ALTHOVER
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-12-2025 PDF all 29 filings
Turnover
≈ €600,000
Estimated: probably between €480,000 and €1.0m
Total assets
€449,845▲ 23.9%
2024 · €362,986
Net result
€174,458▲ 24.8%
2024 · €139,767
Working capital
€239,176▲ 278%
2024 · €63,220
In the rankings
#6 company by equity in Dentergem, Administrative and support services sector#6 oldest company in Dentergem, Administrative and support services sector#9 company by total assets in Dentergem, Administrative and support services sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€241,270
▲ 18.5%
2025
20192025
Net result
€174,458
▲ 24.8%
2025
highest quarter of the sector
20192025
Equity
€309,658
▲ 124%
2025
highest quarter of the sector
20192025
Total assets
€449,845
▲ 23.9%
2025
highest quarter of the sector
20192025
Debt
€140,187
▼ 37.5%
2025
20192025
Working capital
€239,176
▲ 278%
2025
highest quarter of the sector
20192025
Solvency
68.8%
▲ 30.7pp
2025
middle half of the sector
20192025
Current ratio
2.89
▲ 1.57
2025
middle half of the sector
20192025
Return on assets (ROA)
38.8%
▲ 0.3pp
2025
highest quarter of the sector
20192025
Staff (FTE)
2
=
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€70,107-€29,490▼ 57.9%€33,047▲ 12.1%€32,301▼ 2.3%€21,962▼ 32.0%€203,566▲ 827%€241,270▲ 18.5%
Net result€39,490-€13,846within the sector's middle half▼ 64.9%€17,701within the sector's middle half▲ 27.8%€17,985within the sector's middle half▲ 1.6%€11,112within the sector's middle half▼ 38.2%€139,767above the sector's middle half▲ 13×€174,458above the sector's middle half▲ 24.8%
Equity€99,809-€111,429within the sector's middle half▲ 11.6%€126,904within the sector's middle half▲ 13.9%€142,662within the sector's middle half▲ 12.4%€150,000within the sector's middle half▲ 5.1%€138,540within the sector's middle half▼ 7.6%€309,658above the sector's middle half▲ 124%
Total assets€312,414-€311,380within the sector's middle half▼ 0.3%€317,721within the sector's middle half▲ 2.0%€292,526within the sector's middle half▼ 7.9%€233,684within the sector's middle half▼ 20.1%€362,986within the sector's middle half▲ 55.3%€449,845above the sector's middle half▲ 23.9%
Debt€212,605-€199,951▼ 6.0%€190,817▼ 4.6%€149,864▼ 21.5%€83,684▼ 44.2%€224,445▲ 168%€140,187▼ 37.5%
Working capital€170,985-€185,233above the sector's middle half▲ 8.3%€197,828above the sector's middle half▲ 6.8%€186,490above the sector's middle half▼ 5.7%€66,456within the sector's middle half▼ 64.4%€63,220within the sector's middle half▼ 4.9%€239,176above the sector's middle half▲ 278%
Solvency31.9%-35.8%within the sector's middle half▲ 3.8pp39.9%within the sector's middle half▲ 4.2pp48.8%within the sector's middle half▲ 8.8pp64.2%within the sector's middle half▲ 15.4pp38.2%within the sector's middle half▼ 26.0pp68.8%within the sector's middle half▲ 30.7pp
Current ratio5.54-6.26above the sector's middle half▲ 0.725.74above the sector's middle half▼ 0.525.46above the sector's middle half▼ 0.292.41within the sector's middle half▼ 3.041.32within the sector's middle half▼ 1.102.89within the sector's middle half▲ 1.57
Return on assets (ROA)12.6%-4.4%within the sector's middle half▼ 8.2pp5.6%within the sector's middle half▲ 1.1pp6.1%within the sector's middle half▲ 0.6pp4.8%within the sector's middle half▼ 1.4pp38.5%above the sector's middle half▲ 33.7pp38.8%above the sector's middle half▲ 0.3pp
Staff (FTE)1.5-1.6within the sector's middle half▲ 6.7%1.7▲ 6.3%2▲ 17.6%2=2=2=
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 19% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro 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 €449,845
Fixed assets
€83,908 ▼ 16.5%
Current assets
€365,937 ▲ 39.4%
Equity and liabilities €449,845
Equity
€309,658 ▲ 124%
Debt
€140,187 ▼ 37.5%
Debt's share of the balance-sheet total falls from 61.8% to 31.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€264,938▲
2024 · €226,456
Cash flow
€198,126▲
2024 · €162,657
Debt to equity
0.45▼
2024 · 1.62
ROE
56.3%▼
2024 · 100.9%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€126,761▼
2024 · €199,255
Debt > 1 year
€13,027▼
2024 · €24,803
Income taxes
€66,944▲
2024 · €63,106
Staff costs
€117,744▲
2024 · €116,107
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 2 |
| part-time | 2 | 2 | 2 | 2 |
| in full-time equivalents | 1.7 | 1.7 | 1.7 | 1.7 |
| Average over the year, in full-time equivalents | 1.7 | 1.7 | 1.7 | 1.7 |
| On a permanent contract | 2 | 2 | 2 | 2 |
| Training hours | 24 | 20 | 24 | 24 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Mortgages, amount registered | €150,000 | €150,000 | €150,000 | €150,000 |
| Carrying value of the mortgaged assets | €60,525 | €53,404 | €46,284 | €24,803 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €1,388 | €68,019 | €3,162 | €7,065 |
| Depreciation and write-downs of the year | €15,382 | €11,962 | €22,890 | €23,668 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €93,275 | €108,917 | €116,107 | €117,744 | ▲ 1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,147 | €14,829 | €14,648 | €15,382 | €11,962 | €22,890 | €23,668 | ▲ 3.4% |
| Other operating charges640/8 | - | - | - | €1,757 | €3,465 | €2,821 | €2,864 | ▲ 1.5% |
| Gross operating margin9900 | €162,483 | €127,737 | €137,614 | €142,715 | €146,307 | €345,384 | €385,546 | ▲ 11.6% |
| Operating profit (loss)9901 | €70,107 | €29,490 | €33,047 | €32,301 | €21,962 | €203,566 | €241,270 | ▲ 18.5% |
| Financial income75/76B | - | - | - | €6 | €44 | €350 | €969 | ▲ 177% |
| Recurring financial income75 | €170 | €183 | €105 | €6 | €44 | €350 | €969 | ▲ 177% |
| Financial charges65/66B | - | - | - | €4,346 | €3,636 | €1,043 | €838 | ▼ 19.7% |
| Recurring financial charges65 | €9,977 | €6,852 | €6,114 | €4,346 | €3,636 | €1,043 | €838 | ▼ 19.7% |
| Profit (loss) for the period before taxes9903 | €60,300 | €22,821 | €27,037 | €27,962 | €18,370 | €202,873 | €241,401 | ▲ 19.0% |
| Income taxes67/77 | €20,810 | €8,975 | €9,336 | €9,977 | €7,258 | €63,106 | €66,944 | ▲ 6.1% |
| Profit (loss) for the period9904 | €39,490 | €13,846 | €17,701 | €17,985 | €11,112 | €139,767 | €174,458 | ▲ 24.8% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €84,200 | - |
| Profit (loss) for the period to be appropriated9905 | €39,490 | €13,846 | €17,701 | €17,985 | €11,112 | €139,767 | €90,258 | ▼ 35.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €312,414 | €311,380 | €317,721 | €292,526 | €233,684 | €362,986 | €449,845 | ▲ 23.9% |
| Fixed assets21/28 | €103,753 | €90,924 | €78,176 | €64,182 | €120,239 | €100,511 | €83,908 | ▼ 16.5% |
| Tangible fixed assets22/27 | €103,753 | €90,924 | €78,176 | €64,182 | €120,239 | €100,511 | €83,908 | ▼ 16.5% |
| Land and buildings22 | - | - | - | €60,525 | €53,404 | €46,284 | €39,163 | ▼ 15.4% |
| Plant, machinery and equipment23 | - | - | - | €1,488 | €3,009 | €2,242 | €1,476 | ▼ 34.2% |
| Furniture and vehicles24 | - | - | - | €2,169 | €63,826 | €51,985 | €43,269 | ▼ 16.8% |
| Current assets29/58 | €208,660 | €220,455 | €239,544 | €228,344 | €113,445 | €262,475 | €365,937 | ▲ 39.4% |
| Amounts receivable within one year40/41 | €19,132 | €45,342 | €38,267 | €33,558 | €21,130 | €38,913 | €48,126 | ▲ 23.7% |
| Trade receivables40 | - | - | - | €33,533 | €18,382 | €38,913 | €44,779 | ▲ 15.1% |
| Other amounts receivable41 | - | - | - | €25 | €2,748 | - | €3,347 | - |
| Current investments50/53 | €142,132 | €169,935 | €184,859 | €179,771 | €89,780 | €89,965 | €190,626 | ▲ 112% |
| Cash at bank and in hand54/58 | €47,397 | €5,179 | €16,415 | €14,641 | €2,161 | €133,597 | €127,185 | ▼ 4.8% |
| Deferred charges and accrued income490/1 | - | - | - | €375 | €375 | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €312,414 | €311,380 | €317,721 | €292,526 | €233,684 | €362,986 | €449,845 | ▲ 23.9% |
| Equity10/15 | €99,809 | €111,429 | €126,904 | €142,662 | €150,000 | €138,540 | €309,658 | ▲ 124% |
| Contributions10/11 | €150,000 | - | - | €150,000 | €150,000 | €1,000 | €1,000 | = |
| Reserves13 | - | - | - | - | - | €137,500 | €308,600 | ▲ 124% |
| Tax-exempt reserves132 | - | - | - | - | - | - | €84,200 | - |
| Distributable reserves133 | - | - | - | - | - | €137,500 | €224,400 | ▲ 63.2% |
| Profit (loss) carried forward14 | -€50,191 | -€38,571 | -€23,096 | -€7,338 | - | €40 | €58 | ▲ 44.4% |
| Amounts payable17/49 | €212,605 | €199,951 | €190,817 | €149,864 | €83,684 | €224,445 | €140,187 | ▼ 37.5% |
| Amounts payable after more than one year17 | €174,929 | €164,728 | €148,753 | €107,662 | €36,347 | €24,803 | €13,027 | ▼ 47.5% |
| Financial debts170/4 | - | - | - | €107,662 | €36,347 | €24,803 | €13,027 | ▼ 47.5% |
| Amounts payable within one year42/48 | €37,675 | €35,223 | €41,716 | €41,855 | €46,990 | €199,255 | €126,761 | ▼ 36.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €11,091 | €11,315 | €11,544 | €11,777 | ▲ 2.0% |
| Trade debts44 | €7,230 | €3,033 | €3,805 | €4,237 | €6,775 | €7,106 | €9,575 | ▲ 34.7% |
| Suppliers440/4 | - | - | - | €4,237 | €6,775 | €7,106 | €9,575 | ▲ 34.7% |
| Taxes, remuneration and social security45 | - | - | - | €20,945 | €17,515 | €30,552 | €23,212 | ▼ 24.0% |
| Taxes450/3 | - | - | - | €8,563 | €3,977 | €16,202 | €8,497 | ▼ 47.6% |
| Remuneration and social security454/9 | - | - | - | €12,382 | €13,538 | €14,350 | €14,715 | ▲ 2.5% |
| Other amounts payable47/48 | - | - | - | €5,582 | €11,385 | €150,054 | €82,198 | ▼ 45.2% |
| Accrued charges and deferred income492/3 | - | - | - | €348 | €348 | €387 | €400 | ▲ 3.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €39,490 | €13,846 | €17,701 | €17,985 | €11,112 | €139,767 | €174,458 | ▲ 24.8% |
| + Depreciation and write-downs630 | €15,147 | €14,829 | €14,648 | €15,382 | €11,962 | €22,890 | €23,668 | ▲ 3.4% |
| Operating cash flow (approximation) | €54,638 | €28,675 | €32,349 | €33,367 | €23,074 | €162,657 | €198,126 | ▲ 21.8% |
| Investment in fixed assets (approximation) | - | -€2,000 | -€1,900 | -€1,388 | -€68,019 | -€3,162 | -€7,065 | ▼ 123% |
| Change in cash | - | -€42,218 | €11,236 | -€1,775 | -€12,479 | €131,436 | -€6,412 | - |
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 ALTHOVER 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 ALTHOVER 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 ALTHOVER. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 24-12-2025 | 2025-00589647 | |
| 30-06-2024 | micro format | 20-12-2024 | 2024-00621231 | |
| 30-06-2023 | micro format | 19-12-2023 | 2023-00530850 | |
| 30-06-2022 | micro format | 22-12-2022 | 2022-20543715 | |
| 30-06-2021 | micro format | 23-12-2021 | 2021-81600147 | |
| 30-06-2020 | micro format | 23-12-2020 | 2020-76800407 | |
| 30-06-2019 | micro format | 23-12-2019 | 2019-77400068 | |
| 30-06-2018 | micro format | 24-12-2018 | 2018-75600054 | |
| 30-06-2017 | micro format | 21-12-2017 | 2017-72900285 | |
| 30-06-2016 | abbreviated format | 23-12-2016 | 2016-71300372 |