APerium
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 10 filings
Turnover
≈ €190,000
Estimated: probably between €140,000 and €240,000
Total assets
€102,119▼ 21.4%
2024 · €129,964
Net result
€2,920▲ 64.0%
2024 · €1,781
Working capital
€54,366▼ 2.8%
2024 · €55,906
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€4,935
▲ 68.8%
2025
20182025
Net result
€2,920
▲ 64.0%
2025
lowest quarter of the sector
20182025
Equity
€44,464
▲ 7.0%
2025
middle half of the sector
20182025
Total assets
€102,119
▼ 21.4%
2025
middle half of the sector
20182025
Debt
€57,655
▼ 34.8%
2025
20182025
Working capital
€54,366
▼ 2.8%
2025
middle half of the sector
20182025
Solvency
43.5%
▲ 11.6pp
2025
middle half of the sector
20182025
Current ratio
2.14
▲ 0.38
2025
middle half of the sector
20182025
Return on assets (ROA)
2.9%
▲ 1.5pp
2025
middle half of the sector
20182025
Staff (FTE)
2
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€5,113--€5,094€5,788€25,146▲ 334%-€36,328€56,853€2,924▼ 94.9%€4,935▲ 68.8%
Net result€4,191--€5,162€5,130within the sector's middle half€18,091within the sector's middle half▲ 253%-€36,561below the sector's middle half€50,580within the sector's middle half€1,781below the sector's middle half▼ 96.5%€2,920below the sector's middle half▲ 64.0%
Equity€7,685-€2,523▼ 67.2%€7,653below the sector's middle half▲ 203%€25,744below the sector's middle half▲ 236%-€10,816below the sector's middle half€39,763within the sector's middle half€41,544within the sector's middle half▲ 4.5%€44,464within the sector's middle half▲ 7.0%
Total assets€21,129-€28,061▲ 32.8%€75,336below the sector's middle half▲ 168%€84,982within the sector's middle half▲ 12.8%€79,875below the sector's middle half▼ 6.0%€104,806within the sector's middle half▲ 31.2%€129,964within the sector's middle half▲ 24.0%€102,119within the sector's middle half▼ 21.4%
Debt€13,444-€25,538▲ 90.0%€67,683▲ 165%€59,238▼ 12.5%€90,691▲ 53.1%€65,043▼ 28.3%€88,420▲ 35.9%€57,655▼ 34.8%
Working capital€5,905-€1,969▼ 66.7%€7,566within the sector's middle half▲ 284%€23,258within the sector's middle half▲ 207%-€12,425below the sector's middle half€39,032within the sector's middle half€55,906within the sector's middle half▲ 43.2%€54,366within the sector's middle half▼ 2.8%
Solvency36.4%-9.0%▼ 27.4pp10.2%below the sector's middle half▲ 1.2pp30.3%within the sector's middle half▲ 20.1pp-13.5%below the sector's middle half▼ 43.8pp37.9%within the sector's middle half▲ 51.5pp32.0%within the sector's middle half▼ 6.0pp43.5%within the sector's middle half▲ 11.6pp
Current ratio1.44-1.08▼ 0.361.11within the sector's middle half▲ 0.031.39within the sector's middle half▲ 0.280.86below the sector's middle half▼ 0.531.60within the sector's middle half▲ 0.741.75within the sector's middle half▲ 0.152.14within the sector's middle half▲ 0.38
Return on assets (ROA)19.8%--18.4%▼ 38.2pp6.8%within the sector's middle half▲ 25.2pp21.3%within the sector's middle half▲ 14.5pp-45.8%below the sector's middle half▼ 67.1pp48.3%above the sector's middle half▲ 94.0pp1.4%below the sector's middle half▼ 46.9pp2.9%within the sector's middle half▲ 1.5pp
Staff (FTE)0.922=
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 69% higher than in 2024. It is a recovery after the fall 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
Equity and liabilities €102,119
Equity
€44,464 ▲ 7.0%
Debt
€57,655 ▼ 34.8%
Debt's share of the balance-sheet total falls from 68.0% to 56.5%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
1.30▼
2024 · 2.13
ROE
6.6%▲
2024 · 4.3%
Debt ≤ 1 year
€47,753▼
2024 · €74,058
Income taxes
€1,787▲
2024 · €948
Staff costs
€88,429▼
2024 · €91,436
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 2 | 2 |
| full-time | 1 | 2 | 2 |
| in full-time equivalents | 1 | 2 | 2 |
| Average over the year, in full-time equivalents | 0.9 | 2 | 2 |
| On a permanent contract | 1 | 2 | 2 |
| Joined | 1 | - | - |
| Left | 0 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,632 | - | - | - | - |
| Depreciation and write-downs of the year | €234 | €877 | €877 | €731 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €28,015 | €38,344 | €78,386 | €91,436 | €88,429 | ▼ 3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,576 | €1,226 | €467 | €234 | €877 | €877 | €731 | - | - |
| Other operating charges640/8 | - | - | - | €796 | €102 | €876 | €620 | €520 | ▼ 16.2% |
| Gross operating margin9900 | €7,229 | -€3,423 | €6,361 | €54,190 | €2,996 | €136,992 | €95,711 | €93,883 | ▼ 1.9% |
| Operating profit (loss)9901 | €5,113 | -€5,094 | €5,788 | €25,146 | -€36,328 | €56,853 | €2,924 | €4,935 | ▲ 68.8% |
| Financial income75/76B | - | - | - | - | €35 | €0 | - | - | - |
| Recurring financial income75 | - | €1 | - | - | €35 | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €163 | €201 | €231 | €196 | €227 | ▲ 16.1% |
| Recurring financial charges65 | €84 | €69 | €96 | €163 | €201 | €231 | €196 | €227 | ▲ 16.1% |
| Profit (loss) for the period before taxes9903 | €5,029 | -€5,162 | €5,692 | €24,984 | -€36,494 | €56,623 | €2,728 | €4,708 | ▲ 72.5% |
| Income taxes67/77 | €839 | - | €562 | €6,892 | €67 | €6,043 | €948 | €1,787 | ▲ 88.6% |
| Profit (loss) for the period9904 | €4,191 | -€5,162 | €5,130 | €18,091 | -€36,561 | €50,580 | €1,781 | €2,920 | ▲ 64.0% |
| Profit (loss) for the period to be appropriated9905 | €4,191 | -€5,162 | €5,130 | €18,091 | -€36,561 | €50,580 | €1,781 | €2,920 | ▲ 64.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €21,129 | €28,061 | €75,336 | €84,982 | €79,875 | €104,806 | €129,964 | €102,119 | ▼ 21.4% |
| Formation expenses20 | €259 | €65 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €1,521 | €489 | €87 | €2,486 | €1,609 | €731 | - | - | - |
| Intangible fixed assets21 | €264 | €66 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €1,257 | €423 | €87 | €2,486 | €1,609 | €731 | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €2,486 | €1,609 | €731 | - | - | - |
| Current assets29/58 | €19,349 | €27,507 | €75,249 | €82,496 | €78,266 | €104,075 | €129,964 | €102,119 | ▼ 21.4% |
| Amounts receivable within one year40/41 | €15,060 | €27,047 | €23,738 | €36,187 | €53,513 | €72,062 | €72,316 | €61,698 | ▼ 14.7% |
| Trade receivables40 | - | - | - | €19,566 | €43,505 | €72,062 | €68,366 | €58,696 | ▼ 14.1% |
| Other amounts receivable41 | - | - | - | €16,622 | €10,008 | - | €3,950 | €3,002 | ▼ 24.0% |
| Cash at bank and in hand54/58 | €4,289 | €460 | €51,511 | €46,309 | €24,753 | €32,013 | €57,309 | €38,870 | ▼ 32.2% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €340 | €1,550 | ▲ 356% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €21,129 | €28,061 | €75,336 | €84,982 | €79,875 | €104,806 | €129,964 | €102,119 | ▼ 21.4% |
| Equity10/15 | €7,685 | €2,523 | €7,653 | €25,744 | -€10,816 | €39,763 | €41,544 | €44,464 | ▲ 7.0% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€375 | -€5,537 | -€407 | €17,684 | -€18,876 | €31,703 | €33,484 | €36,404 | ▲ 8.7% |
| Amounts payable17/49 | €13,444 | €25,538 | €67,683 | €59,238 | €90,691 | €65,043 | €88,420 | €57,655 | ▼ 34.8% |
| Amounts payable within one year42/48 | €13,444 | €25,538 | €67,683 | €59,238 | €90,691 | €65,043 | €74,058 | €47,753 | ▼ 35.5% |
| Trade debts44 | €6,663 | €7,222 | €49,608 | €31,853 | €72,397 | €37,769 | €28,905 | €16,693 | ▼ 42.2% |
| Suppliers440/4 | - | - | - | €31,853 | €72,397 | €37,769 | €28,905 | €16,693 | ▼ 42.2% |
| Taxes, remuneration and social security45 | - | - | - | €10,199 | €8,613 | €17,558 | €35,121 | €21,007 | ▼ 40.2% |
| Taxes450/3 | - | - | - | €7,919 | €7,661 | €17,390 | €24,514 | €8,752 | ▼ 64.3% |
| Remuneration and social security454/9 | - | - | - | €2,280 | €952 | €168 | €10,607 | €12,255 | ▲ 15.5% |
| Other amounts payable47/48 | - | - | - | €17,185 | €9,680 | €9,715 | €10,032 | €10,054 | ▲ 0.2% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €14,363 | €9,902 | ▼ 31.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,191 | -€5,162 | €5,130 | €18,091 | -€36,561 | €50,580 | €1,781 | €2,920 | ▲ 64.0% |
| + Depreciation and write-downs630 | €1,576 | €1,226 | €467 | €234 | €877 | €877 | €731 | - | - |
| Operating cash flow (approximation) | €5,767 | -€3,936 | €5,597 | €18,325 | -€35,683 | €51,457 | €2,512 | €2,920 | ▲ 16.3% |
| Investment in fixed assets (approximation) | - | -€194 | -€65 | -€2,632 | €0 | €0 | - | - | - |
| Change in cash | - | -€3,829 | €51,051 | -€5,202 | -€21,556 | €7,260 | €25,295 | -€18,438 | - |
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, 10,904 companies had the same profile as APerium has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of APerium 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.
| 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 10,904 companies, not a prediction for APerium. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00381740 | |
| 31-12-2024 | micro format | 14-08-2025 | 2025-00379533 | |
| 31-12-2023 | micro format | 04-08-2024 | 2024-00327394 | |
| 31-12-2022 | micro format | 26-08-2023 | 2023-00420310 | |
| 31-12-2021 | micro format | 14-08-2022 | 2022-20291671 | |
| 31-12-2020 | micro format | 20-08-2021 | 2021-50400130 | |
| 31-12-2019 | micro format | 29-09-2020 | 2020-56200530 | |
| 31-12-2018 | micro format | 30-09-2019 | 2019-66600132 | |
| 31-12-2017 | micro format | 26-08-2018 | 2018-55500249 | |
| 31-12-2016 | abbreviated format | 29-08-2017 | 2017-57200502 |