AIR EXECUTION
ActiveSummary
AIR EXECUTION has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €523,619 and a net result of €75,786. Equity is growing by ~6.4% per year across the filed fiscal years. Its solvency ranks better than 30% of 3551 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability63▼-5
Solvency51▼-4
Growth69=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25,000 at 30 days acceptable
Liquidity short (current ratio 0.96 against 1.31 in 2023; short-term debt: 51.3% and cash: 11.9% of total assets), and 73.8% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 22-08-2025, 22 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
not confirmed
2024
22 d late
2023
20 d late
2022
25 d late
2021
29 d late
2020
1 d early
2019
73 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 28 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, full schema
Turnover
€3.0m▲ 5.7%
2023 · €2.9m
EBIT margin
4.3%▼ 1.5pp
2023 · 5.8%
Net result
€75,786▼ 29.1%
2023 · €106,893
Working capital
-€40,883
2023 · €286,602
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€1.7m▼ 18.3%€2.1m▲ 18.7%€2.7m▲ 31.6%€2.9m▲ 5.8%€3.0m▲ 5.7%
Operating result-€1,399€18,639€75,470▲ 305%€165,749▲ 120%€129,930▼ 21.6%
Net result-€21,287-€9,209▲ 56.7%€42,963€106,893▲ 149%€75,786▼ 29.1%
EBIT margin-0.1%▼ 3.8pp0.9%▲ 1.0pp2.8%▲ 1.9pp5.8%▲ 3.0pp4.3%▼ 1.5pp
Equity€362,186▼ 5.6%€352,977▼ 2.5%€395,940▲ 12.2%€462,833▲ 16.9%€523,619▲ 13.1%
Total assets€849,168▲ 1.7%€1.3m▲ 52.1%€884,631▼ 31.5%€1.5m▲ 73.1%€2.0m▲ 30.6%
Debt€486,982▲ 7.9%€938,663▲ 92.8%€486,062▼ 48.2%€1.1m▲ 119%€1.5m▲ 38.4%
Working capital€381,651▼ 4.6%€361,737▼ 5.2%€368,441▲ 1.9%€286,602▼ 22.2%-€40,883
Staff (FTE)11.7▼ 3.3%9▼ 23.1%11▲ 22.2%11=9▼ 18.2%
Why a figure moved sharply
- 2023 Total assets +73% on 2022. Cause not known from the registers.
- 2021 Total assets +52% on 2020. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 22% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €2.0m
Fixed assets
€1.0m ▲ 225%
Current assets
€985,132 ▼ 19.2%
Equity and liabilities €2.0m
Equity
€523,619 ▲ 13.1%
Provisions
€4,377 ▼ 21.9%
Debt
€1.5m ▲ 38.4%
Debt's share of the balance-sheet total rises from 69.4% to 73.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€172,445▼
2023 · €203,770
Cash flow
€118,301▼
2023 · €144,914
Current ratio
0.96▼
2023 · 1.31
Quick ratio
0.94▼
2023 · 1.31
Debt to equity
2.81▲
2023 · 2.30
ROE
14.5%▼
2023 · 23.1%
ROA
3.8%▼
2023 · 7.0%
Interest coverage
9.32▼
2023 · 11.46
Debt ≤ 1 year
€1.0m▲
2023 · €932,604
Debt > 1 year
€368,620▲
2023 · €30,236
Income taxes
€44,249▲
2023 · €40,686
Staff costs
€553,572▼
2023 · €554,827
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,500 companies that looked in July 2024 the way this one looks now, 1.2% went bankrupt within 24 months and 97% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.2%
went bankrupt
1.6%
stopped otherwise
97%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.9% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 4,500 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €1.7m | €2.1m | €2.7m | €2.9m | €3.0m | ▲ 5.7% |
| Goods, raw materials, services and sundry goods60/61 | - | €1.5m | €2.0m | €2.1m | €2.3m | ▲ 9.0% |
| Remuneration, social security and pensions62 | - | €509,281 | €525,469 | €554,827 | €553,572 | ▼ 0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €38,310 | €21,857 | €32,038 | €38,021 | €42,515 | ▲ 11.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €1,152 | €25,845 | -€2,994 | €7,321 | ▲ 345% |
| Other operating charges640/8 | - | €4,238 | €12,951 | €15,621 | €13,538 | ▼ 13.3% |
| Gross operating margin9900 | €554,957 | €555,167 | €671,773 | €771,224 | €746,876 | ▼ 3.2% |
| Operating profit (loss)9901 | -€1,399 | €18,639 | €75,470 | €165,749 | €129,930 | ▼ 21.6% |
| Financial income75/76B | - | €1,784 | €2,815 | €2,583 | €7,382 | ▲ 186% |
| Recurring financial income75 | €6,614 | €1,784 | €2,815 | €2,583 | €7,382 | ▲ 186% |
| Financial charges65/66B | - | €19,672 | €12,693 | €17,779 | €18,503 | ▲ 4.1% |
| Recurring financial charges65 | €19,502 | €19,672 | €12,693 | €17,779 | €18,503 | ▲ 4.1% |
| Profit (loss) for the period before taxes9903 | -€14,287 | €751 | €65,592 | €150,553 | €118,809 | ▼ 21.1% |
| Transfer from deferred taxes780 | - | - | - | €526 | €1,226 | ▲ 133% |
| Transfer to deferred taxes680 | - | - | €2,629 | €3,500 | - | - |
| Income taxes67/77 | €7,000 | €9,960 | €20,000 | €40,686 | €44,249 | ▲ 8.8% |
| Profit (loss) for the period9904 | -€21,287 | -€9,209 | €42,963 | €106,893 | €75,786 | ▼ 29.1% |
| Transfer from tax-exempt reserves789 | - | - | - | €2,103 | €4,203 | ▲ 99.9% |
| Transfer to tax-exempt reserves689 | - | - | €10,515 | €10,500 | - | - |
| Profit (loss) for the period to be appropriated9905 | -€21,287 | -€9,209 | €32,448 | €98,496 | €79,989 | ▼ 18.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €849,168 | €1.3m | €884,631 | €1.5m | €2.0m | ▲ 30.6% |
| Fixed assets21/28 | €85,055 | €74,326 | €164,128 | €312,359 | €1.0m | ▲ 225% |
| Tangible fixed assets22/27 | €82,957 | €64,748 | €156,690 | €298,323 | €1.0m | ▲ 236% |
| Land and buildings22 | - | - | - | €150,014 | €150,014 | = |
| Plant, machinery and equipment23 | - | €0 | €4,657 | €3,682 | €2,705 | ▼ 26.5% |
| Furniture and vehicles24 | - | €19,025 | €19,456 | €51,107 | €45,470 | ▼ 11.0% |
| Leasing and similar rights25 | - | €44,121 | €106,349 | €63,370 | €43,082 | ▼ 32.0% |
| Other tangible fixed assets26 | - | €1,602 | €2,923 | €2,100 | €1,414 | ▼ 32.7% |
| Assets under construction and advance payments27 | - | - | €23,305 | €28,050 | €759,405 | ▲ 2,607% |
| Financial fixed assets28 | €2,098 | €9,578 | €7,438 | €14,036 | €12,646 | ▼ 9.9% |
| Current assets29/58 | €764,113 | €1.2m | €720,503 | €1.2m | €985,132 | ▼ 19.2% |
| Stocks and contracts in progress3 | - | €9,423 | €5,173 | - | €20,620 | - |
| Contracts in progress37 | - | €9,423 | €5,173 | - | €20,620 | - |
| Amounts receivable within one year40/41 | €416,940 | €892,923 | €430,684 | €735,600 | €494,889 | ▼ 32.7% |
| Trade receivables40 | - | €847,469 | €387,541 | €627,395 | €445,628 | ▼ 29.0% |
| Other amounts receivable41 | - | €45,454 | €43,143 | €108,205 | €49,261 | ▼ 54.5% |
| Current investments50/53 | €204,096 | €120,096 | €150,096 | €252,096 | €220,951 | ▼ 12.4% |
| Cash at bank and in hand54/58 | €124,475 | €181,730 | €120,201 | €218,398 | €238,222 | ▲ 9.1% |
| Deferred charges and accrued income490/1 | - | €13,142 | €14,349 | €13,112 | €10,450 | ▼ 20.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €849,168 | €1.3m | €884,631 | €1.5m | €2.0m | ▲ 30.6% |
| Equity10/15 | €362,186 | €352,977 | €395,940 | €462,833 | €523,619 | ▲ 13.1% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €20,460 | €20,460 | = |
| Capital10 | - | €18,600 | €18,600 | - | - | - |
| Issued capital100 | - | €18,600 | €18,600 | - | - | - |
| Reserves13 | €1,860 | €1,860 | €44,375 | €105,457 | €141,254 | ▲ 33.9% |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | - | - | - |
| Legal reserve130 | - | €1,860 | €1,860 | - | - | - |
| Tax-exempt reserves132 | - | - | €10,515 | €18,912 | €14,709 | ▼ 22.2% |
| Distributable reserves133 | - | - | €32,000 | €86,545 | €126,545 | ▲ 46.2% |
| Profit (loss) carried forward14 | €341,726 | €332,517 | €332,965 | €336,916 | €361,905 | ▲ 7.4% |
| Provisions and deferred taxes16 | - | - | €2,629 | €5,603 | €4,377 | ▼ 21.9% |
| Deferred taxes168 | - | - | €2,629 | €5,603 | €4,377 | ▼ 21.9% |
| Amounts payable17/49 | €486,982 | €938,663 | €486,062 | €1.1m | €1.5m | ▲ 38.4% |
| Amounts payable after more than one year17 | €37,058 | €19,142 | €67,853 | €30,236 | €368,620 | ▲ 1,119% |
| Financial debts170/4 | - | €19,142 | €67,853 | €30,236 | €368,620 | ▲ 1,119% |
| Amounts payable within one year42/48 | €382,462 | €855,577 | €352,062 | €932,604 | €1.0m | ▲ 10.0% |
| Current portion of amounts payable after more than one year42 | - | €17,916 | €20,457 | €21,290 | €16,166 | ▼ 24.1% |
| Financial debts43 | - | €12,500 | €12,500 | €12,500 | €12,500 | = |
| Credit institutions430/8 | - | €12,500 | €12,500 | €12,500 | €12,500 | = |
| Trade debts44 | €158,662 | €344,092 | €127,958 | €528,272 | €526,424 | ▼ 0.3% |
| Suppliers440/4 | - | €344,092 | €127,958 | €528,272 | €526,424 | ▼ 0.3% |
| Advances received on contracts in progress46 | - | €296,908 | €19,770 | €170,110 | €110,000 | ▼ 35.3% |
| Taxes, remuneration and social security45 | - | €73,836 | €88,203 | €117,702 | €125,882 | ▲ 6.9% |
| Taxes450/3 | - | €25,587 | €32,607 | €54,671 | €62,111 | ▲ 13.6% |
| Remuneration and social security454/9 | - | €48,249 | €55,596 | €63,031 | €63,771 | ▲ 1.2% |
| Other amounts payable47/48 | - | €110,325 | €83,174 | €82,730 | €235,043 | ▲ 184% |
| Accrued charges and deferred income492/3 | - | €63,944 | €66,147 | €100,289 | €77,237 | ▼ 23.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€21,287 | -€9,209 | €42,963 | €106,893 | €75,786 | ▼ 29.1% |
| + Depreciation and write-downs630 | €38,310 | €21,857 | €32,038 | €38,021 | €42,515 | ▲ 11.8% |
| Operating cash flow (approximation) | €17,023 | €12,648 | €75,001 | €144,914 | €118,301 | ▼ 18.4% |
| Investment in fixed assets (approximation) | - | -€11,128 | -€121,840 | -€186,252 | -€744,892 | ▼ 300% |
| Change in cash | - | €57,255 | -€61,529 | €98,197 | €19,824 | ▼ 79.8% |
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
2025
22-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 22 days late
2024
31-12
Financial
Equity above €500,000Eq €523,619 ▲13.1%
3 profitable years in a row build equity to €523,619.
20-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 20 days late
2023
31-12
Financial
Highest result since 2018net €106,893 ▲149%
Operating result €165,749, net result €106,893, both a record.
25-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 25 days late
2022
31-12
Financial
Back to profitnet €42,963
Net result €42,963 after 2 loss-making years.
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 29 days late
2021
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
12-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 73 days late
2019
31-12
Financial
Back to profitnet €31,007
Net result €31,007 after one loss-making year.
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 29 days late
2018
19-09
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 50 days late
2017
25-10
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 86 days late
2016
29-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 29 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Nivelles · 1 establishment unit since 2010
Ground area
1,632 m²
Parcel 25099D0044/00E004, Wallonia. Linked by address, not a title deed.
1 establishment unit
AIR EXECUTION
since 20102.193.413.488
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25099D0044/00E004 | Wallonia | 1,632 m² | - | - |
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.
Recognitions · licences · registrations
Recognised contractor
1 categoryAIR EXECUTION SRL40142
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Of 9,536 companies in sector 43222 we hold annual accounts for 5,667. 3,954 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
Founded24-12-2008
Fiscal year end31-12
Activities, NACEBEL 2025
28250Manufacture of machinery and equipment not elsewhere classified
43222Installation of electric heating, air conditioning, cooling and ventilation
25999Manufacture of fabricated metal products, except machinery and equipment
33140Repair and maintenance of electrical equipment
33200Installation of industrial machinery and equipment
42219Civil engineering
43221Plumbing work
Contact
Website
www.airexecution.be
E-mail
thierry@airexecution.be
E-invoicing
Reachable via Peppol
Peppol ID
0208:0808689394
Registered
26-02-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.