APOK
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 02-06-2026 PDF all 34 filings
Turnover
€181.6m▼ 0.5%
2024 · €182.5m
EBIT margin
2.1%▲ 0.4pp
2024 · 1.7%
Net result
€1.4m▲ 390%
2024 · €288,791
Working capital
€23.8m▼ 24.9%
2024 · €31.7m
In the rankings
#1 employer in Flemish Brabant, Fabricated metal products sector#1 company by total assets in Flemish Brabant, Fabricated metal products sector#2 company by equity in Flemish Brabant, Fabricated metal products sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€181.6m
▼ 0.5%
2025
20182025
Operating result
€3.8m
▲ 20.1%
2025
20182025
Net result
€1.4m
▲ 390%
2025
highest quarter of the sector
20182025
EBIT margin
2.1%
▲ 0.4pp
2025
20182025
Equity
€15.8m
▲ 9.8%
2025
highest quarter of the sector
20182025
Total assets
€72.8m
▼ 12.9%
2025
highest quarter of the sector
20182025
Debt
€56.8m
▼ 17.2%
2025
20182025
Working capital
€23.8m
▼ 24.9%
2025
highest quarter of the sector
20182025
Solvency
21.7%
▲ 4.5pp
2025
lowest quarter of the sector
20182025
Current ratio
2.06
▼ 0.25
2025
middle half of the sector
20182025
Return on assets (ROA)
1.9%
▲ 1.6pp
2025
middle half of the sector
20182025
Staff (FTE)
235.6
▲ 0.9%
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
Turnover€154.0m-€150.6m▼ 2.2%€159.8m▲ 6.1%€176.2m▲ 10.3%€198.1m▲ 12.4%€178.1m▼ 10.1%€182.5m▲ 2.5%€181.6m▼ 0.5%
Operating result€5.0m-€0.8m▼ 84.2%€5.2m▲ 568%€9.8m▲ 86.4%€11.0m▲ 12.9%€2.7m▼ 75.3%€3.2m▲ 16.7%€3.8m▲ 20.1%
Net result€2.4m--€0.9m€2.6mabove the sector's middle half€76.6mabove the sector's middle half▲ 30×€17.3mabove the sector's middle half▼ 77.4%€2.1mabove the sector's middle half▼ 87.8%€0.3mwithin the sector's middle half▼ 86.3%€1.4mabove the sector's middle half▲ 390%
EBIT margin3.2%-0.5%▼ 2.7pp3.3%▲ 2.8pp5.5%▲ 2.3pp5.6%=1.5%▼ 4.0pp1.7%▲ 0.2pp2.1%▲ 0.4pp
Equity€29.7m-€28.8m▼ 3.1%€31.4mabove the sector's middle half▲ 8.9%€15.7mabove the sector's middle half▼ 49.9%€23.0mabove the sector's middle half▲ 46.4%€14.1mabove the sector's middle half▼ 38.7%€14.4mabove the sector's middle half▲ 2.0%€15.8mabove the sector's middle half▲ 9.8%
Total assets€121.4m-€126.5m▲ 4.3%€139.2mabove the sector's middle half▲ 10.0%€96.6mabove the sector's middle half▼ 30.6%€112.4mabove the sector's middle half▲ 16.3%€90.3mabove the sector's middle half▼ 19.7%€83.6mabove the sector's middle half▼ 7.4%€72.8mabove the sector's middle half▼ 12.9%
Debt€91.7m-€95.5m▲ 4.1%€106.7m▲ 11.8%€80.6m▼ 24.4%€89.2m▲ 10.6%€75.9m▼ 14.9%€68.7m▼ 9.5%€56.8m▼ 17.2%
Working capital€19.2m--€0.7m-€2.1mbelow the sector's middle half▼ 205%€11.1mabove the sector's middle half€46.2mabove the sector's middle half▲ 318%€36.9mabove the sector's middle half▼ 20.0%€31.7mabove the sector's middle half▼ 14.1%€23.8mabove the sector's middle half▼ 24.9%
Solvency24.5%-22.8%▼ 1.7pp22.5%below the sector's middle half▼ 0.2pp16.3%below the sector's middle half▼ 6.3pp20.5%below the sector's middle half▲ 4.2pp15.6%below the sector's middle half▼ 4.8pp17.2%below the sector's middle half▲ 1.6pp21.7%below the sector's middle half▲ 4.5pp
Current ratio1.58-0.98▼ 0.600.95below the sector's middle half▼ 0.041.29within the sector's middle half▲ 0.342.18within the sector's middle half▲ 0.892.40within the sector's middle half▲ 0.222.31within the sector's middle half▼ 0.092.06within the sector's middle half▼ 0.25
Return on assets (ROA)2.0%--0.7%▼ 2.7pp1.8%within the sector's middle half▲ 2.6pp79.3%above the sector's middle half▲ 77.5pp15.4%above the sector's middle half▼ 63.9pp2.3%within the sector's middle half▼ 13.0pp0.3%within the sector's middle half▼ 2.0pp1.9%within the sector's middle half▲ 1.6pp
Staff (FTE)256.9-256.4▼ 0.2%253.1above the sector's middle half▼ 1.3%258.6above the sector's middle half▲ 2.2%254.1above the sector's middle half▼ 1.7%249.7above the sector's middle half▼ 1.7%233.6above the sector's middle half▼ 6.4%235.6above the sector's middle half▲ 0.9%
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 20% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €72.8m
Fixed assets
€26.6m ▼ 4.0%
Current assets
€46.2m ▼ 17.3%
Equity and liabilities €72.8m
Equity
€15.8m ▲ 9.8%
Provisions
€164,246 ▼ 71.0%
Debt
€56.8m ▼ 17.2%
Debt's share of the balance-sheet total falls from 82.1% to 78.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€5.3m▲
2024 · €4.7m
Cash flow
€2.9m▲
2024 · €1.8m
Quick ratio
0.79▼
2024 · 1.16
Debt to equity
3.60▼
2024 · 4.77
ROE
8.9%▲
2024 · 2.0%
Interest coverage
2.25▲
2024 · 1.21
Debt ≤ 1 year
€22.4m▼
2024 · €24.2m
Debt > 1 year
€34.4m▼
2024 · €44.4m
Income taxes
€696,405▲
2024 · €328,957
Customer credit
18 days▼
2024 · 19 days
Supplier credit
45 days▼
2024 · 49 days
Staff costs
€19.2m▲
2024 · €18.3m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 276 | 263 | 253 | 235 | 248 |
| full-time | 243 | 227 | 214 | 199 | 211 |
| part-time | 33 | 36 | 39 | 36 | 37 |
| in full-time equivalents | 267 | 254.1 | 243.9 | 226 | 240.5 |
| Average over the year, in full-time equivalents | 258.6 | 253.8 | 249.7 | 233.6 | 235.6 |
| On a permanent contract | 276 | 263 | 253 | 235 | 248 |
| Joined | 43 | 30 | 31 | 25 | 50 |
| Left | 33 | 43 | 41 | 43 | 37 |
| Agency workers, average number | 32.3 | 16.1 | 12.9 | 14.4 | 15 |
| Training hours | 1,449 | 2,285 | 2,378 | 2,199 | 4,153 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €51.1m | €49.4m | €49.4m | €44.4m | €34.4m |
| Carrying value of the other pledged assets | €96.6m | €111.2m | €89.4m | €75.5m | €63.2m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1.1m | €1.5m | €1.4m | €1.4m | €1.7m |
| Intangible fixed assets | €8,582 | €932,067 | €110,923 | €15,090 | €944,941 |
| Financial fixed assets | - | - | - | €940,000 | - |
| Depreciation and write-downs of the year | €1.3m | €1.3m | €1.5m | €1.5m | €1.5m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is KPMG Réviseurs d'Entreprises.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €43,093 | €47,347 | €49,272 | €50,000 | €44,000 |
| Other work by the auditor | €8,500 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 8 entries · €94,021 awarded · €94,021 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €6,998 | €6,998 |
| 2024 | 2 | €28,515 | €28,515 |
| 2023 | 2 | €31,691 | €31,691 |
| 2022 | 2 | €26,817 | €26,817 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €177.8m | €198.7m | €179.3m | €184.3m | €183.8m | ▼ 0.2% |
| Turnover70 | €154.0m | €150.6m | €159.8m | €176.2m | €198.1m | €178.1m | €182.5m | €181.6m | ▼ 0.5% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €0.1m | -€0.5m | -€0.8m | €0.2m | €0.1m | ▼ 27.8% |
| Other operating income74 | - | - | - | €1.4m | €1.1m | €1.9m | €1.4m | €1.9m | ▲ 33.3% |
| Non-recurring operating income76A | - | - | - | €0.09m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 59.4% |
| Operating charges60/66A | - | - | - | €168.1m | €187.7m | €176.6m | €181.1m | €180.0m | ▼ 0.6% |
| Goods for resale, raw materials and consumables60 | - | - | - | €132.0m | €148.6m | €136.4m | €140.8m | €139.2m | ▼ 1.1% |
| Purchases600/8 | - | - | - | €136.0m | €153.1m | €132.7m | €140.8m | €139.9m | ▼ 0.7% |
| Change in stocks: decrease (increase)609 | - | - | - | -€4.0m | -€4.5m | €3.7m | -€0.03m | -€0.6m | ▼ 1,722% |
| Services and other goods61 | - | - | - | €17.1m | €19.4m | €18.7m | €18.8m | €18.4m | ▼ 1.9% |
| Remuneration, social security and pensions62 | - | - | - | €16.9m | €17.3m | €18.5m | €18.3m | €19.2m | ▲ 5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.9m | €1.4m | €1.3m | €1.3m | €1.3m | €1.5m | €1.5m | €1.5m | ▲ 2.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.008m | -€0.07m | €0.09m | €0.05m | €0.2m | ▲ 256% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0.04m | €0.1m | €0.09m | €0.3m | -€0.4m | - |
| Other operating charges640/8 | - | - | - | €0.7m | €0.8m | €1.0m | €0.8m | €1.2m | ▲ 44.2% |
| Non-recurring operating charges66A | - | - | - | €0.05m | €0.3m | €0.4m | €0.6m | €0.6m | ▲ 14.1% |
| Operating profit (loss)9901 | €5.0m | €0.8m | €5.2m | €9.8m | €11.0m | €2.7m | €3.2m | €3.8m | ▲ 20.1% |
| Financial income75/76B | - | - | - | €72.2m | €14.3m | €6.0m | €2.8m | €2.1m | ▼ 24.8% |
| Recurring financial income75 | €0.7m | €1.4m | €1.4m | €11.3m | €3.9m | €6.0m | €2.8m | €2.1m | ▼ 24.8% |
| Income from financial fixed assets750 | - | - | - | €10.5m | €3.3m | €3.2m | €0.002m | - | - |
| Income from current assets751 | - | - | - | €0.07m | €0.4m | €1.2m | €0.8m | €0.3m | ▼ 66.8% |
| Other financial income752/9 | - | - | - | €0.7m | €0.3m | €1.6m | €2.0m | €1.8m | ▼ 8.9% |
| Non-recurring financial income76B | - | - | - | €60.9m | €10.4m | - | - | - | - |
| Financial charges65/66B | - | - | - | €3.6m | €7.4m | €6.0m | €5.3m | €3.8m | ▼ 28.9% |
| Recurring financial charges65 | €2.0m | €3.1m | €3.3m | €3.6m | €3.4m | €5.2m | €5.3m | €3.8m | ▼ 28.9% |
| Debt charges650 | €2.0m | €1.7m | €1.6m | €1.8m | €1.6m | €3.8m | €3.9m | €2.4m | ▼ 38.5% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | €2 | - | - | - | - | - |
| Other financial charges652/9 | - | - | - | €1.7m | €1.8m | €1.5m | €1.5m | €1.4m | ▼ 3.4% |
| Non-recurring financial charges66B | - | - | - | - | €3.9m | €0.8m | - | - | - |
| Profit (loss) for the period before taxes9903 | €3.7m | -€0.9m | €3.4m | €78.5m | €18.0m | €2.7m | €0.6m | €2.1m | ▲ 242% |
| Income taxes67/77 | €1.2m | €0.02m | €0.8m | €1.9m | €0.7m | €0.6m | €0.3m | €0.7m | ▲ 112% |
| Taxes670/3 | - | - | - | €1.9m | €1.2m | €0.6m | €0.3m | €0.7m | ▲ 109% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €0.5m | €0.09m | €0.004m | - | - |
| Profit (loss) for the period9904 | €2.4m | -€0.9m | €2.6m | €76.6m | €17.3m | €2.1m | €0.3m | €1.4m | ▲ 390% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | €1.4m | €1.3m | ▼ 9.0% |
| Transfer to tax-exempt reserves689 | - | - | - | €2.0m | €2.0m | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €2.5m | -€0.8m | €2.6m | €74.6m | €15.3m | €2.1m | €1.7m | €2.7m | ▲ 58.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €121.4m | €126.5m | €139.2m | €96.6m | €112.4m | €90.3m | €83.6m | €72.8m | ▼ 12.9% |
| Fixed assets21/28 | €69.0m | €86.3m | €100.5m | €47.5m | €26.9m | €26.9m | €27.7m | €26.6m | ▼ 4.0% |
| Intangible fixed assets21 | €0.1m | €0.03m | €0 | €0.04m | €1.0m | €0.8m | €0.7m | €1.5m | ▲ 106% |
| Tangible fixed assets22/27 | €4.4m | €4.7m | €4.7m | €4.2m | €4.2m | €4.3m | €4.3m | €4.7m | ▲ 8.4% |
| Land and buildings22 | - | - | - | €0.08m | €0.02m | €0.01m | €0.008m | €0.006m | ▼ 22.5% |
| Plant, machinery and equipment23 | - | - | - | €0.9m | €0.9m | €1.0m | €1.1m | €1.2m | ▲ 12.2% |
| Furniture and vehicles24 | - | - | - | €2.4m | €2.6m | €2.3m | €2.2m | €2.7m | ▲ 22.9% |
| Other tangible fixed assets26 | - | - | - | €0.8m | €0.8m | €0.8m | €0.7m | €0.7m | ▼ 5.2% |
| Assets under construction and advance payments27 | - | - | - | €0.04m | €0.03m | €0.2m | €0.3m | €0.02m | ▼ 92.3% |
| Financial fixed assets28 | €64.5m | €81.5m | €95.8m | €43.2m | €21.8m | €21.7m | €22.7m | €20.4m | ▼ 9.9% |
| Affiliated companies280/1 | - | - | - | €42.9m | €19.4m | €19.4m | €20.3m | €20.1m | ▼ 1.0% |
| Participating interests280 | - | - | - | €42.9m | €19.4m | €19.4m | €20.3m | €20.1m | ▼ 1.0% |
| Other financial fixed assets284/8 | - | - | - | €0.4m | €2.4m | €2.4m | €2.4m | €0.3m | ▼ 87.2% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.4m | €2.4m | €2.4m | €2.4m | €0.3m | ▼ 87.2% |
| Current assets29/58 | €52.4m | €40.3m | €38.7m | €49.1m | €85.4m | €63.4m | €55.9m | €46.2m | ▼ 17.3% |
| Stocks and contracts in progress3 | €23.2m | €26.6m | €23.9m | €28.0m | €32.2m | €27.7m | €27.8m | €28.5m | ▲ 2.5% |
| Stocks30/36 | - | - | - | €28.0m | €32.2m | €27.7m | €27.8m | €28.5m | ▲ 2.5% |
| Raw materials and consumables30/31 | - | - | - | €3.3m | €3.3m | €2.6m | €2.6m | €2.4m | ▼ 7.4% |
| Finished goods33 | - | - | - | €2.5m | €2.6m | €2.2m | €2.4m | €2.6m | ▲ 7.1% |
| Goods purchased for resale34 | - | - | - | €22.2m | €26.4m | €22.8m | €22.8m | €23.5m | ▲ 3.1% |
| Amounts receivable within one year40/41 | €24.7m | €11.2m | €10.7m | €15.5m | €51.8m | €35.3m | €27.6m | €17.4m | ▼ 37.2% |
| Trade receivables40 | - | - | - | €8.2m | €10.4m | €9.4m | €9.6m | €9.2m | ▼ 4.6% |
| Other amounts receivable41 | - | - | - | €7.3m | €41.4m | €25.8m | €18.0m | €8.2m | ▼ 54.5% |
| Cash at bank and in hand54/58 | €3.4m | €1.1m | €3.6m | €5.3m | €0.9m | €0.02m | €0.04m | €0.03m | ▼ 12.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.3m | €0.5m | €0.4m | €0.4m | €0.3m | ▼ 26.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €121.4m | €126.5m | €139.2m | €96.6m | €112.4m | €90.3m | €83.6m | €72.8m | ▼ 12.9% |
| Equity10/15 | €29.7m | €28.8m | €31.4m | €15.7m | €23.0m | €14.1m | €14.4m | €15.8m | ▲ 9.8% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Issued capital100 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €12.9m | €12.8m | €12.8m | €2.1m | €4.1m | €4.1m | €4.1m | €4.1m | = |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Legal reserve130 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Other1319 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Tax-exempt reserves132 | - | - | - | €2.1m | €4.0m | €4.0m | €2.6m | €1.3m | ▼ 49.2% |
| Distributable reserves133 | - | - | - | €0.06m | €0.06m | €0.06m | €1.5m | €2.8m | ▲ 87.5% |
| Profit (loss) carried forward14 | €16.6m | €15.7m | €18.3m | €13.3m | €18.6m | €9.7m | €10.0m | €11.5m | ▲ 14.1% |
| Provisions and deferred taxes16 | €0.02m | €2.3m | €1.1m | €0.2m | €0.2m | €0.3m | €0.6m | €0.2m | ▼ 71.0% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.2m | €0.2m | €0.3m | €0.6m | €0.2m | ▼ 71.0% |
| Pensions and similar obligations160 | - | - | - | €0.04m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 1.1% |
| Other liabilities and charges164/5 | - | - | - | €0.2m | €0.03m | €0.1m | €0.4m | - | - |
| Amounts payable17/49 | €91.7m | €95.5m | €106.7m | €80.6m | €89.2m | €75.9m | €68.7m | €56.8m | ▼ 17.2% |
| Amounts payable after more than one year17 | €58.2m | €54.2m | €65.5m | €42.5m | €49.4m | €49.4m | €44.4m | €34.4m | ▼ 22.5% |
| Financial debts170/4 | - | - | - | €42.5m | €49.4m | €49.4m | €44.4m | €34.4m | ▼ 22.5% |
| Credit institutions173 | - | - | - | €42.5m | €49.4m | €49.4m | €44.4m | €34.4m | ▼ 22.5% |
| Amounts payable within one year42/48 | €33.1m | €41.0m | €40.8m | €38.1m | €39.2m | €26.4m | €24.2m | €22.4m | ▼ 7.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5.4m | - | - | - | - | - |
| Financial debts43 | - | - | - | €3.2m | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €3.2m | - | - | - | - | - |
| Trade debts44 | €21.2m | €22.0m | €17.5m | €23.5m | €23.7m | €21.2m | €19.0m | €17.1m | ▼ 9.8% |
| Suppliers440/4 | - | - | - | €23.5m | €23.7m | €21.2m | €19.0m | €17.1m | ▼ 9.8% |
| Advances received on contracts in progress46 | - | - | - | €0.2m | €0.1m | €0.07m | €0.1m | €0.1m | ▲ 7.9% |
| Taxes, remuneration and social security45 | - | - | - | €5.2m | €4.9m | €5.1m | €5.1m | €5.2m | ▲ 1.4% |
| Taxes450/3 | - | - | - | €2.0m | €2.3m | €2.3m | €2.1m | €2.1m | ▲ 2.1% |
| Remuneration and social security454/9 | - | - | - | €3.2m | €2.6m | €2.8m | €3.0m | €3.0m | ▲ 1.0% |
| Other amounts payable47/48 | - | - | - | €0.5m | €10.5m | €0.001m | €0.001m | €0.003m | ▲ 173% |
| Accrued charges and deferred income492/3 | - | - | - | €0.05m | €0.5m | €0.04m | €0.06m | €0.02m | ▼ 62.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2.4m | -€0.9m | €2.6m | €76.6m | €17.3m | €2.1m | €0.3m | €1.4m | ▲ 390% |
| + Depreciation and write-downs630 | €1.9m | €1.4m | €1.3m | €1.3m | €1.3m | €1.5m | €1.5m | €1.5m | ▲ 2.8% |
| Operating cash flow (approximation) | €4.3m | €0.5m | €3.9m | €77.9m | €18.6m | €3.6m | €1.8m | €2.9m | ▲ 65.9% |
| Investment in fixed assets (approximation) | - | -€18.7m | -€15.5m | €51.7m | €19.2m | -€1.5m | -€2.3m | -€0.4m | ▲ 82.4% |
| Change in cash | - | -€2.3m | €2.5m | €1.7m | -€4.4m | -€0.9m | €0.01m | -€0.005m | - |
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, 733 companies had the same profile as APOK has now. Two years later, 97.3% were still going and 1.0% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
97.3%
was still going
1.4%
stopped otherwise
1.0%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of APOK itself: 0.5% 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 733 companies, not a prediction for APOK. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 02-06-2026 | 2026-00138639 | |
| 31-12-2024 | full format | 10-06-2025 | 2025-00138028 | |
| 31-12-2023 | full format | 29-05-2024 | 2024-00101842 | |
| 31-12-2022 | full format | 31-05-2023 | 2023-00102301 | |
| 31-12-2021 | full format | 23-05-2022 | 2022-20034983 | |
| 31-12-2020 | full format | 27-05-2021 | 2021-15600138 | |
| 31-12-2019 | full format | 02-06-2020 | 2020-14000260 | |
| 31-12-2018 | full format | 04-06-2019 | 2019-15700446 | |
| 31-12-2017 | full format | 29-05-2018 | 2018-15000218 | |
| 31-12-2016 | full format | 13-04-2017 | 2017-09800290 |