AYUBOWAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 17 filings
Turnover
≈ €190,000
Estimated: probably between €120,000 and €330,000
Total assets
€346,256▼ 11.2%
2024 · €389,792
Net result
€9,341▲ 201%
2024 · €3,104
Working capital
-€56,136▲ 45.2%
2024 · -€102,496
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€15,215
▼ 20.6%
2025
20182025
Net result
€9,341
▲ 201%
2025
20182025
Equity
€285,591
▲ 3.4%
2025
20182025
Total assets
€346,256
▼ 11.2%
2025
20182025
Debt
€60,665
▼ 46.6%
2025
20182025
Working capital
-€56,136
▲ 45.2%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€10,123-€10,190▲ 0.7%€13,196▲ 29.5%€15,046▲ 14.0%€18,034▲ 19.9%€21,283▲ 18.0%€19,157▼ 10.0%€15,215▼ 20.6%
Net result€3,304-€4,957▲ 50.0%€9,041▲ 82.4%€11,864▲ 31.2%€15,845▲ 33.6%€20,103▲ 26.9%€3,104▼ 84.6%€9,341▲ 201%
Equity€211,336-€216,293▲ 2.3%€225,333▲ 4.2%€237,198▲ 5.3%€253,043▲ 6.7%€273,146▲ 7.9%€276,250▲ 1.1%€285,591▲ 3.4%
Total assets€631,353-€582,683▼ 7.7%€564,080▼ 3.2%€500,430▼ 11.3%€489,388▼ 2.2%€486,727▼ 0.5%€389,792▼ 19.9%€346,256▼ 11.2%
Debt€420,017-€366,390▼ 12.8%€338,747▼ 7.5%€263,232▼ 22.3%€236,345▼ 10.2%€213,581▼ 9.6%€113,542▼ 46.8%€60,665▼ 46.6%
Working capital-€291,353--€273,075▲ 6.3%-€250,054▲ 8.4%-€221,867▲ 11.3%-€187,090▲ 15.7%-€139,108▲ 25.6%-€102,496▲ 26.3%-€56,136▲ 45.2%
The operating result for 2025 is 21% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro 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 €346,256
Fixed assets
€341,727 ▼ 9.8%
Current assets
€4,529 ▼ 59.0%
Equity and liabilities €346,256
Equity
€285,591 ▲ 3.4%
Debt
€60,665 ▼ 46.6%
Debt's share of the balance-sheet total falls from 29.1% to 17.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€56,202▼
2024 · €58,426
Cash flow
€50,329▲
2024 · €42,374
Current ratio
0.07▼
2024 · 0.10
Debt to equity
0.21▼
2024 · 0.41
ROE
3.3%▲
2024 · 1.1%
ROA
2.7%▲
2024 · 0.8%
Interest coverage
9.57▲
2024 · 3.64
Debt ≤ 1 year
€60,665▼
2024 · €113,542
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €370,000 | - | - | - | - |
| Mortgage mandates | - | €370,000 | €370,000 | €370,000 | €370,000 |
| Carrying value of the mortgaged assets | €212,002 | €188,736 | €165,469 | €142,333 | €123,037 |
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 | - | - | - | €5,761 | €3,969 |
| Depreciation and write-downs of the year | €42,635 | €42,316 | €40,693 | €39,270 | €40,988 |
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 | €44,551 | €44,850 | €42,766 | €42,635 | €42,316 | €40,693 | €39,270 | €40,988 | ▲ 4.4% |
| Other operating charges640/8 | - | - | - | €5,615 | €5,994 | €6,299 | €6,552 | €6,639 | ▲ 1.3% |
| Gross operating margin9900 | €60,593 | €60,543 | €61,539 | €63,296 | €66,343 | €68,275 | €64,979 | €62,841 | ▼ 3.3% |
| Operating profit (loss)9901 | €10,123 | €10,190 | €13,196 | €15,046 | €18,034 | €21,283 | €19,157 | €15,215 | ▼ 20.6% |
| Financial charges65/66B | - | - | - | €3,182 | €2,188 | €1,180 | €16,053 | €5,873 | ▼ 63.4% |
| Recurring financial charges65 | €6,818 | €5,234 | €4,155 | €3,182 | €2,188 | €1,180 | €16,053 | €5,873 | ▼ 63.4% |
| Profit (loss) for the period before taxes9903 | €3,304 | €4,957 | €9,041 | €11,864 | €15,845 | €20,103 | €3,104 | €9,341 | ▲ 201% |
| Profit (loss) for the period9904 | €3,304 | €4,957 | €9,041 | €11,864 | €15,845 | €20,103 | €3,104 | €9,341 | ▲ 201% |
| Profit (loss) for the period to be appropriated9905 | €3,304 | €4,957 | €9,041 | €11,864 | €15,845 | €20,103 | €3,104 | €9,341 | ▲ 201% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €631,353 | €582,683 | €564,080 | €500,430 | €489,388 | €486,727 | €389,792 | €346,256 | ▼ 11.2% |
| Fixed assets21/28 | €614,875 | €580,664 | €537,898 | €495,263 | €452,947 | €412,254 | €378,746 | €341,727 | ▼ 9.8% |
| Tangible fixed assets22/27 | €614,875 | €580,664 | €537,898 | €495,263 | €452,947 | €412,254 | €378,746 | €341,727 | ▼ 9.8% |
| Land and buildings22 | - | - | - | €495,263 | €452,947 | €412,254 | €373,315 | €338,217 | ▼ 9.4% |
| Plant, machinery and equipment23 | - | - | - | €0 | - | - | - | - | - |
| Furniture and vehicles24 | - | - | - | - | - | - | €5,431 | €3,511 | ▼ 35.4% |
| Current assets29/58 | €16,478 | €2,019 | €26,183 | €5,167 | €36,441 | €74,473 | €11,046 | €4,529 | ▼ 59.0% |
| Amounts receivable within one year40/41 | - | - | - | - | - | €21 | €0 | - | - |
| Trade receivables40 | - | - | - | - | - | €21 | €0 | - | - |
| Cash at bank and in hand54/58 | €16,430 | €1,968 | €26,125 | €5,106 | €32,591 | €74,266 | €10,967 | €4,443 | ▼ 59.5% |
| Deferred charges and accrued income490/1 | - | - | - | €60 | €3,850 | €185 | €80 | €85 | ▲ 7.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €631,353 | €582,683 | €564,080 | €500,430 | €489,388 | €486,727 | €389,792 | €346,256 | ▼ 11.2% |
| Equity10/15 | €211,336 | €216,293 | €225,333 | €237,198 | €253,043 | €273,146 | €276,250 | €285,591 | ▲ 3.4% |
| Contributions10/11 | €330,000 | €330,000 | - | €330,000 | €330,000 | €330,000 | €330,000 | €330,000 | = |
| Profit (loss) carried forward14 | -€118,664 | -€113,708 | -€104,667 | -€92,802 | -€76,957 | -€56,854 | -€53,750 | -€44,409 | ▲ 17.4% |
| Amounts payable17/49 | €420,017 | €366,390 | €338,747 | €263,232 | €236,345 | €213,581 | €113,542 | €60,665 | ▼ 46.6% |
| Amounts payable after more than one year17 | €111,487 | €87,130 | €61,810 | €35,499 | €12,690 | €0 | - | - | - |
| Financial debts170/4 | - | - | - | €35,499 | €12,690 | €0 | - | - | - |
| Amounts payable within one year42/48 | €307,831 | €275,094 | €276,237 | €227,033 | €223,531 | €213,581 | €113,542 | €60,665 | ▼ 46.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €26,312 | €22,809 | €12,690 | €0 | - | - |
| Trade debts44 | - | €105 | €173 | €0 | - | - | - | - | - |
| Suppliers440/4 | - | - | - | €0 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | €4,721 | €1,753 | ▼ 62.9% |
| Taxes450/3 | - | - | - | - | - | - | €4,721 | €1,753 | ▼ 62.9% |
| Other amounts payable47/48 | - | - | - | €200,722 | €200,722 | €200,892 | €108,822 | €58,912 | ▼ 45.9% |
| Accrued charges and deferred income492/3 | - | - | - | €700 | €124 | €0 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,304 | €4,957 | €9,041 | €11,864 | €15,845 | €20,103 | €3,104 | €9,341 | ▲ 201% |
| + Depreciation and write-downs630 | €44,551 | €44,850 | €42,766 | €42,635 | €42,316 | €40,693 | €39,270 | €40,988 | ▲ 4.4% |
| Operating cash flow (approximation) | €47,855 | €49,807 | €51,807 | €54,499 | €58,161 | €60,796 | €42,374 | €50,329 | ▲ 18.8% |
| Investment in fixed assets (approximation) | - | -€10,638 | €0 | €0 | €0 | €0 | -€5,761 | -€3,969 | ▲ 31.1% |
| Change in cash | - | -€14,462 | €24,157 | -€21,019 | €27,485 | €41,675 | -€63,300 | -€6,523 | ▲ 89.7% |
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, 10,904 companies had the same profile as AYUBOWAN has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of AYUBOWAN 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 10,904 companies, not a prediction for AYUBOWAN. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00228215 | |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00462995 | |
| 31-12-2023 | micro format | 26-06-2024 | 2024-00209265 | |
| 31-12-2022 | micro format | 21-08-2023 | 2023-00346615 | |
| 31-12-2021 | micro format | 09-06-2022 | 2022-20062466 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-45100432 | |
| 31-12-2019 | micro format | 10-07-2020 | 2020-29000488 | |
| 31-12-2018 | micro format | 28-06-2019 | 2019-27300402 | |
| 31-12-2017 | micro format | 02-08-2018 | 2018-44200492 | |
| 31-12-2016 | micro format | 04-08-2017 | 2017-42100576 |