A + E
ActiveSummary
A + E has been active since 1995 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €119,716 and a net result of €11,300. Equity is shrinking by about 12% per year and would, assuming unchanged policy, indicatively turn negative around financial year 2028. Its solvency ranks better than 31% of 10,582 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Financials · financial year 2025, abbreviated format
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€11,300▲ 270%
2024 · €3,057
Working capital
-€35,508▲ 25.9%
2024 · -€47,917
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 10% above 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€0.02m
2025
Net result€0.01m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€0.4m
2025
Equity€0.1m
2025
Debt€0.3m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€0.04m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)2.9%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency30.4%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.30
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 70, Activities of head offices; management consultancy activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.02m-€0.03m▲ 28.1%€0.03m▼ 2.3%€0.04m▲ 41.3%€0.03m▼ 25.9%€0.01m▼ 56.1%€0.02m▲ 47.6%€0.02m▲ 10.5%
Net result€0.02m-€0.02m▲ 6.6%€0.02mwithin the sector's middle half▲ 12.4%€0.02mwithin the sector's middle half▼ 1.9%€0.02mwithin the sector's middle half▼ 9.7%-€0.4mbelow the sector's middle half€0.003mwithin the sector's middle half€0.01mwithin the sector's middle half▲ 270%
Equity€0.5m-€0.5m▲ 4.0%€0.5mwithin the sector's middle half▲ 4.3%€0.5mwithin the sector's middle half▲ 4.0%€0.6mwithin the sector's middle half▲ 3.5%€0.1mwithin the sector's middle half▼ 80.9%€0.1mwithin the sector's middle half▲ 2.9%€0.1mwithin the sector's middle half▲ 10.4%
Total assets€1.1m-€1.0m▼ 6.7%€1.0mwithin the sector's middle half▼ 2.5%€1.0mwithin the sector's middle half▼ 0.3%€1.0mwithin the sector's middle half▲ 6.0%€0.5mwithin the sector's middle half▼ 54.8%€0.4mwithin the sector's middle half▼ 4.2%€0.4mwithin the sector's middle half▼ 10.2%
Debt€0.6m-€0.5m▼ 15.4%€0.4m▼ 9.4%€0.4m▼ 5.3%€0.5m▲ 9.2%€0.4m▼ 23.6%€0.3m▼ 6.4%€0.3m▼ 16.9%
Working capital€0.05m--€0.1m-€0.1mwithin the sector's middle half▼ 6.8%-€0.2mbelow the sector's middle half▼ 117%-€0.3mbelow the sector's middle half▼ 50.0%-€0.08mwithin the sector's middle half▲ 77.7%-€0.05mwithin the sector's middle half▲ 37.6%-€0.04mwithin the sector's middle half▲ 25.9%
Solvency44.8%-50.0%▲ 5.1pp53.5%within the sector's middle half▲ 3.5pp55.8%within the sector's middle half▲ 2.3pp54.5%within the sector's middle half▼ 1.3pp23.0%within the sector's middle half▼ 31.5pp24.7%within the sector's middle half▲ 1.7pp30.4%within the sector's middle half▲ 5.7pp
Current ratio2.14-0.29▼ 1.850.12below the sector's middle half▼ 0.160.05below the sector's middle half▼ 0.070.17below the sector's middle half▲ 0.120.15below the sector's middle half▼ 0.020.12below the sector's middle half▼ 0.030.30below the sector's middle half▲ 0.17
Return on assets (ROA)1.7%-1.9%▲ 0.2pp2.2%within the sector's middle half▲ 0.3pp2.2%within the sector's middle half=1.8%within the sector's middle half▼ 0.3pp-97.6%below the sector's middle half▼ 99.5pp0.7%within the sector's middle half▲ 98.3pp2.9%within the sector's middle half▲ 2.2pp
above
within
below
the middle half of NACE 70, Activities of head offices; management consultancy activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €393,589
Fixed assets
€378,694 ▼ 12.2%
Current assets
€14,895 ▲ 124%
Equity and liabilities €393,589
Equity
€119,716 ▲ 10.4%
Debt
€273,873 ▼ 16.9%
Debt's share of the balance-sheet total falls from 75.3% to 69.6%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
2.29▼
2024 · 3.04
ROE
9.4%▲
2024 · 2.8%
Debt ≤ 1 year
€50,403▼
2024 · €54,570
Debt > 1 year
€223,470▼
2024 · €275,167
Income taxes
€5,242▲
2024 · -€2,854
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €16,770 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €23,908 | - | €13,170 | €3,345 | €2,209 | ▼ 34.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,337 | - | - | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €868 | €868 | €960 | €968 | - | - |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €75 | - |
| Gross operating margin9900 | €29,381 | €43,054 | €29,868 | €41,852 | €31,247 | €14,297 | €20,655 | €21,825 | ▲ 5.7% |
| Operating profit (loss)9901 | €23,176 | €29,686 | €29,000 | €40,984 | €30,379 | €13,337 | €19,687 | €21,750 | ▲ 10.5% |
| Financial income75/76B | - | - | - | €20 | €542 | €53,469 | - | €1,279 | - |
| Recurring financial income75 | €7,626 | €2,218 | €4 | €20 | €542 | €53,469 | - | €1,279 | - |
| Financial charges65/66B | - | - | - | €8,037 | €4,405 | €503,124 | €19,484 | €6,487 | ▼ 66.7% |
| Recurring financial charges65 | €10,601 | €13,167 | - | €8,037 | €4,405 | €3,124 | €1,355 | €6,487 | ▲ 379% |
| Non-recurring financial charges66B | - | - | - | - | - | €500,000 | €18,129 | - | - |
| Profit (loss) for the period before taxes9903 | €20,201 | €18,737 | €29,004 | €32,967 | €26,516 | -€436,318 | €203 | €16,542 | ▲ 8,049% |
| Income taxes67/77 | €2,629 | - | €7,937 | €12,290 | €7,849 | €10,354 | -€2,854 | €5,242 | - |
| Profit (loss) for the period9904 | €17,572 | €18,737 | €21,067 | €20,677 | €18,667 | -€446,672 | €3,057 | €11,300 | ▲ 270% |
| Transfer from tax-exempt reserves789 | - | - | - | €46,500 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €17,572 | €18,737 | €21,067 | €67,177 | €18,667 | -€446,672 | €3,057 | €11,300 | ▲ 270% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.1m | €1.0m | €1.0m | €1.0m | €1.0m | €0.5m | €0.4m | €0.4m | ▼ 10.2% |
| Fixed assets21/28 | €1.0m | €0.9m | €0.9m | €0.9m | €0.9m | €0.4m | €0.4m | €0.4m | ▼ 12.2% |
| Financial fixed assets28 | €1.0m | €0.9m | €0.9m | €0.9m | €0.9m | €0.4m | €0.4m | €0.4m | ▼ 12.2% |
| Current assets29/58 | €0.1m | €0.04m | €0.01m | €0.01m | €0.07m | €0.01m | €0.007m | €0.01m | ▲ 124% |
| Amounts receivable after more than one year29 | - | - | - | - | €0.04m | - | - | - | - |
| Other amounts receivable291 | - | - | - | - | €0.04m | - | - | - | - |
| Amounts receivable within one year40/41 | €0.09m | €0.03m | - | - | €0.02m | €0.007m | €0.004m | €0.01m | ▲ 222% |
| Trade receivables40 | - | - | - | - | €371 | €0.002m | €0.002m | €0.002m | = |
| Other amounts receivable41 | - | - | - | - | €0.02m | €0.004m | €0.002m | €0.01m | ▲ 490% |
| Cash at bank and in hand54/58 | €0.006m | €0.01m | €0.01m | €0.01m | €0.01m | €0.007m | €0.002m | €0.001m | ▼ 69.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.1m | €1.0m | €1.0m | €1.0m | €1.0m | €0.5m | €0.4m | €0.4m | ▼ 10.2% |
| Equity10/15 | €0.5m | €0.5m | €0.5m | €0.5m | €0.6m | €0.1m | €0.1m | €0.1m | ▲ 10.4% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Capital10 | - | - | - | €0.02m | €0.02m | - | - | - | - |
| Issued capital100 | - | - | - | €0.02m | €0.02m | - | - | - | - |
| Reserves13 | €0.09m | €0.09m | €0.09m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Non-distributable reserves130/1 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Legal reserve130 | - | - | - | €0.05m | €0.05m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | €0.05m | €0.05m | €0.05m | = |
| Profit (loss) carried forward14 | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | €0.04m | €0.04m | €0.05m | ▲ 26.4% |
| Amounts payable17/49 | €0.6m | €0.5m | €0.4m | €0.4m | €0.5m | €0.4m | €0.3m | €0.3m | ▼ 16.9% |
| Amounts payable after more than one year17 | €0.5m | €0.4m | €0.3m | €0.2m | €0.05m | €0.3m | €0.3m | €0.2m | ▼ 18.8% |
| Financial debts170/4 | - | - | - | €0.2m | €0.05m | - | - | - | - |
| Other amounts payable178/9 | - | - | - | - | - | €0.3m | €0.3m | €0.2m | ▼ 18.8% |
| Amounts payable within one year42/48 | €0.05m | €0.1m | €0.1m | €0.2m | €0.4m | €0.09m | €0.05m | €0.05m | ▼ 7.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.05m | - | - | - |
| Trade debts44 | €0.002m | - | - | €34 | - | €131 | €0.001m | €257 | ▼ 49.8% |
| Suppliers440/4 | - | - | - | €34 | - | €131 | €0.001m | €257 | ▼ 49.8% |
| Advances received on contracts in progress46 | - | - | - | - | €0.04m | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.02m | €0.008m | €0.006m | €0.01m | ▲ 83.7% |
| Taxes450/3 | - | - | - | €0.02m | €0.02m | €0.008m | €0.006m | €0.01m | ▲ 86.7% |
| Remuneration and social security454/9 | - | - | - | - | €126 | €204 | €204 | €204 | = |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.2m | €0.03m | €0.05m | €0.04m | ▼ 18.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,572 | €18,737 | €21,067 | €20,677 | €18,667 | -€446,672 | €3,057 | €11,300 | ▲ 270% |
| + Depreciation and write-downs630 | €5,337 | - | - | - | - | - | - | - | - |
| Operating cash flow (approximation) | €22,909 | €18,737 | €21,067 | €20,677 | €18,667 | -€446,672 | €3,057 | €11,300 | ▲ 270% |
| Investment in fixed assets (approximation) | - | €12,500 | €0 | €0 | €90 | €500,000 | €12,500 | €52,806 | ▲ 322% |
| Change in cash | - | €6,715 | €1,895 | -€3,071 | -€1,585 | -€3,351 | -€4,464 | -€1,556 | ▲ 65.1% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 30 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-06-2026 | 2026-00193040 |
| 31-12-2024 | full format | 04-06-2025 | 2025-00118000 |
| 31-12-2023 | full format | 07-06-2024 | 2024-00114569 |
| 31-12-2022 | full format | 22-08-2023 | 2023-00340961 |
| 31-12-2021 | full format | 25-06-2022 | 2022-20092091 |
| 31-12-2020 | full format | 21-06-2021 | 2021-22100265 |
| 31-12-2019 | full format | 10-09-2020 | 2020-52000525 |
| 31-12-2018 | full format | 27-08-2019 | 2019-50700452 |
| 31-12-2017 | full format | 27-08-2018 | 2018-49700074 |
| 31-12-2016 | micro format | 24-08-2017 | 2017-46300545 |
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Of the 82,226 active companies whose main activity is business and other management consultancy (NACE 70200), figures are known for 53,855. 41,815 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.