AHEAD
ActiveSummary
AHEAD has been active since 1998 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €126,296 and a net result of €6,998. Equity is growing by ~6.2% per year across the filed fiscal years. Its solvency ranks better than 60% of 11508 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability73▼-1
Solvency80▲+4
Growth52=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €8,000 at 30 days acceptable
Liquidity ample (current ratio 6.15 against 6.29 in 2024; short-term debt: 6.2% and cash: 2.7% of total assets), and 45.4% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
54.6%
Return on assets
3%
Age of the figures
15 mo
neutral · Filed after the deadline
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 02-02-2026, 2 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
2 d late
2024
4 d late
2023
23 d early
2022
2 d early
2021
55 d early
2020
33 d early
2019
38 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 10 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today. Usually files around 29 January (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-06-2026 close29-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€126,296▲ 5.9%
2024 · €119,297
Total assets
€231,404▼ 0.4%
2024 · €232,433
Net result
€6,998▼ 31.9%
2024 · €10,278
Working capital
€74,061▲ 9.3%
2024 · €67,754
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€9,933▼ 38.9%€15,553▲ 56.6%€4,937▼ 68.3%€14,947▲ 203%€11,589▼ 22.5%
Net result€3,050within the sector's middle half▼ 65.0%€7,901within the sector's middle half▲ 159%€3,091within the sector's middle half▼ 60.9%€10,278within the sector's middle half▲ 233%€6,998within the sector's middle half▼ 31.9%
Equity€98,027within the sector's middle half▲ 3.2%€105,928within the sector's middle half▲ 8.1%€109,019within the sector's middle half▲ 2.9%€119,297within the sector's middle half▲ 9.4%€126,296within the sector's middle half▲ 5.9%
Total assets€249,489within the sector's middle half▼ 8.8%€240,669within the sector's middle half▼ 3.5%€230,020within the sector's middle half▼ 4.4%€232,433within the sector's middle half▲ 1.0%€231,404within the sector's middle half▼ 0.4%
Debt€151,462▼ 15.2%€134,741▼ 11.0%€121,001▼ 10.2%€113,136▼ 6.5%€105,109▼ 7.1%
Working capital€37,539within the sector's middle half▲ 66.3%€62,058within the sector's middle half▲ 65.3%€57,952within the sector's middle half▼ 6.6%€67,754within the sector's middle half▲ 16.9%€74,061within the sector's middle half▲ 9.3%
Solvency39.3%within the sector's middle half▲ 4.6pp44.0%within the sector's middle half▲ 4.7pp47.4%within the sector's middle half▲ 3.4pp51.3%within the sector's middle half▲ 3.9pp54.6%within the sector's middle half▲ 3.3pp
Current ratio2.83within the sector's middle half▲ 1.2812.12above the sector's middle half▲ 9.296.24above the sector's middle half▼ 5.886.29above the sector's middle half▲ 0.066.15above the sector's middle half▼ 0.14
Return on assets (ROA)1.2%within the sector's middle half▼ 2.0pp3.3%within the sector's middle half▲ 2.1pp1.3%within the sector's middle half▼ 1.9pp4.4%within the sector's middle half▲ 3.1pp3.0%within the sector's middle half▼ 1.4pp
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 22% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €231,404
Fixed assets
€142,971 ▼ 5.9%
Current assets
€88,433 ▲ 9.8%
Equity and liabilities €231,404
Equity
€126,296 ▲ 5.9%
Debt
€105,109 ▼ 7.1%
Debt's share of the balance-sheet total falls from 48.7% to 45.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€20,498▼
2024 · €24,071
Cash flow
€15,907▼
2024 · €19,402
Debt to equity
0.83▼
2024 · 0.95
ROE
5.5%▼
2024 · 8.6%
Interest coverage
37.85▼
2024 · 47.49
Debt ≤ 1 year
€14,372▲
2024 · €12,799
Debt > 1 year
€90,737▼
2024 · €100,337
Income taxes
€4,049▼
2024 · €4,162
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,039 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.5%
went bankrupt
4.9%
stopped otherwise
94%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 0.8% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 17,039 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,510 | €18,389 | €13,226 | €9,124 | €8,909 | ▼ 2.4% |
| Other operating charges640/8 | - | €1,994 | €2,082 | €2,308 | €2,405 | ▲ 4.2% |
| Non-recurring operating charges66A | - | - | - | €170 | €252 | ▲ 48.4% |
| Gross operating margin9900 | €30,770 | €35,936 | €20,244 | €26,549 | €23,155 | ▼ 12.8% |
| Operating profit (loss)9901 | €9,933 | €15,553 | €4,937 | €14,947 | €11,589 | ▼ 22.5% |
| Financial charges65/66B | - | €3,942 | €496 | €507 | €542 | ▲ 6.8% |
| Recurring financial charges65 | €2,180 | €3,942 | €496 | €507 | €542 | ▲ 6.8% |
| Profit (loss) for the period before taxes9903 | €4,537 | €11,611 | €4,441 | €14,440 | €11,047 | ▼ 23.5% |
| Income taxes67/77 | €1,487 | €3,710 | €1,350 | €4,162 | €4,049 | ▼ 2.7% |
| Profit (loss) for the period9904 | €3,050 | €7,901 | €3,091 | €10,278 | €6,998 | ▼ 31.9% |
| Profit (loss) for the period to be appropriated9905 | €3,050 | €7,901 | €3,091 | €10,278 | €6,998 | ▼ 31.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €249,489 | €240,669 | €230,020 | €232,433 | €231,404 | ▼ 0.4% |
| Fixed assets21/28 | €191,418 | €173,030 | €161,004 | €151,880 | €142,971 | ▼ 5.9% |
| Tangible fixed assets22/27 | €191,418 | €173,030 | €161,004 | €151,880 | €142,971 | ▼ 5.9% |
| Land and buildings22 | - | €155,068 | €148,853 | €142,638 | €136,424 | ▼ 4.4% |
| Plant, machinery and equipment23 | - | - | €1,138 | €898 | €658 | ▼ 26.7% |
| Furniture and vehicles24 | - | €345 | €0 | €0 | €0 | - |
| Other tangible fixed assets26 | - | €17,617 | €11,013 | €8,344 | €5,890 | ▼ 29.4% |
| Current assets29/58 | €58,071 | €67,640 | €69,016 | €80,553 | €88,433 | ▲ 9.8% |
| Amounts receivable within one year40/41 | €51,594 | €51,984 | €58,952 | €66,406 | €82,296 | ▲ 23.9% |
| Trade receivables40 | - | €10,514 | €12,070 | €8,497 | €11,871 | ▲ 39.7% |
| Other amounts receivable41 | - | €41,470 | €46,882 | €57,910 | €70,425 | ▲ 21.6% |
| Cash at bank and in hand54/58 | €5,316 | €14,610 | €9,190 | €13,067 | €6,138 | ▼ 53.0% |
| Deferred charges and accrued income490/1 | - | €1,046 | €875 | €1,080 | €0 | ▼ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €249,489 | €240,669 | €230,020 | €232,433 | €231,404 | ▼ 0.4% |
| Equity10/15 | €98,027 | €105,928 | €109,019 | €119,297 | €126,296 | ▲ 5.9% |
| Contributions10/11 | - | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €9,359 | €9,359 | €9,359 | €9,359 | €16,259 | ▲ 73.7% |
| Non-distributable reserves130/1 | - | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | €7,500 | €7,500 | €7,500 | €14,400 | ▲ 92.0% |
| Profit (loss) carried forward14 | €70,076 | €77,977 | €81,068 | €91,346 | €91,444 | ▲ 0.1% |
| Amounts payable17/49 | €151,462 | €134,741 | €121,001 | €113,136 | €105,109 | ▼ 7.1% |
| Amounts payable after more than one year17 | €130,019 | €129,159 | €109,937 | €100,337 | €90,737 | ▼ 9.6% |
| Financial debts170/4 | - | €128,084 | €108,862 | €99,262 | €89,662 | ▼ 9.7% |
| Other amounts payable178/9 | - | €1,075 | €1,075 | €1,075 | €1,075 | = |
| Amounts payable within one year42/48 | €20,532 | €5,582 | €11,064 | €12,799 | €14,372 | ▲ 12.3% |
| Current portion of amounts payable after more than one year42 | - | €0 | €9,600 | €10,402 | €10,402 | = |
| Trade debts44 | - | €0 | €170 | €64 | €3,646 | ▲ 5,632% |
| Suppliers440/4 | - | - | €170 | €64 | €3,646 | ▲ 5,632% |
| Taxes, remuneration and social security45 | - | €4,637 | €1,294 | €2,334 | €324 | ▼ 86.1% |
| Taxes450/3 | - | €4,637 | €1,294 | €2,334 | €324 | ▼ 86.1% |
| Remuneration and social security454/9 | - | €0 | €0 | €0 | €0 | - |
| Other amounts payable47/48 | - | €945 | €0 | - | - | - |
| Accrued charges and deferred income492/3 | - | €0 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,050 | €7,901 | €3,091 | €10,278 | €6,998 | ▼ 31.9% |
| + Depreciation and write-downs630 | €18,510 | €18,389 | €13,226 | €9,124 | €8,909 | ▼ 2.4% |
| Operating cash flow (approximation) | €21,560 | €26,289 | €16,317 | €19,402 | €15,907 | ▼ 18.0% |
| Investment in fixed assets (approximation) | - | -€0 | -€1,200 | €0 | €0 | - |
| Change in cash | - | €9,294 | -€5,420 | €3,877 | -€6,929 | ▼ 279% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
02-02
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 2 days late
2025
04-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 4 days late
2024
08-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
29-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-06
Financial
Liquidity quadruplescurrent ratio 12.12
Current ratio from 2.83 to 12.12; short-term debt falls from €20,532 to €5,582.
30-06
Financial
Equity above €100,000Eq €105,928 ▲8.1%
4 profitable years in a row build equity to €105,928.
2021
07-12
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
30-06
Financial
Weakest financial yearnet €3,050 ▼65%
Net result drops to €3,050, the lowest in the series; recovery starts the following year.
2020
29-12
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
09-03
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 38 days late
2019
14-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
15-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
30-01
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Elsene · 1 establishment unit since 1998
Ground area
241 m²
Building footprint
97 m²
Volume, LiDAR
1,392 m³
Parcel 21447B0310/00B035, Brussels · tallest building 19.8 m, ±5 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
AHEAD
since 19982.086.948.367
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21447B0310/00B035 | Brussels | 241 m² | 1 · 97 m² | 19.8 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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MA ARCHITECTUUR
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BHORECA
BE 0472.573.013
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Of 1,567 companies in sector 46900 we hold annual accounts for 920. 621 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded11-05-1998
Fiscal year end30-06
Activities, NACEBEL 2025
46900Non-specialised wholesale trade
E-invoicing
Reachable via Peppol
Peppol ID
0208:0463326636
Also
9925:BE0463326636
Registered
09-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.