ALLEC
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 16-10-2026 at the NBB all 5 filings
Turnover
≈ €26,000
Estimated: probably between €17,000 and €54,000
Total assets
€57,799▼ 22.2%
2025 · €74,287
Net result
-€3,297▼ 893%
2025 · -€332
Working capital
€25,200▼ 56.6%
2025 · €58,001
Multi-year overview
2022 to 2026, 5 financial yearsOperating result
-€2,073
2026
20222026
Net result
-€3,297
▼ 893%
2026
20222026
Equity
€42,034
▼ 40.2%
2026
20222026
Total assets
€57,799
▼ 22.2%
2026
20222026
Debt
€15,765
▲ 298%
2026
20222026
Working capital
€25,200
▼ 56.6%
2026
20222026
Solvency
72.7%
▼ 22.0pp
2026
20222026
Current ratio
2.60
▼ 13.06
2026
20222026
Return on assets (ROA)
-5.7%
▼ 5.3pp
2026
20222026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20222023202420252026
Operating result€52,319-€23,331▼ 55.4%€14,880▼ 36.2%€1,135▼ 92.4%-€2,073
Net result€40,993within the sector's middle half-€16,997within the sector's middle half▼ 58.5%€10,173within the sector's middle half▼ 40.1%-€332below the sector's middle half-€3,297▼ 893%
Equity€43,493below the sector's middle half-€60,490within the sector's middle half▲ 39.1%€70,663within the sector's middle half▲ 16.8%€70,331within the sector's middle half▼ 0.5%€42,034▼ 40.2%
Total assets€46,190below the sector's middle half-€62,852below the sector's middle half▲ 36.1%€74,301within the sector's middle half▲ 18.2%€74,287within the sector's middle half=€57,799▼ 22.2%
Debt€2,697-€2,362▼ 12.4%€3,638▲ 54.0%€3,956▲ 8.7%€15,765▲ 298%
Working capital€37,925within the sector's middle half-€55,593within the sector's middle half▲ 46.6%€61,711within the sector's middle half▲ 11.0%€58,001within the sector's middle half▼ 6.0%€25,200▼ 56.6%
Solvency94.2%above the sector's middle half-96.2%above the sector's middle half▲ 2.1pp95.1%above the sector's middle half▼ 1.1pp94.7%above the sector's middle half▼ 0.4pp72.7%▼ 22.0pp
Current ratio15.06above the sector's middle half-24.54above the sector's middle half▲ 9.4717.96above the sector's middle half▼ 6.5715.66above the sector's middle half▼ 2.302.60▼ 13.06
Return on assets (ROA)88.7%above the sector's middle half-27.0%above the sector's middle half▼ 61.7pp13.7%within the sector's middle half▼ 13.4pp-0.4%below the sector's middle half▼ 14.1pp-5.7%▼ 5.3pp
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 2026 is a loss of €2,073, after a profit of €1,135 in 2025. It is the lowest result since 2022.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €57,799
Fixed assets
€16,834 ▲ 38.8%
Current assets
€40,965 ▼ 33.9%
Equity and liabilities €57,799
Equity
€42,034 ▼ 40.2%
Debt
€15,765 ▲ 298%
Debt's share of the balance-sheet total rises from 5.3% to 27.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€2,324▼
2025 · €4,850
Cash flow
€1,099▼
2025 · €3,383
Debt to equity
0.38▲
2025 · 0.06
ROE
-7.8%▼
2025 · -0.5%
Interest coverage
3.67▼
2025 · 6.09
Debt ≤ 1 year
€15,765▲
2025 · €3,956
Income taxes
€604▼
2025 · €1,253
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,191 | €638 | €5,984 | €7,093 | €8,901 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €691 | €1,310 | €1,928 | €3,715 | €4,397 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €6 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €691 | €1,310 | €1,928 | €3,715 | €4,397 | ▲ 18.3% |
| Other operating charges640/8 | €171 | €668 | €227 | €794 | €810 | ▲ 1.9% |
| Gross operating margin9900 | €53,181 | €25,309 | €17,036 | €5,645 | €3,134 | ▼ 44.5% |
| Operating profit (loss)9901 | €52,319 | €23,331 | €14,880 | €1,135 | -€2,073 | - |
| Financial income75/76B | €11 | €113 | €174 | €582 | €12 | ▼ 98.0% |
| Recurring financial income75 | €11 | €113 | €174 | €582 | €12 | ▼ 98.0% |
| Financial charges65/66B | €462 | €859 | €941 | €796 | €633 | ▼ 20.5% |
| Recurring financial charges65 | €462 | €859 | €941 | €796 | €633 | ▼ 20.5% |
| Profit (loss) for the period before taxes9903 | €51,868 | €22,584 | €14,113 | €921 | -€2,694 | - |
| Income taxes67/77 | €10,875 | €5,588 | €3,939 | €1,253 | €604 | ▼ 51.8% |
| Profit (loss) for the period9904 | €40,993 | €16,997 | €10,173 | -€332 | -€3,297 | ▼ 893% |
| Profit (loss) for the period to be appropriated9905 | €40,993 | €16,997 | €10,173 | -€332 | -€3,297 | ▼ 893% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €46,190 | €62,852 | €74,301 | €74,287 | €57,799 | ▼ 22.2% |
| Formation expenses20 | €846 | €632 | €418 | €204 | €0 | ▼ 100% |
| Fixed assets21/28 | €4,722 | €4,264 | €8,534 | €12,125 | €16,834 | ▲ 38.8% |
| Tangible fixed assets22/27 | €4,722 | €4,264 | €8,534 | €12,125 | €16,834 | ▲ 38.8% |
| Plant, machinery and equipment23 | €4,722 | €4,264 | €3,932 | €8,806 | €6,134 | ▼ 30.3% |
| Furniture and vehicles24 | - | - | €4,601 | €3,320 | €3,043 | ▼ 8.3% |
| Other tangible fixed assets26 | - | - | - | - | €2,997 | - |
| Assets under construction and advance payments27 | - | - | - | - | €4,660 | - |
| Current assets29/58 | €40,621 | €57,955 | €65,349 | €61,958 | €40,965 | ▼ 33.9% |
| Amounts receivable within one year40/41 | €8,871 | €18,164 | €11,344 | €20,876 | €13,135 | ▼ 37.1% |
| Trade receivables40 | €4,746 | €14,854 | €7,568 | €5,668 | €13,135 | ▲ 132% |
| Other amounts receivable41 | €4,125 | €3,310 | €3,776 | €15,208 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €30,164 | €37,953 | €52,466 | €39,209 | €20,046 | ▼ 48.9% |
| Deferred charges and accrued income490/1 | €1,586 | €1,838 | €1,539 | €1,872 | €7,785 | ▲ 316% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €46,190 | €62,852 | €74,301 | €74,287 | €57,799 | ▼ 22.2% |
| Equity10/15 | €43,493 | €60,490 | €70,663 | €70,331 | €42,034 | ▼ 40.2% |
| Contributions10/11 | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Reserves13 | €40,993 | €57,990 | €68,163 | €67,831 | €39,534 | ▼ 41.7% |
| Distributable reserves133 | €40,993 | €57,990 | €68,163 | €67,831 | €39,534 | ▼ 41.7% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | - |
| Amounts payable17/49 | €2,697 | €2,362 | €3,638 | €3,956 | €15,765 | ▲ 298% |
| Amounts payable within one year42/48 | €2,697 | €2,362 | €3,638 | €3,956 | €15,765 | ▲ 298% |
| Trade debts44 | €410 | €831 | €1,894 | €1,989 | €8,600 | ▲ 332% |
| Suppliers440/4 | €410 | €831 | €1,894 | €1,989 | €8,600 | ▲ 332% |
| Taxes, remuneration and social security45 | €1,961 | €1,531 | €1,744 | €1,967 | €4,955 | ▲ 152% |
| Taxes450/3 | €1,961 | €1,531 | €1,744 | €1,967 | €4,546 | ▲ 131% |
| Remuneration and social security454/9 | - | - | - | - | €409 | - |
| Other amounts payable47/48 | €326 | €0 | - | - | €2,210 | - |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €40,993 | €16,997 | €10,173 | -€332 | -€3,297 | ▼ 893% |
| + Depreciation and write-downs630 | €691 | €1,310 | €1,928 | €3,715 | €4,397 | ▲ 18.3% |
| Operating cash flow (approximation) | €41,684 | €18,307 | €12,102 | €3,383 | €1,099 | ▼ 67.5% |
| Investment in fixed assets (approximation) | - | -€852 | -€6,198 | -€7,307 | -€9,105 | ▼ 24.6% |
| Change in cash | - | €7,789 | €14,513 | -€13,257 | -€19,164 | ▼ 44.6% |
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, 3,440 companies had the same profile as ALLEC has now. Two years later, 90.0% were still going and 2.3% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a small loss
90.0%
was still going
7.4%
stopped otherwise
2.3%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ALLEC itself: 0.5% 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 3,440 companies, not a prediction for ALLEC. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 16-10-2026 | 2026-00563443 | |
| 31-03-2025 | micro format | 17-10-2025 | 2025-00546016 | |
| 31-03-2024 | micro format | 29-10-2024 | 2024-00518536 | |
| 31-03-2023 | micro format | 30-10-2023 | 2023-00497542 | |
| 31-03-2022 | abbreviated format | 29-11-2022 | 2022-20527239 |