APPARO
ActiveSummary
APPARO has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€152,386) and a net result of -€61,105. Equity is growing by ~5.8% per year across the filed fiscal years. Its solvency ranks better than 5% of 9294 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-87
Solvency0=
Growth32▼-46
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.09 against 0.62 in 2024; cash: 16% of total assets), and equity is negative.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-971.5%
Return on assets
-389.6%
Age of the figures
9 mo
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
19202122232425
2019 to 2025 · latest year -€152,386
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-07-2026, 2 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
2 d early
2024
15 d early
2023
16 d early
2022
59 d late
2021
53 d early
2020
1 d late
2019
1 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 4 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
-€152,386▼ 66.9%
2024 · -€91,282
Total assets
€15,685▼ 90.4%
2024 · €162,940
Net result
-€61,105
2024 · €23,487
Working capital
-€152,386▼ 56.8%
2024 · -€97,195
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
Line20212022202320242025
Operating result€66,601€18,211▼ 72.7%-€13,566€24,645-€62,226
Net result€66,112€15,796▼ 76.1%-€14,640€23,487-€61,105
Equity-€114,621▲ 36.6%-€98,825▲ 13.8%-€113,465▼ 14.8%-€91,282▲ 19.6%-€152,386▼ 66.9%
Total assets€184,001▲ 163%€252,978▲ 37.5%€308,921▲ 22.1%€162,940▼ 47.3%€15,685▼ 90.4%
Debt€298,622▲ 19.1%€351,803▲ 17.8%€422,386▲ 20.1%€254,222▼ 39.8%€168,072▼ 33.9%
Working capital-€114,621▲ 36.6%-€97,815▲ 14.7%-€119,617▼ 22.3%-€97,195▲ 18.7%-€152,386▼ 56.8%
Staff (FTE)1▲ 100%1=1=1=0.3▼ 70.0%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €62,226 after €24,645 in 2024, the lowest result in the available series.
Key figures and ratios
EBITDA
-€62,226▼
2024 · €26,385
Cash flow
-€61,105▼
2024 · €25,227
Solvency
-971.5%▼
2024 · -56.0%
Current ratio
0.09▼
2024 · 0.62
Debt to equity
-1.10▲
2024 · -2.79
ROA
-389.6%▼
2024 · 14.4%
Interest coverage
-24.98▼
2024 · 21.89
Debt ≤ 1 year
€168,072▼
2024 · €253,192
Staff costs
€18,980▼
2024 · €55,411
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,640 companies that looked in July 2024 the way this one looks now, 4.1% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
4.1%
went bankrupt
9.9%
stopped otherwise
84%
still going
A further 2.0% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.5% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,640 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €59,472 | €47,378 | €55,411 | €18,980 | ▼ 65.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €252 | €1,740 | €0 | ▼ 100% |
| Other operating charges640/8 | - | €1,316 | €1,307 | €14,794 | €18,937 | ▲ 28.0% |
| Non-recurring operating charges66A | - | - | - | - | €1,256 | - |
| Gross operating margin9900 | €83,979 | €78,998 | €35,371 | €96,589 | -€23,053 | ▼ 124% |
| Operating profit (loss)9901 | €66,601 | €18,211 | -€13,566 | €24,645 | -€62,226 | ▼ 352% |
| Financial income75/76B | - | €0 | €329 | €48 | €3,613 | ▲ 7,506% |
| Recurring financial income75 | €0 | €0 | €329 | €48 | €3,613 | ▲ 7,506% |
| Financial charges65/66B | - | €2,415 | €1,403 | €1,205 | €2,491 | ▲ 107% |
| Recurring financial charges65 | €490 | €2,415 | €1,403 | €1,205 | €2,491 | ▲ 107% |
| Profit (loss) for the period before taxes9903 | €66,112 | €15,796 | -€14,640 | €23,487 | -€61,105 | ▼ 360% |
| Profit (loss) for the period9904 | €66,112 | €15,796 | -€14,640 | €23,487 | -€61,105 | ▼ 360% |
| Profit (loss) for the period to be appropriated9905 | €66,112 | €15,796 | -€14,640 | €23,487 | -€61,105 | ▼ 360% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €184,001 | €252,978 | €308,921 | €162,940 | €15,685 | ▼ 90.4% |
| Fixed assets21/28 | - | - | €7,172 | €6,943 | €0 | ▼ 100% |
| Intangible fixed assets21 | - | - | - | €1,256 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | - | - | €7,172 | €5,687 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | - | €7,172 | €5,687 | €0 | ▼ 100% |
| Current assets29/58 | €184,001 | €252,978 | €301,749 | €155,997 | €15,685 | ▼ 89.9% |
| Amounts receivable within one year40/41 | €170,302 | €232,377 | €262,083 | €124,454 | €13,175 | ▼ 89.4% |
| Trade receivables40 | - | €231,653 | €253,583 | €123,903 | €13,175 | ▼ 89.4% |
| Other amounts receivable41 | - | €724 | €8,500 | €551 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €10,221 | €16,550 | €34,992 | €28,070 | €2,510 | ▼ 91.1% |
| Deferred charges and accrued income490/1 | - | €4,051 | €4,674 | €3,473 | €0 | ▼ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €184,001 | €252,978 | €308,921 | €162,940 | €15,685 | ▼ 90.4% |
| Equity10/15 | -€114,621 | -€98,825 | -€113,465 | -€91,282 | -€152,386 | ▼ 66.9% |
| Contributions10/11 | - | €13,642 | €13,642 | €13,642 | €13,642 | = |
| Reserves13 | €6,601 | €6,601 | €6,601 | €6,601 | €6,601 | = |
| Non-distributable reserves130/1 | - | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | €0 | - | - | - | - |
| Tax-exempt reserves132 | - | €4,750 | €4,750 | €4,750 | €4,750 | = |
| Distributable reserves133 | - | €1,851 | €1,851 | €1,851 | €1,851 | = |
| Profit (loss) carried forward14 | -€134,864 | -€119,068 | -€133,708 | -€111,525 | -€172,630 | ▼ 54.8% |
| Amounts payable17/49 | €298,622 | €351,803 | €422,386 | €254,222 | €168,072 | ▼ 33.9% |
| Amounts payable within one year42/48 | €298,622 | €350,793 | €421,366 | €253,192 | €168,072 | ▼ 33.6% |
| Trade debts44 | €10,575 | €72,596 | €19,629 | €22,791 | €3,269 | ▼ 85.7% |
| Suppliers440/4 | - | €72,596 | €19,629 | €22,791 | €3,269 | ▼ 85.7% |
| Advances received on contracts in progress46 | - | - | - | - | €5,500 | - |
| Taxes, remuneration and social security45 | - | €3,609 | €2,923 | €2,704 | €611 | ▼ 77.4% |
| Taxes450/3 | - | €880 | €296 | €243 | €611 | ▲ 151% |
| Remuneration and social security454/9 | - | €2,729 | €2,627 | €2,461 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | €274,589 | €398,814 | €227,697 | €158,692 | ▼ 30.3% |
| Accrued charges and deferred income492/3 | - | €1,010 | €1,020 | €1,030 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €66,112 | €15,796 | -€14,640 | €23,487 | -€61,105 | ▼ 360% |
| + Depreciation and write-downs630 | - | - | €252 | €1,740 | €0 | ▼ 100% |
| Operating cash flow (approximation) | €66,112 | €15,796 | -€14,388 | €25,227 | -€61,105 | ▼ 342% |
| Investment in fixed assets (approximation) | - | - | - | -€1,511 | €6,943 | ▲ 559% |
| Change in cash | - | €6,329 | €18,442 | -€6,922 | -€25,560 | ▼ 269% |
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
Next filing, fiscal year 2026, expected by
2026
29-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet -€61,105
Net result drops to -€61,105, the lowest in the series.
16-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Back to profitnet €23,487
Net result €23,487 after one loss-making year.
15-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
28-09
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 59 days late
2022
06-01
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-07
Financial
Back to profitnet €66,112
Net result €66,112 after 2 loss-making years.
01-03
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 1 day late
2020
28-02
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
27-02
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
18-05
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 79 days late
2017
06-02
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
6 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
Registered office, De Panne · 1 establishment unit since 1997
Ground area
1.8 ha
Building footprint
174 m²
Volume, LiDAR
1,069 m³
Parcel 38001B0037/00K000, Flanders · tallest building 8.5 m, ±2 floors. Linked by address, not a title deed.
14
companies at this address
See who is registered here
1 establishment unit
APPARO
since 19972.081.564.669
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 38001B0037/00K000 | Flanders | 1.8 ha | 1 · 174 m² | 8.5 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 9,146 companies in sector 68201 we hold annual accounts for 6,770. 686 are within a factor 10 of this headcount. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded11-04-1997
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
E-invoicing
Reachable via Peppol
Peppol ID
0208:0460464344
Also
9925:BE0460464344
Registered
30-04-2024
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.