AVIATIONPLUS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 23 filings
Equity
€1.1m▼ 0.4%
2024 · €1.1m
Total assets
€1.8m▼ 0.3%
2024 · €1.8m
Net result
-€3,887
2024 · €16,738
Working capital
€1.8m▼ 0.2%
2024 · €1.8m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€17,123
▼ 214%
2025
20182025
Net result
-€3,887
2025
lowest quarter of the sector
20182025
Equity
€1.1m
▼ 0.4%
2025
highest quarter of the sector
20182025
Total assets
€1.8m
▼ 0.3%
2025
middle half of the sector
20182025
Debt
€713,154
▼ 0.3%
2025
20182025
Working capital
€1.8m
▼ 0.2%
2025
highest quarter of the sector
20182025
Solvency
60.3%
=
2025
middle half of the sector
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
-0.2%
▼ 1.1pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.09m-€0.08m▼ 7.3%€0.3m▲ 217%€0.3m▼ 2.5%-€0.02m-€0.03m▼ 34.9%-€0.005m▲ 82.4%-€0.02m▼ 214%
Net result€0.1m-€0.1m▲ 4.5%€0.3mabove the sector's middle half▲ 82.7%€0.2mabove the sector's middle half▼ 16.2%-€0.02mbelow the sector's middle half-€0.01mbelow the sector's middle half▲ 49.6%€0.02mwithin the sector's middle half-€0.004mbelow the sector's middle half
Equity€0.5m-€0.6m▲ 28.6%€0.9mwithin the sector's middle half▲ 40.6%€1.1mabove the sector's middle half▲ 24.2%€1.1mwithin the sector's middle half▼ 1.9%€1.1mwithin the sector's middle half▼ 1.0%€1.1mwithin the sector's middle half▲ 1.6%€1.1mabove the sector's middle half▼ 0.4%
Total assets€1.4m-€1.5m▲ 14.3%€1.6mwithin the sector's middle half▲ 6.3%€2.1mwithin the sector's middle half▲ 25.7%€1.9mwithin the sector's middle half▼ 9.8%€1.8mwithin the sector's middle half▼ 3.1%€1.8mwithin the sector's middle half▼ 0.4%€1.8mwithin the sector's middle half▼ 0.3%
Debt€0.9m-€0.9m▲ 6.2%€0.8m▼ 17.2%€1.0m▲ 27.4%€0.8m▼ 18.7%€0.7m▼ 5.9%€0.7m▼ 3.3%€0.7m▼ 0.3%
Working capital€1.1m-€1.3m▲ 18.2%€1.6mabove the sector's middle half▲ 19.0%€1.8mabove the sector's middle half▲ 13.7%€1.8mabove the sector's middle half▼ 1.1%€1.8mabove the sector's middle half▲ 0.3%€1.8mabove the sector's middle half▲ 0.5%€1.8mabove the sector's middle half▼ 0.2%
Solvency36.2%-40.8%▲ 4.5pp53.9%within the sector's middle half▲ 13.1pp53.2%within the sector's middle half▼ 0.6pp57.9%within the sector's middle half▲ 4.6pp59.1%within the sector's middle half▲ 1.2pp60.3%within the sector's middle half▲ 1.2pp60.3%within the sector's middle half=
Current ratio8.38-7.46▼ 0.9233.87above the sector's middle half▲ 26.418.02above the sector's middle half▼ 25.8424.65above the sector's middle half▲ 16.63
Return on assets (ROA)9.9%-9.1%▼ 0.9pp15.6%above the sector's middle half▲ 6.5pp10.4%within the sector's middle half▼ 5.2pp-1.1%below the sector's middle half▼ 11.5pp-0.6%below the sector's middle half▲ 0.5pp0.9%within the sector's middle half▲ 1.5pp-0.2%below the sector's middle half▼ 1.1pp
Staff (FTE)3.3-4.3▲ 30.3%3.7within the sector's middle half▼ 14.0%0below the sector's middle half0below the sector's middle half0below the sector's middle half0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Warehousing and support activities for transportation (NACE 52). 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 €17,123, larger than the loss of €5,452 in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €1.8m
Equity
€1.1m ▼ 0.4%
Debt
€713,154 ▼ 0.3%
Debt's share of the balance-sheet total stays at 39.7%.
Key figures and ratios
EBITDA
-€16,771▼
2024 · -€3,971
Cash flow
-€3,535▼
2024 · €18,220
Debt to equity
0.66=
2024 · 0.66
ROE
-0.4%▼
2024 · 1.5%
Interest coverage
-28.41▼
2024 · -9.23
Debt ≤ 1 year
€2,038▼
2024 · €4,384
Debt > 1 year
€711,115=
2024 · €711,115
A ratio outside any meaningful range has been withheld (balance sheet total €1.8m, equity €1.1m).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €26,514 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | -€1,390 | -€531 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €71,302 | €65,536 | €1,682 | €1,832 | €1,710 | €1,627 | €1,482 | €351 | ▼ 76.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €7,158 | €0 | - | -€7,158 | €0 | - |
| Other operating charges640/8 | - | - | - | €2,540 | €0 | - | €7,158 | €0 | ▼ 100% |
| Non-recurring operating charges66A | - | - | - | €0 | - | - | €6,134 | €101 | ▼ 98.4% |
| Gross operating margin9900 | €401,001 | €450,909 | €551,430 | €262,013 | -€21,811 | -€29,376 | €2,164 | -€16,670 | - |
| Operating profit (loss)9901 | €87,817 | €81,381 | €258,246 | €251,873 | -€22,989 | -€31,003 | -€5,452 | -€17,123 | ▼ 214% |
| Financial income75/76B | - | - | - | €1,787 | €2,188 | €21,626 | €22,620 | €13,826 | ▼ 38.9% |
| Recurring financial income75 | €48,004 | €61,171 | €2,843 | €1,787 | €2,188 | €21,626 | €22,620 | €13,826 | ▼ 38.9% |
| Financial charges65/66B | - | - | - | €295 | €527 | €526 | €430 | €590 | ▲ 37.3% |
| Recurring financial charges65 | €1,028 | €1,628 | €4,338 | €295 | €527 | €526 | €430 | €590 | ▲ 37.3% |
| Profit (loss) for the period before taxes9903 | €134,793 | €140,924 | €256,751 | €253,365 | -€21,328 | -€9,902 | €16,738 | -€3,887 | - |
| Income taxes67/77 | €527 | €609 | €451 | €38,660 | €0 | €841 | €0 | - | - |
| Profit (loss) for the period9904 | €134,266 | €140,315 | €256,299 | €214,706 | -€21,328 | -€10,744 | €16,738 | -€3,887 | - |
| Profit (loss) for the period to be appropriated9905 | €134,266 | €140,315 | €256,299 | €214,706 | -€21,328 | -€10,744 | €16,738 | -€3,887 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.4m | €1.5m | €1.6m | €2.1m | €1.9m | €1.8m | €1.8m | €1.8m | ▼ 0.3% |
| Fixed assets21/28 | €0.07m | €0.01m | €0.01m | €0.01m | €0.009m | €0.007m | €351 | €0 | ▼ 100% |
| Intangible fixed assets21 | €0.06m | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.005m | €0.004m | €0.007m | €0.005m | €0.003m | €0.002m | €351 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | - | - | €0.005m | €0 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | - | €0.003m | €0.002m | €351 | €0 | ▼ 100% |
| Financial fixed assets28 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0 | - | - |
| Current assets29/58 | €1.3m | €1.5m | €1.6m | €2.1m | €1.9m | €1.8m | €1.8m | €1.8m | ▼ 0.3% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €1.2m | €1.2m | = |
| Other amounts receivable291 | - | - | - | - | - | - | €1.2m | €1.2m | = |
| Amounts receivable within one year40/41 | €1.2m | €1.5m | €1.6m | €2.1m | €1.9m | €1.8m | €0.6m | €0.6m | ▼ 1.4% |
| Trade receivables40 | - | - | - | €0.001m | €0.002m | €0.02m | €0.02m | €0.003m | ▼ 85.4% |
| Other amounts receivable41 | - | - | - | €2.1m | €1.9m | €1.8m | €0.6m | €0.6m | ▲ 1.8% |
| Cash at bank and in hand54/58 | €0.04m | €0.02m | €0.002m | €0.001m | €0.002m | €0.002m | €0.001m | €0.004m | ▲ 232% |
| Deferred charges and accrued income490/1 | - | - | - | €0 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.4m | €1.5m | €1.6m | €2.1m | €1.9m | €1.8m | €1.8m | €1.8m | ▼ 0.3% |
| Equity10/15 | €0.5m | €0.6m | €0.9m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | ▼ 0.4% |
| Contributions10/11 | €1.3m | €1.3m | - | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Profit (loss) carried forward14 | -€0.8m | -€0.6m | -€0.4m | -€0.2m | -€0.2m | -€0.2m | -€0.2m | -€0.2m | ▼ 2.3% |
| Amounts payable17/49 | €0.9m | €0.9m | €0.8m | €1.0m | €0.8m | €0.7m | €0.7m | €0.7m | ▼ 0.3% |
| Amounts payable after more than one year17 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Financial debts170/4 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.05m | €0.3m | €0.08m | €0.01m | €0.004m | €0.002m | ▼ 53.5% |
| Trade debts44 | €0.1m | €0.1m | €0.04m | €0.2m | €0.03m | €0.01m | €0.004m | €0.002m | ▼ 53.5% |
| Suppliers440/4 | - | - | - | €0.2m | €0.03m | €0.01m | €0.004m | €0.002m | ▼ 53.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.05m | €0 | - | - | - |
| Taxes450/3 | - | - | - | €0.05m | €0.05m | €0 | - | - | - |
| Remuneration and social security454/9 | - | - | - | €0 | - | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.01m | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €134,266 | €140,315 | €256,299 | €214,706 | -€21,328 | -€10,744 | €16,738 | -€3,887 | - |
| + Depreciation and write-downs630 | €71,302 | €65,536 | €1,682 | €1,832 | €1,710 | €1,627 | €1,482 | €351 | ▼ 76.3% |
| Operating cash flow (approximation) | €205,568 | €205,851 | €257,982 | €216,538 | -€19,619 | -€9,117 | €18,220 | -€3,535 | - |
| Investment in fixed assets (approximation) | - | -€699 | -€4,309 | €0 | €0 | €0 | €5,598 | €0 | ▼ 100% |
| Change in cash | - | -€21,512 | -€13,503 | -€528 | €1,446 | -€828 | -€457 | €2,692 | - |
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, 8,617 companies had the same profile as AVIATIONPLUS has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of AVIATIONPLUS itself: 0.4% 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 8,617 companies, not a prediction for AVIATIONPLUS. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 03-07-2026 | 2026-00247328 | |
| 31-12-2024 | abbreviated format | 31-07-2025 | 2025-00347595 | |
| 31-12-2023 | abbreviated format | 15-07-2024 | 2024-00244025 | |
| 31-12-2022 | abbreviated format | 31-07-2023 | 2023-00305512 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20385457 | |
| 31-12-2020 | abbreviated format | 31-08-2021 | 2021-64700567 | |
| 31-12-2019 | abbreviated format | 30-11-2020 | 2020-73700451 | |
| 31-12-2018 | abbreviated format | 31-07-2019 | 2019-42300586 | |
| 31-12-2017 | abbreviated format | 24-08-2018 | 2018-48800009 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-52500546 |