ANSI
ActiveFinancials · financial year 2026, full format
Annual accounts 2026 filed on 07-07-2026 at the NBB all 30 filings
Turnover
≈ €1.7m
Estimated: probably between €1.2m and €2.4m
EBIT margin
Not included in this filing
Net result
€14,898▼ 46.7%
2025 · €27,971
Working capital
€925,809▲ 18.1%
2025 · €783,944
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€8,676
▼ 80.6%
2026
20192026
Net result
€14,898
▼ 46.7%
2026
20192026
Equity
€939,529
▲ 1.6%
2026
20192026
Total assets
€5.3m
▼ 2.6%
2026
20192026
Debt
€4.3m
▼ 3.4%
2026
20192026
Working capital
€925,809
▲ 18.1%
2026
20192026
Solvency
17.8%
▲ 0.7pp
2026
20192026
Current ratio
1.29
▲ 0.06
2026
20192026
Return on assets (ROA)
0.3%
▼ 0.2pp
2026
20192026
Staff (FTE)
1.8
=
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€0.07m-€0.04m▼ 49.2%€0.02m▼ 31.4%€0.1m▲ 352%€0.03m▼ 72.3%€0.1m▲ 237%€0.04m▼ 56.3%€0.009m▼ 80.6%
Net result€0.004m-€0.005m▲ 44.7%€0.05mwithin the sector's middle half▲ 763%€0.07mwithin the sector's middle half▲ 58.9%€0.02mwithin the sector's middle half▼ 78.1%€0.02mwithin the sector's middle half▲ 23.1%€0.03mwithin the sector's middle half▲ 43.6%€0.01m▼ 46.7%
Equity€0.7m-€0.7m▲ 0.7%€0.8mwithin the sector's middle half▲ 6.1%€0.9mwithin the sector's middle half▲ 9.2%€0.9mwithin the sector's middle half▲ 1.8%€0.9mwithin the sector's middle half▲ 2.2%€0.9mwithin the sector's middle half▲ 3.1%€0.9m▲ 1.6%
Total assets€2.7m-€3.4m▲ 25.4%€4.2mabove the sector's middle half▲ 22.3%€5.0mabove the sector's middle half▲ 18.7%€4.8mabove the sector's middle half▼ 2.2%€4.9mabove the sector's middle half▲ 0.5%€5.4mabove the sector's middle half▲ 10.9%€5.3m▼ 2.6%
Debt€2.0m-€2.7m▲ 34.5%€3.4m▲ 26.8%€4.1m▲ 20.9%€4.0m▼ 3.1%€4.0m▲ 0.2%€4.5m▲ 12.7%€4.3m▼ 3.4%
Working capital-€0.2m-€0.3m€0.2mwithin the sector's middle half▼ 18.3%€1.5mabove the sector's middle half▲ 530%€1.2mabove the sector's middle half▼ 18.5%€1.0mabove the sector's middle half▼ 18.2%€0.8mabove the sector's middle half▼ 21.5%€0.9m▲ 18.1%
Solvency27.1%-21.8%▼ 5.3pp18.9%below the sector's middle half▼ 2.9pp17.4%below the sector's middle half▼ 1.5pp18.1%below the sector's middle half▲ 0.7pp18.4%below the sector's middle half▲ 0.3pp17.1%below the sector's middle half▼ 1.3pp17.8%▲ 0.7pp
Current ratio0.89-1.14▲ 0.241.08below the sector's middle half▼ 0.061.69within the sector's middle half▲ 0.601.52within the sector's middle half▼ 0.161.38within the sector's middle half▼ 0.141.23within the sector's middle half▼ 0.151.29▲ 0.06
Return on assets (ROA)0.1%-0.2%=1.1%within the sector's middle half▲ 0.9pp1.5%within the sector's middle half▲ 0.4pp0.3%within the sector's middle half▼ 1.1pp0.4%within the sector's middle half▲ 0.1pp0.5%within the sector's middle half▲ 0.1pp0.3%▼ 0.2pp
Staff (FTE)1.7-1.7=1.7below the sector's middle half=1.7within the sector's middle half=1.8within the sector's middle half▲ 5.9%1.8within the sector's middle half=1.8within the sector's middle half=1.8=
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 2026 is 81% lower than in 2025 and the lowest since 2022. It is the second fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €5.3m
Fixed assets
€1.2m ▼ 0.9%
Current assets
€4.1m ▼ 3.1%
Equity and liabilities €5.3m
Equity
€939,529 ▲ 1.6%
Debt
€4.3m ▼ 3.4%
Debt's share of the balance-sheet total falls from 82.9% to 82.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€44,217▼
2025 · €80,426
Cash flow
€50,439▼
2025 · €63,651
Debt to equity
4.61▼
2025 · 4.85
ROE
1.6%▼
2025 · 3.0%
Interest coverage
0.37▼
2025 · 0.55
Debt ≤ 1 year
€3.1m▼
2025 · €3.4m
Debt > 1 year
€1.1m▲
2025 · €1.0m
Income taxes
€8,050▼
2025 · €14,497
Staff costs
€191,188▼
2025 · €213,956
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 2 | 2 |
| full-time | 0 | 0 | 0 | 0 | 0 |
| part-time | 2 | 2 | 2 | 2 | 2 |
| in full-time equivalents | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 |
| Average over the year, in full-time equivalents | 1.7 | 1.8 | 1.8 | 1.8 | 1.8 |
| On a permanent contract | 2 | 2 | 2 | 2 | 2 |
| Joined | - | - | - | 0 | - |
| Left | - | - | - | 0 | - |
| Training hours | - | - | - | 0 | - |
Source: social balance sheet in the 2022 to 2026 annual accounts
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €1.5m | €1.6m | €1.4m | €1.3m | €1.0m |
| Carrying value of the mortgaged assets | - | - | - | €1.4m | €1.4m |
| Pledge on the business | €1.4m | €1.4m | €1.4m | - | - |
Source: notes to the 2022 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €281,000 | €23,000 | €9,393 | - | €25,227 |
| Intangible fixed assets | - | €9,543 | - | - | - |
| Financial fixed assets | - | €8,967 | - | - | - |
| Depreciation and write-downs of the year | €22,955 | €32,686 | €36,281 | €35,681 | €35,541 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €182,928 | €201,564 | €207,892 | €213,956 | €191,188 | ▼ 10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €574 | €0 | - | €22,955 | €32,686 | €36,281 | €35,681 | €35,541 | ▼ 0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€1,027 | -€48,732 | €0 | - | €10,199 | - |
| Other operating charges640/8 | - | - | - | €9,660 | €11,751 | €15,844 | €27,998 | €8,660 | ▼ 69.1% |
| Non-recurring operating charges66A | - | - | - | €0 | - | - | - | €89,721 | - |
| Gross operating margin9900 | €316,253 | €229,967 | €327,199 | €324,491 | €227,697 | €362,472 | €322,380 | €343,985 | ▲ 6.7% |
| Operating profit (loss)9901 | €69,806 | €35,434 | €24,315 | €109,976 | €30,428 | €102,454 | €44,745 | €8,676 | ▼ 80.6% |
| Financial income75/76B | - | - | - | €100,491 | €112,812 | €123,482 | €143,330 | €134,698 | ▼ 6.0% |
| Recurring financial income75 | €55,350 | €109,176 | €130,897 | €100,491 | €112,812 | €123,482 | €143,330 | €134,698 | ▼ 6.0% |
| Financial charges65/66B | - | - | - | €106,810 | €118,695 | €195,645 | €145,607 | €120,426 | ▼ 17.3% |
| Recurring financial charges65 | €113,558 | €116,224 | €91,089 | €106,810 | €118,695 | €195,645 | €145,607 | €120,426 | ▼ 17.3% |
| Profit (loss) for the period before taxes9903 | €11,599 | €28,386 | €64,122 | €103,657 | €24,544 | €30,292 | €42,468 | €22,948 | ▼ 46.0% |
| Income taxes67/77 | €7,950 | €23,108 | €18,569 | €31,288 | €8,727 | €10,816 | €14,497 | €8,050 | ▼ 44.5% |
| Profit (loss) for the period9904 | €3,648 | €5,278 | €45,554 | €72,369 | €15,818 | €19,476 | €27,971 | €14,898 | ▼ 46.7% |
| Profit (loss) for the period to be appropriated9905 | €3,648 | €5,278 | €45,554 | €72,369 | €15,818 | €19,476 | €27,971 | €14,898 | ▼ 46.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.7m | €3.4m | €4.2m | €5.0m | €4.8m | €4.9m | €5.4m | €5.3m | ▼ 2.6% |
| Fixed assets21/28 | €1.0m | €1.0m | €1.0m | €1.3m | €1.3m | €1.2m | €1.2m | €1.2m | ▼ 0.9% |
| Intangible fixed assets21 | - | - | - | - | €0.009m | €0.006m | €0.003m | €0 | ▼ 100% |
| Tangible fixed assets22/27 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 4.2% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 16.0% |
| Furniture and vehicles24 | - | - | - | €0.009m | €0.006m | €0.01m | €0 | €0.02m | - |
| Financial fixed assets28 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Current assets29/58 | €1.7m | €2.4m | €3.2m | €3.7m | €3.6m | €3.6m | €4.2m | €4.1m | ▼ 3.1% |
| Stocks and contracts in progress3 | €0.2m | €0.2m | €0.2m | €0.2m | €0.02m | €0.1m | €0.02m | €0 | ▼ 100% |
| Stocks30/36 | - | - | - | €0.2m | €0.02m | €0.1m | €0.02m | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €1.5m | €2.1m | €2.9m | €3.4m | €3.5m | €3.5m | €4.2m | €4.1m | ▼ 2.5% |
| Trade receivables40 | - | - | - | €3.4m | €3.5m | €3.5m | €4.2m | €4.1m | ▼ 2.4% |
| Other amounts receivable41 | - | - | - | €0 | - | - | €0.004m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €0.003m | €0.001m | €0.001m | €0.04m | €0.07m | €0.004m | €0.007m | €172 | ▼ 97.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.008m | €0.04m | €0.02m | €0.02m | ▲ 12.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.7m | €3.4m | €4.2m | €5.0m | €4.8m | €4.9m | €5.4m | €5.3m | ▼ 2.6% |
| Equity10/15 | €0.7m | €0.7m | €0.8m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | ▲ 1.6% |
| Contributions10/11 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Capital10 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Issued capital100 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Reserves13 | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 5.1% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.03m | €0.03m | €0.03m | €0.03m | ▲ 2.7% |
| Legal reserve130 | - | - | - | €0.02m | €0.03m | €0.03m | €0.03m | €0.03m | ▲ 2.7% |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 5.4% |
| Amounts payable17/49 | €2.0m | €2.7m | €3.4m | €4.1m | €4.0m | €4.0m | €4.5m | €4.3m | ▼ 3.4% |
| Amounts payable after more than one year17 | €0.07m | €0.5m | €0.4m | €1.9m | €1.6m | €1.3m | €1.0m | €1.1m | ▲ 12.2% |
| Financial debts170/4 | - | - | - | €1.9m | €1.6m | €1.3m | €1.0m | €1.1m | ▲ 12.2% |
| Amounts payable within one year42/48 | €1.9m | €2.1m | €2.9m | €2.2m | €2.3m | €2.6m | €3.4m | €3.1m | ▼ 7.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 46.8% |
| Financial debts43 | - | - | - | €0.8m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Credit institutions430/8 | - | - | - | €0.8m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Trade debts44 | €0.5m | €0.4m | €0.6m | €0.9m | €0.8m | €1.0m | €1.3m | €1.1m | ▼ 10.4% |
| Suppliers440/4 | - | - | - | €0.9m | €0.8m | €1.0m | €1.3m | €1.1m | ▼ 10.4% |
| Advances received on contracts in progress46 | - | - | - | - | - | €0.1m | €0 | €0.03m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.2m | €0.1m | €0.3m | €0.3m | ▲ 1.6% |
| Taxes450/3 | - | - | - | €0.3m | €0.2m | €0.1m | €0.3m | €0.3m | ▲ 1.1% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.03m | ▲ 7.2% |
| Other amounts payable47/48 | - | - | - | €0 | - | €0.09m | €0.5m | €0.5m | ▼ 5.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.02m | €0.04m | €0.05m | €0.04m | ▼ 14.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,648 | €5,278 | €45,554 | €72,369 | €15,818 | €19,476 | €27,971 | €14,898 | ▼ 46.7% |
| + Depreciation and write-downs630 | €574 | €0 | - | €22,955 | €32,686 | €36,281 | €35,681 | €35,541 | ▼ 0.4% |
| Operating cash flow (approximation) | €4,223 | €5,278 | €45,554 | €95,324 | €48,504 | €55,758 | €63,651 | €50,439 | ▼ 20.8% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€281,000 | -€41,510 | -€425 | €8,792 | -€25,227 | - |
| Change in cash | - | -€2,259 | €325 | €43,465 | €29,004 | -€69,382 | €3,135 | -€6,954 | - |
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, 3,984 companies had the same profile as ANSI has now. Two years later, 96.5% were still going and 1.1% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.5%
was still going
2.3%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of ANSI itself: 1.3% 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 3,984 companies, not a prediction for ANSI. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | full format | 07-07-2026 | 2026-00260493 | |
| 31-03-2025 | abbreviated format | 16-09-2025 | 2025-00494257 | |
| 31-03-2024 | abbreviated format | 02-09-2024 | 2024-00428792 | |
| 31-03-2023 | abbreviated format | 26-09-2023 | 2023-00455237 | |
| 31-03-2022 | abbreviated format | 31-10-2022 | 2022-20481685 | |
| 31-03-2021 | abbreviated format | 26-10-2021 | 2021-73200075 | |
| 31-03-2020 | abbreviated format | 18-09-2020 | 2020-54300521 | |
| 31-03-2019 | abbreviated format | 30-09-2019 | 2019-67300520 | |
| 31-03-2018 | abbreviated format | 22-10-2018 | 2018-70000093 | |
| 31-03-2017 | abbreviated format | 20-10-2017 | 2017-67600463 |