WinFormatic
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-01-2026 PDF all 19 filings
Turnover
≈ €180,000
Estimated: probably between €160,000 and €220,000
Total assets
€722,064▲ 11.6%
2024 · €647,268
Net result
€87,356▼ 19.2%
2024 · €108,145
Working capital
€498,510▲ 14.1%
2024 · €436,758
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€88,111
▼ 13.5%
2025
20192025
Net result
€87,356
▼ 19.2%
2025
highest quarter of the sector
20192025
Equity
€531,477
▲ 10.0%
2025
highest quarter of the sector
20192025
Total assets
€722,064
▲ 11.6%
2025
highest quarter of the sector
20192025
Debt
€190,588
▲ 16.1%
2025
20192025
Working capital
€498,510
▲ 14.1%
2025
highest quarter of the sector
20192025
Solvency
73.6%
▼ 1.0pp
2025
middle half of the sector
20192025
Current ratio
3.82
▼ 0.02
2025
middle half of the sector
20192025
Return on assets (ROA)
12.1%
▼ 4.6pp
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€9,860-€20,222▲ 105%€12,014▼ 40.6%€77,518▲ 545%€80,437▲ 3.8%€101,829▲ 26.6%€88,111▼ 13.5%
Net result€39,440-€68,802above the sector's middle half▲ 74.4%€26,141within the sector's middle half▼ 62.0%€70,057above the sector's middle half▲ 168%€72,864above the sector's middle half▲ 4.0%€108,145above the sector's middle half▲ 48.4%€87,356above the sector's middle half▼ 19.2%
Equity€230,863-€299,665above the sector's middle half▲ 29.8%€325,806above the sector's middle half▲ 8.7%€327,586above the sector's middle half▲ 0.5%€400,450above the sector's middle half▲ 22.2%€483,120above the sector's middle half▲ 20.6%€531,477above the sector's middle half▲ 10.0%
Total assets€381,044-€455,026within the sector's middle half▲ 19.4%€472,439within the sector's middle half▲ 3.8%€487,843within the sector's middle half▲ 3.3%€544,722above the sector's middle half▲ 11.7%€647,268above the sector's middle half▲ 18.8%€722,064above the sector's middle half▲ 11.6%
Debt€150,181-€155,360▲ 3.4%€146,633▼ 5.6%€160,257▲ 9.3%€144,272▼ 10.0%€164,148▲ 13.8%€190,588▲ 16.1%
Working capital€109,441-€191,048above the sector's middle half▲ 74.6%€233,813above the sector's middle half▲ 22.4%€266,811above the sector's middle half▲ 14.1%€362,215above the sector's middle half▲ 35.8%€436,758above the sector's middle half▲ 20.6%€498,510above the sector's middle half▲ 14.1%
Solvency60.6%-65.9%within the sector's middle half▲ 5.3pp69.0%within the sector's middle half▲ 3.1pp67.1%within the sector's middle half▼ 1.8pp73.5%within the sector's middle half▲ 6.4pp74.6%within the sector's middle half▲ 1.1pp73.6%within the sector's middle half▼ 1.0pp
Current ratio1.76-2.38within the sector's middle half▲ 0.622.65within the sector's middle half▲ 0.272.72within the sector's middle half▲ 0.073.62within the sector's middle half▲ 0.903.84within the sector's middle half▲ 0.223.82within the sector's middle half▼ 0.02
Return on assets (ROA)10.4%-15.1%within the sector's middle half▲ 4.8pp5.5%within the sector's middle half▼ 9.6pp14.4%within the sector's middle half▲ 8.8pp13.4%within the sector's middle half▼ 1.0pp16.7%within the sector's middle half▲ 3.3pp12.1%within the sector's middle half▼ 4.6pp
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 13% lower than 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 €722,064
Fixed assets
€46,652 ▼ 17.6%
Current assets
€675,413 ▲ 14.4%
Equity and liabilities €722,064
Equity
€531,477 ▲ 10.0%
Debt
€190,588 ▲ 16.1%
Debt's share of the balance-sheet total rises from 25.4% to 26.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€106,595▼
2024 · €125,707
Cash flow
€105,840▼
2024 · €132,023
Quick ratio
3.80▼
2024 · 3.83
Debt to equity
0.36▲
2024 · 0.34
ROE
16.4%▼
2024 · 22.4%
Interest coverage
8.52▼
2024 · 14.45
Debt ≤ 1 year
€176,903▲
2024 · €153,870
Income taxes
€31,168▼
2024 · €38,248
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €7,231 | €36,159 | €8,495 |
| Depreciation and write-downs of the year | €30,884 | €28,877 | €23,878 | €18,484 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €2,076 awarded · €2,076 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €32,198 | €27,366 | €30,875 | €30,884 | €28,877 | €23,878 | €18,484 | ▼ 22.6% |
| Other operating charges640/8 | - | - | - | €1,301 | €1,562 | €1,452 | €1,889 | ▲ 30.1% |
| Gross operating margin9900 | €42,961 | €48,291 | €43,856 | €109,704 | €110,875 | €127,160 | €108,484 | ▼ 14.7% |
| Operating profit (loss)9901 | €9,860 | €20,222 | €12,014 | €77,518 | €80,437 | €101,829 | €88,111 | ▼ 13.5% |
| Financial income75/76B | - | - | - | €23,921 | €25,245 | €53,265 | €42,922 | ▼ 19.4% |
| Recurring financial income75 | €40,190 | €62,675 | €24,002 | €23,921 | €25,245 | €53,265 | €42,922 | ▼ 19.4% |
| Financial charges65/66B | - | - | - | €5,337 | €6,194 | €8,702 | €12,509 | ▲ 43.7% |
| Recurring financial charges65 | €5,955 | €5,200 | €4,978 | €5,337 | €6,194 | €8,702 | €12,509 | ▲ 43.7% |
| Profit (loss) for the period before taxes9903 | €44,095 | €77,697 | €31,039 | €96,103 | €99,487 | €146,392 | €118,524 | ▼ 19.0% |
| Income taxes67/77 | €4,655 | €8,895 | €4,897 | €26,046 | €26,623 | €38,248 | €31,168 | ▼ 18.5% |
| Profit (loss) for the period9904 | €39,440 | €68,802 | €26,141 | €70,057 | €72,864 | €108,145 | €87,356 | ▼ 19.2% |
| Profit (loss) for the period to be appropriated9905 | €39,440 | €68,802 | €26,141 | €70,057 | €72,864 | €108,145 | €87,356 | ▼ 19.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €381,044 | €455,026 | €472,439 | €487,843 | €544,722 | €647,268 | €722,064 | ▲ 11.6% |
| Fixed assets21/28 | €127,590 | €125,764 | €96,889 | €66,005 | €44,359 | €56,640 | €46,652 | ▼ 17.6% |
| Tangible fixed assets22/27 | €120,927 | €119,101 | €90,226 | €59,342 | €37,696 | €49,977 | €39,988 | ▼ 20.0% |
| Land and buildings22 | - | - | - | €44,714 | €25,257 | €36,532 | €26,419 | ▼ 27.7% |
| Plant, machinery and equipment23 | - | - | - | €6,734 | €7,654 | €11,767 | €13,570 | ▲ 15.3% |
| Furniture and vehicles24 | - | - | - | €7,894 | €4,786 | €1,677 | - | - |
| Financial fixed assets28 | €6,663 | €6,663 | €6,663 | €6,663 | €6,663 | €6,663 | €6,663 | = |
| Current assets29/58 | €253,454 | €329,262 | €375,550 | €421,838 | €500,363 | €590,628 | €675,413 | ▲ 14.4% |
| Stocks and contracts in progress3 | €3,400 | €2,000 | €2,150 | €2,650 | €1,900 | €1,900 | €2,300 | ▲ 21.1% |
| Stocks30/36 | - | - | - | €2,650 | €1,900 | €1,900 | €2,300 | ▲ 21.1% |
| Amounts receivable within one year40/41 | €28,176 | €14,833 | €8,965 | €19,557 | €33,911 | €32,337 | €41,753 | ▲ 29.1% |
| Trade receivables40 | - | - | - | €18,145 | €31,231 | €30,945 | €36,609 | ▲ 18.3% |
| Other amounts receivable41 | - | - | - | €1,412 | €2,680 | €1,392 | €5,144 | ▲ 270% |
| Cash at bank and in hand54/58 | €215,936 | €311,313 | €363,095 | €398,221 | €463,348 | €549,244 | €625,011 | ▲ 13.8% |
| Deferred charges and accrued income490/1 | - | - | - | €1,410 | €1,203 | €7,147 | €6,349 | ▼ 11.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €381,044 | €455,026 | €472,439 | €487,843 | €544,722 | €647,268 | €722,064 | ▲ 11.6% |
| Equity10/15 | €230,863 | €299,665 | €325,806 | €327,586 | €400,450 | €483,120 | €531,477 | ▲ 10.0% |
| Contributions10/11 | €72,600 | €72,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | - | €18,600 | - | - | - | - |
| Other1109/19 | - | - | - | €18,600 | - | - | - | - |
| Reserves13 | €104,010 | €172,010 | €198,010 | €253,790 | €326,654 | €409,324 | €457,680 | ▲ 11.8% |
| Non-distributable reserves130/1 | - | - | - | €7,260 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €7,260 | - | - | - | - |
| Distributable reserves133 | - | - | - | €246,530 | €326,654 | €409,324 | €457,680 | ▲ 11.8% |
| Profit (loss) carried forward14 | €54,253 | €55,055 | €55,196 | €55,196 | €55,196 | €55,196 | €55,196 | = |
| Amounts payable17/49 | €150,181 | €155,360 | €146,633 | €160,257 | €144,272 | €164,148 | €190,588 | ▲ 16.1% |
| Amounts payable within one year42/48 | €144,013 | €138,214 | €141,737 | €155,028 | €138,147 | €153,870 | €176,903 | ▲ 15.0% |
| Trade debts44 | €3,121 | €8,618 | €5,833 | €3,388 | €4,990 | €3,356 | €4,232 | ▲ 26.1% |
| Suppliers440/4 | - | - | - | €3,388 | €4,990 | €3,356 | €4,232 | ▲ 26.1% |
| Taxes, remuneration and social security45 | - | - | - | €24,763 | €11,445 | €13,070 | €1,792 | ▼ 86.3% |
| Taxes450/3 | - | - | - | €24,763 | €11,445 | €13,070 | €1,792 | ▼ 86.3% |
| Other amounts payable47/48 | - | - | - | €126,876 | €121,712 | €137,444 | €170,879 | ▲ 24.3% |
| Accrued charges and deferred income492/3 | - | - | - | €5,229 | €6,124 | €10,278 | €13,685 | ▲ 33.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €39,440 | €68,802 | €26,141 | €70,057 | €72,864 | €108,145 | €87,356 | ▼ 19.2% |
| + Depreciation and write-downs630 | €32,198 | €27,366 | €30,875 | €30,884 | €28,877 | €23,878 | €18,484 | ▼ 22.6% |
| Operating cash flow (approximation) | €71,638 | €96,168 | €57,016 | €100,941 | €101,741 | €132,023 | €105,840 | ▼ 19.8% |
| Investment in fixed assets (approximation) | - | -€25,540 | -€2,000 | €0 | -€7,231 | -€36,159 | -€8,495 | ▲ 76.5% |
| Change in cash | - | €95,377 | €51,782 | €35,126 | €65,127 | €85,896 | €75,767 | ▼ 11.8% |
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, 20,136 companies had the same profile as WinFormatic has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of WinFormatic 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 20,136 companies, not a prediction for WinFormatic. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 23-01-2026 | 2026-00013095 | |
| 30-06-2024 | micro format | 19-12-2024 | 2024-00619907 | |
| 30-06-2023 | micro format | 21-12-2023 | 2023-00533319 | |
| 30-06-2022 | micro format | 23-12-2022 | 2022-20544932 | |
| 30-06-2021 | micro format | 21-12-2021 | 2021-81000247 | |
| 30-06-2020 | micro format | 18-12-2020 | 2020-76300134 | |
| 30-06-2019 | micro format | 20-12-2019 | 2019-76900025 | |
| 30-06-2018 | micro format | 21-12-2018 | 2018-75300273 | |
| 30-06-2017 | micro format | 20-12-2017 | 2017-72600115 | |
| 30-06-2016 | abbreviated format | 28-12-2016 | 2016-71800575 |