AAA+ Aankoopexpert
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 13 filings
Equity
€110,053▼ 25.4%
2024 · €147,447
Total assets
€183,430▼ 20.6%
2024 · €230,904
Net result
-€2,394
2024 · €22,300
Working capital
€110,053▼ 25.4%
2024 · €147,447
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€4,393
2025
20182025
Net result
-€2,394
2025
lowest quarter of the sector
20182025
Equity
€110,053
▼ 25.4%
2025
middle half of the sector
20182025
Total assets
€183,430
▼ 20.6%
2025
middle half of the sector
20182025
Debt
€73,378
▼ 12.1%
2025
20182025
Working capital
€110,053
▼ 25.4%
2025
middle half of the sector
20182025
Solvency
60.0%
▼ 3.9pp
2025
middle half of the sector
20182025
Current ratio
2.50
▼ 0.27
2025
middle half of the sector
20182025
Return on assets (ROA)
-1.3%
▼ 11.0pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€18,999-€80,876▲ 326%€54,431▼ 32.7%€57,039▲ 4.8%-€288€28,769€14,442▼ 49.8%-€4,393
Net result€11,604-€53,855▲ 364%€36,243within the sector's middle half▼ 32.7%€42,261within the sector's middle half▲ 16.6%-€578below the sector's middle half€21,840within the sector's middle half€22,300within the sector's middle half▲ 2.1%-€2,394below the sector's middle half
Equity€185,524-€164,380▼ 11.4%€200,623above the sector's middle half▲ 22.0%€242,884above the sector's middle half▲ 21.1%€242,307above the sector's middle half▼ 0.2%€178,146above the sector's middle half▼ 26.5%€147,447within the sector's middle half▼ 17.2%€110,053within the sector's middle half▼ 25.4%
Total assets€258,046-€311,221▲ 20.6%€279,643above the sector's middle half▼ 10.1%€327,962above the sector's middle half▲ 17.3%€272,382within the sector's middle half▼ 16.9%€295,216above the sector's middle half▲ 8.4%€230,904within the sector's middle half▼ 21.8%€183,430within the sector's middle half▼ 20.6%
Debt€72,522-€146,842▲ 102%€79,020▼ 46.2%€85,078▲ 7.7%€30,075▼ 64.6%€117,070▲ 289%€83,458▼ 28.7%€73,378▼ 12.1%
Working capital€178,192-€164,435▼ 7.7%€200,623above the sector's middle half▲ 22.0%€240,384above the sector's middle half▲ 19.8%€239,807above the sector's middle half▼ 0.2%€184,983above the sector's middle half▼ 22.9%€147,447above the sector's middle half▼ 20.3%€110,053within the sector's middle half▼ 25.4%
Solvency71.9%-52.8%▼ 19.1pp71.7%within the sector's middle half▲ 18.9pp74.1%within the sector's middle half▲ 2.3pp89.0%above the sector's middle half▲ 14.9pp60.3%within the sector's middle half▼ 28.6pp63.9%within the sector's middle half▲ 3.5pp60.0%within the sector's middle half▼ 3.9pp
Current ratio3.46-2.12▼ 1.343.54within the sector's middle half▲ 1.423.83within the sector's middle half▲ 0.298.97above the sector's middle half▲ 5.152.72within the sector's middle half▼ 6.262.77within the sector's middle half▲ 0.052.50within the sector's middle half▼ 0.27
Return on assets (ROA)4.5%-17.3%▲ 12.8pp13.0%within the sector's middle half▼ 4.3pp12.9%within the sector's middle half▼ 0.1pp-0.2%below the sector's middle half▼ 13.1pp7.4%within the sector's middle half▲ 7.6pp9.7%within the sector's middle half▲ 2.3pp-1.3%below the sector's middle half▼ 11.0pp
Staff (FTE)0.8-0.4▼ 50.0%
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 €4,393, after a profit of €14,442 in 2024. It is the lowest result since 2021.
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
Equity and liabilities €183,430
Equity
€110,053 ▼ 25.4%
Debt
€73,378 ▼ 12.1%
Debt's share of the balance-sheet total rises from 36.1% to 40.0%. Equity and debt are lower.
Key figures and ratios
Debt to equity
0.67▲
2024 · 0.57
ROE
-2.2%▼
2024 · 15.1%
Debt ≤ 1 year
€73,378▼
2024 · €83,458
Income taxes
€504▼
2024 · €9,669
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 |
|---|---|---|---|---|---|
| Financial fixed assets | €2,500 | - | - | - | €0 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,386 | €1,439 | - | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €120 | €122 | €132 | €528 | €400 | ▼ 24.3% |
| Gross operating margin9900 | €77,052 | €113,885 | €54,550 | €57,159 | -€166 | €28,901 | €14,970 | -€3,993 | - |
| Operating profit (loss)9901 | €18,999 | €80,876 | €54,431 | €57,039 | -€288 | €28,769 | €14,442 | -€4,393 | - |
| Financial income75/76B | - | - | - | - | - | €31 | €17,638 | €2,563 | ▼ 85.5% |
| Recurring financial income75 | €75 | €10 | €1 | - | - | €31 | €17,638 | €2,563 | ▼ 85.5% |
| Financial charges65/66B | - | - | - | €371 | €289 | -€3,576 | €110 | €59 | ▼ 46.2% |
| Recurring financial charges65 | -€65 | -€4,807 | €111 | €371 | €289 | -€3,576 | €110 | €59 | ▼ 46.2% |
| Profit (loss) for the period before taxes9903 | €19,139 | €85,692 | €54,321 | €56,668 | -€578 | €32,377 | €31,970 | -€1,889 | - |
| Income taxes67/77 | €7,535 | €31,837 | €18,077 | €14,406 | - | €10,537 | €9,669 | €504 | ▼ 94.8% |
| Profit (loss) for the period9904 | €11,604 | €53,855 | €36,243 | €42,261 | -€578 | €21,840 | €22,300 | -€2,394 | - |
| Profit (loss) for the period to be appropriated9905 | €11,604 | €53,855 | €36,243 | €42,261 | -€578 | €21,840 | €22,300 | -€2,394 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €258,046 | €311,221 | €279,643 | €327,962 | €272,382 | €295,216 | €230,904 | €183,430 | ▼ 20.6% |
| Fixed assets21/28 | €7,333 | - | - | €2,500 | €2,500 | €2,500 | €0 | - | - |
| Tangible fixed assets22/27 | €7,333 | - | - | - | - | - | - | - | - |
| Financial fixed assets28 | - | - | - | €2,500 | €2,500 | €2,500 | €0 | - | - |
| Current assets29/58 | €250,713 | €311,221 | €279,643 | €325,462 | €269,882 | €292,716 | €230,904 | €183,430 | ▼ 20.6% |
| Amounts receivable within one year40/41 | €207,617 | €247,392 | €182,896 | €187,198 | €122,557 | €25,213 | €15,270 | €14,678 | ▼ 3.9% |
| Trade receivables40 | - | - | - | €120,242 | €39,954 | €25,213 | €15,270 | €1,295 | ▼ 91.5% |
| Other amounts receivable41 | - | - | - | €66,956 | €82,603 | - | - | €13,384 | - |
| Current investments50/53 | - | - | - | - | - | - | €192,498 | €144,351 | ▼ 25.0% |
| Cash at bank and in hand54/58 | €43,097 | €63,829 | €96,746 | €138,264 | €147,325 | €257,963 | €23,136 | €21,049 | ▼ 9.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €9,540 | €0 | €3,352 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €258,046 | €311,221 | €279,643 | €327,962 | €272,382 | €295,216 | €230,904 | €183,430 | ▼ 20.6% |
| Equity10/15 | €185,524 | €164,380 | €200,623 | €242,884 | €242,307 | €178,146 | €147,447 | €110,053 | ▼ 25.4% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Capital10 | - | - | - | €20,000 | €20,000 | - | - | - | - |
| Issued capital100 | - | - | - | €20,000 | €20,000 | - | - | - | - |
| Reserves13 | €165,524 | €144,380 | €180,623 | €222,884 | €222,307 | €158,146 | €127,447 | €92,447 | ▼ 27.5% |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | - | - | - | - |
| Legal reserve130 | - | - | - | €2,000 | €2,000 | - | - | - | - |
| Distributable reserves133 | - | - | - | €220,884 | €220,307 | €158,146 | €127,447 | €92,447 | ▼ 27.5% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €0 | -€2,394 | - |
| Amounts payable17/49 | €72,522 | €146,842 | €79,020 | €85,078 | €30,075 | €117,070 | €83,458 | €73,378 | ▼ 12.1% |
| Amounts payable within one year42/48 | €72,522 | €146,786 | €79,020 | €85,078 | €30,075 | €107,733 | €83,458 | €73,378 | ▼ 12.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €3,341 | €3,338 | - | - | - | - |
| Trade debts44 | €72,522 | €123,280 | €56,138 | €78,570 | €26,737 | €20,933 | €25,213 | €38,378 | ▲ 52.2% |
| Suppliers440/4 | - | - | - | €78,570 | €26,737 | €20,933 | €25,213 | €38,378 | ▲ 52.2% |
| Taxes, remuneration and social security45 | - | - | - | €3,168 | - | €799 | €3,044 | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | €3,168 | - | €799 | €3,044 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | - | - | €86,000 | €55,200 | €35,000 | ▼ 36.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €9,337 | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,604 | €53,855 | €36,243 | €42,261 | -€578 | €21,840 | €22,300 | -€2,394 | - |
| + Depreciation and write-downs630 | €4,386 | €1,439 | - | - | - | - | - | - | - |
| Operating cash flow (approximation) | €15,990 | €55,295 | €36,243 | €42,261 | -€578 | €21,840 | €22,300 | -€2,394 | - |
| Investment in fixed assets (approximation) | - | - | - | - | €0 | €0 | €2,500 | - | - |
| Change in cash | - | €20,733 | €32,917 | €41,518 | €9,061 | €110,638 | -€234,826 | -€2,087 | ▲ 99.1% |
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, 6,908 companies had the same profile as AAA+ Aankoopexpert has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of AAA+ Aankoopexpert itself: 0.1% 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 6,908 companies, not a prediction for AAA+ Aankoopexpert. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00376877 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00367089 | |
| 31-12-2023 | micro format | 22-07-2024 | 2024-00285532 | |
| 31-12-2022 | micro format | 29-11-2023 | 2023-00518147 | |
| 31-12-2021 | micro format | 18-10-2022 | 2022-20465082 | |
| 31-12-2020 | micro format | 23-08-2021 | 2021-51600353 | |
| 31-12-2019 | micro format | 28-08-2020 | 2020-48400290 | |
| 31-12-2018 | micro format | 23-08-2019 | 2019-52300104 | |
| 31-12-2017 | micro format | 29-06-2018 | 2018-29600289 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-53100405 |