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ANNLIED

Active
Private limited companyfounded 2022active for 4 yearsOudendries 60, 9550 Herzele, BelgiumKBO/BCE: BE 0791.910.077

Financials · financial year 2025, micro format

Annual accounts 2025 filed on 13-07-2026 at the NBB all 4 filings

Turnover
≈ €700,000
Estimated: probably between €490,000 and €1.0m
Total assets
€981,872▲ 48.3%
2024 · €662,281
Net result
€241,679▲ 9.1%
2024 · €221,475
Working capital
€771,507▲ 47.6%
2024 · €522,650
Multi-year overview
2022 to 2025, 4 financial years
Operating result
€342,044
▲ 6.7% 2025
20222025
Net result
€241,679
▲ 9.1% 2025
20222025
Equity
€776,358
▲ 45.2% 2025
20222025
Total assets
€981,872
▲ 48.3% 2025
20222025
Debt
€205,514
▲ 61.1% 2025
20222025
Working capital
€771,507
▲ 47.6% 2025
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable unfavourable
Line2022202320242025
Operating result€186,325-€259,012▲ 39.0%€320,647▲ 23.8%€342,044▲ 6.7%
Net result€131,584-€180,620▲ 37.3%€221,475▲ 22.6%€241,679▲ 9.1%
Equity€132,584-€313,204▲ 136%€534,679▲ 70.7%€776,358▲ 45.2%
Total assets€220,534-€482,909▲ 119%€662,281▲ 37.1%€981,872▲ 48.3%
Debt€87,950-€169,705▲ 93.0%€127,602▼ 24.8%€205,514▲ 61.1%
Working capital€102,685-€292,838▲ 185%€522,650▲ 78.5%€771,507▲ 47.6%

The operating result for 2025 is 7% higher than in 2024 and the highest since 2022. It is the third rise in a row.

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 €981,872
Fixed assets €6,050 ▼ 56.8%
Current assets €975,823 ▲ 50.5%
Equity and liabilities €981,872
Equity €776,358 ▲ 45.2%
Debt €205,514 ▲ 61.1%
Debt's share of the balance-sheet total rises from 19.3% to 20.9%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€349,994▲
2024 · €328,597
Cash flow
€249,629▲
2024 · €229,425
Current ratio
4.78▼
2024 · 5.16
Debt to equity
0.26▲
2024 · 0.24
ROE
31.1%▼
2024 · 41.4%
ROA
24.6%▼
2024 · 33.4%
Interest coverage
over 100▲
2024 · 72.62
Debt ≤ 1 year
€204,316▲
2024 · €125,631
Income taxes
€114,465▲
2024 · €103,682
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Investments

fixed assets acquired
Item2022202320242025
Tangible fixed assets€31,800---
Depreciation and write-downs of the year€1,900€7,950€7,950€7,950

Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 38 lines
Balance sheet Code20242025
Assets
Total assets20/58€662,281€981,872▲
Fixed assets21/28€14,000€6,050▼
Tangible fixed assets22/27€14,000€6,050▼
Furniture and vehicles24€14,000€6,050▼
Current assets29/58€648,281€975,823▲
Amounts receivable within one year40/41€144,052€106,723▼
Trade receivables40€104,152€106,723▲
Other amounts receivable41€39,900€0▼
Current investments50/53€459,243€651,694▲
Cash at bank and in hand54/58€39,189€213,265▲
Deferred charges and accrued income490/1€5,797€4,141▼
Equity and liabilities
Total equity and liabilities10/49€662,281€981,872▲
Equity10/15€534,679€776,358▲
Contributions10/11€1,000€1,000=
Reserves13€533,679€775,358▲
Distributable reserves133€533,679€775,358▲
Amounts payable17/49€127,602€205,514▲
Amounts payable within one year42/48€125,631€204,316▲
Current portion of amounts payable after more than one year42-€66,831
Taxes, remuneration and social security45€104,188€135,248▲
Taxes450/3€104,188€135,248▲
Other amounts payable47/48€21,443€2,236▼
Accrued charges and deferred income492/3€1,970€1,199▼
Income statement Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€7,950€7,950=
Other operating charges640/8€818€988▲
Gross operating margin9900€329,415€350,982▲
Operating profit (loss)9901€320,647€342,044▲
Financial income75/76B€9,036€15,667▲
Recurring financial income75€9,036€15,667▲
Financial charges65/66B€4,525€1,566▼
Recurring financial charges65€4,525€1,566▼
Profit (loss) for the period before taxes9903€325,158€356,144▲
Income taxes67/77€103,682€114,465▲
Profit (loss) for the period9904€221,475€241,679▲
Profit (loss) for the period to be appropriated9905€221,475€241,679▲
Appropriation of the result
Profit (loss) to be appropriated9906€221,475€241,679▲
Transfer to equity691/2€221,475€241,679▲
To other reserves6921€221,475€241,679▲

The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 13-07-2026.

Line2022202320242025Change
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1,900€7,950€7,950€7,950=
Other operating charges640/8€398€384€818€988▲ 20.7%
Gross operating margin9900€188,623€267,347€329,415€350,982▲ 6.5%
Operating profit (loss)9901€186,325€259,012€320,647€342,044▲ 6.7%
Financial income75/76B-€1,500€9,036€15,667▲ 73.4%
Recurring financial income75-€1,500€9,036€15,667▲ 73.4%
Financial charges65/66B€1€2,061€4,525€1,566▼ 65.4%
Recurring financial charges65€1€2,061€4,525€1,566▼ 65.4%
Profit (loss) for the period before taxes9903€186,324€258,451€325,158€356,144▲ 9.5%
Income taxes67/77€54,739€77,832€103,682€114,465▲ 10.4%
Profit (loss) for the period9904€131,584€180,620€221,475€241,679▲ 9.1%
Profit (loss) for the period to be appropriated9905€131,584€180,620€221,475€241,679▲ 9.1%
Line2022202320242025Change
Assets
Total assets20/58€220,534€482,909€662,281€981,872▲ 48.3%
Fixed assets21/28€29,900€21,950€14,000€6,050▼ 56.8%
Tangible fixed assets22/27€29,900€21,950€14,000€6,050▼ 56.8%
Furniture and vehicles24€29,900€21,950€14,000€6,050▼ 56.8%
Current assets29/58€190,635€460,960€648,281€975,823▲ 50.5%
Amounts receivable within one year40/41€130,424€122,380€144,052€106,723▼ 25.9%
Trade receivables40€130,072€122,380€104,152€106,723▲ 2.5%
Other amounts receivable41€352€0€39,900€0▼ 100%
Current investments50/53-€100,000€459,243€651,694▲ 41.9%
Cash at bank and in hand54/58€60,211€235,385€39,189€213,265▲ 444%
Deferred charges and accrued income490/1-€3,196€5,797€4,141▼ 28.6%
Equity and liabilities
Total equity and liabilities10/49€220,534€482,909€662,281€981,872▲ 48.3%
Equity10/15€132,584€313,204€534,679€776,358▲ 45.2%
Contributions10/11€1,000€1,000€1,000€1,000=
Reserves13€131,584€312,204€533,679€775,358▲ 45.3%
Distributable reserves133€131,584€312,204€533,679€775,358▲ 45.3%
Amounts payable17/49€87,950€169,705€127,602€205,514▲ 61.1%
Amounts payable within one year42/48€87,950€168,122€125,631€204,316▲ 62.6%
Current portion of amounts payable after more than one year42---€66,831-
Taxes, remuneration and social security45€54,739€133,138€104,188€135,248▲ 29.8%
Taxes450/3€54,739€133,138€104,188€135,248▲ 29.8%
Other amounts payable47/48€33,211€34,984€21,443€2,236▼ 89.6%
Accrued charges and deferred income492/3-€1,583€1,970€1,199▼ 39.2%
Line2022202320242025Change
Profit (loss) for the period9904€131,584€180,620€221,475€241,679▲ 9.1%
+ Depreciation and write-downs630€1,900€7,950€7,950€7,950=
Operating cash flow (approximation)€133,485€188,570€229,425€249,629▲ 8.8%
Investment in fixed assets (approximation)-€0€0€0-
Change in cash-€175,174-€196,196€174,076-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 3,127 companies had the same profile as ANNLIED has now. Two years later, 97.2% were still going and 0.8% had gone bankrupt.

  • Small
  • 2 to 5 years old
  • solvency 30% or more
  • a profit of 5% of the balance sheet or more
97.2% was still going
1.9% stopped otherwise
0.8% went bankrupt

That fits the bankruptcy probability of ANNLIED 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 3,127 companies, not a prediction for ANNLIED. 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 (4)
Financial year Type Filed Reference Document
31-12-2025 micro format 13-07-2026 2026-00290623 PDF
31-12-2024 micro format 28-07-2025 2025-00336006 PDF
31-12-2023 micro format 25-07-2024 2024-00322139 PDF
31-12-2022 micro format 25-07-2023 2023-00282165 PDF

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