APEX SERVICES
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 2 filings
Turnover
≈ €1.3m
Estimated: probably between €1.1m and €1.6m
Total assets
€653,212▼ 15.2%
2024 · €770,294
Net result
€121,452▼ 40.3%
2024 · €203,295
Working capital
€35,309▲ 712%
2024 · €4,349
In the rankings
#7 employer in Ichtegem, Construction sector
Multi-year overview
2024 to 2025, 2 financial yearsOperating result
€176,180
▼ 40.2%
2025
20242025
Net result
€121,452
▼ 40.3%
2025
highest quarter of the sector
20242025
Equity
€114,814
▲ 23.0%
2025
middle half of the sector
20242025
Total assets
€653,212
▼ 15.2%
2025
middle half of the sector
20242025
Debt
€538,398
▼ 20.5%
2025
20242025
Working capital
€35,309
▲ 712%
2025
middle half of the sector
20242025
Solvency
17.6%
▲ 5.5pp
2025
lowest quarter of the sector
20242025
Current ratio
1.07
▲ 0.06
2025
lowest quarter of the sector
20242025
Return on assets (ROA)
18.6%
▼ 7.8pp
2025
highest quarter of the sector
20242025
Staff (FTE)
6.8
▲ 134%
2025
middle half of the sector
20242025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20242025
Operating result€294,781-€176,180▼ 40.2%
Net result€203,295above the sector's middle half-€121,452above the sector's middle half▼ 40.3%
Equity€93,362below the sector's middle half-€114,814within the sector's middle half▲ 23.0%
Total assets€770,294within the sector's middle half-€653,212within the sector's middle half▼ 15.2%
Debt€676,932-€538,398▼ 20.5%
Working capital€4,349below the sector's middle half-€35,309within the sector's middle half▲ 712%
Solvency12.1%below the sector's middle half-17.6%below the sector's middle half▲ 5.5pp
Current ratio1.01below the sector's middle half-1.07below the sector's middle half▲ 0.06
Return on assets (ROA)26.4%above the sector's middle half-18.6%above the sector's middle half▼ 7.8pp
Staff (FTE)2.9within the sector's middle half-6.8within the sector's middle half▲ 134%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 40% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €653,212
Fixed assets
€113,237 ▼ 15.8%
Current assets
€539,976 ▼ 15.1%
Equity and liabilities €653,212
Equity
€114,814 ▲ 23.0%
Debt
€538,398 ▼ 20.5%
Debt's share of the balance-sheet total falls from 87.9% to 82.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€225,770▼
2024 · €343,393
Cash flow
€171,042▼
2024 · €251,907
Quick ratio
0.98▲
2024 · 0.95
Debt to equity
4.69▼
2024 · 7.25
ROE
105.8%▼
2024 · 217.7%
Interest coverage
20.20▲
2024 · 16.15
Debt ≤ 1 year
€504,667▼
2024 · €631,493
Debt > 1 year
€31,067▼
2024 · €45,270
Income taxes
€43,936▼
2024 · €70,560
Staff costs
€360,021▼
2024 · €367,652
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2024 | 31-12-2025 |
|---|---|---|
| Employees at the balance-sheet date | 8 | 9 |
| full-time | 6 | 7 |
| part-time | 2 | 2 |
| in full-time equivalents | 6.8 | 7.8 |
| Average over the year, in full-time equivalents | 2.9 | 6.8 |
| On a permanent contract | 8 | 8 |
| Joined | 9 | 5 |
| Left | 2 | 4 |
Source: social balance sheet in the 2024 to 2025 annual accounts
Investments
| Item | 2024 | 2025 |
|---|---|---|
| Tangible fixed assets | €274,665 | €30,576 |
| Intangible fixed assets | €2,700 | - |
| Financial fixed assets | - | €5,400 |
| Depreciation and write-downs of the year | €48,612 | €49,590 |
Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €654 awarded · €102 paidAnnual accounts
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Remuneration, social security and pensions62 | €367,652 | €360,021 | ▼ 2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €48,612 | €49,590 | ▲ 2.0% |
| Other operating charges640/8 | €2,808 | €3,405 | ▲ 21.2% |
| Non-recurring operating charges66A | - | €1,213 | - |
| Gross operating margin9900 | €713,854 | €590,408 | ▼ 17.3% |
| Operating profit (loss)9901 | €294,781 | €176,180 | ▼ 40.2% |
| Financial income75/76B | €336 | €387 | ▲ 15.5% |
| Recurring financial income75 | €336 | €387 | ▲ 15.5% |
| Financial charges65/66B | €21,262 | €11,179 | ▼ 47.4% |
| Recurring financial charges65 | €21,262 | €11,179 | ▼ 47.4% |
| Profit (loss) for the period before taxes9903 | €273,855 | €165,388 | ▼ 39.6% |
| Income taxes67/77 | €70,560 | €43,936 | ▼ 37.7% |
| Profit (loss) for the period9904 | €203,295 | €121,452 | ▼ 40.3% |
| Profit (loss) for the period to be appropriated9905 | €203,295 | €121,452 | ▼ 40.3% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Assets | |||
| Total assets20/58 | €770,294 | €653,212 | ▼ 15.2% |
| Fixed assets21/28 | €134,452 | €113,237 | ▼ 15.8% |
| Intangible fixed assets21 | €1,763 | €1,223 | ▼ 30.6% |
| Tangible fixed assets22/27 | €132,689 | €106,614 | ▼ 19.7% |
| Plant, machinery and equipment23 | €19,444 | €31,442 | ▲ 61.7% |
| Furniture and vehicles24 | €57,149 | €27,130 | ▼ 52.5% |
| Leasing and similar rights25 | €55,123 | €38,696 | ▼ 29.8% |
| Other tangible fixed assets26 | €973 | €9,347 | ▲ 861% |
| Financial fixed assets28 | - | €5,400 | - |
| Current assets29/58 | €635,842 | €539,976 | ▼ 15.1% |
| Stocks and contracts in progress3 | €34,715 | €46,671 | ▲ 34.4% |
| Stocks30/36 | €34,715 | €46,671 | ▲ 34.4% |
| Amounts receivable within one year40/41 | €513,832 | €308,767 | ▼ 39.9% |
| Trade receivables40 | €318,690 | €222,293 | ▼ 30.2% |
| Other amounts receivable41 | €195,141 | €86,475 | ▼ 55.7% |
| Cash at bank and in hand54/58 | €76,740 | €177,399 | ▲ 131% |
| Deferred charges and accrued income490/1 | €10,556 | €7,139 | ▼ 32.4% |
| Equity and liabilities | |||
| Total equity and liabilities10/49 | €770,294 | €653,212 | ▼ 15.2% |
| Equity10/15 | €93,362 | €114,814 | ▲ 23.0% |
| Contributions10/11 | €90,067 | €90,067 | = |
| Reserves13 | €3,295 | €24,747 | ▲ 651% |
| Distributable reserves133 | €3,295 | €24,747 | ▲ 651% |
| Profit (loss) carried forward14 | €0 | €0 | - |
| Amounts payable17/49 | €676,932 | €538,398 | ▼ 20.5% |
| Amounts payable after more than one year17 | €45,270 | €31,067 | ▼ 31.4% |
| Financial debts170/4 | €45,270 | €31,067 | ▼ 31.4% |
| Amounts payable within one year42/48 | €631,493 | €504,667 | ▼ 20.1% |
| Current portion of amounts payable after more than one year42 | €37,035 | €29,556 | ▼ 20.2% |
| Financial debts43 | €94,260 | €8,209 | ▼ 91.3% |
| Credit institutions430/8 | €94,260 | €8,209 | ▼ 91.3% |
| Trade debts44 | €158,940 | €146,242 | ▼ 8.0% |
| Suppliers440/4 | €158,940 | €146,242 | ▼ 8.0% |
| Taxes, remuneration and social security45 | €141,259 | €220,660 | ▲ 56.2% |
| Taxes450/3 | €79,985 | €164,478 | ▲ 106% |
| Remuneration and social security454/9 | €61,274 | €56,181 | ▼ 8.3% |
| Other amounts payable47/48 | €200,000 | €100,000 | ▼ 50.0% |
| Accrued charges and deferred income492/3 | €169 | €2,665 | ▲ 16× |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Profit (loss) for the period9904 | €203,295 | €121,452 | ▼ 40.3% |
| + Depreciation and write-downs630 | €48,612 | €49,590 | ▲ 2.0% |
| Operating cash flow (approximation) | €251,907 | €171,042 | ▼ 32.1% |
| Investment in fixed assets (approximation) | - | -€28,375 | - |
| Change in cash | - | €100,660 | - |
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, 7,976 companies had the same profile as APEX SERVICES has now. Two years later, 94.3% were still going and 3.6% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
94.3%
was still going
1.8%
stopped otherwise
3.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of APEX SERVICES itself: 1.4% 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 7,976 companies, not a prediction for APEX SERVICES. 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.