ASELTE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 19 filings
Turnover
≈ €120,000
Estimated: probably between €92,000 and €160,000
Total assets
€512,937▼ 23.7%
2024 · €671,944
Net result
€17,724▲ 27.8%
2024 · €13,873
Working capital
€175,525▼ 49.6%
2024 · €348,000
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€30,998
▲ 53.5%
2025
20182025
Net result
€17,724
▲ 27.8%
2025
middle half of the sector
20182025
Equity
€460,065
▼ 20.7%
2025
highest quarter of the sector
20182025
Total assets
€512,937
▼ 23.7%
2025
highest quarter of the sector
20182025
Debt
€52,872
▼ 42.6%
2025
20182025
Working capital
€175,525
▼ 49.6%
2025
highest quarter of the sector
20182025
Solvency
89.7%
▲ 3.4pp
2025
highest quarter of the sector
20182025
Current ratio
9.37
▲ 0.57
2025
highest quarter of the sector
20182025
Return on assets (ROA)
3.5%
▲ 1.4pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.03m-€0.04m▲ 44.1%€0.02m▼ 48.4%€0.02m▲ 1.9%€0.03m▲ 37.7%€0.08m▲ 156%€0.02m▼ 74.1%€0.03m▲ 53.5%
Net result€0.04m-€0.03m▼ 33.3%€0.02mwithin the sector's middle half▼ 40.5%€0.02mwithin the sector's middle half▲ 32.0%€0.03mwithin the sector's middle half▲ 22.5%€0.06mabove the sector's middle half▲ 128%€0.01mwithin the sector's middle half▼ 78.6%€0.02mwithin the sector's middle half▲ 27.8%
Equity€2.2m-€2.2m▲ 1.3%€2.2mabove the sector's middle half▼ 2.4%€1.3mabove the sector's middle half▼ 37.9%€0.7mabove the sector's middle half▼ 46.2%€0.6mabove the sector's middle half▼ 21.8%€0.6mabove the sector's middle half▲ 2.5%€0.5mabove the sector's middle half▼ 20.7%
Total assets€2.3m-€2.4m▲ 0.5%€2.3mabove the sector's middle half▼ 0.4%€1.5mabove the sector's middle half▼ 36.4%€0.8mabove the sector's middle half▼ 47.7%€0.7mabove the sector's middle half▼ 13.0%€0.7mabove the sector's middle half▼ 1.0%€0.5mabove the sector's middle half▼ 23.7%
Debt€0.2m-€0.1m▼ 11.7%€0.2m▲ 31.2%€0.1m▼ 18.4%€0.06m▼ 61.5%€0.1m▲ 101%€0.09m▼ 18.1%€0.05m▼ 42.6%
Working capital€2.0m-€2.0m▼ 0.1%€2.0mabove the sector's middle half▼ 3.1%€1.1mabove the sector's middle half▼ 41.6%€0.5mabove the sector's middle half▼ 58.4%€0.3mabove the sector's middle half▼ 31.5%€0.3mabove the sector's middle half▲ 6.3%€0.2mabove the sector's middle half▼ 49.6%
Solvency93.4%-94.2%▲ 0.8pp92.4%above the sector's middle half▼ 1.8pp90.3%above the sector's middle half▼ 2.2pp92.8%above the sector's middle half▲ 2.6pp83.4%above the sector's middle half▼ 9.4pp86.3%above the sector's middle half▲ 2.9pp89.7%above the sector's middle half▲ 3.4pp
Current ratio49.77-36.06▼ 13.7135.57above the sector's middle half▼ 0.4926.59above the sector's middle half▼ 8.9815.19above the sector's middle half▼ 11.407.54above the sector's middle half▼ 7.658.79above the sector's middle half▲ 1.269.37above the sector's middle half▲ 0.57
Return on assets (ROA)1.9%-1.3%▼ 0.6pp0.7%within the sector's middle half▼ 0.5pp1.6%within the sector's middle half▲ 0.8pp3.6%within the sector's middle half▲ 2.1pp9.6%within the sector's middle half▲ 5.9pp2.1%within the sector's middle half▼ 7.5pp3.5%within the sector's middle half▲ 1.4pp
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 54% higher than in 2024. 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 €512,937
Fixed assets
€316,429 ▲ 13.3%
Current assets
€196,508 ▼ 50.0%
Equity and liabilities €512,937
Equity
€460,065 ▼ 20.7%
Debt
€52,872 ▼ 42.6%
Debt's share of the balance-sheet total falls from 13.7% to 10.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€56,393▲
2024 · €44,578
Cash flow
€43,119▲
2024 · €38,260
Debt to equity
0.11▼
2024 · 0.16
ROE
3.9%▲
2024 · 2.4%
Interest coverage
19.71▲
2024 · 13.11
Debt ≤ 1 year
€20,983▼
2024 · €44,670
Debt > 1 year
€31,888▼
2024 · €47,463
Income taxes
€10,413▲
2024 · €8,339
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,890 | - | €154,487 | €2,540 | €62,549 |
| Depreciation and write-downs of the year | €29,468 | €29,829 | €12,298 | €24,387 | €25,395 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €24,422 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,504 | €17,485 | €22,667 | €29,468 | €29,829 | €12,298 | €24,387 | €25,395 | ▲ 4.1% |
| Other operating charges640/8 | - | - | - | €3,788 | €4,162 | €6,661 | €3,842 | €3,685 | ▼ 4.1% |
| Gross operating margin9900 | €49,810 | €62,620 | €48,539 | €55,307 | €64,360 | €96,823 | €48,420 | €60,078 | ▲ 24.1% |
| Operating profit (loss)9901 | €29,106 | €41,941 | €21,636 | €22,051 | €30,368 | €77,864 | €20,191 | €30,998 | ▲ 53.5% |
| Financial income75/76B | - | - | - | €17,321 | €16,667 | €15,251 | €5,422 | - | - |
| Recurring financial income75 | €21,331 | €17,933 | €17,701 | €17,321 | €16,667 | €15,251 | €5,422 | - | - |
| Financial charges65/66B | - | - | - | €2,870 | €2,192 | €1,807 | €3,401 | €2,862 | ▼ 15.9% |
| Recurring financial charges65 | €4,559 | €3,594 | €3,226 | €2,870 | €2,192 | €1,807 | €3,401 | €2,862 | ▼ 15.9% |
| Profit (loss) for the period before taxes9903 | €45,878 | €56,280 | €36,110 | €36,502 | €44,844 | €91,308 | €22,212 | €28,137 | ▲ 26.7% |
| Income taxes67/77 | €1,553 | €26,731 | €18,523 | €13,286 | €16,405 | €26,421 | €8,339 | €10,413 | ▲ 24.9% |
| Profit (loss) for the period9904 | €44,325 | €29,550 | €17,587 | €23,216 | €28,438 | €64,888 | €13,873 | €17,724 | ▲ 27.8% |
| Profit (loss) for the period to be appropriated9905 | €44,325 | €184,550 | €88,887 | €23,216 | €28,438 | €64,888 | €13,873 | €17,724 | ▲ 27.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.3m | €2.4m | €2.3m | €1.5m | €0.8m | €0.7m | €0.7m | €0.5m | ▼ 23.7% |
| Fixed assets21/28 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 13.3% |
| Tangible fixed assets22/27 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 13.3% |
| Land and buildings22 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 3.2% |
| Plant, machinery and equipment23 | - | - | - | €0.005m | €0.004m | €0.002m | €0.001m | €272 | ▼ 75.4% |
| Furniture and vehicles24 | - | - | - | €0.006m | - | - | €0.002m | €0.06m | ▲ 30× |
| Leasing and similar rights25 | - | - | - | €0.05m | €0.04m | €0.08m | €0.06m | €0.04m | ▼ 26.6% |
| Current assets29/58 | €2.1m | €2.1m | €2.0m | €1.2m | €0.5m | €0.4m | €0.4m | €0.2m | ▼ 50.0% |
| Amounts receivable after more than one year29 | - | - | - | €0.4m | €0.4m | - | - | - | - |
| Other amounts receivable291 | - | - | - | €0.4m | €0.4m | - | - | - | - |
| Amounts receivable within one year40/41 | €0.04m | €0.03m | €0.03m | €0.03m | €0.03m | €0.02m | €0.02m | €0.02m | ▼ 32.6% |
| Trade receivables40 | - | - | - | €0.03m | €0.03m | €0.02m | €0.02m | €0.02m | ▲ 4.0% |
| Other amounts receivable41 | - | - | - | - | - | - | €0.008m | - | - |
| Cash at bank and in hand54/58 | €1.6m | €1.6m | €1.6m | €0.7m | €0.06m | €0.4m | €0.4m | €0.2m | ▼ 51.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.002m | €0.003m | €0.002m | €0.004m | ▲ 72.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.3m | €2.4m | €2.3m | €1.5m | €0.8m | €0.7m | €0.7m | €0.5m | ▼ 23.7% |
| Equity10/15 | €2.2m | €2.2m | €2.2m | €1.3m | €0.7m | €0.6m | €0.6m | €0.5m | ▼ 20.7% |
| Contributions10/11 | €0.03m | €0.03m | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Reserves13 | €2.2m | €2.2m | €2.1m | €1.3m | €0.7m | €0.5m | €0.6m | €0.4m | ▼ 21.6% |
| Non-distributable reserves130/1 | - | - | - | €0.2m | €0.2m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.2m | €0.2m | - | - | - | - |
| Distributable reserves133 | - | - | - | €1.1m | €0.5m | €0.5m | €0.6m | €0.4m | ▼ 21.6% |
| Profit (loss) carried forward14 | -€0.05m | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €0.2m | €0.1m | €0.2m | €0.1m | €0.06m | €0.1m | €0.09m | €0.05m | ▼ 42.6% |
| Amounts payable after more than one year17 | €0.1m | €0.08m | €0.1m | €0.1m | €0.02m | €0.06m | €0.05m | €0.03m | ▼ 32.8% |
| Financial debts170/4 | - | - | - | €0.1m | €0.02m | €0.06m | €0.05m | €0.03m | ▼ 32.8% |
| Amounts payable within one year42/48 | €0.04m | €0.06m | €0.06m | €0.04m | €0.03m | €0.05m | €0.04m | €0.02m | ▼ 53.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.01m | €0.01m | €0.02m | €0.02m | ▲ 3.7% |
| Trade debts44 | €0.004m | €0.001m | €0.02m | €0.01m | €0.007m | €0.009m | €0.02m | €0.002m | ▼ 92.5% |
| Suppliers440/4 | - | - | - | €0.01m | €0.007m | €0.009m | €0.02m | €0.002m | ▼ 92.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.009m | €0.01m | €0.03m | €0.008m | €0.004m | ▼ 51.1% |
| Taxes450/3 | - | - | - | €0.009m | €0.01m | €0.03m | €0.008m | €0.004m | ▼ 51.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €44,325 | €29,550 | €17,587 | €23,216 | €28,438 | €64,888 | €13,873 | €17,724 | ▲ 27.8% |
| + Depreciation and write-downs630 | €17,504 | €17,485 | €22,667 | €29,468 | €29,829 | €12,298 | €24,387 | €25,395 | ▲ 4.1% |
| Operating cash flow (approximation) | €61,829 | €47,035 | €40,253 | €52,684 | €58,268 | €77,186 | €38,260 | €43,119 | ▲ 12.7% |
| Investment in fixed assets (approximation) | - | -€15,243 | -€75,621 | -€4,890 | €0 | -€45,226 | -€2,540 | -€62,549 | ▼ 2,363% |
| Change in cash | - | €19,315 | -€62,957 | -€830,380 | -€682,308 | €298,246 | €7,067 | -€190,198 | - |
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, 6,049 companies had the same profile as ASELTE has now. Two years later, 96.0% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
96.0%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of ASELTE 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 6,049 companies, not a prediction for ASELTE. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 06-07-2026 | 2026-00256175 | |
| 31-12-2024 | micro format | 18-06-2025 | 2025-00154978 | |
| 31-12-2023 | micro format | 05-06-2024 | 2024-00121661 | |
| 31-12-2022 | micro format | 23-06-2023 | 2023-00163193 | |
| 31-12-2021 | micro format | 04-07-2022 | 2022-20130870 | |
| 31-12-2020 | micro format | 22-06-2021 | 2021-22700323 | |
| 31-12-2019 | micro format | 17-07-2020 | 2020-31400090 | |
| 31-12-2018 | micro format | 01-07-2019 | 2019-25900117 | |
| 31-12-2017 | micro format | 09-05-2018 | 2018-12500359 | |
| 31-12-2016 | abbreviated format | 19-07-2017 | 2017-34400005 |