Aptus
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 22-07-2026 at the NBB all 10 filings
Turnover
€1.0m▼ 29.0%
2020 · €1.5m
EBIT margin
-25.0%▼ 19.8pp
2020 · -5.2%
Net result
-€10,280▲ 93.7%
2024 · -€162,864
Working capital
-€66,813▲ 90.7%
2024 · -€715,444
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€1,799
2025
20182025
Net result
-€10,280
▲ 93.7%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
-€704,971
▼ 1.5%
2025
lowest quarter of the sector
20182025
Total assets
€508,407
▼ 27.9%
2025
middle half of the sector
20182025
Debt
€1.2m
▼ 13.3%
2025
20182025
Working capital
-€66,813
▲ 90.7%
2025
lowest quarter of the sector
20182025
Solvency
-138.7%
▼ 40.2pp
2025
lowest quarter of the sector
20182025
Current ratio
0.81
▲ 0.49
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-2.0%
▲ 21.1pp
2025
middle half of the sector
20182025
Staff (FTE)
3.3
▼ 42.1%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€1.5m-€1.9m▲ 24.2%€1.5m▼ 23.0%€1.0m
Operating result€0.2m-€0.02m▼ 90.1%-€0.08m-€0.1m▼ 40.8%-€0.3m▼ 142%-€0.3m▼ 7.0%-€0.2m▲ 45.6%€0.002m
Net result€0.1m--€0.002m-€0.09mbelow the sector's middle half▼ 5,266%-€0.1mbelow the sector's middle half▼ 33.0%-€0.3mbelow the sector's middle half▼ 130%-€0.3mbelow the sector's middle half▼ 5.3%-€0.2mbelow the sector's middle half▲ 43.7%-€0.01mwithin the sector's middle half▲ 93.7%
EBIT margin13.0%-1.0%▼ 11.9pp-5.2%▼ 6.2pp-25.0%
Equity€0.2m-€0.2m▼ 0.7%€0.2mwithin the sector's middle half▼ 37.2%€0.03mbelow the sector's middle half▼ 78.7%-€0.2mbelow the sector's middle half-€0.5mbelow the sector's middle half▼ 119%-€0.7mbelow the sector's middle half▼ 30.6%-€0.7mbelow the sector's middle half▼ 1.5%
Total assets€0.6m-€0.6m▼ 8.6%€0.4mwithin the sector's middle half▼ 25.1%€0.4mwithin the sector's middle half▼ 4.1%€0.6mwithin the sector's middle half▲ 42.3%€0.5mwithin the sector's middle half▼ 11.0%€0.7mwithin the sector's middle half▲ 34.4%€0.5mwithin the sector's middle half▼ 27.9%
Debt€0.4m-€0.3m▼ 13.6%€0.3m▼ 16.4%€0.4m▲ 36.0%€0.8m▲ 118%€1.1m▲ 27.0%€1.4m▲ 32.5%€1.2m▼ 13.3%
Working capital€0.2m-€0.1m▼ 50.6%€0.03mwithin the sector's middle half▼ 78.1%-€0.08mbelow the sector's middle half-€0.4mbelow the sector's middle half▼ 443%-€0.7mbelow the sector's middle half▼ 60.6%-€0.7mbelow the sector's middle half▼ 8.3%-€0.07mbelow the sector's middle half▲ 90.7%
Solvency38.5%-41.8%▲ 3.3pp35.1%within the sector's middle half▼ 6.7pp7.8%below the sector's middle half▼ 27.3pp-41.1%below the sector's middle half▼ 48.9pp-101.3%below the sector's middle half▼ 60.2pp-98.5%below the sector's middle half▲ 2.9pp-138.7%below the sector's middle half▼ 40.2pp
Current ratio1.62-1.35▼ 0.271.09within the sector's middle half▼ 0.260.77below the sector's middle half▼ 0.330.46below the sector's middle half▼ 0.300.29below the sector's middle half▼ 0.170.32below the sector's middle half▲ 0.030.81below the sector's middle half▲ 0.49
Return on assets (ROA)19.6%--0.3%▼ 19.9pp-20.8%below the sector's middle half▼ 20.5pp-28.8%below the sector's middle half▼ 8.0pp-46.6%below the sector's middle half▼ 17.8pp-55.1%below the sector's middle half▼ 8.5pp-23.1%below the sector's middle half▲ 32.0pp-2.0%within the sector's middle half▲ 21.1pp
Staff (FTE)10.8-13.9▲ 28.7%15.4above the sector's middle half▲ 10.8%10.7within the sector's middle half▼ 30.5%11within the sector's middle half▲ 2.8%6.9within the sector's middle half▼ 37.3%5.7within the sector's middle half▼ 17.4%3.3below the sector's middle half▼ 42.1%
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 a profit of €1,799, after a loss of €151,531 in 2024. It is the highest result since 2019.
Large changes and their cause
- 2025 Net result +94% on 2024. The accounts now follow the full format, last year the abbreviated format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €508,407
Fixed assets
€229,993 ▼ 38.1%
Current assets
€278,414 ▼ 16.7%
Equity and liabilities
Equity-€704,971
Debt€1.2m
Equity is negative. Debt (€1.2m) exceeds the balance-sheet total (€508,407).
Key figures and ratios
EBITDA
€141,652▲
2024 · €9,289
Cash flow
€129,573▲
2024 · -€2,044
Quick ratio
0.80▲
2024 · 0.31
Interest coverage
12.35▲
2024 · 0.91
Debt ≤ 1 year
€345,227▼
2024 · €1.0m
Debt > 1 year
€568,404▲
2024 · €62,530
Income taxes
€613▼
2024 · €2,171
Staff costs
€196,497▼
2024 · €335,402
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 12 | 9 | 5 | 5 | 3 |
| full-time | 10 | 9 | 5 | 5 | 3 |
| part-time | 2 | - | 0 | 0 | 0 |
| in full-time equivalents | 11.3 | 9 | 5 | 5 | 3 |
| Average over the year, in full-time equivalents | 10.7 | 11 | 6.9 | 5.7 | 3.3 |
| On a permanent contract | 12 | 9 | 5 | 5 | 3 |
| Joined | 2 | 6 | 0 | 14 | 2 |
| Left | 0 | 9 | 4 | 14 | 4 |
| Training hours | - | - | 0 | 0 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €77,397 | €119,733 | €115,423 | €364,659 | €846 |
| Intangible fixed assets | €53,184 | €99,897 | €71,270 | - | - |
| Financial fixed assets | - | - | - | €300 | €0 |
| Depreciation and write-downs of the year | €90,059 | €149,672 | €169,005 | €160,820 | €139,853 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €9,000 awarded · €9,000 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €1.5m | €1.9m | €1.5m | - | €1.0m | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | €0.003m | €372 | €434 | €0 | ▼ 100% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €0.7m | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.5m | €0.5m | €0.4m | €0.3m | €0.2m | ▼ 41.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.006m | €0.02m | €0.06m | €0.09m | €0.1m | €0.2m | €0.2m | €0.1m | ▼ 13.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €311 | -€80 | €0 | - | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | -€65 | -€83 | ▼ 28.3% |
| Other operating charges640/8 | - | - | - | €0.004m | €0.004m | €0.004m | €0.007m | €0.01m | ▲ 66.9% |
| Non-recurring operating charges66A | - | - | - | - | - | €0.06m | €0 | - | - |
| Gross operating margin9900 | €0.8m | €0.7m | €0.6m | €0.5m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 0.5% |
| Operating profit (loss)9901 | €0.2m | €0.02m | -€0.08m | -€0.1m | -€0.3m | -€0.3m | -€0.2m | €0.002m | - |
| Financial income75/76B | - | - | - | €117 | €16 | €0.001m | €0.001m | €1 | ▼ 99.9% |
| Recurring financial income75 | €69 | €82 | €83 | €117 | €16 | €0.001m | €0.001m | €1 | ▼ 99.9% |
| Financial charges65/66B | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 12.3% |
| Recurring financial charges65 | €0.006m | €0.008m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 12.3% |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.01m | -€0.09m | -€0.1m | -€0.3m | -€0.3m | -€0.2m | -€0.01m | ▲ 94.0% |
| Income taxes67/77 | €0.07m | €0.01m | €0.001m | €0.002m | €0.002m | €128 | €0.002m | €0.001m | ▼ 71.7% |
| Profit (loss) for the period9904 | €0.1m | -€0.002m | -€0.09m | -€0.1m | -€0.3m | -€0.3m | -€0.2m | -€0.01m | ▲ 93.7% |
| Profit (loss) for the period to be appropriated9905 | €0.1m | -€0.002m | -€0.09m | -€0.1m | -€0.3m | -€0.3m | -€0.2m | -€0.01m | ▲ 93.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.6m | €0.6m | €0.4m | €0.4m | €0.6m | €0.5m | €0.7m | €0.5m | ▼ 27.9% |
| Fixed assets21/28 | €0.01m | €0.1m | €0.1m | €0.2m | €0.2m | €0.3m | €0.4m | €0.2m | ▼ 38.1% |
| Intangible fixed assets21 | - | €0.06m | €0.08m | €0.08m | €0.1m | €0.1m | €0.05m | €0.009m | ▼ 80.9% |
| Tangible fixed assets22/27 | €0.01m | €0.07m | €0.05m | €0.09m | €0.1m | €0.1m | €0.3m | €0.2m | ▼ 31.8% |
| Plant, machinery and equipment23 | - | - | - | €0.06m | €0.01m | €0.007m | €0.04m | €0.03m | ▼ 31.0% |
| Furniture and vehicles24 | - | - | - | €0.003m | €0.002m | €0.003m | €0.01m | €0.01m | ▼ 12.7% |
| Other tangible fixed assets26 | - | - | - | €0.03m | €0.1m | €0.1m | €0.3m | €0.2m | ▼ 33.0% |
| Financial fixed assets28 | - | - | - | - | - | - | €300 | €300 | = |
| Current assets29/58 | €0.6m | €0.5m | €0.3m | €0.2m | €0.4m | €0.3m | €0.3m | €0.3m | ▼ 16.7% |
| Stocks and contracts in progress3 | €0.01m | €0.005m | €0.005m | €0.004m | €0.02m | €0.02m | €0.01m | €0.002m | ▼ 83.3% |
| Stocks30/36 | - | - | - | €0.004m | €0.02m | €0.02m | €0.01m | €0.002m | ▼ 83.3% |
| Amounts receivable within one year40/41 | €0.6m | €0.4m | €0.2m | €0.1m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 20.8% |
| Trade receivables40 | - | - | - | €0.07m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 20.5% |
| Other amounts receivable41 | - | - | - | €0.03m | €0.08m | €0.02m | €0.01m | €0.009m | ▼ 26.4% |
| Cash at bank and in hand54/58 | €0.01m | €0.01m | €0.05m | €0.1m | €0.05m | €0.03m | €0.04m | €0.06m | ▲ 55.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.009m | €0.002m | €0.01m | €0.04m | €0.02m | ▼ 40.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.6m | €0.6m | €0.4m | €0.4m | €0.6m | €0.5m | €0.7m | €0.5m | ▼ 27.9% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.03m | -€0.2m | -€0.5m | -€0.7m | -€0.7m | ▼ 1.5% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.2m | €0.2m | €0.09m | €0.09m | €0.09m | €0.006m | €0.006m | €0.006m | = |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €0.08m | €0.08m | €0 | - | - | - |
| Profit (loss) carried forward14 | €0.001m | -€0.001m | -€0.001m | -€0.1m | -€0.4m | -€0.6m | -€0.8m | -€0.8m | ▼ 1.3% |
| Provisions and deferred taxes16 | - | - | - | €311 | €231 | €219 | €166 | €83 | ▼ 49.9% |
| Provisions for liabilities and charges160/5 | - | - | - | €311 | €231 | €219 | €166 | €83 | ▼ 49.9% |
| Pensions and similar obligations160 | - | - | - | €311 | €231 | €219 | €166 | €83 | ▼ 49.9% |
| Amounts payable17/49 | €0.4m | €0.3m | €0.3m | €0.4m | €0.8m | €1.1m | €1.4m | €1.2m | ▼ 13.3% |
| Amounts payable after more than one year17 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.6m | ▲ 809% |
| Financial debts170/4 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.6m | ▲ 809% |
| Amounts payable within one year42/48 | €0.4m | €0.3m | €0.3m | €0.3m | €0.8m | €0.9m | €1.0m | €0.3m | ▼ 67.1% |
| Trade debts44 | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.09m | €0.1m | €0.09m | ▼ 33.8% |
| Suppliers440/4 | - | - | - | €0.2m | €0.1m | €0.09m | €0.1m | €0.09m | ▼ 33.8% |
| Advances received on contracts in progress46 | - | - | - | - | €0.006m | €0.008m | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.05m | €0.05m | €0.04m | €0.03m | ▼ 25.4% |
| Taxes450/3 | - | - | - | €0.008m | €0.007m | €0.01m | €0.01m | €0.007m | ▼ 30.0% |
| Remuneration and social security454/9 | - | - | - | €0.06m | €0.04m | €0.03m | €0.03m | €0.02m | ▼ 23.9% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.6m | €0.8m | €0.9m | €0.2m | ▼ 74.1% |
| Accrued charges and deferred income492/3 | - | - | - | €5 | €0.008m | €0.06m | €0.3m | €0.3m | ▲ 4.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €123,780 | -€1,672 | -€89,690 | -€119,269 | -€274,815 | -€289,308 | -€162,864 | -€10,280 | ▲ 93.7% |
| + Depreciation and write-downs630 | €5,920 | €20,522 | €61,745 | €90,059 | €149,672 | €169,005 | €160,820 | €139,853 | ▼ 13.0% |
| Operating cash flow (approximation) | €129,700 | €18,851 | -€27,945 | -€29,211 | -€125,143 | -€120,303 | -€2,044 | €129,573 | - |
| Investment in fixed assets (approximation) | - | -€132,502 | -€63,741 | -€130,581 | -€219,630 | -€186,681 | -€278,083 | €1,458 | - |
| Change in cash | - | €3,740 | €31,186 | €87,176 | -€81,812 | -€23,267 | €10,580 | €21,636 | ▲ 104% |
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, 2,333 companies had the same profile as Aptus has now. Two years later, 90.5% were still going and 2.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a small loss
90.5%
was still going
5.8%
stopped otherwise
2.8%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Aptus itself: 1.0% 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 2,333 companies, not a prediction for Aptus. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 22-07-2026 | 2026-00325036 | |
| 31-12-2024 | abbreviated format | 07-07-2025 | 2025-00238445 | |
| 31-12-2023 | abbreviated format | 01-07-2024 | 2024-00190515 | |
| 31-12-2022 | abbreviated format | 28-07-2023 | 2023-00299376 | |
| 31-12-2021 | abbreviated format | 01-08-2022 | 2022-20254237 | |
| 31-12-2020 | abbreviated format | 30-08-2021 | 2021-60200123 | |
| 31-12-2019 | abbreviated format | 14-07-2020 | 2020-30000241 | |
| 31-12-2018 | abbreviated format | 29-08-2019 | 2019-54700226 | |
| 31-12-2017 | abbreviated format | 23-07-2018 | 2018-37100561 | |
| 31-12-2016 | full format | 22-09-2017 | 2017-62100319 |