APOSTROPHE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 25 filings
Turnover
€890,600
EBIT margin
1.0%
Net result
€1,806
2024 · -€76,096
Working capital
-€42,649
2024 · €17,082
In the rankings
#5 company by total assets in Zulte, Accommodation and food service sector#5 oldest company in Zulte, Accommodation and food service sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€15,540
2025
20182025
Net result
€1,806
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€85,201
▲ 2.2%
2025
middle half of the sector
20182025
Total assets
€440,768
▼ 7.9%
2025
middle half of the sector
20182025
Debt
€355,567
▼ 10.0%
2025
20182025
Working capital
-€42,649
2025
middle half of the sector
20182025
Solvency
19.3%
▲ 1.9pp
2025
middle half of the sector
20182025
Current ratio
0.77
▼ 0.32
2025
middle half of the sector
20182025
Return on assets (ROA)
0.4%
▲ 16.3pp
2025
middle half of the sector
20182025
Staff (FTE)
5.3
▲ 51.4%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€890,600
Operating result-€4,639-€8,554-€56,847€42,187-€13,812-€14,307▼ 3.6%-€63,657▼ 345%€15,540
Net result€49,156-€64,891▲ 32.0%€1,559within the sector's middle half▼ 97.6%€36,982within the sector's middle half▲ 24×-€16,694below the sector's middle half-€23,106below the sector's middle half▼ 38.4%-€76,096below the sector's middle half▼ 229%€1,806within the sector's middle half
EBIT margin1.0%
Equity-€58,541-€6,349€162,308within the sector's middle half▲ 26×€199,290within the sector's middle half▲ 22.8%€182,596above the sector's middle half▼ 8.4%€159,491above the sector's middle half▼ 12.7%€83,395within the sector's middle half▼ 47.7%€85,201within the sector's middle half▲ 2.2%
Total assets€336,218-€433,694▲ 29.0%€346,036within the sector's middle half▼ 20.2%€373,988within the sector's middle half▲ 8.1%€304,706above the sector's middle half▼ 18.5%€331,687above the sector's middle half▲ 8.9%€478,379within the sector's middle half▲ 44.2%€440,768within the sector's middle half▼ 7.9%
Debt€394,759-€427,345▲ 8.3%€183,728▼ 57.0%€174,698▼ 4.9%€122,110▼ 30.1%€172,197▲ 41.0%€394,984▲ 129%€355,567▼ 10.0%
Working capital-€162,950--€72,466▲ 55.5%€85,890above the sector's middle half€98,731within the sector's middle half▲ 15.0%€100,874above the sector's middle half▲ 2.2%€99,078above the sector's middle half▼ 1.8%€17,082within the sector's middle half▼ 82.8%-€42,649within the sector's middle half
Solvency-17.4%-1.5%▲ 18.9pp46.9%within the sector's middle half▲ 45.4pp53.3%above the sector's middle half▲ 6.4pp59.9%above the sector's middle half▲ 6.6pp48.1%within the sector's middle half▼ 11.8pp17.4%within the sector's middle half▼ 30.7pp19.3%within the sector's middle half▲ 1.9pp
Current ratio0.59-0.83▲ 0.241.47within the sector's middle half▲ 0.641.57within the sector's middle half▲ 0.101.83within the sector's middle half▲ 0.261.87within the sector's middle half▲ 0.041.09within the sector's middle half▼ 0.780.77within the sector's middle half▼ 0.32
Return on assets (ROA)14.6%-15.0%▲ 0.3pp0.5%within the sector's middle half▼ 14.5pp9.9%within the sector's middle half▲ 9.4pp-5.5%within the sector's middle half▼ 15.4pp-7.0%within the sector's middle half▼ 1.5pp-15.9%below the sector's middle half▼ 8.9pp0.4%within the sector's middle half▲ 16.3pp
Staff (FTE)4.5-5.8▲ 28.9%3.7within the sector's middle half▼ 36.2%3.4within the sector's middle half▼ 8.1%4.2▲ 23.5%4.3▲ 2.4%3.5within the sector's middle half▼ 18.6%5.3within the sector's middle half▲ 51.4%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 profit of €15,540, after a loss of €63,657 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €440,768
Fixed assets
€299,162 ▲ 8.7%
Current assets
€141,605 ▼ 30.3%
Equity and liabilities €440,768
Equity
€85,201 ▲ 2.2%
Debt
€355,567 ▼ 10.0%
Debt's share of the balance-sheet total falls from 82.6% to 80.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€70,313▲
2024 · -€20,378
Cash flow
€56,579▲
2024 · -€32,816
Quick ratio
0.64▼
2024 · 0.96
Debt to equity
4.17▼
2024 · 4.74
ROE
2.1%▲
2024 · -91.2%
Interest coverage
4.36▲
2024 · -1.48
Debt ≤ 1 year
€184,254▼
2024 · €186,164
Debt > 1 year
€171,312▼
2024 · €208,820
Income taxes
€98▼
2024 · €174
Staff costs
€229,356▲
2024 · €163,900
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 | 4 | 5 | 6 | 5 | 11 |
| full-time | 2 | 2 | 3 | 3 | 5 |
| part-time | 2 | 3 | 3 | 2 | 6 |
| in full-time equivalents | 2.7 | 2.9 | 3.8 | 4 | 7.2 |
| Average over the year, in full-time equivalents | 3.4 | 4.2 | 4.3 | 3.5 | 5.3 |
| On a permanent contract | 4 | 4 | 5 | 3 | 4 |
| Joined | 5 | 3 | 4 | 3 | 6 |
| Left | 4 | 2 | 3 | 4 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €52,337 | €17,700 | €66,745 | €199,617 | €79,318 |
| Intangible fixed assets | - | - | - | - | €1,107 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €28,060 | €36,537 | €29,670 | €43,280 | €54,773 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €890,600 | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | - | - | €25,216 | €5,945 | ▼ 76.4% |
| Remuneration, social security and pensions62 | - | - | - | €73,548 | €166,741 | €173,960 | €163,900 | €229,356 | ▲ 39.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €41,583 | €32,510 | €24,393 | €28,060 | €36,537 | €29,670 | €43,280 | €54,773 | ▲ 26.6% |
| Other operating charges640/8 | - | - | - | €2,401 | €3,840 | €4,901 | €2,987 | €1,443 | ▼ 51.7% |
| Non-recurring operating charges66A | - | - | - | €2,000 | €7,521 | €2,549 | €941 | €0 | ▼ 100% |
| Gross operating margin9900 | €208,877 | €251,758 | €102,997 | €148,196 | €200,827 | €196,773 | €147,450 | €301,112 | ▲ 104% |
| Operating profit (loss)9901 | -€4,639 | €8,554 | -€56,847 | €42,187 | -€13,812 | -€14,307 | -€63,657 | €15,540 | - |
| Financial income75/76B | - | - | - | €317 | €1,898 | €4,193 | €1,475 | €2,504 | ▲ 69.8% |
| Recurring financial income75 | €2,356 | €327 | €565 | €317 | €1,898 | €4,193 | €1,475 | €2,504 | ▲ 69.8% |
| Financial charges65/66B | - | - | - | €5,376 | €4,631 | €12,827 | €13,739 | €16,139 | ▲ 17.5% |
| Recurring financial charges65 | €8,561 | €3,990 | €2,014 | €5,376 | €4,631 | €12,827 | €13,739 | €16,139 | ▲ 17.5% |
| Profit (loss) for the period before taxes9903 | €49,156 | €64,891 | €1,704 | €37,128 | -€16,544 | -€22,941 | -€75,921 | €1,905 | - |
| Income taxes67/77 | - | - | €145 | €146 | €149 | €164 | €174 | €98 | ▼ 43.6% |
| Profit (loss) for the period9904 | €49,156 | €64,891 | €1,559 | €36,982 | -€16,694 | -€23,106 | -€76,096 | €1,806 | - |
| Profit (loss) for the period to be appropriated9905 | €49,156 | €64,891 | €1,559 | €36,982 | -€16,694 | -€23,106 | -€76,096 | €1,806 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €336,218 | €433,694 | €346,036 | €373,988 | €304,706 | €331,687 | €478,379 | €440,768 | ▼ 7.9% |
| Fixed assets21/28 | €105,775 | €80,202 | €76,418 | €100,559 | €81,722 | €118,795 | €275,132 | €299,162 | ▲ 8.7% |
| Intangible fixed assets21 | - | - | - | - | - | - | - | €1,050 | - |
| Tangible fixed assets22/27 | €102,428 | €76,719 | €72,935 | €97,212 | €78,375 | €115,448 | €271,785 | €295,112 | ▲ 8.6% |
| Land and buildings22 | - | - | - | - | - | €2,403 | €1,809 | €1,214 | ▼ 32.9% |
| Plant, machinery and equipment23 | - | - | - | €33,256 | €32,725 | €37,800 | €36,740 | €34,308 | ▼ 6.6% |
| Furniture and vehicles24 | - | - | - | €16,561 | €19,972 | €18,736 | €39,821 | €30,819 | ▼ 22.6% |
| Other tangible fixed assets26 | - | - | - | €47,395 | €25,678 | €56,509 | €193,416 | €228,771 | ▲ 18.3% |
| Financial fixed assets28 | €3,347 | €3,484 | €3,484 | €3,347 | €3,347 | €3,347 | €3,347 | €3,000 | ▼ 10.4% |
| Current assets29/58 | €230,443 | €353,492 | €269,618 | €273,430 | €222,984 | €212,893 | €203,246 | €141,605 | ▼ 30.3% |
| Stocks and contracts in progress3 | €48,513 | €47,794 | €39,480 | €20,194 | €27,385 | €21,389 | €23,848 | €24,184 | ▲ 1.4% |
| Stocks30/36 | - | - | - | €20,194 | €27,385 | €21,389 | €23,848 | €24,184 | ▲ 1.4% |
| Amounts receivable within one year40/41 | €163,139 | €291,000 | €220,368 | €230,841 | €164,077 | €144,622 | €153,396 | €110,057 | ▼ 28.3% |
| Trade receivables40 | - | - | - | €205,728 | €62,650 | €37,793 | €17,769 | €31,968 | ▲ 79.9% |
| Other amounts receivable41 | - | - | - | €25,113 | €101,427 | €106,829 | €135,627 | €78,089 | ▼ 42.4% |
| Cash at bank and in hand54/58 | €17,223 | €13,207 | €9,620 | €21,780 | €30,398 | €46,198 | €25,241 | €7,351 | ▼ 70.9% |
| Deferred charges and accrued income490/1 | - | - | - | €615 | €1,125 | €685 | €761 | €13 | ▼ 98.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €336,218 | €433,694 | €346,036 | €373,988 | €304,706 | €331,687 | €478,379 | €440,768 | ▼ 7.9% |
| Equity10/15 | -€58,541 | €6,349 | €162,308 | €199,290 | €182,596 | €159,491 | €83,395 | €85,201 | ▲ 2.2% |
| Contributions10/11 | €18,600 | €18,600 | - | €173,000 | €173,000 | €173,000 | €173,000 | €173,000 | = |
| Reserves13 | €23,168 | €23,168 | €23,168 | €23,168 | €23,168 | €23,168 | €23,168 | €23,168 | = |
| Distributable reserves133 | - | - | - | €23,168 | €23,168 | €23,168 | €23,168 | €23,168 | = |
| Profit (loss) carried forward14 | -€100,309 | -€35,418 | -€33,859 | €3,123 | -€13,571 | -€36,677 | -€112,773 | -€110,967 | ▲ 1.6% |
| Amounts payable17/49 | €394,759 | €427,345 | €183,728 | €174,698 | €122,110 | €172,197 | €394,984 | €355,567 | ▼ 10.0% |
| Amounts payable after more than one year17 | - | - | - | - | - | €58,382 | €208,820 | €171,312 | ▼ 18.0% |
| Financial debts170/4 | - | - | - | - | - | €58,382 | €208,820 | €171,312 | ▼ 18.0% |
| Amounts payable within one year42/48 | €393,392 | €425,958 | €183,728 | €174,698 | €122,110 | €113,814 | €186,164 | €184,254 | ▼ 1.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €6,291 | €35,692 | €37,507 | ▲ 5.1% |
| Trade debts44 | €247,074 | €223,742 | €106,187 | €137,802 | €80,595 | €62,427 | €124,542 | €101,767 | ▼ 18.3% |
| Suppliers440/4 | - | - | - | €137,802 | €80,595 | €62,427 | €124,542 | €101,767 | ▼ 18.3% |
| Taxes, remuneration and social security45 | - | - | - | €25,059 | €41,515 | €45,097 | €21,438 | €43,588 | ▲ 103% |
| Taxes450/3 | - | - | - | €8,697 | €9,833 | €2,013 | €3,729 | €18,801 | ▲ 404% |
| Remuneration and social security454/9 | - | - | - | €16,362 | €31,681 | €43,084 | €17,709 | €24,787 | ▲ 40.0% |
| Other amounts payable47/48 | - | - | - | €11,837 | - | - | €4,493 | €1,392 | ▼ 69.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €49,156 | €64,891 | €1,559 | €36,982 | -€16,694 | -€23,106 | -€76,096 | €1,806 | - |
| + Depreciation and write-downs630 | €41,583 | €32,510 | €24,393 | €28,060 | €36,537 | €29,670 | €43,280 | €54,773 | ▲ 26.6% |
| Operating cash flow (approximation) | €90,739 | €97,400 | €25,951 | €65,042 | €19,843 | €6,564 | -€32,816 | €56,579 | - |
| Investment in fixed assets (approximation) | - | -€6,937 | -€20,609 | -€52,201 | -€17,700 | -€66,742 | -€199,617 | -€78,803 | ▲ 60.5% |
| Change in cash | - | -€4,016 | -€3,587 | €12,160 | €8,618 | €15,800 | -€20,956 | -€17,891 | ▲ 14.6% |
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, 3,984 companies had the same profile as APOSTROPHE has now. Two years later, 96.5% were still going and 1.1% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.5%
was still going
2.3%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of APOSTROPHE itself: 1.3% 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 3,984 companies, not a prediction for APOSTROPHE. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 02-07-2026 | 2026-00240454 | |
| 31-12-2024 | abbreviated format | 02-07-2025 | 2025-00216383 | |
| 31-12-2023 | micro format | 02-07-2024 | 2024-00194502 | |
| 31-12-2022 | micro format | 22-05-2023 | 2023-00090454 | |
| 31-12-2021 | abbreviated format | 30-05-2022 | 2022-20036849 | |
| 31-12-2020 | abbreviated format | 11-07-2021 | 2021-34000467 | |
| 31-12-2019 | micro format | 02-07-2020 | 2020-25000240 | |
| 31-12-2018 | abbreviated format | 03-07-2019 | 2019-27800387 | |
| 31-12-2017 | abbreviated format | 11-06-2018 | 2018-17500432 | |
| 31-12-2016 | abbreviated format | 22-06-2017 | 2017-20200086 |