ALLERT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 21 filings
Turnover
≈ €200,000
Estimated: probably between €110,000 and €300,000
Total assets
€164,137▼ 7.8%
2024 · €178,090
Net result
-€1,362
2024 · €348
Working capital
€97,805▼ 2.8%
2024 · €100,608
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€1,129
2025
20182025
Net result
-€1,362
2025
lowest quarter of the sector
20182025
Equity
€139,546
▼ 1.0%
2025
middle half of the sector
20182025
Total assets
€164,137
▼ 7.8%
2025
lowest quarter of the sector
20182025
Debt
€24,592
▼ 33.9%
2025
20182025
Working capital
€97,805
▼ 2.8%
2025
middle half of the sector
20182025
Solvency
85.0%
▲ 5.9pp
2025
highest quarter of the sector
20182025
Current ratio
9.75
▼ 9.54
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-0.8%
▼ 1.0pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€3,585-€3,807▲ 6.2%-€17,373-€9,305▲ 46.4%€10,382€8,574▼ 17.4%€1,521▼ 82.3%-€1,129
Net result€3,202-€2,973▼ 7.2%-€16,135below the sector's middle half-€8,921below the sector's middle half▲ 44.7%€14,009within the sector's middle half€8,000within the sector's middle half▼ 42.9%€348within the sector's middle half▼ 95.6%-€1,362below the sector's middle half
Equity€142,278-€144,439▲ 1.5%€128,304above the sector's middle half▼ 11.2%€119,383within the sector's middle half▼ 7.0%€133,392above the sector's middle half▲ 11.7%€140,559above the sector's middle half▲ 5.4%€140,907above the sector's middle half▲ 0.2%€139,546within the sector's middle half▼ 1.0%
Total assets€216,000-€211,398▼ 2.1%€193,233within the sector's middle half▼ 8.6%€156,535within the sector's middle half▼ 19.0%€162,732within the sector's middle half▲ 4.0%€173,669within the sector's middle half▲ 6.7%€178,090within the sector's middle half▲ 2.5%€164,137below the sector's middle half▼ 7.8%
Debt€73,722-€66,959▼ 9.2%€64,930▼ 3.0%€37,152▼ 42.8%€29,340▼ 21.0%€33,110▲ 12.8%€37,182▲ 12.3%€24,592▼ 33.9%
Working capital€109,583-€108,199▼ 1.3%€102,994above the sector's middle half▼ 4.8%€93,138above the sector's middle half▼ 9.6%€111,774above the sector's middle half▲ 20.0%€125,557above the sector's middle half▲ 12.3%€100,608above the sector's middle half▼ 19.9%€97,805within the sector's middle half▼ 2.8%
Solvency65.9%-68.3%▲ 2.5pp66.4%above the sector's middle half▼ 1.9pp76.3%above the sector's middle half▲ 9.9pp82.0%above the sector's middle half▲ 5.7pp80.9%above the sector's middle half▼ 1.0pp79.1%above the sector's middle half▼ 1.8pp85.0%above the sector's middle half▲ 5.9pp
Current ratio2.51-2.65▲ 0.142.59within the sector's middle half▼ 0.073.51above the sector's middle half▲ 0.924.81above the sector's middle half▲ 1.304.92above the sector's middle half▲ 0.1219.29above the sector's middle half▲ 14.379.75above the sector's middle half▼ 9.54
Return on assets (ROA)1.5%-1.4%▼ 0.1pp-8.4%below the sector's middle half▼ 9.8pp-5.7%below the sector's middle half▲ 2.7pp8.6%within the sector's middle half▲ 14.3pp4.6%within the sector's middle half▼ 4.0pp0.2%below the sector's middle half▼ 4.4pp-0.8%below the sector's middle half▼ 1.0pp
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 a loss of €1,129, after a profit of €1,521 in 2024.
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
2025 in colour, 2024 as the grey bar beneath
Assets €164,137
Fixed assets
€55,158 ▼ 23.4%
Current assets
€108,980 ▲ 2.7%
Equity and liabilities €164,137
Equity
€139,546 ▼ 1.0%
Debt
€24,592 ▼ 33.9%
Debt's share of the balance-sheet total falls from 20.9% to 15.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€15,694▲
2024 · €12,248
Cash flow
€15,461▲
2024 · €11,075
Quick ratio
6.67▼
2024 · 13.11
Debt to equity
0.18▼
2024 · 0.26
ROE
-1.0%▼
2024 · 0.2%
Interest coverage
17.27▲
2024 · 8.06
Debt ≤ 1 year
€11,175▲
2024 · €5,500
Debt > 1 year
€13,417▼
2024 · €30,774
Income taxes
€0▼
2024 · €82
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €9,452 | €869 | - | €66,584 | - |
| Depreciation and write-downs of the year | €8,516 | €5,495 | €5,495 | €10,727 | €16,823 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,972 | €13,480 | €12,400 | €8,516 | €5,495 | €5,495 | €10,727 | €16,823 | ▲ 56.8% |
| Other operating charges640/8 | - | - | - | €2,653 | €5,467 | €1,969 | €4,001 | €1,163 | ▼ 70.9% |
| Gross operating margin9900 | €14,524 | €18,490 | €2,016 | €1,864 | €21,344 | €16,038 | €16,249 | €16,857 | ▲ 3.7% |
| Operating profit (loss)9901 | €3,585 | €3,807 | -€17,373 | -€9,305 | €10,382 | €8,574 | €1,521 | -€1,129 | - |
| Financial income75/76B | - | - | - | €791 | €4,137 | €997 | €429 | €676 | ▲ 57.6% |
| Recurring financial income75 | €1,954 | €1,875 | €1,593 | €791 | €4,137 | €997 | €429 | €676 | ▲ 57.6% |
| Financial charges65/66B | - | - | - | €37 | €117 | €1,160 | €1,520 | €909 | ▼ 40.2% |
| Recurring financial charges65 | €1,964 | €2,126 | €1 | €37 | €117 | €1,160 | €1,520 | €909 | ▼ 40.2% |
| Profit (loss) for the period before taxes9903 | €3,575 | €3,557 | -€15,782 | -€8,550 | €14,401 | €8,411 | €430 | -€1,362 | - |
| Income taxes67/77 | €373 | €584 | €354 | €371 | €392 | €411 | €82 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €3,202 | €2,973 | -€16,135 | -€8,921 | €14,009 | €8,000 | €348 | -€1,362 | - |
| Profit (loss) for the period to be appropriated9905 | €3,202 | €2,973 | -€16,135 | -€8,921 | €14,009 | €8,000 | €348 | -€1,362 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €216,000 | €211,398 | €193,233 | €156,535 | €162,732 | €173,669 | €178,090 | €164,137 | ▼ 7.8% |
| Fixed assets21/28 | €34,022 | €37,709 | €25,309 | €26,245 | €21,618 | €16,123 | €71,981 | €55,158 | ▼ 23.4% |
| Tangible fixed assets22/27 | €34,022 | €37,709 | €25,309 | €26,245 | €21,618 | €16,123 | €71,981 | €55,158 | ▼ 23.4% |
| Plant, machinery and equipment23 | - | - | - | €14,237 | €10,894 | €7,551 | €6,397 | €4,843 | ▼ 24.3% |
| Furniture and vehicles24 | - | - | - | €1,313 | €1,366 | €551 | €13,587 | €10,112 | ▼ 25.6% |
| Leasing and similar rights25 | - | - | - | - | - | - | €45,312 | €34,856 | ▼ 23.1% |
| Other tangible fixed assets26 | - | - | - | €10,696 | €9,359 | €8,022 | €6,685 | €5,348 | ▼ 20.0% |
| Current assets29/58 | €181,977 | €173,688 | €167,924 | €130,290 | €141,114 | €157,546 | €106,109 | €108,980 | ▲ 2.7% |
| Stocks and contracts in progress3 | €23,758 | €22,150 | €37,600 | €42,000 | €60,000 | €40,000 | €34,000 | €34,500 | ▲ 1.5% |
| Stocks30/36 | - | - | - | €42,000 | €60,000 | €40,000 | €34,000 | €34,500 | ▲ 1.5% |
| Amounts receivable within one year40/41 | €52,937 | €78,703 | €97,724 | €68,022 | €29,429 | €47,952 | €62,556 | €58,009 | ▼ 7.3% |
| Trade receivables40 | - | - | - | €68,022 | €25,486 | €44,748 | €54,551 | €44,299 | ▼ 18.8% |
| Other amounts receivable41 | - | - | - | €0 | €3,943 | €3,205 | €8,006 | €13,710 | ▲ 71.3% |
| Cash at bank and in hand54/58 | €104,708 | €72,179 | €32,151 | €19,611 | €50,668 | €67,006 | €5,903 | €15,543 | ▲ 163% |
| Deferred charges and accrued income490/1 | - | - | - | €657 | €1,017 | €2,587 | €3,650 | €928 | ▼ 74.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €216,000 | €211,398 | €193,233 | €156,535 | €162,732 | €173,669 | €178,090 | €164,137 | ▼ 7.8% |
| Equity10/15 | €142,278 | €144,439 | €128,304 | €119,383 | €133,392 | €140,559 | €140,907 | €139,546 | ▼ 1.0% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €80,278 | €82,439 | €82,439 | €82,439 | €82,439 | €82,439 | €82,439 | €82,439 | = |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Distributable reserves133 | - | - | - | €76,239 | €76,239 | €76,239 | €76,239 | €76,239 | = |
| Profit (loss) carried forward14 | - | - | -€16,135 | -€25,056 | -€11,047 | -€3,880 | -€3,532 | -€4,893 | ▼ 38.6% |
| Amounts payable17/49 | €73,722 | €66,959 | €64,930 | €37,152 | €29,340 | €33,110 | €37,182 | €24,592 | ▼ 33.9% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €30,774 | €13,417 | ▼ 56.4% |
| Financial debts170/4 | - | - | - | - | - | - | €30,774 | €13,417 | ▼ 56.4% |
| Amounts payable within one year42/48 | €72,394 | €65,489 | €64,930 | €37,152 | €29,340 | €31,989 | €5,500 | €11,175 | ▲ 103% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €9,593 | - |
| Trade debts44 | €1,795 | €5,814 | €476 | €726 | €1,193 | €5,668 | €2,877 | €0 | ▼ 100% |
| Suppliers440/4 | - | - | - | €726 | €1,193 | €5,668 | €2,877 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €1,828 | €392 | €2,300 | €1,918 | €1,582 | ▼ 17.5% |
| Taxes450/3 | - | - | - | €1,828 | €392 | €2,300 | €1,918 | €1,582 | ▼ 17.5% |
| Other amounts payable47/48 | - | - | - | €34,597 | €27,755 | €24,021 | €706 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €1,121 | €908 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,202 | €2,973 | -€16,135 | -€8,921 | €14,009 | €8,000 | €348 | -€1,362 | - |
| + Depreciation and write-downs630 | €9,972 | €13,480 | €12,400 | €8,516 | €5,495 | €5,495 | €10,727 | €16,823 | ▲ 56.8% |
| Operating cash flow (approximation) | €13,174 | €16,453 | -€3,735 | -€404 | €19,505 | €13,495 | €11,075 | €15,461 | ▲ 39.6% |
| Investment in fixed assets (approximation) | - | -€17,167 | €0 | -€9,452 | -€869 | €0 | -€66,584 | €0 | - |
| Change in cash | - | -€32,529 | -€40,028 | -€12,540 | €31,057 | €16,339 | -€61,103 | €9,640 | - |
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, 12,322 companies had the same profile as ALLERT has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ALLERT itself: 0.2% 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 12,322 companies, not a prediction for ALLERT. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-07-2026 | 2026-00327470 | |
| 31-12-2024 | micro format | 28-05-2025 | 2025-00109025 | |
| 31-12-2023 | micro format | 15-07-2024 | 2024-00244564 | |
| 31-12-2022 | micro format | 01-06-2023 | 2023-00101527 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20093388 | |
| 31-12-2020 | micro format | 19-07-2021 | 2021-37000424 | |
| 31-12-2019 | micro format | 29-06-2020 | 2020-22100323 | |
| 31-12-2018 | micro format | 20-03-2019 | 2019-07400193 | |
| 31-12-2017 | micro format | 07-06-2018 | 2018-16400555 | |
| 31-12-2016 | abbreviated format | 23-03-2017 | 2017-07100351 |