A54
Annual accounts 2025
abbreviated format, filed on 30-08-2026, 30 days lateTurnover: not included in this filing.
Balance sheet
balance sheet total €10.4m on 31-12-2025in €m
in euro
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||
20/58 |
10.4m | 9.5m | 8.2m | 7.3m | 5.8m | 4.8m | 4.1m | 3.8m | |
21/28 |
7.9m | 7.4m | 5.8m | 4.3m | 4.2m | 3.9m | 3.8m | 3.8m | |
28 |
7.9m | 7.4m | 5.8m | 4.3m | 4.2m | 3.9m | 3.8m | 3.8m | |
29/58 |
2.5m | 2.1m | 2.4m | 3.0m | 1.6m | 911,364 | 299,917 | 4,383 | |
40/41 |
1.4m | 1.5m | 1.4m | 59,955 | 116,000 | - | 78 | 71 | |
40 |
- | - | 1,955 | - | 116,000 | - | - | - | |
41 |
1.4m | 1.5m | 1.4m | 59,955 | - | - | 78 | 71 | |
54/58 |
952,491 | 471,447 | 1.0m | 2.9m | 1.5m | 911,364 | 299,839 | 4,311 | |
490/1 |
154,518 | 78,488 | - | - | - | - | - | - | |
| Balance sheet: equity and liabilities | |||||||||
10/49 |
10.4m | 9.5m | 8.2m | 7.3m | 5.8m | 4.8m | 4.1m | 3.8m | |
10/15 |
10.2m | 9.3m | 8.1m | 7.1m | 5.6m | 3.8m | 4.1m | 3.5m | |
10/11 |
1.4m | 1.4m | 1.4m | 1.4m | 1.4m | 1.4m | 2.3m | 2.3m | |
100 |
- | - | - | - | - | - | 2.3m | 2.3m | |
13 |
6.4m | 5.5m | 4.3m | 3.3m | 1.8m | - | 88,975 | 58,282 | |
130 |
- | - | - | - | - | - | 88,975 | 58,282 | |
133 |
6.4m | 5.5m | 4.3m | 3.3m | 1.8m | - | - | - | |
14 |
2.4m | 2.4m | 2.4m | 2.4m | 2.4m | 2.4m | 1.7m | 1.1m | |
17/49 |
140,335 | 235,708 | 102,039 | 181,939 | 182,835 | 1.0m | 426 | 318,834 | |
42/48 |
140,335 | 235,708 | 102,039 | 181,939 | 182,835 | 1.0m | 426 | 318,834 | |
44 |
998 | - | - | - | 897 | 896 | 426 | 300,114 | |
440/4 |
998 | - | - | - | 897 | 896 | 426 | 300,114 | |
45 |
139,298 | 235,670 | 102,000 | 181,900 | 181,900 | 129,685 | - | 18,720 | |
450/3 |
139,298 | 235,670 | 102,000 | 181,900 | 181,900 | 129,685 | - | 18,720 | |
47/48 |
39 | 39 | 39 | 39 | 39 | 870,354 | - | - | |
| Income statement | |||||||||
9900 |
-401 | -382 | -402 | -400 | -388 | -951 | -492 | -5,021 | |
640/8 |
998 | 3,391 | 960 | 868 | 897 | 548 | 348 | 698 | |
9901 |
-1,400 | -3,773 | -1,363 | -1,268 | -1,284 | -1,500 | -839 | -5,719 | |
75/76B |
1.1m | 1.3m | 1.1m | 1.6m | 2.0m | 673,750 | 612,500 | 1.2m | |
75 |
1.1m | 1.3m | 1.1m | 1.6m | 2.0m | 673,750 | 612,500 | 1.2m | |
65/66B |
24,060 | 8,823 | 47 | 43 | 35 | 12 | 12 | 12 | |
65 |
24,060 | 8,823 | 47 | 43 | 35 | 12 | 12 | 12 | |
9903 |
1.1m | 1.3m | 1.1m | 1.6m | 2.0m | 672,239 | 611,649 | 1.2m | |
67/77 |
118,427 | 163,618 | 105,773 | 148,800 | 181,900 | - | -2,294 | 18,720 | |
9904 |
951,548 | 1.2m | 1.0m | 1.5m | 1.8m | 672,239 | 613,943 | 1.2m | |
9905 |
951,548 | 1.2m | 1.0m | 1.5m | 1.8m | 672,239 | 613,943 | 1.2m | |
| Appropriation of the result | |||||||||
9906 |
3.3m | 3.5m | 3.4m | 3.9m | 4.2m | 2.4m | 1.7m | 1.2m | |
14P |
2.4m | 2.4m | 2.4m | 2.4m | 2.4m | - | - | - | |
691/2 |
950,000 | 1.2m | 1.0m | 1.5m | 1.8m | 0 | 30,692 | 58,282 | |
691 |
- | - | - | - | - | 0 | - | - | |
6920 |
- | - | - | - | - | - | 30,692 | 58,282 | |
6921 |
950,000 | 1.2m | 1.0m | 1.5m | 1.8m | - | - | - | |
| Document | |||||||||
The notes to these accounts have 4 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 30-08-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 30 days after the deadline. Filed on 30 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00454953.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-08-2026 | 2026-00454953 | |
| 31-12-2024 | full format | 27-08-2025 | 2025-00412225 | |
| 31-12-2023 | full format | 30-08-2024 | 2024-00410226 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00384086 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20336674 | |
| 31-12-2020 | full format | 31-08-2021 | 2021-63100244 | |
| 30-09-2019 | full format | 28-05-2020 | 2020-13600194 | |
| 30-09-2018 | full format | 29-05-2019 | 2019-15500295 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| 4.4m | 2.2m | 1.6m | 109,894 | 287,280 | 61,300 | - | 3.8m | ||
| 481,044 | -543,788 | -1.9m | 1.4m | 598,644 | 611,525 | 295,528 | - | ||
| 2.3m | 1.8m | 2.3m | 2.8m | 1.4m | -89,570 | 299,491 | -314,452 | ||
| 98.6% | 97.5% | 98.8% | 97.5% | 96.8% | 79.1% | 100.0% | 91.7% | ||
| 17.61 | 8.76 | 23.35 | 16.51 | 8.89 | 0.91 | - | 0.01 | ||
| 0.01 | 0.03 | 0.01 | 0.03 | 0.03 | 0.26 | 0.00 | 0.09 | ||
| 9.3% | 12.4% | 12.6% | 21.0% | 32.4% | 17.7% | 14.9% | 33.3% | ||
| 9.2% | 12.1% | 12.4% | 20.4% | 31.4% | 14.0% | 14.9% | 30.5% |
EBIT margin: not included in this filing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Financial fixed assets | €4.4m | €2.2m | €1.6m | €109,894 | €287,280 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on A54
The operating result for 2025 is a loss of €1,400, smaller than the loss of €3,773 in 2024.
Debt's share of the balance-sheet total falls from 2.5% to 1.4%. Equity is higher and debt is lower.
- 2021 Net result +171% on 2020. The previous financial year ran 15 months, this one 12. The accounts now follow the micro format, last year the full format.