ALPARCOM

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Private limited companyfounded 2009active for 16 yearsChaussée de Bruxelles 135A, 1310 La Hulpe, BelgiumKBO/BCE: BE 0820.756.689

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ALPARCOMActiveChecked score 97/100

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Financials · financial year 2025, micro format

Annual accounts 2025 filed on 24-06-2026 at the NBB all 16 filings

Turnover

≈ €680,000

Estimated: probably between €330,000 and €1.3m

EBIT margin

Not included in this filing

Net result

€104,871▲ 19.1%

2024 · €88,078

Working capital

€901,546▲ 14.7%

2024 · €786,100

In the rankings #7 company by equity in La Hulpe, Wholesale and retail trade sector #10 company by total assets in La Hulpe, Wholesale and retail trade sector

Multi-year overview

2018 to 2025, 8 financial years

Operating result

€125,498

▲ 2.6% 2025

20182025

Net result

€104,871

▲ 19.1% 2025

highest quarter of the sector

20182025

Equity

€923,751

▲ 12.8% 2025

highest quarter of the sector

20182025

Total assets

€1.0m

▲ 10.9% 2025

highest quarter of the sector

20182025

Debt

€99,712

▼ 4.0% 2025

20182025

Working capital

€901,546

▲ 14.7% 2025

highest quarter of the sector

20182025

Solvency

90.3%

▲ 1.5pp 2025

highest quarter of the sector

20182025

Current ratio

10.08

▲ 1.51 2025

highest quarter of the sector

20182025

Return on assets (ROA)

10.2%

▲ 0.7pp 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€0.09m-€0.1m▲ 22.6%€0.1m▲ 5.6%€0.09m▼ 20.8%€0.1m▲ 37.3%€0.2m▲ 35.6%€0.1m▼ 28.4%€0.1m▲ 2.6%

Net result€0.06m-€0.05m▼ 16.3%€0.1m▲ 107%€0.07m▼ 30.9%€0.09m▲ 19.8%€0.1m▲ 43.0%€0.09m▼ 28.0%€0.1m▲ 19.1%

Equity€0.5m-€0.5m▲ 11.0%€0.6m▲ 20.5%€0.7m▲ 11.7%€0.7m▲ 9.7%€0.7m▼ 2.0%€0.8m▲ 12.1%€0.9m▲ 12.8%

Total assets€0.5m-€0.5m▲ 17.2%€0.6m▲ 18.4%€0.7m▲ 9.1%€0.8m▲ 11.1%€0.9m▲ 16.3%€0.9m▲ 1.4%€1.0m▲ 10.9%

Debt€0.01m-€0.04m▲ 300%€0.04m▼ 7.6%€0.02m▼ 34.3%€0.04m▲ 52.9%€0.2m▲ 383%€0.1m▼ 42.1%€0.1m▼ 4.0%

Working capital€0.4m-€0.5m▲ 13.4%€0.6m▲ 23.5%€0.7m▲ 10.1%€0.7m▲ 9.6%€0.7m▼ 7.1%€0.8m▲ 14.0%€0.9m▲ 14.7%

Solvency97.8%-92.6%▼ 5.2pp94.3%▲ 1.6pp96.5%▲ 2.3pp95.3%▼ 1.3pp80.3%▼ 15.0pp88.7%▲ 8.5pp90.3%▲ 1.5pp

Current ratio44.88-13.44▼ 31.4323.12▲ 9.6728.87▲ 5.7520.98▼ 7.894.86▼ 16.128.57▲ 3.7210.08▲ 1.51

Return on assets (ROA)12.9%-9.2%▼ 3.7pp16.0%▲ 6.8pp10.1%▼ 5.9pp10.9%▲ 0.8pp13.4%▲ 2.5pp9.5%▼ 3.9pp10.2%▲ 0.7pp

above within below The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 3% higher than in 2024. It is a recovery after the fall in 2024.

The turnover shown is an estimate from the gross margin.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €1.0m

97.8%

Fixed assets €22,645 ▼ 31.1%

Current assets €1.0m ▲ 12.5%

Equity and liabilities €1.0m

90.3%

10%

Equity €923,751 ▲ 12.8%

Debt €99,712 ▼ 4.0%

Debt's share of the balance-sheet total falls from 11.3% to 9.7%. Equity is higher and debt is lower.

Key figures and ratios

2025 value · change against 2024

EBITDA

€135,710▲

2024 · €132,308

Cash flow

€115,084▲

2024 · €98,050

Debt to equity

0.11▼

2024 · 0.13

ROE

11.4%▲

2024 · 10.8%

Interest coverage

52.08▼

2024 · 63.02

Debt ≤ 1 year

€99,272▼

2024 · €103,783

Income taxes

€49,602▲

2024 · €41,873

Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Investments

fixed assets acquired

Item	2021	2022	2023	2024	2025
Tangible fixed assets	€1,273	€2,021	€46,278	€1,286	-
Financial fixed assets	-	-	-	-	€0
Depreciation and write-downs of the year	€858	€1,407	€7,374	€9,972	€10,212

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

Annual accounts

OverviewIncome statement Balance sheet Cash flow

Last 5 years All years

Filed annual accounts As filed with the NBB · 2025 against 2024 · 46 lines

Balance sheet Code20242025

Assets

Total assets20/58€0.9m€1.0m▲

Fixed assets21/28€0.03m€0.02m▼

Tangible fixed assets22/27€0.03m€0.02m▼

Furniture and vehicles24€0.03m€0.02m▼

Financial fixed assets28€190€190=

Current assets29/58€0.9m€1.0m▲

Amounts receivable within one year40/41€0.04m€0.06m▲

Trade receivables40€0.02m€0.03m▲

Other amounts receivable41€0.02m€0.03m▲

Current investments50/53€0.7m€0.9m▲

Cash at bank and in hand54/58€0.1m€0.08m▼

Deferred charges and accrued income490/1€0.001m€0.001m▲

Equity and liabilities

Total equity and liabilities10/49€0.9m€1.0m▲

Equity10/15€0.8m€0.9m▲

Contributions10/11€0.006m€0.006m=

Reserves13€0.5m€0.6m▲

Distributable reserves133€0.5m€0.6m▲

Profit (loss) carried forward14€0.3m€0.3m=

Amounts payable17/49€0.1m€0.1m▼

Amounts payable within one year42/48€0.1m€0.1m▼

Trade debts44€0.002m€69▼

Suppliers440/4€0.002m€69▼

Taxes, remuneration and social security45€382€157▼

Taxes450/3€382€157▼

Other amounts payable47/48€0.1m€0.1m▼

Accrued charges and deferred income492/3€77€440▲

Income statement Code20242025

Non-recurring operating income76A-€0.001m

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.01m€0.01m▲

Other operating charges640/8€468€0.001m▲

Gross operating margin9900€0.1m€0.1m▲

Operating profit (loss)9901€0.1m€0.1m▲

Financial income75/76B€0.01m€0.03m▲

Recurring financial income75€0.01m€0.03m▲

Financial charges65/66B€0.002m€0.003m▲

Recurring financial charges65€0.002m€0.003m▲

Profit (loss) for the period before taxes9903€0.1m€0.2m▲

Income taxes67/77€0.04m€0.05m▲

Profit (loss) for the period9904€0.09m€0.1m▲

Profit (loss) for the period to be appropriated9905€0.09m€0.1m▲

Appropriation of the result

Profit (loss) to be appropriated9906€0.4m€0.4m▲

Profit (loss) brought forward from the previous period14P€0.3m€0.3m=

Transfer from equity791/2€0-

Transfer to equity691/2€0.09m€0.1m▲

To other reserves6921€0.09m€0.1m▲

Profit to be distributed694/7€0-

Return on contributions (dividend)694€0-

The notes to these accounts have 14 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 24-06-2026.

Line	2018	2019	2020	2021	2022	2023	2024	2025	Change
Non-recurring operating income76A	-	-	-	-	-	-	-	€1,480	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630	€8,974	€8,903	€7,091	€858	€1,407	€7,374	€9,972	€10,212	▲ 2.4%
Other operating charges640/8	-	-	-	€641	€650	€3,175	€468	€1,347	▲ 188%
Gross operating margin9900	€99,155	€119,276	€125,186	€93,245	€128,048	€181,331	€132,776	€137,057	▲ 3.2%
Operating profit (loss)9901	€89,482	€109,747	€115,879	€91,747	€125,991	€170,782	€122,337	€125,498	▲ 2.6%
Financial income75/76B	-	-	-	€7,820	€3,941	€11,548	€9,714	€31,582	▲ 225%
Recurring financial income75	€100	€132	€3,382	€7,820	€3,941	€11,548	€9,714	€31,582	▲ 225%
Financial charges65/66B	-	-	-	€593	€3,519	€4,031	€2,099	€2,606	▲ 24.1%
Recurring financial charges65	€277	-€1,317	€1,607	€593	€3,519	€4,031	€2,099	€2,606	▲ 24.1%
Profit (loss) for the period before taxes9903	€89,305	€111,196	€117,654	€98,974	€126,413	€178,299	€129,951	€154,474	▲ 18.9%
Income taxes67/77	€29,526	€61,158	€14,205	€27,530	€40,801	€55,899	€41,873	€49,602	▲ 18.5%
Profit (loss) for the period9904	€59,779	€50,038	€103,449	€71,444	€85,612	€122,400	€88,078	€104,871	▲ 19.1%
Profit (loss) for the period to be appropriated9905	€59,779	€50,038	€103,449	€71,444	€85,612	€122,400	€88,078	€104,871	▲ 19.1%

Line	2018	2019	2020	2021	2022	2023	2024	2025	Change
Assets
Total assets20/58	€0.5m	€0.5m	€0.6m	€0.7m	€0.8m	€0.9m	€0.9m	€1.0m	▲ 10.9%
Fixed assets21/28	€0.02m	€0.006m	€0.002m	€0.002m	€0.003m	€0.04m	€0.03m	€0.02m	▼ 31.1%
Tangible fixed assets22/27	€0.02m	€0.006m	€0.002m	€0.002m	€0.003m	€0.04m	€0.03m	€0.02m	▼ 31.3%
Furniture and vehicles24	-	-	-	€0.002m	€0.003m	€0.04m	€0.03m	€0.02m	▼ 31.3%
Financial fixed assets28	-	-	€190	€190	€190	€190	€190	€190	=
Current assets29/58	€0.4m	€0.5m	€0.6m	€0.7m	€0.8m	€0.9m	€0.9m	€1.0m	▲ 12.5%
Amounts receivable within one year40/41	€0.1m	€0.05m	€0.1m	€0.08m	€0.06m	€0.06m	€0.04m	€0.06m	▲ 35.1%
Trade receivables40	-	-	-	€0.05m	€0.05m	€0.06m	€0.02m	€0.03m	▲ 35.3%
Other amounts receivable41	-	-	-	€0.04m	€0.007m	€0.004m	€0.02m	€0.03m	▲ 35.0%
Current investments50/53	-	-	-	-	-	€0.6m	€0.7m	€0.9m	▲ 20.4%
Cash at bank and in hand54/58	€0.3m	€0.5m	€0.5m	€0.6m	€0.7m	€0.2m	€0.1m	€0.08m	▼ 37.0%
Deferred charges and accrued income490/1	-	-	-	€0.001m	€0.001m	€0.002m	€0.001m	€0.001m	▲ 4.9%
Equity and liabilities
Total equity and liabilities10/49	€0.5m	€0.5m	€0.6m	€0.7m	€0.8m	€0.9m	€0.9m	€1.0m	▲ 10.9%
Equity10/15	€0.5m	€0.5m	€0.6m	€0.7m	€0.7m	€0.7m	€0.8m	€0.9m	▲ 12.8%
Contributions10/11	€0.006m	€0.006m	-	€0.006m	€0.006m	€0.006m	€0.006m	€0.006m	=
Reserves13	€0.2m	€0.3m	€0.3m	€0.4m	€0.4m	€0.4m	€0.5m	€0.6m	▲ 20.2%
Non-distributable reserves130/1	-	-	-	€0.002m	€0.002m	-	-	-	-
Reserves not available under the articles1311	-	-	-	€0.002m	€0.002m	-	-	-	-
Distributable reserves133	-	-	-	€0.4m	€0.4m	€0.4m	€0.5m	€0.6m	▲ 20.2%
Profit (loss) carried forward14	€0.3m	€0.2m	€0.3m	€0.3m	€0.3m	€0.3m	€0.3m	€0.3m	=
Amounts payable17/49	€0.01m	€0.04m	€0.04m	€0.02m	€0.04m	€0.2m	€0.1m	€0.1m	▼ 4.0%
Amounts payable within one year42/48	€0.01m	€0.04m	€0.03m	€0.02m	€0.04m	€0.2m	€0.1m	€0.1m	▼ 4.3%
Trade debts44	€0.01m	€0.01m	€0.03m	€0.02m	€0.02m	€0.07m	€0.002m	€69	▼ 96.1%
Suppliers440/4	-	-	-	€0.02m	€0.02m	€0.07m	€0.002m	€69	▼ 96.1%
Taxes, remuneration and social security45	-	-	-	€0	€101	€0.001m	€382	€157	▼ 58.9%
Taxes450/3	-	-	-	€0	€101	€0.001m	€382	€157	▼ 58.9%
Other amounts payable47/48	-	-	-	-	€0.02m	€0.1m	€0.1m	€0.1m	▼ 2.5%
Accrued charges and deferred income492/3	-	-	-	-	-	€0.001m	€77	€440	▲ 468%

Line	2018	2019	2020	2021	2022	2023	2024	2025	Change
Profit (loss) for the period9904	€59,779	€50,038	€103,449	€71,444	€85,612	€122,400	€88,078	€104,871	▲ 19.1%
+ Depreciation and write-downs630	€8,974	€8,903	€7,091	€858	€1,407	€7,374	€9,972	€10,212	▲ 2.4%
Operating cash flow (approximation)	€68,752	€58,940	€110,540	€72,301	€87,019	€129,775	€98,050	€115,084	▲ 17.4%
Investment in fixed assets (approximation)	-	€0	-€2,700	-€1,273	-€2,021	-€46,278	-€883	€0	-
Change in cash	-	€138,661	€63,014	€70,173	€105,433	-€528,036	-€60,561	-€49,732	▲ 17.9%

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 17,811 companies had the same profile as ALPARCOM has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.

Small
10 to 20 years old
solvency 30% or more
a profit of 5% of the balance sheet or more

96.5% was still going

3.1% stopped otherwise

0.3% went bankrupt

That fits the bankruptcy probability of ALPARCOM itself: < 0.1% 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 17,811 companies, not a prediction for ALPARCOM. 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 16 filings with the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2025	micro format	24-06-2026	2026-00200500	PDF
31-12-2024	micro format	14-07-2025	2025-00263124	PDF
31-12-2023	micro format	03-06-2024	2024-00108486	PDF
31-12-2022	full format	22-05-2023	2023-00093495	PDF
31-12-2021	full format	09-06-2022	2022-20056100	PDF
31-12-2020	micro format	19-07-2021	2021-36900184	PDF
31-12-2019	micro format	31-08-2020	2020-49800135	PDF
31-12-2018	micro format	31-08-2019	2019-60500310	PDF
31-12-2017	micro format	13-12-2018	2018-74500207	PDF
31-12-2016	full format	30-09-2017	2017-66400258	PDF

Show all 16 filings

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