VALUEFIN
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 04-09-2026 at the NBB all 16 filings
Turnover
≈ €160,000
Estimated: probably between €99,000 and €300,000
Total assets
€137,270▲ 14.8%
2025 · €119,618
Net result
€17,510▼ 21.3%
2025 · €22,258
Working capital
€90,677▲ 53.2%
2025 · €59,184
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€26,182
▼ 20.5%
2026
20192026
Net result
€17,510
▼ 21.3%
2026
20192026
Equity
€124,646
▲ 16.3%
2026
20192026
Total assets
€137,270
▲ 14.8%
2026
20192026
Debt
€12,625
▲ 1.1%
2026
20192026
Working capital
€90,677
▲ 53.2%
2026
20192026
Solvency
90.8%
▲ 1.2pp
2026
20192026
Current ratio
8.18
▲ 2.44
2026
20192026
Return on assets (ROA)
12.8%
▼ 5.9pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€10,479-€5,171▼ 50.7%€5,299▲ 2.5%€9,163▲ 72.9%€7,704▼ 15.9%€47,444▲ 516%€32,954▼ 30.5%€26,182▼ 20.5%
Net result€6,186-€2,603▼ 57.9%€1,545within the sector's middle half▼ 40.6%€6,348within the sector's middle half▲ 311%€4,640within the sector's middle half▼ 26.9%€32,109within the sector's middle half▲ 592%€22,258within the sector's middle half▼ 30.7%€17,510▼ 21.3%
Equity€25,235-€27,838▲ 10.3%€29,383within the sector's middle half▲ 5.6%€35,732within the sector's middle half▲ 21.6%€52,770within the sector's middle half▲ 47.7%€84,878within the sector's middle half▲ 60.8%€107,136within the sector's middle half▲ 26.2%€124,646▲ 16.3%
Total assets€55,508-€59,147▲ 6.6%€60,370within the sector's middle half▲ 2.1%€67,012within the sector's middle half▲ 11.0%€59,197within the sector's middle half▼ 11.7%€108,997within the sector's middle half▲ 84.1%€119,618within the sector's middle half▲ 9.7%€137,270▲ 14.8%
Debt€30,273-€31,309▲ 3.4%€30,986▼ 1.0%€31,280▲ 0.9%€6,427▼ 79.5%€24,119▲ 275%€12,482▼ 48.2%€12,625▲ 1.1%
Working capital€25,146-€23,036▼ 8.4%€25,612within the sector's middle half▲ 11.2%€32,946within the sector's middle half▲ 28.6%€50,969within the sector's middle half▲ 54.7%€22,127within the sector's middle half▼ 56.6%€59,184within the sector's middle half▲ 167%€90,677▲ 53.2%
Solvency45.5%-47.1%▲ 1.6pp48.7%within the sector's middle half▲ 1.6pp53.3%within the sector's middle half▲ 4.6pp89.1%above the sector's middle half▲ 35.8pp77.9%within the sector's middle half▼ 11.3pp89.6%above the sector's middle half▲ 11.7pp90.8%▲ 1.2pp
Current ratio1.83-1.74▼ 0.091.83within the sector's middle half▲ 0.092.05within the sector's middle half▲ 0.238.93above the sector's middle half▲ 6.881.92within the sector's middle half▼ 7.015.74above the sector's middle half▲ 3.828.18▲ 2.44
Return on assets (ROA)11.1%-4.4%▼ 6.7pp2.6%within the sector's middle half▼ 1.8pp9.5%within the sector's middle half▲ 6.9pp7.8%within the sector's middle half▼ 1.6pp29.5%within the sector's middle half▲ 21.6pp18.6%within the sector's middle half▼ 10.9pp12.8%▼ 5.9pp
above
within
below
The sector band is the middle half of the companies in Computing infrastructure, data processing, hosting and other information service activities (NACE 63). 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 2026 is 21% lower than in 2025. 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
2026 in colour, 2025 as the grey bar beneath
Assets €137,270
Fixed assets
€33,968 ▼ 29.2%
Current assets
€103,302 ▲ 44.1%
Equity and liabilities €137,270
Equity
€124,646 ▲ 16.3%
Debt
€12,625 ▲ 1.1%
Debt's share of the balance-sheet total falls from 10.4% to 9.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€40,166▼
2025 · €47,753
Cash flow
€31,494▼
2025 · €37,057
Debt to equity
0.10▼
2025 · 0.12
ROE
14.0%▼
2025 · 20.8%
Interest coverage
over 100
2025 · over 100
Debt ≤ 1 year
€12,625▲
2025 · €12,482
Income taxes
€8,517▼
2025 · €10,556
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €69,920 | - | - |
| Depreciation and write-downs of the year | €985 | €985 | €8,969 | €14,799 | €13,984 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €941 | €215 | €1,030 | €985 | €985 | €8,969 | €14,799 | €13,984 | ▼ 5.5% |
| Other operating charges640/8 | - | - | - | €348 | €348 | €792 | €753 | €773 | ▲ 2.6% |
| Gross operating margin9900 | €11,420 | €5,734 | €6,677 | €10,496 | €9,037 | €57,204 | €48,506 | €40,939 | ▼ 15.6% |
| Operating profit (loss)9901 | €10,479 | €5,171 | €5,299 | €9,163 | €7,704 | €47,444 | €32,954 | €26,182 | ▼ 20.5% |
| Financial charges65/66B | - | - | - | €153 | €243 | €153 | €141 | €155 | ▲ 10.5% |
| Recurring financial charges65 | €134 | €139 | €38 | €153 | €243 | €153 | €141 | €155 | ▲ 10.5% |
| Profit (loss) for the period before taxes9903 | €10,346 | €5,032 | €5,261 | €9,010 | €7,460 | €47,290 | €32,813 | €26,027 | ▼ 20.7% |
| Income taxes67/77 | €4,160 | €2,429 | €3,716 | €2,662 | €2,821 | €15,182 | €10,556 | €8,517 | ▼ 19.3% |
| Profit (loss) for the period9904 | €6,186 | €2,603 | €1,545 | €6,348 | €4,640 | €32,109 | €22,258 | €17,510 | ▼ 21.3% |
| Profit (loss) for the period to be appropriated9905 | €6,186 | €2,603 | €1,545 | €6,348 | €4,640 | €32,109 | €22,258 | €17,510 | ▼ 21.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €55,508 | €59,147 | €60,370 | €67,012 | €59,197 | €108,997 | €119,618 | €137,270 | ▲ 14.8% |
| Fixed assets21/28 | €89 | €4,802 | €3,772 | €2,786 | €1,801 | €62,752 | €47,952 | €33,968 | ▼ 29.2% |
| Tangible fixed assets22/27 | €89 | €4,802 | €3,772 | €2,786 | €1,801 | €62,752 | €47,952 | €33,968 | ▼ 29.2% |
| Furniture and vehicles24 | - | - | - | €2,786 | €1,801 | €62,752 | €47,952 | €33,968 | ▼ 29.2% |
| Current assets29/58 | €55,419 | €54,346 | €56,598 | €64,226 | €57,397 | €46,245 | €71,666 | €103,302 | ▲ 44.1% |
| Amounts receivable within one year40/41 | €12,984 | €13,815 | €3,859 | €11,629 | €7,684 | - | €9,444 | €6,483 | ▼ 31.4% |
| Other amounts receivable41 | - | - | - | €11,629 | €7,684 | - | €9,444 | €6,483 | ▼ 31.4% |
| Cash at bank and in hand54/58 | €42,435 | €40,531 | €52,739 | €52,596 | €49,713 | €46,245 | €62,222 | €96,819 | ▲ 55.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €55,508 | €59,147 | €60,370 | €67,012 | €59,197 | €108,997 | €119,618 | €137,270 | ▲ 14.8% |
| Equity10/15 | €25,235 | €27,838 | €29,383 | €35,732 | €52,770 | €84,878 | €107,136 | €124,646 | ▲ 16.3% |
| Contributions10/11 | €6,202 | €6,202 | - | €6,202 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €12,848 | €21,636 | €23,182 | €29,530 | €34,170 | €66,278 | €88,536 | €106,046 | ▲ 19.8% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €27,670 | €32,310 | €66,278 | €88,536 | €106,046 | ▲ 19.8% |
| Profit (loss) carried forward14 | €6,186 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €30,273 | €31,309 | €30,986 | €31,280 | €6,427 | €24,119 | €12,482 | €12,625 | ▲ 1.1% |
| Amounts payable within one year42/48 | €30,273 | €31,309 | €30,986 | €31,280 | €6,427 | €24,119 | €12,482 | €12,625 | ▲ 1.1% |
| Trade debts44 | €91 | €779 | €206 | - | - | - | €44 | - | - |
| Suppliers440/4 | - | - | - | - | - | - | €44 | - | - |
| Taxes, remuneration and social security45 | - | - | - | - | - | €7,458 | €2,151 | €2,187 | ▲ 1.7% |
| Taxes450/3 | - | - | - | - | - | €7,458 | €2,151 | €2,187 | ▲ 1.7% |
| Other amounts payable47/48 | - | - | - | €31,280 | €6,427 | €16,660 | €10,287 | €10,438 | ▲ 1.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,186 | €2,603 | €1,545 | €6,348 | €4,640 | €32,109 | €22,258 | €17,510 | ▼ 21.3% |
| + Depreciation and write-downs630 | €941 | €215 | €1,030 | €985 | €985 | €8,969 | €14,799 | €13,984 | ▼ 5.5% |
| Operating cash flow (approximation) | €7,126 | €2,818 | €2,575 | €7,334 | €5,625 | €41,078 | €37,057 | €31,494 | ▼ 15.0% |
| Investment in fixed assets (approximation) | - | -€4,928 | €0 | €0 | €0 | -€69,920 | €0 | €0 | - |
| Change in cash | - | -€1,904 | €12,209 | -€143 | -€2,884 | -€3,467 | €15,976 | €34,598 | ▲ 117% |
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 VALUEFIN 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 VALUEFIN 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 VALUEFIN. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 04-09-2026 | 2026-00501631 | |
| 31-03-2025 | micro format | 09-09-2025 | 2025-00486852 | |
| 31-03-2024 | micro format | 03-09-2024 | 2024-00439151 | |
| 31-03-2023 | micro format | 07-09-2023 | 2023-00438922 | |
| 31-03-2022 | micro format | 07-09-2022 | 2022-20420132 | |
| 31-03-2021 | micro format | 31-01-2022 | 2022-03900326 | |
| 31-03-2020 | micro format | 22-09-2020 | 2020-54800546 | |
| 31-03-2019 | micro format | 12-09-2019 | 2019-64200263 | |
| 31-03-2018 | micro format | 18-09-2018 | 2018-63300272 | |
| 31-03-2017 | abbreviated format | 20-09-2017 | 2017-61600396 |