ABIM
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 31 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €1.5m
Estimated: probably between €950,000 and €2.6m
Total assets
€2.7m▼ 0.7%
2024 · €2.7m
Net result
€103,057▼ 18.8%
2024 · €126,974
Working capital
-€223,266▲ 32.7%
2024 · -€331,976
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€143,561
▼ 6.0%
2025
20182025
Net result
€103,057
▼ 18.8%
2025
middle half of the sector
20182025
Equity
€1.3m
▲ 0.6%
2025
highest quarter of the sector
20182025
Total assets
€2.7m
▼ 0.7%
2025
highest quarter of the sector
20182025
Debt
€1.4m
▼ 1.9%
2025
20182025
Working capital
-€223,266
▲ 32.7%
2025
lowest quarter of the sector
20182025
Solvency
47.4%
▲ 0.6pp
2025
middle half of the sector
20182025
Current ratio
0.83
▲ 0.07
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
3.8%
▼ 0.9pp
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€0.2m-€0.1m▼ 53.5%€0.2m▲ 58.5%€0.1m▼ 17.2%€0.2m▲ 37.6%€0.2m▼ 13.2%€0.2m▼ 2.0%€0.1m▼ 6.0%
Net result€0.2m-€0.07m▼ 61.1%€0.1mwithin the sector's middle half▲ 93.1%€0.1mwithin the sector's middle half▼ 19.8%€0.1mwithin the sector's middle half▲ 47.8%€0.1mwithin the sector's middle half▼ 16.9%€0.1mwithin the sector's middle half▲ 2.4%€0.1mwithin the sector's middle half▼ 18.8%
Equity€1.2m-€1.2m▲ 0.8%€1.2mabove the sector's middle half▲ 1.3%€1.2mabove the sector's middle half▲ 0.4%€1.2mabove the sector's middle half▲ 0.9%€1.3mabove the sector's middle half▲ 0.6%€1.3mabove the sector's middle half▲ 1.2%€1.3mabove the sector's middle half▲ 0.6%
Total assets€2.2m-€2.1m▼ 3.3%€2.2mwithin the sector's middle half▲ 3.3%€2.2mwithin the sector's middle half▼ 1.1%€2.2mwithin the sector's middle half▲ 3.1%€2.2mwithin the sector's middle half▼ 2.7%€2.7mwithin the sector's middle half▲ 25.5%€2.7mabove the sector's middle half▼ 0.7%
Debt€1.0m-€0.9m▼ 8.5%€0.9m▲ 6.0%€0.9m▼ 2.9%€1.0m▲ 6.2%€0.9m▼ 6.9%€1.4m▲ 59.2%€1.4m▼ 1.9%
Working capital-€0.6m--€0.5m▲ 13.7%-€0.4mbelow the sector's middle half▲ 20.2%-€0.3mbelow the sector's middle half▲ 24.1%-€0.3mbelow the sector's middle half▲ 11.0%-€0.2mbelow the sector's middle half▲ 13.6%-€0.3mbelow the sector's middle half▼ 49.1%-€0.2mbelow the sector's middle half▲ 32.7%
Solvency55.2%-57.6%▲ 2.4pp56.5%within the sector's middle half▼ 1.1pp57.3%within the sector's middle half▲ 0.8pp56.1%within the sector's middle half▼ 1.2pp58.0%within the sector's middle half▲ 1.9pp46.7%within the sector's middle half▼ 11.2pp47.4%within the sector's middle half▲ 0.6pp
Current ratio0.25-0.28▲ 0.030.44below the sector's middle half▲ 0.160.56below the sector's middle half▲ 0.120.65below the sector's middle half▲ 0.090.67below the sector's middle half▲ 0.020.76below the sector's middle half▲ 0.090.83below the sector's middle half▲ 0.07
Return on assets (ROA)7.7%-3.1%▼ 4.6pp5.8%within the sector's middle half▲ 2.7pp4.7%within the sector's middle half▼ 1.1pp6.7%within the sector's middle half▲ 2.0pp5.7%within the sector's middle half▼ 1.0pp4.7%within the sector's middle half▼ 1.1pp3.8%within the sector's middle half▼ 0.9pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 6% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €2.7m
Fixed assets
€1.6m ▼ 5.2%
Current assets
€1.1m ▲ 6.3%
Equity and liabilities €2.7m
Equity
€1.3m ▲ 0.6%
Debt
€1.4m ▼ 1.9%
Debt's share of the balance-sheet total falls from 53.3% to 52.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€240,694▼
2024 · €255,079
Cash flow
€200,190▼
2024 · €229,401
Debt to equity
1.11▼
2024 · 1.14
ROE
8.1%▼
2024 · 10.0%
Interest coverage
4.86▼
2024 · 10.44
Debt ≤ 1 year
€1.3m▼
2024 · €1.4m
Debt > 1 year
€35,490▼
2024 · €38,760
Income taxes
€2,807▼
2024 · €4,993
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 | €18,414 | €57,370 | €81,954 | €42,538 | €10,826 |
| Depreciation and write-downs of the year | €106,435 | €98,687 | €109,388 | €102,427 | €97,133 |
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 | €124,990 | €114,697 | €108,409 | €106,435 | €98,687 | €109,388 | €102,427 | €97,133 | ▼ 5.2% |
| Other operating charges640/8 | - | - | - | €52,227 | €66,041 | €57,066 | €59,276 | €58,326 | ▼ 1.6% |
| Gross operating margin9900 | €377,387 | €279,208 | €306,144 | €289,095 | €344,226 | €322,213 | €314,356 | €299,020 | ▼ 4.9% |
| Operating profit (loss)9901 | €213,718 | €99,382 | €157,550 | €130,432 | €179,497 | €155,759 | €152,652 | €143,561 | ▼ 6.0% |
| Financial income75/76B | - | - | - | €13 | €0 | €152 | €3,741 | €11,835 | ▲ 216% |
| Recurring financial income75 | €9 | €2,108 | €63 | €13 | €0 | €152 | €3,741 | €11,835 | ▲ 216% |
| Financial charges65/66B | - | - | - | €29,479 | €29,845 | €30,975 | €24,426 | €49,532 | ▲ 103% |
| Recurring financial charges65 | €38,966 | €33,868 | €30,387 | €29,479 | €29,845 | €30,975 | €24,426 | €49,532 | ▲ 103% |
| Profit (loss) for the period before taxes9903 | €174,760 | €67,622 | €127,226 | €100,967 | €149,653 | €124,937 | €131,967 | €105,864 | ▼ 19.8% |
| Income taxes67/77 | €7,051 | €2,451 | €1,351 | €13 | €456 | €929 | €4,993 | €2,807 | ▼ 43.8% |
| Profit (loss) for the period9904 | €167,709 | €65,171 | €125,876 | €100,953 | €149,197 | €124,007 | €126,974 | €103,057 | ▼ 18.8% |
| Profit (loss) for the period to be appropriated9905 | €167,709 | €65,171 | €125,876 | €100,953 | €149,197 | €124,007 | €126,974 | €103,057 | ▼ 18.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.2m | €2.1m | €2.2m | €2.2m | €2.2m | €2.2m | €2.7m | €2.7m | ▼ 0.7% |
| Fixed assets21/28 | €2.0m | €1.9m | €1.9m | €1.8m | €1.7m | €1.7m | €1.7m | €1.6m | ▼ 5.2% |
| Tangible fixed assets22/27 | €2.0m | €1.9m | €1.9m | €1.8m | €1.7m | €1.7m | €1.7m | €1.6m | ▼ 5.2% |
| Land and buildings22 | - | - | - | €1.7m | €1.6m | €1.6m | €1.5m | €1.5m | ▼ 3.6% |
| Plant, machinery and equipment23 | - | - | - | €0.08m | €0.09m | €0.08m | €0.1m | €0.08m | ▼ 20.6% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.02m | €0.06m | €0.04m | €0.03m | ▼ 25.6% |
| Financial fixed assets28 | €250 | €250 | €250 | €250 | €250 | €250 | €250 | €250 | = |
| Current assets29/58 | €0.2m | €0.2m | €0.3m | €0.4m | €0.5m | €0.4m | €1.1m | €1.1m | ▲ 6.3% |
| Amounts receivable within one year40/41 | €0.07m | €0.05m | €0.06m | €0.008m | €0.05m | €0.03m | €0.02m | €0.01m | ▼ 47.1% |
| Trade receivables40 | - | - | - | €0.008m | €0.05m | €0.03m | €0.02m | €0.01m | ▼ 48.7% |
| Other amounts receivable41 | - | - | - | - | €228 | - | €0.001m | €0.001m | ▲ 2.9% |
| Current investments50/53 | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €1.0m | €1.1m | ▲ 10.6% |
| Cash at bank and in hand54/58 | €0.1m | €0.1m | €0.2m | €0.3m | €0.4m | €0.4m | €0.09m | €0.06m | ▼ 26.4% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.01m | €0.001m | €0.001m | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.2m | €2.1m | €2.2m | €2.2m | €2.2m | €2.2m | €2.7m | €2.7m | ▼ 0.7% |
| Equity10/15 | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | €1.3m | €1.3m | €1.3m | ▲ 0.6% |
| Contributions10/11 | €0.1m | €0.1m | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €1.0m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | ▲ 0.9% |
| Non-distributable reserves130/1 | - | - | - | €0.05m | €0.05m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.05m | €0.05m | - | - | - | - |
| Distributable reserves133 | - | - | - | €1.0m | €1.1m | €1.1m | €1.1m | €1.1m | ▲ 0.9% |
| Profit (loss) carried forward14 | €0.04m | €0.002m | €0.02m | €0.02m | €2 | €0.008m | €0.003m | €0.001m | ▼ 65.1% |
| Amounts payable17/49 | €1.0m | €0.9m | €0.9m | €0.9m | €1.0m | €0.9m | €1.4m | €1.4m | ▼ 1.9% |
| Amounts payable after more than one year17 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.04m | €0.04m | ▼ 8.4% |
| Financial debts170/4 | - | - | - | €0.2m | €0.2m | €0.2m | - | - | - |
| Other amounts payable178/9 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | ▼ 8.4% |
| Amounts payable within one year42/48 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €1.4m | €1.3m | ▼ 3.0% |
| Trade debts44 | €0.003m | €0.02m | €0.008m | €0.01m | €0.02m | €0.02m | €0.007m | €0.02m | ▲ 125% |
| Suppliers440/4 | - | - | - | €0.01m | €0.02m | €0.02m | €0.007m | €0.02m | ▲ 125% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.03m | €0.02m | €0.03m | €0.03m | ▲ 9.3% |
| Taxes450/3 | - | - | - | €0.01m | €0.03m | €0.02m | €0.03m | €0.03m | ▲ 9.3% |
| Other amounts payable47/48 | - | - | - | €0.6m | €0.7m | €0.6m | €1.4m | €1.3m | ▼ 4.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | - | - | €0.02m | €0.03m | ▲ 106% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €167,709 | €65,171 | €125,876 | €100,953 | €149,197 | €124,007 | €126,974 | €103,057 | ▼ 18.8% |
| + Depreciation and write-downs630 | €124,990 | €114,697 | €108,409 | €106,435 | €98,687 | €109,388 | €102,427 | €97,133 | ▼ 5.2% |
| Operating cash flow (approximation) | €292,699 | €179,867 | €234,284 | €207,389 | €247,884 | €233,396 | €229,401 | €200,190 | ▼ 12.7% |
| Investment in fixed assets (approximation) | - | -€39,177 | -€60,024 | -€18,414 | -€57,370 | -€81,954 | -€42,538 | -€10,826 | ▲ 74.5% |
| Change in cash | - | €22,472 | €50,136 | €113,332 | €60,273 | -€2,662 | -€272,751 | -€22,906 | ▲ 91.6% |
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, 14,766 companies had the same profile as ABIM has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ABIM 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 14,766 companies, not a prediction for ABIM. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-07-2026 | 2026-00385036 | |
| 31-12-2024 | abbreviated format | 25-08-2025 | 2025-00405313 | |
| 31-12-2023 | abbreviated format | 31-07-2024 | 2024-00328243 | |
| 31-12-2022 | abbreviated format | 31-07-2023 | 2023-00316933 | |
| 31-12-2021 | abbreviated format | 29-07-2022 | 2022-20253429 | |
| 31-12-2020 | abbreviated format | 20-08-2021 | 2021-51400382 | |
| 31-12-2019 | abbreviated format | 25-09-2020 | 2020-56300331 | |
| 31-12-2018 | abbreviated format | 27-08-2019 | 2019-52800136 | |
| 31-12-2017 | abbreviated format | 10-08-2018 | 2018-45600507 | |
| 31-12-2016 | abbreviated format | 28-06-2017 | 2017-23200375 |