ATECO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 17 filings
Equity
-€16,631
2024 · €39,199
Total assets
€47,027▼ 46.9%
2024 · €88,569
Net result
-€55,829
2024 · €26,935
Working capital
-€38,769
2024 · €11,866
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€20,564
2025
20192025
Net result
-€55,829
2025
lowest quarter of the sector
20192025
Equity
-€16,631
2025
lowest quarter of the sector
20192025
Total assets
€47,027
▼ 46.9%
2025
lowest quarter of the sector
20192025
Debt
€63,658
▲ 28.9%
2025
20192025
Working capital
-€38,769
2025
lowest quarter of the sector
20192025
Solvency
-35.4%
▼ 79.6pp
2025
lowest quarter of the sector
20192025
Current ratio
0.39
▼ 0.85
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-118.7%
▼ 149.1pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€3,960--€8,350-€26,377▼ 216%€61,441€13,660▼ 77.8%€59,663▲ 337%-€20,564
Net result€3,831--€8,489below the sector's middle half-€26,441below the sector's middle half▼ 211%€40,248above the sector's middle half-€5,507below the sector's middle half€26,935within the sector's middle half-€55,829below the sector's middle half
Equity€12,454-€3,965below the sector's middle half▼ 68.2%-€22,477below the sector's middle half€17,771below the sector's middle half€12,264below the sector's middle half▼ 31.0%€39,199within the sector's middle half▲ 220%-€16,631below the sector's middle half
Total assets€52,889-€48,856below the sector's middle half▼ 7.6%€49,389below the sector's middle half▲ 1.1%€78,373within the sector's middle half▲ 58.7%€52,810below the sector's middle half▼ 32.6%€88,569within the sector's middle half▲ 67.7%€47,027below the sector's middle half▼ 46.9%
Debt€40,435-€44,891▲ 11.0%€71,866▲ 60.1%€60,602▼ 15.7%€40,546▼ 33.1%€49,370▲ 21.8%€63,658▲ 28.9%
Working capital-€18,111--€24,278below the sector's middle half▼ 34.0%-€55,698below the sector's middle half▼ 129%-€17,171below the sector's middle half▲ 69.2%-€19,444below the sector's middle half▼ 13.2%€11,866within the sector's middle half-€38,769below the sector's middle half
Solvency23.5%-8.1%below the sector's middle half▼ 15.4pp-45.5%below the sector's middle half▼ 53.6pp22.7%within the sector's middle half▲ 68.2pp23.2%within the sector's middle half▲ 0.5pp44.3%within the sector's middle half▲ 21.0pp-35.4%below the sector's middle half▼ 79.6pp
Current ratio0.55-0.46below the sector's middle half▼ 0.090.22below the sector's middle half▼ 0.230.72below the sector's middle half▲ 0.490.52below the sector's middle half▼ 0.201.24within the sector's middle half▲ 0.720.39below the sector's middle half▼ 0.85
Return on assets (ROA)7.2%--17.4%below the sector's middle half▼ 24.6pp-53.5%below the sector's middle half▼ 36.2pp51.4%above the sector's middle half▲ 104.9pp-10.4%below the sector's middle half▼ 61.8pp30.4%above the sector's middle half▲ 40.8pp-118.7%below the sector's middle half▼ 149.1pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 €20,564, after a profit of €59,663 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €47,027
Fixed assets
€22,138 ▼ 19.7%
Current assets
€24,889 ▼ 59.2%
Equity and liabilities
Equity-€16,631
Debt€63,658
Equity is negative. Debt (€63,658) exceeds the balance-sheet total (€47,027).
Key figures and ratios
EBITDA
-€15,130▼
2024 · €65,008
Cash flow
-€50,395▼
2024 · €32,280
Interest coverage
-0.43▼
2024 · 2.65
Debt ≤ 1 year
€63,658▲
2024 · €49,130
Income taxes
€69▼
2024 · €8,751
Staff costs
€13
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €5,668 | €1,454 | €1,209 | - |
| Depreciation and write-downs of the year | €3,946 | €4,688 | €5,345 | €5,434 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €13 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,323 | €2,323 | €2,516 | €3,946 | €4,688 | €5,345 | €5,434 | ▲ 1.7% |
| Other operating charges640/8 | - | - | - | €572 | €1,359 | €572 | €829 | ▲ 45.0% |
| Gross operating margin9900 | €6,283 | -€5,864 | -€23,695 | €65,959 | €19,707 | €65,580 | -€14,288 | - |
| Operating profit (loss)9901 | €3,960 | -€8,350 | -€26,377 | €61,441 | €13,660 | €59,663 | -€20,564 | - |
| Financial income75/76B | - | - | - | €566 | €1,557 | €545 | €4 | ▼ 99.3% |
| Recurring financial income75 | - | - | - | €566 | €1,557 | €545 | €4 | ▼ 99.3% |
| Financial charges65/66B | - | - | - | €19,778 | €20,631 | €24,522 | €35,200 | ▲ 43.5% |
| Recurring financial charges65 | €129 | €139 | €64 | €19,778 | €20,631 | €24,522 | €35,200 | ▲ 43.5% |
| Profit (loss) for the period before taxes9903 | €3,831 | -€8,489 | -€26,441 | €42,228 | -€5,414 | €35,686 | -€55,760 | - |
| Income taxes67/77 | - | - | - | €1,981 | €94 | €8,751 | €69 | ▼ 99.2% |
| Profit (loss) for the period9904 | €3,831 | -€8,489 | -€26,441 | €40,248 | -€5,507 | €26,935 | -€55,829 | - |
| Profit (loss) for the period to be appropriated9905 | €3,831 | -€8,489 | -€26,441 | €40,248 | -€5,507 | €26,935 | -€55,829 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €52,889 | €48,856 | €49,389 | €78,373 | €52,810 | €88,569 | €47,027 | ▼ 46.9% |
| Fixed assets21/28 | €30,566 | €28,243 | €33,221 | €34,942 | €31,708 | €27,572 | €22,138 | ▼ 19.7% |
| Tangible fixed assets22/27 | €30,566 | €28,243 | €33,221 | €34,942 | €31,708 | €27,572 | €22,138 | ▼ 19.7% |
| Land and buildings22 | - | - | - | €27,683 | €24,952 | €22,221 | €19,489 | ▼ 12.3% |
| Furniture and vehicles24 | - | - | - | €7,259 | €6,756 | €5,352 | €2,649 | ▼ 50.5% |
| Current assets29/58 | €22,323 | €20,613 | €16,169 | €43,431 | €21,102 | €60,997 | €24,889 | ▼ 59.2% |
| Amounts receivable within one year40/41 | €2,000 | €84 | €7,021 | €33,407 | €15,140 | €45,442 | €18,842 | ▼ 58.5% |
| Trade receivables40 | - | - | - | €15,360 | - | €34,000 | €14,520 | ▼ 57.3% |
| Other amounts receivable41 | - | - | - | €18,047 | €15,140 | €11,442 | €4,322 | ▼ 62.2% |
| Cash at bank and in hand54/58 | €18,373 | €18,580 | €6,908 | €9,738 | €4,913 | €15,228 | €5,762 | ▼ 62.2% |
| Deferred charges and accrued income490/1 | - | - | - | €285 | €1,049 | €327 | €285 | ▼ 12.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €52,889 | €48,856 | €49,389 | €78,373 | €52,810 | €88,569 | €47,027 | ▼ 46.9% |
| Equity10/15 | €12,454 | €3,965 | -€22,477 | €17,771 | €12,264 | €39,199 | -€16,631 | - |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €11,571 | €11,571 | €32,999 | €32,999 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | €9,711 | €9,711 | €31,139 | €32,999 | ▲ 6.0% |
| Profit (loss) carried forward14 | €4,394 | -€4,095 | -€30,537 | - | -€5,507 | - | -€55,829 | - |
| Amounts payable17/49 | €40,435 | €44,891 | €71,866 | €60,602 | €40,546 | €49,370 | €63,658 | ▲ 28.9% |
| Amounts payable within one year42/48 | €40,435 | €44,891 | €71,866 | €60,602 | €40,546 | €49,130 | €63,658 | ▲ 29.6% |
| Trade debts44 | €9,847 | €4,997 | €15,026 | €16,491 | €1,927 | €951 | €1,180 | ▲ 24.1% |
| Suppliers440/4 | - | - | - | €16,491 | €1,927 | €951 | €1,180 | ▲ 24.1% |
| Taxes, remuneration and social security45 | - | - | - | €7,379 | €2,726 | €11,758 | €1,078 | ▼ 90.8% |
| Taxes450/3 | - | - | - | €7,379 | €2,558 | €9,314 | €1,078 | ▼ 88.4% |
| Remuneration and social security454/9 | - | - | - | - | €168 | €2,444 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €36,733 | €35,893 | €36,421 | €61,399 | ▲ 68.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €240 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,831 | -€8,489 | -€26,441 | €40,248 | -€5,507 | €26,935 | -€55,829 | - |
| + Depreciation and write-downs630 | €2,323 | €2,323 | €2,516 | €3,946 | €4,688 | €5,345 | €5,434 | ▲ 1.7% |
| Operating cash flow (approximation) | €6,154 | -€6,167 | -€23,925 | €44,194 | -€819 | €32,280 | -€50,395 | - |
| Investment in fixed assets (approximation) | - | €0 | -€7,494 | -€5,668 | -€1,454 | -€1,209 | €0 | - |
| Change in cash | - | €206 | -€11,671 | €2,830 | -€4,825 | €10,314 | -€9,466 | - |
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, 6,907 companies had the same profile as ATECO has now. Two years later, 85.4% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.4%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ATECO itself: 1.8% 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 6,907 companies, not a prediction for ATECO. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 30-01-2026 | 2026-00027732 | |
| 30-06-2024 | micro format | 09-02-2025 | 2025-00031694 | |
| 30-06-2023 | micro format | 24-01-2024 | 2024-00005684 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00014232 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-04000206 | |
| 30-06-2020 | micro format | 01-02-2021 | 2021-04100433 | |
| 30-06-2019 | micro format | 30-01-2020 | 2020-03300457 | |
| 30-06-2018 | micro format | 29-04-2019 | 2019-11400390 | |
| 30-06-2017 | full format | 30-03-2018 | 2018-09200501 | |
| 30-06-2016 | full format | 20-01-2017 | 2017-01700509 |