APO NET
InactiveAPO NET was declared bankrupt on 17-08-2023 (Ondernemingsrechtbank Brussel); the bankruptcy was closed for insufficient assets by judgment of 28-10-2025, published in the Belgian State Gazette on 10-11-2025.
Summary
Inactive; last annual accounts for fiscal year 2021.
Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Two or more financial years not filed
Since the financial year that closed on 31-12-2022, 4 financial years are missing at the National Bank. A company this far behind goes bankrupt within the year nineteen times as often as a punctual filer.
NBB · 9 filingsPosition against the passed deadline
31-12-2022 close31-07-2023 deadline27-09-2026 today
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2021 was due by 31-07-2022 and was filed on 23-05-2022, 69 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
not filed
2022
not filed
2021
69 d early
2020
296 d late
2019
36 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 3 accounts on average 88 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (1)
History
Financials · fiscal year 2021, micro schema
Turnover
€1.3m▼ 5.9%
2018 · €1.4m
EBIT margin
2.0%▼ 0.4pp
2018 · 2.3%
Net result
€51,309▲ 43.1%
2020 · €35,861
Working capital
€154,666▲ 65.8%
2020 · €93,257
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line2018201920202021
Turnover€1.4m-€1.3m▼ 5.9%
Operating result€33,605-€26,868▼ 20.0%€46,547▲ 73.2%€65,876▲ 41.5%
Net result€19,156-€16,565▼ 13.5%€35,861▲ 116%€51,309▲ 43.1%
EBIT margin2.3%-2.0%▼ 0.4pp
Equity€143,423-€159,988▲ 11.5%€195,849▲ 22.4%€247,158▲ 26.2%
Total assets€463,575-€996,026▲ 115%€278,916▼ 72.0%€323,342▲ 15.9%
Debt€320,152-€836,039▲ 161%€83,067▼ 90.1%€76,184▼ 8.3%
Working capital€139,573-€156,596▲ 12.2%€93,257▼ 40.4%€154,666▲ 65.8%
Staff (FTE)7.3-6.6▼ 9.6%
Result per fiscal year
Operating resultNet result
After the dip in 2019 the operating result has climbed two years in a row; 2021 is 42% above 2020 and is the highest result in the available series.
Balance-sheet composition
2021 in colour, 2020 as the grey bar beneath
Assets €323,342
Fixed assets
€92,493 ▼ 9.8%
Current assets
€230,849 ▲ 30.9%
Equity and liabilities €323,342
Equity
€247,158 ▲ 26.2%
Debt
€76,184 ▼ 8.3%
Debt's share of the balance-sheet total falls from 29.8% to 23.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€75,976▲
2020 · €48,389
Cash flow
€61,409▲
2020 · €37,703
Current ratio
3.03▲
2020 · 2.12
Debt to equity
0.31▼
2020 · 0.42
ROE
20.8%▲
2020 · 18.3%
ROA
15.9%▲
2020 · 12.9%
Interest coverage
24.43▲
2020 · 17.07
Debt ≤ 1 year
€76,184▼
2020 · €83,067
Income taxes
€11,458▲
2020 · €7,850
Staff costs
€172,858▲
2020 · €168,155
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 | Change |
|---|---|---|---|---|---|
| Turnover70 | €1.4m | €1.3m | - | - | - |
| Remuneration, social security and pensions62 | - | - | €168,155 | €172,858 | ▲ 2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,066 | €3,227 | €1,842 | €10,100 | ▲ 448% |
| Other operating charges640/8 | - | - | €6,875 | €4,897 | ▼ 28.8% |
| Gross operating margin9900 | €221,514 | €210,441 | €223,418 | €253,731 | ▲ 13.6% |
| Operating profit (loss)9901 | €33,605 | €26,868 | €46,547 | €65,876 | ▲ 41.5% |
| Recurring financial income75 | €122 | €0 | - | - | - |
| Financial charges65/66B | - | - | €2,835 | €3,110 | ▲ 9.7% |
| Recurring financial charges65 | €3,090 | €2,103 | €2,835 | €3,110 | ▲ 9.7% |
| Profit (loss) for the period before taxes9903 | €30,637 | €24,765 | €43,711 | €62,767 | ▲ 43.6% |
| Income taxes67/77 | €11,481 | €8,200 | €7,850 | €11,458 | ▲ 46.0% |
| Profit (loss) for the period9904 | €19,156 | €16,565 | €35,861 | €51,309 | ▲ 43.1% |
| Profit (loss) for the period to be appropriated9905 | €19,156 | €16,565 | €35,861 | €51,309 | ▲ 43.1% |
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €463,575 | €996,026 | €278,916 | €323,342 | ▲ 15.9% |
| Fixed assets21/28 | €3,850 | €3,392 | €102,593 | €92,493 | ▼ 9.8% |
| Tangible fixed assets22/27 | €2,300 | €1,842 | €101,042 | €90,942 | ▼ 10.0% |
| Plant, machinery and equipment23 | - | - | €58,542 | €52,692 | ▼ 10.0% |
| Furniture and vehicles24 | - | - | €42,500 | €38,250 | ▼ 10.0% |
| Financial fixed assets28 | €1,550 | €1,550 | €1,551 | €1,551 | = |
| Current assets29/58 | €459,725 | €992,635 | €176,323 | €230,849 | ▲ 30.9% |
| Amounts receivable within one year40/41 | €415,086 | €981,994 | €147,478 | €205,954 | ▲ 39.7% |
| Trade receivables40 | - | - | €137,605 | €200,081 | ▲ 45.4% |
| Other amounts receivable41 | - | - | €9,873 | €5,873 | ▼ 40.5% |
| Cash at bank and in hand54/58 | €39,847 | €6,587 | €28,846 | €24,895 | ▼ 13.7% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €463,575 | €996,026 | €278,916 | €323,342 | ▲ 15.9% |
| Equity10/15 | €143,423 | €159,988 | €195,849 | €247,158 | ▲ 26.2% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | €18,600 | €18,600 | = |
| Issued capital100 | - | - | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €122,963 | €139,528 | €175,389 | €226,698 | ▲ 29.3% |
| Amounts payable17/49 | €320,152 | €836,039 | €83,067 | €76,184 | ▼ 8.3% |
| Amounts payable within one year42/48 | €320,152 | €836,039 | €83,067 | €76,184 | ▼ 8.3% |
| Trade debts44 | €223,680 | €744,533 | - | €9,587 | - |
| Suppliers440/4 | - | - | - | €9,587 | - |
| Taxes, remuneration and social security45 | - | - | €40,701 | €51,333 | ▲ 26.1% |
| Taxes450/3 | - | - | €7,850 | €11,458 | ▲ 46.0% |
| Remuneration and social security454/9 | - | - | €32,850 | €39,875 | ▲ 21.4% |
| Other amounts payable47/48 | - | - | €42,366 | €15,263 | ▼ 64.0% |
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,156 | €16,565 | €35,861 | €51,309 | ▲ 43.1% |
| + Depreciation and write-downs630 | €4,066 | €3,227 | €1,842 | €10,100 | ▲ 448% |
| Operating cash flow (approximation) | €23,222 | €19,792 | €37,703 | €61,409 | ▲ 62.9% |
| Investment in fixed assets (approximation) | - | -€2,768 | -€101,043 | €0 | ▲ 100% |
| Change in cash | - | -€33,260 | €22,259 | -€3,950 | ▼ 118% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
10-11
Bankruptcy
Bankruptcy closure (insufficient assets)
Ondernemingsrechtbank Brussel · event 28-10-2025
2023
04-09
Bankruptcy
Opening
Ondernemingsrechtbank Brussel · event 17-08-2023
2022
23-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
23-05
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 296 days late
2021
31-12
Financial
Highest result since 2018net €51,309 ▲43.1%
Operating result €65,876, net result €51,309, both a record.
31-12
Financial
Equity above €200,000Eq €247,158 ▲26.2%
4 profitable years in a row build equity to €247,158.
2020
05-09
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 36 days late
2019
31-12
Financial
Weakest financial yearnet €16,565 ▼13.5%
Net result drops to €16,565, the lowest in the series.
31-12
Financial
Equity above €150,000Eq €159,988 ▲11.5%
2 profitable years in a row build equity to €159,988.
04-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
26-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
03-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Show earlier events
2016
30-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 30 days late
2015
03-08
NBB filing
Annual accounts filed
fiscal year 2014 · abbreviated schema · 3 days late
2014
10-08
NBB filing
Annual accounts filed
fiscal year 2013 · abbreviated schema · 10 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | TOON PROOST VICTOR NONNEMANSTRAAT 15B,
1600 SINT-PIETERS-LEEUW |
17-08-2023 → 28-10-2025 |