AlfaSource
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-07-2026 at the NBB all 17 filings
Equity
€25,769▼ 30.0%
2024 · €36,815
Total assets
€40,307▼ 24.1%
2024 · €53,102
Net result
-€11,046
2024 · €15,797
Working capital
€22,329▼ 34.3%
2024 · €33,988
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€10,708
2025
20182025
Net result
-€11,046
2025
lowest quarter of the sector
20182025
Equity
€25,769
▼ 30.0%
2025
middle half of the sector
20182025
Total assets
€40,307
▼ 24.1%
2025
lowest quarter of the sector
20182025
Debt
€14,537
▼ 10.7%
2025
20182025
Working capital
€22,329
▼ 34.3%
2025
middle half of the sector
20182025
Solvency
63.9%
▼ 5.4pp
2025
middle half of the sector
20182025
Current ratio
2.54
▼ 0.55
2025
middle half of the sector
20182025
Return on assets (ROA)
-27.4%
▼ 57.2pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€14,102-€11,426▼ 19.0%-€11,825-€4,396▲ 62.8%€7,999€5,716▼ 28.5%€21,117▲ 269%-€10,708
Net result€10,113-€7,766▼ 23.2%-€7,053below the sector's middle half-€4,658below the sector's middle half▲ 34.0%€7,403within the sector's middle half€3,523within the sector's middle half▼ 52.4%€15,797within the sector's middle half▲ 348%-€11,046below the sector's middle half
Equity€20,538-€28,304▲ 37.8%€21,251within the sector's middle half▼ 24.9%€16,593within the sector's middle half▼ 21.9%€23,995within the sector's middle half▲ 44.6%€27,519within the sector's middle half▲ 14.7%€36,815within the sector's middle half▲ 33.8%€25,769within the sector's middle half▼ 30.0%
Total assets€31,164-€40,042▲ 28.5%€36,368below the sector's middle half▼ 9.2%€26,651below the sector's middle half▼ 26.7%€33,544below the sector's middle half▲ 25.9%€38,230below the sector's middle half▲ 14.0%€53,102below the sector's middle half▲ 38.9%€40,307below the sector's middle half▼ 24.1%
Debt€10,626-€11,737▲ 10.5%€15,117▲ 28.8%€10,058▼ 33.5%€9,549▼ 5.1%€10,711▲ 12.2%€16,286▲ 52.0%€14,537▼ 10.7%
Working capital€20,538-€28,304▲ 37.8%€21,251within the sector's middle half▼ 24.9%€16,593within the sector's middle half▼ 21.9%€21,321within the sector's middle half▲ 28.5%€24,194within the sector's middle half▲ 13.5%€33,988within the sector's middle half▲ 40.5%€22,329within the sector's middle half▼ 34.3%
Solvency65.9%-70.7%▲ 4.8pp58.4%within the sector's middle half▼ 12.3pp62.3%within the sector's middle half▲ 3.8pp71.5%above the sector's middle half▲ 9.3pp72.0%above the sector's middle half▲ 0.4pp69.3%within the sector's middle half▼ 2.7pp63.9%within the sector's middle half▼ 5.4pp
Current ratio2.93-3.41▲ 0.482.41within the sector's middle half▼ 1.012.65within the sector's middle half▲ 0.243.23above the sector's middle half▲ 0.583.26within the sector's middle half▲ 0.033.09within the sector's middle half▼ 0.172.54within the sector's middle half▼ 0.55
Return on assets (ROA)32.5%-19.4%▼ 13.1pp-19.4%below the sector's middle half▼ 38.8pp-17.5%below the sector's middle half▲ 1.9pp22.1%above the sector's middle half▲ 39.5pp9.2%within the sector's middle half▼ 12.9pp29.7%above the sector's middle half▲ 20.5pp-27.4%below the sector's middle half▼ 57.2pp
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 a loss of €10,708, after a profit of €21,117 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €40,307
Fixed assets
€3,440 ▲ 21.7%
Current assets
€36,867 ▼ 26.7%
Equity and liabilities €40,307
Equity
€25,769 ▼ 30.0%
Debt
€14,537 ▼ 10.7%
Debt's share of the balance-sheet total rises from 30.7% to 36.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€9,703▼
2024 · €21,614
Cash flow
-€10,041▼
2024 · €16,294
Debt to equity
0.56▲
2024 · 0.44
ROE
-42.9%▼
2024 · 42.9%
Interest coverage
-42.41▼
2024 · over 100
Debt ≤ 1 year
€14,537▼
2024 · €16,286
Income taxes
€109▼
2024 · €5,189
Staff costs
€652▲
2024 · €440
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2024 |
|---|---|
| Employees at the balance-sheet date | 0 |
| full-time | 0 |
| part-time | 0 |
Source: social balance sheet in the 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €2,675 | €1,147 | - | €1,618 |
| Depreciation and write-downs of the year | - | €1 | €497 | €497 | €1,005 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €440 | €652 | ▲ 48.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €1 | €497 | €497 | €1,005 | ▲ 102% |
| Other operating charges640/8 | - | - | - | €1,026 | €20 | €63 | €189 | €176 | ▼ 7.1% |
| Non-recurring operating charges66A | - | - | - | -€1,446 | - | -€253 | - | €1,382 | - |
| Gross operating margin9900 | €14,982 | €12,246 | -€11,556 | -€4,815 | €8,019 | €6,023 | €22,243 | -€7,494 | - |
| Operating profit (loss)9901 | €14,102 | €11,426 | -€11,825 | -€4,396 | €7,999 | €5,716 | €21,117 | -€10,708 | - |
| Financial income75/76B | - | - | - | €3 | - | - | - | - | - |
| Recurring financial income75 | - | - | - | €3 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €190 | €138 | €127 | €132 | €229 | ▲ 73.9% |
| Recurring financial charges65 | €130 | €92 | €119 | €190 | €138 | €127 | €132 | €229 | ▲ 73.9% |
| Profit (loss) for the period before taxes9903 | €13,972 | €11,334 | -€6,944 | -€4,582 | €7,860 | €5,589 | €20,986 | -€10,937 | - |
| Income taxes67/77 | €3,859 | €3,567 | €109 | €76 | €458 | €2,066 | €5,189 | €109 | ▼ 97.9% |
| Profit (loss) for the period9904 | €10,113 | €7,766 | -€7,053 | -€4,658 | €7,403 | €3,523 | €15,797 | -€11,046 | - |
| Profit (loss) for the period to be appropriated9905 | €10,113 | €7,766 | -€7,053 | -€4,658 | €7,403 | €3,523 | €15,797 | -€11,046 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €31,164 | €40,042 | €36,368 | €26,651 | €33,544 | €38,230 | €53,102 | €40,307 | ▼ 24.1% |
| Fixed assets21/28 | - | - | - | - | €2,675 | €3,324 | €2,827 | €3,440 | ▲ 21.7% |
| Tangible fixed assets22/27 | - | - | - | - | €2,675 | €3,324 | €2,827 | €3,440 | ▲ 21.7% |
| Land and buildings22 | - | - | - | - | €2,675 | €2,407 | €2,139 | €1,872 | ▼ 12.5% |
| Furniture and vehicles24 | - | - | - | - | - | €917 | €688 | €1,568 | ▲ 128% |
| Current assets29/58 | €31,164 | €40,042 | €36,368 | €26,651 | €30,869 | €34,906 | €50,274 | €36,867 | ▼ 26.7% |
| Amounts receivable within one year40/41 | €29,996 | €40,040 | €32,662 | €25,663 | €22,692 | €20,772 | €26,546 | €25,962 | ▼ 2.2% |
| Trade receivables40 | - | - | - | €190 | €2,783 | €1,392 | €6,676 | €7,281 | ▲ 9.1% |
| Other amounts receivable41 | - | - | - | €25,473 | €19,910 | €19,380 | €19,869 | €18,681 | ▼ 6.0% |
| Cash at bank and in hand54/58 | €968 | €2 | €3,706 | €988 | €7,977 | €13,934 | €22,628 | €9,960 | ▼ 56.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | €200 | €200 | €1,101 | €944 | ▼ 14.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €31,164 | €40,042 | €36,368 | €26,651 | €33,544 | €38,230 | €53,102 | €40,307 | ▼ 24.1% |
| Equity10/15 | €20,538 | €28,304 | €21,251 | €16,593 | €23,995 | €27,519 | €36,815 | €25,769 | ▼ 30.0% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €78 | €7,844 | €791 | -€3,867 | €3,535 | €7,059 | €16,355 | €5,309 | ▼ 67.5% |
| Amounts payable17/49 | €10,626 | €11,737 | €15,117 | €10,058 | €9,549 | €10,711 | €16,286 | €14,537 | ▼ 10.7% |
| Amounts payable within one year42/48 | €10,626 | €11,737 | €15,117 | €10,058 | €9,549 | €10,711 | €16,286 | €14,537 | ▼ 10.7% |
| Trade debts44 | €3,105 | €2,221 | €8,056 | €6,336 | €4,413 | €4,092 | - | €1,829 | - |
| Suppliers440/4 | - | - | - | €6,336 | €4,413 | €4,092 | - | €1,829 | - |
| Taxes, remuneration and social security45 | - | - | - | €3,723 | €5,136 | €6,619 | €13,836 | €12,709 | ▼ 8.1% |
| Taxes450/3 | - | - | - | €3,723 | €5,136 | €4,419 | €13,836 | €10,109 | ▼ 26.9% |
| Remuneration and social security454/9 | - | - | - | - | - | €2,200 | €0 | €2,600 | - |
| Other amounts payable47/48 | - | - | - | - | - | - | €2,450 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,113 | €7,766 | -€7,053 | -€4,658 | €7,403 | €3,523 | €15,797 | -€11,046 | - |
| + Depreciation and write-downs630 | - | - | - | - | €1 | €497 | €497 | €1,005 | ▲ 102% |
| Operating cash flow (approximation) | €10,113 | €7,766 | -€7,053 | -€4,658 | €7,403 | €4,020 | €16,294 | -€10,041 | - |
| Investment in fixed assets (approximation) | - | - | - | - | - | -€1,147 | €0 | -€1,618 | - |
| Change in cash | - | -€966 | €3,704 | -€2,719 | €6,989 | €5,957 | €8,694 | -€12,668 | - |
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 AlfaSource 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 AlfaSource 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 4,805 companies, not a prediction for AlfaSource. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-07-2026 | 2026-00317692 | |
| 31-12-2024 | micro format | 19-12-2025 | 2025-00585934 | |
| 31-12-2023 | micro format | 04-07-2024 | 2024-00207019 | |
| 31-12-2022 | micro format | 21-08-2023 | 2023-00337231 | |
| 31-12-2021 | micro format | 27-07-2022 | 2022-20241223 | |
| 31-12-2020 | micro format | 28-06-2021 | 2021-26300087 | |
| 31-12-2019 | micro format | 23-07-2020 | 2020-33500447 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-58900457 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-60100057 | |
| 31-12-2016 | micro format | 30-09-2017 | 2017-64300447 |