ACHATES
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-12-2025 PDF all 18 filings
Turnover
≈ €130,000
Estimated: probably between €100,000 and €170,000
Total assets
€193,624▼ 0.2%
2024 · €194,051
Net result
€12,377▼ 62.6%
2024 · €33,085
Working capital
€21,760▼ 77.2%
2024 · €95,373
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€21,379
▼ 53.8%
2025
20192025
Net result
€12,377
▼ 62.6%
2025
middle half of the sector
20192025
Equity
€115,700
▼ 32.9%
2025
middle half of the sector
20192025
Total assets
€193,624
▼ 0.2%
2025
middle half of the sector
20192025
Debt
€77,924
▲ 262%
2025
20192025
Working capital
€21,760
▼ 77.2%
2025
middle half of the sector
20192025
Solvency
59.8%
▼ 29.2pp
2025
middle half of the sector
20192025
Current ratio
1.28
▼ 4.16
2025
middle half of the sector
20192025
Return on assets (ROA)
6.4%
▼ 10.7pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€7,315-€3,854▼ 47.3%€2,632▼ 31.7%€38,586▲ 15×€82,365▲ 113%€46,278▼ 43.8%€21,379▼ 53.8%
Net result€1,335-€55below the sector's middle half▼ 95.8%-€1,737below the sector's middle half€18,011within the sector's middle half€58,524above the sector's middle half▲ 225%€33,085within the sector's middle half▼ 43.5%€12,377within the sector's middle half▼ 62.6%
Equity€94,702-€93,868within the sector's middle half▼ 0.9%€91,241within the sector's middle half▼ 2.8%€89,893within the sector's middle half▼ 1.5%€146,339within the sector's middle half▲ 62.8%€172,547above the sector's middle half▲ 17.9%€115,700within the sector's middle half▼ 32.9%
Total assets€185,624-€171,864within the sector's middle half▼ 7.4%€168,125within the sector's middle half▼ 2.2%€164,294within the sector's middle half▼ 2.3%€169,235within the sector's middle half▲ 3.0%€194,051within the sector's middle half▲ 14.7%€193,624within the sector's middle half▼ 0.2%
Debt€90,923-€77,996▼ 14.2%€76,883▼ 1.4%€74,401▼ 3.2%€22,895▼ 69.2%€21,504▼ 6.1%€77,924▲ 262%
Working capital€2,293-€1,354below the sector's middle half▼ 40.9%€16,321within the sector's middle half▲ 12×-€36,303below the sector's middle half€112,061within the sector's middle half€95,373within the sector's middle half▼ 14.9%€21,760within the sector's middle half▼ 77.2%
Solvency51.0%-54.6%within the sector's middle half▲ 3.6pp54.3%within the sector's middle half▼ 0.3pp54.7%within the sector's middle half▲ 0.4pp86.5%above the sector's middle half▲ 31.8pp88.9%above the sector's middle half▲ 2.4pp59.8%within the sector's middle half▼ 29.2pp
Current ratio1.06-1.03below the sector's middle half▼ 0.031.45within the sector's middle half▲ 0.420.43below the sector's middle half▼ 1.026.32above the sector's middle half▲ 5.895.44above the sector's middle half▼ 0.891.28within the sector's middle half▼ 4.16
Return on assets (ROA)0.7%-0.0%below the sector's middle half▼ 0.7pp-1.0%below the sector's middle half▼ 1.1pp11.0%within the sector's middle half▲ 12.0pp34.6%above the sector's middle half▲ 23.6pp17.0%within the sector's middle half▼ 17.5pp6.4%within the sector's middle half▼ 10.7pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 54% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The 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 €193,624
Fixed assets
€93,950 ▲ 21.7%
Current assets
€99,674 ▼ 14.7%
Equity and liabilities €193,624
Equity
€115,700 ▼ 32.9%
Debt
€77,924 ▲ 262%
Debt's share of the balance-sheet total rises from 11.1% to 40.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€36,778▼
2024 · €59,116
Cash flow
€27,777▼
2024 · €45,924
Debt to equity
0.67▲
2024 · 0.12
ROE
10.7%▼
2024 · 19.2%
Interest coverage
10.04▼
2024 · 27.21
Debt ≤ 1 year
€77,915▲
2024 · €21,504
Income taxes
€5,372▼
2024 · €11,020
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €47,806 | €30,177 | €61,056 | €32,333 |
| Depreciation and write-downs of the year | €23,518 | €16,500 | €12,838 | €15,399 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €653 awarded · €653 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €11,242 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,945 | €22,750 | €21,612 | €23,518 | €16,500 | €12,838 | €15,399 | ▲ 19.9% |
| Other operating charges640/8 | - | - | - | €1,977 | €754 | €1,122 | €929 | ▼ 17.1% |
| Non-recurring operating charges66A | - | - | - | €2,708 | €14,215 | €303 | €80 | ▼ 73.5% |
| Gross operating margin9900 | €29,405 | €28,912 | €28,248 | €66,789 | €113,834 | €60,541 | €37,788 | ▼ 37.6% |
| Operating profit (loss)9901 | €7,315 | €3,854 | €2,632 | €38,586 | €82,365 | €46,278 | €21,379 | ▼ 53.8% |
| Financial income75/76B | - | - | - | €9 | €82 | €0 | €31 | ▲ 315× |
| Recurring financial income75 | €0 | - | €199 | €9 | €82 | €0 | €31 | ▲ 315× |
| Financial charges65/66B | - | - | - | €1,962 | €1,326 | €2,172 | €3,661 | ▲ 68.5% |
| Recurring financial charges65 | €3,822 | €3,223 | €2,389 | €1,962 | €1,326 | €2,172 | €3,661 | ▲ 68.5% |
| Profit (loss) for the period before taxes9903 | €3,493 | €630 | €442 | €36,633 | €81,121 | €44,106 | €17,749 | ▼ 59.8% |
| Income taxes67/77 | €2,159 | €575 | €2,179 | €18,622 | €22,597 | €11,020 | €5,372 | ▼ 51.3% |
| Profit (loss) for the period9904 | €1,335 | €55 | -€1,737 | €18,011 | €58,524 | €33,085 | €12,377 | ▼ 62.6% |
| Transfer from tax-exempt reserves789 | - | - | - | €43,052 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €1,044 | -€105 | €7,328 | €61,063 | €58,524 | €33,085 | €12,377 | ▼ 62.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €185,624 | €171,864 | €168,125 | €164,294 | €169,235 | €194,051 | €193,624 | ▼ 0.2% |
| Fixed assets21/28 | €145,897 | €130,425 | €115,487 | €137,068 | €36,117 | €77,174 | €93,950 | ▲ 21.7% |
| Tangible fixed assets22/27 | €145,897 | €130,425 | €115,487 | €137,068 | €36,117 | €77,174 | €93,950 | ▲ 21.7% |
| Land and buildings22 | - | - | - | €111,542 | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €10,403 | €10,704 | €10,376 | €13,300 | ▲ 28.2% |
| Furniture and vehicles24 | - | - | - | €15,123 | €8,638 | €4,465 | €3,931 | ▼ 12.0% |
| Other tangible fixed assets26 | - | - | - | - | €16,775 | €62,334 | €76,719 | ▲ 23.1% |
| Current assets29/58 | €39,728 | €41,439 | €52,637 | €27,226 | €133,118 | €116,877 | €99,674 | ▼ 14.7% |
| Amounts receivable within one year40/41 | €21,151 | €15,383 | €41,294 | €14,616 | €16,547 | €18,137 | €32,534 | ▲ 79.4% |
| Trade receivables40 | - | - | - | €14,556 | €16,225 | €13,395 | €15,158 | ▲ 13.2% |
| Other amounts receivable41 | - | - | - | €59 | €321 | €4,742 | €17,376 | ▲ 266% |
| Cash at bank and in hand54/58 | €12,925 | €17,145 | €4,570 | €8,584 | €113,175 | €58,475 | €34,828 | ▼ 40.4% |
| Deferred charges and accrued income490/1 | - | - | - | €4,027 | €3,396 | €40,264 | €32,312 | ▼ 19.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €185,624 | €171,864 | €168,125 | €164,294 | €169,235 | €194,051 | €193,624 | ▼ 0.2% |
| Equity10/15 | €94,702 | €93,868 | €91,241 | €89,893 | €146,339 | €172,547 | €115,700 | ▼ 32.9% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €72,731 | €72,892 | €71,154 | €73,106 | €130,385 | €160,566 | €104,552 | ▼ 34.9% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €565 | €565 | €565 | €565 | = |
| Distributable reserves133 | - | - | - | €70,680 | €129,820 | €160,001 | €103,987 | ▼ 35.0% |
| Profit (loss) carried forward14 | €15,770 | €14,776 | €13,887 | €10,587 | €9,754 | €5,781 | €4,948 | ▼ 14.4% |
| Amounts payable17/49 | €90,923 | €77,996 | €76,883 | €74,401 | €22,895 | €21,504 | €77,924 | ▲ 262% |
| Amounts payable after more than one year17 | €53,488 | €37,911 | €40,567 | €10,872 | - | - | - | - |
| Financial debts170/4 | - | - | - | €10,872 | - | - | - | - |
| Amounts payable within one year42/48 | €37,435 | €40,085 | €36,316 | €63,529 | €21,057 | €21,504 | €77,915 | ▲ 262% |
| Current portion of amounts payable after more than one year42 | - | - | - | €23,481 | - | - | - | - |
| Trade debts44 | €1,265 | €1,226 | €2,711 | €2,295 | €6,746 | €4,872 | €3,701 | ▼ 24.0% |
| Suppliers440/4 | - | - | - | €2,295 | €6,746 | €4,872 | €3,701 | ▼ 24.0% |
| Taxes, remuneration and social security45 | - | - | - | €17,958 | €4,504 | €5,604 | €4,989 | ▼ 11.0% |
| Taxes450/3 | - | - | - | €17,958 | €4,504 | €5,604 | €4,989 | ▼ 11.0% |
| Other amounts payable47/48 | - | - | - | €19,795 | €9,807 | €11,028 | €69,224 | ▲ 528% |
| Accrued charges and deferred income492/3 | - | - | - | - | €1,839 | - | €9 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,335 | €55 | -€1,737 | €18,011 | €58,524 | €33,085 | €12,377 | ▼ 62.6% |
| + Depreciation and write-downs630 | €20,945 | €22,750 | €21,612 | €23,518 | €16,500 | €12,838 | €15,399 | ▲ 19.9% |
| Operating cash flow (approximation) | €22,280 | €22,805 | €19,875 | €41,529 | €75,025 | €45,924 | €27,777 | ▼ 39.5% |
| Investment in fixed assets (approximation) | - | -€7,278 | -€6,675 | -€45,098 | €84,451 | -€53,896 | -€32,175 | ▲ 40.3% |
| Change in cash | - | €4,219 | -€12,574 | €4,014 | €104,591 | -€54,700 | -€23,647 | ▲ 56.8% |
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 ACHATES 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 ACHATES 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 ACHATES. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 03-12-2025 | 2025-00575498 | |
| 30-09-2024 | micro format | 19-12-2024 | 2024-00620448 | |
| 30-09-2023 | micro format | 16-04-2024 | 2024-00063523 | |
| 31-03-2022 | micro format | 26-10-2022 | 2022-20472976 | |
| 31-03-2021 | micro format | 25-10-2021 | 2021-72800374 | |
| 31-03-2020 | micro format | 29-09-2020 | 2020-56500441 | |
| 31-03-2019 | micro format | 14-11-2019 | 2019-73600483 | |
| 31-03-2018 | micro format | 24-08-2018 | 2018-49300586 | |
| 31-03-2017 | micro format | 23-11-2017 | 2017-70100370 | |
| 31-03-2016 | abbreviated format | 30-06-2016 | 2016-25600235 |