ALMEGA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 14 filings
Turnover
≈ €130,000
Estimated: probably between €95,000 and €160,000
Total assets
€286,442▲ 133%
2024 · €122,949
Net result
€45,263▲ 29.5%
2024 · €34,960
Working capital
€79,573▼ 4.9%
2024 · €83,645
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€60,679
▲ 26.6%
2025
20182025
Net result
€45,263
▲ 29.5%
2025
middle half of the sector
20182025
Equity
€80,051
▼ 5.5%
2025
middle half of the sector
20182025
Total assets
€286,442
▲ 133%
2025
middle half of the sector
20182025
Debt
€206,392
▲ 439%
2025
20182025
Working capital
€79,573
▼ 4.9%
2025
middle half of the sector
20182025
Solvency
27.9%
▼ 40.9pp
2025
middle half of the sector
20182025
Current ratio
1.39
▼ 1.80
2025
middle half of the sector
20182025
Return on assets (ROA)
15.8%
▼ 12.6pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€39,009-€33,243▼ 14.8%€57,395▲ 72.7%€31,423▼ 45.3%€51,523▲ 64.0%€42,604▼ 17.3%€47,933▲ 12.5%€60,679▲ 26.6%
Net result€27,120-€22,854▼ 15.7%€44,346within the sector's middle half▲ 94.0%€21,663within the sector's middle half▼ 51.2%€40,048within the sector's middle half▲ 84.9%€29,676within the sector's middle half▼ 25.9%€34,960within the sector's middle half▲ 17.8%€45,263within the sector's middle half▲ 29.5%
Equity€62,954-€85,808▲ 36.3%€87,297within the sector's middle half▲ 1.7%€108,960within the sector's middle half▲ 24.8%€83,008within the sector's middle half▼ 23.8%€85,564within the sector's middle half▲ 3.1%€84,671within the sector's middle half▼ 1.0%€80,051within the sector's middle half▼ 5.5%
Total assets€78,715-€99,601▲ 26.5%€136,378within the sector's middle half▲ 36.9%€114,597within the sector's middle half▼ 16.0%€155,074within the sector's middle half▲ 35.3%€115,230within the sector's middle half▼ 25.7%€122,949within the sector's middle half▲ 6.7%€286,442within the sector's middle half▲ 133%
Debt€15,761-€13,793▼ 12.5%€49,081▲ 256%€5,638▼ 88.5%€72,067▲ 13×€29,666▼ 58.8%€38,278▲ 29.0%€206,392▲ 439%
Working capital€58,716-€82,599▲ 40.7%€86,404within the sector's middle half▲ 4.6%€108,227within the sector's middle half▲ 25.3%€81,612within the sector's middle half▼ 24.6%€84,370within the sector's middle half▲ 3.4%€83,645within the sector's middle half▼ 0.9%€79,573within the sector's middle half▼ 4.9%
Solvency80.0%-86.2%▲ 6.2pp64.0%within the sector's middle half▼ 22.1pp95.1%above the sector's middle half▲ 31.1pp53.5%within the sector's middle half▼ 41.6pp74.3%within the sector's middle half▲ 20.7pp68.9%within the sector's middle half▼ 5.4pp27.9%within the sector's middle half▼ 40.9pp
Current ratio9.29-8.81▼ 0.482.76within the sector's middle half▼ 6.0520.20above the sector's middle half▲ 17.442.13within the sector's middle half▼ 18.063.85within the sector's middle half▲ 1.723.19within the sector's middle half▼ 0.671.39within the sector's middle half▼ 1.80
Return on assets (ROA)34.5%-22.9%▼ 11.5pp32.5%above the sector's middle half▲ 9.6pp18.9%within the sector's middle half▼ 13.6pp25.8%within the sector's middle half▲ 6.9pp25.8%within the sector's middle half▼ 0.1pp28.4%within the sector's middle half▲ 2.7pp15.8%within the sector's middle half▼ 12.6pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 27% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The 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 €286,442
Fixed assets
€478 ▼ 53.4%
Current assets
€285,965 ▲ 135%
Equity and liabilities €286,442
Equity
€80,051 ▼ 5.5%
Debt
€206,392 ▲ 439%
Debt's share of the balance-sheet total rises from 31.1% to 72.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€61,227▲
2024 · €48,575
Cash flow
€45,811▲
2024 · €35,602
Debt to equity
2.58▲
2024 · 0.45
ROE
56.5%▲
2024 · 41.3%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€206,392▲
2024 · €38,278
Income taxes
€15,583▲
2024 · €13,002
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 | €256 | €1,229 | €547 | €402 | - |
| Depreciation and write-downs of the year | €416 | €548 | €696 | €642 | €548 |
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 | €8,614 | €6,489 | €6,548 | €416 | €548 | €696 | €642 | €548 | ▼ 14.5% |
| Other operating charges640/8 | - | - | - | €642 | €659 | €714 | €749 | €773 | ▲ 3.1% |
| Non-recurring operating charges66A | - | - | - | €79 | - | €2,998 | - | - | - |
| Gross operating margin9900 | €48,205 | €40,359 | €64,664 | €32,559 | €52,730 | €47,012 | €49,324 | €62,000 | ▲ 25.7% |
| Operating profit (loss)9901 | €39,009 | €33,243 | €57,395 | €31,423 | €51,523 | €42,604 | €47,933 | €60,679 | ▲ 26.6% |
| Financial income75/76B | - | - | - | €148 | €97 | €324 | €205 | €352 | ▲ 72.1% |
| Recurring financial income75 | €124 | €86 | €16 | €148 | €97 | €324 | €205 | €352 | ▲ 72.1% |
| Financial charges65/66B | - | - | - | €722 | €507 | €239 | €176 | €185 | ▲ 5.5% |
| Recurring financial charges65 | €471 | €586 | €532 | €722 | €507 | €239 | €176 | €185 | ▲ 5.5% |
| Profit (loss) for the period before taxes9903 | €38,663 | €32,743 | €56,879 | €30,849 | €51,112 | €42,690 | €47,962 | €60,846 | ▲ 26.9% |
| Income taxes67/77 | €11,542 | €9,889 | €12,533 | €9,186 | €11,064 | €13,013 | €13,002 | €15,583 | ▲ 19.9% |
| Profit (loss) for the period9904 | €27,120 | €22,854 | €44,346 | €21,663 | €40,048 | €29,676 | €34,960 | €45,263 | ▲ 29.5% |
| Profit (loss) for the period to be appropriated9905 | €27,120 | €22,854 | €44,346 | €21,663 | €40,048 | €29,676 | €34,960 | €45,263 | ▲ 29.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €78,715 | €99,601 | €136,378 | €114,597 | €155,074 | €115,230 | €122,949 | €286,442 | ▲ 133% |
| Fixed assets21/28 | €12,914 | €6,426 | €893 | €733 | €1,414 | €1,266 | €1,026 | €478 | ▼ 53.4% |
| Tangible fixed assets22/27 | €12,889 | €6,401 | €868 | €708 | €1,389 | €1,241 | €1,001 | €453 | ▼ 54.8% |
| Furniture and vehicles24 | - | - | - | €708 | €1,389 | €1,241 | €1,001 | €453 | ▼ 54.8% |
| Financial fixed assets28 | €25 | €25 | €25 | €25 | €25 | €25 | €25 | €25 | = |
| Current assets29/58 | €65,800 | €93,175 | €135,485 | €113,864 | €153,660 | €113,964 | €121,923 | €285,965 | ▲ 135% |
| Amounts receivable within one year40/41 | €35,738 | €39,674 | €40,902 | €34,597 | €37,313 | €55,783 | €41,881 | €192,733 | ▲ 360% |
| Trade receivables40 | - | - | - | €17,699 | €21,700 | €30,782 | €28,626 | €188,043 | ▲ 557% |
| Other amounts receivable41 | - | - | - | €16,898 | €15,614 | €25,001 | €13,254 | €4,690 | ▼ 64.6% |
| Cash at bank and in hand54/58 | €29,357 | €52,783 | €93,864 | €78,546 | €115,583 | €57,144 | €79,041 | €92,151 | ▲ 16.6% |
| Deferred charges and accrued income490/1 | - | - | - | €721 | €763 | €1,037 | €1,001 | €1,081 | ▲ 8.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €78,715 | €99,601 | €136,378 | €114,597 | €155,074 | €115,230 | €122,949 | €286,442 | ▲ 133% |
| Equity10/15 | €62,954 | €85,808 | €87,297 | €108,960 | €83,008 | €85,564 | €84,671 | €80,051 | ▼ 5.5% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €28,980 | €51,834 | €51,834 | €73,497 | €73,497 | €76,053 | €75,160 | €73,851 | ▼ 1.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €71,637 | €71,637 | €74,193 | €73,300 | €71,991 | ▼ 1.8% |
| Profit (loss) carried forward14 | €27,774 | €27,774 | €29,263 | €29,263 | €3,311 | €3,311 | €3,311 | - | - |
| Amounts payable17/49 | €15,761 | €13,793 | €49,081 | €5,638 | €72,067 | €29,666 | €38,278 | €206,392 | ▲ 439% |
| Amounts payable after more than one year17 | €8,676 | €3,217 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €7,084 | €10,576 | €49,081 | €5,638 | €72,048 | €29,595 | €38,278 | €206,392 | ▲ 439% |
| Trade debts44 | €1,696 | €1,436 | €2,123 | €1,956 | €2,367 | €2,474 | €1,869 | €152,148 | ▲ 81× |
| Suppliers440/4 | - | - | - | €1,956 | €2,367 | €2,474 | €1,869 | €152,148 | ▲ 81× |
| Taxes, remuneration and social security45 | - | - | - | €3,681 | €3,681 | - | - | €3,681 | - |
| Taxes450/3 | - | - | - | €3,681 | - | - | - | - | - |
| Remuneration and social security454/9 | - | - | - | - | €3,681 | - | - | €3,681 | - |
| Other amounts payable47/48 | - | - | - | - | €66,000 | €27,120 | €36,410 | €50,562 | ▲ 38.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | €18 | €72 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €27,120 | €22,854 | €44,346 | €21,663 | €40,048 | €29,676 | €34,960 | €45,263 | ▲ 29.5% |
| + Depreciation and write-downs630 | €8,614 | €6,489 | €6,548 | €416 | €548 | €696 | €642 | €548 | ▼ 14.5% |
| Operating cash flow (approximation) | €35,734 | €29,342 | €50,894 | €22,079 | €40,596 | €30,372 | €35,602 | €45,811 | ▲ 28.7% |
| Investment in fixed assets (approximation) | - | €0 | -€1,015 | -€256 | -€1,229 | -€547 | -€402 | €0 | - |
| Change in cash | - | €23,426 | €41,082 | -€15,318 | €37,037 | -€58,440 | €21,897 | €13,110 | ▼ 40.1% |
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, 5,053 companies had the same profile as ALMEGA has now. Two years later, 95.8% were still going and 1.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.4%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of ALMEGA itself is lower: < 0.1% within 12 months. It rests on far more data about ALMEGA than the profile alone.
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 5,053 companies, not a prediction for ALMEGA. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-07-2026 | 2026-00245547 | |
| 31-12-2024 | micro format | 24-06-2025 | 2025-00168415 | |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00165818 | |
| 31-12-2022 | micro format | 26-09-2023 | 2023-00461746 | |
| 31-12-2021 | micro format | 19-07-2022 | 2022-20200445 | |
| 31-12-2020 | micro format | 11-08-2021 | 2021-47900468 | |
| 31-12-2019 | micro format | 19-08-2020 | 2020-43400327 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-59100566 | |
| 31-12-2017 | micro format | 30-07-2018 | 2018-40900170 | |
| 31-12-2016 | micro format | 25-09-2017 | 2017-63800366 |