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AFROSOURCE

Active
Private limited companyfounded 2025active for 1 yearVictor Gambierstraat 41, 1180 Ukkel, BelgiumKBO/BCE: BE 1020.292.718

Financials · financial year 2025, abbreviated format

2025 annual accounts filed 3 days after the deadline Filed on 3 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00389212.

Annual accounts 2025 filed on 03-08-2026 at the NBB

Turnover
€24,969
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
-€61,747
Working capital
-€26,209
Balance-sheet composition
Assets €30,001
Fixed assets €12,512
Current assets €17,488
Equity and liabilities
Equity-€13,697
Debt€43,697
Equity is negative. Debt (€43,697) exceeds the balance-sheet total (€30,001).
Key figures and ratios
2025 value
EBITDA
-€61,205
Cash flow
-€61,459
Solvency
-45.7%
Current ratio
0.40
ROA
-205.8%
Interest coverage
-240.89
Debt
€43,697
Debt ≤ 1 year
€43,697
Debt > 1 year
€0
Income taxes
€0
Customer credit
121 days
Supplier credit
57 days
Staff costs
€1,214
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.

Securities and guarantees

on own assets and for others
Item2025
Debts secured on the company's own assets€0
Debts guaranteed by Belgian public bodies€0

Source: notes to the 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired
Item2025
Tangible fixed assets€2,800
Intangible fixed assets€0
Financial fixed assets€10,000
Depreciation and write-downs of the year€288

Source: notes to the 2025 annual accounts (statement of fixed assets)

Annual accounts
Filed annual accounts As filed with the NBB · 2025 · 92 lines
Balance sheet Code2025
Assets
Total assets20/58€30,001
Formation expenses20€0
Fixed assets21/28€12,512
Intangible fixed assets21€0
Tangible fixed assets22/27€2,512
Land and buildings22€0
Plant, machinery and equipment23€2,512
Furniture and vehicles24€0
Leasing and similar rights25€0
Other tangible fixed assets26€0
Assets under construction and advance payments27€0
Financial fixed assets28€10,000
Current assets29/58€17,488
Amounts receivable after more than one year29€0
Trade receivables290€0
Other amounts receivable291€0
Stocks and contracts in progress3€0
Stocks30/36€0
Contracts in progress37€0
Amounts receivable within one year40/41€10,750
Trade receivables40€8,268
Other amounts receivable41€2,482
Current investments50/53€0
Cash at bank and in hand54/58€6,739
Deferred charges and accrued income490/1€0
Equity and liabilities
Total equity and liabilities10/49€30,001
Equity10/15-€13,697
Contributions10/11€48,050
Revaluation surpluses12€0
Reserves13€0
Non-distributable reserves130/1€0
Reserves not available under the articles1311€0
Own shares acquired1312€0
Financial assistance1313€0
Other1319€0
Tax-exempt reserves132€0
Distributable reserves133€0
Profit (loss) carried forward14-€61,747
Investment grants15€0
Advance to shareholders on the distribution of net assets19€0
Provisions and deferred taxes16€0
Provisions for liabilities and charges160/5€0
Pensions and similar obligations160€0
Taxes161€0
Major repairs and maintenance162€0
Environmental obligations163€0
Other liabilities and charges164/5€0
Deferred taxes168€0
Amounts payable17/49€43,697
Amounts payable after more than one year17€0
Financial debts170/4€0
Trade debts175€0
Advances received on contracts in progress176€0
Other amounts payable178/9€0
Amounts payable within one year42/48€43,697
Current portion of amounts payable after more than one year42€0
Financial debts43€0
Credit institutions430/8€0
Other loans439€0
Trade debts44€13,002
Suppliers440/4€13,002
Bills of exchange payable441€0
Advances received on contracts in progress46€0
Taxes, remuneration and social security45€0
Taxes450/3€0
Remuneration and social security454/9€0
Other amounts payable47/48€30,695
Accrued charges and deferred income492/3€0
Income statement Code2025
Turnover70€24,969
Non-recurring operating income76A€0
Goods, raw materials, services and sundry goods60/61€82,625
Remuneration, social security and pensions62€1,214
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€288
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0
Provisions for liabilities and charges: additions (uses and reversals)635/8€0
Other operating charges640/8€3,985
Non-recurring operating charges66A€0
Gross operating margin9900-€56,006
Operating profit (loss)9901-€61,493
Financial income75/76B€0
Recurring financial income75€0
Financial charges65/66B€254
Recurring financial charges65€254
Non-recurring financial charges66B€0
Profit (loss) for the period before taxes9903-€61,747
Transfer from deferred taxes780€0
Transfer to deferred taxes680€0
Income taxes67/77€0
Profit (loss) for the period9904-€61,747
Profit (loss) for the period to be appropriated9905-€61,747
Appropriation of the result
Profit (loss) to be appropriated9906-€61,747
Social balance sheet
Average headcount (FTE)90870.0

The notes to these accounts have 76 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 03-08-2026.

Line2025
Turnover70€24,969
Non-recurring operating income76A€0
Goods, raw materials, services and sundry goods60/61€82,625
Remuneration, social security and pensions62€1,214
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€288
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0
Provisions for liabilities and charges: additions (uses and reversals)635/8€0
Other operating charges640/8€3,985
Non-recurring operating charges66A€0
Gross operating margin9900-€56,006
Operating profit (loss)9901-€61,493
Financial income75/76B€0
Recurring financial income75€0
Financial charges65/66B€254
Recurring financial charges65€254
Non-recurring financial charges66B€0
Profit (loss) for the period before taxes9903-€61,747
Transfer from deferred taxes780€0
Transfer to deferred taxes680€0
Income taxes67/77€0
Profit (loss) for the period9904-€61,747
Profit (loss) for the period to be appropriated9905-€61,747
Line2025
Assets
Total assets20/58€30,001
Formation expenses20€0
Fixed assets21/28€12,512
Intangible fixed assets21€0
Tangible fixed assets22/27€2,512
Land and buildings22€0
Plant, machinery and equipment23€2,512
Furniture and vehicles24€0
Leasing and similar rights25€0
Other tangible fixed assets26€0
Assets under construction and advance payments27€0
Financial fixed assets28€10,000
Current assets29/58€17,488
Amounts receivable after more than one year29€0
Trade receivables290€0
Other amounts receivable291€0
Stocks and contracts in progress3€0
Stocks30/36€0
Contracts in progress37€0
Amounts receivable within one year40/41€10,750
Trade receivables40€8,268
Other amounts receivable41€2,482
Current investments50/53€0
Cash at bank and in hand54/58€6,739
Deferred charges and accrued income490/1€0
Equity and liabilities
Total equity and liabilities10/49€30,001
Equity10/15-€13,697
Contributions10/11€48,050
Revaluation surpluses12€0
Reserves13€0
Non-distributable reserves130/1€0
Reserves not available under the articles1311€0
Own shares acquired1312€0
Financial assistance1313€0
Other1319€0
Tax-exempt reserves132€0
Distributable reserves133€0
Profit (loss) carried forward14-€61,747
Investment grants15€0
Advance to shareholders on the distribution of net assets19€0
Provisions and deferred taxes16€0
Provisions for liabilities and charges160/5€0
Pensions and similar obligations160€0
Taxes161€0
Major repairs and maintenance162€0
Environmental obligations163€0
Other liabilities and charges164/5€0
Deferred taxes168€0
Amounts payable17/49€43,697
Amounts payable after more than one year17€0
Financial debts170/4€0
Trade debts175€0
Advances received on contracts in progress176€0
Other amounts payable178/9€0
Amounts payable within one year42/48€43,697
Current portion of amounts payable after more than one year42€0
Financial debts43€0
Credit institutions430/8€0
Other loans439€0
Trade debts44€13,002
Suppliers440/4€13,002
Bills of exchange payable441€0
Advances received on contracts in progress46€0
Taxes, remuneration and social security45€0
Taxes450/3€0
Remuneration and social security454/9€0
Other amounts payable47/48€30,695
Accrued charges and deferred income492/3€0
Line2025
Profit (loss) for the period9904-€61,747
+ Depreciation and write-downs630€288
Operating cash flow (approximation)-€61,459

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 1,322 companies had the same profile as AFROSOURCE has now. Two years later, 90.2% were still going and 4.2% had gone bankrupt.

  • Micro
  • under 2 years old
  • negative equity
  • a loss of 10% of the balance sheet or more
90.2% was still going
5.5% stopped otherwise
4.2% went bankrupt

That fits the bankruptcy probability of AFROSOURCE itself: 2.1% 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 1,322 companies, not a prediction for AFROSOURCE. 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 (1)
Financial year Type Filed Reference Document
31-12-2025 abbreviated format 03-08-2026 2026-00389212 PDF

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