ACIC
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 15-06-2026 PDF all 22 filings
Turnover
≈ €1.1m
Estimated: probably between €760,000 and €1.4m
EBIT margin
Not included in this filing
Net result
-€317,838▼ 13.3%
2024 · -€280,584
Working capital
-€376,103▼ 15,015%
2024 · -€2,488
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€259,498
▼ 5.5%
2025
20182025
Net result
-€317,838
▼ 13.3%
2025
lowest quarter of the sector
20182025
Equity
-€710,785
▼ 80.9%
2025
lowest quarter of the sector
20182025
Total assets
€1.1m
▲ 11.2%
2025
middle half of the sector
20182025
Debt
€1.8m
▲ 30.5%
2025
20182025
Working capital
-€376,103
▼ 15,015%
2025
lowest quarter of the sector
20182025
Solvency
-62.4%
▼ 24.1pp
2025
lowest quarter of the sector
20182025
Current ratio
0.75
▼ 0.25
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-27.9%
▼ 0.5pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
6.8
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.09m-€0.04m▼ 59.4%-€0.07m€0.02m-€0.2m-€0.1m▲ 32.0%-€0.2m▼ 98.2%-€0.3m▼ 5.5%
Net result€0.04m-€0.009m▼ 77.1%-€0.06mbelow the sector's middle half€137below the sector's middle half-€0.2mbelow the sector's middle half-€0.1mbelow the sector's middle half▲ 30.3%-€0.3mbelow the sector's middle half▼ 108%-€0.3mbelow the sector's middle half▼ 13.3%
Equity€0.3m-€0.3m▲ 3.5%€0.2mabove the sector's middle half▼ 19.6%€0.2mabove the sector's middle half▲ 0.1%€0.02mbelow the sector's middle half▼ 89.5%-€0.1mbelow the sector's middle half-€0.4mbelow the sector's middle half▼ 250%-€0.7mbelow the sector's middle half▼ 80.9%
Total assets€0.7m-€0.7m▲ 2.5%€0.7mabove the sector's middle half▼ 10.0%€0.8mabove the sector's middle half▲ 19.1%€0.7mwithin the sector's middle half▼ 14.5%€0.6mwithin the sector's middle half▼ 5.5%€1.0mwithin the sector's middle half▲ 62.5%€1.1mwithin the sector's middle half▲ 11.2%
Debt€0.5m-€0.5m▲ 1.9%€0.4m▼ 4.4%€0.6m▲ 28.4%€0.6m▲ 14.3%€0.7m▲ 15.2%€1.4m▲ 90.9%€1.8m▲ 30.5%
Working capital€0.3m-€0.4m▲ 50.9%€0.3mabove the sector's middle half▼ 13.5%€0.5mabove the sector's middle half▲ 30.0%€0.3mwithin the sector's middle half▼ 29.9%€0.3mwithin the sector's middle half▼ 6.1%-€0.002mbelow the sector's middle half-€0.4mbelow the sector's middle half▼ 15,015%
Solvency36.6%-37.0%▲ 0.4pp33.0%within the sector's middle half▼ 3.9pp27.7%within the sector's middle half▼ 5.3pp3.4%below the sector's middle half▼ 24.3pp-17.8%below the sector's middle half▼ 21.2pp-38.3%below the sector's middle half▼ 20.5pp-62.4%below the sector's middle half▼ 24.1pp
Current ratio1.65-2.36▲ 0.712.24within the sector's middle half▼ 0.122.46within the sector's middle half▲ 0.221.94within the sector's middle half▼ 0.521.93within the sector's middle half▼ 0.011.00below the sector's middle half▼ 0.940.75below the sector's middle half▼ 0.25
Return on assets (ROA)5.6%-1.3%▼ 4.4pp-8.4%below the sector's middle half▼ 9.7pp0.0%below the sector's middle half▲ 8.4pp-29.0%below the sector's middle half▼ 29.0pp-21.4%below the sector's middle half▲ 7.6pp-27.4%below the sector's middle half▼ 6.0pp-27.9%below the sector's middle half▼ 0.5pp
Staff (FTE)4.8-4.9▲ 2.1%5.7above the sector's middle half▲ 16.3%5.8▲ 1.8%4.8within the sector's middle half▼ 17.2%6.8within the sector's middle half▲ 41.7%6.8within the sector's middle half=6.8within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 loss of €259,498, larger than the loss of €245,908 in 2024. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€9,087 ▼ 31.0%
Current assets
€1.1m ▲ 11.7%
Equity and liabilities
Equity-€710,785
Debt€1.8m
Equity is negative. Debt (€1.8m) exceeds the balance-sheet total (€1.1m).
Key figures and ratios
EBITDA
-€255,421▼
2024 · -€237,585
Cash flow
-€313,762▼
2024 · -€272,261
Interest coverage
-4.12▲
2024 · -7.17
Debt ≤ 1 year
€1.5m▲
2024 · €1.0m
Debt > 1 year
€343,768▼
2024 · €385,011
Income taxes
€2,072▲
2024 · €1,808
Staff costs
€675,357▲
2024 · €658,012
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.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 6 | 5 | 7 | 7 | - |
| full-time | 5 | 4 | 6 | 6 | - |
| part-time | 1 | 1 | 1 | 1 | - |
| in full-time equivalents | 5.8 | 4.8 | 6.8 | 6.8 | - |
| Average over the year, in full-time equivalents | 5.8 | 4.8 | 6.8 | 6.8 | 6.8 |
| On a permanent contract | 6 | 5 | 7 | 7 | 7 |
| Joined | 1 | 0 | 2 | - | - |
| Left | 2 | 1 | 0 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €4,480 | - | - | - |
| Mortgages, amount registered | €1.0m | €1.0m | - | - | - |
| Carrying value of the mortgaged assets | €7,182 | €6,395 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €3,850 | €17,692 | €5,247 | - |
| Depreciation and write-downs of the year | €8,560 | €9,590 | €10,323 | €8,323 | €4,076 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €443,187 | €413,602 | €490,096 | €658,012 | €675,357 | ▲ 2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €55,744 | €24,423 | €16,549 | €8,560 | €9,590 | €10,323 | €8,323 | €4,076 | ▼ 51.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €4,320 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €6,066 | €36,158 | €8,566 | €6,121 | €3,703 | ▼ 39.5% |
| Gross operating margin9900 | €614,125 | €426,993 | €378,303 | €473,986 | €281,229 | €384,907 | €426,548 | €423,639 | ▼ 0.7% |
| Operating profit (loss)9901 | €87,764 | €35,611 | -€66,543 | €16,173 | -€182,441 | -€124,077 | -€245,908 | -€259,498 | ▼ 5.5% |
| Financial income75/76B | - | - | - | €2,997 | €243 | - | €274 | €5,690 | ▲ 21× |
| Recurring financial income75 | €1 | €2,992 | €130 | €2,997 | €243 | - | €274 | €5,690 | ▲ 21× |
| Financial charges65/66B | - | - | - | €6,800 | €10,626 | €10,042 | €33,141 | €61,958 | ▲ 87.0% |
| Recurring financial charges65 | €20,192 | €9,171 | €1,929 | €6,800 | €10,626 | €10,042 | €33,141 | €61,958 | ▲ 87.0% |
| Profit (loss) for the period before taxes9903 | €67,574 | €29,431 | -€68,343 | €12,369 | -€192,824 | -€134,119 | -€278,776 | -€315,766 | ▼ 13.3% |
| Income taxes67/77 | €27,550 | €20,247 | -€13,075 | €12,232 | €946 | €983 | €1,808 | €2,072 | ▲ 14.6% |
| Profit (loss) for the period9904 | €40,024 | €9,185 | -€55,268 | €137 | -€193,770 | -€135,101 | -€280,584 | -€317,838 | ▼ 13.3% |
| Profit (loss) for the period to be appropriated9905 | €40,024 | €9,185 | -€55,268 | €137 | -€193,770 | -€135,101 | -€280,584 | -€317,838 | ▼ 13.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.7m | €0.7m | €0.7m | €0.8m | €0.7m | €0.6m | €1.0m | €1.1m | ▲ 11.2% |
| Fixed assets21/28 | €0.04m | €0.03m | €0.03m | €0.02m | €0.02m | €0.02m | €0.01m | €0.009m | ▼ 31.0% |
| Intangible fixed assets21 | €0.03m | €0.01m | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.007m | €0.02m | €0.03m | €0.02m | €0.02m | €0.02m | €0.01m | €0.009m | ▼ 31.0% |
| Land and buildings22 | - | - | - | €0.007m | €0.006m | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €0.005m | €0.004m | €0.02m | €0.01m | €0.009m | ▼ 31.0% |
| Furniture and vehicles24 | - | - | - | €0.009m | €0.004m | - | - | - | - |
| Financial fixed assets28 | €17 | €17 | €17 | €17 | €17 | €17 | €17 | €17 | = |
| Current assets29/58 | €0.7m | €0.7m | €0.6m | €0.8m | €0.7m | €0.6m | €1.0m | €1.1m | ▲ 11.7% |
| Stocks and contracts in progress3 | €0.03m | €0.03m | €0.03m | €0.03m | - | - | - | - | - |
| Stocks30/36 | - | - | - | €0.03m | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.4m | €0.5m | €0.5m | €0.7m | €0.4m | €0.5m | €0.9m | €1.1m | ▲ 17.4% |
| Trade receivables40 | - | - | - | €0.7m | €0.4m | €0.5m | €0.9m | €1.0m | ▲ 9.4% |
| Other amounts receivable41 | - | - | - | €0.006m | €0.006m | €0.01m | €0.005m | €0.08m | ▲ 15× |
| Current investments50/53 | €1 | €1 | €1 | €1 | €1 | €1 | €1 | €1 | = |
| Cash at bank and in hand54/58 | €0.2m | €0.1m | €0.07m | €0.03m | €0.2m | €0.08m | €0.08m | €0.05m | ▼ 41.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.03m | €0.02m | €0.02m | €0.01m | ▼ 39.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.7m | €0.7m | €0.7m | €0.8m | €0.7m | €0.6m | €1.0m | €1.1m | ▲ 11.2% |
| Equity10/15 | €0.3m | €0.3m | €0.2m | €0.2m | €0.02m | -€0.1m | -€0.4m | -€0.7m | ▼ 80.9% |
| Contributions10/11 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Capital10 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Issued capital100 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Revaluation surpluses12 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves13 | €0.009m | €0.009m | €0.009m | €0.009m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Non-distributable reserves130/1 | - | - | - | €0.009m | €0.01m | €0.009m | €0.009m | €0.009m | = |
| Legal reserve130 | - | - | - | €0.009m | €0.009m | €0.009m | €0.009m | €0.009m | = |
| Reserves not available under the articles1311 | - | - | - | €172 | €344 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €0.002m | €0.002m | €0.002m | = |
| Profit (loss) carried forward14 | -€0.1m | -€0.09m | -€0.1m | -€0.1m | -€0.3m | -€0.5m | -€0.8m | -€1.1m | ▼ 41.9% |
| Amounts payable17/49 | €0.5m | €0.5m | €0.4m | €0.6m | €0.6m | €0.7m | €1.4m | €1.8m | ▲ 30.5% |
| Amounts payable after more than one year17 | €0.04m | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | €0.3m | ▼ 10.7% |
| Financial debts170/4 | - | - | - | €0.1m | €0.2m | €0.1m | €0.07m | €0.03m | ▼ 56.6% |
| Advances received on contracts in progress176 | - | - | - | €0.1m | €0.2m | €0.3m | €0.3m | €0.3m | = |
| Amounts payable within one year42/48 | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €1.0m | €1.5m | ▲ 48.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.006m | €0.04m | €0.04m | €0.04m | €0.04m | ▲ 2.5% |
| Financial debts43 | - | - | - | €0.02m | €0.02m | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0.02m | €0.02m | - | - | - | - |
| Trade debts44 | €0.1m | €0.1m | €0.06m | €0.06m | €0.07m | €0.08m | €0.1m | €0.07m | ▼ 33.1% |
| Suppliers440/4 | - | - | - | €0.06m | €0.07m | €0.08m | €0.1m | €0.07m | ▼ 33.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.06m | €0.09m | €0.09m | €0.1m | ▲ 9.1% |
| Taxes450/3 | - | - | - | €0.02m | €0.003m | €0.001m | €0.02m | €0.01m | ▼ 47.7% |
| Remuneration and social security454/9 | - | - | - | €0.05m | €0.05m | €0.09m | €0.07m | €0.09m | ▲ 26.2% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.2m | €0.1m | €0.8m | €1.3m | ▲ 66.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | - | - | €0.02m | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €40,024 | €9,185 | -€55,268 | €137 | -€193,770 | -€135,101 | -€280,584 | -€317,838 | ▼ 13.3% |
| + Depreciation and write-downs630 | €55,744 | €24,423 | €16,549 | €8,560 | €9,590 | €10,323 | €8,323 | €4,076 | ▼ 51.0% |
| Operating cash flow (approximation) | €95,768 | €33,607 | -€38,719 | €8,697 | -€184,180 | -€124,779 | -€272,261 | -€313,762 | ▼ 15.2% |
| Investment in fixed assets (approximation) | - | -€21,956 | -€12,555 | €0 | -€3,850 | -€11,297 | -€5,247 | €0 | - |
| Change in cash | - | -€59,961 | -€38,954 | -€45,833 | €163,882 | -€114,481 | €7,220 | -€34,086 | - |
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, 6,619 companies had the same profile as ACIC has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ACIC itself: 3.2% 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 6,619 companies, not a prediction for ACIC. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 15-06-2026 | 2026-00159769 | |
| 31-12-2024 | full format | 11-06-2025 | 2025-00129895 | |
| 31-12-2023 | full format | 18-07-2024 | 2024-00265755 | |
| 31-12-2022 | full format | 30-06-2023 | 2023-00190060 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20110404 | |
| 31-12-2020 | micro format | 07-07-2021 | 2021-32500547 | |
| 31-12-2019 | micro format | 24-07-2020 | 2020-34100384 | |
| 31-12-2018 | full format | 28-06-2019 | 2019-24000479 | |
| 31-12-2017 | full format | 14-06-2018 | 2018-19900511 | |
| 31-12-2016 | full format | 27-06-2017 | 2017-23100533 |