ALTNOVA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 27-06-2026 at the NBB all 20 filings
Turnover
€860,681
EBIT margin
1.6%
Net result
€12,949▼ 57.6%
2024 · €30,526
Working capital
€261,079▲ 9.5%
2024 · €238,391
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€31,071
▼ 44.2%
2025
20182025
Net result
€12,949
▼ 57.6%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€327,039
▲ 4.1%
2025
middle half of the sector
20182025
Total assets
€625,905
▼ 4.6%
2025
middle half of the sector
20182025
Debt
€298,866
▼ 12.7%
2025
20182025
Working capital
€261,079
▲ 9.5%
2025
middle half of the sector
20182025
Solvency
52.3%
▲ 4.4pp
2025
middle half of the sector
20182025
Current ratio
2.15
▲ 0.11
2025
middle half of the sector
20182025
Return on assets (ROA)
2.1%
▼ 2.6pp
2025
middle half of the sector
20182025
Staff (FTE)
5.8
▲ 5.5%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€860,681
Operating result€49,279-€35,052▼ 28.9%€13,490▼ 61.5%€65,022▲ 382%€197,644▲ 204%€128,057▼ 35.2%€55,661▼ 56.5%€31,071▼ 44.2%
Net result€24,248-€20,935▼ 13.7%€2,530below the sector's middle half▼ 87.9%€40,257within the sector's middle half▲ 16×€136,343within the sector's middle half▲ 239%€80,618within the sector's middle half▼ 40.9%€30,526within the sector's middle half▼ 62.1%€12,949within the sector's middle half▼ 57.6%
EBIT margin1.6%
Equity€97,239-€116,094▲ 19.4%€118,624below the sector's middle half▲ 2.2%€159,360below the sector's middle half▲ 34.3%€270,548within the sector's middle half▲ 69.8%€320,595within the sector's middle half▲ 18.5%€314,089within the sector's middle half▼ 2.0%€327,039within the sector's middle half▲ 4.1%
Total assets€536,440-€525,504▼ 2.0%€605,073below the sector's middle half▲ 15.1%€680,539below the sector's middle half▲ 12.5%€729,763below the sector's middle half▲ 7.2%€754,805below the sector's middle half▲ 3.4%€656,381below the sector's middle half▼ 13.0%€625,905within the sector's middle half▼ 4.6%
Debt€439,201-€409,411▼ 6.8%€486,449▲ 18.8%€521,178▲ 7.1%€459,215▼ 11.9%€434,209▼ 5.4%€342,292▼ 21.2%€298,866▼ 12.7%
Working capital€80,466-€52,224▼ 35.1%€80,275within the sector's middle half▲ 53.7%€94,653within the sector's middle half▲ 17.9%€203,748within the sector's middle half▲ 115%€213,081within the sector's middle half▲ 4.6%€238,391within the sector's middle half▲ 11.9%€261,079within the sector's middle half▲ 9.5%
Solvency18.1%-22.1%▲ 4.0pp19.6%below the sector's middle half▼ 2.5pp23.4%below the sector's middle half▲ 3.8pp37.1%within the sector's middle half▲ 13.7pp42.5%within the sector's middle half▲ 5.4pp47.9%within the sector's middle half▲ 5.4pp52.3%within the sector's middle half▲ 4.4pp
Current ratio1.55-1.35▼ 0.211.35within the sector's middle half▲ 0.011.31within the sector's middle half▼ 0.041.78within the sector's middle half▲ 0.471.77within the sector's middle half▼ 0.012.04within the sector's middle half▲ 0.272.15within the sector's middle half▲ 0.11
Return on assets (ROA)4.5%-4.0%▼ 0.5pp0.4%below the sector's middle half▼ 3.6pp5.9%within the sector's middle half▲ 5.5pp18.7%above the sector's middle half▲ 12.8pp10.7%within the sector's middle half▼ 8.0pp4.7%within the sector's middle half▼ 6.0pp2.1%within the sector's middle half▼ 2.6pp
Staff (FTE)1.8-2.9▲ 61.1%3.5below the sector's middle half▲ 20.7%2.4below the sector's middle half▼ 31.4%4.3within the sector's middle half▲ 79.2%5.9within the sector's middle half▲ 37.2%5.5within the sector's middle half▼ 6.8%5.8within the sector's middle half▲ 5.5%
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 44% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €625,905
Fixed assets
€137,225 ▼ 27.2%
Current assets
€488,680 ▲ 4.5%
Equity and liabilities €625,905
Equity
€327,039 ▲ 4.1%
Debt
€298,866 ▼ 12.7%
Debt's share of the balance-sheet total falls from 52.1% to 47.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€108,358▼
2024 · €138,890
Cash flow
€90,236▼
2024 · €113,755
Debt to equity
0.91▼
2024 · 1.09
ROE
4.0%▼
2024 · 9.7%
Interest coverage
14.52▼
2024 · 16.19
Debt ≤ 1 year
€227,601▼
2024 · €229,394
Debt > 1 year
€71,265▼
2024 · €112,898
Income taxes
€10,748▼
2024 · €19,010
Staff costs
€380,104▲
2024 · €322,177
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-11-2021 | 30-11-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 7 | 6 | 8 | 7 |
| full-time | 2 | 4 | 3 | 3 | 3 |
| part-time | 2 | 3 | 3 | 5 | 4 |
| in full-time equivalents | 3.1 | 5.9 | 4.9 | 6.1 | 5.7 |
| Average over the year, in full-time equivalents | 2.4 | 4.3 | 5.3 | 5.5 | 5.8 |
| On a permanent contract | 3 | 7 | 6 | 8 | 7 |
| Joined | 2 | 13 | 5 | 2 | 2 |
| Left | 2 | 10 | 6 | 0 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 30-11-2021 | 30-11-2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €52,919 | €50,974 | €94,601 | €7,558 | €23,646 |
| Financial fixed assets | €4,251 | - | €1,630 | - | €2,270 |
| Depreciation and write-downs of the year | €73,437 | €69,013 | €96,345 | €83,230 | €77,287 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 3 entries · €1,367 awarded · €1,334 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €873 | €840 |
| 2024 | 1 | €48 | €48 |
| 2022 | 1 | €446 | €446 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | €860,681 | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | - | - | - | €2,488 | - |
| Remuneration, social security and pensions62 | - | - | - | €121,793 | €220,318 | €369,344 | €322,177 | €380,104 | ▲ 18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €66,278 | €71,997 | €68,605 | €73,437 | €69,013 | €96,345 | €83,230 | €77,287 | ▼ 7.1% |
| Other operating charges640/8 | - | - | - | €640 | €4,178 | €2,598 | €709 | €5,622 | ▲ 693% |
| Non-recurring operating charges66A | - | - | - | - | - | €2,936 | - | - | - |
| Gross operating margin9900 | €177,754 | €217,885 | €245,155 | €260,892 | €491,153 | €599,280 | €461,776 | €494,084 | ▲ 7.0% |
| Operating profit (loss)9901 | €49,279 | €35,052 | €13,490 | €65,022 | €197,644 | €128,057 | €55,661 | €31,071 | ▼ 44.2% |
| Financial income75/76B | - | - | - | €1,322 | €1,144 | €107 | €2,456 | €88 | ▼ 96.4% |
| Recurring financial income75 | €233 | €55 | €10 | €1,322 | €1,144 | €107 | €2,456 | €88 | ▼ 96.4% |
| Financial charges65/66B | - | - | - | €12,116 | €9,202 | €11,636 | €8,581 | €7,462 | ▼ 13.0% |
| Recurring financial charges65 | €10,514 | €10,422 | €10,686 | €12,116 | €9,202 | €11,636 | €8,581 | €7,462 | ▼ 13.0% |
| Profit (loss) for the period before taxes9903 | €38,998 | €24,684 | €2,814 | €54,229 | €189,585 | €116,528 | €49,536 | €23,697 | ▼ 52.2% |
| Income taxes67/77 | €14,750 | €3,750 | €284 | €13,972 | €53,242 | €35,910 | €19,010 | €10,748 | ▼ 43.5% |
| Profit (loss) for the period9904 | €24,248 | €20,935 | €2,530 | €40,257 | €136,343 | €80,618 | €30,526 | €12,949 | ▼ 57.6% |
| Transfer from tax-exempt reserves789 | - | - | - | €1,166 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €21,370 | €17,676 | -€252 | €41,422 | €136,343 | €80,618 | €30,526 | €12,949 | ▼ 57.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €536,440 | €525,504 | €605,073 | €680,539 | €729,763 | €754,805 | €656,381 | €625,905 | ▼ 4.6% |
| Fixed assets21/28 | €309,919 | €322,110 | €298,552 | €282,286 | €264,247 | €264,268 | €188,596 | €137,225 | ▼ 27.2% |
| Tangible fixed assets22/27 | €309,629 | €319,165 | €295,528 | €275,011 | €256,972 | €255,363 | €179,691 | €126,050 | ▼ 29.9% |
| Land and buildings22 | - | - | - | €28,624 | €23,977 | €19,186 | €14,646 | €10,966 | ▼ 25.1% |
| Plant, machinery and equipment23 | - | - | - | €63,102 | €61,515 | €89,795 | €66,380 | €59,167 | ▼ 10.9% |
| Furniture and vehicles24 | - | - | - | €30,566 | €48,667 | €52,000 | €29,040 | €6,242 | ▼ 78.5% |
| Leasing and similar rights25 | - | - | - | €152,719 | €122,814 | €94,382 | €69,625 | €49,675 | ▼ 28.7% |
| Financial fixed assets28 | €290 | €2,945 | €3,024 | €7,275 | €7,275 | €8,905 | €8,905 | €11,175 | ▲ 25.5% |
| Current assets29/58 | €226,522 | €203,394 | €306,521 | €398,253 | €465,516 | €490,537 | €467,785 | €488,680 | ▲ 4.5% |
| Amounts receivable within one year40/41 | €139,220 | €148,573 | €177,810 | €223,425 | €335,304 | €215,866 | €175,235 | €224,386 | ▲ 28.0% |
| Trade receivables40 | - | - | - | €181,162 | €302,483 | €208,297 | €162,121 | €207,150 | ▲ 27.8% |
| Other amounts receivable41 | - | - | - | €42,263 | €32,820 | €7,569 | €13,114 | €17,237 | ▲ 31.4% |
| Cash at bank and in hand54/58 | €87,302 | €54,821 | €128,002 | €172,467 | €129,464 | €274,670 | €292,550 | €257,558 | ▼ 12.0% |
| Deferred charges and accrued income490/1 | - | - | - | €2,360 | €748 | - | - | €6,735 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €536,440 | €525,504 | €605,073 | €680,539 | €729,763 | €754,805 | €656,381 | €625,905 | ▼ 4.6% |
| Equity10/15 | €97,239 | €116,094 | €118,624 | €159,360 | €270,548 | €320,595 | €314,089 | €327,039 | ▲ 4.1% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €78,200 | €97,055 | €99,837 | €138,494 | €139,939 | €150,967 | €144,462 | €157,411 | ▲ 9.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €8,920 | €8,920 | €8,920 | €8,920 | €8,920 | = |
| Distributable reserves133 | - | - | - | €127,714 | €129,159 | €142,048 | €135,542 | €148,491 | ▲ 9.6% |
| Profit (loss) carried forward14 | €439 | €439 | €187 | €2,267 | €112,010 | €151,028 | €151,028 | €151,028 | = |
| Amounts payable17/49 | €439,201 | €409,411 | €486,449 | €521,178 | €459,215 | €434,209 | €342,292 | €298,866 | ▼ 12.7% |
| Amounts payable after more than one year17 | €293,145 | €258,240 | €260,203 | €217,578 | €197,447 | €156,754 | €112,898 | €71,265 | ▼ 36.9% |
| Financial debts170/4 | - | - | - | €217,578 | €197,447 | €156,754 | €112,898 | €71,265 | ▼ 36.9% |
| Amounts payable within one year42/48 | €146,056 | €151,171 | €226,246 | €303,600 | €261,768 | €277,456 | €229,394 | €227,601 | ▼ 0.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €70,064 | €80,029 | €97,514 | €57,150 | €42,790 | ▼ 25.1% |
| Trade debts44 | €78,787 | €72,153 | €91,497 | €187,100 | €69,049 | €118,056 | €97,207 | €111,955 | ▲ 15.2% |
| Suppliers440/4 | - | - | - | €187,100 | €69,049 | €118,056 | €97,207 | €111,955 | ▲ 15.2% |
| Taxes, remuneration and social security45 | - | - | - | €45,316 | €88,626 | €30,247 | €37,732 | €72,856 | ▲ 93.1% |
| Taxes450/3 | - | - | - | €30,125 | €64,509 | - | €2,456 | €37,712 | ▲ 15× |
| Remuneration and social security454/9 | - | - | - | €15,190 | €24,117 | €30,247 | €35,276 | €35,144 | ▼ 0.4% |
| Other amounts payable47/48 | - | - | - | €1,120 | €24,064 | €31,638 | €37,305 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,248 | €20,935 | €2,530 | €40,257 | €136,343 | €80,618 | €30,526 | €12,949 | ▼ 57.6% |
| + Depreciation and write-downs630 | €66,278 | €71,997 | €68,605 | €73,437 | €69,013 | €96,345 | €83,230 | €77,287 | ▼ 7.1% |
| Operating cash flow (approximation) | €90,526 | €92,931 | €71,135 | €113,693 | €205,356 | €176,964 | €113,755 | €90,236 | ▼ 20.7% |
| Investment in fixed assets (approximation) | - | -€84,188 | -€45,047 | -€57,170 | -€50,974 | -€96,366 | -€7,558 | -€25,916 | ▼ 243% |
| Change in cash | - | -€32,481 | €73,181 | €44,465 | -€43,003 | €145,206 | €17,879 | -€34,991 | - |
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, 17,041 companies had the same profile as ALTNOVA has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ALTNOVA 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 17,041 companies, not a prediction for ALTNOVA. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 27-06-2026 | 2026-00235767 | |
| 31-12-2024 | abbreviated format | 19-06-2025 | 2025-00160745 | |
| 31-12-2023 | abbreviated format | 28-06-2024 | 2024-00197864 | |
| 30-11-2022 | abbreviated format | 12-06-2023 | 2023-00118303 | |
| 30-11-2021 | abbreviated format | 08-06-2022 | 2022-20054048 | |
| 30-11-2020 | abbreviated format | 30-06-2021 | 2021-28400149 | |
| 30-11-2019 | abbreviated format | 09-06-2020 | 2020-15700097 | |
| 30-11-2018 | abbreviated format | 24-06-2019 | 2019-22500212 | |
| 30-11-2017 | abbreviated format | 29-05-2018 | 2018-14600021 | |
| 30-11-2016 | abbreviated format | 07-07-2017 | 2017-28900518 |