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ALISES

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Non-profit associationfounded 1992active for 33 yearsRue du Houssu 99, 7141 Morlanwelz, BelgiumKBO/BCE: BE 0449.518.091

Financials · 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
Multi-year overview
2018 to 2025, 8 financial years
Turnover
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
2025 value · change against 2024
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

social balance sheet
Item31-12-202131-12-202231-12-202331-12-202431-12-2025
Employees at the balance-sheet date98103107126117
full-time3031273840
part-time6872808877
in full-time equivalents63.167.968.682.580.9
Average over the year, in full-time equivalents59.266.270.673.180.5
On a permanent contract7274807687
Joined3527345934
Left2519293740
Training hours-2238258901,085

Source: social balance sheet in the 2021 to 2025 annual accounts

Securities and guarantees

on own assets and for others
Item20212022202320242025
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

fixed assets acquired
Item20212022202320242025
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
Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 54 lines
Balance sheet Code20242025
Assets
Total assets20/58€5.1m€5.3m▲
Fixed assets21/28€3.7m€3.7m▼
Tangible fixed assets22/27€3.7m€3.6m▼
Land and buildings22€2.5m€2.3m▼
Plant, machinery and equipment23€0.5m€0.6m▲
Furniture and vehicles24€0.1m€0.1m▼
Leasing and similar rights25€0.4m€0.4m▼
Other tangible fixed assets26€0.002m€0.001m▼
Assets under construction and advance payments27€0.2m€0.2m▲
Financial fixed assets28€0.004m€0.004m▲
Current assets29/58€1.4m€1.7m▲
Amounts receivable within one year40/41€0.2m€0.02m▼
Trade receivables40€0.2m€0.02m▼
Other amounts receivable41€0.007m€0.006m▼
Current investments50/53-€0.3m
Cash at bank and in hand54/58€1.0m€1.2m▲
Deferred charges and accrued income490/1€0.2m€0.2m▲
Equity and liabilities
Total equity and liabilities10/49€5.1m€5.3m▲
Equity10/15€1.9m€2.1m▲
Reserves13€0.07m€0.07m=
Profit (loss) carried forward14€1.5m€1.7m▲
Investment grants15€0.4m€0.3m▼
Provisions and deferred taxes16€0.01m€0.01m=
Provisions for liabilities and charges160/5€0.01m€0.01m=
Environmental obligations163€0.01m€0.01m=
Amounts payable17/49€3.2m€3.2m▲
Amounts payable after more than one year17€1.7m€1.5m▼
Financial debts170/4€1.7m€1.5m▼
Amounts payable within one year42/48€1.2m€1.4m▲
Current portion of amounts payable after more than one year42€0.2m€0.2m▼
Trade debts44€0.2m€0.2m▼
Suppliers440/4€0.2m€0.2m▼
Taxes, remuneration and social security45€0.8m€1.0m▲
Taxes450/3€0.08m€0.1m▲
Remuneration and social security454/9€0.7m€0.8m▲
Accrued charges and deferred income492/3€0.3m€0.3m▼
Income statement Code20242025
Non-recurring operating income76A€0.01m€0.003m▼
Remuneration, social security and pensions62€5.3m€6.0m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.3m€0.3m▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€0.01m€0.007m▲
Other operating charges640/8€0.05m€0.04m▼
Non-recurring operating charges66A€0.001m€0.003m▲
Gross operating margin9900€5.9m€6.7m▲
Operating profit (loss)9901€0.3m€0.3m▲
Financial income75/76B€0.002m€0.002m▲
Recurring financial income75€0.002m€0.002m▲
Financial charges65/66B€0.06m€0.04m▼
Recurring financial charges65€0.06m€0.04m▼
Profit (loss) for the period before taxes9903€0.2m€0.3m▲
Profit (loss) for the period9904€0.2m€0.3m▲
Profit (loss) for the period to be appropriated9905€0.2m€0.3m▲
Appropriation of the result
Profit (loss) to be appropriated9906€1.5m€1.7m▲
Profit (loss) brought forward from the previous period14P€1.2m€1.5m▲
Social balance sheet
Average headcount (FTE)908773.180.5▲

The notes to these accounts have 25 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 30-06-2026.

Line20182019202020212022202320242025Change
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%
Line20182019202020212022202320242025Change
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%
Line20182019202020212022202320242025Change
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.

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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.

The companies in ten equal groups, from the lowest to the highest expected share
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 PDF
31-12-2024 full format 25-06-2025 2025-00174575 PDF
31-12-2023 full format 03-07-2024 2024-00206791 PDF
31-12-2022 full format 04-07-2023 2023-00205241 PDF
31-12-2021 full format 05-07-2022 2022-20160984 PDF
31-12-2020 full format 23-06-2021 2021-23600515 PDF
31-12-2019 full format 03-09-2020 2020-51200297 PDF
31-12-2018 full format 03-09-2019 2019-63700096 PDF
31-12-2017 full format 06-07-2018 2018-30200408 PDF
31-12-2016 full format 10-07-2017 2017-30100452 PDF

Show all 20 filings

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