APEX+
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 05-10-2026 at the NBB all 15 filings
Turnover
≈ €310,000
Estimated: probably between €260,000 and €360,000
Total assets
€568,438▼ 28.2%
2025 · €791,848
Net result
€127,844▲ 11.8%
2025 · €114,317
Working capital
€424,814▲ 5.5%
2025 · €402,791
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€176,395
▲ 23.0%
2026
20192026
Net result
€127,844
▲ 11.8%
2026
20192026
Equity
€454,074
▲ 13.2%
2026
20192026
Total assets
€568,438
▼ 28.2%
2026
20192026
Debt
€114,364
▼ 70.7%
2026
20192026
Working capital
€424,814
▲ 5.5%
2026
20192026
Solvency
79.9%
▲ 29.2pp
2026
20192026
Current ratio
4.75
▲ 2.71
2026
20192026
Return on assets (ROA)
22.5%
▲ 8.1pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€109,331-€135,102▲ 23.6%€188,610▲ 39.6%€204,663▲ 8.5%€106,190▼ 48.1%€172,328▲ 62.3%€143,418▼ 16.8%€176,395▲ 23.0%
Net result€77,968-€94,369▲ 21.0%€130,613above the sector's middle half▲ 38.4%€140,096above the sector's middle half▲ 7.3%€75,878above the sector's middle half▼ 45.8%€129,229above the sector's middle half▲ 70.3%€114,317above the sector's middle half▼ 11.5%€127,844▲ 11.8%
Equity€475,964-€489,521▲ 2.8%€449,335above the sector's middle half▼ 8.2%€538,631above the sector's middle half▲ 19.9%€594,708above the sector's middle half▲ 10.4%€646,105above the sector's middle half▲ 8.6%€401,063above the sector's middle half▼ 37.9%€454,074▲ 13.2%
Total assets€511,073-€614,101▲ 20.2%€673,166above the sector's middle half▲ 9.6%€649,066above the sector's middle half▼ 3.6%€642,624above the sector's middle half▼ 1.0%€768,366above the sector's middle half▲ 19.6%€791,848above the sector's middle half▲ 3.1%€568,438▼ 28.2%
Debt€35,109-€124,580▲ 255%€223,831▲ 79.7%€110,435▼ 50.7%€47,916▼ 56.6%€122,261▲ 155%€390,785▲ 220%€114,364▼ 70.7%
Working capital€472,697-€489,098▲ 3.5%€449,335above the sector's middle half▼ 8.1%€538,631above the sector's middle half▲ 19.9%€594,708above the sector's middle half▲ 10.4%€648,479above the sector's middle half▲ 9.0%€402,791above the sector's middle half▼ 37.9%€424,814▲ 5.5%
Solvency93.1%-79.7%▼ 13.4pp66.7%within the sector's middle half▼ 13.0pp83.0%above the sector's middle half▲ 16.2pp92.5%above the sector's middle half▲ 9.6pp84.1%above the sector's middle half▼ 8.5pp50.6%within the sector's middle half▼ 33.4pp79.9%▲ 29.2pp
Current ratio14.46-4.93▼ 9.543.01within the sector's middle half▼ 1.925.88above the sector's middle half▲ 2.8713.41above the sector's middle half▲ 7.536.41above the sector's middle half▼ 7.002.04within the sector's middle half▼ 4.374.75▲ 2.71
Return on assets (ROA)15.3%-15.4%▲ 0.1pp19.4%within the sector's middle half▲ 4.0pp21.6%within the sector's middle half▲ 2.2pp11.8%within the sector's middle half▼ 9.8pp16.8%within the sector's middle half▲ 5.0pp14.4%within the sector's middle half▼ 2.4pp22.5%▲ 8.1pp
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 2026 is 23% higher than in 2025. It is a recovery after the fall in 2025.
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
2026 in colour, 2025 as the grey bar beneath
Assets €568,438
Fixed assets
€30,240
Current assets
€538,198
Equity and liabilities €568,438
Equity
€454,074 ▲ 13.2%
Debt
€114,364 ▼ 70.7%
Debt's share of the balance-sheet total falls from 49.4% to 20.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€179,202
Cash flow
€130,651
Debt to equity
0.25▼
2025 · 0.97
ROE
28.2%▼
2025 · 28.5%
Interest coverage
over 100
Debt ≤ 1 year
€113,384▼
2025 · €389,057
Income taxes
€54,000▲
2025 · €48,125
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €33,047 |
| Depreciation and write-downs of the year | €0 | - | - | - | €2,807 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,695 | €2,844 | €424 | €0 | - | - | - | €2,807 | - |
| Other operating charges640/8 | - | - | - | €543 | €544 | €591 | €603 | €644 | ▲ 6.8% |
| Gross operating margin9900 | €113,579 | €138,501 | €189,576 | €205,206 | €106,735 | €172,919 | €144,021 | €179,846 | ▲ 24.9% |
| Operating profit (loss)9901 | €109,331 | €135,102 | €188,610 | €204,663 | €106,190 | €172,328 | €143,418 | €176,395 | ▲ 23.0% |
| Financial income75/76B | - | - | - | €0 | €0 | €12,310 | €19,180 | €5,601 | ▼ 70.8% |
| Recurring financial income75 | - | - | €12 | €0 | €0 | €12,310 | €19,180 | €5,601 | ▼ 70.8% |
| Financial charges65/66B | - | - | - | €4,601 | €384 | €176 | €155 | €151 | ▼ 2.4% |
| Recurring financial charges65 | €85 | €156 | €2,421 | €4,601 | €384 | €176 | €155 | €151 | ▼ 2.4% |
| Profit (loss) for the period before taxes9903 | €109,246 | €134,947 | €186,202 | €200,063 | €105,806 | €184,463 | €162,442 | €181,844 | ▲ 11.9% |
| Income taxes67/77 | €31,278 | €40,578 | €55,588 | €59,966 | €29,929 | €55,234 | €48,125 | €54,000 | ▲ 12.2% |
| Profit (loss) for the period9904 | €77,968 | €94,369 | €130,613 | €140,096 | €75,878 | €129,229 | €114,317 | €127,844 | ▲ 11.8% |
| Profit (loss) for the period to be appropriated9905 | €77,968 | €94,369 | €130,613 | €140,096 | €75,878 | €129,229 | €114,317 | €127,844 | ▲ 11.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €511,073 | €614,101 | €673,166 | €649,066 | €642,624 | €768,366 | €791,848 | €568,438 | ▼ 28.2% |
| Fixed assets21/28 | €3,268 | €424 | €0 | - | - | - | - | €30,240 | - |
| Tangible fixed assets22/27 | €3,268 | €424 | €0 | - | - | - | - | €30,240 | - |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €30,240 | - |
| Current assets29/58 | €507,805 | €613,677 | €673,166 | €649,066 | €642,624 | €768,366 | €791,848 | €538,198 | ▼ 32.0% |
| Amounts receivable within one year40/41 | €17,967 | €18,634 | €19,058 | €20,184 | €24,161 | €21,236 | €19,602 | €29,190 | ▲ 48.9% |
| Trade receivables40 | - | - | - | €20,184 | €24,161 | €21,236 | €19,602 | €24,394 | ▲ 24.4% |
| Other amounts receivable41 | - | - | - | - | - | - | - | €4,797 | - |
| Current investments50/53 | - | - | - | - | - | - | €650,000 | €300,000 | ▼ 53.8% |
| Cash at bank and in hand54/58 | €485,902 | €591,202 | €650,148 | €624,871 | €616,064 | €735,152 | €112,393 | €200,847 | ▲ 78.7% |
| Deferred charges and accrued income490/1 | - | - | - | €4,011 | €2,400 | €11,978 | €9,853 | €8,161 | ▼ 17.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €511,073 | €614,101 | €673,166 | €649,066 | €642,624 | €768,366 | €791,848 | €568,438 | ▼ 28.2% |
| Equity10/15 | €475,964 | €489,521 | €449,335 | €538,631 | €594,708 | €646,105 | €401,063 | €454,074 | ▲ 13.2% |
| Contributions10/11 | €6,200 | €0 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €397,860 | €407,860 | €367,360 | €456,360 | €511,360 | €563,360 | €318,860 | €371,860 | ▲ 16.6% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €454,500 | €509,500 | €563,360 | €318,860 | €371,860 | ▲ 16.6% |
| Profit (loss) carried forward14 | €71,904 | €75,461 | €75,775 | €76,071 | €77,148 | €76,545 | €76,003 | €76,014 | = |
| Amounts payable17/49 | €35,109 | €124,580 | €223,831 | €110,435 | €47,916 | €122,261 | €390,785 | €114,364 | ▼ 70.7% |
| Amounts payable within one year42/48 | €35,109 | €124,580 | €223,831 | €110,435 | €47,916 | €119,887 | €389,057 | €113,384 | ▼ 70.9% |
| Trade debts44 | €23 | €1,292 | €972 | €2,863 | €994 | €1,161 | €681 | €0 | ▼ 100% |
| Suppliers440/4 | - | - | - | €2,863 | €994 | €1,161 | €681 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €56,380 | €26,776 | €39,828 | €27,933 | €38,551 | ▲ 38.0% |
| Taxes450/3 | - | - | - | €54,090 | €24,486 | €37,538 | €25,643 | €36,151 | ▲ 41.0% |
| Remuneration and social security454/9 | - | - | - | €2,290 | €2,290 | €2,290 | €2,290 | €2,400 | ▲ 4.8% |
| Other amounts payable47/48 | - | - | - | €51,192 | €20,146 | €78,899 | €360,443 | €74,833 | ▼ 79.2% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €2,374 | €1,728 | €981 | ▼ 43.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €77,968 | €94,369 | €130,613 | €140,096 | €75,878 | €129,229 | €114,317 | €127,844 | ▲ 11.8% |
| + Depreciation and write-downs630 | €3,695 | €2,844 | €424 | €0 | - | - | - | €2,807 | - |
| Operating cash flow (approximation) | €81,662 | €97,213 | €131,037 | €140,096 | €75,878 | €129,229 | €114,317 | €130,651 | ▲ 14.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | - | - | - | - | - | - |
| Change in cash | - | €105,300 | €58,946 | -€25,277 | -€8,807 | €119,088 | -€622,759 | €88,454 | - |
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, 17,811 companies had the same profile as APEX+ has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of APEX+ 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 17,811 companies, not a prediction for APEX+. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 05-10-2026 | 2026-00552110 | |
| 31-03-2025 | micro format | 10-10-2025 | 2025-00540129 | |
| 31-03-2024 | micro format | 25-09-2024 | 2024-00475667 | |
| 31-03-2023 | micro format | 02-10-2023 | 2023-00469054 | |
| 31-03-2022 | micro format | 15-09-2022 | 2022-20429421 | |
| 31-03-2021 | micro format | 14-09-2021 | 2021-67200343 | |
| 31-03-2020 | micro format | 07-10-2020 | 2020-59800182 | |
| 31-03-2019 | micro format | 30-10-2019 | 2019-72300178 | |
| 31-03-2018 | micro format | 28-09-2018 | 2018-66800296 | |
| 31-03-2017 | micro format | 25-09-2017 | 2017-62500141 |