A1 - BAT
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 34 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€27,118▼ 26.2%
2024 · -€21,490
Working capital
€16,068▼ 58.0%
2024 · €38,264
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€26,258
▼ 29.7%
2025
20182025
Net result
-€27,118
▼ 26.2%
2025
lowest quarter of the sector
20182025
Equity
€16,451
▼ 62.2%
2025
lowest quarter of the sector
20182025
Total assets
€39,108
▼ 64.9%
2025
lowest quarter of the sector
20182025
Debt
€18,156
▼ 73.3%
2025
20182025
Working capital
€16,068
▼ 58.0%
2025
lowest quarter of the sector
20182025
Solvency
42.1%
▲ 3.0pp
2025
middle half of the sector
20182025
Current ratio
1.89
▲ 0.33
2025
middle half of the sector
20182025
Return on assets (ROA)
-69.3%
▼ 50.1pp
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€21,383--€12,999-€19,312▼ 48.6%-€14,704▲ 23.9%-€15,268▼ 3.8%€142,114-€20,238-€26,258▼ 29.7%
Net result€16,392--€14,241-€21,470below the sector's middle half▼ 50.8%-€18,189below the sector's middle half▲ 15.3%-€18,770below the sector's middle half▼ 3.2%€118,152within the sector's middle half-€21,490below the sector's middle half-€27,118below the sector's middle half▼ 26.2%
Equity€19,578-€5,337▼ 72.7%-€16,133below the sector's middle half-€34,322below the sector's middle half▼ 113%-€53,092below the sector's middle half▼ 54.7%€65,060below the sector's middle half€43,570below the sector's middle half▼ 33.0%€16,451below the sector's middle half▼ 62.2%
Total assets€26,293-€38,020▲ 44.6%€29,054below the sector's middle half▼ 23.6%€25,732below the sector's middle half▼ 11.4%€13,897below the sector's middle half▼ 46.0%€192,706below the sector's middle half▲ 14×€111,497below the sector's middle half▼ 42.1%€39,108below the sector's middle half▼ 64.9%
Debt€6,714-€32,683▲ 387%€45,187▲ 38.3%€60,054▲ 32.9%€66,989▲ 11.5%€127,646▲ 90.5%€67,927▼ 46.8%€18,156▼ 73.3%
Working capital€14,399--€2,112-€22,960below the sector's middle half▼ 987%-€40,899below the sector's middle half▼ 78.1%-€59,692below the sector's middle half▼ 45.9%€61,339within the sector's middle half€38,264within the sector's middle half▼ 37.6%€16,068below the sector's middle half▼ 58.0%
Solvency74.5%-14.0%▼ 60.4pp-55.5%below the sector's middle half▼ 69.6pp-133.4%below the sector's middle half▼ 77.9pp-382.0%below the sector's middle half▼ 248.7pp33.8%within the sector's middle half▲ 415.8pp39.1%within the sector's middle half▲ 5.3pp42.1%within the sector's middle half▲ 3.0pp
Current ratio3.14-0.82▼ 2.320.23below the sector's middle half▼ 0.590.19below the sector's middle half▼ 0.040.06below the sector's middle half▼ 0.131.48within the sector's middle half▲ 1.431.56within the sector's middle half▲ 0.081.89within the sector's middle half▲ 0.33
Return on assets (ROA)62.3%--37.5%▼ 99.8pp-73.9%below the sector's middle half▼ 36.4pp-70.7%below the sector's middle half▲ 3.2pp-135.1%below the sector's middle half▼ 64.4pp61.3%above the sector's middle half▲ 196.4pp-19.3%below the sector's middle half▼ 80.6pp-69.3%below the sector's middle half▼ 50.1pp
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 a loss of €26,258, larger than the loss of €20,238 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €39,108
Fixed assets
€4,990 ▼ 8.4%
Current assets
€34,118 ▼ 67.8%
Equity and liabilities €39,108
Equity
€16,451 ▼ 62.2%
Provisions
€4,500
Debt
€18,156 ▼ 73.3%
Debt's share of the balance-sheet total falls from 60.9% to 46.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€25,801▼
2024 · -€19,850
Cash flow
-€26,661▼
2024 · -€21,102
Debt to equity
1.10▼
2024 · 1.56
ROE
-164.8%▼
2024 · -49.3%
Interest coverage
-30.00▼
2024 · -15.85
Debt ≤ 1 year
€18,050▼
2024 · €67,786
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 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €14,786 | €8,940 | - | - | - |
| Mortgages, amount registered | €185,920 | €185,920 | - | - | - |
| Carrying value of the mortgaged assets | €4,462 | €4,462 | - | - | - |
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 | - | - | - | €1,373 | - |
| Depreciation and write-downs of the year | €5,998 | €5,930 | €5,865 | €388 | €458 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €2,533 | €177,696 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €384 | €6,248 | €5,998 | €5,998 | €5,930 | €5,865 | €388 | €458 | ▲ 18.0% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | - | €4,500 | - |
| Other operating charges640/8 | - | - | - | €4,282 | €4,500 | €4,905 | €5,122 | €5,579 | ▲ 8.9% |
| Gross operating margin9900 | €25,889 | -€2,311 | -€8,889 | -€4,423 | -€4,838 | €152,884 | -€14,728 | -€15,722 | ▼ 6.7% |
| Operating profit (loss)9901 | €21,383 | -€12,999 | -€19,312 | -€14,704 | -€15,268 | €142,114 | -€20,238 | -€26,258 | ▼ 29.7% |
| Financial income75/76B | - | - | - | €1 | - | - | - | - | - |
| Recurring financial income75 | €3 | - | €0 | €1 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €3,485 | €3,503 | €3,369 | €1,252 | €860 | ▼ 31.3% |
| Recurring financial charges65 | €1,522 | €1,242 | €2,158 | €3,485 | €3,503 | €3,369 | €1,252 | €860 | ▼ 31.3% |
| Profit (loss) for the period before taxes9903 | €19,864 | -€14,241 | -€21,470 | -€18,189 | -€18,770 | €138,745 | -€21,490 | -€27,118 | ▼ 26.2% |
| Income taxes67/77 | €3,471 | - | - | - | - | €20,592 | - | - | - |
| Profit (loss) for the period9904 | €16,392 | -€14,241 | -€21,470 | -€18,189 | -€18,770 | €118,152 | -€21,490 | -€27,118 | ▼ 26.2% |
| Profit (loss) for the period to be appropriated9905 | €16,392 | -€14,241 | -€21,470 | -€18,189 | -€18,770 | €118,152 | -€21,490 | -€27,118 | ▼ 26.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €26,293 | €38,020 | €29,054 | €25,732 | €13,897 | €192,706 | €111,497 | €39,108 | ▼ 64.9% |
| Fixed assets21/28 | €5,179 | €28,254 | €22,255 | €16,257 | €10,327 | €4,462 | €5,447 | €4,990 | ▼ 8.4% |
| Tangible fixed assets22/27 | €5,179 | €28,254 | €22,255 | €16,257 | €10,327 | €4,462 | €5,447 | €4,990 | ▼ 8.4% |
| Land and buildings22 | - | - | - | €4,462 | €4,462 | €4,462 | €4,462 | €4,462 | = |
| Furniture and vehicles24 | - | - | - | €11,795 | €5,865 | - | €985 | €527 | ▼ 46.5% |
| Current assets29/58 | €21,114 | €9,767 | €6,799 | €9,475 | €3,570 | €188,244 | €106,050 | €34,118 | ▼ 67.8% |
| Amounts receivable within one year40/41 | €10,502 | €3,135 | €3,826 | €6,469 | €342 | €184,872 | €7,753 | €249 | ▼ 96.8% |
| Trade receivables40 | - | - | - | €5,140 | €121 | - | €5,116 | - | - |
| Other amounts receivable41 | - | - | - | €1,329 | €221 | €184,872 | €2,637 | €249 | ▼ 90.6% |
| Cash at bank and in hand54/58 | €8,179 | €4,177 | €209 | €86 | €107 | €75 | €94,816 | €30,265 | ▼ 68.1% |
| Deferred charges and accrued income490/1 | - | - | - | €2,920 | €3,121 | €3,296 | €3,481 | €3,604 | ▲ 3.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €26,293 | €38,020 | €29,054 | €25,732 | €13,897 | €192,706 | €111,497 | €39,108 | ▼ 64.9% |
| Equity10/15 | €19,578 | €5,337 | -€16,133 | -€34,322 | -€53,092 | €65,060 | €43,570 | €16,451 | ▼ 62.2% |
| Contributions10/11 | €35,945 | €35,945 | €35,945 | €35,945 | €35,945 | €35,945 | €35,945 | €35,945 | = |
| Capital10 | - | - | - | €35,945 | €35,945 | €35,945 | €35,945 | €35,945 | = |
| Issued capital100 | - | - | - | €35,945 | €35,945 | €35,945 | €35,945 | €35,945 | = |
| Reserves13 | €3,594 | €3,594 | €3,594 | €3,594 | €3,594 | €29,114 | €29,114 | €29,114 | = |
| Non-distributable reserves130/1 | - | - | - | €3,594 | €3,594 | €3,594 | €3,594 | €3,594 | = |
| Legal reserve130 | - | - | - | €3,594 | €3,594 | €3,594 | €3,594 | €3,594 | = |
| Distributable reserves133 | - | - | - | - | - | €25,520 | €25,520 | €25,520 | = |
| Profit (loss) carried forward14 | -€19,961 | -€34,202 | -€55,672 | -€73,861 | -€92,631 | €1 | -€21,489 | -€48,608 | ▼ 126% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | - | €4,500 | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | - | €4,500 | - |
| Other liabilities and charges164/5 | - | - | - | - | - | - | - | €4,500 | - |
| Amounts payable17/49 | €6,714 | €32,683 | €45,187 | €60,054 | €66,989 | €127,646 | €67,927 | €18,156 | ▼ 73.3% |
| Amounts payable after more than one year17 | - | €20,541 | €14,786 | €8,940 | €3,003 | - | - | - | - |
| Financial debts170/4 | - | - | - | €8,940 | €3,003 | - | - | - | - |
| Amounts payable within one year42/48 | €6,714 | €11,878 | €29,759 | €50,374 | €63,262 | €126,905 | €67,786 | €18,050 | ▼ 73.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,846 | €5,937 | €3,003 | - | - | - |
| Financial debts43 | - | - | - | €19,094 | €19,019 | €16,950 | - | - | - |
| Credit institutions430/8 | - | - | - | €19,094 | €19,019 | €16,950 | - | - | - |
| Trade debts44 | €2,455 | €2,740 | €2,312 | €4,816 | €4,051 | €25,419 | €1,580 | €3,164 | ▲ 100% |
| Suppliers440/4 | - | - | - | €4,816 | €4,051 | €25,419 | €1,580 | €3,164 | ▲ 100% |
| Taxes, remuneration and social security45 | - | - | - | €4,250 | €2,888 | €23,908 | €20,592 | €199 | ▼ 99.0% |
| Taxes450/3 | - | - | - | €4,250 | €2,888 | €23,908 | €20,592 | €199 | ▼ 99.0% |
| Other amounts payable47/48 | - | - | - | €16,368 | €31,366 | €57,625 | €45,614 | €14,687 | ▼ 67.8% |
| Accrued charges and deferred income492/3 | - | - | - | €740 | €724 | €741 | €141 | €106 | ▼ 25.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,392 | -€14,241 | -€21,470 | -€18,189 | -€18,770 | €118,152 | -€21,490 | -€27,118 | ▼ 26.2% |
| + Depreciation and write-downs630 | €384 | €6,248 | €5,998 | €5,998 | €5,930 | €5,865 | €388 | €458 | ▲ 18.0% |
| Operating cash flow (approximation) | €16,776 | -€7,993 | -€15,472 | -€12,191 | -€12,840 | €124,017 | -€21,102 | -€26,661 | ▼ 26.3% |
| Investment in fixed assets (approximation) | - | -€29,323 | €0 | €0 | €0 | €0 | -€1,373 | €0 | - |
| Change in cash | - | -€4,002 | -€3,967 | -€124 | €21 | -€31 | €94,741 | -€64,551 | - |
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, 5,831 companies had the same profile as A1 - BAT has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of A1 - BAT itself: 0.5% 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 5,831 companies, not a prediction for A1 - BAT. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 13-07-2026 | 2026-00292575 | |
| 31-12-2024 | full format | 04-07-2025 | 2025-00231208 | |
| 31-12-2023 | full format | 26-07-2024 | 2024-00290966 | |
| 31-12-2022 | full format | 27-07-2023 | 2023-00288300 | |
| 31-12-2021 | full format | 26-07-2022 | 2022-20222779 | |
| 31-12-2020 | full format | 06-08-2021 | 2021-46500565 | |
| 31-12-2019 | full format | 09-09-2020 | 2020-51700502 | |
| 31-12-2018 | full format | 24-06-2019 | 2019-21000028 | |
| 31-12-2017 | full format | 31-07-2018 | 2018-41200535 | |
| 31-12-2016 | full format | 31-08-2017 | 2017-52800438 |