Audemo
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 48 filings
Turnover
≈ €1.1m
Estimated: probably between €850,000 and €1.8m
EBIT margin
Not included in this filing
Net result
€161,422▲ 141%
2024 · €66,899
Working capital
-€6.9m▲ 3.9%
2024 · -€7.2m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€508,112
▼ 5.6%
2025
20182025
Net result
€161,422
▲ 141%
2025
middle half of the sector
20182025
Equity
-€622,202
▲ 20.6%
2025
lowest quarter of the sector
20182025
Total assets
€8.3m
▲ 2.3%
2025
middle half of the sector
20182025
Debt
€8.9m
▲ 0.3%
2025
20182025
Working capital
-€6.9m
▲ 3.9%
2025
lowest quarter of the sector
20182025
Solvency
-7.5%
▲ 2.2pp
2025
lowest quarter of the sector
20182025
Current ratio
0.23
▲ 0.03
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
1.9%
▲ 1.1pp
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€0.8m-€0.4m▼ 51.5%€0.3m▼ 28.7%€0.3m▲ 8.4%€0.4m▲ 35.4%€0.5m▲ 21.7%€0.5m▲ 6.0%€0.5m▼ 5.6%
Net result€0.2m-€0.3m▲ 12.6%€0.1mwithin the sector's middle half▼ 56.4%€0.1mwithin the sector's middle half▲ 6.5%€0.3mabove the sector's middle half▲ 143%€0.03mwithin the sector's middle half▼ 89.3%€0.07mwithin the sector's middle half▲ 120%€0.2mwithin the sector's middle half▲ 141%
Equity-€1.6m--€1.4m▲ 15.3%-€1.3mbelow the sector's middle half▲ 7.9%-€1.2mbelow the sector's middle half▲ 9.1%-€0.9mbelow the sector's middle half▲ 24.5%-€0.9mbelow the sector's middle half▲ 3.5%-€0.8mbelow the sector's middle half▲ 7.9%-€0.6mbelow the sector's middle half▲ 20.6%
Total assets€8.6m-€8.5m▼ 0.9%€8.7mabove the sector's middle half▲ 1.7%€8.8mwithin the sector's middle half▲ 1.5%€9.1mwithin the sector's middle half▲ 3.1%€9.1mwithin the sector's middle half▲ 0.6%€8.1mwithin the sector's middle half▼ 10.9%€8.3mwithin the sector's middle half▲ 2.3%
Debt€10.3m-€9.9m▼ 3.2%€10.0m▲ 0.4%€10.0m▲ 0.1%€10.0m▼ 0.1%€10.0m▲ 0.2%€8.9m▼ 10.6%€8.9m▲ 0.3%
Working capital-€8.7m--€8.4m▲ 4.3%-€8.1mbelow the sector's middle half▲ 2.8%-€7.9mbelow the sector's middle half▲ 2.9%-€7.5mbelow the sector's middle half▲ 5.1%-€7.4mbelow the sector's middle half▲ 1.7%-€7.2mbelow the sector's middle half▲ 2.5%-€6.9mbelow the sector's middle half▲ 3.9%
Solvency-19.1%--16.3%▲ 2.8pp-14.8%below the sector's middle half▲ 1.5pp-13.3%below the sector's middle half▲ 1.5pp-9.7%below the sector's middle half▲ 3.5pp-9.3%below the sector's middle half▲ 0.4pp-9.6%below the sector's middle half▼ 0.3pp-7.5%below the sector's middle half▲ 2.2pp
Current ratio0.15-0.16▲ 0.010.18below the sector's middle half▲ 0.030.21below the sector's middle half▲ 0.020.25below the sector's middle half▲ 0.040.26below the sector's middle half▲ 0.010.19below the sector's middle half▼ 0.070.23below the sector's middle half▲ 0.03
Return on assets (ROA)2.6%-3.0%▲ 0.4pp1.3%within the sector's middle half▼ 1.7pp1.3%within the sector's middle half▲ 0.1pp3.1%within the sector's middle half▲ 1.8pp0.3%within the sector's middle half▼ 2.8pp0.8%within the sector's middle half▲ 0.5pp1.9%within the sector's middle half▲ 1.1pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 6% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8.3m
Fixed assets
€6.3m ▼ 1.9%
Current assets
€2.0m ▲ 17.8%
Equity and liabilities
Equity-€622,202
Debt€8.9m
Equity is negative. Debt (€8.9m) exceeds the balance-sheet total (€8.3m).
Key figures and ratios
EBITDA
€628,445▼
2024 · €658,633
Cash flow
€281,755▲
2024 · €187,232
Quick ratio
0.22▲
2024 · 0.19
Interest coverage
1.77▲
2024 · 1.38
Debt ≤ 1 year
€8.9m▲
2024 · €8.9m
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 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | €25,500 | - | €0 |
| Depreciation and write-downs of the year | €120,333 | €120,333 | €120,333 | €120,333 | €120,333 |
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 | €120,333 | €120,333 | €120,333 | €120,333 | €120,333 | €120,333 | €120,333 | €120,333 | = |
| Other operating charges640/8 | - | - | - | €868 | €868 | €960 | €968 | €998 | ▲ 3.2% |
| Gross operating margin9900 | €942,763 | €519,811 | €405,470 | €429,483 | €538,537 | €629,278 | €659,600 | €629,443 | ▼ 4.6% |
| Operating profit (loss)9901 | €822,430 | €398,610 | €284,269 | €308,282 | €417,336 | €507,985 | €538,300 | €508,112 | ▼ 5.6% |
| Financial income75/76B | - | - | - | €8,676 | €10,227 | €11,527 | €6,862 | €8,256 | ▲ 20.3% |
| Recurring financial income75 | €10,029 | €6,731 | €7,412 | €8,676 | €10,227 | €11,527 | €6,862 | €8,256 | ▲ 20.3% |
| Financial charges65/66B | - | - | - | €199,599 | €141,994 | €489,054 | €478,262 | €354,945 | ▼ 25.8% |
| Recurring financial charges65 | €607,939 | €152,619 | €181,514 | €199,599 | €141,994 | €489,054 | €478,262 | €354,945 | ▼ 25.8% |
| Profit (loss) for the period before taxes9903 | €224,520 | €252,722 | €110,166 | €117,360 | €285,569 | €30,458 | €66,899 | €161,422 | ▲ 141% |
| Profit (loss) for the period9904 | €224,520 | €252,722 | €110,166 | €117,360 | €285,569 | €30,458 | €66,899 | €161,422 | ▲ 141% |
| Profit (loss) for the period to be appropriated9905 | €224,520 | €252,722 | €110,166 | €117,360 | €285,569 | €30,458 | €66,899 | €161,422 | ▲ 141% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €8.6m | €8.5m | €8.7m | €8.8m | €9.1m | €9.1m | €8.1m | €8.3m | ▲ 2.3% |
| Fixed assets21/28 | €7.1m | €7.0m | €6.9m | €6.7m | €6.6m | €6.5m | €6.4m | €6.3m | ▼ 1.9% |
| Tangible fixed assets22/27 | €3.8m | €3.7m | €3.6m | €3.5m | €3.3m | €3.2m | €3.1m | €3.0m | ▼ 3.9% |
| Land and buildings22 | - | - | - | €3.5m | €3.3m | €3.2m | €3.1m | €3.0m | ▼ 3.9% |
| Financial fixed assets28 | €3.3m | €3.3m | €3.3m | €3.3m | €3.3m | €3.3m | €3.3m | €3.3m | = |
| Current assets29/58 | €1.5m | €1.5m | €1.8m | €2.1m | €2.5m | €2.6m | €1.7m | €2.0m | ▲ 17.8% |
| Stocks and contracts in progress3 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Stocks30/36 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Amounts receivable within one year40/41 | €1.5m | €1.4m | €1.7m | €2.0m | €2.4m | €2.6m | €1.6m | €2.0m | ▲ 24.0% |
| Trade receivables40 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 43.2% |
| Other amounts receivable41 | - | - | - | €1.9m | €2.2m | €2.4m | €1.4m | €1.9m | ▲ 33.1% |
| Current investments50/53 | €0.03m | €0.007m | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | - | - | €0.08m | €0.01m | €0.004m | - | €0.08m | €0.002m | ▼ 97.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €8.6m | €8.5m | €8.7m | €8.8m | €9.1m | €9.1m | €8.1m | €8.3m | ▲ 2.3% |
| Equity10/15 | -€1.6m | -€1.4m | -€1.3m | -€1.2m | -€0.9m | -€0.9m | -€0.8m | -€0.6m | ▲ 20.6% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Issued capital100 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Non-distributable reserves130/1 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Legal reserve130 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Reserves not available under the articles1311 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Distributable reserves133 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Profit (loss) carried forward14 | -€2.6m | -€2.3m | -€2.2m | -€2.1m | -€1.8m | -€1.8m | -€1.7m | -€1.5m | ▲ 9.4% |
| Amounts payable17/49 | €10.3m | €9.9m | €10.0m | €10.0m | €10.0m | €10.0m | €8.9m | €8.9m | ▲ 0.3% |
| Amounts payable within one year42/48 | €10.3m | €9.9m | €10.0m | €10.0m | €10.0m | €10.0m | €8.9m | €8.9m | ▲ 0.3% |
| Financial debts43 | - | - | - | €8.9m | €8.9m | €8.9m | €8.9m | €8.9m | = |
| Credit institutions430/8 | - | - | - | €8.9m | €8.9m | €8.9m | €8.9m | €8.9m | = |
| Trade debts44 | €39 | €329 | €26 | - | €0.03m | €0.02m | €0.03m | €0.05m | ▲ 101% |
| Suppliers440/4 | - | - | - | - | €0.03m | €0.02m | €0.03m | €0.05m | ▲ 101% |
| Other amounts payable47/48 | - | - | - | €1.1m | €1.0m | €1.0m | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €224,520 | €252,722 | €110,166 | €117,360 | €285,569 | €30,458 | €66,899 | €161,422 | ▲ 141% |
| + Depreciation and write-downs630 | €120,333 | €120,333 | €120,333 | €120,333 | €120,333 | €120,333 | €120,333 | €120,333 | = |
| Operating cash flow (approximation) | €344,853 | €373,055 | €230,499 | €237,692 | €405,902 | €150,790 | €187,232 | €281,755 | ▲ 50.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | -€25,500 | €0 | €0 | - |
| Change in cash | - | - | - | -€67,595 | -€11,239 | - | - | -€79,999 | - |
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, 133 companies had the same profile as Audemo has now. Two years later, 94.7% were still going and 0.8% had gone bankrupt.
- Medium-sized
- negative equity
- a profit under 5% of the balance sheet
- without age
94.7%
was still going
3.8%
stopped otherwise
0.8%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Audemo itself: 0.5% 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 133 companies, not a prediction for Audemo. 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 48 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 31-07-2026 | 2026-00368174 | |
| 31-12-2024 | full format | 30-07-2025 | 2025-00359947 | |
| 31-12-2023 | full format | 24-07-2024 | 2024-00279007 | |
| 31-12-2022 | full format | 27-10-2023 | 2023-00494633 | |
| 31-12-2021 | full format | 10-08-2022 | 2022-20284132 | |
| 31-12-2020 | full format | 19-08-2021 | 2021-50600162 | |
| 31-12-2019 | full format | 28-09-2020 | 2020-56900063 | |
| 31-12-2018 | full format | 26-07-2019 | 2019-39500543 | |
| 31-12-2017 | full format | 17-08-2018 | 2018-47200136 | |
| 31-12-2016 | full format | 31-07-2017 | 2017-40100040 |