019-27500455 | |
| 31-12-2017 | full format | 31-05-2018 | 2018-14900068 | |
| 31-12-2016 | full format | 26-05-2017 | 2017-13300307 |