AUREON
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 8 filings
Turnover
€2,195▼ 98.0%
2020 · €109,805
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
€90,667▲ 70×
2024 · €1,303
Working capital
-€21,378▲ 79.3%
2024 · -€103,370
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€91,375
▲ 16×
2025
20182025
Net result
€90,667
▲ 70×
2025
highest quarter of the sector
20182025
Equity
-€3,846
▲ 95.9%
2025
lowest quarter of the sector
20182025
Total assets
€31,173
▼ 2.6%
2025
lowest quarter of the sector
20182025
Debt
€35,019
▼ 72.3%
2025
20182025
Working capital
-€21,378
▲ 79.3%
2025
lowest quarter of the sector
20182025
Solvency
-12.3%
▲ 282.9pp
2025
lowest quarter of the sector
20182025
Current ratio
0.39
▲ 0.21
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
290.9%
▲ 286.8pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€429,358-€219,636▼ 48.8%€109,805▼ 50.0%€2,195▼ 98.0%
Operating result€35,118--€28,427-€105,385▼ 271%-€20,621▲ 80.4%-€7,335▲ 64.4%€25,395€5,871▼ 76.9%€91,375▲ 16×
Net result€25,804--€28,928-€108,861below the sector's middle half▼ 276%-€22,610below the sector's middle half▲ 79.2%-€7,383below the sector's middle half▲ 67.3%€25,162within the sector's middle half€1,303within the sector's middle half▼ 94.8%€90,667above the sector's middle half▲ 70×
Equity€32,004-€3,077▼ 90.4%-€105,784below the sector's middle half-€115,994below the sector's middle half▼ 9.7%-€123,378below the sector's middle half▼ 6.4%-€95,816below the sector's middle half▲ 22.3%-€94,513below the sector's middle half▲ 1.4%-€3,846below the sector's middle half▲ 95.9%
Total assets€170,799-€115,357▼ 32.5%€96,830within the sector's middle half▼ 16.1%€70,343below the sector's middle half▼ 27.4%€68,321below the sector's middle half▼ 2.9%€71,139below the sector's middle half▲ 4.1%€32,017below the sector's middle half▼ 55.0%€31,173below the sector's middle half▼ 2.6%
Debt€138,795-€112,280▼ 19.1%€202,615▲ 80.5%€186,337▼ 8.0%€191,699▲ 2.9%€166,955▼ 12.9%€126,530▼ 24.2%€35,019▼ 72.3%
Working capital€9,259--€15,865-€117,267below the sector's middle half▼ 639%-€123,594below the sector's middle half▼ 5.4%-€128,907below the sector's middle half▼ 4.3%-€101,215below the sector's middle half▲ 21.5%-€103,370below the sector's middle half▼ 2.1%-€21,378below the sector's middle half▲ 79.3%
Solvency18.7%-2.7%▼ 16.1pp-109.2%below the sector's middle half▼ 111.9pp-164.9%below the sector's middle half▼ 55.7pp-180.6%below the sector's middle half▼ 15.7pp-134.7%below the sector's middle half▲ 45.9pp-295.2%below the sector's middle half▼ 160.5pp-12.3%below the sector's middle half▲ 282.9pp
Current ratio1.10-0.80▼ 0.300.36below the sector's middle half▼ 0.440.34below the sector's middle half▼ 0.020.33below the sector's middle half▼ 0.010.39below the sector's middle half▲ 0.070.18below the sector's middle half▼ 0.210.39below the sector's middle half▲ 0.21
Return on assets (ROA)15.1%--25.1%▼ 40.2pp-112.4%below the sector's middle half▼ 87.3pp-32.1%below the sector's middle half▲ 80.3pp-10.8%below the sector's middle half▲ 21.3pp35.4%above the sector's middle half▲ 46.2pp4.1%within the sector's middle half▼ 31.3pp290.9%above the sector's middle half▲ 286.8pp
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 nearly 16 times that of 2024 and the highest since 2018. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €31,173
Fixed assets
€17,532 ▲ 97.9%
Current assets
€13,641 ▼ 41.1%
Equity and liabilities
Equity-€3,846
Debt€35,019
Equity is negative. Debt (€35,019) exceeds the balance-sheet total (€31,173).
Key figures and ratios
EBITDA
€94,720▲
2024 · €8,643
Cash flow
€94,012▲
2024 · €4,075
Interest coverage
over 100▲
2024 · 1.89
Debt ≤ 1 year
€35,019▼
2024 · €126,530
Income taxes
€173
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 |
|---|---|---|---|---|---|
| Tangible fixed assets | €0 | €0 | €1,608 | €6,230 | €12,020 |
| Intangible fixed assets | €0 | €0 | - | - | - |
| Depreciation and write-downs of the year | €3,337 | €2,022 | €1,787 | €2,772 | €3,345 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €429,358 | €219,636 | €109,805 | €2,195 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €21,630 | €4,904 | €23,453 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €32,729 | €23,668 | €20,206 | €3,337 | €2,022 | €1,787 | €2,772 | €3,345 | ▲ 20.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €438 | - | - |
| Other operating charges640/8 | - | - | - | €3,256 | €410 | €729 | €493 | €2,437 | ▲ 394% |
| Gross operating margin9900 | €70,273 | -€1,097 | -€81,927 | -€14,028 | -€4,904 | €27,911 | €9,575 | €97,158 | ▲ 915% |
| Operating profit (loss)9901 | €35,118 | -€28,427 | -€105,385 | -€20,621 | -€7,335 | €25,395 | €5,871 | €91,375 | ▲ 16× |
| Financial income75/76B | - | - | - | €102 | - | - | - | - | - |
| Recurring financial income75 | €3,236 | €2,772 | €628 | €102 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €2,091 | €48 | €233 | €4,569 | €535 | ▼ 88.3% |
| Recurring financial charges65 | €4,664 | €3,041 | €3,898 | €2,091 | €48 | €233 | €4,569 | €535 | ▼ 88.3% |
| Profit (loss) for the period before taxes9903 | €33,690 | -€28,697 | -€108,656 | -€22,610 | -€7,383 | €25,162 | €1,303 | €90,840 | ▲ 70× |
| Income taxes67/77 | €7,886 | €231 | €205 | - | - | - | - | €173 | - |
| Profit (loss) for the period9904 | €25,804 | -€28,928 | -€108,861 | -€22,610 | -€7,383 | €25,162 | €1,303 | €90,667 | ▲ 70× |
| Profit (loss) for the period to be appropriated9905 | €25,804 | -€28,928 | -€108,861 | -€22,610 | -€7,383 | €25,162 | €1,303 | €90,667 | ▲ 70× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €170,799 | €115,357 | €96,830 | €70,343 | €68,321 | €71,139 | €32,017 | €31,173 | ▼ 2.6% |
| Fixed assets21/28 | €67,822 | €51,388 | €31,182 | €7,599 | €5,578 | €5,399 | €8,857 | €17,532 | ▲ 97.9% |
| Intangible fixed assets21 | €5,767 | €1,923 | €0 | €0 | €0 | €0 | - | - | - |
| Tangible fixed assets22/27 | €62,010 | €49,464 | €31,182 | €7,599 | €5,578 | €5,399 | €8,857 | €17,532 | ▲ 97.9% |
| Land and buildings22 | - | - | - | €2,319 | €1,610 | €933 | €667 | - | - |
| Plant, machinery and equipment23 | - | - | - | €4,211 | €3,654 | €4,465 | €8,190 | €13,645 | ▲ 66.6% |
| Furniture and vehicles24 | - | - | - | €1,069 | €314 | €0 | - | €3,487 | - |
| Other tangible fixed assets26 | - | - | - | - | - | - | - | €400 | - |
| Financial fixed assets28 | €45 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €102,978 | €63,970 | €65,649 | €62,743 | €62,743 | €65,740 | €23,160 | €13,641 | ▼ 41.1% |
| Amounts receivable within one year40/41 | €16,262 | €43,394 | €59,637 | €62,743 | €62,743 | €54,743 | €22,132 | €2,889 | ▼ 86.9% |
| Trade receivables40 | - | - | - | €62,743 | €62,743 | €54,743 | - | - | - |
| Other amounts receivable41 | - | - | - | €0 | - | €0 | €22,132 | €2,889 | ▼ 86.9% |
| Cash at bank and in hand54/58 | €81,574 | €15,130 | €1,312 | - | - | €10,997 | €1,011 | €10,723 | ▲ 961% |
| Deferred charges and accrued income490/1 | - | - | - | €0 | - | - | €17 | €29 | ▲ 72.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €170,799 | €115,357 | €96,830 | €70,343 | €68,321 | €71,139 | €32,017 | €31,173 | ▼ 2.6% |
| Equity10/15 | €32,004 | €3,077 | -€105,784 | -€115,994 | -€123,378 | -€95,816 | -€94,513 | -€3,846 | ▲ 95.9% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €18,600 | €18,600 | €21,000 | €21,000 | €21,000 | = |
| Capital10 | - | - | - | €18,600 | €18,600 | €21,000 | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | €21,000 | - | - | - |
| Uncalled capital101 | - | - | - | €0 | - | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | - | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €23,944 | -€4,983 | -€113,844 | -€136,454 | -€143,838 | -€118,676 | -€117,373 | -€26,706 | ▲ 77.2% |
| Amounts payable17/49 | €138,795 | €112,280 | €202,615 | €186,337 | €191,699 | €166,955 | €126,530 | €35,019 | ▼ 72.3% |
| Amounts payable after more than one year17 | €44,904 | €32,246 | €19,419 | €0 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €93,718 | €79,834 | €182,916 | €186,337 | €191,651 | €166,955 | €126,530 | €35,019 | ▼ 72.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | - | €0 | - | - | - |
| Financial debts43 | - | - | - | €6,268 | €6,268 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €6,268 | €6,268 | - | - | - | - |
| Trade debts44 | €35,000 | €17,537 | €49,779 | €33,660 | €38,974 | €8,577 | €18,223 | €13,532 | ▼ 25.7% |
| Suppliers440/4 | - | - | - | €33,660 | €38,974 | €8,577 | €18,223 | €13,532 | ▼ 25.7% |
| Advances received on contracts in progress46 | - | - | - | €107,641 | €107,641 | €107,641 | €99,006 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €6,924 | €6,924 | €8,164 | €9,301 | €21,487 | ▲ 131% |
| Taxes450/3 | - | - | - | €6,924 | €6,924 | €8,164 | €9,301 | €21,487 | ▲ 131% |
| Other amounts payable47/48 | - | - | - | €31,844 | €31,844 | €42,572 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0 | €48 | €0 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €25,804 | -€28,928 | -€108,861 | -€22,610 | -€7,383 | €25,162 | €1,303 | €90,667 | ▲ 70× |
| + Depreciation and write-downs630 | €32,729 | €23,668 | €20,206 | €3,337 | €2,022 | €1,787 | €2,772 | €3,345 | ▲ 20.7% |
| Operating cash flow (approximation) | €58,533 | -€5,259 | -€88,655 | -€19,273 | -€5,362 | €26,949 | €4,075 | €94,012 | ▲ 23× |
| Investment in fixed assets (approximation) | - | -€7,234 | €0 | €20,246 | €0 | -€1,608 | -€6,230 | -€12,020 | ▼ 92.9% |
| Change in cash | - | -€66,444 | -€13,818 | - | - | - | -€9,986 | €9,712 | - |
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, 2,180 companies had the same profile as AUREON has now. Two years later, 88.8% were still going and 4.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a profit of 5% of the balance sheet or more
88.8%
was still going
5.8%
stopped otherwise
4.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of AUREON itself: 1.2% 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 2,180 companies, not a prediction for AUREON. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-07-2026 | 2026-00346130 | |
| 31-12-2024 | micro format | 08-12-2025 | 2025-00577919 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00400286 | |
| 31-12-2022 | micro format | 22-08-2023 | 2023-00340840 | |
| 31-12-2021 | micro format | 15-08-2022 | 2022-20287197 | |
| 31-12-2020 | micro format | 30-09-2021 | 2021-69800096 | |
| 31-12-2019 | micro format | 01-12-2020 | 2020-73100105 | |
| 31-12-2018 | micro format | 30-09-2019 | 2019-66400568 |