ALFA
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 7 days after the deadline Filed on 7 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00394682.
Annual accounts 2025 filed on 07-08-2026 at the NBB all 34 filings
Turnover
≈ €66,000
Estimated: probably between €32,000 and €160,000
Total assets
€246,675▲ 2.5%
2024 · €240,543
Net result
€6,136▼ 3.4%
2024 · €6,351
Working capital
€243,911▲ 2.6%
2024 · €237,775
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€4,784
▲ 2.3%
2025
20182025
Net result
€6,136
▼ 3.4%
2025
middle half of the sector
20182025
Equity
€243,713
▲ 2.6%
2025
highest quarter of the sector
20182025
Total assets
€246,675
▲ 2.5%
2025
middle half of the sector
20182025
Debt
€2,764
▼ 0.2%
2025
20182025
Working capital
€243,911
▲ 2.6%
2025
highest quarter of the sector
20182025
Solvency
98.8%
=
2025
highest quarter of the sector
20182025
Current ratio
89.25
▲ 2.38
2025
highest quarter of the sector
20182025
Return on assets (ROA)
2.5%
▼ 0.2pp
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€7,543-€6,178▼ 18.1%€4,801▼ 22.3%€5,061▲ 5.4%€4,921▼ 2.8%€2,624▼ 46.7%€4,676▲ 78.2%€4,784▲ 2.3%
Net result€6,823-€5,581▼ 18.2%€4,326within the sector's middle half▼ 22.5%-€8,063below the sector's middle half€4,351within the sector's middle half€2,423within the sector's middle half▼ 44.3%€6,351within the sector's middle half▲ 162%€6,136within the sector's middle half▼ 3.4%
Equity€222,607-€228,188▲ 2.5%€232,514above the sector's middle half▲ 1.9%€224,452above the sector's middle half▼ 3.5%€228,803above the sector's middle half▲ 1.9%€231,226above the sector's middle half▲ 1.1%€237,576above the sector's middle half▲ 2.7%€243,713above the sector's middle half▲ 2.6%
Total assets€226,512-€231,187▲ 2.1%€238,001within the sector's middle half▲ 2.9%€247,766within the sector's middle half▲ 4.1%€244,810within the sector's middle half▼ 1.2%€233,463within the sector's middle half▼ 4.6%€240,543within the sector's middle half▲ 3.0%€246,675within the sector's middle half▲ 2.5%
Debt€3,706-€2,800▼ 24.4%€5,288▲ 88.8%€23,116▲ 337%€15,809▼ 31.6%€2,039▼ 87.1%€2,769▲ 35.8%€2,764▼ 0.2%
Working capital€222,805-€228,386▲ 2.5%€232,713above the sector's middle half▲ 1.9%€224,650above the sector's middle half▼ 3.5%€229,001above the sector's middle half▲ 1.9%€231,424above the sector's middle half▲ 1.1%€237,775above the sector's middle half▲ 2.7%€243,911above the sector's middle half▲ 2.6%
Solvency98.3%-98.7%▲ 0.4pp97.7%above the sector's middle half▼ 1.0pp90.6%above the sector's middle half▼ 7.1pp93.5%above the sector's middle half▲ 2.9pp99.0%above the sector's middle half▲ 5.6pp98.8%above the sector's middle half▼ 0.3pp98.8%above the sector's middle half=
Current ratio61.12-82.56▲ 21.4445.01above the sector's middle half▼ 37.5510.72above the sector's middle half▼ 34.2915.49above the sector's middle half▲ 4.7786.87above the sector's middle half89.25above the sector's middle half▲ 2.38
Return on assets (ROA)3.0%-2.4%▼ 0.6pp1.8%within the sector's middle half▼ 0.6pp-3.3%below the sector's middle half▼ 5.1pp1.8%within the sector's middle half▲ 5.0pp1.0%within the sector's middle half▼ 0.7pp2.6%within the sector's middle half▲ 1.6pp2.5%within the sector's middle half▼ 0.2pp
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 2% higher than in 2024. 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
Equity and liabilities €246,675
Equity
€243,713 ▲ 2.6%
Provisions
€198 =
Debt
€2,764 ▼ 0.2%
Debt's share of the balance-sheet total stays at 1.1%.
Key figures and ratios
Debt to equity
0.01▼
2024 · 0.01
ROE
2.5%▼
2024 · 2.7%
Debt ≤ 1 year
€2,764▼
2024 · €2,769
Income taxes
€614▼
2024 · €635
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | €485 | €495 | €643 | €549 | €465 | ▼ 15.3% |
| Gross operating margin9900 | €7,943 | €6,580 | €5,284 | €5,546 | €5,416 | €3,267 | €5,225 | €5,249 | ▲ 0.5% |
| Operating profit (loss)9901 | €7,543 | €6,178 | €4,801 | €5,061 | €4,921 | €2,624 | €4,676 | €4,784 | ▲ 2.3% |
| Financial income75/76B | - | - | - | - | - | €101 | €2,427 | €2,084 | ▼ 14.2% |
| Recurring financial income75 | €2 | - | - | - | - | €101 | €2,427 | €2,084 | ▼ 14.2% |
| Financial charges65/66B | - | - | - | €135 | €135 | €60 | €117 | €117 | ▼ 0.1% |
| Recurring financial charges65 | €39 | €39 | €42 | €135 | €135 | €60 | €117 | €117 | ▼ 0.1% |
| Profit (loss) for the period before taxes9903 | €7,506 | €6,139 | €4,759 | €4,926 | €4,786 | €2,665 | €6,986 | €6,750 | ▼ 3.4% |
| Income taxes67/77 | €682 | €558 | €433 | €12,989 | €435 | €242 | €635 | €614 | ▼ 3.4% |
| Profit (loss) for the period9904 | €6,823 | €5,581 | €4,326 | -€8,063 | €4,351 | €2,423 | €6,351 | €6,136 | ▼ 3.4% |
| Transfer from tax-exempt reserves789 | - | - | - | €53,032 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €6,823 | €5,581 | €4,326 | €44,970 | €4,351 | €2,423 | €6,351 | €6,136 | ▼ 3.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €226,512 | €231,187 | €238,001 | €247,766 | €244,810 | €233,463 | €240,543 | €246,675 | ▲ 2.5% |
| Current assets29/58 | €226,512 | €231,187 | €238,001 | €247,766 | €244,810 | €233,463 | €240,543 | €246,675 | ▲ 2.5% |
| Amounts receivable within one year40/41 | €205,231 | €202,131 | €170,050 | €164,650 | €163,924 | €153,560 | €137,013 | €131,225 | ▼ 4.2% |
| Other amounts receivable41 | - | - | - | €164,650 | €163,924 | €153,560 | €137,013 | €131,225 | ▼ 4.2% |
| Current investments50/53 | - | - | - | - | - | €70,000 | €60,000 | €80,000 | ▲ 33.3% |
| Cash at bank and in hand54/58 | €21,281 | €29,056 | €67,951 | €83,116 | €80,885 | €9,903 | €43,530 | €35,450 | ▼ 18.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €226,512 | €231,187 | €238,001 | €247,766 | €244,810 | €233,463 | €240,543 | €246,675 | ▲ 2.5% |
| Equity10/15 | €222,607 | €228,188 | €232,514 | €224,452 | €228,803 | €231,226 | €237,576 | €243,713 | ▲ 2.6% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €83,506 | €89,086 | €93,413 | €85,350 | €89,701 | €92,124 | €98,475 | €104,611 | ▲ 6.2% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Distributable reserves133 | - | - | - | €83,491 | €87,842 | €92,124 | €98,475 | €104,611 | ▲ 6.2% |
| Profit (loss) carried forward14 | €120,510 | €120,510 | €120,510 | €120,510 | €120,510 | €120,510 | €120,510 | €120,510 | = |
| Provisions and deferred taxes16 | €198 | €198 | €198 | €198 | €198 | €198 | €198 | €198 | = |
| Provisions for liabilities and charges160/5 | - | - | - | €198 | €198 | €198 | €198 | €198 | = |
| Other liabilities and charges164/5 | - | - | - | €198 | €198 | €198 | €198 | €198 | = |
| Amounts payable17/49 | €3,706 | €2,800 | €5,288 | €23,116 | €15,809 | €2,039 | €2,769 | €2,764 | ▼ 0.2% |
| Amounts payable within one year42/48 | €3,706 | €2,800 | €5,288 | €23,116 | €15,809 | €2,039 | €2,769 | €2,764 | ▼ 0.2% |
| Trade debts44 | €400 | €400 | €400 | €400 | €400 | €426 | €400 | €27 | ▼ 93.3% |
| Suppliers440/4 | - | - | - | €400 | €400 | €426 | €400 | €27 | ▼ 93.3% |
| Taxes, remuneration and social security45 | - | - | - | €14,538 | €15,199 | €1,613 | €2,369 | €2,737 | ▲ 15.5% |
| Taxes450/3 | - | - | - | €14,538 | €15,199 | €1,613 | €2,369 | €2,737 | ▲ 15.5% |
| Other amounts payable47/48 | - | - | - | €8,179 | €210 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,823 | €5,581 | €4,326 | -€8,063 | €4,351 | €2,423 | €6,351 | €6,136 | ▼ 3.4% |
| Operating cash flow (approximation) | €6,823 | €5,581 | €4,326 | -€8,063 | €4,351 | €2,423 | €6,351 | €6,136 | ▼ 3.4% |
| Change in cash | - | €7,775 | €38,895 | €15,165 | -€2,231 | -€70,983 | €33,628 | -€8,081 | - |
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, 17,041 companies had the same profile as ALFA has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ALFA 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.
| 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 17,041 companies, not a prediction for ALFA. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-08-2026 | 2026-00394682 | |
| 31-12-2024 | micro format | 21-08-2025 | 2025-00393817 | |
| 31-12-2023 | micro format | 30-07-2024 | 2024-00320334 | |
| 31-12-2022 | micro format | 23-08-2023 | 2023-00350377 | |
| 31-12-2021 | micro format | 23-08-2022 | 2022-20354609 | |
| 31-12-2020 | micro format | 25-08-2021 | 2021-53100525 | |
| 31-12-2019 | micro format | 23-09-2020 | 2020-55200238 | |
| 31-12-2018 | micro format | 26-08-2019 | 2019-50600360 | |
| 31-12-2017 | micro format | 28-08-2018 | 2018-51400586 | |
| 31-12-2016 | micro format | 29-09-2017 | 2017-64300143 |