Work Innovation Solution
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 17 days after the deadline Filed on 17 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00401105.
Annual accounts 2025 filed on 17-08-2026 at the NBB all 7 filings
Turnover
≈ €260,000
Estimated: probably between €180,000 and €450,000
Total assets
€270,336▲ 4.5%
2024 · €258,715
Net result
€35,193▼ 30.6%
2024 · €50,726
Working capital
-€99,079▼ 52.1%
2024 · -€65,120
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€47,486
▼ 25.4%
2025
20192025
Net result
€35,193
▼ 30.6%
2025
highest quarter of the sector
20192025
Equity
€11,611
▼ 55.1%
2025
lowest quarter of the sector
20192025
Total assets
€270,336
▲ 4.5%
2025
middle half of the sector
20192025
Debt
€258,725
▲ 11.1%
2025
20192025
Working capital
-€99,079
▼ 52.1%
2025
lowest quarter of the sector
20192025
Solvency
4.3%
▼ 5.7pp
2025
lowest quarter of the sector
20192025
Current ratio
0.20
▼ 0.24
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
13.0%
▼ 6.6pp
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€19,512-€49,524▲ 154%€70,725▲ 42.8%€75,860▲ 7.3%€61,889▼ 18.4%€63,654▲ 2.9%€47,486▼ 25.4%
Net result€14,997-€39,435above the sector's middle half▲ 163%€60,210above the sector's middle half▲ 52.7%€62,405above the sector's middle half▲ 3.6%€45,769above the sector's middle half▼ 26.7%€50,726above the sector's middle half▲ 10.8%€35,193above the sector's middle half▼ 30.6%
Equity€36,840-€51,275within the sector's middle half▲ 39.2%€55,150within the sector's middle half▲ 7.6%€52,555within the sector's middle half▼ 4.7%€38,324within the sector's middle half▼ 27.1%€25,853within the sector's middle half▼ 32.5%€11,611below the sector's middle half▼ 55.1%
Total assets€301,102-€305,692above the sector's middle half▲ 1.5%€297,735above the sector's middle half▼ 2.6%€326,165above the sector's middle half▲ 9.5%€368,158above the sector's middle half▲ 12.9%€258,715within the sector's middle half▼ 29.7%€270,336within the sector's middle half▲ 4.5%
Debt€264,262-€254,417▼ 3.7%€242,585▼ 4.7%€273,610▲ 12.8%€329,834▲ 20.5%€232,862▼ 29.4%€258,725▲ 11.1%
Working capital€5,970--€2,256below the sector's middle half-€11,411below the sector's middle half▼ 406%-€27,043below the sector's middle half▼ 137%€14,256within the sector's middle half-€65,120below the sector's middle half-€99,079below the sector's middle half▼ 52.1%
Solvency12.2%-16.8%below the sector's middle half▲ 4.5pp18.5%below the sector's middle half▲ 1.7pp16.1%below the sector's middle half▼ 2.4pp10.4%below the sector's middle half▼ 5.7pp10.0%below the sector's middle half▼ 0.4pp4.3%below the sector's middle half▼ 5.7pp
Current ratio1.06-0.98below the sector's middle half▼ 0.090.87below the sector's middle half▼ 0.110.76below the sector's middle half▼ 0.111.11within the sector's middle half▲ 0.350.43below the sector's middle half▼ 0.680.20below the sector's middle half▼ 0.24
Return on assets (ROA)5.0%-12.9%within the sector's middle half▲ 7.9pp20.2%above the sector's middle half▲ 7.3pp19.1%above the sector's middle half▼ 1.1pp12.4%within the sector's middle half▼ 6.7pp19.6%above the sector's middle half▲ 7.2pp13.0%within the sector's middle half▼ 6.6pp
Staff (FTE)1-1.5within the sector's middle half▲ 50.0%3.43.6▲ 5.9%2▼ 44.4%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 25% lower than in 2024 and the lowest since 2021.
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 €270,336
Fixed assets
€245,804 ▲ 17.7%
Current assets
€24,532 ▼ 50.9%
Equity and liabilities €270,336
Equity
€11,611 ▼ 55.1%
Debt
€258,725 ▲ 11.1%
Debt's share of the balance-sheet total rises from 90.0% to 95.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€65,782▼
2024 · €83,535
Cash flow
€53,488▼
2024 · €70,608
Quick ratio
0.16▼
2024 · 0.39
Debt to equity
22.28▲
2024 · 9.01
ROE
303.1%▲
2024 · 196.2%
Interest coverage
6.98▼
2024 · 9.24
Debt ≤ 1 year
€123,611▲
2024 · €115,060
Debt > 1 year
€135,114▲
2024 · €117,803
Income taxes
€3,218▼
2024 · €5,683
Staff costs
€3,321▼
2024 · €100,267
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 |
|---|---|---|---|
| Employees at the balance-sheet date | 3 | 2 | 2 |
| full-time | 3 | 2 | 2 |
| part-time | 0 | 0 | - |
| in full-time equivalents | 3 | 2 | 2 |
| Average over the year, in full-time equivalents | 3.4 | 3.6 | 2 |
| On a permanent contract | 1 | 2 | 2 |
| Joined | 4 | 9 | 2 |
| Left | 3 | 10 | 2 |
Source: social balance sheet in the 2022 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €18,136 | €33,612 | €6,204 | €939 | €59,257 |
| Intangible fixed assets | €6,090 | - | - | - | - |
| Depreciation and write-downs of the year | €13,640 | €16,247 | €19,789 | €19,882 | €18,296 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €72 awarded · €72 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €7,018 | - |
| Remuneration, social security and pensions62 | - | - | €56,555 | €111,920 | €120,099 | €100,267 | €3,321 | ▼ 96.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,668 | €11,688 | €13,640 | €16,247 | €19,789 | €19,882 | €18,296 | ▼ 8.0% |
| Other operating charges640/8 | - | - | €625 | €4,468 | €1,007 | €1,756 | €1,073 | ▼ 38.9% |
| Gross operating margin9900 | €69,253 | €97,557 | €141,545 | €208,495 | €202,784 | €185,559 | €70,176 | ▼ 62.2% |
| Operating profit (loss)9901 | €19,512 | €49,524 | €70,725 | €75,860 | €61,889 | €63,654 | €47,486 | ▼ 25.4% |
| Financial income75/76B | - | - | €3,543 | €765 | €828 | €1,793 | €343 | ▼ 80.9% |
| Recurring financial income75 | €553 | €1,625 | €3,543 | €765 | €828 | €1,793 | €343 | ▼ 80.9% |
| Financial charges65/66B | - | - | €6,540 | €7,219 | €8,548 | €9,038 | €9,418 | ▲ 4.2% |
| Recurring financial charges65 | €3,821 | €6,360 | €6,540 | €7,219 | €8,548 | €9,038 | €9,418 | ▲ 4.2% |
| Profit (loss) for the period before taxes9903 | €16,244 | €44,789 | €67,728 | €69,407 | €54,169 | €56,409 | €38,411 | ▼ 31.9% |
| Income taxes67/77 | €1,247 | €5,354 | €7,518 | €7,001 | €8,400 | €5,683 | €3,218 | ▼ 43.4% |
| Profit (loss) for the period9904 | €14,997 | €39,435 | €60,210 | €62,405 | €45,769 | €50,726 | €35,193 | ▼ 30.6% |
| Profit (loss) for the period to be appropriated9905 | €14,997 | €39,435 | €60,210 | €62,405 | €45,769 | €50,726 | €35,193 | ▼ 30.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €301,102 | €305,692 | €297,735 | €326,165 | €368,158 | €258,715 | €270,336 | ▲ 4.5% |
| Fixed assets21/28 | €201,310 | €213,352 | €223,938 | €241,303 | €227,718 | €208,775 | €245,804 | ▲ 17.7% |
| Intangible fixed assets21 | - | - | €5,360 | €4,142 | €2,924 | €1,706 | €488 | ▼ 71.4% |
| Tangible fixed assets22/27 | €201,310 | €213,352 | €218,578 | €237,161 | €224,794 | €207,069 | €245,316 | ▲ 18.5% |
| Land and buildings22 | - | - | €201,322 | €212,791 | €204,880 | €192,562 | €188,451 | ▼ 2.1% |
| Plant, machinery and equipment23 | - | - | €280 | €3,100 | €4,436 | €3,931 | €3,426 | ▼ 12.8% |
| Furniture and vehicles24 | - | - | €16,977 | €21,270 | €15,479 | €10,577 | €53,438 | ▲ 405% |
| Current assets29/58 | €99,792 | €92,340 | €73,797 | €84,862 | €140,440 | €49,940 | €24,532 | ▼ 50.9% |
| Amounts receivable after more than one year29 | - | - | €25,510 | €25,510 | €25,510 | €8,000 | - | - |
| Trade receivables290 | - | - | - | - | - | €8,000 | - | - |
| Other amounts receivable291 | - | - | €25,510 | €25,510 | €25,510 | - | - | - |
| Stocks and contracts in progress3 | - | - | - | - | - | €4,685 | €5,000 | ▲ 6.7% |
| Stocks30/36 | - | - | - | - | - | €4,685 | €5,000 | ▲ 6.7% |
| Amounts receivable within one year40/41 | €62,863 | €38,803 | €16,963 | €26,703 | €42,317 | €32,628 | €15,497 | ▼ 52.5% |
| Trade receivables40 | - | - | €15,038 | €23,175 | €37,625 | €29,617 | €12,526 | ▼ 57.7% |
| Other amounts receivable41 | - | - | €1,925 | €3,527 | €4,692 | €3,011 | €2,970 | ▼ 1.3% |
| Cash at bank and in hand54/58 | €19,836 | €27,931 | €29,820 | €32,435 | €71,485 | €355 | €4,036 | ▲ 11× |
| Deferred charges and accrued income490/1 | - | - | €1,504 | €214 | €1,128 | €4,272 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €301,102 | €305,692 | €297,735 | €326,165 | €368,158 | €258,715 | €270,336 | ▲ 4.5% |
| Equity10/15 | €36,840 | €51,275 | €55,150 | €52,555 | €38,324 | €25,853 | €11,611 | ▼ 55.1% |
| Contributions10/11 | €18,550 | - | €18,550 | €18,550 | €500 | €500 | €500 | = |
| Reserves13 | €18,290 | €32,725 | €36,600 | €36,600 | €37,824 | €25,353 | €11,111 | ▼ 56.2% |
| Tax-exempt reserves132 | - | - | €1,345 | €1,345 | €1,345 | €1,345 | €1,345 | = |
| Distributable reserves133 | - | - | €35,255 | €35,255 | €36,479 | €24,008 | €9,766 | ▼ 59.3% |
| Profit (loss) carried forward14 | - | - | - | -€2,595 | €0 | - | - | - |
| Amounts payable17/49 | €264,262 | €254,417 | €242,585 | €273,610 | €329,834 | €232,862 | €258,725 | ▲ 11.1% |
| Amounts payable after more than one year17 | €170,440 | €159,821 | €157,378 | €161,705 | €139,650 | €117,803 | €135,114 | ▲ 14.7% |
| Financial debts170/4 | - | - | €157,378 | €161,705 | €139,650 | €117,803 | €135,114 | ▲ 14.7% |
| Amounts payable within one year42/48 | €93,822 | €94,596 | €85,208 | €111,905 | €126,184 | €115,060 | €123,611 | ▲ 7.4% |
| Current portion of amounts payable after more than one year42 | - | - | €13,891 | €21,515 | €22,055 | €21,847 | €21,764 | ▼ 0.4% |
| Financial debts43 | - | - | €30,295 | €30,000 | €30,000 | €33,530 | €34,888 | ▲ 4.0% |
| Credit institutions430/8 | - | - | €30,295 | €30,000 | €30,000 | €30,000 | €31,555 | ▲ 5.2% |
| Other loans439 | - | - | - | - | - | €3,530 | €3,333 | ▼ 5.6% |
| Trade debts44 | €75,218 | €31,394 | €19,698 | €27,001 | €18,214 | €20,213 | €8,706 | ▼ 56.9% |
| Suppliers440/4 | - | - | €19,698 | €27,001 | €18,214 | €20,213 | €8,706 | ▼ 56.9% |
| Advances received on contracts in progress46 | - | - | €1,140 | €0 | €13,300 | €4,747 | €40,750 | ▲ 758% |
| Taxes, remuneration and social security45 | - | - | €20,168 | €31,993 | €41,504 | €19,671 | €7,919 | ▼ 59.7% |
| Taxes450/3 | - | - | €13,490 | €20,995 | €25,686 | €3,051 | €7,919 | ▲ 160% |
| Remuneration and social security454/9 | - | - | €6,678 | €10,998 | €15,818 | €16,619 | - | - |
| Other amounts payable47/48 | - | - | €16 | €1,395 | €1,112 | €15,052 | €9,584 | ▼ 36.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | €64,000 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,997 | €39,435 | €60,210 | €62,405 | €45,769 | €50,726 | €35,193 | ▼ 30.6% |
| + Depreciation and write-downs630 | €3,668 | €11,688 | €13,640 | €16,247 | €19,789 | €19,882 | €18,296 | ▼ 8.0% |
| Operating cash flow (approximation) | €18,665 | €51,123 | €73,850 | €78,652 | €65,558 | €70,608 | €53,488 | ▼ 24.2% |
| Investment in fixed assets (approximation) | - | -€23,730 | -€24,226 | -€33,612 | -€6,204 | -€939 | -€55,324 | ▼ 5,792% |
| Change in cash | - | €8,095 | €1,889 | €2,615 | €39,050 | -€71,131 | €3,681 | - |
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, 1,325 companies had the same profile as Work Innovation Solution has now. Two years later, 95.2% were still going and 1.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
95.2%
was still going
3.2%
stopped otherwise
1.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Work Innovation Solution itself: 0.7% 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 1,325 companies, not a prediction for Work Innovation Solution. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-08-2026 | 2026-00401105 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00327520 | |
| 31-12-2023 | micro format | 20-06-2024 | 2024-00151037 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00156520 | |
| 31-12-2021 | micro format | 16-04-2024 | 2024-00065272 | |
| 31-12-2020 | micro format | 28-06-2021 | 2021-27100340 | |
| 31-12-2019 | micro format | 05-08-2020 | 2020-40200210 |