A.P.D.
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 32 filings
Turnover
≈ €2.3m
Estimated: probably between €1.8m and €3.1m
EBIT margin
Not included in this filing
Net result
€250,012▲ 34.7%
2024 · €185,574
Working capital
€1.1m▲ 12.2%
2024 · €939,858
In the rankings
#6 company by equity in Ingelmunster, Construction sector#10 employer in Ingelmunster, Construction sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€351,389
▲ 38.5%
2025
20182025
Net result
€250,012
▲ 34.7%
2025
highest quarter of the sector
20182025
Equity
€1.2m
▲ 6.9%
2025
middle half of the sector
20182025
Total assets
€1.3m
▼ 13.5%
2025
middle half of the sector
20182025
Debt
€63,672
▼ 81.3%
2025
20182025
Working capital
€1.1m
▲ 12.2%
2025
highest quarter of the sector
20182025
Solvency
95.0%
▲ 18.1pp
2025
highest quarter of the sector
20182025
Current ratio
17.56
▲ 13.80
2025
highest quarter of the sector
20182025
Return on assets (ROA)
19.6%
▲ 7.0pp
2025
highest quarter of the sector
20182025
Staff (FTE)
5
▲ 2.0%
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€0.1m-€0.3m▲ 94.6%€0.2m▼ 21.6%€0.3m▲ 64.1%€0.3m▼ 5.9%€0.1m▼ 64.0%€0.3m▲ 126%€0.4m▲ 38.5%
Net result€0.09m-€0.2m▲ 91.4%€0.1mabove the sector's middle half▼ 21.5%€0.2mabove the sector's middle half▲ 72.9%€0.2mabove the sector's middle half▼ 9.5%€0.09mwithin the sector's middle half▼ 57.8%€0.2mabove the sector's middle half▲ 109%€0.3mabove the sector's middle half▲ 34.7%
Equity€0.6m-€0.8m▲ 27.9%€0.9mabove the sector's middle half▲ 17.1%€1.2mabove the sector's middle half▲ 25.3%€1.4mabove the sector's middle half▲ 18.3%€1.2mabove the sector's middle half▼ 8.5%€1.1mabove the sector's middle half▼ 9.3%€1.2mwithin the sector's middle half▲ 6.9%
Total assets€0.6m-€0.8m▲ 24.8%€0.9mwithin the sector's middle half▲ 16.1%€1.2mwithin the sector's middle half▲ 28.4%€1.4mwithin the sector's middle half▲ 16.8%€1.5mwithin the sector's middle half▲ 6.0%€1.5mwithin the sector's middle half▼ 1.2%€1.3mwithin the sector's middle half▼ 13.5%
Debt€0.03m-€0.02m▼ 33.1%€0.02m▼ 20.0%€0.05m▲ 190%€0.04m▼ 16.4%€0.2m▲ 469%€0.3m▲ 40.3%€0.06m▼ 81.3%
Working capital€0.5m-€0.6m▲ 38.0%€0.8mabove the sector's middle half▲ 30.1%€1.1mabove the sector's middle half▲ 33.4%€1.2mabove the sector's middle half▲ 7.8%€1.1mabove the sector's middle half▼ 9.6%€0.9mabove the sector's middle half▼ 10.8%€1.1mabove the sector's middle half▲ 12.2%
Solvency94.9%-97.3%▲ 2.4pp98.1%above the sector's middle half▲ 0.8pp95.8%above the sector's middle half▼ 2.4pp97.0%above the sector's middle half▲ 1.2pp83.7%above the sector's middle half▼ 13.2pp76.9%above the sector's middle half▼ 6.8pp95.0%above the sector's middle half▲ 18.1pp
Current ratio14.76-29.36▲ 14.6049.92above the sector's middle half▲ 20.5622.61above the sector's middle half▼ 27.3128.99above the sector's middle half▲ 6.385.34above the sector's middle half▼ 23.653.76above the sector's middle half▼ 1.5817.56above the sector's middle half▲ 13.80
Return on assets (ROA)13.9%-21.2%▲ 7.4pp14.4%above the sector's middle half▼ 6.9pp19.3%above the sector's middle half▲ 5.0pp15.0%above the sector's middle half▼ 4.4pp6.0%within the sector's middle half▼ 9.0pp12.6%within the sector's middle half▲ 6.6pp19.6%above the sector's middle half▲ 7.0pp
Staff (FTE)5.9-6.1▲ 3.4%5.4within the sector's middle half▼ 11.5%4.6within the sector's middle half▼ 14.8%4.3within the sector's middle half▼ 6.5%4within the sector's middle half▼ 7.0%4.9within the sector's middle half▲ 22.5%5within the sector's middle half▲ 2.0%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 38% higher than in 2024 and the highest since 2018. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€156,098 ▼ 18.8%
Current assets
€1.1m ▼ 12.7%
Equity and liabilities €1.3m
Equity
€1.2m ▲ 6.9%
Debt
€63,672 ▼ 81.3%
Debt's share of the balance-sheet total falls from 23.1% to 5.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€418,027▲
2024 · €316,559
Cash flow
€316,651▲
2024 · €248,368
Quick ratio
15.75▲
2024 · 3.52
Debt to equity
0.05▼
2024 · 0.30
ROE
20.7%▲
2024 · 16.4%
Interest coverage
37.99▼
2024 · 84.48
Debt ≤ 1 year
€63,672▼
2024 · €340,284
Income taxes
€112,206▲
2024 · €82,816
Staff costs
€402,574▲
2024 · €369,251
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 4 | 4 | 5 | 5 |
| full-time | 5 | 4 | 4 | 5 | 5 |
| part-time | 0 | 0 | 0 | 0 | 0 |
| in full-time equivalents | 5 | 4 | 4 | 5 | 5 |
| Average over the year, in full-time equivalents | 4.6 | 4.3 | 4 | 4.9 | 5 |
| On a permanent contract | 5 | 4 | 4 | 5 | 5 |
| Joined | 2 | 0 | - | 1 | 6 |
| Left | 2 | 1 | - | 0 | 6 |
| Training hours | 8 | 40 | 26 | 32 | 4 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,735 | €171,376 | €58,132 | €60,897 | €56,163 |
| Financial fixed assets | €191 | €388 | €3,298 | €1,600 | €1,548 |
| Depreciation and write-downs of the year | €42,461 | €44,999 | €65,985 | €62,794 | €66,639 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €716 awarded · €716 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €353 | €353 |
| 2024 | 1 | €203 | €203 |
| 2023 | 1 | €61 | €110 |
| 2022 | 1 | €99 | €50 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | €38,500 | €26,446 | €6,965 | €2,374 | ▼ 65.9% |
| Remuneration, social security and pensions62 | - | - | - | €311,206 | €299,335 | €301,717 | €369,251 | €402,574 | ▲ 9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €92,504 | €101,525 | €70,859 | €42,461 | €44,999 | €65,985 | €62,794 | €66,639 | ▲ 6.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €4,516 | - |
| Other operating charges640/8 | - | - | - | €2,451 | €3,052 | €4,620 | €3,726 | €5,010 | ▲ 34.5% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €7,362 | - |
| Gross operating margin9900 | €568,457 | €732,780 | €583,553 | €687,803 | €659,457 | €484,583 | €689,536 | €837,490 | ▲ 21.5% |
| Operating profit (loss)9901 | €132,508 | €257,897 | €202,114 | €331,685 | €312,071 | €112,262 | €253,765 | €351,389 | ▲ 38.5% |
| Financial income75/76B | - | - | - | €6,868 | €6,683 | €11,355 | €18,372 | €21,834 | ▲ 18.8% |
| Recurring financial income75 | €12,555 | €9,453 | €4,522 | €6,868 | €6,683 | €11,355 | €18,372 | €21,834 | ▲ 18.8% |
| Financial charges65/66B | - | - | - | €6,916 | €7,483 | €2,433 | €3,747 | €11,004 | ▲ 194% |
| Recurring financial charges65 | €13,881 | €13,787 | €8,112 | €6,916 | €7,483 | €2,433 | €3,747 | €11,004 | ▲ 194% |
| Profit (loss) for the period before taxes9903 | €131,183 | €253,564 | €198,523 | €331,637 | €311,271 | €121,184 | €268,390 | €362,219 | ▲ 35.0% |
| Income taxes67/77 | €41,575 | €82,041 | €63,904 | €98,815 | €100,578 | €32,236 | €82,816 | €112,206 | ▲ 35.5% |
| Profit (loss) for the period9904 | €89,608 | €171,523 | €134,619 | €232,822 | €210,693 | €88,948 | €185,574 | €250,012 | ▲ 34.7% |
| Profit (loss) for the period to be appropriated9905 | €89,608 | €171,523 | €134,619 | €232,822 | €210,693 | €88,948 | €185,574 | €250,012 | ▲ 34.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.6m | €0.8m | €0.9m | €1.2m | €1.4m | €1.5m | €1.5m | €1.3m | ▼ 13.5% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €0.2m | €0.2m | €0.1m | €0.07m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 18.8% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.1m | €0.07m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 18.5% |
| Land and buildings22 | - | - | - | €0.004m | €0.003m | €0.002m | €0.001m | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | - | - | €0.03m | €0.02m | €0.01m | €0.009m | €0.005m | ▼ 44.3% |
| Furniture and vehicles24 | - | - | - | €0.04m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 19.6% |
| Other tangible fixed assets26 | - | - | - | - | - | - | €0.02m | €0.02m | ▲ 9.2% |
| Financial fixed assets28 | €0.003m | €0.004m | €0.001m | €0.001m | €0.001m | €0.004m | €0.004m | €0.002m | ▼ 30.9% |
| Current assets29/58 | €0.5m | €0.6m | €0.8m | €1.1m | €1.2m | €1.3m | €1.3m | €1.1m | ▼ 12.7% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €0.4m | €0.4m | ▼ 6.4% |
| Other amounts receivable291 | - | - | - | - | - | - | €0.4m | €0.4m | ▼ 6.4% |
| Stocks and contracts in progress3 | €0.1m | €0.1m | €0.1m | €0.2m | €0.3m | €0.1m | €0.08m | €0.1m | ▲ 39.0% |
| Stocks30/36 | - | - | - | €0.2m | €0.3m | €0.1m | €0.08m | €0.1m | ▲ 39.0% |
| Amounts receivable within one year40/41 | €0.3m | €0.1m | €0.1m | €0.2m | €0.04m | €0.2m | €0.2m | €0.07m | ▼ 58.4% |
| Trade receivables40 | - | - | - | €0.2m | €0.04m | €0.1m | €0.06m | €0.005m | ▼ 92.5% |
| Other amounts receivable41 | - | - | - | €0.005m | €0.008m | €0.04m | €0.1m | €0.06m | ▼ 35.9% |
| Current investments50/53 | €0 | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Cash at bank and in hand54/58 | €0.05m | €0.4m | €0.6m | €0.8m | €0.8m | €0.9m | €0.6m | €0.5m | ▼ 12.4% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.02m | €0.01m | €245 | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.6m | €0.8m | €0.9m | €1.2m | €1.4m | €1.5m | €1.5m | €1.3m | ▼ 13.5% |
| Equity10/15 | €0.6m | €0.8m | €0.9m | €1.2m | €1.4m | €1.2m | €1.1m | €1.2m | ▲ 6.9% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.3m | €0.5m | €0.6m | €0.9m | €1.1m | €1.1m | €1.0m | €1.1m | ▲ 7.6% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €0.8m | €1.1m | €1.1m | €1.0m | €1.1m | ▲ 7.7% |
| Profit (loss) carried forward14 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.04m | €0.04m | €0.04m | = |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €0.03m | €0.02m | €0.02m | €0.05m | €0.04m | €0.2m | €0.3m | €0.06m | ▼ 81.3% |
| Amounts payable after more than one year17 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.03m | €0.02m | €0.02m | €0.05m | €0.04m | €0.2m | €0.3m | €0.06m | ▼ 81.3% |
| Trade debts44 | €0.02m | €0.01m | €0.007m | €0.03m | €0.01m | €0.02m | €0.02m | €0.03m | ▲ 47.4% |
| Suppliers440/4 | - | - | - | €0.03m | €0.01m | €0.02m | €0.02m | €0.03m | ▲ 47.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.02m | €0.04m | €0.04m | €0.03m | ▼ 23.7% |
| Taxes450/3 | - | - | - | €0.003m | €0.004m | €0.03m | €0.02m | €0.01m | ▼ 26.1% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.01m | €0.01m | €0.02m | €0.02m | ▼ 21.8% |
| Other amounts payable47/48 | - | - | - | €0.005m | €0.01m | €0.2m | €0.3m | €0.001m | ▼ 99.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.001m | €0 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €89,608 | €171,523 | €134,619 | €232,822 | €210,693 | €88,948 | €185,574 | €250,012 | ▲ 34.7% |
| + Depreciation and write-downs630 | €92,504 | €101,525 | €70,859 | €42,461 | €44,999 | €65,985 | €62,794 | €66,639 | ▲ 6.1% |
| Operating cash flow (approximation) | €182,112 | €273,048 | €205,479 | €275,283 | €255,693 | €154,932 | €248,368 | €316,651 | ▲ 27.5% |
| Investment in fixed assets (approximation) | - | -€101,559 | -€19,158 | -€4,705 | -€171,475 | -€61,103 | -€60,227 | -€30,582 | ▲ 49.2% |
| Change in cash | - | €347,850 | €207,848 | €158,830 | €62,318 | €106,072 | -€339,717 | -€73,960 | ▲ 78.2% |
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, 31,368 companies had the same profile as A.P.D. has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of A.P.D. 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 31,368 companies, not a prediction for A.P.D.. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 24-07-2026 | 2026-00336968 | |
| 31-12-2024 | abbreviated format | 30-07-2025 | 2025-00333708 | |
| 31-12-2023 | abbreviated format | 23-07-2024 | 2024-00289245 | |
| 31-12-2022 | abbreviated format | 19-07-2023 | 2023-00250742 | |
| 31-12-2021 | abbreviated format | 20-07-2022 | 2022-20207206 | |
| 31-12-2020 | abbreviated format | 28-07-2021 | 2021-42100369 | |
| 31-12-2019 | abbreviated format | 23-07-2020 | 2020-32900243 | |
| 31-12-2018 | abbreviated format | 24-07-2019 | 2019-37500388 | |
| 31-12-2017 | abbreviated format | 30-08-2018 | 2018-56000402 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-60300048 |