William
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 10-03-2026 PDF all 32 filings
Turnover
€253,895▼ 8.7%
2024 · €277,963
EBIT margin
11.2%=
2024 · 11.2%
Net result
€25,297▲ 27.0%
2024 · €19,920
Working capital
€17,261▲ 34.6%
2024 · €12,822
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€253,895
▼ 8.7%
2025
20182025
Operating result
€28,438
▼ 8.7%
2025
20182025
Net result
€25,297
▲ 27.0%
2025
middle half of the sector
20182025
EBIT margin
11.2%
=
2025
20182025
Equity
€30,179
▲ 21.3%
2025
lowest quarter of the sector
20182025
Total assets
€56,914
▲ 4.1%
2025
lowest quarter of the sector
20182025
Debt
€26,736
▼ 10.2%
2025
20182025
Working capital
€17,261
▲ 34.6%
2025
middle half of the sector
20182025
Solvency
53.0%
▲ 7.5pp
2025
middle half of the sector
20182025
Current ratio
1.66
▲ 0.19
2025
middle half of the sector
20182025
Return on assets (ROA)
44.4%
▲ 8.0pp
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€175,796-€170,546▼ 3.0%€152,722▼ 10.5%€113,114▼ 25.9%€130,237▲ 15.1%€178,322▲ 36.9%€277,963▲ 55.9%€253,895▼ 8.7%
Operating result€4,152-€11,582▲ 179%€14,280▲ 23.3%€16,304▲ 14.2%€19,268▲ 18.2%€42,717▲ 122%€31,131▼ 27.1%€28,438▼ 8.7%
Net result€4,002-€903▼ 77.4%€7,675within the sector's middle half▲ 750%€10,536within the sector's middle half▲ 37.3%€18,509within the sector's middle half▲ 75.7%€20,718within the sector's middle half▲ 11.9%€19,920within the sector's middle half▼ 3.9%€25,297within the sector's middle half▲ 27.0%
EBIT margin2.4%-6.8%▲ 4.4pp9.4%▲ 2.6pp14.4%▲ 5.1pp14.8%▲ 0.4pp24.0%▲ 9.2pp11.2%▼ 12.8pp11.2%=
Equity€48,808-€47,212▼ 3.3%€26,886within the sector's middle half▼ 43.1%€31,423within the sector's middle half▲ 16.9%€19,143within the sector's middle half▼ 39.1%€24,861within the sector's middle half▲ 29.9%€24,882below the sector's middle half▲ 0.1%€30,179below the sector's middle half▲ 21.3%
Total assets€142,182-€126,777▼ 10.8%€111,002below the sector's middle half▼ 12.4%€52,756below the sector's middle half▼ 52.5%€38,002below the sector's middle half▼ 28.0%€50,990below the sector's middle half▲ 34.2%€54,652below the sector's middle half▲ 7.2%€56,914below the sector's middle half▲ 4.1%
Debt€93,374-€79,565▼ 14.8%€84,116▲ 5.7%€21,333▼ 74.6%€18,859▼ 11.6%€26,129▲ 38.5%€29,771▲ 13.9%€26,736▼ 10.2%
Working capital€23,902-€24,819▲ 3.8%€25,709within the sector's middle half▲ 3.6%€19,720within the sector's middle half▼ 23.3%€14,069within the sector's middle half▼ 28.7%€9,201within the sector's middle half▼ 34.6%€12,822within the sector's middle half▲ 39.4%€17,261within the sector's middle half▲ 34.6%
Solvency34.3%-37.2%▲ 2.9pp24.2%within the sector's middle half▼ 13.0pp59.6%above the sector's middle half▲ 35.3pp50.4%within the sector's middle half▼ 9.2pp48.8%within the sector's middle half▼ 1.6pp45.5%within the sector's middle half▼ 3.2pp53.0%within the sector's middle half▲ 7.5pp
Current ratio2.03-2.16▲ 0.131.52within the sector's middle half▼ 0.642.05within the sector's middle half▲ 0.532.10within the sector's middle half▲ 0.051.35within the sector's middle half▼ 0.751.46within the sector's middle half▲ 0.111.66within the sector's middle half▲ 0.19
Return on assets (ROA)2.8%-0.7%▼ 2.1pp6.9%within the sector's middle half▲ 6.2pp20.0%above the sector's middle half▲ 13.1pp48.7%above the sector's middle half▲ 28.7pp40.6%above the sector's middle half▼ 8.1pp36.4%above the sector's middle half▼ 4.2pp44.4%above the sector's middle half▲ 8.0pp
above
within
below
The sector band is the middle half of the companies in Investigation and security activities (NACE 80). 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 9% lower than in 2024. It is the second fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €56,914
Fixed assets
€13,310 ▼ 6.0%
Current assets
€43,604 ▲ 7.7%
Equity and liabilities €56,914
Equity
€30,179 ▲ 21.3%
Debt
€26,736 ▼ 10.2%
Debt's share of the balance-sheet total falls from 54.5% to 47.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€36,439▼
2024 · €36,589
Cash flow
€33,298▲
2024 · €25,378
Quick ratio
1.60▲
2024 · 1.42
Debt to equity
0.89▼
2024 · 1.20
ROE
83.8%▲
2024 · 80.1%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€26,343▼
2024 · €27,673
Income taxes
€3,184▼
2024 · €11,274
Customer credit
12 days▼
2024 · 16 days
Supplier credit
5 days▼
2024 · 8 days
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 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,859 | €6,210 | €10,812 | €3,955 | €8,886 |
| Depreciation and write-downs of the year | €28,160 | €9,290 | €6,276 | €5,458 | €8,001 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €175,796 | €170,546 | €152,722 | €113,114 | €130,237 | €178,322 | €277,963 | €253,895 | ▼ 8.7% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €113,661 | €101,552 | €128,988 | €241,321 | €217,042 | ▼ 10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,410 | €31,389 | €21,569 | €28,160 | €9,290 | €6,276 | €5,458 | €8,001 | ▲ 46.6% |
| Other operating charges640/8 | - | - | - | €1,058 | €128 | €341 | €53 | €413 | ▲ 677% |
| Gross operating margin9900 | €49,969 | €44,977 | €37,152 | €45,522 | €28,685 | €49,334 | €36,642 | €36,852 | ▲ 0.6% |
| Operating profit (loss)9901 | €4,152 | €11,582 | €14,280 | €16,304 | €19,268 | €42,717 | €31,131 | €28,438 | ▼ 8.7% |
| Financial income75/76B | - | - | - | €928 | €940 | €41 | €135 | €153 | ▲ 12.9% |
| Recurring financial income75 | €239 | €778 | €699 | €928 | €940 | €41 | €135 | €153 | ▲ 12.9% |
| Financial charges65/66B | - | - | - | €3,104 | €181 | €291 | €72 | €109 | ▲ 50.4% |
| Recurring financial charges65 | €388 | €300 | €275 | €3,104 | €181 | €291 | €72 | €109 | ▲ 50.4% |
| Profit (loss) for the period before taxes9903 | €4,002 | €12,059 | €14,704 | €14,128 | €20,027 | €42,467 | €31,194 | €28,482 | ▼ 8.7% |
| Income taxes67/77 | - | €11,156 | €7,029 | €3,591 | €1,517 | €21,748 | €11,274 | €3,184 | ▼ 71.8% |
| Profit (loss) for the period9904 | €4,002 | €903 | €7,675 | €10,536 | €18,509 | €20,718 | €19,920 | €25,297 | ▲ 27.0% |
| Profit (loss) for the period to be appropriated9905 | €4,002 | €903 | €7,675 | €10,536 | €18,509 | €20,718 | €19,920 | €25,297 | ▲ 27.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €142,182 | €126,777 | €111,002 | €52,756 | €38,002 | €50,990 | €54,652 | €56,914 | ▲ 4.1% |
| Fixed assets21/28 | €95,114 | €80,536 | €35,505 | €14,203 | €11,124 | €15,660 | €14,158 | €13,310 | ▼ 6.0% |
| Tangible fixed assets22/27 | €92,714 | €78,136 | €33,105 | €11,803 | €8,724 | €13,260 | €11,758 | €10,910 | ▼ 7.2% |
| Plant, machinery and equipment23 | - | - | - | €6,824 | €4,449 | €12,151 | €11,065 | €3,550 | ▼ 67.9% |
| Furniture and vehicles24 | - | - | - | €4,979 | €4,275 | €1,110 | €693 | €7,360 | ▲ 962% |
| Financial fixed assets28 | €2,400 | €2,400 | €2,400 | €2,400 | €2,400 | €2,400 | €2,400 | €2,400 | = |
| Current assets29/58 | €47,068 | €46,241 | €75,497 | €38,553 | €26,878 | €35,330 | €40,495 | €43,604 | ▲ 7.7% |
| Stocks and contracts in progress3 | €3,520 | €2,691 | €6,321 | €99 | €1,066 | €1,614 | €1,306 | €1,527 | ▲ 16.9% |
| Stocks30/36 | - | - | - | €99 | €1,066 | €1,614 | €1,306 | €1,527 | ▲ 16.9% |
| Amounts receivable within one year40/41 | €20,737 | €7,069 | €17,613 | €16,477 | €10,725 | €3,891 | €15,415 | €11,214 | ▼ 27.3% |
| Trade receivables40 | - | - | - | €14,766 | €8,412 | €1,527 | €12,258 | €8,153 | ▼ 33.5% |
| Other amounts receivable41 | - | - | - | €1,711 | €2,313 | €2,365 | €3,157 | €3,061 | ▼ 3.0% |
| Cash at bank and in hand54/58 | €22,811 | €32,307 | €51,564 | €21,977 | €15,087 | €29,715 | €23,773 | €30,863 | ▲ 29.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €110 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €142,182 | €126,777 | €111,002 | €52,756 | €38,002 | €50,990 | €54,652 | €56,914 | ▲ 4.1% |
| Equity10/15 | €48,808 | €47,212 | €26,886 | €31,423 | €19,143 | €24,861 | €24,882 | €30,179 | ▲ 21.3% |
| Contributions10/11 | €24,789 | €24,789 | €24,789 | €24,789 | - | - | - | - | - |
| Capital10 | - | - | - | €24,789 | - | - | - | - | - |
| Issued capital100 | - | - | - | €24,789 | - | - | - | - | - |
| Reserves13 | €2,479 | €2,479 | €2,479 | €2,479 | €2,479 | €2,479 | €2,479 | €2,479 | = |
| Non-distributable reserves130/1 | - | - | - | €2,479 | €2,479 | €2,479 | €2,479 | €2,479 | = |
| Legal reserve130 | - | - | - | €2,479 | €2,479 | €2,479 | €2,479 | €2,479 | = |
| Profit (loss) carried forward14 | €21,540 | €19,943 | -€382 | €4,154 | €16,664 | €22,382 | €22,403 | €27,700 | ▲ 23.6% |
| Amounts payable17/49 | €93,374 | €79,565 | €84,116 | €21,333 | €18,859 | €26,129 | €29,771 | €26,736 | ▼ 10.2% |
| Amounts payable after more than one year17 | €70,207 | €58,143 | €27,028 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €23,167 | €21,422 | €49,789 | €18,833 | €12,809 | €26,129 | €27,673 | €26,343 | ▼ 4.8% |
| Financial debts43 | - | - | - | €536 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €536 | - | - | - | - | - |
| Trade debts44 | €5,604 | €4,891 | €12,662 | €9,720 | €6,146 | €9,983 | €5,386 | €2,905 | ▼ 46.1% |
| Suppliers440/4 | - | - | - | €9,720 | €6,146 | €9,983 | €5,386 | €2,905 | ▼ 46.1% |
| Taxes, remuneration and social security45 | - | - | - | €6,108 | €6,108 | €15,000 | €19,900 | €20,000 | ▲ 0.5% |
| Taxes450/3 | - | - | - | €1,908 | €1,908 | €4,500 | €5,970 | €6,000 | ▲ 0.5% |
| Remuneration and social security454/9 | - | - | - | €4,200 | €4,200 | €10,500 | €13,930 | €14,000 | ▲ 0.5% |
| Other amounts payable47/48 | - | - | - | €2,470 | €555 | €1,145 | €2,387 | €3,438 | ▲ 44.0% |
| Accrued charges and deferred income492/3 | - | - | - | €2,500 | €6,050 | - | €2,098 | €393 | ▼ 81.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,002 | €903 | €7,675 | €10,536 | €18,509 | €20,718 | €19,920 | €25,297 | ▲ 27.0% |
| + Depreciation and write-downs630 | €35,410 | €31,389 | €21,569 | €28,160 | €9,290 | €6,276 | €5,458 | €8,001 | ▲ 46.6% |
| Operating cash flow (approximation) | €39,413 | €32,292 | €29,244 | €38,696 | €27,799 | €26,994 | €25,378 | €33,298 | ▲ 31.2% |
| Investment in fixed assets (approximation) | - | -€16,811 | €23,462 | -€6,859 | -€6,210 | -€10,812 | -€3,955 | -€7,154 | ▼ 80.9% |
| Change in cash | - | €9,496 | €19,256 | -€29,587 | -€6,890 | €14,628 | -€5,941 | €7,090 | - |
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 William 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 William itself: < 0.1% 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 William. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 10-03-2026 | 2026-00053576 | |
| 31-12-2024 | full format | 25-02-2025 | 2025-00039670 | |
| 31-12-2023 | full format | 18-04-2024 | 2024-00065543 | |
| 31-12-2022 | full format | 14-06-2023 | 2023-00129944 | |
| 31-12-2021 | full format | 21-06-2022 | 2022-20076791 | |
| 31-12-2020 | full format | 24-08-2021 | 2021-52800507 | |
| 31-12-2019 | full format | 27-05-2020 | 2020-13500124 | |
| 31-12-2018 | full format | 27-05-2019 | 2019-15300043 | |
| 31-12-2017 | full format | 06-04-2018 | 2018-09200317 | |
| 31-12-2016 | full format | 16-05-2017 | 2017-12200508 |