AEROLEDGER
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 13 days after the deadline Filed on 13 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00399525.
Annual accounts 2025 filed on 13-08-2026 at the NBB all 7 filings
Turnover
≈ €58,000
Estimated: probably between €35,000 and €140,000
Total assets
€521,633▲ 0.3%
2024 · €520,325
Net result
€2,676
2024 · -€6,651
Working capital
-€204,755▼ 10.3%
2024 · -€185,583
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€10,922
2025
20192025
Net result
€2,676
2025
middle half of the sector
20192025
Equity
€12,358
▲ 27.7%
2025
lowest quarter of the sector
20192025
Total assets
€521,633
▲ 0.3%
2025
highest quarter of the sector
20192025
Debt
€509,274
▼ 0.3%
2025
20192025
Working capital
-€204,755
▼ 10.3%
2025
lowest quarter of the sector
20192025
Solvency
2.4%
▲ 0.5pp
2025
lowest quarter of the sector
20192025
Current ratio
0.00
=
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
0.5%
▲ 1.8pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€1,172€13,971€7,089▼ 49.3%-€55€10,922
Net result-€1,593below the sector's middle half€3,344within the sector's middle half€1,174below the sector's middle half▼ 64.9%-€3,307below the sector's middle half-€6,651below the sector's middle half▼ 101%€2,676within the sector's middle half
Equity€18,600-€15,826below the sector's middle half▼ 14.9%€19,170below the sector's middle half▲ 21.1%€19,639below the sector's middle half▲ 2.4%€16,332below the sector's middle half▼ 16.8%€9,681below the sector's middle half▼ 40.7%€12,358below the sector's middle half▲ 27.7%
Total assets€17,419-€523,626above the sector's middle half▲ 30×€520,711above the sector's middle half▼ 0.6%€520,531above the sector's middle half=€520,374above the sector's middle half=€520,325above the sector's middle half=€521,633above the sector's middle half▲ 0.3%
Debt€507,800€501,541▼ 1.2%€500,892▼ 0.1%€504,042▲ 0.6%€510,644▲ 1.3%€509,274▼ 0.3%
Working capital-€54,441below the sector's middle half-€137,250below the sector's middle half▼ 152%-€152,128below the sector's middle half▼ 10.8%-€168,011below the sector's middle half▼ 10.4%-€185,583below the sector's middle half▼ 10.5%-€204,755below the sector's middle half▼ 10.3%
Solvency106.8%-3.0%below the sector's middle half▼ 103.8pp3.7%below the sector's middle half▲ 0.7pp3.8%below the sector's middle half▲ 0.1pp3.1%below the sector's middle half▼ 0.6pp1.9%below the sector's middle half▼ 1.3pp2.4%below the sector's middle half▲ 0.5pp
Current ratio0.06below the sector's middle half0.00below the sector's middle half▼ 0.050.00below the sector's middle half=0.00below the sector's middle half=0.00below the sector's middle half=0.00below the sector's middle half=
Return on assets (ROA)-0.3%below the sector's middle half0.6%below the sector's middle half▲ 0.9pp0.2%below the sector's middle half▼ 0.4pp-0.6%below the sector's middle half▼ 0.9pp-1.3%below the sector's middle half▼ 0.6pp0.5%below the sector's middle half▲ 1.8pp
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 €10,922, against a loss of €55 in 2023. Comparable figures for the intervening years are unavailable.
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 €521,633
Fixed assets
€520,611 ▲ 0.1%
Current assets
€1,022 ▲ 214%
Equity and liabilities €521,633
Equity
€12,358 ▲ 27.7%
Debt
€509,274 ▼ 0.3%
Debt's share of the balance-sheet total falls from 98.1% to 97.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€11,210
Cash flow
€2,964
Debt to equity
41.21▼
2024 · 52.75
ROE
21.7%▲
2024 · -68.7%
Interest coverage
1.36
Debt ≤ 1 year
€205,776▲
2024 · €185,908
Debt > 1 year
€301,653▼
2024 · €324,736
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | - | €1,215 | €428 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Carrying value of the other pledged assets | €520,000 | - | - | - | - |
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 | - | - | - | - | €899 |
| Financial fixed assets | €520,000 | - | - | - | €520,000 |
| Depreciation and write-downs of the year | €106 | €111 | €55 | - | €288 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €106 | €106 | €111 | €55 | - | €288 | - |
| Gross operating margin9900 | - | -€1,066 | €14,077 | €7,200 | - | - | €11,210 | - |
| Operating profit (loss)9901 | - | -€1,172 | €13,971 | €7,089 | -€55 | - | €10,922 | - |
| Financial charges65/66B | - | - | €10,500 | €5,487 | €3,252 | €6,651 | €8,246 | ▲ 24.0% |
| Recurring financial charges65 | - | €421 | €10,500 | €5,438 | €3,252 | €6,651 | €8,246 | ▲ 24.0% |
| Non-recurring financial charges66B | - | - | - | €49 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | - | -€1,593 | €3,471 | €1,601 | -€3,307 | -€6,651 | €2,676 | - |
| Income taxes67/77 | - | - | €127 | €427 | €0 | - | - | - |
| Profit (loss) for the period9904 | - | -€1,593 | €3,344 | €1,174 | -€3,307 | -€6,651 | €2,676 | - |
| Profit (loss) for the period to be appropriated9905 | - | -€1,593 | €3,344 | €1,174 | -€3,307 | -€6,651 | €2,676 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €17,419 | €523,626 | €520,711 | €520,531 | €520,374 | €520,325 | €521,633 | ▲ 0.3% |
| Fixed assets21/28 | €372 | €520,267 | €520,161 | €520,055 | €520,000 | €520,000 | €520,611 | ▲ 0.1% |
| Intangible fixed assets21 | - | - | - | - | - | €0 | - | - |
| Tangible fixed assets22/27 | €372 | €267 | €161 | €55 | €0 | - | €611 | - |
| Furniture and vehicles24 | - | - | €161 | €55 | €0 | - | €611 | - |
| Other tangible fixed assets26 | €372 | - | - | - | - | - | - | - |
| Financial fixed assets28 | - | €520,000 | €520,000 | €520,000 | €520,000 | €520,000 | €520,000 | = |
| Current assets29/58 | €17,047 | €3,359 | €550 | €476 | €374 | €325 | €1,022 | ▲ 214% |
| Amounts receivable after more than one year29 | - | - | €59 | - | - | - | - | - |
| Other amounts receivable291 | €12,200 | - | €59 | - | - | - | - | - |
| Amounts receivable within one year40/41 | - | €498 | - | €476 | €326 | €325 | €1,000 | ▲ 208% |
| Other amounts receivable41 | €340 | - | - | €476 | €326 | €325 | €1,000 | ▲ 208% |
| Cash at bank and in hand54/58 | €4,507 | €2,862 | €491 | - | €48 | €0 | €22 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €17,419 | €523,626 | €520,711 | €520,531 | €520,374 | €520,325 | €521,633 | ▲ 0.3% |
| Equity10/15 | €18,600 | €15,826 | €19,170 | €19,639 | €16,332 | €9,681 | €12,358 | ▲ 27.7% |
| Contributions10/11 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | €18,600 | - | - | - | - | - | - | - |
| Issued capital100 | €18,600 | - | - | - | - | - | - | - |
| Uncalled capital101 | €12,200 | - | - | - | - | - | - | - |
| Profit (loss) carried forward14 | - | -€2,774 | €570 | €1,039 | -€2,268 | -€8,919 | -€6,242 | ▲ 30.0% |
| Amounts payable17/49 | - | €507,800 | €501,541 | €500,892 | €504,042 | €510,644 | €509,274 | ▼ 0.3% |
| Amounts payable after more than one year17 | - | €450,000 | €363,741 | €348,288 | €335,657 | €324,736 | €301,653 | ▼ 7.1% |
| Financial debts170/4 | - | - | €181,741 | €348,288 | €142,517 | €123,104 | €301,653 | ▲ 145% |
| Other amounts payable178/9 | - | - | €182,000 | - | €193,140 | €201,632 | - | - |
| Amounts payable within one year42/48 | - | €57,800 | €137,800 | €152,604 | €168,385 | €185,908 | €205,776 | ▲ 10.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €20,200 | - |
| Financial debts43 | - | - | - | €819 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €819 | - | - | - | - |
| Trade debts44 | - | - | - | - | - | - | €227 | - |
| Suppliers440/4 | - | - | - | - | - | - | €227 | - |
| Taxes, remuneration and social security45 | - | - | - | €1,242 | €428 | €0 | - | - |
| Taxes450/3 | - | - | - | €1,242 | €428 | €0 | - | - |
| Other amounts payable47/48 | - | - | €137,800 | €150,542 | €167,957 | €185,908 | €185,349 | ▼ 0.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €1,845 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | - | -€1,593 | €3,344 | €1,174 | -€3,307 | -€6,651 | €2,676 | - |
| + Depreciation and write-downs630 | - | €106 | €106 | €111 | €55 | - | €288 | - |
| Operating cash flow (approximation) | - | -€1,487 | €3,450 | €1,285 | -€3,252 | -€6,651 | €2,964 | - |
| Investment in fixed assets (approximation) | - | -€520,000 | -€0 | -€5 | €0 | €0 | -€899 | - |
| Change in cash | - | -€1,645 | -€2,371 | - | - | -€48 | €22 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 13-08-2026 | 2026-00399525 | |
| 31-12-2024 | micro format | 25-06-2025 | 2025-00175489 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00177651 | |
| 31-12-2022 | micro format | 27-06-2023 | 2023-00192827 | |
| 31-12-2021 | micro format | 14-07-2022 | 2022-20184808 | |
| 31-12-2020 | micro format | 20-07-2021 | 2021-37600588 | |
| 31-12-2019 | micro format | 12-11-2020 | 2020-70700184 |