A & A
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 61 days after the deadline Filed on 30 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00540886.
Annual accounts 2025 filed on 30-09-2026 at the NBB all 6 filings
Turnover
≈ €190,000
Estimated: probably between €110,000 and €370,000
EBIT margin
Not included in this filing
Net result
-€135,880
2024 · €552
Working capital
-€116,816
2024 · €13,908
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
-€131,063
2025
20212025
Net result
-€135,880
2025
lowest quarter of the sector
20212025
Equity
-€114,191
2025
lowest quarter of the sector
20212025
Total assets
€1.3m
▲ 149%
2025
middle half of the sector
20212025
Debt
€1.5m
▲ 182%
2025
20212025
Working capital
-€116,816
2025
lowest quarter of the sector
20212025
Solvency
-8.5%
▼ 12.5pp
2025
lowest quarter of the sector
20212025
Current ratio
0.92
▼ 0.11
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
-10.1%
▼ 10.2pp
2025
lowest quarter of the sector
20212025
Staff (FTE)
2.9
=
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€0.04m--€0.002m€0.006m€0.01m▲ 138%-€0.1m
Net result€0.02mwithin the sector's middle half-€0.002mbelow the sector's middle half▼ 88.7%-€0.002mbelow the sector's middle half€0.001mbelow the sector's middle half-€0.1mbelow the sector's middle half
Equity€0.02mwithin the sector's middle half-€0.02mbelow the sector's middle half▲ 9.9%€0.02mbelow the sector's middle half▼ 7.5%€0.02mbelow the sector's middle half▲ 2.6%-€0.1mbelow the sector's middle half
Total assets€1.6mabove the sector's middle half-€5.6mwithin the sector's middle half▲ 240%€2.6mwithin the sector's middle half▼ 53.5%€0.5mbelow the sector's middle half▼ 79.3%€1.3mwithin the sector's middle half▲ 149%
Debt€1.6m-€5.6m▲ 243%€2.6m▼ 53.6%€0.5m▼ 80.0%€1.5m▲ 182%
Working capital€0.04mwithin the sector's middle half-€0.03mbelow the sector's middle half▼ 37.7%€0.005mbelow the sector's middle half▼ 80.1%€0.01mbelow the sector's middle half▲ 164%-€0.1mbelow the sector's middle half
Solvency1.3%below the sector's middle half-0.4%below the sector's middle half▼ 0.9pp0.8%below the sector's middle half▲ 0.4pp4.0%below the sector's middle half▲ 3.2pp-8.5%below the sector's middle half▼ 12.5pp
Current ratio1.03within the sector's middle half-1.00below the sector's middle half▼ 0.021.00below the sector's middle half=1.03below the sector's middle half▲ 0.020.92below the sector's middle half▼ 0.11
Return on assets (ROA)1.1%within the sector's middle half-0.0%below the sector's middle half▼ 1.1pp-0.1%below the sector's middle half▼ 0.1pp0.1%below the sector's middle half▲ 0.2pp-10.1%below the sector's middle half▼ 10.2pp
Staff (FTE)1.3-2.9below the sector's middle half▲ 123%2.9within the sector's middle half=2.9below the sector's middle half=2.9within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 a loss of €131,063, after a profit of €13,865 in 2024. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€3,254 ▼ 64.7%
Current assets
€1.3m ▲ 153%
Equity and liabilities
Equity-€114,191
Debt€1.5m
Equity is negative. Debt (€1.5m) exceeds the balance-sheet total (€1.3m).
Key figures and ratios
EBITDA
-€124,214▼
2024 · €22,110
Cash flow
-€129,031▼
2024 · €8,797
Quick ratio
0.91▼
2024 · 0.91
Interest coverage
-80.08▼
2024 · 3.97
Debt ≤ 1 year
€1.5m▲
2024 · €514,503
Income taxes
€3,304▼
2024 · €7,742
Staff costs
€157,434▼
2024 · €169,688
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 4 | 4 | 4 | 4 |
| full-time | 2 | 2 | 2 | 2 | 2 |
| part-time | 2 | 2 | 2 | 2 | 2 |
| in full-time equivalents | 3 | 3 | 3 | 3 | 3 |
| Average over the year, in full-time equivalents | 1.3 | 2.9 | 2.9 | 2.9 | 2.9 |
| On a permanent contract | 4 | 4 | 4 | 4 | 4 |
| Joined | 4 | - | - | - | - |
| Left | 1 | - | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €217,171 | €5,563 | €13,804 | €410 | €891 |
| Financial fixed assets | €88 | - | - | - | - |
| Depreciation and write-downs of the year | €4,647 | €4,239 | €8,539 | €8,245 | €6,849 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €170,282 | €149,400 | €169,434 | €169,688 | €157,434 | ▼ 7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,647 | €4,239 | €8,539 | €8,245 | €6,849 | ▼ 16.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €15,083 | - | - |
| Other operating charges640/8 | €1,233 | €15,273 | €16,465 | €16,990 | €2,417 | ▼ 85.8% |
| Gross operating margin9900 | €213,001 | €166,776 | €200,268 | €223,871 | €35,637 | ▼ 84.1% |
| Operating profit (loss)9901 | €36,840 | -€2,136 | €5,830 | €13,865 | -€131,063 | - |
| Financial income75/76B | €13,238 | €27,396 | €4,705 | €0 | €38 | ▲ 87× |
| Recurring financial income75 | €13,238 | €27,396 | €4,705 | €0 | €38 | ▲ 87× |
| Financial charges65/66B | €16,247 | €15,036 | €5,011 | €5,571 | €1,551 | ▼ 72.2% |
| Recurring financial charges65 | €16,247 | €15,036 | €5,011 | €5,571 | €1,551 | ▼ 72.2% |
| Profit (loss) for the period before taxes9903 | €33,832 | €10,224 | €5,524 | €8,294 | -€132,576 | - |
| Income taxes67/77 | €15,592 | €8,165 | €7,232 | €7,742 | €3,304 | ▼ 57.3% |
| Profit (loss) for the period9904 | €18,240 | €2,059 | -€1,708 | €552 | -€135,880 | - |
| Profit (loss) for the period to be appropriated9905 | €18,240 | €2,059 | -€1,708 | €552 | -€135,880 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.6m | €5.6m | €2.6m | €0.5m | €1.3m | ▲ 149% |
| Fixed assets21/28 | €0.01m | €0.01m | €0.02m | €0.009m | €0.003m | ▼ 64.7% |
| Tangible fixed assets22/27 | €0.01m | €0.01m | €0.02m | €0.009m | €0.003m | ▼ 65.3% |
| Plant, machinery and equipment23 | €0.004m | €0.008m | €0.005m | €0.002m | €270 | ▼ 88.6% |
| Furniture and vehicles24 | €0.006m | €0.004m | €0.01m | €0.007m | €0.003m | ▼ 57.1% |
| Financial fixed assets28 | €88 | €88 | €88 | €88 | €88 | = |
| Current assets29/58 | €1.6m | €5.6m | €2.6m | €0.5m | €1.3m | ▲ 153% |
| Stocks and contracts in progress3 | - | - | - | €0.06m | €0.02m | ▼ 64.1% |
| Stocks30/36 | - | - | - | €0.06m | €0.02m | ▼ 64.1% |
| Amounts receivable within one year40/41 | €1.6m | €3.1m | €2.4m | €0.3m | €1.0m | ▲ 188% |
| Trade receivables40 | €1.3m | €2.7m | €2.0m | €0.03m | €0.7m | ▲ 23× |
| Other amounts receivable41 | €0.3m | €0.4m | €0.4m | €0.3m | €0.3m | ▲ 4.4% |
| Cash at bank and in hand54/58 | €0.05m | €2.5m | €0.2m | €0.1m | €0.3m | ▲ 161% |
| Deferred charges and accrued income490/1 | €0.004m | €0.001m | €0.003m | €0.002m | €0.003m | ▲ 31.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.6m | €5.6m | €2.6m | €0.5m | €1.3m | ▲ 149% |
| Equity10/15 | €0.02m | €0.02m | €0.02m | €0.02m | -€0.1m | - |
| Contributions10/11 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Reserves13 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Non-distributable reserves130/1 | €104 | €104 | - | - | - | - |
| Reserves not available under the articles1311 | €104 | €104 | - | - | - | - |
| Distributable reserves133 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | €0.001m | €0.003m | €0.002m | €0.002m | -€0.1m | - |
| Amounts payable17/49 | €1.6m | €5.6m | €2.6m | €0.5m | €1.5m | ▲ 182% |
| Amounts payable after more than one year17 | €0.03m | €0.01m | - | - | - | - |
| Financial debts170/4 | €0.03m | €0.01m | - | - | - | - |
| Amounts payable within one year42/48 | €1.6m | €5.5m | €2.6m | €0.5m | €1.5m | ▲ 183% |
| Current portion of amounts payable after more than one year42 | €0.5m | €0.02m | €0.01m | - | - | - |
| Financial debts43 | €0.1m | - | €0.05m | - | - | - |
| Credit institutions430/8 | €0.1m | - | €0.05m | - | - | - |
| Trade debts44 | €0.7m | €0.2m | €0.1m | €0.07m | €0.4m | ▲ 514% |
| Suppliers440/4 | €0.7m | €0.2m | €0.1m | €0.07m | €0.4m | ▲ 514% |
| Advances received on contracts in progress46 | - | €5.3m | €2.4m | €0.4m | €1.0m | ▲ 166% |
| Taxes, remuneration and social security45 | €0.04m | €0.05m | €0.04m | €0.03m | €0.02m | ▼ 17.8% |
| Taxes450/3 | €0.02m | €0.03m | €0.02m | €0.01m | €0.009m | ▼ 27.5% |
| Remuneration and social security454/9 | €0.02m | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 10.4% |
| Other amounts payable47/48 | €0.2m | - | - | €0.04m | - | - |
| Accrued charges and deferred income492/3 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▼ 56.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.02m | €0.002m | -€0.002m | €0.001m | -€0.1m | - |
| + Depreciation and write-downs630 | €0.005m | €0.004m | €0.009m | €0.008m | €0.007m | ▼ 16.9% |
| Operating cash flow (approximation) | €0.02m | €0.006m | €0.007m | €0.009m | -€0.1m | - |
| Investment in fixed assets (approximation) | - | -€0.006m | -€0.01m | -€410 | -€0.001m | ▼ 117% |
| Change in cash | - | €2.4m | -€2.3m | -€0.06m | €0.2m | - |
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, 6,008 companies had the same profile as A & A has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of A & A itself: 2.3% 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 6,008 companies, not a prediction for A & A. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-09-2026 | 2026-00540886 | |
| 31-12-2024 | full format | 29-08-2025 | 2025-00463926 | |
| 31-12-2023 | abbreviated format | 30-09-2024 | 2024-00489649 | |
| 31-12-2023 | full format | 19-09-2024 | 2024-00468443 | |
| 31-12-2022 | full format | 09-10-2023 | 2023-00482794 | |
| 31-12-2021 | micro format | 05-08-2022 | 2022-20278649 |