AP STUDIOS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 6 filings
Turnover
≈ €120,000
Estimated: probably between €99,000 and €170,000
Total assets
€80,887▼ 19.6%
2024 · €100,556
Net result
€24,928▼ 53.7%
2024 · €53,879
Working capital
€24,735▼ 1.5%
2024 · €25,107
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€30,615
▼ 55.9%
2025
20202025
Net result
€24,928
▼ 53.7%
2025
middle half of the sector
20202025
Equity
€33,027
▼ 0.2%
2025
middle half of the sector
20202025
Total assets
€80,887
▼ 19.6%
2025
middle half of the sector
20202025
Debt
€47,859
▼ 29.1%
2025
20202025
Working capital
€24,735
▼ 1.5%
2025
middle half of the sector
20202025
Solvency
40.8%
▲ 7.9pp
2025
middle half of the sector
20202025
Current ratio
1.52
▲ 0.14
2025
middle half of the sector
20202025
Return on assets (ROA)
30.8%
▼ 22.8pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€27,252-€13,046▼ 52.1%€9,356▼ 28.3%-€2,566€69,405€30,615▼ 55.9%
Net result€19,546within the sector's middle half-€8,262within the sector's middle half▼ 57.7%€5,376within the sector's middle half▼ 34.9%-€5,086below the sector's middle half€53,879above the sector's middle half€24,928within the sector's middle half▼ 53.7%
Equity€24,546below the sector's middle half-€32,808within the sector's middle half▲ 33.7%€38,185within the sector's middle half▲ 16.4%€33,099within the sector's middle half▼ 13.3%€33,099within the sector's middle half=€33,027within the sector's middle half▼ 0.2%
Total assets€37,067below the sector's middle half-€46,478below the sector's middle half▲ 25.4%€54,054below the sector's middle half▲ 16.3%€43,767below the sector's middle half▼ 19.0%€100,556within the sector's middle half▲ 130%€80,887within the sector's middle half▼ 19.6%
Debt€12,521-€13,670▲ 9.2%€15,869▲ 16.1%€10,668▼ 32.8%€67,457▲ 532%€47,859▼ 29.1%
Working capital€19,655within the sector's middle half-€24,347within the sector's middle half▲ 23.9%€29,553within the sector's middle half▲ 21.4%€23,053within the sector's middle half▼ 22.0%€25,107within the sector's middle half▲ 8.9%€24,735within the sector's middle half▼ 1.5%
Solvency66.2%within the sector's middle half-70.6%within the sector's middle half▲ 4.4pp70.6%within the sector's middle half▲ 0.1pp75.6%within the sector's middle half▲ 5.0pp32.9%below the sector's middle half▼ 42.7pp40.8%within the sector's middle half▲ 7.9pp
Current ratio2.57within the sector's middle half-2.78within the sector's middle half▲ 0.212.86within the sector's middle half▲ 0.083.16within the sector's middle half▲ 0.301.37within the sector's middle half▼ 1.791.52within the sector's middle half▲ 0.14
Return on assets (ROA)52.7%above the sector's middle half-17.8%within the sector's middle half▼ 35.0pp9.9%within the sector's middle half▼ 7.8pp-11.6%below the sector's middle half▼ 21.6pp53.6%above the sector's middle half▲ 65.2pp30.8%within the sector's middle half▼ 22.8pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 56% lower than in 2024.
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 €80,887
Fixed assets
€8,324 ▲ 4.2%
Current assets
€72,563 ▼ 21.6%
Equity and liabilities €80,887
Equity
€33,027 ▼ 0.2%
Debt
€47,859 ▼ 29.1%
Debt's share of the balance-sheet total falls from 67.1% to 59.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€33,815▼
2024 · €72,624
Cash flow
€28,128▼
2024 · €57,098
Debt to equity
1.45▼
2024 · 2.04
ROE
75.5%▼
2024 · 162.8%
Interest coverage
24.52▼
2024 · 38.57
Debt ≤ 1 year
€47,827▼
2024 · €67,457
Income taxes
€7,264▼
2024 · €15,042
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 | €4,905 | €2,526 | €4,381 | €1,487 | €5,270 |
| Financial fixed assets | €600 | - | - | - | €0 |
| Depreciation and write-downs of the year | €1,935 | €2,355 | €2,968 | €3,219 | €3,199 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €612 awarded · €612 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €252 | €252 |
| 2022 | 1 | €360 | €360 |
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,222 | €1,935 | €2,355 | €2,968 | €3,219 | €3,199 | ▼ 0.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €150 | €0 | ▼ 100% |
| Other operating charges640/8 | - | €971 | €959 | €737 | €569 | €688 | ▲ 20.8% |
| Non-recurring operating charges66A | - | - | - | - | €322 | €1,739 | ▲ 439% |
| Gross operating margin9900 | €29,701 | €15,952 | €12,671 | €1,139 | €73,665 | €36,241 | ▼ 50.8% |
| Operating profit (loss)9901 | €27,252 | €13,046 | €9,356 | -€2,566 | €69,405 | €30,615 | ▼ 55.9% |
| Financial income75/76B | - | €4 | €712 | €3 | €1,399 | €2,956 | ▲ 111% |
| Recurring financial income75 | €2 | €4 | €712 | €3 | €1,399 | €2,956 | ▲ 111% |
| Financial charges65/66B | - | €1,237 | €1,648 | €2,242 | €1,883 | €1,379 | ▼ 26.8% |
| Recurring financial charges65 | €1,443 | €1,237 | €1,648 | €2,242 | €1,883 | €1,379 | ▼ 26.8% |
| Profit (loss) for the period before taxes9903 | €25,812 | €11,814 | €8,420 | -€4,805 | €68,921 | €32,193 | ▼ 53.3% |
| Income taxes67/77 | €6,266 | €3,552 | €3,044 | €280 | €15,042 | €7,264 | ▼ 51.7% |
| Profit (loss) for the period9904 | €19,546 | €8,262 | €5,376 | -€5,086 | €53,879 | €24,928 | ▼ 53.7% |
| Profit (loss) for the period to be appropriated9905 | €19,546 | €8,262 | €5,376 | -€5,086 | €53,879 | €24,928 | ▼ 53.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €37,067 | €46,478 | €54,054 | €43,767 | €100,556 | €80,887 | ▼ 19.6% |
| Fixed assets21/28 | €4,891 | €8,462 | €8,632 | €10,046 | €7,991 | €8,324 | ▲ 4.2% |
| Tangible fixed assets22/27 | €4,891 | €7,862 | €8,032 | €9,446 | €7,391 | €7,724 | ▲ 4.5% |
| Plant, machinery and equipment23 | - | €6,739 | €7,227 | €6,742 | €5,461 | €6,469 | ▲ 18.5% |
| Furniture and vehicles24 | - | €1,122 | €805 | €2,703 | €1,930 | €1,255 | ▼ 35.0% |
| Financial fixed assets28 | - | €600 | €600 | €600 | €600 | €600 | = |
| Current assets29/58 | €32,176 | €38,017 | €45,422 | €33,721 | €92,564 | €72,563 | ▼ 21.6% |
| Amounts receivable within one year40/41 | €13,734 | €17,992 | €28,948 | €26,236 | €76,630 | €52,862 | ▼ 31.0% |
| Trade receivables40 | - | €16,877 | €16,232 | €8,427 | €22,019 | €8,759 | ▼ 60.2% |
| Other amounts receivable41 | - | €1,115 | €12,717 | €17,809 | €54,610 | €44,103 | ▼ 19.2% |
| Cash at bank and in hand54/58 | €16,730 | €19,748 | €14,323 | €5,349 | €13,182 | €10,049 | ▼ 23.8% |
| Deferred charges and accrued income490/1 | - | €277 | €2,151 | €2,136 | €2,752 | €9,652 | ▲ 251% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €37,067 | €46,478 | €54,054 | €43,767 | €100,556 | €80,887 | ▼ 19.6% |
| Equity10/15 | €24,546 | €32,808 | €38,185 | €33,099 | €33,099 | €33,027 | ▼ 0.2% |
| Contributions10/11 | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Profit (loss) carried forward14 | €19,546 | €27,808 | €33,185 | €28,099 | €28,099 | €28,027 | ▼ 0.3% |
| Amounts payable17/49 | €12,521 | €13,670 | €15,869 | €10,668 | €67,457 | €47,859 | ▼ 29.1% |
| Amounts payable within one year42/48 | €12,521 | €13,670 | €15,869 | €10,668 | €67,457 | €47,827 | ▼ 29.1% |
| Financial debts43 | - | - | - | - | - | €5,864 | - |
| Other loans439 | - | - | - | - | - | €5,864 | - |
| Trade debts44 | €1,439 | €1,829 | €4,348 | €1,647 | €3,391 | €3,387 | ▼ 0.1% |
| Suppliers440/4 | - | €1,829 | €4,348 | €1,647 | €3,391 | €3,387 | ▼ 0.1% |
| Taxes, remuneration and social security45 | - | €11,841 | €11,522 | €9,021 | €10,187 | €13,576 | ▲ 33.3% |
| Taxes450/3 | - | €11,841 | €11,522 | €9,021 | €10,187 | €10,986 | ▲ 7.8% |
| Remuneration and social security454/9 | - | - | - | - | - | €2,590 | - |
| Other amounts payable47/48 | - | - | - | - | €53,879 | €25,000 | ▼ 53.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €32 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,546 | €8,262 | €5,376 | -€5,086 | €53,879 | €24,928 | ▼ 53.7% |
| + Depreciation and write-downs630 | €1,222 | €1,935 | €2,355 | €2,968 | €3,219 | €3,199 | ▼ 0.6% |
| Operating cash flow (approximation) | €20,768 | €10,197 | €7,732 | -€2,118 | €57,098 | €28,128 | ▼ 50.7% |
| Investment in fixed assets (approximation) | - | -€5,505 | -€2,526 | -€4,381 | -€1,164 | -€3,532 | ▼ 203% |
| Change in cash | - | €3,018 | -€5,425 | -€8,974 | €7,833 | -€3,134 | - |
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, 26,972 companies had the same profile as AP STUDIOS has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of AP STUDIOS itself is lower: 0.1% within 12 months. It rests on far more data about AP STUDIOS than the profile alone.
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 26,972 companies, not a prediction for AP STUDIOS. 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 | micro format | 17-07-2026 | 2026-00323961 | |
| 31-12-2024 | micro format | 15-07-2025 | 2025-00290572 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00395663 | |
| 31-12-2022 | micro format | 08-10-2023 | 2023-00476355 | |
| 31-12-2021 | micro format | 03-08-2022 | 2022-20265927 | |
| 31-12-2020 | micro format | 28-07-2021 | 2021-41500111 |