UPLEVEL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 14-12-2025 PDF all 7 filings
Turnover
≈ €140,000
Estimated: probably between €130,000 and €190,000
Total assets
€372,813▲ 129%
2024 · €163,080
Net result
€16,413▼ 10.9%
2024 · €18,414
Working capital
€83,826▲ 39.7%
2024 · €60,016
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€33,571
▲ 16.0%
2025
20192025
Net result
€16,413
▼ 10.9%
2025
middle half of the sector
20192025
Equity
€79,545
▲ 26.0%
2025
middle half of the sector
20192025
Total assets
€372,813
▲ 129%
2025
highest quarter of the sector
20192025
Debt
€293,268
▲ 193%
2025
20192025
Working capital
€83,826
▲ 39.7%
2025
middle half of the sector
20192025
Solvency
21.3%
▼ 17.4pp
2025
middle half of the sector
20192025
Current ratio
3.91
▲ 2.31
2025
middle half of the sector
20192025
Return on assets (ROA)
4.4%
▼ 6.9pp
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€37,755-€14,557▼ 61.4%€25,349▲ 74.1%€46,220▲ 82.3%€24,757▼ 46.4%€28,943▲ 16.9%€33,571▲ 16.0%
Net result€29,337-€9,464within the sector's middle half▼ 67.7%€12,103within the sector's middle half▲ 27.9%€36,984within the sector's middle half▲ 206%€17,730within the sector's middle half▼ 52.1%€18,414within the sector's middle half▲ 3.9%€16,413within the sector's middle half▼ 10.9%
Equity€20,537-€30,001within the sector's middle half▲ 46.1%€42,104within the sector's middle half▲ 40.3%€56,988within the sector's middle half▲ 35.4%€52,218within the sector's middle half▼ 8.4%€63,132within the sector's middle half▲ 20.9%€79,545within the sector's middle half▲ 26.0%
Total assets€68,465-€61,372within the sector's middle half▼ 10.4%€79,568within the sector's middle half▲ 29.6%€108,172within the sector's middle half▲ 35.9%€127,939within the sector's middle half▲ 18.3%€163,080within the sector's middle half▲ 27.5%€372,813above the sector's middle half▲ 129%
Debt€47,928-€31,371▼ 34.5%€37,464▲ 19.4%€51,184▲ 36.6%€75,721▲ 47.9%€99,948▲ 32.0%€293,268▲ 193%
Working capital€17,655-€29,540within the sector's middle half▲ 67.3%€40,862within the sector's middle half▲ 38.3%€57,657within the sector's middle half▲ 41.1%€54,395within the sector's middle half▼ 5.7%€60,016within the sector's middle half▲ 10.3%€83,826within the sector's middle half▲ 39.7%
Solvency30.0%-48.9%within the sector's middle half▲ 18.9pp52.9%within the sector's middle half▲ 4.0pp52.7%within the sector's middle half▼ 0.2pp40.8%within the sector's middle half▼ 11.9pp38.7%within the sector's middle half▼ 2.1pp21.3%within the sector's middle half▼ 17.4pp
Current ratio1.37-1.96within the sector's middle half▲ 0.592.09within the sector's middle half▲ 0.132.21within the sector's middle half▲ 0.121.76within the sector's middle half▼ 0.461.60within the sector's middle half▼ 0.153.91within the sector's middle half▲ 2.31
Return on assets (ROA)42.8%-15.4%within the sector's middle half▼ 27.4pp15.2%within the sector's middle half▼ 0.2pp34.2%above the sector's middle half▲ 19.0pp13.9%within the sector's middle half▼ 20.3pp11.3%within the sector's middle half▼ 2.6pp4.4%within the sector's middle half▼ 6.9pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 16% higher than in 2024. 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 €372,813
Fixed assets
€260,228 ▲ 83×
Current assets
€112,585 ▼ 29.6%
Equity and liabilities €372,813
Equity
€79,545 ▲ 26.0%
Debt
€293,268 ▲ 193%
Debt's share of the balance-sheet total rises from 61.3% to 78.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€35,920▲
2024 · €31,321
Cash flow
€18,762▼
2024 · €20,792
Debt to equity
3.69▲
2024 · 1.58
ROE
20.6%▼
2024 · 29.2%
Interest coverage
4.34▼
2024 · 12.55
Debt ≤ 1 year
€28,759▼
2024 · €99,948
Debt > 1 year
€264,509
Income taxes
€9,087▲
2024 · €8,953
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €3,417 | - | €3,964 | €259,461 |
| Depreciation and write-downs of the year | €1,691 | €1,438 | €2,378 | €2,349 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €599 awarded · €599 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,882 | €1,921 | €644 | €1,691 | €1,438 | €2,378 | €2,349 | ▼ 1.2% |
| Other operating charges640/8 | - | - | - | €801 | €634 | €3,030 | €30,412 | ▲ 904% |
| Gross operating margin9900 | €43,415 | €16,640 | €26,364 | €48,711 | €26,829 | €34,351 | €66,332 | ▲ 93.1% |
| Operating profit (loss)9901 | €37,755 | €14,557 | €25,349 | €46,220 | €24,757 | €28,943 | €33,571 | ▲ 16.0% |
| Financial income75/76B | - | - | - | €634 | €314 | €920 | €203 | ▼ 77.9% |
| Recurring financial income75 | €394 | €3 | €137 | €634 | €314 | €920 | €203 | ▼ 77.9% |
| Financial charges65/66B | - | - | - | €2,519 | €552 | €2,496 | €8,274 | ▲ 231% |
| Recurring financial charges65 | €161 | €196 | €1,545 | €2,519 | €552 | €2,496 | €8,274 | ▲ 231% |
| Profit (loss) for the period before taxes9903 | €37,987 | €14,364 | €23,940 | €44,335 | €24,520 | €27,367 | €25,500 | ▼ 6.8% |
| Income taxes67/77 | €8,650 | €4,900 | €11,837 | €7,351 | €6,790 | €8,953 | €9,087 | ▲ 1.5% |
| Profit (loss) for the period9904 | €29,337 | €9,464 | €12,103 | €36,984 | €17,730 | €18,414 | €16,413 | ▼ 10.9% |
| Profit (loss) for the period to be appropriated9905 | €29,337 | €9,464 | €12,103 | €36,984 | €17,730 | €18,414 | €16,413 | ▼ 10.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €68,465 | €61,372 | €79,568 | €108,172 | €127,939 | €163,080 | €372,813 | ▲ 129% |
| Fixed assets21/28 | €2,882 | €961 | €1,242 | €2,968 | €1,530 | €3,117 | €260,228 | ▲ 83× |
| Tangible fixed assets22/27 | €2,882 | €961 | €1,242 | €2,968 | €1,530 | €3,117 | €260,228 | ▲ 83× |
| Land and buildings22 | - | - | - | - | - | - | €256,865 | - |
| Plant, machinery and equipment23 | - | - | - | €2,080 | €1,168 | €246 | €1,814 | ▲ 636% |
| Furniture and vehicles24 | - | - | - | €889 | €362 | €2,870 | €1,549 | ▼ 46.0% |
| Current assets29/58 | €65,583 | €60,411 | €78,327 | €105,203 | €126,409 | €159,963 | €112,585 | ▼ 29.6% |
| Amounts receivable within one year40/41 | €46,064 | €5,974 | €41,364 | €21,291 | €43,187 | €75,853 | €72,444 | ▼ 4.5% |
| Trade receivables40 | - | - | - | €13,345 | €39,320 | €75,515 | €30,503 | ▼ 59.6% |
| Other amounts receivable41 | - | - | - | €7,946 | €3,867 | €338 | €41,941 | ▲ 124× |
| Cash at bank and in hand54/58 | €12,770 | €46,000 | €26,770 | €76,598 | €78,088 | €77,821 | €35,020 | ▼ 55.0% |
| Deferred charges and accrued income490/1 | - | - | - | €7,315 | €5,134 | €6,290 | €5,121 | ▼ 18.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €68,465 | €61,372 | €79,568 | €108,172 | €127,939 | €163,080 | €372,813 | ▲ 129% |
| Equity10/15 | €20,537 | €30,001 | €42,104 | €56,988 | €52,218 | €63,132 | €79,545 | ▲ 26.0% |
| Contributions10/11 | €6,200 | €6,200 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €14,337 | €23,360 | €33,360 | €33,360 | €33,360 | €44,274 | €60,274 | ▲ 36.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €31,500 | €33,360 | €44,274 | €60,274 | ▲ 36.1% |
| Profit (loss) carried forward14 | - | €441 | €2,544 | €5,028 | €258 | €258 | €671 | ▲ 160% |
| Amounts payable17/49 | €47,928 | €31,371 | €37,464 | €51,184 | €75,721 | €99,948 | €293,268 | ▲ 193% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €264,509 | - |
| Financial debts170/4 | - | - | - | - | - | - | €264,509 | - |
| Amounts payable within one year42/48 | €47,928 | €30,871 | €37,464 | €47,547 | €72,013 | €99,948 | €28,759 | ▼ 71.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4,511 | €4,479 | - | €16,190 | - |
| Financial debts43 | - | - | - | €1,946 | €1,946 | €6,698 | - | - |
| Credit institutions430/8 | - | - | - | €1,946 | €1,946 | €6,698 | - | - |
| Trade debts44 | €9,880 | €1,479 | €15,164 | €5,924 | €13,328 | €19,463 | €1,862 | ▼ 90.4% |
| Suppliers440/4 | - | - | - | €5,924 | €13,328 | €19,463 | €1,862 | ▼ 90.4% |
| Advances received on contracts in progress46 | - | - | - | - | - | €28,134 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €200 | €6,041 | €10,903 | €10,707 | ▼ 1.8% |
| Taxes450/3 | - | - | - | €200 | €6,041 | €9,050 | €8,207 | ▼ 9.3% |
| Remuneration and social security454/9 | - | - | - | - | - | €1,853 | €2,500 | ▲ 34.9% |
| Other amounts payable47/48 | - | - | - | €34,966 | €46,219 | €34,750 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €3,637 | €3,707 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,337 | €9,464 | €12,103 | €36,984 | €17,730 | €18,414 | €16,413 | ▼ 10.9% |
| + Depreciation and write-downs630 | €2,882 | €1,921 | €644 | €1,691 | €1,438 | €2,378 | €2,349 | ▼ 1.2% |
| Operating cash flow (approximation) | €32,219 | €11,385 | €12,747 | €38,674 | €19,168 | €20,792 | €18,762 | ▼ 9.8% |
| Investment in fixed assets (approximation) | - | €0 | -€925 | -€3,417 | €0 | -€3,964 | -€259,460 | ▼ 6,445% |
| Change in cash | - | €33,231 | -€19,231 | €49,828 | €1,491 | -€267 | -€42,801 | ▼ 15,903% |
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, 3,274 companies had the same profile as UPLEVEL has now. Two years later, 94.7% were still going and 2.5% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
94.7%
was still going
2.5%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of UPLEVEL itself is lower: 0.3% within 12 months. It rests on far more data about UPLEVEL than the profile alone.
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 3,274 companies, not a prediction for UPLEVEL. 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 |
|---|---|---|---|---|
| 30-06-2025 | micro format | 14-12-2025 | 2025-00586703 | |
| 30-06-2024 | micro format | 29-12-2024 | 2024-00626936 | |
| 30-06-2023 | micro format | 03-12-2023 | 2023-00520792 | |
| 30-06-2022 | micro format | 25-12-2022 | 2022-20546590 | |
| 30-06-2021 | micro format | 21-12-2021 | 2021-81000525 | |
| 30-06-2020 | micro format | 29-12-2020 | 2020-77500051 | |
| 30-06-2019 | micro format | 16-12-2019 | 2019-76200089 |