B - CABLES
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 27-03-2026 PDF all 32 filings
Turnover
€46.7m▼ 5.8%
2024 · €49.5m
EBIT margin
10.7%▼ 6.1pp
2024 · 16.8%
Net result
€3.7m▼ 41.9%
2024 · €6.4m
Working capital
€22.5m▼ 13.2%
2024 · €25.9m
In the rankings
#3 company by equity in Lokeren, Wholesale and retail trade sector#5 company by total assets in Lokeren, Wholesale and retail trade sector
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€46.7m
▼ 5.8%
2025
20192025
Operating result
€5.0m
▼ 40.0%
2025
20192025
Net result
€3.7m
▼ 41.9%
2025
highest quarter of the sector
20192025
EBIT margin
10.7%
▼ 6.1pp
2025
20192025
Equity
€25.1m
▼ 8.4%
2025
highest quarter of the sector
20192025
Total assets
€33.3m
▲ 6.9%
2025
highest quarter of the sector
20192025
Debt
€8.2m
▲ 119%
2025
20192025
Working capital
€22.5m
▼ 13.2%
2025
highest quarter of the sector
20192025
Solvency
75.5%
▼ 12.6pp
2025
highest quarter of the sector
20192025
Current ratio
3.75
▼ 4.20
2025
highest quarter of the sector
20192025
Return on assets (ROA)
11.1%
▼ 9.3pp
2025
highest quarter of the sector
20192025
Staff (FTE)
14.3
▲ 3.6%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€31.8m-€26.8m▼ 15.7%€31.5m▲ 17.4%€57.3m▲ 82.1%€53.0m▼ 7.6%€49.5m▼ 6.4%€46.7m▼ 5.8%
Operating result€2.2m-€1.9m▼ 15.0%€4.0m▲ 115%€7.9m▲ 95.8%€8.4m▲ 6.9%€8.3m▼ 1.1%€5.0m▼ 40.0%
Net result€1.4m-€1.2mabove the sector's middle half▼ 14.6%€2.8mabove the sector's middle half▲ 133%€5.6mabove the sector's middle half▲ 98.8%€6.0mabove the sector's middle half▲ 6.8%€6.4mabove the sector's middle half▲ 6.7%€3.7mabove the sector's middle half▼ 41.9%
EBIT margin6.9%-7.0%▲ 0.1pp12.8%▲ 5.8pp13.8%▲ 1.0pp15.9%▲ 2.2pp16.8%▲ 0.9pp10.7%▼ 6.1pp
Equity€10.6m-€11.5mabove the sector's middle half▲ 9.0%€13.8mabove the sector's middle half▲ 20.0%€19.4mabove the sector's middle half▲ 40.3%€22.3mabove the sector's middle half▲ 14.7%€27.4mabove the sector's middle half▲ 23.2%€25.1mabove the sector's middle half▼ 8.4%
Total assets€13.7m-€12.9mabove the sector's middle half▼ 5.6%€16.2mabove the sector's middle half▲ 26.0%€25.3mabove the sector's middle half▲ 55.5%€26.3mabove the sector's middle half▲ 4.3%€31.2mabove the sector's middle half▲ 18.4%€33.3mabove the sector's middle half▲ 6.9%
Debt€3.1m-€1.4m▼ 55.9%€2.4m▲ 76.8%€5.8m▲ 143%€4.1m▼ 30.5%€3.7m▼ 8.0%€8.2m▲ 119%
Working capital€10.2m-€11.0mabove the sector's middle half▲ 7.4%€13.3mabove the sector's middle half▲ 20.5%€18.8mabove the sector's middle half▲ 41.7%€21.4mabove the sector's middle half▲ 14.1%€25.9mabove the sector's middle half▲ 21.1%€22.5mabove the sector's middle half▼ 13.2%
Solvency77.5%-89.5%above the sector's middle half▲ 12.0pp85.2%above the sector's middle half▼ 4.3pp76.9%above the sector's middle half▼ 8.3pp84.6%above the sector's middle half▲ 7.7pp88.0%above the sector's middle half▲ 3.4pp75.5%above the sector's middle half▼ 12.6pp
Current ratio4.33-9.10above the sector's middle half▲ 4.776.52above the sector's middle half▼ 2.584.22above the sector's middle half▼ 2.306.28above the sector's middle half▲ 2.077.95above the sector's middle half▲ 1.673.75above the sector's middle half▼ 4.20
Return on assets (ROA)10.3%-9.3%within the sector's middle half▼ 1.0pp17.3%above the sector's middle half▲ 8.0pp22.1%above the sector's middle half▲ 4.8pp22.6%above the sector's middle half▲ 0.5pp20.4%above the sector's middle half▼ 2.2pp11.1%above the sector's middle half▼ 9.3pp
Staff (FTE)16-14.5within the sector's middle half▼ 9.4%13.9within the sector's middle half▼ 4.1%14.4within the sector's middle half▲ 3.6%13.5within the sector's middle half▼ 6.3%13.8within the sector's middle half▲ 2.2%14.3within the sector's middle half▲ 3.6%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 40% lower than in 2024. It is the second fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €33.3m
Fixed assets
€2.6m ▲ 74.0%
Current assets
€30.7m ▲ 3.5%
Equity and liabilities €33.3m
Equity
€25.1m ▼ 8.4%
Debt
€8.2m ▲ 119%
Debt's share of the balance-sheet total rises from 12.0% to 24.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€5.3m▼
2024 · €8.6m
Cash flow
€4.0m▼
2024 · €6.6m
Quick ratio
1.96▼
2024 · 3.55
Debt to equity
0.33▲
2024 · 0.14
ROE
14.7%▼
2024 · 23.2%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€8.2m▲
2024 · €3.7m
Income taxes
€1.2m▼
2024 · €2.0m
Customer credit
54 days▼
2024 · 58 days
Supplier credit
13 days▼
2024 · 14 days
Staff costs
€1.3m▲
2024 · €1.1m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 16 | 15 | 15 | 16 |
| full-time | 12 | 12 | 12 | 13 |
| part-time | 4 | 3 | 3 | 3 |
| in full-time equivalents | 14.9 | 14 | 14 | 15 |
| Average over the year, in full-time equivalents | 14.4 | 13.5 | 13.8 | 14.3 |
| On a permanent contract | 16 | 15 | 15 | 16 |
| Joined | 3 | 4 | 1 | 2 |
| Left | 2 | 5 | 1 | 1 |
| Agency workers, average number | 1.3 | 1.3 | 1.3 | 0.8 |
| Training hours | - | 38 | 271 | 285 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €1.3m | €862,500 | - | - |
| Pledge on the business | €2.0m | €2.0m | €2.0m | €2.0m |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €167,174 | €363,502 | €568,288 | €127,619 |
| Financial fixed assets | €0 | - | - | €10 |
| Depreciation and write-downs of the year | €122,372 | €144,779 | €212,685 | €256,360 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Fee for the audit | €5,285 | €8,000 | €8,286 | €8,623 |
| Work by persons linked to the auditor | €1,200 | - | - | - |
Source: notes to the 2022 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2024 to 2025 · 2 entries · €3,738 awarded · €3,738 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €1,097 | €1,097 |
| 2024 | 1 | €2,641 | €2,641 |
Schemes
Public contracts
2 awards · 2024 to 2025
Energy cables: NET24L002 - MS cable part 2
Petits câbles et fils isolés (BT): Kabels H07RN-F
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €57.3m | €53.0m | €49.6m | €46.7m | ▼ 5.8% |
| Turnover70 | €31.8m | €26.8m | €31.5m | €57.3m | €53.0m | €49.5m | €46.7m | ▼ 5.8% |
| Other operating income74 | - | - | - | €0.01m | €0.01m | €0.02m | €0.02m | ▲ 8.6% |
| Non-recurring operating income76A | - | - | - | €177 | €0.02m | €0.002m | - | - |
| Operating charges60/66A | - | - | - | €49.5m | €44.5m | €41.2m | €41.7m | ▲ 1.1% |
| Goods for resale, raw materials and consumables60 | - | - | - | €46.0m | €39.6m | €37.4m | €36.2m | ▼ 3.0% |
| Purchases600/8 | - | - | - | €52.1m | €41.4m | €37.2m | €34.4m | ▼ 7.7% |
| Change in stocks: decrease (increase)609 | - | - | - | -€6.1m | -€1.8m | €0.1m | €1.9m | ▲ 16× |
| Services and other goods61 | - | - | - | €2.3m | €2.7m | €2.8m | €3.8m | ▲ 34.6% |
| Remuneration, social security and pensions62 | - | - | - | €1.1m | €1.1m | €1.1m | €1.3m | ▲ 11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.3m | ▲ 20.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.2m | €0.9m | -€0.3m | €0.05m | - |
| Other operating charges640/8 | - | - | - | €0.03m | €0.05m | €0.02m | €0.07m | ▲ 360% |
| Non-recurring operating charges66A | - | - | - | €0 | - | €0.004m | €0.04m | ▲ 817% |
| Operating profit (loss)9901 | €2.2m | €1.9m | €4.0m | €7.9m | €8.4m | €8.3m | €5.0m | ▼ 40.0% |
| Financial income75/76B | - | - | - | €0.2m | €0.1m | €0.3m | €0.2m | ▼ 55.4% |
| Recurring financial income75 | €0.1m | €0.1m | €0.1m | €0.2m | €0.1m | €0.3m | €0.2m | ▼ 55.4% |
| Income from financial fixed assets750 | - | - | - | €0.002m | - | €0.2m | - | - |
| Income from current assets751 | - | - | - | - | - | €0.01m | €0.04m | ▲ 214% |
| Other financial income752/9 | - | - | - | €0.2m | €0.1m | €0.1m | €0.1m | ▲ 5.0% |
| Financial charges65/66B | - | - | - | €0.6m | €0.5m | €0.3m | €0.2m | ▼ 29.4% |
| Recurring financial charges65 | €0.3m | €0.3m | €0.4m | €0.5m | €0.5m | €0.3m | €0.2m | ▼ 29.4% |
| Debt charges650 | €0.03m | €0.02m | €0.02m | €0.06m | €0.2m | €0.03m | €102 | ▼ 99.6% |
| Other financial charges652/9 | - | - | - | €0.4m | €0.4m | €0.3m | €0.2m | ▼ 22.8% |
| Non-recurring financial charges66B | - | - | - | €0.1m | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €2.0m | €1.7m | €3.8m | €7.5m | €8.0m | €8.4m | €4.9m | ▼ 41.0% |
| Income taxes67/77 | €0.6m | €0.5m | €1.0m | €1.9m | €2.1m | €2.0m | €1.2m | ▼ 38.2% |
| Taxes670/3 | - | - | - | €1.9m | €2.1m | €2.1m | €1.2m | ▼ 39.4% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | €0.04m | - | - |
| Profit (loss) for the period9904 | €1.4m | €1.2m | €2.8m | €5.6m | €6.0m | €6.4m | €3.7m | ▼ 41.9% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.2m | €0.1m | - | €0.1m | - |
| Transfer to tax-exempt reserves689 | - | - | - | €0.8m | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €1.1m | €1.2m | €2.8m | €4.9m | €6.1m | €6.4m | €3.8m | ▼ 39.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €13.7m | €12.9m | €16.2m | €25.3m | €26.3m | €31.2m | €33.3m | ▲ 6.9% |
| Fixed assets21/28 | €0.3m | €0.5m | €0.6m | €0.6m | €0.9m | €1.5m | €2.6m | ▲ 74.0% |
| Tangible fixed assets22/27 | €0.3m | €0.5m | €0.5m | €0.6m | €0.8m | €1.1m | €1.0m | ▼ 11.4% |
| Plant, machinery and equipment23 | - | - | - | €0.05m | €0.08m | €0.1m | €0.1m | ▼ 20.2% |
| Furniture and vehicles24 | - | - | - | €0.2m | €0.3m | €0.3m | €0.3m | ▼ 3.2% |
| Other tangible fixed assets26 | - | - | - | €0.3m | €0.4m | €0.7m | €0.6m | ▼ 15.4% |
| Assets under construction and advance payments27 | - | - | - | - | - | - | €0.01m | - |
| Financial fixed assets28 | €0.001m | €0.06m | €0.06m | €0.07m | €0.07m | €0.4m | €1.6m | ▲ 334% |
| Affiliated companies280/1 | - | - | - | €0.06m | €0.06m | €0.4m | €1.6m | ▲ 345% |
| Participating interests280 | - | - | - | €0.06m | €0.06m | €0.05m | €0.05m | = |
| Amounts receivable281 | - | - | - | - | - | €0.3m | €1.5m | ▲ 406% |
| Other financial fixed assets284/8 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Current assets29/58 | €13.3m | €12.4m | €15.7m | €24.6m | €25.5m | €29.7m | €30.7m | ▲ 3.5% |
| Stocks and contracts in progress3 | €8.6m | €7.5m | €10.2m | €16.3m | €15.8m | €16.4m | €14.7m | ▼ 10.8% |
| Stocks30/36 | - | - | - | €16.3m | €15.8m | €16.4m | €14.7m | ▼ 10.8% |
| Goods purchased for resale34 | - | - | - | €14.4m | €15.3m | €15.5m | €13.6m | ▼ 12.1% |
| Advance payments36 | - | - | - | €2.0m | €0.5m | €0.9m | €1.0m | ▲ 10.8% |
| Amounts receivable within one year40/41 | €4.3m | €3.1m | €5.3m | €8.2m | €7.5m | €7.9m | €7.2m | ▼ 8.3% |
| Trade receivables40 | - | - | - | €8.0m | €7.4m | €7.8m | €6.9m | ▼ 11.5% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.09m | €0.09m | €0.3m | ▲ 255% |
| Current investments50/53 | - | - | - | - | - | €1.0m | €4.0m | ▲ 300% |
| Other investments51/53 | - | - | - | - | - | €1.0m | €4.0m | ▲ 300% |
| Cash at bank and in hand54/58 | €0.5m | €1.7m | €0.2m | €0.1m | €2.2m | €4.3m | €4.8m | ▲ 9.9% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.002m | €0.002m | €0.03m | ▲ 18× |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €13.7m | €12.9m | €16.2m | €25.3m | €26.3m | €31.2m | €33.3m | ▲ 6.9% |
| Equity10/15 | €10.6m | €11.5m | €13.8m | €19.4m | €22.3m | €27.4m | €25.1m | ▼ 8.4% |
| Contributions10/11 | €3.1m | €3.1m | €3.1m | €3.1m | €0.4m | €0.4m | €0.4m | = |
| Capital10 | - | - | - | €3.1m | €0.4m | €0.4m | €0.4m | = |
| Issued capital100 | - | - | - | €3.1m | €0.4m | €0.4m | €0.4m | = |
| Reserves13 | €7.5m | €8.5m | €10.8m | €16.4m | €21.9m | €27.1m | €24.8m | ▼ 8.5% |
| Non-distributable reserves130/1 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Legal reserve130 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Tax-exempt reserves132 | - | - | - | €1.0m | €0.9m | €0.9m | €0.7m | ▼ 17.1% |
| Distributable reserves133 | - | - | - | €15.0m | €20.7m | €25.9m | €23.7m | ▼ 8.3% |
| Amounts payable17/49 | €3.1m | €1.4m | €2.4m | €5.8m | €4.1m | €3.7m | €8.2m | ▲ 119% |
| Amounts payable within one year42/48 | €3.1m | €1.4m | €2.4m | €5.8m | €4.1m | €3.7m | €8.2m | ▲ 119% |
| Financial debts43 | - | - | - | €2.3m | €2.0m | - | - | - |
| Credit institutions430/8 | - | - | - | €2.3m | €2.0m | - | - | - |
| Trade debts44 | €2.2m | €0.6m | €0.9m | €2.2m | €0.8m | €1.5m | €1.3m | ▼ 10.0% |
| Suppliers440/4 | - | - | - | €2.2m | €0.8m | €1.5m | €1.3m | ▼ 10.0% |
| Taxes, remuneration and social security45 | - | - | - | €1.1m | €1.0m | €1.4m | €0.9m | ▼ 39.7% |
| Taxes450/3 | - | - | - | €1.0m | €0.9m | €1.3m | €0.7m | ▼ 43.6% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 4.2% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.3m | €0.8m | €6.0m | ▲ 614% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.005m | €0.005m | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.4m | €1.2m | €2.8m | €5.6m | €6.0m | €6.4m | €3.7m | ▼ 41.9% |
| + Depreciation and write-downs630 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.3m | ▲ 20.5% |
| Operating cash flow (approximation) | €1.5m | €1.3m | €2.9m | €5.7m | €6.1m | €6.6m | €4.0m | ▼ 39.9% |
| Investment in fixed assets (approximation) | - | -€0.3m | -€0.2m | -€0.2m | -€0.4m | -€0.9m | -€1.4m | ▼ 60.6% |
| Change in cash | - | €1.3m | -€1.5m | -€0.1m | €2.1m | €2.2m | €0.4m | ▼ 80.2% |
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, 20,136 companies had the same profile as B - CABLES has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of B - CABLES 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 20,136 companies, not a prediction for B - CABLES. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | full format | 27-03-2026 | 2026-00064244 | |
| 30-09-2024 | full format | 02-04-2025 | 2025-00061550 | |
| 30-09-2023 | full format | 26-03-2024 | 2024-00049983 | |
| 30-09-2022 | full format | 21-04-2023 | 2023-00062527 | |
| 30-09-2021 | full format | 14-02-2022 | 2022-05700114 | |
| 30-09-2020 | full format | 16-03-2021 | 2021-07800115 | |
| 30-09-2019 | full format | 18-03-2020 | 2020-07100008 | |
| 30-09-2018 | full format | 20-03-2019 | 2019-07400589 | |
| 30-09-2017 | full format | 07-03-2018 | 2018-06500173 | |
| 30-09-2016 | full format | 21-12-2016 | 2016-71200075 |