AMES
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 20-02-2026 PDF all 30 filings
Turnover
≈ €1.7m
Estimated: probably between €1.0m and €2.9m
Total assets
€2.8m▲ 6.1%
2024 · €2.6m
Net result
€271,768▲ 25.2%
2024 · €217,008
Working capital
€1.1m▼ 16.9%
2024 · €1.3m
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€394,732
▲ 22.1%
2025
20192025
Net result
€271,768
▲ 25.2%
2025
highest quarter of the sector
20192025
Equity
€1.5m
▼ 22.0%
2025
highest quarter of the sector
20192025
Total assets
€2.8m
▲ 6.1%
2025
middle half of the sector
20192025
Debt
€1.3m
▲ 74.3%
2025
20192025
Working capital
€1.1m
▼ 16.9%
2025
highest quarter of the sector
20192025
Solvency
52.3%
▼ 18.9pp
2025
middle half of the sector
20192025
Current ratio
1.90
▼ 0.91
2025
middle half of the sector
20192025
Return on assets (ROA)
9.8%
▲ 1.5pp
2025
middle half of the sector
20192025
Staff (FTE)
1
=
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.4m-€0.3m▼ 25.6%€0.3m▲ 9.4%€0.2m▼ 46.2%€0.2m▲ 37.9%€0.3m▲ 34.7%€0.4m▲ 22.1%
Net result€0.3m-€0.2mwithin the sector's middle half▼ 26.8%€0.2mwithin the sector's middle half▲ 17.9%€0.1mwithin the sector's middle half▼ 54.9%€0.1mwithin the sector's middle half▲ 44.3%€0.2mwithin the sector's middle half▲ 49.7%€0.3mabove the sector's middle half▲ 25.2%
Equity€1.9m-€1.9mabove the sector's middle half▼ 1.2%€1.8mabove the sector's middle half▼ 2.0%€1.8mabove the sector's middle half▼ 0.7%€1.8mabove the sector's middle half▼ 0.6%€1.9mabove the sector's middle half▲ 3.7%€1.5mabove the sector's middle half▼ 22.0%
Total assets€2.6m-€2.7mwithin the sector's middle half▲ 4.9%€2.6mwithin the sector's middle half▼ 3.5%€2.5mwithin the sector's middle half▼ 4.0%€2.5mwithin the sector's middle half▲ 0.9%€2.6mwithin the sector's middle half▲ 4.5%€2.8mwithin the sector's middle half▲ 6.1%
Debt€0.7m-€0.8m▲ 22.0%€0.8m▼ 7.0%€0.7m▼ 11.9%€0.7m▲ 5.1%€0.8m▲ 6.8%€1.3m▲ 74.3%
Working capital€0.7m-€0.9mwithin the sector's middle half▲ 22.0%€0.9mwithin the sector's middle half▲ 4.1%€1.0mwithin the sector's middle half▲ 15.3%€1.1mwithin the sector's middle half▲ 3.2%€1.3mabove the sector's middle half▲ 23.1%€1.1mabove the sector's middle half▼ 16.9%
Solvency73.7%-69.4%above the sector's middle half▼ 4.3pp70.5%above the sector's middle half▲ 1.1pp73.0%above the sector's middle half▲ 2.4pp71.8%above the sector's middle half▼ 1.1pp71.2%above the sector's middle half▼ 0.6pp52.3%within the sector's middle half▼ 18.9pp
Current ratio2.09-2.09within the sector's middle half▼ 0.012.22within the sector's middle half▲ 0.132.64above the sector's middle half▲ 0.432.58within the sector's middle half▼ 0.072.81within the sector's middle half▲ 0.241.90within the sector's middle half▼ 0.91
Return on assets (ROA)10.1%-7.0%within the sector's middle half▼ 3.1pp8.6%within the sector's middle half▲ 1.6pp4.1%within the sector's middle half▼ 4.6pp5.8%within the sector's middle half▲ 1.7pp8.3%within the sector's middle half▲ 2.5pp9.8%within the sector's middle half▲ 1.5pp
Staff (FTE)2-2below the sector's middle half=2below the sector's middle half=2below the sector's middle half=1.4below the sector's middle half▼ 30.0%1below the sector's middle half▼ 28.6%1below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Manufacture of machinery and equipment not elsewhere classified (NACE 28). 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 22% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €2.8m
Fixed assets
€457,337 ▼ 18.4%
Current assets
€2.3m ▲ 12.8%
Equity and liabilities €2.8m
Equity
€1.5m ▼ 22.0%
Provisions
€11,022
Debt
€1.3m ▲ 74.3%
Debt's share of the balance-sheet total rises from 28.8% to 47.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€533,285▲
2024 · €508,795
Cash flow
€410,321▲
2024 · €402,538
Quick ratio
1.86▼
2024 · 2.70
Debt to equity
0.90▲
2024 · 0.40
ROE
18.7%▲
2024 · 11.6%
Interest coverage
17.98▲
2024 · 16.64
Debt ≤ 1 year
€1.2m▲
2024 · €731,057
Income taxes
€102,572▲
2024 · €95,691
Staff costs
€98,035▲
2024 · €87,727
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 1 | 1 | 1 |
| full-time | 2 | 1 | 1 | 1 |
| in full-time equivalents | 2 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 2 | 1.4 | 1 | 1 |
| On a permanent contract | 2 | 1 | 1 | 1 |
| Joined | - | 0 | - | - |
| Left | - | 1 | - | - |
| Training hours | 6 | - | 7 | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €61,752 | €129,864 | €3,015 | €90,000 |
| Depreciation and write-downs of the year | €195,592 | €174,570 | €185,529 | €138,553 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 3 entries · €3,146 awarded · €3,146 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €2,530 | €2,530 |
| 2023 | 1 | €210 | €210 |
| 2022 | 1 | €406 | €406 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €2,913 | €17,362 | €14,214 | €45,000 | ▲ 217% |
| Remuneration, social security and pensions62 | - | - | - | €152,980 | €121,311 | €87,727 | €98,035 | ▲ 11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €240,830 | €189,474 | €176,271 | €195,592 | €174,570 | €185,529 | €138,553 | ▼ 25.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €23,301 | -€23,301 | - | - |
| Other operating charges640/8 | - | - | - | €23,590 | €26,078 | €22,869 | €27,749 | ▲ 21.3% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €54,358 | - |
| Gross operating margin9900 | €793,283 | €648,984 | €671,696 | €546,201 | €585,224 | €596,090 | €713,426 | ▲ 19.7% |
| Operating profit (loss)9901 | €397,140 | €295,537 | €323,300 | €174,038 | €239,963 | €323,266 | €394,732 | ▲ 22.1% |
| Financial income75/76B | - | - | - | €2,799 | €2,083 | €20,003 | €20,292 | ▲ 1.4% |
| Recurring financial income75 | €4,040 | €3,495 | €4,369 | €2,799 | €2,083 | €20,003 | €20,292 | ▲ 1.4% |
| Financial charges65/66B | - | - | - | €16,159 | €21,228 | €30,569 | €29,662 | ▼ 3.0% |
| Recurring financial charges65 | €41,681 | €17,432 | €15,492 | €16,159 | €21,228 | €30,569 | €29,662 | ▼ 3.0% |
| Profit (loss) for the period before taxes9903 | €359,499 | €281,601 | €312,178 | €160,678 | €220,818 | €312,700 | €385,362 | ▲ 23.2% |
| Transfer from deferred taxes780 | - | - | - | - | - | - | €228 | - |
| Transfer to deferred taxes680 | - | - | - | - | - | - | €11,250 | - |
| Income taxes67/77 | €101,517 | €92,864 | €89,625 | €60,245 | €75,891 | €95,691 | €102,572 | ▲ 7.2% |
| Profit (loss) for the period9904 | €257,982 | €188,737 | €222,553 | €100,433 | €144,927 | €217,008 | €271,768 | ▲ 25.2% |
| Transfer from tax-exempt reserves789 | - | - | - | €170,500 | €106,800 | - | €684 | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €33,750 | - |
| Profit (loss) for the period to be appropriated9905 | €151,132 | €188,687 | €222,553 | €270,933 | €251,727 | €217,008 | €238,702 | ▲ 10.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.6m | €2.7m | €2.6m | €2.5m | €2.5m | €2.6m | €2.8m | ▲ 6.1% |
| Fixed assets21/28 | €1.2m | €1.0m | €0.9m | €0.8m | €0.7m | €0.6m | €0.5m | ▼ 18.4% |
| Tangible fixed assets22/27 | €1.2m | €1.0m | €0.9m | €0.8m | €0.7m | €0.6m | €0.5m | ▼ 18.4% |
| Land and buildings22 | - | - | - | €0.7m | €0.5m | €0.4m | €0.3m | ▼ 32.9% |
| Plant, machinery and equipment23 | - | - | - | €0.005m | €0.004m | €0.003m | €0.002m | ▼ 38.7% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 20.5% |
| Financial fixed assets28 | €156 | €156 | €156 | €156 | €156 | €156 | €156 | = |
| Current assets29/58 | €1.4m | €1.7m | €1.6m | €1.7m | €1.8m | €2.1m | €2.3m | ▲ 12.8% |
| Stocks and contracts in progress3 | €0.04m | €0.03m | €0.04m | €0.07m | €0.06m | €0.08m | €0.06m | ▼ 29.5% |
| Stocks30/36 | - | - | - | €0.04m | €0.05m | €0.05m | €0.05m | ▲ 2.0% |
| Contracts in progress37 | - | - | - | €0.03m | €0.02m | €0.03m | €0.009m | ▼ 73.6% |
| Amounts receivable within one year40/41 | €0.3m | €0.3m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | ▼ 4.5% |
| Trade receivables40 | - | - | - | €0.4m | €0.3m | €0.3m | €0.2m | ▼ 10.2% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.001m | €0.01m | €0.03m | ▲ 130% |
| Current investments50/53 | - | - | - | - | - | - | €1.2m | - |
| Cash at bank and in hand54/58 | €1.0m | €1.3m | €1.2m | €1.2m | €1.4m | €1.7m | €0.8m | ▼ 54.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.006m | €0.008m | €0.007m | €0.003m | ▼ 54.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.6m | €2.7m | €2.6m | €2.5m | €2.5m | €2.6m | €2.8m | ▲ 6.1% |
| Equity10/15 | €1.9m | €1.9m | €1.8m | €1.8m | €1.8m | €1.9m | €1.5m | ▼ 22.0% |
| Contributions10/11 | €0.3m | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €0.9m | ▼ 31.2% |
| Tax-exempt reserves132 | - | - | - | €0.1m | €0.04m | €0.04m | €0.07m | ▲ 86.7% |
| Distributable reserves133 | - | - | - | €1.1m | €1.2m | €1.3m | €0.8m | ▼ 34.7% |
| Profit (loss) carried forward14 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €0.01m | - |
| Deferred taxes168 | - | - | - | - | - | - | €0.01m | - |
| Amounts payable17/49 | €0.7m | €0.8m | €0.8m | €0.7m | €0.7m | €0.8m | €1.3m | ▲ 74.3% |
| Amounts payable within one year42/48 | €0.7m | €0.8m | €0.7m | €0.6m | €0.7m | €0.7m | €1.2m | ▲ 66.6% |
| Trade debts44 | €0.04m | €0.09m | €0.02m | €0.03m | €0.04m | €0.07m | €0.03m | ▼ 58.7% |
| Suppliers440/4 | - | - | - | €0.03m | €0.04m | €0.07m | €0.03m | ▼ 58.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.09m | €0.07m | €0.09m | €0.08m | ▼ 2.6% |
| Taxes450/3 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | ▼ 10.0% |
| Remuneration and social security454/9 | - | - | - | €0.03m | €0.01m | €0.03m | €0.03m | ▲ 15.3% |
| Other amounts payable47/48 | - | - | - | €0.5m | €0.6m | €0.6m | €1.1m | ▲ 92.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.03m | €0.02m | €0.02m | €0.09m | ▲ 333% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €257,982 | €188,737 | €222,553 | €100,433 | €144,927 | €217,008 | €271,768 | ▲ 25.2% |
| + Depreciation and write-downs630 | €240,830 | €189,474 | €176,271 | €195,592 | €174,570 | €185,529 | €138,553 | ▼ 25.3% |
| Operating cash flow (approximation) | €498,812 | €378,212 | €398,823 | €296,026 | €319,497 | €402,538 | €410,321 | ▲ 1.9% |
| Investment in fixed assets (approximation) | - | -€8,180 | -€103,508 | -€61,752 | -€116,457 | -€3,015 | -€35,642 | ▼ 1,082% |
| Change in cash | - | €297,377 | -€89,454 | €12,500 | €198,836 | €253,934 | -€916,195 | - |
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 AMES 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 AMES 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 AMES. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 20-02-2026 | 2026-00040943 | |
| 30-09-2024 | abbreviated format | 27-02-2025 | 2025-00040074 | |
| 30-09-2023 | abbreviated format | 15-02-2024 | 2024-00030397 | |
| 30-09-2022 | abbreviated format | 03-03-2023 | 2023-00034896 | |
| 30-09-2021 | abbreviated format | 03-03-2022 | 2022-07100080 | |
| 30-09-2020 | abbreviated format | 05-03-2021 | 2021-06900318 | |
| 30-09-2019 | abbreviated format | 27-02-2020 | 2020-05700183 | |
| 30-09-2018 | abbreviated format | 04-03-2019 | 2019-06200369 | |
| 30-09-2017 | abbreviated format | 30-03-2018 | 2018-08200005 | |
| 30-09-2016 | abbreviated format | 09-01-2017 | 2017-00400423 |