ARONIA
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 32 filings
Turnover
€13.2m▲ 19.3%
2024 · €11.1m
EBIT margin
6.5%▼ 2.6pp
2024 · 9.2%
Net result
€736,924▼ 4.0%
2024 · €767,583
Working capital
€2.5m▼ 32.4%
2024 · €3.7m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€13.2m
▲ 19.3%
2025
20182025
Operating result
€863,224
▼ 15.1%
2025
20182025
Net result
€736,924
▼ 4.0%
2025
highest quarter of the sector
20182025
EBIT margin
6.5%
▼ 2.6pp
2025
20182025
Equity
€4.0m
▲ 10.3%
2025
highest quarter of the sector
20182025
Total assets
€6.4m
▲ 8.1%
2025
highest quarter of the sector
20182025
Debt
€2.1m
▲ 5.5%
2025
20182025
Working capital
€2.5m
▼ 32.4%
2025
highest quarter of the sector
20182025
Solvency
62.1%
▲ 1.2pp
2025
middle half of the sector
20182025
Current ratio
2.22
▼ 0.71
2025
middle half of the sector
20182025
Return on assets (ROA)
11.6%
▼ 1.5pp
2025
highest quarter of the sector
20182025
Staff (FTE)
178.4
▲ 16.3%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€7.8m-€8.2m▲ 5.6%€10.3m▲ 26.2%€11.4m▲ 10.5%€10.2m▼ 10.4%€10.3m▲ 1.0%€11.1m▲ 7.0%€13.2m▲ 19.3%
Operating result€0.5m-€0.6m▲ 31.5%€1.4m▲ 115%€1.6m▲ 13.9%€0.8m▼ 48.0%€0.9m▲ 15.9%€1.0m▲ 7.4%€0.9m▼ 15.1%
Net result€0.3m-€0.4m▲ 30.3%€1.1mabove the sector's middle half▲ 147%€1.1mabove the sector's middle half▲ 6.8%€0.6mabove the sector's middle half▼ 47.5%€0.7mabove the sector's middle half▲ 15.2%€0.8mabove the sector's middle half▲ 10.9%€0.7mabove the sector's middle half▼ 4.0%
EBIT margin6.3%-7.8%▲ 1.5pp13.3%▲ 5.5pp13.7%▲ 0.4pp8.0%▼ 5.8pp9.1%▲ 1.2pp9.2%=6.5%▼ 2.6pp
Equity€1.5m-€1.7m▲ 11.9%€2.1mabove the sector's middle half▲ 26.0%€2.6mabove the sector's middle half▲ 26.8%€2.9mabove the sector's middle half▲ 9.5%€3.2mabove the sector's middle half▲ 10.7%€3.6mabove the sector's middle half▲ 12.0%€4.0mabove the sector's middle half▲ 10.3%
Total assets€3.4m-€3.8m▲ 12.2%€4.8mabove the sector's middle half▲ 26.4%€5.2mabove the sector's middle half▲ 10.4%€5.1mabove the sector's middle half▼ 2.2%€5.4mabove the sector's middle half▲ 6.1%€5.9mabove the sector's middle half▲ 8.5%€6.4mabove the sector's middle half▲ 8.1%
Debt€1.6m-€1.9m▲ 17.8%€2.4m▲ 28.9%€2.3m▼ 7.4%€1.9m▼ 16.1%€1.9m=€2.0m▲ 4.8%€2.1m▲ 5.5%
Working capital€1.6m-€1.7m▲ 6.0%€2.1mabove the sector's middle half▲ 20.6%€2.8mabove the sector's middle half▲ 36.4%€3.1mabove the sector's middle half▲ 9.4%€3.4mabove the sector's middle half▲ 10.1%€3.7mabove the sector's middle half▲ 9.5%€2.5mabove the sector's middle half▼ 32.4%
Solvency44.2%-44.1%▼ 0.1pp43.9%within the sector's middle half▼ 0.1pp50.5%within the sector's middle half▲ 6.5pp56.5%within the sector's middle half▲ 6.0pp59.0%above the sector's middle half▲ 2.5pp60.9%above the sector's middle half▲ 1.9pp62.1%within the sector's middle half▲ 1.2pp
Current ratio2.06-1.96▼ 0.101.87within the sector's middle half▼ 0.092.29above the sector's middle half▲ 0.412.67above the sector's middle half▲ 0.382.84above the sector's middle half▲ 0.172.92above the sector's middle half▲ 0.082.22within the sector's middle half▼ 0.71
Return on assets (ROA)9.9%-11.5%▲ 1.6pp22.5%above the sector's middle half▲ 11.0pp21.8%above the sector's middle half▼ 0.7pp11.7%above the sector's middle half▼ 10.1pp12.7%above the sector's middle half▲ 1.0pp13.0%above the sector's middle half▲ 0.3pp11.6%above the sector's middle half▼ 1.5pp
Staff (FTE)137.7-140.9▲ 2.3%180.1above the sector's middle half▲ 27.8%177.1above the sector's middle half▼ 1.7%170.4above the sector's middle half▼ 3.8%157.4above the sector's middle half▼ 7.6%153.4above the sector's middle half▼ 2.5%178.4above the sector's middle half▲ 16.3%
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). 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 15% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.4m
Fixed assets
€1.8m ▲ 672%
Current assets
€4.6m ▼ 19.0%
Equity and liabilities €6.4m
Equity
€4.0m ▲ 10.3%
Provisions
€319,877 =
Debt
€2.1m ▲ 5.5%
Debt's share of the balance-sheet total falls from 33.7% to 32.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€977,441▼
2024 · €1.1m
Cash flow
€851,141▲
2024 · €837,539
Quick ratio
2.20▼
2024 · 2.90
Debt to equity
0.53▼
2024 · 0.55
ROE
18.6%▼
2024 · 21.4%
Interest coverage
over 100▲
2024 · 94.43
Debt ≤ 1 year
€2.1m▲
2024 · €1.9m
Debt > 1 year
€26,778▼
2024 · €49,562
Income taxes
€130,371▼
2024 · €274,416
Customer credit
63 days▲
2024 · 62 days
Supplier credit
216 days▼
2024 · 364 days
Staff costs
€8.8m▲
2024 · €7.2m
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 | 271 | 236 | 216 | 226 | 291 |
| full-time | 46 | 42 | 49 | 52 | 55 |
| part-time | 225 | 194 | 167 | 174 | 236 |
| in full-time equivalents | 173.5 | 154.7 | 151.1 | 154.3 | 193.1 |
| Average over the year, in full-time equivalents | 177.1 | 170.4 | 157.4 | 153.4 | 178.4 |
| On a permanent contract | 271 | 236 | 216 | 224 | 290 |
| Joined | 101 | 84 | 57 | 49 | 127 |
| Left | 115 | 119 | 77 | 39 | 73 |
| Agency workers, average number | 33.6 | 28.2 | 28 | 31 | 38.3 |
| Training hours | 13 | 37 | 128 | 221 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €24,802 | €12,942 | €999 | - | - |
| Pledge on the business | €600,000 | €600,000 | €600,000 | €200,000 | €200,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €26,188 | €59,490 | €78,083 | €120,291 | €1.7m |
| Financial fixed assets | - | - | - | €700 | €0 |
| Depreciation and write-downs of the year | €105,184 | €95,106 | €73,241 | €69,956 | €114,217 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €5,765 | €6,362 | €6,708 | €6,868 | €7,044 |
| Work by persons linked to the auditor | - | - | €197 | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 6 entries · €45,609 awarded · €45,609 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €7,157 | €7,157 |
| 2024 | 2 | €13,914 | €13,914 |
| 2023 | 1 | €13,093 | €13,093 |
| 2022 | 1 | €11,445 | €11,445 |
Public contracts
8 awards · 2020 to 2025
QMMO23-2827 - Schoonmaakonderhoud cluster I - Percelen 1 t.e.m. 8 - Bestek TD/102505 - KANDIDAASTSTELLING + Bestek TD/105093: QMMO23-2827 - Perceel 3A: schoonmaakovereenkomst Luca Brussel (Vorst - Schaarbeek)
QMMO23-2827 - Schoonmaakonderhoud cluster I - Percelen 1 t.e.m. 8 - Bestek TD/102505 - KANDIDAASTSTELLING + Bestek TD/105093: QMMO23-2827 - Perceel 4A: schoonmaakovereenkomst Luca Genk
QMMO23-2827 - Schoonmaakonderhoud cluster I - Percelen 1 t.e.m. 8 - Bestek TD/102505 - KANDIDAASTSTELLING + Bestek TD/105093: QMMO23-2827 - Perceel 7A: schoonmaakovereenkomst Odisee Brussel (Brussel - Dilbeek)
QMMO23-2813 - Schoonmaakonderhoud van verschillende gebouwen West-Vlaanderen - Percelen 1A t.e.m. 3B - Bestek TD/102305 - KANDIDAATSTELLING: QMMO23-2813 - Perceel 2A: schoonmaakovereenkomst Regio West-Vlaanderen Vives Kortrijk
QMMO23-2813 - Schoonmaakonderhoud van verschillende gebouwen West-Vlaanderen - Percelen 1A t.e.m. 3B - Bestek TD/102305 - KANDIDAATSTELLING: QMMO23-2813 - Perceel 3A: schoonmaakovereenkomst Regio West-Vlaanderen Vives (buiten regio Kortrijk)
Show 3 more contracts
QMMO23-2827 - Schoonmaakonderhoud cluster I - Percelen 1 t.e.m. 8 - Bestek TD/102505 - KANDIDAASTSTELLING + Bestek TD/105093: QMMO23-2827 - Perceel 1A: schoonmaakovereenkomst KU Leuven Vlaams-Brabant - Regio Leuven
Raamovereenkomst dagelijkse schoonmaak van diverse gebouwen
Entretien journalier des locaux du bâtiment ONEM «Administration centrale» à Bruxelles
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €11.5m | €10.3m | €10.4m | €11.1m | €13.2m | ▲ 19.2% |
| Turnover70 | €7.8m | €8.2m | €10.3m | €11.4m | €10.2m | €10.3m | €11.1m | €13.2m | ▲ 19.3% |
| Other operating income74 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 17.4% |
| Non-recurring operating income76A | - | - | - | €0.001m | €0.001m | €248 | €0.002m | €0.002m | ▲ 27.4% |
| Operating charges60/66A | - | - | - | €9.9m | €9.5m | €9.4m | €10.1m | €12.4m | ▲ 22.7% |
| Goods for resale, raw materials and consumables60 | - | - | - | €0.5m | €0.5m | €0.4m | €0.4m | €0.6m | ▲ 44.8% |
| Purchases600/8 | - | - | - | €0.5m | €0.5m | €0.4m | €0.4m | €0.6m | ▲ 44.7% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.003m | €0.002m | €0.001m | €84 | €0.001m | ▲ 519% |
| Services and other goods61 | - | - | - | €2.2m | €1.9m | €2.1m | €2.4m | €2.8m | ▲ 17.3% |
| Remuneration, social security and pensions62 | - | - | - | €6.9m | €7.0m | €6.8m | €7.2m | €8.8m | ▲ 22.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.08m | €0.08m | €0.1m | €0.1m | €0.1m | €0.07m | €0.07m | €0.1m | ▲ 63.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.006m | €0 | - | - | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0.1m | €0 | - | -€0.01m | €0 | - |
| Other operating charges640/8 | - | - | - | €0.009m | €0.009m | €0.01m | €0.01m | €0.01m | ▼ 15.2% |
| Non-recurring operating charges66A | - | - | - | €0.002m | €0 | €0.001m | €0 | - | - |
| Operating profit (loss)9901 | €0.5m | €0.6m | €1.4m | €1.6m | €0.8m | €0.9m | €1.0m | €0.9m | ▼ 15.1% |
| Financial income75/76B | - | - | - | €1 | €0.02m | €0.02m | €0.05m | €0.03m | ▼ 48.9% |
| Recurring financial income75 | €0.009m | €0.004m | €0.006m | €1 | €0.02m | €0.02m | €0.05m | €0.03m | ▼ 48.9% |
| Income from current assets751 | - | - | - | - | €0.002m | €0.01m | €0.05m | €0.03m | ▼ 49.2% |
| Other financial income752/9 | - | - | - | €1 | €0.02m | €0.002m | €0.001m | €402 | ▼ 23.0% |
| Financial charges65/66B | - | - | - | €0.02m | €0.02m | €0.02m | €0.03m | €0.02m | ▼ 16.5% |
| Recurring financial charges65 | €0.01m | €0.02m | €0.01m | €0.02m | €0.02m | €0.02m | €0.03m | €0.02m | ▼ 9.8% |
| Debt charges650 | €0.003m | €0.003m | €0.005m | €0.006m | €0.007m | €0.009m | €0.01m | €0.009m | ▼ 18.8% |
| Other financial charges652/9 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | ▼ 2.6% |
| Non-recurring financial charges66B | - | - | - | - | - | €0.001m | €0.002m | €0 | ▼ 100% |
| Profit (loss) for the period before taxes9903 | €0.5m | €0.6m | €1.4m | €1.6m | €0.8m | €0.9m | €1.0m | €0.9m | ▼ 16.8% |
| Income taxes67/77 | €0.1m | €0.2m | €0.3m | €0.4m | €0.2m | €0.2m | €0.3m | €0.1m | ▼ 52.5% |
| Taxes670/3 | - | - | - | €0.4m | €0.2m | €0.2m | €0.3m | €0.1m | ▼ 52.5% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €4 | €0 | €379 | €0 | - | - |
| Profit (loss) for the period9904 | €0.3m | €0.4m | €1.1m | €1.1m | €0.6m | €0.7m | €0.8m | €0.7m | ▼ 4.0% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.1m | €0.07m | €0 | €0.3m | €0.2m | ▼ 50.0% |
| Transfer to tax-exempt reserves689 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Profit (loss) for the period to be appropriated9905 | €0.3m | €0.4m | €0.9m | €1.1m | €0.5m | €0.5m | €0.9m | €0.7m | ▼ 21.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.4m | €3.8m | €4.8m | €5.2m | €5.1m | €5.4m | €5.9m | €6.4m | ▲ 8.1% |
| Fixed assets21/28 | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €1.8m | ▲ 672% |
| Intangible fixed assets21 | - | €0.002m | €0.001m | €190 | €0 | - | - | - | - |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €1.8m | ▲ 682% |
| Land and buildings22 | - | - | - | €0.01m | €0.02m | €0.02m | €0.01m | €1.5m | ▲ 106× |
| Plant, machinery and equipment23 | - | - | - | €0.08m | €0.04m | €0.03m | €0.04m | €0.1m | ▲ 165% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.1m | €0.1m | €0.2m | €0.1m | ▼ 17.5% |
| Financial fixed assets28 | €0.004m | €170 | €0.002m | €0.002m | €0.002m | €0.002m | €0.003m | €0.001m | ▼ 71.2% |
| Other financial fixed assets284/8 | - | - | - | €0.002m | €0.002m | €0.002m | €0.003m | €0.001m | ▼ 71.2% |
| Shares284 | - | - | - | - | - | - | €0.001m | €0.001m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €190 | ▼ 92.1% |
| Current assets29/58 | €3.2m | €3.5m | €4.5m | €5.0m | €5.0m | €5.3m | €5.7m | €4.6m | ▼ 19.0% |
| Stocks and contracts in progress3 | €0.04m | €0.04m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | ▼ 1.1% |
| Stocks30/36 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | ▼ 1.1% |
| Goods purchased for resale34 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | ▼ 1.1% |
| Amounts receivable within one year40/41 | €1.7m | €2.0m | €2.5m | €1.9m | €2.5m | €2.1m | €3.4m | €2.7m | ▼ 21.2% |
| Trade receivables40 | - | - | - | €1.8m | €1.8m | €1.6m | €1.9m | €2.3m | ▲ 21.3% |
| Other amounts receivable41 | - | - | - | €0.1m | €0.7m | €0.5m | €1.6m | €0.4m | ▼ 72.1% |
| Current investments50/53 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €1.7m | €0.4m | €0.6m | ▲ 56.8% |
| Other investments51/53 | - | - | - | €0.002m | €0.002m | €1.7m | €0.4m | €0.6m | ▲ 56.8% |
| Cash at bank and in hand54/58 | €1.4m | €1.5m | €1.9m | €3.0m | €2.4m | €1.4m | €1.8m | €1.3m | ▼ 30.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.008m | €0.008m | €0.009m | €0.01m | €0.01m | ▼ 3.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.4m | €3.8m | €4.8m | €5.2m | €5.1m | €5.4m | €5.9m | €6.4m | ▲ 8.1% |
| Equity10/15 | €1.5m | €1.7m | €2.1m | €2.6m | €2.9m | €3.2m | €3.6m | €4.0m | ▲ 10.3% |
| Contributions10/11 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Capital10 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Issued capital100 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Reserves13 | €0.3m | €0.4m | €0.5m | €0.6m | €0.7m | €0.8m | €0.8m | €1.0m | ▲ 19.9% |
| Non-distributable reserves130/1 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Legal reserve130 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Tax-exempt reserves132 | - | - | - | €0.4m | €0.5m | €0.7m | €0.5m | €0.5m | = |
| Distributable reserves133 | - | - | - | €0.1m | €0.1m | €0.1m | €0.3m | €0.5m | ▲ 59.6% |
| Profit (loss) carried forward14 | €0.6m | €0.7m | €1.0m | €1.5m | €1.6m | €1.8m | €2.1m | €2.3m | ▲ 9.3% |
| Provisions and deferred taxes16 | €0.3m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Provisions for liabilities and charges160/5 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Other liabilities and charges164/5 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Amounts payable17/49 | €1.6m | €1.9m | €2.4m | €2.3m | €1.9m | €1.9m | €2.0m | €2.1m | ▲ 5.5% |
| Amounts payable after more than one year17 | €0.07m | €0.1m | €0.06m | €0.06m | €0.04m | €0.04m | €0.05m | €0.03m | ▼ 46.0% |
| Financial debts170/4 | - | - | - | €0.06m | €0.04m | €0.04m | €0.05m | €0.03m | ▼ 46.0% |
| Credit institutions173 | - | - | - | €0.06m | €0.04m | €0.04m | €0.05m | €0.03m | ▼ 46.0% |
| Amounts payable within one year42/48 | €1.5m | €1.8m | €2.4m | €2.2m | €1.9m | €1.9m | €1.9m | €2.1m | ▲ 6.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.05m | €0.04m | €0.03m | €0.03m | €0.02m | ▼ 21.9% |
| Financial debts43 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 15.9% |
| Credit institutions430/8 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 15.9% |
| Trade debts44 | €0.3m | €0.4m | €0.5m | €0.5m | €0.4m | €0.5m | €0.4m | €0.4m | ▼ 14.2% |
| Suppliers440/4 | - | - | - | €0.5m | €0.4m | €0.5m | €0.4m | €0.4m | ▼ 14.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.9m | €0.8m | €0.8m | €0.9m | €1.2m | ▲ 26.7% |
| Taxes450/3 | - | - | - | €0.06m | €0.04m | €0.009m | €0.01m | €0.02m | ▲ 69.8% |
| Remuneration and social security454/9 | - | - | - | €0.8m | €0.8m | €0.8m | €0.9m | €1.1m | ▲ 26.2% |
| Other amounts payable47/48 | - | - | - | €0.6m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 4.0% |
| Accrued charges and deferred income492/3 | - | - | - | €321 | €0.004m | €0.003m | €0.001m | €0.001m | ▲ 27.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.3m | €0.4m | €1.1m | €1.1m | €0.6m | €0.7m | €0.8m | €0.7m | ▼ 4.0% |
| + Depreciation and write-downs630 | €0.08m | €0.08m | €0.1m | €0.1m | €0.1m | €0.07m | €0.07m | €0.1m | ▲ 63.3% |
| Operating cash flow (approximation) | €0.4m | €0.5m | €1.2m | €1.2m | €0.7m | €0.8m | €0.8m | €0.9m | ▲ 1.6% |
| Investment in fixed assets (approximation) | - | -€0.1m | -€0.1m | -€0.02m | -€0.06m | -€0.07m | -€0.1m | -€1.7m | ▼ 1,279% |
| Change in cash | - | €0.05m | €0.4m | €1.2m | -€0.7m | -€1.0m | €0.5m | -€0.5m | - |
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, 1,579 companies had the same profile as ARONIA has now. Two years later, 96.7% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
3.2%
stopped otherwise
0.1%
went bankrupt
That fits the bankruptcy probability of ARONIA itself: 0.1% 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 1,579 companies, not a prediction for ARONIA. 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.
Latest 10 of 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-06-2026 | 2026-00243168 | |
| 31-12-2024 | full format | 09-09-2025 | 2025-00491670 | |
| 31-12-2023 | full format | 01-07-2024 | 2024-00198500 | |
| 31-12-2022 | full format | 03-07-2023 | 2023-00216779 | |
| 31-12-2021 | full format | 11-07-2022 | 2022-20181078 | |
| 31-12-2020 | full format | 19-07-2021 | 2021-37400097 | |
| 31-12-2019 | full format | 24-07-2020 | 2020-35300352 | |
| 31-12-2018 | full format | 15-07-2019 | 2019-33500086 | |
| 31-12-2017 | full format | 26-06-2018 | 2018-24000099 | |
| 31-12-2016 | full format | 06-07-2017 | 2017-29400254 |