Andreas
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 6 days after the deadline Filed on 6 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00386513.
Annual accounts 2025 filed on 06-08-2026 at the NBB all 6 filings
Turnover
€228,873▲ 47.6%
2024 · €155,107
EBIT margin
11.4%▼ 13.0pp
2024 · 24.4%
Net result
€21,210▼ 37.9%
2024 · €34,172
Working capital
-€9,438
2024 · €21,919
Multi-year overview
2020 to 2025, 6 financial yearsTurnover
€228,873
▲ 47.6%
2025
20202025
Operating result
€26,001
▼ 31.2%
2025
20202025
Net result
€21,210
▼ 37.9%
2025
middle half of the sector
20202025
EBIT margin
11.4%
▼ 13.0pp
2025
20202025
Equity
€3,651
▼ 83.4%
2025
lowest quarter of the sector
20202025
Total assets
€68,573
▼ 7.0%
2025
lowest quarter of the sector
20202025
Debt
€64,922
▲ 25.5%
2025
20202025
Working capital
-€9,438
2025
middle half of the sector
20202025
Solvency
5.3%
▼ 24.6pp
2025
lowest quarter of the sector
20202025
Current ratio
0.78
▼ 1.47
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
30.9%
▼ 15.4pp
2025
highest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Turnover€151,426€155,107▲ 2.4%€228,873▲ 47.6%
Operating result€6,241-€19,826▲ 218%€43,010▲ 117%€43,831▲ 1.9%€37,813▼ 13.7%€26,001▼ 31.2%
Net result€5,380within the sector's middle half-€14,060within the sector's middle half▲ 161%€32,407above the sector's middle half▲ 130%€21,816within the sector's middle half▼ 32.7%€34,172within the sector's middle half▲ 56.6%€21,210within the sector's middle half▼ 37.9%
EBIT margin28.9%24.4%▼ 4.6pp11.4%▼ 13.0pp
Equity€8,380below the sector's middle half-€22,440within the sector's middle half▲ 168%€54,847within the sector's middle half▲ 144%€21,816below the sector's middle half▼ 60.2%€22,045below the sector's middle half▲ 1.1%€3,651below the sector's middle half▼ 83.4%
Total assets€40,709within the sector's middle half-€72,562within the sector's middle half▲ 78.2%€119,222within the sector's middle half▲ 64.3%€181,617below the sector's middle half▲ 52.3%€73,758below the sector's middle half▼ 59.4%€68,573below the sector's middle half▼ 7.0%
Debt€32,330-€50,122▲ 55.0%€64,375▲ 28.4%€159,802▲ 148%€51,713▼ 67.6%€64,922▲ 25.5%
Working capital€706within the sector's middle half-€14,404within the sector's middle half▲ 20×€47,470within the sector's middle half▲ 230%€21,816within the sector's middle half▼ 54.0%€21,919within the sector's middle half▲ 0.5%-€9,438within the sector's middle half
Solvency20.6%within the sector's middle half-30.9%within the sector's middle half▲ 10.3pp46.0%within the sector's middle half▲ 15.1pp12.0%below the sector's middle half▼ 34.0pp29.9%within the sector's middle half▲ 17.9pp5.3%below the sector's middle half▼ 24.6pp
Current ratio1.05within the sector's middle half-1.38within the sector's middle half▲ 0.331.85within the sector's middle half▲ 0.471.14within the sector's middle half▼ 0.712.25above the sector's middle half▲ 1.110.78below the sector's middle half▼ 1.47
Return on assets (ROA)13.2%within the sector's middle half-19.4%above the sector's middle half▲ 6.2pp27.2%above the sector's middle half▲ 7.8pp12.0%above the sector's middle half▼ 15.2pp46.3%above the sector's middle half▲ 34.3pp30.9%above the sector's middle half▼ 15.4pp
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 31% lower than in 2024. It is the second fall in a row.
Staff figure correction
- 2025 The accounts state 33,389.6 FTE. That amounts to under EUR 100 of staff costs per FTE. The figure is therefore left out.
- 2024 The accounts state 26,000 FTE. That amounts to under EUR 100 of staff costs per FTE. The figure is therefore left out.
- 2023 The accounts state 6,999 FTE. That amounts to under EUR 100 of staff costs per FTE. The figure is therefore left out.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €48,205
Fixed assets
€13,930 =
Current assets
€34,274 ▼ 13.1%
Equity and liabilities €68,573
Equity
€3,651 ▼ 83.4%
Debt
€64,922 ▲ 25.5%
Debt's share of the balance-sheet total rises from 70.1% to 94.7%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
17.78▲
2024 · 2.35
ROE
580.9%▲
2024 · 155.0%
Debt ≤ 1 year
€43,712▲
2024 · €17,541
Income taxes
€3,980▲
2024 · €3,641
Staff costs
€33,390▲
2024 · €26,000
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €553 | €3,428 | - | - | - |
| Depreciation and write-downs of the year | €6,936 | €7,768 | - | €11,057 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €151,426 | €155,107 | €248,760 | ▲ 60.4% |
| Turnover70 | - | - | - | €151,426 | €155,107 | €228,873 | ▲ 47.6% |
| Other operating income74 | - | - | - | - | - | €19,887 | - |
| Operating charges60/66A | - | - | - | €107,595 | €117,294 | €222,759 | ▲ 89.9% |
| Goods, raw materials, services and sundry goods60/61 | - | €75,820 | €70,120 | - | - | - | - |
| Goods for resale, raw materials and consumables60 | - | - | - | €18,094 | €11,330 | €131,909 | ▲ 12× |
| Purchases600/8 | - | - | - | €18,094 | €11,330 | €131,909 | ▲ 12× |
| Services and other goods61 | - | - | - | €81,762 | €65,375 | €54,354 | ▼ 16.9% |
| Remuneration, social security and pensions62 | - | - | - | €6,999 | €26,000 | €33,390 | ▲ 28.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,992 | €6,936 | €7,768 | - | €11,057 | - | - |
| Other operating charges640/8 | - | €1,167 | €1,533 | €739 | €3,533 | €3,106 | ▼ 12.1% |
| Gross operating margin9900 | €14,723 | €27,929 | €52,311 | - | - | - | - |
| Operating profit (loss)9901 | €6,241 | €19,826 | €43,010 | €43,831 | €37,813 | €26,001 | ▼ 31.2% |
| Financial income75/76B | - | €3 | €5 | - | - | - | - |
| Recurring financial income75 | - | €3 | €5 | - | - | - | - |
| Financial charges65/66B | - | €1,715 | €1,391 | - | - | €811 | - |
| Recurring financial charges65 | €861 | €1,715 | €1,391 | - | - | €811 | - |
| Debt charges650 | - | - | - | - | - | €786 | - |
| Other financial charges652/9 | - | - | - | - | - | €25 | - |
| Profit (loss) for the period before taxes9903 | €5,380 | €18,114 | €41,624 | €43,831 | €37,813 | €25,190 | ▼ 33.4% |
| Income taxes67/77 | - | €4,054 | €9,217 | €22,015 | €3,641 | €3,980 | ▲ 9.3% |
| Taxes670/3 | - | - | - | €22,015 | €3,641 | €3,980 | ▲ 9.3% |
| Profit (loss) for the period9904 | €5,380 | €14,060 | €32,407 | €21,816 | €34,172 | €21,210 | ▼ 37.9% |
| Profit (loss) for the period to be appropriated9905 | €5,380 | €14,060 | €32,407 | €21,816 | €34,172 | €21,210 | ▼ 37.9% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €40,709 | €72,562 | €119,222 | €181,617 | €73,758 | €68,573 | ▼ 7.0% |
| Formation expenses20 | - | - | - | - | €20,368 | €20,368 | = |
| Fixed assets21/28 | €26,666 | €20,283 | €15,943 | - | €13,930 | €13,930 | = |
| Tangible fixed assets22/27 | €26,666 | €20,283 | €15,943 | - | €13,930 | €13,930 | = |
| Plant, machinery and equipment23 | - | - | - | - | €155 | €155 | = |
| Furniture and vehicles24 | - | €548 | €3,140 | - | €2,427 | €2,427 | = |
| Leasing and similar rights25 | - | €19,735 | €12,803 | - | €11,348 | €11,348 | = |
| Current assets29/58 | €14,043 | €52,279 | €103,279 | €181,617 | €39,459 | €34,274 | ▼ 13.1% |
| Amounts receivable within one year40/41 | €13,879 | €52,212 | €102,232 | €181,617 | €1,064 | - | - |
| Trade receivables40 | - | €17,801 | €18,213 | €181,105 | €452 | - | - |
| Other amounts receivable41 | - | €34,411 | €84,019 | €513 | €612 | - | - |
| Cash at bank and in hand54/58 | €154 | €2 | €1,047 | - | €38,395 | €34,274 | ▼ 10.7% |
| Deferred charges and accrued income490/1 | - | €65 | - | - | - | - | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €40,709 | €72,562 | €119,222 | €181,617 | €73,758 | €68,573 | ▼ 7.0% |
| Equity10/15 | €8,380 | €22,440 | €54,847 | €21,816 | €22,045 | €3,651 | ▼ 83.4% |
| Contributions10/11 | - | €3,000 | €3,000 | - | - | - | - |
| Reserves13 | - | €19,440 | €51,847 | - | - | - | - |
| Distributable reserves133 | - | €19,440 | €51,847 | - | - | - | - |
| Profit (loss) carried forward14 | €5,380 | €0 | - | €21,816 | €22,045 | €3,651 | ▼ 83.4% |
| Amounts payable17/49 | €32,330 | €50,122 | €64,375 | €159,802 | €51,713 | €64,922 | ▲ 25.5% |
| Amounts payable after more than one year17 | €18,992 | €12,247 | €8,566 | - | - | - | - |
| Financial debts170/4 | - | €12,247 | €8,566 | - | - | - | - |
| Amounts payable within one year42/48 | €13,337 | €37,875 | €55,809 | €159,802 | €17,541 | €43,712 | ▲ 149% |
| Current portion of amounts payable after more than one year42 | - | €6,744 | €3,682 | - | - | - | - |
| Trade debts44 | €2,059 | €17,517 | €22,720 | €141,197 | - | - | - |
| Suppliers440/4 | - | €17,517 | €22,720 | €141,197 | - | - | - |
| Taxes, remuneration and social security45 | - | €13,614 | €27,407 | €18,605 | €17,541 | €43,712 | ▲ 149% |
| Taxes450/3 | - | €13,614 | €27,407 | €18,605 | €17,541 | €43,712 | ▲ 149% |
| Other amounts payable47/48 | - | - | €2,000 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €34,172 | €21,210 | ▼ 37.9% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,380 | €14,060 | €32,407 | €21,816 | €34,172 | €21,210 | ▼ 37.9% |
| + Depreciation and write-downs630 | €7,992 | €6,936 | €7,768 | - | €11,057 | - | - |
| Operating cash flow (approximation) | €13,372 | €20,996 | €40,175 | €21,816 | €45,229 | €21,210 | ▼ 53.1% |
| Investment in fixed assets (approximation) | - | -€553 | -€3,428 | - | - | €0 | - |
| Change in cash | - | -€152 | €1,045 | - | - | -€4,121 | - |
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, 2,153 companies had the same profile as Andreas has now. Two years later, 96.1% were still going and 1.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.1%
was still going
2.2%
stopped otherwise
1.7%
went bankrupt
That fits the bankruptcy probability of Andreas itself: 1.5% 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 2,153 companies, not a prediction for Andreas. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 06-08-2026 | 2026-00386513 | |
| 31-12-2024 | full format | 23-04-2025 | 2025-00073255 | |
| 31-12-2023 | full format | 30-05-2024 | 2024-00101223 | |
| 31-12-2022 | micro format | 28-09-2023 | 2023-00466989 | |
| 31-12-2021 | micro format | 30-11-2022 | 2022-20534315 | |
| 31-12-2020 | micro format | 28-12-2021 | 2021-82000051 |