ATAN
ActiveFinancials · financial year 2026, abbreviated format
Annual accounts 2026 filed on 30-10-2026 at the NBB all 25 filings
Turnover
≈ €170,000
Estimated: probably between €140,000 and €230,000
Total assets
€1.2m▲ 5.8%
2025 · €1.1m
Net result
€28,478▲ 57.9%
2025 · €18,029
Working capital
-€232,206▼ 11.6%
2025 · -€208,100
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€62,678
▲ 17.4%
2026
20192026
Net result
€28,478
▲ 57.9%
2026
20192026
Equity
€502,122
▲ 6.0%
2026
20192026
Total assets
€1.2m
▲ 5.8%
2026
20192026
Debt
€670,126
▲ 5.7%
2026
20192026
Working capital
-€232,206
▼ 11.6%
2026
20192026
Solvency
42.8%
▲ 0.1pp
2026
20192026
Current ratio
0.32
▲ 0.26
2026
20192026
Return on assets (ROA)
2.4%
▲ 0.8pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€0.03m-€0.06m▲ 110%€0.08m▲ 27.4%€0.09m▲ 7.4%€0.03m▼ 61.0%€0.04m▲ 19.6%€0.05m▲ 30.3%€0.06m▲ 17.4%
Net result-€0.005m-€0.02m€0.04mwithin the sector's middle half▲ 86.6%€0.04mwithin the sector's middle half▲ 3.8%€0.006mwithin the sector's middle half▼ 86.8%€0.01mwithin the sector's middle half▲ 91.7%€0.02mwithin the sector's middle half▲ 66.1%€0.03m▲ 57.9%
Equity€0.3m-€0.4m▲ 6.4%€0.4mwithin the sector's middle half▲ 8.2%€0.4mwithin the sector's middle half▲ 10.0%€0.4mwithin the sector's middle half▲ 1.3%€0.5mwithin the sector's middle half▲ 2.4%€0.5mwithin the sector's middle half▲ 4.0%€0.5m▲ 6.0%
Total assets€1.4m-€1.4m▼ 5.4%€1.3mwithin the sector's middle half▼ 3.6%€1.3mwithin the sector's middle half▲ 0.3%€1.2mwithin the sector's middle half▼ 9.0%€1.2mwithin the sector's middle half▼ 3.5%€1.1mwithin the sector's middle half▼ 3.7%€1.2m▲ 5.8%
Debt€1.1m-€1.0m▼ 9.2%€0.9m▼ 8.1%€0.9m▼ 3.9%€0.7m▼ 14.3%€0.7m▼ 7.0%€0.6m▼ 8.7%€0.7m▲ 5.7%
Working capital-€0.05m--€0.08m▼ 61.3%-€0.1mbelow the sector's middle half▼ 39.7%-€0.1mbelow the sector's middle half▲ 0.8%-€0.1mbelow the sector's middle half▼ 35.0%-€0.2mbelow the sector's middle half▼ 24.5%-€0.2mbelow the sector's middle half▼ 14.5%-€0.2m▼ 11.6%
Solvency24.2%-27.2%▲ 3.0pp30.6%within the sector's middle half▲ 3.4pp33.5%within the sector's middle half▲ 2.9pp37.3%within the sector's middle half▲ 3.8pp39.6%within the sector's middle half▲ 2.3pp42.8%within the sector's middle half▲ 3.1pp42.8%▲ 0.1pp
Current ratio0.69-0.48▼ 0.210.36below the sector's middle half▼ 0.120.49below the sector's middle half▲ 0.130.14below the sector's middle half▼ 0.350.09below the sector's middle half▼ 0.040.06below the sector's middle half▼ 0.030.32▲ 0.26
Return on assets (ROA)-0.4%-1.6%▲ 2.0pp3.2%within the sector's middle half▲ 1.5pp3.3%within the sector's middle half▲ 0.1pp0.5%within the sector's middle half▼ 2.8pp0.9%within the sector's middle half▲ 0.5pp1.6%within the sector's middle half▲ 0.7pp2.4%▲ 0.8pp
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 2026 is 17% higher than in 2025. It is the third rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €1.2m
Fixed assets
€1.1m ▼ 2.9%
Current assets
€110,033 ▲ 706%
Equity and liabilities €1.2m
Equity
€502,122 ▲ 6.0%
Debt
€670,126 ▲ 5.7%
Debt's share of the balance-sheet total falls from 57.2% to 57.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€100,900▲
2025 · €90,670
Cash flow
€66,700▲
2025 · €55,296
Debt to equity
1.33▼
2025 · 1.34
ROE
5.7%▲
2025 · 3.8%
Interest coverage
4.82▲
2025 · 3.83
Debt ≤ 1 year
€342,239▲
2025 · €221,752
Debt > 1 year
€315,963▼
2025 · €406,752
Income taxes
€13,265▲
2025 · €11,696
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €736,396 | €658,728 | €577,989 | €494,045 | €494,045 |
| Mortgages, amount registered | €220,000 | €220,000 | €220,000 | €220,000 | €220,000 |
| Mortgage mandates | €397,268 | €397,268 | €397,268 | €397,268 | €397,268 |
| Carrying value of the mortgaged assets | €766,736 | €729,470 | €692,204 | €654,938 | €617,672 |
Source: notes to the 2022 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €6,232 |
| Depreciation and write-downs of the year | €38,599 | €37,266 | €37,266 | €37,266 | €38,222 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €98,054 | €39,087 | €38,598 | €38,599 | €37,266 | €37,266 | €37,266 | €38,222 | ▲ 2.6% |
| Other operating charges640/8 | - | - | - | €6,894 | €6,937 | €7,602 | €7,888 | €8,195 | ▲ 3.9% |
| Gross operating margin9900 | €133,604 | €109,291 | €127,244 | €133,338 | €78,470 | €85,846 | €98,557 | €109,095 | ▲ 10.7% |
| Operating profit (loss)9901 | €30,612 | €64,224 | €81,796 | €87,845 | €34,266 | €40,978 | €53,404 | €62,678 | ▲ 17.4% |
| Financial charges65/66B | - | - | - | €27,581 | €24,581 | €21,805 | €23,679 | €20,935 | ▼ 11.6% |
| Recurring financial charges65 | €33,342 | €32,882 | €30,371 | €27,581 | €24,581 | €21,805 | €23,679 | €20,935 | ▼ 11.6% |
| Profit (loss) for the period before taxes9903 | -€2,731 | €31,342 | €51,425 | €60,264 | €9,685 | €19,173 | €29,725 | €41,743 | ▲ 40.4% |
| Income taxes67/77 | €2,696 | €9,185 | €10,080 | €17,350 | €4,024 | €8,320 | €11,696 | €13,265 | ▲ 13.4% |
| Profit (loss) for the period9904 | -€5,426 | €22,157 | €41,345 | €42,914 | €5,661 | €10,853 | €18,029 | €28,478 | ▲ 57.9% |
| Profit (loss) for the period to be appropriated9905 | -€5,426 | €22,157 | €41,345 | €42,914 | €5,661 | €10,853 | €18,029 | €28,478 | ▲ 57.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.4m | €1.4m | €1.3m | €1.3m | €1.2m | €1.2m | €1.1m | €1.2m | ▲ 5.8% |
| Fixed assets21/28 | €1.3m | €1.3m | €1.2m | €1.2m | €1.2m | €1.1m | €1.1m | €1.1m | ▼ 2.9% |
| Tangible fixed assets22/27 | €0.9m | €0.8m | €0.8m | €0.8m | €0.7m | €0.7m | €0.7m | €0.6m | ▼ 4.9% |
| Land and buildings22 | - | - | - | €0.8m | €0.7m | €0.7m | €0.7m | €0.6m | ▼ 5.7% |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €0.005m | - |
| Financial fixed assets28 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Current assets29/58 | €0.1m | €0.07m | €0.06m | €0.1m | €0.02m | €0.02m | €0.01m | €0.1m | ▲ 706% |
| Stocks and contracts in progress3 | €0.01m | €0.01m | €0.01m | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.09m | €0.05m | €0.04m | €0.09m | €0.003m | €0.01m | €0.01m | €0.09m | ▲ 804% |
| Trade receivables40 | - | - | - | €0.09m | - | €0.007m | €0.007m | €0.02m | ▲ 237% |
| Other amounts receivable41 | - | - | - | €0.006m | €0.003m | €0.003m | €0.003m | €0.07m | ▲ 23× |
| Cash at bank and in hand54/58 | €0.005m | €0.01m | €0.004m | €0.01m | €0.02m | €0.009m | €0.004m | €0.02m | ▲ 447% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.4m | €1.4m | €1.3m | €1.3m | €1.2m | €1.2m | €1.1m | €1.2m | ▲ 5.8% |
| Equity10/15 | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | ▲ 6.0% |
| Contributions10/11 | €0.2m | €0.2m | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 47.7% |
| Non-distributable reserves130/1 | - | - | - | €0.04m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves not available under the articles1311 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Other1319 | - | - | - | €0.02m | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 57.1% |
| Profit (loss) carried forward14 | €0.06m | €0.06m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.002m | ▼ 98.1% |
| Amounts payable17/49 | €1.1m | €1.0m | €0.9m | €0.9m | €0.7m | €0.7m | €0.6m | €0.7m | ▲ 5.7% |
| Amounts payable after more than one year17 | €0.9m | €0.8m | €0.7m | €0.7m | €0.6m | €0.5m | €0.4m | €0.3m | ▼ 22.3% |
| Financial debts170/4 | - | - | - | €0.7m | €0.6m | €0.5m | €0.4m | €0.3m | ▼ 22.3% |
| Amounts payable within one year42/48 | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 54.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.08m | €0.08m | €0.08m | €0.09m | €0.09m | ▲ 4.0% |
| Financial debts43 | - | - | - | €0.01m | - | - | - | €0.002m | - |
| Credit institutions430/8 | - | - | - | €0.01m | - | - | - | - | - |
| Other loans439 | - | - | - | - | - | - | - | €0.002m | - |
| Trade debts44 | €0.001m | €0.006m | €0.002m | €0.02m | €0.002m | €384 | - | €0.009m | - |
| Suppliers440/4 | - | - | - | €0.02m | €0.002m | €384 | - | €0.009m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.01m | €0.009m | €0.02m | €0.01m | ▼ 32.6% |
| Taxes450/3 | - | - | - | €0.01m | €0.01m | €0.009m | €0.02m | €0.01m | ▼ 32.6% |
| Other amounts payable47/48 | - | - | - | €0.09m | €0.07m | €0.1m | €0.1m | €0.2m | ▲ 93.2% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €0.006m | €0.01m | ▲ 109% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,426 | €22,157 | €41,345 | €42,914 | €5,661 | €10,853 | €18,029 | €28,478 | ▲ 57.9% |
| + Depreciation and write-downs630 | €98,054 | €39,087 | €38,598 | €38,599 | €37,266 | €37,266 | €37,266 | €38,222 | ▲ 2.6% |
| Operating cash flow (approximation) | €92,628 | €61,244 | €79,944 | €81,512 | €42,927 | €48,119 | €55,296 | €66,700 | ▲ 20.6% |
| Investment in fixed assets (approximation) | - | €5,000 | €0 | €0 | €0 | €0 | €0 | -€6,232 | - |
| Change in cash | - | €6,681 | -€7,482 | €6,837 | €9,189 | -€11,441 | -€4,771 | €16,826 | - |
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, 14,766 companies had the same profile as ATAN has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ATAN 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 14,766 companies, not a prediction for ATAN. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | abbreviated format | 30-10-2026 | 2026-00595706 | |
| 31-03-2025 | abbreviated format | 31-10-2025 | 2025-00556246 | |
| 31-03-2024 | abbreviated format | 31-10-2024 | 2024-00522130 | |
| 31-03-2023 | abbreviated format | 30-10-2023 | 2023-00496493 | |
| 31-03-2022 | abbreviated format | 30-11-2022 | 2022-20528051 | |
| 31-03-2021 | abbreviated format | 30-11-2021 | 2021-79100515 | |
| 31-03-2020 | abbreviated format | 07-12-2020 | 2020-74600056 | |
| 31-03-2019 | abbreviated format | 29-11-2019 | 2019-74600054 | |
| 31-03-2018 | abbreviated format | 30-10-2018 | 2018-70500358 | |
| 31-03-2017 | abbreviated format | 29-11-2017 | 2017-70900233 |