aSc
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 27 days after the deadline Filed on 27 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00122546.
Annual accounts 2025 filed on 27-05-2026 PDF all 8 filings
Turnover
≈ €300,000
Estimated: probably between €250,000 and €360,000
Total assets
€215,993▲ 22.6%
2024 · €176,218
Net result
€48,325▲ 744%
2024 · €5,728
Working capital
€110,424▲ 66.0%
2024 · €66,528
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€141,139
▲ 102%
2025
20192025
Net result
€48,325
▲ 744%
2025
middle half of the sector
20192025
Equity
€108,659
▲ 80.1%
2025
middle half of the sector
20192025
Total assets
€215,993
▲ 22.6%
2025
middle half of the sector
20192025
Debt
€107,334
▼ 7.4%
2025
20192025
Working capital
€110,424
▲ 66.0%
2025
middle half of the sector
20192025
Solvency
50.3%
▲ 16.1pp
2025
middle half of the sector
20192025
Current ratio
2.37
▲ 0.51
2025
middle half of the sector
20192025
Return on assets (ROA)
22.4%
▲ 19.1pp
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€36,347-€72,266▲ 98.8%€15,021▼ 79.2%€43,605▲ 190%€94,094▲ 116%€69,956▼ 25.7%€141,139▲ 102%
Net result€27,751-€54,320above the sector's middle half▲ 95.7%€7,202within the sector's middle half▼ 86.7%€29,654within the sector's middle half▲ 312%€64,369above the sector's middle half▲ 117%€5,728within the sector's middle half▼ 91.1%€48,325within the sector's middle half▲ 744%
Equity€50,831-€105,151within the sector's middle half▲ 107%€112,354within the sector's middle half▲ 6.8%€65,537within the sector's middle half▼ 41.7%€54,605within the sector's middle half▼ 16.7%€60,334within the sector's middle half▲ 10.5%€108,659within the sector's middle half▲ 80.1%
Total assets€90,307-€145,521within the sector's middle half▲ 61.1%€169,000within the sector's middle half▲ 16.1%€237,916within the sector's middle half▲ 40.8%€267,511within the sector's middle half▲ 12.4%€176,218within the sector's middle half▼ 34.1%€215,993within the sector's middle half▲ 22.6%
Debt€39,476-€40,369▲ 2.3%€56,646▲ 40.3%€172,379▲ 204%€212,905▲ 23.5%€115,884▼ 45.6%€107,334▼ 7.4%
Working capital€41,385-€35,391within the sector's middle half▼ 14.5%€84,058within the sector's middle half▲ 138%€47,931within the sector's middle half▼ 43.0%€68,412within the sector's middle half▲ 42.7%€66,528within the sector's middle half▼ 2.8%€110,424within the sector's middle half▲ 66.0%
Solvency56.3%-72.3%within the sector's middle half▲ 16.0pp66.5%within the sector's middle half▼ 5.8pp27.5%within the sector's middle half▼ 38.9pp20.4%below the sector's middle half▼ 7.1pp34.2%within the sector's middle half▲ 13.8pp50.3%within the sector's middle half▲ 16.1pp
Current ratio2.05-1.88within the sector's middle half▼ 0.172.49within the sector's middle half▲ 0.611.32within the sector's middle half▼ 1.171.43within the sector's middle half▲ 0.111.86within the sector's middle half▲ 0.432.37within the sector's middle half▲ 0.51
Return on assets (ROA)30.7%-37.3%above the sector's middle half▲ 6.6pp4.3%within the sector's middle half▼ 33.1pp12.5%within the sector's middle half▲ 8.2pp24.1%within the sector's middle half▲ 11.6pp3.3%within the sector's middle half▼ 20.8pp22.4%within the sector's middle half▲ 19.1pp
Staff (FTE)1
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 102% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
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 €215,993
Fixed assets
€25,159 ▼ 22.7%
Current assets
€190,834 ▲ 32.8%
Equity and liabilities €215,993
Equity
€108,659 ▲ 80.1%
Debt
€107,334 ▼ 7.4%
Debt's share of the balance-sheet total falls from 65.8% to 49.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€152,992▲
2024 · €81,270
Cash flow
€60,178▲
2024 · €17,042
Quick ratio
2.26▲
2024 · 1.74
Debt to equity
0.99▼
2024 · 1.92
ROE
44.5%▲
2024 · 9.5%
Interest coverage
1.96▲
2024 · 1.38
Debt ≤ 1 year
€80,411▲
2024 · €77,151
Debt > 1 year
€26,648▼
2024 · €38,470
Income taxes
€20,299▲
2024 · €9,563
Staff costs
€20,406▼
2024 · €29,597
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2023 |
|---|---|
| Employees at the balance-sheet date | 1 |
| part-time | 1 |
| in full-time equivalents | 0.7 |
| Average over the year, in full-time equivalents | 0.7 |
| On a permanent contract | 1 |
Source: social balance sheet in the 2023 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €26,311 | €20,647 | €12,570 | €2,840 | €4,472 |
| Financial fixed assets | - | €209 | - | - | - |
| Depreciation and write-downs of the year | €7,775 | €9,120 | €11,850 | €11,314 | €11,853 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €10,336 | €27,270 | €29,597 | €20,406 | ▼ 31.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,713 | €3,959 | €7,775 | €9,120 | €11,850 | €11,314 | €11,853 | ▲ 4.8% |
| Other operating charges640/8 | - | - | €5,192 | €1,493 | €1,356 | €1,574 | €4,599 | ▲ 192% |
| Gross operating margin9900 | €42,731 | €80,513 | €27,989 | €64,554 | €134,569 | €112,440 | €177,996 | ▲ 58.3% |
| Operating profit (loss)9901 | €36,347 | €72,266 | €15,021 | €43,605 | €94,094 | €69,956 | €141,139 | ▲ 102% |
| Financial income75/76B | - | - | €1,980 | €4,217 | €3,264 | €4,070 | €5,508 | ▲ 35.3% |
| Recurring financial income75 | €3,162 | €1,964 | €1,980 | €4,217 | €3,264 | €4,070 | €5,508 | ▲ 35.3% |
| Financial charges65/66B | - | - | €3,446 | €4,796 | €6,128 | €58,734 | €78,022 | ▲ 32.8% |
| Recurring financial charges65 | €1,436 | €2,140 | €3,446 | €4,796 | €6,128 | €58,734 | €78,022 | ▲ 32.8% |
| Profit (loss) for the period before taxes9903 | €38,073 | €72,090 | €13,554 | €43,025 | €91,229 | €15,292 | €68,625 | ▲ 349% |
| Income taxes67/77 | €10,322 | €17,770 | €6,352 | €13,371 | €26,861 | €9,563 | €20,299 | ▲ 112% |
| Profit (loss) for the period9904 | €27,751 | €54,320 | €7,202 | €29,654 | €64,369 | €5,728 | €48,325 | ▲ 744% |
| Profit (loss) for the period to be appropriated9905 | €27,751 | €54,320 | €7,202 | €29,654 | €64,369 | €5,728 | €48,325 | ▲ 744% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €90,307 | €145,521 | €169,000 | €237,916 | €267,511 | €176,218 | €215,993 | ▲ 22.6% |
| Fixed assets21/28 | €9,446 | €70,021 | €28,557 | €40,294 | €41,014 | €32,539 | €25,159 | ▼ 22.7% |
| Tangible fixed assets22/27 | €9,196 | €9,771 | €28,307 | €39,835 | €40,555 | €32,080 | €24,700 | ▼ 23.0% |
| Plant, machinery and equipment23 | - | - | €700 | €450 | €350 | €250 | €150 | ▼ 40.0% |
| Furniture and vehicles24 | - | - | €6,520 | €7,161 | €4,333 | €4,437 | €3,440 | ▼ 22.5% |
| Other tangible fixed assets26 | - | - | €21,087 | €32,223 | €35,872 | €27,393 | €21,110 | ▼ 22.9% |
| Financial fixed assets28 | €250 | €60,250 | €250 | €459 | €459 | €459 | €459 | = |
| Current assets29/58 | €80,861 | €75,500 | €140,443 | €197,622 | €226,497 | €143,678 | €190,834 | ▲ 32.8% |
| Amounts receivable after more than one year29 | - | - | €50,000 | €50,000 | - | - | - | - |
| Other amounts receivable291 | - | - | €50,000 | €50,000 | - | - | - | - |
| Stocks and contracts in progress3 | - | €3,361 | €9,410 | €15,040 | €5,540 | €9,464 | €9,455 | ▼ 0.1% |
| Stocks30/36 | - | - | €9,410 | €15,040 | €5,540 | €9,464 | €9,455 | ▼ 0.1% |
| Amounts receivable within one year40/41 | €80,209 | €18,050 | €27,872 | €48,433 | €76,248 | €89,652 | €176,009 | ▲ 96.3% |
| Trade receivables40 | - | - | €15,999 | €21,545 | €23,254 | €11,366 | €35,340 | ▲ 211% |
| Other amounts receivable41 | - | - | €11,873 | €26,888 | €52,994 | €78,286 | €140,668 | ▲ 79.7% |
| Cash at bank and in hand54/58 | €350 | €52,858 | €30,822 | €67,704 | €133,941 | €40,227 | €4,479 | ▼ 88.9% |
| Deferred charges and accrued income490/1 | - | - | €22,339 | €16,446 | €10,769 | €4,335 | €892 | ▼ 79.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €90,307 | €145,521 | €169,000 | €237,916 | €267,511 | €176,218 | €215,993 | ▲ 22.6% |
| Equity10/15 | €50,831 | €105,151 | €112,354 | €65,537 | €54,605 | €60,334 | €108,659 | ▲ 80.1% |
| Contributions10/11 | €3,000 | - | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Profit (loss) carried forward14 | €47,831 | €102,151 | €109,354 | €62,537 | €51,605 | €57,334 | €105,659 | ▲ 84.3% |
| Amounts payable17/49 | €39,476 | €40,369 | €56,646 | €172,379 | €212,905 | €115,884 | €107,334 | ▼ 7.4% |
| Amounts payable after more than one year17 | - | - | - | €22,427 | €54,559 | €38,470 | €26,648 | ▼ 30.7% |
| Financial debts170/4 | - | - | - | €22,427 | €54,559 | €38,470 | €26,648 | ▼ 30.7% |
| Amounts payable within one year42/48 | €39,476 | €40,109 | €56,386 | €149,691 | €158,085 | €77,151 | €80,411 | ▲ 4.2% |
| Current portion of amounts payable after more than one year42 | - | - | €11,833 | €23,696 | €24,240 | €32,835 | €12,689 | ▼ 61.4% |
| Financial debts43 | - | - | - | - | - | - | €10,158 | - |
| Credit institutions430/8 | - | - | - | - | - | - | €10,158 | - |
| Trade debts44 | €67 | €6,904 | €23,707 | €28,292 | €13,525 | €18,526 | €27,202 | ▲ 46.8% |
| Suppliers440/4 | - | - | €23,707 | €28,292 | €13,525 | €18,526 | €27,202 | ▲ 46.8% |
| Taxes, remuneration and social security45 | - | - | €15,965 | €32,704 | €56,315 | €25,790 | €30,361 | ▲ 17.7% |
| Taxes450/3 | - | - | €15,965 | €28,444 | €50,750 | €21,788 | €30,160 | ▲ 38.4% |
| Remuneration and social security454/9 | - | - | - | €4,260 | €5,565 | €4,002 | €201 | ▼ 95.0% |
| Other amounts payable47/48 | - | - | €4,881 | €65,000 | €64,005 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | €261 | €261 | €261 | €264 | €276 | ▲ 4.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €27,751 | €54,320 | €7,202 | €29,654 | €64,369 | €5,728 | €48,325 | ▲ 744% |
| + Depreciation and write-downs630 | €4,713 | €3,959 | €7,775 | €9,120 | €11,850 | €11,314 | €11,853 | ▲ 4.8% |
| Operating cash flow (approximation) | €32,465 | €58,279 | €14,978 | €38,774 | €76,218 | €17,042 | €60,178 | ▲ 253% |
| Investment in fixed assets (approximation) | - | -€64,533 | €33,689 | -€20,856 | -€12,570 | -€2,840 | -€4,472 | ▼ 57.5% |
| Change in cash | - | €52,507 | -€22,036 | €36,882 | €66,237 | -€93,713 | -€35,749 | ▲ 61.9% |
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, 26,972 companies had the same profile as aSc has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of aSc itself is lower: 0.2% within 12 months. It rests on far more data about aSc 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 26,972 companies, not a prediction for aSc. 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.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 27-05-2026 | 2026-00122546 | |
| 30-09-2024 | micro format | 30-05-2025 | 2025-00112050 | |
| 30-09-2023 | micro format | 30-05-2024 | 2024-00101819 | |
| 30-09-2022 | micro format | 23-05-2023 | 2023-00098984 | |
| 30-09-2021 | micro format | 24-05-2022 | 2022-20035010 | |
| 30-09-2020 | micro format | 31-05-2021 | 2021-17100184 | |
| 30-09-2019 | micro format | 19-05-2020 | 2020-12500101 | |
| 30-09-2018 | micro format | 30-05-2019 | 2019-16100457 |