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AIR PLUS

Active
Private limited companyfounded 2000active for 26 yearsHoge Buizen 59, 1980 Zemst, BelgiumKBO/BCE: BE 0471.270.639

Financials · financial year 2025, abbreviated format

Annual accounts 2025 filed on 04-06-2026 PDF all 25 filings

Turnover
≈ €12.0m
Estimated: probably between €7.3m and €21.0m
Total assets
€7.3m▼ 14.2%
2024 · €8.6m
Net result
€476,799▼ 21.3%
2024 · €606,016
Working capital
-€698,718▲ 42.7%
2024 · -€1.2m
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result for 2025 is 20% lower than in 2024. It is the second fall in a row.

Operating result€0.9m 2025 Net result€0.5m 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Operating result€0.1m-€0.1m▲ 26.0%€0.1m▲ 5.2%€0.3m▲ 138%€1.1m▲ 228%€1.4m▲ 24.9%€1.1m▼ 20.7%€0.9m▼ 19.6%
Net result€0.04m-€0.07m▲ 78.3%€0.07mwithin the sector's middle half▲ 8.0%€0.2mabove the sector's middle half▲ 171%€0.8mabove the sector's middle half▲ 279%€0.9mabove the sector's middle half▲ 17.6%€0.6mabove the sector's middle half▼ 32.6%€0.5mabove the sector's middle half▼ 21.3%
Equity€0.2m-€0.3m▲ 32.0%€0.4mwithin the sector's middle half▲ 26.2%€0.6mwithin the sector's middle half▲ 56.2%€1.1mabove the sector's middle half▲ 103%€1.9mabove the sector's middle half▲ 65.8%€2.2mabove the sector's middle half▲ 17.8%€2.5mabove the sector's middle half▲ 12.4%
Total assets€2.1m-€3.0m▲ 43.8%€4.1mabove the sector's middle half▲ 34.5%€4.9mabove the sector's middle half▲ 20.8%€7.8mabove the sector's middle half▲ 58.2%€8.9mabove the sector's middle half▲ 14.3%€8.6mabove the sector's middle half▼ 3.6%€7.3mabove the sector's middle half▼ 14.2%
Debt€1.9m-€2.7m▲ 45.1%€3.7m▲ 35.3%€4.3m▲ 17.4%€6.6m▲ 52.4%€7.0m▲ 5.5%€6.3m▼ 9.4%€4.8m▼ 23.6%
Working capital-€0.6m--€0.6m▲ 6.8%-€0.6mbelow the sector's middle half▼ 10.8%-€0.9mbelow the sector's middle half▼ 41.4%-€1.0mbelow the sector's middle half▼ 7.3%-€1.5mbelow the sector's middle half▼ 52.5%-€1.2mbelow the sector's middle half▲ 18.9%-€0.7mbelow the sector's middle half▲ 42.7%
Solvency10.2%-9.4%▼ 0.8pp8.8%below the sector's middle half▼ 0.6pp11.4%below the sector's middle half▲ 2.6pp14.7%below the sector's middle half▲ 3.3pp21.3%within the sector's middle half▲ 6.6pp26.0%within the sector's middle half▲ 4.7pp34.1%within the sector's middle half▲ 8.1pp
Current ratio0.42-0.59▲ 0.160.63below the sector's middle half▲ 0.050.58below the sector's middle half▼ 0.050.68below the sector's middle half▲ 0.100.54below the sector's middle half▼ 0.140.50below the sector's middle half▼ 0.040.60below the sector's middle half▲ 0.10
Return on assets (ROA)1.8%-2.3%▲ 0.4pp1.8%within the sector's middle half▼ 0.4pp4.1%within the sector's middle half▲ 2.3pp9.8%within the sector's middle half▲ 5.7pp10.1%within the sector's middle half▲ 0.3pp7.1%within the sector's middle half▼ 3.0pp6.5%within the sector's middle half▼ 0.6pp
Staff (FTE)12.4-13.3▲ 7.3%14.9above the sector's middle half▲ 12.0%17.5above the sector's middle half▲ 17.4%22.6above the sector's middle half▲ 29.1%24above the sector's middle half▲ 6.2%15.8above the sector's middle half▼ 34.2%3.1within the sector's middle half▼ 80.4%
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.
Turnover and EBIT margin are not published. The abbreviated 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 €7.3m
Fixed assets €6.3m ▼ 14.3%
Current assets €1.1m ▼ 13.9%
Equity and liabilities €7.3m
Equity €2.5m ▲ 12.4%
Debt €4.8m ▼ 23.6%
Debt's share of the balance-sheet total falls from 74.0% to 65.9%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
€2.5m▼
2024 · €2.7m
Cash flow
€2.1m▼
2024 · €2.2m
Quick ratio
0.58▲
2024 · 0.49
Debt to equity
1.93▼
2024 · 2.85
ROE
19.1%▼
2024 · 27.3%
Interest coverage
14.05▲
2024 · 12.76
Debt ≤ 1 year
€1.8m▼
2024 · €2.4m
Debt > 1 year
€3.1m▼
2024 · €3.9m
Income taxes
€225,828▼
2024 · €282,455
Staff costs
€332,834▼
2024 · €1.6m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item30-11-202130-11-202230-11-202330-11-202430-11-2025
Employees at the balance-sheet date20252633
full-time17222223
part-time33410
in full-time equivalents18.723.824.72.93
Average over the year, in full-time equivalents17.522.62415.83.1
On a permanent contract20252533
Joined98-41
Left53-271
Training hours-190---

Source: social balance sheet in the 2021 to 2025 annual accounts

Investments

fixed assets acquired
Item30-11-202130-11-202230-11-202330-11-202430-11-2025
Tangible fixed assets€1.5m€3.2m€1.7m€1.9m€796,848
Financial fixed assets--€1.2m€820-
Depreciation and write-downs of the year€810,610€1.2m€1.4m€1.6m€1.6m

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Subsidies and aid

Flemish government

2022 to 2025 · 4 entries · €13,004 awarded · €13,004 paid
Year Entries AwardedPaid
2025 1 €278€278
2024 1 €2,696€2,696
2023 1 €2,530€6,475
2022 1 €7,500€3,555
Schemes
4 entries · €13,004 · €13,004 paid · Fonds voor Innoveren en Ondernemen
Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 62 lines
Balance sheet Code20242025
Assets
Total assets20/58€8.6m€7.3m▼
Fixed assets21/28€7.3m€6.3m▼
Tangible fixed assets22/27€6.1m€5.0m▼
Land and buildings22€2.0m€1.9m▼
Plant, machinery and equipment23€3.4m€2.7m▼
Furniture and vehicles24€0.07m€0.08m▲
Leasing and similar rights25€0.6m€0.3m▼
Financial fixed assets28€1.2m€1.2m=
Current assets29/58€1.2m€1.1m▼
Stocks and contracts in progress3€0.04m€0.04m=
Stocks30/36€0.04m€0.04m=
Amounts receivable within one year40/41€0.7m€0.5m▼
Trade receivables40€0.5m€0.5m▼
Other amounts receivable41€0.2m€0.02m▼
Cash at bank and in hand54/58€0.4m€0.5m▲
Deferred charges and accrued income490/1€0.04m€0.02m▼
Equity and liabilities
Total equity and liabilities10/49€8.6m€7.3m▼
Equity10/15€2.2m€2.5m▲
Contributions10/11€0.02m€0.02m=
Reserves13€0.6m€1.1m▲
Non-distributable reserves130/1€0.002m€0.002m=
Reserves not available under the articles1311€0.002m€0.002m=
Tax-exempt reserves132€0.01m€0.01m=
Distributable reserves133€0.6m€1.1m▲
Profit (loss) carried forward14€1.6m€1.4m▼
Amounts payable17/49€6.3m€4.8m▼
Amounts payable after more than one year17€3.9m€3.1m▼
Financial debts170/4€3.9m€3.1m▼
Amounts payable within one year42/48€2.4m€1.8m▼
Current portion of amounts payable after more than one year42€1.3m€1.1m▼
Financial debts43€0.4m€0.07m▼
Credit institutions430/8€0.4m€0.07m▼
Trade debts44€0.2m€0.1m▼
Suppliers440/4€0.2m€0.1m▼
Taxes, remuneration and social security45€0.2m€0.1m▼
Taxes450/3€0.03m€0.05m▲
Remuneration and social security454/9€0.2m€0.05m▼
Other amounts payable47/48€0.4m€0.4m▲
Accrued charges and deferred income492/3€0.01m€0.008m▼
Income statement Code20242025
Non-recurring operating income76A€0.04m€0.03m▼
Remuneration, social security and pensions62€1.6m€0.3m▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1.6m€1.6m▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0.002m€0▼
Other operating charges640/8€0.05m€0.05m▲
Non-recurring operating charges66A€0.008m€0▼
Gross operating margin9900€4.3m€2.9m▼
Operating profit (loss)9901€1.1m€0.9m▼
Financial income75/76B€0.002m€0.001m▼
Recurring financial income75€0.002m€0.001m▼
Financial charges65/66B€0.2m€0.2m▼
Recurring financial charges65€0.2m€0.2m▼
Profit (loss) for the period before taxes9903€0.9m€0.7m▼
Income taxes67/77€0.3m€0.2m▼
Profit (loss) for the period9904€0.6m€0.5m▼
Profit (loss) for the period to be appropriated9905€0.6m€0.5m▼
Appropriation of the result
Profit (loss) to be appropriated9906€2.5m€2.1m▼
Profit (loss) brought forward from the previous period14P€1.9m€1.6m▼
Transfer to equity691/2€0.6m€0.5m▼
To other reserves6921€0.6m€0.5m▼
Profit to be distributed694/7€0.3m€0.2m▼
Return on contributions (dividend)694€0.3m€0.2m▼
Social balance sheet
Average headcount (FTE)908715.83.1▼

The notes to these accounts have 17 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 04-06-2026.

Line20182019202020212022202320242025Change
Non-recurring operating income76A-----€0.08m€0.04m€0.03m▼ 25.1%
Remuneration, social security and pensions62---€1.4m€1.9m€2.3m€1.6m€0.3m▼ 79.5%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.5m€0.6m€0.6m€0.8m€1.2m€1.4m€1.6m€1.6m▲ 4.3%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4---€0.001m€0.03m€0.01m€0.002m€0▼ 100%
Other operating charges640/8---€0.03m€0.04m€0.04m€0.05m€0.05m▲ 7.2%
Non-recurring operating charges66A---€0.005m--€0.008m€0▼ 100%
Gross operating margin9900€1.4m€1.6m€1.9m€2.6m€4.3m€5.2m€4.3m€2.9m▼ 33.2%
Operating profit (loss)9901€0.1m€0.1m€0.1m€0.3m€1.1m€1.4m€1.1m€0.9m▼ 19.6%
Financial income75/76B---€0.007m€0.005m€0.002m€0.002m€0.001m▼ 36.1%
Recurring financial income75€0.001m€0.003m€0.001m€0.007m€0.005m€0.002m€0.002m€0.001m▼ 36.1%
Financial charges65/66B---€0.07m€0.1m€0.2m€0.2m€0.2m▼ 14.1%
Recurring financial charges65€0.05m€0.05m€0.06m€0.07m€0.1m€0.2m€0.2m€0.2m▼ 14.1%
Profit (loss) for the period before taxes9903€0.06m€0.09m€0.08m€0.3m€1.0m€1.2m€0.9m€0.7m▼ 20.9%
Income taxes67/77€0.02m€0.02m€0.004m€0.07m€0.2m€0.3m€0.3m€0.2m▼ 20.0%
Profit (loss) for the period9904€0.04m€0.07m€0.07m€0.2m€0.8m€0.9m€0.6m€0.5m▼ 21.3%
Profit (loss) for the period to be appropriated9905€0.04m€0.07m€0.07m€0.2m€0.8m€0.9m€0.6m€0.5m▼ 21.3%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€2.1m€3.0m€4.1m€4.9m€7.8m€8.9m€8.6m€7.3m▼ 14.2%
Fixed assets21/28€1.6m€2.2m€2.9m€3.6m€5.6m€7.1m€7.3m€6.3m▼ 14.3%
Tangible fixed assets22/27€1.6m€2.2m€2.9m€3.6m€5.6m€5.9m€6.1m€5.0m▼ 17.2%
Land and buildings22---€1.1m€1.7m€1.7m€2.0m€1.9m▼ 2.5%
Plant, machinery and equipment23---€1.9m€2.7m€3.2m€3.4m€2.7m▼ 21.4%
Furniture and vehicles24---€0.05m€0.07m€0.07m€0.07m€0.08m▲ 21.3%
Leasing and similar rights25---€0.6m€1.2m€1.0m€0.6m€0.3m▼ 45.6%
Financial fixed assets28€0.006m€0.006m€0.006m€0.006m€0.006m€1.2m€1.2m€1.2m=
Current assets29/58€0.5m€0.8m€1.1m€1.3m€2.1m€1.8m€1.2m€1.1m▼ 13.9%
Amounts receivable after more than one year29---€0.02m€0.02m----
Other amounts receivable291---€0.02m€0.02m----
Stocks and contracts in progress3-€0.006m€0.01m€0.04m€0.03m€0.08m€0.04m€0.04m=
Stocks30/36---€0.04m€0.03m€0.08m€0.04m€0.04m=
Amounts receivable within one year40/41€0.4m€0.6m€1.0m€1.1m€1.9m€1.4m€0.7m€0.5m▼ 30.0%
Trade receivables40---€1.0m€1.9m€1.3m€0.5m€0.5m▼ 11.0%
Other amounts receivable41---€0.09m€0.05m€0.09m€0.2m€0.02m▼ 89.5%
Current investments50/53--€0.06m€0.003m-----
Cash at bank and in hand54/58€0.003m€0.2m€0.04m€0.1m€0.1m€0.3m€0.4m€0.5m▲ 13.8%
Deferred charges and accrued income490/1---€0.03m€0.02m€0.06m€0.04m€0.02m▼ 44.4%
Equity and liabilities
Total equity and liabilities10/49€2.1m€3.0m€4.1m€4.9m€7.8m€8.9m€8.6m€7.3m▼ 14.2%
Equity10/15€0.2m€0.3m€0.4m€0.6m€1.1m€1.9m€2.2m€2.5m▲ 12.4%
Contributions10/11€0.02m€0.02m-€0.02m€0.02m€0.02m€0.02m€0.02m=
Reserves13€0.01m€0.01m€0.01m€0.01m€0.01m€0.01m€0.6m€1.1m▲ 77.0%
Non-distributable reserves130/1---€0.002m€0.002m€0.002m€0.002m€0.002m=
Reserves not available under the articles1311---€0.002m€0.002m€0.002m€0.002m€0.002m=
Tax-exempt reserves132---€0.01m€0.01m€0.01m€0.01m€0.01m=
Distributable reserves133------€0.6m€1.1m▲ 78.7%
Profit (loss) carried forward14€0.2m€0.3m€0.3m€0.5m€1.1m€1.9m€1.6m€1.4m▼ 12.6%
Amounts payable17/49€1.9m€2.7m€3.7m€4.3m€6.6m€7.0m€6.3m€4.8m▼ 23.6%
Amounts payable after more than one year17€0.8m€1.3m€1.9m€2.1m€3.3m€3.7m€3.9m€3.1m▼ 20.7%
Financial debts170/4---€2.1m€3.3m€3.7m€3.9m€3.1m▼ 20.7%
Amounts payable within one year42/48€1.1m€1.4m€1.8m€2.2m€3.1m€3.3m€2.4m€1.8m▼ 28.2%
Current portion of amounts payable after more than one year42---€0.9m€1.2m€1.2m€1.3m€1.1m▼ 13.5%
Financial debts43---€0.3m€0.4m€0.7m€0.4m€0.07m▼ 80.7%
Credit institutions430/8---€0.3m€0.4m€0.7m€0.4m€0.07m▼ 80.7%
Trade debts44€0.3m€0.6m€0.7m€0.8m€1.1m€0.7m€0.2m€0.1m▼ 50.4%
Suppliers440/4---€0.8m€1.1m€0.7m€0.2m€0.1m▼ 50.4%
Taxes, remuneration and social security45---€0.2m€0.3m€0.4m€0.2m€0.1m▼ 50.6%
Taxes450/3---€0.1m€0.1m€0.08m€0.03m€0.05m▲ 61.4%
Remuneration and social security454/9---€0.1m€0.2m€0.3m€0.2m€0.05m▼ 71.2%
Other amounts payable47/48---€0.03m€0.2m€0.3m€0.4m€0.4m▲ 0.4%
Accrued charges and deferred income492/3---€0.02m€0.2m€0.006m€0.01m€0.008m▼ 25.9%
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€0.04m€0.07m€0.07m€0.2m€0.8m€0.9m€0.6m€0.5m▼ 21.3%
+ Depreciation and write-downs630€0.5m€0.6m€0.6m€0.8m€1.2m€1.4m€1.6m€1.6m▲ 4.3%
Operating cash flow (approximation)€0.5m€0.6m€0.7m€1.0m€2.0m€2.3m€2.2m€2.1m▼ 2.8%
Investment in fixed assets (approximation)--€1.1m-€1.4m-€1.5m-€3.2m-€2.9m-€1.8m-€0.6m▲ 66.8%
Change in cash-€0.2m-€0.1m€0.07m€0.02m€0.1m€0.2m€0.06m▼ 67.0%

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 31,368 companies had the same profile as AIR PLUS has now. Two years later, 0.5% had gone bankrupt and 93.5% were still going.

  • Micro
  • 20 years or older
  • solvency 30% or more
  • a profit of 5% of the balance sheet or more
0.5% went bankrupt
5.9% stopped otherwise
93.5% was still going

Another 0.1% stopped without a precise date, possibly only after those two years.

That fits the bankruptcy probability of AIR PLUS itself: 0.1% 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 AIR PLUS. 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 25 filings with the National Bank
Financial year Type Filed Reference Document
30-11-2025 abbreviated format 04-06-2026 2026-00140575 PDF
30-11-2024 abbreviated format 11-06-2025 2025-00135839 PDF
30-11-2023 abbreviated format 06-06-2024 2024-00119768 PDF
30-11-2022 abbreviated format 20-06-2023 2023-00139332 PDF
30-11-2021 abbreviated format 30-05-2022 2022-20037676 PDF
30-11-2020 abbreviated format 01-06-2021 2021-17100358 PDF
30-11-2019 abbreviated format 22-06-2020 2020-19400076 PDF
30-11-2018 abbreviated format 28-06-2019 2019-24800522 PDF
30-11-2017 abbreviated format 28-06-2018 2018-24400212 PDF
30-11-2016 abbreviated format 13-07-2017 2017-33100575 PDF

Show all 25 filings

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