A3
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 20-03-2026 PDF all 32 filings
Equity
-€850
2024 · €22,036
Total assets
€37,634▼ 40.6%
2024 · €63,366
Net result
-€22,887
2024 · €44,727
Working capital
-€11,618
2024 · €8,545
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€20,777
2025
20192025
Net result
-€22,887
2025
lowest quarter of the sector
20192025
Equity
-€850
2025
lowest quarter of the sector
20192025
Total assets
€37,634
▼ 40.6%
2025
lowest quarter of the sector
20192025
Debt
€38,484
▼ 6.9%
2025
20192025
Working capital
-€11,618
2025
lowest quarter of the sector
20192025
Solvency
-2.3%
▼ 37.0pp
2025
lowest quarter of the sector
20192025
Current ratio
0.70
▼ 0.53
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-60.8%
▼ 131.4pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€1,997--€4,266-€25,158▼ 490%-€27,945▼ 11.1%€23,873€46,822▲ 96.1%-€20,777
Net result€1,482--€4,714below the sector's middle half-€25,055below the sector's middle half▼ 431%-€28,577below the sector's middle half▼ 14.1%€23,178within the sector's middle half€44,727above the sector's middle half▲ 93.0%-€22,887below the sector's middle half
Equity€12,478-€7,764below the sector's middle half▼ 37.8%-€17,291below the sector's middle half-€45,868below the sector's middle half▼ 165%-€22,690below the sector's middle half▲ 50.5%€22,036within the sector's middle half-€850below the sector's middle half
Total assets€65,686-€53,781below the sector's middle half▼ 18.1%€48,491below the sector's middle half▼ 9.8%€65,866below the sector's middle half▲ 35.8%€59,079below the sector's middle half▼ 10.3%€63,366below the sector's middle half▲ 7.3%€37,634below the sector's middle half▼ 40.6%
Debt€53,208-€46,017▼ 13.5%€65,782▲ 43.0%€111,734▲ 69.9%€81,769▼ 26.8%€41,330▼ 49.5%€38,484▼ 6.9%
Working capital€11,286-€7,266within the sector's middle half▼ 35.6%-€16,686below the sector's middle half-€52,141below the sector's middle half▼ 212%-€30,567below the sector's middle half▲ 41.4%€8,545within the sector's middle half-€11,618below the sector's middle half
Solvency19.0%-14.4%below the sector's middle half▼ 4.6pp-35.7%below the sector's middle half▼ 50.1pp-69.6%below the sector's middle half▼ 34.0pp-38.4%below the sector's middle half▲ 31.2pp34.8%within the sector's middle half▲ 73.2pp-2.3%below the sector's middle half▼ 37.0pp
Current ratio1.22-1.16within the sector's middle half▼ 0.050.74below the sector's middle half▼ 0.420.46below the sector's middle half▼ 0.280.58below the sector's middle half▲ 0.121.22within the sector's middle half▲ 0.640.70below the sector's middle half▼ 0.53
Return on assets (ROA)2.3%--8.8%below the sector's middle half▼ 11.0pp-51.7%below the sector's middle half▼ 42.9pp-43.4%below the sector's middle half▲ 8.3pp39.2%above the sector's middle half▲ 82.6pp70.6%above the sector's middle half▲ 31.4pp-60.8%below the sector's middle half▼ 131.4pp
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 €20,777, after a profit of €46,822 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €37,634
Fixed assets
€10,767 ▼ 35.8%
Current assets
€26,866 ▼ 42.3%
Equity and liabilities
Equity-€850
Debt€38,484
Equity is negative. Debt (€38,484) exceeds the balance-sheet total (€37,634).
Key figures and ratios
EBITDA
-€14,762▼
2024 · €52,014
Cash flow
-€16,872▼
2024 · €49,919
Quick ratio
0.64▼
2024 · 1.19
Interest coverage
-6.92▼
2024 · 24.83
Debt ≤ 1 year
€38,484▲
2024 · €38,039
Debt > 1 year
€0▼
2024 · €3,290
The equity ratios are withheld because equity of -€850 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €22,673 | - | €5,298 | - |
| Depreciation and write-downs of the year | €2,177 | €4,535 | €5,192 | €6,015 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,630 | €695 | €455 | €2,177 | €4,535 | €5,192 | €6,015 | ▲ 15.8% |
| Other operating charges640/8 | - | - | - | €1,126 | €1,583 | €1,281 | €1,378 | ▲ 7.5% |
| Non-recurring operating charges66A | - | - | - | €0 | - | - | - | - |
| Gross operating margin9900 | €4,971 | -€2,330 | -€23,007 | -€24,642 | €29,990 | €53,295 | -€13,385 | - |
| Operating profit (loss)9901 | €1,997 | -€4,266 | -€25,158 | -€27,945 | €23,873 | €46,822 | -€20,777 | - |
| Financial income75/76B | - | - | - | €1 | €280 | €0 | €23 | ▲ 229× |
| Recurring financial income75 | €1 | €106 | €610 | €1 | €280 | €0 | €23 | ▲ 229× |
| Financial charges65/66B | - | - | - | €632 | €974 | €2,095 | €2,132 | ▲ 1.8% |
| Recurring financial charges65 | €517 | €555 | €507 | €632 | €974 | €2,095 | €2,132 | ▲ 1.8% |
| Profit (loss) for the period before taxes9903 | €1,482 | -€4,714 | -€25,055 | -€28,577 | €23,178 | €44,727 | -€22,887 | - |
| Profit (loss) for the period9904 | €1,482 | -€4,714 | -€25,055 | -€28,577 | €23,178 | €44,727 | -€22,887 | - |
| Profit (loss) for the period to be appropriated9905 | €1,482 | -€4,714 | -€25,055 | -€28,577 | €23,178 | €44,727 | -€22,887 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €65,686 | €53,781 | €48,491 | €65,866 | €59,079 | €63,366 | €37,634 | ▼ 40.6% |
| Fixed assets21/28 | €1,985 | €1,290 | €835 | €21,211 | €16,676 | €16,782 | €10,767 | ▼ 35.8% |
| Tangible fixed assets22/27 | €1,150 | €455 | €0 | €20,496 | €15,961 | €16,067 | €10,053 | ▼ 37.4% |
| Plant, machinery and equipment23 | - | - | - | €1,044 | €799 | €2,454 | €1,781 | ▼ 27.4% |
| Furniture and vehicles24 | - | - | - | €19,452 | €15,162 | €13,613 | €8,271 | ▼ 39.2% |
| Financial fixed assets28 | €835 | €835 | €835 | €715 | €715 | €715 | €715 | = |
| Current assets29/58 | €63,701 | €52,491 | €47,656 | €44,656 | €42,402 | €46,584 | €26,866 | ▼ 42.3% |
| Stocks and contracts in progress3 | €8,448 | €8,645 | €8,695 | €16,600 | €2,224 | €1,366 | €2,409 | ▲ 76.3% |
| Stocks30/36 | - | - | - | €8,600 | €2,224 | €1,366 | €2,409 | ▲ 76.3% |
| Contracts in progress37 | - | - | - | €8,000 | €0 | - | - | - |
| Amounts receivable within one year40/41 | €29,876 | €17,702 | €19,742 | €14,900 | €17,283 | €8,007 | €14,869 | ▲ 85.7% |
| Trade receivables40 | - | - | - | €12,997 | €13,977 | €4,796 | €11,786 | ▲ 146% |
| Other amounts receivable41 | - | - | - | €1,903 | €3,306 | €3,211 | €3,083 | ▼ 4.0% |
| Cash at bank and in hand54/58 | €19,249 | €26,103 | €9,519 | €13,156 | €22,896 | €37,210 | €9,588 | ▼ 74.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0 | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €65,686 | €53,781 | €48,491 | €65,866 | €59,079 | €63,366 | €37,634 | ▼ 40.6% |
| Equity10/15 | €12,478 | €7,764 | -€17,291 | -€45,868 | -€22,690 | €22,036 | -€850 | - |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €10,338 | €10,338 | €10,338 | €10,338 | €10,338 | €10,338 | €10,338 | = |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Tax-exempt reserves132 | - | - | - | €4,138 | €4,138 | €4,138 | €4,138 | = |
| Profit (loss) carried forward14 | -€59,860 | -€64,574 | -€89,629 | -€118,206 | -€95,029 | -€50,302 | -€73,188 | ▼ 45.5% |
| Amounts payable17/49 | €53,208 | €46,017 | €65,782 | €111,734 | €81,769 | €41,330 | €38,484 | ▼ 6.9% |
| Amounts payable after more than one year17 | - | - | - | €14,145 | €8,799 | €3,290 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €14,145 | €8,799 | €3,290 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €52,416 | €45,225 | €64,342 | €96,797 | €72,970 | €38,039 | €38,484 | ▲ 1.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,188 | €5,346 | €5,509 | €3,290 | ▼ 40.3% |
| Trade debts44 | €33,251 | €22,638 | €49,787 | €75,716 | €52,538 | €3,791 | €14,988 | ▲ 295% |
| Suppliers440/4 | - | - | - | €75,716 | €52,538 | €3,791 | €14,988 | ▲ 295% |
| Taxes, remuneration and social security45 | - | - | - | €1,366 | €1,737 | €2,017 | €431 | ▼ 78.6% |
| Taxes450/3 | - | - | - | €1,366 | €1,737 | €2,017 | €431 | ▼ 78.6% |
| Other amounts payable47/48 | - | - | - | €14,526 | €13,349 | €26,722 | €19,774 | ▼ 26.0% |
| Accrued charges and deferred income492/3 | - | - | - | €792 | €0 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,482 | -€4,714 | -€25,055 | -€28,577 | €23,178 | €44,727 | -€22,887 | - |
| + Depreciation and write-downs630 | €1,630 | €695 | €455 | €2,177 | €4,535 | €5,192 | €6,015 | ▲ 15.8% |
| Operating cash flow (approximation) | €3,112 | -€4,019 | -€24,600 | -€26,400 | €27,712 | €49,919 | -€16,872 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€22,553 | €0 | -€5,298 | €0 | - |
| Change in cash | - | €6,854 | -€16,583 | €3,636 | €9,740 | €14,314 | -€27,622 | - |
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, 6,619 companies had the same profile as A3 has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of A3 itself: 1.5% 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 6,619 companies, not a prediction for A3. 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 |
|---|---|---|---|---|
| 30-09-2025 | micro format | 20-03-2026 | 2026-00064759 | |
| 30-09-2024 | micro format | 29-04-2025 | 2025-00085700 | |
| 30-09-2023 | micro format | 22-03-2024 | 2024-00050163 | |
| 30-09-2022 | micro format | 22-03-2023 | 2023-00043149 | |
| 30-09-2021 | micro format | 16-03-2022 | 2022-07800419 | |
| 30-09-2020 | micro format | 15-03-2021 | 2021-07900003 | |
| 30-09-2019 | micro format | 31-01-2020 | 2020-04400071 | |
| 30-09-2018 | micro format | 30-01-2019 | 2019-03000511 | |
| 30-09-2017 | micro format | 16-02-2018 | 2018-05100200 | |
| 30-09-2016 | abbreviated format | 30-01-2017 | 2017-03100422 |