ALPHADIA
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 31 filings
Turnover
≈ €4.5m
Estimated: probably between €3.1m and €6.3m
EBIT margin
Not included in this filing
Net result
€330,737▲ 116%
2024 · €153,453
Working capital
€538,192▲ 110%
2024 · €255,936
Multi-year overview
2019 to 2025, 8 financial yearsOperating result
€466,535
▲ 104%
2025
20192025
Net result
€330,737
▲ 116%
2025
middle half of the sector
20192025
Equity
€562,635
▲ 99.6%
2025
middle half of the sector
20192025
Total assets
€1.2m
▲ 42.2%
2025
lowest quarter of the sector
20192025
Debt
€659,653
▲ 14.2%
2025
20192025
Working capital
€538,192
▲ 110%
2025
middle half of the sector
20192025
Solvency
46.0%
▲ 13.2pp
2025
middle half of the sector
20192025
Current ratio
1.82
▲ 0.37
2025
middle half of the sector
20192025
Return on assets (ROA)
27.1%
▲ 9.2pp
2025
highest quarter of the sector
20192025
Staff (FTE)
3.9
▲ 14.7%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192019202020212022202320242025
Operating result-€0.008m-€0.02m--€0.01m€0.06m€0.09m▲ 55.8%€0.1m▲ 41.6%€0.2m▲ 76.5%€0.5m▲ 104%
Net result-€0.02m-€0.03m--€0.02mbelow the sector's middle half€0.04mwithin the sector's middle half€0.06mwithin the sector's middle half▲ 56.8%€0.08mwithin the sector's middle half▲ 42.0%€0.2mwithin the sector's middle half▲ 80.9%€0.3mwithin the sector's middle half▲ 116%
Equity€0.1m-€0.2m-€0.1mbelow the sector's middle half▼ 12.9%€0.2mbelow the sector's middle half▲ 20.7%€0.2mbelow the sector's middle half▲ 24.2%€0.2mbelow the sector's middle half▲ 7.3%€0.3mbelow the sector's middle half▲ 29.0%€0.6mwithin the sector's middle half▲ 99.6%
Total assets€0.4m-€0.4m-€0.4mbelow the sector's middle half▼ 0.6%€0.5mbelow the sector's middle half▲ 41.2%€0.6mbelow the sector's middle half▲ 4.8%€0.8mbelow the sector's middle half▲ 40.5%€0.9mbelow the sector's middle half▲ 6.9%€1.2mbelow the sector's middle half▲ 42.2%
Debt€0.3m-€0.2m-€0.3m▲ 7.7%€0.4m▲ 52.3%€0.4m▼ 3.5%€0.6m▲ 58.9%€0.6m▼ 1.4%€0.7m▲ 14.2%
Working capital€0.1m-€0.2m-€0.1mwithin the sector's middle half▼ 17.3%€0.2mwithin the sector's middle half▲ 24.5%€0.2mwithin the sector's middle half▲ 27.3%€0.2mwithin the sector's middle half▲ 5.1%€0.3mwithin the sector's middle half▲ 23.0%€0.5mwithin the sector's middle half▲ 110%
Solvency28.3%-40.1%-35.1%within the sector's middle half▼ 5.0pp30.0%within the sector's middle half▼ 5.1pp35.6%within the sector's middle half▲ 5.6pp27.2%within the sector's middle half▼ 8.4pp32.8%within the sector's middle half▲ 5.6pp46.0%within the sector's middle half▲ 13.2pp
Current ratio1.39-1.65-1.50within the sector's middle half▼ 0.151.41within the sector's middle half▼ 0.091.54within the sector's middle half▲ 0.131.36within the sector's middle half▼ 0.181.44within the sector's middle half▲ 0.091.82within the sector's middle half▲ 0.37
Return on assets (ROA)-4.9%-7.4%--5.2%below the sector's middle half▼ 12.6pp7.0%within the sector's middle half▲ 12.2pp10.4%within the sector's middle half▲ 3.5pp10.5%above the sector's middle half▲ 0.1pp17.8%above the sector's middle half▲ 7.3pp27.1%above the sector's middle half▲ 9.2pp
Staff (FTE)3-3-3below the sector's middle half=3below the sector's middle half=3below the sector's middle half=3below the sector's middle half=3.4below the sector's middle half▲ 13.3%3.9within the sector's middle half▲ 14.7%
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 104% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.2m
Fixed assets
€24,442 ▼ 12.5%
Current assets
€1.2m ▲ 44.0%
Equity and liabilities €1.2m
Equity
€562,635 ▲ 99.6%
Debt
€659,653 ▲ 14.2%
Debt's share of the balance-sheet total falls from 67.2% to 54.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€470,264▲
2024 · €231,537
Cash flow
€334,467▲
2024 · €156,283
Quick ratio
1.23▼
2024 · 1.29
Debt to equity
1.17▼
2024 · 2.05
ROE
58.8%▲
2024 · 54.4%
Interest coverage
23.73▲
2024 · 11.26
Debt ≤ 1 year
€659,653▲
2024 · €575,873
Income taxes
€116,152▲
2024 · €55,362
Staff costs
€421,084▲
2024 · €379,952
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 | 3 | 3 | 3 | 4 | 3 |
| full-time | 3 | 3 | 3 | 4 | 3 |
| part-time | - | 0 | 0 | - | - |
| in full-time equivalents | 3 | 3 | 3 | 4 | 3 |
| Average over the year, in full-time equivalents | 3 | 3 | 3 | 3.4 | 3.9 |
| On a permanent contract | 3 | 3 | 3 | 3 | 3 |
| Joined | - | - | - | 1 | 0 |
| Left | - | - | - | 0 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €9,272 | €15,728 | - |
| Intangible fixed assets | €2,000 | - | - | - | - |
| Financial fixed assets | - | €3,915 | - | €1,680 | €250 |
| Depreciation and write-downs of the year | €4,467 | €3,160 | €1,649 | €2,829 | €3,730 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €310,207 | €343,343 | €367,779 | €379,952 | €421,084 | ▲ 10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,007 | €1,891 | €3,471 | €4,467 | €3,160 | €1,649 | €2,829 | €3,730 | ▲ 31.8% |
| Other operating charges640/8 | - | - | - | €1,013 | €424 | €1,498 | €752 | €458 | ▼ 39.2% |
| Gross operating margin9900 | €262,505 | €229,024 | €259,327 | €374,441 | €438,452 | €500,494 | €612,241 | €891,806 | ▲ 45.7% |
| Operating profit (loss)9901 | -€8,226 | €18,383 | -€13,820 | €58,755 | €91,525 | €129,569 | €228,707 | €466,535 | ▲ 104% |
| Financial income75/76B | - | - | - | €263 | €2,397 | €271 | €663 | €169 | ▼ 74.5% |
| Recurring financial income75 | €777 | €0 | €828 | €263 | €2,397 | €271 | €663 | €169 | ▼ 74.5% |
| Financial charges65/66B | - | - | - | €7,599 | €9,778 | €12,416 | €20,554 | €19,814 | ▼ 3.6% |
| Recurring financial charges65 | €2,464 | €4,139 | €4,798 | €7,599 | €9,778 | €12,416 | €20,554 | €19,814 | ▼ 3.6% |
| Profit (loss) for the period before taxes9903 | -€3,165 | €14,244 | -€17,790 | €51,419 | €84,144 | €117,424 | €208,816 | €446,889 | ▲ 114% |
| Income taxes67/77 | €18,807 | -€14,656 | €2,360 | €13,342 | €24,432 | €32,612 | €55,362 | €116,152 | ▲ 110% |
| Profit (loss) for the period9904 | -€21,972 | €28,900 | -€20,149 | €38,077 | €59,712 | €84,812 | €153,453 | €330,737 | ▲ 116% |
| Profit (loss) for the period to be appropriated9905 | -€21,972 | €28,900 | -€20,149 | €38,077 | €59,712 | €84,812 | €153,453 | €330,737 | ▲ 116% |
| Line | 2019 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.4m | €0.4m | €0.4m | €0.5m | €0.6m | €0.8m | €0.9m | €1.2m | ▲ 42.2% |
| Fixed assets21/28 | €397 | €0.005m | €0.01m | €0.009m | €0.006m | €0.01m | €0.03m | €0.02m | ▼ 12.5% |
| Intangible fixed assets21 | - | €0.005m | €0.007m | €0.005m | €0.002m | €333 | €0.004m | €0.02m | ▲ 314% |
| Tangible fixed assets22/27 | €335 | €84 | - | - | €0 | €0.009m | €0.02m | €0.002m | ▼ 87.9% |
| Furniture and vehicles24 | - | - | - | - | - | €0.005m | €0.005m | €0.002m | ▼ 50.9% |
| Assets under construction and advance payments27 | - | - | - | - | - | €0.004m | €0.01m | - | - |
| Financial fixed assets28 | €62 | €62 | €0.004m | €0.004m | €0.004m | €0.004m | €0.006m | €0.006m | ▲ 4.4% |
| Current assets29/58 | €0.4m | €0.4m | €0.4m | €0.5m | €0.6m | €0.8m | €0.8m | €1.2m | ▲ 44.0% |
| Stocks and contracts in progress3 | €0.04m | €0.06m | €0.03m | €0.04m | €0.09m | €0.1m | €0.09m | €0.4m | ▲ 332% |
| Stocks30/36 | - | - | - | €0.04m | €0.09m | €0.1m | €0.09m | €0.4m | ▲ 332% |
| Amounts receivable within one year40/41 | €0.4m | €0.3m | €0.3m | €0.2m | €0.4m | €0.4m | €0.7m | €0.6m | ▼ 12.5% |
| Trade receivables40 | - | - | - | €0.2m | €0.3m | €0.3m | €0.4m | €0.5m | ▲ 15.7% |
| Other amounts receivable41 | - | - | - | €0.06m | €0.08m | €0.1m | €0.2m | €0.1m | ▼ 61.6% |
| Cash at bank and in hand54/58 | €0.04m | €0.05m | €0.04m | €0.2m | €0.1m | €0.2m | €0.06m | €0.2m | ▲ 265% |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | €0.004m | €0.008m | €0.007m | €0.008m | ▲ 12.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.4m | €0.4m | €0.4m | €0.5m | €0.6m | €0.8m | €0.9m | €1.2m | ▲ 42.2% |
| Equity10/15 | €0.1m | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.6m | ▲ 99.6% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Profit (loss) carried forward14 | €0.06m | €0.09m | €0.07m | €0.1m | €0.1m | €0.2m | €0.2m | €0.5m | ▲ 131% |
| Amounts payable17/49 | €0.3m | €0.2m | €0.3m | €0.4m | €0.4m | €0.6m | €0.6m | €0.7m | ▲ 14.2% |
| Amounts payable after more than one year17 | - | - | - | - | - | €0.003m | €0.001m | - | - |
| Financial debts170/4 | - | - | - | - | - | €0.003m | €0.001m | - | - |
| Amounts payable within one year42/48 | €0.3m | €0.2m | €0.3m | €0.4m | €0.4m | €0.6m | €0.6m | €0.7m | ▲ 14.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €0.002m | €0.002m | €0.001m | ▼ 21.8% |
| Financial debts43 | - | - | - | €0.05m | €0.02m | €0.09m | €0.03m | €0.03m | ▲ 3.2% |
| Credit institutions430/8 | - | - | - | €0.05m | €0.02m | €0.09m | €0.03m | €0.03m | ▲ 3.2% |
| Trade debts44 | €0.3m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | ▲ 19.3% |
| Suppliers440/4 | - | - | - | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | ▲ 19.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.07m | €0.08m | €0.1m | €0.1m | ▲ 35.7% |
| Taxes450/3 | - | - | - | €0.02m | €0.01m | €0.03m | €0.02m | €0.08m | ▲ 229% |
| Remuneration and social security454/9 | - | - | - | €0.04m | €0.05m | €0.05m | €0.07m | €0.05m | ▼ 27.3% |
| Other amounts payable47/48 | - | - | - | €0.01m | €0.02m | €0.07m | €0.09m | €0.07m | ▼ 22.2% |
| Accrued charges and deferred income492/3 | - | - | - | €232 | - | - | €0.001m | - | - |
| Line | 2019 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€21,972 | €28,900 | -€20,149 | €38,077 | €59,712 | €84,812 | €153,453 | €330,737 | ▲ 116% |
| + Depreciation and write-downs630 | €3,007 | €1,891 | €3,471 | €4,467 | €3,160 | €1,649 | €2,829 | €3,730 | ▲ 31.8% |
| Operating cash flow (approximation) | -€18,966 | €30,792 | -€16,679 | €42,544 | €62,872 | €86,461 | €156,283 | €334,467 | ▲ 114% |
| Investment in fixed assets (approximation) | - | - | -€9,605 | -€2,000 | -€146 | -€9,272 | -€17,408 | -€250 | ▲ 98.6% |
| Change in cash | - | - | -€7,957 | €201,827 | -€133,734 | €125,844 | -€179,735 | €154,770 | - |
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, 31,368 companies had the same profile as ALPHADIA has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ALPHADIA 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 31,368 companies, not a prediction for ALPHADIA. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 24-06-2026 | 2026-00199708 | |
| 31-12-2024 | full format | 10-09-2025 | 2025-00489080 | |
| 31-12-2023 | full format | 25-09-2024 | 2024-00474578 | |
| 31-12-2022 | full format | 03-07-2023 | 2023-00195344 | |
| 31-12-2021 | full format | 20-07-2022 | 2022-20222869 | |
| 31-12-2020 | full format | 19-07-2021 | 2021-37300569 | |
| 31-12-2019 | full format | 28-09-2020 | 2020-56200163 | |
| 31-03-2019 | full format | 25-11-2019 | 2019-74200424 | |
| 31-03-2018 | full format | 29-11-2018 | 2018-73100588 | |
| 31-03-2017 | micro format | 27-10-2017 | 2017-67800498 |