A5CC
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 45 days after the deadline Filed on 14 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00511954.
Annual accounts 2025 filed on 14-09-2026 at the NBB all 16 filings
Turnover
≈ €150,000
Estimated: probably between €80,000 and €300,000
Total assets
€273,538▲ 42.4%
2024 · €192,027
Net result
€11,665▲ 87.0%
2024 · €6,237
Working capital
€61,356▲ 24.3%
2024 · €49,370
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€22,900
▲ 258%
2025
20182025
Net result
€11,665
▲ 87.0%
2025
middle half of the sector
20182025
Equity
€61,656
▲ 23.3%
2025
middle half of the sector
20182025
Total assets
€273,538
▲ 42.4%
2025
middle half of the sector
20182025
Debt
€211,883
▲ 49.2%
2025
20182025
Working capital
€61,356
▲ 24.3%
2025
middle half of the sector
20182025
Solvency
22.5%
▼ 3.5pp
2025
middle half of the sector
20182025
Current ratio
1.29
▼ 0.06
2025
middle half of the sector
20182025
Return on assets (ROA)
4.3%
▲ 1.0pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€12,468-€15,401▲ 23.5%€22,958▲ 49.1%€2,670▼ 88.4%€111▼ 95.8%-€16,651€6,402€22,900▲ 258%
Net result€8,965-€15,044▲ 67.8%€18,385within the sector's middle half▲ 22.2%-€549below the sector's middle half-€296below the sector's middle half▲ 46.1%-€22,876below the sector's middle half▼ 7,623%€6,237within the sector's middle half€11,665within the sector's middle half▲ 87.0%
Equity€34,046-€49,090▲ 44.2%€67,475within the sector's middle half▲ 37.5%€66,926within the sector's middle half▼ 0.8%€66,630within the sector's middle half▼ 0.4%€43,754within the sector's middle half▼ 34.3%€49,990within the sector's middle half▲ 14.3%€61,656within the sector's middle half▲ 23.3%
Total assets€51,064-€55,102▲ 7.9%€80,792within the sector's middle half▲ 46.6%€91,490within the sector's middle half▲ 13.2%€120,966within the sector's middle half▲ 32.2%€62,752below the sector's middle half▼ 48.1%€192,027within the sector's middle half▲ 206%€273,538within the sector's middle half▲ 42.4%
Debt€17,019-€6,012▼ 64.7%€13,316▲ 121%€24,564▲ 84.5%€54,336▲ 121%€18,998▼ 65.0%€142,037▲ 648%€211,883▲ 49.2%
Working capital€33,876-€49,040▲ 44.8%€67,425within the sector's middle half▲ 37.5%€66,876within the sector's middle half▼ 0.8%€65,453within the sector's middle half▼ 2.1%€42,855within the sector's middle half▼ 34.5%€49,370within the sector's middle half▲ 15.2%€61,356within the sector's middle half▲ 24.3%
Solvency66.7%-89.1%▲ 22.4pp83.5%above the sector's middle half▼ 5.6pp73.2%within the sector's middle half▼ 10.4pp55.1%within the sector's middle half▼ 18.1pp69.7%within the sector's middle half▲ 14.6pp26.0%below the sector's middle half▼ 43.7pp22.5%within the sector's middle half▼ 3.5pp
Current ratio2.99-9.16▲ 6.176.06above the sector's middle half▼ 3.093.72within the sector's middle half▼ 2.342.20within the sector's middle half▼ 1.523.26within the sector's middle half▲ 1.051.35within the sector's middle half▼ 1.911.29within the sector's middle half▼ 0.06
Return on assets (ROA)17.6%-27.3%▲ 9.7pp22.8%above the sector's middle half▼ 4.5pp-0.6%below the sector's middle half▼ 23.4pp-0.2%below the sector's middle half▲ 0.4pp-36.5%below the sector's middle half▼ 36.2pp3.2%within the sector's middle half▲ 39.7pp4.3%within the sector's middle half▲ 1.0pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 nearly 3.6 times that of 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €273,538
Fixed assets
€299 ▼ 51.8%
Current assets
€273,239 ▲ 42.8%
Equity and liabilities €273,538
Equity
€61,656 ▲ 23.3%
Debt
€211,883 ▲ 49.2%
Debt's share of the balance-sheet total rises from 74.0% to 77.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€23,178▲
2024 · €6,680
Cash flow
€11,943▲
2024 · €6,515
Debt to equity
3.44▲
2024 · 2.84
ROE
18.9%▲
2024 · 12.5%
Interest coverage
over 100▲
2024 · 40.45
Debt ≤ 1 year
€211,883▲
2024 · €142,037
Income taxes
€11,024
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,390 | - | - | - |
| Depreciation and write-downs of the year | - | €264 | €278 | €278 | €278 |
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 | - | - | - | - | - | - | €654 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,830 | €120 | - | - | €264 | €278 | €278 | €278 | = |
| Other operating charges640/8 | - | - | - | €8,787 | €3,695 | €4,666 | €1,296 | - | - |
| Gross operating margin9900 | €19,419 | €17,699 | €24,454 | €11,457 | €4,069 | -€11,707 | €7,976 | €23,178 | ▲ 191% |
| Operating profit (loss)9901 | €12,468 | €15,401 | €22,958 | €2,670 | €111 | -€16,651 | €6,402 | €22,900 | ▲ 258% |
| Recurring financial income75 | - | €1 | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €154 | €407 | €165 | €165 | €212 | ▲ 28.2% |
| Recurring financial charges65 | €504 | €244 | €205 | €154 | €407 | €165 | €165 | €212 | ▲ 28.2% |
| Profit (loss) for the period before taxes9903 | €11,965 | €15,158 | €30,515 | €2,517 | -€296 | -€16,816 | €6,237 | €22,689 | ▲ 264% |
| Income taxes67/77 | €3,000 | €114 | €12,129 | €3,066 | - | €6,060 | - | €11,024 | - |
| Profit (loss) for the period9904 | €8,965 | €15,044 | €18,385 | -€549 | -€296 | -€22,876 | €6,237 | €11,665 | ▲ 87.0% |
| Profit (loss) for the period to be appropriated9905 | €8,965 | €15,044 | €18,385 | -€549 | -€296 | -€22,876 | €6,237 | €11,665 | ▲ 87.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €51,064 | €55,102 | €80,792 | €91,490 | €120,966 | €62,752 | €192,027 | €273,538 | ▲ 42.4% |
| Fixed assets21/28 | €170 | €50 | €50 | €50 | €1,176 | €898 | €620 | €299 | ▼ 51.8% |
| Tangible fixed assets22/27 | €120 | - | - | - | €1,126 | €848 | €570 | €292 | ▼ 48.7% |
| Plant, machinery and equipment23 | - | - | - | - | €1,126 | €848 | €570 | €292 | ▼ 48.7% |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | €7 | ▼ 86.6% |
| Current assets29/58 | €50,894 | €55,052 | €80,742 | €91,440 | €119,789 | €61,853 | €191,407 | €273,239 | ▲ 42.8% |
| Amounts receivable within one year40/41 | €46,509 | €48,826 | €60,353 | €77,661 | €105,878 | €52,663 | €184,720 | €258,241 | ▲ 39.8% |
| Trade receivables40 | - | - | - | €44,516 | €70,095 | €20,433 | €143,955 | €211,004 | ▲ 46.6% |
| Other amounts receivable41 | - | - | - | €33,145 | €35,783 | €32,230 | €40,765 | €47,238 | ▲ 15.9% |
| Cash at bank and in hand54/58 | €4,135 | €4,796 | €20,388 | €10,004 | €13,912 | €6,314 | €5,620 | €14,998 | ▲ 167% |
| Deferred charges and accrued income490/1 | - | - | - | €3,775 | - | €2,877 | €1,067 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €51,064 | €55,102 | €80,792 | €91,490 | €120,966 | €62,752 | €192,027 | €273,538 | ▲ 42.4% |
| Equity10/15 | €34,046 | €49,090 | €67,475 | €66,926 | €66,630 | €43,754 | €49,990 | €61,656 | ▲ 23.3% |
| Contributions10/11 | €12,000 | €12,000 | €12,000 | €12,000 | €12,000 | €12,000 | €12,000 | €12,000 | = |
| Capital10 | - | - | - | €12,000 | €12,000 | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Uncalled capital101 | - | - | - | €6,600 | €6,600 | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | - | €12,000 | €12,000 | €12,000 | = |
| Other1109/19 | - | - | - | - | - | €12,000 | €12,000 | €12,000 | = |
| Reserves13 | €21,860 | €36,860 | €55,360 | €54,860 | €54,860 | €54,860 | €54,860 | €48,860 | ▼ 10.9% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €53,000 | €53,000 | €53,000 | €53,000 | €47,000 | ▼ 11.3% |
| Profit (loss) carried forward14 | €186 | €230 | €115 | €66 | -€230 | -€23,106 | -€16,870 | €796 | - |
| Amounts payable17/49 | €17,019 | €6,012 | €13,316 | €24,564 | €54,336 | €18,998 | €142,037 | €211,883 | ▲ 49.2% |
| Amounts payable within one year42/48 | €17,019 | €6,012 | €13,316 | €24,564 | €54,336 | €18,998 | €142,037 | €211,883 | ▲ 49.2% |
| Trade debts44 | €814 | €1,213 | €3,885 | €6,277 | €28,953 | €7,529 | €66,745 | €81,761 | ▲ 22.5% |
| Suppliers440/4 | - | - | - | €6,277 | €28,953 | €7,529 | €66,745 | €81,761 | ▲ 22.5% |
| Advances received on contracts in progress46 | - | - | - | €726 | €25,383 | - | €74,729 | €118,535 | ▲ 58.6% |
| Taxes, remuneration and social security45 | - | - | - | €17,561 | - | €11,469 | €563 | €11,586 | ▲ 21× |
| Taxes450/3 | - | - | - | €16,061 | - | €11,469 | €563 | €11,586 | ▲ 21× |
| Remuneration and social security454/9 | - | - | - | €1,500 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,965 | €15,044 | €18,385 | -€549 | -€296 | -€22,876 | €6,237 | €11,665 | ▲ 87.0% |
| + Depreciation and write-downs630 | €5,830 | €120 | - | - | €264 | €278 | €278 | €278 | = |
| Operating cash flow (approximation) | €14,795 | €15,164 | €18,385 | -€549 | -€33 | -€22,598 | €6,515 | €11,943 | ▲ 83.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€1,390 | €0 | €0 | €43 | - |
| Change in cash | - | €661 | €15,593 | -€10,385 | €3,908 | -€7,598 | -€693 | €9,378 | - |
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, 4,508 companies had the same profile as A5CC has now. Two years later, 96.9% were still going and 1.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.6%
stopped otherwise
1.4%
went bankrupt
That fits the bankruptcy probability of A5CC itself: 1.1% 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 4,508 companies, not a prediction for A5CC. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 14-09-2026 | 2026-00511954 | |
| 31-12-2024 | micro format | 24-03-2026 | 2026-00060676 | |
| 31-12-2023 | micro format | 24-08-2024 | 2024-00365934 | |
| 31-12-2022 | micro format | 06-08-2023 | 2023-00324609 | |
| 31-12-2021 | micro format | 11-08-2022 | 2022-20286658 | |
| 31-12-2020 | micro format | 09-08-2021 | 2021-47200294 | |
| 31-12-2019 | micro format | 09-07-2020 | 2020-28800566 | |
| 31-12-2018 | micro format | 07-08-2019 | 2019-45600363 | |
| 31-12-2017 | full format | 07-08-2018 | 2018-43800338 | |
| 31-12-2016 | full format | 13-07-2017 | 2017-30200557 |