ANACO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 15-06-2026 PDF all 30 filings
Turnover
€42.0m▲ 29.1%
2024 · €32.5m
EBIT margin
4.2%▲ 4.0pp
2024 · 0.2%
Net result
€1.3m▲ 41×
2024 · €32,716
Working capital
€3.9m▲ 63.1%
2024 · €2.4m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€42.0m
▲ 29.1%
2025
20182025
Operating result
€1.8m
▲ 26×
2025
20182025
Net result
€1.3m
▲ 41×
2025
highest quarter of the sector
20182025
EBIT margin
4.2%
▲ 4.0pp
2025
20182025
Equity
€4.2m
▲ 45.7%
2025
middle half of the sector
20182025
Total assets
€9.2m
▲ 14.6%
2025
middle half of the sector
20182025
Debt
€5.0m
▼ 2.9%
2025
20182025
Working capital
€3.9m
▲ 63.1%
2025
highest quarter of the sector
20182025
Solvency
45.9%
▲ 9.8pp
2025
middle half of the sector
20182025
Current ratio
1.92
▲ 0.38
2025
middle half of the sector
20182025
Return on assets (ROA)
14.4%
▲ 14.0pp
2025
highest quarter of the sector
20182025
Staff (FTE)
6
=
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€21.8m€37.5m▲ 72.1%€35.6m▼ 5.0%€32.5m▼ 8.7%€42.0m▲ 29.1%
Operating result€0.5m-€2.3m▲ 326%€0.4m▼ 82.1%€0.2m▼ 57.3%€2.2m▲ 13×€1.4m▼ 35.8%€0.07m▼ 95.3%€1.8m▲ 26×
Net result€0.3m-€1.6m▲ 352%€0.3mabove the sector's middle half▼ 81.9%€0.08mwithin the sector's middle half▼ 70.1%€1.5mabove the sector's middle half▲ 18×€1.0mabove the sector's middle half▼ 33.3%€0.03mbelow the sector's middle half▼ 96.8%€1.3mabove the sector's middle half▲ 41×
EBIT margin0.8%5.9%▲ 5.1pp4.0%▼ 1.9pp0.2%▼ 3.8pp4.2%▲ 4.0pp
Equity€0.5m-€1.1m▲ 141%€0.8mwithin the sector's middle half▼ 27.9%€0.9mwithin the sector's middle half▲ 10.3%€2.4mwithin the sector's middle half▲ 170%€2.9mwithin the sector's middle half▲ 17.4%€2.9mwithin the sector's middle half▲ 1.1%€4.2mwithin the sector's middle half▲ 45.7%
Total assets€3.8m-€5.6m▲ 46.6%€4.5mabove the sector's middle half▼ 18.4%€5.4mwithin the sector's middle half▲ 19.6%€7.0mwithin the sector's middle half▲ 29.0%€7.2mwithin the sector's middle half▲ 2.2%€8.0mwithin the sector's middle half▲ 12.1%€9.2mwithin the sector's middle half▲ 14.6%
Debt€3.3m-€4.4m▲ 33.2%€3.7m▼ 16.0%€4.5m▲ 21.7%€4.6m▲ 0.8%€4.3m▼ 5.9%€5.1m▲ 19.3%€5.0m▼ 2.9%
Working capital€0.4m-€0.8m▲ 76.4%€0.4mwithin the sector's middle half▼ 50.8%€0.5mwithin the sector's middle half▲ 21.0%€2.0mabove the sector's middle half▲ 344%€2.5mwithin the sector's middle half▲ 22.2%€2.4mwithin the sector's middle half▼ 2.9%€3.9mabove the sector's middle half▲ 63.1%
Solvency12.4%-20.4%▲ 8.0pp18.1%within the sector's middle half▼ 2.4pp16.7%within the sector's middle half▼ 1.4pp34.9%within the sector's middle half▲ 18.2pp40.0%within the sector's middle half▲ 5.2pp36.1%within the sector's middle half▼ 3.9pp45.9%within the sector's middle half▲ 9.8pp
Current ratio1.13-1.22▲ 0.091.13within the sector's middle half▼ 0.091.12within the sector's middle half▼ 0.011.53within the sector's middle half▲ 0.411.69within the sector's middle half▲ 0.161.53within the sector's middle half▼ 0.151.92within the sector's middle half▲ 0.38
Return on assets (ROA)9.1%-28.1%▲ 19.0pp6.2%within the sector's middle half▼ 21.9pp1.6%within the sector's middle half▼ 4.7pp21.9%above the sector's middle half▲ 20.4pp14.3%above the sector's middle half▼ 7.6pp0.4%below the sector's middle half▼ 13.9pp14.4%above the sector's middle half▲ 14.0pp
Staff (FTE)3.2-3.7▲ 15.6%4.8within the sector's middle half▲ 29.7%5.3below the sector's middle half▲ 10.4%5.6below the sector's middle half▲ 5.7%6below the sector's middle half▲ 7.1%6within the sector's middle half=6within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Water transport (NACE 50). 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 over 26 times that of 2024. It is a recovery after the fall in 2024.
Large changes and their cause
- 2021 Net result -70% on 2020. The accounts now follow the full format, last year the abbreviated format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9.2m
Fixed assets
€1.0m ▼ 11.1%
Current assets
€8.2m ▲ 18.9%
Equity and liabilities €9.2m
Equity
€4.2m ▲ 45.7%
Debt
€5.0m ▼ 2.9%
Debt's share of the balance-sheet total falls from 63.9% to 54.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.9m▲
2024 · €231,832
Cash flow
€1.5m▲
2024 · €197,722
Debt to equity
1.18▼
2024 · 1.77
ROE
31.4%▲
2024 · 1.1%
Interest coverage
over 100▲
2024 · 12.40
Debt ≤ 1 year
€4.3m▼
2024 · €4.5m
Debt > 1 year
€559,046▼
2024 · €629,285
Income taxes
€459,450▲
2024 · €37,784
Customer credit
47 days▲
2024 · 45 days
Supplier credit
32 days▼
2024 · 37 days
Staff costs
€828,066▲
2024 · €783,184
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 | 6 | 6 | 6 | 6 | 6 |
| full-time | 6 | 6 | 6 | 6 | 6 |
| part-time | 0 | 0 | 0 | 0 | 0 |
| in full-time equivalents | 6 | 6 | 6 | 6 | 6 |
| Average over the year, in full-time equivalents | 5.3 | 5.6 | 6 | 6 | 6 |
| On a permanent contract | 6 | 6 | 6 | 6 | 6 |
| Joined | 1 | 1 | - | 1 | - |
| Left | 0 | 1 | - | 1 | - |
| Training hours | - | 40 | 60 | 56 | 84 |
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 | €900,697 | €834,250 | €766,874 | €698,557 | €629,285 |
| Mortgages, amount registered | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m |
| Carrying value of the mortgaged assets | €954,600 | €875,050 | €795,500 | €715,950 | €636,480 |
| Pledge on the business | - | - | €250,000 | €250,000 | €250,000 |
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 | €17,007 | €22,272 | €30,981 | €71,924 | €14,824 |
| Intangible fixed assets | €43,446 | - | - | €113,058 | €18,000 |
| Depreciation and write-downs of the year | €136,220 | €133,435 | €133,872 | €165,006 | €173,812 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | - | €13,000 | €13,650 | €14,196 | €15,600 |
| Other work by the auditor | - | - | €1,040 | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 3 entries · €1,843 awarded · €2,412 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €315 | €0 |
| 2023 | 1 | €0 | €884 |
| 2022 | 1 | €1,528 | €1,528 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €22.0m | €37.6m | €36.0m | €32.6m | €42.1m | ▲ 29.1% |
| Turnover70 | - | - | - | €21.8m | €37.5m | €35.6m | €32.5m | €42.0m | ▲ 29.1% |
| Other operating income74 | - | - | - | €0.2m | €0.08m | €0.3m | €0.07m | €0.08m | ▲ 14.3% |
| Non-recurring operating income76A | - | - | - | €0.01m | €0.01m | €0.02m | €0.02m | €0.01m | ▼ 13.3% |
| Operating charges60/66A | - | - | - | €21.8m | €35.4m | €34.6m | €32.5m | €40.3m | ▲ 23.9% |
| Goods for resale, raw materials and consumables60 | - | - | - | €19.7m | €32.5m | €31.1m | €29.3m | €36.5m | ▲ 24.4% |
| Purchases600/8 | - | - | - | €19.7m | €32.5m | €31.1m | €29.3m | €36.5m | ▲ 24.4% |
| Services and other goods61 | - | - | - | €1.4m | €2.0m | €2.1m | €2.2m | €2.7m | ▲ 21.3% |
| Remuneration, social security and pensions62 | - | - | - | €0.5m | €0.7m | €0.8m | €0.8m | €0.8m | ▲ 5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.04m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 5.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.09m | -€0.004m | €0.5m | €0.02m | €0.1m | ▲ 478% |
| Other operating charges640/8 | - | - | - | €0.006m | €0.01m | €0.02m | €0.01m | €0.01m | ▲ 18.1% |
| Non-recurring operating charges66A | - | - | - | - | €0.03m | €0 | - | - | - |
| Gross operating margin9900 | €1.2m | €3.6m | €0.9m | - | - | - | - | - | - |
| Operating profit (loss)9901 | €0.5m | €2.3m | €0.4m | €0.2m | €2.2m | €1.4m | €0.07m | €1.8m | ▲ 26× |
| Financial income75/76B | - | - | - | €0.01m | €0.007m | €0.03m | €0.07m | €0.1m | ▲ 42.9% |
| Recurring financial income75 | €0.006m | €0.004m | €0.02m | €0.01m | €0.007m | €0.03m | €0.07m | €0.1m | ▲ 42.9% |
| Income from current assets751 | - | - | - | €0.01m | €0.006m | €0.02m | €0.06m | €0.1m | ▲ 69.5% |
| Other financial income752/9 | - | - | - | €10 | €489 | €0.006m | €0.01m | €0.005m | ▼ 65.4% |
| Financial charges65/66B | - | - | - | €0.05m | €0.07m | €0.05m | €0.07m | €0.08m | ▲ 12.3% |
| Recurring financial charges65 | €0.05m | €0.05m | €0.04m | €0.05m | €0.07m | €0.05m | €0.07m | €0.08m | ▲ 12.3% |
| Debt charges650 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 8.6% |
| Other financial charges652/9 | - | - | - | €0.03m | €0.05m | €0.03m | €0.05m | €0.06m | ▲ 20.2% |
| Profit (loss) for the period before taxes9903 | €0.5m | €2.2m | €0.4m | €0.1m | €2.1m | €1.4m | €0.07m | €1.8m | ▲ 25× |
| Income taxes67/77 | €0.1m | €0.7m | €0.1m | €0.05m | €0.6m | €0.4m | €0.04m | €0.5m | ▲ 12× |
| Taxes670/3 | - | - | - | €0.05m | €0.6m | €0.4m | €0.04m | €0.5m | ▲ 12× |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | - | - | €146 | - |
| Profit (loss) for the period9904 | €0.3m | €1.6m | €0.3m | €0.08m | €1.5m | €1.0m | €0.03m | €1.3m | ▲ 41× |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | - | €0.6m | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | €0.4m | €0.1m | €0.3m | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | €0.3m | €1.6m | €0.3m | €0.08m | €1.1m | €0.9m | -€0.3m | €1.9m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.8m | €5.6m | €4.5m | €5.4m | €7.0m | €7.2m | €8.0m | €9.2m | ▲ 14.6% |
| Fixed assets21/28 | €0.04m | €1.3m | €1.3m | €1.3m | €1.2m | €1.1m | €1.1m | €1.0m | ▼ 11.1% |
| Intangible fixed assets21 | - | - | €0.08m | €0.1m | €0.07m | €0.05m | €0.1m | €0.09m | ▼ 20.5% |
| Tangible fixed assets22/27 | €0.04m | €1.3m | €1.3m | €1.2m | €1.1m | €1.1m | €1.0m | €0.9m | ▼ 10.0% |
| Plant, machinery and equipment23 | - | - | - | €0.02m | €0.02m | €0.03m | €0.03m | €0.02m | ▼ 24.9% |
| Furniture and vehicles24 | - | - | - | €0.05m | €0.05m | €0.05m | €0.08m | €0.06m | ▼ 31.6% |
| Leasing and similar rights25 | - | - | - | €1.0m | €0.9m | €0.8m | €0.7m | €0.6m | ▼ 11.1% |
| Other tangible fixed assets26 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 5.5% |
| Financial fixed assets28 | - | - | - | - | - | €160 | €160 | €160 | = |
| Other financial fixed assets284/8 | - | - | - | - | - | €160 | €160 | €160 | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | - | €160 | €160 | €160 | = |
| Current assets29/58 | €3.8m | €4.2m | €3.2m | €4.2m | €5.8m | €6.1m | €6.9m | €8.2m | ▲ 18.9% |
| Amounts receivable after more than one year29 | - | - | - | €0 | €0.05m | €0.4m | €1.5m | €0.6m | ▼ 57.1% |
| Other amounts receivable291 | - | - | - | €0 | €0.05m | €0.4m | €1.5m | €0.6m | ▼ 57.1% |
| Stocks and contracts in progress3 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €3.0m | €3.1m | €2.6m | €3.8m | €4.4m | €3.6m | €5.0m | €6.7m | ▲ 36.0% |
| Trade receivables40 | - | - | - | €2.9m | €4.0m | €3.0m | €4.0m | €5.4m | ▲ 32.9% |
| Other amounts receivable41 | - | - | - | €0.8m | €0.3m | €0.6m | €0.9m | €1.4m | ▲ 49.8% |
| Cash at bank and in hand54/58 | €0.7m | €1.1m | €0.4m | €0.3m | €1.3m | €2.0m | €0.1m | €0.6m | ▲ 308% |
| Deferred charges and accrued income490/1 | - | - | - | €0.05m | €0.06m | €0.08m | €0.3m | €0.2m | ▼ 22.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.8m | €5.6m | €4.5m | €5.4m | €7.0m | €7.2m | €8.0m | €9.2m | ▲ 14.6% |
| Equity10/15 | €0.5m | €1.1m | €0.8m | €0.9m | €2.4m | €2.9m | €2.9m | €4.2m | ▲ 45.7% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.5m | €1.1m | €0.8m | €0.9m | €2.4m | €2.9m | €2.9m | €4.2m | ▲ 46.0% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | - | €0.4m | €0.6m | €0.9m | €0.3m | ▼ 64.3% |
| Distributable reserves133 | - | - | - | €0.9m | €2.0m | €2.3m | €2.0m | €3.9m | ▲ 94.7% |
| Amounts payable17/49 | €3.3m | €4.4m | €3.7m | €4.5m | €4.6m | €4.3m | €5.1m | €5.0m | ▼ 2.9% |
| Amounts payable after more than one year17 | - | €1.0m | €0.9m | €0.8m | €0.8m | €0.7m | €0.6m | €0.6m | ▼ 11.2% |
| Financial debts170/4 | - | - | - | €0.8m | €0.8m | €0.7m | €0.6m | €0.6m | ▼ 11.2% |
| Leasing and similar obligations172 | - | - | - | €0.8m | €0.8m | €0.7m | €0.6m | €0.6m | ▼ 11.2% |
| Amounts payable within one year42/48 | €3.3m | €3.5m | €2.8m | €3.7m | €3.8m | €3.6m | €4.5m | €4.3m | ▼ 4.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | ▲ 1.4% |
| Financial debts43 | - | - | - | €1.0m | €0.5m | €0.4m | €1.1m | €0.8m | ▼ 27.0% |
| Credit institutions430/8 | - | - | - | €0.3m | €0.3m | €0.2m | €0.3m | €0.2m | ▼ 41.3% |
| Other loans439 | - | - | - | €0.7m | €0.2m | €0.2m | €0.8m | €0.6m | ▼ 21.9% |
| Trade debts44 | €2.1m | €2.1m | €1.5m | €2.0m | €3.1m | €2.9m | €2.9m | €3.2m | ▲ 9.7% |
| Suppliers440/4 | - | - | - | €2.0m | €3.1m | €2.9m | €2.9m | €3.2m | ▲ 9.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.07m | €0.07m | €0.07m | €0.2m | ▲ 160% |
| Taxes450/3 | - | - | - | €0 | - | - | €0.002m | €0.1m | ▲ 50× |
| Remuneration and social security454/9 | - | - | - | €0.05m | €0.07m | €0.07m | €0.07m | €0.07m | ▲ 7.7% |
| Other amounts payable47/48 | - | - | - | €0.6m | €0 | €0.2m | €0.3m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | €0.005m | €0.005m | €0.1m | ▲ 29× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.3m | €1.6m | €0.3m | €0.08m | €1.5m | €1.0m | €0.03m | €1.3m | ▲ 41× |
| + Depreciation and write-downs630 | €0.04m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 5.3% |
| Operating cash flow (approximation) | €0.4m | €1.7m | €0.4m | €0.2m | €1.7m | €1.2m | €0.2m | €1.5m | ▲ 659% |
| Investment in fixed assets (approximation) | - | -€1.4m | -€0.1m | -€0.08m | -€0.04m | -€0.05m | -€0.2m | -€0.05m | ▲ 76.2% |
| Change in cash | - | €0.4m | -€0.7m | -€0.05m | €1.0m | €0.7m | -€1.9m | €0.4m | - |
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 ANACO 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 ANACO 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 ANACO. 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 |
|---|---|---|---|---|
| 31-12-2025 | full format | 15-06-2026 | 2026-00159632 | |
| 31-12-2024 | full format | 01-07-2025 | 2025-00205329 | |
| 31-12-2023 | full format | 11-07-2024 | 2024-00242789 | |
| 31-12-2022 | full format | 14-06-2023 | 2023-00124205 | |
| 31-12-2021 | full format | 15-06-2022 | 2022-20063495 | |
| 31-12-2020 | abbreviated format | 17-06-2021 | 2021-20600023 | |
| 31-12-2019 | abbreviated format | 07-08-2020 | 2020-39600099 | |
| 31-12-2018 | abbreviated format | 24-04-2019 | 2019-10300406 | |
| 31-12-2017 | abbreviated format | 12-07-2018 | 2018-31500235 | |
| 31-12-2016 | abbreviated format | 06-07-2017 | 2017-27900328 |