A-Denth
ActiveFinancials · financial year 2026, abbreviated format
Annual accounts 2026 filed on 28-10-2026 at the NBB all 11 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€63,084
EBIT margin
22.6%
Net result
€11,966▼ 26.7%
2025 · €16,319
Working capital
€27,502▼ 27.6%
2025 · €37,973
Multi-year overview
2019 to 2026, 8 financial yearsTurnover
no figure
2026
20192026
Operating result
€17,168
▼ 21.2%
2026
20192026
Net result
€11,966
▼ 26.7%
2026
20192026
EBIT margin
no figure
2026
20192026
Equity
€30,516
▼ 25.3%
2026
20192026
Total assets
€50,047
▼ 14.1%
2026
20192026
Debt
€19,530
▲ 12.2%
2026
20192026
Working capital
€27,502
▼ 27.6%
2026
20192026
Solvency
61.0%
▼ 9.2pp
2026
20192026
Current ratio
2.50
▼ 0.69
2026
20192026
Return on assets (ROA)
23.9%
▼ 4.1pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Turnover€63,084
Operating result€2,941--€5,312€5,463€14,892▲ 173%€14,273▼ 4.2%€17,517▲ 22.7%€21,797▲ 24.4%€17,168▼ 21.2%
Net result€1,965--€5,100€3,999below the sector's middle half€10,358below the sector's middle half▲ 159%€9,551below the sector's middle half▼ 7.8%€12,978below the sector's middle half▲ 35.9%€16,319below the sector's middle half▲ 25.7%€11,966▼ 26.7%
EBIT margin22.6%
Equity€40,904-€35,804▼ 12.5%€39,803below the sector's middle half▲ 11.2%€50,161below the sector's middle half▲ 26.0%€40,862below the sector's middle half▼ 18.5%€40,862below the sector's middle half=€40,862below the sector's middle half=€30,516▼ 25.3%
Total assets€41,582-€36,358▼ 12.6%€48,396below the sector's middle half▲ 33.1%€50,893below the sector's middle half▲ 5.2%€66,447below the sector's middle half▲ 30.6%€54,192below the sector's middle half▼ 18.4%€58,269below the sector's middle half▲ 7.5%€50,047▼ 14.1%
Debt€678-€554▼ 18.2%€8,593▲ 16×€732▼ 91.5%€25,585▲ 35×€13,330▼ 47.9%€17,407▲ 30.6%€19,530▲ 12.2%
Working capital€39,128-€35,007▼ 10.5%€39,568below the sector's middle half▲ 13.0%€49,037below the sector's middle half▲ 23.9%€40,388below the sector's middle half▼ 17.6%€37,397below the sector's middle half▼ 7.4%€37,973within the sector's middle half▲ 1.5%€27,502▼ 27.6%
Solvency98.4%-98.5%▲ 0.1pp82.2%above the sector's middle half▼ 16.2pp98.6%above the sector's middle half▲ 16.3pp61.5%within the sector's middle half▼ 37.1pp75.4%within the sector's middle half▲ 13.9pp70.1%within the sector's middle half▼ 5.3pp61.0%▼ 9.2pp
Current ratio58.74-64.16▲ 5.425.60within the sector's middle half▼ 58.5568.03above the sector's middle half▲ 62.422.59within the sector's middle half▼ 65.433.81within the sector's middle half▲ 1.213.18within the sector's middle half▼ 0.622.50▼ 0.69
Return on assets (ROA)4.7%--14.0%▼ 18.8pp8.3%within the sector's middle half▲ 22.3pp20.4%within the sector's middle half▲ 12.1pp14.4%within the sector's middle half▼ 6.0pp23.9%above the sector's middle half▲ 9.6pp28.0%above the sector's middle half▲ 4.1pp23.9%▼ 4.1pp
above
within
below
The sector band is the middle half of the companies in Human health activities (NACE 86). 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 2026 is 21% lower than in 2025.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €50,047
Fixed assets
€4,161 ▲ 44.0%
Current assets
€45,886 ▼ 17.1%
Equity and liabilities €50,047
Equity
€30,516 ▼ 25.3%
Debt
€19,530 ▲ 12.2%
Debt's share of the balance-sheet total rises from 29.9% to 39.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€17,570▼
2025 · €22,372
Cash flow
€12,368▼
2025 · €16,894
Debt to equity
0.64▲
2025 · 0.43
ROE
39.2%▼
2025 · 39.9%
Interest coverage
9.31▼
2025 · 24.60
Debt ≤ 1 year
€18,384▲
2025 · €17,407
Income taxes
€3,827▼
2025 · €4,916
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,348 | - | €3,500 | - | €1,673 |
| Depreciation and write-downs of the year | €460 | €449 | €709 | €575 | €402 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | €63,084 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €53,942 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,718 | €979 | €561 | €460 | €449 | €709 | €575 | €402 | ▼ 30.1% |
| Other operating charges640/8 | - | - | - | €864 | €510 | €923 | €765 | €785 | ▲ 2.7% |
| Gross operating margin9900 | €5,173 | -€3,815 | €6,544 | €16,215 | €15,233 | €19,150 | €23,137 | €18,355 | ▼ 20.7% |
| Operating profit (loss)9901 | €2,941 | -€5,312 | €5,463 | €14,892 | €14,273 | €17,517 | €21,797 | €17,168 | ▼ 21.2% |
| Financial income75/76B | - | - | - | €14 | €0 | €180 | €348 | €512 | ▲ 47.3% |
| Recurring financial income75 | €1,042 | €350 | - | €14 | €0 | €180 | €348 | €512 | ▲ 47.3% |
| Financial charges65/66B | - | - | - | €37 | €196 | €338 | €910 | €1,887 | ▲ 107% |
| Recurring financial charges65 | €34 | €40 | €50 | €37 | €196 | €338 | €910 | €1,887 | ▲ 107% |
| Profit (loss) for the period before taxes9903 | €3,949 | -€5,002 | €5,413 | €14,869 | €14,078 | €17,359 | €21,235 | €15,793 | ▼ 25.6% |
| Income taxes67/77 | €1,985 | €99 | €1,413 | €4,511 | €4,526 | €4,381 | €4,916 | €3,827 | ▼ 22.1% |
| Profit (loss) for the period9904 | €1,965 | -€5,100 | €3,999 | €10,358 | €9,551 | €12,978 | €16,319 | €11,966 | ▼ 26.7% |
| Profit (loss) for the period to be appropriated9905 | €1,965 | -€5,100 | €3,999 | €10,358 | €9,551 | €12,978 | €16,319 | €11,966 | ▼ 26.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €41,582 | €36,358 | €48,396 | €50,893 | €66,447 | €54,192 | €58,269 | €50,047 | ▼ 14.1% |
| Fixed assets21/28 | €1,776 | €797 | €236 | €1,124 | €675 | €3,465 | €2,890 | €4,161 | ▲ 44.0% |
| Tangible fixed assets22/27 | €1,776 | €797 | €236 | €1,124 | €675 | €3,465 | €2,890 | €4,161 | ▲ 44.0% |
| Plant, machinery and equipment23 | - | - | - | €1,124 | €675 | €225 | - | €1,621 | - |
| Furniture and vehicles24 | - | - | - | - | - | €3,240 | €2,890 | €2,540 | ▼ 12.1% |
| Current assets29/58 | €39,806 | €35,561 | €48,160 | €49,769 | €65,772 | €50,727 | €55,379 | €45,886 | ▼ 17.1% |
| Amounts receivable within one year40/41 | €4,175 | €9,213 | €3,969 | €489 | €1,507 | €7,491 | €6,017 | €1,173 | ▼ 80.5% |
| Other amounts receivable41 | - | - | - | €489 | €1,507 | €7,491 | €6,017 | €1,173 | ▼ 80.5% |
| Current investments50/53 | - | - | - | - | €6,125 | €8,325 | €11,325 | €14,775 | ▲ 30.5% |
| Cash at bank and in hand54/58 | €32,693 | €26,209 | €37,502 | €43,581 | €51,891 | €27,594 | €29,104 | €21,187 | ▼ 27.2% |
| Deferred charges and accrued income490/1 | - | - | - | €5,699 | €6,250 | €7,317 | €8,934 | €8,752 | ▼ 2.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €41,582 | €36,358 | €48,396 | €50,893 | €66,447 | €54,192 | €58,269 | €50,047 | ▼ 14.1% |
| Equity10/15 | €40,904 | €35,804 | €39,803 | €50,161 | €40,862 | €40,862 | €40,862 | €30,516 | ▼ 25.3% |
| Contributions10/11 | €12,400 | - | - | €12,400 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €28,504 | €23,404 | €27,403 | €37,761 | €22,312 | €22,312 | €22,312 | €11,966 | ▼ 46.4% |
| Distributable reserves133 | - | - | - | €37,761 | €22,312 | €22,312 | €22,312 | €11,966 | ▼ 46.4% |
| Amounts payable17/49 | €678 | €554 | €8,593 | €732 | €25,585 | €13,330 | €17,407 | €19,530 | ▲ 12.2% |
| Amounts payable within one year42/48 | €678 | €554 | €8,593 | €732 | €25,385 | €13,330 | €17,407 | €18,384 | ▲ 5.6% |
| Trade debts44 | €678 | €554 | €626 | €390 | €385 | €352 | €1,088 | €1,044 | ▼ 4.0% |
| Suppliers440/4 | - | - | - | €390 | €385 | €352 | €1,088 | €1,044 | ▼ 4.0% |
| Taxes, remuneration and social security45 | - | - | - | €342 | - | - | - | - | - |
| Taxes450/3 | - | - | - | €342 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | - | €25,000 | €12,978 | €16,319 | €17,340 | ▲ 6.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | €200 | - | - | €1,146 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,965 | -€5,100 | €3,999 | €10,358 | €9,551 | €12,978 | €16,319 | €11,966 | ▼ 26.7% |
| + Depreciation and write-downs630 | €1,718 | €979 | €561 | €460 | €449 | €709 | €575 | €402 | ▼ 30.1% |
| Operating cash flow (approximation) | €3,683 | -€4,121 | €4,560 | €10,818 | €10,001 | €13,688 | €16,894 | €12,368 | ▼ 26.8% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€1,348 | €0 | -€3,500 | €0 | -€1,673 | - |
| Change in cash | - | -€6,484 | €11,294 | €6,079 | €8,310 | -€24,297 | €1,510 | -€7,917 | - |
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, 34,693 companies had the same profile as A-Denth has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of A-Denth 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 34,693 companies, not a prediction for A-Denth. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | abbreviated format | 28-10-2026 | 2026-00570806 | |
| 31-03-2025 | abbreviated format | 20-10-2025 | 2025-00545275 | |
| 31-03-2024 | abbreviated format | 17-10-2024 | 2024-00509540 | |
| 31-03-2023 | abbreviated format | 28-10-2023 | 2023-00495516 | |
| 31-03-2022 | abbreviated format | 04-11-2022 | 2022-20484735 | |
| 31-03-2021 | abbreviated format | 29-10-2021 | 2021-74800448 | |
| 31-03-2020 | abbreviated format | 05-11-2020 | 2020-69000233 | |
| 31-03-2019 | abbreviated format | 06-11-2019 | 2019-73500500 | |
| 31-03-2018 | abbreviated format | 09-11-2018 | 2018-72000595 | |
| 31-03-2017 | abbreviated format | 09-11-2017 | 2017-69600010 |