AMORY
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-04-2026 PDF all 32 filings
Turnover
≈ €320,000
Estimated: probably between €240,000 and €390,000
Total assets
€647,356▲ 0.7%
2024 · €642,827
Net result
€22,878▼ 49.0%
2024 · €44,835
Working capital
€478,115▲ 13.7%
2024 · €420,408
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€25,755
▼ 52.4%
2025
20192025
Net result
€22,878
▼ 49.0%
2025
highest quarter of the sector
20192025
Equity
€643,074
▲ 3.5%
2025
highest quarter of the sector
20192025
Total assets
€647,356
▲ 0.7%
2025
highest quarter of the sector
20192025
Debt
€4,282
▼ 80.4%
2025
20192025
Working capital
€478,115
▲ 13.7%
2025
highest quarter of the sector
20192025
Solvency
99.3%
▲ 2.7pp
2025
highest quarter of the sector
20192025
Current ratio
no figure
2025
20192025
Return on assets (ROA)
3.5%
▼ 3.4pp
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€12,518-€42,195▲ 237%€27,605▼ 34.6%€39,089▲ 41.6%€41,008▲ 4.9%€54,117▲ 32.0%€25,755▼ 52.4%
Net result€10,872-€37,741above the sector's middle half▲ 247%€24,838within the sector's middle half▼ 34.2%€28,548above the sector's middle half▲ 14.9%€27,721above the sector's middle half▼ 2.9%€44,835above the sector's middle half▲ 61.7%€22,878above the sector's middle half▼ 49.0%
Equity€459,818-€497,578above the sector's middle half▲ 8.2%€522,417above the sector's middle half▲ 5.0%€550,164above the sector's middle half▲ 5.3%€577,052above the sector's middle half▲ 4.9%€621,029above the sector's middle half▲ 7.6%€643,074above the sector's middle half▲ 3.5%
Total assets€506,294-€527,903above the sector's middle half▲ 4.3%€532,432above the sector's middle half▲ 0.9%€573,683above the sector's middle half▲ 7.7%€607,268above the sector's middle half▲ 5.9%€642,827above the sector's middle half▲ 5.9%€647,356above the sector's middle half▲ 0.7%
Debt€46,476-€30,325▼ 34.8%€10,015▼ 67.0%€23,518▲ 135%€30,216▲ 28.5%€21,799▼ 27.9%€4,282▼ 80.4%
Working capital€223,720-€268,012above the sector's middle half▲ 19.8%€320,226above the sector's middle half▲ 19.5%€360,059above the sector's middle half▲ 12.4%€385,212above the sector's middle half▲ 7.0%€420,408above the sector's middle half▲ 9.1%€478,115above the sector's middle half▲ 13.7%
Solvency90.8%-94.3%above the sector's middle half▲ 3.4pp98.1%above the sector's middle half▲ 3.9pp95.9%above the sector's middle half▼ 2.2pp95.0%above the sector's middle half▼ 0.9pp96.6%above the sector's middle half▲ 1.6pp99.3%above the sector's middle half▲ 2.7pp
Current ratio11.26-11.14above the sector's middle half▼ 0.1341.71above the sector's middle half▲ 30.5817.85above the sector's middle half▼ 23.8614.73above the sector's middle half▼ 3.1322.40above the sector's middle half▲ 7.67
Return on assets (ROA)2.1%-7.1%within the sector's middle half▲ 5.0pp4.7%within the sector's middle half▼ 2.5pp5.0%within the sector's middle half▲ 0.3pp4.6%within the sector's middle half▼ 0.4pp7.0%within the sector's middle half▲ 2.4pp3.5%within the sector's middle half▼ 3.4pp
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 52% lower than in 2024 and the lowest since 2021.
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 €647,356
Fixed assets
€164,960 ▼ 18.6%
Current assets
€482,397 ▲ 9.6%
Equity and liabilities €647,356
Equity
€643,074 ▲ 3.5%
Debt
€4,282 ▼ 80.4%
Debt's share of the balance-sheet total falls from 3.4% to 0.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€52,477▼
2024 · €81,265
Cash flow
€49,600▼
2024 · €71,984
Debt to equity
0.01▼
2024 · 0.04
ROE
3.6%▼
2024 · 7.2%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€4,282▼
2024 · €19,649
Income taxes
€10,398▼
2024 · €21,606
A ratio outside any meaningful range has been withheld (balance sheet total €647,356, equity €643,074).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €8,849 | €22,096 | €35,928 | €30,000 |
| Depreciation and write-downs of the year | €20,934 | €20,361 | €27,148 | €26,721 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €31,927 | €32,308 | €32,492 | €20,934 | €20,361 | €27,148 | €26,721 | ▼ 1.6% |
| Other operating charges640/8 | - | - | - | €4,468 | €14,723 | €17,082 | €10,621 | ▼ 37.8% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €41,090 | - |
| Gross operating margin9900 | €49,060 | €80,625 | €64,666 | €64,492 | €76,092 | €98,347 | €104,187 | ▲ 5.9% |
| Operating profit (loss)9901 | €12,518 | €42,195 | €27,605 | €39,089 | €41,008 | €54,117 | €25,755 | ▼ 52.4% |
| Financial income75/76B | - | - | - | €3 | €454 | €12,518 | €7,796 | ▼ 37.7% |
| Recurring financial income75 | - | €207 | €107 | €3 | €454 | €12,518 | €7,796 | ▼ 37.7% |
| Financial charges65/66B | - | - | - | €297 | €196 | €193 | €274 | ▲ 42.1% |
| Recurring financial charges65 | €1,646 | €888 | €390 | €297 | €196 | €193 | €274 | ▲ 42.1% |
| Profit (loss) for the period before taxes9903 | €10,872 | €41,515 | €27,322 | €38,796 | €41,265 | €66,442 | €33,277 | ▼ 49.9% |
| Income taxes67/77 | - | €3,774 | €2,484 | €10,248 | €13,545 | €21,606 | €10,398 | ▼ 51.9% |
| Profit (loss) for the period9904 | €10,872 | €37,741 | €24,838 | €28,548 | €27,721 | €44,835 | €22,878 | ▼ 49.0% |
| Profit (loss) for the period to be appropriated9905 | €10,872 | €37,741 | €24,838 | €28,548 | €27,721 | €44,835 | €22,878 | ▼ 49.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €506,294 | €527,903 | €532,432 | €573,683 | €607,268 | €642,827 | €647,356 | ▲ 0.7% |
| Fixed assets21/28 | €260,776 | €233,452 | €204,341 | €192,256 | €193,991 | €202,770 | €164,960 | ▼ 18.6% |
| Tangible fixed assets22/27 | €260,438 | €233,114 | €204,067 | €191,981 | €193,716 | €202,496 | €164,685 | ▼ 18.7% |
| Land and buildings22 | - | - | - | €178,266 | €163,163 | €180,281 | €123,098 | ▼ 31.7% |
| Plant, machinery and equipment23 | - | - | - | €8,955 | €6,477 | €4,604 | €30,797 | ▲ 569% |
| Furniture and vehicles24 | - | - | - | €4,464 | €24,076 | €17,611 | €10,790 | ▼ 38.7% |
| Other tangible fixed assets26 | - | - | - | €297 | - | - | - | - |
| Financial fixed assets28 | €338 | €338 | €274 | €274 | €275 | €275 | €275 | = |
| Current assets29/58 | €245,518 | €294,451 | €328,091 | €381,427 | €413,278 | €440,057 | €482,397 | ▲ 9.6% |
| Stocks and contracts in progress3 | €2,054 | €1,590 | €1,649 | €2,524 | €2,427 | €3,451 | €3,041 | ▼ 11.9% |
| Stocks30/36 | - | - | - | €2,524 | €2,427 | €3,451 | €3,041 | ▼ 11.9% |
| Amounts receivable within one year40/41 | €27,423 | €24,592 | €27,343 | €29,590 | €23,342 | €40,810 | €201,969 | ▲ 395% |
| Trade receivables40 | - | - | - | €28,828 | €23,342 | €28,565 | €10,047 | ▼ 64.8% |
| Other amounts receivable41 | - | - | - | €761 | - | €12,245 | €191,923 | ▲ 16× |
| Current investments50/53 | - | - | - | - | €290,000 | €380,000 | - | - |
| Cash at bank and in hand54/58 | €216,041 | €266,285 | €296,971 | €347,072 | €92,746 | €13,197 | €273,886 | ▲ 21× |
| Deferred charges and accrued income490/1 | - | - | - | €2,241 | €4,762 | €2,599 | €3,500 | ▲ 34.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €506,294 | €527,903 | €532,432 | €573,683 | €607,268 | €642,827 | €647,356 | ▲ 0.7% |
| Equity10/15 | €459,818 | €497,578 | €522,417 | €550,164 | €577,052 | €621,029 | €643,074 | ▲ 3.5% |
| Contributions10/11 | €40,903 | - | - | €40,902 | €40,902 | €40,902 | €40,902 | = |
| Reserves13 | €19,971 | €57,732 | €82,570 | €111,118 | €138,839 | €183,675 | €206,553 | ▲ 12.5% |
| Non-distributable reserves130/1 | - | - | - | €4,958 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €4,958 | - | - | - | - |
| Distributable reserves133 | - | - | - | €106,160 | €138,839 | €183,675 | €206,553 | ▲ 12.5% |
| Profit (loss) carried forward14 | €398,944 | €398,944 | €398,944 | €398,144 | €397,311 | €396,452 | €395,619 | ▼ 0.2% |
| Amounts payable17/49 | €46,476 | €30,325 | €10,015 | €23,518 | €30,216 | €21,799 | €4,282 | ▼ 80.4% |
| Amounts payable after more than one year17 | €22,528 | €1,736 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €21,798 | €26,439 | €7,865 | €21,368 | €28,066 | €19,649 | €4,282 | ▼ 78.2% |
| Trade debts44 | €206 | €1,104 | €896 | €14,224 | €17,425 | €4,498 | €1,819 | ▼ 59.6% |
| Suppliers440/4 | - | - | - | €14,224 | €17,425 | €4,498 | €1,819 | ▼ 59.6% |
| Taxes, remuneration and social security45 | - | - | - | €5,247 | €8,932 | €14,179 | €1,630 | ▼ 88.5% |
| Taxes450/3 | - | - | - | €5,247 | €6,505 | €11,864 | €315 | ▼ 97.3% |
| Remuneration and social security454/9 | - | - | - | - | €2,427 | €2,315 | €1,315 | ▼ 43.2% |
| Other amounts payable47/48 | - | - | - | €1,897 | €1,708 | €972 | €833 | ▼ 14.3% |
| Accrued charges and deferred income492/3 | - | - | - | €2,150 | €2,150 | €2,150 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,872 | €37,741 | €24,838 | €28,548 | €27,721 | €44,835 | €22,878 | ▼ 49.0% |
| + Depreciation and write-downs630 | €31,927 | €32,308 | €32,492 | €20,934 | €20,361 | €27,148 | €26,721 | ▼ 1.6% |
| Operating cash flow (approximation) | €42,799 | €70,049 | €57,331 | €49,482 | €48,082 | €71,984 | €49,600 | ▼ 31.1% |
| Investment in fixed assets (approximation) | - | -€4,984 | -€3,381 | -€8,849 | -€22,096 | -€35,928 | €11,090 | - |
| Change in cash | - | €50,244 | €30,685 | €50,102 | -€254,327 | -€79,549 | €260,689 | - |
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, 14,766 companies had the same profile as AMORY has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of AMORY 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 14,766 companies, not a prediction for AMORY. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 29-04-2026 | 2026-00091915 | |
| 30-09-2024 | micro format | 30-04-2025 | 2025-00082646 | |
| 30-09-2023 | micro format | 29-04-2024 | 2024-00072376 | |
| 30-09-2022 | micro format | 04-04-2023 | 2023-00052618 | |
| 30-09-2021 | micro format | 31-03-2022 | 2022-09600582 | |
| 30-09-2020 | micro format | 09-04-2021 | 2021-10000112 | |
| 30-09-2019 | micro format | 18-02-2020 | 2020-05200144 | |
| 30-09-2018 | abbreviated format | 23-01-2019 | 2019-02500332 | |
| 30-09-2017 | abbreviated format | 19-02-2018 | 2018-05200250 | |
| 30-09-2016 | abbreviated format | 21-02-2017 | 2017-05000015 |