we+
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 24 filings
Turnover
€17.6m▼ 10.8%
2024 · €19.7m
EBIT margin
-10.8%▲ 5.2pp
2024 · -16.1%
Net result
-€2.5m▲ 34.3%
2024 · -€3.8m
Working capital
-€3.4m▲ 67.4%
2024 · -€10.5m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€17.6m
▼ 10.8%
2025
20182025
Operating result
-€1.9m
▲ 39.9%
2025
20182025
Net result
-€2.5m
▲ 34.3%
2025
lowest quarter of the sector
20182025
EBIT margin
-10.8%
▲ 5.2pp
2025
20182025
Equity
€2.4m
2025
highest quarter of the sector
20182025
Total assets
€10.8m
▲ 8.9%
2025
highest quarter of the sector
20182025
Debt
€8.4m
▼ 39.6%
2025
20182025
Working capital
-€3.4m
▲ 67.4%
2025
lowest quarter of the sector
20182025
Solvency
22.1%
▲ 64.0pp
2025
middle half of the sector
20182025
Current ratio
0.56
▲ 0.37
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-23.1%
▲ 15.2pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
95.7
▼ 15.5%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€22.3m€19.7m▼ 11.5%€17.6m▼ 10.8%
Operating result€0.5m-€0.5m▼ 4.7%€0.6m▲ 14.5%€0.8m▲ 40.4%€0.8m▲ 0.6%-€0.3m-€3.2m▼ 958%-€1.9m▲ 39.9%
Net result€0.3m-€0.3m▼ 1.6%€0.4mabove the sector's middle half▲ 22.3%€0.6mabove the sector's middle half▲ 41.3%€0.5mabove the sector's middle half▼ 8.4%-€0.9mbelow the sector's middle half-€3.8mbelow the sector's middle half▼ 306%-€2.5mbelow the sector's middle half▲ 34.3%
EBIT margin-1.3%-16.1%▼ 14.7pp-10.8%▲ 5.2pp
Equity€0.05m-€0.06m▲ 16.6%€0.06mwithin the sector's middle half▲ 1.8%€0.6mabove the sector's middle half▲ 997%€0.6mwithin the sector's middle half▼ 6.0%-€0.3mbelow the sector's middle half-€4.1mbelow the sector's middle half▼ 1,141%€2.4mabove the sector's middle half
Total assets€1.0m-€1.1m▲ 17.1%€1.2mwithin the sector's middle half▲ 1.4%€1.3mwithin the sector's middle half▲ 13.5%€3.7mabove the sector's middle half▲ 181%€17.6mabove the sector's middle half▲ 374%€9.9mabove the sector's middle half▼ 43.9%€10.8mabove the sector's middle half▲ 8.9%
Debt€0.9m-€1.1m▲ 17.2%€1.1m▲ 1.4%€0.7m▼ 37.0%€3.1m▲ 349%€18.0m▲ 473%€13.9m▼ 22.7%€8.4m▼ 39.6%
Working capital€0.1m-€0.08m▼ 26.7%€0.05mwithin the sector's middle half▼ 37.8%€0.6mabove the sector's middle half▲ 11×-€0.7mbelow the sector's middle half-€8.9mbelow the sector's middle half▼ 1,255%-€10.5mbelow the sector's middle half▼ 17.4%-€3.4mbelow the sector's middle half▲ 67.4%
Solvency4.9%-4.9%=4.9%below the sector's middle half=47.2%within the sector's middle half▲ 42.3pp15.8%below the sector's middle half▼ 31.4pp-1.9%below the sector's middle half▼ 17.6pp-41.9%below the sector's middle half▼ 40.0pp22.1%within the sector's middle half▲ 64.0pp
Current ratio1.14-1.08▼ 0.051.05below the sector's middle half▼ 0.031.84within the sector's middle half▲ 0.800.64below the sector's middle half▼ 1.200.47below the sector's middle half▼ 0.170.19below the sector's middle half▼ 0.280.56below the sector's middle half▲ 0.37
Return on assets (ROA)34.0%-28.6%▼ 5.4pp34.4%above the sector's middle half▲ 5.9pp42.9%above the sector's middle half▲ 8.4pp13.9%within the sector's middle half▼ 28.9pp-5.3%below the sector's middle half▼ 19.2pp-38.3%below the sector's middle half▼ 33.1pp-23.1%below the sector's middle half▲ 15.2pp
Staff (FTE)10.9-14.6▲ 33.9%17above the sector's middle half▲ 16.4%21.3above the sector's middle half▲ 25.3%25.5above the sector's middle half▲ 19.7%127.5above the sector's middle half▲ 400%113.2above the sector's middle half▼ 11.2%95.7above the sector's middle half▼ 15.5%
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 €1.9m, smaller than the loss of €3.2m in 2024.
Large changes and their cause
- 2024 Net result -306% on 2023. Merger absorbing CONTINUUM CONSULTING, Official Gazette 19-10-2023, in the previous financial year. That operation now counts for a full year for the first time. Merger absorbing JIDOKA, Official Gazette 19-10-2023, in the previous financial year. That operation now counts for a full year for the first time.
- 2023 Total assets +374%, Staff (FTE) +400% on 2022. Merger absorbing CONTINUUM CONSULTING, Official Gazette 19-10-2023. Merger absorbing JIDOKA, Official Gazette 19-10-2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €10.8m
Fixed assets
€6.4m ▼ 12.9%
Current assets
€4.4m ▲ 72.2%
Equity and liabilities €10.8m
Equity
€2.4m
Debt
€8.4m
Debt's share of the balance-sheet total is 77.9%.
Key figures and ratios
EBITDA
-€814,591▼
2024 · -€770,165
Cash flow
-€1.4m▼
2024 · -€1.4m
Debt to equity
3.52
ROE
-104.5%
Interest coverage
-2.19▼
2024 · -1.43
Debt ≤ 1 year
€7.8m▼
2024 · €13.0m
Debt > 1 year
€598,781▼
2024 · €829,575
Income taxes
€204,106▲
2024 · €19,548
Customer credit
74 days▲
2024 · 33 days
Supplier credit
157 days▲
2024 · 72 days
Staff costs
€9.1m▼
2024 · €9.8m
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 | 24 | 26 | 130 | 110 | 98 |
| full-time | 23 | 26 | 122 | 101 | 88 |
| part-time | 1 | - | 8 | 9 | 10 |
| in full-time equivalents | 23.8 | 26 | 127.5 | 108.2 | 96.3 |
| Average over the year, in full-time equivalents | 21.3 | 25.4 | 124.2 | 113.2 | 95.7 |
| On a permanent contract | 24 | 25 | 130 | 110 | 98 |
| Joined | 10 | 6 | 119 | 12 | 27 |
| Left | 4 | 4 | 21 | 32 | 39 |
| Training hours | - | - | 2,176 | 2,433 | 3,782 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €1.5m | - | - | €957,522 |
| Pledge on the business | - | €1.8m | - | - | €1.8m |
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 | €45,059 | €5,755 | €744,473 | €209,184 | €98,293 |
| Intangible fixed assets | - | - | €13.3m | €112,299 | €145,567 |
| Financial fixed assets | - | €2.5m | €126,034 | - | - |
| Depreciation and write-downs of the year | €19,341 | €22,075 | €2.6m | €2.4m | €1.1m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | - | - | €31,201 | €35,192 | €22,297 |
| Other work by the auditor | - | - | €4,092 | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 8 entries · €31,974 awarded · €31,974 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €12,901 | €12,901 |
| 2024 | 4 | €15,307 | €19,073 |
| 2023 | 1 | €1,250 | €0 |
| 2022 | 1 | €2,516 | €0 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | - | €23.1m | €20.2m | €18.3m | ▼ 9.7% |
| Turnover70 | - | - | - | - | - | €22.3m | €19.7m | €17.6m | ▼ 10.8% |
| Other operating income74 | - | - | - | - | - | €0.7m | €0.5m | €0.5m | ▲ 11.2% |
| Non-recurring operating income76A | - | - | - | - | - | - | - | €0.1m | - |
| Operating charges60/66A | - | - | - | - | - | €23.4m | €23.4m | €20.2m | ▼ 13.8% |
| Goods for resale, raw materials and consumables60 | - | - | - | - | - | €7.0m | €6.1m | €5.7m | ▼ 7.0% |
| Purchases600/8 | - | - | - | - | - | €7.0m | €6.1m | €5.7m | ▼ 7.0% |
| Services and other goods61 | - | - | - | - | - | €4.0m | €4.0m | €4.3m | ▲ 5.3% |
| Remuneration, social security and pensions62 | - | - | - | €1.4m | €1.7m | €8.7m | €9.8m | €9.1m | ▼ 6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.05m | €0.01m | €0.02m | €0.02m | €0.02m | €2.6m | €2.4m | €1.1m | ▼ 54.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €0.05m | - |
| Other operating charges640/8 | - | - | - | €0.008m | €0.04m | €1.1m | €0.01m | €0.1m | ▲ 577% |
| Non-recurring operating charges66A | - | - | - | €0.002m | €0.09m | €0.08m | €1.0m | -€0.1m | - |
| Gross operating margin9900 | €1.3m | €1.5m | €1.7m | €2.2m | €2.7m | - | - | - | - |
| Operating profit (loss)9901 | €0.5m | €0.5m | €0.6m | €0.8m | €0.8m | -€0.3m | -€3.2m | -€1.9m | ▲ 39.9% |
| Financial income75/76B | - | - | - | €0.005m | €0.001m | €0.2m | €0.03m | €0.07m | ▲ 127% |
| Recurring financial income75 | €275 | €0 | €0.004m | €0.005m | €0.001m | €0.2m | €0.03m | €0.07m | ▲ 127% |
| Income from financial fixed assets750 | - | - | - | - | - | €0.001m | €0.02m | - | - |
| Income from current assets751 | - | - | - | - | - | €0.1m | - | €0.01m | - |
| Other financial income752/9 | - | - | - | - | - | €0.01m | €0.01m | €0.06m | ▲ 319% |
| Non-recurring financial income76B | - | - | - | - | - | €0.09m | - | - | - |
| Financial charges65/66B | - | - | - | €0.01m | €0.05m | €0.2m | €0.6m | €0.4m | ▼ 28.9% |
| Recurring financial charges65 | €0.02m | €0.006m | €0.01m | €0.01m | €0.05m | €0.06m | €0.6m | €0.4m | ▼ 31.8% |
| Debt charges650 | - | - | - | - | - | €0.04m | €0.5m | €0.4m | ▼ 30.9% |
| Other financial charges652/9 | - | - | - | - | - | €0.02m | €0.09m | €0.06m | ▼ 37.4% |
| Non-recurring financial charges66B | - | - | - | - | - | €0.1m | - | €0.02m | - |
| Profit (loss) for the period before taxes9903 | €0.5m | €0.5m | €0.6m | €0.8m | €0.7m | -€0.2m | -€3.8m | -€2.3m | ▲ 39.4% |
| Income taxes67/77 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.7m | €0.02m | €0.2m | ▲ 944% |
| Taxes670/3 | - | - | - | - | - | €0.7m | €0.3m | €0.2m | ▼ 32.0% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | - | €0.3m | - | - |
| Profit (loss) for the period9904 | €0.3m | €0.3m | €0.4m | €0.6m | €0.5m | -€0.9m | -€3.8m | -€2.5m | ▲ 34.3% |
| Profit (loss) for the period to be appropriated9905 | €0.3m | €0.3m | €0.4m | €0.6m | €0.5m | -€0.9m | -€3.8m | -€2.5m | ▲ 34.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.0m | €1.1m | €1.2m | €1.3m | €3.7m | €17.6m | €9.9m | €10.8m | ▲ 8.9% |
| Fixed assets21/28 | €0.01m | €0.02m | €0.03m | €0.05m | €2.5m | €9.7m | €7.4m | €6.4m | ▼ 12.9% |
| Intangible fixed assets21 | - | - | - | - | - | €9.5m | €7.1m | €6.2m | ▼ 12.5% |
| Tangible fixed assets22/27 | €0.01m | €0.02m | €0.03m | €0.05m | €0.03m | €0.2m | €0.3m | €0.2m | ▼ 21.9% |
| Plant, machinery and equipment23 | - | - | - | €0.002m | €0.002m | €0.04m | €0.06m | €0.06m | ▲ 1.9% |
| Furniture and vehicles24 | - | - | - | €0.04m | €0.03m | €0.1m | €0.2m | €0.2m | ▼ 28.2% |
| Financial fixed assets28 | - | - | - | - | €2.5m | €0.002m | €0.002m | - | - |
| Other financial fixed assets284/8 | - | - | - | - | - | €0.002m | €0.002m | - | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | - | €0.002m | €0.002m | - | - |
| Current assets29/58 | €1.0m | €1.1m | €1.1m | €1.3m | €1.2m | €7.9m | €2.5m | €4.4m | ▲ 72.2% |
| Amounts receivable within one year40/41 | €0.6m | €0.7m | €0.9m | €0.8m | €0.5m | €7.2m | €2.4m | €4.3m | ▲ 76.7% |
| Trade receivables40 | - | - | - | €0.5m | €0.5m | €2.3m | €1.8m | €3.6m | ▲ 101% |
| Other amounts receivable41 | - | - | - | €0.3m | €261 | €4.9m | €0.6m | €0.7m | ▲ 8.6% |
| Cash at bank and in hand54/58 | €0.4m | €0.5m | €0.3m | €0.5m | €0.7m | €0.6m | €0.008m | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.002m | €0.2m | €0.1m | €0.09m | ▼ 16.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.0m | €1.1m | €1.2m | €1.3m | €3.7m | €17.6m | €9.9m | €10.8m | ▲ 8.9% |
| Equity10/15 | €0.05m | €0.06m | €0.06m | €0.6m | €0.6m | -€0.3m | -€4.1m | €2.4m | - |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.5m | €0.06m | €0.06m | €9.1m | ▲ 147× |
| Capital10 | - | - | - | - | - | €0.06m | €0.06m | €0.6m | ▲ 856% |
| Issued capital100 | - | - | - | - | - | €0.06m | €0.06m | €0.6m | ▲ 856% |
| Contributions outside capital11 | - | - | - | - | - | - | - | €8.5m | - |
| Share premium1100/10 | - | - | - | - | - | - | - | €8.5m | - |
| Reserves13 | €0.03m | €0.04m | €0.04m | €0.05m | €0.05m | €0.5m | €0.5m | €0.5m | = |
| Non-distributable reserves130/1 | - | - | - | €0.03m | - | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | - | - | €0.006m | €0.006m | €0.006m | = |
| Reserves not available under the articles1311 | - | - | - | €0.03m | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €271 | €271 | €271 | €271 | €271 | = |
| Distributable reserves133 | - | - | - | €0.02m | €0.05m | €0.5m | €0.5m | €0.5m | = |
| Profit (loss) carried forward14 | - | - | - | €0.6m | €0.02m | -€0.9m | -€4.7m | -€7.2m | ▼ 52.9% |
| Investment grants15 | - | - | - | - | - | €0.01m | - | - | - |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €0.1m | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | €0.1m | - | - |
| Other liabilities and charges164/5 | - | - | - | - | - | - | €0.1m | - | - |
| Amounts payable17/49 | €0.9m | €1.1m | €1.1m | €0.7m | €3.1m | €18.0m | €13.9m | €8.4m | ▼ 39.6% |
| Amounts payable after more than one year17 | €0.08m | €0.05m | €0.02m | - | €1.3m | €1.1m | €0.8m | €0.6m | ▼ 27.8% |
| Financial debts170/4 | - | - | - | - | €1.3m | €1.1m | €0.8m | €0.6m | ▼ 27.8% |
| Credit institutions173 | - | - | - | - | - | €1.1m | €0.8m | €0.6m | ▼ 27.8% |
| Amounts payable within one year42/48 | €0.9m | €1.0m | €1.1m | €0.7m | €1.8m | €16.9m | €13.0m | €7.8m | ▼ 40.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.2m | €0.2m | €0.3m | €0.4m | ▲ 8.0% |
| Financial debts43 | - | - | - | €0.04m | €0.05m | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0.04m | €0.05m | - | - | - | - |
| Trade debts44 | €0.3m | €0.4m | €0.4m | €0.4m | €0.5m | €1.1m | €1.2m | €2.4m | ▲ 105% |
| Suppliers440/4 | - | - | - | €0.4m | €0.5m | €1.1m | €1.2m | €2.4m | ▲ 105% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.3m | €2.3m | €2.7m | €1.2m | ▼ 57.0% |
| Taxes450/3 | - | - | - | €0.08m | €0.07m | €0.4m | €1.7m | €0.2m | ▼ 91.1% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.2m | €1.9m | €0.9m | €1.0m | ▲ 5.8% |
| Other amounts payable47/48 | - | - | - | €59 | €0.8m | €13.3m | €8.8m | €3.8m | ▼ 56.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0.007m | €0.02m | €0.05m | €0.06m | €0.01m | ▼ 83.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.3m | €0.3m | €0.4m | €0.6m | €0.5m | -€0.9m | -€3.8m | -€2.5m | ▲ 34.3% |
| + Depreciation and write-downs630 | €0.05m | €0.01m | €0.02m | €0.02m | €0.02m | €2.6m | €2.4m | €1.1m | ▼ 54.5% |
| Operating cash flow (approximation) | €0.4m | €0.3m | €0.4m | €0.6m | €0.5m | €1.6m | -€1.4m | -€1.4m | ▼ 0.6% |
| Investment in fixed assets (approximation) | - | -€0.02m | -€0.02m | -€0.04m | -€2.5m | -€9.7m | -€0.07m | -€0.1m | ▼ 106% |
| Change in cash | - | €0.1m | -€0.2m | €0.2m | €0.2m | -€0.09m | -€0.6m | - | - |
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, 1,608 companies had the same profile as we+ has now. Two years later, 88.9% were still going and 4.1% had gone bankrupt.
- 20 years or older
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
- without size
88.9%
was still going
6.7%
stopped otherwise
4.1%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of we+ itself: 2.0% 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 1,608 companies, not a prediction for we+. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 10-07-2026 | 2026-00293063 | |
| 31-12-2024 | full format | 26-08-2025 | 2025-00479820 | |
| 31-12-2023 | full format | 04-10-2024 | 2024-00500505 | |
| 31-12-2022 | abbreviated format | 18-07-2023 | 2023-00245650 | |
| 31-12-2021 | abbreviated format | 30-06-2022 | 2022-20139814 | |
| 31-12-2020 | abbreviated format | 06-07-2021 | 2021-31500600 | |
| 31-12-2019 | abbreviated format | 01-07-2020 | 2020-24000527 | |
| 31-12-2018 | abbreviated format | 31-07-2019 | 2019-41400358 | |
| 31-12-2017 | abbreviated format | 30-08-2018 | 2018-56800030 | |
| 31-12-2016 | abbreviated format | 28-06-2017 | 2017-23200402 |