ALUVISION
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 15-05-2026 PDF all 22 filings
Turnover
≈ €22.0m
Estimated: probably between €15.0m and €37.0m
Total assets
€35.6m▲ 8.5%
2024 · €32.8m
Net result
€3.3m▼ 13.4%
2024 · €3.8m
Working capital
€25.2m▲ 10.9%
2024 · €22.8m
In the rankings
#1 employer in West Flanders, Other professional activities sector#1 company by equity in West Flanders, Other professional activities sector#2 company by total assets in West Flanders, Other professional activities sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€4.1m
▼ 4.6%
2025
20182025
Net result
€3.3m
▼ 13.4%
2025
highest quarter of the sector
20182025
Equity
€28.4m
▲ 13.0%
2025
highest quarter of the sector
20182025
Total assets
€35.6m
▲ 8.5%
2025
highest quarter of the sector
20182025
Debt
€7.2m
▼ 6.1%
2025
20182025
Working capital
€25.2m
▲ 10.9%
2025
highest quarter of the sector
20182025
Solvency
79.8%
▲ 3.2pp
2025
highest quarter of the sector
20182025
Current ratio
5.88
▲ 0.36
2025
highest quarter of the sector
20182025
Return on assets (ROA)
9.2%
▼ 2.3pp
2025
middle half of the sector
20182025
Staff (FTE)
91.2
▲ 9.2%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€4.0m-€2.6m▼ 33.9%-€2.2m€1.3m€3.9m▲ 193%€6.4m▲ 64.5%€4.4m▼ 32.5%€4.1m▼ 4.6%
Net result€3.5m-€2.3m▼ 33.8%-€3.1mbelow the sector's middle half€1.0mabove the sector's middle half€3.7mabove the sector's middle half▲ 258%€5.9mabove the sector's middle half▲ 57.2%€3.8mabove the sector's middle half▼ 35.6%€3.3mabove the sector's middle half▼ 13.4%
Equity€22.7m-€25.0m▲ 10.1%€10.7mabove the sector's middle half▼ 57.2%€11.8mabove the sector's middle half▲ 9.7%€15.5mabove the sector's middle half▲ 31.7%€21.3mabove the sector's middle half▲ 37.8%€25.1mabove the sector's middle half▲ 17.7%€28.4mabove the sector's middle half▲ 13.0%
Total assets€29.9m-€33.7m▲ 12.5%€17.5mabove the sector's middle half▼ 48.0%€19.7mabove the sector's middle half▲ 12.2%€22.6mabove the sector's middle half▲ 15.2%€25.6mabove the sector's middle half▲ 12.9%€32.8mabove the sector's middle half▲ 28.3%€35.6mabove the sector's middle half▲ 8.5%
Debt€7.2m-€8.6m▲ 20.2%€6.8m▼ 21.2%€7.9m▲ 16.2%€7.1m▼ 9.5%€4.2m▼ 41.2%€7.7m▲ 82.0%€7.2m▼ 6.1%
Working capital€10.0m-€11.6m▲ 16.4%€7.9mabove the sector's middle half▼ 32.0%€10.1mabove the sector's middle half▲ 28.1%€13.8mabove the sector's middle half▲ 36.0%€18.7mabove the sector's middle half▲ 36.3%€22.8mabove the sector's middle half▲ 21.5%€25.2mabove the sector's middle half▲ 10.9%
Solvency76.0%-74.4%▼ 1.6pp61.2%within the sector's middle half▼ 13.1pp59.8%within the sector's middle half▼ 1.4pp68.4%within the sector's middle half▲ 8.6pp83.5%above the sector's middle half▲ 15.1pp76.6%above the sector's middle half▼ 6.9pp79.8%above the sector's middle half▲ 3.2pp
Current ratio2.61-2.38▼ 0.232.17within the sector's middle half▼ 0.212.39within the sector's middle half▲ 0.223.26within the sector's middle half▲ 0.876.27above the sector's middle half▲ 3.015.52above the sector's middle half▼ 0.755.88above the sector's middle half▲ 0.36
Return on assets (ROA)11.6%-6.8%▼ 4.8pp-17.4%below the sector's middle half▼ 24.3pp5.3%within the sector's middle half▲ 22.7pp16.5%above the sector's middle half▲ 11.2pp22.9%above the sector's middle half▲ 6.5pp11.5%within the sector's middle half▼ 11.4pp9.2%within the sector's middle half▼ 2.3pp
Staff (FTE)60.4-67.8▲ 12.3%65.2above the sector's middle half▼ 3.8%44.3above the sector's middle half▼ 32.1%61.8above the sector's middle half▲ 39.5%81.5above the sector's middle half▲ 31.9%83.5above the sector's middle half▲ 2.5%91.2above the sector's middle half▲ 9.2%
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). 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 5% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €35.6m
Fixed assets
€5.2m ▲ 3.6%
Current assets
€30.4m ▲ 9.4%
Equity and liabilities €35.6m
Equity
€28.4m ▲ 13.0%
Debt
€7.2m ▼ 6.1%
Debt's share of the balance-sheet total falls from 23.4% to 20.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€5.7m▲
2024 · €5.7m
Cash flow
€4.8m▼
2024 · €5.1m
Quick ratio
3.97▲
2024 · 3.74
Debt to equity
0.25▼
2024 · 0.30
ROE
11.5%▼
2024 · 15.0%
Interest coverage
3.62▼
2024 · 15.74
Debt ≤ 1 year
€5.2m▲
2024 · €5.0m
Debt > 1 year
€1.8m▲
2024 · €1.2m
Income taxes
€361,518▼
2024 · €685,248
Staff costs
€7.2m▲
2024 · €6.5m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 53 | 64 | 87 | 84 | 102 |
| full-time | 51 | 60 | 81 | 78 | 96 |
| part-time | 2 | 4 | 6 | 6 | 6 |
| in full-time equivalents | 52.9 | 63.2 | 85.3 | 82.5 | 100.8 |
| Average over the year, in full-time equivalents | 44.3 | 61.8 | 81.5 | 83.5 | 91.2 |
| On a permanent contract | 51 | 63 | 86 | 84 | 102 |
| Joined | 34 | 93 | 95 | 101 | 273 |
| Left | 34 | 85 | 71 | 104 | 255 |
| Training hours | 8 | 9 | - | 94 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €1.0m | - | - | - |
| Pledge on the business | - | €4.0m | €4.0m | €4.0m | €4.0m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €340,386 | €1.5m | €1.5m | €3.1m | €1.8m |
| Financial fixed assets | - | €1,732 | €47,569 | €63,585 | - |
| Depreciation and write-downs of the year | €894,683 | €928,770 | €1.1m | €1.3m | €1.6m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 14 entries · €535,863 awarded · €488,045 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 5 | €197,996 | €218,892 |
| 2024 | 3 | €23,585 | €116,840 |
| 2023 | 4 | €300,015 | €143,444 |
| 2022 | 2 | €14,267 | €8,869 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €0.06m | €0.07m | €0.09m | €0.01m | ▼ 85.4% |
| Remuneration, social security and pensions62 | - | - | - | €2.8m | €4.4m | €5.8m | €6.5m | €7.2m | ▲ 11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.2m | €1.4m | €1.3m | €0.9m | €0.9m | €1.1m | €1.3m | €1.6m | ▲ 16.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.8m | - | - | - | €0.01m | - |
| Other operating charges640/8 | - | - | - | €0.07m | €0.02m | €0.1m | €0.05m | €0.1m | ▲ 154% |
| Non-recurring operating charges66A | - | - | - | - | €0.05m | €0.003m | €0.09m | - | - |
| Gross operating margin9900 | €8.5m | €8.8m | €2.3m | €4.3m | €9.3m | €13.4m | €12.3m | €13.0m | ▲ 6.0% |
| Operating profit (loss)9901 | €4.0m | €2.6m | -€2.2m | €1.3m | €3.9m | €6.4m | €4.4m | €4.1m | ▼ 4.6% |
| Financial income75/76B | - | - | - | €0.1m | €0.3m | €0.2m | €0.5m | €1.1m | ▲ 126% |
| Recurring financial income75 | €0.2m | €0.3m | €0.1m | €0.1m | €0.3m | €0.2m | €0.5m | €1.1m | ▲ 126% |
| Financial charges65/66B | - | - | - | €0.4m | €0.4m | €0.5m | €0.4m | €1.6m | ▲ 336% |
| Recurring financial charges65 | €0.2m | €0.4m | €0.9m | €0.4m | €0.4m | €0.5m | €0.4m | €1.6m | ▲ 336% |
| Profit (loss) for the period before taxes9903 | €4.0m | €2.5m | -€3.1m | €1.1m | €3.9m | €6.2m | €4.5m | €3.6m | ▼ 18.6% |
| Income taxes67/77 | €0.5m | €0.2m | €0.003m | €0.03m | €0.2m | €0.3m | €0.7m | €0.4m | ▼ 47.2% |
| Profit (loss) for the period9904 | €3.5m | €2.3m | -€3.1m | €1.0m | €3.7m | €5.9m | €3.8m | €3.3m | ▼ 13.4% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.4m | €0.3m | €0.4m | - | - | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | €2.2m | - | €1.0m | - |
| Profit (loss) for the period to be appropriated9905 | €2.7m | €2.6m | -€2.6m | €1.4m | €4.1m | €4.0m | €3.8m | €2.3m | ▼ 39.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €29.9m | €33.7m | €17.5m | €19.7m | €22.6m | €25.6m | €32.8m | €35.6m | ▲ 8.5% |
| Fixed assets21/28 | €13.7m | €13.6m | €2.9m | €2.3m | €2.8m | €3.3m | €5.0m | €5.2m | ▲ 3.6% |
| Intangible fixed assets21 | - | - | €0.7m | €0.6m | €0.5m | €0.5m | €0.4m | €0.3m | ▼ 16.7% |
| Tangible fixed assets22/27 | €13.7m | €13.5m | €2.1m | €1.6m | €2.2m | €2.7m | €4.4m | €4.6m | ▲ 5.8% |
| Land and buildings22 | - | - | - | - | - | - | - | €0.2m | - |
| Plant, machinery and equipment23 | - | - | - | €1.1m | €1.9m | €2.1m | €3.5m | €3.5m | ▲ 1.9% |
| Furniture and vehicles24 | - | - | - | €0.2m | €0.2m | €0.2m | €0.7m | €0.9m | ▲ 35.5% |
| Other tangible fixed assets26 | - | - | - | €0.2m | €0.08m | €0.3m | €0.2m | €0.04m | ▼ 78.4% |
| Assets under construction and advance payments27 | - | - | - | - | - | - | €0.08m | - | - |
| Financial fixed assets28 | €0.07m | €0.08m | €0.1m | €0.07m | €0.07m | €0.1m | €0.2m | €0.2m | ▼ 4.0% |
| Current assets29/58 | €16.2m | €20.0m | €14.6m | €17.4m | €19.8m | €22.3m | €27.8m | €30.4m | ▲ 9.4% |
| Amounts receivable after more than one year29 | - | - | - | €4.9m | €3.6m | €3.5m | €2.3m | €0.05m | ▼ 98.0% |
| Other amounts receivable291 | - | - | - | €4.9m | €3.6m | €3.5m | €2.3m | €0.05m | ▼ 98.0% |
| Stocks and contracts in progress3 | €3.5m | €6.2m | €6.8m | €6.0m | €6.1m | €7.5m | €9.0m | €9.9m | ▲ 10.2% |
| Stocks30/36 | - | - | - | €6.0m | €6.1m | €7.5m | €9.0m | €9.9m | ▲ 10.2% |
| Amounts receivable within one year40/41 | €7.4m | €6.8m | €2.2m | €2.9m | €6.0m | €9.4m | €9.1m | €11.0m | ▲ 21.1% |
| Trade receivables40 | - | - | - | €2.7m | €5.5m | €8.2m | €8.5m | €9.4m | ▲ 11.1% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.5m | €1.2m | €0.6m | €1.6m | ▲ 164% |
| Current investments50/53 | €0.004m | €0.008m | €0.009m | €0.005m | €0.004m | €0.008m | €0.006m | €3.8m | ▲ 674× |
| Cash at bank and in hand54/58 | €0.3m | €2.8m | €1.2m | €3.3m | €3.2m | €1.5m | €7.2m | €5.4m | ▼ 24.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.4m | €1.0m | €0.3m | €0.2m | €0.3m | ▲ 8.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €29.9m | €33.7m | €17.5m | €19.7m | €22.6m | €25.6m | €32.8m | €35.6m | ▲ 8.5% |
| Equity10/15 | €22.7m | €25.0m | €10.7m | €11.8m | €15.5m | €21.3m | €25.1m | €28.4m | ▲ 13.0% |
| Contributions10/11 | €4.4m | €4.4m | €2.2m | €2.2m | €2.2m | €2.2m | €2.2m | €2.2m | = |
| Capital10 | - | - | - | €2.2m | €2.2m | - | - | €2.2m | - |
| Issued capital100 | - | - | - | €2.2m | €2.2m | - | - | €2.2m | - |
| Reserves13 | €18.3m | €20.6m | €8.5m | €9.5m | €13.3m | €19.1m | €22.9m | €26.2m | ▲ 14.3% |
| Non-distributable reserves130/1 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Legal reserve130 | - | - | - | €0.2m | €0.2m | - | - | €0.2m | - |
| Reserves not available under the articles1311 | - | - | - | - | - | €0.2m | €0.2m | - | - |
| Tax-exempt reserves132 | - | - | - | €0.7m | €0.4m | €2.2m | €2.2m | €3.2m | ▲ 44.7% |
| Distributable reserves133 | - | - | - | €8.6m | €12.7m | €16.7m | €20.4m | €22.7m | ▲ 11.1% |
| Amounts payable17/49 | €7.2m | €8.6m | €6.8m | €7.9m | €7.1m | €4.2m | €7.7m | €7.2m | ▼ 6.1% |
| Amounts payable after more than one year17 | €0.6m | - | - | - | €0.01m | €0.01m | €1.2m | €1.8m | ▲ 51.6% |
| Financial debts170/4 | - | - | - | - | - | - | €1.2m | €1.8m | ▲ 51.6% |
| Other amounts payable178/9 | - | - | - | - | €0.01m | €0.01m | - | - | - |
| Amounts payable within one year42/48 | €6.2m | €8.4m | €6.7m | €7.3m | €6.1m | €3.6m | €5.0m | €5.2m | ▲ 2.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €0.3m | €0.4m | ▲ 52.6% |
| Financial debts43 | - | - | - | - | €1.0m | - | - | - | - |
| Credit institutions430/8 | - | - | - | - | €1.0m | - | - | - | - |
| Trade debts44 | €1.0m | €1.4m | €0.7m | €1.2m | €2.2m | €1.6m | €2.0m | €2.2m | ▲ 9.5% |
| Suppliers440/4 | - | - | - | €1.2m | €2.2m | €1.6m | €2.0m | €2.2m | ▲ 9.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.4m | €0.6m | €0.8m | €1.2m | €0.8m | ▼ 33.0% |
| Taxes450/3 | - | - | - | €0.07m | €0.05m | €0.04m | €0.2m | €0.03m | ▼ 83.4% |
| Remuneration and social security454/9 | - | - | - | €0.4m | €0.6m | €0.7m | €1.0m | €0.8m | ▼ 23.9% |
| Other amounts payable47/48 | - | - | - | €5.7m | €2.3m | €1.2m | €1.5m | €1.7m | ▲ 12.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.6m | €1.1m | €0.6m | €1.4m | €0.2m | ▼ 87.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3.5m | €2.3m | -€3.1m | €1.0m | €3.7m | €5.9m | €3.8m | €3.3m | ▼ 13.4% |
| + Depreciation and write-downs630 | €1.2m | €1.4m | €1.3m | €0.9m | €0.9m | €1.1m | €1.3m | €1.6m | ▲ 16.8% |
| Operating cash flow (approximation) | €4.7m | €3.7m | -€1.7m | €1.9m | €4.7m | €6.9m | €5.1m | €4.8m | ▼ 5.5% |
| Investment in fixed assets (approximation) | - | -€1.3m | €9.4m | -€0.3m | -€1.5m | -€1.5m | -€3.0m | -€1.7m | ▲ 43.1% |
| Change in cash | - | €2.5m | -€1.5m | €2.1m | -€0.1m | -€1.7m | €5.6m | -€1.8m | - |
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, 1,579 companies had the same profile as ALUVISION has now. Two years later, 96.7% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
3.2%
stopped otherwise
0.1%
went bankrupt
That fits the bankruptcy probability of ALUVISION 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 1,579 companies, not a prediction for ALUVISION. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 15-05-2026 | 2026-00113292 | |
| 31-12-2024 | abbreviated format | 15-05-2025 | 2025-00096492 | |
| 31-12-2023 | abbreviated format | 05-06-2024 | 2024-00114058 | |
| 31-12-2022 | abbreviated format | 16-05-2023 | 2023-00089477 | |
| 31-12-2021 | abbreviated format | 29-06-2022 | 2022-20148780 | |
| 31-12-2020 | abbreviated format | 12-04-2021 | 2021-10200078 | |
| 31-12-2019 | abbreviated format | 02-06-2020 | 2020-13900318 | |
| 31-12-2018 | abbreviated format | 06-05-2019 | 2019-12400186 | |
| 31-12-2017 | abbreviated format | 26-09-2018 | 2018-65200242 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-59800211 |