TREEXPERT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-01-2026 PDF all 13 filings
Turnover
≈ €770,000
Estimated: probably between €550,000 and €1.0m
Total assets
€262,564▲ 50.6%
2024 · €174,308
Net result
€45,793▲ 148%
2024 · €18,481
Working capital
€57,238▲ 64.4%
2024 · €34,816
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€67,537
▲ 122%
2025
20192025
Net result
€45,793
▲ 148%
2025
middle half of the sector
20192025
Equity
€88,201
▲ 63.2%
2025
middle half of the sector
20192025
Total assets
€262,564
▲ 50.6%
2025
middle half of the sector
20192025
Debt
€174,363
▲ 45.0%
2025
20192025
Working capital
€57,238
▲ 64.4%
2025
middle half of the sector
20192025
Solvency
33.6%
▲ 2.6pp
2025
middle half of the sector
20192025
Current ratio
1.50
▲ 0.09
2025
middle half of the sector
20192025
Return on assets (ROA)
17.4%
▲ 6.8pp
2025
highest quarter of the sector
20192025
Staff (FTE)
3.6
=
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€17,443-€4,077▼ 76.6%€1,819▼ 55.4%€8,639▲ 375%€39,805▲ 361%€30,449▼ 23.5%€67,537▲ 122%
Net result€12,385-€180below the sector's middle half▼ 98.5%€336below the sector's middle half▲ 87.1%€7,414within the sector's middle half▲ 22×€25,230within the sector's middle half▲ 240%€18,481within the sector's middle half▼ 26.8%€45,793within the sector's middle half▲ 148%
Equity€8,813-€8,993below the sector's middle half▲ 2.0%€9,329below the sector's middle half▲ 3.7%€16,743below the sector's middle half▲ 79.5%€41,973below the sector's middle half▲ 151%€54,028below the sector's middle half▲ 28.7%€88,201within the sector's middle half▲ 63.2%
Total assets€146,985-€111,308below the sector's middle half▼ 24.3%€144,036below the sector's middle half▲ 29.4%€129,008below the sector's middle half▼ 10.4%€132,250below the sector's middle half▲ 2.5%€174,308below the sector's middle half▲ 31.8%€262,564within the sector's middle half▲ 50.6%
Debt€138,172-€102,315▼ 26.0%€134,707▲ 31.7%€112,265▼ 16.7%€90,277▼ 19.6%€120,280▲ 33.2%€174,363▲ 45.0%
Working capital-€1,043--€792below the sector's middle half▲ 24.1%-€7,647below the sector's middle half▼ 866%€2,134below the sector's middle half€29,427within the sector's middle half▲ 14×€34,816within the sector's middle half▲ 18.3%€57,238within the sector's middle half▲ 64.4%
Solvency6.0%-8.1%below the sector's middle half▲ 2.1pp6.5%below the sector's middle half▼ 1.6pp13.0%below the sector's middle half▲ 6.5pp31.7%within the sector's middle half▲ 18.8pp31.0%within the sector's middle half▼ 0.7pp33.6%within the sector's middle half▲ 2.6pp
Current ratio0.99-0.99below the sector's middle half=0.91below the sector's middle half▼ 0.081.03below the sector's middle half▲ 0.111.44within the sector's middle half▲ 0.421.41within the sector's middle half▼ 0.031.50within the sector's middle half▲ 0.09
Return on assets (ROA)8.4%-0.2%below the sector's middle half▼ 8.3pp0.2%below the sector's middle half▲ 0.1pp5.7%within the sector's middle half▲ 5.5pp19.1%above the sector's middle half▲ 13.3pp10.6%within the sector's middle half▼ 8.5pp17.4%above the sector's middle half▲ 6.8pp
Staff (FTE)5-3.6within the sector's middle half▼ 28.0%2.3within the sector's middle half▼ 36.1%3within the sector's middle half▲ 30.4%3.6within the sector's middle half▲ 20.0%3.6within the sector's middle half=3.6within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 122% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €262,564
Fixed assets
€90,900 ▲ 65.4%
Current assets
€171,663 ▲ 43.8%
Equity and liabilities €262,564
Equity
€88,201 ▲ 63.2%
Debt
€174,363 ▲ 45.0%
Debt's share of the balance-sheet total falls from 69.0% to 66.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€91,567▲
2024 · €48,685
Cash flow
€69,823▲
2024 · €36,717
Quick ratio
1.48▲
2024 · 1.38
Debt to equity
1.98▼
2024 · 2.23
ROE
51.9%▲
2024 · 34.2%
Interest coverage
45.28▲
2024 · 28.48
Debt ≤ 1 year
€114,425▲
2024 · €84,537
Debt > 1 year
€59,938▲
2024 · €35,743
Income taxes
€19,722▲
2024 · €10,259
Staff costs
€215,619▲
2024 · €213,540
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 | 4 | 4 | 4 | 4 |
| full-time | 3 | 3 | 3 | 3 |
| part-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 3.6 | 3.6 | 3.6 | 3.6 |
| Average over the year, in full-time equivalents | 3 | 3.6 | 3.6 | 3.6 |
| On a permanent contract | 4 | 4 | 4 | 4 |
| Joined | 1 | - | - | - |
| Left | 0 | - | - | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €54,521 | €47,103 | €52,699 | €88,083 |
| Carrying value of the other pledged assets | €45,225 | €33,183 | €49,576 | €83,868 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €3,116 | €779 | €36,582 | €59,976 |
| Depreciation and write-downs of the year | €16,481 | €14,005 | €18,236 | €24,031 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €2,141 awarded · €2,003 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €669 | €669 |
| 2024 | 1 | €331 | €331 |
| 2023 | 1 | €319 | €181 |
| 2022 | 1 | €822 | €822 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €152,372 | €184,646 | €213,540 | €215,619 | ▲ 1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,201 | €6,242 | €9,322 | €16,481 | €14,005 | €18,236 | €24,031 | ▲ 31.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €1,875 | -€450 | - |
| Other operating charges640/8 | - | - | - | €604 | €617 | €795 | €842 | ▲ 5.9% |
| Gross operating margin9900 | €259,442 | €175,017 | €150,904 | €178,097 | €239,073 | €264,896 | €307,578 | ▲ 16.1% |
| Operating profit (loss)9901 | €17,443 | €4,077 | €1,819 | €8,639 | €39,805 | €30,449 | €67,537 | ▲ 122% |
| Financial income75/76B | - | - | - | €28 | €1 | €0 | €0 | ▼ 66.7% |
| Recurring financial income75 | €19 | €198 | €695 | €28 | €1 | €0 | €0 | ▼ 66.7% |
| Financial charges65/66B | - | - | - | €1,185 | €1,180 | €1,709 | €2,022 | ▲ 18.3% |
| Recurring financial charges65 | €1,738 | €1,611 | €2,177 | €1,185 | €1,180 | €1,709 | €2,022 | ▲ 18.3% |
| Profit (loss) for the period before taxes9903 | €15,725 | €2,664 | €336 | €7,481 | €38,626 | €28,740 | €65,515 | ▲ 128% |
| Income taxes67/77 | €3,340 | €2,484 | €0 | €67 | €13,396 | €10,259 | €19,722 | ▲ 92.2% |
| Profit (loss) for the period9904 | €12,385 | €180 | €336 | €7,414 | €25,230 | €18,481 | €45,793 | ▲ 148% |
| Profit (loss) for the period to be appropriated9905 | €12,385 | €180 | €336 | €7,414 | €25,230 | €18,481 | €45,793 | ▲ 148% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €146,985 | €111,308 | €144,036 | €129,008 | €132,250 | €174,308 | €262,564 | ▲ 50.6% |
| Fixed assets21/28 | €12,902 | €9,784 | €63,201 | €49,835 | €36,609 | €54,955 | €90,900 | ▲ 65.4% |
| Intangible fixed assets21 | €12,500 | €7,500 | €2,500 | €0 | - | - | - | - |
| Tangible fixed assets22/27 | €402 | €2,284 | €60,701 | €49,835 | €36,609 | €54,955 | €90,900 | ▲ 65.4% |
| Plant, machinery and equipment23 | - | - | - | €4,611 | €3,427 | €3,451 | €5,514 | ▲ 59.7% |
| Furniture and vehicles24 | - | - | - | - | - | €1,927 | €1,519 | ▼ 21.2% |
| Leasing and similar rights25 | - | - | - | €45,225 | €33,183 | €49,576 | €83,868 | ▲ 69.2% |
| Current assets29/58 | €134,083 | €101,523 | €80,835 | €79,172 | €95,641 | €119,353 | €171,663 | ▲ 43.8% |
| Stocks and contracts in progress3 | - | - | - | - | - | €2,600 | €2,600 | = |
| Stocks30/36 | - | - | - | - | - | €2,600 | €2,600 | = |
| Amounts receivable within one year40/41 | €121,672 | €57,466 | €28,520 | €59,789 | €45,514 | €64,474 | €68,096 | ▲ 5.6% |
| Trade receivables40 | - | - | - | €57,856 | €45,514 | €64,474 | €68,096 | ▲ 5.6% |
| Other amounts receivable41 | - | - | - | €1,933 | €0 | - | - | - |
| Cash at bank and in hand54/58 | €12,411 | €44,057 | €51,070 | €18,096 | €48,744 | €49,445 | €95,253 | ▲ 92.6% |
| Deferred charges and accrued income490/1 | - | - | - | €1,287 | €1,383 | €2,835 | €5,715 | ▲ 102% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €146,985 | €111,308 | €144,036 | €129,008 | €132,250 | €174,308 | €262,564 | ▲ 50.6% |
| Equity10/15 | €8,813 | €8,993 | €9,329 | €16,743 | €41,973 | €54,028 | €88,201 | ▲ 63.2% |
| Contributions10/11 | €6,200 | €0 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €27,090 | €39,090 | €73,263 | ▲ 87.4% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | - | - | €25,230 | €39,090 | €73,263 | ▲ 87.4% |
| Profit (loss) carried forward14 | €753 | €933 | €1,269 | €8,683 | €8,683 | €8,738 | €8,738 | = |
| Amounts payable17/49 | €138,172 | €102,315 | €134,707 | €112,265 | €90,277 | €120,280 | €174,363 | ▲ 45.0% |
| Amounts payable after more than one year17 | €3,046 | €0 | €46,225 | €35,226 | €24,064 | €35,743 | €59,938 | ▲ 67.7% |
| Financial debts170/4 | - | - | - | €35,226 | €24,064 | €35,743 | €59,938 | ▲ 67.7% |
| Amounts payable within one year42/48 | €135,126 | €102,315 | €88,482 | €77,038 | €66,213 | €84,537 | €114,425 | ▲ 35.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €19,295 | €23,039 | €16,956 | €28,146 | ▲ 66.0% |
| Trade debts44 | €30,497 | €30,666 | €39,068 | €3,718 | €3,843 | €5,040 | €21,933 | ▲ 335% |
| Suppliers440/4 | - | - | - | €3,718 | €3,843 | €5,040 | €21,933 | ▲ 335% |
| Taxes, remuneration and social security45 | - | - | - | €46,154 | €39,251 | €56,034 | €52,618 | ▼ 6.1% |
| Taxes450/3 | - | - | - | €19,742 | €11,868 | €22,008 | €17,404 | ▼ 20.9% |
| Remuneration and social security454/9 | - | - | - | €26,412 | €27,383 | €34,027 | €35,214 | ▲ 3.5% |
| Other amounts payable47/48 | - | - | - | €7,872 | €80 | €6,506 | €11,728 | ▲ 80.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,385 | €180 | €336 | €7,414 | €25,230 | €18,481 | €45,793 | ▲ 148% |
| + Depreciation and write-downs630 | €5,201 | €6,242 | €9,322 | €16,481 | €14,005 | €18,236 | €24,031 | ▲ 31.8% |
| Operating cash flow (approximation) | €17,586 | €6,422 | €9,658 | €23,896 | €39,235 | €36,717 | €69,823 | ▲ 90.2% |
| Investment in fixed assets (approximation) | - | -€3,125 | -€62,738 | -€3,116 | -€779 | -€36,582 | -€59,976 | ▼ 64.0% |
| Change in cash | - | €31,646 | €7,012 | -€32,973 | €30,648 | €701 | €45,808 | ▲ 65× |
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, 34,693 companies had the same profile as TREEXPERT has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of TREEXPERT 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 34,693 companies, not a prediction for TREEXPERT. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 29-01-2026 | 2026-00023916 | |
| 30-06-2024 | abbreviated format | 19-12-2024 | 2024-00621919 | |
| 30-06-2023 | abbreviated format | 05-02-2024 | 2024-00026631 | |
| 30-06-2022 | abbreviated format | 20-12-2022 | 2022-20543091 | |
| 30-06-2021 | abbreviated format | 09-12-2021 | 2021-79700167 | |
| 30-06-2020 | abbreviated format | 08-12-2020 | 2020-74700594 | |
| 30-06-2019 | abbreviated format | 14-01-2020 | 2020-00900324 | |
| 30-06-2018 | abbreviated format | 20-12-2018 | 2018-74800554 | |
| 30-06-2017 | abbreviated format | 26-01-2018 | 2018-02300046 | |
| 30-06-2016 | abbreviated format | 23-01-2017 | 2017-01700600 |