AVACA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-05-2026 PDF all 9 filings
Turnover
≈ €220,000
Estimated: probably between €180,000 and €280,000
EBIT margin
Not included in this filing
Net result
€64,339▲ 1.5%
2024 · €63,394
Working capital
€126,725▲ 80.3%
2024 · €70,275
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€88,182
▲ 1.8%
2025
20182025
Net result
€64,339
▲ 1.5%
2025
highest quarter of the sector
20182025
Equity
€198,209
▲ 48.1%
2025
highest quarter of the sector
20182025
Total assets
€242,500
▲ 28.6%
2025
middle half of the sector
20182025
Debt
€44,291
▼ 19.0%
2025
20182025
Working capital
€126,725
▲ 80.3%
2025
highest quarter of the sector
20182025
Solvency
81.7%
▲ 10.7pp
2025
highest quarter of the sector
20182025
Current ratio
3.86
▲ 1.58
2025
middle half of the sector
20182025
Return on assets (ROA)
26.5%
▼ 7.1pp
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-€255-€8,046€6,756▼ 16.0%€3,455▼ 48.9%€23,260▲ 573%€53,521▲ 130%€86,618▲ 61.8%€88,182▲ 1.8%
Net result-€957-€4,327€3,640within the sector's middle half▼ 15.9%€1,269below the sector's middle half▼ 65.1%€14,480within the sector's middle half▲ 11×€35,354within the sector's middle half▲ 144%€63,394above the sector's middle half▲ 79.3%€64,339above the sector's middle half▲ 1.5%
Equity€11,407-€15,733▲ 37.9%€19,373below the sector's middle half▲ 23.1%€20,642below the sector's middle half▲ 6.6%€35,122within the sector's middle half▲ 70.1%€70,475within the sector's middle half▲ 101%€133,870within the sector's middle half▲ 90.0%€198,209above the sector's middle half▲ 48.1%
Total assets€88,060-€78,898▼ 10.4%€72,234within the sector's middle half▼ 8.4%€68,425below the sector's middle half▼ 5.3%€102,234within the sector's middle half▲ 49.4%€155,929within the sector's middle half▲ 52.5%€188,560within the sector's middle half▲ 20.9%€242,500within the sector's middle half▲ 28.6%
Debt€76,653-€63,165▼ 17.6%€52,861▼ 16.3%€47,782▼ 9.6%€67,113▲ 40.5%€85,454▲ 27.3%€54,691▼ 36.0%€44,291▼ 19.0%
Working capital-€40,763--€33,999▲ 16.6%-€31,218below the sector's middle half▲ 8.2%-€28,991below the sector's middle half▲ 7.1%-€16,259below the sector's middle half▲ 43.9%€19,839within the sector's middle half€70,275within the sector's middle half▲ 254%€126,725above the sector's middle half▲ 80.3%
Solvency13.0%-19.9%▲ 7.0pp26.8%below the sector's middle half▲ 6.9pp30.2%below the sector's middle half▲ 3.3pp34.4%within the sector's middle half▲ 4.2pp45.2%within the sector's middle half▲ 10.8pp71.0%within the sector's middle half▲ 25.8pp81.7%above the sector's middle half▲ 10.7pp
Current ratio0.47-0.46▼ 0.010.41below the sector's middle half▼ 0.050.39below the sector's middle half▼ 0.020.76below the sector's middle half▲ 0.361.23below the sector's middle half▲ 0.472.28within the sector's middle half▲ 1.053.86within the sector's middle half▲ 1.58
Return on assets (ROA)-1.1%-5.5%▲ 6.6pp5.0%within the sector's middle half▼ 0.4pp1.9%below the sector's middle half▼ 3.2pp14.2%within the sector's middle half▲ 12.3pp22.7%within the sector's middle half▲ 8.5pp33.6%within the sector's middle half▲ 10.9pp26.5%within the sector's middle half▼ 7.1pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 2% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €242,500
Fixed assets
€71,484 ▲ 12.4%
Current assets
€171,016 ▲ 36.9%
Equity and liabilities €242,500
Equity
€198,209 ▲ 48.1%
Debt
€44,291 ▼ 19.0%
Debt's share of the balance-sheet total falls from 29.0% to 18.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€93,503▲
2024 · €89,506
Cash flow
€69,660▲
2024 · €66,282
Debt to equity
0.22▼
2024 · 0.41
ROE
32.5%▼
2024 · 47.4%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€44,291▼
2024 · €54,691
Income taxes
€24,932▲
2024 · €23,961
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 | - | €2,777 | €640 | €15,626 | €7,960 |
| Financial fixed assets | - | - | - | €220 | €5,250 |
| Depreciation and write-downs of the year | €958 | €1,029 | €1,385 | €2,887 | €5,321 |
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 | €4,166 | €4,600 | €717 | €958 | €1,029 | €1,385 | €2,887 | €5,321 | ▲ 84.3% |
| Other operating charges640/8 | - | - | - | €880 | €868 | €943 | €771 | €315 | ▼ 59.2% |
| Gross operating margin9900 | €4,430 | €13,075 | €8,330 | €5,293 | €25,157 | €55,849 | €90,276 | €93,818 | ▲ 3.9% |
| Operating profit (loss)9901 | -€255 | €8,046 | €6,756 | €3,455 | €23,260 | €53,521 | €86,618 | €88,182 | ▲ 1.8% |
| Financial income75/76B | - | - | - | - | - | - | €817 | €1,143 | ▲ 40.0% |
| Recurring financial income75 | - | - | - | - | - | - | €817 | €1,143 | ▲ 40.0% |
| Financial charges65/66B | - | - | - | €223 | €163 | €48 | €79 | €54 | ▼ 31.6% |
| Recurring financial charges65 | €11 | €67 | €89 | €223 | €163 | €48 | €79 | €54 | ▼ 31.6% |
| Profit (loss) for the period before taxes9903 | -€265 | €7,979 | €6,667 | €3,231 | €23,097 | €53,473 | €87,356 | €89,272 | ▲ 2.2% |
| Income taxes67/77 | €691 | €3,652 | €3,027 | €1,962 | €8,617 | €18,120 | €23,961 | €24,932 | ▲ 4.1% |
| Profit (loss) for the period9904 | -€957 | €4,327 | €3,640 | €1,269 | €14,480 | €35,354 | €63,394 | €64,339 | ▲ 1.5% |
| Profit (loss) for the period to be appropriated9905 | -€957 | €4,327 | €3,640 | €1,269 | €14,480 | €35,354 | €63,394 | €64,339 | ▲ 1.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €88,060 | €78,898 | €72,234 | €68,425 | €102,234 | €155,929 | €188,560 | €242,500 | ▲ 28.6% |
| Fixed assets21/28 | €52,170 | €49,733 | €50,591 | €49,634 | €51,381 | €50,636 | €63,595 | €71,484 | ▲ 12.4% |
| Tangible fixed assets22/27 | €4,167 | €1,730 | €2,589 | €1,631 | €3,379 | €2,634 | €15,372 | €18,012 | ▲ 17.2% |
| Furniture and vehicles24 | - | - | - | €1,631 | €3,379 | €2,634 | €15,372 | €18,012 | ▲ 17.2% |
| Financial fixed assets28 | €48,003 | €48,003 | €48,003 | €48,003 | €48,003 | €48,003 | €48,223 | €53,473 | ▲ 10.9% |
| Current assets29/58 | €35,890 | €29,166 | €21,643 | €18,791 | €50,853 | €105,293 | €124,966 | €171,016 | ▲ 36.9% |
| Amounts receivable within one year40/41 | €21,410 | €19,974 | €17,680 | €8,088 | €15,225 | €40,485 | €35,783 | €37,221 | ▲ 4.0% |
| Trade receivables40 | - | - | - | €8,000 | €13,310 | €15,078 | €28,744 | €31,565 | ▲ 9.8% |
| Other amounts receivable41 | - | - | - | €88 | €1,915 | €25,407 | €7,039 | €5,656 | ▼ 19.6% |
| Current investments50/53 | - | - | - | - | - | - | €70,000 | €133,795 | ▲ 91.1% |
| Cash at bank and in hand54/58 | €14,479 | €9,192 | €3,552 | €10,433 | €35,321 | €64,808 | €18,366 | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €270 | €307 | - | €817 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €88,060 | €78,898 | €72,234 | €68,425 | €102,234 | €155,929 | €188,560 | €242,500 | ▲ 28.6% |
| Equity10/15 | €11,407 | €15,733 | €19,373 | €20,642 | €35,122 | €70,475 | €133,870 | €198,209 | ▲ 48.1% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €6,163 | €9,533 | €13,173 | €14,442 | €28,922 | €64,275 | €127,670 | €192,009 | ▲ 50.4% |
| Non-distributable reserves130/1 | - | - | - | €620 | €620 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €620 | €620 | - | - | - | - |
| Distributable reserves133 | - | - | - | €13,822 | €28,302 | €64,275 | €127,670 | €192,009 | ▲ 50.4% |
| Profit (loss) carried forward14 | -€957 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €76,653 | €63,165 | €52,861 | €47,782 | €67,113 | €85,454 | €54,691 | €44,291 | ▼ 19.0% |
| Amounts payable within one year42/48 | €76,653 | €63,165 | €52,861 | €47,782 | €67,113 | €85,454 | €54,691 | €44,291 | ▼ 19.0% |
| Trade debts44 | €13,799 | €12,761 | €15,282 | €29 | €2,660 | €2,176 | €2,162 | €3,744 | ▲ 73.2% |
| Suppliers440/4 | - | - | - | €29 | €2,660 | €2,176 | €2,162 | €3,744 | ▲ 73.2% |
| Taxes, remuneration and social security45 | - | - | - | €5,974 | €10,633 | €20,927 | €5,678 | €4,288 | ▼ 24.5% |
| Taxes450/3 | - | - | - | €5,974 | €10,633 | €20,927 | €5,678 | €2,948 | ▼ 48.1% |
| Remuneration and social security454/9 | - | - | - | - | - | - | - | €1,340 | - |
| Other amounts payable47/48 | - | - | - | €41,779 | €53,820 | €62,351 | €46,851 | €36,259 | ▼ 22.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€957 | €4,327 | €3,640 | €1,269 | €14,480 | €35,354 | €63,394 | €64,339 | ▲ 1.5% |
| + Depreciation and write-downs630 | €4,166 | €4,600 | €717 | €958 | €1,029 | €1,385 | €2,887 | €5,321 | ▲ 84.3% |
| Operating cash flow (approximation) | €3,210 | €8,927 | €4,356 | €2,227 | €15,509 | €36,739 | €66,282 | €69,660 | ▲ 5.1% |
| Investment in fixed assets (approximation) | - | -€2,163 | -€1,575 | €0 | -€2,777 | -€640 | -€15,846 | -€13,210 | ▲ 16.6% |
| Change in cash | - | -€5,288 | -€5,640 | €6,881 | €24,888 | €29,487 | -€46,442 | - | - |
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, 34,693 companies had the same profile as AVACA has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of AVACA itself: 0.3% 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 34,693 companies, not a prediction for AVACA. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-05-2026 | 2026-00112301 | |
| 31-12-2024 | micro format | 15-07-2025 | 2025-00268708 | |
| 31-12-2023 | micro format | 22-08-2024 | 2024-00374602 | |
| 31-12-2022 | micro format | 05-07-2023 | 2023-00213802 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20385455 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-44500162 | |
| 31-12-2019 | micro format | 10-07-2020 | 2020-29000140 | |
| 31-12-2018 | full format | 30-08-2019 | 2019-62200521 | |
| 31-12-2017 | micro format | 16-07-2018 | 2018-33300132 |