A & I
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 19 filings
Equity
€135,421▼ 2.9%
2024 · €139,401
Total assets
€149,981▼ 2.6%
2024 · €153,961
Net result
-€3,980
2024 · €38,871
Working capital
€133,413▼ 4.3%
2024 · €139,401
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€3,934
2025
20182025
Net result
-€3,980
2025
lowest quarter of the sector
20182025
Equity
€135,421
▼ 2.9%
2025
middle half of the sector
20182025
Total assets
€149,981
▼ 2.6%
2025
middle half of the sector
20182025
Debt
€14,560
=
2025
20182025
Working capital
€133,413
▼ 4.3%
2025
highest quarter of the sector
20182025
Solvency
90.3%
▼ 0.3pp
2025
highest quarter of the sector
20182025
Current ratio
10.16
▼ 0.41
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-2.7%
▼ 27.9pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€10,363-€519▼ 95.0%€24,677▲ 48×€23,006▼ 6.8%€40,703▲ 76.9%€58,612▲ 44.0%€53,267▼ 9.1%-€3,934
Net result€7,080-€330▼ 95.3%€17,747within the sector's middle half▲ 54×€16,479within the sector's middle half▼ 7.1%€29,728within the sector's middle half▲ 80.4%€15,838within the sector's middle half▼ 46.7%€38,871within the sector's middle half▲ 145%-€3,980below the sector's middle half
Equity€70,409-€70,739▲ 0.5%€88,486within the sector's middle half▲ 25.1%€104,965within the sector's middle half▲ 18.6%€134,692within the sector's middle half▲ 28.3%€100,530within the sector's middle half▼ 25.4%€139,401within the sector's middle half▲ 38.7%€135,421within the sector's middle half▼ 2.9%
Total assets€111,631-€71,691▼ 35.8%€96,153within the sector's middle half▲ 34.1%€118,250within the sector's middle half▲ 23.0%€146,287within the sector's middle half▲ 23.7%€127,933within the sector's middle half▼ 12.5%€153,961within the sector's middle half▲ 20.3%€149,981within the sector's middle half▼ 2.6%
Debt€41,223-€952▼ 97.7%€7,667▲ 705%€13,285▲ 73.3%€11,595▼ 12.7%€27,403▲ 136%€14,560▼ 46.9%€14,560=
Working capital€70,409-€70,739▲ 0.5%€88,486within the sector's middle half▲ 25.1%€104,965within the sector's middle half▲ 18.6%€134,692within the sector's middle half▲ 28.3%€100,530within the sector's middle half▼ 25.4%€139,401within the sector's middle half▲ 38.7%€133,413above the sector's middle half▼ 4.3%
Solvency63.1%-98.7%▲ 35.6pp92.0%above the sector's middle half▼ 6.6pp88.8%above the sector's middle half▼ 3.3pp92.1%above the sector's middle half▲ 3.3pp78.6%above the sector's middle half▼ 13.5pp90.5%above the sector's middle half▲ 12.0pp90.3%above the sector's middle half▼ 0.3pp
Current ratio2.71-75.28▲ 72.5712.54above the sector's middle half▼ 62.748.90above the sector's middle half▼ 3.6412.62above the sector's middle half▲ 3.724.67above the sector's middle half▼ 7.9510.57above the sector's middle half▲ 5.9110.16above the sector's middle half▼ 0.41
Return on assets (ROA)6.3%-0.5%▼ 5.9pp18.5%within the sector's middle half▲ 18.0pp13.9%within the sector's middle half▼ 4.5pp20.3%within the sector's middle half▲ 6.4pp12.4%within the sector's middle half▼ 7.9pp25.2%within the sector's middle half▲ 12.9pp-2.7%below the sector's middle half▼ 27.9pp
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 a loss of €3,934, after a profit of €53,267 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €149,981
Fixed assets
€2,008
Current assets
€147,973
Equity and liabilities €149,981
Equity
€135,421 ▼ 2.9%
Debt
€14,560 =
Debt's share of the balance-sheet total rises from 9.5% to 9.7%. Equity is lower.
Key figures and ratios
EBITDA
-€3,853
Cash flow
-€3,900
Debt to equity
0.11▲
2024 · 0.10
ROE
-2.9%▼
2024 · 27.9%
Interest coverage
-25.84
Debt ≤ 1 year
€14,560=
2024 · €14,560
Income taxes
€0▼
2024 · €14,560
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 | - | - | - | - | €2,089 |
| Depreciation and write-downs of the year | - | - | - | - | €80 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | - | - | - | €80 | - |
| Other operating charges640/8 | - | - | - | - | - | - | - | €400 | - |
| Gross operating margin9900 | €10,363 | €519 | €24,677 | €23,006 | €40,703 | €58,612 | €53,267 | -€3,454 | - |
| Operating profit (loss)9901 | €10,363 | €519 | €24,677 | €23,006 | €40,703 | €58,612 | €53,267 | -€3,934 | - |
| Financial income75/76B | - | - | - | - | - | - | €390 | €103 | ▼ 73.6% |
| Recurring financial income75 | - | - | - | - | - | - | €390 | €103 | ▼ 73.6% |
| Financial charges65/66B | - | - | - | €128 | €167 | €27,181 | €225 | €149 | ▼ 33.9% |
| Recurring financial charges65 | €42 | €67 | €44 | €128 | €167 | €27,181 | €225 | €149 | ▼ 33.9% |
| Profit (loss) for the period before taxes9903 | €10,321 | €453 | €24,633 | €22,878 | €40,536 | €31,432 | €53,431 | -€3,980 | - |
| Income taxes67/77 | €3,240 | €122 | €6,886 | €6,399 | €10,808 | €15,594 | €14,560 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €7,080 | €330 | €17,747 | €16,479 | €29,728 | €15,838 | €38,871 | -€3,980 | - |
| Profit (loss) for the period to be appropriated9905 | €7,080 | €330 | €17,747 | €16,479 | €29,728 | €15,838 | €38,871 | -€3,980 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €111,631 | €71,691 | €96,153 | €118,250 | €146,287 | €127,933 | €153,961 | €149,981 | ▼ 2.6% |
| Fixed assets21/28 | - | - | - | - | - | - | - | €2,008 | - |
| Tangible fixed assets22/27 | - | - | - | - | - | - | - | €2,008 | - |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €2,008 | - |
| Current assets29/58 | €111,631 | €71,691 | €96,153 | €118,250 | €146,287 | €127,933 | €153,961 | €147,973 | ▼ 3.9% |
| Amounts receivable within one year40/41 | €3,775 | €2,500 | €11,283 | €12,111 | €23,061 | €23,709 | €49,908 | €59,908 | ▲ 20.0% |
| Other amounts receivable41 | - | - | - | €12,111 | €23,061 | €23,709 | €49,908 | €59,908 | ▲ 20.0% |
| Current investments50/53 | €100,000 | €67,500 | €58,500 | €51,000 | €51,000 | €70,000 | €0 | - | - |
| Cash at bank and in hand54/58 | €7,856 | €1,691 | €26,370 | €55,139 | €72,226 | €34,224 | €104,053 | €88,065 | ▼ 15.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €111,631 | €71,691 | €96,153 | €118,250 | €146,287 | €127,933 | €153,961 | €149,981 | ▼ 2.6% |
| Equity10/15 | €70,409 | €70,739 | €88,486 | €104,965 | €134,692 | €100,530 | €139,401 | €135,421 | ▼ 2.9% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Capital10 | - | - | - | €12,400 | €12,400 | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Uncalled capital101 | - | - | - | €6,200 | €6,200 | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | - | €12,400 | - | - | - |
| Other1109/19 | - | - | - | - | - | €12,400 | - | - | - |
| Reserves13 | €58,009 | €58,339 | €76,086 | €92,565 | €122,292 | €88,130 | €127,001 | €123,021 | ▼ 3.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €90,705 | €120,432 | €88,130 | €127,001 | €123,021 | ▼ 3.1% |
| Amounts payable17/49 | €41,223 | €952 | €7,667 | €13,285 | €11,595 | €27,403 | €14,560 | €14,560 | = |
| Amounts payable within one year42/48 | €41,223 | €952 | €7,667 | €13,285 | €11,595 | €27,403 | €14,560 | €14,560 | = |
| Trade debts44 | - | - | - | - | €787 | €787 | €0 | - | - |
| Suppliers440/4 | - | - | - | - | €787 | €787 | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €13,285 | €10,808 | €26,402 | €14,560 | €14,560 | = |
| Taxes450/3 | - | - | - | €13,285 | €10,808 | €26,402 | €14,560 | €14,560 | = |
| Other amounts payable47/48 | - | - | - | - | - | €214 | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,080 | €330 | €17,747 | €16,479 | €29,728 | €15,838 | €38,871 | -€3,980 | - |
| + Depreciation and write-downs630 | - | - | - | - | - | - | - | €80 | - |
| Operating cash flow (approximation) | €7,080 | €330 | €17,747 | €16,479 | €29,728 | €15,838 | €38,871 | -€3,900 | - |
| Change in cash | - | -€6,165 | €24,679 | €28,769 | €17,087 | -€38,002 | €69,829 | -€15,988 | - |
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, 12,322 companies had the same profile as A & I has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of A & I 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 12,322 companies, not a prediction for A & I. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-07-2026 | 2026-00320302 | |
| 31-12-2024 | micro format | 27-08-2025 | 2025-00463252 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00328985 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00430763 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20378752 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-59800567 | |
| 31-12-2019 | micro format | 28-08-2020 | 2020-48400179 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-56400530 | |
| 31-12-2017 | micro format | 29-08-2018 | 2018-58000458 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-59700173 |