ALSITO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-10-2025 PDF all 6 filings
Turnover
≈ €2.1m
Estimated: probably between €1.4m and €3.2m
Total assets
€2.3m▼ 5.6%
2024 · €2.4m
Net result
€32,812▼ 73.7%
2024 · €124,632
Working capital
€413,285▼ 16.2%
2024 · €492,983
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€79,955
▼ 56.8%
2025
20202025
Net result
€32,812
▼ 73.7%
2025
middle half of the sector
20202025
Equity
€575,636
▼ 0.4%
2025
middle half of the sector
20202025
Total assets
€2.3m
▼ 5.6%
2025
highest quarter of the sector
20202025
Debt
€1.7m
▼ 7.2%
2025
20202025
Working capital
€413,285
▼ 16.2%
2025
highest quarter of the sector
20202025
Solvency
25.0%
▲ 1.3pp
2025
middle half of the sector
20202025
Current ratio
2.62
▼ 0.09
2025
middle half of the sector
20202025
Return on assets (ROA)
1.4%
▼ 3.7pp
2025
middle half of the sector
20202025
Staff (FTE)
3.9
▲ 50.0%
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€0.1m-€0.2m▲ 50.0%€0.2m▲ 13.2%€0.4m▲ 82.7%€0.2m▼ 48.1%€0.08m▼ 56.8%
Net result€0.08mwithin the sector's middle half-€0.1mabove the sector's middle half▲ 62.5%€0.1mabove the sector's middle half▼ 2.0%€0.3mabove the sector's middle half▲ 98.9%€0.1mabove the sector's middle half▼ 53.0%€0.03mwithin the sector's middle half▼ 73.7%
Equity€0.09mwithin the sector's middle half-€0.2mwithin the sector's middle half▲ 151%€0.4mwithin the sector's middle half▲ 59.0%€0.6mwithin the sector's middle half▲ 54.0%€0.6mwithin the sector's middle half▲ 4.5%€0.6mwithin the sector's middle half▼ 0.4%
Total assets€0.5mwithin the sector's middle half-€0.6mwithin the sector's middle half▲ 27.1%€0.8mwithin the sector's middle half▲ 28.2%€1.8mabove the sector's middle half▲ 124%€2.4mabove the sector's middle half▲ 34.8%€2.3mabove the sector's middle half▼ 5.6%
Debt€0.4m-€0.4m▼ 0.5%€0.4m▲ 11.0%€1.3m▲ 181%€1.9m▲ 48.2%€1.7m▼ 7.2%
Working capital€0.4mwithin the sector's middle half-€0.4mwithin the sector's middle half▲ 12.0%€0.5mabove the sector's middle half▲ 20.1%€0.6mabove the sector's middle half▲ 17.9%€0.5mwithin the sector's middle half▼ 19.1%€0.4mabove the sector's middle half▼ 16.2%
Solvency18.2%within the sector's middle half-35.9%within the sector's middle half▲ 17.8pp44.6%within the sector's middle half▲ 8.6pp30.6%within the sector's middle half▼ 14.0pp23.7%within the sector's middle half▼ 6.9pp25.0%within the sector's middle half▲ 1.3pp
Current ratio5.89above the sector's middle half-4.55above the sector's middle half▼ 1.344.47above the sector's middle half▼ 0.083.87above the sector's middle half▼ 0.612.70within the sector's middle half▼ 1.172.62within the sector's middle half▼ 0.09
Return on assets (ROA)16.9%above the sector's middle half-21.6%above the sector's middle half▲ 4.7pp16.5%above the sector's middle half▼ 5.1pp14.6%above the sector's middle half▼ 1.9pp5.1%within the sector's middle half▼ 9.5pp1.4%within the sector's middle half▼ 3.7pp
Staff (FTE)1.8within the sector's middle half-1.8within the sector's middle half=1.9within the sector's middle half▲ 5.6%2.4within the sector's middle half▲ 26.3%2.6within the sector's middle half▲ 8.3%3.9within the sector's middle half▲ 50.0%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 57% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €2.3m
Fixed assets
€1.6m ▼ 1.4%
Current assets
€669,168 ▼ 14.5%
Equity and liabilities €2.3m
Equity
€575,636 ▼ 0.4%
Debt
€1.7m ▼ 7.2%
Debt's share of the balance-sheet total falls from 76.3% to 75.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€208,354▼
2024 · €283,158
Cash flow
€161,210▼
2024 · €222,769
Quick ratio
0.89▼
2024 · 0.97
Debt to equity
3.00▼
2024 · 3.22
ROE
5.7%▼
2024 · 21.6%
Interest coverage
5.17▼
2024 · 10.98
Debt ≤ 1 year
€255,883▼
2024 · €289,876
Debt > 1 year
€1.5m▼
2024 · €1.6m
Income taxes
€10,108▼
2024 · €38,471
Staff costs
€191,850▲
2024 · €132,913
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 3 | 4 | 5 | 4 |
| full-time | 1 | 1 | 1 | 2 | 2 |
| part-time | 2 | 2 | 3 | 3 | 2 |
| in full-time equivalents | 2.4 | 2.4 | 3.3 | 4.3 | 3.7 |
| Average over the year, in full-time equivalents | 1.9 | 2.4 | 2.6 | 3.9 | 4.1 |
| On a permanent contract | 3 | 3 | 4 | 5 | 4 |
| Joined | - | - | 1 | 1 | 1 |
| Left | - | - | 0 | 0 | 2 |
Source: social balance sheet in the 2022 to 2026 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €95,009 | €919,341 | €767,327 | €135,545 |
| Depreciation and write-downs of the year | €29,601 | €71,875 | €98,137 | €128,399 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €91,489 | €119,165 | €132,913 | €191,850 | ▲ 44.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,350 | €20,030 | €29,601 | €71,875 | €98,137 | €128,399 | ▲ 30.8% |
| Other operating charges640/8 | - | - | €1,162 | €3,453 | €5,133 | €5,304 | ▲ 3.3% |
| Gross operating margin9900 | €221,508 | €273,636 | €317,351 | €550,861 | €421,204 | €405,508 | ▼ 3.7% |
| Operating profit (loss)9901 | €114,922 | €172,337 | €195,099 | €356,368 | €185,021 | €79,955 | ▼ 56.8% |
| Financial income75/76B | - | - | €2,204 | €1,301 | €3,879 | €3,282 | ▼ 15.4% |
| Recurring financial income75 | €4,460 | €1,485 | €2,204 | €1,301 | €3,879 | €3,282 | ▼ 15.4% |
| Financial charges65/66B | - | - | €8,626 | €14,124 | €25,797 | €40,317 | ▲ 56.3% |
| Recurring financial charges65 | €12,029 | €9,369 | €8,626 | €14,124 | €25,797 | €40,317 | ▲ 56.3% |
| Profit (loss) for the period before taxes9903 | €107,353 | €164,453 | €188,677 | €343,545 | €163,103 | €42,920 | ▼ 73.7% |
| Income taxes67/77 | €23,647 | €28,446 | €55,383 | €78,361 | €38,471 | €10,108 | ▼ 73.7% |
| Profit (loss) for the period9904 | €83,706 | €136,008 | €133,294 | €265,184 | €124,632 | €32,812 | ▼ 73.7% |
| Profit (loss) for the period to be appropriated9905 | €83,706 | €136,008 | €133,294 | €265,184 | €124,632 | €32,812 | ▼ 73.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €0.5m | €0.6m | €0.8m | €1.8m | €2.4m | €2.3m | ▼ 5.6% |
| Fixed assets21/28 | €0.03m | €0.08m | €0.1m | €1.0m | €1.7m | €1.6m | ▼ 1.4% |
| Tangible fixed assets22/27 | €0.03m | €0.08m | €0.1m | €1.0m | €1.7m | €1.6m | ▼ 1.4% |
| Land and buildings22 | - | - | €0.009m | €0.8m | €1.5m | €1.5m | ▼ 3.7% |
| Plant, machinery and equipment23 | - | - | €0.006m | €0.009m | €0.009m | €0.02m | ▲ 77.1% |
| Furniture and vehicles24 | - | - | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 19.4% |
| Current assets29/58 | €0.5m | €0.6m | €0.7m | €0.8m | €0.8m | €0.7m | ▼ 14.5% |
| Stocks and contracts in progress3 | €0.4m | €0.4m | €0.5m | €0.6m | €0.5m | €0.4m | ▼ 12.3% |
| Stocks30/36 | - | - | €0.5m | €0.6m | €0.5m | €0.4m | ▼ 12.3% |
| Amounts receivable within one year40/41 | €0.01m | €0.07m | €0.06m | €0.1m | €0.2m | €0.06m | ▼ 70.1% |
| Trade receivables40 | - | - | €0.06m | €0.1m | €0.06m | €0.03m | ▼ 41.0% |
| Other amounts receivable41 | - | - | - | €0.002m | €0.1m | €0.02m | ▼ 82.2% |
| Cash at bank and in hand54/58 | €0.04m | €0.03m | €0.07m | €0.02m | €0.02m | €0.1m | ▲ 602% |
| Deferred charges and accrued income490/1 | - | - | €0.008m | €0.01m | €0.06m | €0.03m | ▼ 59.2% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €0.5m | €0.6m | €0.8m | €1.8m | €2.4m | €2.3m | ▼ 5.6% |
| Equity10/15 | €0.09m | €0.2m | €0.4m | €0.6m | €0.6m | €0.6m | ▼ 0.4% |
| Contributions10/11 | - | - | €0.006m | €0.03m | €0.03m | €0.03m | = |
| Reserves13 | €0.08m | €0.2m | €0.4m | €0.5m | €0.6m | €0.6m | ▼ 0.4% |
| Distributable reserves133 | - | - | €0.4m | €0.5m | €0.6m | €0.6m | ▼ 0.4% |
| Amounts payable17/49 | €0.4m | €0.4m | €0.4m | €1.3m | €1.9m | €1.7m | ▼ 7.2% |
| Amounts payable after more than one year17 | €0.3m | €0.3m | €0.3m | €1.0m | €1.6m | €1.5m | ▼ 6.3% |
| Financial debts170/4 | - | - | €0.2m | €1.0m | €1.5m | €1.4m | ▼ 5.2% |
| Other amounts payable178/9 | - | - | €0.1m | €0.02m | €0.04m | €0.02m | ▼ 50.0% |
| Amounts payable within one year42/48 | €0.08m | €0.1m | €0.1m | €0.2m | €0.3m | €0.3m | ▼ 11.7% |
| Current portion of amounts payable after more than one year42 | - | - | €0.07m | €0.1m | €0.1m | €0.1m | ▲ 6.2% |
| Financial debts43 | - | - | - | - | €0.03m | - | - |
| Credit institutions430/8 | - | - | - | - | €0.03m | - | - |
| Trade debts44 | €0.01m | €0.03m | €0.002m | €0.004m | €0.04m | €0.03m | ▼ 7.3% |
| Suppliers440/4 | - | - | €0.002m | €0.004m | €0.04m | €0.03m | ▼ 7.3% |
| Taxes, remuneration and social security45 | - | - | €0.03m | €0.04m | €0.04m | €0.03m | ▼ 33.8% |
| Taxes450/3 | - | - | €0.02m | €0.03m | €0.004m | €0.006m | ▲ 54.3% |
| Remuneration and social security454/9 | - | - | €0.009m | €0.01m | €0.04m | €0.02m | ▼ 42.5% |
| Other amounts payable47/48 | - | - | €0.04m | €0.04m | €0.04m | €0.05m | ▲ 11.5% |
| Accrued charges and deferred income492/3 | - | - | €0.01m | €0.006m | €0.007m | €0.006m | ▼ 21.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €83,706 | €136,008 | €133,294 | €265,184 | €124,632 | €32,812 | ▼ 73.7% |
| + Depreciation and write-downs630 | €16,350 | €20,030 | €29,601 | €71,875 | €98,137 | €128,399 | ▲ 30.8% |
| Operating cash flow (approximation) | €100,056 | €156,037 | €162,896 | €337,060 | €222,769 | €161,210 | ▼ 27.6% |
| Investment in fixed assets (approximation) | - | -€65,249 | -€93,023 | -€919,341 | -€767,327 | -€105,631 | ▲ 86.2% |
| Change in cash | - | -€8,665 | €37,524 | -€50,940 | €3,632 | €123,637 | ▲ 34× |
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, 3,274 companies had the same profile as ALSITO has now. Two years later, 94.7% were still going and 2.5% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
94.7%
was still going
2.5%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ALSITO itself: 1.5% 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 3,274 companies, not a prediction for ALSITO. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | abbreviated format | 30-10-2025 | 2025-00557914 | |
| 31-03-2024 | abbreviated format | 30-10-2024 | 2024-00524883 | |
| 31-03-2023 | abbreviated format | 30-10-2023 | 2023-00500992 | |
| 31-03-2022 | abbreviated format | 14-10-2022 | 2022-20460502 | |
| 31-03-2021 | abbreviated format | 27-10-2021 | 2021-73800506 | |
| 31-03-2020 | abbreviated format | 12-10-2020 | 2020-60800518 |