ACHAZZ
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 3 filings
Turnover
€404,153▲ 64.7%
2024 · €245,414
EBIT margin
6.7%▲ 10.1pp
2024 · -3.5%
Net result
€20,443
2024 · -€12,684
Working capital
€276
2024 · -€28,645
Multi-year overview
2023 to 2025, 3 financial yearsTurnover
€404,153
▲ 64.7%
2025
20232025
Operating result
€26,944
2025
20232025
Net result
€20,443
2025
middle half of the sector
20232025
EBIT margin
6.7%
▲ 10.1pp
2025
20232025
Equity
€1,213
2025
lowest quarter of the sector
20232025
Total assets
€31,749
▲ 70.2%
2025
lowest quarter of the sector
20232025
Debt
€30,535
▼ 30.8%
2025
20232025
Working capital
€276
2025
middle half of the sector
20232025
Solvency
3.8%
▲ 140.4pp
2025
lowest quarter of the sector
20232025
Current ratio
1.01
▲ 0.66
2025
middle half of the sector
20232025
Return on assets (ROA)
64.4%
▲ 132.4pp
2025
highest quarter of the sector
20232025
Staff (FTE)
no figure
2025
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Turnover€359,050-€245,414▼ 31.6%€404,153▲ 64.7%
Operating result-€11,050--€8,500▲ 23.1%€26,944
Net result-€11,130below the sector's middle half--€12,684below the sector's middle half▼ 14.0%€20,443within the sector's middle half
EBIT margin-3.1%--3.5%▼ 0.4pp6.7%▲ 10.1pp
Equity-€4,880below the sector's middle half--€25,480below the sector's middle half▼ 422%€1,213below the sector's middle half
Total assets€118,501within the sector's middle half-€18,650below the sector's middle half▼ 84.3%€31,749below the sector's middle half▲ 70.2%
Debt€123,381-€44,130▼ 64.2%€30,535▼ 30.8%
Working capital-€6,900within the sector's middle half--€28,645below the sector's middle half▼ 315%€276within the sector's middle half
Solvency-4.1%below the sector's middle half--136.6%below the sector's middle half▼ 132.5pp3.8%below the sector's middle half▲ 140.4pp
Current ratio0.94within the sector's middle half-0.35below the sector's middle half▼ 0.591.01within the sector's middle half▲ 0.66
Return on assets (ROA)-9.4%below the sector's middle half--68.0%below the sector's middle half▼ 58.6pp64.4%above the sector's middle half▲ 132.4pp
Staff (FTE)0.1
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 €26,944, after a loss of €8,500 in 2024. It is the highest result since 2023.
Large changes and their cause
- 2025 Turnover +65% on 2024. The accounts now follow the abbreviated format, last year the micro format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €31,672
Fixed assets
€861 ▼ 67.7%
Current assets
€30,812 ▲ 99.0%
Equity and liabilities €31,749
Equity
€1,213
Debt
€30,535
Debt's share of the balance-sheet total is 96.2%.
Key figures and ratios
EBITDA
€28,010▲
2024 · -€8,184
Cash flow
€21,509▲
2024 · -€12,368
Debt to equity
25.16
Interest coverage
5.39▲
2024 · -1.96
Debt ≤ 1 year
€30,535▼
2024 · €44,130
Income taxes
€1,306
Customer credit
7 days▲
2024 · 1 day
Supplier credit
9 days▼
2024 · 30 days
Staff costs
€85▼
2024 · €19,803
A ratio outside any meaningful range has been withheld (balance sheet total €31,749, equity €1,213).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2024 |
|---|---|
| Average over the year, in full-time equivalents | 0.1 |
Source: social balance sheet in the 2024 annual accounts
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €3,615 | €1,461 | - |
| Depreciation and write-downs of the year | €2,095 | €316 | €1,066 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Turnover70 | €359,050 | €245,414 | €404,153 | ▲ 64.7% |
| Goods, raw materials, services and sundry goods60/61 | €368,058 | €237,384 | €372,365 | ▲ 56.9% |
| Remuneration, social security and pensions62 | €325 | €19,803 | €85 | ▼ 99.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,095 | €316 | €1,066 | ▲ 237% |
| Other operating charges640/8 | €109 | €1,143 | €1,129 | ▼ 1.2% |
| Non-recurring operating charges66A | - | - | €2,565 | - |
| Gross operating margin9900 | -€8,521 | €12,762 | €31,789 | ▲ 149% |
| Operating profit (loss)9901 | -€11,050 | -€8,500 | €26,944 | - |
| Financial charges65/66B | €80 | €4,184 | €5,195 | ▲ 24.2% |
| Recurring financial charges65 | €80 | €4,184 | €5,195 | ▲ 24.2% |
| Profit (loss) for the period before taxes9903 | -€11,130 | -€12,684 | €21,749 | - |
| Income taxes67/77 | - | - | €1,306 | - |
| Profit (loss) for the period9904 | -€11,130 | -€12,684 | €20,443 | - |
| Profit (loss) for the period to be appropriated9905 | -€11,130 | -€12,684 | €20,443 | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €118,501 | €18,650 | €31,749 | ▲ 70.2% |
| Formation expenses20 | €500 | €500 | €76 | ▼ 84.7% |
| Fixed assets21/28 | €1,520 | €2,665 | €861 | ▼ 67.7% |
| Tangible fixed assets22/27 | €1,520 | €2,665 | €861 | ▼ 67.7% |
| Plant, machinery and equipment23 | €1,520 | €2,665 | €861 | ▼ 67.7% |
| Current assets29/58 | €116,481 | €15,485 | €30,812 | ▲ 99.0% |
| Amounts receivable within one year40/41 | €81,243 | €15,485 | €14,692 | ▼ 5.1% |
| Trade receivables40 | €11,729 | €684 | €8,116 | ▲ 12× |
| Other amounts receivable41 | €69,514 | €14,801 | €6,576 | ▼ 55.6% |
| Current investments50/53 | - | - | €1,211 | - |
| Cash at bank and in hand54/58 | €19,200 | - | €6,896 | - |
| Deferred charges and accrued income490/1 | €16,038 | - | €8,014 | - |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €118,501 | €18,650 | €31,749 | ▲ 70.2% |
| Equity10/15 | -€4,880 | -€25,480 | €1,213 | - |
| Contributions10/11 | €6,250 | - | €6,250 | - |
| Contributions outside capital11 | €6,250 | - | €6,250 | - |
| Other1109/19 | €6,250 | - | €6,250 | - |
| Profit (loss) carried forward14 | -€11,130 | -€25,480 | -€5,037 | ▲ 80.2% |
| Amounts payable17/49 | €123,381 | €44,130 | €30,535 | ▼ 30.8% |
| Amounts payable within one year42/48 | €123,381 | €44,130 | €30,535 | ▼ 30.8% |
| Financial debts43 | - | €16 | - | - |
| Credit institutions430/8 | - | €16 | - | - |
| Trade debts44 | €38,011 | €19,593 | €8,797 | ▼ 55.1% |
| Suppliers440/4 | €38,011 | €19,593 | €8,797 | ▼ 55.1% |
| Taxes, remuneration and social security45 | €75,838 | €24,522 | €12,461 | ▼ 49.2% |
| Taxes450/3 | €75,838 | €24,522 | €12,461 | ▼ 49.2% |
| Other amounts payable47/48 | €9,532 | - | €9,277 | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€11,130 | -€12,684 | €20,443 | - |
| + Depreciation and write-downs630 | €2,095 | €316 | €1,066 | ▲ 237% |
| Operating cash flow (approximation) | -€9,035 | -€12,368 | €21,509 | - |
| Investment in fixed assets (approximation) | - | -€1,461 | €738 | - |
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, 2,157 companies had the same profile as ACHAZZ has now. Two years later, 94.1% were still going and 3.0% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
94.1%
was still going
2.8%
stopped otherwise
3.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ACHAZZ itself: 1.6% 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 2,157 companies, not a prediction for ACHAZZ. 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.