APANAGE
ActiveSummary
APANAGE has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €34k and a net result of €5k. Equity is growing by ~49.2% per year across the filed fiscal years. Its solvency ranks better than 83% of 37953 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability86▼-14
Solvency100▲+15
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3k at 30 days acceptable
Liquidity ample (current ratio 6.49 against 1.96 in 2023; short-term debt: 14.2% and cash: 31.7% of total assets), and 14.2% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
85.8%
Return on assets
13.8%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 28-07-2025, 3 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
3 d early
2023
22 d late
2022
98 d early
2021
19 d early
2020
18 d late
2019
10 d late
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, micro schema
Turnover
€148k
EBIT margin
6.7%
Net result
€5k▼ 58.2%
2023 · €13k
2018: €7k
2019: €-378▼ -105% vs 2018
2020: €9k▲ +2453% vs 2019
2021: €-3k▼ -130% vs 2020lowest in 7 years
2022: €6k▲ +307% vs 2021
2023: €13k▲ +131% vs 2022highest in 7 years
2024: €5k▼ -58.2% vs 2023
2018 → 2024
Working capital
€30k▲ 67.2%
2023 · €18k
2018: €2k
2019: €3k▲ +49.0% vs 2018
2020: €0▼ -100% vs 2019
2021: €-3klowest in 7 years
2022: €5k▲ +282% vs 2021
2023: €18k▲ +293% vs 2022
2024: €30k▲ +67.2% vs 2023highest in 7 years
2018 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€12k-€10k▼ 21.9%€15k▲ 58.1%€28k▲ 84.8%€34k▲ 19.2%
2020: €12k
2021: €10k▼ -21.9% vs 2020lowest in 5 years
2022: €15k▲ +58.1% vs 2021
2023: €28k▲ +84.8% vs 2022
2024: €34k▲ +19.2% vs 2023highest in 5 years
Operating result€11k-€-2k€10k€20k▲ 105%€9k▼ 54.9%
2020: €11k
2021: €-2k▼ -115% vs 2020lowest in 5 years
2022: €10k▲ +695% vs 2021
2023: €20k▲ +105% vs 2022highest in 5 years
2024: €9k▼ -54.9% vs 2023
Net result€9k-€-3k€6k€13k▲ 131%€5k▼ 58.2%
2020: €9k
2021: €-3k▼ -130% vs 2020lowest in 5 years
2022: €6k▲ +307% vs 2021
2023: €13k▲ +131% vs 2022highest in 5 years
2024: €5k▼ -58.2% vs 2023
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 55% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €39k
Fixed assets
€3k ▼ 69.3%
Current assets
€36k ▼ 3.1%
Equity and liabilities €39k
Equity
€34k ▲ 19.2%
Debt
€6k ▼ 70.7%
Debt's share of the balance-sheet total falls from 40.3% to 14.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€16k▼
2023 · €27k
Cash flow
€12k▼
2023 · €20k
Current ratio
6.49▲
2023 · 1.96
Debt to equity
0.17▼
2023 · 0.67
ROE
16.1%▼
2023 · 45.9%
ROA
13.8%▼
2023 · 27.4%
Interest coverage
98.13▲
2023 · 36.51
Debt ≤ 1 year
€6k▼
2023 · €19k
Income taxes
€4k▼
2023 · €6k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2024 against 2023 · 41 lines
Balance sheet
Code20232024
Assets
Total assets20/58€47k€39k▼
Fixed assets21/28€10k€3k▼
Tangible fixed assets22/27€10k€3k▼
Furniture and vehicles24-€3k
Leasing and similar rights25€10k-
Current assets29/58€37k€36k▼
Amounts receivable after more than one year29-€21k
Other amounts receivable291-€21k
Amounts receivable within one year40/41€1k€2k▲
Other amounts receivable41€1k€2k▲
Cash at bank and in hand54/58€36k€12k▼
Deferred charges and accrued income490/1€274€398▲
Equity and liabilities
Total equity and liabilities10/49€47k€39k▼
Equity10/15€28k€34k▲
Contributions10/11€1k€1k=
Reserves13€27k€33k▲
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Distributable reserves133€25k€30k▲
Amounts payable17/49€19k€6k▼
Amounts payable within one year42/48€19k€6k▼
Current portion of amounts payable after more than one year42€4k-
Trade debts44€1k€2k▲
Suppliers440/4€1k€2k▲
Taxes, remuneration and social security45€13k€3k▼
Taxes450/3€13k€3k▼
Income statement
Code20232024
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€7k€7k▼
Other operating charges640/8€1k€1k▲
Gross operating margin9900€28k€17k▼
Operating profit (loss)9901€20k€9k▼
Financial income75/76B€50€359▲
Recurring financial income75€50€359▲
Financial charges65/66B€734€161▼
Recurring financial charges65€734€161▼
Profit (loss) for the period before taxes9903€19k€9k▼
Income taxes67/77€6k€4k▼
Profit (loss) for the period9904€13k€5k▼
Profit (loss) for the period to be appropriated9905€13k€5k▼
Appropriation of the result
Profit (loss) to be appropriated9906€13k€5k▼
Transfer to equity691/2€13k€5k▼
To other reserves6921€13k€5k▼
The notes to these accounts (4 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4k | €7k | €7k | €7k | €7k | ▼ 1.2% |
| Other operating charges640/8 | - | €2k | €1k | €1k | €1k | ▲ 20.9% |
| Gross operating margin9900 | €18k | €7k | €18k | €28k | €17k | ▼ 38.6% |
| Operating profit (loss)9901 | €11k | €-2k | €10k | €20k | €9k | ▼ 54.9% |
| Financial income75/76B | - | €231 | €133 | €50 | €359 | ▲ 618% |
| Recurring financial income75 | €383 | €231 | €133 | €50 | €359 | ▲ 618% |
| Financial charges65/66B | - | €957 | €621 | €734 | €161 | ▼ 78.1% |
| Recurring financial charges65 | €406 | €957 | €621 | €734 | €161 | ▼ 78.1% |
| Profit (loss) for the period before taxes9903 | €11k | €-2k | €9k | €19k | €9k | ▼ 52.3% |
| Income taxes67/77 | €2k | €351 | €4k | €6k | €4k | ▼ 40.3% |
| Profit (loss) for the period9904 | €9k | €-3k | €6k | €13k | €5k | ▼ 58.2% |
| Profit (loss) for the period to be appropriated9905 | €9k | €-3k | €6k | €13k | €5k | ▼ 58.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €58k | €51k | €59k | €47k | €39k | ▼ 17.0% |
| Fixed assets21/28 | €31k | €24k | €17k | €10k | €3k | ▼ 69.3% |
| Tangible fixed assets22/27 | €31k | €24k | €17k | €10k | €3k | ▼ 69.3% |
| Furniture and vehicles24 | - | €403 | €85 | - | €3k | - |
| Leasing and similar rights25 | - | €24k | €17k | €10k | - | - |
| Current assets29/58 | €26k | €27k | €42k | €37k | €36k | ▼ 3.1% |
| Amounts receivable after more than one year29 | - | - | - | - | €21k | - |
| Other amounts receivable291 | - | - | - | - | €21k | - |
| Amounts receivable within one year40/41 | €7k | €9k | €3k | €1k | €2k | ▲ 78.6% |
| Other amounts receivable41 | - | €9k | €3k | €1k | €2k | ▲ 78.6% |
| Cash at bank and in hand54/58 | €19k | €18k | €39k | €36k | €12k | ▼ 65.4% |
| Deferred charges and accrued income490/1 | - | €202 | €247 | €274 | €398 | ▲ 45.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €58k | €51k | €59k | €47k | €39k | ▼ 17.0% |
| Equity10/15 | €12k | €10k | €15k | €28k | €34k | ▲ 19.2% |
| Contributions10/11 | - | €1k | €1k | €1k | €1k | = |
| Reserves13 | €11k | €9k | €14k | €27k | €33k | ▲ 19.9% |
| Non-distributable reserves130/1 | - | €2k | €2k | €2k | €2k | = |
| Reserves not available under the articles1311 | - | €2k | €2k | €2k | €2k | = |
| Distributable reserves133 | - | €6k | €12k | €25k | €30k | ▲ 21.9% |
| Amounts payable17/49 | €45k | €42k | €44k | €19k | €6k | ▼ 70.7% |
| Amounts payable after more than one year17 | €19k | €12k | €6k | - | - | - |
| Financial debts170/4 | - | €12k | €6k | - | - | - |
| Amounts payable within one year42/48 | €26k | €30k | €38k | €19k | €6k | ▼ 70.7% |
| Current portion of amounts payable after more than one year42 | - | €22k | €31k | €4k | - | - |
| Trade debts44 | €923 | €1k | €2k | €1k | €2k | ▲ 63.4% |
| Suppliers440/4 | - | €1k | €2k | €1k | €2k | ▲ 63.4% |
| Taxes, remuneration and social security45 | - | €6k | €5k | €13k | €3k | ▼ 74.0% |
| Taxes450/3 | - | €6k | €5k | €13k | €3k | ▼ 74.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9k | €-3k | €6k | €13k | €5k | ▼ 58.2% |
| + Depreciation and write-downs630 | €4k | €7k | €7k | €7k | €7k | ▼ 1.2% |
| Operating cash flow (approximation) | €13k | €4k | €13k | €20k | €12k | ▼ 38.3% |
| Investment in fixed assets (approximation) | - | €0 | €-1 | €0 | €0 | - |
| Change in cash | - | €-851 | €21k | €-3k | €-23k | ▼ 661% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
28-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Liquidity triplescurrent ratio 6.49
Current ratio from 1.96 to 6.49; short-term debt falls from €19k to €6k.
22-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 22 days late
2023
31-12
Financial
Highest result since 2018net €13k ▲131%
Operating result €20k, net result €13k, both a record.
24-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Back to profitnet €6k
Net result €6k after one loss-making year.
12-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Weakest financial yearnet €-3k
Net result drops to €-3k, the lowest in the series; recovery starts the following year.
18-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 18 days late
2020
31-12
Financial
Back to profitnet €9k
Net result €9k after one loss-making year.
10-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 10 days late
2019
29-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
Show earlier events
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
26-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
2016
27-07
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Vorst · 1 establishment unit since 2010
Ground area
365 m²
Building footprint
75 m²
Volume, LiDAR
794 m³
Parcel 21384D0280/00W023, Brussels · tallest building 14.1 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
APANAGE
since 20102.194.477.817
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21384D0280/00W023 | Brussels | 365 m² | 1 · 75 m² | 14.1 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 82,553 companies in sector 70200 we hold annual accounts for 52,585. 35,305 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded10-12-2010
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
Contact
E-mail
olivier@apanage.beVorst
Scores and ratios are computed by Checked and are not a credit decision.