A PUB
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 18 filings
Turnover
≈ €230,000
Estimated: probably between €140,000 and €450,000
Total assets
€35,199▼ 35.8%
2024 · €54,795
Net result
-€259
2024 · €11,051
Working capital
-€26,379▲ 7.7%
2024 · -€28,580
In the rankings
#9 oldest company in Mettet, Manufacturing sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€2,890
▼ 78.3%
2025
20182025
Net result
-€259
2025
middle half of the sector
20182025
Equity
-€24,127
▼ 1.1%
2025
lowest quarter of the sector
20182025
Total assets
€35,199
▼ 35.8%
2025
lowest quarter of the sector
20182025
Debt
€59,325
▼ 24.6%
2025
20182025
Working capital
-€26,379
▲ 7.7%
2025
lowest quarter of the sector
20182025
Solvency
-68.5%
▼ 25.0pp
2025
lowest quarter of the sector
20182025
Current ratio
0.56
▼ 0.08
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-0.7%
▼ 20.9pp
2025
middle half of the sector
20182025
Staff (FTE)
1
=
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-€11,010-€4,345€30,016▲ 591%-€19,250-€2,322▲ 87.9%€15,470€13,295▼ 14.1%€2,890▼ 78.3%
Net result-€11,890-€1,440€27,991above the sector's middle half▲ 19×-€20,684below the sector's middle half-€3,148within the sector's middle half▲ 84.8%€12,907within the sector's middle half€11,051within the sector's middle half▼ 14.4%-€259within the sector's middle half
Equity-€53,424--€51,984▲ 2.7%-€23,993below the sector's middle half▲ 53.8%-€44,677below the sector's middle half▼ 86.2%-€47,825below the sector's middle half▼ 7.0%-€34,918below the sector's middle half▲ 27.0%-€23,868below the sector's middle half▲ 31.6%-€24,127below the sector's middle half▼ 1.1%
Total assets€35,041-€44,997▲ 28.4%€62,590below the sector's middle half▲ 39.1%€55,749below the sector's middle half▼ 10.9%€63,244within the sector's middle half▲ 13.4%€55,926below the sector's middle half▼ 11.6%€54,795below the sector's middle half▼ 2.0%€35,199below the sector's middle half▼ 35.8%
Debt€88,465-€96,981▲ 9.6%€86,583▼ 10.7%€100,427▲ 16.0%€111,069▲ 10.6%€90,844▼ 18.2%€78,663▼ 13.4%€59,325▼ 24.6%
Working capital-€72,502--€52,257▲ 27.9%-€24,387below the sector's middle half▲ 53.3%-€52,525below the sector's middle half▼ 115%-€55,042below the sector's middle half▼ 4.8%-€39,074below the sector's middle half▲ 29.0%-€28,580below the sector's middle half▲ 26.9%-€26,379below the sector's middle half▲ 7.7%
Solvency-152.5%--115.5%▲ 36.9pp-38.3%below the sector's middle half▲ 77.2pp-80.1%below the sector's middle half▼ 41.8pp-75.6%below the sector's middle half▲ 4.5pp-62.4%below the sector's middle half▲ 13.2pp-43.6%below the sector's middle half▲ 18.9pp-68.5%below the sector's middle half▼ 25.0pp
Current ratio0.18-0.46▲ 0.280.72below the sector's middle half▲ 0.260.48below the sector's middle half▼ 0.240.50below the sector's middle half▲ 0.030.57below the sector's middle half▲ 0.070.64below the sector's middle half▲ 0.070.56below the sector's middle half▼ 0.08
Return on assets (ROA)-33.9%-3.2%▲ 37.1pp44.7%above the sector's middle half▲ 41.5pp-37.1%below the sector's middle half▼ 81.8pp-5.0%below the sector's middle half▲ 32.1pp23.1%above the sector's middle half▲ 28.1pp20.2%above the sector's middle half▼ 2.9pp-0.7%within the sector's middle half▼ 20.9pp
Staff (FTE)1within the sector's middle half1=1=1=1=1below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Printing and reproduction of recorded media (NACE 18). 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 78% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated or 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 €35,199
Fixed assets
€2,252 ▼ 52.2%
Current assets
€32,947 ▼ 34.2%
Equity and liabilities
Equity-€24,127
Debt€59,325
Equity is negative. Debt (€59,325) exceeds the balance-sheet total (€35,199).
Key figures and ratios
EBITDA
€5,350▼
2024 · €19,920
Cash flow
€2,201▼
2024 · €17,676
Interest coverage
1.64▼
2024 · 9.37
Debt ≤ 1 year
€59,325▼
2024 · €78,663
Income taxes
€210▼
2024 · €242
Staff costs
€77,507▲
2024 · €70,836
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €9,376 | €1,991 | - | €7,182 | - |
| Depreciation and write-downs of the year | €1,923 | €2,620 | €3,062 | €6,625 | €2,460 |
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 | - | - | - | €65,736 | €65,936 | €71,078 | €70,836 | €77,507 | ▲ 9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,918 | €18,805 | €55 | €1,923 | €2,620 | €3,062 | €6,625 | €2,460 | ▼ 62.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €4,009 | €388 | - | - | - |
| Other operating charges640/8 | - | - | - | €1,175 | €1,292 | €2,346 | €1,564 | €1,500 | ▼ 4.1% |
| Gross operating margin9900 | €8,256 | €23,829 | €78,242 | €49,584 | €71,536 | €92,344 | €92,320 | €84,358 | ▼ 8.6% |
| Operating profit (loss)9901 | -€11,010 | €4,345 | €30,016 | -€19,250 | -€2,322 | €15,470 | €13,295 | €2,890 | ▼ 78.3% |
| Financial income75/76B | - | - | - | €2 | €1 | €26 | €124 | €334 | ▲ 170% |
| Recurring financial income75 | - | €6 | €4 | €2 | €1 | €26 | €124 | €334 | ▲ 170% |
| Financial charges65/66B | - | - | - | €1,267 | €827 | €2,245 | €2,126 | €3,272 | ▲ 53.9% |
| Recurring financial charges65 | €880 | €2,912 | €1,875 | €1,267 | €827 | €2,245 | €2,126 | €3,272 | ▲ 53.9% |
| Profit (loss) for the period before taxes9903 | -€11,890 | €1,440 | €28,144 | -€20,516 | -€3,148 | €13,251 | €11,293 | -€49 | - |
| Income taxes67/77 | - | - | €153 | €169 | -€0 | €344 | €242 | €210 | ▼ 13.1% |
| Profit (loss) for the period9904 | -€11,890 | €1,440 | €27,991 | -€20,684 | -€3,148 | €12,907 | €11,051 | -€259 | - |
| Profit (loss) for the period to be appropriated9905 | -€11,890 | €1,440 | €27,991 | -€20,684 | -€3,148 | €12,907 | €11,051 | -€259 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €35,041 | €44,997 | €62,590 | €55,749 | €63,244 | €55,926 | €54,795 | €35,199 | ▼ 35.8% |
| Fixed assets21/28 | €19,078 | €274 | €394 | €7,847 | €7,217 | €4,155 | €4,713 | €2,252 | ▼ 52.2% |
| Tangible fixed assets22/27 | €19,078 | €274 | €219 | €7,672 | €7,042 | €3,980 | €4,538 | €2,077 | ▼ 54.2% |
| Plant, machinery and equipment23 | - | - | - | €164 | €109 | €55 | - | - | - |
| Furniture and vehicles24 | - | - | - | €7,508 | €6,933 | €3,925 | €4,538 | €2,077 | ▼ 54.2% |
| Financial fixed assets28 | - | - | €175 | €175 | €175 | €175 | €175 | €175 | = |
| Current assets29/58 | €15,963 | €44,724 | €62,196 | €47,902 | €56,026 | €51,770 | €50,083 | €32,947 | ▼ 34.2% |
| Amounts receivable within one year40/41 | €12,663 | €30,076 | €52,284 | €28,026 | €26,781 | €36,129 | €28,290 | €28,078 | ▼ 0.7% |
| Trade receivables40 | - | - | - | €24,750 | €18,394 | €31,380 | €25,689 | €24,545 | ▼ 4.5% |
| Other amounts receivable41 | - | - | - | €3,277 | €8,388 | €4,749 | €2,600 | €3,533 | ▲ 35.9% |
| Cash at bank and in hand54/58 | €3,300 | €14,648 | €9,912 | €19,876 | €26,022 | €6,258 | €13,996 | €160 | ▼ 98.9% |
| Deferred charges and accrued income490/1 | - | - | - | - | €3,222 | €9,383 | €7,797 | €4,709 | ▼ 39.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €35,041 | €44,997 | €62,590 | €55,749 | €63,244 | €55,926 | €54,795 | €35,199 | ▼ 35.8% |
| Equity10/15 | -€53,424 | -€51,984 | -€23,993 | -€44,677 | -€47,825 | -€34,918 | -€23,868 | -€24,127 | ▼ 1.1% |
| Contributions10/11 | €145,000 | €145,000 | €145,000 | €145,000 | €145,000 | €145,000 | €145,000 | €145,000 | = |
| Capital10 | - | - | - | €145,000 | €145,000 | €145,000 | €145,000 | €145,000 | = |
| Issued capital100 | - | - | - | €145,000 | €145,000 | €145,000 | €145,000 | €145,000 | = |
| Reserves13 | €224 | €224 | €224 | €224 | €224 | €224 | €224 | €224 | = |
| Non-distributable reserves130/1 | - | - | - | €224 | €224 | €224 | €224 | €224 | = |
| Legal reserve130 | - | - | - | €224 | €224 | €224 | €224 | €224 | = |
| Profit (loss) carried forward14 | -€198,648 | -€197,208 | -€169,217 | -€189,902 | -€193,049 | -€180,143 | -€169,092 | -€169,351 | ▼ 0.2% |
| Amounts payable17/49 | €88,465 | €96,981 | €86,583 | €100,427 | €111,069 | €90,844 | €78,663 | €59,325 | ▼ 24.6% |
| Amounts payable within one year42/48 | €88,465 | €96,981 | €86,583 | €100,427 | €111,069 | €90,844 | €78,663 | €59,325 | ▼ 24.6% |
| Trade debts44 | €6,157 | €61,589 | €80,349 | €86,748 | €101,376 | €79,951 | €70,328 | €41,940 | ▼ 40.4% |
| Suppliers440/4 | - | - | - | €86,748 | €101,376 | €79,951 | €70,328 | €41,940 | ▼ 40.4% |
| Taxes, remuneration and social security45 | - | - | - | €13,618 | €9,693 | €10,893 | €8,335 | €15,581 | ▲ 86.9% |
| Taxes450/3 | - | - | - | €3,484 | €391 | €172 | €784 | €4,414 | ▲ 463% |
| Remuneration and social security454/9 | - | - | - | €10,134 | €9,302 | €10,721 | €7,551 | €11,167 | ▲ 47.9% |
| Other amounts payable47/48 | - | - | - | €60 | - | - | - | €1,804 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€11,890 | €1,440 | €27,991 | -€20,684 | -€3,148 | €12,907 | €11,051 | -€259 | - |
| + Depreciation and write-downs630 | €18,918 | €18,805 | €55 | €1,923 | €2,620 | €3,062 | €6,625 | €2,460 | ▼ 62.9% |
| Operating cash flow (approximation) | €7,028 | €20,245 | €28,045 | -€18,762 | -€527 | €15,969 | €17,676 | €2,201 | ▼ 87.5% |
| Investment in fixed assets (approximation) | - | €0 | -€175 | -€9,376 | -€1,991 | €0 | -€7,182 | €0 | - |
| Change in cash | - | €11,348 | -€4,735 | €9,963 | €6,147 | -€19,764 | €7,738 | -€13,836 | - |
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, 2,333 companies had the same profile as A PUB has now. Two years later, 90.5% were still going and 2.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a small loss
90.5%
was still going
5.8%
stopped otherwise
2.8%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of A PUB itself: 0.7% 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 2,333 companies, not a prediction for A PUB. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-07-2026 | 2026-00367899 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00323597 | |
| 31-12-2023 | micro format | 25-07-2024 | 2024-00290488 | |
| 31-12-2022 | micro format | 05-06-2023 | 2023-00109891 | |
| 31-12-2021 | micro format | 27-07-2022 | 2022-20239176 | |
| 31-12-2020 | micro format | 22-07-2021 | 2021-38600442 | |
| 31-12-2019 | micro format | 21-07-2020 | 2020-32800544 | |
| 31-12-2018 | micro format | 22-07-2019 | 2019-36200212 | |
| 31-12-2017 | micro format | 24-07-2018 | 2018-37200298 | |
| 31-12-2016 | micro format | 07-08-2017 | 2017-41400374 |