ABCOGEN
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 6 filings
Turnover
≈ €1.3m
Estimated: probably between €1.1m and €1.6m
EBIT margin
Not included in this filing
Net result
€202,278▲ 1.2%
2024 · €199,879
Working capital
€433,859▲ 24.2%
2024 · €349,256
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€301,689
▼ 3.8%
2025
20202025
Net result
€202,278
▲ 1.2%
2025
highest quarter of the sector
20202025
Equity
€687,925
▲ 41.7%
2025
highest quarter of the sector
20202025
Total assets
€1.7m
▼ 12.3%
2025
highest quarter of the sector
20202025
Debt
€1.0m
▼ 30.2%
2025
20202025
Working capital
€433,859
▲ 24.2%
2025
highest quarter of the sector
20202025
Solvency
40.2%
▲ 15.3pp
2025
middle half of the sector
20202025
Current ratio
3.52
▲ 1.40
2025
highest quarter of the sector
20202025
Return on assets (ROA)
11.8%
▲ 1.6pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result-€0.01m--€0.009m▲ 30.6%€0.1m€0.2m▲ 76.0%€0.3m▲ 35.6%€0.3m▼ 3.8%
Net result-€0.02mbelow the sector's middle half--€0.02mbelow the sector's middle half▼ 51.4%€0.09mwithin the sector's middle half€0.2mabove the sector's middle half▲ 85.2%€0.2mabove the sector's middle half▲ 15.4%€0.2mabove the sector's middle half▲ 1.2%
Equity€0.04mwithin the sector's middle half-€0.02mbelow the sector's middle half▼ 57.2%€0.1mwithin the sector's middle half▲ 488%€0.3mwithin the sector's middle half▲ 154%€0.5mwithin the sector's middle half▲ 69.9%€0.7mabove the sector's middle half▲ 41.7%
Total assets€0.5mabove the sector's middle half-€1.2mwithin the sector's middle half▲ 135%€1.9mabove the sector's middle half▲ 65.3%€2.2mabove the sector's middle half▲ 13.6%€1.9mwithin the sector's middle half▼ 10.3%€1.7mabove the sector's middle half▼ 12.3%
Debt€0.4m-€1.1m▲ 154%€1.8m▲ 58.1%€1.9m▲ 4.8%€1.5m▼ 22.5%€1.0m▼ 30.2%
Working capital€0.2mabove the sector's middle half--€0.1mbelow the sector's middle half-€0.7mbelow the sector's middle half▼ 467%€0.5mabove the sector's middle half€0.3mwithin the sector's middle half▼ 31.4%€0.4mabove the sector's middle half▲ 24.2%
Solvency9.1%below the sector's middle half-1.7%below the sector's middle half▼ 7.4pp5.9%below the sector's middle half▲ 4.2pp13.1%below the sector's middle half▲ 7.3pp24.9%within the sector's middle half▲ 11.8pp40.2%within the sector's middle half▲ 15.3pp
Current ratio2.78within the sector's middle half-0.46below the sector's middle half▼ 2.320.35below the sector's middle half▼ 0.113.59above the sector's middle half▲ 3.242.12within the sector's middle half▼ 1.473.52above the sector's middle half▲ 1.40
Return on assets (ROA)-3.1%below the sector's middle half--2.0%below the sector's middle half▲ 1.1pp4.9%within the sector's middle half▲ 6.9pp8.0%within the sector's middle half▲ 3.1pp10.3%within the sector's middle half▲ 2.3pp11.8%within the sector's middle half▲ 1.6pp
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 4% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.7m
Fixed assets
€1.1m ▼ 14.3%
Current assets
€606,079 ▼ 8.4%
Equity and liabilities €1.7m
Equity
€687,925 ▲ 41.7%
Debt
€1.0m ▼ 30.2%
Debt's share of the balance-sheet total falls from 75.1% to 59.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€485,543▼
2024 · €496,992
Cash flow
€386,133▲
2024 · €383,373
Debt to equity
1.49▼
2024 · 3.01
ROE
29.4%▼
2024 · 41.2%
Interest coverage
18.84▲
2024 · 12.83
Debt ≤ 1 year
€172,220▼
2024 · €312,269
Debt > 1 year
€850,000▼
2024 · €1.2m
Income taxes
€73,634▼
2024 · €74,869
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 | €1.0m | €623,981 | €99,021 | €3,503 | €0 |
| Depreciation and write-downs of the year | €52,663 | €129,250 | €179,834 | €183,493 | €183,854 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,939 | €52,663 | €129,250 | €179,834 | €183,493 | €183,854 | ▲ 0.2% |
| Other operating charges640/8 | - | - | €695 | - | €968 | €998 | ▲ 3.2% |
| Gross operating margin9900 | -€10,012 | €43,437 | €261,340 | €411,110 | €497,960 | €486,542 | ▼ 2.3% |
| Operating profit (loss)9901 | -€13,298 | -€9,226 | €131,395 | €231,276 | €313,499 | €301,689 | ▼ 3.8% |
| Financial income75/76B | - | - | - | €3,489 | - | - | - |
| Recurring financial income75 | - | - | - | €3,489 | - | - | - |
| Financial charges65/66B | - | €13,864 | €20,372 | €13,466 | €38,750 | €25,776 | ▼ 33.5% |
| Recurring financial charges65 | €1,955 | €13,864 | €20,372 | €13,466 | €38,750 | €25,776 | ▼ 33.5% |
| Profit (loss) for the period before taxes9903 | -€15,254 | -€23,091 | €111,023 | €221,298 | €274,748 | €275,913 | ▲ 0.4% |
| Income taxes67/77 | - | - | €17,541 | €48,155 | €74,869 | €73,634 | ▼ 1.6% |
| Profit (loss) for the period9904 | -€15,254 | -€23,091 | €93,481 | €173,143 | €199,879 | €202,278 | ▲ 1.2% |
| Profit (loss) for the period to be appropriated9905 | -€15,254 | -€23,091 | €93,481 | €173,143 | €199,879 | €202,278 | ▲ 1.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €0.5m | €1.2m | €1.9m | €2.2m | €1.9m | €1.7m | ▼ 12.3% |
| Formation expenses20 | €0.001m | €0.001m | €0.001m | €317 | €0 | - | - |
| Fixed assets21/28 | €0.1m | €1.1m | €1.5m | €1.5m | €1.3m | €1.1m | ▼ 14.3% |
| Tangible fixed assets22/27 | €0.1m | €1.1m | €1.5m | €1.5m | €1.3m | €1.1m | ▼ 14.3% |
| Plant, machinery and equipment23 | - | - | - | €0.09m | €0.08m | €0.07m | ▼ 12.4% |
| Other tangible fixed assets26 | - | €1.1m | €1.5m | €1.4m | €1.2m | €1.0m | ▼ 14.4% |
| Current assets29/58 | €0.4m | €0.1m | €0.4m | €0.7m | €0.7m | €0.6m | ▼ 8.4% |
| Stocks and contracts in progress3 | €0.3m | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.003m | €0.02m | €0.2m | €0.6m | €0.4m | €0.4m | ▼ 13.8% |
| Trade receivables40 | - | - | €0.2m | €0.6m | €0.4m | €0.4m | ▼ 13.8% |
| Other amounts receivable41 | - | €0.02m | €0.01m | €0.005m | €2 | €2 | = |
| Cash at bank and in hand54/58 | €0.04m | €0.08m | €0.1m | €0.06m | €0.3m | €0.3m | ▲ 0.4% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €0.5m | €1.2m | €1.9m | €2.2m | €1.9m | €1.7m | ▼ 12.3% |
| Equity10/15 | €0.04m | €0.02m | €0.1m | €0.3m | €0.5m | €0.7m | ▲ 41.7% |
| Contributions10/11 | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Profit (loss) carried forward14 | -€0.02m | -€0.04m | €0.05m | €0.2m | €0.4m | €0.6m | ▲ 47.5% |
| Amounts payable17/49 | €0.4m | €1.1m | €1.8m | €1.9m | €1.5m | €1.0m | ▼ 30.2% |
| Amounts payable after more than one year17 | €0.3m | €0.9m | €0.8m | €1.7m | €1.2m | €0.9m | ▼ 26.2% |
| Financial debts170/4 | - | €0.9m | €0.8m | €1.7m | €1.2m | €0.9m | ▼ 26.2% |
| Amounts payable within one year42/48 | €0.1m | €0.2m | €1.0m | €0.2m | €0.3m | €0.2m | ▼ 44.8% |
| Current portion of amounts payable after more than one year42 | - | €0.07m | €0.2m | - | - | - | - |
| Trade debts44 | €0.09m | €0.2m | €0.9m | €0.08m | €0.07m | €0.07m | ▼ 3.5% |
| Suppliers440/4 | - | €0.2m | €0.9m | €0.08m | €0.07m | €0.07m | ▼ 3.5% |
| Taxes, remuneration and social security45 | - | - | €0.02m | €0.07m | €0.1m | €0.08m | ▼ 24.4% |
| Taxes450/3 | - | - | €0.02m | €0.07m | €0.1m | €0.08m | ▼ 24.4% |
| Other amounts payable47/48 | - | €0.002m | €0.002m | €0.05m | €0.1m | €0.03m | ▼ 81.6% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.02m | -€0.02m | €0.09m | €0.2m | €0.2m | €0.2m | ▲ 1.2% |
| + Depreciation and write-downs630 | €0.003m | €0.05m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 0.2% |
| Operating cash flow (approximation) | -€0.01m | €0.03m | €0.2m | €0.4m | €0.4m | €0.4m | ▲ 0.7% |
| Investment in fixed assets (approximation) | - | -€1.0m | -€0.6m | -€0.1m | -€0.004m | -€0 | ▲ 100.0% |
| Change in cash | - | €0.04m | €0.05m | -€0.08m | €0.2m | €0.001m | ▼ 99.4% |
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, 6,782 companies had the same profile as ABCOGEN has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of ABCOGEN itself: 0.4% 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 6,782 companies, not a prediction for ABCOGEN. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 10-07-2026 | 2026-00276697 | |
| 31-12-2024 | full format | 25-08-2025 | 2025-00397208 | |
| 31-12-2023 | full format | 08-10-2024 | 2024-00499024 | |
| 31-12-2022 | full format | 30-08-2023 | 2023-00397384 | |
| 31-12-2021 | full format | 31-08-2022 | 2022-20421389 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-60800161 |