ALTHUR
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 3 days after the deadline Filed on 4 May 2026, deadline 1 May 2026 (7 months after the close on 1 October 2025, Companies Code art. 3:10). Source: NBB, 2026-00100074.
Annual accounts 2025 filed on 04-05-2026 PDF all 10 filings
Turnover
≈ €160,000
Estimated: probably between €97,000 and €290,000
Total assets
€187,980▼ 11.1%
2024 · €211,548
Net result
€14,653▲ 398%
2024 · €2,941
Working capital
€18,919▼ 86.4%
2024 · €139,541
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€22,831
▲ 129%
2025
20192025
Net result
€14,653
▲ 398%
2025
middle half of the sector
20192025
Equity
€27,272
▼ 81.5%
2025
middle half of the sector
20192025
Total assets
€187,980
▼ 11.1%
2025
middle half of the sector
20192025
Debt
€160,708
▲ 151%
2025
20192025
Working capital
€18,919
▼ 86.4%
2025
middle half of the sector
20192025
Solvency
14.5%
▼ 55.3pp
2025
middle half of the sector
20192025
Current ratio
1.13
▼ 4.16
2025
middle half of the sector
20192025
Return on assets (ROA)
7.8%
▲ 6.4pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€53,979-€21,299▼ 60.5%€40,756▲ 91.3%€56,113▲ 37.7%€54,177▼ 3.5%€9,958▼ 81.6%€22,831▲ 129%
Net result€39,514-€14,980within the sector's middle half▼ 62.1%€28,742above the sector's middle half▲ 91.9%€37,463above the sector's middle half▲ 30.3%€36,468above the sector's middle half▼ 2.7%€2,941within the sector's middle half▼ 91.9%€14,653within the sector's middle half▲ 398%
Equity€105,423-€112,004above the sector's middle half▲ 6.2%€120,746above the sector's middle half▲ 7.8%€158,209above the sector's middle half▲ 31.0%€174,678above the sector's middle half▲ 10.4%€147,619above the sector's middle half▼ 15.5%€27,272within the sector's middle half▼ 81.5%
Total assets€158,142-€157,032within the sector's middle half▼ 0.7%€172,848within the sector's middle half▲ 10.1%€222,638within the sector's middle half▲ 28.8%€247,009within the sector's middle half▲ 10.9%€211,548within the sector's middle half▼ 14.4%€187,980within the sector's middle half▼ 11.1%
Debt€52,719-€45,028▼ 14.6%€52,102▲ 15.7%€64,429▲ 23.7%€72,331▲ 12.3%€63,929▼ 11.6%€160,708▲ 151%
Working capital€108,508-€114,325above the sector's middle half▲ 5.4%€120,657above the sector's middle half▲ 5.5%€155,972above the sector's middle half▲ 29.3%€172,911above the sector's middle half▲ 10.9%€139,541above the sector's middle half▼ 19.3%€18,919within the sector's middle half▼ 86.4%
Solvency66.7%-71.3%above the sector's middle half▲ 4.7pp69.9%within the sector's middle half▼ 1.5pp71.1%within the sector's middle half▲ 1.2pp70.7%within the sector's middle half▼ 0.3pp69.8%within the sector's middle half▼ 0.9pp14.5%within the sector's middle half▼ 55.3pp
Current ratio9.53-8.48above the sector's middle half▼ 1.054.63above the sector's middle half▼ 3.8528.79above the sector's middle half▲ 24.157.38above the sector's middle half▼ 21.405.29above the sector's middle half▼ 2.101.13within the sector's middle half▼ 4.16
Return on assets (ROA)25.0%-9.5%within the sector's middle half▼ 15.4pp16.6%within the sector's middle half▲ 7.1pp16.8%within the sector's middle half▲ 0.2pp14.8%within the sector's middle half▼ 2.1pp1.4%within the sector's middle half▼ 13.4pp7.8%within the sector's middle half▲ 6.4pp
above
within
below
The sector band is the middle half of the companies in Education (NACE 85). 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 129% higher than in 2024. It is a recovery after the fall in 2024.
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 €187,980
Fixed assets
€24,495 ▼ 37.9%
Current assets
€163,485 ▼ 5.0%
Equity and liabilities €187,980
Equity
€27,272 ▼ 81.5%
Debt
€160,708 ▲ 151%
Debt's share of the balance-sheet total rises from 30.2% to 85.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€37,794▲
2024 · €24,479
Cash flow
€29,616▲
2024 · €17,463
Debt to equity
5.89▲
2024 · 0.43
ROE
53.7%▲
2024 · 2.0%
Interest coverage
20.77▲
2024 · 8.24
Debt ≤ 1 year
€144,566▲
2024 · €32,549
Debt > 1 year
€14,714▼
2024 · €28,577
Income taxes
€7,525▲
2024 · €5,052
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 01-10-2021 | 01-10-2022 | 01-10-2023 | 01-10-2024 | 01-10-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €73,277 | - | €2,752 | - |
| Depreciation and write-downs of the year | €8,440 | €8,004 | €14,045 | €14,522 | €14,963 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €4,220 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,958 | €9,486 | €8,440 | €8,004 | €14,045 | €14,522 | €14,963 | ▲ 3.0% |
| Other operating charges640/8 | - | - | €2,219 | €4,903 | €1,854 | €2,060 | €2,279 | ▲ 10.7% |
| Gross operating margin9900 | €62,819 | €30,940 | €51,415 | €69,020 | €70,077 | €26,539 | €40,073 | ▲ 51.0% |
| Operating profit (loss)9901 | €53,979 | €21,299 | €40,756 | €56,113 | €54,177 | €9,958 | €22,831 | ▲ 129% |
| Financial income75/76B | - | - | - | €1 | €2 | €1,007 | €1,167 | ▲ 15.9% |
| Recurring financial income75 | €176 | - | - | €1 | €2 | €1,007 | €1,167 | ▲ 15.9% |
| Financial charges65/66B | - | - | €1,336 | €5,262 | €3,461 | €2,971 | €1,820 | ▼ 38.7% |
| Recurring financial charges65 | €206 | €1,691 | €1,336 | €2,053 | €3,461 | €2,971 | €1,820 | ▼ 38.7% |
| Non-recurring financial charges66B | - | - | - | €3,209 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €52,080 | €19,609 | €39,420 | €50,852 | €50,718 | €7,993 | €22,178 | ▲ 177% |
| Income taxes67/77 | €12,566 | €4,628 | €10,678 | €13,389 | €14,250 | €5,052 | €7,525 | ▲ 48.9% |
| Profit (loss) for the period9904 | €39,514 | €14,980 | €28,742 | €37,463 | €36,468 | €2,941 | €14,653 | ▲ 398% |
| Profit (loss) for the period to be appropriated9905 | €39,514 | €14,980 | €28,742 | €37,463 | €36,468 | €2,941 | €14,653 | ▲ 398% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €158,142 | €157,032 | €172,848 | €222,638 | €247,009 | €211,548 | €187,980 | ▼ 11.1% |
| Fixed assets21/28 | €36,915 | €27,429 | €18,989 | €61,053 | €47,008 | €39,458 | €24,495 | ▼ 37.9% |
| Tangible fixed assets22/27 | €36,915 | €27,429 | €18,989 | €61,053 | €47,008 | €39,458 | €24,495 | ▼ 37.9% |
| Plant, machinery and equipment23 | - | - | - | €3,050 | €3,050 | €3,050 | €3,050 | = |
| Furniture and vehicles24 | - | - | €18,989 | €58,003 | €43,958 | €36,408 | €21,445 | ▼ 41.1% |
| Current assets29/58 | €121,227 | €129,603 | €153,858 | €161,585 | €200,001 | €172,090 | €163,485 | ▼ 5.0% |
| Amounts receivable within one year40/41 | €26,944 | €43,918 | €25,481 | €56,412 | €31,354 | €43,913 | €11,344 | ▼ 74.2% |
| Trade receivables40 | - | - | €25,334 | €49,957 | €31,207 | €18,706 | - | - |
| Other amounts receivable41 | - | - | €146 | €6,454 | €146 | €25,207 | €11,344 | ▼ 55.0% |
| Cash at bank and in hand54/58 | €93,831 | €85,531 | €128,378 | €105,174 | €168,648 | €126,401 | €133,295 | ▲ 5.5% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €1,776 | €18,845 | ▲ 961% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €158,142 | €157,032 | €172,848 | €222,638 | €247,009 | €211,548 | €187,980 | ▼ 11.1% |
| Equity10/15 | €105,423 | €112,004 | €120,746 | €158,209 | €174,678 | €147,619 | €27,272 | ▼ 81.5% |
| Contributions10/11 | €17,000 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €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 | = |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €86,563 | €91,544 | €100,286 | €137,749 | €154,218 | €127,159 | €6,812 | ▼ 94.6% |
| Amounts payable17/49 | €52,719 | €45,028 | €52,102 | €64,429 | €72,331 | €63,929 | €160,708 | ▲ 151% |
| Amounts payable after more than one year17 | €40,000 | €29,450 | €18,900 | €57,000 | €42,446 | €28,577 | €14,714 | ▼ 48.5% |
| Financial debts170/4 | - | - | €18,900 | €57,000 | €42,446 | €28,577 | €14,714 | ▼ 48.5% |
| Amounts payable within one year42/48 | €12,719 | €15,278 | €33,202 | €5,613 | €27,090 | €32,549 | €144,566 | ▲ 344% |
| Trade debts44 | €2,574 | €1,697 | €1,970 | €2,002 | €1,713 | €2,522 | €4,408 | ▲ 74.8% |
| Suppliers440/4 | - | - | €1,970 | €2,002 | €1,713 | €2,522 | €4,408 | ▲ 74.8% |
| Taxes, remuneration and social security45 | - | - | €21,148 | €3,389 | €21,267 | €4,528 | €25,408 | ▲ 461% |
| Taxes450/3 | - | - | €21,148 | €3,389 | €21,267 | €4,528 | €25,408 | ▲ 461% |
| Other amounts payable47/48 | - | - | €10,083 | €222 | €4,110 | €25,500 | €114,750 | ▲ 350% |
| Accrued charges and deferred income492/3 | - | - | - | €1,816 | €2,795 | €2,802 | €1,428 | ▼ 49.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €39,514 | €14,980 | €28,742 | €37,463 | €36,468 | €2,941 | €14,653 | ▲ 398% |
| + Depreciation and write-downs630 | €6,958 | €9,486 | €8,440 | €8,004 | €14,045 | €14,522 | €14,963 | ▲ 3.0% |
| Operating cash flow (approximation) | €46,472 | €24,467 | €37,182 | €45,467 | €50,514 | €17,463 | €29,616 | ▲ 69.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€50,068 | €0 | -€6,972 | €0 | - |
| Change in cash | - | -€8,301 | €42,847 | -€23,204 | €63,474 | -€42,247 | €6,894 | - |
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, 5,053 companies had the same profile as ALTHUR has now. Two years later, 95.8% were still going and 1.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.4%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of ALTHUR itself is lower: 0.1% within 12 months. It rests on far more data about ALTHUR 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 5,053 companies, not a prediction for ALTHUR. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 01-10-2025 | micro format | 04-05-2026 | 2026-00100074 | |
| 01-10-2024 | micro format | 02-06-2025 | 2025-00113022 | |
| 01-10-2023 | micro format | 30-05-2024 | 2024-00100923 | |
| 01-10-2022 | micro format | 30-05-2023 | 2023-00097967 | |
| 01-10-2021 | micro format | 30-05-2022 | 2022-20036695 | |
| 01-10-2020 | micro format | 25-05-2021 | 2021-14900509 | |
| 01-10-2019 | micro format | 27-04-2020 | 2020-09800370 | |
| 01-10-2018 | micro format | 25-04-2019 | 2019-11000384 | |
| 01-10-2017 | micro format | 02-05-2018 | 2018-11700405 | |
| 01-10-2016 | abbreviated format | 27-03-2017 | 2017-07800281 |