AS SECURITY
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-12-2025 PDF all 14 filings
Turnover
≈ €92,000
Estimated: probably between €51,000 and €190,000
Total assets
€137,348▼ 0.1%
2024 · €137,444
Net result
€20,146▼ 35.2%
2024 · €31,100
Working capital
€82,022▼ 11.5%
2024 · €92,632
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€27,183
▼ 37.9%
2025
20192025
Net result
€20,146
▼ 35.2%
2025
middle half of the sector
20192025
Equity
€88,829
▼ 13.1%
2025
middle half of the sector
20192025
Total assets
€137,348
▼ 0.1%
2025
middle half of the sector
20192025
Debt
€48,519
▲ 37.7%
2025
20192025
Working capital
€82,022
▼ 11.5%
2025
middle half of the sector
20192025
Solvency
64.7%
▼ 9.7pp
2025
highest quarter of the sector
20192025
Current ratio
2.77
▼ 1.27
2025
middle half of the sector
20192025
Return on assets (ROA)
14.7%
▼ 8.0pp
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€20,067-€12,693▼ 36.7%€37,847▲ 198%€24,752▼ 34.6%€32,423▲ 31.0%€43,783▲ 35.0%€27,183▼ 37.9%
Net result€14,892-€8,518within the sector's middle half▼ 42.8%€26,125within the sector's middle half▲ 207%€15,831within the sector's middle half▼ 39.4%€23,834within the sector's middle half▲ 50.6%€31,100above the sector's middle half▲ 30.5%€20,146within the sector's middle half▼ 35.2%
Equity€28,357-€31,875within the sector's middle half▲ 12.4%€58,000within the sector's middle half▲ 82.0%€67,268within the sector's middle half▲ 16.0%€81,102within the sector's middle half▲ 20.6%€102,202within the sector's middle half▲ 26.0%€88,829within the sector's middle half▼ 13.1%
Total assets€61,563-€76,413below the sector's middle half▲ 24.1%€78,763below the sector's middle half▲ 3.1%€84,434below the sector's middle half▲ 7.2%€114,844below the sector's middle half▲ 36.0%€137,444below the sector's middle half▲ 19.7%€137,348within the sector's middle half▼ 0.1%
Debt€33,206-€44,538▲ 34.1%€20,762▼ 53.4%€17,166▼ 17.3%€33,742▲ 96.6%€35,242▲ 4.4%€48,519▲ 37.7%
Working capital€25,094-€31,276within the sector's middle half▲ 24.6%€57,816within the sector's middle half▲ 84.9%€65,106within the sector's middle half▲ 12.6%€73,657within the sector's middle half▲ 13.1%€92,632within the sector's middle half▲ 25.8%€82,022within the sector's middle half▼ 11.5%
Solvency46.1%-41.7%within the sector's middle half▼ 4.3pp73.6%above the sector's middle half▲ 31.9pp79.7%above the sector's middle half▲ 6.0pp70.6%above the sector's middle half▼ 9.0pp74.4%above the sector's middle half▲ 3.7pp64.7%above the sector's middle half▼ 9.7pp
Current ratio1.76-1.70within the sector's middle half▼ 0.053.78above the sector's middle half▲ 2.084.79above the sector's middle half▲ 1.013.78above the sector's middle half▼ 1.014.04above the sector's middle half▲ 0.262.77within the sector's middle half▼ 1.27
Return on assets (ROA)24.2%-11.1%above the sector's middle half▼ 13.0pp33.2%above the sector's middle half▲ 22.0pp18.7%above the sector's middle half▼ 14.4pp20.8%above the sector's middle half▲ 2.0pp22.6%above the sector's middle half▲ 1.9pp14.7%above the sector's middle half▼ 8.0pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 38% lower than in 2024 and the lowest since 2022.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €137,348
Fixed assets
€9,018 ▼ 37.1%
Current assets
€128,330 ▲ 4.2%
Equity and liabilities €137,348
Equity
€88,829 ▼ 13.1%
Debt
€48,519 ▲ 37.7%
Debt's share of the balance-sheet total rises from 25.6% to 35.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€32,744▼
2024 · €49,675
Cash flow
€25,707▼
2024 · €36,992
Debt to equity
0.55▲
2024 · 0.34
ROE
22.7%▼
2024 · 30.4%
Interest coverage
43.45▼
2024 · 51.08
Debt ≤ 1 year
€46,308▲
2024 · €30,470
Debt > 1 year
€2,210▼
2024 · €4,772
Income taxes
€6,286▼
2024 · €11,845
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €1,338 | €14,212 | €5,551 | €757 |
| Intangible fixed assets | €1,250 | - | - | - |
| Depreciation and write-downs of the year | €610 | €1,691 | €5,892 | €5,561 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,672 | €3,205 | €415 | €610 | €1,691 | €5,892 | €5,561 | ▼ 5.6% |
| Other operating charges640/8 | - | - | - | €580 | €622 | €1,447 | €1,003 | ▼ 30.7% |
| Gross operating margin9900 | €27,356 | €16,855 | €39,901 | €25,941 | €34,735 | €51,122 | €33,747 | ▼ 34.0% |
| Operating profit (loss)9901 | €20,067 | €12,693 | €37,847 | €24,752 | €32,423 | €43,783 | €27,183 | ▼ 37.9% |
| Financial income75/76B | - | - | - | €21 | €2 | €134 | €2 | ▼ 98.6% |
| Recurring financial income75 | €2 | €36 | €4 | €21 | €2 | €134 | €2 | ▼ 98.6% |
| Financial charges65/66B | - | - | - | €249 | €959 | €972 | €754 | ▼ 22.5% |
| Recurring financial charges65 | €346 | €262 | €306 | €249 | €959 | €972 | €754 | ▼ 22.5% |
| Profit (loss) for the period before taxes9903 | €19,723 | €12,468 | €37,546 | €24,523 | €31,466 | €42,945 | €26,431 | ▼ 38.5% |
| Income taxes67/77 | €4,832 | €3,950 | €11,420 | €8,692 | €7,632 | €11,845 | €6,286 | ▼ 46.9% |
| Profit (loss) for the period9904 | €14,892 | €8,518 | €26,125 | €15,831 | €23,834 | €31,100 | €20,146 | ▼ 35.2% |
| Profit (loss) for the period to be appropriated9905 | €14,892 | €8,518 | €26,125 | €15,831 | €23,834 | €31,100 | €20,146 | ▼ 35.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €61,563 | €76,413 | €78,763 | €84,434 | €114,844 | €137,444 | €137,348 | ▼ 0.1% |
| Fixed assets21/28 | €3,263 | €599 | €184 | €2,162 | €14,683 | €14,342 | €9,018 | ▼ 37.1% |
| Intangible fixed assets21 | - | - | - | €1,129 | €879 | €629 | €379 | ▼ 39.8% |
| Tangible fixed assets22/27 | €3,263 | €599 | €184 | €1,033 | €13,804 | €13,714 | €8,639 | ▼ 37.0% |
| Plant, machinery and equipment23 | - | - | - | - | - | €639 | €509 | ▼ 20.4% |
| Furniture and vehicles24 | - | - | - | €1,033 | €13,804 | €13,075 | €8,131 | ▼ 37.8% |
| Current assets29/58 | €58,300 | €75,813 | €78,578 | €82,272 | €100,160 | €123,101 | €128,330 | ▲ 4.2% |
| Amounts receivable within one year40/41 | €10,682 | €9,578 | €17,683 | €2,973 | €6,492 | €11,209 | €3,427 | ▼ 69.4% |
| Trade receivables40 | - | - | - | €2,833 | €6,432 | €11,149 | €2,705 | ▼ 75.7% |
| Other amounts receivable41 | - | - | - | €140 | €60 | €60 | €721 | ▲ 12× |
| Cash at bank and in hand54/58 | €47,618 | €65,450 | €60,707 | €78,975 | €93,246 | €110,393 | €124,626 | ▲ 12.9% |
| Deferred charges and accrued income490/1 | - | - | - | €324 | €423 | €1,499 | €277 | ▼ 81.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €61,563 | €76,413 | €78,763 | €84,434 | €114,844 | €137,444 | €137,348 | ▼ 0.1% |
| Equity10/15 | €28,357 | €31,875 | €58,000 | €67,268 | €81,102 | €102,202 | €88,829 | ▼ 13.1% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €20,460 | €20,460 | €20,460 | = |
| Reserves13 | €8,424 | €11,942 | €16,942 | €25,378 | €33,518 | €53,518 | €40,000 | ▼ 25.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €23,518 | €33,518 | €53,518 | €40,000 | ▼ 25.3% |
| Profit (loss) carried forward14 | €1,333 | €1,333 | €22,459 | €23,290 | €27,124 | €28,224 | €28,369 | ▲ 0.5% |
| Amounts payable17/49 | €33,206 | €44,538 | €20,762 | €17,166 | €33,742 | €35,242 | €48,519 | ▲ 37.7% |
| Amounts payable after more than one year17 | - | - | - | - | €7,239 | €4,772 | €2,210 | ▼ 53.7% |
| Financial debts170/4 | - | - | - | - | €7,239 | €4,772 | €2,210 | ▼ 53.7% |
| Amounts payable within one year42/48 | €33,206 | €44,538 | €20,762 | €17,166 | €26,503 | €30,470 | €46,308 | ▲ 52.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €2,374 | €2,466 | €2,562 | ▲ 3.9% |
| Trade debts44 | €9,149 | €7,147 | €8,335 | €708 | €3,303 | €3,801 | €2,376 | ▼ 37.5% |
| Suppliers440/4 | - | - | - | €708 | €3,303 | €3,801 | €2,376 | ▼ 37.5% |
| Taxes, remuneration and social security45 | - | - | - | €9,020 | €9,634 | €12,800 | €7,775 | ▼ 39.3% |
| Taxes450/3 | - | - | - | €9,020 | €9,634 | €12,800 | €7,775 | ▼ 39.3% |
| Other amounts payable47/48 | - | - | - | €7,439 | €11,193 | €11,402 | €33,595 | ▲ 195% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,892 | €8,518 | €26,125 | €15,831 | €23,834 | €31,100 | €20,146 | ▼ 35.2% |
| + Depreciation and write-downs630 | €5,672 | €3,205 | €415 | €610 | €1,691 | €5,892 | €5,561 | ▼ 5.6% |
| Operating cash flow (approximation) | €20,564 | €11,723 | €26,540 | €16,441 | €25,524 | €36,992 | €25,707 | ▼ 30.5% |
| Investment in fixed assets (approximation) | - | -€542 | €0 | -€2,588 | -€14,212 | -€5,551 | -€237 | ▲ 95.7% |
| Change in cash | - | €17,832 | -€4,743 | €18,268 | €14,270 | €17,147 | €14,234 | ▼ 17.0% |
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, 34,693 companies had the same profile as AS SECURITY has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of AS SECURITY 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 34,693 companies, not a prediction for AS SECURITY. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 22-12-2025 | 2025-00587282 | |
| 30-06-2024 | micro format | 12-12-2024 | 2024-00614585 | |
| 30-06-2023 | micro format | 19-12-2023 | 2023-00530777 | |
| 30-06-2022 | micro format | 09-01-2023 | 2023-20554861 | |
| 30-06-2021 | micro format | 26-01-2022 | 2022-02100599 | |
| 30-06-2020 | micro format | 31-01-2021 | 2021-04100365 | |
| 30-06-2019 | micro format | 03-02-2020 | 2020-04100084 | |
| 30-06-2018 | micro format | 05-02-2019 | 2019-04700246 | |
| 30-06-2017 | micro format | 28-02-2018 | 2018-05800476 | |
| 30-06-2016 | full format | 01-02-2017 | 2017-03600137 |