ALPHORION
ActiveSummary
ALPHORION has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €345k and a net result of €13k. Equity remains stable across the filed fiscal years (±1.5% per year). Its solvency ranks better than 30% of 45 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability31▼-2
Solvency44=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €20k at 30 days acceptable
Liquidity ample (current ratio 1.96 against 1.88 in 2024; short-term debt: 41.8% and cash: 8.7% of total assets), but 80.9% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 84
Relative position
BE, all sectors
reference
Public administration and defence; compulsory social security (NACE 84)
about 85% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
19.1%
Return on assets
0.7%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 03-07-2026, 28 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
28 d early
2024
23 d early
2023
7 d early
2022
24 d late
2021
31 d late
2020
30 d early
2019
87 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€13k▲ 22.0%
2024 · €10k
2018: €39khighest in 8 years
2019: €10k▼ -73.3% vs 2018
2020: €19k▲ +79.5% vs 2019
2021: €31k▲ +63.8% vs 2020
2022: €5k▼ -82.2% vs 2021
2023: €-13k▼ -340% vs 2022lowest in 8 years
2024: €10k▲ +178% vs 2023
2025: €13k▲ +22.0% vs 2024
2018 → 2025
Working capital
€720k▲ 8.3%
2024 · €665k
2018: €597klowest in 8 years
2019: €626k▲ +4.9% vs 2018
2020: €667k▲ +6.5% vs 2019
2021: €699k▲ +4.9% vs 2020
2022: €686k▼ -1.9% vs 2021
2023: €617k▼ -10.0% vs 2022
2024: €665k▲ +7.7% vs 2023
2025: €720k▲ +8.3% vs 2024highest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€330k-€335k▲ 1.7%€322k▼ 3.9%€332k▲ 3.2%€345k▲ 3.8%
2021: €330k
2022: €335k▲ +1.7% vs 2021
2023: €322k▼ -3.9% vs 2022lowest in 5 years
2024: €332k▲ +3.2% vs 2023
2025: €345k▲ +3.8% vs 2024highest in 5 years
Operating result€13k-€14k▲ 7.6%€-993€28k€38k▲ 37.4%
2021: €13k
2022: €14k▲ +7.6% vs 2021
2023: €-993▼ -107% vs 2022lowest in 5 years
2024: €28k▲ +2907% vs 2023
2025: €38k▲ +37.4% vs 2024highest in 5 years
Net result€31k-€5k▼ 82.2%€-13k€10k€13k▲ 22.0%
2021: €31khighest in 5 years
2022: €5k▼ -82.2% vs 2021
2023: €-13k▼ -340% vs 2022lowest in 5 years
2024: €10k▲ +178% vs 2023
2025: €13k▲ +22.0% vs 2024
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 37% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.80M
Fixed assets
€329k ▼ 10.8%
Current assets
€1.47M ▲ 3.5%
Equity and liabilities €1.80M
Equity
€345k ▲ 3.8%
Debt
€1.46M ▼ 0.1%
Debt's share of the balance-sheet total falls from 81.5% to 80.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€79k▲
2024 · €68k
Cash flow
€53k▲
2024 · €50k
Current ratio
1.96▲
2024 · 1.88
Debt to equity
4.23▼
2024 · 4.40
ROE
3.6%▲
2024 · 3.1%
ROA
0.7%▲
2024 · 0.6%
Interest coverage
1.39▼
2024 · 1.58
Debt ≤ 1 year
€754k▼
2024 · €759k
Debt > 1 year
€700k=
2024 · €700k
Income taxes
€615▲
2024 · €590
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 48 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.79M€1.80M▲
Fixed assets21/28€369k€329k▼
Tangible fixed assets22/27€369k€329k▼
Land and buildings22€211k€193k▼
Furniture and vehicles24€66k€53k▼
Other tangible fixed assets26€93k€84k▼
Current assets29/58€1.42M€1.47M▲
Amounts receivable within one year40/41€1.04M€1.07M▲
Other amounts receivable41€1.04M€1.07M▲
Current investments50/53€246k€246k=
Cash at bank and in hand54/58€135k€157k▲
Deferred charges and accrued income490/1€1k€757▼
Equity and liabilities
Total equity and liabilities10/49€1.79M€1.80M▲
Equity10/15€332k€345k▲
Contributions10/11€62k€62k=
Capital10€62k€62k=
Issued capital100€62k€62k=
Reserves13€6k€6k=
Non-distributable reserves130/1€6k€6k=
Legal reserve130€6k€6k=
Profit (loss) carried forward14€265k€277k▲
Amounts payable17/49€1.46M€1.46M▼
Amounts payable after more than one year17€700k€700k=
Financial debts170/4€700k€700k=
Amounts payable within one year42/48€759k€754k▼
Financial debts43€750k€750k=
Credit institutions430/8€750k€750k=
Trade debts44€489€670▲
Suppliers440/4€489€670▲
Taxes, remuneration and social security45€9k€3k▼
Taxes450/3€9k€3k▼
Other amounts payable47/48€0-
Accrued charges and deferred income492/3€2k€5k▲
Income statement
Code20242025
Non-recurring operating income76A€8k-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€40k€41k▲
Other operating charges640/8€8k€12k▲
Gross operating margin9900€75k€91k▲
Operating profit (loss)9901€28k€38k▲
Financial income75/76B€26k€32k▲
Recurring financial income75€26k€32k▲
Financial charges65/66B€43k€57k▲
Recurring financial charges65€43k€57k▲
Profit (loss) for the period before taxes9903€11k€13k▲
Income taxes67/77€590€615▲
Profit (loss) for the period9904€10k€13k▲
Profit (loss) for the period to be appropriated9905€10k€13k▲
Appropriation of the result
Profit (loss) to be appropriated9906€265k€277k▲
Profit (loss) brought forward from the previous period14P€254k€265k▲
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €8k | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25k | €29k | €36k | €40k | €41k | ▲ 2.2% |
| Other operating charges640/8 | €15k | €11k | €11k | €8k | €12k | ▲ 61.8% |
| Gross operating margin9900 | €53k | €54k | €46k | €75k | €91k | ▲ 21.3% |
| Operating profit (loss)9901 | €13k | €14k | €-993 | €28k | €38k | ▲ 37.4% |
| Financial income75/76B | €42k | €17k | €35k | €26k | €32k | ▲ 22.2% |
| Recurring financial income75 | €42k | €17k | €35k | €26k | €32k | ▲ 22.2% |
| Financial charges65/66B | €23k | €25k | €47k | €43k | €57k | ▲ 32.4% |
| Recurring financial charges65 | €23k | €25k | €47k | €43k | €57k | ▲ 32.4% |
| Profit (loss) for the period before taxes9903 | €32k | €6k | €-12k | €11k | €13k | ▲ 21.0% |
| Income taxes67/77 | €943 | €935 | €980 | €590 | €615 | ▲ 4.3% |
| Profit (loss) for the period9904 | €31k | €5k | €-13k | €10k | €13k | ▲ 22.0% |
| Profit (loss) for the period to be appropriated9905 | €31k | €5k | €-13k | €10k | €13k | ▲ 22.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.82M | €1.79M | €1.78M | €1.79M | €1.80M | ▲ 0.6% |
| Fixed assets21/28 | €338k | €349k | €405k | €369k | €329k | ▼ 10.8% |
| Tangible fixed assets22/27 | €338k | €349k | €405k | €369k | €329k | ▼ 10.8% |
| Land and buildings22 | €264k | €246k | €229k | €211k | €193k | ▼ 8.4% |
| Plant, machinery and equipment23 | €330 | €173 | €15 | - | - | - |
| Furniture and vehicles24 | €3k | €37k | €90k | €66k | €53k | ▼ 19.9% |
| Other tangible fixed assets26 | €70k | €65k | €86k | €93k | €84k | ▼ 9.6% |
| Current assets29/58 | €1.48M | €1.44M | €1.38M | €1.42M | €1.47M | ▲ 3.5% |
| Amounts receivable within one year40/41 | €978k | €1,000k | €1.03M | €1.04M | €1.07M | ▲ 2.8% |
| Other amounts receivable41 | €978k | €1,000k | €1.03M | €1.04M | €1.07M | ▲ 2.8% |
| Current investments50/53 | €27k | €27k | €246k | €246k | €246k | = |
| Cash at bank and in hand54/58 | €478k | €416k | €103k | €135k | €157k | ▲ 16.3% |
| Deferred charges and accrued income490/1 | €1k | €2k | €2k | €1k | €757 | ▼ 46.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.82M | €1.79M | €1.78M | €1.79M | €1.80M | ▲ 0.6% |
| Equity10/15 | €330k | €335k | €322k | €332k | €345k | ▲ 3.8% |
| Contributions10/11 | €62k | €62k | €62k | €62k | €62k | = |
| Capital10 | €62k | €62k | €62k | €62k | €62k | = |
| Issued capital100 | €62k | €62k | €62k | €62k | €62k | = |
| Reserves13 | €6k | €6k | €6k | €6k | €6k | = |
| Non-distributable reserves130/1 | €6k | €6k | €6k | €6k | €6k | = |
| Legal reserve130 | €6k | €6k | €6k | €6k | €6k | = |
| Profit (loss) carried forward14 | €262k | €267k | €254k | €265k | €277k | ▲ 4.8% |
| Amounts payable17/49 | €1.49M | €1.46M | €1.46M | €1.46M | €1.46M | ▼ 0.1% |
| Amounts payable after more than one year17 | €700k | €700k | €700k | €700k | €700k | = |
| Financial debts170/4 | €700k | €700k | €700k | €700k | €700k | = |
| Amounts payable within one year42/48 | €785k | €758k | €760k | €759k | €754k | ▼ 0.7% |
| Financial debts43 | €750k | €750k | €750k | €750k | €750k | = |
| Credit institutions430/8 | €750k | €750k | €750k | €750k | €750k | = |
| Trade debts44 | €2k | €561 | €2k | €489 | €670 | ▲ 37.1% |
| Suppliers440/4 | €2k | €561 | €2k | €489 | €670 | ▲ 37.1% |
| Taxes, remuneration and social security45 | €3k | €8k | €8k | €9k | €3k | ▼ 60.9% |
| Taxes450/3 | €3k | €8k | €8k | €9k | €3k | ▼ 60.9% |
| Other amounts payable47/48 | €30k | - | - | €0 | - | - |
| Accrued charges and deferred income492/3 | €7k | €0 | €298 | €2k | €5k | ▲ 148% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31k | €5k | €-13k | €10k | €13k | ▲ 22.0% |
| + Depreciation and write-downs630 | €25k | €29k | €36k | €40k | €41k | ▲ 2.2% |
| Operating cash flow (approximation) | €55k | €35k | €22k | €50k | €53k | ▲ 6.3% |
| Investment in fixed assets (approximation) | - | €-40k | €-92k | €-4k | €-823 | ▲ 79.8% |
| Change in cash | - | €-62k | €-313k | €32k | €22k | ▼ 31.8% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
03-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
08-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Back to profitnet €10k
Net result €10k after one loss-making year.
24-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet €-13k
Net result drops to €-13k, the lowest in the series; recovery starts the following year.
24-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 24 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
01-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
26-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 87 days late
2019
29-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 31 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Etterbeek
Ground area
386 m²
Building footprint
148 m²
Volume, LiDAR
1,951 m³
Parcel 21005A0589/00T000, Brussels · tallest building 18.8 m, ±5 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21005A0589/00T000 | Brussels | 386 m² | 1 · 148 m² | 18.8 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Legal Entity Identifier
529900NUHK4UJXLIM449
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Of 146 companies in sector 84130 we hold annual accounts for 51. 27 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded20-02-2002
Fiscal year end31-12
Activities, NACEBEL 2025
84130Public administration and defence; compulsory social security
Scores and ratios are computed by Checked and are not a credit decision.