WRITE ON TARGET
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 5 November 2026.
Annual accounts 2024 filed on 26-09-2025 PDF all 25 filings
Equity
€7,235▼ 23.8%
2023 · €9,498
Total assets
€18,114▼ 6.8%
2023 · €19,429
Net result
-€2,263▲ 72.6%
2023 · -€8,268
Working capital
-€2,340
2023 · €1,602
Multi-year overview
2018 to 2024, 7 financial yearsOperating result
-€2,012
▲ 74.4%
2024
20182024
Net result
-€2,263
▲ 72.6%
2024
lowest quarter of the sector
20182024
Equity
€7,235
▼ 23.8%
2024
lowest quarter of the sector
20182024
Total assets
€18,114
▼ 6.8%
2024
lowest quarter of the sector
20182024
Debt
€10,879
▲ 9.5%
2024
20182024
Working capital
-€2,340
2024
lowest quarter of the sector
20182024
Solvency
39.9%
▼ 8.9pp
2024
middle half of the sector
20182024
Current ratio
0.78
▼ 0.38
2024
lowest quarter of the sector
20182024
Return on assets (ROA)
-12.5%
▲ 30.1pp
2024
lowest quarter of the sector
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Operating result-€25,031--€12,489▲ 50.1%-€8,815▲ 29.4%-€9,434▼ 7.0%€13,946-€7,856-€2,012▲ 74.4%
Net result-€25,219--€12,621▲ 50.0%-€8,974below the sector's middle half▲ 28.9%-€10,090below the sector's middle half▼ 12.4%€13,686within the sector's middle half-€8,268below the sector's middle half-€2,263below the sector's middle half▲ 72.6%
Equity€48,765-€23,144▼ 52.5%€14,170below the sector's middle half▼ 38.8%€4,080below the sector's middle half▼ 71.2%€17,766below the sector's middle half▲ 335%€9,498below the sector's middle half▼ 46.5%€7,235below the sector's middle half▼ 23.8%
Total assets€78,844-€46,524▼ 41.0%€31,100below the sector's middle half▼ 33.2%€18,413below the sector's middle half▼ 40.8%€30,006below the sector's middle half▲ 63.0%€19,429below the sector's middle half▼ 35.2%€18,114below the sector's middle half▼ 6.8%
Debt€30,079-€23,381▼ 22.3%€16,930▼ 27.6%€14,333▼ 15.3%€12,240▼ 14.6%€9,932▼ 18.9%€10,879▲ 9.5%
Working capital€19,617--€4,338-€6,130below the sector's middle half▼ 41.3%-€7,412below the sector's middle half▼ 20.9%€8,668within the sector's middle half€1,602within the sector's middle half▼ 81.5%-€2,340below the sector's middle half
Solvency61.8%-49.7%▼ 12.1pp45.6%within the sector's middle half▼ 4.2pp22.2%below the sector's middle half▼ 23.4pp59.2%within the sector's middle half▲ 37.0pp48.9%within the sector's middle half▼ 10.3pp39.9%within the sector's middle half▼ 8.9pp
Current ratio1.81-0.81▼ 1.000.64below the sector's middle half▼ 0.170.48below the sector's middle half▼ 0.161.71within the sector's middle half▲ 1.231.16within the sector's middle half▼ 0.550.78below the sector's middle half▼ 0.38
Return on assets (ROA)-32.0%--27.1%▲ 4.9pp-28.9%below the sector's middle half▼ 1.7pp-54.8%below the sector's middle half▼ 25.9pp45.6%above the sector's middle half▲ 100.4pp-42.6%below the sector's middle half▼ 88.2pp-12.5%below the sector's middle half▲ 30.1pp
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 2024 is a loss of €2,012, smaller than the loss of €7,856 in 2023.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €18,114
Fixed assets
€9,575 ▲ 21.3%
Current assets
€8,539 ▼ 26.0%
Equity and liabilities €18,114
Equity
€7,235 ▼ 23.8%
Debt
€10,879 ▲ 9.5%
Debt's share of the balance-sheet total rises from 51.1% to 60.1%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
1.50▲
2023 · 1.05
ROE
-31.3%▲
2023 · -87.1%
Debt ≤ 1 year
€10,879▲
2023 · €9,932
Income taxes
€174▼
2023 · €314
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | - | €962 | €1,301 | €1,679 |
| Depreciation and write-downs of the year | €8,408 | €3,356 | €2,504 | - |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,796 | €10,583 | €10,917 | €8,408 | €3,356 | €2,504 | - | - |
| Other operating charges640/8 | - | - | - | €686 | €691 | €759 | €781 | ▲ 3.0% |
| Gross operating margin9900 | -€14,237 | €868 | €3,289 | -€340 | €17,994 | -€4,593 | -€1,231 | ▲ 73.2% |
| Operating profit (loss)9901 | -€25,031 | -€12,489 | -€8,815 | -€9,434 | €13,946 | -€7,856 | -€2,012 | ▲ 74.4% |
| Financial income75/76B | - | - | - | €2 | - | - | - | - |
| Recurring financial income75 | €66 | €242 | - | €2 | - | - | - | - |
| Financial charges65/66B | - | - | - | €540 | €86 | €98 | €77 | ▼ 21.9% |
| Recurring financial charges65 | €254 | €205 | €159 | €540 | €86 | €72 | €77 | ▲ 6.3% |
| Non-recurring financial charges66B | - | - | - | - | - | €26 | - | - |
| Profit (loss) for the period before taxes9903 | -€25,219 | -€12,452 | -€8,974 | -€9,973 | €13,860 | -€7,954 | -€2,089 | ▲ 73.7% |
| Income taxes67/77 | - | €169 | - | €117 | €174 | €314 | €174 | ▼ 44.7% |
| Profit (loss) for the period9904 | -€25,219 | -€12,621 | -€8,974 | -€10,090 | €13,686 | -€8,268 | -€2,263 | ▲ 72.6% |
| Profit (loss) for the period to be appropriated9905 | -€25,219 | -€12,621 | -€8,974 | -€10,090 | €13,686 | -€8,268 | -€2,263 | ▲ 72.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €78,844 | €46,524 | €31,100 | €18,413 | €30,006 | €19,429 | €18,114 | ▼ 6.8% |
| Fixed assets21/28 | €35,057 | €28,330 | €20,300 | €11,492 | €9,098 | €7,896 | €9,575 | ▲ 21.3% |
| Tangible fixed assets22/27 | €34,657 | €27,930 | €19,900 | €11,492 | €9,098 | €7,896 | €9,575 | ▲ 21.3% |
| Land and buildings22 | - | - | - | €11,236 | €9,098 | €7,028 | €7,028 | = |
| Furniture and vehicles24 | - | - | - | €256 | - | €868 | €2,547 | ▲ 194% |
| Financial fixed assets28 | €400 | €400 | €400 | - | - | - | - | - |
| Current assets29/58 | €43,787 | €18,195 | €10,800 | €6,921 | €20,908 | €11,534 | €8,539 | ▼ 26.0% |
| Amounts receivable within one year40/41 | €771 | €3,786 | €613 | €3,745 | €4,429 | €5,764 | €5,042 | ▼ 12.5% |
| Trade receivables40 | - | - | - | €3,301 | €4,382 | €5,223 | €3,757 | ▼ 28.1% |
| Other amounts receivable41 | - | - | - | €445 | €47 | €541 | €1,285 | ▲ 137% |
| Cash at bank and in hand54/58 | €43,016 | €14,409 | €10,186 | €3,176 | €16,479 | €5,770 | €3,497 | ▼ 39.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €78,844 | €46,524 | €31,100 | €18,413 | €30,006 | €19,429 | €18,114 | ▼ 6.8% |
| Equity10/15 | €48,765 | €23,144 | €14,170 | €4,080 | €17,766 | €9,498 | €7,235 | ▼ 23.8% |
| Contributions10/11 | €6,197 | €6,197 | - | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Reserves13 | €35,512 | €35,512 | €35,512 | €35,512 | €35,512 | €35,512 | €6,019 | ▼ 83.1% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Tax-exempt reserves132 | - | - | - | €4,160 | €4,160 | €4,160 | €4,160 | = |
| Distributable reserves133 | - | - | - | €29,493 | €29,493 | €29,493 | - | - |
| Profit (loss) carried forward14 | €7,055 | -€18,565 | -€27,540 | -€37,629 | -€23,943 | -€32,212 | -€4,981 | ▲ 84.5% |
| Amounts payable17/49 | €30,079 | €23,381 | €16,930 | €14,333 | €12,240 | €9,932 | €10,879 | ▲ 9.5% |
| Amounts payable after more than one year17 | €5,909 | €848 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €24,170 | €22,533 | €16,930 | €14,333 | €12,240 | €9,932 | €10,879 | ▲ 9.5% |
| Trade debts44 | €334 | €942 | €3,072 | €3,265 | €7,393 | €4,897 | €5,108 | ▲ 4.3% |
| Suppliers440/4 | - | - | - | €3,265 | €7,393 | €4,897 | €5,108 | ▲ 4.3% |
| Taxes, remuneration and social security45 | - | - | - | €117 | - | €165 | €174 | ▲ 5.7% |
| Taxes450/3 | - | - | - | €117 | - | €165 | €174 | ▲ 5.7% |
| Other amounts payable47/48 | - | - | - | €10,951 | €4,847 | €4,869 | €5,597 | ▲ 14.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€25,219 | -€12,621 | -€8,974 | -€10,090 | €13,686 | -€8,268 | -€2,263 | ▲ 72.6% |
| + Depreciation and write-downs630 | €9,796 | €10,583 | €10,917 | €8,408 | €3,356 | €2,504 | - | - |
| Operating cash flow (approximation) | -€15,423 | -€2,038 | €1,943 | -€1,682 | €17,042 | -€5,765 | -€2,263 | ▲ 60.8% |
| Investment in fixed assets (approximation) | - | -€3,856 | -€2,887 | €400 | -€962 | -€1,301 | -€1,679 | ▼ 29.1% |
| Change in cash | - | -€28,607 | -€4,223 | -€7,011 | €13,303 | -€10,709 | -€2,273 | ▲ 78.8% |
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, 5,831 companies had the same profile as WRITE ON TARGET has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of WRITE ON TARGET itself: 0.4% 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 5,831 companies, not a prediction for WRITE ON TARGET. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 26-09-2025 | 2025-00506298 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00450743 | |
| 31-12-2022 | micro format | 25-08-2023 | 2023-00361765 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20356075 | |
| 31-12-2020 | micro format | 24-08-2021 | 2021-52900127 | |
| 31-12-2019 | micro format | 31-12-2020 | 2020-77900117 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-59400204 | |
| 31-12-2017 | full format | 21-09-2018 | 2018-64200296 | |
| 31-12-2016 | full format | 31-08-2017 | 2017-56600071 | |
| 31-12-2015 | full format | 31-08-2016 | 2016-55300344 |