AFZA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 24 filings
Turnover
€283,351
EBIT margin
5.4%
Net result
€13,842▼ 25.8%
2024 · €18,644
Working capital
€24,729▲ 127%
2024 · €10,887
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€283,351
2025
20182025
Operating result
€15,160
▼ 18.7%
2025
20182025
Net result
€13,842
▼ 25.8%
2025
middle half of the sector
20182025
EBIT margin
5.4%
2025
20182025
Equity
€24,729
▲ 127%
2025
middle half of the sector
20182025
Total assets
€54,596
▼ 20.9%
2025
lowest quarter of the sector
20182025
Debt
€29,867
▼ 48.6%
2025
20182025
Working capital
€24,729
▲ 127%
2025
middle half of the sector
20182025
Solvency
45.3%
▲ 29.5pp
2025
middle half of the sector
20182025
Current ratio
1.83
▲ 0.64
2025
middle half of the sector
20182025
Return on assets (ROA)
25.4%
▼ 1.7pp
2025
highest quarter of the sector
20182025
Staff (FTE)
2
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€283,351
Operating result-€3,197-€2,792€4,501▲ 61.2%-€13,930€3,579-€5,313€18,644€15,160▼ 18.7%
Net result-€3,197-€2,792€4,501within the sector's middle half▲ 61.2%-€13,930below the sector's middle half€3,579within the sector's middle half-€5,313below the sector's middle half€18,644within the sector's middle half€13,842within the sector's middle half▼ 25.8%
EBIT margin5.4%
Equity€615-€3,407▲ 454%€7,908within the sector's middle half▲ 132%-€6,023below the sector's middle half-€2,444below the sector's middle half▲ 59.4%-€7,757below the sector's middle half▼ 217%€10,887within the sector's middle half€24,729within the sector's middle half▲ 127%
Total assets€32,109-€34,203▲ 6.5%€46,848below the sector's middle half▲ 37.0%€40,258below the sector's middle half▼ 14.1%€50,971below the sector's middle half▲ 26.6%€49,059below the sector's middle half▼ 3.8%€69,033within the sector's middle half▲ 40.7%€54,596below the sector's middle half▼ 20.9%
Debt€31,494-€30,796▼ 2.2%€38,940▲ 26.4%€46,281▲ 18.9%€53,415▲ 15.4%€56,817▲ 6.4%€58,146▲ 2.3%€29,867▼ 48.6%
Working capital-€2,258-€1,665€7,056within the sector's middle half▲ 324%-€6,212within the sector's middle half-€2,500within the sector's middle half▲ 59.8%-€7,757within the sector's middle half▼ 210%€10,887within the sector's middle half€24,729within the sector's middle half▲ 127%
Solvency1.9%-10.0%▲ 8.0pp16.9%within the sector's middle half▲ 6.9pp-15.0%below the sector's middle half▼ 31.8pp-4.8%below the sector's middle half▲ 10.2pp-15.8%below the sector's middle half▼ 11.0pp15.8%within the sector's middle half▲ 31.6pp45.3%within the sector's middle half▲ 29.5pp
Current ratio0.93-1.05▲ 0.131.18within the sector's middle half▲ 0.130.87below the sector's middle half▼ 0.320.95within the sector's middle half▲ 0.090.86within the sector's middle half▼ 0.091.19within the sector's middle half▲ 0.321.83within the sector's middle half▲ 0.64
Return on assets (ROA)-10.0%-8.2%▲ 18.1pp9.6%within the sector's middle half▲ 1.4pp-34.6%below the sector's middle half▼ 44.2pp7.0%within the sector's middle half▲ 41.6pp-10.8%below the sector's middle half▼ 17.9pp27.0%above the sector's middle half▲ 37.8pp25.4%above the sector's middle half▼ 1.7pp
Staff (FTE)2
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 19% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €54,596
Equity
€24,729 ▲ 127%
Debt
€29,867 ▼ 48.6%
Debt's share of the balance-sheet total falls from 84.2% to 54.7%. Equity is higher and debt is lower.
Key figures and ratios
Quick ratio
0.86▲
2024 · 0.59
Debt to equity
1.21▼
2024 · 5.34
ROE
56.0%▼
2024 · 171.3%
Debt ≤ 1 year
€29,867▼
2024 · €58,146
Customer credit
4 days
Supplier credit
7 days
Staff costs
€8,722
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2025 |
|---|---|
| Employees at the balance-sheet date | 2 |
| part-time | 2 |
| in full-time equivalents | 1 |
| Average over the year, in full-time equivalents | 1 |
| On a permanent contract | 2 |
Source: social balance sheet in the 2025 annual accounts
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | - | - | - | €283,351 | - |
| Non-recurring operating income76A | - | - | - | - | - | - | - | €2,218 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | - | - | €260,169 | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | - | - | €8,722 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,157 | €1,130 | €890 | €662 | €134 | €56 | - | - | - |
| Other operating charges640/8 | - | - | - | €75,421 | €93,646 | €102,517 | €78,825 | €1,518 | ▼ 98.1% |
| Gross operating margin9900 | €105,724 | €104,720 | €70,262 | €62,153 | €97,358 | €97,259 | €97,470 | €25,400 | ▼ 73.9% |
| Operating profit (loss)9901 | -€3,197 | €2,792 | €4,501 | -€13,930 | €3,579 | -€5,313 | €18,644 | €15,160 | ▼ 18.7% |
| Financial charges65/66B | - | - | - | - | - | - | - | €1,318 | - |
| Recurring financial charges65 | - | - | - | - | - | - | - | €1,318 | - |
| Profit (loss) for the period before taxes9903 | -€3,197 | €2,792 | €4,501 | -€13,930 | €3,579 | -€5,313 | €18,644 | €13,842 | ▼ 25.8% |
| Profit (loss) for the period9904 | -€3,197 | €2,792 | €4,501 | -€13,930 | €3,579 | -€5,313 | €18,644 | €13,842 | ▼ 25.8% |
| Profit (loss) for the period to be appropriated9905 | -€3,197 | €2,792 | €4,501 | -€13,930 | €3,579 | -€5,313 | €18,644 | €13,842 | ▼ 25.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €32,109 | €34,203 | €46,848 | €40,258 | €50,971 | €49,059 | €69,033 | €54,596 | ▼ 20.9% |
| Fixed assets21/28 | €2,873 | €1,743 | €852 | €190 | €56 | - | - | - | - |
| Tangible fixed assets22/27 | €2,873 | €1,743 | €852 | €190 | €56 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €190 | €56 | - | - | - | - |
| Current assets29/58 | €29,236 | €32,460 | €45,996 | €40,068 | €50,915 | €49,059 | €69,033 | €54,596 | ▼ 20.9% |
| Stocks and contracts in progress3 | €24,430 | €30,930 | €30,930 | €34,559 | €34,559 | €34,559 | €34,559 | €28,877 | ▼ 16.4% |
| Stocks30/36 | - | - | - | €34,559 | €34,559 | €34,559 | €34,559 | €28,877 | ▼ 16.4% |
| Amounts receivable within one year40/41 | - | - | €12,866 | €4,724 | €14,641 | €12,751 | €16,226 | €7,923 | ▼ 51.2% |
| Trade receivables40 | - | - | - | €2,758 | €10,610 | €8,364 | €10,957 | €3,245 | ▼ 70.4% |
| Other amounts receivable41 | - | - | - | €1,966 | €4,032 | €4,387 | €5,269 | €4,679 | ▼ 11.2% |
| Cash at bank and in hand54/58 | €4,806 | €1,530 | €2,200 | €786 | €1,715 | €1,749 | €18,248 | €17,796 | ▼ 2.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €32,109 | €34,203 | €46,848 | €40,258 | €50,971 | €49,059 | €69,033 | €54,596 | ▼ 20.9% |
| Equity10/15 | €615 | €3,407 | €7,908 | -€6,023 | -€2,444 | -€7,757 | €10,887 | €24,729 | ▲ 127% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | - | - |
| Profit (loss) carried forward14 | -€17,985 | -€15,193 | -€10,692 | -€24,623 | -€21,044 | -€26,357 | -€7,713 | €6,129 | - |
| Amounts payable17/49 | €31,494 | €30,796 | €38,940 | €46,281 | €53,415 | €56,817 | €58,146 | €29,867 | ▼ 48.6% |
| Amounts payable within one year42/48 | €31,494 | €30,796 | €38,940 | €46,281 | €53,415 | €56,817 | €58,146 | €29,867 | ▼ 48.6% |
| Financial debts43 | - | - | - | €3,453 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €3,453 | - | - | - | - | - |
| Trade debts44 | €24,014 | €21,676 | - | €4,200 | - | €3,056 | €2,475 | €4,878 | ▲ 97.1% |
| Suppliers440/4 | - | - | - | €4,200 | - | €3,056 | €2,475 | €4,878 | ▲ 97.1% |
| Advances received on contracts in progress46 | - | - | - | - | €2,657 | - | €1,603 | - | - |
| Taxes, remuneration and social security45 | - | - | - | - | €12,888 | €12,888 | €14,178 | - | - |
| Remuneration and social security454/9 | - | - | - | - | €12,888 | €12,888 | €14,178 | - | - |
| Other amounts payable47/48 | - | - | - | €38,628 | €37,870 | €40,873 | €39,890 | €24,989 | ▼ 37.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,197 | €2,792 | €4,501 | -€13,930 | €3,579 | -€5,313 | €18,644 | €13,842 | ▼ 25.8% |
| + Depreciation and write-downs630 | €1,157 | €1,130 | €890 | €662 | €134 | €56 | - | - | - |
| Operating cash flow (approximation) | -€2,040 | €3,922 | €5,391 | -€13,268 | €3,713 | -€5,258 | €18,644 | €13,842 | ▼ 25.8% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - | - | - | - |
| Change in cash | - | -€3,276 | €670 | -€1,414 | €930 | €34 | €16,499 | -€452 | - |
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, 31,368 companies had the same profile as AFZA has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of AFZA itself: 0.3% 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 31,368 companies, not a prediction for AFZA. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-07-2026 | 2026-00352306 | |
| 31-12-2024 | micro format | 21-07-2025 | 2025-00295189 | |
| 31-12-2023 | micro format | 08-08-2024 | 2024-00350227 | |
| 31-12-2022 | micro format | 25-09-2023 | 2023-00456183 | |
| 31-12-2021 | micro format | 24-08-2022 | 2022-20325500 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-57000108 | |
| 31-12-2019 | micro format | 01-09-2020 | 2020-51600351 | |
| 31-12-2018 | micro format | 27-08-2019 | 2019-51700078 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-62100294 | |
| 31-12-2016 | micro format | 02-08-2017 | 2017-40200598 |