ALISES
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 20 filings
Turnover
€3.1m▲ 3.3%
2018 · €3.0m
EBIT margin
5.7%▲ 3.7pp
2018 · 2.0%
Net result
€261,168▲ 17.6%
2024 · €222,015
Working capital
€312,893▲ 74.9%
2024 · €178,945
In the rankings
#2 company by total assets in Morlanwelz, Health and social work sector#2 company by equity in Morlanwelz, Health and social work sector#3 employer in Morlanwelz
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€296,070
▲ 4.6%
2025
20182025
Net result
€261,168
▲ 17.6%
2025
highest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€2.1m
▲ 12.9%
2025
highest quarter of the sector
20182025
Total assets
€5.3m
▲ 5.2%
2025
highest quarter of the sector
20182025
Debt
€3.2m
▲ 0.7%
2025
20182025
Working capital
€312,893
▲ 74.9%
2025
middle half of the sector
20182025
Solvency
39.6%
▲ 2.7pp
2025
middle half of the sector
20182025
Current ratio
1.23
▲ 0.08
2025
middle half of the sector
20182025
Return on assets (ROA)
4.9%
▲ 0.5pp
2025
highest quarter of the sector
20182025
Staff (FTE)
80.5
▲ 10.1%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€3.0m-€3.1m
Operating result€0.06m-€0.1m▲ 74.8%€0.2m▲ 85.0%€0.2m▼ 8.7%-€0.01m€0.05m€0.3m▲ 500%€0.3m▲ 4.6%
Net result€0.08m-€0.1m▲ 22.9%€0.2mabove the sector's middle half▲ 59.5%€0.1mabove the sector's middle half▼ 10.2%-€0.05mbelow the sector's middle half-€0.008mwithin the sector's middle half▲ 83.6%€0.2mabove the sector's middle half€0.3mabove the sector's middle half▲ 17.6%
EBIT margin2.0%-5.7%
Equity€1.1m-€1.5m▲ 34.4%€1.6mabove the sector's middle half▲ 11.8%€1.8mabove the sector's middle half▲ 9.2%€1.7mabove the sector's middle half▼ 4.3%€1.7mabove the sector's middle half▼ 1.1%€1.9mabove the sector's middle half▲ 11.5%€2.1mabove the sector's middle half▲ 12.9%
Total assets€3.4m-€3.9m▲ 14.1%€3.9mabove the sector's middle half▲ 0.7%€4.0mabove the sector's middle half▲ 2.5%€5.0mabove the sector's middle half▲ 23.4%€4.9mabove the sector's middle half▼ 0.7%€5.1mabove the sector's middle half▲ 2.6%€5.3mabove the sector's middle half▲ 5.2%
Debt€2.3m-€2.5m▲ 5.0%€2.3m▼ 5.9%€2.3m▼ 2.1%€3.2m▲ 42.5%€3.2m▲ 0.9%€3.2m▼ 1.8%€3.2m▲ 0.7%
Working capital€0.1m--€0.06m-€0.2mbelow the sector's middle half▼ 232%€0.2mwithin the sector's middle half€0.3mwithin the sector's middle half▲ 48.6%€0.2mwithin the sector's middle half▼ 39.3%€0.2mwithin the sector's middle half▼ 0.2%€0.3mwithin the sector's middle half▲ 74.9%
Solvency31.6%-37.2%▲ 5.6pp41.3%within the sector's middle half▲ 4.1pp44.0%within the sector's middle half▲ 2.7pp34.1%within the sector's middle half▼ 9.9pp33.9%within the sector's middle half▼ 0.1pp36.9%within the sector's middle half▲ 2.9pp39.6%within the sector's middle half▲ 2.7pp
Current ratio1.12-0.96▼ 0.160.86below the sector's middle half▼ 0.101.17within the sector's middle half▲ 0.311.23within the sector's middle half▲ 0.051.14within the sector's middle half▼ 0.091.15within the sector's middle half▲ 0.011.23within the sector's middle half▲ 0.08
Return on assets (ROA)2.5%-2.7%▲ 0.2pp4.2%within the sector's middle half▲ 1.6pp3.7%within the sector's middle half▼ 0.5pp-1.0%within the sector's middle half▼ 4.7pp-0.2%within the sector's middle half▲ 0.8pp4.4%within the sector's middle half▲ 4.5pp4.9%above the sector's middle half▲ 0.5pp
Staff (FTE)56-56.7▲ 1.3%59.1above the sector's middle half▲ 4.2%59.2above the sector's middle half▲ 0.2%66.2above the sector's middle half▲ 11.8%70.6above the sector's middle half▲ 6.6%73.1above the sector's middle half▲ 3.5%80.5above the sector's middle half▲ 10.1%
above
within
below
The sector band is the middle half of the companies in Residential care activities (NACE 87). 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 5% higher than in 2024 and the highest since 2018. It is the third rise in a row, after the fall in 2022.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.3m
Fixed assets
€3.7m ▼ 1.3%
Current assets
€1.7m ▲ 22.7%
Equity and liabilities €5.3m
Equity
€2.1m ▲ 12.9%
Provisions
€10,567 =
Debt
€3.2m ▲ 0.7%
Debt's share of the balance-sheet total falls from 62.9% to 60.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€617,885▲
2024 · €585,551
Cash flow
€582,983▲
2024 · €524,512
Debt to equity
1.52▼
2024 · 1.70
ROE
12.4%▲
2024 · 11.9%
Interest coverage
16.80▲
2024 · 9.34
Debt ≤ 1 year
€1.4m▲
2024 · €1.2m
Debt > 1 year
€1.5m▼
2024 · €1.7m
Staff costs
€6.0m▲
2024 · €5.3m
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 | 98 | 103 | 107 | 126 | 117 |
| full-time | 30 | 31 | 27 | 38 | 40 |
| part-time | 68 | 72 | 80 | 88 | 77 |
| in full-time equivalents | 63.1 | 67.9 | 68.6 | 82.5 | 80.9 |
| Average over the year, in full-time equivalents | 59.2 | 66.2 | 70.6 | 73.1 | 80.5 |
| On a permanent contract | 72 | 74 | 80 | 76 | 87 |
| Joined | 35 | 27 | 34 | 59 | 34 |
| Left | 25 | 19 | 29 | 37 | 40 |
| Training hours | - | 223 | 825 | 890 | 1,085 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €1.2m | €1.7m | €1.8m | €1.9m | €1.7m |
| Mortgages, amount registered | €1.5m | €2.1m | €530,000 | €530,000 | €555,000 |
| Mortgage mandates | - | - | €1.9m | €1.9m | €3.3m |
| Carrying value of the mortgaged assets | €2.5m | €2.6m | €2.5m | €2.4m | €2.2m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €190,346 | €911,930 | €347,118 | €536,675 | €274,871 |
| Financial fixed assets | - | - | €2,200 | €1,022 | €14 |
| Depreciation and write-downs of the year | €212,017 | €222,104 | €262,074 | €302,497 | €321,815 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Wallonia-Brussels Federation
2021 to 2025 · 52 entries · €3.4m in total| Year | Entries | Paid |
|---|---|---|
| 2025 | 42 | €1.8m |
| 2024 | 3 | €0.02m |
| 2023 | 3 | €0.8m |
| 2022 | 2 | €0.8m |
| 2021 | 2 | €0.01m |
Budget allocations
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €3.0m | - | - | €3.1m | - | - | - | - | - |
| Membership fees, donations, legacies and grants73 | €0.6m | - | - | €1.7m | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €0.03m | €0.004m | €0.004m | €0.01m | €0.003m | ▼ 78.3% |
| Goods, raw materials, services and sundry goods60/61 | €0.8m | - | - | €0.7m | - | - | - | - | - |
| Remuneration, social security and pensions62 | €3.5m | - | - | €3.7m | €4.3m | €5.0m | €5.3m | €6.0m | ▲ 12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 6.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €0.003m | - | - | -€0.03m | €0.001m | €0.03m | -€0.01m | €0.007m | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | -€0.01m | - | - | - | - | - | - | - | - |
| Other operating charges640/8 | €0.01m | - | - | €0.03m | €0.01m | €0.05m | €0.05m | €0.04m | ▼ 12.0% |
| Non-recurring operating charges66A | - | - | - | €0.001m | €176 | - | €0.001m | €0.003m | ▲ 439% |
| Gross operating margin9900 | €3.6m | €3.8m | €4.0m | €4.1m | €4.6m | €5.4m | €5.9m | €6.7m | ▲ 12.4% |
| Operating profit (loss)9901 | €0.06m | €0.1m | €0.2m | €0.2m | -€0.01m | €0.05m | €0.3m | €0.3m | ▲ 4.6% |
| Financial income75/76B | - | - | - | €118 | €249 | €0.001m | €0.002m | €0.002m | ▲ 11.7% |
| Recurring financial income75 | €0.02m | €0.003m | €0.001m | €118 | €249 | €0.001m | €0.002m | €0.002m | ▲ 11.7% |
| Financial charges65/66B | - | - | - | €0.03m | €0.03m | €0.06m | €0.06m | €0.04m | ▼ 41.4% |
| Recurring financial charges65 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.06m | €0.06m | €0.04m | ▼ 41.4% |
| Profit (loss) for the period before taxes9903 | - | €0.08m | €0.2m | €0.1m | -€0.05m | -€0.008m | €0.2m | €0.3m | ▲ 17.6% |
| Profit (loss) for the period9904 | €0.08m | €0.1m | €0.2m | €0.1m | -€0.05m | -€0.008m | €0.2m | €0.3m | ▲ 17.6% |
| Profit (loss) for the period to be appropriated9905 | €0.08m | €0.1m | €0.2m | €0.1m | -€0.05m | -€0.008m | €0.2m | €0.3m | ▲ 17.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.4m | €3.9m | €3.9m | €4.0m | €5.0m | €4.9m | €5.1m | €5.3m | ▲ 5.2% |
| Fixed assets21/28 | €2.0m | €2.5m | €2.7m | €2.7m | €3.4m | €3.5m | €3.7m | €3.7m | ▼ 1.3% |
| Intangible fixed assets21 | €0.001m | €226 | - | - | - | €0 | - | - | - |
| Tangible fixed assets22/27 | €2.0m | €2.5m | €2.7m | €2.7m | €3.4m | €3.5m | €3.7m | €3.6m | ▼ 1.3% |
| Land and buildings22 | €1.3m | - | - | €2.5m | €2.4m | €2.6m | €2.5m | €2.3m | ▼ 6.0% |
| Plant, machinery and equipment23 | €0.002m | - | - | €0.1m | €0.2m | €0.3m | €0.5m | €0.6m | ▲ 17.4% |
| Furniture and vehicles24 | €0.08m | - | - | €0.1m | €0.08m | €0.08m | €0.1m | €0.1m | ▼ 13.0% |
| Leasing and similar rights25 | €0.02m | - | - | €0.01m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 3.4% |
| Other tangible fixed assets26 | €0.007m | - | - | €0.005m | €0.004m | €0.003m | €0.002m | €0.001m | ▼ 33.3% |
| Assets under construction and advance payments27 | €0.6m | - | - | €0.002m | €0.4m | €0.07m | €0.2m | €0.2m | ▲ 26.2% |
| Financial fixed assets28 | €0.004m | €0.004m | €371 | €372 | €372 | €0.003m | €0.004m | €0.004m | ▲ 0.4% |
| Current assets29/58 | €1.4m | €1.4m | €1.2m | €1.3m | €1.6m | €1.5m | €1.4m | €1.7m | ▲ 22.7% |
| Stocks and contracts in progress3 | €0.003m | €0.003m | €0.003m | - | - | - | - | - | - |
| Stocks30/36 | €0.003m | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.7m | €0.8m | €0.3m | €0.6m | €0.4m | €0.4m | €0.2m | €0.02m | ▼ 88.0% |
| Trade receivables40 | €0.5m | - | - | €0.5m | €0.4m | €0.4m | €0.2m | €0.02m | ▼ 91.1% |
| Other amounts receivable41 | €0.1m | - | - | €0.1m | €0.006m | €0.01m | €0.007m | €0.006m | ▼ 12.5% |
| Current investments50/53 | - | - | - | - | - | - | - | €0.3m | - |
| Cash at bank and in hand54/58 | €0.6m | €0.4m | €0.8m | €0.6m | €0.9m | €0.9m | €1.0m | €1.2m | ▲ 14.5% |
| Deferred charges and accrued income490/1 | €0.1m | - | - | €0.1m | €0.3m | €0.2m | €0.2m | €0.2m | ▲ 14.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.4m | €3.9m | €3.9m | €4.0m | €5.0m | €4.9m | €5.1m | €5.3m | ▲ 5.2% |
| Equity10/15 | €1.1m | €1.5m | €1.6m | €1.8m | €1.7m | €1.7m | €1.9m | €2.1m | ▲ 12.9% |
| Reserves13 | €0.07m | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Profit (loss) carried forward14 | €0.9m | €1.0m | €1.1m | €1.3m | €1.2m | €1.2m | €1.5m | €1.7m | ▲ 18.0% |
| Investment grants15 | €0.1m | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 5.4% |
| Provisions and deferred taxes16 | €0.005m | - | - | - | €0.06m | €0.02m | €0.01m | €0.01m | = |
| Provisions for liabilities and charges160/5 | €0.005m | - | - | - | €0.06m | €0.02m | €0.01m | €0.01m | = |
| Environmental obligations163 | - | - | - | - | - | €0.02m | €0.01m | €0.01m | = |
| Other liabilities and charges164/5 | - | - | - | - | €0.06m | - | - | - | - |
| Amounts payable17/49 | €2.3m | €2.5m | €2.3m | €2.3m | €3.2m | €3.2m | €3.2m | €3.2m | ▲ 0.7% |
| Amounts payable after more than one year17 | €1.0m | €0.9m | €0.8m | €1.0m | €1.6m | €1.6m | €1.7m | €1.5m | ▼ 8.3% |
| Financial debts170/4 | €1.0m | - | - | €1.0m | €1.6m | €1.6m | €1.7m | €1.5m | ▼ 8.3% |
| Amounts payable within one year42/48 | €1.3m | €1.5m | €1.4m | €1.1m | €1.3m | €1.3m | €1.2m | €1.4m | ▲ 14.9% |
| Current portion of amounts payable after more than one year42 | €0.1m | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 3.3% |
| Financial debts43 | €0.4m | - | - | €0.3m | €0.3m | €0.3m | - | - | - |
| Credit institutions430/8 | €0.4m | - | - | €0.3m | €0.3m | €0.3m | - | - | - |
| Trade debts44 | €0.1m | €0.2m | €0.1m | €0.07m | €0.08m | €0.08m | €0.2m | €0.2m | ▼ 4.7% |
| Suppliers440/4 | €0.1m | - | - | €0.07m | €0.08m | €0.08m | €0.2m | €0.2m | ▼ 4.7% |
| Taxes, remuneration and social security45 | €0.7m | - | - | €0.6m | €0.7m | €0.7m | €0.8m | €1.0m | ▲ 23.3% |
| Taxes450/3 | €0.08m | - | - | €0.09m | €0.1m | €0.08m | €0.08m | €0.1m | ▲ 92.7% |
| Remuneration and social security454/9 | €0.6m | - | - | €0.5m | €0.6m | €0.6m | €0.7m | €0.8m | ▲ 16.0% |
| Accrued charges and deferred income492/3 | €0.1m | - | - | €0.08m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 5.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €84,752 | €104,166 | €166,147 | €149,283 | -€48,127 | -€7,912 | €222,015 | €261,168 | ▲ 17.6% |
| + Depreciation and write-downs630 | €107,628 | €114,882 | €159,196 | €212,017 | €222,104 | €262,074 | €302,497 | €321,815 | ▲ 6.4% |
| Operating cash flow (approximation) | €192,380 | €219,048 | €325,343 | €361,300 | €173,977 | €254,162 | €524,512 | €582,983 | ▲ 11.1% |
| Investment in fixed assets (approximation) | - | -€595,052 | -€375,332 | -€190,346 | -€911,931 | -€349,318 | -€538,256 | -€274,884 | ▲ 48.9% |
| Change in cash | - | -€234,385 | €388,621 | -€177,050 | €301,822 | €18,187 | €60,676 | €146,206 | ▲ 141% |
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, 1,887 companies had the same profile as ALISES has now. Two years later, 97.9% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
97.9%
was still going
2.0%
stopped otherwise
0.1%
went bankrupt
That fits the bankruptcy probability of ALISES 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 1,887 companies, not a prediction for ALISES. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-06-2026 | 2026-00231392 | |
| 31-12-2024 | full format | 25-06-2025 | 2025-00174575 | |
| 31-12-2023 | full format | 03-07-2024 | 2024-00206791 | |
| 31-12-2022 | full format | 04-07-2023 | 2023-00205241 | |
| 31-12-2021 | full format | 05-07-2022 | 2022-20160984 | |
| 31-12-2020 | full format | 23-06-2021 | 2021-23600515 | |
| 31-12-2019 | full format | 03-09-2020 | 2020-51200297 | |
| 31-12-2018 | full format | 03-09-2019 | 2019-63700096 | |
| 31-12-2017 | full format | 06-07-2018 | 2018-30200408 | |
| 31-12-2016 | full format | 10-07-2017 | 2017-30100452 |