Alpascha
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 05-03-2026 PDF all 28 filings
Turnover
≈ €80,000
Estimated: probably between €39,000 and €160,000
Total assets
€235,391▼ 0.1%
2024 · €235,532
Net result
€628▼ 38.7%
2024 · €1,024
Working capital
€204,393▼ 2.8%
2024 · €210,315
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€3,230
▼ 23.5%
2025
20192025
Net result
€628
▼ 38.7%
2025
lowest quarter of the sector
20192025
Equity
€234,430
▲ 0.3%
2025
highest quarter of the sector
20192025
Total assets
€235,391
▼ 0.1%
2025
middle half of the sector
20192025
Debt
€960
▼ 44.5%
2025
20192025
Working capital
€204,393
▼ 2.8%
2025
highest quarter of the sector
20192025
Solvency
99.6%
▲ 0.3pp
2025
highest quarter of the sector
20192025
Current ratio
no figure
2025
20192025
Return on assets (ROA)
0.3%
▼ 0.2pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€13,725--€17,509€22,550€152,306▲ 575%€53,092▼ 65.1%€4,221▼ 92.1%€3,230▼ 23.5%
Net result€11,299--€11,473below the sector's middle half€21,083within the sector's middle half€100,801above the sector's middle half▲ 378%€32,345within the sector's middle half▼ 67.9%€1,024below the sector's middle half▼ 96.8%€628below the sector's middle half▼ 38.7%
Equity€155,147-€143,674within the sector's middle half▼ 7.4%€164,756within the sector's middle half▲ 14.7%€233,471within the sector's middle half▲ 41.7%€232,778within the sector's middle half▼ 0.3%€233,802within the sector's middle half▲ 0.4%€234,430above the sector's middle half▲ 0.3%
Total assets€156,817-€143,674within the sector's middle half▼ 8.4%€176,704within the sector's middle half▲ 23.0%€257,969within the sector's middle half▲ 46.0%€233,522within the sector's middle half▼ 9.5%€235,532within the sector's middle half▲ 0.9%€235,391within the sector's middle half▼ 0.1%
Debt€1,670-€11,948€24,497▲ 105%€745▼ 97.0%€1,730▲ 132%€960▼ 44.5%
Working capital€134,461-€164,607above the sector's middle half€121,788within the sector's middle half▼ 26.0%€232,628above the sector's middle half▲ 91.0%€210,315above the sector's middle half▼ 9.6%€204,393above the sector's middle half▼ 2.8%
Solvency98.9%-100.0%above the sector's middle half▲ 1.1pp93.2%above the sector's middle half▼ 6.8pp90.5%above the sector's middle half▼ 2.7pp99.7%above the sector's middle half▲ 9.2pp99.3%above the sector's middle half▼ 0.4pp99.6%above the sector's middle half▲ 0.3pp
Current ratio94.13-14.78above the sector's middle half5.97above the sector's middle half▼ 8.81
Return on assets (ROA)7.2%--8.0%below the sector's middle half▼ 15.2pp11.9%within the sector's middle half▲ 19.9pp39.1%above the sector's middle half▲ 27.1pp13.9%within the sector's middle half▼ 25.2pp0.4%below the sector's middle half▼ 13.4pp0.3%below the sector's middle half▼ 0.2pp
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 23% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
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 €235,391
Fixed assets
€30,038 ▲ 27.9%
Current assets
€205,353 ▼ 3.2%
Equity and liabilities €235,391
Equity
€234,430 ▲ 0.3%
Debt
€960 ▼ 44.5%
Debt's share of the balance-sheet total falls from 0.7% to 0.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€14,975▲
2024 · €11,381
Cash flow
€12,373▲
2024 · €8,184
Debt to equity
0.00▼
2024 · 0.01
ROE
0.3%▼
2024 · 0.4%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€960▼
2024 · €1,730
Income taxes
€2,530▼
2024 · €3,132
A ratio outside any meaningful range has been withheld (balance sheet total €235,391, equity €234,430).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €118,450 | - | €30,497 | €18,296 |
| Depreciation and write-downs of the year | €6,917 | - | €7,160 | €11,745 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,014 | €387 | - | €6,917 | - | €7,160 | €11,745 | ▲ 64.0% |
| Other operating charges640/8 | - | - | - | €3,923 | €1,368 | €4,103 | €2,105 | ▼ 48.7% |
| Non-recurring operating charges66A | - | - | - | - | €27,814 | €0 | - | - |
| Gross operating margin9900 | €23,412 | -€16,462 | €23,790 | €163,146 | €82,274 | €15,483 | €17,080 | ▲ 10.3% |
| Operating profit (loss)9901 | €13,725 | -€17,509 | €22,550 | €152,306 | €53,092 | €4,221 | €3,230 | ▼ 23.5% |
| Financial income75/76B | - | - | - | €0 | €0 | €0 | €6 | ▲ 569× |
| Recurring financial income75 | €7,037 | €6,099 | €6,380 | €0 | €0 | €0 | €6 | ▲ 569× |
| Financial charges65/66B | - | - | - | €68 | €64 | €65 | €78 | ▲ 19.7% |
| Recurring financial charges65 | €70 | €63 | €57 | €68 | €64 | €65 | €78 | ▲ 19.7% |
| Profit (loss) for the period before taxes9903 | €20,693 | -€11,473 | €28,874 | €152,238 | €53,028 | €4,156 | €3,158 | ▼ 24.0% |
| Income taxes67/77 | €9,394 | - | €7,791 | €51,438 | €20,683 | €3,132 | €2,530 | ▼ 19.2% |
| Profit (loss) for the period9904 | €11,299 | -€11,473 | €21,083 | €100,801 | €32,345 | €1,024 | €628 | ▼ 38.7% |
| Profit (loss) for the period to be appropriated9905 | €11,299 | -€11,473 | €21,083 | €100,801 | €32,345 | €1,024 | €628 | ▼ 38.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €156,817 | €143,674 | €176,704 | €257,969 | €233,522 | €235,532 | €235,391 | ▼ 0.1% |
| Fixed assets21/28 | €20,913 | €4,318 | €150 | €111,683 | €150 | €23,487 | €30,038 | ▲ 27.9% |
| Tangible fixed assets22/27 | €387 | - | - | €111,533 | - | €23,337 | €29,888 | ▲ 28.1% |
| Plant, machinery and equipment23 | - | - | - | - | - | €7,104 | €21,390 | ▲ 201% |
| Furniture and vehicles24 | - | - | - | €111,533 | - | €16,233 | €8,498 | ▼ 47.7% |
| Financial fixed assets28 | €20,526 | €4,318 | €150 | €150 | €150 | €150 | €150 | = |
| Current assets29/58 | €135,904 | €139,356 | €176,555 | €146,285 | €233,373 | €212,045 | €205,353 | ▼ 3.2% |
| Amounts receivable within one year40/41 | €71,133 | €76,800 | €87,263 | €44 | €4,320 | €0 | €2,666 | - |
| Trade receivables40 | - | - | - | - | - | - | €2,190 | - |
| Other amounts receivable41 | - | - | - | €44 | €4,320 | €0 | €476 | - |
| Cash at bank and in hand54/58 | €64,772 | €62,556 | €89,292 | €145,736 | €229,053 | €212,045 | €202,687 | ▼ 4.4% |
| Deferred charges and accrued income490/1 | - | - | - | €505 | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €156,817 | €143,674 | €176,704 | €257,969 | €233,522 | €235,532 | €235,391 | ▼ 0.1% |
| Equity10/15 | €155,147 | €143,674 | €164,756 | €233,471 | €232,778 | €233,802 | €234,430 | ▲ 0.3% |
| Contributions10/11 | €18,592 | - | - | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €78,283 | €78,283 | €99,366 | €168,080 | €167,387 | €168,411 | €169,040 | ▲ 0.4% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | - | - | - | - |
| Distributable reserves133 | - | - | - | €166,221 | €167,387 | €168,411 | €169,040 | ▲ 0.4% |
| Profit (loss) carried forward14 | €58,272 | €46,799 | €46,799 | €46,799 | €46,799 | €46,799 | €46,799 | = |
| Amounts payable17/49 | €1,670 | - | €11,948 | €24,497 | €745 | €1,730 | €960 | ▼ 44.5% |
| Amounts payable within one year42/48 | €1,444 | - | €11,948 | €24,497 | €745 | €1,730 | €960 | ▼ 44.5% |
| Financial debts43 | - | - | - | €509 | €433 | €224 | €196 | ▼ 12.5% |
| Credit institutions430/8 | - | - | - | €509 | €433 | €224 | €196 | ▼ 12.5% |
| Trade debts44 | €1,050 | - | - | €512 | €26 | €404 | €80 | ▼ 80.2% |
| Suppliers440/4 | - | - | - | €512 | €26 | €404 | €80 | ▼ 80.2% |
| Taxes, remuneration and social security45 | - | - | - | €23,294 | €50 | €1,091 | €150 | ▼ 86.3% |
| Taxes450/3 | - | - | - | €23,294 | €50 | €1,091 | €150 | ▼ 86.3% |
| Other amounts payable47/48 | - | - | - | €182 | €236 | €11 | €535 | ▲ 47× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,299 | -€11,473 | €21,083 | €100,801 | €32,345 | €1,024 | €628 | ▼ 38.7% |
| + Depreciation and write-downs630 | €9,014 | €387 | - | €6,917 | - | €7,160 | €11,745 | ▲ 64.0% |
| Operating cash flow (approximation) | €20,313 | -€11,086 | €21,083 | €107,717 | €32,345 | €8,184 | €12,373 | ▲ 51.2% |
| Investment in fixed assets (approximation) | - | €16,208 | €4,168 | -€118,450 | €111,533 | -€30,497 | -€18,296 | ▲ 40.0% |
| Change in cash | - | -€2,216 | €26,736 | €56,444 | €83,317 | -€17,008 | -€9,358 | ▲ 45.0% |
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, 17,041 companies had the same profile as Alpascha has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Alpascha 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.
| 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 17,041 companies, not a prediction for Alpascha. 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 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 05-03-2026 | 2026-00050060 | |
| 30-09-2024 | micro format | 14-03-2025 | 2025-00048909 | |
| 30-09-2023 | micro format | 11-03-2024 | 2024-00043008 | |
| 30-09-2022 | micro format | 07-03-2023 | 2023-00037265 | |
| 30-09-2021 | micro format | 20-12-2021 | 2021-81300463 | |
| 30-09-2020 | micro format | 05-03-2021 | 2021-07100043 | |
| 30-09-2019 | micro format | 11-03-2020 | 2020-06600461 | |
| 30-09-2018 | micro format | 19-03-2019 | 2019-07300160 | |
| 30-09-2017 | micro format | 23-03-2018 | 2018-07800106 | |
| 30-09-2016 | abbreviated format | 16-03-2017 | 2017-06500012 |