ALOHA
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 19-06-2026 at the NBB all 30 filings
Turnover
€493,755▼ 50.5%
2019 · €996,630
EBIT margin
-61.7%▼ 40.5pp
2019 · -21.2%
Net result
-€384,572▼ 14.7%
2024 · -€335,384
Working capital
-€356,734▲ 13.4%
2024 · -€411,888
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€375,582
▼ 14.0%
2025
20182025
Net result
-€384,572
▼ 14.7%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€483,729
▲ 43.0%
2025
middle half of the sector
20182025
Total assets
€942,171
▲ 1.4%
2025
middle half of the sector
20182025
Debt
€458,442
▼ 20.2%
2025
20182025
Working capital
-€356,734
▲ 13.4%
2025
lowest quarter of the sector
20182025
Solvency
51.3%
▲ 14.9pp
2025
middle half of the sector
20182025
Current ratio
0.22
▼ 0.06
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-40.8%
▼ 4.7pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
4.8
▲ 6.7%
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
Turnover€0.9m-€1.0m▲ 7.5%€0.5m▼ 50.5%
Operating result-€0.2m--€0.2m▲ 5.4%-€0.3m▼ 43.9%-€0.3m▲ 1.2%-€0.4m▼ 40.9%-€0.3m▲ 34.6%-€0.3m▼ 18.8%-€0.4m▼ 14.0%
Net result-€0.2m--€0.2m▲ 5.0%-€0.3mbelow the sector's middle half▼ 39.8%-€0.3mbelow the sector's middle half▼ 3.3%-€0.4mbelow the sector's middle half▼ 35.0%-€0.3mbelow the sector's middle half▲ 32.4%-€0.3mbelow the sector's middle half▼ 18.7%-€0.4mbelow the sector's middle half▼ 14.7%
EBIT margin-24.1%--21.2%▲ 2.9pp-61.7%▼ 40.5pp
Equity€1.0m-€0.7m▼ 22.3%€0.4mwithin the sector's middle half▼ 40.2%€0.1mwithin the sector's middle half▼ 69.4%-€0.2mbelow the sector's middle half€0.1mwithin the sector's middle half€0.3mwithin the sector's middle half▲ 149%€0.5mwithin the sector's middle half▲ 43.0%
Total assets€1.2m-€0.9m▼ 27.6%€0.5mwithin the sector's middle half▼ 44.1%€0.4mwithin the sector's middle half▼ 12.5%€0.4mbelow the sector's middle half▼ 16.6%€0.5mwithin the sector's middle half▲ 48.3%€0.9mwithin the sector's middle half▲ 72.9%€0.9mwithin the sector's middle half▲ 1.4%
Debt€0.3m-€0.1m▼ 46.7%€0.05m▼ 64.6%€0.3m▲ 493%€0.5m▲ 82.5%€0.4m▼ 26.2%€0.6m▲ 43.1%€0.5m▼ 20.2%
Working capital€0.8m-€0.6m▼ 26.1%€0.3mwithin the sector's middle half▼ 52.4%-€0.1mbelow the sector's middle half-€0.4mbelow the sector's middle half▼ 234%-€0.07mbelow the sector's middle half▲ 82.1%-€0.4mbelow the sector's middle half▼ 463%-€0.4mbelow the sector's middle half▲ 13.4%
Solvency78.3%-84.0%▲ 5.7pp89.9%above the sector's middle half▲ 5.9pp31.4%within the sector's middle half▼ 58.5pp-50.1%below the sector's middle half▼ 81.5pp25.3%below the sector's middle half▲ 75.4pp36.4%within the sector's middle half▲ 11.1pp51.3%within the sector's middle half▲ 14.9pp
Current ratio4.00-5.26▲ 1.268.64above the sector's middle half▲ 3.370.59below the sector's middle half▼ 8.050.24below the sector's middle half▼ 0.340.82below the sector's middle half▲ 0.580.28below the sector's middle half▼ 0.530.22below the sector's middle half▼ 0.06
Return on assets (ROA)-18.4%--24.2%▼ 5.7pp-60.4%below the sector's middle half▼ 36.3pp-71.3%below the sector's middle half▼ 10.9pp-115.4%below the sector's middle half▼ 44.1pp-52.6%below the sector's middle half▲ 62.8pp-36.1%below the sector's middle half▲ 16.5pp-40.8%below the sector's middle half▼ 4.7pp
Staff (FTE)6.6-7.4▲ 12.1%6.9within the sector's middle half▼ 6.8%6.9above the sector's middle half=7.6within the sector's middle half▲ 10.1%7.6above the sector's middle half=4.5within the sector's middle half▼ 40.8%4.8within the sector's middle half▲ 6.7%
above
within
below
The sector band is the middle half of the companies in Gambling and betting activities (NACE 92). 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 €375,582, larger than the loss of €329,336 in 2024.
Large changes and their cause
- 2024 Equity +149% on 2023. Partial demerger to ALOHA GAMES, Official Gazette 04-07-2024. Capital increase of €600,000 (Official Gazette 27-03-2024).
- 2024 Total assets +73% on 2023. Capital increase of €600,000 (Official Gazette 27-03-2024).
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €942,171
Fixed assets
€840,463 ▲ 9.7%
Current assets
€101,708 ▼ 37.4%
Equity and liabilities €942,171
Equity
€483,729 ▲ 43.0%
Provisions
€0 ▼ 100%
Debt
€458,442 ▼ 20.2%
Debt's share of the balance-sheet total falls from 61.8% to 48.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
-€247,137▲
2024 · -€285,158
Cash flow
-€256,127▲
2024 · -€291,207
Debt to equity
0.95▼
2024 · 1.70
ROE
-79.5%▲
2024 · -99.1%
Interest coverage
-20.82▲
2024 · -41.61
Debt ≤ 1 year
€458,442▼
2024 · €574,345
Staff costs
€242,645▼
2024 · €289,696
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 7 | 8 | 6 | 5 | 5 |
| full-time | 7 | 8 | 6 | 5 | 5 |
| in full-time equivalents | 7 | 8 | 6 | 5 | 5 |
| Average over the year, in full-time equivalents | 6.9 | 7.6 | 7.6 | 4.5 | 4.8 |
| On a permanent contract | 7 | 8 | 6 | 5 | 4 |
| Joined | 2 | 5 | 0 | 2 | 1 |
| Left | 2 | 4 | 2 | 3 | 1 |
| Training hours | - | 91 | 15 | 37 | 29 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €92,359 | - | €5,798 | €717,255 | €202,620 |
| Depreciation and write-downs of the year | €25,809 | €28,943 | €28,671 | €44,178 | €128,445 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €13,639 awarded · €13,639 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | €0.9m | - | - | - | - | - | - | - | - |
| Turnover70 | €0.9m | €1.0m | €0.5m | - | - | - | - | - | - |
| Other operating income74 | €0.002m | - | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | €0.09m | €0.1m | €0.1m | €0.07m | ▼ 32.6% |
| Operating charges60/66A | €1.2m | - | - | - | - | - | - | - | - |
| Goods for resale, raw materials and consumables60 | €0.02m | - | - | - | - | - | - | - | - |
| Services and other goods61 | €0.5m | - | - | - | - | - | - | - | - |
| Remuneration, social security and pensions62 | €0.3m | - | - | €0.2m | €0.4m | €0.4m | €0.3m | €0.2m | ▼ 16.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.02m | €0.02m | €0.03m | €0.03m | €0.03m | €0.04m | €0.1m | ▲ 191% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | €0.02m | -€0.02m | - |
| Other operating charges640/8 | €0.3m | - | - | €0.2m | €0.4m | €0.5m | €0.3m | €0.2m | ▼ 15.2% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €0.04m | - | - |
| Gross operating margin9900 | - | - | - | €0.1m | €0.4m | €0.6m | €0.3m | €0.2m | ▼ 36.0% |
| Operating profit (loss)9901 | -€0.2m | -€0.2m | -€0.3m | -€0.3m | -€0.4m | -€0.3m | -€0.3m | -€0.4m | ▼ 14.0% |
| Financial income75/76B | - | - | - | €0.001m | €11 | €0.001m | €0.001m | €0.003m | ▲ 258% |
| Recurring financial income75 | €33 | €39 | €0.005m | €0.001m | €11 | €0.001m | €0.001m | €0.003m | ▲ 258% |
| Other financial income752/9 | €33 | - | - | - | - | - | - | - | - |
| Financial charges65/66B | €0.002m | - | - | €0.001m | €0.002m | €0.006m | €0.007m | €0.01m | ▲ 73.3% |
| Recurring financial charges65 | €0.002m | €0.003m | €398 | €0.001m | €0.002m | €0.006m | €0.007m | €0.01m | ▲ 73.3% |
| Debt charges650 | €0.001m | €20 | €88 | - | - | - | - | - | - |
| Other financial charges652/9 | €0.001m | - | - | - | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€0.2m | -€0.2m | -€0.3m | -€0.3m | -€0.4m | -€0.3m | -€0.3m | -€0.4m | ▼ 14.7% |
| Income taxes67/77 | - | - | - | €0.009m | -€0.009m | - | - | - | - |
| Profit (loss) for the period9904 | -€0.2m | -€0.2m | -€0.3m | -€0.3m | -€0.4m | -€0.3m | -€0.3m | -€0.4m | ▼ 14.7% |
| Profit (loss) for the period to be appropriated9905 | -€0.2m | -€0.2m | -€0.3m | -€0.3m | -€0.4m | -€0.3m | -€0.3m | -€0.4m | ▼ 14.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.2m | €0.9m | €0.5m | €0.4m | €0.4m | €0.5m | €0.9m | €0.9m | ▲ 1.4% |
| Fixed assets21/28 | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | €0.8m | €0.8m | ▲ 9.7% |
| Tangible fixed assets22/27 | €0.07m | €0.05m | €0.04m | €0.1m | €0.08m | €0.06m | €0.7m | €0.8m | ▲ 10.7% |
| Plant, machinery and equipment23 | €0.04m | - | - | €0.04m | €0.03m | €0.02m | €0.2m | €0.2m | ▼ 6.6% |
| Furniture and vehicles24 | - | - | - | - | - | - | €0.01m | €0.03m | ▲ 153% |
| Other tangible fixed assets26 | €0.03m | - | - | €0.07m | €0.05m | €0.04m | €0.4m | €0.5m | ▲ 16.2% |
| Financial fixed assets28 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.08m | €0.08m | = |
| Other financial fixed assets284/8 | €0.2m | - | - | - | - | - | - | - | - |
| Amounts receivable and cash guarantees285/8 | €0.2m | - | - | - | - | - | - | - | - |
| Current assets29/58 | €1.0m | €0.7m | €0.3m | €0.2m | €0.1m | €0.3m | €0.2m | €0.1m | ▼ 37.4% |
| Amounts receivable within one year40/41 | €0.9m | €0.5m | €0.3m | €0.08m | €0.003m | €0.2m | €0.1m | €0.07m | ▼ 38.4% |
| Trade receivables40 | - | - | - | €199 | €0.003m | €0.002m | €0.05m | €0.002m | ▼ 97.2% |
| Other amounts receivable41 | €0.9m | - | - | €0.08m | €475 | €0.2m | €0.06m | €0.07m | ▲ 10.2% |
| Cash at bank and in hand54/58 | €0.1m | €0.1m | €0.02m | €0.1m | €0.1m | €0.1m | €0.04m | €0.03m | ▼ 23.4% |
| Deferred charges and accrued income490/1 | €475 | - | - | - | €0.005m | €0.005m | €0.007m | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.2m | €0.9m | €0.5m | €0.4m | €0.4m | €0.5m | €0.9m | €0.9m | ▲ 1.4% |
| Equity10/15 | €1.0m | €0.7m | €0.4m | €0.1m | -€0.2m | €0.1m | €0.3m | €0.5m | ▲ 43.0% |
| Contributions10/11 | €0.9m | €0.9m | €0.9m | €0.9m | €1.0m | €1.6m | €0.8m | €1.3m | ▲ 64.8% |
| Capital10 | €0.9m | - | - | €0.9m | €1.0m | €1.6m | €0.8m | €1.3m | ▲ 64.8% |
| Issued capital100 | €0.9m | - | - | €0.9m | €1.0m | €1.6m | €0.8m | €1.3m | ▲ 64.8% |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.01m | €0.01m | = |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.001m | €0.001m | = |
| Legal reserve130 | €0.006m | - | - | €0.006m | €0.006m | €0.006m | €0.001m | €0.001m | = |
| Distributable reserves133 | €0.1m | - | - | €0.1m | €0.1m | €0.1m | €0.01m | €0.01m | = |
| Profit (loss) carried forward14 | -€0.02m | -€0.2m | -€0.5m | -€0.8m | -€1.3m | -€1.5m | -€0.5m | -€0.9m | ▼ 78.3% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €0.02m | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | €0.02m | - | - |
| Other liabilities and charges164/5 | - | - | - | - | - | - | €0.02m | - | - |
| Amounts payable17/49 | €0.3m | €0.1m | €0.05m | €0.3m | €0.5m | €0.4m | €0.6m | €0.5m | ▼ 20.2% |
| Amounts payable within one year42/48 | €0.3m | €0.1m | €0.03m | €0.3m | €0.5m | €0.4m | €0.6m | €0.5m | ▼ 20.2% |
| Trade debts44 | €0.2m | €0.08m | €0.01m | €0.2m | €0.05m | €0.3m | €0.2m | €0.05m | ▼ 79.0% |
| Suppliers440/4 | €0.2m | - | - | €0.2m | €0.05m | €0.3m | €0.2m | €0.05m | ▼ 79.0% |
| Taxes, remuneration and social security45 | €0.03m | - | - | €0.06m | €0.06m | €0.06m | €0.05m | €0.04m | ▼ 19.5% |
| Taxes450/3 | €0.02m | - | - | €0.01m | €0.005m | €0.004m | €0.02m | €0.003m | ▼ 82.3% |
| Remuneration and social security454/9 | €0.01m | - | - | €0.05m | €0.06m | €0.06m | €0.03m | €0.03m | ▲ 20.6% |
| Other amounts payable47/48 | €0.003m | - | - | €0.01m | €0.4m | €0.008m | €0.3m | €0.4m | ▲ 22.5% |
| Accrued charges and deferred income492/3 | €0.01m | - | - | €0.003m | €0.005m | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€225,764 | -€214,394 | -€299,721 | -€309,549 | -€417,768 | -€282,585 | -€335,384 | -€384,572 | ▼ 14.7% |
| + Depreciation and write-downs630 | €22,924 | €22,525 | €24,764 | €25,809 | €28,943 | €28,671 | €44,178 | €128,445 | ▲ 191% |
| Operating cash flow (approximation) | -€202,840 | -€191,870 | -€274,957 | -€283,740 | -€388,825 | -€253,914 | -€291,207 | -€256,127 | ▲ 12.0% |
| Investment in fixed assets (approximation) | - | -€3,359 | -€23,089 | -€92,359 | €0 | -€5,798 | -€601,413 | -€202,620 | ▲ 66.3% |
| Change in cash | - | €17,465 | -€125,073 | €73,680 | €25,352 | -€19,164 | -€63,170 | -€9,210 | ▲ 85.4% |
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, 5,831 companies had the same profile as ALOHA has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ALOHA itself: 0.7% 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 5,831 companies, not a prediction for ALOHA. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 19-06-2026 | 2026-00177585 | |
| 31-12-2024 | abbreviated format | 01-07-2025 | 2025-00224459 | |
| 31-12-2023 | abbreviated format | 24-05-2024 | 2024-00096912 | |
| 31-12-2022 | full format | 04-04-2024 | 2024-00059380 | |
| 31-12-2022 | abbreviated format | 12-07-2023 | 2023-00237850 | |
| 31-12-2021 | abbreviated format | 24-06-2022 | 2022-20113283 | |
| 31-12-2020 | full format | 18-06-2021 | 2021-21700171 | |
| 31-12-2019 | full format | 15-06-2020 | 2020-18200374 | |
| 31-12-2018 | full format | 28-06-2019 | 2019-28100302 | |
| 31-12-2017 | full format | 14-06-2018 | 2018-19100216 |