APMC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 15 filings
Turnover
≈ €39,000
Estimated: probably between €19,000 and €77,000
Total assets
€4.7m▲ 60.9%
2024 · €2.9m
Net result
€2.1m▲ 234%
2024 · €632,494
Working capital
€3.9m▲ 94.3%
2024 · €2.0m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€5,051
▲ 55.3%
2025
20182025
Net result
€2.1m
▲ 234%
2025
highest quarter of the sector
20182025
Equity
€4.5m
▲ 76.0%
2025
highest quarter of the sector
20182025
Total assets
€4.7m
▲ 60.9%
2025
highest quarter of the sector
20182025
Debt
€200,381
▼ 45.0%
2025
20182025
Working capital
€3.9m
▲ 94.3%
2025
highest quarter of the sector
20182025
Solvency
95.8%
▲ 8.2pp
2025
highest quarter of the sector
20182025
Current ratio
20.50
▼ 10.82
2025
highest quarter of the sector
20182025
Return on assets (ROA)
44.8%
▲ 23.2pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.05m-€0.04m▼ 6.1%€0.003m▼ 93.4%-€0.004m-€0.02m▼ 356%-€0.007m▲ 62.9%-€0.01m▼ 63.3%-€0.005m▲ 55.3%
Net result€0.08m-€0.08m▲ 2.6%€0.06mwithin the sector's middle half▼ 30.7%€0.07mabove the sector's middle half▲ 14.2%€0.1mabove the sector's middle half▲ 76.4%€0.2mabove the sector's middle half▲ 89.4%€0.6mabove the sector's middle half▲ 182%€2.1mabove the sector's middle half▲ 234%
Equity€1.7m-€1.7m▲ 5.1%€1.8mabove the sector's middle half▲ 3.4%€1.9mabove the sector's middle half▲ 3.7%€2.0mabove the sector's middle half▲ 6.3%€2.1mabove the sector's middle half▲ 4.6%€2.6mabove the sector's middle half▲ 23.8%€4.5mabove the sector's middle half▲ 76.0%
Total assets€2.0m-€2.1m▲ 3.8%€2.2mwithin the sector's middle half▲ 3.6%€2.2mabove the sector's middle half▲ 2.3%€2.3mabove the sector's middle half▲ 3.9%€2.4mabove the sector's middle half▲ 5.0%€2.9mabove the sector's middle half▲ 21.8%€4.7mabove the sector's middle half▲ 60.9%
Debt€0.4m-€0.3m▼ 2.6%€0.4m▲ 4.5%€0.3m▼ 4.8%€0.3m▼ 9.2%€0.3m▲ 7.7%€0.4m▲ 9.0%€0.2m▼ 45.0%
Working capital€1.0m-€1.1m▲ 9.7%€1.2mabove the sector's middle half▲ 8.5%€1.2mabove the sector's middle half▲ 5.3%€1.4mabove the sector's middle half▲ 11.8%€1.5mabove the sector's middle half▲ 8.7%€2.0mabove the sector's middle half▲ 33.6%€3.9mabove the sector's middle half▲ 94.3%
Solvency82.4%-83.5%▲ 1.1pp83.4%above the sector's middle half▼ 0.1pp84.5%above the sector's middle half▲ 1.2pp86.5%above the sector's middle half▲ 2.0pp86.1%above the sector's middle half▼ 0.3pp87.6%above the sector's middle half▲ 1.5pp95.8%above the sector's middle half▲ 8.2pp
Current ratio43.13-76.80▲ 33.6742.51above the sector's middle half31.31above the sector's middle half▼ 11.2020.50above the sector's middle half▼ 10.82
Return on assets (ROA)4.1%-4.1%=2.7%within the sector's middle half▼ 1.3pp3.0%within the sector's middle half▲ 0.3pp5.2%within the sector's middle half▲ 2.1pp9.3%within the sector's middle half▲ 4.1pp21.6%within the sector's middle half▲ 12.3pp44.8%above the sector's middle half▲ 23.2pp
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 a loss of €5,051, smaller than the loss of €11,294 in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €4.7m
Fixed assets
€610,477 ▼ 28.5%
Current assets
€4.1m ▲ 97.7%
Equity and liabilities €4.7m
Equity
€4.5m ▲ 76.0%
Debt
€200,381 ▼ 45.0%
Debt's share of the balance-sheet total falls from 12.4% to 4.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€5,641▲
2024 · €349
Cash flow
€2.1m▲
2024 · €644,137
Debt to equity
0.04▼
2024 · 0.14
ROE
46.8%▲
2024 · 24.6%
Interest coverage
2.04▲
2024 · 0.04
Debt ≤ 1 year
€200,381▲
2024 · €66,336
Debt > 1 year
€0▼
2024 · €297,911
Income taxes
€213,704▲
2024 · €73,390
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | ▼ 8.2% |
| Other operating charges640/8 | - | - | - | €101 | €102 | €109 | €0.001m | €0.003m | ▲ 196% |
| Gross operating margin9900 | €0.06m | €0.05m | €0.01m | €0.008m | -€0.007m | €0.005m | €0.001m | €0.008m | ▲ 568% |
| Operating profit (loss)9901 | €0.05m | €0.04m | €0.003m | -€0.004m | -€0.02m | -€0.007m | -€0.01m | -€0.005m | ▲ 55.3% |
| Financial income75/76B | - | - | - | €0.08m | €0.2m | €0.3m | €0.7m | €2.3m | ▲ 222% |
| Recurring financial income75 | €0.06m | €0.06m | €0.07m | €0.08m | €0.1m | €0.2m | €0.7m | €2.3m | ▲ 222% |
| Non-recurring financial income76B | - | - | - | - | €0.03m | €0.03m | - | - | - |
| Financial charges65/66B | - | - | - | €0.005m | €0.005m | €0.005m | €0.009m | €0.003m | ▼ 70.9% |
| Recurring financial charges65 | €0.01m | €0.007m | €0.005m | €0.005m | €0.005m | €0.005m | €0.009m | €0.003m | ▼ 70.9% |
| Profit (loss) for the period before taxes9903 | €0.1m | €0.1m | €0.07m | €0.07m | €0.1m | €0.3m | €0.7m | €2.3m | ▲ 230% |
| Income taxes67/77 | €0.02m | €0.02m | €0.009m | €0.008m | €0.01m | €0.03m | €0.07m | €0.2m | ▲ 191% |
| Profit (loss) for the period9904 | €0.08m | €0.08m | €0.06m | €0.07m | €0.1m | €0.2m | €0.6m | €2.1m | ▲ 234% |
| Profit (loss) for the period to be appropriated9905 | €0.08m | €0.08m | €0.06m | €0.07m | €0.1m | €0.2m | €0.6m | €2.1m | ▲ 234% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.0m | €2.1m | €2.2m | €2.2m | €2.3m | €2.4m | €2.9m | €4.7m | ▲ 60.9% |
| Fixed assets21/28 | €1.0m | €1.0m | €1.0m | €1.0m | €0.9m | €0.9m | €0.9m | €0.6m | ▼ 28.5% |
| Tangible fixed assets22/27 | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 2.7% |
| Land and buildings22 | - | - | - | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 2.7% |
| Financial fixed assets28 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.2m | ▼ 50.2% |
| Current assets29/58 | €1.0m | €1.1m | €1.2m | €1.2m | €1.4m | €1.5m | €2.1m | €4.1m | ▲ 97.7% |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €2.4m | ▲ 14× |
| Trade receivables40 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €2.3m | ▲ 798× |
| Other amounts receivable41 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 28.1% |
| Current investments50/53 | - | - | - | - | - | - | €0.6m | €1.6m | ▲ 157% |
| Cash at bank and in hand54/58 | €0.8m | €0.9m | €1.0m | €1.1m | €1.2m | €1.3m | €1.3m | €0.1m | ▼ 90.4% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €0.002m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.0m | €2.1m | €2.2m | €2.2m | €2.3m | €2.4m | €2.9m | €4.7m | ▲ 60.9% |
| Equity10/15 | €1.7m | €1.7m | €1.8m | €1.9m | €2.0m | €2.1m | €2.6m | €4.5m | ▲ 76.0% |
| Contributions10/11 | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Reserves13 | €0.8m | €0.9m | €0.9m | €1.0m | €1.1m | €1.2m | €1.7m | €3.7m | ▲ 114% |
| Distributable reserves133 | - | - | - | €1.0m | €1.1m | €1.2m | €1.7m | €3.7m | ▲ 114% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €0.4m | €0.3m | €0.4m | €0.3m | €0.3m | €0.3m | €0.4m | €0.2m | ▼ 45.0% |
| Amounts payable after more than one year17 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €0.02m | €0.01m | €0.008m | €0.008m | €0.01m | €0.04m | €0.07m | €0.2m | ▲ 202% |
| Financial debts43 | - | - | - | - | - | - | - | €6 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €6 | - |
| Trade debts44 | €0.004m | €0.005m | €309 | €314 | €1 | €196 | €179 | €52 | ▼ 71.0% |
| Suppliers440/4 | - | - | - | €314 | €1 | €196 | €179 | €52 | ▼ 71.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.008m | €0.01m | €0.04m | €0.07m | €0.2m | ▲ 202% |
| Taxes450/3 | - | - | - | €0.007m | €0.01m | €0.04m | €0.07m | €0.2m | ▲ 203% |
| Remuneration and social security454/9 | - | - | - | €0.001m | €0.001m | €0.001m | €192 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €309 | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.005m | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.08m | €0.08m | €0.06m | €0.07m | €0.1m | €0.2m | €0.6m | €2.1m | ▲ 234% |
| + Depreciation and write-downs630 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | ▼ 8.2% |
| Operating cash flow (approximation) | €0.09m | €0.1m | €0.07m | €0.08m | €0.1m | €0.2m | €0.6m | €2.1m | ▲ 230% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0.05m | €0.02m | €0 | €0.2m | - |
| Change in cash | - | €0.1m | €0.1m | €0.08m | €0.1m | €0.1m | -€0.05m | -€1.2m | ▼ 2,322% |
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 APMC 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 APMC 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 APMC. 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 |
|---|---|---|---|---|
| 31-12-2025 | micro format | 10-07-2026 | 2026-00282294 | |
| 31-12-2024 | micro format | 23-06-2025 | 2025-00162352 | |
| 31-12-2023 | micro format | 13-06-2024 | 2024-00127550 | |
| 31-12-2022 | micro format | 06-06-2023 | 2023-00108871 | |
| 31-12-2021 | micro format | 20-06-2022 | 2022-20073917 | |
| 31-12-2020 | abbreviated format | 22-06-2021 | 2021-22700150 | |
| 31-12-2019 | abbreviated format | 11-06-2020 | 2020-16300378 | |
| 31-12-2018 | abbreviated format | 25-06-2019 | 2019-22200213 | |
| 31-12-2017 | abbreviated format | 13-06-2018 | 2018-18200312 | |
| 31-12-2016 | abbreviated format | 20-06-2017 | 2017-19200023 |