AVILORE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 33 filings
Turnover
€0
2022 · €0
EBIT margin
Not included in this filing
Net result
-€3,537▲ 95.4%
2024 · -€76,791
Working capital
-€83,497▲ 55.9%
2024 · -€189,159
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€24,559
2025
20182025
Net result
-€3,537
▲ 95.4%
2025
lowest quarter of the sector
20182025
Equity
-€82,630
▼ 4.5%
2025
lowest quarter of the sector
20182025
Total assets
€1.5m
▲ 2.9%
2025
middle half of the sector
20182025
Debt
€1.6m
▲ 3.0%
2025
20182025
Working capital
-€83,497
▲ 55.9%
2025
lowest quarter of the sector
20182025
Solvency
-5.6%
▼ 0.1pp
2025
lowest quarter of the sector
20182025
Current ratio
0.63
▲ 0.28
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-0.2%
▲ 5.1pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
5.2
▲ 10.6%
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
Turnover€0€0
Operating result-€0.03m-€0.01m€0.002m▼ 80.5%-€0.002m€0.01m-€0.07m-€0.05m▲ 19.4%€0.02m
Net result-€0.05m--€0.004m▲ 91.4%-€0.01mbelow the sector's middle half▼ 147%-€0.02mbelow the sector's middle half▼ 44.7%€0.002mwithin the sector's middle half-€0.08mbelow the sector's middle half-€0.08mbelow the sector's middle half▼ 0.9%-€0.004mbelow the sector's middle half▲ 95.4%
Equity€0.1m-€0.1m▼ 4.6%€0.09mwithin the sector's middle half▼ 11.0%€0.07mbelow the sector's middle half▼ 17.5%€0.08mbelow the sector's middle half▲ 2.0%-€0.002mbelow the sector's middle half-€0.08mbelow the sector's middle half▼ 4,548%-€0.08mbelow the sector's middle half▼ 4.5%
Total assets€1.8m-€0.9m▼ 49.3%€0.9mwithin the sector's middle half▼ 2.9%€0.8mwithin the sector's middle half▼ 9.9%€0.9mwithin the sector's middle half▲ 6.8%€0.9mwithin the sector's middle half▼ 0.8%€1.4mwithin the sector's middle half▲ 64.9%€1.5mwithin the sector's middle half▲ 2.9%
Debt€1.7m-€0.8m▼ 52.0%€0.8m▼ 1.9%€0.7m▼ 9.0%€0.8m▲ 7.2%€0.9m▲ 8.7%€1.5m▲ 73.7%€1.6m▲ 3.0%
Working capital-€0.1m--€0.3m▼ 79.6%-€0.3mbelow the sector's middle half▼ 17.7%-€0.07mwithin the sector's middle half▲ 75.1%-€0.1mwithin the sector's middle half▼ 33.4%-€0.07mbelow the sector's middle half▲ 27.4%-€0.2mbelow the sector's middle half▼ 164%-€0.08mbelow the sector's middle half▲ 55.9%
Solvency5.7%-10.7%▲ 5.0pp9.8%below the sector's middle half▼ 0.9pp9.0%below the sector's middle half▼ 0.8pp8.6%below the sector's middle half▼ 0.4pp-0.2%below the sector's middle half▼ 8.8pp-5.5%below the sector's middle half▼ 5.3pp-5.6%below the sector's middle half▼ 0.1pp
Current ratio0.89-0.52▼ 0.370.38below the sector's middle half▼ 0.140.60below the sector's middle half▲ 0.220.54below the sector's middle half▼ 0.060.56below the sector's middle half▲ 0.010.35below the sector's middle half▼ 0.210.63below the sector's middle half▲ 0.28
Return on assets (ROA)-2.6%--0.4%▲ 2.2pp-1.1%below the sector's middle half▼ 0.7pp-1.8%below the sector's middle half▼ 0.7pp0.2%within the sector's middle half▲ 2.1pp-8.8%below the sector's middle half▼ 9.0pp-5.4%below the sector's middle half▲ 3.4pp-0.2%below the sector's middle half▲ 5.1pp
Staff (FTE)0.2below the sector's middle half4.7within the sector's middle half▲ 24×5.2within the sector's middle half▲ 10.6%
above
within
below
The sector band is the middle half of the companies in Crop and animal production, hunting and related service activities (NACE 01). 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 profit of €24,559, after a loss of €53,102 in 2024. It is the highest result since 2018.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.5m
Fixed assets
€1.3m ▼ 0.1%
Current assets
€144,754 ▲ 41.7%
Equity and liabilities
Equity-€82,630
Debt€1.6m
Equity is negative. Debt (€1.6m) exceeds the balance-sheet total (€1.5m).
Key figures and ratios
EBITDA
€180,160▲
2024 · €72,384
Cash flow
€152,064▲
2024 · €48,695
Quick ratio
0.48▲
2024 · 0.21
Interest coverage
6.57▲
2024 · 3.06
Debt ≤ 1 year
€228,251▼
2024 · €291,307
Debt > 1 year
€1.3m▲
2024 · €1.2m
Income taxes
€694▼
2024 · €702
Staff costs
€178,519▼
2024 · €191,979
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.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 3 | 7 | 3 |
| full-time | 3 | 7 | 3 |
| in full-time equivalents | 3 | 7 | 3 |
| Average over the year, in full-time equivalents | 0.2 | 4.7 | 5.2 |
| On a permanent contract | 3 | 6 | 3 |
| Joined | 3 | 8 | 1 |
| Left | 0 | 4 | 5 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €89,623 | €162,819 | €128,855 | €355,641 | €114,953 |
| Financial fixed assets | €135 | €100 | €1,603 | €350,032 | €50,000 |
| Depreciation and write-downs of the year | €105,175 | €95,218 | €110,223 | €125,486 | €155,601 |
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 | - | - | - | - | €0 | €0 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €0 | €0 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | €5,216 | €191,979 | €178,519 | ▼ 7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €111,499 | €111,077 | €98,934 | €105,175 | €95,218 | €110,223 | €125,486 | €155,601 | ▲ 24.0% |
| Other operating charges640/8 | - | - | - | €6,136 | €6,304 | €8,513 | €10,436 | €11,575 | ▲ 10.9% |
| Gross operating margin9900 | €89,088 | €132,756 | €108,644 | €109,507 | €113,368 | €58,046 | €274,799 | €370,253 | ▲ 34.7% |
| Operating profit (loss)9901 | -€27,996 | €10,788 | €2,108 | -€1,804 | €11,846 | -€65,906 | -€53,102 | €24,559 | - |
| Financial income75/76B | - | - | - | €613 | €613 | €600 | €651 | €2 | ▼ 99.7% |
| Recurring financial income75 | €600 | €701 | €600 | €613 | €613 | €600 | €651 | €2 | ▼ 99.7% |
| Financial charges65/66B | - | - | - | €11,847 | €10,127 | €10,275 | €23,638 | €27,404 | ▲ 15.9% |
| Recurring financial charges65 | €20,951 | €15,068 | €12,554 | €11,847 | €10,127 | €10,275 | €23,638 | €27,404 | ▲ 15.9% |
| Profit (loss) for the period before taxes9903 | -€48,346 | -€3,580 | -€9,846 | -€13,038 | €2,331 | -€75,581 | -€76,089 | -€2,843 | ▲ 96.3% |
| Income taxes67/77 | €441 | €625 | €560 | €2,019 | €296 | €545 | €702 | €694 | ▼ 1.1% |
| Profit (loss) for the period9904 | -€48,787 | -€4,204 | -€10,406 | -€15,057 | €2,036 | -€76,126 | -€76,791 | -€3,537 | ▲ 95.4% |
| Transfer from tax-exempt reserves789 | - | - | - | €15,371 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€48,787 | -€4,204 | -€10,406 | €314 | €2,036 | -€76,126 | -€76,791 | -€3,537 | ▲ 95.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.8m | €0.9m | €0.9m | €0.8m | €0.9m | €0.9m | €1.4m | €1.5m | ▲ 2.9% |
| Fixed assets21/28 | €0.7m | €0.7m | €0.7m | €0.7m | €0.8m | €0.8m | €1.3m | €1.3m | ▼ 0.1% |
| Tangible fixed assets22/27 | €0.7m | €0.7m | €0.7m | €0.7m | €0.8m | €0.8m | €1.0m | €0.9m | ▼ 5.3% |
| Land and buildings22 | - | - | - | €0.5m | €0.5m | €0.4m | €0.4m | €0.3m | ▼ 9.5% |
| Plant, machinery and equipment23 | - | - | - | €0.08m | €0.08m | €0.1m | €0.2m | €0.1m | ▼ 20.9% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.2m | €0.2m | €0.3m | €0.3m | ▼ 7.6% |
| Leasing and similar rights25 | - | - | - | - | - | - | €0.1m | €0.2m | ▲ 44.3% |
| Financial fixed assets28 | €382 | €402 | €342 | €477 | €0.001m | €0.002m | €0.4m | €0.4m | ▲ 14.2% |
| Current assets29/58 | €1.1m | €0.3m | €0.2m | €0.1m | €0.1m | €0.09m | €0.1m | €0.1m | ▲ 41.7% |
| Stocks and contracts in progress3 | €1.0m | €0.1m | €0.06m | €0.05m | €0.06m | €0.04m | €0.04m | €0.04m | ▼ 14.8% |
| Stocks30/36 | - | - | - | €0.05m | €0.06m | €0.04m | €0.04m | €0.04m | ▼ 14.8% |
| Amounts receivable within one year40/41 | €0.03m | €0.004m | €0.009m | €0.02m | €0.05m | €0.03m | €0.02m | €0.08m | ▲ 305% |
| Trade receivables40 | - | - | - | €0.02m | €0.03m | €0.03m | €0.02m | €0.08m | ▲ 305% |
| Other amounts receivable41 | - | - | - | €0.007m | €0.02m | - | - | - | - |
| Cash at bank and in hand54/58 | €0.08m | €0.1m | €0.1m | €0.03m | €0.01m | €0.02m | €0.03m | €0.02m | ▼ 37.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.001m | €0.001m | €0.01m | €0.009m | ▼ 26.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.8m | €0.9m | €0.9m | €0.8m | €0.9m | €0.9m | €1.4m | €1.5m | ▲ 2.9% |
| Equity10/15 | €0.1m | €0.1m | €0.09m | €0.07m | €0.08m | -€0.002m | -€0.08m | -€0.08m | ▼ 4.5% |
| Contributions10/11 | €0.06m | €0.06m | - | €0.06m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Reserves13 | €0.04m | €0.04m | €0.04m | €0.03m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Non-distributable reserves130/1 | - | - | - | €0.006m | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.006m | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | -€0.002m | -€0.006m | -€0.02m | -€0.02m | -€0.01m | -€0.09m | -€0.2m | -€0.2m | ▼ 2.1% |
| Investment grants15 | - | - | - | €0.002m | €0.001m | €0.001m | - | - | - |
| Amounts payable17/49 | €1.7m | €0.8m | €0.8m | €0.7m | €0.8m | €0.9m | €1.5m | €1.6m | ▲ 3.0% |
| Amounts payable after more than one year17 | €0.5m | €0.3m | €0.3m | €0.6m | €0.6m | €0.7m | €1.2m | €1.3m | ▲ 8.8% |
| Financial debts170/4 | - | - | - | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | ▼ 12.7% |
| Other amounts payable178/9 | - | - | - | €0.3m | €0.3m | €0.4m | €0.8m | €1.0m | ▲ 20.3% |
| Amounts payable within one year42/48 | €1.2m | €0.5m | €0.5m | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 21.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.07m | €0.08m | €0.08m | €0.1m | €0.1m | ▲ 2.6% |
| Financial debts43 | - | - | - | - | - | - | €0.03m | - | - |
| Credit institutions430/8 | - | - | - | - | - | - | €0.03m | - | - |
| Trade debts44 | €0.07m | €0.04m | €0.04m | €0.03m | €0.03m | €0.04m | €0.01m | €0.01m | ▼ 7.4% |
| Suppliers440/4 | - | - | - | €0.03m | €0.03m | €0.04m | €0.01m | €0.01m | ▼ 7.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.003m | €0.001m | €0.007m | €0.06m | €0.08m | ▲ 35.3% |
| Taxes450/3 | - | - | - | €0.003m | €0.001m | €0.003m | €0.02m | €0.03m | ▲ 20.3% |
| Remuneration and social security454/9 | - | - | - | - | - | €0.005m | €0.04m | €0.05m | ▲ 43.4% |
| Other amounts payable47/48 | - | - | - | €0.08m | €0.1m | €0.03m | €0.08m | €0.02m | ▼ 72.5% |
| Accrued charges and deferred income492/3 | - | - | - | €249 | €0.004m | €0.007m | €0.008m | €0.009m | ▲ 15.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€48,787 | -€4,204 | -€10,406 | -€15,057 | €2,036 | -€76,126 | -€76,791 | -€3,537 | ▲ 95.4% |
| + Depreciation and write-downs630 | €111,499 | €111,077 | €98,934 | €105,175 | €95,218 | €110,223 | €125,486 | €155,601 | ▲ 24.0% |
| Operating cash flow (approximation) | €62,712 | €106,873 | €88,528 | €90,118 | €97,253 | €34,097 | €48,695 | €152,064 | ▲ 212% |
| Investment in fixed assets (approximation) | - | -€31,511 | -€162,231 | -€89,758 | -€143,777 | -€130,458 | -€677,328 | -€154,096 | ▲ 77.2% |
| Change in cash | - | €69,635 | -€35,072 | -€78,152 | -€20,312 | €6,435 | €7,984 | -€10,237 | - |
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, 2,796 companies had the same profile as AVILORE has now. Two years later, 90.4% were still going and 2.1% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a small loss
90.4%
was still going
6.0%
stopped otherwise
2.1%
went bankrupt
Another 1.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of AVILORE itself: 1.4% 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 2,796 companies, not a prediction for AVILORE. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-07-2026 | 2026-00359921 | |
| 31-12-2024 | full format | 17-07-2025 | 2025-00295177 | |
| 31-12-2023 | full format | 21-05-2024 | 2024-00092991 | |
| 31-12-2022 | full format | 05-05-2023 | 2023-00084019 | |
| 31-12-2021 | full format | 11-05-2022 | 2022-20026601 | |
| 31-12-2020 | full format | 03-06-2021 | 2021-17200010 | |
| 31-12-2019 | full format | 16-06-2020 | 2020-18100444 | |
| 31-12-2018 | full format | 05-07-2019 | 2019-29700192 | |
| 31-12-2017 | full format | 27-06-2018 | 2018-24900050 | |
| 31-12-2016 | full format | 22-05-2017 | 2017-12900260 |