URSO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 5 filings
Turnover
≈ €130,000
Estimated: probably between €110,000 and €190,000
Total assets
€344,626▲ 186%
2024 · €120,518
Net result
€16,030▼ 45.4%
2024 · €29,351
Working capital
-€89,577
2024 · €46,851
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€25,933
▼ 37.4%
2025
20212025
Net result
€16,030
▼ 45.4%
2025
middle half of the sector
20212025
Equity
€20,056
▼ 72.9%
2025
middle half of the sector
20212025
Total assets
€344,626
▲ 186%
2025
middle half of the sector
20212025
Debt
€324,569
▲ 598%
2025
20212025
Working capital
-€89,577
2025
lowest quarter of the sector
20212025
Solvency
5.8%
▼ 55.6pp
2025
lowest quarter of the sector
20212025
Current ratio
0.28
▼ 1.80
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
4.7%
▼ 19.7pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€35,053-€39,968▲ 14.0%€52,122▲ 30.4%€41,414▼ 20.5%€25,933▼ 37.4%
Net result€26,489within the sector's middle half-€30,092within the sector's middle half▲ 13.6%€41,394within the sector's middle half▲ 37.6%€29,351within the sector's middle half▼ 29.1%€16,030within the sector's middle half▼ 45.4%
Equity€28,189within the sector's middle half-€58,281within the sector's middle half▲ 107%€99,675within the sector's middle half▲ 71.0%€74,026within the sector's middle half▼ 25.7%€20,056within the sector's middle half▼ 72.9%
Total assets€61,257within the sector's middle half-€83,677within the sector's middle half▲ 36.6%€120,274within the sector's middle half▲ 43.7%€120,518within the sector's middle half▲ 0.2%€344,626within the sector's middle half▲ 186%
Debt€33,068-€25,396▼ 23.2%€20,599▼ 18.9%€46,492▲ 126%€324,569▲ 598%
Working capital€13,421within the sector's middle half-€33,987within the sector's middle half▲ 153%€65,411within the sector's middle half▲ 92.5%€46,851within the sector's middle half▼ 28.4%-€89,577below the sector's middle half
Solvency46.0%within the sector's middle half-69.7%within the sector's middle half▲ 23.6pp82.9%above the sector's middle half▲ 13.2pp61.4%within the sector's middle half▼ 21.4pp5.8%below the sector's middle half▼ 55.6pp
Current ratio1.41within the sector's middle half-2.34within the sector's middle half▲ 0.934.19above the sector's middle half▲ 1.852.08within the sector's middle half▼ 2.110.28below the sector's middle half▼ 1.80
Return on assets (ROA)43.2%above the sector's middle half-36.0%above the sector's middle half▼ 7.3pp34.4%above the sector's middle half▼ 1.5pp24.4%within the sector's middle half▼ 10.1pp4.7%within the sector's middle half▼ 19.7pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 37% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
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 €344,626
Fixed assets
€310,099 ▲ 930%
Current assets
€34,527 ▼ 61.8%
Equity and liabilities €344,626
Equity
€20,056 ▼ 72.9%
Debt
€324,569 ▲ 598%
Debt's share of the balance-sheet total rises from 38.6% to 94.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€64,658▲
2024 · €48,425
Cash flow
€54,755▲
2024 · €36,362
Debt to equity
16.18▲
2024 · 0.63
ROE
79.9%▲
2024 · 39.6%
Interest coverage
11.23▼
2024 · 13.19
Debt ≤ 1 year
€124,104▲
2024 · €43,550
Debt > 1 year
€200,466
Income taxes
€4,154▼
2024 · €8,396
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | - | - | €50,000 |
| Mortgage mandates | - | - | - | - | €257,000 |
| Carrying value of the mortgaged assets | - | - | - | - | €277,759 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €15,996 | €13,792 | €16,420 | €2,786 | €318,707 |
| Financial fixed assets | €850 | - | - | - | €0 |
| Depreciation and write-downs of the year | €4,497 | €4,266 | €6,372 | €7,011 | €38,725 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €21,475 awarded · €21,475 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €5,035 | €5,035 |
| 2024 | 1 | €4,862 | €4,862 |
| 2023 | 1 | €9,338 | €9,338 |
| 2022 | 1 | €2,240 | €2,240 |
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,497 | €4,266 | €6,372 | €7,011 | €38,725 | ▲ 452% |
| Other operating charges640/8 | €722 | €1,007 | €1,198 | €1,204 | €953 | ▼ 20.8% |
| Gross operating margin9900 | €40,272 | €45,241 | €59,693 | €49,629 | €65,611 | ▲ 32.2% |
| Operating profit (loss)9901 | €35,053 | €39,968 | €52,122 | €41,414 | €25,933 | ▼ 37.4% |
| Financial income75/76B | €25 | €0 | €6 | €5 | €8 | ▲ 52.5% |
| Recurring financial income75 | €25 | €0 | €6 | €5 | €8 | ▲ 52.5% |
| Financial charges65/66B | €900 | €1,305 | €1,092 | €3,672 | €5,757 | ▲ 56.8% |
| Recurring financial charges65 | €900 | €1,305 | €1,092 | €3,672 | €5,757 | ▲ 56.8% |
| Profit (loss) for the period before taxes9903 | €34,177 | €38,663 | €51,036 | €37,748 | €20,184 | ▼ 46.5% |
| Income taxes67/77 | €7,688 | €8,571 | €9,643 | €8,396 | €4,154 | ▼ 50.5% |
| Profit (loss) for the period9904 | €26,489 | €30,092 | €41,394 | €29,351 | €16,030 | ▼ 45.4% |
| Profit (loss) for the period to be appropriated9905 | €26,489 | €30,092 | €41,394 | €29,351 | €16,030 | ▼ 45.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €61,257 | €83,677 | €120,274 | €120,518 | €344,626 | ▲ 186% |
| Fixed assets21/28 | €14,768 | €24,295 | €34,342 | €30,117 | €310,099 | ▲ 930% |
| Tangible fixed assets22/27 | €13,918 | €23,445 | €33,492 | €29,267 | €309,249 | ▲ 957% |
| Land and buildings22 | - | - | - | - | €277,759 | - |
| Plant, machinery and equipment23 | - | €2,041 | €3,871 | €2,974 | €9,070 | ▲ 205% |
| Furniture and vehicles24 | €2,171 | €3,471 | €3,455 | €3,633 | €2,112 | ▼ 41.9% |
| Other tangible fixed assets26 | €11,747 | €17,933 | €26,166 | €22,660 | €20,307 | ▼ 10.4% |
| Financial fixed assets28 | €850 | €850 | €850 | €850 | €850 | = |
| Current assets29/58 | €46,489 | €59,382 | €85,932 | €90,401 | €34,527 | ▼ 61.8% |
| Amounts receivable within one year40/41 | €17,303 | €12,164 | €11,394 | €12,466 | €19,142 | ▲ 53.6% |
| Trade receivables40 | €17,303 | €12,091 | €11,211 | €9,964 | €15,157 | ▲ 52.1% |
| Other amounts receivable41 | - | €72 | €182 | €2,501 | €3,986 | ▲ 59.3% |
| Cash at bank and in hand54/58 | €28,248 | €46,569 | €73,980 | €77,935 | €13,510 | ▼ 82.7% |
| Deferred charges and accrued income490/1 | €938 | €650 | €558 | €0 | €1,875 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €61,257 | €83,677 | €120,274 | €120,518 | €344,626 | ▲ 186% |
| Equity10/15 | €28,189 | €58,281 | €99,675 | €74,026 | €20,056 | ▼ 72.9% |
| Contributions10/11 | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Reserves13 | €25,689 | €55,781 | €97,175 | €71,526 | €17,556 | ▼ 75.5% |
| Distributable reserves133 | €25,689 | €55,781 | €97,175 | €71,526 | €17,556 | ▼ 75.5% |
| Profit (loss) carried forward14 | €0 | €0 | - | €0 | €0 | - |
| Amounts payable17/49 | €33,068 | €25,396 | €20,599 | €46,492 | €324,569 | ▲ 598% |
| Amounts payable after more than one year17 | - | - | - | - | €200,466 | - |
| Financial debts170/4 | - | - | - | - | €200,466 | - |
| Amounts payable within one year42/48 | €33,068 | €25,396 | €20,520 | €43,550 | €124,104 | ▲ 185% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €12,851 | - |
| Trade debts44 | €1,533 | €5,406 | €807 | €10,060 | €3,531 | ▼ 64.9% |
| Suppliers440/4 | €1,533 | €5,406 | €807 | €10,060 | €3,531 | ▼ 64.9% |
| Taxes, remuneration and social security45 | €17,126 | €16,965 | €17,046 | €8,511 | €9,943 | ▲ 16.8% |
| Taxes450/3 | €17,126 | €16,965 | €17,046 | €8,511 | €9,943 | ▲ 16.8% |
| Other amounts payable47/48 | €14,410 | €3,025 | €2,667 | €24,979 | €97,779 | ▲ 291% |
| Accrued charges and deferred income492/3 | - | - | €79 | €2,942 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26,489 | €30,092 | €41,394 | €29,351 | €16,030 | ▼ 45.4% |
| + Depreciation and write-downs630 | €4,497 | €4,266 | €6,372 | €7,011 | €38,725 | ▲ 452% |
| Operating cash flow (approximation) | €30,986 | €34,358 | €47,766 | €36,362 | €54,755 | ▲ 50.6% |
| Investment in fixed assets (approximation) | - | -€13,792 | -€16,420 | -€2,786 | -€318,707 | ▼ 11,340% |
| Change in cash | - | €18,321 | €27,411 | €3,955 | -€64,425 | - |
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, 1,251 companies had the same profile as URSO has now. Two years later, 94.4% were still going and 2.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit under 5% of the balance sheet
94.4%
was still going
2.7%
stopped otherwise
2.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of URSO itself is lower: 0.3% within 12 months. It rests on far more data about URSO 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 1,251 companies, not a prediction for URSO. 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 | 06-07-2026 | 2026-00257511 | |
| 31-12-2024 | micro format | 23-06-2025 | 2025-00171645 | |
| 31-12-2023 | micro format | 29-04-2024 | 2024-00073457 | |
| 31-12-2022 | micro format | 13-06-2023 | 2023-00122735 | |
| 31-12-2021 | micro format | 17-06-2022 | 2022-20070025 |