AGEV
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 32 filings
Equity
€209,262▼ 6.4%
2024 · €223,514
Total assets
€257,326▼ 7.5%
2024 · €278,303
Net result
-€14,252▼ 8.6%
2024 · -€13,120
Working capital
€25,406▼ 10.5%
2024 · €28,382
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€15,388
▼ 2.4%
2025
20182025
Net result
-€14,252
▼ 8.6%
2025
lowest quarter of the sector
20182025
Equity
€209,262
▼ 6.4%
2025
highest quarter of the sector
20182025
Total assets
€257,326
▼ 7.5%
2025
middle half of the sector
20182025
Debt
€48,064
▼ 12.3%
2025
20182025
Working capital
€25,406
▼ 10.5%
2025
middle half of the sector
20182025
Solvency
81.3%
▲ 1.0pp
2025
highest quarter of the sector
20182025
Current ratio
1.53
▲ 0.01
2025
middle half of the sector
20182025
Return on assets (ROA)
-5.5%
▼ 0.8pp
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€4,963--€9,854€3,423€7,238▲ 111%-€3,584-€13,082▼ 265%-€15,022▼ 14.8%-€15,388▼ 2.4%
Net result-€1,272--€15,290▼ 1,102%-€652within the sector's middle half▲ 95.7%€2,799within the sector's middle half-€3,677below the sector's middle half-€13,426below the sector's middle half▼ 265%-€13,120below the sector's middle half▲ 2.3%-€14,252below the sector's middle half▼ 8.6%
Equity€266,880-€251,590▼ 5.7%€250,938above the sector's middle half▼ 0.3%€253,737above the sector's middle half▲ 1.1%€250,060above the sector's middle half▼ 1.4%€236,634above the sector's middle half▼ 5.4%€223,514above the sector's middle half▼ 5.5%€209,262above the sector's middle half▼ 6.4%
Total assets€388,530-€367,178▼ 5.5%€362,204within the sector's middle half▼ 1.4%€357,117within the sector's middle half▼ 1.4%€335,731within the sector's middle half▼ 6.0%€310,937within the sector's middle half▼ 7.4%€278,303within the sector's middle half▼ 10.5%€257,326within the sector's middle half▼ 7.5%
Debt€121,651-€115,588▼ 5.0%€111,266▼ 3.7%€103,380▼ 7.1%€85,671▼ 17.1%€74,304▼ 13.3%€54,789▼ 26.3%€48,064▼ 12.3%
Working capital€20,386-€14,886▼ 27.0%€9,513within the sector's middle half▼ 36.1%€24,694within the sector's middle half▲ 160%€36,915within the sector's middle half▲ 49.5%€29,972within the sector's middle half▼ 18.8%€28,382within the sector's middle half▼ 5.3%€25,406within the sector's middle half▼ 10.5%
Solvency68.7%-68.5%▼ 0.2pp69.3%above the sector's middle half▲ 0.8pp71.1%above the sector's middle half▲ 1.8pp74.5%above the sector's middle half▲ 3.4pp76.1%above the sector's middle half▲ 1.6pp80.3%above the sector's middle half▲ 4.2pp81.3%above the sector's middle half▲ 1.0pp
Current ratio1.19-1.14▼ 0.051.09within the sector's middle half▼ 0.051.24within the sector's middle half▲ 0.151.43within the sector's middle half▲ 0.191.40within the sector's middle half▼ 0.031.52within the sector's middle half▲ 0.111.53within the sector's middle half▲ 0.01
Return on assets (ROA)-0.3%--4.2%▼ 3.8pp-0.2%within the sector's middle half▲ 4.0pp0.8%within the sector's middle half▲ 1.0pp-1.1%within the sector's middle half▼ 1.9pp-4.3%below the sector's middle half▼ 3.2pp-4.7%below the sector's middle half▼ 0.4pp-5.5%below the sector's middle half▼ 0.8pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 €15,388, larger than the loss of €15,022 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 €257,326
Fixed assets
€183,856 ▼ 5.8%
Current assets
€73,470 ▼ 11.7%
Equity and liabilities €257,326
Equity
€209,262 ▼ 6.4%
Debt
€48,064 ▼ 12.3%
Debt's share of the balance-sheet total falls from 19.7% to 18.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€4,131▼
2024 · -€3,517
Cash flow
-€2,994▼
2024 · -€1,614
Quick ratio
1.40▼
2024 · 1.41
Debt to equity
0.23▼
2024 · 0.25
ROE
-6.8%▼
2024 · -5.9%
Interest coverage
-25.79▲
2024 · -38.96
Debt ≤ 1 year
€48,064▼
2024 · €54,789
Income taxes
€247▲
2024 · €205
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €169,263 | €169,263 | €169,263 | - | - |
| Carrying value of the mortgaged assets | €37,184 | €37,184 | €37,184 | - | - |
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 | €4,889 | €4,428 | €5,009 | - | - |
| Depreciation and write-downs of the year | €19,397 | €19,926 | €11,903 | €11,506 | €11,257 |
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 | €17,341 | €17,218 | €18,789 | €19,397 | €19,926 | €11,903 | €11,506 | €11,257 | ▼ 2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | -€331 | - | - | - |
| Other operating charges640/8 | - | - | - | €3,152 | €4,413 | €3,413 | €3,105 | €3,501 | ▲ 12.8% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €18 | - |
| Gross operating margin9900 | €24,654 | €10,712 | €25,458 | €29,787 | €20,755 | €1,902 | -€412 | -€612 | ▼ 48.5% |
| Operating profit (loss)9901 | €4,963 | -€9,854 | €3,423 | €7,238 | -€3,584 | -€13,082 | -€15,022 | -€15,388 | ▼ 2.4% |
| Financial income75/76B | - | - | - | €15 | €10 | - | €2,198 | €1,543 | ▼ 29.8% |
| Recurring financial income75 | €87 | - | €35 | €15 | €10 | - | €2,198 | €1,543 | ▼ 29.8% |
| Financial charges65/66B | - | - | - | €3,858 | €128 | €75 | €90 | €160 | ▲ 77.5% |
| Recurring financial charges65 | €5,646 | €5,187 | €3,932 | €3,858 | €128 | €75 | €90 | €160 | ▲ 77.5% |
| Profit (loss) for the period before taxes9903 | -€596 | -€15,041 | -€475 | €3,395 | -€3,703 | -€13,157 | -€12,915 | -€14,005 | ▼ 8.4% |
| Income taxes67/77 | €676 | €249 | €177 | €596 | -€26 | €270 | €205 | €247 | ▲ 20.1% |
| Profit (loss) for the period9904 | -€1,272 | -€15,290 | -€652 | €2,799 | -€3,677 | -€13,426 | -€13,120 | -€14,252 | ▼ 8.6% |
| Profit (loss) for the period to be appropriated9905 | -€1,272 | -€15,290 | -€652 | €2,799 | -€3,677 | -€13,426 | -€13,120 | -€14,252 | ▼ 8.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €388,530 | €367,178 | €362,204 | €357,117 | €335,731 | €310,937 | €278,303 | €257,326 | ▼ 7.5% |
| Fixed assets21/28 | €258,687 | €243,893 | €243,562 | €229,053 | €213,555 | €206,662 | €195,132 | €183,856 | ▼ 5.8% |
| Tangible fixed assets22/27 | €258,663 | €243,868 | €243,537 | €229,029 | €213,531 | €206,637 | €195,132 | €183,856 | ▼ 5.8% |
| Land and buildings22 | - | - | - | €218,350 | €210,365 | €204,625 | €193,788 | €182,951 | ▼ 5.6% |
| Plant, machinery and equipment23 | - | - | - | €1,819 | €1,261 | €703 | €630 | €557 | ▼ 11.6% |
| Furniture and vehicles24 | - | - | - | €1,641 | €515 | €267 | €18 | - | - |
| Leasing and similar rights25 | - | - | - | €7,219 | €1,390 | €1,042 | €695 | €347 | ▼ 50.0% |
| Financial fixed assets28 | €25 | €25 | €25 | €25 | €25 | €25 | - | - | - |
| Current assets29/58 | €129,843 | €123,285 | €118,642 | €128,064 | €122,176 | €104,275 | €83,172 | €73,470 | ▼ 11.7% |
| Stocks and contracts in progress3 | - | - | - | €2,000 | €3,500 | €4,500 | €6,000 | €6,000 | = |
| Stocks30/36 | - | - | - | €2,000 | €3,500 | €4,500 | €6,000 | €6,000 | = |
| Amounts receivable within one year40/41 | €6,933 | €9,028 | €16,847 | €7,883 | €3,117 | €6,281 | €6,891 | €7,531 | ▲ 9.3% |
| Trade receivables40 | - | - | - | €7,883 | €3,117 | €5,403 | €6,591 | €6,991 | ▲ 6.1% |
| Other amounts receivable41 | - | - | - | - | - | €878 | €300 | €541 | ▲ 80.2% |
| Current investments50/53 | - | - | - | - | - | €60,000 | €60,000 | €50,000 | ▼ 16.7% |
| Cash at bank and in hand54/58 | €118,837 | €110,762 | €98,487 | €114,664 | €112,775 | €30,753 | €6,915 | €6,552 | ▼ 5.2% |
| Deferred charges and accrued income490/1 | - | - | - | €3,517 | €2,783 | €2,741 | €3,366 | €3,386 | ▲ 0.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €388,530 | €367,178 | €362,204 | €357,117 | €335,731 | €310,937 | €278,303 | €257,326 | ▼ 7.5% |
| Equity10/15 | €266,880 | €251,590 | €250,938 | €253,737 | €250,060 | €236,634 | €223,514 | €209,262 | ▼ 6.4% |
| Contributions10/11 | €115,000 | €115,000 | - | €115,000 | €115,000 | €115,000 | €115,000 | €115,000 | = |
| Reserves13 | €26,500 | €26,500 | €26,500 | €26,500 | €26,500 | €26,500 | €26,500 | €26,500 | = |
| Non-distributable reserves130/1 | - | - | - | €11,500 | €11,500 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €11,500 | €11,500 | - | - | - | - |
| Distributable reserves133 | - | - | - | €15,000 | €15,000 | €26,500 | €26,500 | €26,500 | = |
| Profit (loss) carried forward14 | €125,380 | €110,090 | €109,438 | €112,237 | €108,560 | €95,134 | €82,014 | €67,762 | ▼ 17.4% |
| Amounts payable17/49 | €121,651 | €115,588 | €111,266 | €103,380 | €85,671 | €74,304 | €54,789 | €48,064 | ▼ 12.3% |
| Amounts payable after more than one year17 | €12,194 | €7,189 | €2,127 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €109,457 | €108,398 | €109,129 | €103,370 | €85,260 | €74,304 | €54,789 | €48,064 | ▼ 12.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €2,127 | - | - | - | - | - |
| Trade debts44 | €4,944 | €7,182 | €5,707 | €3,526 | €1,435 | €6,135 | €2,459 | €4,084 | ▲ 66.1% |
| Suppliers440/4 | - | - | - | €3,526 | €1,435 | €6,135 | €2,459 | €4,084 | ▲ 66.1% |
| Taxes, remuneration and social security45 | - | - | - | €1,882 | €1,762 | €1,645 | €460 | €431 | ▼ 6.5% |
| Taxes450/3 | - | - | - | €1,882 | €1,762 | €1,645 | €460 | €431 | ▼ 6.5% |
| Other amounts payable47/48 | - | - | - | €95,835 | €82,063 | €66,523 | €51,870 | €43,549 | ▼ 16.0% |
| Accrued charges and deferred income492/3 | - | - | - | €10 | €411 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,272 | -€15,290 | -€652 | €2,799 | -€3,677 | -€13,426 | -€13,120 | -€14,252 | ▼ 8.6% |
| + Depreciation and write-downs630 | €17,341 | €17,218 | €18,789 | €19,397 | €19,926 | €11,903 | €11,506 | €11,257 | ▼ 2.2% |
| Operating cash flow (approximation) | €16,068 | €1,927 | €18,137 | €22,196 | €16,249 | -€1,524 | -€1,614 | -€2,994 | ▼ 85.5% |
| Investment in fixed assets (approximation) | - | -€2,423 | -€18,458 | -€4,889 | -€4,428 | -€5,009 | €25 | €18 | ▼ 26.1% |
| Change in cash | - | -€8,075 | -€12,275 | €16,177 | -€1,889 | -€82,022 | -€23,838 | -€363 | ▲ 98.5% |
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, 12,322 companies had the same profile as AGEV has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of AGEV itself: 0.2% 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 12,322 companies, not a prediction for AGEV. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-07-2026 | 2026-00344760 | |
| 31-12-2024 | micro format | 23-07-2025 | 2025-00317521 | |
| 31-12-2023 | micro format | 20-07-2024 | 2024-00274308 | |
| 31-12-2022 | micro format | 26-07-2023 | 2023-00281350 | |
| 31-12-2021 | micro format | 20-07-2022 | 2022-20204260 | |
| 31-12-2020 | micro format | 22-07-2021 | 2021-39500005 | |
| 31-12-2019 | micro format | 21-07-2020 | 2020-33300241 | |
| 31-12-2018 | micro format | 25-07-2019 | 2019-38700546 | |
| 31-12-2017 | micro format | 17-07-2018 | 2018-34600044 | |
| 31-12-2016 | micro format | 07-06-2017 | 2017-15500410 |