VISUAL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 13-05-2026 PDF all 28 filings
Turnover
≈ €360,000
Estimated: probably between €240,000 and €550,000
Total assets
€322,154▼ 11.7%
2024 · €364,900
Net result
-€37,312▼ 119%
2024 · -€17,012
Working capital
€132,702▼ 24.1%
2024 · €174,761
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€38,365
▼ 83.4%
2025
20182025
Net result
-€37,312
▼ 119%
2025
lowest quarter of the sector
20182025
Equity
€137,438
▼ 21.4%
2025
middle half of the sector
20182025
Total assets
€322,154
▼ 11.7%
2025
highest quarter of the sector
20182025
Debt
€184,716
▼ 2.9%
2025
20182025
Working capital
€132,702
▼ 24.1%
2025
highest quarter of the sector
20182025
Solvency
42.7%
▼ 5.2pp
2025
middle half of the sector
20182025
Current ratio
1.72
▼ 0.23
2025
middle half of the sector
20182025
Return on assets (ROA)
-11.6%
▼ 6.9pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
2.5
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€28,210-€55,589▲ 97.1%-€31,338-€4,316▲ 86.2%-€9,667▼ 124%-€22,134▼ 129%-€20,924▲ 5.5%-€38,365▼ 83.4%
Net result€16,503-€35,874▲ 117%-€33,841below the sector's middle half-€8,373below the sector's middle half▲ 75.3%-€10,751below the sector's middle half▼ 28.4%-€21,558below the sector's middle half▼ 101%-€17,012below the sector's middle half▲ 21.1%-€37,312below the sector's middle half▼ 119%
Equity€659,710-€266,284▼ 59.6%€232,443above the sector's middle half▼ 12.7%€224,071above the sector's middle half▼ 3.6%€213,319above the sector's middle half▼ 4.8%€191,762above the sector's middle half▼ 10.1%€174,750above the sector's middle half▼ 8.9%€137,438within the sector's middle half▼ 21.4%
Total assets€774,790-€789,542▲ 1.9%€735,907above the sector's middle half▼ 6.8%€728,752above the sector's middle half▼ 1.0%€726,850above the sector's middle half▼ 0.3%€607,547above the sector's middle half▼ 16.4%€364,900above the sector's middle half▼ 39.9%€322,154above the sector's middle half▼ 11.7%
Debt€115,080-€523,258▲ 355%€503,464▼ 3.8%€504,681▲ 0.2%€513,531▲ 1.8%€415,785▼ 19.0%€190,151▼ 54.3%€184,716▼ 2.9%
Working capital€632,642-€251,703▼ 60.2%€225,038above the sector's middle half▼ 10.6%€225,596above the sector's middle half▲ 0.2%€213,741above the sector's middle half▼ 5.3%€189,319above the sector's middle half▼ 11.4%€174,761above the sector's middle half▼ 7.7%€132,702above the sector's middle half▼ 24.1%
Solvency85.1%-33.7%▼ 51.4pp31.6%within the sector's middle half▼ 2.1pp30.7%within the sector's middle half▼ 0.8pp29.3%within the sector's middle half▼ 1.4pp31.6%within the sector's middle half▲ 2.2pp47.9%within the sector's middle half▲ 16.3pp42.7%within the sector's middle half▼ 5.2pp
Current ratio6.69-1.48▼ 5.211.45within the sector's middle half▼ 0.041.45within the sector's middle half=1.42within the sector's middle half▼ 0.031.46within the sector's middle half▲ 0.041.95within the sector's middle half▲ 0.481.72within the sector's middle half▼ 0.23
Return on assets (ROA)2.1%-4.5%▲ 2.4pp-4.6%below the sector's middle half▼ 9.1pp-1.1%within the sector's middle half▲ 3.4pp-1.5%within the sector's middle half▼ 0.3pp-3.5%below the sector's middle half▼ 2.1pp-4.7%below the sector's middle half▼ 1.1pp-11.6%below the sector's middle half▼ 6.9pp
Staff (FTE)4.5-3.9▼ 13.3%3.2above the sector's middle half▼ 17.9%2.5▼ 21.9%2.5=2.5=2.5=2.5=
above
within
below
The sector band is the middle half of the companies in Printing and reproduction of recorded media (NACE 18). 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 €38,365, larger than the loss of €20,924 in 2024. It is the lowest result since 2021.
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 €322,154
Fixed assets
€5,071 ▼ 4.5%
Current assets
€317,084 ▼ 11.8%
Equity and liabilities €322,154
Equity
€137,438 ▼ 21.4%
Debt
€184,716 ▼ 2.9%
Debt's share of the balance-sheet total rises from 52.1% to 57.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€35,497▼
2024 · -€18,787
Cash flow
-€34,444▼
2024 · -€14,875
Debt to equity
1.34▲
2024 · 1.09
ROE
-27.1%▼
2024 · -9.7%
Interest coverage
-53.93▼
2024 · -38.41
Debt ≤ 1 year
€184,381▼
2024 · €184,829
Income taxes
€199▼
2024 · €213
Staff costs
€177,224▲
2024 · €169,576
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 3 | 3 | 3 | 3 |
| full-time | 2 | 2 | 2 | 2 | 2 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 |
| Average over the year, in full-time equivalents | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 |
| On a permanent contract | 3 | 3 | 3 | 3 | 3 |
| Joined | - | - | - | - | 0 |
| Left | - | - | - | - | 0 |
| Training hours | - | - | - | - | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €23,514 | - | €2,627 |
| Depreciation and write-downs of the year | €8,469 | €497 | €1,913 | €2,137 | €2,868 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 3 entries · €889 awarded · €889 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €293 | €293 |
| 2023 | 1 | €329 | €329 |
| 2022 | 1 | €267 | €267 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €9,835 | €0 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €116,367 | €149,738 | €167,882 | €169,576 | €177,224 | ▲ 4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,865 | €10,729 | €9,202 | €8,469 | €497 | €1,913 | €2,137 | €2,868 | ▲ 34.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €195 | -€195 | €0 | - |
| Other operating charges640/8 | - | - | - | €6,702 | €4,293 | €2,268 | €708 | €591 | ▼ 16.5% |
| Gross operating margin9900 | €262,384 | €267,714 | €102,698 | €127,221 | €144,861 | €150,124 | €151,302 | €142,318 | ▼ 5.9% |
| Operating profit (loss)9901 | €28,210 | €55,589 | -€31,338 | -€4,316 | -€9,667 | -€22,134 | -€20,924 | -€38,365 | ▼ 83.4% |
| Financial income75/76B | - | - | - | €428 | €422 | €1,767 | €4,614 | €1,911 | ▼ 58.6% |
| Recurring financial income75 | €978 | €117 | €164 | €428 | €422 | €1,767 | €4,614 | €1,911 | ▼ 58.6% |
| Financial charges65/66B | - | - | - | €940 | €967 | €793 | €489 | €658 | ▲ 34.5% |
| Recurring financial charges65 | €3,282 | €2,709 | €2,089 | €940 | €967 | €793 | €489 | €658 | ▲ 34.5% |
| Profit (loss) for the period before taxes9903 | €25,906 | €52,997 | -€33,263 | -€4,829 | -€10,212 | -€21,160 | -€16,799 | -€37,112 | ▼ 121% |
| Income taxes67/77 | €9,403 | €17,123 | €578 | €3,544 | €539 | €398 | €213 | €199 | ▼ 6.2% |
| Profit (loss) for the period9904 | €16,503 | €35,874 | -€33,841 | -€8,373 | -€10,751 | -€21,558 | -€17,012 | -€37,312 | ▼ 119% |
| Transfer from tax-exempt reserves789 | - | - | - | €18,750 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €16,503 | €35,874 | -€33,841 | €10,377 | -€10,751 | -€21,558 | -€17,012 | -€37,312 | ▼ 119% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €774,790 | €789,542 | €735,907 | €728,752 | €726,850 | €607,547 | €364,900 | €322,154 | ▼ 11.7% |
| Fixed assets21/28 | €30,968 | €17,961 | €9,177 | €708 | €212 | €7,448 | €5,311 | €5,071 | ▼ 4.5% |
| Tangible fixed assets22/27 | €26,108 | €17,961 | €9,177 | €708 | €212 | €7,448 | €5,311 | €5,071 | ▼ 4.5% |
| Plant, machinery and equipment23 | - | - | - | - | - | €1,406 | €1,100 | €793 | ▼ 27.9% |
| Furniture and vehicles24 | - | - | - | €708 | €212 | €6,042 | €4,212 | €4,278 | ▲ 1.6% |
| Financial fixed assets28 | €4,860 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €743,822 | €771,581 | €726,730 | €728,043 | €726,638 | €600,099 | €359,589 | €317,084 | ▼ 11.8% |
| Amounts receivable within one year40/41 | €109,887 | €128,322 | €96,443 | €78,637 | €87,573 | €119,381 | €67,500 | €69,507 | ▲ 3.0% |
| Trade receivables40 | - | - | - | €76,383 | €84,871 | €116,257 | €63,447 | €69,127 | ▲ 9.0% |
| Other amounts receivable41 | - | - | - | €2,254 | €2,702 | €3,124 | €4,054 | €379 | ▼ 90.6% |
| Current investments50/53 | €24,332 | €24,332 | €24,332 | €24,332 | €24,332 | €24,332 | €0 | - | - |
| Cash at bank and in hand54/58 | €607,197 | €616,310 | €603,104 | €623,790 | €611,988 | €453,840 | €289,975 | €245,767 | ▼ 15.2% |
| Deferred charges and accrued income490/1 | - | - | - | €1,284 | €2,745 | €2,546 | €2,115 | €1,810 | ▼ 14.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €774,790 | €789,542 | €735,907 | €728,752 | €726,850 | €607,547 | €364,900 | €322,154 | ▼ 11.7% |
| Equity10/15 | €659,710 | €266,284 | €232,443 | €224,071 | €213,319 | €191,762 | €174,750 | €137,438 | ▼ 21.4% |
| Contributions10/11 | €441,900 | - | - | €27,389 | €27,389 | €12,600 | €12,600 | €12,600 | = |
| Reserves13 | €204,883 | €225,093 | €225,093 | €206,343 | €206,343 | €221,133 | €221,133 | €206,343 | ▼ 6.7% |
| Distributable reserves133 | - | - | - | €206,343 | €206,343 | €221,133 | €221,133 | €206,343 | ▼ 6.7% |
| Profit (loss) carried forward14 | €12,928 | €13,802 | -€20,039 | -€9,662 | -€20,413 | -€41,970 | -€58,982 | -€81,505 | ▼ 38.2% |
| Amounts payable17/49 | €115,080 | €523,258 | €503,464 | €504,681 | €513,531 | €415,785 | €190,151 | €184,716 | ▼ 2.9% |
| Amounts payable within one year42/48 | €111,180 | €519,878 | €501,692 | €502,448 | €512,897 | €410,780 | €184,829 | €184,381 | ▼ 0.2% |
| Trade debts44 | €55,330 | €48,006 | €27,927 | €39,948 | €40,069 | €30,197 | €24,175 | €30,857 | ▲ 27.6% |
| Suppliers440/4 | - | - | - | €39,948 | €40,069 | €30,197 | €24,175 | €30,857 | ▲ 27.6% |
| Advances received on contracts in progress46 | - | - | - | €217 | - | €6,241 | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €22,613 | €34,842 | €40,271 | €30,510 | €43,510 | ▲ 42.6% |
| Taxes450/3 | - | - | - | €8,855 | €17,206 | €20,127 | €10,104 | €19,943 | ▲ 97.4% |
| Remuneration and social security454/9 | - | - | - | €13,757 | €17,636 | €20,143 | €20,407 | €23,567 | ▲ 15.5% |
| Other amounts payable47/48 | - | - | - | €439,670 | €437,986 | €334,070 | €130,144 | €110,014 | ▼ 15.5% |
| Accrued charges and deferred income492/3 | - | - | - | €2,234 | €634 | €5,006 | €5,322 | €335 | ▼ 93.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,503 | €35,874 | -€33,841 | -€8,373 | -€10,751 | -€21,558 | -€17,012 | -€37,312 | ▼ 119% |
| + Depreciation and write-downs630 | €11,865 | €10,729 | €9,202 | €8,469 | €497 | €1,913 | €2,137 | €2,868 | ▲ 34.2% |
| Operating cash flow (approximation) | €28,368 | €46,603 | -€24,639 | €96 | -€10,254 | -€19,645 | -€14,875 | -€34,444 | ▼ 132% |
| Investment in fixed assets (approximation) | - | €2,278 | -€418 | €0 | €0 | -€9,149 | €0 | -€2,627 | - |
| Change in cash | - | €9,112 | -€13,206 | €20,686 | -€11,802 | -€158,148 | -€163,866 | -€44,207 | ▲ 73.0% |
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, 5,831 companies had the same profile as VISUAL has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of VISUAL itself is lower: 0.2% within 12 months. It rests on far more data about VISUAL 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 5,831 companies, not a prediction for VISUAL. 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 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 13-05-2026 | 2026-00114391 | |
| 31-12-2024 | micro format | 16-05-2025 | 2025-00098000 | |
| 31-12-2023 | micro format | 24-05-2024 | 2024-00098960 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00186229 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20158467 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-29300540 | |
| 31-12-2019 | micro format | 30-06-2020 | 2020-24000075 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-57000152 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-56900269 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-56600294 |