Checked.be
Active
BE 0541.530.313Private limited company
AS.M
Avenue Major Bovy 2 ·4651 Herve, Belgium· 12 yrs active
Sector: Business and other management consultancy
(70200)
Conclusion
AS.M has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.25M and a net result of €17k. Equity remains stable across the filed fiscal years (±0.2% per year). Its solvency ranks better than 32% of 3126 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Based on the State Gazette, CBE and 6 annual accounts.
Key figures
| Equity | €3.25M |
| Net result | €17k |
| Better than sector | 32% |
| Active | 12 yrs |
Financial profile
58
/ 100
Mixed profile: strong on stability, weaker on solvency.
All 5 axes are computed from data Checked has read.
Health
49
Profitability
47
Solvency
40
Growth
55
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Established
Founded in 2013, 12 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
49
/ 100
Fair
Computed from 6 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€70k
estimate, not credit advice
Score history
71
2020
20
2021
41
2022
33
2023
57
2024
49
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 0.10 (< 1.0)
-10
Quick ratio
Quick ratio 0.10 (< 0.6)
-5
Profitability
ROE 1%
+3
EBITDA margin
EBITDA-marge 89% (≥ 10%)
+8
Interest coverage
Interest coverage 1.6×
+3
Profit trend
Net profit down YoY
-3
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 28-08-2026 with the NBB · fiscal year 2025 · full schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
stable
Equity: stable across 6 fiscal years (±0.2%/year).
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 70, Activities of head offices; management consultancy activities · compared within the same schema type (full schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 32.3% | 53.0% | |
| Net result | €17k | €58k | |
| Equity | €3.25M | €1.05M | |
| Total assets | €10.06M | €2.61M |
€711k
-18.5%
20-25
€629k
-20.4%
20-25
€17k
-67.1%
20-25
€220k
-20.0%
20-25
€10.06M
-1.4%
20-25
€3.25M
+0.5%
20-25
€-808k
-15.6%
20-25
€8k
+9785.7%
20-25
€6.81M
-2.2%
20-25
€902k
+23.8%
20-25
€5.89M
-5.3%
20-25
0.10
+151.9%
20-25
0.10
+151.9%
20-25
32.3%
+1.9%
20-25
2.10
-2.8%
20-25
0.5%
-67.3%
20-25
0.2%
-66.7%
20-25
2.4%
-59.6%
20-25
88.5%
-2.3%
20-25
1.57
-2.9%
20-25
Figures by fiscal year and ratios
Change versus the prior fiscal year, coloured by direction (green = favourable).
| Fiscal year | 2025 Δ | 2024 Δ | 2023 Δ | 2022 Δ | 2021 Δ |
|---|---|---|---|---|---|
| Deposit | full schema | unclassified schema | unclassified schema | unclassified schema | unclassified schema |
| Revenue | -18.5% | -33.5% | -30.3% | +634.2% | - |
| EBITDA | -20.4% | +37.1% | +89.5% | +60.0% | - |
| Net profit | -67.1% | - | -131.7% | +89.2% | - |
| Cash flow | -20.0% | +7.8% | +119.0% | +334.5% | - |
| Staff costs | - | - | - | - | - |
| Income taxes | - | - | - | - | - |
| Dividends | - | - | - | - | - |
| Total assets | -1.4% | -2.9% | -7.0% | -2.3% | - |
| Equity | +0.5% | +1.7% | -0.6% | -0.3% | - |
| Debt | -2.2% | -4.9% | -9.5% | -3.1% | - |
| of which ≤ 1y | +23.8% | -20.1% | -70.5% | -24.3% | - |
| of which > 1y | -5.3% | -2.8% | +28.2% | +17.2% | - |
| Working capital | -15.6% | +12.2% | -2740.0% | +96.8% | - |
| Employees (FTE) | - | - | - | - | - |
Note: these years are not on the same basis. The filed schemas differ (full schema, unclassified schema), so the columns are not directly comparable.
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Current ratio | 0.10 | 0.04 | 0.13 | 0.99 | 0.78 |
| Quick ratio | 0.10 | 0.04 | 0.13 | 0.20 | 0.15 |
| Working capital ratio | -8.0% | -6.8% | -7.6% | -0.2% | -7.6% |
| Solvency | 32.3% | 31.7% | 30.2% | 28.3% | 27.7% |
| Debt / equity | 2.10 | 2.16 | 2.31 | 2.53 | 2.61 |
| Long-term debt ratio | 1.82 | 1.93 | 2.02 | 1.56 | 1.33 |
| Interest coverage | 1.57 | 1.61 | 1.79 | 1.59 | 1.06 |
| Gross margin | 96.2% | 97.5% | 48.1% | 18.6% | 96.4% |
| Net margin | 2.4% | 6.0% | -1.5% | -0.5% | -31.0% |
| ROA | 0.2% | 0.5% | -0.2% | -0.1% | -0.7% |
| ROE | 0.5% | 1.6% | -0.6% | -0.3% | -2.5% |
| EBITDA margin | 88.5% | 90.6% | 44.0% | 16.2% | 74.2% |
| Days sales outstanding | - | - | 3d | 66d | 736d |
| Days payable outstanding | 29d | 141d | 48d | 67d | 4166d |
| Inventory turnover | - | - | - | 0.63 | 0.00 |
| Days inventory (DSI) | - | - | - | 583d | 101648d |
Balance-sheet composition 2025
Full annual accounts (25 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €10.06M | €10.20M | €10.51M | €11.30M | €11.56M |
| Fixed assets | 21/28 | €9.96M | €10.17M | €10.39M | €8.23M | €8.36M |
| Tangible fixed assets | 22/27 | €3.36M | €3.57M | €3.79M | €1.63M | €1.76M |
| Financial fixed assets | 28 | €6.60M | €6.60M | €6.60M | €6.60M | €6.60M |
| Current assets | 29/58 | €95k | €30k | €117k | €3.06M | €3.21M |
| Stocks & contracts in progress | 3 | - | - | - | €2.45M | €2.59M |
| Amounts receivable within one year | 40/41 | - | - | €41k | €369k | €517k |
| Cash & bank | 54/58 | €91k | €27k | €72k | €245k | €90k |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €10.06M | €10.20M | €10.51M | €11.30M | €11.56M |
| Equity | 10/15 | €3.25M | €3.23M | €3.18M | €3.20M | €3.20M |
| Contributions / capital | 10/11 | €19k | €19k | €19k | €19k | €19k |
| Reserves | 13 | €343k | €343k | €343k | €343k | €343k |
| Accumulated profits (losses) | 14 | €2.88M | €2.87M | €2.81M | €2.83M | €2.84M |
| Amounts payable | 17/49 | €6.81M | €6.97M | €7.33M | €8.10M | €8.36M |
| Amounts payable after one year | 17 | €5.89M | €6.22M | €6.40M | €4.99M | €4.26M |
| Amounts payable within one year | 42/48 | €902k | €729k | €912k | €3.09M | €4.08M |
| Trade debts payable within one year | 44 | €2k | €8k | €90k | €282k | €106k |
| Income statement | ||||||
| Turnover | 70 | €711k | €873k | €1.31M | €1.88M | €256k |
| Operating result | 9901 | €427k | €569k | €302k | €179k | €84k |
| Financial income | 75 | €27 | €272 | - | €4k | €16k |
| Financial charges | 65 | €402k | €516k | €322k | €192k | €179k |
| Result before taxes | 9903 | €25k | €53k | €-20k | €-9k | €-79k |
| Income taxes | 67/77 | €8k | - | €77 | - | €306 |
| Net result for the period | 9904 | €17k | €53k | €-20k | €-9k | €-79k |
| Result to be appropriated | 9905 | €17k | €53k | €-20k | €-9k | €-79k |
Legal Structure
| NACE primary | Business and other management consultancy(70200) |
| Legal form | Private limited company(610) |
| Incorporation | 29-10-2013 |
| Status | Active |
| Postal code | 4651 |
Establishment units
AS.M
since 20142.224.820.011
Real-estate footprint
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63006B0037/00T003 | Wallonia | 135 m² | 1 · 112 m² | 6.8 m · 2 fl. |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2026
28-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 28 days late
2025
22-08
NBB filing
Annual accounts filed
fiscal year 2024 · unclassified schema · 22 days late
2024
31-12
Financial
Back to profitnet €53k
Net result €53k after 3 loss-making years.
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · unclassified schema · 31 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · unclassified schema · 31 days late
2022
28-08
NBB filing
Annual accounts filed
fiscal year 2021 · unclassified schema · 28 days late
2021
31-12
Financial
Weakest financial yearnet €-79k ▼102%
Net result drops to €-79k, the lowest in the series; recovery starts the following year.
16-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
03-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
19-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
08-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
16-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Business and other management consultancy70200Business consulting70220Agents in non-specialised wholesale trade46190Buying and selling of own real estate68110Office administrative and support services82100Office administrative, office support and other business support activities82110Other business support services82990
Names & trade names
| Legal nameFR | AS.M |
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