ASBEM
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 15-10-2025 PDF all 14 filings
Equity
€32,138▼ 14.4%
2024 · €37,532
Total assets
€33,305▼ 24.5%
2024 · €44,139
Net result
-€5,394▲ 8.3%
2024 · -€5,884
Working capital
€32,357▼ 13.8%
2024 · €37,532
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
-€4,200
▲ 28.6%
2025
20202025
Net result
-€5,394
▲ 8.3%
2025
lowest quarter of the sector
20202025
Equity
€32,138
▼ 14.4%
2025
lowest quarter of the sector
20202025
Total assets
€33,305
▼ 24.5%
2025
lowest quarter of the sector
20202025
Debt
€1,167
▼ 82.3%
2025
20202025
Working capital
€32,357
▼ 13.8%
2025
middle half of the sector
20202025
Solvency
96.5%
▲ 11.5pp
2025
highest quarter of the sector
20202025
Current ratio
35.15
▲ 28.47
2025
highest quarter of the sector
20202025
Return on assets (ROA)
-16.2%
▼ 2.9pp
2025
lowest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€714--€2,539-€800▲ 68.5%-€5,192▼ 549%-€5,884▼ 13.3%-€4,200▲ 28.6%
Net result-€10,094below the sector's middle half-€7,565within the sector's middle half-€891below the sector's middle half-€5,192below the sector's middle half▼ 483%-€5,884below the sector's middle half▼ 13.3%-€5,394below the sector's middle half▲ 8.3%
Equity€41,965below the sector's middle half-€49,530below the sector's middle half▲ 18.0%€48,639below the sector's middle half▼ 1.8%€43,446below the sector's middle half▼ 10.7%€37,532below the sector's middle half▼ 13.6%€32,138below the sector's middle half▼ 14.4%
Total assets€45,465below the sector's middle half-€60,727below the sector's middle half▲ 33.6%€51,082below the sector's middle half▼ 15.9%€46,518below the sector's middle half▼ 8.9%€44,139below the sector's middle half▼ 5.1%€33,305below the sector's middle half▼ 24.5%
Debt€3,500-€11,197▲ 220%€2,443▼ 78.2%€3,072▲ 25.8%€6,607▲ 115%€1,167▼ 82.3%
Working capital€31,702within the sector's middle half-€41,976within the sector's middle half▲ 32.4%€43,725within the sector's middle half▲ 4.2%€41,387within the sector's middle half▼ 5.3%€37,532within the sector's middle half▼ 9.3%€32,357within the sector's middle half▼ 13.8%
Solvency92.3%above the sector's middle half-81.6%above the sector's middle half▼ 10.7pp95.2%above the sector's middle half▲ 13.7pp93.4%above the sector's middle half▼ 1.8pp85.0%above the sector's middle half▼ 8.4pp96.5%above the sector's middle half▲ 11.5pp
Current ratio10.06above the sector's middle half-4.75above the sector's middle half▼ 5.3118.90above the sector's middle half▲ 14.1514.47above the sector's middle half▼ 4.436.68above the sector's middle half▼ 7.7935.15above the sector's middle half▲ 28.47
Return on assets (ROA)-22.2%below the sector's middle half-12.5%within the sector's middle half▲ 34.7pp-1.7%below the sector's middle half▼ 14.2pp-11.2%below the sector's middle half▼ 9.4pp-13.3%below the sector's middle half▼ 2.2pp-16.2%below the sector's middle half▼ 2.9pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 loss of €4,200, smaller than the loss of €5,884 in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €33,305
Equity
€32,138 ▼ 14.4%
Debt
€1,167 ▼ 82.3%
Debt's share of the balance-sheet total falls from 15.0% to 3.5%. Equity and debt are lower.
Key figures and ratios
Debt to equity
0.04▼
2024 · 0.18
ROE
-16.8%▼
2024 · -15.7%
Debt ≤ 1 year
€948▼
2024 · €6,607
Income taxes
€1,194
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2021 | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €977 | €702 | €43 | - | - |
| Depreciation and write-downs of the year | €3,685 | €3,341 | €2,898 | €2,059 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,967 | €3,685 | €3,341 | €2,898 | €2,059 | - | - |
| Other operating charges640/8 | - | €2,274 | €1,431 | €970 | €1,010 | €555 | ▼ 45.1% |
| Gross operating margin9900 | €11,567 | €3,421 | €3,972 | -€1,325 | -€2,815 | -€3,645 | ▼ 29.5% |
| Operating profit (loss)9901 | €714 | -€2,539 | -€800 | -€5,192 | -€5,884 | -€4,200 | ▲ 28.6% |
| Financial charges65/66B | - | €52 | - | - | - | - | - |
| Recurring financial charges65 | €614 | €52 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €100 | -€2,591 | -€800 | -€5,192 | -€5,884 | -€4,200 | ▲ 28.6% |
| Income taxes67/77 | €10,195 | -€10,156 | €91 | - | - | €1,194 | - |
| Profit (loss) for the period9904 | -€10,094 | €7,565 | -€891 | -€5,192 | -€5,884 | -€5,394 | ▲ 8.3% |
| Profit (loss) for the period to be appropriated9905 | -€10,094 | €7,565 | -€891 | -€5,192 | -€5,884 | -€5,394 | ▲ 8.3% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €45,465 | €60,727 | €51,082 | €46,518 | €44,139 | €33,305 | ▼ 24.5% |
| Fixed assets21/28 | €10,263 | €7,553 | €4,914 | €2,059 | - | - | - |
| Tangible fixed assets22/27 | €10,263 | €7,553 | €4,914 | €2,059 | - | - | - |
| Land and buildings22 | - | €6,177 | €3,839 | €1,500 | - | - | - |
| Plant, machinery and equipment23 | - | €400 | - | - | - | - | - |
| Furniture and vehicles24 | - | €976 | €1,075 | €559 | - | - | - |
| Current assets29/58 | €35,202 | €53,174 | €46,168 | €44,459 | €44,139 | €33,305 | ▼ 24.5% |
| Amounts receivable after more than one year29 | - | €43,500 | €43,500 | €37,829 | €35,059 | €20,728 | ▼ 40.9% |
| Other amounts receivable291 | - | €43,500 | €43,500 | €37,829 | €35,059 | €20,728 | ▼ 40.9% |
| Amounts receivable within one year40/41 | €2,771 | €2,723 | €2,668 | €6,630 | €9,081 | €10,320 | ▲ 13.6% |
| Trade receivables40 | - | €2,723 | €1,815 | €908 | €908 | €3,933 | ▲ 333% |
| Other amounts receivable41 | - | - | €853 | €5,723 | €8,173 | €6,388 | ▼ 21.8% |
| Cash at bank and in hand54/58 | €12,431 | €6,951 | - | - | - | €2,257 | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €45,465 | €60,727 | €51,082 | €46,518 | €44,139 | €33,305 | ▼ 24.5% |
| Equity10/15 | €41,965 | €49,530 | €48,639 | €43,446 | €37,532 | €32,138 | ▼ 14.4% |
| Contributions10/11 | €6,366 | €6,366 | €6,366 | €6,366 | €6,336 | €6,336 | = |
| Reserves13 | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Non-distributable reserves130/1 | - | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Other1319 | - | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Profit (loss) carried forward14 | €33,744 | €41,309 | €40,418 | €35,225 | €29,341 | €23,947 | ▼ 18.4% |
| Amounts payable17/49 | €3,500 | €11,197 | €2,443 | €3,072 | €6,607 | €1,167 | ▼ 82.3% |
| Amounts payable within one year42/48 | €3,500 | €11,197 | €2,443 | €3,072 | €6,607 | €948 | ▼ 85.7% |
| Financial debts43 | - | - | €729 | €1,359 | €4,508 | - | - |
| Credit institutions430/8 | - | - | €729 | €1,359 | €4,508 | - | - |
| Trade debts44 | €1,041 | €729 | €732 | €580 | €293 | €103 | ▼ 65.0% |
| Suppliers440/4 | - | €729 | €732 | €580 | €293 | €103 | ▼ 65.0% |
| Taxes, remuneration and social security45 | - | €10,176 | €981 | €1,133 | €1,806 | €845 | ▼ 53.2% |
| Taxes450/3 | - | €10,176 | €981 | €1,133 | €1,806 | €845 | ▼ 53.2% |
| Other amounts payable47/48 | - | €292 | - | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | €219 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€10,094 | €7,565 | -€891 | -€5,192 | -€5,884 | -€5,394 | ▲ 8.3% |
| + Depreciation and write-downs630 | €7,967 | €3,685 | €3,341 | €2,898 | €2,059 | - | - |
| Operating cash flow (approximation) | -€2,127 | €11,250 | €2,450 | -€2,295 | -€3,825 | -€5,394 | ▼ 41.0% |
| Investment in fixed assets (approximation) | - | -€976 | -€702 | -€43 | - | - | - |
| Change in cash | - | -€5,480 | - | - | - | - | - |
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, 4,805 companies had the same profile as ASBEM has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of ASBEM itself is lower: 0.3% within 12 months. It rests on far more data about ASBEM than the profile alone.
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 4,805 companies, not a prediction for ASBEM. 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 |
|---|---|---|---|---|
| 31-03-2025 | abbreviated format | 15-10-2025 | 2025-00543046 | |
| 31-03-2024 | abbreviated format | 31-10-2024 | 2024-00523660 | |
| 31-03-2023 | abbreviated format | 30-10-2023 | 2023-00497942 | |
| 31-03-2022 | abbreviated format | 21-12-2022 | 2022-20542447 | |
| 31-03-2021 | abbreviated format | 27-11-2022 | 2022-20525911 | |
| 31-03-2020 | abbreviated format | 13-12-2020 | 2020-75400515 | |
| 31-03-2017 | abbreviated format | 21-11-2017 | 2017-70000004 | |
| 31-03-2016 | abbreviated format | 30-03-2017 | 2017-08500078 | |
| 31-03-2015 | abbreviated format | 14-11-2015 | 2015-67000020 | |
| 31-03-2014 | abbreviated format | 12-01-2015 | 2015-00900390 |