ABISAM
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 10 filings
Turnover
≈ €690,000
Estimated: probably between €470,000 and €850,000
Total assets
€374,660▲ 42.8%
2024 · €262,339
Net result
€553▼ 99.2%
2024 · €69,378
Working capital
€145,267▲ 2.2%
2024 · €142,097
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€10,217
▼ 90.1%
2025
20192025
Net result
€553
▼ 99.2%
2025
middle half of the sector
20192025
Equity
€168,594
▲ 0.3%
2025
highest quarter of the sector
20192025
Total assets
€374,660
▲ 42.8%
2025
highest quarter of the sector
20192025
Debt
€206,066
▲ 119%
2025
20192025
Working capital
€145,267
▲ 2.2%
2025
highest quarter of the sector
20192025
Solvency
45.0%
▼ 19.1pp
2025
middle half of the sector
20192025
Current ratio
1.85
▼ 0.66
2025
middle half of the sector
20192025
Return on assets (ROA)
0.1%
▼ 26.3pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
3.7
▼ 5.1%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€1,037-€7,911▲ 663%€7,794▼ 1.5%€36,693▲ 371%€73,630▲ 101%€103,274▲ 40.3%€10,217▼ 90.1%
Net result€3,024-€4,455below the sector's middle half▲ 47.3%€4,718below the sector's middle half▲ 5.9%€27,503within the sector's middle half▲ 483%€45,873above the sector's middle half▲ 66.8%€69,378above the sector's middle half▲ 51.2%€553within the sector's middle half▼ 99.2%
Equity€26,113-€30,569below the sector's middle half▲ 17.1%€35,287below the sector's middle half▲ 15.4%€62,789within the sector's middle half▲ 77.9%€108,662within the sector's middle half▲ 73.1%€168,041above the sector's middle half▲ 54.6%€168,594above the sector's middle half▲ 0.3%
Total assets€45,659-€64,097below the sector's middle half▲ 40.4%€73,433below the sector's middle half▲ 14.6%€134,961within the sector's middle half▲ 83.8%€169,598within the sector's middle half▲ 25.7%€262,339within the sector's middle half▲ 54.7%€374,660above the sector's middle half▲ 42.8%
Debt€19,545-€33,529▲ 71.5%€38,146▲ 13.8%€72,171▲ 89.2%€60,936▼ 15.6%€94,298▲ 54.7%€206,066▲ 119%
Working capital€24,579-€29,739below the sector's middle half▲ 21.0%€31,953below the sector's middle half▲ 7.4%€50,928within the sector's middle half▲ 59.4%€86,669within the sector's middle half▲ 70.2%€142,097above the sector's middle half▲ 64.0%€145,267above the sector's middle half▲ 2.2%
Solvency57.2%-47.7%within the sector's middle half▼ 9.5pp48.1%within the sector's middle half▲ 0.4pp46.5%within the sector's middle half▼ 1.5pp64.1%within the sector's middle half▲ 17.5pp64.1%within the sector's middle half=45.0%within the sector's middle half▼ 19.1pp
Current ratio2.26-1.89within the sector's middle half▼ 0.371.84within the sector's middle half▼ 0.051.71within the sector's middle half▼ 0.132.42within the sector's middle half▲ 0.722.51within the sector's middle half▲ 0.081.85within the sector's middle half▼ 0.66
Return on assets (ROA)6.6%-7.0%within the sector's middle half▲ 0.3pp6.4%within the sector's middle half▼ 0.5pp20.4%above the sector's middle half▲ 14.0pp27.0%above the sector's middle half▲ 6.7pp26.4%above the sector's middle half▼ 0.6pp0.1%below the sector's middle half▼ 26.3pp
Staff (FTE)4.23.9▼ 7.1%3.7▼ 5.1%
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 90% lower than in 2024.
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 €374,660
Fixed assets
€57,701 ▲ 122%
Current assets
€316,960 ▲ 34.1%
Equity and liabilities €374,660
Equity
€168,594 ▲ 0.3%
Debt
€206,066 ▲ 119%
Debt's share of the balance-sheet total rises from 35.9% to 55.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€24,117▼
2024 · €110,916
Cash flow
€14,454▼
2024 · €77,020
Debt to equity
1.22▲
2024 · 0.56
ROE
0.3%▼
2024 · 41.3%
Interest coverage
3.38▼
2024 · 70.00
Debt ≤ 1 year
€171,693▲
2024 · €94,298
Debt > 1 year
€34,374
Income taxes
€2,548▼
2024 · €32,567
Staff costs
€206,484▲
2024 · €173,278
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 5 | 3 | 4 |
| full-time | 5 | 3 | 4 |
| part-time | 0 | 0 | 0 |
| in full-time equivalents | 5 | 3 | 4 |
| Average over the year, in full-time equivalents | 4.2 | 3.9 | 3.7 |
| On a permanent contract | 5 | 3 | 4 |
| Joined | 2 | 0 | 2 |
| Left | 1 | 2 | 1 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €10,126 | €17,490 | €11,591 | €44,658 |
| Financial fixed assets | - | - | - | €1,000 |
| Depreciation and write-downs of the year | €1,599 | €7,358 | €7,641 | €13,901 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €115,425 | €271,287 | €173,278 | €206,484 | ▲ 19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €705 | €705 | €582 | €1,599 | €7,358 | €7,641 | €13,901 | ▲ 81.9% |
| Other operating charges640/8 | - | - | - | €1,070 | €2,441 | €2,601 | €2,545 | ▼ 2.1% |
| Non-recurring operating charges66A | - | - | - | - | €1,728 | €0 | - | - |
| Gross operating margin9900 | €2,568 | €34,409 | €52,115 | €154,786 | €356,445 | €286,794 | €233,146 | ▼ 18.7% |
| Operating profit (loss)9901 | €1,037 | €7,911 | €7,794 | €36,693 | €73,630 | €103,274 | €10,217 | ▼ 90.1% |
| Financial income75/76B | - | - | - | €1 | €2 | €255 | €21 | ▼ 91.7% |
| Recurring financial income75 | €0 | €0 | €2 | €1 | €2 | €255 | €21 | ▼ 91.7% |
| Financial charges65/66B | - | - | - | €1,866 | €3,319 | €1,585 | €7,137 | ▲ 350% |
| Recurring financial charges65 | €945 | €1,431 | €1,300 | €1,866 | €3,319 | €1,585 | €7,137 | ▲ 350% |
| Profit (loss) for the period before taxes9903 | €91 | €6,481 | €6,497 | €34,827 | €70,313 | €101,945 | €3,101 | ▼ 97.0% |
| Income taxes67/77 | -€2,933 | €2,026 | €1,779 | €7,325 | €24,440 | €32,567 | €2,548 | ▼ 92.2% |
| Profit (loss) for the period9904 | €3,024 | €4,455 | €4,718 | €27,503 | €45,873 | €69,378 | €553 | ▼ 99.2% |
| Profit (loss) for the period to be appropriated9905 | €3,024 | €4,455 | €4,718 | €27,503 | €45,873 | €69,378 | €553 | ▼ 99.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €45,659 | €64,097 | €73,433 | €134,961 | €169,598 | €262,339 | €374,660 | ▲ 42.8% |
| Fixed assets21/28 | €1,535 | €830 | €3,333 | €11,861 | €21,993 | €25,943 | €57,701 | ▲ 122% |
| Tangible fixed assets22/27 | €1,535 | €830 | €3,333 | €11,861 | €21,993 | €25,943 | €56,701 | ▲ 119% |
| Plant, machinery and equipment23 | - | - | - | €9,775 | €14,386 | €19,040 | €14,756 | ▼ 22.5% |
| Furniture and vehicles24 | - | - | - | €2,086 | €7,607 | €6,903 | €41,945 | ▲ 508% |
| Financial fixed assets28 | - | - | - | - | - | - | €1,000 | - |
| Current assets29/58 | €44,124 | €63,267 | €70,099 | €123,100 | €147,605 | €236,395 | €316,960 | ▲ 34.1% |
| Stocks and contracts in progress3 | €1,200 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €40,105 | €50,494 | €48,738 | €45,860 | €95,486 | €136,833 | €265,817 | ▲ 94.3% |
| Trade receivables40 | - | - | - | €43,972 | €87,707 | €130,766 | €240,049 | ▲ 83.6% |
| Other amounts receivable41 | - | - | - | €1,889 | €7,779 | €6,067 | €25,767 | ▲ 325% |
| Cash at bank and in hand54/58 | €2,204 | €11,704 | €20,878 | €75,608 | €41,573 | €91,155 | €42,143 | ▼ 53.8% |
| Deferred charges and accrued income490/1 | - | - | - | €1,631 | €10,546 | €8,407 | €9,000 | ▲ 7.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €45,659 | €64,097 | €73,433 | €134,961 | €169,598 | €262,339 | €374,660 | ▲ 42.8% |
| Equity10/15 | €26,113 | €30,569 | €35,287 | €62,789 | €108,662 | €168,041 | €168,594 | ▲ 0.3% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | - | - | - | - | €45,873 | €105,251 | €105,251 | = |
| Distributable reserves133 | - | - | - | - | €45,873 | €105,251 | €105,251 | = |
| Profit (loss) carried forward14 | €19,913 | €24,369 | €29,087 | €56,589 | €56,589 | €56,589 | €57,143 | ▲ 1.0% |
| Amounts payable17/49 | €19,545 | €33,529 | €38,146 | €72,171 | €60,936 | €94,298 | €206,066 | ▲ 119% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €34,374 | - |
| Financial debts170/4 | - | - | - | - | - | - | €34,374 | - |
| Amounts payable within one year42/48 | €19,545 | €33,529 | €38,146 | €72,171 | €60,936 | €94,298 | €171,693 | ▲ 82.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €913 | €880 | €20,284 | ▲ 23× |
| Trade debts44 | €13,414 | €12,389 | €11,029 | €31,539 | €17,522 | €28,572 | €113,103 | ▲ 296% |
| Suppliers440/4 | - | - | - | €31,539 | €17,522 | €28,572 | €113,103 | ▲ 296% |
| Taxes, remuneration and social security45 | - | - | - | €10,875 | €31,180 | €51,878 | €37,481 | ▼ 27.8% |
| Taxes450/3 | - | - | - | €3,825 | €19,666 | €42,213 | €24,237 | ▼ 42.6% |
| Remuneration and social security454/9 | - | - | - | €7,050 | €11,514 | €9,665 | €13,245 | ▲ 37.0% |
| Other amounts payable47/48 | - | - | - | €29,757 | €11,321 | €12,968 | €824 | ▼ 93.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,024 | €4,455 | €4,718 | €27,503 | €45,873 | €69,378 | €553 | ▼ 99.2% |
| + Depreciation and write-downs630 | €705 | €705 | €582 | €1,599 | €7,358 | €7,641 | €13,901 | ▲ 81.9% |
| Operating cash flow (approximation) | €3,729 | €5,160 | €5,301 | €29,101 | €53,231 | €77,020 | €14,454 | ▼ 81.2% |
| Investment in fixed assets (approximation) | - | €0 | -€3,086 | -€10,126 | -€17,490 | -€11,591 | -€45,658 | ▼ 294% |
| Change in cash | - | €9,500 | €9,174 | €54,730 | -€34,035 | €49,582 | -€49,013 | - |
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, 10,904 companies had the same profile as ABISAM has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of ABISAM itself: 0.3% 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 10,904 companies, not a prediction for ABISAM. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00377495 | |
| 31-12-2024 | micro format | 03-07-2025 | 2025-00240027 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00453818 | |
| 30-06-2022 | micro format | 30-01-2023 | 2023-00008593 | |
| 30-06-2021 | abbreviated format | 27-01-2022 | 2022-02500275 | |
| 30-06-2020 | abbreviated format | 26-01-2021 | 2021-01900314 | |
| 30-06-2019 | abbreviated format | 30-01-2020 | 2020-03000340 | |
| 30-06-2018 | abbreviated format | 29-01-2019 | 2019-02800007 | |
| 30-06-2017 | abbreviated format | 29-01-2018 | 2018-03000256 | |
| 30-06-2016 | abbreviated format | 30-01-2017 | 2017-02600183 |