AZ 45
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 07-07-2026 at the NBB all 2 filings
Every figure per financial year
The operating result for 2025 is 174% higher than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 2024 | 2025 |
|---|---|---|
| Tangible fixed assets | €2,893 | - |
| Depreciation and write-downs of the year | €338 | €289 |
Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Remuneration, social security and pensions62 | €54,742 | €77,587 | ▲ 41.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €338 | €289 | ▼ 14.5% |
| Other operating charges640/8 | €496 | €3,681 | ▲ 643% |
| Gross operating margin9900 | €57,350 | €86,413 | ▲ 50.7% |
| Operating profit (loss)9901 | €1,773 | €4,855 | ▲ 174% |
| Financial income75/76B | €16 | €27 | ▲ 69.5% |
| Recurring financial income75 | €16 | €27 | ▲ 69.5% |
| Financial charges65/66B | €1,123 | €1,447 | ▲ 28.9% |
| Recurring financial charges65 | €1,123 | €1,447 | ▲ 28.9% |
| Profit (loss) for the period before taxes9903 | €666 | €3,435 | ▲ 416% |
| Income taxes67/77 | €133 | - | - |
| Profit (loss) for the period9904 | €533 | €3,435 | ▲ 545% |
| Profit (loss) for the period to be appropriated9905 | €533 | €3,435 | ▲ 545% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Assets | |||
| Total assets20/58 | €17,172 | €32,208 | ▲ 87.6% |
| Fixed assets21/28 | €2,554 | €2,265 | ▼ 11.3% |
| Tangible fixed assets22/27 | €2,554 | €2,265 | ▼ 11.3% |
| Other tangible fixed assets26 | €2,554 | €2,265 | ▼ 11.3% |
| Current assets29/58 | €14,617 | €29,943 | ▲ 105% |
| Amounts receivable within one year40/41 | €10,071 | €18,663 | ▲ 85.3% |
| Other amounts receivable41 | €10,071 | €18,663 | ▲ 85.3% |
| Cash at bank and in hand54/58 | €4,546 | €10,575 | ▲ 133% |
| Deferred charges and accrued income490/1 | - | €705 | - |
| Equity and liabilities | |||
| Total equity and liabilities10/49 | €17,172 | €32,208 | ▲ 87.6% |
| Equity10/15 | €2,033 | €5,468 | ▲ 169% |
| Contributions10/11 | €1,500 | €1,500 | = |
| Profit (loss) carried forward14 | €533 | €3,968 | ▲ 645% |
| Amounts payable17/49 | €15,139 | €26,740 | ▲ 76.6% |
| Amounts payable within one year42/48 | €15,139 | €24,240 | ▲ 60.1% |
| Trade debts44 | €4,139 | €8,673 | ▲ 110% |
| Suppliers440/4 | €4,139 | €8,673 | ▲ 110% |
| Advances received on contracts in progress46 | €1,295 | - | - |
| Taxes, remuneration and social security45 | €9,704 | €9,568 | ▼ 1.4% |
| Taxes450/3 | €7,901 | €4,485 | ▼ 43.2% |
| Remuneration and social security454/9 | €1,804 | €5,082 | ▲ 182% |
| Other amounts payable47/48 | - | €6,000 | - |
| Accrued charges and deferred income492/3 | - | €2,500 | - |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Profit (loss) for the period9904 | €533 | €3,435 | ▲ 545% |
| + Depreciation and write-downs630 | €338 | €289 | ▼ 14.5% |
| Operating cash flow (approximation) | €871 | €3,725 | ▲ 328% |
| Investment in fixed assets (approximation) | - | €0 | - |
| Change in cash | - | €6,029 | - |
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, 7,976 companies had the same profile as AZ 45 has now. Two years later, 94.3% were still going and 3.6% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of AZ 45 itself: 1.2% 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 7,976 companies, not a prediction for AZ 45. 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.