AIMHIGH
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 10 filings
Turnover
≈ €380,000
Estimated: probably between €190,000 and €660,000
Total assets
€252,630▲ 60.3%
2024 · €157,639
Net result
€33,000▲ 372%
2024 · €6,994
Working capital
-€17,177▼ 146%
2024 · -€6,981
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€46,418
▲ 104%
2025
20182025
Net result
€33,000
▲ 372%
2025
highest quarter of the sector
20182025
Equity
€52,720
▲ 167%
2025
middle half of the sector
20182025
Total assets
€252,630
▲ 60.3%
2025
middle half of the sector
20182025
Debt
€199,910
▲ 44.9%
2025
20182025
Working capital
-€17,177
▼ 146%
2025
lowest quarter of the sector
20182025
Solvency
20.9%
▲ 8.4pp
2025
middle half of the sector
20182025
Current ratio
0.74
▼ 0.14
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
13.1%
▲ 8.6pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€6,038-€16,828▲ 179%€12,666▼ 24.7%€11,013▼ 13.1%€9,715▼ 11.8%€5,348▼ 45.0%€22,766▲ 326%€46,418▲ 104%
Net result€1,161-€11,188▲ 864%€7,800within the sector's middle half▼ 30.3%€2,491within the sector's middle half▼ 68.1%€169within the sector's middle half▼ 93.2%€145within the sector's middle half▼ 14.1%€6,994within the sector's middle half▲ 48×€33,000above the sector's middle half▲ 372%
Equity€8,933-€9,121▲ 2.1%€9,920within the sector's middle half▲ 8.8%€12,412within the sector's middle half▲ 25.1%€12,581within the sector's middle half▲ 1.4%€12,726within the sector's middle half▲ 1.2%€19,720within the sector's middle half▲ 55.0%€52,720within the sector's middle half▲ 167%
Total assets€71,947-€85,703▲ 19.1%€208,465within the sector's middle half▲ 143%€176,965within the sector's middle half▼ 15.1%€203,840within the sector's middle half▲ 15.2%€168,105within the sector's middle half▼ 17.5%€157,639within the sector's middle half▼ 6.2%€252,630within the sector's middle half▲ 60.3%
Debt€63,014-€76,582▲ 21.5%€198,545▲ 159%€164,553▼ 17.1%€191,259▲ 16.2%€155,379▼ 18.8%€137,919▼ 11.2%€199,910▲ 44.9%
Working capital-€3,967--€2,099▲ 47.1%-€15,178below the sector's middle half▼ 623%-€25,399below the sector's middle half▼ 67.3%-€7,747below the sector's middle half▲ 69.5%€3,492within the sector's middle half-€6,981within the sector's middle half-€17,177below the sector's middle half▼ 146%
Solvency12.4%-10.6%▼ 1.8pp4.8%below the sector's middle half▼ 5.9pp7.0%below the sector's middle half▲ 2.3pp6.2%below the sector's middle half▼ 0.8pp7.6%within the sector's middle half▲ 1.4pp12.5%within the sector's middle half▲ 4.9pp20.9%within the sector's middle half▲ 8.4pp
Current ratio0.86-0.96▲ 0.100.79below the sector's middle half▼ 0.170.56below the sector's middle half▼ 0.230.88below the sector's middle half▲ 0.321.06within the sector's middle half▲ 0.180.88below the sector's middle half▼ 0.180.74below the sector's middle half▼ 0.14
Return on assets (ROA)1.6%-13.1%▲ 11.4pp3.7%within the sector's middle half▼ 9.3pp1.4%within the sector's middle half▼ 2.3pp0.1%within the sector's middle half▼ 1.3pp0.1%within the sector's middle half=4.4%within the sector's middle half▲ 4.4pp13.1%within the sector's middle half▲ 8.6pp
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 104% higher than in 2024 and the highest since 2018. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €252,630
Fixed assets
€204,585 ▲ 91.6%
Current assets
€48,045 ▼ 5.5%
Equity and liabilities €252,630
Equity
€52,720 ▲ 167%
Debt
€199,910 ▲ 44.9%
Debt's share of the balance-sheet total falls from 87.5% to 79.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€69,435▲
2024 · €34,898
Cash flow
€56,018▲
2024 · €19,125
Debt to equity
3.79▼
2024 · 6.99
ROE
62.6%▲
2024 · 35.5%
Interest coverage
17.79▼
2024 · 18.53
Debt ≤ 1 year
€65,222▲
2024 · €57,849
Debt > 1 year
€134,687▲
2024 · €80,071
Income taxes
€9,515▼
2024 · €13,892
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €13,849 | €32,820 | €88,939 | €15,590 | €120,831 |
| Financial fixed assets | €5,000 | - | - | - | - |
| Depreciation and write-downs of the year | €26,550 | €26,290 | €10,720 | €12,132 | €23,017 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €13,950 awarded · €13,950 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €6,975 | €6,975 |
| 2022 | 1 | €6,975 | €6,975 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €22,610 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,563 | €11,563 | €23,806 | €26,550 | €26,290 | €10,720 | €12,132 | €23,017 | ▲ 89.7% |
| Other operating charges640/8 | - | - | - | €1,904 | €1,835 | €2,289 | €2,001 | €1,559 | ▼ 22.1% |
| Non-recurring operating charges66A | - | - | - | €5,123 | €976 | €5,607 | €0 | - | - |
| Gross operating margin9900 | €28,587 | €30,749 | €38,582 | €44,589 | €38,816 | €23,964 | €36,899 | €70,993 | ▲ 92.4% |
| Operating profit (loss)9901 | €6,038 | €16,828 | €12,666 | €11,013 | €9,715 | €5,348 | €22,766 | €46,418 | ▲ 104% |
| Financial income75/76B | - | - | - | €549 | €4 | €0 | €4 | €0 | ▼ 99.7% |
| Recurring financial income75 | €33 | €0 | €0 | €549 | €4 | €0 | €4 | €0 | ▼ 99.7% |
| Financial charges65/66B | - | - | - | €3,406 | €4,050 | €3,649 | €1,884 | €3,902 | ▲ 107% |
| Recurring financial charges65 | €1,271 | €1,120 | €3,149 | €3,406 | €4,050 | €3,649 | €1,884 | €3,902 | ▲ 107% |
| Profit (loss) for the period before taxes9903 | €4,800 | €15,708 | €9,517 | €8,156 | €5,669 | €1,698 | €20,886 | €42,515 | ▲ 104% |
| Income taxes67/77 | €3,639 | €4,520 | €1,717 | €5,665 | €5,500 | €1,553 | €13,892 | €9,515 | ▼ 31.5% |
| Profit (loss) for the period9904 | €1,161 | €11,188 | €7,800 | €2,491 | €169 | €145 | €6,994 | €33,000 | ▲ 372% |
| Profit (loss) for the period to be appropriated9905 | €1,161 | €11,188 | €7,800 | €2,491 | €169 | €145 | €6,994 | €33,000 | ▲ 372% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €71,947 | €85,703 | €208,465 | €176,965 | €203,840 | €168,105 | €157,639 | €252,630 | ▲ 60.3% |
| Fixed assets21/28 | €47,160 | €35,597 | €152,697 | €144,995 | €146,525 | €103,312 | €106,771 | €204,585 | ▲ 91.6% |
| Tangible fixed assets22/27 | €47,160 | €35,597 | €152,697 | €139,995 | €146,525 | €103,312 | €106,771 | €204,585 | ▲ 91.6% |
| Land and buildings22 | - | - | - | €80,472 | €106,973 | €85,357 | €96,621 | €113,499 | ▲ 17.5% |
| Plant, machinery and equipment23 | - | - | - | €16,284 | €14,458 | €0 | - | €6,300 | - |
| Furniture and vehicles24 | - | - | - | €43,239 | €25,094 | €17,955 | €10,150 | €84,786 | ▲ 735% |
| Financial fixed assets28 | - | - | - | €5,000 | €0 | - | - | - | - |
| Current assets29/58 | €24,787 | €50,106 | €55,769 | €31,970 | €57,315 | €64,793 | €50,868 | €48,045 | ▼ 5.5% |
| Stocks and contracts in progress3 | €479 | €0 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €14,363 | €30,422 | €27,254 | €18,320 | €25,305 | €33,275 | €26,152 | €29,334 | ▲ 12.2% |
| Trade receivables40 | - | - | - | €18,320 | €24,972 | €19,620 | €23,479 | €19,460 | ▼ 17.1% |
| Other amounts receivable41 | - | - | - | €0 | €333 | €13,655 | €2,673 | €9,874 | ▲ 269% |
| Cash at bank and in hand54/58 | €7,639 | €14,723 | €25,711 | €11,395 | €3,462 | €8,812 | €18,561 | €17,040 | ▼ 8.2% |
| Deferred charges and accrued income490/1 | - | - | - | €2,254 | €28,547 | €22,705 | €6,155 | €1,671 | ▼ 72.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €71,947 | €85,703 | €208,465 | €176,965 | €203,840 | €168,105 | €157,639 | €252,630 | ▲ 60.3% |
| Equity10/15 | €8,933 | €9,121 | €9,920 | €12,412 | €12,581 | €12,726 | €19,720 | €52,720 | ▲ 167% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €2,733 | €2,921 | €3,720 | €3,720 | €3,720 | €3,720 | €3,720 | €3,720 | = |
| Non-distributable reserves130/1 | - | - | - | €370 | €370 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €370 | €370 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €3,350 | €3,350 | €3,720 | €3,720 | €3,720 | = |
| Profit (loss) carried forward14 | - | - | - | €2,491 | €2,660 | €2,806 | €9,800 | €42,800 | ▲ 337% |
| Amounts payable17/49 | €63,014 | €76,582 | €198,545 | €164,553 | €191,259 | €155,379 | €137,919 | €199,910 | ▲ 44.9% |
| Amounts payable after more than one year17 | €34,261 | €24,131 | €127,334 | €106,750 | €118,212 | €94,078 | €80,071 | €134,687 | ▲ 68.2% |
| Financial debts170/4 | - | - | - | €106,750 | €118,212 | €94,078 | €80,071 | €134,687 | ▲ 68.2% |
| Amounts payable within one year42/48 | €28,753 | €52,205 | €70,947 | €57,368 | €65,062 | €61,300 | €57,849 | €65,222 | ▲ 12.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €21,994 | €19,147 | €14,134 | €14,008 | €27,343 | ▲ 95.2% |
| Trade debts44 | €1,466 | €3,679 | €5,994 | €2,822 | €1,949 | €496 | €3,182 | €668 | ▼ 79.0% |
| Suppliers440/4 | - | - | - | €2,822 | €1,949 | €496 | €3,182 | €668 | ▼ 79.0% |
| Taxes, remuneration and social security45 | - | - | - | €9,367 | €16,042 | €13,460 | €22,721 | €26,134 | ▲ 15.0% |
| Taxes450/3 | - | - | - | €9,367 | €16,042 | €13,460 | €22,721 | €26,134 | ▲ 15.0% |
| Other amounts payable47/48 | - | - | - | €23,185 | €27,924 | €33,210 | €17,938 | €11,077 | ▼ 38.2% |
| Accrued charges and deferred income492/3 | - | - | - | €435 | €7,985 | €0 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,161 | €11,188 | €7,800 | €2,491 | €169 | €145 | €6,994 | €33,000 | ▲ 372% |
| + Depreciation and write-downs630 | €11,563 | €11,563 | €23,806 | €26,550 | €26,290 | €10,720 | €12,132 | €23,017 | ▲ 89.7% |
| Operating cash flow (approximation) | €12,724 | €22,751 | €31,606 | €29,041 | €26,459 | €10,866 | €19,125 | €56,018 | ▲ 193% |
| Investment in fixed assets (approximation) | - | €0 | -€140,906 | -€18,849 | -€27,820 | €32,492 | -€15,590 | -€120,831 | ▼ 675% |
| Change in cash | - | €7,084 | €10,988 | -€14,316 | -€7,933 | €5,350 | €9,750 | -€1,522 | - |
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, 5,053 companies had the same profile as AIMHIGH has now. Two years later, 95.8% were still going and 1.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.4%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of AIMHIGH itself: 0.4% 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 5,053 companies, not a prediction for AIMHIGH. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-07-2026 | 2026-00339705 | |
| 31-12-2024 | micro format | 24-07-2025 | 2025-00301342 | |
| 31-12-2023 | micro format | 30-07-2024 | 2024-00303254 | |
| 31-12-2022 | micro format | 26-07-2023 | 2023-00273067 | |
| 31-12-2021 | micro format | 26-07-2022 | 2022-20223776 | |
| 31-12-2020 | micro format | 29-07-2021 | 2021-44100227 | |
| 31-12-2019 | micro format | 17-07-2020 | 2020-33900352 | |
| 31-12-2018 | micro format | 18-07-2019 | 2019-34400151 | |
| 31-12-2017 | micro format | 09-08-2018 | 2018-45600440 | |
| 31-12-2016 | micro format | 30-06-2017 | 2017-23700202 |