APEC
InactiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 33 filings
Turnover
≈ €100,000
Estimated: probably between €62,000 and €190,000
Total assets
€315,389▲ 6.7%
2024 · €295,517
Net result
€20,887
2024 · -€11,954
Working capital
€296,101▲ 7.6%
2024 · €275,214
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€17,166
2025
20192025
Net result
€20,887
2025
20192025
Equity
€312,435
▲ 7.2%
2025
20192025
Total assets
€315,389
▲ 6.7%
2025
20192025
Debt
€2,955
▼ 25.6%
2025
20192025
Working capital
€296,101
▲ 7.6%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€748-€1,717▲ 129%-€52,037-€29,977▲ 42.4%-€3,674▲ 87.7%-€17,870▼ 386%€17,166
Net result€2,869-€3,334▲ 16.2%-€48,224-€26,415▲ 45.2%€1,252-€11,954€20,887
Equity€373,553-€376,887▲ 0.9%€328,664▼ 12.8%€302,249▼ 8.0%€303,501▲ 0.4%€291,547▼ 3.9%€312,435▲ 7.2%
Total assets€394,948-€387,794▼ 1.8%€333,442▼ 14.0%€312,631▼ 6.2%€312,897▲ 0.1%€295,517▼ 5.6%€315,389▲ 6.7%
Debt€14,990-€5,783▼ 61.4%€935▼ 83.8%€7,820▲ 736%€8,116▲ 3.8%€3,969▼ 51.1%€2,955▼ 25.6%
Working capital€212,924-€264,078▲ 24.0%€268,436▲ 1.7%€260,778▼ 2.9%€280,644▲ 7.6%€275,214▼ 1.9%€296,101▲ 7.6%
The operating result for 2025 is a profit of €17,166, after a loss of €17,870 in 2024. It is the highest result since 2021.
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 €315,389
Fixed assets
€16,333 =
Current assets
€299,056 ▲ 7.1%
Equity and liabilities €315,389
Equity
€312,435 ▲ 7.2%
Debt
€2,955 ▼ 25.6%
Debt's share of the balance-sheet total falls from 1.3% to 0.9%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
0.01▼
2024 · 0.01
ROE
6.7%▲
2024 · -4.1%
ROA
6.6%▲
2024 · -4.0%
Debt ≤ 1 year
€2,955▼
2024 · €3,969
Income taxes
€432▲
2024 · -€226
A ratio outside any meaningful range has been withheld (balance sheet total €315,389, equity €312,435).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | €329 | - |
| Depreciation and write-downs of the year | €20,038 | €19,895 | €8,133 | - |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €55,695 | €57,343 | €56,675 | €20,038 | €19,895 | €8,133 | - | - |
| Other operating charges640/8 | - | - | - | €4,087 | €3,922 | €3,155 | €8,519 | ▲ 170% |
| Gross operating margin9900 | €60,177 | €62,372 | €9,167 | -€5,852 | €20,142 | -€6,581 | €25,684 | - |
| Operating profit (loss)9901 | €748 | €1,717 | -€52,037 | -€29,977 | -€3,674 | -€17,870 | €17,166 | - |
| Financial income75/76B | - | - | - | €4,046 | €5,218 | €4,850 | €4,368 | ▼ 9.9% |
| Recurring financial income75 | €6,282 | €3,884 | €3,502 | €4,046 | €5,218 | €4,850 | €4,368 | ▼ 9.9% |
| Financial charges65/66B | - | - | - | €97 | €789 | €440 | €215 | ▼ 51.2% |
| Recurring financial charges65 | €1,332 | €317 | €90 | €97 | €789 | €440 | €215 | ▼ 51.2% |
| Profit (loss) for the period before taxes9903 | €5,698 | €5,284 | -€48,625 | -€26,028 | €755 | -€13,460 | €21,319 | - |
| Transfer from deferred taxes780 | - | - | - | €1,281 | €1,281 | €1,281 | - | - |
| Income taxes67/77 | €4,110 | €3,231 | €879 | €1,668 | €784 | -€226 | €432 | - |
| Profit (loss) for the period9904 | €2,869 | €3,334 | -€48,224 | -€26,415 | €1,252 | -€11,954 | €20,887 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €1,844 | €1,844 | €1,844 | - | - |
| Profit (loss) for the period to be appropriated9905 | €4,713 | €5,178 | -€46,380 | -€24,571 | €3,096 | -€10,110 | €20,887 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €394,948 | €387,794 | €333,442 | €312,631 | €312,897 | €295,517 | €315,389 | ▲ 6.7% |
| Fixed assets21/28 | €167,035 | €117,933 | €64,071 | €44,033 | €24,138 | €16,333 | €16,333 | = |
| Tangible fixed assets22/27 | €167,035 | €117,933 | €64,071 | €44,033 | €24,138 | €16,333 | €16,333 | = |
| Land and buildings22 | - | - | - | €31,040 | €20,028 | €13,333 | €13,333 | = |
| Plant, machinery and equipment23 | - | - | - | €4,564 | €3,126 | €2,016 | €2,016 | = |
| Furniture and vehicles24 | - | - | - | €3,873 | €984 | €984 | €984 | = |
| Other tangible fixed assets26 | - | - | - | €4,557 | - | - | - | - |
| Current assets29/58 | €227,913 | €269,861 | €269,371 | €268,598 | €288,759 | €279,183 | €299,056 | ▲ 7.1% |
| Amounts receivable within one year40/41 | €7,500 | €7,535 | €19,353 | €4,205 | €5,921 | €5,328 | €6,525 | ▲ 22.4% |
| Trade receivables40 | - | - | - | €1 | €1 | €1 | €1 | = |
| Other amounts receivable41 | - | - | - | €4,204 | €5,920 | €5,327 | €6,524 | ▲ 22.5% |
| Cash at bank and in hand54/58 | €220,413 | €262,326 | €248,938 | €264,393 | €282,838 | €273,855 | €292,532 | ▲ 6.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €394,948 | €387,794 | €333,442 | €312,631 | €312,897 | €295,517 | €315,389 | ▲ 6.7% |
| Equity10/15 | €373,553 | €376,887 | €328,664 | €302,249 | €303,501 | €291,547 | €312,435 | ▲ 7.2% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €354,953 | €358,287 | €356,444 | €354,600 | €352,756 | €350,913 | €350,913 | = |
| Non-distributable reserves130/1 | - | - | - | €5,595 | €5,595 | €5,595 | €5,595 | = |
| Reserves not available under the articles1311 | - | - | - | €5,595 | €5,595 | €5,595 | €5,595 | = |
| Tax-exempt reserves132 | - | - | - | €3,687 | €1,844 | - | - | - |
| Distributable reserves133 | - | - | - | €345,318 | €345,318 | €345,318 | €345,318 | = |
| Profit (loss) carried forward14 | - | - | -€46,380 | -€70,951 | -€67,855 | -€77,966 | -€57,078 | ▲ 26.8% |
| Provisions and deferred taxes16 | €6,405 | €5,124 | €3,843 | €2,562 | €1,281 | - | - | - |
| Deferred taxes168 | - | - | - | €2,562 | €1,281 | - | - | - |
| Amounts payable17/49 | €14,990 | €5,783 | €935 | €7,820 | €8,116 | €3,969 | €2,955 | ▼ 25.6% |
| Amounts payable within one year42/48 | €14,990 | €5,783 | €935 | €7,820 | €8,116 | €3,969 | €2,955 | ▼ 25.6% |
| Trade debts44 | - | €5,783 | €930 | €1,825 | €309 | €1,033 | €2,950 | ▲ 185% |
| Suppliers440/4 | - | - | - | €1,825 | €309 | €1,033 | €2,950 | ▲ 185% |
| Taxes, remuneration and social security45 | - | - | - | €5 | €689 | €5 | €5 | = |
| Taxes450/3 | - | - | - | - | €684 | - | - | - |
| Remuneration and social security454/9 | - | - | - | €5 | €5 | €5 | €5 | = |
| Other amounts payable47/48 | - | - | - | €5,990 | €7,118 | €2,931 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,869 | €3,334 | -€48,224 | -€26,415 | €1,252 | -€11,954 | €20,887 | - |
| + Depreciation and write-downs630 | €55,695 | €57,343 | €56,675 | €20,038 | €19,895 | €8,133 | - | - |
| Operating cash flow (approximation) | €58,564 | €60,677 | €8,452 | -€6,376 | €21,147 | -€3,820 | €20,887 | - |
| Investment in fixed assets (approximation) | - | -€8,242 | -€2,813 | €0 | €0 | -€329 | €0 | - |
| Change in cash | - | €41,912 | -€13,388 | €15,455 | €18,445 | -€8,984 | €18,677 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 30-01-2026 | 2026-00024282 | |
| 30-06-2024 | micro format | 29-01-2025 | 2025-00016533 | |
| 30-06-2023 | micro format | 08-02-2024 | 2024-00028767 | |
| 30-06-2022 | micro format | 02-02-2023 | 2023-00019238 | |
| 30-06-2021 | micro format | 15-02-2022 | 2022-05500550 | |
| 30-06-2020 | micro format | 26-01-2021 | 2021-01600328 | |
| 30-06-2019 | micro format | 17-03-2020 | 2020-06800033 | |
| 30-06-2018 | micro format | 19-02-2019 | 2019-05200151 | |
| 30-06-2017 | micro format | 06-02-2018 | 2018-04300529 | |
| 30-06-2016 | abbreviated format | 24-01-2017 | 2017-02100065 |