Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Tight liquidity NBB
Cash and receivables cover 37 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
Entreprise de Travail Adapté - APN from Nivelles, company number BE0411929207, closed financial year 2025 with a result of € 4,604 after tax. For that financial year Entreprise de Travail Adapté - APN recorded a gross margin of € 1.7 million and equity of € 1.1 million. Compared with financial year 2024, the result moved from € -61,936 to € 4,604. Profitable, and profit is growing. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on August 31, 2026.
€ 1.1 million
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 4,604
▲ still € 61,936 loss in 2024
Profit after tax over the fiscal year.
€ 51,998
▼ 53% vs 2024
Cash and bank balances on the last day of the fiscal year.
People and assets in 2025
42
▼ 1.7 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 1.5 million
▲ 4% vs 2024
€ 35,900 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 127,904
▲ 82% vs 2024
Of which on lease € 78,396.
Debts at end 2025
€ 586,229
▲ 28% vs 2024
€ 77,578 is repaid this year. At this pace the long-term loan is gone in ≈ 4 years.
€ 199,825
▲ 12% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 239,326
▲ 4% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 1,314,016 | € 1,455,644 | € 1,523,371 | € 1,666,055 | ▲ 9% |
| Profit after taxes | € -106,314 | € 15,147 | € -61,936 | € 4,604 | ▲ € 66,540 |
| Equity | € 1,193,877 | € 1,194,618 | € 1,121,370 | € 1,118,930 | |
| Total debts | € 655,967 | € 755,486 | € 868,423 | € 1,026,627 | ▲ 18% |
| Cash | € 86,693 | € 63,701 | € 109,586 | € 51,998 | ▼ 53% |
| Land & buildings | € 1,341,987 | € 1,429,436 | € 1,373,511 | € 1,562,461 | ▲ 14% |
| Retained profit | € 1,079,741 | € 1,094,888 | € 1,032,952 | € 1,037,556 | |
| Bank debt | € 346,100 | € 358,644 | € 458,709 | € 586,229 | ▲ 28% |
| Balance sheet total | € 1,849,844 | € 1,950,104 | € 1,989,794 | € 2,145,557 | ▲ 8% |
| Employees (FTE) | 41.4 | 42.2 | 43.7 | 42 | ▼ 1.7 |
Key figures of Entreprise de Travail Adapté - APN, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to Entreprise de Travail Adapté - APN?
What happened at Entreprise de Travail Adapté - APN in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Thierry VAN PEE stepped down as director. NBB
- Marcel DUPUIS stepped down as director. NBB
- Pierre MARNEFFE stepped down as director. NBB
- Jean-Paul RAPETTI stepped down as director. NBB
- Michel BELLEFLAMME stepped down as director. NBB
- Yves CUISENAIRE stepped down as director. NBB
- Marc LOUIS stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 4,604. filed late Source: NBB ↗
In short
From € 106,314 loss in 2022 to € 4,604 profit in 2025.
Best year ever: 2023, with € 15,147 profit.
On average € 39,700 of value added per employee in 2025.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
Directors
According to the 2025 annual accounts
Marcel DUPUIS
Director
since 2025 · until 2029
Pierre MARNEFFE
Director
since 2025 · until 2029
Jean-Paul RAPETTI
Director
since 2025 · until 2029
Thierry VAN PEE
Director
since 2025 · until 2029
Michel BELLEFLAMME
Managing director
since 2025 · until 2029
Yves CUISENAIRE
Director
since 2025 · until 2029
Marc LOUIS
Chairman of the board
since 2025 · until 2029
Establishments
Establishment units
Physical locations of this company
Rue du Commerce 15
1400 Nivelles
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0411.929.207
- VAT number
- BE 0411.929.207
- Registered office
- Rue du Commerce 15, 1400 Nivelles
- Names & denominations
- Entreprise de Travail Adapté - APN · A.P.N.
- Enterprise type
- Rechtspersoon
- Legal form
- Non-profit association
- Legal situation
- Normale toestand
- Start date
- 5 January 1972
- Peppol
- Active · Active since 9 Apr 2025
- Contact
- [email protected] 067 49 34 40
- Activities · NACE
Beschutte en sociale werkplaatsen
Beschutte werkplaatsen
Overige activiteiten op het gebied van drukwerk
Bandenservicebedrijven
Vervaardiging van houten emballage
Activiteiten van verpakkingsbedrijven
Detailhandel in onderdelen en accessoires van motorvoertuigen