A.E. Consult
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 13 filings
Turnover
≈ €250,000
Estimated: probably between €210,000 and €300,000
Total assets
€483,646▲ 12.4%
2024 · €430,413
Net result
€93,625▼ 3.8%
2024 · €97,298
Working capital
€373,650▲ 16.5%
2024 · €320,769
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€127,660
▼ 0.9%
2025
20182025
Net result
€93,625
▼ 3.8%
2025
highest quarter of the sector
20182025
Equity
€396,321
▲ 9.5%
2025
highest quarter of the sector
20182025
Total assets
€483,646
▲ 12.4%
2025
highest quarter of the sector
20182025
Debt
€87,326
▲ 27.7%
2025
20182025
Working capital
€373,650
▲ 16.5%
2025
highest quarter of the sector
20182025
Solvency
81.9%
▼ 2.2pp
2025
highest quarter of the sector
20182025
Current ratio
5.28
▼ 0.58
2025
highest quarter of the sector
20182025
Return on assets (ROA)
19.4%
▼ 3.2pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€46,905-€59,987▲ 27.9%€82,360▲ 37.3%€60,193▼ 26.9%€94,687▲ 57.3%€117,800▲ 24.4%€128,828▲ 9.4%€127,660▼ 0.9%
Net result€33,078-€42,787▲ 29.4%€59,344above the sector's middle half▲ 38.7%€42,974within the sector's middle half▼ 27.6%€68,863above the sector's middle half▲ 60.2%€85,223above the sector's middle half▲ 23.8%€97,298above the sector's middle half▲ 14.2%€93,625above the sector's middle half▼ 3.8%
Equity€156,568-€186,141▲ 18.9%€210,191within the sector's middle half▲ 12.9%€217,327within the sector's middle half▲ 3.4%€255,384above the sector's middle half▲ 17.5%€307,529above the sector's middle half▲ 20.4%€362,040above the sector's middle half▲ 17.7%€396,321above the sector's middle half▲ 9.5%
Total assets€162,565-€203,182▲ 25.0%€259,530within the sector's middle half▲ 27.7%€266,088within the sector's middle half▲ 2.5%€316,072within the sector's middle half▲ 18.8%€358,837within the sector's middle half▲ 13.5%€430,413within the sector's middle half▲ 19.9%€483,646above the sector's middle half▲ 12.4%
Debt€5,997-€17,041▲ 184%€49,339▲ 190%€48,761▼ 1.2%€60,688▲ 24.5%€51,309▼ 15.5%€68,373▲ 33.3%€87,326▲ 27.7%
Working capital€152,166-€183,939▲ 20.9%€208,330above the sector's middle half▲ 13.3%€213,610above the sector's middle half▲ 2.5%€180,816above the sector's middle half▼ 15.4%€244,908above the sector's middle half▲ 35.4%€320,769above the sector's middle half▲ 31.0%€373,650above the sector's middle half▲ 16.5%
Solvency96.3%-91.6%▼ 4.7pp81.0%above the sector's middle half▼ 10.6pp81.7%above the sector's middle half▲ 0.7pp80.8%above the sector's middle half▼ 0.9pp85.7%above the sector's middle half▲ 4.9pp84.1%above the sector's middle half▼ 1.6pp81.9%above the sector's middle half▼ 2.2pp
Current ratio26.37-11.79▼ 14.585.22above the sector's middle half▼ 6.575.38above the sector's middle half▲ 0.163.98within the sector's middle half▼ 1.405.77above the sector's middle half▲ 1.795.86above the sector's middle half▲ 0.085.28above the sector's middle half▼ 0.58
Return on assets (ROA)20.3%-21.1%▲ 0.7pp22.9%within the sector's middle half▲ 1.8pp16.2%within the sector's middle half▼ 6.7pp21.8%within the sector's middle half▲ 5.6pp23.7%within the sector's middle half▲ 2.0pp22.6%within the sector's middle half▼ 1.1pp19.4%within the sector's middle half▼ 3.2pp
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 2025 is 1% lower than in 2024.
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 €483,646
Fixed assets
€22,670 ▼ 48.0%
Current assets
€460,976 ▲ 19.2%
Equity and liabilities €483,646
Equity
€396,321 ▲ 9.5%
Debt
€87,326 ▲ 27.7%
Debt's share of the balance-sheet total rises from 15.9% to 18.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€148,576▼
2024 · €149,306
Cash flow
€114,541▼
2024 · €117,775
Debt to equity
0.22▲
2024 · 0.19
ROE
23.6%▼
2024 · 26.9%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€87,326▲
2024 · €66,057
Income taxes
€38,338▼
2024 · €40,066
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,851 | €88,287 | €6,623 | €1,443 | - |
| Depreciation and write-downs of the year | €995 | €17,436 | €18,570 | €20,477 | €20,916 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €227 awarded · €227 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,446 | €2,201 | €2,900 | €995 | €17,436 | €18,570 | €20,477 | €20,916 | ▲ 2.1% |
| Other operating charges640/8 | - | - | - | €503 | €507 | €775 | €615 | €640 | ▲ 4.1% |
| Gross operating margin9900 | €50,079 | €62,688 | €85,762 | €61,692 | €112,629 | €137,145 | €149,921 | €149,216 | ▼ 0.5% |
| Operating profit (loss)9901 | €46,905 | €59,987 | €82,360 | €60,193 | €94,687 | €117,800 | €128,828 | €127,660 | ▼ 0.9% |
| Financial income75/76B | - | - | - | €9 | €1 | €1,975 | €8,663 | €6,144 | ▼ 29.1% |
| Recurring financial income75 | €194 | - | - | €9 | €1 | €1,975 | €8,663 | €6,144 | ▼ 29.1% |
| Financial charges65/66B | - | - | - | €111 | €295 | €293 | €127 | €1,841 | ▲ 14× |
| Recurring financial charges65 | €305 | -€79 | €108 | €111 | €295 | €293 | €127 | €589 | ▲ 364% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €1,252 | - |
| Profit (loss) for the period before taxes9903 | €46,794 | €60,066 | €82,252 | €60,092 | €94,393 | €119,482 | €137,364 | €131,962 | ▼ 3.9% |
| Income taxes67/77 | €13,716 | €17,279 | €22,909 | €17,118 | €25,530 | €34,260 | €40,066 | €38,338 | ▼ 4.3% |
| Profit (loss) for the period9904 | €33,078 | €42,787 | €59,344 | €42,974 | €68,863 | €85,223 | €97,298 | €93,625 | ▼ 3.8% |
| Transfer from tax-exempt reserves789 | - | - | - | €278 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €33,078 | €42,787 | €59,344 | €43,252 | €68,863 | €85,223 | €97,298 | €93,625 | ▼ 3.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €162,565 | €203,182 | €259,530 | €266,088 | €316,072 | €358,837 | €430,413 | €483,646 | ▲ 12.4% |
| Fixed assets21/28 | €4,402 | €2,201 | €1,861 | €3,717 | €74,568 | €62,621 | €43,587 | €22,670 | ▼ 48.0% |
| Tangible fixed assets22/27 | €4,402 | €2,201 | €1,861 | €3,717 | €74,568 | €62,621 | €43,587 | €22,670 | ▼ 48.0% |
| Plant, machinery and equipment23 | - | - | - | €421 | €155 | - | €1,401 | €920 | ▼ 34.3% |
| Furniture and vehicles24 | - | - | - | €3,296 | €74,413 | €62,621 | €42,186 | €21,750 | ▼ 48.4% |
| Current assets29/58 | €158,163 | €200,981 | €257,669 | €262,372 | €241,504 | €296,216 | €386,826 | €460,976 | ▲ 19.2% |
| Amounts receivable within one year40/41 | €16,487 | €50 | - | €17,860 | €20,761 | €19,995 | €24,436 | €25,072 | ▲ 2.6% |
| Trade receivables40 | - | - | - | €17,860 | €20,761 | €19,740 | €24,436 | €25,072 | ▲ 2.6% |
| Other amounts receivable41 | - | - | - | - | - | €256 | - | - | - |
| Current investments50/53 | €19,805 | €20,001 | €20,001 | €20,001 | €25,001 | €215,799 | €216,766 | €338,533 | ▲ 56.2% |
| Cash at bank and in hand54/58 | €120,741 | €180,133 | €236,492 | €223,566 | €194,964 | €59,535 | €144,469 | €96,371 | ▼ 33.3% |
| Deferred charges and accrued income490/1 | - | - | - | €945 | €778 | €887 | €1,154 | €1,000 | ▼ 13.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €162,565 | €203,182 | €259,530 | €266,088 | €316,072 | €358,837 | €430,413 | €483,646 | ▲ 12.4% |
| Equity10/15 | €156,568 | €186,141 | €210,191 | €217,327 | €255,384 | €307,529 | €362,040 | €396,321 | ▲ 9.5% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Revaluation surpluses12 | - | - | - | - | - | €0 | - | - | - |
| Reserves13 | €150,326 | €179,941 | €203,991 | €211,127 | €249,184 | €301,329 | €355,840 | €390,121 | ▲ 9.6% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €209,267 | €247,324 | €301,329 | €355,840 | €390,121 | ▲ 9.6% |
| Profit (loss) carried forward14 | €42 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €5,997 | €17,041 | €49,339 | €48,761 | €60,688 | €51,309 | €68,373 | €87,326 | ▲ 27.7% |
| Amounts payable within one year42/48 | €5,997 | €17,041 | €49,339 | €48,761 | €60,688 | €51,309 | €66,057 | €87,326 | ▲ 32.2% |
| Trade debts44 | €854 | €1,122 | €20 | €1,213 | €2,434 | €942 | €171 | €0 | ▼ 100% |
| Suppliers440/4 | - | - | - | €1,213 | €2,434 | €942 | €171 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €10,040 | €25,781 | €17,893 | €23,933 | €30,924 | ▲ 29.2% |
| Taxes450/3 | - | - | - | €10,040 | €25,781 | €17,893 | €23,933 | €30,924 | ▲ 29.2% |
| Other amounts payable47/48 | - | - | - | €37,507 | €32,474 | €32,474 | €41,953 | €56,401 | ▲ 34.4% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €2,316 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €33,078 | €42,787 | €59,344 | €42,974 | €68,863 | €85,223 | €97,298 | €93,625 | ▼ 3.8% |
| + Depreciation and write-downs630 | €2,446 | €2,201 | €2,900 | €995 | €17,436 | €18,570 | €20,477 | €20,916 | ▲ 2.1% |
| Operating cash flow (approximation) | €35,524 | €44,988 | €62,243 | €43,969 | €86,299 | €103,793 | €117,775 | €114,541 | ▼ 2.7% |
| Investment in fixed assets (approximation) | - | €0 | -€2,559 | -€2,851 | -€88,287 | -€6,623 | -€1,443 | €0 | - |
| Change in cash | - | €59,392 | €56,358 | -€12,925 | -€28,602 | -€135,429 | €84,934 | -€48,098 | - |
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, 17,811 companies had the same profile as A.E. Consult has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of A.E. Consult 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 17,811 companies, not a prediction for A.E. Consult. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-06-2026 | 2026-00197814 | |
| 31-12-2024 | micro format | 28-07-2025 | 2025-00316259 | |
| 31-12-2023 | micro format | 14-07-2024 | 2024-00258475 | |
| 31-12-2022 | micro format | 15-07-2023 | 2023-00238765 | |
| 31-12-2021 | micro format | 25-08-2022 | 2022-20315931 | |
| 31-12-2020 | micro format | 26-08-2021 | 2021-55100533 | |
| 31-12-2019 | micro format | 16-09-2020 | 2020-53600390 | |
| 31-12-2018 | micro format | 11-08-2019 | 2019-46900281 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-51300372 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-51200449 |