Compt'APB
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 13-06-2026 PDF all 39 filings
Turnover
≈ €420,000
Estimated: probably between €340,000 and €500,000
Total assets
€445,315▲ 41.4%
2024 · €314,831
Net result
€113,426▲ 613%
2024 · €15,910
Working capital
€261,723▲ 96.8%
2024 · €132,999
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€168,405
▲ 571%
2025
20182025
Net result
€113,426
▲ 613%
2025
highest quarter of the sector
20182025
Equity
€401,831
▲ 39.3%
2025
highest quarter of the sector
20182025
Total assets
€445,315
▲ 41.4%
2025
middle half of the sector
20182025
Debt
€43,484
▲ 64.6%
2025
20182025
Working capital
€261,723
▲ 96.8%
2025
highest quarter of the sector
20182025
Solvency
90.2%
▼ 1.4pp
2025
highest quarter of the sector
20182025
Current ratio
7.02
▲ 0.99
2025
highest quarter of the sector
20182025
Return on assets (ROA)
25.5%
▲ 20.4pp
2025
middle half of the sector
20182025
Staff (FTE)
1
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€11,418-€18,042▲ 58.0%€10,239▼ 43.3%€5,930▼ 42.1%€14,987▲ 153%€16,406▲ 9.5%€25,090▲ 52.9%€168,405▲ 571%
Net result€7,855-€14,044▲ 78.8%€9,156within the sector's middle half▼ 34.8%€4,072below the sector's middle half▼ 55.5%€9,895within the sector's middle half▲ 143%€10,467within the sector's middle half▲ 5.8%€15,910within the sector's middle half▲ 52.0%€113,426above the sector's middle half▲ 613%
Equity€224,862-€238,906▲ 6.2%€248,061within the sector's middle half▲ 3.8%€252,134within the sector's middle half▲ 1.6%€262,029above the sector's middle half▲ 3.9%€272,495above the sector's middle half▲ 4.0%€288,405above the sector's middle half▲ 5.8%€401,831above the sector's middle half▲ 39.3%
Total assets€250,056-€257,899▲ 3.1%€264,379within the sector's middle half▲ 2.5%€268,562within the sector's middle half▲ 1.6%€282,018within the sector's middle half▲ 5.0%€295,132within the sector's middle half▲ 4.7%€314,831within the sector's middle half▲ 6.7%€445,315within the sector's middle half▲ 41.4%
Debt€25,194-€18,994▼ 24.6%€16,318▼ 14.1%€16,429▲ 0.7%€19,989▲ 21.7%€22,637▲ 13.2%€26,426▲ 16.7%€43,484▲ 64.6%
Working capital€47,949-€32,677▼ 31.8%€40,854within the sector's middle half▲ 25.0%€52,953within the sector's middle half▲ 29.6%€76,027within the sector's middle half▲ 43.6%€101,791within the sector's middle half▲ 33.9%€132,999within the sector's middle half▲ 30.7%€261,723above the sector's middle half▲ 96.8%
Solvency89.9%-92.6%▲ 2.7pp93.8%above the sector's middle half▲ 1.2pp93.9%above the sector's middle half▲ 0.1pp92.9%above the sector's middle half▼ 1.0pp92.3%above the sector's middle half▼ 0.6pp91.6%above the sector's middle half▼ 0.7pp90.2%above the sector's middle half▼ 1.4pp
Current ratio2.90-2.72▼ 0.183.50within the sector's middle half▲ 0.784.22within the sector's middle half▲ 0.724.80above the sector's middle half▲ 0.585.50above the sector's middle half▲ 0.696.03above the sector's middle half▲ 0.547.02above the sector's middle half▲ 0.99
Return on assets (ROA)3.1%-5.4%▲ 2.3pp3.5%below the sector's middle half▼ 2.0pp1.5%below the sector's middle half▼ 1.9pp3.5%below the sector's middle half▲ 2.0pp3.5%below the sector's middle half=5.1%below the sector's middle half▲ 1.5pp25.5%within the sector's middle half▲ 20.4pp
Staff (FTE)1-1=1within the sector's middle half=1=1=0.9▼ 10.0%1▲ 11.1%1=
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 6.7 times that of 2024 and the highest since 2021. It is the fourth rise 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 €445,315
Fixed assets
€140,108 ▼ 9.8%
Current assets
€305,207 ▲ 91.4%
Equity and liabilities €445,315
Equity
€401,831 ▲ 39.3%
Debt
€43,484 ▲ 64.6%
Debt's share of the balance-sheet total rises from 8.4% to 9.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€183,703▲
2024 · €40,388
Cash flow
€128,724▲
2024 · €31,207
Debt to equity
0.11▲
2024 · 0.09
ROE
28.2%▲
2024 · 5.5%
Interest coverage
over 100▲
2024 · 25.02
Debt ≤ 1 year
€43,484▲
2024 · €26,426
Income taxes
€53,055▲
2024 · €7,567
Staff costs
€34,022▲
2024 · €28,436
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 | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 0.9 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
| Joined | - | - | 1 | - | - |
| Left | - | - | 1 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,418 | €2,118 | - | - | - |
| Depreciation and write-downs of the year | €14,444 | €15,298 | €15,298 | €15,298 | €15,298 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €34,646 | €36,377 | €39,400 | €28,436 | €34,022 | ▲ 19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,849 | €13,480 | €13,480 | €14,444 | €15,298 | €15,298 | €15,298 | €15,298 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €2,625 | €1,313 | ▼ 50.0% |
| Other operating charges640/8 | - | - | - | €1,332 | €1,354 | €2,961 | €1,536 | €1,582 | ▲ 3.0% |
| Gross operating margin9900 | €32,041 | €59,030 | €54,811 | €56,352 | €68,016 | €74,065 | €72,985 | €220,621 | ▲ 202% |
| Operating profit (loss)9901 | €11,418 | €18,042 | €10,239 | €5,930 | €14,987 | €16,406 | €25,090 | €168,405 | ▲ 571% |
| Financial income75/76B | - | - | - | €50 | - | - | - | - | - |
| Recurring financial income75 | €7 | - | - | €50 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €470 | €584 | €974 | €1,614 | €1,924 | ▲ 19.2% |
| Recurring financial charges65 | €41 | €88 | €437 | €460 | €584 | €974 | €1,614 | €1,744 | ▲ 8.0% |
| Non-recurring financial charges66B | - | - | - | €10 | €0 | - | €0 | €180 | ▲ 9,005× |
| Profit (loss) for the period before taxes9903 | €11,384 | €17,955 | €9,802 | €5,511 | €14,403 | €15,432 | €23,476 | €166,481 | ▲ 609% |
| Income taxes67/77 | €3,528 | €3,911 | €646 | €1,438 | €4,507 | €4,966 | €7,567 | €53,055 | ▲ 601% |
| Profit (loss) for the period9904 | €7,855 | €14,044 | €9,156 | €4,072 | €9,895 | €10,467 | €15,910 | €113,426 | ▲ 613% |
| Profit (loss) for the period to be appropriated9905 | €7,855 | €14,044 | €9,156 | €4,072 | €9,895 | €10,467 | €15,910 | €113,426 | ▲ 613% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €250,056 | €257,899 | €264,379 | €268,562 | €282,018 | €295,132 | €314,831 | €445,315 | ▲ 41.4% |
| Fixed assets21/28 | €176,912 | €206,228 | €207,208 | €199,181 | €186,002 | €170,704 | €155,406 | €140,108 | ▼ 9.8% |
| Tangible fixed assets22/27 | €176,912 | €206,228 | €207,208 | €199,181 | €186,002 | €170,704 | €155,406 | €140,108 | ▼ 9.8% |
| Land and buildings22 | - | - | - | €105,310 | €98,236 | €91,161 | €84,087 | €77,012 | ▼ 8.4% |
| Plant, machinery and equipment23 | - | - | - | €93,871 | €87,766 | €79,543 | €71,320 | €63,096 | ▼ 11.5% |
| Current assets29/58 | €73,144 | €51,671 | €57,172 | €69,381 | €96,016 | €124,428 | €159,424 | €305,207 | ▲ 91.4% |
| Amounts receivable within one year40/41 | €9,652 | €16,651 | €15,208 | €28,460 | €31,139 | €40,515 | €34,907 | €184,005 | ▲ 427% |
| Trade receivables40 | - | - | - | €18,847 | €25,614 | €34,547 | €32,093 | €161,883 | ▲ 404% |
| Other amounts receivable41 | - | - | - | €9,613 | €5,525 | €5,967 | €2,814 | €22,122 | ▲ 686% |
| Cash at bank and in hand54/58 | €62,477 | €35,021 | €37,713 | €38,991 | €62,827 | €83,218 | €124,518 | €121,202 | ▼ 2.7% |
| Deferred charges and accrued income490/1 | - | - | - | €1,930 | €2,050 | €696 | €0 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €250,056 | €257,899 | €264,379 | €268,562 | €282,018 | €295,132 | €314,831 | €445,315 | ▲ 41.4% |
| Equity10/15 | €224,862 | €238,906 | €248,061 | €252,134 | €262,029 | €272,495 | €288,405 | €401,831 | ▲ 39.3% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €119,200 | €173,200 | €182,200 | €186,200 | €196,000 | €206,400 | €222,300 | €335,400 | ▲ 50.9% |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Tax-exempt reserves132 | - | - | - | €5,200 | €5,200 | €5,200 | €5,200 | €5,200 | = |
| Distributable reserves133 | - | - | - | €174,800 | €184,600 | €195,000 | €210,900 | €324,000 | ▲ 53.6% |
| Profit (loss) carried forward14 | €43,662 | €3,706 | €3,861 | €3,934 | €4,029 | €4,095 | €4,105 | €4,431 | ▲ 7.9% |
| Amounts payable17/49 | €25,194 | €18,994 | €16,318 | €16,429 | €19,989 | €22,637 | €26,426 | €43,484 | ▲ 64.6% |
| Amounts payable within one year42/48 | €25,194 | €18,994 | €16,318 | €16,429 | €19,989 | €22,637 | €26,426 | €43,484 | ▲ 64.6% |
| Trade debts44 | €16,301 | €3,912 | €2,170 | €1,165 | €1,071 | €721 | €761 | €2,550 | ▲ 235% |
| Suppliers440/4 | - | - | - | €1,165 | €1,071 | €721 | €761 | €2,550 | ▲ 235% |
| Taxes, remuneration and social security45 | - | - | - | €2,708 | €3,186 | €3,249 | €2,847 | €12,965 | ▲ 355% |
| Taxes450/3 | - | - | - | €532 | €1,259 | €1,325 | €2,067 | €11,976 | ▲ 479% |
| Remuneration and social security454/9 | - | - | - | €2,176 | €1,927 | €1,924 | €780 | €989 | ▲ 26.8% |
| Other amounts payable47/48 | - | - | - | €12,556 | €15,732 | €18,666 | €22,818 | €27,970 | ▲ 22.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,855 | €14,044 | €9,156 | €4,072 | €9,895 | €10,467 | €15,910 | €113,426 | ▲ 613% |
| + Depreciation and write-downs630 | €10,849 | €13,480 | €13,480 | €14,444 | €15,298 | €15,298 | €15,298 | €15,298 | = |
| Operating cash flow (approximation) | €18,705 | €27,524 | €22,636 | €18,517 | €25,193 | €25,764 | €31,207 | €128,724 | ▲ 312% |
| Investment in fixed assets (approximation) | - | -€42,796 | -€14,460 | -€6,418 | -€2,118 | €0 | €0 | €0 | - |
| Change in cash | - | -€27,457 | €2,693 | €1,278 | €23,836 | €20,390 | €41,300 | -€3,316 | - |
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, 31,368 companies had the same profile as Compt'APB has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Compt'APB 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 31,368 companies, not a prediction for Compt'APB. 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 39 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 13-06-2026 | 2026-00166479 | |
| 31-12-2024 | micro format | 18-06-2025 | 2025-00155729 | |
| 31-12-2023 | micro format | 06-06-2024 | 2024-00118719 | |
| 31-12-2022 | micro format | 26-05-2023 | 2023-00096819 | |
| 31-12-2021 | micro format | 24-06-2022 | 2022-20141319 | |
| 31-12-2020 | micro format | 11-06-2021 | 2021-19200298 | |
| 31-12-2019 | micro format | 30-05-2020 | 2020-13900368 | |
| 31-12-2018 | micro format | 25-06-2019 | 2019-22600591 | |
| 31-12-2017 | micro format | 16-07-2018 | 2018-33600601 | |
| 31-12-2016 | micro format | 29-06-2017 | 2017-24400492 |