ALPHAR
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00493715.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 34 filings
Turnover
≈ €17,000
Estimated: probably between €8,900 and €53,000
EBIT margin
Not included in this filing
Net result
-€101,511
2024 · €193,474
Working capital
€443,514▼ 11.5%
2024 · €501,004
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€97,163
2025
20182025
Net result
-€101,511
2025
lowest quarter of the sector
20182025
Equity
€453,289
▼ 18.3%
2025
middle half of the sector
20182025
Total assets
€658,779
▼ 60.5%
2025
middle half of the sector
20182025
Debt
€205,490
▼ 81.6%
2025
20182025
Working capital
€443,514
▼ 11.5%
2025
middle half of the sector
20182025
Solvency
68.8%
▲ 35.6pp
2025
middle half of the sector
20182025
Current ratio
3.16
▲ 1.71
2025
middle half of the sector
20182025
Return on assets (ROA)
-15.4%
▼ 27.0pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1.5
▼ 11.8%
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€0.5m-€0.4m▼ 12.3%€0.3m▼ 27.6%€0.2m▼ 23.4%€0.3m▲ 14.8%€0.06m▼ 75.9%€0.3m▲ 364%-€0.1m
Net result€0.2m-€0.2m▼ 17.7%€0.2mwithin the sector's middle half▼ 11.3%€0.1mwithin the sector's middle half▼ 31.8%€0.1mwithin the sector's middle half▲ 14.8%€0.01mwithin the sector's middle half▼ 92.6%€0.2mwithin the sector's middle half▲ 19×-€0.1mbelow the sector's middle half
Equity€0.8m-€1.0m▲ 23.4%€1.2mwithin the sector's middle half▲ 16.8%€1.1mwithin the sector's middle half▼ 13.3%€1.2mwithin the sector's middle half▲ 13.0%€1.2mwithin the sector's middle half▲ 0.9%€0.6mwithin the sector's middle half▼ 54.2%€0.5mwithin the sector's middle half▼ 18.3%
Total assets€1.2m-€1.4m▲ 11.7%€1.5mwithin the sector's middle half▲ 6.8%€1.5mwithin the sector's middle half▲ 4.2%€1.5mwithin the sector's middle half▼ 1.4%€1.5mwithin the sector's middle half▲ 1.4%€1.7mwithin the sector's middle half▲ 10.0%€0.7mwithin the sector's middle half▼ 60.5%
Debt€0.3m-€0.3m▼ 17.4%€0.2m▼ 32.9%€0.4m▲ 126%€0.3m▼ 36.6%€0.2m▼ 5.7%€1.1m▲ 357%€0.2m▼ 81.6%
Working capital€0.9m-€1.1m▲ 23.7%€1.3mwithin the sector's middle half▲ 17.8%€1.0mwithin the sector's middle half▼ 18.9%€1.2mwithin the sector's middle half▲ 13.0%€1.2mwithin the sector's middle half▲ 3.9%€0.5mwithin the sector's middle half▼ 58.2%€0.4mwithin the sector's middle half▼ 11.5%
Solvency69.6%-76.9%▲ 7.3pp84.1%above the sector's middle half▲ 7.2pp70.0%above the sector's middle half▼ 14.1pp80.2%above the sector's middle half▲ 10.2pp79.8%above the sector's middle half▼ 0.4pp33.2%within the sector's middle half▼ 46.6pp68.8%within the sector's middle half▲ 35.6pp
Current ratio3.81-5.03▲ 1.227.96above the sector's middle half▲ 2.933.81above the sector's middle half▼ 4.155.99above the sector's middle half▲ 2.186.12above the sector's middle half▲ 0.131.45within the sector's middle half▼ 4.673.16within the sector's middle half▲ 1.71
Return on assets (ROA)19.8%-14.6%▼ 5.2pp12.1%above the sector's middle half▼ 2.5pp7.9%within the sector's middle half▼ 4.2pp9.2%within the sector's middle half▲ 1.3pp0.7%within the sector's middle half▼ 8.6pp11.6%above the sector's middle half▲ 10.9pp-15.4%below the sector's middle half▼ 27.0pp
Staff (FTE)2.3-1.6▼ 30.4%2.2below the sector's middle half▲ 37.5%2below the sector's middle half▼ 9.1%2.8below the sector's middle half▲ 40.0%2.1below the sector's middle half▼ 25.0%1.7below the sector's middle half▼ 19.0%1.5within the sector's middle half▼ 11.8%
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 a loss of €97,163, after a profit of €289,880 in 2024. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €658,779
Fixed assets
€9,775 ▼ 81.8%
Current assets
€649,005 ▼ 59.8%
Equity and liabilities €658,779
Equity
€453,289 ▼ 18.3%
Debt
€205,490 ▼ 81.6%
Debt's share of the balance-sheet total falls from 66.8% to 31.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€93,260▼
2024 · €320,893
Cash flow
-€97,608▼
2024 · €224,488
Quick ratio
2.82▲
2024 · 1.36
Debt to equity
0.45▼
2024 · 2.01
ROE
-22.4%▼
2024 · 34.9%
Interest coverage
-23.53▼
2024 · 5.50
Debt ≤ 1 year
€205,490▼
2024 · €1.1m
Income taxes
€655▼
2024 · €38,441
Staff costs
€83,129▲
2024 · €70,573
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 | 2 | 3 | 1 | 1 | 1 |
| full-time | 2 | 2 | - | - | 1 |
| part-time | - | 1 | 1 | 1 | - |
| in full-time equivalents | 2 | 2.8 | 0.7 | 0.7 | 1 |
| Average over the year, in full-time equivalents | 2 | 2.5 | 2.1 | 1 | 1.5 |
| On a permanent contract | 2 | 3 | 1 | 1 | 1 |
| Joined | - | 2 | 1 | 1 | 0 |
| Left | - | 0 | 3 | 3 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €141,373 | €9,451 | €4,243 | - | - |
| Depreciation and write-downs of the year | €17,258 | €31,529 | €31,453 | €31,013 | €3,903 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €101,497 | €158,830 | €156,455 | €70,573 | €83,129 | ▲ 17.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,034 | €19,376 | €17,785 | €17,258 | €31,529 | €31,453 | €31,013 | €3,903 | ▼ 87.4% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€2,968 | -€9,947 | €24,995 | -€62,700 | - | - |
| Other operating charges640/8 | - | - | - | €10,204 | €4,753 | €15,054 | €5,976 | €11,894 | ▲ 99.0% |
| Gross operating margin9900 | €635,526 | €529,441 | €418,625 | €351,629 | €444,133 | €290,436 | €334,742 | €1,763 | ▼ 99.5% |
| Operating profit (loss)9901 | €463,666 | €406,810 | €294,426 | €225,637 | €258,968 | €62,478 | €289,880 | -€97,163 | - |
| Financial income75/76B | - | - | - | €13 | €0 | €611 | €412 | €270 | ▼ 34.4% |
| Recurring financial income75 | €5,023 | €138 | €1 | €13 | €0 | €611 | €412 | €270 | ▼ 34.4% |
| Financial charges65/66B | - | - | - | €54,578 | €64,393 | €41,205 | €58,377 | €3,963 | ▼ 93.2% |
| Recurring financial charges65 | €118,992 | €54,942 | €37,672 | €54,578 | €64,393 | €41,205 | €58,377 | €3,963 | ▼ 93.2% |
| Profit (loss) for the period before taxes9903 | €349,697 | €352,006 | €256,755 | €171,072 | €194,575 | €21,884 | €231,915 | -€100,856 | - |
| Income taxes67/77 | €107,602 | €152,845 | €80,123 | €50,570 | €56,294 | €11,649 | €38,441 | €655 | ▼ 98.3% |
| Profit (loss) for the period9904 | €242,095 | €199,161 | €176,632 | €120,502 | €138,281 | €10,235 | €193,474 | -€101,511 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €6,383 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €242,095 | €199,161 | €176,632 | €126,886 | €138,281 | €10,235 | €193,474 | -€101,511 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.2m | €1.4m | €1.5m | €1.5m | €1.5m | €1.5m | €1.7m | €0.7m | ▼ 60.5% |
| Fixed assets21/28 | €0.05m | €0.03m | €0.02m | €0.1m | €0.1m | €0.09m | €0.05m | €0.01m | ▼ 81.8% |
| Tangible fixed assets22/27 | €0.05m | €0.03m | €0.02m | €0.1m | €0.1m | €0.08m | €0.05m | €0.01m | ▼ 81.8% |
| Land and buildings22 | - | - | - | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | = |
| Plant, machinery and equipment23 | - | - | - | €0.006m | €0.006m | €0.005m | €0.003m | €0.002m | ▼ 50.9% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.1m | €0.08m | €0.05m | €0.004m | ▼ 91.9% |
| Financial fixed assets28 | €337 | €337 | €337 | €337 | €337 | €337 | - | - | - |
| Current assets29/58 | €1.2m | €1.3m | €1.4m | €1.4m | €1.4m | €1.4m | €1.6m | €0.6m | ▼ 59.8% |
| Stocks and contracts in progress3 | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | €0.07m | ▼ 28.5% |
| Stocks30/36 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.07m | ▼ 28.5% |
| Amounts receivable within one year40/41 | €0.7m | €1.0m | €0.6m | €0.6m | €0.9m | €0.6m | €1.0m | €0.4m | ▼ 54.3% |
| Trade receivables40 | - | - | - | €0.6m | €0.9m | €0.6m | €0.9m | €0.4m | ▼ 57.9% |
| Other amounts receivable41 | - | - | - | €0.03m | - | €0.04m | €0.01m | €0.04m | ▲ 214% |
| Cash at bank and in hand54/58 | €0.3m | €0.09m | €0.7m | €0.6m | €0.3m | €0.7m | €0.6m | €0.1m | ▼ 74.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.001m | €0.004m | - | €0.002m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.2m | €1.4m | €1.5m | €1.5m | €1.5m | €1.5m | €1.7m | €0.7m | ▼ 60.5% |
| Equity10/15 | €0.8m | €1.0m | €1.2m | €1.1m | €1.2m | €1.2m | €0.6m | €0.5m | ▼ 18.3% |
| Contributions10/11 | €0.3m | €0.3m | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.2m | €0.4m | €0.5m | €0.5m | €0.6m | €0.6m | €19 | €19 | = |
| Distributable reserves133 | - | - | - | €0.5m | €0.6m | €0.6m | €19 | €19 | = |
| Profit (loss) carried forward14 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 26.1% |
| Provisions and deferred taxes16 | €0.05m | €0.05m | €0.05m | €0.05m | €0.04m | €0.06m | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €0.05m | €0.04m | €0.06m | - | - | - |
| Other liabilities and charges164/5 | - | - | - | €0.05m | €0.04m | €0.06m | - | - | - |
| Amounts payable17/49 | €0.3m | €0.3m | €0.2m | €0.4m | €0.3m | €0.2m | €1.1m | €0.2m | ▼ 81.6% |
| Amounts payable after more than one year17 | €0.02m | €0.004m | - | €0.04m | €0.03m | €0.01m | - | - | - |
| Financial debts170/4 | - | - | - | €0.04m | €0.03m | €0.01m | - | - | - |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.2m | €0.4m | €0.2m | €0.2m | €1.1m | €0.2m | ▼ 81.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.03m | €0.03m | €0.02m | - | - |
| Financial debts43 | - | - | - | €84 | - | - | - | - | - |
| Other loans439 | - | - | - | €84 | - | - | - | - | - |
| Trade debts44 | €0.09m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.02m | ▼ 86.3% |
| Suppliers440/4 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.02m | ▼ 86.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.04m | €0.002m | €0.006m | €0.01m | ▲ 141% |
| Taxes450/3 | - | - | - | €0.008m | €0.02m | €149 | - | €0.001m | - |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.02m | €0.002m | €0.006m | €0.01m | ▲ 126% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.007m | €0.02m | €0.9m | €0.2m | ▼ 81.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €242,095 | €199,161 | €176,632 | €120,502 | €138,281 | €10,235 | €193,474 | -€101,511 | - |
| + Depreciation and write-downs630 | €35,034 | €19,376 | €17,785 | €17,258 | €31,529 | €31,453 | €31,013 | €3,903 | ▼ 87.4% |
| Operating cash flow (approximation) | €277,129 | €218,538 | €194,417 | €137,761 | €169,810 | €41,688 | €224,488 | -€97,608 | - |
| Investment in fixed assets (approximation) | - | €0 | -€4,153 | -€134,045 | -€9,451 | -€4,243 | €337 | €40,119 | ▲ 119× |
| Change in cash | - | -€191,032 | €619,708 | -€95,107 | -€271,380 | €346,185 | -€124,385 | -€424,428 | ▼ 241% |
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 ALPHAR 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 ALPHAR 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 ALPHAR. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-08-2026 | 2026-00493715 | |
| 31-12-2024 | full format | 10-07-2025 | 2025-00266430 | |
| 31-12-2023 | full format | 30-09-2024 | 2024-00487079 | |
| 31-12-2022 | full format | 20-11-2023 | 2023-00514618 | |
| 31-12-2021 | full format | 31-08-2022 | 2022-20401755 | |
| 31-12-2020 | full format | 31-08-2021 | 2021-61100210 | |
| 31-12-2019 | full format | 05-10-2020 | 2020-58800130 | |
| 31-12-2018 | full format | 22-11-2019 | 2019-74100424 | |
| 31-12-2017 | full format | 28-09-2018 | 2018-67300388 | |
| 31-12-2016 | full format | 29-09-2017 | 2017-64800277 |