WOODWAVE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-03-2026 PDF all 27 filings
Turnover
≈ €200,000
Estimated: probably between €170,000 and €240,000
Total assets
€229,914▲ 25.2%
2024 · €183,711
Net result
€43,471▼ 29.3%
2024 · €61,458
Working capital
€76,259
2024 · -€6,777
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€57,211
▼ 34.2%
2025
20192025
Net result
€43,471
▼ 29.3%
2025
middle half of the sector
20192025
Equity
€136,374
▲ 46.8%
2025
middle half of the sector
20192025
Total assets
€229,914
▲ 25.2%
2025
middle half of the sector
20192025
Debt
€70,860
▲ 7.9%
2025
20192025
Working capital
€76,259
2025
middle half of the sector
20192025
Solvency
59.3%
▲ 8.7pp
2025
middle half of the sector
20192025
Current ratio
2.08
▲ 1.18
2025
middle half of the sector
20192025
Return on assets (ROA)
18.9%
▼ 14.5pp
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€33,171-€14,664▼ 55.8%€26,898▲ 83.4%€68,837▲ 156%€3,835▼ 94.4%€86,908▲ 23×€57,211▼ 34.2%
Net result€32,995-€14,156within the sector's middle half▼ 57.1%€19,450within the sector's middle half▲ 37.4%€63,428above the sector's middle half▲ 226%-€2,276below the sector's middle half€61,458within the sector's middle half€43,471within the sector's middle half▼ 29.3%
Equity-€63,313--€49,157below the sector's middle half▲ 22.4%-€29,707below the sector's middle half▲ 39.6%€33,721within the sector's middle half€31,445within the sector's middle half▼ 6.7%€92,903within the sector's middle half▲ 195%€136,374within the sector's middle half▲ 46.8%
Total assets€213,463-€146,012within the sector's middle half▼ 31.6%€136,019within the sector's middle half▼ 6.8%€481,120within the sector's middle half▲ 254%€127,167within the sector's middle half▼ 73.6%€183,711within the sector's middle half▲ 44.5%€229,914within the sector's middle half▲ 25.2%
Debt€276,776-€195,169▼ 29.5%€165,726▼ 15.1%€447,399▲ 170%€95,722▼ 78.6%€65,680▼ 31.4%€70,860▲ 7.9%
Working capital-€211,841--€184,450below the sector's middle half▲ 12.9%-€149,441below the sector's middle half▲ 19.0%-€76,667below the sector's middle half▲ 48.7%-€38,839below the sector's middle half▲ 49.3%-€6,777below the sector's middle half▲ 82.6%€76,259within the sector's middle half
Solvency-29.7%--33.7%below the sector's middle half▼ 4.0pp-21.8%below the sector's middle half▲ 11.8pp7.0%below the sector's middle half▲ 28.8pp24.7%below the sector's middle half▲ 17.7pp50.6%within the sector's middle half▲ 25.8pp59.3%within the sector's middle half▲ 8.7pp
Current ratio0.23-0.05below the sector's middle half▼ 0.180.10below the sector's middle half▲ 0.040.65below the sector's middle half▲ 0.550.59below the sector's middle half▼ 0.060.90below the sector's middle half▲ 0.302.08within the sector's middle half▲ 1.18
Return on assets (ROA)15.5%-9.7%within the sector's middle half▼ 5.8pp14.3%within the sector's middle half▲ 4.6pp13.2%within the sector's middle half▼ 1.1pp-1.8%below the sector's middle half▼ 15.0pp33.5%above the sector's middle half▲ 35.2pp18.9%within the sector's middle half▼ 14.5pp
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 34% 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 €229,914
Fixed assets
€82,795 ▼ 33.7%
Current assets
€147,119 ▲ 150%
Equity and liabilities €229,914
Equity
€136,374 ▲ 46.8%
Provisions
€22,681 ▼ 9.7%
Debt
€70,860 ▲ 7.9%
Debt's share of the balance-sheet total falls from 35.8% to 30.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€73,876▼
2024 · €107,833
Cash flow
€60,135▼
2024 · €82,383
Debt to equity
0.52▼
2024 · 0.71
ROE
31.9%▼
2024 · 66.2%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€70,860▲
2024 · €65,680
Income taxes
€16,002▲
2024 · €267
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €15,558 | €260,389 | €1,321 | €122,764 | €75,995 |
| Depreciation and write-downs of the year | €31,117 | €42,616 | €40,119 | €20,925 | €16,665 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €14,388 | - |
| Remuneration, social security and pensions62 | - | - | €308 | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €27,018 | €27,445 | €31,117 | €42,616 | €40,119 | €20,925 | €16,665 | ▼ 20.4% |
| Other operating charges640/8 | - | - | €1,350 | €1,380 | €2,382 | €1,567 | €1,443 | ▼ 7.9% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €44,250 | - |
| Gross operating margin9900 | €61,239 | €43,665 | €59,674 | €112,833 | €46,336 | €109,400 | €119,569 | ▲ 9.3% |
| Operating profit (loss)9901 | €33,171 | €14,664 | €26,898 | €68,837 | €3,835 | €86,908 | €57,211 | ▼ 34.2% |
| Financial income75/76B | - | - | €0 | - | €5 | €40 | €0 | ▼ 100.0% |
| Recurring financial income75 | €1 | €0 | €0 | - | €5 | €40 | €0 | ▼ 100.0% |
| Financial charges65/66B | - | - | €99 | €2,280 | €4,407 | €96 | €185 | ▲ 93.6% |
| Recurring financial charges65 | €78 | €75 | €99 | €2,280 | €4,407 | €96 | €185 | ▲ 93.6% |
| Profit (loss) for the period before taxes9903 | €33,093 | €14,589 | €26,800 | €66,558 | -€567 | €86,852 | €57,026 | ▼ 34.3% |
| Transfer from deferred taxes780 | - | - | - | - | - | €605 | €2,447 | ▲ 304% |
| Transfer to deferred taxes680 | - | - | - | - | - | €25,733 | €0 | ▼ 100% |
| Income taxes67/77 | €98 | €433 | €7,349 | €3,130 | €1,709 | €267 | €16,002 | ▲ 60× |
| Profit (loss) for the period9904 | €32,995 | €14,156 | €19,450 | €63,428 | -€2,276 | €61,458 | €43,471 | ▼ 29.3% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | €1,816 | €7,340 | ▲ 304% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | €77,198 | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | €32,995 | €14,156 | €19,450 | €63,428 | -€2,276 | -€13,924 | €50,811 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €213,463 | €146,012 | €136,019 | €481,120 | €127,167 | €183,711 | €229,914 | ▲ 25.2% |
| Fixed assets21/28 | €148,528 | €135,293 | €119,734 | €337,507 | €70,284 | €124,808 | €82,795 | ▼ 33.7% |
| Tangible fixed assets22/27 | €148,472 | €135,237 | €119,678 | €337,452 | €70,228 | €124,752 | €82,740 | ▼ 33.7% |
| Land and buildings22 | - | - | - | €228,425 | €0 | - | - | - |
| Furniture and vehicles24 | - | - | €119,678 | €109,026 | €70,228 | €124,752 | €82,740 | ▼ 33.7% |
| Financial fixed assets28 | €56 | €56 | €56 | €56 | €56 | €56 | €56 | = |
| Current assets29/58 | €64,935 | €10,719 | €16,285 | €143,613 | €56,883 | €58,903 | €147,119 | ▲ 150% |
| Amounts receivable within one year40/41 | €1,258 | €6,406 | €2,926 | €113,733 | €48,399 | €30,667 | €102,075 | ▲ 233% |
| Trade receivables40 | - | - | €1,217 | €69,273 | €40,108 | €17,767 | €59,583 | ▲ 235% |
| Other amounts receivable41 | - | - | €1,709 | €44,460 | €8,291 | €12,900 | €42,493 | ▲ 229% |
| Cash at bank and in hand54/58 | €61,804 | €2,685 | €12,672 | €28,036 | €6,228 | €24,933 | €40,495 | ▲ 62.4% |
| Deferred charges and accrued income490/1 | - | - | €687 | €1,844 | €2,256 | €3,303 | €4,548 | ▲ 37.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €213,463 | €146,012 | €136,019 | €481,120 | €127,167 | €183,711 | €229,914 | ▲ 25.2% |
| Equity10/15 | -€63,313 | -€49,157 | -€29,707 | €33,721 | €31,445 | €92,903 | €136,374 | ▲ 46.8% |
| Contributions10/11 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €24,385 | €1,859 | €1,859 | €1,859 | €1,859 | €77,241 | €117,782 | ▲ 52.5% |
| Non-distributable reserves130/1 | - | - | €1,859 | €1,859 | €1,859 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | €1,859 | €1,859 | €1,859 | €0 | - | - |
| Tax-exempt reserves132 | - | - | - | - | - | €75,382 | €68,042 | ▼ 9.7% |
| Distributable reserves133 | - | - | - | - | - | €1,859 | €49,740 | ▲ 27× |
| Profit (loss) carried forward14 | -€106,290 | -€69,608 | -€50,158 | €13,270 | €10,994 | -€2,930 | €0 | - |
| Provisions and deferred taxes16 | - | - | - | - | - | €25,127 | €22,681 | ▼ 9.7% |
| Deferred taxes168 | - | - | - | - | - | €25,127 | €22,681 | ▼ 9.7% |
| Amounts payable17/49 | €276,776 | €195,169 | €165,726 | €447,399 | €95,722 | €65,680 | €70,860 | ▲ 7.9% |
| Amounts payable after more than one year17 | - | - | - | €227,119 | €0 | - | - | - |
| Financial debts170/4 | - | - | - | €227,119 | €0 | - | - | - |
| Amounts payable within one year42/48 | €276,776 | €195,169 | €165,726 | €220,280 | €95,722 | €65,680 | €70,860 | ▲ 7.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €15,303 | €0 | - | - | - |
| Trade debts44 | €24,643 | €19,678 | €6,426 | €2,793 | €5,757 | €39,483 | €53,907 | ▲ 36.5% |
| Suppliers440/4 | - | - | €6,426 | €2,793 | €5,757 | €39,483 | €53,907 | ▲ 36.5% |
| Advances received on contracts in progress46 | - | - | €450 | €0 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | €1,158 | €2,446 | €1,422 | €1,669 | €16,953 | ▲ 916% |
| Taxes450/3 | - | - | €1,158 | €2,446 | €1,422 | €1,669 | €16,953 | ▲ 916% |
| Other amounts payable47/48 | - | - | €157,692 | €199,738 | €88,543 | €24,529 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32,995 | €14,156 | €19,450 | €63,428 | -€2,276 | €61,458 | €43,471 | ▼ 29.3% |
| + Depreciation and write-downs630 | €27,018 | €27,445 | €31,117 | €42,616 | €40,119 | €20,925 | €16,665 | ▼ 20.4% |
| Operating cash flow (approximation) | €60,013 | €41,601 | €50,568 | €106,044 | €37,843 | €82,383 | €60,135 | ▼ 27.0% |
| Investment in fixed assets (approximation) | - | -€14,210 | -€15,558 | -€260,389 | €227,104 | -€75,449 | €25,348 | - |
| Change in cash | - | -€59,119 | €9,986 | €15,364 | -€21,808 | €18,706 | €15,562 | ▼ 16.8% |
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, 31,368 companies had the same profile as WOODWAVE 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 WOODWAVE 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 WOODWAVE. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 10-03-2026 | 2026-00051436 | |
| 30-09-2024 | micro format | 26-03-2025 | 2025-00054451 | |
| 30-09-2023 | micro format | 25-04-2024 | 2024-00068721 | |
| 30-09-2022 | micro format | 25-04-2023 | 2023-00064409 | |
| 30-09-2021 | micro format | 04-04-2022 | 2022-20000251 | |
| 30-09-2020 | micro format | 19-03-2021 | 2021-07900437 | |
| 30-09-2019 | micro format | 24-03-2020 | 2020-07300533 | |
| 30-09-2018 | micro format | 11-04-2019 | 2019-09800467 | |
| 30-09-2017 | micro format | 16-03-2018 | 2018-07000326 | |
| 30-09-2016 | abbreviated format | 20-03-2017 | 2017-06700434 |