Updb
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 15 filings
Turnover
≈ €160,000
Estimated: probably between €140,000 and €210,000
Total assets
€322,294▲ 2.3%
2024 · €315,162
Net result
€31,356▲ 1.7%
2024 · €30,843
Working capital
€73,902▲ 47.3%
2024 · €50,181
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€48,448
▲ 7.9%
2025
20192025
Net result
€31,356
▲ 1.7%
2025
middle half of the sector
20192025
Equity
€228,261
▲ 15.9%
2025
highest quarter of the sector
20192025
Total assets
€322,294
▲ 2.3%
2025
highest quarter of the sector
20192025
Debt
€94,034
▼ 20.5%
2025
20192025
Working capital
€73,902
▲ 47.3%
2025
middle half of the sector
20192025
Solvency
70.8%
▲ 8.3pp
2025
middle half of the sector
20192025
Current ratio
2.39
▲ 0.40
2025
middle half of the sector
20192025
Return on assets (ROA)
9.7%
▼ 0.1pp
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€20,396-€40,369▲ 97.9%€38,624▼ 4.3%€35,696▼ 7.6%€35,065▼ 1.8%€44,915▲ 28.1%€48,448▲ 7.9%
Net result€9,193-€25,727within the sector's middle half▲ 180%€23,761within the sector's middle half▼ 7.6%€24,071within the sector's middle half▲ 1.3%€22,214within the sector's middle half▼ 7.7%€30,843within the sector's middle half▲ 38.8%€31,356within the sector's middle half▲ 1.7%
Equity€99,156-€122,017within the sector's middle half▲ 23.1%€137,778within the sector's middle half▲ 12.9%€153,349within the sector's middle half▲ 11.3%€167,062above the sector's middle half▲ 8.9%€196,905above the sector's middle half▲ 17.9%€228,261above the sector's middle half▲ 15.9%
Total assets€293,492-€298,300above the sector's middle half▲ 1.6%€282,499within the sector's middle half▼ 5.3%€298,449above the sector's middle half▲ 5.6%€286,150above the sector's middle half▼ 4.1%€315,162above the sector's middle half▲ 10.1%€322,294above the sector's middle half▲ 2.3%
Debt€193,969-€175,917▼ 9.3%€144,721▼ 17.7%€145,100▲ 0.3%€119,088▼ 17.9%€118,257▼ 0.7%€94,034▼ 20.5%
Working capital-€6,560-€7,188below the sector's middle half€17,007within the sector's middle half▲ 137%€23,941within the sector's middle half▲ 40.8%€32,977within the sector's middle half▲ 37.7%€50,181within the sector's middle half▲ 52.2%€73,902within the sector's middle half▲ 47.3%
Solvency33.8%-40.9%within the sector's middle half▲ 7.1pp48.8%within the sector's middle half▲ 7.9pp51.4%within the sector's middle half▲ 2.6pp58.4%within the sector's middle half▲ 7.0pp62.5%within the sector's middle half▲ 4.1pp70.8%within the sector's middle half▲ 8.3pp
Current ratio0.88-1.11below the sector's middle half▲ 0.221.29below the sector's middle half▲ 0.181.43within the sector's middle half▲ 0.151.63within the sector's middle half▲ 0.201.99within the sector's middle half▲ 0.362.39within the sector's middle half▲ 0.40
Return on assets (ROA)3.1%-8.6%within the sector's middle half▲ 5.5pp8.4%within the sector's middle half▼ 0.2pp8.1%within the sector's middle half▼ 0.3pp7.8%within the sector's middle half▼ 0.3pp9.8%within the sector's middle half▲ 2.0pp9.7%within the sector's middle half▼ 0.1pp
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 8% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €322,294
Fixed assets
€195,130 ▼ 8.9%
Current assets
€127,164 ▲ 26.1%
Equity and liabilities €322,294
Equity
€228,261 ▲ 15.9%
Debt
€94,034 ▼ 20.5%
Debt's share of the balance-sheet total falls from 37.5% to 29.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€67,617▲
2024 · €62,855
Cash flow
€50,525▲
2024 · €48,782
Debt to equity
0.41▼
2024 · 0.60
ROE
13.7%▼
2024 · 15.7%
Interest coverage
21.45▲
2024 · 21.03
Debt ≤ 1 year
€53,262▲
2024 · €50,682
Debt > 1 year
€39,133▼
2024 · €67,575
Income taxes
€16,163▲
2024 · €13,556
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Mortgages, amount registered | €200,000 | €200,000 | €200,000 | - |
| Carrying value of the mortgaged assets | €181,000 | €181,000 | €169,000 | - |
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 | €28,764 | €1,433 | €31,413 | - |
| Depreciation and write-downs of the year | €15,922 | €20,023 | €17,940 | €19,169 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,254 | €19,919 | €19,293 | €15,922 | €20,023 | €17,940 | €19,169 | ▲ 6.9% |
| Other operating charges640/8 | - | - | - | €2,498 | €1,677 | €1,973 | €2,529 | ▲ 28.1% |
| Gross operating margin9900 | €42,634 | €62,147 | €58,984 | €54,116 | €56,764 | €64,828 | €70,146 | ▲ 8.2% |
| Operating profit (loss)9901 | €20,396 | €40,369 | €38,624 | €35,696 | €35,065 | €44,915 | €48,448 | ▲ 7.9% |
| Financial income75/76B | - | - | - | €1,053 | €1,099 | €2,473 | €2,223 | ▼ 10.1% |
| Recurring financial income75 | €513 | €528 | €529 | €1,053 | €1,099 | €2,473 | €2,223 | ▼ 10.1% |
| Financial charges65/66B | - | - | - | €3,616 | €3,375 | €2,988 | €3,152 | ▲ 5.5% |
| Recurring financial charges65 | €5,729 | €5,062 | €4,334 | €3,616 | €3,375 | €2,988 | €3,152 | ▲ 5.5% |
| Profit (loss) for the period before taxes9903 | €15,180 | €35,835 | €34,820 | €33,133 | €32,789 | €44,399 | €47,519 | ▲ 7.0% |
| Income taxes67/77 | €6,354 | €10,475 | €11,425 | €9,062 | €10,575 | €13,556 | €16,163 | ▲ 19.2% |
| Profit (loss) for the period9904 | €9,193 | €25,727 | €23,761 | €24,071 | €22,214 | €30,843 | €31,356 | ▲ 1.7% |
| Profit (loss) for the period to be appropriated9905 | €10,048 | €26,582 | €24,616 | €24,071 | €22,214 | €30,843 | €31,356 | ▲ 1.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €293,492 | €298,300 | €282,499 | €298,449 | €286,150 | €315,162 | €322,294 | ▲ 2.3% |
| Fixed assets21/28 | €243,944 | €224,025 | €206,574 | €219,415 | €200,826 | €214,299 | €195,130 | ▼ 8.9% |
| Tangible fixed assets22/27 | €243,944 | €224,025 | €206,574 | €219,415 | €200,826 | €214,299 | €195,130 | ▼ 8.9% |
| Land and buildings22 | - | - | - | €181,000 | €175,000 | €169,000 | €163,000 | ▼ 3.6% |
| Furniture and vehicles24 | - | - | - | €32,937 | €23,087 | €45,299 | €32,130 | ▼ 29.1% |
| Other tangible fixed assets26 | - | - | - | €5,478 | €2,739 | €0 | - | - |
| Current assets29/58 | €49,548 | €74,275 | €75,925 | €79,033 | €85,324 | €100,863 | €127,164 | ▲ 26.1% |
| Amounts receivable after more than one year29 | - | - | - | €16,000 | €16,000 | €16,000 | €16,000 | = |
| Other amounts receivable291 | - | - | - | €16,000 | €16,000 | €16,000 | €16,000 | = |
| Amounts receivable within one year40/41 | €29,978 | €28,688 | €37,392 | €25,668 | €38,005 | €37,040 | €59,573 | ▲ 60.8% |
| Trade receivables40 | - | - | - | €16,093 | €20,235 | €21,185 | €21,215 | ▲ 0.1% |
| Other amounts receivable41 | - | - | - | €9,575 | €17,770 | €15,855 | €38,358 | ▲ 142% |
| Cash at bank and in hand54/58 | €1,318 | €26,767 | €18,523 | €32,935 | €27,561 | €42,847 | €45,704 | ▲ 6.7% |
| Deferred charges and accrued income490/1 | - | - | - | €4,430 | €3,758 | €4,976 | €5,887 | ▲ 18.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €293,492 | €298,300 | €282,499 | €298,449 | €286,150 | €315,162 | €322,294 | ▲ 2.3% |
| Equity10/15 | €99,156 | €122,017 | €137,778 | €153,349 | €167,062 | €196,905 | €228,261 | ▲ 15.9% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €92,437 | €115,215 | €130,860 | €144,860 | €158,860 | €187,360 | €217,860 | ▲ 16.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | - | €143,000 | €157,000 | €187,360 | €217,860 | ▲ 16.3% |
| Profit (loss) carried forward14 | €519 | €601 | €718 | €2,289 | €2,002 | €3,345 | €4,201 | ▲ 25.6% |
| Provisions and deferred taxes16 | €367 | €367 | - | - | - | - | - | - |
| Amounts payable17/49 | €193,969 | €175,917 | €144,721 | €145,100 | €119,088 | €118,257 | €94,034 | ▼ 20.5% |
| Amounts payable after more than one year17 | €137,861 | €108,830 | €84,360 | €90,008 | €66,742 | €67,575 | €39,133 | ▼ 42.1% |
| Financial debts170/4 | - | - | - | €89,265 | €66,742 | €67,575 | €39,133 | ▼ 42.1% |
| Other amounts payable178/9 | - | - | - | €743 | - | - | - | - |
| Amounts payable within one year42/48 | €56,108 | €67,086 | €58,918 | €55,092 | €52,346 | €50,682 | €53,262 | ▲ 5.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €25,575 | €24,533 | €31,928 | €29,780 | ▼ 6.7% |
| Financial debts43 | - | - | - | - | - | - | €7,723 | - |
| Credit institutions430/8 | - | - | - | - | - | - | €7,723 | - |
| Trade debts44 | €8,359 | €6,427 | €7,984 | €7,791 | €3,043 | €3,109 | €4,578 | ▲ 47.3% |
| Suppliers440/4 | - | - | - | €7,791 | €3,043 | €3,109 | €4,578 | ▲ 47.3% |
| Taxes, remuneration and social security45 | - | - | - | €13,226 | €16,144 | €14,645 | €11,181 | ▼ 23.7% |
| Taxes450/3 | - | - | - | €13,226 | €16,144 | €14,645 | €11,181 | ▼ 23.7% |
| Other amounts payable47/48 | - | - | - | €8,500 | €8,626 | €1,000 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €1,639 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,193 | €25,727 | €23,761 | €24,071 | €22,214 | €30,843 | €31,356 | ▲ 1.7% |
| + Depreciation and write-downs630 | €20,254 | €19,919 | €19,293 | €15,922 | €20,023 | €17,940 | €19,169 | ▲ 6.9% |
| Operating cash flow (approximation) | €29,447 | €45,646 | €43,054 | €39,993 | €42,236 | €48,782 | €50,525 | ▲ 3.6% |
| Investment in fixed assets (approximation) | - | €0 | -€1,842 | -€28,764 | -€1,434 | -€31,413 | €0 | - |
| Change in cash | - | €25,449 | -€8,244 | €14,413 | -€5,375 | €15,286 | €2,857 | ▼ 81.3% |
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 Updb 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 Updb 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 Updb. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 30-01-2026 | 2026-00034917 | |
| 30-06-2024 | micro format | 27-01-2025 | 2025-00024046 | |
| 30-06-2023 | micro format | 30-01-2024 | 2024-00012000 | |
| 30-06-2022 | micro format | 26-01-2023 | 2023-00006796 | |
| 30-06-2021 | micro format | 25-02-2022 | 2022-06600097 | |
| 30-06-2020 | micro format | 12-02-2021 | 2021-05300534 | |
| 30-06-2019 | micro format | 14-02-2020 | 2020-05100171 | |
| 30-06-2018 | full format | 31-01-2019 | 2019-02800567 | |
| 30-06-2017 | full format | 07-02-2018 | 2018-04500207 | |
| 30-06-2016 | full format | 25-01-2017 | 2017-01800590 |