AEROPLANE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 27-05-2026 PDF all 9 filings
Equity
-€14,196
2024 · €1,424
Total assets
€5,541▼ 84.8%
2024 · €36,448
Net result
-€15,620▼ 25.6%
2024 · -€12,434
Working capital
€2,737▼ 89.8%
2024 · €26,842
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€15,984
▼ 38.9%
2025
20182025
Net result
-€15,620
▼ 25.6%
2025
lowest quarter of the sector
20182025
Equity
-€14,196
2025
lowest quarter of the sector
20182025
Total assets
€5,541
▼ 84.8%
2025
lowest quarter of the sector
20182025
Debt
€19,737
▼ 43.6%
2025
20182025
Working capital
€2,737
▼ 89.8%
2025
middle half of the sector
20182025
Solvency
-256.2%
▼ 260.1pp
2025
lowest quarter of the sector
20182025
Current ratio
2.10
▼ 1.91
2025
middle half of the sector
20182025
Return on assets (ROA)
-281.9%
▼ 247.8pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0
▼ 100%
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€22,928--€5,291€78,739-€11,521-€66,882▼ 481%-€38,538▲ 42.4%-€11,504▲ 70.1%-€15,984▼ 38.9%
Net result€15,989--€5,540€80,495above the sector's middle half-€11,978below the sector's middle half-€68,678below the sector's middle half▼ 473%-€38,706below the sector's middle half▲ 43.6%-€12,434below the sector's middle half▲ 67.9%-€15,620below the sector's middle half▼ 25.6%
Equity€33,247-€27,707▼ 16.7%€108,202within the sector's middle half▲ 291%€96,242within the sector's middle half▼ 11.1%€27,564below the sector's middle half▼ 71.4%€13,858below the sector's middle half▼ 49.7%€1,424below the sector's middle half▼ 89.7%-€14,196below the sector's middle half
Total assets€76,269-€66,019▼ 13.4%€124,300within the sector's middle half▲ 88.3%€109,786within the sector's middle half▼ 11.7%€48,162below the sector's middle half▼ 56.1%€49,955below the sector's middle half▲ 3.7%€36,448below the sector's middle half▼ 27.0%€5,541below the sector's middle half▼ 84.8%
Debt€43,021-€38,312▼ 10.9%€16,098▼ 58.0%€13,544▼ 15.9%€20,598▲ 52.1%€36,097▲ 75.2%€35,024▼ 3.0%€19,737▼ 43.6%
Working capital€28,090-€19,198▼ 31.7%€102,996above the sector's middle half▲ 436%€93,081within the sector's middle half▼ 9.6%€26,130within the sector's middle half▼ 71.9%€39,055within the sector's middle half▲ 49.5%€26,842within the sector's middle half▼ 31.3%€2,737within the sector's middle half▼ 89.8%
Solvency43.6%-42.0%▼ 1.6pp87.0%above the sector's middle half▲ 45.1pp87.7%above the sector's middle half▲ 0.6pp57.2%within the sector's middle half▼ 30.4pp27.7%within the sector's middle half▼ 29.5pp3.9%below the sector's middle half▼ 23.8pp-256.2%below the sector's middle half▼ 260.1pp
Current ratio1.65-1.50▼ 0.157.40above the sector's middle half▲ 5.907.87above the sector's middle half▲ 0.472.27within the sector's middle half▼ 5.604.77above the sector's middle half▲ 2.504.01within the sector's middle half▼ 0.762.10within the sector's middle half▼ 1.91
Return on assets (ROA)21.0%--8.4%▼ 29.4pp64.8%above the sector's middle half▲ 73.2pp-10.9%below the sector's middle half▼ 75.7pp-142.6%below the sector's middle half▼ 131.7pp-77.5%below the sector's middle half▲ 65.1pp-34.1%below the sector's middle half▲ 43.4pp-281.9%below the sector's middle half▼ 247.8pp
Staff (FTE)1.21.1within the sector's middle half▼ 8.3%1▼ 9.1%1below the sector's middle half=1=1=0below the sector's middle half▼ 100%
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 €15,984, larger than the loss of €11,504 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5,541
Fixed assets
€323 ▼ 53.8%
Current assets
€5,218 ▼ 85.4%
Equity and liabilities
Equity-€14,196
Debt€19,737
Equity is negative. Debt (€19,737) exceeds the balance-sheet total (€5,541).
Key figures and ratios
EBITDA
-€15,607▼
2024 · -€11,117
Cash flow
-€15,244▼
2024 · -€12,047
Interest coverage
44.08▲
2024 · -11.81
Debt ≤ 1 year
€2,481▼
2024 · €8,907
Debt > 1 year
€17,256▼
2024 · €25,480
Staff costs
€5,691▼
2024 · €41,516
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 | 1 | - | - | 1 | 1 |
| full-time | 1 | - | - | 1 | 1 |
| part-time | - | - | - | 0 | 0 |
| in full-time equivalents | 1 | - | - | 1 | 0 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 | 0 |
| On a permanent contract | 1 | - | - | 1 | 1 |
| Joined | - | - | - | 0 | - |
| Left | - | - | - | 0 | - |
| Training hours | - | - | - | 0 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,680 | - | €341 | - | - |
| Depreciation and write-downs of the year | €4,723 | €1,728 | €1,237 | €386 | €376 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €428 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €37,310 | €40,425 | €43,594 | €41,516 | €5,691 | ▼ 86.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,332 | €5,441 | €6,047 | €4,723 | €1,728 | €1,237 | €386 | €376 | ▼ 2.5% |
| Other operating charges640/8 | - | - | - | €479 | €480 | €523 | €599 | €580 | ▼ 3.2% |
| Gross operating margin9900 | €25,863 | €35,676 | €118,886 | €30,991 | -€24,249 | €6,817 | €30,997 | -€9,336 | - |
| Operating profit (loss)9901 | €22,928 | -€5,291 | €78,739 | -€11,521 | -€66,882 | -€38,538 | -€11,504 | -€15,984 | ▼ 38.9% |
| Financial income75/76B | - | - | - | €44 | €17 | €627 | €12 | €9 | ▼ 19.6% |
| Recurring financial income75 | - | - | €12 | €44 | €17 | €627 | €12 | €9 | ▼ 19.6% |
| Financial charges65/66B | - | - | - | €501 | €284 | €795 | €942 | -€354 | - |
| Recurring financial charges65 | €239 | €249 | €302 | €501 | €284 | €795 | €942 | -€354 | - |
| Profit (loss) for the period before taxes9903 | €22,689 | -€5,540 | €78,449 | -€11,978 | -€67,148 | -€38,706 | -€12,434 | -€15,620 | ▼ 25.6% |
| Income taxes67/77 | €6,700 | - | -€2,046 | - | €1,530 | - | - | - | - |
| Profit (loss) for the period9904 | €15,989 | -€5,540 | €80,495 | -€11,978 | -€68,678 | -€38,706 | -€12,434 | -€15,620 | ▼ 25.6% |
| Profit (loss) for the period to be appropriated9905 | €15,989 | -€5,540 | €80,495 | -€11,978 | -€68,678 | -€38,706 | -€12,434 | -€15,620 | ▼ 25.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €76,269 | €66,019 | €124,300 | €109,786 | €48,162 | €49,955 | €36,448 | €5,541 | ▼ 84.8% |
| Fixed assets21/28 | €5,158 | €8,508 | €5,205 | €3,162 | €1,434 | €538 | €699 | €323 | ▼ 53.8% |
| Tangible fixed assets22/27 | €5,158 | €8,508 | €5,205 | €3,162 | €1,434 | €538 | €699 | €323 | ▼ 53.8% |
| Plant, machinery and equipment23 | - | - | - | €440 | €320 | €200 | €80 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €2,722 | €1,114 | €338 | €619 | €323 | ▼ 47.9% |
| Current assets29/58 | €71,111 | €57,510 | €119,094 | €106,625 | €46,728 | €49,417 | €35,749 | €5,218 | ▼ 85.4% |
| Amounts receivable within one year40/41 | €41,940 | €25,831 | €3 | €28,629 | €17,144 | €8,798 | €11,168 | €594 | ▼ 94.7% |
| Trade receivables40 | - | - | - | €28,575 | €16,466 | €8,793 | €11,168 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €55 | €678 | €6 | - | €594 | - |
| Current investments50/53 | - | - | - | €9,799 | €9,799 | €9,799 | €9,799 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €29,171 | €31,679 | €118,865 | €67,966 | €19,531 | €30,566 | €14,513 | €4,624 | ▼ 68.1% |
| Deferred charges and accrued income490/1 | - | - | - | €230 | €254 | €254 | €269 | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €76,269 | €66,019 | €124,300 | €109,786 | €48,162 | €49,955 | €36,448 | €5,541 | ▼ 84.8% |
| Equity10/15 | €33,247 | €27,707 | €108,202 | €96,242 | €27,564 | €13,858 | €1,424 | -€14,196 | - |
| Contributions10/11 | €17,150 | €17,150 | - | €17,150 | €17,150 | €42,150 | €42,150 | €42,150 | = |
| Reserves13 | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Non-distributable reserves130/1 | - | - | - | €1,855 | €1,855 | €1,855 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,855 | €1,855 | €1,855 | €0 | - | - |
| Distributable reserves133 | - | - | - | - | - | - | €1,855 | €1,855 | = |
| Profit (loss) carried forward14 | €14,242 | €8,702 | €89,197 | €77,237 | €8,559 | -€30,147 | -€42,581 | -€58,201 | ▼ 36.7% |
| Amounts payable17/49 | €43,021 | €38,312 | €16,098 | €13,544 | €20,598 | €36,097 | €35,024 | €19,737 | ▼ 43.6% |
| Amounts payable after more than one year17 | - | - | - | - | - | €25,000 | €25,480 | €17,256 | ▼ 32.3% |
| Financial debts170/4 | - | - | - | - | - | €25,000 | €25,480 | €17,256 | ▼ 32.3% |
| Amounts payable within one year42/48 | €43,021 | €38,312 | €16,098 | €13,544 | €20,598 | €10,363 | €8,907 | €2,481 | ▼ 72.1% |
| Financial debts43 | - | - | - | - | - | - | - | €38 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €38 | - |
| Trade debts44 | €36,289 | €27,444 | €6,280 | €4,746 | €16,072 | €4,595 | €4,265 | €2,443 | ▼ 42.7% |
| Suppliers440/4 | - | - | - | €4,746 | €16,072 | €4,595 | €4,265 | €2,443 | ▼ 42.7% |
| Taxes, remuneration and social security45 | - | - | - | €8,798 | €4,525 | €5,768 | €4,641 | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | €5,310 | €25 | €690 | €2,268 | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | - | €3,488 | €4,500 | €5,078 | €2,373 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €734 | €637 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,989 | -€5,540 | €80,495 | -€11,978 | -€68,678 | -€38,706 | -€12,434 | -€15,620 | ▼ 25.6% |
| + Depreciation and write-downs630 | €2,332 | €5,441 | €6,047 | €4,723 | €1,728 | €1,237 | €386 | €376 | ▼ 2.5% |
| Operating cash flow (approximation) | €18,322 | -€100 | €86,542 | -€7,255 | -€66,950 | -€37,468 | -€12,047 | -€15,244 | ▼ 26.5% |
| Investment in fixed assets (approximation) | - | -€8,792 | -€2,744 | -€2,680 | €0 | -€341 | -€548 | €0 | - |
| Change in cash | - | €2,508 | €87,186 | -€50,899 | -€48,435 | €11,035 | -€16,053 | -€9,889 | ▲ 38.4% |
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, 6,008 companies had the same profile as AEROPLANE has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of AEROPLANE itself is lower: 0.7% within 12 months. It rests on far more data about AEROPLANE than the profile alone.
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 6,008 companies, not a prediction for AEROPLANE. 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.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 27-05-2026 | 2026-00121653 | |
| 31-12-2024 | micro format | 21-10-2025 | 2025-00546095 | |
| 31-12-2023 | micro format | 01-07-2024 | 2024-00192785 | |
| 31-12-2022 | abbreviated format | 17-07-2023 | 2023-00242703 | |
| 31-12-2021 | micro format | 19-08-2022 | 2022-20296940 | |
| 31-12-2020 | micro format | 23-10-2021 | 2021-73000575 | |
| 31-12-2019 | micro format | 31-07-2020 | 2020-38600029 | |
| 31-12-2018 | micro format | 27-06-2019 | 2019-25300468 | |
| 31-12-2017 | micro format | 01-08-2018 | 2018-42900064 |