ALPHA 8
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 11 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€76,520▼ 15.4%
2024 · €90,397
Working capital
€3.4m▲ 2.3%
2024 · €3.3m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€10,525
▲ 55.7%
2025
20182025
Net result
€76,520
▼ 15.4%
2025
20182025
Equity
€3.4m
▲ 2.3%
2025
20182025
Total assets
€4.2m
▲ 3.1%
2025
20182025
Debt
€810,618
▲ 6.3%
2025
20182025
Working capital
€3.4m
▲ 2.3%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.01m--€0.01m▲ 19.1%-€0.01m▲ 0.3%-€0.01m▼ 3.7%-€0.01m▲ 3.0%-€0.009m▲ 5.4%-€0.02m▼ 152%-€0.01m▲ 55.7%
Net result€0.5m-€0.3m▼ 50.4%€0.2m▼ 26.2%€0.2m▲ 19.8%€0.4m▲ 101%€0.1m▼ 72.6%€0.09m▼ 26.7%€0.08m▼ 15.4%
Equity€4.1m-€4.4m▲ 6.1%€2.6m▼ 40.8%€2.6m▲ 0.4%€3.1m▲ 17.2%€3.2m▲ 4.0%€3.3m▲ 2.8%€3.4m▲ 2.3%
Total assets€52.2m-€52.9m▲ 1.5%€52.2m▼ 1.4%€50.6m▼ 2.9%€51.4m▲ 1.4%€3.9m▼ 92.4%€4.0m▲ 3.8%€4.2m▲ 3.1%
Debt€48.0m-€48.5m▲ 1.1%€49.6m▲ 2.1%€48.0m▼ 3.1%€48.3m▲ 0.6%€0.7m▼ 98.5%€0.8m▲ 8.2%€0.8m▲ 6.3%
Working capital€51.7m-€51.9m▲ 0.4%€50.1m▼ 3.5%€50.2m▲ 0.3%€3.2m▼ 93.7%€3.2m=€3.3m▲ 2.8%€3.4m▲ 2.3%
The operating result for 2025 is a loss of €10,525, smaller than the loss of €23,777 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €4.2m
Equity
€3.4m ▲ 2.3%
Debt
€810,618 ▲ 6.3%
Debt's share of the balance-sheet total rises from 18.9% to 19.5%. Equity and debt are higher.
Key figures and ratios
Current ratio
5.14▼
2024 · 5.30
Debt to equity
0.24▲
2024 · 0.23
ROE
2.3%▼
2024 · 2.8%
ROA
1.8%▼
2024 · 2.2%
Debt ≤ 1 year
€810,618▲
2024 · €762,476
Income taxes
€27,855▼
2024 · €34,404
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €47.5m | €47.5m | - | - | - |
| Pledge on other assets, amount secured | €47.5m | €47.5m | - | - | - |
| Carrying value of the other pledged assets | €50.5m | €51.3m | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €1,815 | €1,815 | €1,815 | €1,815 | €1,815 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating charges60/66A | - | - | - | €0.01m | €0.01m | €0.009m | €0.02m | €0.01m | ▼ 55.7% |
| Services and other goods61 | - | - | - | €0.009m | €0.009m | €0.008m | €0.02m | €0.01m | ▼ 58.1% |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▼ 2.3% |
| Operating profit (loss)9901 | -€0.01m | -€0.01m | -€0.01m | -€0.01m | -€0.01m | -€0.009m | -€0.02m | -€0.01m | ▲ 55.7% |
| Financial income75/76B | - | - | - | €0.5m | €0.8m | €0.3m | €0.2m | €0.1m | ▼ 22.9% |
| Recurring financial income75 | €1.0m | €0.6m | €0.5m | €0.5m | €0.8m | €0.3m | €0.2m | €0.1m | ▼ 22.9% |
| Income from financial fixed assets750 | - | - | - | €0 | - | - | - | - | - |
| Income from current assets751 | - | - | - | €0.5m | €0.8m | €0.3m | €0.2m | €0.1m | ▼ 22.9% |
| Other financial income752/9 | - | - | - | - | - | - | - | €0 | - |
| Financial charges65/66B | - | - | - | €0.2m | €0.2m | €0.1m | €0.03m | €0.02m | ▼ 24.3% |
| Recurring financial charges65 | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | €0.03m | €0.02m | ▼ 24.3% |
| Debt charges650 | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | €0.03m | €0.02m | ▼ 23.1% |
| Other financial charges652/9 | - | - | - | €0.001m | €0.001m | €0.001m | €0.003m | €0.002m | ▼ 37.4% |
| Profit (loss) for the period before taxes9903 | €0.7m | €0.4m | €0.2m | €0.3m | €0.6m | €0.2m | €0.1m | €0.1m | ▼ 16.4% |
| Income taxes67/77 | €0.2m | €0.1m | €0.06m | €0.08m | €0.2m | €0.04m | €0.03m | €0.03m | ▼ 19.0% |
| Taxes670/3 | - | - | - | €0.08m | €0.2m | €0.04m | €0.03m | €0.03m | ▼ 19.0% |
| Profit (loss) for the period9904 | €0.5m | €0.3m | €0.2m | €0.2m | €0.4m | €0.1m | €0.09m | €0.08m | ▼ 15.4% |
| Profit (loss) for the period to be appropriated9905 | €0.5m | €0.3m | €0.2m | €0.2m | €0.4m | €0.1m | €0.09m | €0.08m | ▼ 15.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €52.2m | €52.9m | €52.2m | €50.6m | €51.4m | €3.9m | €4.0m | €4.2m | ▲ 3.1% |
| Current assets29/58 | €52.2m | €52.9m | €52.2m | €50.6m | €51.4m | €3.9m | €4.0m | €4.2m | ▲ 3.1% |
| Stocks and contracts in progress3 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | - | €0.06m | €1.5m | €0.02m | €0 | €3.6m | €3.8m | €3.9m | ▲ 3.6% |
| Other amounts receivable41 | - | - | - | €0.02m | €0 | €3.6m | €3.8m | €3.9m | ▲ 3.6% |
| Current investments50/53 | €52.1m | €52.8m | €50.6m | €50.5m | €51.3m | €0.2m | €0.2m | €0 | ▼ 100% |
| Other investments51/53 | - | - | - | €50.5m | €51.3m | €0.2m | €0.2m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €0.02m | €0.08m | €0.08m | €0.1m | €0.06m | €0.06m | €0.03m | €0.3m | ▲ 644% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €52.2m | €52.9m | €52.2m | €50.6m | €51.4m | €3.9m | €4.0m | €4.2m | ▲ 3.1% |
| Equity10/15 | €4.1m | €4.4m | €2.6m | €2.6m | €3.1m | €3.2m | €3.3m | €3.4m | ▲ 2.3% |
| Contributions10/11 | €2.5m | €2.5m | €2.5m | €2.5m | €2.5m | €2.5m | €2.5m | €2.5m | = |
| Capital10 | - | - | - | €2.5m | €2.5m | €2.5m | €2.5m | €2.5m | = |
| Issued capital100 | - | - | - | €2.5m | €2.5m | €2.5m | €2.5m | €2.5m | = |
| Reserves13 | €0.08m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 2.6% |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 2.6% |
| Legal reserve130 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 2.6% |
| Profit (loss) carried forward14 | €1.6m | €1.8m | - | - | €0.4m | €0.5m | €0.6m | €0.7m | ▲ 11.5% |
| Amounts payable17/49 | €48.0m | €48.5m | €49.6m | €48.0m | €48.3m | €0.7m | €0.8m | €0.8m | ▲ 6.3% |
| Amounts payable after more than one year17 | €47.5m | €47.5m | €47.5m | €47.5m | €0 | - | - | - | - |
| Financial debts170/4 | - | - | - | €47.5m | €0 | - | - | - | - |
| Credit institutions173 | - | - | - | €47.5m | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €0.5m | €1.0m | €2.1m | €0.4m | €48.2m | €0.7m | €0.8m | €0.8m | ▲ 6.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €47.5m | €0 | - | - | - |
| Financial debts43 | - | - | - | €0 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0 | - | - | - | - | - |
| Trade debts44 | €0.003m | €0.004m | €0.005m | €0.004m | €0.007m | €0.009m | €0.01m | €0.01m | ▼ 3.0% |
| Suppliers440/4 | - | - | - | €0.004m | €0.007m | €0.009m | €0.01m | €0.01m | ▼ 3.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.2m | €0.2m | €0.03m | €0.06m | ▲ 81.0% |
| Taxes450/3 | - | - | - | €0.06m | €0.2m | €0.2m | €0.03m | €0.06m | ▲ 81.0% |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.4m | €0.5m | €0.7m | €0.7m | ▲ 2.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.1m | €0.1m | €0.001m | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €509,468 | €252,912 | €186,744 | €223,664 | €449,706 | €123,342 | €90,397 | €76,520 | ▼ 15.4% |
| Operating cash flow (approximation) | €509,468 | €252,912 | €186,744 | €223,664 | €449,706 | €123,342 | €90,397 | €76,520 | ▼ 15.4% |
| Change in cash | - | €60,913 | -€1,900 | €42,816 | -€58,090 | €3,168 | -€29,797 | €224,549 | - |
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, 6,049 companies had the same profile as ALPHA 8 has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of ALPHA 8 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 6,049 companies, not a prediction for ALPHA 8. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 28-07-2026 | 2026-00343158 | |
| 31-12-2024 | full format | 29-08-2025 | 2025-00442514 | |
| 31-12-2023 | full format | 10-07-2024 | 2024-00241337 | |
| 31-12-2022 | full format | 31-08-2023 | 2023-00397337 | |
| 31-12-2021 | full format | 30-08-2022 | 2022-20377413 | |
| 31-12-2020 | full format | 27-08-2021 | 2021-56800111 | |
| 31-12-2019 | full format | 28-08-2020 | 2020-46300574 | |
| 31-12-2018 | full format | 29-07-2019 | 2019-41000070 | |
| 31-12-2017 | full format | 26-07-2018 | 2018-38800260 | |
| 31-12-2016 | full format | 09-08-2017 | 2017-43900310 |