TUNITAS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 7 filings
Turnover
≈ €110,000
Estimated: probably between €100,000 and €150,000
Total assets
€488,255▲ 87.3%
2024 · €260,640
Net result
-€1,188
2024 · €10,665
Working capital
-€274,302▼ 1,008%
2024 · -€24,746
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€6,531
▼ 70.0%
2025
20192025
Net result
-€1,188
2025
lowest quarter of the sector
20192025
Equity
€31,777
▼ 3.6%
2025
middle half of the sector
20192025
Total assets
€488,255
▲ 87.3%
2025
highest quarter of the sector
20192025
Debt
€456,478
▲ 100%
2025
20192025
Working capital
-€274,302
▼ 1,008%
2025
lowest quarter of the sector
20192025
Solvency
6.5%
▼ 6.1pp
2025
lowest quarter of the sector
20192025
Current ratio
0.14
▼ 0.53
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-0.2%
▼ 4.3pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€29,644--€21,015€35,620€15,766▼ 55.7%€71,227▲ 352%€21,782▼ 69.4%€6,531▼ 70.0%
Net result€19,884--€21,246below the sector's middle half€29,538within the sector's middle half€8,819within the sector's middle half▼ 70.1%€51,405above the sector's middle half▲ 483%€10,665within the sector's middle half▼ 79.3%-€1,188below the sector's middle half
Equity€22,384-€1,137below the sector's middle half▼ 94.9%€29,875within the sector's middle half▲ 26×€22,695below the sector's middle half▼ 24.0%€22,300below the sector's middle half▼ 1.7%€32,965within the sector's middle half▲ 47.8%€31,777within the sector's middle half▼ 3.6%
Total assets€43,806-€25,178below the sector's middle half▼ 42.5%€69,043below the sector's middle half▲ 174%€213,211within the sector's middle half▲ 209%€236,726within the sector's middle half▲ 11.0%€260,640within the sector's middle half▲ 10.1%€488,255above the sector's middle half▲ 87.3%
Debt€21,422-€24,041▲ 12.2%€39,168▲ 62.9%€190,516▲ 386%€214,426▲ 12.6%€227,675▲ 6.2%€456,478▲ 100%
Working capital€22,223-€1,175below the sector's middle half▼ 94.7%€29,060within the sector's middle half▲ 25×€15,594within the sector's middle half▼ 46.3%€6,109below the sector's middle half▼ 60.8%-€24,746below the sector's middle half-€274,302below the sector's middle half▼ 1,008%
Solvency51.1%-4.5%below the sector's middle half▼ 46.6pp43.3%within the sector's middle half▲ 38.8pp10.6%below the sector's middle half▼ 32.6pp9.4%below the sector's middle half▼ 1.2pp12.6%below the sector's middle half▲ 3.2pp6.5%below the sector's middle half▼ 6.1pp
Current ratio2.21-1.06below the sector's middle half▼ 1.141.84within the sector's middle half▲ 0.781.25below the sector's middle half▼ 0.591.07below the sector's middle half▼ 0.190.67below the sector's middle half▼ 0.390.14below the sector's middle half▼ 0.53
Return on assets (ROA)45.4%--84.4%below the sector's middle half▼ 129.8pp42.8%above the sector's middle half▲ 127.2pp4.1%within the sector's middle half▼ 38.6pp21.7%within the sector's middle half▲ 17.6pp4.1%below the sector's middle half▼ 17.6pp-0.2%below the sector's middle half▼ 4.3pp
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 70% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Turnover and EBIT margin are not published. The 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 €488,255
Fixed assets
€441,849 ▲ 111%
Current assets
€46,406 ▼ 9.3%
Equity and liabilities €488,255
Equity
€31,777 ▼ 3.6%
Debt
€456,478 ▲ 100%
Debt's share of the balance-sheet total rises from 87.4% to 93.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€58,441▲
2024 · €36,540
Cash flow
€50,722▲
2024 · €25,422
Debt to equity
14.37▲
2024 · 6.91
ROE
-3.7%▼
2024 · 32.4%
Interest coverage
9.23▲
2024 · 6.69
Debt ≤ 1 year
€320,707▲
2024 · €75,927
Debt > 1 year
€135,771▼
2024 · €147,248
Income taxes
€1,384▼
2024 · €5,660
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 | €2,654 | €151,077 | €9,871 | €87,094 | €284,301 |
| Financial fixed assets | - | - | €1,471 | - | €0 |
| Depreciation and write-downs of the year | €2,297 | €21,228 | €9,563 | €14,758 | €51,910 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €237 awarded · €237 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €808 | €1,873 | €2,297 | €21,228 | €9,563 | €14,758 | €51,910 | ▲ 252% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €7,580 | -€360 | €0 | - | - | - |
| Other operating charges640/8 | - | - | €5,612 | €6,275 | €7,091 | €2,021 | €829 | ▼ 59.0% |
| Gross operating margin9900 | €31,012 | -€18,224 | €51,108 | €42,908 | €87,881 | €38,560 | €59,270 | ▲ 53.7% |
| Operating profit (loss)9901 | €29,644 | -€21,015 | €35,620 | €15,766 | €71,227 | €21,782 | €6,531 | ▼ 70.0% |
| Financial income75/76B | - | - | €0 | €0 | €1 | €4 | €0 | ▼ 99.8% |
| Recurring financial income75 | €0 | €0 | €0 | €0 | €1 | €4 | €0 | ▼ 99.8% |
| Financial charges65/66B | - | - | €165 | €1,543 | €3,974 | €5,462 | €6,335 | ▲ 16.0% |
| Recurring financial charges65 | €1 | €72 | €165 | €1,543 | €3,974 | €5,462 | €6,335 | ▲ 16.0% |
| Profit (loss) for the period before taxes9903 | €29,643 | -€21,087 | €35,455 | €14,223 | €67,254 | €16,324 | €196 | ▼ 98.8% |
| Income taxes67/77 | €9,759 | €159 | €5,917 | €5,403 | €15,849 | €5,660 | €1,384 | ▼ 75.5% |
| Profit (loss) for the period9904 | €19,884 | -€21,246 | €29,538 | €8,819 | €51,405 | €10,665 | -€1,188 | - |
| Profit (loss) for the period to be appropriated9905 | €19,884 | -€21,246 | €29,538 | €8,819 | €51,405 | €10,665 | -€1,188 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €43,806 | €25,178 | €69,043 | €213,211 | €236,726 | €260,640 | €488,255 | ▲ 87.3% |
| Fixed assets21/28 | €3,161 | €5,138 | €5,495 | €135,344 | €137,123 | €209,459 | €441,849 | ▲ 111% |
| Tangible fixed assets22/27 | €3,161 | €5,138 | €5,495 | €135,344 | €135,652 | €207,988 | €440,379 | ▲ 112% |
| Land and buildings22 | - | - | €1,182 | €131,091 | €132,753 | €200,643 | €433,423 | ▲ 116% |
| Plant, machinery and equipment23 | - | - | - | €574 | €341 | €6,354 | €5,620 | ▼ 11.6% |
| Furniture and vehicles24 | - | - | €4,313 | €3,679 | €2,558 | €991 | €1,336 | ▲ 34.8% |
| Financial fixed assets28 | - | - | - | - | €1,471 | €1,471 | €1,471 | = |
| Current assets29/58 | €40,645 | €20,041 | €63,548 | €77,867 | €99,603 | €51,181 | €46,406 | ▼ 9.3% |
| Amounts receivable within one year40/41 | €33,534 | €0 | €12,992 | €19,351 | €12,498 | €19,199 | €37,213 | ▲ 93.8% |
| Trade receivables40 | - | - | €11,400 | €15,756 | €12,350 | €12,705 | €26,257 | ▲ 107% |
| Other amounts receivable41 | - | - | €1,592 | €3,595 | €148 | €6,494 | €10,956 | ▲ 68.7% |
| Cash at bank and in hand54/58 | €6,334 | €16,048 | €49,748 | €57,716 | €86,580 | €31,547 | €8,353 | ▼ 73.5% |
| Deferred charges and accrued income490/1 | - | - | €808 | €799 | €525 | €435 | €839 | ▲ 92.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €43,806 | €25,178 | €69,043 | €213,211 | €236,726 | €260,640 | €488,255 | ▲ 87.3% |
| Equity10/15 | €22,384 | €1,137 | €29,875 | €22,695 | €22,300 | €32,965 | €31,777 | ▼ 3.6% |
| Contributions10/11 | €2,500 | - | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Reserves13 | €19,800 | €19,800 | €19,800 | €19,800 | €19,800 | €19,800 | €19,800 | = |
| Non-distributable reserves130/1 | - | - | €250 | €250 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | €250 | €250 | €0 | - | - | - |
| Distributable reserves133 | - | - | €19,550 | €19,550 | €19,800 | €19,800 | €19,800 | = |
| Profit (loss) carried forward14 | €84 | -€21,163 | €7,575 | €395 | €0 | €10,665 | €9,477 | ▼ 11.1% |
| Amounts payable17/49 | €21,422 | €24,041 | €39,168 | €190,516 | €214,426 | €227,675 | €456,478 | ▲ 100% |
| Amounts payable after more than one year17 | - | - | - | €123,744 | €116,431 | €147,248 | €135,771 | ▼ 7.8% |
| Financial debts170/4 | - | - | - | €123,744 | €116,431 | €147,248 | €135,771 | ▼ 7.8% |
| Amounts payable within one year42/48 | €18,422 | €18,866 | €34,488 | €62,272 | €93,495 | €75,927 | €320,707 | ▲ 322% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,094 | €7,313 | €11,103 | €234,677 | ▲ 21× |
| Financial debts43 | - | - | €840 | €1,737 | €0 | €2,731 | €219 | ▼ 92.0% |
| Credit institutions430/8 | - | - | €840 | €1,737 | €0 | - | €219 | - |
| Other loans439 | - | - | - | - | - | €2,731 | €0 | ▼ 100% |
| Trade debts44 | €980 | €1,166 | €1,314 | €605 | €3,799 | €11,117 | €6,131 | ▼ 44.9% |
| Suppliers440/4 | - | - | €1,314 | €605 | €3,799 | €11,117 | €6,131 | ▼ 44.9% |
| Taxes, remuneration and social security45 | - | - | €21,791 | €23,126 | €17,477 | €12,873 | €12,302 | ▼ 4.4% |
| Taxes450/3 | - | - | €18,250 | €19,585 | €13,937 | €10,873 | €10,302 | ▼ 5.3% |
| Remuneration and social security454/9 | - | - | €3,541 | €3,541 | €3,541 | €2,000 | €2,000 | = |
| Other amounts payable47/48 | - | - | €10,543 | €29,710 | €64,906 | €38,102 | €67,379 | ▲ 76.8% |
| Accrued charges and deferred income492/3 | - | - | €4,680 | €4,500 | €4,500 | €4,500 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,884 | -€21,246 | €29,538 | €8,819 | €51,405 | €10,665 | -€1,188 | - |
| + Depreciation and write-downs630 | €808 | €1,873 | €2,297 | €21,228 | €9,563 | €14,758 | €51,910 | ▲ 252% |
| Operating cash flow (approximation) | €20,692 | -€19,373 | €31,834 | €30,047 | €60,968 | €25,422 | €50,722 | ▲ 99.5% |
| Investment in fixed assets (approximation) | - | -€3,850 | -€2,654 | -€151,077 | -€11,342 | -€87,094 | -€284,301 | ▼ 226% |
| Change in cash | - | €9,714 | €33,700 | €7,968 | €28,864 | -€55,033 | -€23,194 | ▲ 57.9% |
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, 819 companies had the same profile as TUNITAS has now. Two years later, 94.7% were still going and 1.8% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency under 10%
- a small loss
94.7%
was still going
3.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TUNITAS itself: 0.5% 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 819 companies, not a prediction for TUNITAS. 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 |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-06-2026 | 2026-00207412 | |
| 31-12-2024 | micro format | 21-05-2025 | 2025-00100256 | |
| 31-12-2023 | micro format | 07-06-2024 | 2024-00115002 | |
| 31-12-2022 | micro format | 10-07-2023 | 2023-00218423 | |
| 31-12-2021 | micro format | 17-05-2022 | 2022-20027976 | |
| 31-12-2020 | micro format | 15-06-2021 | 2021-20100160 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-48100133 |