ALIWAR

Active Public limited companyfounded 1999active for 27 yearsChaussée Romaine 189, 4300 WaremmeKBO/BCE: BE 0465.735.701 subsidiary of MICOWAR#1 employer in Waremme, Wholesale and retail trade sector

ALIWAR

Financial year 2025

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Annual accounts 2025

full format, filed on 02-07-2026, 29 days before the deadline

Gross margin

€2.2m

▲ 98×

Operating result

€701,151

▲ €1.1m

Profit

€619,916

▲ €1.1m

Working capital

-€29,921

▼ €563,435

Solvency

2.5%

▼ 1.6 percentage points

Current ratio

0.99

▼ 0.41

The turnover shown is an estimate from the gross margin.

Turnover ≈ €15.0m. Estimated: probably between €9.0m and €18.0m.

In the rankings #1 employer in Waremme, Wholesale and retail trade sector #3 company by total assets in Waremme, Wholesale and retail trade sector

Balance sheet

balance sheet total €4.2m on 31-12-2025

What the company ownsHow it is paid for

Change in equityin euro

Change in cashin €m

Position in the sector

Compare with sector

Solvency2.5%

Higher than 14% of 5,057 companies in 2025.

Current ratio0.99

Higher than 24% of 4,983 companies in 2025.

Return on assets14.7%

Higher than 88% of 5,027 companies in 2025.

ALIWAR Middle half of the sector 80% of the sector Full accounts in retail trade (NACE 47)

Net result: top quarter · Equity: bottom quarter · Balance sheet total: top quarter · Working capital: bottom quarter · Staff: top quarter

Staff

Staff cost per FTE€26,965

Staff costs divided by the average number of full-time equivalents.

Joined and left+60

Training hours in 2025: 5,107.

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Balance sheet: assets
Total assets`20/58`	4.2m	2.1m	1.0m	819,344	1.1m	1.3m	1.6m	1.8m	1.6m	821,441	735,386	871,509	865,094	743,559	646,599	716,450	781,427	689,496	774,645	875,024
Formation expenses`20`	20,178	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Fixed assets`21/28`	2.2m	179,805	99,121	219,579	382,753	554,101	728,690	904,597	788,227	29,363	22,220	39,869	19,781	16,854	20,486	16,591	21,093	16,383	5,267	-
Intangible fixed assets`21`	-	-	-	-	49,336	101,836	154,336	206,836	259,336	-	-	-	-	-	-	-	-	-	-	-
Tangible fixed assets`22/27`	2.1m	171,387	89,556	209,743	322,670	438,278	563,313	688,347	516,295	10,099	11,990	13,880	-	-	89	177	266	280	560	-
Plant, machinery and equipment`23`	250,252	82,005	-	1,263	2,527	3,791	5,055	6,319	7,583	8,846	10,110	11,374	-	-	-	-	-	-	-	-
Furniture and vehicles`24`	61,055	-	83,704	160,053	224,567	288,377	361,613	434,850	508,712	1,253	1,879	2,506	-	-	89	177	266	280	560	-
Other tangible fixed assets`26`	1.8m	89,382	5,852	48,426	95,576	146,110	196,645	247,179	-	-	-	-	-	-	-	-	-	-	-	-
Financial fixed assets`28`	8,853	8,418	9,565	9,836	10,747	13,987	11,041	9,414	12,597	19,264	10,230	25,989	19,781	16,854	20,398	16,414	20,828	16,103	4,707	-
Current assets`29/58`	2.1m	1.9m	909,153	599,765	694,607	752,193	835,677	908,049	835,932	792,078	713,166	831,640	845,313	726,705	626,113	699,858	760,334	673,113	769,378	875,024
Stocks and contracts in progress`3`	461,201	385,042	372,334	350,705	422,236	438,077	467,972	484,324	454,070	469,362	422,041	434,445	449,444	406,024	372,505	387,030	388,632	418,512	377,683	325,015
Stocks`30/36`	461,201	385,042	372,334	350,705	422,236	438,077	467,972	484,324	454,070	469,362	422,041	434,445	449,444	406,024	372,505	387,030	388,632	418,512	377,683	325,015
Amounts receivable within one year`40/41`	239,906	359,627	177,212	110,180	97,217	79,499	109,027	169,157	106,806	84,963	76,988	108,165	103,562	90,393	116,032	99,152	98,064	105,339	122,914	101,062
Trade receivables`40`	172,643	71,162	88,449	38,597	54,620	31,531	66,466	133,591	74,657	42,399	25,724	50,454	41,796	5,676	13,028	5,822	2,107	303	4,280	190
Other amounts receivable`41`	67,263	288,466	88,763	71,583	42,597	47,968	42,562	35,567	32,149	42,564	51,264	57,711	61,767	84,716	103,004	93,330	95,957	105,037	118,634	100,873
Cash at bank and in hand`54/58`	1.3m	1.1m	347,115	131,038	161,312	221,402	243,814	239,652	274,162	235,093	213,925	288,818	276,795	217,048	135,586	210,802	271,460	146,733	266,796	448,946
Deferred charges and accrued income`490/1`	9,114	1,563	12,491	7,843	13,842	13,215	14,864	14,915	894	2,661	213	213	15,512	13,240	1,990	2,875	2,178	2,529	1,985	-
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	4.2m	2.1m	1.0m	819,344	1.1m	1.3m	1.6m	1.8m	1.6m	821,441	735,386	871,509	865,094	743,559	646,599	716,450	781,427	689,496	774,645	875,024
Equity`10/15`	103,978	84,061	-1.7m	-1.2m	-907,794	-831,857	-922,284	-725,637	-748,122	-871,691	-864,974	-812,584	-698,531	-489,014	-353,357	-221,559	-231,243	-191,677	54,088	58,156
Contributions`10/11`	62,500	62,500	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973
Capital`10`	62,500	62,500	61,973	61,973	61,973	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issued capital`100`	62,500	62,500	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973
Reserves`13`	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153
Non-distributable reserves`130/1`	1,153	1,153	1,153	1,153	1,153	1,153	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153	1,153
Profit (loss) carried forward`14`	40,324	20,408	-1.7m	-1.2m	-970,921	-894,984	-985,411	-788,764	-811,249	-934,818	-928,101	-875,711	-761,657	-552,141	-416,484	-284,686	-294,370	-254,804	-9,039	-4,971
Provisions and deferred taxes`16`	-	-	-	-	-	-	-	-	-	-	-	-	24,988	24,988	-	-	-	-	-	-
Provisions for liabilities and charges`160/5`	-	-	-	-	-	-	-	-	-	-	-	-	24,988	24,988	-	-	-	-	-	-
Amounts payable`17/49`	4.1m	2.0m	2.7m	2.0m	2.0m	2.1m	2.5m	2.5m	2.4m	1.7m	1.6m	1.7m	1.5m	1.2m	999,957	938,009	1.0m	881,173	720,557	816,868
Amounts payable after more than one year`17`	2.0m	629,258	2.3m	270,009	414,612	556,456	695,594	832,034	670,408	-	-	-	-	-	35,714	71,429	107,143	142,857	178,571	-
Financial debts`170/4`	2.0m	629,258	122,608	270,009	414,612	556,456	695,594	832,034	670,408	-	-	-	-	-	35,714	71,429	107,143	142,857	178,571	-
Other amounts payable`178/9`	3,800	-	2.2m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amounts payable within one year`42/48`	2.1m	1.3m	334,917	1.7m	1.6m	1.6m	1.8m	1.7m	1.7m	1.7m	1.6m	1.7m	1.5m	1.2m	960,026	866,580	905,528	738,316	541,985	816,868
Current portion of amounts payable after more than one year`42`	172,947	31,028	147,401	144,603	141,844	139,138	136,440	133,881	104,592	-	-	-	-	-	-	-	-	-	-	-
Financial debts`43`	-	-	-	-	-	-	-	-	-	-	-	-	-	35,714	35,714	35,714	35,714	35,714	35,714	250,000
Credit institutions`430/8`	-	-	-	-	-	-	-	-	-	-	-	-	-	35,714	35,714	35,714	35,714	35,714	35,714	250,000
Trade debts`44`	1.1m	1.2m	139,497	1.5m	1.4m	1.4m	1.6m	1.5m	1.6m	1.6m	1.5m	1.6m	1.5m	1.1m	870,091	783,070	817,707	651,749	455,942	534,810
Suppliers`440/4`	1.1m	1.2m	139,497	1.5m	1.4m	1.4m	1.6m	1.5m	1.6m	1.6m	1.5m	1.6m	1.5m	1.1m	870,091	783,070	817,707	651,749	455,942	534,810
Advances received on contracts in progress`46`	1,061	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Taxes, remuneration and social security`45`	164,024	127,206	35,918	27,943	40,674	50,749	71,952	51,082	38,246	52,274	73,040	57,334	62,574	54,836	54,221	47,796	52,107	50,852	50,329	32,058
Taxes`450/3`	188	15,447	-	-	5,974	8,613	11,224	8,927	-	3,108	14,995	28	1,986	-	-	23	542	-	-	-
Remuneration and social security`454/9`	163,836	111,760	35,918	27,943	34,700	42,136	60,728	42,154	38,246	49,166	58,045	57,306	60,589	54,836	54,221	47,772	51,565	50,852	50,329	32,058
Other amounts payable`47/48`	600,000	12,100	12,100	12,207	12,521	332	319	154	-	4,004	-	-	-	-	-	-	-	-	-	-
Accrued charges and deferred income`492/3`	-	-	-	-	-	-	-	-	-	-	-	6,488	5,730	4,112	4,216	-	-	-	-	-
Income statement
Non-recurring operating income`76A`	139,652	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross operating margin`9900`	2.2m	22,388	-68,748	218,637	456,789	664,763	433,760	566,554	519,457	557,752	424,198	512,501	413,202	460,720	403,221	543,707	470,664	310,255	506,954	122,649
Remuneration, social security and pensions`62`	1.3m	373,618	295,354	292,090	339,716	360,287	396,013	365,009	350,428	524,775	437,398	608,367	584,460	534,821	495,563	501,512	482,055	502,962	484,095	77,368
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	230,337	73,599	120,187	177,043	178,116	177,534	177,534	136,662	9,469	1,890	1,890	1,890	-	89	1,306	89	369	280	280	-
Provisions for liabilities and charges: additions (uses and reversals)`635/8`	-	-	-	-	-	-	-	-	-	-	-	-24,988	-	24,988	-	-	-	-	-	-
Other operating charges`640/8`	9,467	5,898	155	1,038	1,028	868	868	870	1,695	3,266	3,469	6,881	9,452	11,703	15,415	13,713	9,639	10,952	7,588	1,502
Non-recurring operating charges`66A`	1,686	14,776	303	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating profit (loss)`9901`	701,151	-445,504	-484,746	-251,534	-62,070	126,074	-140,656	64,013	157,866	27,820	-18,559	-79,651	-180,710	-110,880	-109,062	28,393	-21,399	-203,939	14,990	43,779
Financial income`75/76B`	12,770	228	425	188	26	-	-	-	-	-	18	72	98	81	60	91	76	211	1,259	340
Recurring financial income`75`	12,770	228	425	188	26	-	-	-	-	-	18	72	98	81	60	91	76	211	1,259	340
Financial charges`65/66B`	94,005	17,855	9,560	10,877	13,778	35,646	55,991	41,529	34,296	34,311	33,844	34,457	28,704	24,844	22,799	19,173	17,878	25,547	20,277	3,575
Recurring financial charges`65`	94,005	17,855	9,560	10,877	13,778	35,646	55,991	41,529	34,296	34,311	33,844	34,457	28,704	24,844	22,799	19,173	17,878	25,547	20,277	3,575
Profit (loss) for the period before taxes`9903`	619,916	-463,130	-493,881	-262,223	-75,822	90,427	-196,647	22,484	123,569	-6,490	-52,386	-114,036	-209,316	-135,644	-131,802	9,311	-39,201	-229,275	-4,028	40,544
Income taxes`67/77`	-	-	-	-	114	-	-	-	-	227	4	18	201	13	-3	-374	366	16,490	40	-60
Profit (loss) for the period`9904`	619,916	-463,130	-493,881	-262,223	-75,937	90,427	-196,647	22,484	123,569	-6,717	-52,390	-114,054	-209,517	-135,657	-131,798	9,685	-39,566	-245,765	-4,068	40,605
Profit (loss) for the period to be appropriated`9905`	619,916	-463,130	-493,881	-262,223	-75,937	90,427	-196,647	22,484	123,569	-6,717	-52,390	-114,054	-209,517	-135,657	-131,798	9,685	-39,566	-245,765	-4,068	40,605
Appropriation of the result
Profit (loss) to be appropriated`9906`	640,324	-2.2m	-1.7m	-1.2m	-970,921	-894,984	-985,411	-788,764	-811,249	-934,818	-928,101	-875,711	-761,657	-552,141	-416,484	-284,686	-294,370	-254,804	-9,039	-4,971
Profit (loss) brought forward from the previous period`14P`	20,408	-1.7m	-1.2m	-970,921	-894,984	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer from equity`791/2`	-	2.2m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Profit to be distributed`694/7`	600,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Return on contributions (dividend)`694`	600,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	46.4	12.4	8.5	8.6	11	13.4	14	14.7	15.2	15.3	15.4	17.2	17.8	16.7	15.8	17.3	16.1	17.2	18.9	3.3
Hours worked`1013`	60,777	18,214	14,595	13,339	17,128	19,299	20,120	21,802	23,545	23,761	23,332	27,583	27,239	25,970	25,771	27,245	25,625	26,503	29,280	4,892
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

The accounts for 7 older financial years (1999-2005) were filed as documents without figures as data, scans for example.

The notes to these accounts have 13 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 02-07-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2025	full format	02-07-2026	2026-00241777	PDF
31-12-2024	full format	26-08-2025	2025-00415528	PDF
31-12-2023	full format	02-07-2024	2024-00198068	PDF
31-12-2022	full format	08-06-2023	2023-00114079	PDF
31-12-2021	full format	21-06-2022	2022-20126851	PDF
31-12-2020	full format	01-07-2021	2021-30000053	PDF
31-12-2019	full format	12-06-2020	2020-16500373	PDF
31-12-2018	full format	24-07-2019	2019-37600080	PDF
31-12-2017	full format	29-06-2018	2018-26900139	PDF
31-12-2016	full format	26-06-2017	2017-21000377	PDF
31-12-2015	full format	05-07-2016	2016-28400303	PDF
31-12-2014	full format	01-07-2015	2015-25400274	PDF
31-12-2013	full format	16-06-2014	2014-18300338	PDF
31-12-2012	full format	21-06-2013	2013-20200206	PDF
31-12-2011	full format	15-06-2012	2012-17400570	PDF
31-12-2010	full format	14-06-2011	2011-16200324	PDF
31-12-2009	full format	16-06-2010	2010-18400073	PDF
31-12-2008	full format	12-06-2009	2009-23100321	PDF
31-12-2007	full format	13-06-2008	2008-23200380	PDF
31-12-2006	full format	26-06-2007	2007-29700318	PDF
31-12-2005	full format	26-06-2006	2006-32000756	PDF
31-12-2004	full format	13-06-2005	2005-24603795	PDF
31-12-2003	full format	10-06-2004	2004-22604622	PDF
31-12-2002	full format	17-06-2003	2003-25001338	PDF
31-12-2001	full format	09-07-2002	2002-35405201	PDF
31-12-2000	full format	26-06-2001	2001-26404406	PDF
31-12-1999	full format	20-07-2000	2000-44205070	PDF

Key figures and ratios

per financial year, computed from the annual accounts

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	931,488	-371,905	-364,559	-74,491	116,046	303,608	36,879	200,675	167,334	29,711	-16,669	-77,761	-	-110,791	-107,757	28,482	-21,030	-203,659	15,270	-
Cash flow	850,253	-389,531	-373,694	-85,180	102,179	267,962	-19,112	159,146	133,038	-4,827	-50,500	-112,163	-	-135,568	-130,493	9,773	-39,198	-245,485	-3,788	-
Investment in fixed assets (approximation)	2.2m	155,430	-271	14,780	10,008	2,946	1,627	256,214	775,000	9,033	-15,758	21,977	2,927	-3,543	5,201	-4,414	5,079	11,396	5,547	-
Change in cash	218,063	780,690	216,077	-30,274	-60,090	-22,412	4,162	-34,510	39,069	21,168	-74,893	12,023	59,747	81,462	-75,216	-60,658	124,727	-120,063	-182,150	-
Working capital	-29,921	533,513	574,236	-1.1m	-875,935	-829,503	-955,380	-798,201	-865,941	-901,054	-887,194	-845,964	-687,595	-476,769	-333,913	-166,722	-145,194	-65,203	227,392	58,156
Solvency	2.5%	4.1%	-165.0%	-142.8%	-84.3%	-63.7%	-59.0%	-40.0%	-46.1%	-106.1%	-117.6%	-93.2%	-80.7%	-65.8%	-54.6%	-30.9%	-29.6%	-27.8%	7.0%	6.6%
Current ratio	0.99	1.40	2.71	0.35	0.44	0.48	0.47	0.53	0.49	0.47	0.45	0.50	0.55	0.60	0.65	0.81	0.84	0.91	1.42	1.07
Quick ratio	0.76	1.11	1.60	0.14	0.17	0.20	0.21	0.25	0.22	0.19	0.18	0.24	0.26	0.27	0.26	0.36	0.41	0.34	0.72	0.67
Debt to equity	39.67	23.43	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	13.32	14.05
ROE	596.2%	-550.9%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-7.5%	69.8%
ROA	14.7%	-22.5%	-49.0%	-32.0%	-7.0%	6.9%	-12.6%	1.2%	7.6%	-0.8%	-7.1%	-13.1%	-24.2%	-18.2%	-20.4%	1.4%	-5.1%	-35.6%	-0.5%	4.6%
Interest coverage	9.91	-20.83	-38.14	-6.85	8.42	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

EBIT margin: not included in this filing.

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Social balance sheet

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	89	33	9	9	10
full-time	18	14	6	6	7
part-time	71	19	3	3	3
in full-time equivalents	52.6	25.2	8.2	8.2	9.2
Average over the year, in full-time equivalents	46.4	12.4	8.5	8.6	11
On a permanent contract	20	9	8	8	10
Joined	200	25	1	5	1
Left	140	1	1	6	7
Training hours	5,107	4,928	-	3,603	3,772

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

Securities and guarantees

on own assets and for others

Item	2025	2024	2023	2022	2021
Pledge on the business	-	-	€600,000	€600,000	€600,000

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€2.2m	€155,430	-	€14,780	€10,008
Financial fixed assets	€435	-	-	-	-
Depreciation and write-downs of the year	€230,337	€73,599	€120,187	€177,043	€178,116

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Insights on ALIWAR

The operating result for 2025 is a profit of €701,151, after a loss of €445,504 in 2024. It is the highest result since 2006.

Debt's share of the balance-sheet total rises from 95.9% to 97.5%. Equity and debt are higher.

Large changes and their cause

2025 Total assets +106% on 2024. Capital increase of €1,988,027 (Official Gazette 26-08-2025).
2024 Total assets +104% on 2023. Capital increase of €1,988,027 (Official Gazette 22-08-2024).

Next steps

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