ULYSSE
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 22-06-2026 at the NBB all 17 filings
Turnover
€185,874▲ 4.5%
2024 · €177,880
EBIT margin
19.8%▼ 0.8pp
2024 · 20.5%
Net result
€36,625▲ 0.5%
2024 · €36,455
Working capital
€102,758▲ 33.0%
2024 · €77,237
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€185,874
▲ 4.5%
2025
20182025
Operating result
€36,740
▲ 0.5%
2025
20182025
Net result
€36,625
▲ 0.5%
2025
middle half of the sector
20182025
EBIT margin
19.8%
▼ 0.8pp
2025
20182025
Equity
€318,797
▲ 61.7%
2025
middle half of the sector
20182025
Total assets
€826,561
▲ 5.6%
2025
middle half of the sector
20182025
Debt
€439,726
▼ 7.5%
2025
20182025
Working capital
€102,758
▲ 33.0%
2025
lowest quarter of the sector
20182025
Solvency
38.6%
▲ 13.4pp
2025
middle half of the sector
20182025
Current ratio
1.25
▲ 0.06
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
4.4%
▼ 0.2pp
2025
middle half of the sector
20182025
Staff (FTE)
20
▼ 3.4%
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
Turnover€75,256€112,267▲ 49.2%€123,669▲ 10.2%€180,816▲ 46.2%€177,880▼ 1.6%€185,874▲ 4.5%
Operating result€33,213-€53▼ 99.8%€16,561▲ 312×€67,529▲ 308%€7,127▼ 89.4%€10,487▲ 47.1%€36,554▲ 249%€36,740▲ 0.5%
Net result€35,715-€5,391▼ 84.9%€16,510within the sector's middle half▲ 206%€67,435above the sector's middle half▲ 308%€7,002within the sector's middle half▼ 89.6%€10,330within the sector's middle half▲ 47.5%€36,455within the sector's middle half▲ 253%€36,625within the sector's middle half▲ 0.5%
EBIT margin22.0%60.2%▲ 38.1pp5.8%▼ 54.4pp5.8%=20.5%▲ 14.7pp19.8%▼ 0.8pp
Equity€54,050-€59,441▲ 10.0%€75,951within the sector's middle half▲ 27.8%€143,386within the sector's middle half▲ 88.8%€150,388within the sector's middle half▲ 4.9%€160,717within the sector's middle half▲ 6.9%€197,172within the sector's middle half▲ 22.7%€318,797within the sector's middle half▲ 61.7%
Total assets€267,977-€260,592▼ 2.8%€328,014within the sector's middle half▲ 25.9%€348,210within the sector's middle half▲ 6.2%€392,403within the sector's middle half▲ 12.7%€731,902within the sector's middle half▲ 86.5%€782,783within the sector's middle half▲ 7.0%€826,561within the sector's middle half▲ 5.6%
Debt€213,927-€201,151▼ 6.0%€252,063▲ 25.3%€204,824▼ 18.7%€242,015▲ 18.2%€461,185▲ 90.6%€475,611▲ 3.1%€439,726▼ 7.5%
Working capital€52,216-€55,176▲ 5.7%€71,755within the sector's middle half▲ 30.0%€150,392within the sector's middle half▲ 110%€146,332within the sector's middle half▼ 2.7%€24,438below the sector's middle half▼ 83.3%€77,237within the sector's middle half▲ 216%€102,758below the sector's middle half▲ 33.0%
Solvency20.2%-22.8%▲ 2.6pp23.2%within the sector's middle half▲ 0.3pp41.2%within the sector's middle half▲ 18.0pp38.3%within the sector's middle half▼ 2.9pp22.0%within the sector's middle half▼ 16.4pp25.2%within the sector's middle half▲ 3.2pp38.6%within the sector's middle half▲ 13.4pp
Current ratio1.25-1.27▲ 0.031.28below the sector's middle half▲ 0.011.78within the sector's middle half▲ 0.491.60within the sector's middle half▼ 0.171.06below the sector's middle half▼ 0.551.18below the sector's middle half▲ 0.121.25below the sector's middle half▲ 0.06
Return on assets (ROA)13.3%-2.1%▼ 11.3pp5.0%within the sector's middle half▲ 3.0pp19.4%above the sector's middle half▲ 14.3pp1.8%within the sector's middle half▼ 17.6pp1.4%within the sector's middle half▼ 0.4pp4.7%within the sector's middle half▲ 3.2pp4.4%within the sector's middle half▼ 0.2pp
Staff (FTE)13.3-16.2▲ 21.8%17within the sector's middle half▲ 4.9%18.6within the sector's middle half▲ 9.4%19.9within the sector's middle half▲ 7.0%20.7within the sector's middle half▲ 4.0%20.7within the sector's middle half=20within the sector's middle half▼ 3.4%
above
within
below
The sector band is the middle half of the companies in Social work activities without accommodation (NACE 88). 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 1% higher than in 2024. It is the third rise in a row, after the fall in 2022.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €826,561
Fixed assets
€305,225 ▲ 9.3%
Current assets
€521,336 ▲ 3.5%
Equity and liabilities €826,561
Equity
€318,797 ▲ 61.7%
Provisions
€68,038 ▼ 38.1%
Debt
€439,726 ▼ 7.5%
Debt's share of the balance-sheet total falls from 60.8% to 53.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€45,745▲
2024 · €45,559
Cash flow
€45,630▲
2024 · €45,460
Debt to equity
1.38▼
2024 · 2.41
ROE
11.5%▼
2024 · 18.5%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€418,578▼
2024 · €426,316
Customer credit
191 days▼
2024 · 219 days
Supplier credit
80 days▲
2024 · 10 days
Staff costs
€1.7m▲
2024 · €1.7m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 25 | 27 | 28 | 26 | 27 |
| full-time | 7 | 6 | 9 | 8 | 6 |
| part-time | 18 | 21 | 19 | 18 | 21 |
| in full-time equivalents | 19.7 | 20.7 | 21.3 | 20.3 | 20.4 |
| Average over the year, in full-time equivalents | 18.6 | 19.9 | 20.7 | 20.7 | 20 |
| On a permanent contract | 18 | 20 | 22 | 24 | 24 |
| Joined | 7 | 3 | 4 | 2 | 1 |
| Left | 4 | 1 | 3 | 4 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €297,852 | - | €35,000 |
| Financial fixed assets | - | - | €13 | - | - |
| Depreciation and write-downs of the year | €69 | €69 | €9,988 | €9,005 | €9,005 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Wallonia-Brussels Federation
2024 to 2025 · 3 entries · €312,469 in total| Year | Entries | Paid |
|---|---|---|
| 2025 | 1 | €161,594 |
| 2024 | 2 | €150,875 |
Budget allocations
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | €0.08m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 4.5% |
| Membership fees, donations, legacies and grants73 | - | - | - | €1.3m | €1.4m | €1.6m | €1.7m | €1.7m | ▲ 1.9% |
| Non-recurring operating income76A | - | - | - | €0.02m | €0.002m | €0.02m | €0.005m | €0.02m | ▲ 227% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 36.7% |
| Remuneration, social security and pensions62 | - | - | - | €1.2m | €1.4m | €1.5m | €1.7m | €1.7m | ▲ 3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €69 | €69 | €69 | €69 | €69 | €0.01m | €0.009m | €0.009m | = |
| Other operating charges640/8 | - | - | - | - | - | - | €0.004m | - | - |
| Non-recurring operating charges66A | - | - | - | €0.007m | €0.04m | €0.005m | €0.02m | €0.01m | ▼ 35.5% |
| Gross operating margin9900 | €0.9m | €1.1m | €1.2m | €1.3m | €1.4m | €1.7m | €1.7m | €1.7m | ▲ 0.1% |
| Operating profit (loss)9901 | €0.03m | €53 | €0.02m | €0.07m | €0.007m | €0.01m | €0.04m | €0.04m | ▲ 0.5% |
| Financial income75/76B | - | - | - | - | - | €19 | €11 | €10 | ▼ 9.1% |
| Recurring financial income75 | €5 | €0 | - | - | - | €19 | €11 | €10 | ▼ 9.1% |
| Financial charges65/66B | - | - | - | €94 | €125 | €176 | €110 | €125 | ▲ 13.6% |
| Recurring financial charges65 | €53 | €101 | €51 | €94 | €125 | €176 | €110 | €125 | ▲ 13.6% |
| Profit (loss) for the period before taxes9903 | €0.03m | -€48 | €0.02m | €0.07m | €0.007m | €0.01m | €0.04m | €0.04m | ▲ 0.5% |
| Profit (loss) for the period9904 | €0.04m | €0.005m | €0.02m | €0.07m | €0.007m | €0.01m | €0.04m | €0.04m | ▲ 0.5% |
| Profit (loss) for the period to be appropriated9905 | €0.04m | €0.005m | €0.02m | €0.07m | €0.007m | €0.01m | €0.04m | €0.04m | ▲ 0.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €267,977 | €260,592 | €328,014 | €348,210 | €392,403 | €731,902 | €782,783 | €826,561 | ▲ 5.6% |
| Fixed assets21/28 | €4,334 | €4,265 | €4,196 | €4,127 | €4,056 | €291,933 | €279,230 | €305,225 | ▲ 9.3% |
| Tangible fixed assets22/27 | €622 | €553 | €484 | €415 | €346 | €288,210 | €279,205 | €305,200 | ▲ 9.3% |
| Land and buildings22 | - | - | - | - | - | €287,933 | €278,998 | €305,062 | ▲ 9.3% |
| Furniture and vehicles24 | - | - | - | €415 | €346 | €277 | €207 | €138 | ▼ 33.3% |
| Financial fixed assets28 | €3,712 | €3,712 | €3,712 | €3,712 | €3,710 | €3,723 | €25 | €25 | = |
| Current assets29/58 | €263,643 | €256,327 | €323,818 | €344,083 | €388,347 | €439,969 | €503,553 | €521,336 | ▲ 3.5% |
| Amounts receivable within one year40/41 | €117,049 | €167,265 | €157,288 | €270,982 | €190,892 | €243,299 | €283,284 | €309,621 | ▲ 9.3% |
| Trade receivables40 | - | - | - | €54,383 | €81,578 | €95,369 | €106,845 | €97,074 | ▼ 9.1% |
| Other amounts receivable41 | - | - | - | €216,599 | €109,314 | €147,930 | €176,439 | €212,547 | ▲ 20.5% |
| Current investments50/53 | €672 | €673 | €806 | €945 | €945 | €1,344 | €1,354 | €1,363 | ▲ 0.7% |
| Cash at bank and in hand54/58 | €142,935 | €87,516 | €164,948 | €69,729 | €193,348 | €193,886 | €216,082 | €209,350 | ▼ 3.1% |
| Deferred charges and accrued income490/1 | - | - | - | €2,427 | €3,162 | €1,440 | €2,833 | €1,002 | ▼ 64.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €267,977 | €260,592 | €328,014 | €348,210 | €392,403 | €731,902 | €782,783 | €826,561 | ▲ 5.6% |
| Equity10/15 | €54,050 | €59,441 | €75,951 | €143,386 | €150,388 | €160,717 | €197,172 | €318,797 | ▲ 61.7% |
| Contributions10/11 | - | - | - | - | - | - | €4,832 | €4,832 | = |
| Capital10 | - | - | - | - | - | - | €4,832 | €4,832 | = |
| Reserves13 | - | - | - | - | - | - | - | €30,000 | - |
| Profit (loss) carried forward14 | €49,218 | €54,609 | €71,119 | €138,554 | €145,556 | €155,885 | €192,340 | €198,965 | ▲ 3.4% |
| Investment grants15 | - | - | - | - | - | - | - | €85,000 | - |
| Provisions and deferred taxes16 | - | - | - | - | - | €110,000 | €110,000 | €68,038 | ▼ 38.1% |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | €110,000 | €110,000 | €68,038 | ▼ 38.1% |
| Major repairs and maintenance162 | - | - | - | - | - | €110,000 | €110,000 | €68,038 | ▼ 38.1% |
| Amounts payable17/49 | €213,927 | €201,151 | €252,063 | €204,824 | €242,015 | €461,185 | €475,611 | €439,726 | ▼ 7.5% |
| Amounts payable within one year42/48 | €211,427 | €201,151 | €252,063 | €193,691 | €242,015 | €415,531 | €426,316 | €418,578 | ▼ 1.8% |
| Financial debts43 | - | - | - | - | - | €166,163 | €135,155 | €104,147 | ▼ 22.9% |
| Other loans439 | - | - | - | - | - | €166,163 | €135,155 | €104,147 | ▼ 22.9% |
| Trade debts44 | €15,198 | €22,353 | €12,921 | €11,682 | €9,915 | €10,974 | €3,870 | €41,513 | ▲ 973% |
| Suppliers440/4 | - | - | - | €11,682 | €9,915 | €10,974 | €3,870 | €41,513 | ▲ 973% |
| Taxes, remuneration and social security45 | - | - | - | €178,623 | €232,100 | €238,394 | €287,291 | €272,918 | ▼ 5.0% |
| Taxes450/3 | - | - | - | €14,108 | €20,358 | €19,362 | €27,981 | €38,054 | ▲ 36.0% |
| Remuneration and social security454/9 | - | - | - | €164,515 | €211,742 | €219,032 | €259,310 | €234,864 | ▼ 9.4% |
| Accrued charges and deferred income492/3 | - | - | - | €11,133 | - | €45,654 | €49,295 | €21,148 | ▼ 57.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €35,715 | €5,391 | €16,510 | €67,435 | €7,002 | €10,330 | €36,455 | €36,625 | ▲ 0.5% |
| + Depreciation and write-downs630 | €69 | €69 | €69 | €69 | €69 | €9,988 | €9,005 | €9,005 | = |
| Operating cash flow (approximation) | €35,784 | €5,460 | €16,579 | €67,504 | €7,071 | €20,318 | €45,460 | €45,630 | ▲ 0.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €2 | -€297,865 | €3,698 | -€35,000 | - |
| Change in cash | - | -€55,419 | €77,432 | -€95,219 | €123,619 | €538 | €22,196 | -€6,732 | - |
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, 14,766 companies had the same profile as ULYSSE has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ULYSSE 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 14,766 companies, not a prediction for ULYSSE. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 22-06-2026 | 2026-00195502 | |
| 31-12-2024 | full format | 24-06-2025 | 2025-00177004 | |
| 31-12-2023 | full format | 06-06-2024 | 2024-00111764 | |
| 31-12-2022 | full format | 19-06-2023 | 2023-00149061 | |
| 31-12-2021 | full format | 15-06-2022 | 2022-20070712 | |
| 31-12-2020 | full format | 22-06-2021 | 2021-24100085 | |
| 31-12-2019 | full format | 22-06-2020 | 2020-19300571 | |
| 31-12-2018 | full format | 21-06-2019 | 2019-21700512 | |
| 31-12-2017 | full format | 24-06-2018 | 2018-22500155 | |
| 31-12-2016 | full format | 20-06-2017 | 2017-19300228 |