WESHIFT
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 28 days after the deadline Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00444707.
Annual accounts 2025 filed on 28-08-2026 at the NBB all 10 filings
Turnover
≈ €19,000
Estimated: probably between €9,900 and €44,000
Total assets
€14,217▼ 15.7%
2024 · €16,858
Net result
-€225▲ 96.8%
2024 · -€6,969
Working capital
-€95,886▲ 1.1%
2024 · -€96,964
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€60
2025
20182025
Net result
-€225
▲ 96.8%
2025
middle half of the sector
20182025
Equity
-€175,808
▼ 0.1%
2025
lowest quarter of the sector
20182025
Total assets
€14,217
▼ 15.7%
2025
lowest quarter of the sector
20182025
Debt
€190,025
▼ 1.3%
2025
20182025
Working capital
-€95,886
▲ 1.1%
2025
lowest quarter of the sector
20182025
Solvency
no figure
2025
20182025
Current ratio
0.13
▲ 0.01
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-1.6%
▲ 39.8pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€61,980--€216▲ 99.7%-€14,049▼ 6,406%€848€53,065▲ 63×-€18,571-€6,782▲ 63.5%€60
Net result-€62,121--€410▲ 99.3%-€14,229below the sector's middle half▼ 3,372%€670within the sector's middle half€52,816above the sector's middle half▲ 79×-€18,832below the sector's middle half-€6,969below the sector's middle half▲ 63.0%-€225within the sector's middle half▲ 96.8%
Equity-€188,630--€189,039▼ 0.2%-€203,268below the sector's middle half▼ 7.5%-€202,598below the sector's middle half▲ 0.3%-€149,782below the sector's middle half▲ 26.1%-€168,614below the sector's middle half▼ 12.6%-€175,582below the sector's middle half▼ 4.1%-€175,808below the sector's middle half▼ 0.1%
Total assets€4,470-€6,031▲ 34.9%€59,071within the sector's middle half▲ 879%€31,171below the sector's middle half▼ 47.2%€64,746within the sector's middle half▲ 108%€24,222below the sector's middle half▼ 62.6%€16,858below the sector's middle half▼ 30.4%€14,217below the sector's middle half▼ 15.7%
Debt€193,099-€195,070▲ 1.0%€262,339▲ 34.5%€233,769▼ 10.9%€214,528▼ 8.2%€192,835▼ 10.1%€192,440▼ 0.2%€190,025▼ 1.3%
Working capital€1,130--€60,913below the sector's middle half-€85,073below the sector's middle half▼ 39.7%-€67,332below the sector's middle half▲ 20.9%-€93,995below the sector's middle half▼ 39.6%-€96,964below the sector's middle half▼ 3.2%-€95,886below the sector's middle half▲ 1.1%
Solvency-344.1%below the sector's middle half-650.0%below the sector's middle half▼ 305.9pp-231.3%below the sector's middle half▲ 418.6pp-696.1%below the sector's middle half▼ 464.8pp
Current ratio0.47below the sector's middle half0.23below the sector's middle half▼ 0.240.42below the sector's middle half▲ 0.190.15below the sector's middle half▼ 0.280.12below the sector's middle half▼ 0.030.13below the sector's middle half▲ 0.01
Return on assets (ROA)-6.8%-24.1%below the sector's middle half▼ 17.3pp2.1%within the sector's middle half▲ 26.2pp81.6%above the sector's middle half▲ 79.4pp-77.7%below the sector's middle half▼ 159.3pp-41.3%below the sector's middle half▲ 36.4pp-1.6%within the sector's middle half▲ 39.8pp
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 profit of €60, after a loss of €6,782 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.
Key figures and ratios
EBITDA
€3,864▲
2024 · -€2,783
Cash flow
€3,578▲
2024 · -€2,969
Interest coverage
13.52▲
2024 · -14.92
Debt ≤ 1 year
€110,103▲
2024 · €110,019
Debt > 1 year
€79,921▼
2024 · €82,421
A ratio outside any meaningful range has been withheld (balance sheet total €14,217, equity -€175,808).
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 |
|---|---|---|---|---|---|
| Intangible fixed assets | €1,990 | €12,000 | - | - | - |
| Depreciation and write-downs of the year | €1,830 | €2,027 | €5,451 | €4,000 | €3,804 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €50,788 | - | €379 | €1,830 | €2,027 | €5,451 | €4,000 | €3,804 | ▼ 4.9% |
| Other operating charges640/8 | - | - | - | €348 | €348 | €384 | €909 | €538 | ▼ 40.8% |
| Gross operating margin9900 | -€10,844 | €132 | -€13,322 | €3,026 | €55,440 | -€12,736 | -€1,874 | €4,402 | - |
| Operating profit (loss)9901 | -€61,980 | -€216 | -€14,049 | €848 | €53,065 | -€18,571 | -€6,782 | €60 | - |
| Recurring financial income75 | €36 | - | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €179 | €249 | €261 | €187 | €286 | ▲ 53.2% |
| Recurring financial charges65 | €178 | €194 | €180 | €179 | €249 | €261 | €187 | €286 | ▲ 53.2% |
| Profit (loss) for the period before taxes9903 | -€62,121 | -€410 | -€14,229 | €670 | €52,816 | -€18,832 | -€6,969 | -€225 | ▲ 96.8% |
| Profit (loss) for the period9904 | -€62,121 | -€410 | -€14,229 | €670 | €52,816 | -€18,832 | -€6,969 | -€225 | ▲ 96.8% |
| Profit (loss) for the period to be appropriated9905 | -€62,121 | -€410 | -€14,229 | €670 | €52,816 | -€18,832 | -€6,969 | -€225 | ▲ 96.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4,470 | €6,031 | €59,071 | €31,171 | €64,746 | €24,222 | €16,858 | €14,217 | ▼ 15.7% |
| Fixed assets21/28 | €1,800 | €2,390 | €4,921 | €5,081 | €15,054 | €7,803 | €3,804 | - | - |
| Intangible fixed assets21 | - | - | €3,121 | €3,281 | €13,254 | €7,803 | €3,804 | - | - |
| Financial fixed assets28 | €1,800 | €2,390 | €1,800 | €1,800 | €1,800 | - | - | - | - |
| Current assets29/58 | €2,670 | €3,641 | €54,150 | €26,090 | €49,692 | €16,418 | €13,055 | €14,217 | ▲ 8.9% |
| Amounts receivable within one year40/41 | €2,230 | €556 | €3,209 | €3,549 | €3,204 | €11,326 | €10,783 | €13,277 | ▲ 23.1% |
| Trade receivables40 | - | - | - | €740 | €155 | €688 | - | €2,420 | - |
| Other amounts receivable41 | - | - | - | €2,809 | €3,049 | €10,638 | €10,783 | €10,857 | ▲ 0.7% |
| Cash at bank and in hand54/58 | €439 | €3,085 | €50,941 | €22,541 | €46,488 | €4,992 | €2,172 | €820 | ▼ 62.2% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €100 | €100 | €120 | ▲ 20.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4,470 | €6,031 | €59,071 | €31,171 | €64,746 | €24,222 | €16,858 | €14,217 | ▼ 15.7% |
| Equity10/15 | -€188,630 | -€189,039 | -€203,268 | -€202,598 | -€149,782 | -€168,614 | -€175,582 | -€175,808 | ▼ 0.1% |
| Contributions10/11 | €50,000 | €50,000 | - | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Profit (loss) carried forward14 | -€238,630 | -€239,039 | -€253,268 | -€252,598 | -€199,782 | -€218,614 | -€225,582 | -€225,808 | ▼ 0.1% |
| Amounts payable17/49 | €193,099 | €195,070 | €262,339 | €233,769 | €214,528 | €192,835 | €192,440 | €190,025 | ▼ 1.3% |
| Amounts payable after more than one year17 | €191,560 | €195,070 | €147,276 | €122,606 | €97,504 | €82,421 | €82,421 | €79,921 | ▼ 3.0% |
| Other amounts payable178/9 | - | - | - | €122,606 | €97,504 | €82,421 | €82,421 | €79,921 | ▼ 3.0% |
| Amounts payable within one year42/48 | €1,540 | - | €115,063 | €111,163 | €117,024 | €110,414 | €110,019 | €110,103 | ▲ 0.1% |
| Trade debts44 | €1,540 | - | €5,063 | €1,101 | €7,024 | €414 | €19 | €42 | ▲ 123% |
| Suppliers440/4 | - | - | - | €1,101 | €7,024 | €414 | €19 | €42 | ▲ 123% |
| Taxes, remuneration and social security45 | - | - | - | €62 | - | - | - | €61 | - |
| Taxes450/3 | - | - | - | €62 | - | - | - | €61 | - |
| Other amounts payable47/48 | - | - | - | €110,000 | €110,000 | €110,000 | €110,000 | €110,000 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€62,121 | -€410 | -€14,229 | €670 | €52,816 | -€18,832 | -€6,969 | -€225 | ▲ 96.8% |
| + Depreciation and write-downs630 | €50,788 | - | €379 | €1,830 | €2,027 | €5,451 | €4,000 | €3,804 | ▼ 4.9% |
| Operating cash flow (approximation) | -€11,333 | -€410 | -€13,850 | €2,500 | €54,843 | -€13,381 | -€2,969 | €3,578 | - |
| Investment in fixed assets (approximation) | - | -€590 | -€2,910 | -€1,990 | -€12,000 | €1,800 | €0 | - | - |
| Change in cash | - | €2,646 | €47,856 | -€28,400 | €23,947 | -€41,495 | -€2,820 | -€1,351 | ▲ 52.1% |
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, 2,333 companies had the same profile as WESHIFT has now. Two years later, 90.5% were still going and 2.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a small loss
90.5%
was still going
5.8%
stopped otherwise
2.8%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of WESHIFT itself is lower: 0.5% within 12 months. It rests on far more data about WESHIFT 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 2,333 companies, not a prediction for WESHIFT. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-08-2026 | 2026-00444707 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00440601 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00417197 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00371730 | |
| 31-12-2021 | micro format | 01-08-2022 | 2022-20264350 | |
| 31-12-2020 | micro format | 29-09-2021 | 2021-69000225 | |
| 31-12-2019 | micro format | 23-09-2020 | 2020-55000287 | |
| 31-12-2018 | micro format | 28-08-2019 | 2019-54300406 | |
| 31-12-2017 | micro format | 21-09-2018 | 2018-64000034 | |
| 31-12-2016 | full format | 30-08-2017 | 2017-53800423 |