ANDROITS
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 26 days after the deadline Filed on 26 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00427533.
Annual accounts 2025 filed on 26-08-2026 at the NBB all 16 filings
Equity
€84,612▼ 32.9%
2024 · €126,018
Total assets
€433,760▼ 8.1%
2024 · €472,024
Net result
-€41,406
2024 · €23,842
Working capital
-€70,050▼ 659%
2024 · -€9,225
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€29,546
2025
20192025
Net result
-€41,406
2025
lowest quarter of the sector
20192025
Equity
€84,612
▼ 32.9%
2025
middle half of the sector
20192025
Total assets
€433,760
▼ 8.1%
2025
middle half of the sector
20192025
Debt
€349,149
▲ 0.9%
2025
20192025
Working capital
-€70,050
▼ 659%
2025
lowest quarter of the sector
20192025
Solvency
19.5%
▼ 7.2pp
2025
middle half of the sector
20192025
Current ratio
0.28
▼ 0.57
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-9.5%
▼ 14.6pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€16,984--€24,096€13,606€20,486▲ 50.6%€31,940▲ 55.9%€42,605▲ 33.4%-€29,546
Net result€15,778--€27,774below the sector's middle half€4,603within the sector's middle half€13,523within the sector's middle half▲ 194%€18,201within the sector's middle half▲ 34.6%€23,842within the sector's middle half▲ 31.0%-€41,406below the sector's middle half
Equity€93,622-€65,848within the sector's middle half▼ 29.7%€70,451within the sector's middle half▲ 7.0%€83,974within the sector's middle half▲ 19.2%€102,175within the sector's middle half▲ 21.7%€126,018within the sector's middle half▲ 23.3%€84,612within the sector's middle half▼ 32.9%
Total assets€186,394-€503,058above the sector's middle half▲ 170%€492,068within the sector's middle half▼ 2.2%€490,979within the sector's middle half▼ 0.2%€477,917within the sector's middle half▼ 2.7%€472,024within the sector's middle half▼ 1.2%€433,760within the sector's middle half▼ 8.1%
Debt€92,772-€437,211▲ 371%€421,618▼ 3.6%€407,005▼ 3.5%€375,741▼ 7.7%€346,007▼ 7.9%€349,149▲ 0.9%
Working capital€64,954--€13,587within the sector's middle half-€14,052within the sector's middle half▼ 3.4%-€23,005within the sector's middle half▼ 63.7%-€11,931within the sector's middle half▲ 48.1%-€9,225within the sector's middle half▲ 22.7%-€70,050below the sector's middle half▼ 659%
Solvency50.2%-13.1%within the sector's middle half▼ 37.1pp14.3%within the sector's middle half▲ 1.2pp17.1%within the sector's middle half▲ 2.8pp21.4%within the sector's middle half▲ 4.3pp26.7%within the sector's middle half▲ 5.3pp19.5%within the sector's middle half▼ 7.2pp
Current ratio2.22-0.78within the sector's middle half▼ 1.440.80within the sector's middle half▲ 0.010.70within the sector's middle half▼ 0.090.83within the sector's middle half▲ 0.130.85within the sector's middle half▲ 0.020.28below the sector's middle half▼ 0.57
Return on assets (ROA)8.5%--5.5%within the sector's middle half▼ 14.0pp0.9%within the sector's middle half▲ 6.5pp2.8%within the sector's middle half▲ 1.8pp3.8%within the sector's middle half▲ 1.1pp5.1%within the sector's middle half▲ 1.2pp-9.5%below the sector's middle half▼ 14.6pp
above
within
below
The sector band is the middle half of the companies in Rental and leasing activities (NACE 77). 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 €29,546, after a profit of €42,605 in 2024. It is the lowest result since 2021.
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 €433,760
Fixed assets
€406,717 ▼ 3.4%
Current assets
€27,043 ▼ 46.8%
Equity and liabilities €433,760
Equity
€84,612 ▼ 32.9%
Debt
€349,149 ▲ 0.9%
Debt's share of the balance-sheet total rises from 73.3% to 80.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€13,895▼
2024 · €58,112
Cash flow
-€25,754▼
2024 · €39,349
Debt to equity
4.13▲
2024 · 2.75
ROE
-48.9%▼
2024 · 18.9%
Interest coverage
-1.20▼
2024 · 8.79
Debt ≤ 1 year
€97,093▲
2024 · €60,022
Debt > 1 year
€242,562▼
2024 · €282,726
Income taxes
€444▼
2024 · €12,151
Staff costs
€3,360▲
2024 · €2,103
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 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €16,666 | €2,100 | €16,189 | €1,142 |
| Depreciation and write-downs of the year | €17,240 | €15,054 | €15,507 | €15,652 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €1,920 | €2,076 | €2,103 | €3,360 | ▲ 59.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,238 | €65,372 | €17,904 | €17,240 | €15,054 | €15,507 | €15,652 | ▲ 0.9% |
| Other operating charges640/8 | - | - | - | €1,216 | €1,207 | €1,459 | €2,597 | ▲ 78.0% |
| Gross operating margin9900 | €41,142 | €44,259 | €32,719 | €40,862 | €50,276 | €61,673 | -€7,937 | - |
| Operating profit (loss)9901 | €16,984 | -€24,096 | €13,606 | €20,486 | €31,940 | €42,605 | -€29,546 | - |
| Financial income75/76B | - | - | - | - | €0 | - | €159 | - |
| Recurring financial income75 | €6,537 | €8,569 | €2,702 | - | €0 | - | €159 | - |
| Financial charges65/66B | - | - | - | €5,355 | €8,494 | €6,612 | €11,575 | ▲ 75.1% |
| Recurring financial charges65 | €1,566 | €8,902 | €11,127 | €5,355 | €5,194 | €6,612 | €11,575 | ▲ 75.1% |
| Non-recurring financial charges66B | - | - | - | - | €3,300 | - | - | - |
| Profit (loss) for the period before taxes9903 | €21,956 | -€24,429 | €5,180 | €15,132 | €23,446 | €35,993 | -€40,962 | - |
| Income taxes67/77 | €6,178 | €3,345 | €577 | €1,608 | €5,245 | €12,151 | €444 | ▼ 96.3% |
| Profit (loss) for the period9904 | €15,778 | -€27,774 | €4,603 | €13,523 | €18,201 | €23,842 | -€41,406 | - |
| Profit (loss) for the period to be appropriated9905 | €15,778 | -€27,774 | €4,603 | €13,523 | €18,201 | €23,842 | -€41,406 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €186,394 | €503,058 | €492,068 | €490,979 | €477,917 | €472,024 | €433,760 | ▼ 8.1% |
| Fixed assets21/28 | €68,154 | €453,939 | €437,374 | €436,799 | €420,545 | €421,227 | €406,717 | ▼ 3.4% |
| Tangible fixed assets22/27 | €50,695 | €453,939 | €437,374 | €436,799 | €420,545 | €421,227 | €406,717 | ▼ 3.4% |
| Land and buildings22 | - | - | - | €398,041 | €390,721 | €384,841 | €377,376 | ▼ 1.9% |
| Plant, machinery and equipment23 | - | - | - | €37,203 | €28,521 | €35,294 | €28,460 | ▼ 19.4% |
| Furniture and vehicles24 | - | - | - | €1,555 | €1,303 | €1,092 | €881 | ▼ 19.3% |
| Financial fixed assets28 | €17,458 | - | - | - | - | - | - | - |
| Current assets29/58 | €118,240 | €49,119 | €54,695 | €54,180 | €57,371 | €50,797 | €27,043 | ▼ 46.8% |
| Amounts receivable within one year40/41 | €94,608 | €22,535 | €17,323 | €14,647 | €1,459 | €691 | €10,951 | ▲ 16× |
| Trade receivables40 | - | - | - | €14,647 | €1,459 | €691 | €10,890 | ▲ 16× |
| Other amounts receivable41 | - | - | - | - | - | - | €61 | - |
| Current investments50/53 | - | €26,584 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €23,632 | - | €36,073 | €38,141 | €54,493 | €48,631 | €16,091 | ▼ 66.9% |
| Deferred charges and accrued income490/1 | - | - | - | €1,393 | €1,420 | €1,475 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €186,394 | €503,058 | €492,068 | €490,979 | €477,917 | €472,024 | €433,760 | ▼ 8.1% |
| Equity10/15 | €93,622 | €65,848 | €70,451 | €83,974 | €102,175 | €126,018 | €84,612 | ▼ 32.9% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €6,360 | €19,360 | €37,360 | €60,360 | €60,360 | = |
| 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 | - | - | - | €17,500 | €35,500 | €58,500 | €58,500 | = |
| Profit (loss) carried forward14 | €85,562 | €57,788 | €57,891 | €58,414 | €58,615 | €59,458 | €18,052 | ▼ 69.6% |
| Amounts payable17/49 | €92,772 | €437,211 | €421,618 | €407,005 | €375,741 | €346,007 | €349,149 | ▲ 0.9% |
| Amounts payable after more than one year17 | €39,486 | €374,504 | €352,871 | €329,820 | €306,439 | €282,726 | €242,562 | ▼ 14.2% |
| Financial debts170/4 | - | - | - | €329,820 | €306,439 | €282,726 | €242,562 | ▼ 14.2% |
| Amounts payable within one year42/48 | €53,286 | €62,706 | €68,747 | €77,186 | €69,302 | €60,022 | €97,093 | ▲ 61.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €23,051 | €23,380 | €23,714 | €22,156 | ▼ 6.6% |
| Trade debts44 | €3,462 | €3,969 | €2,988 | €4,210 | €3,819 | €2,484 | €1,114 | ▼ 55.2% |
| Suppliers440/4 | - | - | - | €4,210 | €3,819 | €2,484 | €1,114 | ▼ 55.2% |
| Taxes, remuneration and social security45 | - | - | - | €7,521 | €6,727 | €4,395 | €1,890 | ▼ 57.0% |
| Taxes450/3 | - | - | - | €7,521 | €6,727 | €4,395 | €1,890 | ▼ 57.0% |
| Other amounts payable47/48 | - | - | - | €42,403 | €35,376 | €29,429 | €71,932 | ▲ 144% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €3,259 | €9,494 | ▲ 191% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,778 | -€27,774 | €4,603 | €13,523 | €18,201 | €23,842 | -€41,406 | - |
| + Depreciation and write-downs630 | €17,238 | €65,372 | €17,904 | €17,240 | €15,054 | €15,507 | €15,652 | ▲ 0.9% |
| Operating cash flow (approximation) | €33,017 | €37,598 | €22,507 | €30,764 | €33,255 | €39,349 | -€25,754 | - |
| Investment in fixed assets (approximation) | - | -€451,158 | -€1,339 | -€16,666 | €1,200 | -€16,189 | -€1,142 | ▲ 92.9% |
| Change in cash | - | - | - | €2,068 | €16,352 | -€5,862 | -€32,540 | ▼ 455% |
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, 2,166 companies had the same profile as ANDROITS has now. Two years later, 94.1% were still going and 2.5% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
94.1%
was still going
3.0%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ANDROITS itself: 0.6% 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 2,166 companies, not a prediction for ANDROITS. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-08-2026 | 2026-00427533 | |
| 31-03-2024 | micro format | 24-10-2024 | 2024-00513234 | |
| 31-03-2023 | micro format | 30-11-2023 | 2023-00518869 | |
| 31-03-2022 | micro format | 30-11-2023 | 2023-00518868 | |
| 31-03-2021 | micro format | 04-11-2021 | 2021-76100018 | |
| 31-03-2020 | micro format | 30-11-2020 | 2020-73000429 | |
| 31-03-2019 | micro format | 07-10-2019 | 2019-68700451 | |
| 31-03-2018 | micro format | 26-10-2018 | 2018-70300116 | |
| 31-03-2017 | micro format | 31-10-2017 | 2017-68600557 | |
| 31-03-2016 | abbreviated format | 16-09-2016 | 2016-60100188 |