W2
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 20-07-2026 at the NBB all 29 filings
Turnover
€1.1m
EBIT margin
1.5%
Net result
-€35,057▼ 16.3%
2024 · -€30,136
Working capital
-€10,770
2024 · €17,810
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€32,424
▼ 5.1%
2025
20182025
Net result
-€35,057
▼ 16.3%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€439
▼ 98.8%
2025
lowest quarter of the sector
20182025
Total assets
€61,211
▼ 28.9%
2025
middle half of the sector
20182025
Debt
€60,772
▲ 20.2%
2025
20182025
Working capital
-€10,770
2025
lowest quarter of the sector
20182025
Solvency
0.7%
▼ 40.5pp
2025
lowest quarter of the sector
20182025
Current ratio
0.68
▼ 1.20
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-57.3%
▼ 22.3pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€1.1m-
Operating result€0.02m--€0.2m€0.04m€0.007m▼ 78.7%€0.004m▼ 40.9%€0.05m▲ 12×-€0.03m-€0.03m▼ 5.1%
Net result€0.01m--€0.2m€0.03mabove the sector's middle half€0.003mwithin the sector's middle half▼ 89.3%€0.001mwithin the sector's middle half▼ 62.7%€0.05mabove the sector's middle half▲ 41×-€0.03mbelow the sector's middle half-€0.04mbelow the sector's middle half▼ 16.3%
EBIT margin1.5%-
Equity€0.1m--€0.07m-€0.03mbelow the sector's middle half▲ 47.1%€0.01mwithin the sector's middle half€0.01mwithin the sector's middle half▲ 9.1%€0.07mwithin the sector's middle half▲ 345%€0.04mwithin the sector's middle half▼ 45.9%€439below the sector's middle half▼ 98.8%
Total assets€0.3m-€0.3m▼ 10.2%€0.02mbelow the sector's middle half▼ 92.3%€0.05mbelow the sector's middle half▲ 127%€0.2mwithin the sector's middle half▲ 279%€0.1mwithin the sector's middle half▼ 47.2%€0.09mwithin the sector's middle half▼ 12.8%€0.06mwithin the sector's middle half▼ 28.9%
Debt€0.2m-€0.3m▲ 77.5%€0.06m▼ 83.8%€0.04m▼ 36.5%€0.2m▲ 380%€0.03m▼ 80.8%€0.05m▲ 52.9%€0.06m▲ 20.2%
Working capital€0.1m--€0.08m-€0.05mbelow the sector's middle half▲ 42.6%€0.002mwithin the sector's middle half€0.004mwithin the sector's middle half▲ 84.2%€0.06mwithin the sector's middle half▲ 13×€0.02mwithin the sector's middle half▼ 68.1%-€0.01mbelow the sector's middle half
Solvency37.7%--23.2%▼ 60.9pp-160.1%below the sector's middle half▼ 137.0pp27.4%within the sector's middle half▲ 187.5pp7.9%below the sector's middle half▼ 19.5pp66.5%within the sector's middle half▲ 58.6pp41.2%within the sector's middle half▼ 25.3pp0.7%below the sector's middle half▼ 40.5pp
Current ratio1.51-0.77▼ 0.740.17below the sector's middle half▼ 0.591.07within the sector's middle half▲ 0.891.03within the sector's middle half▼ 0.042.69within the sector's middle half▲ 1.661.88within the sector's middle half▼ 0.800.68below the sector's middle half▼ 1.20
Return on assets (ROA)4.0%--65.2%▼ 69.2pp142.8%above the sector's middle half▲ 208.0pp6.7%within the sector's middle half▼ 136.1pp0.7%within the sector's middle half▼ 6.0pp51.5%above the sector's middle half▲ 50.9pp-35.0%below the sector's middle half▼ 86.6pp-57.3%below the sector's middle half▼ 22.3pp
above
within
below
The sector band is the middle half of the companies in Motion picture, video and television programme production, sound recording and music publishing activities (NACE 59). 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 €32,424, larger than the loss of €30,843 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €61,211
Fixed assets
€37,877 ▼ 21.3%
Current assets
€23,333 ▼ 38.5%
Equity and liabilities €61,211
Equity
€439 ▼ 98.8%
Debt
€60,772 ▲ 20.2%
Debt's share of the balance-sheet total rises from 58.8% to 99.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€22,174▲
2024 · -€28,258
Cash flow
-€24,807▲
2024 · -€27,550
Interest coverage
-8.80▲
2024 · -21.46
Debt ≤ 1 year
€34,104▲
2024 · €20,126
Debt > 1 year
€26,669▼
2024 · €30,442
Income taxes
€141▼
2024 · €197
The equity ratios are withheld because equity of €439 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,247 | - | €1,945 | €39,131 | - |
| Intangible fixed assets | - | €1,526 | - | €1,707 | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €1,988 | €2,290 | €2,451 | €2,585 | €10,250 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 to 2025 · 2 entries · €15,000 awarded · €15,000 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €0 | €6,000 |
| 2024 | 1 | €15,000 | €9,000 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €1.1m | - | - | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.005m | €0.005m | €0.003m | €0.002m | €0.002m | €0.002m | €0.003m | €0.01m | ▲ 296% |
| Other operating charges640/8 | - | - | - | €0.002m | €0.004m | €0.004m | €0.001m | €0.001m | ▼ 13.2% |
| Gross operating margin9900 | €0.02m | -€0.2m | €0.04m | €0.01m | €0.01m | €0.06m | -€0.03m | -€0.02m | ▲ 21.9% |
| Operating profit (loss)9901 | €0.02m | -€0.2m | €0.04m | €0.007m | €0.004m | €0.05m | -€0.03m | -€0.03m | ▼ 5.1% |
| Financial income75/76B | - | - | - | - | €20 | €1 | €0.002m | €27 | ▼ 98.8% |
| Recurring financial income75 | €20 | €10 | - | - | €20 | €1 | €0.002m | €27 | ▼ 98.8% |
| Financial charges65/66B | - | - | - | €0.004m | €0.003m | €0.002m | €0.001m | €0.003m | ▲ 91.3% |
| Recurring financial charges65 | €0.004m | €0.006m | €0.004m | €0.004m | €0.003m | €0.002m | €0.001m | €0.003m | ▲ 91.3% |
| Profit (loss) for the period before taxes9903 | €0.01m | -€0.2m | €0.03m | €0.004m | €0.001m | €0.05m | -€0.03m | -€0.03m | ▼ 16.6% |
| Income taxes67/77 | €170 | €0.003m | - | €199 | €164 | €189 | €197 | €141 | ▼ 28.4% |
| Profit (loss) for the period9904 | €0.01m | -€0.2m | €0.03m | €0.003m | €0.001m | €0.05m | -€0.03m | -€0.04m | ▼ 16.3% |
| Profit (loss) for the period to be appropriated9905 | €0.01m | -€0.2m | €0.03m | €0.003m | €0.001m | €0.05m | -€0.03m | -€0.04m | ▼ 16.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €316,368 | €283,949 | €21,725 | €49,389 | €187,031 | €98,700 | €86,063 | €61,211 | ▼ 28.9% |
| Fixed assets21/28 | €19,577 | €15,515 | €11,886 | €11,146 | €10,381 | €9,875 | €48,127 | €37,877 | ▼ 21.3% |
| Intangible fixed assets21 | - | - | - | - | €1,260 | €955 | €2,062 | €1,415 | ▼ 31.4% |
| Tangible fixed assets22/27 | €18,071 | €14,009 | €10,380 | €9,639 | €7,615 | €7,414 | €44,559 | €34,956 | ▼ 21.6% |
| Land and buildings22 | - | - | - | €8,772 | €7,163 | €0 | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €868 | €452 | €36 | €0 | - | - |
| Furniture and vehicles24 | - | - | - | - | - | €7,378 | €44,559 | €34,956 | ▼ 21.6% |
| Financial fixed assets28 | €1,506 | €1,506 | €1,506 | €1,506 | €1,506 | €1,506 | €1,506 | €1,506 | = |
| Current assets29/58 | €296,791 | €268,434 | €9,839 | €38,243 | €176,650 | €88,825 | €37,936 | €23,333 | ▼ 38.5% |
| Amounts receivable within one year40/41 | €203,256 | €214,536 | €9,839 | €7,792 | €131,521 | €6,431 | €3,194 | €21,415 | ▲ 570% |
| Trade receivables40 | - | - | - | €7,693 | €108,665 | €303 | €1,049 | €21,407 | ▲ 20× |
| Other amounts receivable41 | - | - | - | €99 | €22,856 | €6,128 | €2,145 | €7 | ▼ 99.7% |
| Current investments50/53 | - | - | - | - | - | €75,000 | €0 | - | - |
| Cash at bank and in hand54/58 | €93,534 | €53,898 | - | €14,038 | €44,105 | €6,395 | €33,634 | €0 | ▼ 100% |
| Deferred charges and accrued income490/1 | - | - | - | €16,413 | €1,023 | €999 | €1,108 | €1,919 | ▲ 73.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €316,368 | €283,949 | €21,725 | €49,389 | €187,031 | €98,700 | €86,063 | €61,211 | ▼ 28.9% |
| Equity10/15 | €119,358 | -€65,812 | -€34,791 | €13,522 | €14,759 | €65,631 | €35,496 | €439 | ▼ 98.8% |
| Contributions10/11 | €18,592 | €18,592 | - | €63,592 | €63,592 | €63,592 | €63,592 | €63,592 | = |
| Reserves13 | €100,766 | €100,766 | €100,766 | €100,766 | €100,766 | €100,766 | €100,766 | €100,766 | = |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €100,766 | €100,766 | €100,766 | €100,766 | €100,766 | = |
| Profit (loss) carried forward14 | - | -€185,170 | -€154,149 | -€150,836 | -€149,600 | -€98,727 | -€128,863 | -€163,920 | ▼ 27.2% |
| Amounts payable17/49 | €197,010 | €349,761 | €56,516 | €35,867 | €172,273 | €33,069 | €50,568 | €60,772 | ▲ 20.2% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €30,442 | €26,669 | ▼ 12.4% |
| Financial debts170/4 | - | - | - | - | - | - | €30,442 | €26,669 | ▼ 12.4% |
| Amounts payable within one year42/48 | €197,010 | €349,761 | €56,516 | €35,867 | €172,273 | €33,069 | €20,126 | €34,104 | ▲ 69.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €125,000 | €0 | €2,689 | €3,773 | ▲ 40.3% |
| Financial debts43 | - | - | - | €0 | - | €1,617 | €0 | €3,131 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €3,131 | - |
| Other loans439 | - | - | - | €0 | - | €1,617 | €0 | - | - |
| Trade debts44 | €72,010 | €224,761 | €2,325 | €17,591 | €33,169 | €20,088 | €14,076 | €7,908 | ▼ 43.8% |
| Suppliers440/4 | - | - | - | €17,591 | €33,169 | €20,088 | €14,076 | €7,908 | ▼ 43.8% |
| Taxes, remuneration and social security45 | - | - | - | €233 | €363 | €189 | €386 | €2,554 | ▲ 561% |
| Taxes450/3 | - | - | - | €233 | €363 | €189 | €386 | €2,554 | ▲ 561% |
| Other amounts payable47/48 | - | - | - | €18,043 | €13,742 | €11,174 | €2,974 | €16,738 | ▲ 463% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,725 | -€185,170 | €31,021 | €3,313 | €1,237 | €50,873 | -€30,136 | -€35,057 | ▼ 16.3% |
| + Depreciation and write-downs630 | €5,127 | €5,162 | €2,609 | €1,988 | €2,290 | €2,451 | €2,585 | €10,250 | ▲ 296% |
| Operating cash flow (approximation) | €17,852 | -€180,008 | €33,630 | €5,301 | €3,527 | €53,324 | -€27,550 | -€24,807 | ▲ 10.0% |
| Investment in fixed assets (approximation) | - | -€1,100 | €1,020 | -€1,248 | -€1,526 | -€1,945 | -€40,838 | €0 | - |
| Change in cash | - | -€39,636 | - | - | €30,068 | -€37,710 | €27,239 | -€33,634 | - |
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, 540 companies had the same profile as W2 has now. Two years later, 85.9% were still going and 5.2% had gone bankrupt.
- Micro
- 20 years or older
- solvency under 10%
- a loss of 10% of the balance sheet or more
85.9%
was still going
8.3%
stopped otherwise
5.2%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of W2 itself: 1.1% 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 540 companies, not a prediction for W2. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 20-07-2026 | 2026-00309773 | |
| 31-12-2024 | micro format | 25-06-2025 | 2025-00174123 | |
| 31-12-2023 | micro format | 17-06-2024 | 2024-00132943 | |
| 31-12-2022 | micro format | 19-07-2023 | 2023-00249514 | |
| 31-12-2021 | micro format | 18-07-2022 | 2022-20194442 | |
| 31-12-2020 | micro format | 05-07-2021 | 2021-30600117 | |
| 31-12-2019 | full format | 05-08-2020 | 2020-39100342 | |
| 31-12-2018 | full format | 30-08-2019 | 2019-57400598 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-55900505 | |
| 31-12-2016 | full format | 04-08-2017 | 2017-41300336 |