ACOS
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 17 days after the deadline Filed on 17 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00405432.
Annual accounts 2025 filed on 17-08-2026 at the NBB all 35 filings
Equity
-€367,412▼ 11.5%
2024 · -€329,453
Total assets
€125,734▼ 6.3%
2024 · €134,119
Net result
-€37,959▼ 46.3%
2024 · -€25,948
Working capital
€17,076▼ 24.2%
2024 · €22,537
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€37,916
▼ 46.4%
2025
20182025
Net result
-€37,959
▼ 46.3%
2025
lowest quarter of the sector
20182025
Equity
-€367,412
▼ 11.5%
2025
lowest quarter of the sector
20182025
Total assets
€125,734
▼ 6.3%
2025
middle half of the sector
20182025
Debt
€493,146
▲ 6.4%
2025
20182025
Working capital
€17,076
▼ 24.2%
2025
middle half of the sector
20182025
Solvency
-292.2%
▼ 46.6pp
2025
lowest quarter of the sector
20182025
Current ratio
14.18
▲ 1.23
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-30.2%
▼ 10.8pp
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-€29,220--€17,877▲ 38.8%-€15,798▲ 11.6%-€29,957▼ 89.6%-€22,487▲ 24.9%-€17,609▲ 21.7%-€25,903▼ 47.1%-€37,916▼ 46.4%
Net result-€29,270--€17,923▲ 38.8%-€15,954below the sector's middle half▲ 11.0%-€30,000below the sector's middle half▼ 88.0%-€22,527below the sector's middle half▲ 24.9%-€17,649below the sector's middle half▲ 21.7%-€25,948below the sector's middle half▼ 47.0%-€37,959below the sector's middle half▼ 46.3%
Equity-€199,453--€217,376▼ 9.0%-€233,330below the sector's middle half▼ 7.3%-€263,330below the sector's middle half▼ 12.9%-€285,857below the sector's middle half▼ 8.6%-€303,505below the sector's middle half▼ 6.2%-€329,453below the sector's middle half▼ 8.5%-€367,412below the sector's middle half▼ 11.5%
Total assets€235,015-€219,422▼ 6.6%€196,658within the sector's middle half▼ 10.4%€183,787within the sector's middle half▼ 6.5%€168,143within the sector's middle half▼ 8.5%€143,168within the sector's middle half▼ 14.9%€134,119within the sector's middle half▼ 6.3%€125,734within the sector's middle half▼ 6.3%
Debt€434,467-€436,799▲ 0.5%€429,987▼ 1.6%€447,117▲ 4.0%€454,000▲ 1.5%€446,674▼ 1.6%€463,572▲ 3.8%€493,146▲ 6.4%
Working capital-€422,081--€419,908▲ 0.5%-€415,257below the sector's middle half▲ 1.1%€14,563within the sector's middle half€10,442within the sector's middle half▼ 28.3%€6,754within the sector's middle half▼ 35.3%€22,537within the sector's middle half▲ 234%€17,076within the sector's middle half▼ 24.2%
Solvency-84.9%--99.1%▼ 14.2pp-118.6%below the sector's middle half▼ 19.6pp-143.3%below the sector's middle half▼ 24.6pp-170.0%below the sector's middle half▼ 26.7pp-212.0%below the sector's middle half▼ 42.0pp-245.6%below the sector's middle half▼ 33.7pp-292.2%below the sector's middle half▼ 46.6pp
Current ratio0.03-0.04▲ 0.010.03below the sector's middle half=5.42above the sector's middle half▲ 5.391.87within the sector's middle half▼ 3.567.12above the sector's middle half▲ 5.2612.95above the sector's middle half▲ 5.8214.18above the sector's middle half▲ 1.23
Return on assets (ROA)-12.5%--8.2%▲ 4.3pp-8.1%within the sector's middle half▲ 0.1pp-16.3%below the sector's middle half▼ 8.2pp-13.4%below the sector's middle half▲ 2.9pp-12.3%below the sector's middle half▲ 1.1pp-19.3%below the sector's middle half▼ 7.0pp-30.2%below the sector's middle half▼ 10.8pp
above
within
below
The sector band is the middle half of the companies in Personal service activities (NACE 96). 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 €37,916, larger than the loss of €25,903 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €125,734
Fixed assets
€107,363 ▼ 2.1%
Current assets
€18,372 ▼ 24.8%
Equity and liabilities
Equity-€367,412
Debt€493,146
Equity is negative. Debt (€493,146) exceeds the balance-sheet total (€125,734).
Key figures and ratios
EBITDA
-€14,823▼
2024 · -€287
Cash flow
-€14,865▼
2024 · -€332
Interest coverage
-351.93▼
2024 · -6.42
Debt ≤ 1 year
€1,296▼
2024 · €1,887
Debt > 1 year
€491,850▲
2024 · €461,685
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 | €4,797 | €403 | €13,641 | - | €25,479 |
| Depreciation and write-downs of the year | €20,793 | €20,696 | €23,969 | €25,616 | €23,093 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,360 | €20,702 | €20,714 | €20,793 | €20,696 | €23,969 | €25,616 | €23,093 | ▼ 9.8% |
| Other operating charges640/8 | - | - | - | €1,495 | €1,513 | €1,994 | €1,540 | €1,283 | ▼ 16.7% |
| Non-recurring operating charges66A | - | - | - | - | - | €63 | - | €1,949 | - |
| Gross operating margin9900 | -€5,426 | €4,232 | €6,242 | -€7,669 | -€278 | €8,417 | €1,253 | -€11,592 | - |
| Operating profit (loss)9901 | -€29,220 | -€17,877 | -€15,798 | -€29,957 | -€22,487 | -€17,609 | -€25,903 | -€37,916 | ▼ 46.4% |
| Financial income75/76B | - | - | - | €0 | - | - | - | - | - |
| Recurring financial income75 | - | - | - | €0 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €43 | €39 | €39 | €45 | €42 | ▼ 5.7% |
| Recurring financial charges65 | €50 | €46 | €39 | €43 | €39 | €39 | €45 | €42 | ▼ 5.7% |
| Profit (loss) for the period before taxes9903 | -€29,270 | -€17,923 | -€15,837 | -€30,000 | -€22,527 | -€17,649 | -€25,948 | -€37,959 | ▼ 46.3% |
| Income taxes67/77 | - | - | €117 | - | - | - | - | - | - |
| Profit (loss) for the period9904 | -€29,270 | -€17,923 | -€15,954 | -€30,000 | -€22,527 | -€17,649 | -€25,948 | -€37,959 | ▼ 46.3% |
| Profit (loss) for the period to be appropriated9905 | -€29,270 | -€17,923 | -€15,954 | -€30,000 | -€22,527 | -€17,649 | -€25,948 | -€37,959 | ▼ 46.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €235,015 | €219,422 | €196,658 | €183,787 | €168,143 | €143,168 | €134,119 | €125,734 | ▼ 6.3% |
| Fixed assets21/28 | €222,628 | €202,531 | €181,927 | €165,931 | €145,639 | €135,311 | €109,695 | €107,363 | ▼ 2.1% |
| Tangible fixed assets22/27 | €222,628 | €202,531 | €181,927 | €165,931 | €145,639 | €135,311 | €109,695 | €107,363 | ▼ 2.1% |
| Land and buildings22 | - | - | - | €165,431 | €145,078 | €124,725 | €104,371 | €84,018 | ▼ 19.5% |
| Plant, machinery and equipment23 | - | - | - | €38 | €283 | €198 | €132 | €66 | ▼ 50.0% |
| Furniture and vehicles24 | - | - | - | €463 | €278 | €10,389 | €5,192 | €23,279 | ▲ 348% |
| Current assets29/58 | €12,387 | €16,891 | €14,731 | €17,856 | €22,504 | €7,857 | €24,424 | €18,372 | ▼ 24.8% |
| Amounts receivable within one year40/41 | €8,382 | €10,050 | €8,000 | €8,281 | €14,910 | €3,444 | €15,233 | €14,887 | ▼ 2.3% |
| Trade receivables40 | - | - | - | €8,281 | €14,910 | €3,444 | €15,200 | €13,139 | ▼ 13.6% |
| Other amounts receivable41 | - | - | - | - | - | - | €33 | €1,748 | ▲ 52× |
| Cash at bank and in hand54/58 | €1,452 | €4,485 | €4,560 | €7,361 | €6,725 | €3,394 | €8,142 | €1,413 | ▼ 82.6% |
| Deferred charges and accrued income490/1 | - | - | - | €2,214 | €868 | €1,018 | €1,048 | €2,072 | ▲ 97.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €235,015 | €219,422 | €196,658 | €183,787 | €168,143 | €143,168 | €134,119 | €125,734 | ▼ 6.3% |
| Equity10/15 | -€199,453 | -€217,376 | -€233,330 | -€263,330 | -€285,857 | -€303,505 | -€329,453 | -€367,412 | ▼ 11.5% |
| Contributions10/11 | €18,550 | €18,550 | - | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €3,718 | €3,718 | €3,718 | €3,718 | €3,718 | €3,718 | €3,718 | €3,718 | = |
| Non-distributable reserves130/1 | - | - | - | €3,718 | €3,718 | €3,718 | €3,718 | €3,718 | = |
| Reserves not available under the articles1311 | - | - | - | €3,718 | €3,718 | €3,718 | €3,718 | €3,718 | = |
| Profit (loss) carried forward14 | -€221,721 | -€239,645 | -€255,598 | -€285,598 | -€308,125 | -€325,774 | -€351,721 | -€389,680 | ▼ 10.8% |
| Amounts payable17/49 | €434,467 | €436,799 | €429,987 | €447,117 | €454,000 | €446,674 | €463,572 | €493,146 | ▲ 6.4% |
| Amounts payable after more than one year17 | - | - | - | €443,825 | €441,938 | €445,571 | €461,685 | €491,850 | ▲ 6.5% |
| Other amounts payable178/9 | - | - | - | €443,825 | €441,938 | €445,571 | €461,685 | €491,850 | ▲ 6.5% |
| Amounts payable within one year42/48 | €434,467 | €436,799 | €429,987 | €3,293 | €12,062 | €1,103 | €1,887 | €1,296 | ▼ 31.3% |
| Trade debts44 | €2,603 | €2,703 | €4,663 | €2,444 | €797 | €786 | €1,887 | €1,296 | ▼ 31.3% |
| Suppliers440/4 | - | - | - | €2,444 | €797 | €786 | €1,887 | €1,296 | ▼ 31.3% |
| Taxes, remuneration and social security45 | - | - | - | €848 | €11,266 | €317 | - | - | - |
| Taxes450/3 | - | - | - | €848 | €11,266 | €317 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€29,270 | -€17,923 | -€15,954 | -€30,000 | -€22,527 | -€17,649 | -€25,948 | -€37,959 | ▼ 46.3% |
| + Depreciation and write-downs630 | €22,360 | €20,702 | €20,714 | €20,793 | €20,696 | €23,969 | €25,616 | €23,093 | ▼ 9.8% |
| Operating cash flow (approximation) | -€6,910 | €2,779 | €4,761 | -€9,207 | -€1,831 | €6,320 | -€332 | -€14,865 | ▼ 4,384% |
| Investment in fixed assets (approximation) | - | -€606 | -€110 | -€4,797 | -€403 | -€13,641 | €0 | -€20,761 | - |
| Change in cash | - | €3,033 | €75 | €2,801 | -€635 | -€3,331 | €4,748 | -€6,729 | - |
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 ACOS 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 ACOS itself: 1.2% 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 ACOS. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-08-2026 | 2026-00405432 | |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00476010 | |
| 31-12-2023 | micro format | 23-08-2024 | 2024-00376828 | |
| 31-12-2022 | micro format | 14-06-2023 | 2023-00140324 | |
| 31-12-2021 | micro format | 05-07-2022 | 2022-20154554 | |
| 31-12-2020 | micro format | 28-06-2021 | 2021-25500571 | |
| 31-12-2019 | micro format | 30-07-2020 | 2020-37000179 | |
| 31-12-2018 | micro format | 30-07-2019 | 2019-41200522 | |
| 31-12-2017 | micro format | 23-08-2018 | 2018-49000587 | |
| 31-12-2016 | micro format | 26-09-2017 | 2017-65100332 |