ALTUS
ActiveSummary
ALTUS has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.6m and a net result of €182,384. Equity is growing by ~9.1% per year across the filed fiscal years. Its solvency ranks better than 70% of 5046 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability78▼-7
Solvency89▲+2
Growth78=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €130,000 at 30 days acceptable
Liquidity ample (current ratio 3.27 against 3.18 in 2024; short-term debt: 19.2% and cash: 28.6% of total assets), and 36.1% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
63.9%
Return on assets
7.2%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
28 d late
2023
30 d late
2022
70 d late
2021
58 d late
2020
28 d late
2019
69 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 45 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 31 August (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€182,384▼ 45.6%
2024 · €335,152
Working capital
€1.1m▲ 6.1%
2024 · €1.0m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€231,172▲ 56.4%€183,509▼ 20.6%€170,344▼ 7.2%€460,697▲ 170%€248,196▼ 46.1%
Net result€152,234within the sector's middle half▲ 28.2%€131,006within the sector's middle half▼ 13.9%€115,899within the sector's middle half▼ 11.5%€335,152above the sector's middle half▲ 189%€182,384within the sector's middle half▼ 45.6%
Equity€1.3mabove the sector's middle half▲ 13.7%€1.4mabove the sector's middle half▲ 10.4%€1.4mabove the sector's middle half▲ 1.4%€1.6mabove the sector's middle half▲ 12.7%€1.6mwithin the sector's middle half▲ 1.9%
Total assets€2.1mwithin the sector's middle half▲ 2.9%€2.2mwithin the sector's middle half▲ 7.1%€2.4mwithin the sector's middle half▲ 8.5%€2.6mwithin the sector's middle half▲ 7.4%€2.5mwithin the sector's middle half▼ 1.3%
Debt€683,189▼ 10.6%€709,485▲ 3.8%€888,701▲ 25.3%€896,075▲ 0.8%€842,090▼ 6.0%
Working capital€723,947within the sector's middle half▼ 4.9%€870,107above the sector's middle half▲ 20.2%€899,034above the sector's middle half▲ 3.3%€1.0mabove the sector's middle half▲ 15.6%€1.1mwithin the sector's middle half▲ 6.1%
Solvency61.2%within the sector's middle half▲ 5.8pp63.1%within the sector's middle half▲ 1.9pp59.0%within the sector's middle half▼ 4.1pp61.9%within the sector's middle half▲ 2.9pp63.9%within the sector's middle half▲ 2.0pp
Current ratio4.57above the sector's middle half▼ 2.504.30above the sector's middle half▼ 0.282.89within the sector's middle half▼ 1.403.18within the sector's middle half▲ 0.293.27above the sector's middle half▲ 0.08
Return on assets (ROA)7.4%within the sector's middle half▲ 1.5pp5.9%within the sector's middle half▼ 1.4pp4.8%within the sector's middle half▼ 1.1pp13.0%above the sector's middle half▲ 8.2pp7.2%within the sector's middle half▼ 5.9pp
Staff (FTE)2.5within the sector's middle half▲ 150%3.5within the sector's middle half▲ 40.0%4.1within the sector's middle half▲ 17.1%3.9within the sector's middle half▼ 4.9%4.6within the sector's middle half▲ 17.9%
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 46% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.5m
Fixed assets
€947,875 ▼ 10.2%
Current assets
€1.6m ▲ 4.9%
Equity and liabilities €2.5m
Equity
€1.6m ▲ 1.9%
Provisions
€73,158 ▼ 11.1%
Debt
€842,090 ▼ 6.0%
Debt's share of the balance-sheet total falls from 34.9% to 33.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€386,445▼
2024 · €596,032
Cash flow
€320,633▼
2024 · €470,487
Quick ratio
2.10▼
2024 · 2.14
Debt to equity
0.52▼
2024 · 0.56
ROE
11.2%▼
2024 · 21.1%
Interest coverage
14.87▼
2024 · 20.63
Debt ≤ 1 year
€486,528▲
2024 · €475,632
Debt > 1 year
€325,321▼
2024 · €389,783
Income taxes
€95,261▼
2024 · €168,210
Staff costs
€279,558▲
2024 · €205,017
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,349 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.4%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 31,349 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €28,833 | €1,818 | - | - | €16,176 | - |
| Remuneration, social security and pensions62 | €88,135 | €135,507 | €185,319 | €205,017 | €279,558 | ▲ 36.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €103,742 | €115,062 | €121,474 | €135,335 | €138,249 | ▲ 2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €261 | - |
| Other operating charges640/8 | €23,859 | €10,476 | €16,429 | €15,938 | €16,645 | ▲ 4.4% |
| Non-recurring operating charges66A | - | - | - | - | €23,358 | - |
| Gross operating margin9900 | €446,907 | €444,554 | €493,565 | €816,987 | €706,268 | ▼ 13.6% |
| Operating profit (loss)9901 | €231,172 | €183,509 | €170,344 | €460,697 | €248,196 | ▼ 46.1% |
| Financial income75/76B | €16 | €26,135 | €36,405 | €61,584 | €46,296 | ▼ 24.8% |
| Recurring financial income75 | €16 | €26,135 | €36,405 | €61,584 | €46,296 | ▼ 24.8% |
| Financial charges65/66B | €13,407 | €20,576 | €38,705 | €28,897 | €25,980 | ▼ 10.1% |
| Recurring financial charges65 | €13,407 | €20,576 | €38,705 | €28,897 | €25,980 | ▼ 10.1% |
| Profit (loss) for the period before taxes9903 | €217,781 | €189,067 | €168,045 | €493,384 | €268,512 | ▼ 45.6% |
| Transfer from deferred taxes780 | €13,126 | €11,967 | €10,917 | €9,978 | €9,133 | ▼ 8.5% |
| Income taxes67/77 | €78,673 | €70,028 | €63,062 | €168,210 | €95,261 | ▼ 43.4% |
| Profit (loss) for the period9904 | €152,234 | €131,006 | €115,899 | €335,152 | €182,384 | ▼ 45.6% |
| Transfer from tax-exempt reserves789 | €31,249 | €28,489 | €25,989 | €23,754 | €21,743 | ▼ 8.5% |
| Profit (loss) for the period to be appropriated9905 | €183,483 | €159,496 | €141,888 | €358,906 | €204,126 | ▼ 43.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.1m | €2.2m | €2.4m | €2.6m | €2.5m | ▼ 1.3% |
| Fixed assets21/28 | €1.1m | €1.1m | €1.0m | €1.1m | €947,875 | ▼ 10.2% |
| Tangible fixed assets22/27 | €1.1m | €1.1m | €1.0m | €1.0m | €942,255 | ▼ 10.2% |
| Land and buildings22 | €1.1m | €967,162 | €878,468 | €798,704 | €726,621 | ▼ 9.0% |
| Plant, machinery and equipment23 | €4,603 | €4,874 | €2,952 | €12,452 | €18,910 | ▲ 51.9% |
| Furniture and vehicles24 | €72,088 | €93,749 | €132,658 | €238,608 | €196,724 | ▼ 17.6% |
| Financial fixed assets28 | €5,620 | €5,620 | €5,620 | €5,620 | €5,620 | = |
| Current assets29/58 | €926,539 | €1.1m | €1.4m | €1.5m | €1.6m | ▲ 4.9% |
| Stocks and contracts in progress3 | €152,551 | €272,051 | €379,550 | €496,542 | €564,620 | ▲ 13.7% |
| Stocks30/36 | €152,551 | €272,051 | €379,550 | €496,542 | €564,620 | ▲ 13.7% |
| Amounts receivable within one year40/41 | €352,743 | €409,081 | €426,361 | €225,923 | €296,899 | ▲ 31.4% |
| Trade receivables40 | €245,348 | €292,698 | €298,732 | €127,929 | €155,576 | ▲ 21.6% |
| Other amounts receivable41 | €107,395 | €116,383 | €127,629 | €97,994 | €141,323 | ▲ 44.2% |
| Cash at bank and in hand54/58 | €421,245 | €448,392 | €564,603 | €786,137 | €724,801 | ▼ 7.8% |
| Deferred charges and accrued income490/1 | - | €4,419 | €3,309 | €5,996 | €2,375 | ▼ 60.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.1m | €2.2m | €2.4m | €2.6m | €2.5m | ▼ 1.3% |
| Equity10/15 | €1.3m | €1.4m | €1.4m | €1.6m | €1.6m | ▲ 1.9% |
| Contributions10/11 | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | = |
| Capital10 | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | = |
| Issued capital100 | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | = |
| Reserves13 | €868,712 | €999,718 | €1.0m | €1.2m | €1.2m | ▲ 2.5% |
| Non-distributable reserves130/1 | €30,000 | €30,000 | €24,975 | €17,075 | €9,375 | ▼ 45.1% |
| Legal reserve130 | €30,000 | €30,000 | €24,975 | €17,075 | €9,375 | ▼ 45.1% |
| Tax-exempt reserves132 | €274,139 | €245,650 | €219,661 | €195,907 | €174,165 | ▼ 11.1% |
| Distributable reserves133 | €564,573 | €724,068 | €774,958 | €985,675 | €1.0m | ▲ 6.0% |
| Profit (loss) carried forward14 | €92,958 | €92,958 | €92,958 | €92,958 | €92,958 | = |
| Provisions and deferred taxes16 | €115,153 | €103,186 | €92,269 | €82,291 | €73,158 | ▼ 11.1% |
| Deferred taxes168 | €115,153 | €103,186 | €92,269 | €82,291 | €73,158 | ▼ 11.1% |
| Amounts payable17/49 | €683,189 | €709,485 | €888,701 | €896,075 | €842,090 | ▼ 6.0% |
| Amounts payable after more than one year17 | €480,596 | €445,650 | €383,617 | €389,783 | €325,321 | ▼ 16.5% |
| Financial debts170/4 | €480,596 | €445,650 | €383,617 | €389,783 | €325,321 | ▼ 16.5% |
| Amounts payable within one year42/48 | €202,592 | €263,835 | €474,789 | €475,632 | €486,528 | ▲ 2.3% |
| Current portion of amounts payable after more than one year42 | €50,984 | €61,613 | €62,341 | €65,721 | €60,427 | ▼ 8.1% |
| Financial debts43 | €66,598 | - | €66,924 | - | - | - |
| Credit institutions430/8 | €66,598 | - | €66,924 | - | - | - |
| Trade debts44 | €40,709 | €107,895 | €148,974 | €120,924 | €151,413 | ▲ 25.2% |
| Suppliers440/4 | €40,709 | €107,895 | €148,974 | €120,924 | €151,413 | ▲ 25.2% |
| Taxes, remuneration and social security45 | €44,301 | €94,326 | €100,527 | €120,169 | €122,011 | ▲ 1.5% |
| Taxes450/3 | €19,587 | €70,779 | €69,043 | €90,748 | €85,266 | ▼ 6.0% |
| Remuneration and social security454/9 | €24,714 | €23,547 | €31,484 | €29,421 | €36,745 | ▲ 24.9% |
| Other amounts payable47/48 | - | - | €96,023 | €168,818 | €152,677 | ▼ 9.6% |
| Accrued charges and deferred income492/3 | - | - | €30,295 | €30,661 | €30,242 | ▼ 1.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €152,234 | €131,006 | €115,899 | €335,152 | €182,384 | ▼ 45.6% |
| + Depreciation and write-downs630 | €103,742 | €115,062 | €121,474 | €135,335 | €138,249 | ▲ 2.2% |
| Operating cash flow (approximation) | €255,976 | €246,069 | €237,373 | €470,487 | €320,633 | ▼ 31.9% |
| Investment in fixed assets (approximation) | - | -€52,995 | -€69,767 | -€171,020 | -€30,741 | ▲ 82.0% |
| Change in cash | - | €27,146 | €116,212 | €221,534 | -€61,337 | ▼ 128% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 31 days late
2025
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 28 days late
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 30 days late
2023
09-10
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 70 days late
2022
27-09
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 58 days late
2021
28-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 28 days late
2020
31-12
Financial
Liquidity doublescurrent ratio 7.08
Current ratio from 3.41 to 7.08; short-term debt falls from €427,314 to €125,178.
31-12
Financial
Equity above €1mEq €1.1m ▲12%
3 profitable years in a row build equity to €1.1m.
08-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 69 days late
2019
31-12
Financial
Highest result since 2018net €405,001 ▲348%
Operating result €585,809, net result €405,001, both a record.
28-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 28 days late
2018
08-11
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 100 days late
2017
26-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 26 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Brugge · 1 establishment unit since 1999
Ground area
1,688 m²
Building footprint
776 m²
Volume, LiDAR
3,446 m³
Parcel 31808K0398/00X000, Flanders · tallest building 5.6 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Kolvestraat 5, 8000 Brugge
since 19992.099.213.721
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31808K0398/00X000 | Flanders | 1,688 m² | 1 · 776 m² | 5.6 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2025 · 2 entries · 7,983 EUR awarded · 7,983 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 7,983 EUR | 7,983 EUR |
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Of 505 companies in sector 46841 we hold annual accounts for 365. 276 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded06-10-1999
Fiscal year end31-12
Activities, NACEBEL 2025
46841Wholesale trade
43990Other specialised construction activities
77320Rental and leasing activities
Contact
E-invoicing
Reachable via Peppol
Peppol ID
0208:0467003827
Registered
27-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.