ANDO CONSULT
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 3 days after the deadline Filed on 3 November 2025, deadline 31 October 2025 (7 months after the close on 31 March 2025, Companies Code art. 3:10). Source: NBB, 2025-00562711.
Annual accounts 2025 filed on 03-11-2025 PDF all 26 filings
Turnover
≈ €91,000
Estimated: probably between €44,000 and €180,000
Total assets
€153,666▲ 71.9%
2024 · €89,380
Net result
€11,108
2024 · -€2,246
Working capital
€76,838▲ 36.1%
2024 · €56,457
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€17,764
2025
20192025
Net result
€11,108
2025
middle half of the sector
20192025
Equity
€73,586
▲ 17.8%
2025
middle half of the sector
20192025
Total assets
€153,666
▲ 71.9%
2025
middle half of the sector
20192025
Debt
€80,080
▲ 198%
2025
20192025
Working capital
€76,838
▲ 36.1%
2025
middle half of the sector
20192025
Solvency
47.9%
▼ 22.0pp
2025
middle half of the sector
20192025
Current ratio
2.07
▼ 1.03
2025
middle half of the sector
20192025
Return on assets (ROA)
7.2%
▲ 9.7pp
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-€11,534-€88,215-€72,309-€7,706▲ 89.3%€40,293-€8,829€17,764
Net result-€12,200-€66,533above the sector's middle half-€63,115below the sector's middle half-€8,258below the sector's middle half▲ 86.9%€28,769within the sector's middle half-€2,246below the sector's middle half€11,108within the sector's middle half
Equity€48,794-€115,328within the sector's middle half▲ 136%€52,213within the sector's middle half▼ 54.7%€43,955within the sector's middle half▼ 15.8%€64,724within the sector's middle half▲ 47.3%€62,478within the sector's middle half▼ 3.5%€73,586within the sector's middle half▲ 17.8%
Total assets€98,521-€145,549within the sector's middle half▲ 47.7%€67,428below the sector's middle half▼ 53.7%€80,868below the sector's middle half▲ 19.9%€112,214within the sector's middle half▲ 38.8%€89,380within the sector's middle half▼ 20.3%€153,666within the sector's middle half▲ 71.9%
Debt€37,727-€30,221▼ 19.9%€15,215▼ 49.7%€36,913▲ 143%€47,490▲ 28.7%€26,901▼ 43.4%€80,080▲ 198%
Working capital€52,953-€110,548within the sector's middle half▲ 109%€46,382within the sector's middle half▼ 58.0%€38,890within the sector's middle half▼ 16.2%€59,053within the sector's middle half▲ 51.8%€56,457within the sector's middle half▼ 4.4%€76,838within the sector's middle half▲ 36.1%
Solvency49.5%-79.2%above the sector's middle half▲ 29.7pp77.4%within the sector's middle half▼ 1.8pp54.4%within the sector's middle half▼ 23.1pp57.7%within the sector's middle half▲ 3.3pp69.9%within the sector's middle half▲ 12.2pp47.9%within the sector's middle half▼ 22.0pp
Current ratio2.40-4.66above the sector's middle half▲ 2.254.05within the sector's middle half▼ 0.612.05within the sector's middle half▼ 1.992.24within the sector's middle half▲ 0.193.10within the sector's middle half▲ 0.862.07within the sector's middle half▼ 1.03
Return on assets (ROA)-12.4%-45.7%above the sector's middle half▲ 58.1pp-93.6%below the sector's middle half▼ 139.3pp-10.2%below the sector's middle half▲ 83.4pp25.6%within the sector's middle half▲ 35.8pp-2.5%below the sector's middle half▼ 28.2pp7.2%within the sector's middle half▲ 9.7pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 a profit of €17,764, after a loss of €8,829 in 2024.
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 €153,666
Fixed assets
€4,851 ▼ 19.4%
Current assets
€148,815 ▲ 78.5%
Equity and liabilities €153,666
Equity
€73,586 ▲ 17.8%
Debt
€80,080 ▲ 198%
Debt's share of the balance-sheet total rises from 30.1% to 52.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€18,934▲
2024 · -€7,464
Cash flow
€12,278▲
2024 · -€881
Debt to equity
1.09▲
2024 · 0.43
ROE
15.1%▲
2024 · -3.6%
Interest coverage
over 100▲
2024 · -27.16
Debt ≤ 1 year
€71,977▲
2024 · €26,901
Income taxes
€6,600▲
2024 · €2,528
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €1,411 | €1,714 | - |
| Depreciation and write-downs of the year | €766 | €805 | €1,364 | €1,170 |
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 | €4,015 | €4,253 | €4,228 | €766 | €805 | €1,364 | €1,170 | ▼ 14.3% |
| Other operating charges640/8 | - | - | - | €1,466 | €1,878 | €1,608 | €528 | ▼ 67.2% |
| Gross operating margin9900 | -€6,133 | €94,370 | -€66,191 | -€5,474 | €42,975 | -€5,857 | €19,462 | - |
| Operating profit (loss)9901 | -€11,534 | €88,215 | -€72,309 | -€7,706 | €40,293 | -€8,829 | €17,764 | - |
| Financial income75/76B | - | - | - | - | - | €9,386 | €13 | ▼ 99.9% |
| Recurring financial income75 | €37 | €10 | €3 | - | - | €9,386 | €13 | ▼ 99.9% |
| Financial charges65/66B | - | - | - | €80 | €154 | €275 | €69 | ▼ 75.0% |
| Recurring financial charges65 | €176 | €115 | €89 | €80 | €154 | €275 | €69 | ▼ 75.0% |
| Profit (loss) for the period before taxes9903 | -€11,673 | €88,109 | -€72,395 | -€7,785 | €40,138 | €282 | €17,708 | ▲ 63× |
| Income taxes67/77 | €527 | €21,576 | -€9,280 | €473 | €11,369 | €2,528 | €6,600 | ▲ 161% |
| Profit (loss) for the period9904 | -€12,200 | €66,533 | -€63,115 | -€8,258 | €28,769 | -€2,246 | €11,108 | - |
| Profit (loss) for the period to be appropriated9905 | -€12,200 | €66,533 | -€63,115 | -€8,258 | €28,769 | -€2,246 | €11,108 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €98,521 | €145,549 | €67,428 | €80,868 | €112,214 | €89,380 | €153,666 | ▲ 71.9% |
| Fixed assets21/28 | €7,841 | €4,780 | €5,831 | €5,064 | €5,671 | €6,021 | €4,851 | ▼ 19.4% |
| Tangible fixed assets22/27 | €7,792 | €4,730 | €5,781 | €5,015 | €5,622 | €5,971 | €4,802 | ▼ 19.6% |
| Land and buildings22 | - | - | - | €4,538 | €4,010 | €5,069 | €4,370 | ▼ 13.8% |
| Plant, machinery and equipment23 | - | - | - | €476 | €238 | - | - | - |
| Furniture and vehicles24 | - | - | - | €0 | €1,373 | €902 | €432 | ▼ 52.1% |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €90,680 | €140,769 | €61,598 | €75,803 | €106,543 | €83,359 | €148,815 | ▲ 78.5% |
| Amounts receivable within one year40/41 | €7,760 | €9,899 | €2,287 | €16,598 | €1,045 | €3,510 | €67,906 | ▲ 19× |
| Trade receivables40 | - | - | - | €11,776 | €48 | - | €64,396 | - |
| Other amounts receivable41 | - | - | - | €4,822 | €997 | €3,510 | €3,510 | = |
| Cash at bank and in hand54/58 | €82,920 | €130,870 | €59,311 | €59,205 | €105,498 | €79,849 | €75,552 | ▼ 5.4% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €5,357 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €98,521 | €145,549 | €67,428 | €80,868 | €112,214 | €89,380 | €153,666 | ▲ 71.9% |
| Equity10/15 | €48,794 | €115,328 | €52,213 | €43,955 | €64,724 | €62,478 | €73,586 | ▲ 17.8% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | €18,600 | €18,600 | - | - |
| Other1109/19 | - | - | - | - | €18,600 | €18,600 | - | - |
| Reserves13 | €30,194 | €96,728 | €96,728 | €96,728 | €117,497 | €117,497 | €117,497 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €94,868 | €115,637 | €115,637 | €115,637 | = |
| Profit (loss) carried forward14 | - | - | -€63,115 | -€71,373 | -€71,373 | -€73,619 | -€62,511 | ▲ 15.1% |
| Provisions and deferred taxes16 | €12,000 | - | - | - | - | - | - | - |
| Amounts payable17/49 | €37,727 | €30,221 | €15,215 | €36,913 | €47,490 | €26,901 | €80,080 | ▲ 198% |
| Amounts payable within one year42/48 | €37,727 | €30,221 | €15,215 | €36,913 | €47,490 | €26,901 | €71,977 | ▲ 168% |
| Trade debts44 | €20,152 | €6,908 | €5,701 | €35,776 | €8,847 | €5,672 | €41,751 | ▲ 636% |
| Suppliers440/4 | - | - | - | €35,776 | €8,847 | €5,672 | €41,751 | ▲ 636% |
| Taxes, remuneration and social security45 | - | - | - | €473 | €11,369 | €1,852 | €8,448 | ▲ 356% |
| Taxes450/3 | - | - | - | €473 | €11,369 | €1,852 | €8,448 | ▲ 356% |
| Other amounts payable47/48 | - | - | - | €664 | €27,274 | €19,378 | €21,778 | ▲ 12.4% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €8,103 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€12,200 | €66,533 | -€63,115 | -€8,258 | €28,769 | -€2,246 | €11,108 | - |
| + Depreciation and write-downs630 | €4,015 | €4,253 | €4,228 | €766 | €805 | €1,364 | €1,170 | ▼ 14.3% |
| Operating cash flow (approximation) | -€8,186 | €70,786 | -€58,887 | -€7,492 | €29,574 | -€881 | €12,278 | - |
| Investment in fixed assets (approximation) | - | -€1,191 | -€5,279 | €0 | -€1,411 | -€1,714 | €0 | - |
| Change in cash | - | €47,950 | -€71,560 | -€105 | €46,293 | -€25,649 | -€4,297 | ▲ 83.2% |
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 ANDO CONSULT 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 ANDO CONSULT 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 ANDO CONSULT. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | micro format | 03-11-2025 | 2025-00562711 | |
| 31-03-2024 | micro format | 31-10-2024 | 2024-00527130 | |
| 31-03-2023 | micro format | 31-10-2023 | 2023-00503577 | |
| 31-03-2022 | micro format | 04-11-2022 | 2022-20515902 | |
| 31-03-2021 | micro format | 31-01-2022 | 2022-03800496 | |
| 31-03-2020 | micro format | 03-11-2020 | 2020-68200261 | |
| 31-03-2019 | micro format | 26-09-2019 | 2019-67100421 | |
| 31-03-2018 | micro format | 29-10-2018 | 2018-70600380 | |
| 31-03-2017 | micro format | 31-10-2017 | 2017-68700438 | |
| 31-03-2016 | abbreviated format | 27-10-2016 | 2016-66500409 |