TRUE ODDS
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00488440.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 29 filings
Turnover
≈ €68,000
Estimated: probably between €33,000 and €130,000
Total assets
€234,389▲ 2.9%
2024 · €227,824
Net result
€8,431▼ 56.2%
2024 · €19,254
Working capital
€193,686▲ 4.8%
2024 · €184,783
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€11,975
▼ 55.1%
2025
20182025
Net result
€8,431
▼ 56.2%
2025
middle half of the sector
20182025
Equity
€182,639
▲ 4.8%
2025
middle half of the sector
20182025
Total assets
€234,389
▲ 2.9%
2025
middle half of the sector
20182025
Debt
€51,750
▼ 3.5%
2025
20182025
Working capital
€193,686
▲ 4.8%
2025
middle half of the sector
20182025
Solvency
77.9%
▲ 1.5pp
2025
highest quarter of the sector
20182025
Current ratio
17.48
▲ 2.91
2025
highest quarter of the sector
20182025
Return on assets (ROA)
3.6%
▼ 4.9pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€82,758-€46,907▼ 43.3%€19,203▼ 59.1%€15,859▼ 17.4%€18,997▲ 19.8%€20,356▲ 7.2%€26,687▲ 31.1%€11,975▼ 55.1%
Net result€82,629-€38,998▼ 52.8%€13,939within the sector's middle half▼ 64.3%€14,141within the sector's middle half▲ 1.4%€13,795within the sector's middle half▼ 2.4%€14,723within the sector's middle half▲ 6.7%€19,254within the sector's middle half▲ 30.8%€8,431within the sector's middle half▼ 56.2%
Equity€59,359-€98,358▲ 65.7%€112,297within the sector's middle half▲ 14.2%€126,438within the sector's middle half▲ 12.6%€140,233within the sector's middle half▲ 10.9%€154,955within the sector's middle half▲ 10.5%€174,209above the sector's middle half▲ 12.4%€182,639within the sector's middle half▲ 4.8%
Total assets€143,818-€175,399▲ 22.0%€195,329within the sector's middle half▲ 11.4%€201,390within the sector's middle half▲ 3.1%€190,900within the sector's middle half▼ 5.2%€206,792within the sector's middle half▲ 8.3%€227,824within the sector's middle half▲ 10.2%€234,389within the sector's middle half▲ 2.9%
Debt€84,459-€77,042▼ 8.8%€83,032▲ 7.8%€74,952▼ 9.7%€50,668▼ 32.4%€51,837▲ 2.3%€53,616▲ 3.4%€51,750▼ 3.5%
Working capital€96,416-€131,163▲ 36.0%€145,575above the sector's middle half▲ 11.0%€160,188above the sector's middle half▲ 10.0%€149,862above the sector's middle half▼ 6.4%€165,057above the sector's middle half▲ 10.1%€184,783above the sector's middle half▲ 12.0%€193,686within the sector's middle half▲ 4.8%
Solvency41.3%-56.1%▲ 14.8pp57.5%within the sector's middle half▲ 1.4pp62.8%within the sector's middle half▲ 5.3pp73.5%within the sector's middle half▲ 10.7pp74.9%within the sector's middle half▲ 1.5pp76.5%within the sector's middle half▲ 1.5pp77.9%above the sector's middle half▲ 1.5pp
Current ratio5.85-11.54▲ 5.688.89above the sector's middle half▼ 2.6416.46above the sector's middle half▲ 7.5715.05above the sector's middle half▼ 1.4214.94above the sector's middle half▼ 0.1014.57above the sector's middle half▼ 0.3717.48above the sector's middle half▲ 2.91
Return on assets (ROA)57.5%-22.2%▼ 35.2pp7.1%within the sector's middle half▼ 15.1pp7.0%within the sector's middle half▼ 0.1pp7.2%within the sector's middle half▲ 0.2pp7.1%within the sector's middle half▼ 0.1pp8.5%within the sector's middle half▲ 1.3pp3.6%within the sector's middle half▼ 4.9pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 55% lower than in 2024 and the lowest since 2021.
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 €234,389
Fixed assets
€28,953 ▼ 1.6%
Current assets
€205,436 ▲ 3.5%
Equity and liabilities €234,389
Equity
€182,639 ▲ 4.8%
Debt
€51,750 ▼ 3.5%
Debt's share of the balance-sheet total falls from 23.5% to 22.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€12,447▼
2024 · €27,159
Cash flow
€8,903▼
2024 · €19,726
Debt to equity
0.28▼
2024 · 0.31
ROE
4.6%▼
2024 · 11.1%
Interest coverage
26.18▼
2024 · over 100
Debt ≤ 1 year
€11,750▼
2024 · €13,616
Debt > 1 year
€40,000=
2024 · €40,000
Income taxes
€3,069▼
2024 · €7,218
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
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 | - | €472 | €472 | €472 | €472 | €472 | €472 | €472 | = |
| Other operating charges640/8 | - | - | - | €449 | €450 | €493 | €505 | €520 | ▲ 2.8% |
| Gross operating margin9900 | €97,213 | €60,928 | €32,726 | €16,780 | €19,919 | €21,322 | €27,665 | €12,967 | ▼ 53.1% |
| Operating profit (loss)9901 | €82,758 | €46,907 | €19,203 | €15,859 | €18,997 | €20,356 | €26,687 | €11,975 | ▼ 55.1% |
| Financial income75/76B | - | - | - | €3,596 | - | - | - | - | - |
| Recurring financial income75 | - | €3,555 | - | €3,596 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €166 | €180 | €211 | €215 | €475 | ▲ 121% |
| Recurring financial charges65 | €129 | €294 | €161 | €166 | €180 | €211 | €215 | €475 | ▲ 121% |
| Profit (loss) for the period before taxes9903 | €82,629 | €50,168 | €19,042 | €19,289 | €18,816 | €20,145 | €26,472 | €11,499 | ▼ 56.6% |
| Income taxes67/77 | - | €11,169 | €5,103 | €5,148 | €5,022 | €5,422 | €7,218 | €3,069 | ▼ 57.5% |
| Profit (loss) for the period9904 | €82,629 | €38,998 | €13,939 | €14,141 | €13,795 | €14,723 | €19,254 | €8,431 | ▼ 56.2% |
| Profit (loss) for the period to be appropriated9905 | €82,629 | €38,998 | €13,939 | €14,141 | €13,795 | €14,723 | €19,254 | €8,431 | ▼ 56.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €143,818 | €175,399 | €195,329 | €201,390 | €190,900 | €206,792 | €227,824 | €234,389 | ▲ 2.9% |
| Fixed assets21/28 | €27,536 | €31,788 | €31,315 | €30,843 | €30,370 | €29,898 | €29,426 | €28,953 | ▼ 1.6% |
| Tangible fixed assets22/27 | - | €4,252 | €3,779 | €3,307 | €2,834 | €2,362 | €1,890 | €1,417 | ▼ 25.0% |
| Plant, machinery and equipment23 | - | - | - | €3,307 | €2,834 | €2,362 | €1,890 | €1,417 | ▼ 25.0% |
| Financial fixed assets28 | €27,536 | €27,536 | €27,536 | €27,536 | €27,536 | €27,536 | €27,536 | €27,536 | = |
| Current assets29/58 | €116,282 | €143,612 | €164,014 | €170,547 | €160,530 | €176,894 | €198,399 | €205,436 | ▲ 3.5% |
| Amounts receivable within one year40/41 | €110,581 | €138,502 | €160,244 | €168,535 | €157,528 | €173,244 | €192,873 | €203,118 | ▲ 5.3% |
| Trade receivables40 | - | - | - | €29,684 | €33,909 | €48,748 | €34,238 | €25,774 | ▼ 24.7% |
| Other amounts receivable41 | - | - | - | €138,851 | €123,619 | €124,496 | €158,635 | €177,344 | ▲ 11.8% |
| Cash at bank and in hand54/58 | €5,701 | €5,110 | €3,770 | €2,012 | €3,002 | €3,650 | €5,526 | €2,318 | ▼ 58.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €143,818 | €175,399 | €195,329 | €201,390 | €190,900 | €206,792 | €227,824 | €234,389 | ▲ 2.9% |
| Equity10/15 | €59,359 | €98,358 | €112,297 | €126,438 | €140,233 | €154,955 | €174,209 | €182,639 | ▲ 4.8% |
| Contributions10/11 | €74,000 | €74,000 | €74,000 | €74,000 | €74,000 | €74,000 | €74,000 | €74,000 | = |
| Capital10 | - | - | - | €74,000 | €74,000 | €74,000 | €74,000 | €74,000 | = |
| Issued capital100 | - | - | - | €74,000 | €74,000 | €74,000 | €74,000 | €74,000 | = |
| Profit (loss) carried forward14 | -€14,641 | €24,358 | €38,297 | €52,438 | €66,233 | €80,955 | €100,209 | €108,639 | ▲ 8.4% |
| Amounts payable17/49 | €84,459 | €77,042 | €83,032 | €74,952 | €50,668 | €51,837 | €53,616 | €51,750 | ▼ 3.5% |
| Amounts payable after more than one year17 | €64,593 | €64,593 | €64,593 | €64,593 | €40,000 | €40,000 | €40,000 | €40,000 | = |
| Other amounts payable178/9 | - | - | - | €64,593 | €40,000 | €40,000 | €40,000 | €40,000 | = |
| Amounts payable within one year42/48 | €19,866 | €12,449 | €18,439 | €10,359 | €10,668 | €11,837 | €13,616 | €11,750 | ▼ 13.7% |
| Trade debts44 | €4,824 | €108 | €1,129 | €108 | €499 | €6,415 | €975 | €8,681 | ▲ 790% |
| Suppliers440/4 | - | - | - | €108 | €499 | €6,415 | €975 | €8,681 | ▲ 790% |
| Taxes, remuneration and social security45 | - | - | - | €10,251 | €10,169 | €5,422 | €12,640 | €3,069 | ▼ 75.7% |
| Taxes450/3 | - | - | - | €10,251 | €10,169 | €5,422 | €12,640 | €3,069 | ▼ 75.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €82,629 | €38,998 | €13,939 | €14,141 | €13,795 | €14,723 | €19,254 | €8,431 | ▼ 56.2% |
| + Depreciation and write-downs630 | - | €472 | €472 | €472 | €472 | €472 | €472 | €472 | = |
| Operating cash flow (approximation) | €82,629 | €39,471 | €14,412 | €14,613 | €14,267 | €15,195 | €19,726 | €8,903 | ▼ 54.9% |
| Investment in fixed assets (approximation) | - | -€4,724 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€591 | -€1,340 | -€1,758 | €990 | €648 | €1,876 | -€3,208 | - |
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, 17,041 companies had the same profile as TRUE ODDS has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TRUE ODDS itself: 0.3% 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 17,041 companies, not a prediction for TRUE ODDS. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-08-2026 | 2026-00488440 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00351025 | |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00485342 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00295933 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20373340 | |
| 31-12-2020 | micro format | 29-12-2021 | 2021-82200023 | |
| 31-12-2019 | micro format | 30-11-2020 | 2020-73600387 | |
| 31-12-2018 | micro format | 24-12-2019 | 2019-77500512 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-60000010 | |
| 30-06-2016 | abbreviated format | 04-01-2018 | 2018-00500280 |