ABS
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 16-06-2026 at the NBB all 10 filings
Turnover
€98,203▼ 91.3%
2021 · €1.1m
EBIT margin
0.4%▲ 2.1pp
2021 · -1.6%
Net result
€59,421
2024 · -€7,727
Working capital
€111,597▲ 114%
2024 · €52,176
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€80,357
2025
20182025
Net result
€59,421
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€111,597
▲ 114%
2025
lowest quarter of the sector
20182025
Total assets
€193,862
▲ 27.2%
2025
lowest quarter of the sector
20182025
Debt
€82,265
▼ 18.0%
2025
20182025
Working capital
€111,597
▲ 114%
2025
lowest quarter of the sector
20182025
Solvency
57.6%
▲ 23.3pp
2025
middle half of the sector
20182025
Current ratio
2.36
▲ 0.84
2025
middle half of the sector
20182025
Return on assets (ROA)
30.7%
▲ 35.7pp
2025
highest quarter of the sector
20182025
Staff (FTE)
6.6
▼ 5.7%
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
Turnover€0.9m-€1.2m▲ 31.9%€1.4m▲ 19.9%€1.1m▼ 22.4%€0.1m▼ 91.3%
Operating result-€0.02m-€0.02m€0.06m▲ 269%-€0.02m€428€0.007m▲ 16×-€0.006m€0.08m
Net result-€0.02m-€0.02m€0.04mwithin the sector's middle half▲ 122%-€0.01mbelow the sector's middle half-€163below the sector's middle half▲ 98.4%€0.007mbelow the sector's middle half-€0.008mbelow the sector's middle half€0.06mwithin the sector's middle half
EBIT margin-1.8%-1.4%▲ 3.2pp4.3%▲ 2.9pp-1.6%▼ 5.9pp0.4%▲ 2.1pp
Equity-€0.04m--€0.02m▲ 47.0%€0.02mbelow the sector's middle half€0.01mbelow the sector's middle half▼ 50.3%€0.01mbelow the sector's middle half▼ 1.6%€0.06mbelow the sector's middle half▲ 500%€0.05mbelow the sector's middle half▼ 12.9%€0.1mbelow the sector's middle half▲ 114%
Total assets€0.2m-€0.3m▲ 35.3%€0.8mbelow the sector's middle half▲ 170%€0.1mbelow the sector's middle half▼ 83.9%€0.1mbelow the sector's middle half▼ 11.7%€0.2mbelow the sector's middle half▲ 89.1%€0.2mbelow the sector's middle half▼ 28.1%€0.2mbelow the sector's middle half▲ 27.2%
Debt€0.3m-€0.3m▲ 9.6%€0.8m▲ 174%€0.1m▼ 84.7%€0.1m▼ 14.6%€0.2m▲ 52.5%€0.1m▼ 34.1%€0.08m▼ 18.0%
Working capital-€0.05m--€0.02m▲ 52.5%-€0.006mbelow the sector's middle half▲ 75.4%€0.01mbelow the sector's middle half€0.01mbelow the sector's middle half▲ 25.2%€0.06mbelow the sector's middle half▲ 383%€0.05mbelow the sector's middle half▼ 12.9%€0.1mbelow the sector's middle half▲ 114%
Solvency-18.6%--7.3%▲ 11.3pp2.6%below the sector's middle half▲ 9.9pp8.0%below the sector's middle half▲ 5.4pp8.9%below the sector's middle half▲ 0.9pp28.3%within the sector's middle half▲ 19.3pp34.2%within the sector's middle half▲ 6.0pp57.6%within the sector's middle half▲ 23.3pp
Current ratio0.81-0.92▲ 0.110.99below the sector's middle half▲ 0.071.08within the sector's middle half▲ 0.091.12below the sector's middle half▲ 0.041.39within the sector's middle half▲ 0.271.52within the sector's middle half▲ 0.132.36within the sector's middle half▲ 0.84
Return on assets (ROA)-8.6%-6.4%▲ 15.1pp5.3%within the sector's middle half▼ 1.2pp-8.1%below the sector's middle half▼ 13.4pp-0.1%below the sector's middle half▲ 7.9pp3.1%within the sector's middle half▲ 3.2pp-5.1%below the sector's middle half▼ 8.1pp30.7%above the sector's middle half▲ 35.7pp
Staff (FTE)7.3-13.1▲ 79.5%14.3within the sector's middle half▲ 9.2%9.8within the sector's middle half▼ 31.5%5.8within the sector's middle half▼ 40.8%6.5within the sector's middle half▲ 12.1%7within the sector's middle half▲ 7.7%6.6below the sector's middle half▼ 5.7%
above
within
below
The sector band is the middle half of the companies in Manufacture of motor vehicles, trailers and semi-trailers (NACE 29). 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 profit of €80,357, after a loss of €6,406 in 2024. It is the highest result since 2021.
Large changes and their cause
- 2022 Turnover -91% on 2021. The accounts now follow the abbreviated format, last year the full format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €193,862
Equity
€111,597 ▲ 114%
Debt
€82,265 ▼ 18.0%
Debt's share of the balance-sheet total falls from 65.8% to 42.4%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
0.74▼
2024 · 1.92
ROE
53.2%▲
2024 · -14.8%
Debt ≤ 1 year
€82,265▼
2024 · €100,269
Income taxes
€20,000▲
2024 · €772
Staff costs
€442,193▼
2024 · €513,939
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 6 | 6 | 7 | 7 | 6 |
| full-time | 6 | 6 | 7 | 7 | 6 |
| part-time | - | - | - | 0 | - |
| in full-time equivalents | 6 | 6 | 7 | 7 | 6 |
| Average over the year, in full-time equivalents | 9.8 | 5.8 | 6.5 | 7 | 6.6 |
| On a permanent contract | 6 | 6 | 7 | 7 | 6 |
| Joined | 1 | 2 | 2 | 0 | 1 |
| Left | 10 | 2 | 1 | 0 | 2 |
| Training hours | - | - | 2 | 0 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Auditor
The auditor is RSM INTERAUDIT.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €4,800 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €1.5m | - | - | - | - | - |
| Turnover70 | €0.9m | €1.2m | €1.4m | €1.1m | €0.1m | - | - | - | - |
| Other operating income74 | - | - | - | €0.4m | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €328 | - | - | - | - | - |
| Operating charges60/66A | - | - | - | €1.5m | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €0.1m | - | - | - | - |
| Goods for resale, raw materials and consumables60 | - | - | - | €0.8m | - | - | - | - | - |
| Purchases600/8 | - | - | - | €0.3m | - | - | - | - | - |
| Change in stocks: decrease (increase)609 | - | - | - | €0.5m | - | - | - | - | - |
| Services and other goods61 | - | - | - | €0.2m | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.5m | €0.4m | €0.4m | €0.5m | €0.4m | ▼ 14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.003m | €0.007m | €0.008m | €0.003m | - | - | - | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.006m | €0.009m | - | - | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | €0.002m | -€0.002m | - | - | - |
| Other operating charges640/8 | - | - | - | €0.01m | €0.003m | €0.002m | €0.001m | €15 | ▼ 98.3% |
| Non-recurring operating charges66A | - | - | - | €0.003m | - | - | - | - | - |
| Gross operating margin9900 | - | - | - | - | €0.4m | €0.4m | €0.5m | €0.5m | ▲ 2.8% |
| Operating profit (loss)9901 | -€0.02m | €0.02m | €0.06m | -€0.02m | €428 | €0.007m | -€0.006m | €0.08m | - |
| Financial income75/76B | - | - | - | €0.004m | €116 | €0 | €482 | €0 | ▼ 100.0% |
| Recurring financial income75 | €0.003m | €0.003m | €338 | €0.004m | €116 | €0 | €482 | €0 | ▼ 100.0% |
| Income from financial fixed assets750 | - | - | - | €254 | - | - | - | - | - |
| Other financial income752/9 | - | - | - | €0.004m | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €183 | €150 | €422 | €0.001m | €0.001m | ▼ 9.1% |
| Recurring financial charges65 | €0.004m | €0.001m | €0.001m | €183 | €150 | €422 | €0.001m | €0.001m | ▼ 9.1% |
| Debt charges650 | €0.001m | €40 | €0.001m | - | - | - | - | - | - |
| Other financial charges652/9 | - | - | - | €183 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€0.02m | €0.02m | €0.06m | -€0.01m | €394 | €0.007m | -€0.007m | €0.08m | - |
| Income taxes67/77 | €176 | €165 | €0.02m | -€0.004m | €0.001m | - | €0.001m | €0.02m | ▲ 26× |
| Taxes670/3 | - | - | - | €0.01m | - | - | - | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.02m | - | - | - | - | - |
| Profit (loss) for the period9904 | -€0.02m | €0.02m | €0.04m | -€0.01m | -€163 | €0.007m | -€0.008m | €0.06m | - |
| Profit (loss) for the period to be appropriated9905 | -€0.02m | €0.02m | €0.04m | -€0.01m | -€163 | €0.007m | -€0.008m | €0.06m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €215,322 | €291,387 | €786,367 | €126,993 | €112,162 | €212,042 | €152,445 | €193,862 | ▲ 27.2% |
| Fixed assets21/28 | €7,384 | €34,069 | €25,946 | €248 | - | - | - | - | - |
| Intangible fixed assets21 | €1,677 | €719 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €5,459 | €33,102 | €25,698 | - | - | - | - | - | - |
| Financial fixed assets28 | €248 | €248 | €248 | €248 | - | - | - | - | - |
| Other financial fixed assets284/8 | - | - | - | €248 | - | - | - | - | - |
| Shares284 | - | - | - | €248 | - | - | - | - | - |
| Current assets29/58 | €207,938 | €257,317 | €760,420 | €126,745 | €112,162 | €212,042 | €152,445 | €193,862 | ▲ 27.2% |
| Stocks and contracts in progress3 | €25,131 | €22,445 | €496,909 | €24,125 | €21,230 | - | - | - | - |
| Stocks30/36 | - | - | - | €24,125 | €21,230 | - | - | - | - |
| Goods purchased for resale34 | - | - | - | €24,125 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €107,810 | €208,914 | €196,708 | €26,137 | €85,597 | €89,494 | €83,600 | €82,323 | ▼ 1.5% |
| Trade receivables40 | - | - | - | €1,400 | €61,889 | €65,778 | €82,643 | €82,057 | ▼ 0.7% |
| Other amounts receivable41 | - | - | - | €24,737 | €23,708 | €23,716 | €957 | €266 | ▼ 72.2% |
| Cash at bank and in hand54/58 | €66,595 | €18,262 | €64,389 | €76,484 | €5,335 | €122,548 | €68,845 | €111,539 | ▲ 62.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €215,322 | €291,387 | €786,367 | €126,993 | €112,162 | €212,042 | €152,445 | €193,862 | ▲ 27.2% |
| Equity10/15 | -€39,973 | -€21,192 | €20,426 | €10,147 | €9,984 | €59,903 | €52,176 | €111,597 | ▲ 114% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | - | - | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | - | - | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €9,064 | €9,064 | €9,064 | €9,064 | €9,064 | €9,064 | €9,064 | €49,597 | ▲ 447% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €8,060 | ▲ 333% |
| Legal reserve130 | - | - | - | - | - | - | - | €6,200 | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €7,204 | €7,204 | €7,204 | €7,204 | €41,537 | ▲ 477% |
| Profit (loss) carried forward14 | -€67,637 | -€48,856 | -€7,238 | -€17,517 | -€17,680 | -€11,162 | -€18,888 | - | - |
| Provisions and deferred taxes16 | - | €32,790 | - | - | €2,412 | - | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | €2,412 | - | - | - | - |
| Other liabilities and charges164/5 | - | - | - | - | €2,412 | - | - | - | - |
| Amounts payable17/49 | €255,295 | €279,789 | €765,941 | €116,846 | €99,765 | €152,139 | €100,269 | €82,265 | ▼ 18.0% |
| Amounts payable within one year42/48 | €255,295 | €279,789 | €765,941 | €116,846 | €99,765 | €152,139 | €100,269 | €82,265 | ▼ 18.0% |
| Trade debts44 | €144,959 | €160,975 | €680,864 | €77,381 | €64,522 | €43,876 | €3,913 | €3,647 | ▼ 6.8% |
| Suppliers440/4 | - | - | - | €77,381 | €64,522 | €43,876 | €3,913 | €3,647 | ▼ 6.8% |
| Taxes, remuneration and social security45 | - | - | - | €39,465 | €35,243 | €108,263 | €96,356 | €78,618 | ▼ 18.4% |
| Taxes450/3 | - | - | - | €705 | €705 | €67,008 | €13,454 | €30,427 | ▲ 126% |
| Remuneration and social security454/9 | - | - | - | €38,760 | €34,538 | €41,255 | €82,902 | €48,191 | ▼ 41.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€18,558 | €18,781 | €41,617 | -€10,278 | -€163 | €6,518 | -€7,727 | €59,421 | - |
| + Depreciation and write-downs630 | €3,223 | €7,148 | €8,123 | €3,138 | - | - | - | - | - |
| Operating cash flow (approximation) | -€15,335 | €25,929 | €49,740 | -€7,140 | -€163 | €6,518 | -€7,727 | €59,421 | - |
| Investment in fixed assets (approximation) | - | -€33,833 | €0 | €22,560 | - | - | - | - | - |
| Change in cash | - | -€48,333 | €46,127 | €12,094 | -€71,149 | €117,213 | -€53,703 | €42,693 | - |
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, 34,693 companies had the same profile as ABS has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of ABS 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 34,693 companies, not a prediction for ABS. 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 | full format | 16-06-2026 | 2026-00169820 | |
| 31-12-2024 | abbreviated format | 17-06-2025 | 2025-00149962 | |
| 31-12-2023 | abbreviated format | 18-06-2024 | 2024-00150314 | |
| 31-12-2022 | abbreviated format | 11-07-2023 | 2023-00230967 | |
| 31-12-2021 | full format | 05-07-2022 | 2022-20153637 | |
| 31-12-2020 | full format | 23-12-2021 | 2021-81500160 | |
| 31-12-2019 | full format | 27-08-2021 | 2021-55400495 | |
| 31-12-2018 | full format | 25-08-2021 | 2021-54000050 | |
| 31-12-2017 | abbreviated format | 03-06-2019 | 2019-15900022 | |
| 31-12-2016 | abbreviated format | 24-11-2017 | 2017-70600137 |