ATACO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-03-2026 PDF all 6 filings
Turnover
≈ €120,000
Estimated: probably between €90,000 and €150,000
Total assets
€407,270▼ 5.0%
2024 · €428,847
Net result
€19,850▲ 20.1%
2024 · €16,528
Working capital
€38,997▼ 65.0%
2024 · €111,454
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€37,492
▲ 37.5%
2025
20202025
Net result
€19,850
▲ 20.1%
2025
middle half of the sector
20202025
Equity
€36,039
▼ 45.6%
2025
middle half of the sector
20202025
Total assets
€407,270
▼ 5.0%
2025
middle half of the sector
20202025
Debt
€371,231
▲ 2.4%
2025
20202025
Working capital
€38,997
▼ 65.0%
2025
middle half of the sector
20202025
Solvency
8.8%
▼ 6.6pp
2025
lowest quarter of the sector
20202025
Current ratio
1.19
▼ 0.61
2025
middle half of the sector
20202025
Return on assets (ROA)
4.9%
▲ 1.0pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€8,171-€26,463▲ 224%€19,049▼ 28.0%€17,845▼ 6.3%€27,265▲ 52.8%€37,492▲ 37.5%
Net result€5,764within the sector's middle half-€17,191within the sector's middle half▲ 198%€11,217within the sector's middle half▼ 34.8%€10,490within the sector's middle half▼ 6.5%€16,528within the sector's middle half▲ 57.6%€19,850within the sector's middle half▲ 20.1%
Equity€10,764below the sector's middle half-€27,955within the sector's middle half▲ 160%€39,172within the sector's middle half▲ 40.1%€49,662within the sector's middle half▲ 26.8%€66,190within the sector's middle half▲ 33.3%€36,039within the sector's middle half▼ 45.6%
Total assets€350,543within the sector's middle half-€324,008within the sector's middle half▼ 7.6%€302,046within the sector's middle half▼ 6.8%€263,554within the sector's middle half▼ 12.7%€428,847within the sector's middle half▲ 62.7%€407,270within the sector's middle half▼ 5.0%
Debt€339,778-€296,053▼ 12.9%€262,874▼ 11.2%€213,892▼ 18.6%€362,658▲ 69.6%€371,231▲ 2.4%
Working capital€282,355above the sector's middle half-€249,636above the sector's middle half▼ 11.6%€214,064above the sector's middle half▼ 14.2%€180,202above the sector's middle half▼ 15.8%€111,454within the sector's middle half▼ 38.2%€38,997within the sector's middle half▼ 65.0%
Solvency3.1%below the sector's middle half-8.6%below the sector's middle half▲ 5.6pp13.0%below the sector's middle half▲ 4.3pp18.8%below the sector's middle half▲ 5.9pp15.4%below the sector's middle half▼ 3.4pp8.8%below the sector's middle half▼ 6.6pp
Current ratio5.14above the sector's middle half-4.59above the sector's middle half▼ 0.553.62within the sector's middle half▼ 0.973.31within the sector's middle half▼ 0.311.80within the sector's middle half▼ 1.511.19within the sector's middle half▼ 0.61
Return on assets (ROA)1.6%within the sector's middle half-5.3%within the sector's middle half▲ 3.7pp3.7%within the sector's middle half▼ 1.6pp4.0%within the sector's middle half▲ 0.3pp3.9%within the sector's middle half▼ 0.1pp4.9%within the sector's middle half▲ 1.0pp
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 38% higher than in 2024 and the highest since 2020. It is the second rise in a row, after the fall in 2023.
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 €407,270
Fixed assets
€167,275 ▼ 6.3%
Current assets
€239,995 ▼ 4.1%
Equity and liabilities €407,270
Equity
€36,039 ▼ 45.6%
Debt
€371,231 ▲ 2.4%
Debt's share of the balance-sheet total rises from 84.6% to 91.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€50,609▼
2024 · €53,689
Cash flow
€32,966▼
2024 · €42,952
Debt to equity
10.30▲
2024 · 5.48
ROE
55.1%▲
2024 · 25.0%
Interest coverage
4.37▼
2024 · 9.52
Debt ≤ 1 year
€200,999▲
2024 · €138,800
Debt > 1 year
€158,252▼
2024 · €218,793
Income taxes
€6,064▲
2024 · €5,098
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 | €4,985 | €2,114 | €14,279 | €199,558 | €5,146 |
| Depreciation and write-downs of the year | €141 | €577 | €921 | €26,424 | €13,116 |
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 | - | €141 | €577 | €921 | €26,424 | €13,116 | ▼ 50.4% |
| Other operating charges640/8 | - | €1,992 | €1,854 | €1,541 | €2,333 | €8,092 | ▲ 247% |
| Gross operating margin9900 | €9,322 | €28,596 | €21,481 | €20,306 | €56,022 | €58,700 | ▲ 4.8% |
| Operating profit (loss)9901 | €8,171 | €26,463 | €19,049 | €17,845 | €27,265 | €37,492 | ▲ 37.5% |
| Financial income75/76B | - | €1 | €0 | - | - | €1 | - |
| Recurring financial income75 | €30 | €1 | €0 | - | - | €1 | - |
| Financial charges65/66B | - | €3,627 | €3,098 | €3,250 | €5,639 | €11,579 | ▲ 105% |
| Recurring financial charges65 | €757 | €3,627 | €3,098 | €3,250 | €5,639 | €11,579 | ▲ 105% |
| Profit (loss) for the period before taxes9903 | €7,444 | €22,837 | €15,952 | €14,594 | €21,626 | €25,914 | ▲ 19.8% |
| Income taxes67/77 | €1,680 | €5,646 | €4,735 | €4,105 | €5,098 | €6,064 | ▲ 18.9% |
| Profit (loss) for the period9904 | €5,764 | €17,191 | €11,217 | €10,490 | €16,528 | €19,850 | ▲ 20.1% |
| Profit (loss) for the period to be appropriated9905 | €5,764 | €17,191 | €11,217 | €10,490 | €16,528 | €19,850 | ▲ 20.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €350,543 | €324,008 | €302,046 | €263,554 | €428,847 | €407,270 | ▼ 5.0% |
| Fixed assets21/28 | €0 | €4,845 | €6,381 | €5,460 | €178,594 | €167,275 | ▼ 6.3% |
| Tangible fixed assets22/27 | - | €4,844 | €6,381 | €5,460 | €178,593 | €167,275 | ▼ 6.3% |
| Land and buildings22 | - | - | - | - | €174,055 | €166,508 | ▼ 4.3% |
| Furniture and vehicles24 | - | - | €2,035 | €1,612 | €1,190 | €767 | ▼ 35.5% |
| Other tangible fixed assets26 | - | €4,844 | €4,346 | €3,847 | €3,349 | €0 | ▼ 100% |
| Financial fixed assets28 | €0 | €0 | €0 | €0 | €0 | €0 | = |
| Current assets29/58 | €350,542 | €319,164 | €295,665 | €258,094 | €250,254 | €239,995 | ▼ 4.1% |
| Amounts receivable after more than one year29 | - | €310,000 | €285,000 | €248,000 | €223,000 | €215,000 | ▼ 3.6% |
| Other amounts receivable291 | - | €310,000 | €285,000 | €248,000 | €223,000 | €215,000 | ▼ 3.6% |
| Amounts receivable within one year40/41 | €18,853 | €1,063 | €0 | €1,107 | €15,532 | €5,742 | ▼ 63.0% |
| Trade receivables40 | - | €0 | - | - | €14,630 | €4,840 | ▼ 66.9% |
| Other amounts receivable41 | - | €1,063 | €0 | €1,107 | €902 | €902 | = |
| Cash at bank and in hand54/58 | €10,095 | €6,844 | €9,214 | €8,155 | €9,415 | €16,791 | ▲ 78.3% |
| Deferred charges and accrued income490/1 | - | €1,256 | €1,450 | €832 | €2,307 | €2,463 | ▲ 6.8% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €350,543 | €324,008 | €302,046 | €263,554 | €428,847 | €407,270 | ▼ 5.0% |
| Equity10/15 | €10,764 | €27,955 | €39,172 | €49,662 | €66,190 | €36,039 | ▼ 45.6% |
| Contributions10/11 | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €5,764 | €22,955 | €34,172 | €44,662 | €61,190 | €31,039 | ▼ 49.3% |
| Distributable reserves133 | - | €22,955 | €34,172 | €44,662 | €61,190 | €31,039 | ▼ 49.3% |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €339,778 | €296,053 | €262,874 | €213,892 | €362,658 | €371,231 | ▲ 2.4% |
| Amounts payable after more than one year17 | €268,494 | €223,775 | €178,523 | €132,731 | €218,793 | €158,252 | ▼ 27.7% |
| Financial debts170/4 | - | €223,775 | €178,523 | €132,731 | €218,793 | €158,252 | ▼ 27.7% |
| Amounts payable within one year42/48 | €68,187 | €69,528 | €81,601 | €77,893 | €138,800 | €200,999 | ▲ 44.8% |
| Current portion of amounts payable after more than one year42 | - | €44,719 | €45,252 | €45,792 | €59,601 | €60,540 | ▲ 1.6% |
| Trade debts44 | €1,085 | €805 | €3,818 | €2,815 | €1,058 | €661 | ▼ 37.5% |
| Suppliers440/4 | - | €805 | €3,818 | €2,815 | €1,058 | €661 | ▼ 37.5% |
| Taxes, remuneration and social security45 | - | €24,004 | €32,531 | €12,966 | €11,152 | €15,381 | ▲ 37.9% |
| Taxes450/3 | - | €13,716 | €26,443 | €10,776 | €8,839 | €12,668 | ▲ 43.3% |
| Remuneration and social security454/9 | - | €10,288 | €6,088 | €2,190 | €2,313 | €2,713 | ▲ 17.3% |
| Other amounts payable47/48 | - | - | - | €16,320 | €66,989 | €124,417 | ▲ 85.7% |
| Accrued charges and deferred income492/3 | - | €2,750 | €2,750 | €3,269 | €5,065 | €11,980 | ▲ 137% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,764 | €17,191 | €11,217 | €10,490 | €16,528 | €19,850 | ▲ 20.1% |
| + Depreciation and write-downs630 | - | €141 | €577 | €921 | €26,424 | €13,116 | ▼ 50.4% |
| Operating cash flow (approximation) | €5,764 | €17,332 | €11,794 | €11,411 | €42,952 | €32,966 | ▼ 23.2% |
| Investment in fixed assets (approximation) | - | -€4,985 | -€2,114 | €0 | -€199,558 | -€1,798 | ▲ 99.1% |
| Change in cash | - | -€3,251 | €2,370 | -€1,059 | €1,260 | €7,375 | ▲ 485% |
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, 1,251 companies had the same profile as ATACO has now. Two years later, 94.4% were still going and 2.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit under 5% of the balance sheet
94.4%
was still going
2.7%
stopped otherwise
2.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of ATACO itself is lower: 0.4% within 12 months. It rests on far more data about ATACO 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 1,251 companies, not a prediction for ATACO. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-03-2026 | 2026-00064291 | |
| 31-12-2024 | micro format | 31-03-2025 | 2025-00060744 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00314901 | |
| 31-12-2022 | micro format | 12-04-2023 | 2023-00057558 | |
| 31-12-2021 | micro format | 05-05-2022 | 2022-20021702 | |
| 31-12-2020 | micro format | 26-03-2021 | 2021-08600154 |