AZELEC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-07-2026 at the NBB all 19 filings
Turnover
≈ €670,000
Estimated: probably between €590,000 and €830,000
EBIT margin
Not included in this filing
Net result
€106,215▲ 131%
2024 · €46,020
Working capital
€284,958▲ 22.0%
2024 · €233,496
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€154,702
▲ 126%
2025
20182025
Net result
€106,215
▲ 131%
2025
highest quarter of the sector
20182025
Equity
€516,832
▲ 16.6%
2025
highest quarter of the sector
20182025
Total assets
€746,433
▲ 12.5%
2025
highest quarter of the sector
20182025
Debt
€229,601
▲ 4.1%
2025
20182025
Working capital
€284,958
▲ 22.0%
2025
highest quarter of the sector
20182025
Solvency
69.2%
▲ 2.5pp
2025
middle half of the sector
20182025
Current ratio
3.91
▼ 0.91
2025
highest quarter of the sector
20182025
Return on assets (ROA)
14.2%
▲ 7.3pp
2025
middle half of the sector
20182025
Staff (FTE)
2.9
▼ 31.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€31,968-€66,755€29,885▼ 55.2%€34,665▲ 16.0%€1,925▼ 94.4%€26,453▲ 14×€68,485▲ 159%€154,702▲ 126%
Net result-€34,951-€55,081€13,294within the sector's middle half▼ 75.9%€19,188within the sector's middle half▲ 44.3%-€4,286below the sector's middle half€13,914within the sector's middle half€46,020above the sector's middle half▲ 231%€106,215above the sector's middle half▲ 131%
Equity€349,151-€404,232▲ 15.8%€417,525above the sector's middle half▲ 3.3%€436,713above the sector's middle half▲ 4.6%€383,164above the sector's middle half▼ 12.3%€397,078above the sector's middle half▲ 3.6%€443,098above the sector's middle half▲ 11.6%€516,832above the sector's middle half▲ 16.6%
Total assets€699,990-€740,097▲ 5.7%€743,883above the sector's middle half▲ 0.5%€741,523above the sector's middle half▼ 0.3%€668,156above the sector's middle half▼ 9.9%€672,242above the sector's middle half▲ 0.6%€663,661above the sector's middle half▼ 1.3%€746,433above the sector's middle half▲ 12.5%
Debt€350,839-€335,865▼ 4.3%€326,358▼ 2.8%€304,810▼ 6.6%€284,993▼ 6.5%€275,164▼ 3.4%€220,563▼ 19.8%€229,601▲ 4.1%
Working capital€283,213-€315,825▲ 11.5%€320,583above the sector's middle half▲ 1.5%€326,822above the sector's middle half▲ 1.9%€259,477above the sector's middle half▼ 20.6%€282,015above the sector's middle half▲ 8.7%€233,496above the sector's middle half▼ 17.2%€284,958above the sector's middle half▲ 22.0%
Solvency49.9%-54.6%▲ 4.7pp56.1%within the sector's middle half▲ 1.5pp58.9%within the sector's middle half▲ 2.8pp57.3%within the sector's middle half▼ 1.5pp59.1%within the sector's middle half▲ 1.7pp66.8%within the sector's middle half▲ 7.7pp69.2%within the sector's middle half▲ 2.5pp
Current ratio9.18-8.08▼ 1.096.30above the sector's middle half▼ 1.786.04above the sector's middle half▼ 0.264.64above the sector's middle half▼ 1.416.14above the sector's middle half▲ 1.504.82above the sector's middle half▼ 1.313.91above the sector's middle half▼ 0.91
Return on assets (ROA)-5.0%-7.4%▲ 12.4pp1.8%within the sector's middle half▼ 5.7pp2.6%within the sector's middle half▲ 0.8pp-0.6%below the sector's middle half▼ 3.2pp2.1%within the sector's middle half▲ 2.7pp6.9%within the sector's middle half▲ 4.9pp14.2%within the sector's middle half▲ 7.3pp
Staff (FTE)4-6.6▲ 65.0%5.14.9▼ 3.9%5▲ 2.0%4.2▼ 16.0%2.9▼ 31.0%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 126% higher than in 2024 and the highest since 2018. It is the third rise in a row, after the fall in 2022.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €746,433
Fixed assets
€363,564 ▼ 1.5%
Current assets
€382,869 ▲ 30.0%
Equity and liabilities €746,433
Equity
€516,832 ▲ 16.6%
Debt
€229,601 ▲ 4.1%
Debt's share of the balance-sheet total falls from 33.2% to 30.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€176,769▲
2024 · €84,472
Cash flow
€128,282▲
2024 · €62,007
Quick ratio
3.57▼
2024 · 4.27
Debt to equity
0.44▼
2024 · 0.50
ROE
20.6%▲
2024 · 10.4%
Interest coverage
38.13▲
2024 · 17.90
Debt ≤ 1 year
€97,910▲
2024 · €61,046
Debt > 1 year
€131,690▼
2024 · €159,517
Income taxes
€45,733▲
2024 · €19,937
Staff costs
€122,466▼
2024 · €169,303
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 | 4 | 8 | 5 | 2 | 3 |
| full-time | 4 | 8 | 4 | 2 | 3 |
| part-time | - | - | 1 | - | - |
| in full-time equivalents | 4 | 8 | 4.5 | 2 | 3 |
| Average over the year, in full-time equivalents | 5.1 | 4.9 | 5 | 4.2 | 2.9 |
| On a permanent contract | 3 | 4 | 3 | 1 | 1 |
| Joined | 4 | 5 | 3 | 4 | 5 |
| Left | 6 | 1 | 6 | 7 | 4 |
| Training hours | 2,846 | - | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,609 | - | €8,887 | €18,980 | €843 |
| Intangible fixed assets | - | - | - | €30,767 | €15,669 |
| Depreciation and write-downs of the year | €16,530 | €12,489 | €10,876 | €15,987 | €22,067 |
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 | - | - | - | €105,491 | €169,209 | €156,137 | €169,303 | €122,466 | ▼ 27.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,986 | €29,625 | €17,692 | €16,530 | €12,489 | €10,876 | €15,987 | €22,067 | ▲ 38.0% |
| Other operating charges640/8 | - | - | - | €5,130 | €2,986 | €884 | €1,103 | €1,744 | ▲ 58.1% |
| Gross operating margin9900 | €95,660 | €260,736 | €187,194 | €161,817 | €186,610 | €194,350 | €254,878 | €300,979 | ▲ 18.1% |
| Operating profit (loss)9901 | -€31,968 | €66,755 | €29,885 | €34,665 | €1,925 | €26,453 | €68,485 | €154,702 | ▲ 126% |
| Financial income75/76B | - | - | - | €1,065 | €372 | €1,229 | €2,190 | €1,881 | ▼ 14.1% |
| Recurring financial income75 | €4,334 | €1,033 | €308 | €1,065 | €372 | €1,229 | €2,190 | €1,881 | ▼ 14.1% |
| Financial charges65/66B | - | - | - | €6,017 | €5,384 | €4,910 | €4,718 | €4,635 | ▼ 1.7% |
| Recurring financial charges65 | €7,274 | €10,430 | €9,457 | €6,017 | €5,384 | €4,910 | €4,718 | €4,635 | ▼ 1.7% |
| Profit (loss) for the period before taxes9903 | -€34,908 | €57,358 | €20,736 | €29,713 | -€3,086 | €22,772 | €65,957 | €151,948 | ▲ 130% |
| Income taxes67/77 | €43 | €2,277 | €7,443 | €10,525 | €1,200 | €8,858 | €19,937 | €45,733 | ▲ 129% |
| Profit (loss) for the period9904 | -€34,951 | €55,081 | €13,294 | €19,188 | -€4,286 | €13,914 | €46,020 | €106,215 | ▲ 131% |
| Profit (loss) for the period to be appropriated9905 | -€34,951 | €55,081 | €13,294 | €19,188 | -€4,286 | €13,914 | €46,020 | €106,215 | ▲ 131% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €699,990 | €740,097 | €743,883 | €741,523 | €668,156 | €672,242 | €663,661 | €746,433 | ▲ 12.5% |
| Fixed assets21/28 | €382,143 | €379,684 | €362,819 | €349,898 | €337,348 | €335,359 | €369,119 | €363,564 | ▼ 1.5% |
| Intangible fixed assets21 | €2,517 | €1,259 | - | €0 | - | - | €29,174 | €37,962 | ▲ 30.1% |
| Tangible fixed assets22/27 | €379,565 | €378,365 | €362,758 | €349,837 | €337,348 | €335,359 | €339,946 | €325,602 | ▼ 4.2% |
| Land and buildings22 | - | - | - | €335,927 | €330,439 | €324,951 | €319,463 | €313,975 | ▼ 1.7% |
| Furniture and vehicles24 | - | - | - | €13,910 | €6,909 | €10,408 | €20,483 | €11,627 | ▼ 43.2% |
| Financial fixed assets28 | €61 | €61 | €61 | €61 | - | - | - | - | - |
| Current assets29/58 | €317,847 | €360,413 | €381,064 | €391,626 | €330,808 | €336,883 | €294,542 | €382,869 | ▲ 30.0% |
| Stocks and contracts in progress3 | €33,918 | €34,723 | €33,075 | €34,353 | €33,995 | €33,922 | €33,936 | €33,636 | ▼ 0.9% |
| Stocks30/36 | - | - | - | €34,353 | €33,995 | €33,922 | €33,936 | €33,636 | ▼ 0.9% |
| Amounts receivable within one year40/41 | €55,164 | €89,664 | €59,817 | €49,295 | €28,060 | €35,180 | €39,137 | €28,761 | ▼ 26.5% |
| Trade receivables40 | - | - | - | €44,011 | €18,118 | €15,252 | €2,699 | €14,138 | ▲ 424% |
| Other amounts receivable41 | - | - | - | €5,284 | €9,943 | €19,928 | €36,438 | €14,624 | ▼ 59.9% |
| Cash at bank and in hand54/58 | €224,962 | €236,026 | €288,099 | €302,290 | €268,647 | €262,943 | €217,186 | €316,701 | ▲ 45.8% |
| Deferred charges and accrued income490/1 | - | - | - | €5,688 | €106 | €4,838 | €4,283 | €3,770 | ▼ 12.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €699,990 | €740,097 | €743,883 | €741,523 | €668,156 | €672,242 | €663,661 | €746,433 | ▲ 12.5% |
| Equity10/15 | €349,151 | €404,232 | €417,525 | €436,713 | €383,164 | €397,078 | €443,098 | €516,832 | ▲ 16.6% |
| Contributions10/11 | €19,000 | €19,000 | - | €19,000 | €19,000 | €19,000 | €19,000 | €19,000 | = |
| Reserves13 | €372,395 | €372,395 | €385,688 | €404,876 | €355,613 | €369,527 | €415,547 | €497,832 | ▲ 19.8% |
| Distributable reserves133 | - | - | - | €404,876 | €355,613 | €369,527 | €415,547 | €497,832 | ▲ 19.8% |
| Profit (loss) carried forward14 | -€42,244 | €12,837 | €12,837 | €12,837 | €8,551 | €8,551 | €8,551 | - | - |
| Amounts payable17/49 | €350,839 | €335,865 | €326,358 | €304,810 | €284,993 | €275,164 | €220,563 | €229,601 | ▲ 4.1% |
| Amounts payable after more than one year17 | €316,205 | €291,278 | €265,876 | €240,007 | €213,661 | €186,841 | €159,517 | €131,690 | ▼ 17.4% |
| Financial debts170/4 | - | - | - | €240,007 | €213,661 | €186,841 | €159,517 | €131,690 | ▼ 17.4% |
| Amounts payable within one year42/48 | €34,634 | €44,587 | €60,482 | €64,804 | €71,332 | €54,868 | €61,046 | €97,910 | ▲ 60.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €25,869 | - | - | - | - | - |
| Financial debts43 | - | - | - | - | €26,346 | €26,820 | €27,324 | €32,827 | ▲ 20.1% |
| Credit institutions430/8 | - | - | - | - | - | - | - | €5,000 | - |
| Other loans439 | - | - | - | - | €26,346 | €26,820 | €27,324 | €27,827 | ▲ 1.8% |
| Trade debts44 | €10,120 | €10,648 | €21,570 | €18,185 | €22,942 | €7,602 | €6,801 | €1,142 | ▼ 83.2% |
| Suppliers440/4 | - | - | - | €18,185 | €22,942 | €7,602 | €6,801 | €1,142 | ▼ 83.2% |
| Taxes, remuneration and social security45 | - | - | - | €20,737 | €22,044 | €20,446 | €26,921 | €32,597 | ▲ 21.1% |
| Taxes450/3 | - | - | - | €11,471 | €5,132 | €14,692 | €15,402 | €24,572 | ▲ 59.5% |
| Remuneration and social security454/9 | - | - | - | €9,266 | €16,912 | €5,754 | €11,519 | €8,025 | ▼ 30.3% |
| Other amounts payable47/48 | - | - | - | €13 | - | - | - | €31,344 | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €33,455 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€34,951 | €55,081 | €13,294 | €19,188 | -€4,286 | €13,914 | €46,020 | €106,215 | ▲ 131% |
| + Depreciation and write-downs630 | €26,986 | €29,625 | €17,692 | €16,530 | €12,489 | €10,876 | €15,987 | €22,067 | ▲ 38.0% |
| Operating cash flow (approximation) | -€7,965 | €84,706 | €30,986 | €35,718 | €8,203 | €24,790 | €62,007 | €128,282 | ▲ 107% |
| Investment in fixed assets (approximation) | - | -€27,166 | -€827 | -€3,609 | €61 | -€8,887 | -€49,747 | -€16,512 | ▲ 66.8% |
| Change in cash | - | €11,064 | €52,073 | €14,191 | -€33,643 | -€5,704 | -€45,757 | €99,515 | - |
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, 34,693 companies had the same profile as AZELEC has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of AZELEC 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 34,693 companies, not a prediction for AZELEC. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-07-2026 | 2026-00324296 | |
| 31-12-2024 | micro format | 28-07-2025 | 2025-00324493 | |
| 31-12-2023 | micro format | 26-08-2024 | 2024-00371600 | |
| 31-12-2022 | micro format | 24-08-2023 | 2023-00362313 | |
| 31-12-2021 | micro format | 25-07-2022 | 2022-20218039 | |
| 31-12-2020 | micro format | 06-07-2021 | 2021-32400106 | |
| 31-12-2019 | full format | 26-06-2020 | 2020-21200379 | |
| 31-12-2018 | full format | 24-07-2019 | 2019-39900109 | |
| 31-12-2017 | full format | 25-07-2018 | 2018-38600029 | |
| 31-12-2016 | full format | 24-08-2017 | 2017-48300429 |