ALTA
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 52 days after the deadline Filed on 21 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00517465.
Annual accounts 2025 filed on 21-09-2026 at the NBB all 14 filings
Equity
€35,285▼ 48.5%
2024 · €68,513
Total assets
€123,136▲ 9.8%
2024 · €112,194
Net result
-€33,228
2024 · €26,923
Working capital
€34,233▼ 49.0%
2024 · €67,149
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€31,745
2025
20182025
Net result
-€33,228
2025
lowest quarter of the sector
20182025
Equity
€35,285
▼ 48.5%
2025
middle half of the sector
20182025
Total assets
€123,136
▲ 9.8%
2025
middle half of the sector
20182025
Debt
€87,850
▲ 101%
2025
20182025
Working capital
€34,233
▼ 49.0%
2025
middle half of the sector
20182025
Solvency
28.7%
▼ 32.4pp
2025
middle half of the sector
20182025
Current ratio
1.39
▼ 1.15
2025
middle half of the sector
20182025
Return on assets (ROA)
-27.0%
▼ 51.0pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€36,429-€46,394▲ 27.4%€41,751▼ 10.0%-€1,014€45,896-€31,745
Net result€33,045-€44,697▲ 35.3%€39,450within the sector's middle half▼ 11.7%-€1,573below the sector's middle half€26,923above the sector's middle half-€33,228below the sector's middle half
Equity-€54,139--€9,442▲ 82.6%€30,008below the sector's middle half€28,435below the sector's middle half▼ 5.2%€28,435within the sector's middle half=€26,540within the sector's middle half▼ 6.7%€68,513within the sector's middle half▲ 158%€35,285within the sector's middle half▼ 48.5%
Total assets€42,774-€23,595▼ 44.8%€61,445below the sector's middle half▲ 160%€121,167below the sector's middle half▲ 97.2%€121,167within the sector's middle half=€83,323within the sector's middle half▼ 31.2%€112,194within the sector's middle half▲ 34.6%€123,136within the sector's middle half▲ 9.8%
Debt€96,913-€33,037▼ 65.9%€31,437▼ 4.8%€92,733▲ 195%€92,733=€56,783▼ 38.8%€43,680▼ 23.1%€87,850▲ 101%
Working capital-€54,495--€9,687▲ 82.2%€29,874within the sector's middle half€28,412within the sector's middle half▼ 4.9%€28,412within the sector's middle half=€26,540within the sector's middle half▼ 6.6%€67,149within the sector's middle half▲ 153%€34,233within the sector's middle half▼ 49.0%
Solvency-126.6%--40.0%▲ 86.6pp48.8%within the sector's middle half▲ 88.9pp23.5%within the sector's middle half▼ 25.4pp23.5%within the sector's middle half=31.9%within the sector's middle half▲ 8.4pp61.1%within the sector's middle half▲ 29.2pp28.7%within the sector's middle half▼ 32.4pp
Current ratio0.44-0.71▲ 0.271.95within the sector's middle half▲ 1.241.31within the sector's middle half▼ 0.641.31within the sector's middle half=1.47within the sector's middle half▲ 0.162.54within the sector's middle half▲ 1.071.39within the sector's middle half▼ 1.15
Return on assets (ROA)77.3%-189.4%▲ 112.2pp64.2%above the sector's middle half▼ 125.2pp-1.3%below the sector's middle half▼ 65.5pp24.0%above the sector's middle half-27.0%below the sector's middle half▼ 51.0pp
Staff (FTE)0.3-
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 a loss of €31,745, after a profit of €45,896 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €123,136
Fixed assets
€1,052 ▼ 22.9%
Current assets
€122,084 ▲ 10.2%
Equity and liabilities €123,136
Equity
€35,285 ▼ 48.5%
Debt
€87,850 ▲ 101%
Debt's share of the balance-sheet total rises from 38.9% to 71.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€30,606▼
2024 · €46,331
Cash flow
-€32,089▼
2024 · €27,359
Debt to equity
2.49▲
2024 · 0.64
ROE
-94.2%▼
2024 · 39.3%
Interest coverage
-4.00▼
2024 · 5.52
Debt ≤ 1 year
€87,850▲
2024 · €43,680
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €500 | - | - | €1,800 | €826 |
| Depreciation and write-downs of the year | €611 | - | - | €436 | €1,139 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €156 | €111 | €111 | €611 | - | - | €436 | €1,139 | ▲ 161% |
| Other operating charges640/8 | - | - | - | €174 | - | - | €686 | €3,430 | ▲ 400% |
| Gross operating margin9900 | €66,477 | €46,850 | €75,200 | -€228 | - | - | €47,017 | -€27,176 | - |
| Operating profit (loss)9901 | €36,429 | €46,394 | €41,751 | -€1,014 | - | - | €45,896 | -€31,745 | - |
| Financial income75/76B | - | - | - | €1 | - | - | €1 | €6,176 | ▲ 11,652× |
| Recurring financial income75 | €50 | €0 | €5 | €1 | - | - | €1 | €6,176 | ▲ 11,652× |
| Financial charges65/66B | - | - | - | €548 | - | - | €8,399 | €7,659 | ▼ 8.8% |
| Recurring financial charges65 | €3,434 | €1,698 | €291 | €548 | - | - | €8,399 | €7,659 | ▼ 8.8% |
| Profit (loss) for the period before taxes9903 | €33,045 | €44,697 | €41,465 | -€1,562 | - | - | €37,497 | -€33,228 | - |
| Income taxes67/77 | - | - | €2,015 | €11 | - | - | €10,574 | - | - |
| Profit (loss) for the period9904 | €33,045 | €44,697 | €39,450 | -€1,573 | - | - | €26,923 | -€33,228 | - |
| Profit (loss) for the period to be appropriated9905 | €33,045 | €44,697 | €39,450 | -€1,573 | - | - | €26,923 | -€33,228 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €42,774 | €23,595 | €61,445 | €121,167 | €121,167 | €83,323 | €112,194 | €123,136 | ▲ 9.8% |
| Formation expenses20 | €356 | €245 | €134 | €22 | €22 | - | - | - | - |
| Fixed assets21/28 | - | - | - | - | - | - | €1,364 | €1,052 | ▼ 22.9% |
| Tangible fixed assets22/27 | - | - | - | - | - | - | €1,364 | €1,052 | ▼ 22.9% |
| Furniture and vehicles24 | - | - | - | - | - | - | €1,364 | €1,052 | ▼ 22.9% |
| Current assets29/58 | €42,418 | €23,350 | €61,311 | €121,145 | €121,145 | €83,323 | €110,829 | €122,084 | ▲ 10.2% |
| Stocks and contracts in progress3 | €15,100 | - | €49,498 | €28,560 | €28,560 | €10,000 | - | - | - |
| Contracts in progress37 | - | - | - | €28,560 | €28,560 | €10,000 | - | - | - |
| Amounts receivable within one year40/41 | €26,826 | €23,033 | €4,985 | €53,087 | €53,087 | €68,898 | €109,956 | €121,302 | ▲ 10.3% |
| Trade receivables40 | - | - | - | €40,113 | €40,113 | €43,023 | - | €1,800 | - |
| Other amounts receivable41 | - | - | - | €12,973 | €12,973 | €25,876 | €109,956 | €119,502 | ▲ 8.7% |
| Cash at bank and in hand54/58 | €388 | €318 | €6,457 | €38,711 | €38,711 | €3,751 | €336 | €427 | ▲ 27.1% |
| Deferred charges and accrued income490/1 | - | - | - | €787 | €787 | €674 | €537 | €355 | ▼ 34.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €42,774 | €23,595 | €61,445 | €121,167 | €121,167 | €83,323 | €112,194 | €123,136 | ▲ 9.8% |
| Equity10/15 | -€54,139 | -€9,442 | €30,008 | €28,435 | €28,435 | €26,540 | €68,513 | €35,285 | ▼ 48.5% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | - | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | - | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€74,599 | -€29,902 | €9,548 | €7,975 | €7,975 | €6,080 | €48,053 | €14,825 | ▼ 69.1% |
| Amounts payable17/49 | €96,913 | €33,037 | €31,437 | €92,733 | €92,733 | €56,783 | €43,680 | €87,850 | ▲ 101% |
| Amounts payable within one year42/48 | €96,913 | €33,037 | €31,437 | €92,733 | €92,733 | €56,783 | €43,680 | €87,850 | ▲ 101% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €6,000 | €17,000 | €17,000 | = |
| Financial debts43 | - | - | - | - | - | - | €7,741 | €5,208 | ▼ 32.7% |
| Credit institutions430/8 | - | - | - | - | - | - | €7,741 | - | - |
| Other loans439 | - | - | - | - | - | - | - | €5,208 | - |
| Trade debts44 | €34,205 | €12,557 | €14,922 | €33,358 | €33,358 | €48,984 | €2,638 | €46,221 | ▲ 18× |
| Suppliers440/4 | - | - | - | €33,358 | €33,358 | €48,984 | €2,638 | €46,221 | ▲ 18× |
| Advances received on contracts in progress46 | - | - | - | €14,500 | €14,500 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €2,026 | €2,026 | €1,799 | €16,301 | €18,318 | ▲ 12.4% |
| Taxes450/3 | - | - | - | €2,026 | €2,026 | €1,799 | €16,301 | €18,318 | ▲ 12.4% |
| Other amounts payable47/48 | - | - | - | €42,848 | €42,848 | - | - | €1,103 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €33,045 | €44,697 | €39,450 | -€1,573 | - | - | €26,923 | -€33,228 | - |
| + Depreciation and write-downs630 | €156 | €111 | €111 | €611 | - | - | €436 | €1,139 | ▲ 161% |
| Operating cash flow (approximation) | €33,201 | €44,808 | €39,561 | -€962 | - | - | €27,359 | -€32,089 | - |
| Investment in fixed assets (approximation) | - | - | - | - | - | - | - | -€826 | - |
| Change in cash | - | -€70 | €6,140 | €32,253 | €0 | -€34,960 | -€3,415 | €91 | - |
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, 1,294 companies had the same profile as ALTA has now. Two years later, 89.6% were still going and 4.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
89.6%
was still going
5.9%
stopped otherwise
4.1%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of ALTA itself is higher: 5.9% within 12 months. It rests on far more data about ALTA than the profile alone.
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 1,294 companies, not a prediction for ALTA. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 21-09-2026 | 2026-00517465 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00403133 | |
| 31-12-2023 | micro format | 16-09-2024 | 2024-00462086 | |
| 31-12-2022 | micro format | 01-09-2023 | 2023-00410620 | |
| 31-12-2021 | abbreviated format | 12-08-2022 | 2022-20285183 | |
| 31-12-2020 | abbreviated format | 12-04-2021 | 2021-10200541 | |
| 31-12-2019 | abbreviated format | 14-10-2020 | 2020-61500197 | |
| 31-12-2018 | abbreviated format | 07-03-2019 | 2019-06500352 | |
| 31-12-2017 | abbreviated format | 29-06-2018 | 2018-26000147 | |
| 31-12-2016 | abbreviated format | 28-09-2017 | 2017-64100221 |