UNCAPPED
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 5 filings
Turnover
≈ €270,000
Estimated: probably between €250,000 and €340,000
Total assets
€128,913▲ 8.6%
2024 · €118,665
Net result
€2,823▼ 85.4%
2024 · €19,335
Working capital
€42,245▲ 14.4%
2024 · €36,938
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€4,118
▼ 80.2%
2025
20212025
Net result
€2,823
▼ 85.4%
2025
lowest quarter of the sector
20212025
Equity
€53,944
▲ 5.5%
2025
middle half of the sector
20212025
Total assets
€128,913
▲ 8.6%
2025
middle half of the sector
20212025
Debt
€74,969
▲ 11.0%
2025
20212025
Working capital
€42,245
▲ 14.4%
2025
middle half of the sector
20212025
Solvency
41.8%
▼ 1.2pp
2025
middle half of the sector
20212025
Current ratio
1.58
▼ 0.01
2025
middle half of the sector
20212025
Return on assets (ROA)
2.2%
▼ 14.1pp
2025
lowest quarter of the sector
20212025
Staff (FTE)
2
▼ 9.1%
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€9,139-€33,010▲ 261%-€50,633€20,749€4,118▼ 80.2%
Net result€2,866below the sector's middle half-€20,035within the sector's middle half▲ 599%-€50,514below the sector's middle half€19,335within the sector's middle half€2,823below the sector's middle half▼ 85.4%
Equity€106,266within the sector's middle half-€82,301within the sector's middle half▼ 22.6%€31,786within the sector's middle half▼ 61.4%€51,121within the sector's middle half▲ 60.8%€53,944within the sector's middle half▲ 5.5%
Total assets€230,684within the sector's middle half-€201,058within the sector's middle half▼ 12.8%€146,333within the sector's middle half▼ 27.2%€118,665within the sector's middle half▼ 18.9%€128,913within the sector's middle half▲ 8.6%
Debt€124,418-€118,757▼ 4.6%€114,547▼ 3.5%€67,544▼ 41.0%€74,969▲ 11.0%
Working capital€92,761within the sector's middle half-€78,589within the sector's middle half▼ 15.3%€15,756within the sector's middle half▼ 80.0%€36,938within the sector's middle half▲ 134%€42,245within the sector's middle half▲ 14.4%
Solvency46.1%within the sector's middle half-40.9%within the sector's middle half▼ 5.1pp21.7%below the sector's middle half▼ 19.2pp43.1%within the sector's middle half▲ 21.4pp41.8%within the sector's middle half▼ 1.2pp
Current ratio1.95within the sector's middle half-1.88within the sector's middle half▼ 0.071.15below the sector's middle half▼ 0.721.59within the sector's middle half▲ 0.441.58within the sector's middle half▼ 0.01
Return on assets (ROA)1.2%below the sector's middle half-10.0%within the sector's middle half▲ 8.7pp-34.5%below the sector's middle half▼ 44.5pp16.3%within the sector's middle half▲ 50.8pp2.2%below the sector's middle half▼ 14.1pp
Staff (FTE)2.5-2.9▲ 16.0%3.4▲ 17.2%2.2▼ 35.3%2▼ 9.1%
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 80% lower than in 2024.
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 €128,913
Fixed assets
€13,908 ▼ 28.8%
Current assets
€115,005 ▲ 16.0%
Equity and liabilities €128,913
Equity
€53,944 ▲ 5.5%
Debt
€74,969 ▲ 11.0%
Debt's share of the balance-sheet total rises from 56.9% to 58.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€15,171▼
2024 · €31,591
Cash flow
€13,876▼
2024 · €30,177
Debt to equity
1.39▲
2024 · 1.32
ROE
5.2%▼
2024 · 37.8%
Interest coverage
8.69▼
2024 · 25.60
Debt ≤ 1 year
€72,760▲
2024 · €62,194
Debt > 1 year
€1,030▼
2024 · €3,351
Income taxes
€369▲
2024 · €342
Staff costs
€161,730▼
2024 · €171,435
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 | 3 | 2 | 4 | 2 | 2 |
| full-time | 3 | 1 | 3 | 2 | 2 |
| part-time | - | 1 | 1 | - | - |
| in full-time equivalents | 3 | 1.8 | 3.8 | 2 | 2 |
| Average over the year, in full-time equivalents | 2.5 | 2.9 | 3.4 | 2.2 | 2 |
| On a permanent contract | 3 | 2 | 4 | 2 | 2 |
| Joined | 1 | 1 | 2 | 0 | - |
| Left | 0 | 2 | 0 | 2 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €29,438 | €4,609 | €7,409 | €1,510 | €5,428 |
| Depreciation and write-downs of the year | €8,055 | €12,163 | €10,922 | €10,842 | €11,053 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €515 awardedAnnual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €204 | - | - |
| Remuneration, social security and pensions62 | €176,974 | €206,417 | €257,687 | €171,435 | €161,730 | ▼ 5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,055 | €12,163 | €10,922 | €10,842 | €11,053 | ▲ 1.9% |
| Other operating charges640/8 | €4,889 | €2,127 | €7,851 | €2,359 | €2,223 | ▼ 5.7% |
| Non-recurring operating charges66A | - | - | €408 | - | - | - |
| Gross operating margin9900 | €199,056 | €253,717 | €226,235 | €205,384 | €179,125 | ▼ 12.8% |
| Operating profit (loss)9901 | €9,139 | €33,010 | -€50,633 | €20,749 | €4,118 | ▼ 80.2% |
| Financial income75/76B | €517 | €388 | €2,116 | €163 | €819 | ▲ 404% |
| Recurring financial income75 | €517 | €388 | €2,116 | €163 | €819 | ▲ 404% |
| Financial charges65/66B | €2,345 | €2,991 | €1,520 | €1,234 | €1,745 | ▲ 41.4% |
| Recurring financial charges65 | €2,345 | €2,991 | €1,520 | €1,234 | €1,745 | ▲ 41.4% |
| Profit (loss) for the period before taxes9903 | €7,311 | €30,408 | -€50,038 | €19,677 | €3,192 | ▼ 83.8% |
| Income taxes67/77 | €4,445 | €10,373 | €477 | €342 | €369 | ▲ 8.0% |
| Profit (loss) for the period9904 | €2,866 | €20,035 | -€50,514 | €19,335 | €2,823 | ▼ 85.4% |
| Profit (loss) for the period to be appropriated9905 | €2,866 | €20,035 | -€50,514 | €19,335 | €2,823 | ▼ 85.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €230,684 | €201,058 | €146,333 | €118,665 | €128,913 | ▲ 8.6% |
| Fixed assets21/28 | €40,340 | €32,787 | €28,865 | €19,533 | €13,908 | ▼ 28.8% |
| Tangible fixed assets22/27 | €40,050 | €32,497 | €28,575 | €19,243 | €13,618 | ▼ 29.2% |
| Plant, machinery and equipment23 | €1,979 | €3,098 | €5,068 | €3,676 | €1,148 | ▼ 68.8% |
| Furniture and vehicles24 | €2,598 | €220 | €1,818 | €1,368 | €5,759 | ▲ 321% |
| Leasing and similar rights25 | €25,550 | €20,012 | €14,474 | €8,936 | €3,399 | ▼ 62.0% |
| Other tangible fixed assets26 | €9,923 | €9,166 | €7,215 | €5,263 | €3,312 | ▼ 37.1% |
| Financial fixed assets28 | €290 | €290 | €290 | €290 | €290 | = |
| Current assets29/58 | €190,344 | €168,271 | €117,468 | €99,131 | €115,005 | ▲ 16.0% |
| Amounts receivable within one year40/41 | €71,623 | €83,487 | €75,777 | €53,201 | €43,636 | ▼ 18.0% |
| Trade receivables40 | €49,023 | €69,736 | €65,547 | €41,928 | €31,695 | ▼ 24.4% |
| Other amounts receivable41 | €22,601 | €13,751 | €10,230 | €11,273 | €11,941 | ▲ 5.9% |
| Current investments50/53 | €12,989 | €12,989 | - | - | - | - |
| Cash at bank and in hand54/58 | €74,418 | €42,001 | €35,943 | €30,071 | €34,571 | ▲ 15.0% |
| Deferred charges and accrued income490/1 | €31,314 | €29,794 | €5,747 | €15,860 | €36,798 | ▲ 132% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €230,684 | €201,058 | €146,333 | €118,665 | €128,913 | ▲ 8.6% |
| Equity10/15 | €106,266 | €82,301 | €31,786 | €51,121 | €53,944 | ▲ 5.5% |
| Contributions10/11 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Reserves13 | €105,266 | €81,301 | €81,301 | €81,301 | €81,301 | = |
| Distributable reserves133 | €105,266 | €81,301 | €81,301 | €81,301 | €81,301 | = |
| Profit (loss) carried forward14 | - | - | -€50,514 | -€31,180 | -€28,357 | ▲ 9.1% |
| Amounts payable17/49 | €124,418 | €118,757 | €114,547 | €67,544 | €74,969 | ▲ 11.0% |
| Amounts payable after more than one year17 | €20,078 | €14,596 | €9,021 | €3,351 | €1,030 | ▼ 69.3% |
| Financial debts170/4 | €20,078 | €14,596 | €9,021 | €3,351 | €1,030 | ▼ 69.3% |
| Amounts payable within one year42/48 | €97,583 | €89,682 | €101,711 | €62,194 | €72,760 | ▲ 17.0% |
| Current portion of amounts payable after more than one year42 | €5,391 | €5,482 | €5,575 | €5,669 | €5,748 | ▲ 1.4% |
| Trade debts44 | €37,482 | €45,942 | €32,137 | €15,047 | €26,267 | ▲ 74.6% |
| Suppliers440/4 | €37,482 | €45,942 | €32,137 | €15,047 | €26,267 | ▲ 74.6% |
| Taxes, remuneration and social security45 | €54,711 | €36,947 | €63,284 | €41,060 | €40,745 | ▼ 0.8% |
| Taxes450/3 | €19,689 | €17,029 | €20,214 | €16,157 | €15,631 | ▼ 3.3% |
| Remuneration and social security454/9 | €35,021 | €19,918 | €43,070 | €24,902 | €25,114 | ▲ 0.9% |
| Other amounts payable47/48 | - | €1,310 | €715 | €418 | - | - |
| Accrued charges and deferred income492/3 | €6,757 | €14,479 | €3,815 | €1,999 | €1,179 | ▼ 41.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,866 | €20,035 | -€50,514 | €19,335 | €2,823 | ▼ 85.4% |
| + Depreciation and write-downs630 | €8,055 | €12,163 | €10,922 | €10,842 | €11,053 | ▲ 1.9% |
| Operating cash flow (approximation) | €10,921 | €32,197 | -€39,593 | €30,177 | €13,876 | ▼ 54.0% |
| Investment in fixed assets (approximation) | - | -€4,609 | -€7,000 | -€1,510 | -€5,428 | ▼ 259% |
| Change in cash | - | -€32,417 | -€6,058 | -€5,872 | €4,500 | - |
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, 10,904 companies had the same profile as UNCAPPED has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of UNCAPPED 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 10,904 companies, not a prediction for UNCAPPED. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00218632 | |
| 31-12-2024 | micro format | 18-07-2025 | 2025-00283897 | |
| 31-12-2023 | micro format | 13-08-2024 | 2024-00341701 | |
| 31-12-2022 | micro format | 14-07-2023 | 2023-00235707 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20245279 |