ABRAN
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 25 days after the deadline Filed on 25 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00423963.
Annual accounts 2025 filed on 25-08-2026 at the NBB all 31 filings
Turnover
≈ €210,000
Estimated: probably between €98,000 and €410,000
Total assets
€335,827▼ 3.0%
2024 · €346,203
Net result
-€7,194
2024 · €87,223
Working capital
-€297,647▼ 3.2%
2024 · -€288,454
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€11,651
▼ 86.6%
2025
20182025
Net result
-€7,194
2025
lowest quarter of the sector
20182025
Equity
-€185,347
▼ 11.8%
2025
lowest quarter of the sector
20182025
Total assets
€335,827
▼ 3.0%
2025
middle half of the sector
20182025
Debt
€521,174
▲ 1.8%
2025
20182025
Working capital
-€297,647
▼ 3.2%
2025
lowest quarter of the sector
20182025
Solvency
-55.2%
▼ 7.3pp
2025
lowest quarter of the sector
20182025
Current ratio
0.20
▼ 0.01
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-2.1%
▼ 27.3pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.1m-€0.09m▼ 15.4%-€0.07m-€0.2m▼ 158%-€0.01m▲ 94.8%-€0.003m▲ 73.5%€0.09m€0.01m▼ 86.6%
Net result€0.02m-€0.01m▼ 38.2%-€0.1mbelow the sector's middle half-€0.2mbelow the sector's middle half▼ 102%-€0.02mbelow the sector's middle half▲ 91.2%-€0.01mbelow the sector's middle half▲ 41.1%€0.09mabove the sector's middle half-€0.007mbelow the sector's middle half
Equity€0.07m-€0.08m▲ 16.2%-€0.02mbelow the sector's middle half-€0.2mbelow the sector's middle half▼ 1,149%-€0.2mbelow the sector's middle half▼ 8.1%-€0.3mbelow the sector's middle half▼ 4.4%-€0.2mbelow the sector's middle half▲ 34.5%-€0.2mbelow the sector's middle half▼ 11.8%
Total assets€3.3m-€2.0m▼ 39.5%€0.4mbelow the sector's middle half▼ 80.1%€0.5mwithin the sector's middle half▲ 35.1%€0.4mabove the sector's middle half▼ 28.1%€0.4mabove the sector's middle half▼ 4.9%€0.3mabove the sector's middle half▼ 6.6%€0.3mwithin the sector's middle half▼ 3.0%
Debt€3.3m-€1.9m▼ 40.7%€0.4m▼ 78.3%€0.8m▲ 82.7%€0.6m▼ 17.5%€0.6m▼ 1.4%€0.5m▼ 17.9%€0.5m▲ 1.8%
Working capital€3.0m-€1.9m▼ 36.5%€0.1mwithin the sector's middle half▼ 93.5%-€0.4mbelow the sector's middle half-€0.4mbelow the sector's middle half▲ 0.4%-€0.4mbelow the sector's middle half▼ 0.2%-€0.3mbelow the sector's middle half▲ 22.9%-€0.3mbelow the sector's middle half▼ 3.2%
Solvency2.2%-4.2%▲ 2.0pp-4.5%below the sector's middle half▼ 8.6pp-41.3%below the sector's middle half▼ 36.9pp-62.1%below the sector's middle half▼ 20.8pp-68.2%below the sector's middle half▼ 6.1pp-47.9%below the sector's middle half▲ 20.3pp-55.2%below the sector's middle half▼ 7.3pp
Current ratio8.97-15.12▲ 6.151.45within the sector's middle half▼ 13.680.39below the sector's middle half▼ 1.060.21below the sector's middle half▼ 0.180.19below the sector's middle half▼ 0.020.21below the sector's middle half▲ 0.010.20below the sector's middle half▼ 0.01
Return on assets (ROA)0.6%-0.6%=-25.5%below the sector's middle half▼ 26.0pp-38.0%below the sector's middle half▼ 12.6pp-4.6%below the sector's middle half▲ 33.4pp-2.9%below the sector's middle half▲ 1.8pp25.2%above the sector's middle half▲ 28.1pp-2.1%below the sector's middle half▼ 27.3pp
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 87% lower than in 2024.
Large changes and their cause
- 2022 Net result +91% on 2021. The accounts now follow the micro format, last year the abbreviated format.
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 €335,827
Fixed assets
€260,275 ▼ 3.8%
Current assets
€75,552 =
Equity and liabilities
Equity-€185,347
Debt€521,174
Equity is negative. Debt (€521,174) exceeds the balance-sheet total (€335,827).
Key figures and ratios
Debt ≤ 1 year
€373,199▲
2024 · €364,006
Debt > 1 year
€147,974=
2024 · €147,974
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | €311,273 | - | - | - | - |
| Depreciation and write-downs of the year | €15,370 | €10,376 | €10,376 | €10,376 | - |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €3,500 | - | - | €102,924 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,179 | €5,875 | €5,875 | €15,370 | €10,376 | €10,376 | €10,376 | - | - |
| Other operating charges640/8 | - | - | - | €1,269 | €700 | €402 | €141 | €5,422 | ▲ 39× |
| Gross operating margin9900 | €129,525 | €98,596 | -€65,135 | -€168,011 | €1,550 | €8,255 | €97,739 | €17,072 | ▼ 82.5% |
| Operating profit (loss)9901 | €108,291 | €91,587 | -€71,451 | -€184,650 | -€9,526 | -€2,523 | €87,223 | €11,651 | ▼ 86.6% |
| Financial income75/76B | - | - | - | €199 | €8,301 | - | - | - | - |
| Recurring financial income75 | €1,301 | €2 | €61 | €199 | €5 | - | - | - | - |
| Non-recurring financial income76B | - | - | - | - | €8,296 | - | - | - | - |
| Financial charges65/66B | - | - | - | €22,401 | €16,833 | €8,115 | - | €18,844 | - |
| Recurring financial charges65 | €72,413 | €71,876 | €30,639 | €22,401 | €16,833 | €8,115 | - | €18,844 | - |
| Profit (loss) for the period before taxes9903 | €32,618 | €19,712 | -€102,028 | -€206,852 | -€18,058 | -€10,638 | €87,223 | -€7,194 | - |
| Income taxes67/77 | €13,609 | €7,971 | €290 | -€509 | - | - | - | - | - |
| Profit (loss) for the period9904 | €19,009 | €11,741 | -€102,318 | -€206,344 | -€18,058 | -€10,638 | €87,223 | -€7,194 | - |
| Profit (loss) for the period to be appropriated9905 | €19,009 | €11,741 | -€102,318 | -€206,344 | -€18,058 | -€10,638 | €87,223 | -€7,194 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.3m | €2.0m | €0.4m | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 3.0% |
| Fixed assets21/28 | €0.02m | €0.01m | €0.009m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 3.8% |
| Tangible fixed assets22/27 | €0.02m | €0.01m | €0.009m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 3.8% |
| Land and buildings22 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 3.8% |
| Furniture and vehicles24 | - | - | - | €0.003m | - | - | - | - | - |
| Current assets29/58 | €3.3m | €2.0m | €0.4m | €0.2m | €0.1m | €0.09m | €0.08m | €0.08m | = |
| Stocks and contracts in progress3 | €2.4m | €1.6m | €0.2m | €0 | - | - | - | - | - |
| Contracts in progress37 | - | - | - | €0 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.1m | €0.3m | €0.2m | €0.2m | €0.1m | €0.09m | €0.08m | €0.08m | = |
| Trade receivables40 | - | - | - | €0.2m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Other amounts receivable41 | - | - | - | €0.04m | €0.02m | €0.01m | €467 | €467 | = |
| Cash at bank and in hand54/58 | €0.8m | €0.1m | €0.001m | €0.001m | - | - | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.3m | €2.0m | €0.4m | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 3.0% |
| Equity10/15 | €0.07m | €0.08m | -€0.02m | -€0.2m | -€0.2m | -€0.3m | -€0.2m | -€0.2m | ▼ 11.8% |
| Contributions10/11 | €0.006m | €0.006m | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Capital10 | - | - | - | - | €0.006m | €0.006m | €0.006m | - | - |
| Issued capital100 | - | - | - | - | €0.006m | €0.006m | €0.006m | - | - |
| Contributions outside capital11 | - | - | - | - | - | - | - | €0.006m | - |
| Other1109/19 | - | - | - | - | - | - | - | €0.006m | - |
| Reserves13 | €0.08m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Distributable reserves133 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Profit (loss) carried forward14 | -€0.01m | -€0.01m | -€0.1m | -€0.3m | -€0.3m | -€0.4m | -€0.3m | -€0.3m | ▼ 7.4% |
| Amounts payable17/49 | €3.3m | €1.9m | €0.4m | €0.8m | €0.6m | €0.6m | €0.5m | €0.5m | ▲ 1.8% |
| Amounts payable after more than one year17 | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | = |
| Financial debts170/4 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | = |
| Amounts payable within one year42/48 | €0.4m | €0.1m | €0.3m | €0.6m | €0.5m | €0.5m | €0.4m | €0.4m | ▲ 2.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | - | - | - | - | - |
| Financial debts43 | - | - | - | €0.008m | €47 | €0.003m | €0.003m | €0.008m | ▲ 169% |
| Credit institutions430/8 | - | - | - | €0.008m | €47 | €0.003m | €0.003m | €0.008m | ▲ 169% |
| Trade debts44 | €0.1m | €0.1m | €0.07m | €0.2m | €0.07m | €0.07m | €0.07m | €0.07m | ▼ 6.1% |
| Suppliers440/4 | - | - | - | €0.2m | €0.07m | €0.07m | €0.07m | €0.07m | ▼ 6.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.001m | €197 | - | - | - |
| Taxes450/3 | - | - | - | €0.05m | €0.001m | €197 | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.4m | €0.4m | €0.3m | €0.3m | ▲ 2.9% |
| Accrued charges and deferred income492/3 | - | - | - | €183 | €475 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,009 | €11,741 | -€102,318 | -€206,344 | -€18,058 | -€10,638 | €87,223 | -€7,194 | - |
| + Depreciation and write-downs630 | €3,179 | €5,875 | €5,875 | €15,370 | €10,376 | €10,376 | €10,376 | - | - |
| Operating cash flow (approximation) | €22,188 | €17,616 | -€96,443 | -€190,974 | -€7,682 | -€262 | €97,598 | -€7,194 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€311,273 | €2,704 | €0 | €0 | €10,376 | - |
| Change in cash | - | -€606,850 | -€144,487 | -€171 | - | - | - | - | - |
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, 2,796 companies had the same profile as ABRAN has now. Two years later, 90.4% were still going and 2.1% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a small loss
90.4%
was still going
6.0%
stopped otherwise
2.1%
went bankrupt
Another 1.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ABRAN itself: 2.3% 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 2,796 companies, not a prediction for ABRAN. 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 | 25-08-2026 | 2026-00423963 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00321059 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00392420 | |
| 31-12-2022 | micro format | 23-11-2023 | 2023-00514944 | |
| 31-12-2021 | abbreviated format | 04-11-2022 | 2022-20484607 | |
| 31-12-2020 | abbreviated format | 23-07-2021 | 2021-38900365 | |
| 31-12-2019 | abbreviated format | 16-06-2020 | 2020-17400201 | |
| 31-12-2018 | abbreviated format | 12-06-2019 | 2019-17600588 | |
| 31-12-2017 | abbreviated format | 27-07-2018 | 2018-40500232 | |
| 31-12-2016 | micro format | 31-07-2017 | 2017-40400032 |