AR
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 2 filings
Amounts without an identifiable currency are taken as euros.
Every figure per financial year
The operating result for 2025 is a profit of €74,672, after a loss of €25,532 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Staff
| Item | 31-12-2024 | 31-12-2025 |
|---|---|---|
| Employees at the balance-sheet date | 14 | 6 |
| full-time | 9 | 4 |
| part-time | 5 | 2 |
| in full-time equivalents | 11.8 | 5 |
| Average over the year, in full-time equivalents | 9.3 | 5.5 |
| On a permanent contract | 1 | - |
| Joined | - | 2 |
| Left | - | 4 |
Source: social balance sheet in the 2024 to 2025 annual accounts
Investments
| Item | 2024 | 2025 |
|---|---|---|
| Tangible fixed assets | €90,412 | €68,596 |
| Intangible fixed assets | €80,000 | - |
| Depreciation and write-downs of the year | €36,665 | €34,603 |
Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Remuneration, social security and pensions62 | €354,199 | €264,750 | ▼ 25.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €36,665 | €34,603 | ▼ 5.6% |
| Other operating charges640/8 | €13,552 | €10,334 | ▼ 23.7% |
| Non-recurring operating charges66A | €2,000 | €346 | ▼ 82.7% |
| Gross operating margin9900 | €380,884 | €384,705 | ▲ 1.0% |
| Operating profit (loss)9901 | -€25,532 | €74,672 | - |
| Financial income75/76B | €636 | €2,708 | ▲ 326% |
| Recurring financial income75 | €636 | €2,708 | ▲ 326% |
| Financial charges65/66B | €23,866 | €36,354 | ▲ 52.3% |
| Recurring financial charges65 | €23,866 | €36,354 | ▲ 52.3% |
| Profit (loss) for the period before taxes9903 | -€48,762 | €41,026 | - |
| Income taxes67/77 | - | €7,678 | - |
| Profit (loss) for the period9904 | -€48,762 | €33,348 | - |
| Profit (loss) for the period to be appropriated9905 | -€48,762 | €33,348 | - |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Assets | |||
| Total assets20/58 | €388,441 | €553,024 | ▲ 42.4% |
| Fixed assets21/28 | €133,747 | €167,740 | ▲ 25.4% |
| Intangible fixed assets21 | €60,478 | €49,079 | ▼ 18.8% |
| Tangible fixed assets22/27 | €73,268 | €118,660 | ▲ 62.0% |
| Land and buildings22 | €670 | €470 | ▼ 29.8% |
| Plant, machinery and equipment23 | €72,598 | €81,980 | ▲ 12.9% |
| Furniture and vehicles24 | - | €36,210 | - |
| Current assets29/58 | €254,694 | €385,285 | ▲ 51.3% |
| Stocks and contracts in progress3 | €144,238 | €155,348 | ▲ 7.7% |
| Stocks30/36 | €144,238 | €155,348 | ▲ 7.7% |
| Amounts receivable within one year40/41 | €61,575 | €128,006 | ▲ 108% |
| Trade receivables40 | €59,767 | €120,898 | ▲ 102% |
| Other amounts receivable41 | €1,808 | €7,108 | ▲ 293% |
| Cash at bank and in hand54/58 | €35,167 | €92,990 | ▲ 164% |
| Deferred charges and accrued income490/1 | €13,715 | €8,941 | ▼ 34.8% |
| Equity and liabilities | |||
| Total equity and liabilities10/49 | €388,441 | €553,024 | ▲ 42.4% |
| Equity10/15 | -€28,762 | €24,586 | - |
| Contributions10/11 | €20,000 | €40,000 | ▲ 100% |
| Profit (loss) carried forward14 | -€48,762 | -€15,414 | ▲ 68.4% |
| Amounts payable17/49 | €417,202 | €528,438 | ▲ 26.7% |
| Amounts payable after more than one year17 | €73,393 | €111,581 | ▲ 52.0% |
| Financial debts170/4 | €73,393 | €111,581 | ▲ 52.0% |
| Amounts payable within one year42/48 | €343,809 | €416,170 | ▲ 21.0% |
| Current portion of amounts payable after more than one year42 | €23,167 | €38,542 | ▲ 66.4% |
| Financial debts43 | - | €2,495 | - |
| Credit institutions430/8 | - | €2,495 | - |
| Trade debts44 | €204,072 | €257,477 | ▲ 26.2% |
| Suppliers440/4 | €204,072 | €257,477 | ▲ 26.2% |
| Taxes, remuneration and social security45 | €49,710 | €72,657 | ▲ 46.2% |
| Taxes450/3 | €26,874 | €44,893 | ▲ 67.1% |
| Remuneration and social security454/9 | €22,837 | €27,764 | ▲ 21.6% |
| Other amounts payable47/48 | €66,859 | €45,000 | ▼ 32.7% |
| Accrued charges and deferred income492/3 | - | €687 | - |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Profit (loss) for the period9904 | -€48,762 | €33,348 | - |
| + Depreciation and write-downs630 | €36,665 | €34,603 | ▼ 5.6% |
| Operating cash flow (approximation) | -€12,096 | €67,951 | - |
| Investment in fixed assets (approximation) | - | -€68,596 | - |
| Change in cash | - | €57,824 | - |
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, 2,157 companies had the same profile as AR has now. Two years later, 94.1% were still going and 3.0% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency under 10%
- 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 AR itself: 1.6% 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 2,157 companies, not a prediction for AR. 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.