WESTSIGN
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00462975.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 24 filings
Turnover
≈ €370,000
Estimated: probably between €230,000 and €690,000
Total assets
€355,512▲ 6.7%
2024 · €333,268
Net result
€19,084▲ 600%
2024 · €2,727
Working capital
€93,913▼ 18.4%
2024 · €115,088
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€22,106
▲ 426%
2025
20192025
Net result
€19,084
▲ 600%
2025
middle half of the sector
20192025
Equity
€155,299
▼ 11.9%
2025
middle half of the sector
20192025
Total assets
€355,512
▲ 6.7%
2025
middle half of the sector
20192025
Debt
€200,213
▲ 27.5%
2025
20192025
Working capital
€93,913
▼ 18.4%
2025
middle half of the sector
20192025
Solvency
43.7%
▼ 9.2pp
2025
middle half of the sector
20192025
Current ratio
1.54
▼ 0.31
2025
middle half of the sector
20192025
Return on assets (ROA)
5.4%
▲ 4.5pp
2025
middle half of the sector
20192025
Staff (FTE)
2.3
▼ 4.2%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€46,743-€56,579▲ 21.0%€31,592▼ 44.2%€73,443▲ 132%€12,565▼ 82.9%€4,205▼ 66.5%€22,106▲ 426%
Net result€42,039-€48,971within the sector's middle half▲ 16.5%€27,409within the sector's middle half▼ 44.0%€63,582within the sector's middle half▲ 132%€12,780within the sector's middle half▼ 79.9%€2,727within the sector's middle half▼ 78.7%€19,084within the sector's middle half▲ 600%
Equity€85,247-€109,718within the sector's middle half▲ 28.7%€123,127within the sector's middle half▲ 12.2%€160,709within the sector's middle half▲ 30.5%€173,488within the sector's middle half▲ 8.0%€176,215within the sector's middle half▲ 1.6%€155,299within the sector's middle half▼ 11.9%
Total assets€254,001-€207,375below the sector's middle half▼ 18.4%€244,340below the sector's middle half▲ 17.8%€305,806below the sector's middle half▲ 25.2%€306,660below the sector's middle half▲ 0.3%€333,268below the sector's middle half▲ 8.7%€355,512within the sector's middle half▲ 6.7%
Debt€168,754-€97,657▼ 42.1%€121,213▲ 24.1%€145,097▲ 19.7%€133,172▼ 8.2%€157,053▲ 17.9%€200,213▲ 27.5%
Working capital€84,585-€93,920within the sector's middle half▲ 11.0%€105,219within the sector's middle half▲ 12.0%€132,622within the sector's middle half▲ 26.0%€100,807within the sector's middle half▼ 24.0%€115,088within the sector's middle half▲ 14.2%€93,913within the sector's middle half▼ 18.4%
Solvency33.6%-52.9%within the sector's middle half▲ 19.3pp50.4%within the sector's middle half▼ 2.5pp52.6%within the sector's middle half▲ 2.2pp56.6%within the sector's middle half▲ 4.0pp52.9%within the sector's middle half▼ 3.7pp43.7%within the sector's middle half▼ 9.2pp
Current ratio1.61-2.22within the sector's middle half▲ 0.611.94within the sector's middle half▼ 0.282.08within the sector's middle half▲ 0.141.99within the sector's middle half▼ 0.091.85within the sector's middle half▼ 0.151.54within the sector's middle half▼ 0.31
Return on assets (ROA)16.6%-23.6%above the sector's middle half▲ 7.1pp11.2%above the sector's middle half▼ 12.4pp20.8%above the sector's middle half▲ 9.6pp4.2%within the sector's middle half▼ 16.6pp0.8%within the sector's middle half▼ 3.3pp5.4%within the sector's middle half▲ 4.5pp
Staff (FTE)2-2below the sector's middle half=2below the sector's middle half=1.8below the sector's middle half▼ 10.0%2below the sector's middle half▲ 11.1%2.4within the sector's middle half▲ 20.0%2.3within the sector's middle half▼ 4.2%
above
within
below
The sector band is the middle half of the companies in Printing and reproduction of recorded media (NACE 18). 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 nearly 5.3 times that of 2024. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €355,512
Fixed assets
€88,074 ▲ 6.7%
Current assets
€267,438 ▲ 6.7%
Equity and liabilities €355,512
Equity
€155,299 ▼ 11.9%
Debt
€200,213 ▲ 27.5%
Debt's share of the balance-sheet total rises from 47.1% to 56.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€46,936▲
2024 · €29,596
Cash flow
€43,914▲
2024 · €28,118
Quick ratio
1.33▼
2024 · 1.56
Debt to equity
1.29▲
2024 · 0.89
ROE
12.3%▲
2024 · 1.5%
Interest coverage
19.01▲
2024 · 11.11
Debt ≤ 1 year
€173,525▲
2024 · €135,642
Debt > 1 year
€26,553▲
2024 · €20,366
Income taxes
€3,786▲
2024 · €1,580
Staff costs
€97,000▲
2024 · €93,121
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 3 |
| full-time | 1 | 1 | - | 1 |
| part-time | 1 | 1 | 2 | 2 |
| in full-time equivalents | 1.8 | 1.8 | 1.6 | 2.6 |
| Average over the year, in full-time equivalents | 1.8 | 2 | 2.4 | 2.3 |
| On a permanent contract | 2 | 2 | 2 | 3 |
| Joined | - | 1 | 1 | 1 |
| Left | - | 1 | 1 | 0 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €38,314 | €90,186 | €3,441 | €30,367 |
| Depreciation and write-downs of the year | €14,955 | €28,188 | €25,391 | €24,830 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €1,378 awarded · €1,378 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €96 | €96 |
| 2024 | 1 | €328 | €328 |
| 2023 | 1 | €0 | €954 |
| 2022 | 1 | €954 | €0 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €87,625 | €133,600 | €93,121 | €97,000 | ▲ 4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,551 | €21,202 | €16,766 | €14,955 | €28,188 | €25,391 | €24,830 | ▼ 2.2% |
| Other operating charges640/8 | - | - | - | €889 | €1,691 | €2,351 | €924 | ▼ 60.7% |
| Non-recurring operating charges66A | - | - | - | - | €8,368 | - | - | - |
| Gross operating margin9900 | €159,138 | €166,441 | €139,691 | €176,912 | €184,411 | €125,068 | €144,861 | ▲ 15.8% |
| Operating profit (loss)9901 | €46,743 | €56,579 | €31,592 | €73,443 | €12,565 | €4,205 | €22,106 | ▲ 426% |
| Financial income75/76B | - | - | - | €1,888 | €4,509 | €2,765 | €3,233 | ▲ 16.9% |
| Recurring financial income75 | €1,245 | €2,292 | €1,894 | €1,888 | €4,509 | €2,765 | €3,233 | ▲ 16.9% |
| Financial charges65/66B | - | - | - | €2,196 | €3,994 | €2,663 | €2,469 | ▼ 7.3% |
| Recurring financial charges65 | €1,332 | €2,096 | €1,220 | €2,196 | €3,994 | €2,663 | €2,469 | ▼ 7.3% |
| Profit (loss) for the period before taxes9903 | €46,656 | €56,774 | €32,265 | €73,136 | €13,080 | €4,306 | €22,870 | ▲ 431% |
| Income taxes67/77 | €4,617 | €7,804 | €4,857 | €9,553 | €301 | €1,580 | €3,786 | ▲ 140% |
| Profit (loss) for the period9904 | €42,039 | €48,971 | €27,409 | €63,582 | €12,780 | €2,727 | €19,084 | ▲ 600% |
| Profit (loss) for the period to be appropriated9905 | €42,039 | €48,971 | €34,666 | €63,582 | €12,780 | €2,727 | €19,084 | ▲ 600% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €254,001 | €207,375 | €244,340 | €305,806 | €306,660 | €333,268 | €355,512 | ▲ 6.7% |
| Fixed assets21/28 | €31,694 | €36,656 | €27,147 | €50,506 | €104,487 | €82,537 | €88,074 | ▲ 6.7% |
| Tangible fixed assets22/27 | €31,694 | €36,656 | €27,147 | €50,506 | €104,487 | €82,537 | €88,074 | ▲ 6.7% |
| Plant, machinery and equipment23 | - | - | - | €9,767 | €51,231 | €38,620 | €56,290 | ▲ 45.8% |
| Furniture and vehicles24 | - | - | - | €37,457 | €22,778 | €15,863 | €9,361 | ▼ 41.0% |
| Other tangible fixed assets26 | - | - | - | €3,283 | €30,478 | €28,055 | €22,422 | ▼ 20.1% |
| Current assets29/58 | €222,307 | €170,720 | €217,192 | €255,299 | €202,173 | €250,731 | €267,438 | ▲ 6.7% |
| Stocks and contracts in progress3 | €30,602 | €30,017 | €30,428 | €36,453 | €35,096 | €39,059 | €36,882 | ▼ 5.6% |
| Stocks30/36 | - | - | - | €36,453 | €35,096 | €39,059 | €36,882 | ▼ 5.6% |
| Amounts receivable within one year40/41 | €64,934 | €53,311 | €92,698 | €83,407 | €97,620 | €94,883 | €83,502 | ▼ 12.0% |
| Trade receivables40 | - | - | - | €74,176 | €89,911 | €83,431 | €81,877 | ▼ 1.9% |
| Other amounts receivable41 | - | - | - | €9,231 | €7,709 | €11,451 | €1,625 | ▼ 85.8% |
| Current investments50/53 | - | - | - | - | €30,000 | €40,000 | €102,033 | ▲ 155% |
| Cash at bank and in hand54/58 | €126,727 | €87,238 | €93,339 | €135,440 | €37,732 | €74,943 | €43,528 | ▼ 41.9% |
| Deferred charges and accrued income490/1 | - | - | - | - | €1,725 | €1,846 | €1,493 | ▼ 19.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €254,001 | €207,375 | €244,340 | €305,806 | €306,660 | €333,268 | €355,512 | ▲ 6.7% |
| Equity10/15 | €85,247 | €109,718 | €123,127 | €160,709 | €173,488 | €176,215 | €155,299 | ▼ 11.9% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €23,216 | €23,216 | €15,959 | €15,959 | €15,959 | €15,959 | €15,959 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €8,743 | €8,743 | €8,743 | €8,743 | = |
| Distributable reserves133 | - | - | - | €5,356 | €7,216 | €7,216 | €7,216 | = |
| Profit (loss) carried forward14 | €43,431 | €67,902 | €88,568 | €126,150 | €138,929 | €141,656 | €120,740 | ▼ 14.8% |
| Amounts payable17/49 | €168,754 | €97,657 | €121,213 | €145,097 | €133,172 | €157,053 | €200,213 | ▲ 27.5% |
| Amounts payable after more than one year17 | €30,994 | €19,852 | €8,604 | €21,744 | €31,669 | €20,366 | €26,553 | ▲ 30.4% |
| Financial debts170/4 | - | - | - | €21,744 | €31,669 | €20,366 | €26,553 | ▲ 30.4% |
| Amounts payable within one year42/48 | €137,722 | €76,800 | €111,973 | €122,677 | €101,366 | €135,642 | €173,525 | ▲ 27.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €17,360 | €10,975 | €11,303 | €18,426 | ▲ 63.0% |
| Trade debts44 | €27,048 | €26,922 | €42,843 | €34,475 | €27,017 | €61,766 | €46,647 | ▼ 24.5% |
| Suppliers440/4 | - | - | - | €34,475 | €27,017 | €61,766 | €46,647 | ▼ 24.5% |
| Taxes, remuneration and social security45 | - | - | - | €9,496 | €16,173 | €16,146 | €23,066 | ▲ 42.9% |
| Taxes450/3 | - | - | - | - | €9,718 | €9,023 | €8,629 | ▼ 4.4% |
| Remuneration and social security454/9 | - | - | - | €9,496 | €6,454 | €7,123 | €14,437 | ▲ 103% |
| Other amounts payable47/48 | - | - | - | €61,346 | €47,201 | €46,427 | €85,386 | ▲ 83.9% |
| Accrued charges and deferred income492/3 | - | - | - | €676 | €138 | €1,044 | €134 | ▼ 87.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €42,039 | €48,971 | €27,409 | €63,582 | €12,780 | €2,727 | €19,084 | ▲ 600% |
| + Depreciation and write-downs630 | €20,551 | €21,202 | €16,766 | €14,955 | €28,188 | €25,391 | €24,830 | ▼ 2.2% |
| Operating cash flow (approximation) | €62,591 | €70,173 | €44,174 | €78,537 | €40,967 | €28,118 | €43,914 | ▲ 56.2% |
| Investment in fixed assets (approximation) | - | -€26,164 | -€7,257 | -€38,314 | -€82,169 | -€3,441 | -€30,367 | ▼ 783% |
| Change in cash | - | -€39,489 | €6,102 | €42,101 | -€97,708 | €37,211 | -€31,415 | - |
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, 31,368 companies had the same profile as WESTSIGN has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of WESTSIGN itself: 0.3% 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 31,368 companies, not a prediction for WESTSIGN. 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 | abbreviated format | 31-08-2026 | 2026-00462975 | |
| 31-12-2024 | abbreviated format | 24-07-2025 | 2025-00301957 | |
| 31-12-2023 | abbreviated format | 30-08-2024 | 2024-00405829 | |
| 30-06-2022 | abbreviated format | 30-01-2023 | 2023-00009407 | |
| 30-06-2021 | abbreviated format | 31-01-2022 | 2022-03500382 | |
| 30-06-2020 | abbreviated format | 29-01-2021 | 2021-03100551 | |
| 30-06-2019 | abbreviated format | 26-01-2020 | 2020-02600350 | |
| 30-06-2018 | abbreviated format | 27-01-2019 | 2019-03200420 | |
| 30-06-2017 | abbreviated format | 23-01-2018 | 2018-02400143 | |
| 30-06-2016 | abbreviated format | 26-01-2017 | 2017-02300435 |