APS
ActiveSummary
The annual accounts of APS for fiscal year 2025 show a net loss of 52% of total assets. The 2025 annual accounts show equity of €26,849 and a net result of -€18,505. Equity is shrinking by ~16.6% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2028. Its solvency ranks better than 82% of 14220 sector peers (fiscal year 2025). The company has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
59
/ 100
Fair
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0=
Solvency100=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,500 at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity ample (current ratio 4.0 against 6.4 in 2024; short-term debt: 24.8% and cash: 43.5% of total assets), and 24.8% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 · 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
75.2%
Return on assets
-51.8%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€18,505
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 18-08-2026, 18 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
18 d late
2024
28 d late
2023
8 d early
2022
7 d early
2021
25 d late
2020
30 d late
2019
28 d late
← 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 16 days after 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
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
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Financials · fiscal year 2025, micro schema
In the rankings
#4 oldest company in Wanze, Real estate sector
Equity
€26,849▼ 40.8%
2024 · €45,354
Total assets
€35,719▼ 33.5%
2024 · €53,734
Net result
-€18,505▲ 4.0%
2024 · -€19,283
Working capital
€26,644▼ 41.0%
2024 · €45,170
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€45,173-€4,006-€37,149▼ 827%-€20,218▲ 45.6%-€18,171▲ 10.1%
Net result€46,520above the sector's middle half-€2,392within the sector's middle half-€35,473below the sector's middle half▼ 1,383%-€19,283below the sector's middle half▲ 45.6%-€18,505below the sector's middle half▲ 4.0%
Equity€102,502within the sector's middle half▲ 83.1%€100,110within the sector's middle half▼ 2.3%€64,637within the sector's middle half▼ 35.4%€45,354within the sector's middle half▼ 29.8%€26,849within the sector's middle half▼ 40.8%
Total assets€205,096within the sector's middle half▲ 46.4%€116,992below the sector's middle half▼ 43.0%€73,506below the sector's middle half▼ 37.2%€53,734below the sector's middle half▼ 26.9%€35,719below the sector's middle half▼ 33.5%
Debt€102,594▲ 21.9%€16,882▼ 83.5%€8,869▼ 47.5%€8,380▼ 5.5%€8,870▲ 5.9%
Working capital€104,562▲ 80.8%€102,077▼ 2.4%€64,454▼ 36.9%€45,170▼ 29.9%€26,644▼ 41.0%
Solvency50.0%within the sector's middle half▲ 10.0pp85.6%above the sector's middle half▲ 35.6pp87.9%above the sector's middle half▲ 2.4pp84.4%above the sector's middle half▼ 3.5pp75.2%above the sector's middle half▼ 9.2pp
Staff (FTE)1.5▼ 25.0%1▼ 33.3%1=1=1=
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €18,171 in 2025 against €20,218 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €35,719
Fixed assets
€205 =
Current assets
€35,514 ▼ 33.7%
Equity and liabilities €35,719
Equity
€26,849 ▼ 40.8%
Debt
€8,870 ▲ 5.9%
Debt's share of the balance-sheet total rises from 15.6% to 24.8%. Equity is lower and debt is higher.
Key figures and ratios
Current ratio
4.00▼
2024 · 6.40
Debt to equity
0.33▲
2024 · 0.18
ROE
-68.9%▼
2024 · -42.5%
ROA
-51.8%▼
2024 · -35.9%
Debt ≤ 1 year
€8,870▲
2024 · €8,359
Staff costs
€41,360▲
2024 · €39,906
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,836 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.5%
went bankrupt
13%
stopped otherwise
84%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 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% | 1.7% |
| 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 75% 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 5,836 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 | €51,377 | €34,245 | €38,883 | €39,906 | €41,360 | ▲ 3.6% |
| Other operating charges640/8 | €433 | €433 | €469 | €387 | €1,080 | ▲ 179% |
| Gross operating margin9900 | €96,983 | €30,671 | €2,203 | €20,074 | €24,270 | ▲ 20.9% |
| Operating profit (loss)9901 | €45,173 | -€4,006 | -€37,149 | -€20,218 | -€18,171 | ▲ 10.1% |
| Financial income75/76B | €3,894 | €3,905 | €2,029 | €1,283 | - | - |
| Recurring financial income75 | €3,894 | €3,905 | €2,029 | €1,283 | - | - |
| Financial charges65/66B | €2,547 | €2,291 | €353 | €348 | €335 | ▼ 3.7% |
| Recurring financial charges65 | €2,547 | €2,291 | €353 | €348 | €335 | ▼ 3.7% |
| Profit (loss) for the period before taxes9903 | €46,520 | -€2,392 | -€35,473 | -€19,283 | -€18,505 | ▲ 4.0% |
| Profit (loss) for the period9904 | €46,520 | -€2,392 | -€35,473 | -€19,283 | -€18,505 | ▲ 4.0% |
| Profit (loss) for the period to be appropriated9905 | €46,520 | -€2,392 | -€35,473 | -€19,283 | -€18,505 | ▲ 4.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €205,096 | €116,992 | €73,506 | €53,734 | €35,719 | ▼ 33.5% |
| Fixed assets21/28 | - | - | €205 | €205 | €205 | = |
| Financial fixed assets28 | - | - | €205 | €205 | €205 | = |
| Current assets29/58 | €205,096 | €116,992 | €73,301 | €53,529 | €35,514 | ▼ 33.7% |
| Amounts receivable within one year40/41 | €156,050 | €10,814 | €69,574 | €13,555 | €19,988 | ▲ 47.5% |
| Trade receivables40 | €25,897 | €10,544 | €13,598 | €12,587 | €19,124 | ▲ 51.9% |
| Other amounts receivable41 | €130,153 | €271 | €55,976 | €968 | €864 | ▼ 10.7% |
| Cash at bank and in hand54/58 | €45,153 | €102,273 | €1,802 | €38,690 | €15,526 | ▼ 59.9% |
| Deferred charges and accrued income490/1 | €3,894 | €3,905 | €1,925 | €1,283 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €205,096 | €116,992 | €73,506 | €53,734 | €35,719 | ▼ 33.5% |
| Equity10/15 | €102,502 | €100,110 | €64,637 | €45,354 | €26,849 | ▼ 40.8% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €32,337 | €32,337 | €32,337 | €32,337 | €32,337 | = |
| Non-distributable reserves130/1 | €8,057 | €8,057 | €8,057 | €8,057 | €8,057 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €8,057 | €8,057 | €8,057 | = |
| Other1319 | €6,197 | €6,197 | - | - | - | - |
| Tax-exempt reserves132 | €7,280 | €7,280 | €7,280 | €7,280 | €7,280 | = |
| Distributable reserves133 | €17,000 | €17,000 | €17,000 | €17,000 | €17,000 | = |
| Profit (loss) carried forward14 | €51,565 | €49,172 | €13,700 | -€5,583 | -€24,089 | ▼ 331% |
| Amounts payable17/49 | €102,594 | €16,882 | €8,869 | €8,380 | €8,870 | ▲ 5.9% |
| Amounts payable within one year42/48 | €100,535 | €14,915 | €8,846 | €8,359 | €8,870 | ▲ 6.1% |
| Financial debts43 | - | - | - | - | €4 | - |
| Credit institutions430/8 | - | - | - | - | €4 | - |
| Trade debts44 | €1,768 | €456 | €71 | €172 | €136 | ▼ 20.7% |
| Suppliers440/4 | €1,768 | €456 | €71 | €172 | €136 | ▼ 20.7% |
| Taxes, remuneration and social security45 | €6,863 | €6,930 | €8,027 | €8,188 | €8,730 | ▲ 6.6% |
| Taxes450/3 | €1,334 | €968 | €1,058 | €1,060 | €1,173 | ▲ 10.7% |
| Remuneration and social security454/9 | €5,529 | €5,962 | €6,969 | €7,127 | €7,557 | ▲ 6.0% |
| Other amounts payable47/48 | €91,903 | €7,529 | €748 | - | - | - |
| Accrued charges and deferred income492/3 | €2,060 | €1,967 | €22 | €21 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €46,520 | -€2,392 | -€35,473 | -€19,283 | -€18,505 | ▲ 4.0% |
| Operating cash flow (approximation) | €46,520 | -€2,392 | -€35,473 | -€19,283 | -€18,505 | ▲ 4.0% |
| Investment in fixed assets (approximation) | - | - | - | €0 | €0 | - |
| Change in cash | - | €57,120 | -€100,471 | €36,888 | -€23,164 | ▼ 163% |
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
18-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 18 days late
2025
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
23-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
24-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Liquidity quadruplescurrent ratio 7.84
Current ratio from 2.04 to 7.84; short-term debt falls from €100,535 to €14,915.
25-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 25 days late
2021
31-12
Financial
Back to profitnet €46,520
Net result €46,520 after 3 loss-making years.
31-12
Financial
Equity above €100,000Eq €102,502 ▲83.1%
Equity rises from €55,982 to €102,502.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
28-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 28 days late
2019
31-12
Financial
Weakest financial yearnet -€39,273
Net result drops to -€39,273, the lowest in the series; recovery starts the following year.
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 29 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 30 days late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Wanze · 2 establishment units since 1988
Ground area
3,548 m²
Building footprint
615 m²
Volume, LiDAR
4,159 m³
3 parcels, Wallonia · tallest building 13.7 m, ±3 floors. Linked by address, not a title deed.
2 establishment units
aps
since 19882.035.477.890
aps
since 20142.226.458.123
3 parcels
Wallonia
3
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 61070A0115/00K002 | Wallonia | 1,818 m² | 1 · 409 m² | 13.7 m · 3 fl. |
| 61072A0167/00T025 | Wallonia | 969 m² | 1 · 65 m² | 9.3 m · 3 fl. |
| 61070A0315/00B003 | Wallonia | 761 m² | 1 · 141 m² | - |
Linked by address, not proof of ownership
Good to know
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
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RESIDENTIAL PROPERTY DEVELOPMENT
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JAM'S IMMO
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GRANY
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Of 1,294 companies in sector 68122 we hold annual accounts for 904. 393 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded02-02-1988
Fiscal year end31-12
Activities, NACEBEL 2025
68122Development of non-residential building projects
68201Renting and operating of own or leased residential real estate, excluding social housing
68121Development of residential building projects
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
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Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.