ANDRE POSEL
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 25 days after the deadline Filed on 25 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00420641.
Annual accounts 2025 filed on 25-08-2026 at the NBB all 26 filings
Equity
€43,688▼ 27.6%
2024 · €60,362
Total assets
€85,653▼ 25.8%
2024 · €115,382
Net result
-€16,674▲ 64.0%
2024 · -€46,253
Working capital
€43,455▼ 26.6%
2024 · €59,187
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€16,640
▲ 64.1%
2025
20182025
Net result
-€16,674
▲ 64.0%
2025
lowest quarter of the sector
20182025
Equity
€43,688
▼ 27.6%
2025
middle half of the sector
20182025
Total assets
€85,653
▼ 25.8%
2025
middle half of the sector
20182025
Debt
€41,966
▼ 23.7%
2025
20182025
Working capital
€43,455
▼ 26.6%
2025
middle half of the sector
20182025
Solvency
51.0%
▼ 1.3pp
2025
middle half of the sector
20182025
Current ratio
2.04
▼ 0.04
2025
middle half of the sector
20182025
Return on assets (ROA)
-19.5%
▲ 20.6pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€18,675-€6,157€28,930▲ 370%€10,839▼ 62.5%€18,343▲ 69.2%-€42,723-€46,355▼ 8.5%-€16,640▲ 64.1%
Net result-€18,964-€5,854€28,816above the sector's middle half▲ 392%€10,716within the sector's middle half▼ 62.8%€18,225within the sector's middle half▲ 70.1%-€42,833below the sector's middle half-€46,253below the sector's middle half▼ 8.0%-€16,674below the sector's middle half▲ 64.0%
Equity€85,838-€91,691▲ 6.8%€120,507within the sector's middle half▲ 31.4%€131,222within the sector's middle half▲ 8.9%€149,447above the sector's middle half▲ 13.9%€106,614within the sector's middle half▼ 28.7%€60,362within the sector's middle half▼ 43.4%€43,688within the sector's middle half▼ 27.6%
Total assets€139,550-€204,601▲ 46.6%€216,644within the sector's middle half▲ 5.9%€186,804within the sector's middle half▼ 13.8%€204,179within the sector's middle half▲ 9.3%€160,402within the sector's middle half▼ 21.4%€115,382within the sector's middle half▼ 28.1%€85,653within the sector's middle half▼ 25.8%
Debt€53,713-€112,910▲ 110%€96,137▼ 14.9%€55,582▼ 42.2%€54,732▼ 1.5%€53,788▼ 1.7%€55,020▲ 2.3%€41,966▼ 23.7%
Working capital€82,565-€89,699▲ 8.6%€119,718above the sector's middle half▲ 33.5%€130,987above the sector's middle half▲ 9.4%€147,949above the sector's middle half▲ 12.9%€104,300within the sector's middle half▼ 29.5%€59,187within the sector's middle half▼ 43.3%€43,455within the sector's middle half▼ 26.6%
Solvency61.5%-44.8%▼ 16.7pp55.6%within the sector's middle half▲ 10.8pp70.2%within the sector's middle half▲ 14.6pp73.2%within the sector's middle half▲ 2.9pp66.5%within the sector's middle half▼ 6.7pp52.3%within the sector's middle half▼ 14.2pp51.0%within the sector's middle half▼ 1.3pp
Current ratio2.54-1.79▼ 0.742.25within the sector's middle half▲ 0.453.36within the sector's middle half▲ 1.113.70within the sector's middle half▲ 0.352.94within the sector's middle half▼ 0.762.08within the sector's middle half▼ 0.862.04within the sector's middle half▼ 0.04
Return on assets (ROA)-13.6%-2.9%▲ 16.5pp13.3%within the sector's middle half▲ 10.4pp5.7%within the sector's middle half▼ 7.6pp8.9%within the sector's middle half▲ 3.2pp-26.7%below the sector's middle half▼ 35.6pp-40.1%below the sector's middle half▼ 13.4pp-19.5%below the sector's middle half▲ 20.6pp
Staff (FTE)1-1
above
within
below
The sector band is the middle half of the companies in Publishing activities (NACE 58). 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 loss of €16,640, smaller than the loss of €46,355 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €85,653
Fixed assets
€232 ▼ 80.8%
Current assets
€85,421 ▼ 25.2%
Equity and liabilities €85,653
Equity
€43,688 ▼ 27.6%
Debt
€41,966 ▼ 23.7%
Debt's share of the balance-sheet total rises from 47.7% to 49.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€15,659▲
2024 · -€45,254
Cash flow
-€15,694▲
2024 · -€45,151
Quick ratio
1.97▲
2024 · 1.97
Debt to equity
0.96▲
2024 · 0.91
ROE
-38.2%▲
2024 · -76.6%
Interest coverage
-102.96▲
2024 · -344.64
Debt ≤ 1 year
€41,966▼
2024 · €54,982
Debt > 1 year
€0
Income taxes
€0
Staff costs
€14,589▼
2024 · €47,111
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2025 |
|---|---|
| Employees at the balance-sheet date | 1 |
| full-time | 1 |
| part-time | 0 |
| in full-time equivalents | 1 |
| Average over the year, in full-time equivalents | 1 |
| On a permanent contract | 1 |
Source: social balance sheet in the 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,620 | €1,685 | - | - |
| Depreciation and write-downs of the year | €553 | €356 | €869 | €1,101 | €980 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €0 | - |
| Remuneration, social security and pensions62 | - | - | - | €4,717 | €28,017 | €46,141 | €47,111 | €14,589 | ▼ 69.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,074 | €1,281 | €1,204 | €553 | €356 | €869 | €1,101 | €980 | ▼ 11.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €0 | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | - | €0 | - |
| Other operating charges640/8 | - | - | - | €1,149 | €384 | €635 | €263 | €507 | ▲ 92.9% |
| Operating charges capitalised as restructuring costs649 | - | - | - | - | - | - | - | €0 | - |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €0 | - |
| Gross operating margin9900 | €31,881 | €49,060 | €44,425 | €17,258 | €47,101 | €4,922 | €2,120 | -€564 | - |
| Operating profit (loss)9901 | -€18,675 | €6,157 | €28,930 | €10,839 | €18,343 | -€42,723 | -€46,355 | -€16,640 | ▲ 64.1% |
| Financial income75/76B | - | - | - | €4 | - | - | €234 | €118 | ▼ 49.7% |
| Recurring financial income75 | €0 | €0 | - | €4 | - | - | €234 | €118 | ▼ 49.7% |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €0 | - |
| Financial charges65/66B | - | - | - | €127 | €118 | €110 | €131 | €152 | ▲ 15.8% |
| Recurring financial charges65 | €176 | €187 | €114 | €127 | €118 | €110 | €131 | €152 | ▲ 15.8% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €0 | - |
| Profit (loss) for the period before taxes9903 | -€18,850 | €5,970 | €28,816 | €10,716 | €18,225 | -€42,833 | -€46,253 | -€16,674 | ▲ 64.0% |
| Transfer from deferred taxes780 | - | - | - | - | - | - | - | €0 | - |
| Transfer to deferred taxes680 | - | - | - | - | - | - | - | €0 | - |
| Income taxes67/77 | €114 | €117 | - | - | - | - | - | €0 | - |
| Profit (loss) for the period9904 | -€18,964 | €5,854 | €28,816 | €10,716 | €18,225 | -€42,833 | -€46,253 | -€16,674 | ▲ 64.0% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | - | €0 | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | - | €0 | - |
| Profit (loss) for the period to be appropriated9905 | -€18,964 | €5,854 | €28,816 | €10,716 | €18,225 | -€42,833 | -€46,253 | -€16,674 | ▲ 64.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €139,550 | €204,601 | €216,644 | €186,804 | €204,179 | €160,402 | €115,382 | €85,653 | ▼ 25.8% |
| Formation expenses20 | - | - | - | - | - | - | - | €0 | - |
| Fixed assets21/28 | €3,273 | €1,992 | €788 | €235 | €1,498 | €2,314 | €1,213 | €232 | ▼ 80.8% |
| Intangible fixed assets21 | - | - | - | - | - | - | - | €0 | - |
| Tangible fixed assets22/27 | €3,273 | €1,992 | €788 | €235 | €1,498 | €2,314 | €1,213 | €232 | ▼ 80.8% |
| Land and buildings22 | - | - | - | - | - | - | - | €0 | - |
| Plant, machinery and equipment23 | - | - | - | - | €1,498 | €959 | €419 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | - | - | €1,355 | €794 | €232 | ▼ 70.7% |
| Leasing and similar rights25 | - | - | - | - | - | - | - | €0 | - |
| Other tangible fixed assets26 | - | - | - | €235 | - | - | - | €0 | - |
| Assets under construction and advance payments27 | - | - | - | - | - | - | - | €0 | - |
| Financial fixed assets28 | - | - | - | - | - | - | - | €0 | - |
| Current assets29/58 | €136,277 | €202,609 | €215,856 | €186,569 | €202,680 | €158,088 | €114,169 | €85,421 | ▼ 25.2% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | - | €0 | - |
| Trade receivables290 | - | - | - | - | - | - | - | €0 | - |
| Other amounts receivable291 | - | - | - | - | - | - | - | €0 | - |
| Stocks and contracts in progress3 | €10,477 | €27,951 | €15,566 | €8,350 | €5,681 | €6,186 | €6,091 | €2,818 | ▼ 53.7% |
| Stocks30/36 | - | - | - | €8,350 | €5,681 | €6,186 | €6,091 | €2,818 | ▼ 53.7% |
| Contracts in progress37 | - | - | - | - | - | - | - | €0 | - |
| Amounts receivable within one year40/41 | €77,887 | €89,549 | €99,441 | €80,195 | €84,405 | €51,307 | €48,076 | €36,911 | ▼ 23.2% |
| Trade receivables40 | - | - | - | €80,195 | €84,405 | €51,307 | €48,019 | €36,892 | ▼ 23.2% |
| Other amounts receivable41 | - | - | - | - | - | - | €57 | €19 | ▼ 66.7% |
| Current investments50/53 | - | - | - | - | - | - | - | €0 | - |
| Cash at bank and in hand54/58 | €41,989 | €85,110 | €99,113 | €97,478 | €111,893 | €98,766 | €59,875 | €44,352 | ▼ 25.9% |
| Deferred charges and accrued income490/1 | - | - | - | €546 | €702 | €1,829 | €127 | €1,340 | ▲ 954% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €139,550 | €204,601 | €216,644 | €186,804 | €204,179 | €160,402 | €115,382 | €85,653 | ▼ 25.8% |
| Equity10/15 | €85,838 | €91,691 | €120,507 | €131,222 | €149,447 | €106,614 | €60,362 | €43,688 | ▼ 27.6% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Revaluation surpluses12 | - | - | - | - | - | - | - | €0 | - |
| Reserves13 | €26,626 | €26,626 | €26,626 | €26,626 | €26,626 | €26,626 | €26,626 | €26,626 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Tax-exempt reserves132 | - | - | - | €24,767 | €24,767 | €24,767 | €24,767 | €24,767 | = |
| Distributable reserves133 | - | - | - | - | - | - | - | €0 | - |
| Profit (loss) carried forward14 | €40,619 | €46,473 | €75,288 | €86,004 | €104,228 | €61,396 | €15,143 | -€1,531 | - |
| Investment grants15 | - | - | - | - | - | - | - | €0 | - |
| Provisions and deferred taxes16 | - | - | - | - | - | - | - | €0 | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | - | €0 | - |
| Pensions and similar obligations160 | - | - | - | - | - | - | - | €0 | - |
| Taxes161 | - | - | - | - | - | - | - | €0 | - |
| Major repairs and maintenance162 | - | - | - | - | - | - | - | €0 | - |
| Environmental obligations163 | - | - | - | - | - | - | - | €0 | - |
| Other liabilities and charges164/5 | - | - | - | - | - | - | - | €0 | - |
| Deferred taxes168 | - | - | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €53,713 | €112,910 | €96,137 | €55,582 | €54,732 | €53,788 | €55,020 | €41,966 | ▼ 23.7% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | - | €0 | - |
| Financial debts170/4 | - | - | - | - | - | - | - | €0 | - |
| Trade debts175 | - | - | - | - | - | - | - | €0 | - |
| Other amounts payable178/9 | - | - | - | - | - | - | - | €0 | - |
| Amounts payable within one year42/48 | €53,713 | €112,910 | €96,137 | €55,582 | €54,732 | €53,788 | €54,982 | €41,966 | ▼ 23.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €0 | - |
| Financial debts43 | - | - | - | - | - | - | - | €0 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €0 | - |
| Trade debts44 | €37,147 | €85,170 | €74,719 | €40,296 | €34,921 | €30,661 | €33,816 | €9,672 | ▼ 71.4% |
| Suppliers440/4 | - | - | - | €40,296 | €34,921 | €30,661 | €33,816 | €9,672 | ▼ 71.4% |
| Bills of exchange payable441 | - | - | - | - | - | - | - | €0 | - |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €0 | - |
| Taxes, remuneration and social security45 | - | - | - | €9,220 | €13,751 | €17,067 | €15,106 | €22,411 | ▲ 48.4% |
| Taxes450/3 | - | - | - | €6,656 | €6,378 | €4,695 | €1,048 | €7,531 | ▲ 619% |
| Remuneration and social security454/9 | - | - | - | €2,564 | €7,373 | €12,372 | €14,058 | €14,879 | ▲ 5.8% |
| Other amounts payable47/48 | - | - | - | €6,066 | €6,060 | €6,060 | €6,061 | €9,883 | ▲ 63.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €38 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€18,964 | €5,854 | €28,816 | €10,716 | €18,225 | -€42,833 | -€46,253 | -€16,674 | ▲ 64.0% |
| + Depreciation and write-downs630 | €4,074 | €1,281 | €1,204 | €553 | €356 | €869 | €1,101 | €980 | ▼ 11.0% |
| Operating cash flow (approximation) | -€14,891 | €7,135 | €30,019 | €11,269 | €18,581 | -€41,964 | -€45,151 | -€15,694 | ▲ 65.2% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€1,620 | -€1,685 | €0 | €0 | - |
| Change in cash | - | €43,121 | €14,003 | -€1,634 | €14,414 | -€13,127 | -€38,891 | -€15,523 | ▲ 60.1% |
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, 5,831 companies had the same profile as ANDRE POSEL has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of ANDRE POSEL itself is lower: 0.1% within 12 months. It rests on far more data about ANDRE POSEL than the profile alone.
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 5,831 companies, not a prediction for ANDRE POSEL. 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 |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-08-2026 | 2026-00420641 | |
| 31-12-2024 | micro format | 04-04-2025 | 2025-00063193 | |
| 31-12-2023 | micro format | 29-05-2024 | 2024-00099656 | |
| 31-12-2022 | micro format | 02-06-2023 | 2023-00103051 | |
| 31-12-2021 | micro format | 11-06-2022 | 2022-20057338 | |
| 31-12-2020 | micro format | 09-06-2021 | 2021-18200014 | |
| 31-12-2019 | micro format | 05-06-2020 | 2020-14700187 | |
| 31-12-2018 | micro format | 19-04-2019 | 2019-10200278 | |
| 31-12-2017 | micro format | 21-06-2018 | 2018-20900497 | |
| 31-12-2016 | micro format | 09-08-2017 | 2017-41800130 |