WINGMAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-06-2026 at the NBB all 4 filings
Turnover
≈ €170,000
Estimated: probably between €130,000 and €210,000
Total assets
€214,446▲ 14.8%
2024 · €186,725
Net result
€45,718▼ 16.9%
2024 · €55,000
Working capital
€106,431▼ 17.1%
2024 · €128,373
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€60,616
▼ 21.7%
2025
20222025
Net result
€45,718
▼ 16.9%
2025
middle half of the sector
20222025
Equity
€176,472
▲ 3.3%
2025
middle half of the sector
20222025
Total assets
€214,446
▲ 14.8%
2025
middle half of the sector
20222025
Debt
€37,974
▲ 138%
2025
20222025
Working capital
€106,431
▼ 17.1%
2025
middle half of the sector
20222025
Solvency
82.3%
▼ 9.2pp
2025
highest quarter of the sector
20222025
Current ratio
3.90
▼ 5.23
2025
middle half of the sector
20222025
Return on assets (ROA)
21.3%
▼ 8.1pp
2025
middle half of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€94,298-€67,733▼ 28.2%€77,372▲ 14.2%€60,616▼ 21.7%
Net result€67,588above the sector's middle half-€47,165within the sector's middle half▼ 30.2%€55,000within the sector's middle half▲ 16.6%€45,718within the sector's middle half▼ 16.9%
Equity€68,588within the sector's middle half-€115,753within the sector's middle half▲ 68.8%€170,753within the sector's middle half▲ 47.5%€176,472within the sector's middle half▲ 3.3%
Total assets€82,422below the sector's middle half-€132,524within the sector's middle half▲ 60.8%€186,725within the sector's middle half▲ 40.9%€214,446within the sector's middle half▲ 14.8%
Debt€13,834-€16,771▲ 21.2%€15,972▼ 4.8%€37,974▲ 138%
Working capital€38,690within the sector's middle half-€90,119within the sector's middle half▲ 133%€128,373within the sector's middle half▲ 42.4%€106,431within the sector's middle half▼ 17.1%
Solvency83.2%above the sector's middle half-87.3%above the sector's middle half▲ 4.1pp91.4%above the sector's middle half▲ 4.1pp82.3%above the sector's middle half▼ 9.2pp
Current ratio3.80within the sector's middle half-6.48above the sector's middle half▲ 2.689.14above the sector's middle half▲ 2.663.90within the sector's middle half▼ 5.23
Return on assets (ROA)82.0%above the sector's middle half-35.6%above the sector's middle half▼ 46.4pp29.5%within the sector's middle half▼ 6.1pp21.3%within the sector's middle half▼ 8.1pp
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 22% lower than in 2024 and the lowest since 2022.
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 €214,446
Fixed assets
€71,322 ▲ 67.5%
Current assets
€143,123 ▼ 0.7%
Equity and liabilities €214,446
Equity
€176,472 ▲ 3.3%
Debt
€37,974 ▲ 138%
Debt's share of the balance-sheet total rises from 8.6% to 17.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€69,281▼
2024 · €83,522
Cash flow
€54,383▼
2024 · €61,151
Debt to equity
0.22▲
2024 · 0.09
ROE
25.9%▼
2024 · 32.2%
Interest coverage
33.97▼
2024 · over 100
Debt ≤ 1 year
€36,693▲
2024 · €15,780
Income taxes
€13,319▼
2024 · €22,346
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €31,793 | - | €22,762 | €3,615 |
| Financial fixed assets | - | - | - | €33,800 |
| Depreciation and write-downs of the year | €1,895 | €3,938 | €6,150 | €8,665 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,895 | €3,938 | €6,150 | €8,665 | ▲ 40.9% |
| Other operating charges640/8 | €695 | €671 | €736 | €13,309 | ▲ 18× |
| Gross operating margin9900 | €96,888 | €72,342 | €84,258 | €82,590 | ▼ 2.0% |
| Operating profit (loss)9901 | €94,298 | €67,733 | €77,372 | €60,616 | ▼ 21.7% |
| Financial income75/76B | - | €629 | €370 | €461 | ▲ 24.5% |
| Recurring financial income75 | - | €629 | €370 | €461 | ▲ 24.5% |
| Financial charges65/66B | €149 | €431 | €396 | €2,039 | ▲ 415% |
| Recurring financial charges65 | €149 | €431 | €396 | €2,039 | ▲ 415% |
| Profit (loss) for the period before taxes9903 | €94,149 | €67,931 | €77,346 | €59,038 | ▼ 23.7% |
| Income taxes67/77 | €26,560 | €20,766 | €22,346 | €13,319 | ▼ 40.4% |
| Profit (loss) for the period9904 | €67,588 | €47,165 | €55,000 | €45,718 | ▼ 16.9% |
| Profit (loss) for the period to be appropriated9905 | €67,588 | €47,165 | €55,000 | €45,718 | ▼ 16.9% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €82,422 | €132,524 | €186,725 | €214,446 | ▲ 14.8% |
| Fixed assets21/28 | €29,898 | €25,960 | €42,572 | €71,322 | ▲ 67.5% |
| Tangible fixed assets22/27 | €29,898 | €25,960 | €42,572 | €37,522 | ▼ 11.9% |
| Furniture and vehicles24 | €2,544 | €1,460 | €2,779 | €4,635 | ▲ 66.8% |
| Other tangible fixed assets26 | €27,354 | €24,500 | €39,793 | €32,887 | ▼ 17.4% |
| Financial fixed assets28 | - | - | - | €33,800 | - |
| Current assets29/58 | €52,524 | €106,564 | €144,153 | €143,123 | ▼ 0.7% |
| Amounts receivable after more than one year29 | €12,500 | €12,500 | €12,500 | €0 | ▼ 100% |
| Trade receivables290 | €12,500 | €12,500 | €0 | - | - |
| Other amounts receivable291 | - | - | €12,500 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €15,914 | €21,410 | €19,216 | €30,663 | ▲ 59.6% |
| Trade receivables40 | €15,815 | €21,172 | €18,697 | €23,845 | ▲ 27.5% |
| Other amounts receivable41 | €99 | €238 | €518 | €6,818 | ▲ 13× |
| Current investments50/53 | - | - | - | €50,000 | - |
| Cash at bank and in hand54/58 | €23,454 | €70,284 | €110,054 | €54,221 | ▼ 50.7% |
| Deferred charges and accrued income490/1 | €656 | €2,370 | €2,384 | €8,239 | ▲ 246% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €82,422 | €132,524 | €186,725 | €214,446 | ▲ 14.8% |
| Equity10/15 | €68,588 | €115,753 | €170,753 | €176,472 | ▲ 3.3% |
| Contributions10/11 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Reserves13 | €67,588 | €114,753 | €169,753 | €175,472 | ▲ 3.4% |
| Distributable reserves133 | €67,588 | €114,753 | €169,753 | €175,472 | ▲ 3.4% |
| Profit (loss) carried forward14 | - | - | - | €0 | - |
| Amounts payable17/49 | €13,834 | €16,771 | €15,972 | €37,974 | ▲ 138% |
| Amounts payable within one year42/48 | €13,834 | €16,445 | €15,780 | €36,693 | ▲ 133% |
| Financial debts43 | €76 | €131 | €2,630 | €543 | ▼ 79.3% |
| Credit institutions430/8 | €76 | €131 | €2,630 | €543 | ▼ 79.3% |
| Trade debts44 | €1,231 | €4,898 | €1,440 | €2,982 | ▲ 107% |
| Suppliers440/4 | €1,231 | €4,898 | €1,440 | €2,982 | ▲ 107% |
| Taxes, remuneration and social security45 | €7,005 | €5,859 | €8,467 | €6,964 | ▼ 17.8% |
| Taxes450/3 | €7,005 | €5,859 | €8,467 | €6,964 | ▼ 17.8% |
| Other amounts payable47/48 | €5,521 | €5,557 | €3,243 | €26,204 | ▲ 708% |
| Accrued charges and deferred income492/3 | - | €327 | €192 | €1,281 | ▲ 567% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €67,588 | €47,165 | €55,000 | €45,718 | ▼ 16.9% |
| + Depreciation and write-downs630 | €1,895 | €3,938 | €6,150 | €8,665 | ▲ 40.9% |
| Operating cash flow (approximation) | €69,483 | €51,103 | €61,151 | €54,383 | ▼ 11.1% |
| Investment in fixed assets (approximation) | - | €0 | -€22,762 | -€37,415 | ▼ 64.4% |
| Change in cash | - | €46,830 | €39,770 | -€55,833 | - |
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, 39,278 companies had the same profile as WINGMAN has now. Two years later, 95.9% were still going and 1.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.9%
was still going
2.3%
stopped otherwise
1.8%
went bankrupt
The bankruptcy probability of WINGMAN itself is lower: < 0.1% within 12 months. It rests on far more data about WINGMAN 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 39,278 companies, not a prediction for WINGMAN. 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.