UPSILON
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 2 days after the deadline Filed on 2 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00025941.
Annual accounts 2025 filed on 02-02-2026 PDF all 25 filings
Equity
€2.6m▼ 0.2%
2024 · €2.6m
Total assets
€3.7m▼ 0.8%
2024 · €3.8m
Net result
-€4,940
2024 · €6,341
Working capital
€1.6m▲ 3.9%
2024 · €1.5m
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€104,976
▲ 21.8%
2025
20192025
Net result
-€4,940
2025
lowest quarter of the sector
20192025
Equity
€2.6m
▼ 0.2%
2025
highest quarter of the sector
20192025
Total assets
€3.7m
▼ 0.8%
2025
highest quarter of the sector
20192025
Debt
€1.1m
▼ 2.1%
2025
20192025
Working capital
€1.6m
▲ 3.9%
2025
highest quarter of the sector
20192025
Solvency
69.3%
▲ 0.4pp
2025
middle half of the sector
20192025
Current ratio
2.36
▲ 0.08
2025
middle half of the sector
20192025
Return on assets (ROA)
-0.1%
▼ 0.3pp
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-€0.2m--€0.07m▲ 64.3%-€0.09m▼ 41.0%-€0.07m▲ 22.0%-€0.08m▼ 10.2%-€0.1m▼ 67.3%-€0.1m▲ 21.8%
Net result-€0.3m-€0.002mwithin the sector's middle half€0.04mwithin the sector's middle half▲ 19×€0.02mwithin the sector's middle half▼ 50.8%-€0.004mbelow the sector's middle half€0.006mwithin the sector's middle half-€0.005mbelow the sector's middle half
Equity€2.8m-€2.8mabove the sector's middle half▲ 0.1%€2.8mabove the sector's middle half▲ 1.3%€2.6mabove the sector's middle half▼ 8.9%€2.6mabove the sector's middle half▼ 0.1%€2.6mabove the sector's middle half▲ 0.2%€2.6mabove the sector's middle half▼ 0.2%
Total assets€4.3m-€4.4mabove the sector's middle half▲ 2.8%€4.3mabove the sector's middle half▼ 4.2%€4.2mabove the sector's middle half▼ 2.4%€3.9mabove the sector's middle half▼ 6.5%€3.8mabove the sector's middle half▼ 3.4%€3.7mabove the sector's middle half▼ 0.8%
Debt€1.5m-€1.6m▲ 7.7%€1.4m▼ 13.5%€1.6m▲ 10.4%€1.3m▼ 16.9%€1.2m▼ 10.5%€1.1m▼ 2.1%
Working capital€1.7m-€1.5mabove the sector's middle half▼ 9.1%€1.6mabove the sector's middle half▲ 8.4%€1.5mabove the sector's middle half▼ 11.7%€1.5mabove the sector's middle half▲ 3.4%€1.5mabove the sector's middle half▼ 0.5%€1.6mabove the sector's middle half▲ 3.9%
Solvency64.6%-63.0%within the sector's middle half▼ 1.7pp66.6%within the sector's middle half▲ 3.6pp62.2%within the sector's middle half▼ 4.4pp66.4%within the sector's middle half▲ 4.2pp68.9%within the sector's middle half▲ 2.5pp69.3%within the sector's middle half▲ 0.4pp
Current ratio2.09-1.92within the sector's middle half▼ 0.172.16within the sector's middle half▲ 0.241.93within the sector's middle half▼ 0.232.15within the sector's middle half▲ 0.232.28within the sector's middle half▲ 0.132.36within the sector's middle half▲ 0.08
Return on assets (ROA)-7.3%-0.0%below the sector's middle half▲ 7.3pp0.9%below the sector's middle half▲ 0.8pp0.4%below the sector's middle half▼ 0.4pp-0.1%below the sector's middle half▼ 0.5pp0.2%below the sector's middle half▲ 0.3pp-0.1%below the sector's middle half▼ 0.3pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 a loss of €104,976, smaller than the loss of €134,244 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.7m
Fixed assets
€1.0m ▼ 6.0%
Current assets
€2.7m ▲ 1.3%
Equity and liabilities €3.7m
Equity
€2.6m ▼ 0.2%
Debt
€1.1m ▼ 2.1%
Debt's share of the balance-sheet total falls from 31.1% to 30.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€31,880▲
2024 · -€77,047
Cash flow
€68,156▲
2024 · €63,538
Debt to equity
0.44▼
2024 · 0.45
ROE
-0.2%▼
2024 · 0.2%
Interest coverage
-12.22▲
2024 · -26.82
Debt ≤ 1 year
€1.1m▼
2024 · €1.2m
Income taxes
€288▲
2024 · €218
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 | €455 | €6,938 | €93,656 | €8,173 |
| Depreciation and write-downs of the year | €58,905 | €59,674 | €57,197 | €73,096 |
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 | €58,000 | €38,931 | €91,398 | €58,905 | €59,674 | €57,197 | €73,096 | ▲ 27.8% |
| Other operating charges640/8 | - | - | - | €21,154 | €9,881 | €54,752 | €9,203 | ▼ 83.2% |
| Gross operating margin9900 | -€34,186 | -€20,764 | €3,756 | €7,253 | -€10,670 | -€22,295 | -€22,677 | ▼ 1.7% |
| Operating profit (loss)9901 | -€185,419 | -€66,184 | -€93,341 | -€72,807 | -€80,226 | -€134,244 | -€104,976 | ▲ 21.8% |
| Financial income75/76B | - | - | - | €97,066 | €79,527 | €143,676 | €102,932 | ▼ 28.4% |
| Recurring financial income75 | €5,786 | €72,809 | €138,911 | €97,066 | €79,527 | €143,676 | €102,932 | ▼ 28.4% |
| Financial charges65/66B | - | - | - | €3,781 | €2,930 | €2,873 | €2,608 | ▼ 9.2% |
| Recurring financial charges65 | €133,407 | €2,019 | €9,815 | €3,781 | €2,930 | €2,873 | €2,608 | ▼ 9.2% |
| Profit (loss) for the period before taxes9903 | -€313,041 | €4,606 | €35,755 | €20,478 | -€3,629 | €6,559 | -€4,652 | - |
| Income taxes67/77 | €535 | €2,613 | -€1,654 | €2,064 | €209 | €218 | €288 | ▲ 31.9% |
| Profit (loss) for the period9904 | -€313,575 | €1,993 | €37,409 | €18,414 | -€3,838 | €6,341 | -€4,940 | - |
| Profit (loss) for the period to be appropriated9905 | -€313,575 | €1,993 | €37,409 | €18,414 | -€3,838 | €6,341 | -€4,940 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €4.3m | €4.4m | €4.3m | €4.2m | €3.9m | €3.8m | €3.7m | ▼ 0.8% |
| Fixed assets21/28 | €1.1m | €1.3m | €1.2m | €1.1m | €1.1m | €1.1m | €1.0m | ▼ 6.0% |
| Tangible fixed assets22/27 | €1.1m | €1.3m | €1.2m | €1.1m | €1.1m | €1.1m | €1.0m | ▼ 6.0% |
| Land and buildings22 | - | - | - | €1.1m | €1.0m | €1.0m | €0.9m | ▼ 4.3% |
| Plant, machinery and equipment23 | - | - | - | - | - | €0.004m | €0.004m | ▼ 10.2% |
| Furniture and vehicles24 | - | - | - | €0.05m | €0.04m | €0.09m | €0.07m | ▼ 23.5% |
| Other tangible fixed assets26 | - | - | - | €0.007m | €0.009m | €0.008m | €0.008m | ▼ 7.8% |
| Current assets29/58 | €3.2m | €3.2m | €3.1m | €3.0m | €2.8m | €2.7m | €2.7m | ▲ 1.3% |
| Amounts receivable after more than one year29 | - | - | - | €0.06m | €0.05m | €0 | - | - |
| Other amounts receivable291 | - | - | - | €0.06m | €0.05m | €0 | - | - |
| Amounts receivable within one year40/41 | €0.02m | €0.04m | €0.06m | €0.05m | €0.06m | €0.06m | €0.03m | ▼ 43.6% |
| Trade receivables40 | - | - | - | €0.008m | €0 | €0.004m | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €0.04m | €0.06m | €0.05m | €0.03m | ▼ 39.5% |
| Current investments50/53 | €3.1m | €3.0m | €2.6m | €2.7m | €2.6m | €2.3m | €2.5m | ▲ 7.3% |
| Cash at bank and in hand54/58 | €0.02m | €0.05m | €0.3m | €0.2m | €0.07m | €0.3m | €0.2m | ▼ 40.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.007m | €0.003m | €0.001m | ▼ 62.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €4.3m | €4.4m | €4.3m | €4.2m | €3.9m | €3.8m | €3.7m | ▼ 0.8% |
| Equity10/15 | €2.8m | €2.8m | €2.8m | €2.6m | €2.6m | €2.6m | €2.6m | ▼ 0.2% |
| Contributions10/11 | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | = |
| Capital10 | - | - | - | €1.5m | €1.5m | €1.5m | €1.5m | = |
| Issued capital100 | - | - | - | €1.5m | €1.5m | €1.5m | €1.5m | = |
| Reserves13 | €1.3m | €1.3m | €1.4m | €1.1m | €1.1m | €1.1m | €1.1m | ▼ 0.4% |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Legal reserve130 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Distributable reserves133 | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | ▼ 0.5% |
| Profit (loss) carried forward14 | - | - | - | - | -€0.004m | €0 | - | - |
| Amounts payable17/49 | €1.5m | €1.6m | €1.4m | €1.6m | €1.3m | €1.2m | €1.1m | ▼ 2.1% |
| Amounts payable within one year42/48 | €1.5m | €1.6m | €1.4m | €1.6m | €1.3m | €1.2m | €1.1m | ▼ 1.9% |
| Trade debts44 | €0.03m | €0.002m | €0.002m | €0.002m | €0.002m | €0.006m | €0.005m | ▼ 19.7% |
| Suppliers440/4 | - | - | - | €0.002m | €0.002m | €0.006m | €0.005m | ▼ 19.7% |
| Taxes, remuneration and social security45 | - | - | - | €363 | €0 | €0.004m | €0.001m | ▼ 84.3% |
| Taxes450/3 | - | - | - | €363 | €0 | €0.004m | €0.001m | ▼ 84.3% |
| Other amounts payable47/48 | - | - | - | €1.6m | €1.3m | €1.2m | €1.1m | ▼ 1.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | €0.002m | €0.002m | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€313,575 | €1,993 | €37,409 | €18,414 | -€3,838 | €6,341 | -€4,940 | - |
| + Depreciation and write-downs630 | €58,000 | €38,931 | €91,398 | €58,905 | €59,674 | €57,197 | €73,096 | ▲ 27.8% |
| Operating cash flow (approximation) | -€255,575 | €40,924 | €128,807 | €77,319 | €55,836 | €63,538 | €68,156 | ▲ 7.3% |
| Investment in fixed assets (approximation) | - | -€194,318 | -€1,281 | -€455 | -€6,938 | -€71,049 | -€8,173 | ▲ 88.5% |
| Change in cash | - | €28,567 | €250,925 | -€113,199 | -€115,872 | €200,765 | -€109,158 | - |
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, 8,617 companies had the same profile as UPSILON has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of UPSILON 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 8,617 companies, not a prediction for UPSILON. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 02-02-2026 | 2026-00025941 | |
| 30-06-2024 | micro format | 03-02-2025 | 2025-00030674 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00015203 | |
| 30-06-2022 | micro format | 25-01-2023 | 2023-00003559 | |
| 30-06-2021 | micro format | 01-02-2022 | 2022-04400600 | |
| 30-06-2020 | micro format | 09-02-2021 | 2021-05100535 | |
| 30-06-2019 | micro format | 16-01-2020 | 2020-01400288 | |
| 30-06-2018 | micro format | 15-01-2019 | 2019-01400500 | |
| 30-06-2017 | micro format | 29-01-2018 | 2018-02900509 | |
| 30-06-2016 | abbreviated format | 23-01-2017 | 2017-02000366 |