ALGESSO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 06-03-2026 PDF all 13 filings
Turnover
≈ €200,000
Estimated: probably between €110,000 and €390,000
Total assets
€18,369▼ 13.2%
2024 · €21,170
Net result
€9,304▲ 120%
2024 · €4,234
Working capital
€8,896
2024 · -€184
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€12,627
▲ 150%
2025
20192025
Net result
€9,304
▲ 120%
2025
middle half of the sector
20192025
Equity
€9,429
▲ 884%
2025
lowest quarter of the sector
20192025
Total assets
€18,369
▼ 13.2%
2025
lowest quarter of the sector
20192025
Debt
€8,940
▼ 55.8%
2025
20192025
Working capital
€8,896
2025
middle half of the sector
20192025
Solvency
51.3%
▲ 46.8pp
2025
middle half of the sector
20192025
Current ratio
2.00
▲ 1.00
2025
middle half of the sector
20192025
Return on assets (ROA)
50.7%
▲ 30.7pp
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€1,248--€9,875-€10,082▼ 2.1%€1,764€4,755▲ 170%€5,049▲ 6.2%€12,627▲ 150%
Net result-€714--€11,788below the sector's middle half▼ 1,551%-€10,620below the sector's middle half▲ 9.9%€122below the sector's middle half€3,541within the sector's middle half▲ 29×€4,234within the sector's middle half▲ 19.6%€9,304within the sector's middle half▲ 120%
Equity€15,468-€3,680below the sector's middle half▼ 76.2%-€6,940below the sector's middle half-€6,818below the sector's middle half▲ 1.8%-€3,276below the sector's middle half▲ 52.0%€958below the sector's middle half€9,429below the sector's middle half▲ 884%
Total assets€52,599-€40,071below the sector's middle half▼ 23.8%€32,547below the sector's middle half▼ 18.8%€21,093below the sector's middle half▼ 35.2%€13,385below the sector's middle half▼ 36.5%€21,170below the sector's middle half▲ 58.2%€18,369below the sector's middle half▼ 13.2%
Debt€37,131-€36,391▼ 2.0%€39,487▲ 8.5%€27,911▼ 29.3%€16,661▼ 40.3%€20,212▲ 21.3%€8,940▼ 55.8%
Working capital€973--€8,592below the sector's middle half-€17,138below the sector's middle half▼ 99.5%-€14,382below the sector's middle half▲ 16.1%-€5,027below the sector's middle half▲ 65.0%-€184below the sector's middle half▲ 96.3%€8,896within the sector's middle half
Solvency29.4%-9.2%below the sector's middle half▼ 20.2pp-21.3%below the sector's middle half▼ 30.5pp-32.3%below the sector's middle half▼ 11.0pp-24.5%below the sector's middle half▲ 7.8pp4.5%below the sector's middle half▲ 29.0pp51.3%within the sector's middle half▲ 46.8pp
Current ratio1.07-0.59below the sector's middle half▼ 0.480.47below the sector's middle half▼ 0.130.48below the sector's middle half▲ 0.020.70below the sector's middle half▲ 0.210.99below the sector's middle half▲ 0.292.00within the sector's middle half▲ 1.00
Return on assets (ROA)-1.4%--29.4%below the sector's middle half▼ 28.1pp-32.6%below the sector's middle half▼ 3.2pp0.6%below the sector's middle half▲ 33.2pp26.5%above the sector's middle half▲ 25.9pp20.0%above the sector's middle half▼ 6.5pp50.7%above the sector's middle half▲ 30.7pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 150% higher than in 2024 and the highest since 2019. It is the fourth rise in a row, after the fall in 2021.
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
Assets €18,369
Fixed assets
€533 ▼ 53.3%
Current assets
€17,836 ▼ 10.9%
Equity and liabilities €18,369
Equity
€9,429 ▲ 884%
Debt
€8,940 ▼ 55.8%
Debt's share of the balance-sheet total falls from 95.5% to 48.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€13,236▲
2024 · €5,658
Cash flow
€9,913▲
2024 · €4,843
Debt to equity
0.95
ROE
98.7%
Interest coverage
58.31▲
2024 · 23.09
Debt ≤ 1 year
€8,940▼
2024 · €20,212
Income taxes
€3,096▲
2024 · €570
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €4,039 | - | - |
| Depreciation and write-downs of the year | €10,004 | €7,641 | €609 | €609 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €190 | €208 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,204 | €10,004 | €10,004 | €10,004 | €7,641 | €609 | €609 | = |
| Other operating charges640/8 | - | - | - | €2,480 | €2,541 | €1,672 | €1,297 | ▼ 22.4% |
| Gross operating margin9900 | €13,454 | €1,398 | €1,861 | €14,438 | €15,145 | €7,330 | €14,533 | ▲ 98.3% |
| Operating profit (loss)9901 | €1,248 | -€9,875 | -€10,082 | €1,764 | €4,755 | €5,049 | €12,627 | ▲ 150% |
| Financial charges65/66B | - | - | - | €582 | €625 | €245 | €227 | ▼ 7.3% |
| Recurring financial charges65 | €1,187 | €1,491 | €538 | €582 | €625 | €245 | €227 | ▼ 7.3% |
| Profit (loss) for the period before taxes9903 | €61 | -€11,366 | -€10,620 | €1,182 | €4,130 | €4,804 | €12,400 | ▲ 158% |
| Income taxes67/77 | €775 | €422 | - | €1,060 | €589 | €570 | €3,096 | ▲ 443% |
| Profit (loss) for the period9904 | -€714 | -€11,788 | -€10,620 | €122 | €3,541 | €4,234 | €9,304 | ▲ 120% |
| Profit (loss) for the period to be appropriated9905 | -€714 | -€11,788 | -€10,620 | €122 | €3,541 | €4,234 | €9,304 | ▲ 120% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €52,599 | €40,071 | €32,547 | €21,093 | €13,385 | €21,170 | €18,369 | ▼ 13.2% |
| Fixed assets21/28 | €37,576 | €27,572 | €17,568 | €7,564 | €1,751 | €1,142 | €533 | ▼ 53.3% |
| Tangible fixed assets22/27 | €37,576 | €27,572 | €17,568 | €7,564 | €1,751 | €1,142 | €533 | ▼ 53.3% |
| Furniture and vehicles24 | - | - | - | €7,564 | €1,751 | €1,142 | €533 | ▼ 53.3% |
| Current assets29/58 | €15,023 | €12,499 | €14,979 | €13,529 | €11,634 | €20,028 | €17,836 | ▼ 10.9% |
| Amounts receivable within one year40/41 | €5,969 | €10,999 | €1,154 | €3,295 | €1,011 | €2,748 | €1,109 | ▼ 59.6% |
| Other amounts receivable41 | - | - | - | €3,295 | €1,011 | €2,748 | €1,109 | ▼ 59.6% |
| Cash at bank and in hand54/58 | €9,054 | €1,368 | €13,825 | €9,516 | €8,808 | €15,402 | €14,733 | ▼ 4.3% |
| Deferred charges and accrued income490/1 | - | - | - | €718 | €1,815 | €1,878 | €1,994 | ▲ 6.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €52,599 | €40,071 | €32,547 | €21,093 | €13,385 | €21,170 | €18,369 | ▼ 13.2% |
| Equity10/15 | €15,468 | €3,680 | -€6,940 | -€6,818 | -€3,276 | €958 | €9,429 | ▲ 884% |
| Contributions10/11 | €14,880 | €14,880 | - | €14,880 | €14,880 | €14,880 | €14,880 | = |
| Reserves13 | €10,854 | €10,854 | €10,854 | €10,854 | €10,854 | €10,854 | €10,854 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €8,994 | €8,994 | €8,994 | €8,994 | = |
| Profit (loss) carried forward14 | -€10,266 | -€22,054 | -€32,674 | -€32,552 | -€29,010 | -€24,776 | -€16,305 | ▲ 34.2% |
| Amounts payable17/49 | €37,131 | €36,391 | €39,487 | €27,911 | €16,661 | €20,212 | €8,940 | ▼ 55.8% |
| Amounts payable after more than one year17 | €23,081 | €15,300 | €7,370 | - | - | - | - | - |
| Amounts payable within one year42/48 | €14,050 | €21,091 | €32,117 | €27,911 | €16,661 | €20,212 | €8,940 | ▼ 55.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €15,439 | €6,104 | €4,104 | €2,070 | ▼ 49.6% |
| Trade debts44 | €751 | €2,963 | €5,874 | €4,188 | €1,848 | €6,962 | €2,346 | ▼ 66.3% |
| Suppliers440/4 | - | - | - | €4,188 | €1,848 | €6,962 | €2,346 | ▼ 66.3% |
| Taxes, remuneration and social security45 | - | - | - | €1,127 | €1,139 | €1,060 | €3,095 | ▲ 192% |
| Taxes450/3 | - | - | - | €1,127 | €1,139 | €1,060 | €3,095 | ▲ 192% |
| Other amounts payable47/48 | - | - | - | €7,157 | €7,570 | €8,086 | €1,429 | ▼ 82.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€714 | -€11,788 | -€10,620 | €122 | €3,541 | €4,234 | €9,304 | ▲ 120% |
| + Depreciation and write-downs630 | €10,204 | €10,004 | €10,004 | €10,004 | €7,641 | €609 | €609 | = |
| Operating cash flow (approximation) | €9,490 | -€1,784 | -€616 | €10,126 | €11,182 | €4,843 | €9,913 | ▲ 105% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€1,828 | €0 | €0 | - |
| Change in cash | - | -€7,686 | €12,457 | -€4,309 | -€708 | €6,594 | -€669 | - |
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, 34,693 companies had the same profile as ALGESSO has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of ALGESSO 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 34,693 companies, not a prediction for ALGESSO. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 06-03-2026 | 2026-00049881 | |
| 30-09-2024 | micro format | 18-02-2025 | 2025-00035731 | |
| 30-09-2023 | micro format | 15-03-2024 | 2024-00043920 | |
| 30-09-2022 | micro format | 18-03-2023 | 2023-00041322 | |
| 30-09-2021 | micro format | 02-03-2022 | 2022-06900106 | |
| 30-09-2020 | micro format | 03-03-2021 | 2021-07200425 | |
| 30-09-2019 | micro format | 12-02-2020 | 2020-04900112 | |
| 30-09-2018 | micro format | 22-02-2019 | 2019-05500487 | |
| 30-09-2017 | micro format | 26-03-2018 | 2018-07700425 | |
| 30-09-2016 | abbreviated format | 30-03-2017 | 2017-07900569 |