ANIVAN
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 26-03-2026 PDF all 21 filings
Turnover
≈ €930,000
Estimated: probably between €460,000 and €1.6m
Total assets
€1.2m▼ 10.0%
2024 · €1.3m
Net result
€24,485▼ 71.7%
2024 · €86,567
Working capital
€330,749▼ 42.9%
2024 · €578,896
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€45,711
▼ 65.7%
2025
20192025
Net result
€24,485
▼ 71.7%
2025
middle half of the sector
20192025
Equity
€699,918
▼ 21.4%
2025
middle half of the sector
20192025
Total assets
€1.2m
▼ 10.0%
2025
middle half of the sector
20192025
Debt
€503,057
▲ 12.6%
2025
20192025
Working capital
€330,749
▼ 42.9%
2025
middle half of the sector
20192025
Solvency
58.2%
▼ 8.4pp
2025
middle half of the sector
20192025
Current ratio
2.13
▼ 2.36
2025
middle half of the sector
20192025
Return on assets (ROA)
2.0%
▼ 4.4pp
2025
middle half of the sector
20192025
Staff (FTE)
0.8
▼ 38.5%
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€0.06m-€0.04m▼ 31.3%€0.1m▲ 223%€0.1m▼ 25.6%€0.02m▼ 75.1%€0.1m▲ 451%€0.05m▼ 65.7%
Net result€0.04m-€0.02mwithin the sector's middle half▼ 49.5%€0.09mwithin the sector's middle half▲ 310%€0.07mwithin the sector's middle half▼ 20.9%€0.01mwithin the sector's middle half▼ 82.3%€0.09mwithin the sector's middle half▲ 583%€0.02mwithin the sector's middle half▼ 71.7%
Equity€0.3m-€0.6mwithin the sector's middle half▲ 104%€0.7mwithin the sector's middle half▲ 12.7%€0.8mwithin the sector's middle half▲ 9.6%€0.8mwithin the sector's middle half▲ 1.4%€0.9mwithin the sector's middle half▲ 10.5%€0.7mwithin the sector's middle half▼ 21.4%
Total assets€0.7m-€1.0mwithin the sector's middle half▲ 51.8%€0.9mwithin the sector's middle half▼ 12.5%€1.0mwithin the sector's middle half▲ 14.7%€1.3mwithin the sector's middle half▲ 23.5%€1.3mwithin the sector's middle half▲ 4.2%€1.2mwithin the sector's middle half▼ 10.0%
Debt€0.3m-€0.4m▲ 6.7%€0.1m▼ 61.7%€0.2m▲ 48.0%€0.4m▲ 119%€0.4m▲ 0.2%€0.5m▲ 12.6%
Working capital€0.3m-€0.3mwithin the sector's middle half▲ 1.9%€0.5mwithin the sector's middle half▲ 53.3%€0.5mwithin the sector's middle half▲ 13.5%€0.5mwithin the sector's middle half▼ 4.7%€0.6mwithin the sector's middle half▲ 18.8%€0.3mwithin the sector's middle half▼ 42.9%
Solvency46.2%-62.1%within the sector's middle half▲ 16.0pp80.0%above the sector's middle half▲ 17.8pp76.4%above the sector's middle half▼ 3.5pp62.8%within the sector's middle half▼ 13.7pp66.6%within the sector's middle half▲ 3.8pp58.2%within the sector's middle half▼ 8.4pp
Current ratio1.86-1.86within the sector's middle half=4.60above the sector's middle half▲ 2.744.33above the sector's middle half▼ 0.274.18above the sector's middle half▼ 0.154.50above the sector's middle half▲ 0.312.13within the sector's middle half▼ 2.36
Return on assets (ROA)6.4%-2.1%within the sector's middle half▼ 4.3pp10.0%within the sector's middle half▲ 7.8pp6.9%within the sector's middle half▼ 3.1pp1.0%within the sector's middle half▼ 5.9pp6.5%within the sector's middle half▲ 5.5pp2.0%within the sector's middle half▼ 4.4pp
Staff (FTE)1.2-1.6below the sector's middle half▲ 33.3%1.8within the sector's middle half▲ 12.5%1.6below the sector's middle half▼ 11.1%1.2within the sector's middle half▼ 25.0%1.3within the sector's middle half▲ 8.3%0.8below the sector's middle half▼ 38.5%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 66% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €1.2m
Fixed assets
€579,587 ▼ 2.2%
Current assets
€623,388 ▼ 16.3%
Equity and liabilities €1.2m
Equity
€699,918 ▼ 21.4%
Debt
€503,057 ▲ 12.6%
Debt's share of the balance-sheet total rises from 33.4% to 41.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€123,587▼
2024 · €208,188
Cash flow
€102,361▼
2024 · €161,589
Quick ratio
1.23▼
2024 · 3.02
Debt to equity
0.72▲
2024 · 0.50
ROE
3.5%▼
2024 · 9.7%
Interest coverage
11.04▼
2024 · 15.10
Debt ≤ 1 year
€292,638▲
2024 · €165,626
Debt > 1 year
€209,348▼
2024 · €250,472
Income taxes
€10,623▼
2024 · €33,350
Staff costs
€51,196▲
2024 · €42,964
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 1 | 1 | 2 |
| full-time | 1 | - | - | - |
| part-time | 1 | 1 | 1 | 2 |
| in full-time equivalents | 1.6 | 0.6 | 0.6 | 1.1 |
| Average over the year, in full-time equivalents | 1.6 | 1.2 | 1.2 | 0.8 |
| On a permanent contract | 1 | 1 | 1 | 1 |
| Joined | - | 0 | 7 | 7 |
| Left | - | 1 | 7 | 6 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €95,925 | €328,268 | €24,636 | €64,783 |
| Depreciation and write-downs of the year | €52,340 | €59,656 | €75,022 | €77,876 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €241 awarded · €241 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €56 | €56 |
| 2022 | 1 | €185 | €185 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €2,715 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €89,544 | €69,161 | €42,964 | €51,196 | ▲ 19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €41,791 | €40,144 | €68,120 | €52,340 | €59,656 | €75,022 | €77,876 | ▲ 3.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | -€4,869 | - | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€2,644 | -€8,939 | -€32,240 | - | - |
| Other operating charges640/8 | - | - | - | €3,197 | €4,661 | €4,779 | €5,710 | ▲ 19.5% |
| Gross operating margin9900 | €159,916 | €170,236 | €314,441 | €239,597 | €143,843 | €223,692 | €180,493 | ▼ 19.3% |
| Operating profit (loss)9901 | €58,813 | €40,394 | €130,534 | €97,160 | €24,173 | €133,167 | €45,711 | ▼ 65.7% |
| Financial income75/76B | - | - | - | €43 | €11 | €536 | €590 | ▲ 10.2% |
| Recurring financial income75 | €446 | €1,434 | €1,455 | €43 | €11 | €536 | €590 | ▲ 10.2% |
| Financial charges65/66B | - | - | - | €2,473 | €10,131 | €13,785 | €11,193 | ▼ 18.8% |
| Recurring financial charges65 | €8,942 | €11,229 | €6,534 | €2,473 | €10,131 | €13,785 | €11,193 | ▼ 18.8% |
| Profit (loss) for the period before taxes9903 | €50,317 | €30,599 | €125,455 | €94,730 | €14,053 | €119,917 | €35,108 | ▼ 70.7% |
| Income taxes67/77 | €6,657 | €8,572 | €35,254 | €23,373 | €1,387 | €33,350 | €10,623 | ▼ 68.1% |
| Profit (loss) for the period9904 | €43,660 | €22,027 | €90,201 | €71,357 | €12,666 | €86,567 | €24,485 | ▼ 71.7% |
| Transfer from tax-exempt reserves789 | - | - | - | €4,840 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €43,660 | €22,027 | €94,360 | €76,197 | €12,666 | €86,567 | €24,485 | ▼ 71.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.7m | €1.0m | €0.9m | €1.0m | €1.3m | €1.3m | €1.2m | ▼ 10.0% |
| Fixed assets21/28 | €0.06m | €0.4m | €0.3m | €0.4m | €0.6m | €0.6m | €0.6m | ▼ 2.2% |
| Tangible fixed assets22/27 | €0.06m | €0.4m | €0.3m | €0.4m | €0.6m | €0.6m | €0.6m | ▼ 2.2% |
| Land and buildings22 | - | - | - | €0.2m | €0.6m | €0.5m | €0.5m | ▼ 9.0% |
| Plant, machinery and equipment23 | - | - | - | €0.07m | €0.06m | €0.04m | €0.03m | ▼ 25.6% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.01m | €0.03m | €0.07m | ▲ 172% |
| Assets under construction and advance payments27 | - | - | - | €0.03m | - | - | - | - |
| Current assets29/58 | €0.6m | €0.6m | €0.6m | €0.7m | €0.6m | €0.7m | €0.6m | ▼ 16.3% |
| Stocks and contracts in progress3 | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | €0.2m | €0.3m | ▲ 7.6% |
| Stocks30/36 | - | - | - | €0.4m | €0.4m | €0.2m | €0.3m | ▲ 7.6% |
| Amounts receivable within one year40/41 | €0.05m | €0.09m | €0.06m | €0.1m | €0.07m | €0.09m | €0.05m | ▼ 40.5% |
| Trade receivables40 | - | - | - | €0.1m | €0.05m | €0.08m | €0.04m | ▼ 46.9% |
| Other amounts receivable41 | - | - | - | €0.01m | €0.02m | €0.007m | €0.009m | ▲ 31.0% |
| Cash at bank and in hand54/58 | €0.3m | €0.3m | €0.2m | €0.1m | €0.2m | €0.4m | €0.3m | ▼ 26.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.009m | €0.009m | €0.01m | €0.01m | ▲ 5.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.7m | €1.0m | €0.9m | €1.0m | €1.3m | €1.3m | €1.2m | ▼ 10.0% |
| Equity10/15 | €0.3m | €0.6m | €0.7m | €0.8m | €0.8m | €0.9m | €0.7m | ▼ 21.4% |
| Contributions10/11 | €0.01m | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €0.3m | €0.3m | €0.4m | €0.5m | €0.5m | €0.6m | €0.4m | ▼ 33.3% |
| Distributable reserves133 | - | - | - | €0.5m | €0.5m | €0.6m | €0.4m | ▼ 33.3% |
| Provisions and deferred taxes16 | €0.03m | €0.03m | €0.04m | €0.04m | €0.03m | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €0.04m | €0.03m | - | - | - |
| Other liabilities and charges164/5 | - | - | - | €0.04m | €0.03m | - | - | - |
| Amounts payable17/49 | €0.3m | €0.4m | €0.1m | €0.2m | €0.4m | €0.4m | €0.5m | ▲ 12.6% |
| Amounts payable after more than one year17 | - | €0.02m | €0.01m | €0.05m | €0.3m | €0.3m | €0.2m | ▼ 16.4% |
| Financial debts170/4 | - | - | - | €0.05m | €0.3m | €0.3m | €0.2m | ▼ 16.4% |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 76.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.04m | €0.04m | €0.04m | ▼ 2.4% |
| Trade debts44 | €0.02m | €0.03m | €0.05m | €0.07m | €0.01m | €0.04m | €0.03m | ▼ 24.8% |
| Suppliers440/4 | - | - | - | €0.07m | €0.01m | €0.04m | €0.03m | ▼ 24.8% |
| Advances received on contracts in progress46 | - | - | - | €0.004m | €0.03m | €0.001m | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.02m | €0.03m | €0.04m | ▲ 54.9% |
| Taxes450/3 | - | - | - | €0.02m | €0.008m | €0.01m | €0.03m | ▲ 91.6% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.01m | €0.01m | €0.01m | ▲ 11.0% |
| Other amounts payable47/48 | - | - | - | €0.03m | €0.04m | €0.05m | €0.2m | ▲ 235% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.03m | €0.001m | ▼ 96.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €43,660 | €22,027 | €90,201 | €71,357 | €12,666 | €86,567 | €24,485 | ▼ 71.7% |
| + Depreciation and write-downs630 | €41,791 | €40,144 | €68,120 | €52,340 | €59,656 | €75,022 | €77,876 | ▲ 3.8% |
| Operating cash flow (approximation) | €85,450 | €62,171 | €158,320 | €123,696 | €72,321 | €161,589 | €102,361 | ▼ 36.7% |
| Investment in fixed assets (approximation) | - | -€382,934 | €696 | -€95,925 | -€328,268 | -€24,636 | -€64,783 | ▼ 163% |
| Change in cash | - | -€73,761 | -€63,875 | -€71,119 | €89,584 | €191,068 | -€104,642 | - |
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, 17,041 companies had the same profile as ANIVAN has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ANIVAN 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 17,041 companies, not a prediction for ANIVAN. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 26-03-2026 | 2026-00064670 | |
| 30-09-2024 | abbreviated format | 03-04-2025 | 2025-00063951 | |
| 30-09-2023 | abbreviated format | 09-04-2024 | 2024-00059924 | |
| 30-09-2022 | abbreviated format | 23-03-2023 | 2023-00044990 | |
| 30-09-2021 | abbreviated format | 21-03-2022 | 2022-08100387 | |
| 30-09-2020 | abbreviated format | 22-03-2021 | 2021-08200589 | |
| 30-09-2019 | abbreviated format | 08-05-2020 | 2020-11700533 | |
| 30-09-2018 | abbreviated format | 22-03-2019 | 2019-07700231 | |
| 30-09-2017 | abbreviated format | 22-03-2018 | 2018-07500384 | |
| 30-09-2016 | abbreviated format | 27-03-2017 | 2017-07400008 |