AA & O
ActiveSummary
AA & O has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €59,615 and a net result of €36,161. Equity is growing by ~6.7% per year across the filed fiscal years. Its solvency ranks better than 26% of 8160 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability76▼-4
Solvency46▲+7
Growth78▲+20
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €4,000 at 30 days acceptable
Liquidity tight (current ratio 1.11 against 1.0 in 2024; short-term debt: 79.3% and cash: 70.2% of total assets), and 79.3% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
20.7%
Return on assets
12.5%
Age of the figures
12 mo
neutral · Filed after the deadline
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 17-05-2026, 17 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
17 d late
2024
34 d early
2023
3 d early
2022
31 d late
2021
31 d late
2020
3 d early
2019
34 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 10 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today. Usually files around 17 May (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€59,615▲ 37.2%
2024 · €43,454
Total assets
€288,267▼ 6.4%
2024 · €307,854
Net result
€36,161▲ 8.9%
2024 · €33,199
Working capital
€25,518▲ 99,387%
2024 · €26
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€39,090▼ 54.9%€18,552▼ 52.5%€45,347▲ 144%€64,227▲ 41.6%€67,565▲ 5.2%
Net result€17,174within the sector's middle half▲ 94.3%€6,397within the sector's middle half▼ 62.8%€23,908within the sector's middle half▲ 274%€33,199within the sector's middle half▲ 38.9%€36,161within the sector's middle half▲ 8.9%
Equity€68,200below the sector's middle half▲ 7.5%€74,597below the sector's middle half▲ 9.4%€77,255within the sector's middle half▲ 3.6%€43,454below the sector's middle half▼ 43.8%€59,615below the sector's middle half▲ 37.2%
Total assets€307,264below the sector's middle half▼ 6.4%€404,195below the sector's middle half▲ 31.5%€327,528within the sector's middle half▼ 19.0%€307,854below the sector's middle half▼ 6.0%€288,267below the sector's middle half▼ 6.4%
Debt€239,064▼ 9.8%€329,598▲ 37.9%€250,273▼ 24.1%€264,400▲ 5.6%€228,652▼ 13.5%
Working capital€59,071within the sector's middle half▲ 9.9%€48,138below the sector's middle half▼ 18.5%€41,834within the sector's middle half▼ 13.1%€26below the sector's middle half▼ 99.9%€25,518within the sector's middle half▲ 99,387%
Solvency22.2%within the sector's middle half▲ 2.9pp18.5%below the sector's middle half▼ 3.7pp23.6%within the sector's middle half▲ 5.1pp14.1%below the sector's middle half▼ 9.5pp20.7%within the sector's middle half▲ 6.6pp
Current ratio1.25within the sector's middle half▲ 0.041.15below the sector's middle half▼ 0.101.17within the sector's middle half▲ 0.021.00below the sector's middle half▼ 0.171.11within the sector's middle half▲ 0.11
Return on assets (ROA)5.6%within the sector's middle half▲ 2.9pp1.6%within the sector's middle half▼ 4.0pp7.3%within the sector's middle half▲ 5.7pp10.8%above the sector's middle half▲ 3.5pp12.5%above the sector's middle half▲ 1.8pp
Staff (FTE)5.5within the sector's middle half▼ 14.1%6.4within the sector's middle half▲ 16.4%7.7▲ 20.3%8above the sector's middle half▲ 3.9%8.1above the sector's middle half▲ 1.3%
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 5% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €288,267
Fixed assets
€34,097 ▼ 21.5%
Current assets
€254,170 ▼ 3.9%
Equity and liabilities €288,267
Equity
€59,615 ▲ 37.2%
Debt
€228,652 ▼ 13.5%
Debt's share of the balance-sheet total falls from 85.9% to 79.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€77,510▲
2024 · €72,966
Cash flow
€46,106▲
2024 · €41,938
Debt to equity
3.84▼
2024 · 6.08
ROE
60.7%▼
2024 · 76.4%
Interest coverage
5.03▼
2024 · 5.73
Debt ≤ 1 year
€228,652▼
2024 · €264,400
Income taxes
€17,380▼
2024 · €18,329
Staff costs
€728,412▲
2024 · €646,039
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,815 companies that looked in July 2024 the way this one looks now, 0.8% went bankrupt within 24 months and 95% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
0.8%
went bankrupt
3.8%
stopped otherwise
95%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 3,815 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €383,495 | €429,592 | €580,930 | €646,039 | €728,412 | ▲ 12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,859 | €3,620 | €6,270 | €8,739 | €9,945 | ▲ 13.8% |
| Other operating charges640/8 | €2,021 | €689 | €3,107 | €2,770 | €2,897 | ▲ 4.6% |
| Gross operating margin9900 | €428,465 | €452,453 | €635,654 | €721,775 | €808,819 | ▲ 12.1% |
| Operating profit (loss)9901 | €39,090 | €18,552 | €45,347 | €64,227 | €67,565 | ▲ 5.2% |
| Financial income75/76B | €10 | €2,282 | €345 | €28 | €1,379 | ▲ 4,887% |
| Recurring financial income75 | €10 | €2,282 | €345 | €28 | €1,379 | ▲ 4,887% |
| Financial charges65/66B | €6,404 | €2,996 | €3,962 | €12,727 | €15,403 | ▲ 21.0% |
| Recurring financial charges65 | €6,404 | €2,996 | €3,962 | €12,727 | €15,403 | ▲ 21.0% |
| Profit (loss) for the period before taxes9903 | €32,696 | €17,837 | €41,730 | €51,528 | €53,542 | ▲ 3.9% |
| Income taxes67/77 | €15,522 | €11,440 | €17,823 | €18,329 | €17,380 | ▼ 5.2% |
| Profit (loss) for the period9904 | €17,174 | €6,397 | €23,908 | €33,199 | €36,161 | ▲ 8.9% |
| Profit (loss) for the period to be appropriated9905 | €17,174 | €6,397 | €23,908 | €33,199 | €36,161 | ▲ 8.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €307,264 | €404,195 | €327,528 | €307,854 | €288,267 | ▼ 6.4% |
| Fixed assets21/28 | €9,129 | €26,459 | €35,421 | €43,428 | €34,097 | ▼ 21.5% |
| Tangible fixed assets22/27 | €8,079 | €19,199 | €29,211 | €29,828 | €20,497 | ▼ 31.3% |
| Plant, machinery and equipment23 | €4,009 | €2,609 | €9,966 | €12,405 | €5,590 | ▼ 54.9% |
| Furniture and vehicles24 | €4,070 | €10,337 | €13,625 | €12,435 | €10,551 | ▼ 15.1% |
| Other tangible fixed assets26 | - | €6,253 | €5,621 | €4,988 | €4,356 | ▼ 12.7% |
| Financial fixed assets28 | €1,050 | €7,260 | €6,210 | €13,600 | €13,600 | = |
| Current assets29/58 | €298,134 | €377,736 | €292,106 | €264,426 | €254,170 | ▼ 3.9% |
| Amounts receivable within one year40/41 | €251,792 | €363,457 | €249,402 | €128,027 | €33,004 | ▼ 74.2% |
| Trade receivables40 | €249,721 | €347,834 | €247,266 | €127,288 | €16,807 | ▼ 86.8% |
| Other amounts receivable41 | €2,071 | €15,623 | €2,136 | €738 | €16,197 | ▲ 2,094% |
| Cash at bank and in hand54/58 | €46,342 | €14,280 | €28,576 | €113,112 | €202,452 | ▲ 79.0% |
| Deferred charges and accrued income490/1 | - | - | €14,128 | €23,287 | €18,715 | ▼ 19.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €307,264 | €404,195 | €327,528 | €307,854 | €288,267 | ▼ 6.4% |
| Equity10/15 | €68,200 | €74,597 | €77,255 | €43,454 | €59,615 | ▲ 37.2% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €25,000 | €25,000 | = |
| Capital10 | €62,000 | €62,000 | €62,000 | - | - | - |
| Issued capital100 | €62,000 | €62,000 | €62,000 | - | - | - |
| Reserves13 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Non-distributable reserves130/1 | €6,200 | €6,200 | €6,200 | - | - | - |
| Legal reserve130 | €6,200 | €6,200 | €6,200 | - | - | - |
| Distributable reserves133 | - | - | - | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | - | €6,397 | €9,055 | €12,254 | €28,415 | ▲ 132% |
| Amounts payable17/49 | €239,064 | €329,598 | €250,273 | €264,400 | €228,652 | ▼ 13.5% |
| Amounts payable within one year42/48 | €239,064 | €329,598 | €250,273 | €264,400 | €228,652 | ▼ 13.5% |
| Financial debts43 | - | €44,680 | - | €4,096 | €16,164 | ▲ 295% |
| Credit institutions430/8 | - | €44,680 | - | €4,096 | €16,164 | ▲ 295% |
| Trade debts44 | €106,007 | €181,019 | €57,513 | €50,651 | €39,019 | ▼ 23.0% |
| Suppliers440/4 | €106,007 | €180,399 | €57,513 | €50,651 | €39,019 | ▼ 23.0% |
| Bills of exchange payable441 | - | €620 | - | - | - | - |
| Taxes, remuneration and social security45 | €114,469 | €100,064 | €170,888 | €179,653 | €153,468 | ▼ 14.6% |
| Taxes450/3 | €54,115 | €41,933 | €40,381 | €51,326 | €20,656 | ▼ 59.8% |
| Remuneration and social security454/9 | €60,354 | €58,131 | €130,507 | €128,327 | €132,813 | ▲ 3.5% |
| Other amounts payable47/48 | €18,588 | €3,834 | €21,871 | €30,000 | €20,000 | ▼ 33.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,174 | €6,397 | €23,908 | €33,199 | €36,161 | ▲ 8.9% |
| + Depreciation and write-downs630 | €3,859 | €3,620 | €6,270 | €8,739 | €9,945 | ▲ 13.8% |
| Operating cash flow (approximation) | €21,033 | €10,018 | €30,178 | €41,938 | €46,106 | ▲ 9.9% |
| Investment in fixed assets (approximation) | - | -€20,951 | -€15,232 | -€16,746 | -€613 | ▲ 96.3% |
| Change in cash | - | -€32,062 | €14,296 | €84,536 | €89,339 | ▲ 5.7% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
11-09
State Gazette act
Appointment: SARUELKO (day-to-day manager)Permanent representative: Wouter PAUWELS · Registered-office move · Declaration4 facts ▸
State Gazette act
Appointment: SARUELKO (day-to-day manager)
Permanent representative: Wouter PAUWELS · Registered-office move · Declaration4 facts ▸
- Registered-office move, Kareelstraat 138 bus 1, 9300 Aalst
- Director appointment, SARUELKO (day-to-day manager)
- Permanent representative, Wouter PAUWELS (permanent representative)
- Declaration, bestuursorgaan verklaart kennis te hebben genomen van en akkoord te gaan met de benoeming door de rechtspersoon BV SARUELKO van Wouter PAUWELS als zijn vaste ve…
17-05
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 17 days late
2025
30-09
Financial
Highest result since 2018net €36,161 ▲8.9%
Net result €36,161, the highest in the series.
27-03
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
27-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-05
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 31 days late
2022
31-05
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 31 days late
2021
27-04
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
03-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 34 days late
2019
30-09
Financial
Back to profitnet €3,757
Net result €3,757 after one loss-making year.
14-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 14 days late
2018
03-04
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
29-03
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 10 acts read
About the unread acts
Of the 10 Belgian State Gazette acts we know for this company, 1 has been read. The other 9 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
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Directors · office · real estate
Directors
1 office holder, last change in 2025
Day-to-day management 1
Saruelko
CurrentDay-to-day manager · since 01-05-2025 · Legal entity · perm. rep.: Wouter PAUWELS
Permanent representatives 1
Wouter PAUWELS
CurrentPermanent representative · since 01-05-2025 · for Saruelko
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
9 of this company's 10 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Aalst · 1 establishment unit since 1990
Ground area
2,661 m²
Building footprint
800 m²
Volume, LiDAR
10,841 m³
Parcel 41002B0034/00C000, Flanders · tallest building 16.9 m, ±5 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
AA & O
since 19902.046.358.421
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41002B0034/00C000 | Flanders | 2,661 m² | 1 · 800 m² | 16.9 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
1 person since 2025, 1 in office
- Day-to-day management
| Name | Functions and periods |
|---|---|
| Saruelko |
|
Structure & network
Owners and holdings
1 ownerOwners 1
-
50%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 5 entries · 3,329 EUR awarded · 3,869 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 683 EUR | 683 EUR |
| 2023 | 1 | 0 EUR | 540 EUR |
| 2022 | 2 | 2,646 EUR | 2,646 EUR |
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Of 473 companies in sector 46842 we hold annual accounts for 347. 180 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded28-12-1989
Fiscal year end30-09
Activities, NACEBEL 2025
46842Wholesale trade
71121Engineering and related technical consultancy, excluding land surveyors
47521Retail sale of hardware, building materials, paint and glass (general range)
Contact
E-mail
info@aaeno.com
E-invoicing
Reachable via Peppol
Peppol ID
0208:0439220156
Also
9925:BE0439220156
Registered
30-01-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.