WEASEL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-02-2026 PDF all 6 filings
Turnover
≈ €160,000
Estimated: probably between €140,000 and €190,000
Total assets
€113,955▲ 56.1%
2024 · €73,007
Net result
€46,788▲ 59.8%
2024 · €29,284
Working capital
-€38,460▼ 125%
2024 · -€17,088
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€64,925
▲ 54.4%
2025
20202025
Net result
€46,788
▲ 59.8%
2025
middle half of the sector
20202025
Equity
€3,000
=
2025
lowest quarter of the sector
20202025
Total assets
€113,955
▲ 56.1%
2025
middle half of the sector
20202025
Debt
€110,955
▲ 58.5%
2025
20202025
Working capital
-€38,460
▼ 125%
2025
lowest quarter of the sector
20202025
Solvency
2.6%
▼ 1.5pp
2025
lowest quarter of the sector
20202025
Current ratio
0.59
▼ 0.01
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
41.1%
▲ 0.9pp
2025
highest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€7,359-€7,959▲ 8.2%€3,322▼ 58.3%€59,506▲ 18×€42,059▼ 29.3%€64,925▲ 54.4%
Net result€5,901within the sector's middle half-€6,157within the sector's middle half▲ 4.3%€2,284below the sector's middle half▼ 62.9%€45,736within the sector's middle half▲ 20×€29,284within the sector's middle half▼ 36.0%€46,788within the sector's middle half▲ 59.8%
Equity€8,901below the sector's middle half-€15,058below the sector's middle half▲ 69.2%€17,342below the sector's middle half▲ 15.2%€63,079within the sector's middle half▲ 264%€3,000below the sector's middle half▼ 95.2%€3,000below the sector's middle half=
Total assets€14,029below the sector's middle half-€20,644below the sector's middle half▲ 47.2%€22,170below the sector's middle half▲ 7.4%€127,315within the sector's middle half▲ 474%€73,007within the sector's middle half▼ 42.7%€113,955within the sector's middle half▲ 56.1%
Debt€5,127-€5,586▲ 8.9%€4,828▼ 13.6%€64,236▲ 13×€70,007▲ 9.0%€110,955▲ 58.5%
Working capital€4,943below the sector's middle half-€12,057below the sector's middle half▲ 144%€15,298within the sector's middle half▲ 26.9%€45,860within the sector's middle half▲ 200%-€17,088below the sector's middle half-€38,460below the sector's middle half▼ 125%
Solvency63.5%within the sector's middle half-72.9%within the sector's middle half▲ 9.5pp78.2%within the sector's middle half▲ 5.3pp49.5%within the sector's middle half▼ 28.7pp4.1%below the sector's middle half▼ 45.4pp2.6%below the sector's middle half▼ 1.5pp
Current ratio1.96within the sector's middle half-3.16within the sector's middle half▲ 1.194.17within the sector's middle half▲ 1.012.72within the sector's middle half▼ 1.450.60below the sector's middle half▼ 2.130.59below the sector's middle half▼ 0.01
Return on assets (ROA)42.1%above the sector's middle half-29.8%above the sector's middle half▼ 12.2pp10.3%within the sector's middle half▼ 19.5pp35.9%above the sector's middle half▲ 25.6pp40.1%above the sector's middle half▲ 4.2pp41.1%above the sector's middle half▲ 0.9pp
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 54% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
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 €113,955
Fixed assets
€58,981 ▲ 23.2%
Current assets
€54,975 ▲ 119%
Equity and liabilities €113,955
Equity
€3,000 =
Debt
€110,955 ▲ 58.5%
Debt's share of the balance-sheet total rises from 95.9% to 97.4%. Debt is higher.
Key figures and ratios
EBITDA
€75,538▲
2024 · €55,671
Cash flow
€57,401▲
2024 · €42,897
Quick ratio
0.56▲
2024 · 0.54
Debt to equity
36.99▲
2024 · 23.34
Interest coverage
16.36▼
2024 · 30.77
Debt ≤ 1 year
€93,435▲
2024 · €42,238
Debt > 1 year
€16,893▼
2024 · €27,040
Income taxes
€13,519▲
2024 · €10,967
Staff costs
€2,609▲
2024 · €1,258
A ratio outside any meaningful range has been withheld (balance sheet total €113,955, equity €3,000).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €61,016 | €6,625 | €60,152 |
| Financial fixed assets | - | - | - | €0 |
| Depreciation and write-downs of the year | €957 | €8,217 | €13,612 | €10,614 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €124 | €128 | €1,258 | €2,609 | ▲ 107% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €113 | €957 | €957 | €8,217 | €13,612 | €10,614 | ▼ 22.0% |
| Other operating charges640/8 | - | - | €271 | €292 | €304 | €23,227 | ▲ 77× |
| Gross operating margin9900 | €7,562 | €9,252 | €4,674 | €68,143 | €57,233 | €101,374 | ▲ 77.1% |
| Operating profit (loss)9901 | €7,359 | €7,959 | €3,322 | €59,506 | €42,059 | €64,925 | ▲ 54.4% |
| Financial income75/76B | - | - | €0 | €75 | €2 | €0 | ▼ 100% |
| Recurring financial income75 | - | €0 | €0 | €75 | €2 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | €278 | €1,892 | €1,809 | €4,618 | ▲ 155% |
| Recurring financial charges65 | €49 | €189 | €278 | €1,892 | €1,809 | €4,618 | ▲ 155% |
| Profit (loss) for the period before taxes9903 | €7,310 | €7,770 | €3,043 | €57,688 | €40,252 | €60,306 | ▲ 49.8% |
| Income taxes67/77 | €1,408 | €1,614 | €759 | €11,952 | €10,967 | €13,519 | ▲ 23.3% |
| Profit (loss) for the period9904 | €5,901 | €6,157 | €2,284 | €45,736 | €29,284 | €46,788 | ▲ 59.8% |
| Profit (loss) for the period to be appropriated9905 | €5,901 | €6,157 | €2,284 | €45,736 | €29,284 | €46,788 | ▲ 59.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €14,029 | €20,644 | €22,170 | €127,315 | €73,007 | €113,955 | ▲ 56.1% |
| Fixed assets21/28 | €3,958 | €3,001 | €2,044 | €54,843 | €47,856 | €58,981 | ▲ 23.2% |
| Tangible fixed assets22/27 | €3,958 | €3,001 | €2,044 | €54,843 | €47,856 | €58,981 | ▲ 23.2% |
| Plant, machinery and equipment23 | - | - | €1,696 | €1,877 | €1,116 | €1,567 | ▲ 40.4% |
| Furniture and vehicles24 | - | - | €347 | €52,966 | €46,740 | €57,414 | ▲ 22.8% |
| Current assets29/58 | €10,070 | €17,643 | €20,126 | €72,472 | €25,151 | €54,975 | ▲ 119% |
| Stocks and contracts in progress3 | €300 | €1,650 | €2,100 | €2,250 | €2,438 | €2,397 | ▼ 1.7% |
| Stocks30/36 | - | - | €2,100 | €2,250 | €2,438 | €2,397 | ▼ 1.7% |
| Amounts receivable within one year40/41 | €9,033 | €7,772 | €3,074 | €20,374 | €7,300 | €45,081 | ▲ 518% |
| Trade receivables40 | - | - | €0 | €11,845 | €5,420 | €45,049 | ▲ 731% |
| Other amounts receivable41 | - | - | €3,074 | €8,529 | €1,879 | €33 | ▼ 98.3% |
| Cash at bank and in hand54/58 | €738 | €8,096 | €14,824 | €4,994 | €3,599 | €3,456 | ▼ 4.0% |
| Deferred charges and accrued income490/1 | - | - | €128 | €44,854 | €11,814 | €4,040 | ▼ 65.8% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €14,029 | €20,644 | €22,170 | €127,315 | €73,007 | €113,955 | ▲ 56.1% |
| Equity10/15 | €8,901 | €15,058 | €17,342 | €63,079 | €3,000 | €3,000 | = |
| Contributions10/11 | - | - | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | €5,901 | €12,058 | €14,342 | €60,079 | €0 | - | - |
| Distributable reserves133 | - | - | €14,342 | €60,079 | €0 | - | - |
| Profit (loss) carried forward14 | - | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €5,127 | €5,586 | €4,828 | €64,236 | €70,007 | €110,955 | ▲ 58.5% |
| Amounts payable after more than one year17 | - | - | - | €36,802 | €27,040 | €16,893 | ▼ 37.5% |
| Financial debts170/4 | - | - | - | €36,802 | €27,040 | €16,893 | ▼ 37.5% |
| Amounts payable within one year42/48 | €5,127 | €5,586 | €4,828 | €26,612 | €42,238 | €93,435 | ▲ 121% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,391 | €9,762 | €10,148 | ▲ 3.9% |
| Trade debts44 | €445 | €1,729 | €712 | €1,145 | €186 | €899 | ▲ 384% |
| Suppliers440/4 | - | - | €712 | €1,145 | €186 | €899 | ▲ 384% |
| Taxes, remuneration and social security45 | - | - | €58 | €166 | €0 | €10,256 | - |
| Taxes450/3 | - | - | €58 | €166 | €0 | €10,256 | - |
| Other amounts payable47/48 | - | - | €4,058 | €15,910 | €32,290 | €72,132 | ▲ 123% |
| Accrued charges and deferred income492/3 | - | - | - | €822 | €728 | €628 | ▼ 13.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,901 | €6,157 | €2,284 | €45,736 | €29,284 | €46,788 | ▲ 59.8% |
| + Depreciation and write-downs630 | €113 | €957 | €957 | €8,217 | €13,612 | €10,614 | ▼ 22.0% |
| Operating cash flow (approximation) | €6,015 | €7,114 | €3,242 | €53,954 | €42,897 | €57,401 | ▲ 33.8% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€61,016 | -€6,625 | -€21,739 | ▼ 228% |
| Change in cash | - | €7,358 | €6,728 | -€9,830 | -€1,395 | -€143 | ▲ 89.7% |
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, 2,153 companies had the same profile as WEASEL has now. Two years later, 96.1% were still going and 1.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.1%
was still going
2.2%
stopped otherwise
1.7%
went bankrupt
The bankruptcy probability of WEASEL itself is lower: 0.2% within 12 months. It rests on far more data about WEASEL 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 2,153 companies, not a prediction for WEASEL. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-02-2026 | 2026-00043589 | |
| 31-12-2024 | micro format | 26-02-2025 | 2025-00039639 | |
| 31-12-2023 | micro format | 26-03-2024 | 2024-00050084 | |
| 31-12-2022 | micro format | 27-02-2023 | 2023-00032002 | |
| 31-12-2021 | micro format | 18-03-2022 | 2022-07900534 | |
| 31-12-2020 | micro format | 27-04-2021 | 2021-11400346 |