Appgrade
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-04-2026 PDF all 7 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €380,000
Estimated: probably between €340,000 and €470,000
Total assets
€279,613▼ 11.2%
2024 · €314,838
Net result
€78,892▲ 35.1%
2024 · €58,389
Working capital
€141,656▼ 19.4%
2024 · €175,656
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€102,579
▲ 30.7%
2025
20192025
Net result
€78,892
▲ 35.1%
2025
highest quarter of the sector
20192025
Equity
€172,145
▼ 18.4%
2025
highest quarter of the sector
20192025
Total assets
€279,613
▼ 11.2%
2025
highest quarter of the sector
20192025
Debt
€107,468
▲ 3.4%
2025
20192025
Working capital
€141,656
▼ 19.4%
2025
highest quarter of the sector
20192025
Solvency
61.6%
▼ 5.4pp
2025
middle half of the sector
20192025
Current ratio
2.32
▼ 0.37
2025
middle half of the sector
20192025
Return on assets (ROA)
28.2%
▲ 9.7pp
2025
middle half of the sector
20192025
Staff (FTE)
2
▲ 11.1%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€71,211-€78,881▲ 10.8%€86,243▲ 9.3%€88,564▲ 2.7%€90,232▲ 1.9%€78,493▼ 13.0%€102,579▲ 30.7%
Net result€54,121-€55,781above the sector's middle half▲ 3.1%€63,476above the sector's middle half▲ 13.8%€67,820above the sector's middle half▲ 6.8%€66,888above the sector's middle half▼ 1.4%€58,389above the sector's middle half▼ 12.7%€78,892above the sector's middle half▲ 35.1%
Equity€60,321-€116,102within the sector's middle half▲ 92.5%€179,577above the sector's middle half▲ 54.7%€247,397above the sector's middle half▲ 37.8%€212,785above the sector's middle half▼ 14.0%€210,900above the sector's middle half▼ 0.9%€172,145above the sector's middle half▼ 18.4%
Total assets€70,220-€138,233within the sector's middle half▲ 96.9%€198,845within the sector's middle half▲ 43.8%€259,603within the sector's middle half▲ 30.6%€250,962within the sector's middle half▼ 3.3%€314,838above the sector's middle half▲ 25.5%€279,613above the sector's middle half▼ 11.2%
Debt€9,898-€22,131▲ 124%€19,267▼ 12.9%€12,205▼ 36.7%€38,177▲ 213%€103,938▲ 172%€107,468▲ 3.4%
Working capital€57,234-€114,689above the sector's middle half▲ 100%€172,781above the sector's middle half▲ 50.7%€233,296above the sector's middle half▲ 35.0%€181,498above the sector's middle half▼ 22.2%€175,656above the sector's middle half▼ 3.2%€141,656above the sector's middle half▼ 19.4%
Solvency85.9%-84.0%above the sector's middle half▼ 1.9pp90.3%above the sector's middle half▲ 6.3pp95.3%above the sector's middle half▲ 5.0pp84.8%above the sector's middle half▼ 10.5pp67.0%within the sector's middle half▼ 17.8pp61.6%within the sector's middle half▼ 5.4pp
Current ratio6.78-6.18above the sector's middle half▼ 0.609.97above the sector's middle half▲ 3.7920.11above the sector's middle half▲ 10.155.75above the sector's middle half▼ 14.362.69within the sector's middle half▼ 3.062.32within the sector's middle half▼ 0.37
Return on assets (ROA)77.1%-40.4%above the sector's middle half▼ 36.7pp31.9%above the sector's middle half▼ 8.4pp26.1%within the sector's middle half▼ 5.8pp26.7%within the sector's middle half▲ 0.5pp18.5%within the sector's middle half▼ 8.1pp28.2%within the sector's middle half▲ 9.7pp
Staff (FTE)11.8▲ 80.0%2▲ 11.1%
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 31% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €279,613
Fixed assets
€30,489 ▼ 13.5%
Current assets
€249,124 ▼ 10.9%
Equity and liabilities €279,613
Equity
€172,145 ▼ 18.4%
Debt
€107,468 ▲ 3.4%
Debt's share of the balance-sheet total rises from 33.0% to 38.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€112,460▲
2024 · €86,914
Cash flow
€88,773▲
2024 · €66,810
Debt to equity
0.62▲
2024 · 0.49
ROE
45.8%▲
2024 · 27.7%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€107,468▲
2024 · €103,938
Income taxes
€23,651▲
2024 · €19,651
Staff costs
€131,803▲
2024 · €104,662
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 2 | 2 |
| full-time | - | 2 | 2 |
| part-time | 1 | - | - |
| in full-time equivalents | 0.8 | 2 | 2 |
| Average over the year, in full-time equivalents | 0.8 | 1.8 | 2 |
| On a permanent contract | 1 | 2 | 2 |
| Joined | 1 | 1 | - |
| Left | 0 | 0 | - |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,278 | €9,120 | €22,663 | €12,378 | €5,126 |
| Depreciation and write-downs of the year | €1,894 | €1,815 | €5,476 | €8,421 | €9,881 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €3,455 | €3,483 | €47,685 | €104,662 | €131,803 | ▲ 25.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,936 | €1,674 | €1,894 | €1,815 | €5,476 | €8,421 | €9,881 | ▲ 17.3% |
| Other operating charges640/8 | - | - | €479 | €584 | €769 | €594 | €754 | ▲ 27.0% |
| Gross operating margin9900 | €77,991 | €85,072 | €92,071 | €94,446 | €144,163 | €192,170 | €245,017 | ▲ 27.5% |
| Operating profit (loss)9901 | €71,211 | €78,881 | €86,243 | €88,564 | €90,232 | €78,493 | €102,579 | ▲ 30.7% |
| Financial income75/76B | - | - | €96 | €738 | €1,685 | €308 | €852 | ▲ 177% |
| Recurring financial income75 | €0 | - | €96 | €738 | €1,685 | €308 | €852 | ▲ 177% |
| Financial charges65/66B | - | - | €2,582 | €2,218 | €3,408 | €761 | €888 | ▲ 16.7% |
| Recurring financial charges65 | €1,394 | €3,032 | €2,582 | €2,218 | €3,408 | €761 | €888 | ▲ 16.7% |
| Profit (loss) for the period before taxes9903 | €69,817 | €75,849 | €83,757 | €87,084 | €88,509 | €78,040 | €102,543 | ▲ 31.4% |
| Income taxes67/77 | €15,696 | €20,069 | €20,281 | €19,264 | €21,621 | €19,651 | €23,651 | ▲ 20.4% |
| Profit (loss) for the period9904 | €54,121 | €55,781 | €63,476 | €67,820 | €66,888 | €58,389 | €78,892 | ▲ 35.1% |
| Profit (loss) for the period to be appropriated9905 | €54,121 | €55,781 | €63,476 | €67,820 | €66,888 | €58,389 | €78,892 | ▲ 35.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €70,220 | €138,233 | €198,845 | €259,603 | €250,962 | €314,838 | €279,613 | ▼ 11.2% |
| Fixed assets21/28 | €3,087 | €1,413 | €6,797 | €14,101 | €31,288 | €35,244 | €30,489 | ▼ 13.5% |
| Tangible fixed assets22/27 | €3,087 | €1,413 | €6,797 | €14,101 | €31,288 | €35,244 | €30,489 | ▼ 13.5% |
| Furniture and vehicles24 | - | - | €6,797 | €14,101 | €12,531 | €11,573 | €6,204 | ▼ 46.4% |
| Other tangible fixed assets26 | - | - | - | - | €18,757 | €23,671 | €24,285 | ▲ 2.6% |
| Current assets29/58 | €67,132 | €136,820 | €192,048 | €245,502 | €219,675 | €279,594 | €249,124 | ▼ 10.9% |
| Amounts receivable after more than one year29 | - | - | - | €40,579 | €8,535 | €7,529 | €6,499 | ▼ 13.7% |
| Trade receivables290 | - | - | - | €22,564 | - | - | - | - |
| Other amounts receivable291 | - | - | - | €18,014 | €8,535 | €7,529 | €6,499 | ▼ 13.7% |
| Amounts receivable within one year40/41 | €15,090 | €19,404 | €5,870 | - | €69,097 | €36,999 | €861 | ▼ 97.7% |
| Trade receivables40 | - | - | €5,150 | - | €69,097 | €35,151 | - | - |
| Other amounts receivable41 | - | - | €720 | - | - | €1,849 | €861 | ▼ 53.4% |
| Current investments50/53 | - | - | €40,900 | €81,713 | €84,956 | €89,956 | €63,399 | ▼ 29.5% |
| Cash at bank and in hand54/58 | €52,042 | €115,751 | €145,278 | €121,976 | €57,087 | €141,790 | €168,906 | ▲ 19.1% |
| Deferred charges and accrued income490/1 | - | - | - | €1,235 | - | €3,320 | €9,459 | ▲ 185% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €70,220 | €138,233 | €198,845 | €259,603 | €250,962 | €314,838 | €279,613 | ▼ 11.2% |
| Equity10/15 | €60,321 | €116,102 | €179,577 | €247,397 | €212,785 | €210,900 | €172,145 | ▼ 18.4% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €18,550 | €18,550 | = |
| Reserves13 | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Non-distributable reserves130/1 | - | - | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Reserves not available under the articles1311 | - | - | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Profit (loss) carried forward14 | €52,266 | €108,047 | €171,522 | €239,342 | €204,730 | €190,495 | €151,740 | ▼ 20.3% |
| Amounts payable17/49 | €9,898 | €22,131 | €19,267 | €12,205 | €38,177 | €103,938 | €107,468 | ▲ 3.4% |
| Amounts payable within one year42/48 | €9,898 | €22,131 | €19,267 | €12,205 | €38,177 | €103,938 | €107,468 | ▲ 3.4% |
| Financial debts43 | - | - | €43 | - | €65 | €124 | - | - |
| Credit institutions430/8 | - | - | €43 | - | €65 | €124 | - | - |
| Trade debts44 | €1,986 | - | €238 | €3,261 | €2,753 | €7,182 | €19,845 | ▲ 176% |
| Suppliers440/4 | - | - | €238 | €3,261 | €2,753 | €7,182 | €19,845 | ▲ 176% |
| Taxes, remuneration and social security45 | - | - | €14,427 | €8,944 | €32,759 | €26,044 | €28,559 | ▲ 9.7% |
| Taxes450/3 | - | - | €14,427 | €8,944 | €32,759 | €25,983 | €27,802 | ▲ 7.0% |
| Remuneration and social security454/9 | - | - | - | - | - | €61 | €757 | ▲ 12× |
| Other amounts payable47/48 | - | - | €4,559 | - | €2,600 | €70,588 | €59,063 | ▼ 16.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €54,121 | €55,781 | €63,476 | €67,820 | €66,888 | €58,389 | €78,892 | ▲ 35.1% |
| + Depreciation and write-downs630 | €1,936 | €1,674 | €1,894 | €1,815 | €5,476 | €8,421 | €9,881 | ▲ 17.3% |
| Operating cash flow (approximation) | €56,057 | €57,455 | €65,369 | €69,635 | €72,365 | €66,810 | €88,773 | ▲ 32.9% |
| Investment in fixed assets (approximation) | - | €0 | -€7,278 | -€9,120 | -€22,663 | -€12,378 | -€5,126 | ▲ 58.6% |
| Change in cash | - | €63,708 | €29,528 | -€23,303 | -€64,889 | €84,703 | €27,116 | ▼ 68.0% |
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, 26,972 companies had the same profile as Appgrade has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Appgrade itself is lower: < 0.1% within 12 months. It rests on far more data about Appgrade than the profile alone.
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 26,972 companies, not a prediction for Appgrade. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-04-2026 | 2026-00082459 | |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00207581 | |
| 31-12-2023 | micro format | 12-07-2024 | 2024-00238872 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00157441 | |
| 31-12-2021 | micro format | 29-06-2022 | 2022-20114688 | |
| 31-12-2020 | micro format | 02-07-2021 | 2021-31700403 | |
| 31-12-2019 | micro format | 15-07-2020 | 2020-30200233 |