WELLOPER
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 39 days after the deadline Filed on 11 March 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00053418.
Annual accounts 2025 filed on 11-03-2026 PDF all 8 filings
Equity
€90,507▼ 28.3%
2024 · €126,298
Total assets
€107,204▼ 37.4%
2024 · €171,379
Net result
-€35,791
2024 · €59,192
Working capital
€90,507▼ 28.3%
2024 · €126,298
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€30,770
2025
20192025
Net result
-€35,791
2025
lowest quarter of the sector
20192025
Equity
€90,507
▼ 28.3%
2025
middle half of the sector
20192025
Total assets
€107,204
▼ 37.4%
2025
middle half of the sector
20192025
Debt
€16,697
▼ 63.0%
2025
20192025
Working capital
€90,507
▼ 28.3%
2025
middle half of the sector
20192025
Solvency
84.4%
▲ 10.7pp
2025
highest quarter of the sector
20192025
Current ratio
6.42
▲ 2.62
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-33.4%
▼ 67.9pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€11,695--€5,885▲ 49.7%€7,555€33,787▲ 347%€5,424▼ 83.9%€65,845▲ 12×-€30,770
Net result-€7,759--€3,497below the sector's middle half▲ 54.9%€6,272within the sector's middle half€23,578within the sector's middle half▲ 276%€2,043below the sector's middle half▼ 91.3%€59,192within the sector's middle half▲ 29×-€35,791below the sector's middle half
Equity€38,709-€35,213within the sector's middle half▼ 9.0%€41,484within the sector's middle half▲ 17.8%€65,063within the sector's middle half▲ 56.8%€67,106within the sector's middle half▲ 3.1%€126,298within the sector's middle half▲ 88.2%€90,507within the sector's middle half▼ 28.3%
Total assets€42,157-€42,526below the sector's middle half▲ 0.9%€120,914within the sector's middle half▲ 184%€241,807within the sector's middle half▲ 100.0%€101,797within the sector's middle half▼ 57.9%€171,379within the sector's middle half▲ 68.4%€107,204within the sector's middle half▼ 37.4%
Debt€3,448-€7,314▲ 112%€79,430▲ 986%€176,745▲ 123%€34,692▼ 80.4%€45,081▲ 29.9%€16,697▼ 63.0%
Working capital€34,076-€35,253within the sector's middle half▲ 3.5%€27,538within the sector's middle half▼ 21.9%€8,389within the sector's middle half▼ 69.5%€66,892within the sector's middle half▲ 697%€126,298within the sector's middle half▲ 88.8%€90,507within the sector's middle half▼ 28.3%
Solvency91.8%-82.8%above the sector's middle half▼ 9.0pp34.3%within the sector's middle half▼ 48.5pp26.9%within the sector's middle half▼ 7.4pp65.9%within the sector's middle half▲ 39.0pp73.7%within the sector's middle half▲ 7.8pp84.4%above the sector's middle half▲ 10.7pp
Current ratio11.00-5.85above the sector's middle half▼ 5.151.77within the sector's middle half▼ 4.081.05within the sector's middle half▼ 0.722.93within the sector's middle half▲ 1.883.80within the sector's middle half▲ 0.876.42above the sector's middle half▲ 2.62
Return on assets (ROA)-18.4%--8.2%below the sector's middle half▲ 10.2pp5.2%within the sector's middle half▲ 13.4pp9.8%within the sector's middle half▲ 4.6pp2.0%within the sector's middle half▼ 7.7pp34.5%above the sector's middle half▲ 32.5pp-33.4%below the sector's middle half▼ 67.9pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 €30,770, after a profit of €65,845 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €107,204
Equity
€90,507 ▼ 28.3%
Debt
€16,697 ▼ 63.0%
Debt's share of the balance-sheet total falls from 26.3% to 15.6%. Equity and debt are lower.
Key figures and ratios
Debt to equity
0.18▼
2024 · 0.36
ROE
-39.5%▼
2024 · 46.9%
Debt ≤ 1 year
€16,697▼
2024 · €45,081
Income taxes
€8,364▼
2024 · €10,098
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,940 | - | €172 | €385 | €385 | €213 | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | €250 | - | - |
| Other operating charges640/8 | - | - | - | €1,430 | €1,883 | €467 | €14,755 | ▲ 32× |
| Non-recurring operating charges66A | - | - | - | - | €4,798 | - | - | - |
| Gross operating margin9900 | -€5,513 | -€5,379 | €8,726 | €35,603 | €12,490 | €66,775 | -€16,015 | - |
| Operating profit (loss)9901 | -€11,695 | -€5,885 | €7,555 | €33,787 | €5,424 | €65,845 | -€30,770 | - |
| Financial income75/76B | - | - | - | €2,291 | - | €4,691 | €5,677 | ▲ 21.0% |
| Recurring financial income75 | €4,052 | €2,520 | €2,634 | €2,291 | - | €4,691 | €5,677 | ▲ 21.0% |
| Financial charges65/66B | - | - | - | €1,543 | €1,460 | €1,246 | €2,333 | ▲ 87.2% |
| Recurring financial charges65 | €116 | €110 | €1,422 | €1,543 | €1,460 | €1,246 | €2,333 | ▲ 87.2% |
| Profit (loss) for the period before taxes9903 | -€7,759 | -€3,475 | €8,767 | €34,535 | €3,964 | €69,290 | -€27,426 | - |
| Income taxes67/77 | - | €22 | €2,495 | €10,957 | €1,921 | €10,098 | €8,364 | ▼ 17.2% |
| Profit (loss) for the period9904 | -€7,759 | -€3,497 | €6,272 | €23,578 | €2,043 | €59,192 | -€35,791 | - |
| Profit (loss) for the period to be appropriated9905 | -€7,759 | -€3,497 | €6,272 | €23,578 | €2,043 | €59,192 | -€35,791 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €42,157 | €42,526 | €120,914 | €241,807 | €101,797 | €171,379 | €107,204 | ▼ 37.4% |
| Fixed assets21/28 | €4,673 | - | €57,659 | €56,674 | €213 | - | - | - |
| Intangible fixed assets21 | €3,158 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €1,515 | - | €984 | €599 | €213 | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €599 | €213 | - | - | - |
| Financial fixed assets28 | - | - | €56,675 | €56,075 | - | - | - | - |
| Current assets29/58 | €37,484 | €42,526 | €63,255 | €185,133 | €101,584 | €171,379 | €107,204 | ▼ 37.4% |
| Amounts receivable within one year40/41 | €35,703 | €39,850 | €48,486 | €159,944 | €81,142 | €133,450 | €104,623 | ▼ 21.6% |
| Trade receivables40 | - | - | - | €118,351 | €38,515 | €50,942 | €546 | ▼ 98.9% |
| Other amounts receivable41 | - | - | - | €41,594 | €42,627 | €82,508 | €104,077 | ▲ 26.1% |
| Current investments50/53 | - | - | - | - | - | €2,440 | €2,440 | = |
| Cash at bank and in hand54/58 | €1,598 | €2,677 | €14,769 | €25,189 | €20,039 | €35,488 | €141 | ▼ 99.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | €403 | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €42,157 | €42,526 | €120,914 | €241,807 | €101,797 | €171,379 | €107,204 | ▼ 37.4% |
| Equity10/15 | €38,709 | €35,213 | €41,484 | €65,063 | €67,106 | €126,298 | €90,507 | ▼ 28.3% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €34,069 | €34,069 | €34,069 | €52,663 | €52,663 | €52,663 | €52,663 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €50,803 | €50,803 | €50,803 | €50,803 | = |
| Profit (loss) carried forward14 | -€7,759 | -€11,256 | -€4,984 | - | €2,043 | €61,235 | €25,445 | ▼ 58.4% |
| Amounts payable17/49 | €3,448 | €7,314 | €79,430 | €176,745 | €34,692 | €45,081 | €16,697 | ▼ 63.0% |
| Amounts payable after more than one year17 | - | - | €43,713 | - | - | - | - | - |
| Amounts payable within one year42/48 | €3,408 | €7,273 | €35,717 | €176,745 | €34,692 | €45,081 | €16,697 | ▼ 63.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €48,178 | - | €1 | - | - |
| Financial debts43 | - | - | - | - | - | - | €547 | - |
| Credit institutions430/8 | - | - | - | - | - | - | €547 | - |
| Trade debts44 | €3,408 | €6,516 | €12,244 | €117,987 | €12,609 | €30,756 | €5,514 | ▼ 82.1% |
| Suppliers440/4 | - | - | - | €117,987 | €12,609 | €30,756 | €5,514 | ▼ 82.1% |
| Taxes, remuneration and social security45 | - | - | - | €10,580 | €22,082 | €14,324 | €10,635 | ▼ 25.8% |
| Taxes450/3 | - | - | - | €10,580 | €20,489 | €14,324 | €10,635 | ▼ 25.8% |
| Remuneration and social security454/9 | - | - | - | - | €1,593 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7,759 | -€3,497 | €6,272 | €23,578 | €2,043 | €59,192 | -€35,791 | - |
| + Depreciation and write-downs630 | €5,940 | - | €172 | €385 | €385 | €213 | - | - |
| Operating cash flow (approximation) | -€1,819 | -€3,497 | €6,444 | €23,964 | €2,429 | €59,405 | -€35,791 | - |
| Investment in fixed assets (approximation) | - | - | - | €600 | €56,075 | - | - | - |
| Change in cash | - | €1,079 | €12,092 | €10,420 | -€5,150 | €15,449 | -€35,347 | - |
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, 3,591 companies had the same profile as WELLOPER has now. Two years later, 87.4% were still going and 3.0% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
87.4%
was still going
9.4%
stopped otherwise
3.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of WELLOPER itself: 3.2% 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 3,591 companies, not a prediction for WELLOPER. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 11-03-2026 | 2026-00053418 | |
| 30-06-2024 | micro format | 03-03-2025 | 2025-00042107 | |
| 30-06-2023 | micro format | 05-04-2024 | 2024-00060424 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00016428 | |
| 30-06-2021 | micro format | 10-02-2022 | 2022-05600079 | |
| 30-06-2020 | micro format | 01-02-2021 | 2021-03800172 | |
| 30-06-2019 | micro format | 24-01-2020 | 2020-02500370 | |
| 30-06-2018 | micro format | 31-01-2019 | 2019-04100094 |