AVIETECH
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 07-07-2026 at the NBB all 5 filings
Turnover
≈ €14.0m
Estimated: probably between €8.5m and €24.0m
Total assets
€3.8m▲ 51.4%
2024 · €2.5m
Net result
€1.5m▲ 109%
2024 · €697,311
Working capital
€1.8m▲ 174%
2024 · €656,366
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€1.9m
▲ 92.1%
2025
20212025
Net result
€1.5m
▲ 109%
2025
highest quarter of the sector
20212025
Equity
€2.1m
▲ 139%
2025
highest quarter of the sector
20212025
Total assets
€3.8m
▲ 51.4%
2025
highest quarter of the sector
20212025
Debt
€1.8m
▲ 5.9%
2025
20212025
Working capital
€1.8m
▲ 174%
2025
highest quarter of the sector
20212025
Solvency
54.0%
▲ 19.8pp
2025
middle half of the sector
20212025
Current ratio
2.10
▲ 0.67
2025
middle half of the sector
20212025
Return on assets (ROA)
37.9%
▲ 10.4pp
2025
highest quarter of the sector
20212025
Staff (FTE)
17.3
▲ 13.1%
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€0.3m-€0.2m▼ 15.4%€0.8m▲ 228%€1.0m▲ 25.6%€1.9m▲ 92.1%
Net result€0.2mabove the sector's middle half-€0.2mwithin the sector's middle half▼ 13.8%€0.6mabove the sector's middle half▲ 239%€0.7mabove the sector's middle half▲ 24.9%€1.5mabove the sector's middle half▲ 109%
Equity€0.2mwithin the sector's middle half-€0.2mwithin the sector's middle half▲ 3.1%€0.6mwithin the sector's middle half▲ 184%€0.9mwithin the sector's middle half▲ 52.2%€2.1mabove the sector's middle half▲ 139%
Total assets€0.8mwithin the sector's middle half-€1.0mwithin the sector's middle half▲ 22.2%€2.4mwithin the sector's middle half▲ 136%€2.5mwithin the sector's middle half▲ 4.9%€3.8mabove the sector's middle half▲ 51.4%
Debt€0.6m-€0.8m▲ 28.0%€1.8m▲ 124%€1.7m▼ 9.7%€1.8m▲ 5.9%
Working capital€0.2mwithin the sector's middle half-€0.2mwithin the sector's middle half▼ 3.5%€0.4mwithin the sector's middle half▲ 157%€0.7mwithin the sector's middle half▲ 52.7%€1.8mabove the sector's middle half▲ 174%
Solvency23.3%within the sector's middle half-19.6%below the sector's middle half▼ 3.6pp23.6%within the sector's middle half▲ 4.0pp34.2%within the sector's middle half▲ 10.6pp54.0%within the sector's middle half▲ 19.8pp
Current ratio1.29within the sector's middle half-1.21within the sector's middle half▼ 0.071.25within the sector's middle half▲ 0.041.43within the sector's middle half▲ 0.182.10within the sector's middle half▲ 0.67
Return on assets (ROA)22.9%above the sector's middle half-16.1%above the sector's middle half▼ 6.7pp23.1%above the sector's middle half▲ 7.0pp27.5%above the sector's middle half▲ 4.4pp37.9%above the sector's middle half▲ 10.4pp
Staff (FTE)13.8above the sector's middle half-12.6above the sector's middle half▼ 8.7%12.4above the sector's middle half▼ 1.6%15.3above the sector's middle half▲ 23.4%17.3above the sector's middle half▲ 13.1%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 92% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.8m
Fixed assets
€398,535 ▲ 14.6%
Current assets
€3.4m ▲ 57.3%
Equity and liabilities €3.8m
Equity
€2.1m ▲ 139%
Debt
€1.8m ▲ 5.9%
Debt's share of the balance-sheet total falls from 65.8% to 46.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€2.0m▲
2024 · €1.1m
Cash flow
€1.6m▲
2024 · €784,385
Quick ratio
1.69▲
2024 · 1.06
Debt to equity
0.85▼
2024 · 1.92
ROE
70.2%▼
2024 · 80.5%
Interest coverage
58.88▲
2024 · 28.92
Debt ≤ 1 year
€1.6m▲
2024 · €1.5m
Debt > 1 year
€125,996▼
2024 · €137,552
Income taxes
€417,919▲
2024 · €248,103
Staff costs
€1.4m▲
2024 · €1.1m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 14 | 11 | 13 | 17 | 18 |
| full-time | 13 | 10 | 11 | 16 | 16 |
| part-time | 1 | 1 | 2 | 1 | 2 |
| in full-time equivalents | 13.8 | 10.8 | 12.6 | 16.9 | 17.7 |
| Average over the year, in full-time equivalents | 11.9 | 12.6 | 12.4 | 15.3 | 17.3 |
| On a permanent contract | 14 | 11 | 12 | 16 | 18 |
| Joined | 17 | 3 | 4 | 6 | 5 |
| Left | 3 | 6 | 2 | 2 | 4 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Pledge on the business | - | €440,000 | €440,000 | €440,000 | €440,000 |
| Pledge on other assets, amount secured | - | €91,482 | €255,241 | €286,241 | €379,241 |
| Carrying value of the other pledged assets | - | €70,108 | €220,569 | €250,587 | €336,553 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €76,061 | €65,566 | €236,494 | €172,795 | €135,841 |
| Intangible fixed assets | - | - | - | - | €22,824 |
| Financial fixed assets | - | - | €1,200 | - | €0 |
| Depreciation and write-downs of the year | €10,038 | €18,249 | €39,371 | €87,074 | €107,816 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €5,308 awarded · €5,162 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €2,250 | €2,250 |
| 2024 | 1 | €2,354 | €2,208 |
| 2023 | 1 | €500 | €500 |
| 2022 | 1 | €204 | €204 |
Public contracts
1 award · 2025
Aménagement des véhicules utilitaires: SIB24DS2201 - 1 Aménagement de véhicules de type C, D et E
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €121 | €0 | €480 | - |
| Remuneration, social security and pensions62 | €0.9m | €0.9m | €0.9m | €1.1m | €1.4m | ▲ 25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.02m | €0.04m | €0.09m | €0.1m | ▲ 23.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.01m | €0 | ▼ 100% |
| Other operating charges640/8 | €0.001m | €0.005m | €0.004m | €0.004m | €0.005m | ▲ 5.1% |
| Non-recurring operating charges66A | - | - | €0.001m | €0 | - | - |
| Gross operating margin9900 | €1.2m | €1.1m | €1.7m | €2.2m | €3.3m | ▲ 54.7% |
| Operating profit (loss)9901 | €0.3m | €0.2m | €0.8m | €1.0m | €1.9m | ▲ 92.1% |
| Financial income75/76B | €0.001m | €0.009m | €0.003m | €0.01m | €0.05m | ▲ 232% |
| Recurring financial income75 | €0.001m | €0.009m | €0.003m | €0.01m | €0.05m | ▲ 232% |
| Financial charges65/66B | €0.01m | €0.02m | €0.02m | €0.04m | €0.03m | ▼ 8.4% |
| Recurring financial charges65 | €0.01m | €0.02m | €0.02m | €0.04m | €0.03m | ▼ 8.4% |
| Profit (loss) for the period before taxes9903 | €0.3m | €0.2m | €0.8m | €0.9m | €1.9m | ▲ 98.0% |
| Income taxes67/77 | €0.07m | €0.06m | €0.2m | €0.2m | €0.4m | ▲ 68.4% |
| Profit (loss) for the period9904 | €0.2m | €0.2m | €0.6m | €0.7m | €1.5m | ▲ 109% |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.2m | €0.6m | €0.7m | €1.5m | ▲ 109% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €0.8m | €1.0m | €2.4m | €2.5m | €3.8m | ▲ 51.4% |
| Fixed assets21/28 | €0.07m | €0.08m | €0.3m | €0.3m | €0.4m | ▲ 14.6% |
| Intangible fixed assets21 | - | - | - | - | €0.02m | - |
| Tangible fixed assets22/27 | €0.07m | €0.08m | €0.3m | €0.3m | €0.4m | ▲ 8.8% |
| Plant, machinery and equipment23 | €0.002m | €0.001m | €0.007m | €0.006m | €0.005m | ▼ 23.7% |
| Furniture and vehicles24 | €0.06m | €0.08m | €0.3m | €0.3m | €0.3m | ▼ 7.9% |
| Other tangible fixed assets26 | - | - | €0.01m | €0.02m | €0.07m | ▲ 352% |
| Financial fixed assets28 | - | - | €0.001m | €0.001m | €0.001m | = |
| Current assets29/58 | €0.8m | €0.9m | €2.1m | €2.2m | €3.4m | ▲ 57.3% |
| Stocks and contracts in progress3 | €0.1m | €0.2m | €0.5m | €0.6m | €0.7m | ▲ 20.6% |
| Stocks30/36 | €0.1m | €0.2m | €0.5m | €0.6m | €0.7m | ▲ 20.6% |
| Amounts receivable within one year40/41 | €0.5m | €0.4m | €1.0m | €0.6m | €0.9m | ▲ 62.0% |
| Trade receivables40 | €0.5m | €0.4m | €0.9m | €0.5m | €0.7m | ▲ 52.3% |
| Other amounts receivable41 | €0.002m | €0.008m | €0.08m | €0.09m | €0.2m | ▲ 113% |
| Current investments50/53 | - | - | - | €0.5m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €0.2m | €0.3m | €0.7m | €0.6m | €1.8m | ▲ 230% |
| Deferred charges and accrued income490/1 | €0.004m | €0.005m | €0.005m | €0 | €0.007m | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €0.8m | €1.0m | €2.4m | €2.5m | €3.8m | ▲ 51.4% |
| Equity10/15 | €0.2m | €0.2m | €0.6m | €0.9m | €2.1m | ▲ 139% |
| Contributions10/11 | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Profit (loss) carried forward14 | €0.2m | €0.2m | €0.6m | €0.9m | €2.1m | ▲ 140% |
| Amounts payable17/49 | €0.6m | €0.8m | €1.8m | €1.7m | €1.8m | ▲ 5.9% |
| Amounts payable after more than one year17 | €0.04m | €0.04m | €0.1m | €0.1m | €0.1m | ▼ 8.4% |
| Financial debts170/4 | €0.04m | €0.04m | €0.1m | €0.1m | €0.1m | ▼ 8.4% |
| Amounts payable within one year42/48 | €0.6m | €0.8m | €1.7m | €1.5m | €1.6m | ▲ 7.2% |
| Current portion of amounts payable after more than one year42 | €0.02m | €0.02m | €0.06m | €0.08m | €0.09m | ▲ 10.1% |
| Financial debts43 | - | - | €0.07m | €0 | - | - |
| Credit institutions430/8 | - | - | €0.07m | €0 | - | - |
| Trade debts44 | €0.4m | €0.3m | €1.0m | €0.6m | €0.6m | ▼ 5.0% |
| Suppliers440/4 | €0.4m | €0.3m | €1.0m | €0.6m | €0.6m | ▼ 5.0% |
| Advances received on contracts in progress46 | €288 | €0 | - | - | - | - |
| Taxes, remuneration and social security45 | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 7.9% |
| Taxes450/3 | €0.1m | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 12.0% |
| Remuneration and social security454/9 | €0.08m | €0.09m | €0.1m | €0.1m | €0.2m | ▲ 27.1% |
| Other amounts payable47/48 | €0.01m | €0.2m | €0.4m | €0.5m | €0.7m | ▲ 20.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.2m | €0.2m | €0.6m | €0.7m | €1.5m | ▲ 109% |
| + Depreciation and write-downs630 | €0.01m | €0.02m | €0.04m | €0.09m | €0.1m | ▲ 23.8% |
| Operating cash flow (approximation) | €0.2m | €0.2m | €0.6m | €0.8m | €1.6m | ▲ 99.1% |
| Investment in fixed assets (approximation) | - | -€0.03m | -€0.2m | -€0.2m | -€0.2m | ▲ 0.6% |
| Change in cash | - | €0.2m | €0.3m | -€0.1m | €1.3m | - |
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, 6,782 companies had the same profile as AVIETECH has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of AVIETECH itself: 0.1% 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 6,782 companies, not a prediction for AVIETECH. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 07-07-2026 | 2026-00279751 | |
| 31-12-2024 | abbreviated format | 18-07-2025 | 2025-00298472 | |
| 31-12-2023 | abbreviated format | 30-08-2024 | 2024-00444895 | |
| 31-12-2022 | abbreviated format | 10-10-2023 | 2023-00485599 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20377499 |