A.P.E.
ActiveSummary
A.P.E. has been active since 1999 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €7.2m and a net result of -€424,939. Equity is shrinking by about 5.2% per year across the filed financial years. Its solvency ranks better than 95% of 10,753 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Financials · financial year 2025, abbreviated format
Equity
€7.2m▼ 21.2%
2024 · €9.1m
Total assets
€7.3m▼ 21.2%
2024 · €9.3m
Net result
-€424,939▲ 69.9%
2024 · -€1.4m
Working capital
€2.5m▼ 42.1%
2024 · €4.4m
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €353,473 in 2025 against €372,467 in 2024; the loss shrinks.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result-€0.4m
2025
Net result-€0.4m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€7.3m
2025
Equity€7.2m
2025
Debt€0.1m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€2.5m
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)-5.8%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency98.0%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio18.63
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)1.8
2024
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), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.8m-€0.3m▼ 58.3%-€0.06m-€0.3m▼ 521%-€0.4m▼ 9.9%-€0.5m▼ 42.8%-€0.4m▲ 31.3%-€0.4m▲ 5.1%
Net result€4.8m-€1.0m▼ 79.7%€1.4mabove the sector's middle half▲ 42.4%€0.1mabove the sector's middle half▼ 89.3%-€0.2mbelow the sector's middle half€1.0mabove the sector's middle half-€1.4mbelow the sector's middle half-€0.4mbelow the sector's middle half▲ 69.9%
Equity€11.1m-€12.1m▲ 8.7%€12.5mabove the sector's middle half▲ 3.2%€12.1mabove the sector's middle half▼ 2.8%€11.0mabove the sector's middle half▼ 9.5%€11.0mabove the sector's middle half=€9.1mabove the sector's middle half▼ 17.4%€7.2mabove the sector's middle half▼ 21.2%
Total assets€11.2m-€12.3m▲ 9.7%€12.5mabove the sector's middle half▲ 1.8%€12.7mabove the sector's middle half▲ 1.3%€13.0mabove the sector's middle half▲ 2.6%€12.0mabove the sector's middle half▼ 8.0%€9.3mabove the sector's middle half▼ 22.8%€7.3mabove the sector's middle half▼ 21.2%
Debt€0.09m-€0.2m▲ 125%€0.05m▼ 76.2%€0.6m▲ 11×€2.1m▲ 267%€1.0m▼ 51.1%€0.2m▼ 82.3%€0.1m▼ 19.1%
Working capital€7.1m-€9.2m▲ 28.4%€8.4mabove the sector's middle half▼ 7.8%€7.4mabove the sector's middle half▼ 12.6%€6.2mabove the sector's middle half▼ 15.7%€6.4mabove the sector's middle half▲ 2.2%€4.4mabove the sector's middle half▼ 30.9%€2.5mabove the sector's middle half▼ 42.1%
Solvency99.2%-98.3%▼ 0.9pp99.6%above the sector's middle half▲ 1.3pp95.6%above the sector's middle half▼ 4.0pp84.3%above the sector's middle half▼ 11.3pp91.6%above the sector's middle half▲ 7.4pp98.1%above the sector's middle half▲ 6.5pp98.0%above the sector's middle half▼ 0.1pp
Current ratio79.10-45.65▼ 33.4514.20above the sector's middle half4.03above the sector's middle half▼ 10.177.33above the sector's middle half▲ 3.3025.67above the sector's middle half▲ 18.3518.63above the sector's middle half▼ 7.04
Return on assets (ROA)42.6%-7.9%▼ 34.7pp11.0%within the sector's middle half▲ 3.1pp1.2%within the sector's middle half▼ 9.9pp-1.2%below the sector's middle half▼ 2.4pp8.4%within the sector's middle half▲ 9.6pp-15.2%below the sector's middle half▼ 23.6pp-5.8%below the sector's middle half▲ 9.4pp
Staff (FTE)2.3-2.3=2.5within the sector's middle half▲ 8.7%2.3within the sector's middle half▼ 8.0%2.3within the sector's middle half=2.3within the sector's middle half=1.8within the sector's middle half▼ 21.7%
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.
Turnover and EBIT margin not published: the abbreviated format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.3m
Fixed assets
€4.6m ▼ 1.6%
Current assets
€2.7m ▼ 41.2%
Equity and liabilities €7.3m
Equity
€7.2m ▼ 21.2%
Debt
€144,032 ▼ 19.1%
Debt's share of the balance-sheet total rises from 1.9% to 2.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€350,627▲
2024 · -€368,839
Cash flow
-€422,093▲
2024 · -€1.4m
Debt to equity
0.02▲
2024 · 0.02
ROE
-5.9%▲
2024 · -15.5%
Interest coverage
-48.72▼
2024 · -34.47
Debt ≤ 1 year
€144,032▼
2024 · €177,936
Staff costs
€153,087▼
2024 · €205,846
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 25.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.02m | €0.01m | €0.01m | €0.01m | €0.005m | €0.004m | €0.003m | ▼ 21.5% |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.002m | €0.001m | €0.001m | ▲ 2.5% |
| Gross operating margin9900 | €1.0m | €0.6m | €0.2m | -€0.1m | -€0.2m | -€0.3m | -€0.2m | -€0.2m | ▼ 21.4% |
| Operating profit (loss)9901 | €0.8m | €0.3m | -€0.06m | -€0.3m | -€0.4m | -€0.5m | -€0.4m | -€0.4m | ▲ 5.1% |
| Financial income75/76B | - | - | - | €0.5m | €0.3m | €1.6m | €0.6m | €0.3m | ▼ 50.6% |
| Recurring financial income75 | €4.0m | €0.6m | €1.5m | €0.4m | €0.2m | €0.3m | €0.4m | €0.1m | ▼ 67.4% |
| Non-recurring financial income76B | - | - | - | €0.05m | €0.01m | €1.2m | €0.2m | €0.2m | ▼ 15.0% |
| Financial charges65/66B | - | - | - | €472 | €0.03m | €0.04m | €1.6m | €0.3m | ▼ 78.4% |
| Recurring financial charges65 | €0.001m | €0.001m | €0.01m | €472 | €0.03m | €0.04m | €0.01m | €0.007m | ▼ 32.7% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €1.6m | €0.3m | ▼ 78.7% |
| Profit (loss) for the period before taxes9903 | €4.8m | €1.0m | €1.4m | €0.1m | -€0.2m | €1.0m | -€1.4m | -€0.4m | ▲ 69.9% |
| Income taxes67/77 | €207 | €198 | €180 | €133 | - | - | - | - | - |
| Profit (loss) for the period9904 | €4.8m | €1.0m | €1.4m | €0.1m | -€0.2m | €1.0m | -€1.4m | -€0.4m | ▲ 69.9% |
| Profit (loss) for the period to be appropriated9905 | €4.8m | €1.0m | €1.4m | €0.1m | -€0.2m | €1.0m | -€1.4m | -€0.4m | ▲ 69.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €11.2m | €12.3m | €12.5m | €12.7m | €13.0m | €12.0m | €9.3m | €7.3m | ▼ 21.2% |
| Fixed assets21/28 | €4.0m | €2.9m | €4.0m | €4.8m | €4.8m | €4.6m | €4.7m | €4.6m | ▼ 1.6% |
| Tangible fixed assets22/27 | €0.1m | €0.1m | €0.08m | €0.08m | €0.07m | €0.07m | €0.07m | €0.07m | ▲ 7.4% |
| Land and buildings22 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.006m | €0.006m | €0.004m | €0.004m | ▲ 3.4% |
| Other tangible fixed assets26 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 31.5% |
| Financial fixed assets28 | €3.9m | €2.9m | €4.0m | €4.7m | €4.7m | €4.6m | €4.6m | €4.5m | ▼ 1.7% |
| Current assets29/58 | €7.2m | €9.4m | €8.5m | €7.9m | €8.3m | €7.4m | €4.6m | €2.7m | ▼ 41.2% |
| Amounts receivable after more than one year29 | - | - | - | €0.6m | €0.05m | €0.01m | €0.3m | €0.4m | ▲ 45.7% |
| Other amounts receivable291 | - | - | - | €0.6m | €0.05m | €0.01m | €0.3m | €0.4m | ▲ 45.7% |
| Amounts receivable within one year40/41 | €0.3m | €0.4m | €0.08m | €5.1m | €0.8m | €0.9m | €1.3m | €1.1m | ▼ 19.8% |
| Trade receivables40 | - | - | - | €0.05m | €0.1m | €0.03m | €0.05m | - | - |
| Other amounts receivable41 | - | - | - | €5.1m | €0.7m | €0.9m | €1.3m | €1.1m | ▼ 16.9% |
| Current investments50/53 | - | - | - | - | - | €3.0m | €1.0m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €4.5m | €4.3m | €3.8m | €2.2m | €7.3m | €3.4m | €1.9m | €1.2m | ▼ 39.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.05m | €0.007m | €0.003m | €0.002m | ▼ 39.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €11.2m | €12.3m | €12.5m | €12.7m | €13.0m | €12.0m | €9.3m | €7.3m | ▼ 21.2% |
| Equity10/15 | €11.1m | €12.1m | €12.5m | €12.1m | €11.0m | €11.0m | €9.1m | €7.2m | ▼ 21.2% |
| Contributions10/11 | €5.4m | €5.4m | €5.4m | €5.4m | €5.4m | €5.4m | €5.4m | €5.4m | = |
| Capital10 | - | - | - | €5.4m | €5.4m | €5.4m | €5.4m | €5.4m | = |
| Issued capital100 | - | - | - | €5.4m | €5.4m | €5.4m | €5.4m | €5.4m | = |
| Reserves13 | €5.7m | €6.7m | €7.1m | €6.7m | €5.6m | €5.6m | €3.7m | €1.8m | ▼ 52.4% |
| Non-distributable reserves130/1 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Legal reserve130 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Distributable reserves133 | - | - | - | €6.3m | €5.2m | €5.2m | €3.3m | €1.3m | ▼ 59.0% |
| Amounts payable17/49 | €0.09m | €0.2m | €0.05m | €0.6m | €2.1m | €1.0m | €0.2m | €0.1m | ▼ 19.1% |
| Amounts payable within one year42/48 | €0.09m | €0.2m | €0.05m | €0.6m | €2.1m | €1.0m | €0.2m | €0.1m | ▼ 19.1% |
| Financial debts43 | - | - | - | - | - | €0.3m | €0.1m | €0.1m | ▼ 13.4% |
| Other loans439 | - | - | - | - | - | €0.3m | €0.1m | €0.1m | ▼ 13.4% |
| Trade debts44 | €0.03m | €0.01m | €0.02m | €0.03m | €1.5m | €0.2m | €0.008m | €0.02m | ▲ 163% |
| Suppliers440/4 | - | - | - | €0.03m | €1.5m | €0.2m | €0.008m | €0.02m | ▲ 163% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.02m | €0.03m | €0.02m | €0.02m | ▼ 3.5% |
| Taxes450/3 | - | - | - | €0.009m | - | €0.007m | €0.006m | €0.005m | ▼ 8.3% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.02m | €0.03m | €0.02m | €0.02m | ▼ 1.7% |
| Other amounts payable47/48 | - | - | - | €0.5m | €0.5m | €0.5m | €0.03m | €0.002m | ▼ 94.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4.8m | €1.0m | €1.4m | €0.1m | -€0.2m | €1.0m | -€1.4m | -€0.4m | ▲ 69.9% |
| + Depreciation and write-downs630 | €0.02m | €0.02m | €0.01m | €0.01m | €0.01m | €0.005m | €0.004m | €0.003m | ▼ 21.5% |
| Operating cash flow (approximation) | €4.8m | €1.0m | €1.4m | €0.2m | -€0.1m | €1.0m | -€1.4m | -€0.4m | ▲ 70.0% |
| Investment in fixed assets (approximation) | - | €1.0m | -€1.1m | -€0.7m | -€0.01m | €0.1m | -€0.06m | €0.07m | - |
| Change in cash | - | -€0.1m | -€0.6m | -€1.5m | €5.1m | -€3.9m | -€1.5m | -€0.8m | ▲ 50.7% |
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 27 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 26-06-2026 | 2026-00204411 |
| 31-12-2024 | abbreviated format | 26-06-2025 | 2025-00186665 |
| 31-12-2023 | abbreviated format | 28-06-2024 | 2024-00183499 |
| 31-12-2022 | abbreviated format | 13-06-2023 | 2023-00122592 |
| 31-12-2021 | abbreviated format | 10-07-2022 | 2022-20170702 |
| 31-12-2020 | abbreviated format | 28-05-2021 | 2021-15600553 |
| 31-12-2019 | abbreviated format | 31-07-2020 | 2020-38700393 |
| 31-12-2018 | abbreviated format | 08-08-2019 | 2019-45000061 |
| 31-12-2017 | abbreviated format | 26-06-2018 | 2018-25100284 |
| 31-12-2016 | abbreviated format | 27-08-2017 | 2017-51000218 |
Similar companies · same sector, comparable size
LBG Invest & Consulting
BE 0464.092.837
Laakdal · equity €7,156,389
KAPMAN GROUP
BE 0881.475.820
Vilvoorde · equity €7,141,772
BICYCLIC GROUP
BE 0759.527.024
Namur · equity €7,162,247
Tholeau
BE 0649.590.687
Brussel · equity €7,163,568
M & P & Co
BE 0456.755.776
Torhout · equity €7,136,893
Of the 82,448 active companies whose main activity is business and other management consultancy (NACE 70200), figures are known for 53,994. 8,803 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.