ASTERION RESEARCH & DEVELOPMENT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 8 filings
Equity
€1.6m
2024 · -€16,161
Total assets
€2.3m▲ 304%
2024 · €571,425
Net result
-€621,245
2024 · €37,163
Working capital
-€249,376
2024 · €164
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€600,837
2025
20182025
Net result
-€621,245
2025
lowest quarter of the sector
20182025
Equity
€1.6m
2025
middle half of the sector
20182025
Total assets
€2.3m
▲ 304%
2025
middle half of the sector
20182025
Debt
€662,480
▲ 12.7%
2025
20182025
Working capital
-€249,376
2025
lowest quarter of the sector
20182025
Solvency
71.3%
▲ 74.1pp
2025
middle half of the sector
20182025
Current ratio
0.06
▼ 0.94
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-26.9%
▼ 33.4pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.3m--€0.02m▲ 95.1%-€0.02m▼ 16.1%€0.03m€0.2m▲ 641%€0.09m▼ 54.5%€0.06m▼ 31.4%-€0.6m
Net result-€0.4m--€0.03m▲ 92.5%-€0.05mwithin the sector's middle half▼ 94.0%€0.03mwithin the sector's middle half€0.2mabove the sector's middle half▲ 675%€0.08mwithin the sector's middle half▼ 66.5%€0.04mwithin the sector's middle half▼ 55.6%-€0.6mbelow the sector's middle half
Equity-€0.4m--€0.4m▼ 7.6%-€0.4mbelow the sector's middle half▼ 13.7%-€0.4mbelow the sector's middle half▲ 10.3%-€0.1mbelow the sector's middle half▲ 64.6%-€0.05mbelow the sector's middle half▲ 61.1%-€0.02mbelow the sector's middle half▲ 69.7%€1.6mwithin the sector's middle half
Total assets€0.1m-€0.2m▲ 23.0%€0.1mbelow the sector's middle half▼ 19.1%€0.2mbelow the sector's middle half▲ 24.4%€0.7mwithin the sector's middle half▲ 301%€0.4mbelow the sector's middle half▼ 32.9%€0.6mbelow the sector's middle half▲ 30.1%€2.3mwithin the sector's middle half▲ 304%
Debt€0.5m-€0.5m▲ 11.8%€0.6m▲ 3.9%€0.5m▼ 2.2%€0.8m▲ 43.8%€0.5m▼ 37.7%€0.6m▲ 19.3%€0.7m▲ 12.7%
Working capital-€0.3m--€0.3m▼ 13.1%-€0.4mbelow the sector's middle half▼ 8.8%-€0.3mbelow the sector's middle half▲ 14.0%-€0.2mbelow the sector's middle half▲ 28.6%-€0.3mbelow the sector's middle half▼ 33.2%€164below the sector's middle half-€0.2mbelow the sector's middle half
Solvency-267.2%--233.8%▲ 33.4pp-328.9%below the sector's middle half▼ 95.0pp-237.1%below the sector's middle half▲ 91.8pp-20.9%below the sector's middle half▲ 216.2pp-12.1%below the sector's middle half▲ 8.8pp-2.8%below the sector's middle half▲ 9.3pp71.3%within the sector's middle half▲ 74.1pp
Current ratio0.26-0.30▲ 0.040.24below the sector's middle half▼ 0.060.32below the sector's middle half▲ 0.080.68below the sector's middle half▲ 0.360.39below the sector's middle half▼ 0.291.00below the sector's middle half▲ 0.610.06below the sector's middle half▼ 0.94
Return on assets (ROA)-272.0%--16.6%▲ 255.4pp-39.7%below the sector's middle half▼ 23.2pp19.8%above the sector's middle half▲ 59.5pp38.2%above the sector's middle half▲ 18.4pp19.1%above the sector's middle half▼ 19.1pp6.5%within the sector's middle half▼ 12.5pp-26.9%below the sector's middle half▼ 33.4pp
Staff (FTE)1.3-
above
within
below
The sector band is the middle half of the companies in Scientific research and development (NACE 72). 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 €600,837, after a profit of €63,497 in 2024. It is the lowest result since 2021.
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
Assets €2.3m
Fixed assets
€2.3m ▲ 629%
Current assets
€15,612 ▼ 93.9%
Equity and liabilities €2.3m
Equity
€1.6m
Debt
€662,480
Debt's share of the balance-sheet total is 28.7%.
Key figures and ratios
EBITDA
-€595,874▼
2024 · €68,460
Cash flow
-€616,282▼
2024 · €42,126
Debt to equity
0.40
ROE
-37.8%
Interest coverage
-25.28▼
2024 · 2.46
Debt ≤ 1 year
€264,988▲
2024 · €256,835
Debt > 1 year
€397,492▲
2024 · €330,750
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €506,241 | €162,751 | - | - |
| Mortgages, amount registered | €203,400 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Intangible fixed assets | - | - | €10,365 | - | - |
| Financial fixed assets | - | €163,000 | €66,000 | €73,000 | €2.3m |
| Depreciation and write-downs of the year | €3,028 | €2,648 | €1,518 | €4,963 | €4,963 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,546 | €3,726 | €3,552 | €3,028 | €2,648 | €1,518 | €4,963 | €4,963 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €500,035 | - |
| Other operating charges640/8 | - | - | - | €281 | €546 | €384 | €51,498 | €3,861 | ▼ 92.5% |
| Gross operating margin9900 | -€296,001 | -€12,833 | -€15,638 | €30,744 | €206,396 | €94,418 | €119,958 | -€91,977 | - |
| Operating profit (loss)9901 | -€345,079 | -€16,788 | -€19,490 | €27,435 | €203,202 | €92,515 | €63,497 | -€600,837 | - |
| Financial income75/76B | - | - | - | €35,902 | €50,380 | €2,525 | €1,548 | €3,159 | ▲ 104% |
| Recurring financial income75 | €1,961 | €1,448 | €3,217 | €35,902 | €50,380 | €2,525 | €1,548 | €3,159 | ▲ 104% |
| Financial charges65/66B | - | - | - | €31,108 | €3,789 | €11,386 | €27,883 | €23,567 | ▼ 15.5% |
| Recurring financial charges65 | €14,725 | €11,517 | €35,835 | €31,108 | €3,789 | €11,386 | €27,883 | €23,567 | ▼ 15.5% |
| Profit (loss) for the period before taxes9903 | -€357,843 | -€26,856 | -€52,108 | €32,228 | €249,794 | €83,655 | €37,163 | -€621,245 | - |
| Income taxes67/77 | €743 | - | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | -€358,585 | -€26,856 | -€52,108 | €32,228 | €249,794 | €83,655 | €37,163 | -€621,245 | - |
| Profit (loss) for the period to be appropriated9905 | -€358,585 | -€26,856 | -€52,108 | €32,228 | €249,794 | €83,655 | €37,163 | -€621,245 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.1m | €0.2m | €0.1m | €0.2m | €0.7m | €0.4m | €0.6m | €2.3m | ▲ 304% |
| Fixed assets21/28 | €0.03m | €0.02m | €0.02m | €0.01m | €0.2m | €0.2m | €0.3m | €2.3m | ▲ 629% |
| Intangible fixed assets21 | - | - | - | - | - | €0.01m | €0.007m | €0.003m | ▼ 50.1% |
| Tangible fixed assets22/27 | €0.02m | €0.02m | €0.02m | €0.01m | €0.009m | €0.008m | €0.006m | €0.005m | ▼ 23.5% |
| Plant, machinery and equipment23 | - | - | - | €360 | €0 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.009m | €0.008m | €0.006m | €0.005m | ▼ 23.5% |
| Financial fixed assets28 | €0.004m | €250 | €0.001m | €270 | €0.2m | €0.2m | €0.3m | €2.3m | ▲ 658% |
| Current assets29/58 | €0.1m | €0.1m | €0.1m | €0.2m | €0.5m | €0.2m | €0.3m | €0.02m | ▼ 93.9% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €0.2m | €0 | ▼ 100% |
| Other amounts receivable291 | - | - | - | - | - | - | €0.2m | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €0.1m | €0.1m | €0.1m | €0.1m | €0.5m | €0.2m | €0.1m | €0.02m | ▼ 85.2% |
| Trade receivables40 | - | - | - | €0.09m | €0.4m | €0.1m | €0.07m | €0.005m | ▼ 92.0% |
| Other amounts receivable41 | - | - | - | €0.06m | €0.1m | €0.07m | €0.04m | €0.01m | ▼ 74.0% |
| Cash at bank and in hand54/58 | - | €5 | - | €0.002m | €1 | €0.006m | €39 | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.1m | €0.2m | €0.1m | €0.2m | €0.7m | €0.4m | €0.6m | €2.3m | ▲ 304% |
| Equity10/15 | -€0.4m | -€0.4m | -€0.4m | -€0.4m | -€0.1m | -€0.05m | -€0.02m | €1.6m | - |
| Contributions10/11 | €0.006m | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Revaluation surpluses12 | - | - | - | - | - | - | - | €2.3m | - |
| Profit (loss) carried forward14 | -€0.4m | -€0.4m | -€0.4m | -€0.4m | -€0.2m | -€0.07m | -€0.03m | -€0.7m | ▼ 1,790% |
| Amounts payable17/49 | €0.5m | €0.5m | €0.6m | €0.5m | €0.8m | €0.5m | €0.6m | €0.7m | ▲ 12.7% |
| Amounts payable after more than one year17 | €0.08m | €0.06m | €0.08m | €0.08m | €0.08m | €0 | €0.3m | €0.4m | ▲ 20.2% |
| Financial debts170/4 | - | - | - | €0.08m | €0.08m | €0 | €0.3m | €0.4m | ▲ 20.2% |
| Amounts payable within one year42/48 | €0.4m | €0.5m | €0.5m | €0.5m | €0.7m | €0.5m | €0.3m | €0.3m | ▲ 3.2% |
| Financial debts43 | - | - | - | €0.2m | €0.4m | €0.2m | €144 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | €0.2m | €0.4m | €0.2m | €144 | €0 | ▼ 100% |
| Trade debts44 | €0.09m | €0.1m | €0.1m | €0.1m | €0.2m | €0.06m | €0.03m | €0.06m | ▲ 78.4% |
| Suppliers440/4 | - | - | - | €0.1m | €0.2m | €0.06m | €0.03m | €0.06m | ▲ 78.4% |
| Advances received on contracts in progress46 | - | - | - | €0.08m | €0.08m | €0 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | - | - | €0.04m | €0.07m | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | - | - | €0.04m | €0.07m | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €0.07m | €0.03m | €0.2m | €0.1m | €0.2m | ▲ 38.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.4m | -€0.03m | -€0.05m | €0.03m | €0.2m | €0.08m | €0.04m | -€0.6m | - |
| + Depreciation and write-downs630 | €0.006m | €0.004m | €0.004m | €0.003m | €0.003m | €0.002m | €0.005m | €0.005m | = |
| Operating cash flow (approximation) | -€0.4m | -€0.02m | -€0.05m | €0.04m | €0.3m | €0.09m | €0.04m | -€0.6m | - |
| Investment in fixed assets (approximation) | - | €0.003m | -€270 | €250 | -€0.2m | -€0.08m | -€0.07m | -€2.0m | ▼ 2,625% |
| Change in cash | - | - | - | - | -€0.002m | €0.006m | -€0.006m | -€39 | ▲ 99.4% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-07-2026 | 2026-00325256 | |
| 31-12-2024 | abbreviated format | 18-06-2025 | 2025-00149016 | |
| 31-12-2023 | abbreviated format | 02-07-2024 | 2024-00199922 | |
| 31-12-2022 | abbreviated format | 30-11-2023 | 2023-00518891 | |
| 31-12-2021 | abbreviated format | 25-08-2022 | 2022-20315848 | |
| 31-12-2020 | abbreviated format | 29-10-2021 | 2021-75700257 | |
| 31-12-2019 | abbreviated format | 18-02-2021 | 2021-05600156 | |
| 31-12-2018 | abbreviated format | 30-09-2019 | 2019-66400029 |