APPELMAN
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 29-10-2026 at the NBB all 2 filings
Every figure per financial year
The operating result for 2026 is 35% higher than in 2025.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
| Line | 2025 | 2026 | Change |
|---|---|---|---|
| Remuneration, social security and pensions62 | - | €504 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,057 | €121 | ▼ 88.6% |
| Gross operating margin9900 | €83,814 | €112,674 | ▲ 34.4% |
| Operating profit (loss)9901 | €82,758 | €112,049 | ▲ 35.4% |
| Financial income75/76B | - | €6 | - |
| Recurring financial income75 | - | €6 | - |
| Financial charges65/66B | €26 | €1,320 | ▲ 50× |
| Recurring financial charges65 | €26 | €1,320 | ▲ 50× |
| Profit (loss) for the period before taxes9903 | €82,731 | €110,735 | ▲ 33.8% |
| Income taxes67/77 | €16,995 | €23,495 | ▲ 38.2% |
| Profit (loss) for the period9904 | €65,736 | €87,240 | ▲ 32.7% |
| Profit (loss) for the period to be appropriated9905 | €65,736 | €87,240 | ▲ 32.7% |
| Line | 2025 | 2026 | Change |
|---|---|---|---|
| Assets | |||
| Total assets20/58 | €92,993 | €173,347 | ▲ 86.4% |
| Formation expenses20 | €121 | - | - |
| Current assets29/58 | €92,873 | €173,347 | ▲ 86.7% |
| Amounts receivable within one year40/41 | - | €96 | - |
| Trade receivables40 | - | €96 | - |
| Cash at bank and in hand54/58 | €92,873 | €173,251 | ▲ 86.5% |
| Equity and liabilities | |||
| Total equity and liabilities10/49 | €92,993 | €173,347 | ▲ 86.4% |
| Equity10/15 | €68,736 | €155,976 | ▲ 127% |
| Contributions10/11 | €3,000 | €3,000 | = |
| Reserves13 | €65,736 | €152,976 | ▲ 133% |
| Distributable reserves133 | €65,736 | €152,976 | ▲ 133% |
| Amounts payable17/49 | €24,257 | €17,370 | ▼ 28.4% |
| Amounts payable within one year42/48 | €24,257 | €17,370 | ▼ 28.4% |
| Trade debts44 | €5,842 | €275 | ▼ 95.3% |
| Suppliers440/4 | €5,842 | €275 | ▼ 95.3% |
| Taxes, remuneration and social security45 | €17,315 | €15,995 | ▼ 7.6% |
| Taxes450/3 | €17,315 | €15,995 | ▼ 7.6% |
| Other amounts payable47/48 | €1,100 | €1,100 | = |
| Line | 2025 | 2026 | Change |
|---|---|---|---|
| Profit (loss) for the period9904 | €65,736 | €87,240 | ▲ 32.7% |
| + Depreciation and write-downs630 | €1,057 | €121 | ▼ 88.6% |
| Operating cash flow (approximation) | €66,793 | €87,361 | ▲ 30.8% |
| Change in cash | - | €80,378 | - |
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, 39,278 companies had the same profile as APPELMAN has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of APPELMAN itself: 0.4% 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 39,278 companies, not a prediction for APPELMAN. 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.