A.P.
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 20-06-2026 at the NBB all 33 filings
Turnover
≈ €330,000
Estimated: probably between €220,000 and €510,000
EBIT margin
Not included in this filing
Net result
€57,478
2024 · -€40,249
Working capital
€247,390▲ 10.7%
2024 · €223,428
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€93,778
2025
20182025
Net result
€57,478
2025
20182025
Equity
€458,011
▼ 8.5%
2025
20182025
Total assets
€757,739
▲ 11.5%
2025
20182025
Debt
€285,782
▲ 117%
2025
20182025
Working capital
€247,390
▲ 10.7%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.004m--€0.01m-€0.04m▼ 229%€0.1m-€0.02m-€0.007m▲ 54.0%-€0.04m▼ 430%€0.09m
Net result-€0.005m--€0.02m▼ 229%-€0.05m▼ 181%€0.07m-€0.02m-€0.02m▲ 11.9%-€0.04m▼ 163%€0.06m
Equity€0.6m-€0.6m▼ 2.9%€0.5m▼ 11.0%€0.6m▲ 12.7%€0.6m▼ 3.1%€0.5m▼ 4.5%€0.5m▼ 7.4%€0.5m▼ 8.5%
Total assets€1.0m-€1.0m▲ 4.6%€1.0m▲ 0.6%€0.9m▼ 9.4%€0.9m▼ 2.8%€0.8m▼ 12.5%€0.7m▼ 13.2%€0.8m▲ 11.5%
Debt€0.1m-€0.2m▲ 72.2%€0.3m▲ 54.6%€0.2m▼ 28.2%€0.2m▲ 4.2%€0.2m▼ 29.1%€0.1m▼ 24.7%€0.3m▲ 117%
Working capital€0.3m-€0.3m▼ 10.0%€0.3m▲ 2.9%€0.4m▲ 56.5%€0.3m▼ 25.2%€0.3m▼ 14.3%€0.2m▼ 17.1%€0.2m▲ 10.7%
The operating result for 2025 is a profit of €93,778, after a loss of €37,818 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €757,739
Fixed assets
€295,656 ▼ 29.8%
Current assets
€462,083 ▲ 78.8%
Equity and liabilities €757,739
Equity
€458,011 ▼ 8.5%
Provisions
€13,946 ▼ 70.2%
Debt
€285,782 ▲ 117%
Debt's share of the balance-sheet total rises from 19.4% to 37.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€132,922▲
2024 · €3,293
Cash flow
€96,622▲
2024 · €862
Current ratio
2.15▼
2024 · 7.39
Quick ratio
1.14▼
2024 · 4.43
Debt to equity
0.62▲
2024 · 0.26
ROE
12.5%▲
2024 · -8.0%
ROA
7.6%▲
2024 · -5.9%
Interest coverage
14.29▲
2024 · 0.24
Debt ≤ 1 year
€214,694▲
2024 · €34,977
Debt > 1 year
€71,089▼
2024 · €97,008
Income taxes
€53,574▲
2024 · €166
Staff costs
€66▲
2024 · €13
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €25,000 | - | - | - | - |
| Mortgage mandates | €125,000 | - | - | - | - |
| Carrying value of the mortgaged assets | €136,954 | - | - | - | - |
| Pledge on other assets, amount secured | €255,000 | - | - | - | - |
| Carrying value of the other pledged assets | €190,991 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €118,554 | €21,260 | - | - |
| Depreciation and write-downs of the year | €53,273 | €58,452 | €43,319 | €41,111 | €39,144 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €13 | €66 | ▲ 400% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €53,924 | €55,269 | €63,429 | €53,273 | €58,452 | €43,319 | €41,111 | €39,144 | ▼ 4.8% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€46,139 | -€8,475 | -€8,475 | -€8,475 | -€7,769 | ▲ 8.3% |
| Other operating charges640/8 | - | - | - | €70,408 | €20,227 | €11,029 | €5,148 | €6,330 | ▲ 23.0% |
| Gross operating margin9900 | €63,632 | €47,799 | €19,929 | €180,355 | €54,690 | €38,739 | -€21 | €131,549 | - |
| Operating profit (loss)9901 | €4,097 | -€12,414 | -€40,813 | €102,813 | -€15,514 | -€7,134 | -€37,818 | €93,778 | - |
| Financial income75/76B | - | - | - | - | €2,182 | €1,265 | €8 | €1,453 | ▲ 183× |
| Recurring financial income75 | €3 | €1 | €1,742 | - | €1,139 | €1 | €8 | €1,453 | ▲ 183× |
| Non-recurring financial income76B | - | - | - | - | €1,044 | €1,265 | €0 | - | - |
| Financial charges65/66B | - | - | - | €21,582 | €12,127 | €15,022 | €13,536 | €9,303 | ▼ 31.3% |
| Recurring financial charges65 | €22,971 | €15,266 | €28,022 | €21,582 | €12,127 | €15,022 | €13,536 | €9,303 | ▼ 31.3% |
| Profit (loss) for the period before taxes9903 | -€18,871 | -€27,680 | -€67,093 | €81,231 | -€25,458 | -€20,891 | -€51,346 | €85,929 | - |
| Transfer from deferred taxes780 | - | - | - | €22,823 | €8,973 | €6,712 | €11,263 | €25,123 | ▲ 123% |
| Income taxes67/77 | €261 | €176 | -€1,532 | €38,212 | €864 | €1,104 | €166 | €53,574 | ▲ 323× |
| Profit (loss) for the period9904 | -€5,253 | -€17,290 | -€48,609 | €65,842 | -€17,349 | -€15,282 | -€40,249 | €57,478 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €50,878 | €23,047 | €16,258 | €20,922 | €63,963 | ▲ 206% |
| Profit (loss) for the period to be appropriated9905 | €29,299 | €8,580 | -€4,947 | €116,720 | €5,698 | €975 | -€19,327 | €121,441 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.0m | €1.0m | €1.0m | €0.9m | €0.9m | €0.8m | €0.7m | €0.8m | ▲ 11.5% |
| Fixed assets21/28 | €0.6m | €0.5m | €0.6m | €0.4m | €0.5m | €0.5m | €0.4m | €0.3m | ▼ 29.8% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.6m | €0.5m | €0.6m | €0.4m | €0.5m | €0.5m | €0.4m | €0.3m | ▼ 29.8% |
| Land and buildings22 | - | - | - | €0.3m | €0.4m | €0.3m | €0.3m | €0.2m | ▼ 28.3% |
| Plant, machinery and equipment23 | - | - | - | €0.1m | €0.09m | €0.08m | €0.06m | €0.04m | ▼ 34.7% |
| Furniture and vehicles24 | - | - | - | - | €0.04m | €0.03m | €0.02m | €0.01m | ▼ 37.6% |
| Current assets29/58 | €0.4m | €0.5m | €0.5m | €0.5m | €0.4m | €0.3m | €0.3m | €0.5m | ▲ 78.8% |
| Amounts receivable after more than one year29 | - | - | - | €0.09m | €0.07m | €0.06m | €0.05m | €0.03m | ▼ 29.9% |
| Trade receivables290 | - | - | - | €0.09m | €0.07m | €0.06m | €0.05m | €0.03m | ▼ 29.9% |
| Stocks and contracts in progress3 | €0.4m | €0.5m | €0.3m | €0.3m | €0.3m | - | €0.1m | €0.2m | ▲ 109% |
| Stocks30/36 | - | - | - | €0.3m | €0.3m | - | €0.1m | €0.2m | ▲ 109% |
| Amounts receivable within one year40/41 | €0.005m | €0.005m | €0.04m | €0.01m | €0.01m | €0.01m | €0.01m | €0.1m | ▲ 725% |
| Other amounts receivable41 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.1m | ▲ 725% |
| Cash at bank and in hand54/58 | €0.01m | €0.004m | €0.009m | €0.1m | €0.05m | €0.2m | €0.09m | €0.09m | ▼ 5.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.003m | €0.007m | €0.001m | €0.009m | ▲ 757% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.0m | €1.0m | €1.0m | €0.9m | €0.9m | €0.8m | €0.7m | €0.8m | ▲ 11.5% |
| Equity10/15 | €0.6m | €0.6m | €0.5m | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | ▼ 8.5% |
| Contributions10/11 | €0.09m | €0.09m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Contributions outside capital11 | - | - | - | €0.07m | - | - | - | - | - |
| Other1109/19 | - | - | - | €0.07m | - | - | - | - | - |
| Reserves13 | €0.3m | €0.3m | €0.2m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 18.7% |
| Tax-exempt reserves132 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.05m | ▼ 55.0% |
| Distributable reserves133 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 16.8% |
| Profit (loss) carried forward14 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 0.7% |
| Provisions and deferred taxes16 | €0.2m | €0.2m | €0.2m | €0.1m | €0.08m | €0.07m | €0.05m | €0.01m | ▼ 70.2% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.03m | €0.02m | €0.02m | €0.008m | €0 | ▼ 100% |
| Environmental obligations163 | - | - | - | €0.03m | €0.02m | €0.02m | €0.008m | €0 | ▼ 100% |
| Deferred taxes168 | - | - | - | €0.07m | €0.06m | €0.05m | €0.04m | €0.01m | ▼ 64.3% |
| Amounts payable17/49 | €0.1m | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | €0.3m | ▲ 117% |
| Amounts payable after more than one year17 | €0.03m | €0.006m | €0.1m | €0.2m | €0.2m | €0.1m | €0.1m | €0.07m | ▼ 26.7% |
| Financial debts170/4 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.07m | ▼ 26.7% |
| Amounts payable within one year42/48 | €0.09m | €0.2m | €0.2m | €0.08m | €0.1m | €0.05m | €0.03m | €0.2m | ▲ 514% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.03m | €0.03m | €0.03m | €0.06m | ▲ 129% |
| Trade debts44 | €0.02m | €0.02m | €0.01m | €0.005m | €0.006m | €0.008m | €0.005m | €0.01m | ▲ 131% |
| Suppliers440/4 | - | - | - | €0.005m | €0.006m | €0.008m | €0.005m | €0.01m | ▲ 131% |
| Advances received on contracts in progress46 | - | - | - | €0.001m | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.04m | €0.002m | €0.001m | €0.02m | ▲ 12× |
| Taxes450/3 | - | - | - | €0.04m | €0.04m | €0.002m | €0.001m | €0.02m | ▲ 12× |
| Other amounts payable47/48 | - | - | - | €0.009m | €0.02m | €0.01m | €0.001m | €0.1m | ▲ 119× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,253 | -€17,290 | -€48,609 | €65,842 | -€17,349 | -€15,282 | -€40,249 | €57,478 | - |
| + Depreciation and write-downs630 | €53,924 | €55,269 | €63,429 | €53,273 | €58,452 | €43,319 | €41,111 | €39,144 | ▼ 4.8% |
| Operating cash flow (approximation) | €48,671 | €37,979 | €14,820 | €119,115 | €41,103 | €28,037 | €862 | €96,622 | ▲ 112× |
| Investment in fixed assets (approximation) | - | -€13,451 | -€74,430 | €75,222 | -€118,554 | -€21,260 | €0 | €86,151 | - |
| Change in cash | - | -€6,924 | €5,467 | €89,310 | -€47,807 | €187,546 | -€146,187 | -€4,698 | ▲ 96.8% |
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, 20,136 companies had the same profile as A.P. has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of A.P. itself: 0.3% 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 20,136 companies, not a prediction for A.P.. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 20-06-2026 | 2026-00178465 | |
| 31-12-2024 | micro format | 27-08-2025 | 2025-00409311 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00383048 | |
| 31-12-2022 | micro format | 28-08-2023 | 2023-00389667 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20421391 | |
| 31-12-2020 | micro format | 31-03-2021 | 2021-09000105 | |
| 31-12-2019 | micro format | 03-09-2020 | 2020-50000376 | |
| 31-12-2018 | full format | 30-08-2019 | 2019-53600314 | |
| 31-12-2017 | full format | 16-08-2018 | 2018-46300205 | |
| 31-12-2016 | full format | 11-08-2017 | 2017-43400394 |