Airobot
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 07-07-2026 at the NBB all 10 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€485,993▼ 48.8%
2024 · -€326,607
Working capital
€113,277
2024 · -€61,728
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€526,735
▼ 63.6%
2025
20182025
Net result
-€485,993
▼ 48.8%
2025
lowest quarter of the sector
20182025
Equity
€239,653
2025
lowest quarter of the sector
20182025
Total assets
€608,994
▲ 56.6%
2025
lowest quarter of the sector
20182025
Debt
€369,341
▼ 20.3%
2025
20182025
Working capital
€113,277
2025
middle half of the sector
20182025
Solvency
39.4%
▲ 58.5pp
2025
middle half of the sector
20182025
Current ratio
1.55
▲ 0.76
2025
middle half of the sector
20182025
Return on assets (ROA)
-79.8%
▲ 4.2pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
5.9
▲ 96.7%
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-€82,479--€143,289▼ 73.7%€94,059-€101,299-€175,549▼ 73.3%-€232,707▼ 32.6%-€321,867▼ 38.3%-€526,735▼ 63.6%
Net result-€86,487--€144,667▼ 67.3%€91,573above the sector's middle half-€106,280below the sector's middle half-€183,197below the sector's middle half▼ 72.4%-€239,249below the sector's middle half▼ 30.6%-€326,607below the sector's middle half▼ 36.5%-€485,993below the sector's middle half▼ 48.8%
Equity€502,632-€357,965▼ 28.8%€449,538above the sector's middle half▲ 25.6%€343,258above the sector's middle half▼ 23.6%€160,061within the sector's middle half▼ 53.4%€252,265above the sector's middle half▲ 57.6%-€74,342below the sector's middle half€239,653below the sector's middle half
Total assets€561,668-€506,039▼ 9.9%€526,759above the sector's middle half▲ 4.1%€516,845above the sector's middle half▼ 1.9%€376,802within the sector's middle half▼ 27.1%€382,772within the sector's middle half▲ 1.6%€388,970below the sector's middle half▲ 1.6%€608,994below the sector's middle half▲ 56.6%
Debt€59,036-€148,075▲ 151%€77,222▼ 47.8%€173,588▲ 125%€216,741▲ 24.9%€130,507▼ 39.8%€463,312▲ 255%€369,341▼ 20.3%
Working capital€466,303-€247,689▼ 46.9%€215,620above the sector's middle half▼ 12.9%€126,717above the sector's middle half▼ 41.2%€98,337above the sector's middle half▼ 22.4%€132,207above the sector's middle half▲ 34.4%-€61,728within the sector's middle half€113,277within the sector's middle half
Solvency89.5%-70.7%▼ 18.8pp85.3%above the sector's middle half▲ 14.6pp66.4%above the sector's middle half▼ 18.9pp42.5%within the sector's middle half▼ 23.9pp65.9%above the sector's middle half▲ 23.4pp-19.1%below the sector's middle half▼ 85.0pp39.4%within the sector's middle half▲ 58.5pp
Current ratio8.90-3.83▼ 5.073.79above the sector's middle half▼ 0.032.32above the sector's middle half▼ 1.471.74within the sector's middle half▼ 0.572.03within the sector's middle half▲ 0.280.79within the sector's middle half▼ 1.241.55within the sector's middle half▲ 0.76
Return on assets (ROA)-15.4%--28.6%▼ 13.2pp17.4%above the sector's middle half▲ 46.0pp-20.6%below the sector's middle half▼ 37.9pp-48.6%below the sector's middle half▼ 28.1pp-62.5%below the sector's middle half▼ 13.9pp-84.0%below the sector's middle half▼ 21.5pp-79.8%below the sector's middle half▲ 4.2pp
Staff (FTE)1-2▲ 100%2within the sector's middle half=1.9▼ 5.0%4▲ 111%3▼ 25.0%3within the sector's middle half=5.9within the sector's middle half▲ 96.7%
above
within
below
The sector band is the middle half of the companies in Rental and leasing activities (NACE 77). 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 €526,735, larger than the loss of €321,867 in 2024. It is the lowest result since 2021.
Large changes and their cause
- 2025 Total assets +57% on 2024. Capital increase of €399,990 (Official Gazette 21-10-2025). Capital increase of €399,998 (Official Gazette 17-04-2025).
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €608,994
Fixed assets
€288,337 ▲ 81.7%
Current assets
€320,657 ▲ 39.3%
Equity and liabilities €608,994
Equity
€239,653
Debt
€369,341
Debt's share of the balance-sheet total is 60.6%.
Key figures and ratios
EBITDA
-€446,125▼
2024 · -€249,374
Cash flow
-€405,382▼
2024 · -€254,114
Debt to equity
1.54
ROE
-202.8%
Interest coverage
-81.58▼
2024 · -49.18
Debt ≤ 1 year
€207,380▼
2024 · €291,982
Income taxes
€564▼
2024 · €1,352
Staff costs
€379,669▲
2024 · €182,761
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 4 | 3 | 3 | 8 |
| full-time | 2 | 3 | 3 | 3 | 6 |
| part-time | - | 1 | - | - | 2 |
| in full-time equivalents | 2 | 3.8 | 3 | 3 | 7.3 |
| Average over the year, in full-time equivalents | 1.9 | 4 | 3 | 3 | 5.9 |
| On a permanent contract | 2 | 4 | 3 | 3 | 8 |
| Joined | 1 | 3 | 1 | - | 6 |
| Left | 1 | 3 | 0 | - | 1 |
| Training hours | - | - | - | 2 | 4 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €15,990 | €1,280 | €12,482 | €4,417 |
| Intangible fixed assets | €175,533 | - | €57,327 | €96,830 | €205,815 |
| Depreciation and write-downs of the year | €115,515 | €67,644 | €83,071 | €72,493 | €80,610 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 4 entries · €106,575 awarded · €101,008 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | -€216,350 | €17,008 |
| 2024 | 1 | €5,567 | €84,000 |
| 2023 | 1 | €317,358 | €0 |
Schemes
European research
1 project · €129,000 EU contributionProgrammes
Projects
Framework of key enabling technologies for safe and autonomous drones’ applications
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €88,994 | €192,529 | €177,735 | €182,761 | €379,669 | ▲ 108% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,110 | €51,382 | €80,228 | €115,515 | €67,644 | €83,071 | €72,493 | €80,610 | ▲ 11.2% |
| Other operating charges640/8 | - | - | - | €2,910 | €716 | €626 | €16,074 | €4,758 | ▼ 70.4% |
| Non-recurring operating charges66A | - | - | - | - | €95,920 | - | - | - | - |
| Gross operating margin9900 | -€41,320 | -€14,148 | €263,586 | €106,119 | €181,259 | €28,725 | -€50,539 | -€61,698 | ▼ 22.1% |
| Operating profit (loss)9901 | -€82,479 | -€143,289 | €94,059 | -€101,299 | -€175,549 | -€232,707 | -€321,867 | -€526,735 | ▼ 63.6% |
| Financial income75/76B | - | - | - | €22 | €13 | €57 | €1,682 | €46,775 | ▲ 28× |
| Recurring financial income75 | - | €1,299 | €195 | €22 | €13 | €57 | €1,682 | €46,775 | ▲ 28× |
| Financial charges65/66B | - | - | - | €4,689 | €7,660 | €5,746 | €5,071 | €5,469 | ▲ 7.8% |
| Recurring financial charges65 | €4,009 | €2,451 | €2,503 | €4,689 | €7,660 | €5,746 | €5,071 | €5,469 | ▲ 7.8% |
| Profit (loss) for the period before taxes9903 | -€86,487 | -€144,442 | €91,751 | -€105,966 | -€183,197 | -€238,396 | -€325,255 | -€485,428 | ▼ 49.2% |
| Income taxes67/77 | - | €225 | €178 | €314 | - | €853 | €1,352 | €564 | ▼ 58.3% |
| Profit (loss) for the period9904 | -€86,487 | -€144,667 | €91,573 | -€106,280 | -€183,197 | -€239,249 | -€326,607 | -€485,993 | ▼ 48.8% |
| Profit (loss) for the period to be appropriated9905 | -€86,487 | -€144,667 | €91,573 | -€106,280 | -€183,197 | -€239,249 | -€326,607 | -€485,993 | ▼ 48.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.6m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.6m | ▲ 56.6% |
| Fixed assets21/28 | €0.04m | €0.2m | €0.2m | €0.3m | €0.1m | €0.1m | €0.2m | €0.3m | ▲ 81.7% |
| Intangible fixed assets21 | €0.04m | €0.2m | €0.2m | €0.3m | €0.1m | €0.1m | €0.1m | €0.3m | ▲ 96.3% |
| Tangible fixed assets22/27 | - | €0.01m | €0.009m | €0.001m | €0.02m | €0.01m | €0.01m | €0.008m | ▼ 41.4% |
| Furniture and vehicles24 | - | - | - | €0.001m | €0.02m | €0.01m | €0.01m | €0.008m | ▼ 41.4% |
| Financial fixed assets28 | - | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | = |
| Current assets29/58 | €0.5m | €0.3m | €0.3m | €0.2m | €0.2m | €0.3m | €0.2m | €0.3m | ▲ 39.3% |
| Amounts receivable within one year40/41 | €0.05m | €0.06m | €0.09m | €0.1m | €0.1m | €0.1m | €0.08m | €0.06m | ▼ 27.8% |
| Trade receivables40 | - | - | - | €0.01m | €0.01m | €0.04m | €0.08m | €0.05m | ▼ 41.8% |
| Other amounts receivable41 | - | - | - | €0.1m | €0.1m | €0.06m | €0.003m | €0.01m | ▲ 286% |
| Current investments50/53 | - | €0.06m | €0.04m | €0.04m | €0.04m | €0.005m | €0.04m | €0.2m | ▲ 278% |
| Cash at bank and in hand54/58 | €0.5m | €0.2m | €0.2m | €0.06m | €0.06m | €0.2m | €0.1m | €0.1m | ▼ 9.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.004m | €0.001m | €0.003m | €0.02m | ▲ 372% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.6m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.6m | ▲ 56.6% |
| Equity10/15 | €0.5m | €0.4m | €0.4m | €0.3m | €0.2m | €0.3m | -€0.07m | €0.2m | - |
| Contributions10/11 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | €0.5m | €1.3m | ▲ 163% |
| Capital10 | - | - | - | €0.6m | €0.6m | €0.5m | €0.5m | €1.3m | ▲ 163% |
| Issued capital100 | - | - | - | €0.6m | €0.6m | €0.5m | €0.5m | €1.3m | ▲ 163% |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Legal reserve130 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Profit (loss) carried forward14 | -€0.07m | -€0.2m | -€0.1m | -€0.2m | -€0.4m | -€0.2m | -€0.6m | -€1.1m | ▼ 85.9% |
| Amounts payable17/49 | €0.06m | €0.1m | €0.08m | €0.2m | €0.2m | €0.1m | €0.5m | €0.4m | ▼ 20.3% |
| Amounts payable after more than one year17 | - | - | - | €0.07m | €0.08m | €0.002m | - | - | - |
| Financial debts170/4 | - | - | - | - | €0.007m | €0.002m | - | - | - |
| Other amounts payable178/9 | - | - | - | €0.07m | €0.07m | - | - | - | - |
| Amounts payable within one year42/48 | €0.06m | €0.09m | €0.08m | €0.1m | €0.1m | €0.1m | €0.3m | €0.2m | ▼ 29.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.005m | €0.005m | €0.002m | - | - |
| Trade debts44 | €0.04m | €0.07m | €0.06m | €0.08m | €0.09m | €0.1m | €0.2m | €0.08m | ▼ 55.3% |
| Suppliers440/4 | - | - | - | €0.08m | €0.09m | €0.1m | €0.2m | €0.08m | ▼ 55.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.03m | €0.02m | €0.03m | €0.07m | ▲ 102% |
| Taxes450/3 | - | - | - | €0.001m | - | €0.001m | €0.01m | €0.002m | ▼ 84.3% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.03m | €0.02m | €0.02m | €0.07m | ▲ 202% |
| Other amounts payable47/48 | - | - | - | €0.001m | €0.001m | €0.001m | €0.08m | €0.06m | ▼ 27.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.007m | €0.007m | - | €0.2m | €0.2m | ▼ 5.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€86,487 | -€144,667 | €91,573 | -€106,280 | -€183,197 | -€239,249 | -€326,607 | -€485,993 | ▼ 48.8% |
| + Depreciation and write-downs630 | €12,110 | €51,382 | €80,228 | €115,515 | €67,644 | €83,071 | €72,493 | €80,610 | ▲ 11.2% |
| Operating cash flow (approximation) | -€74,378 | -€93,285 | €171,801 | €9,235 | -€115,553 | -€156,178 | -€254,114 | -€405,382 | ▼ 59.5% |
| Investment in fixed assets (approximation) | - | -€185,744 | -€143,455 | -€175,533 | €79,930 | -€58,607 | -€109,311 | -€210,232 | ▼ 92.3% |
| Change in cash | - | -€247,467 | -€56,932 | -€91,991 | -€1,190 | €97,830 | -€51,753 | -€10,161 | ▲ 80.4% |
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, 4,805 companies had the same profile as Airobot has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Airobot itself: 0.8% 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 4,805 companies, not a prediction for Airobot. 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 | full format | 07-07-2026 | 2026-00269436 | |
| 31-12-2024 | abbreviated format | 28-07-2025 | 2025-00318084 | |
| 31-12-2023 | micro format | 21-08-2024 | 2024-00361494 | |
| 31-12-2022 | micro format | 28-06-2023 | 2023-00175590 | |
| 31-12-2021 | micro format | 07-07-2022 | 2022-20164432 | |
| 31-12-2020 | micro format | 07-07-2021 | 2021-32400596 | |
| 31-12-2019 | micro format | 25-08-2020 | 2020-44200341 | |
| 31-12-2018 | micro format | 28-06-2019 | 2019-25500088 | |
| 31-12-2017 | micro format | 10-07-2018 | 2018-31700517 | |
| 31-12-2016 | abbreviated format | 06-07-2017 | 2017-28800566 |