BEFELEC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-07-2026 at the NBB all 34 filings
Turnover
€172,130
EBIT margin
1.3%
Net result
€264▼ 70.6%
2024 · €899
Working capital
€39,867▼ 0.7%
2024 · €40,153
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€342
▼ 62.7%
2025
20182025
Net result
€264
▼ 70.6%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€43,468
▲ 0.6%
2025
middle half of the sector
20182025
Total assets
€212,683
▼ 5.0%
2025
middle half of the sector
20182025
Debt
€169,216
▼ 6.3%
2025
20182025
Working capital
€39,867
▼ 0.7%
2025
middle half of the sector
20182025
Solvency
20.4%
▲ 1.1pp
2025
lowest quarter of the sector
20182025
Current ratio
1.24
▲ 0.01
2025
middle half of the sector
20182025
Return on assets (ROA)
0.1%
▼ 0.3pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
4
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€172,130
Operating result€8,397-€2,303▼ 72.6%€930▼ 59.6%-€14,578€3,764€5,434▲ 44.4%€916▼ 83.1%€342▼ 62.7%
Net result€10,831-€2,435▼ 77.5%€1,371within the sector's middle half▼ 43.7%-€14,273below the sector's middle half€3,191within the sector's middle half€5,645within the sector's middle half▲ 76.9%€899within the sector's middle half▼ 84.1%€264below the sector's middle half▼ 70.6%
EBIT margin1.3%
Equity€43,935-€46,369▲ 5.5%€47,741within the sector's middle half▲ 3.0%€33,468within the sector's middle half▼ 29.9%€36,659within the sector's middle half▲ 9.5%€42,304within the sector's middle half▲ 15.4%€43,203within the sector's middle half▲ 2.1%€43,468within the sector's middle half▲ 0.6%
Total assets€337,356-€322,537▼ 4.4%€320,648above the sector's middle half▼ 0.6%€307,914above the sector's middle half▼ 4.0%€258,153within the sector's middle half▼ 16.2%€235,642within the sector's middle half▼ 8.7%€223,855within the sector's middle half▼ 5.0%€212,683within the sector's middle half▼ 5.0%
Debt€293,421-€276,168▼ 5.9%€272,907▼ 1.2%€274,446▲ 0.6%€221,493▼ 19.3%€193,338▼ 12.7%€180,652▼ 6.6%€169,216▼ 6.3%
Working capital€22,657-€31,380▲ 38.5%€38,189within the sector's middle half▲ 21.7%€29,603within the sector's middle half▼ 22.5%€33,794within the sector's middle half▲ 14.2%€37,939within the sector's middle half▲ 12.3%€40,153within the sector's middle half▲ 5.8%€39,867within the sector's middle half▼ 0.7%
Solvency13.0%-14.4%▲ 1.4pp14.9%below the sector's middle half▲ 0.5pp10.9%below the sector's middle half▼ 4.0pp14.2%below the sector's middle half▲ 3.3pp18.0%below the sector's middle half▲ 3.8pp19.3%below the sector's middle half▲ 1.3pp20.4%below the sector's middle half▲ 1.1pp
Current ratio1.08-1.11▲ 0.041.14within the sector's middle half▲ 0.031.11below the sector's middle half▼ 0.031.15within the sector's middle half▲ 0.051.20within the sector's middle half▲ 0.041.22within the sector's middle half▲ 0.031.24within the sector's middle half▲ 0.01
Return on assets (ROA)3.2%-0.8%▼ 2.5pp0.4%below the sector's middle half▼ 0.3pp-4.6%below the sector's middle half▼ 5.1pp1.2%within the sector's middle half▲ 5.9pp2.4%within the sector's middle half▲ 1.2pp0.4%within the sector's middle half▼ 2.0pp0.1%below the sector's middle half▼ 0.3pp
Staff (FTE)4-4=4above the sector's middle half=9.9▲ 148%4.2▼ 57.6%4▼ 4.8%4=4=
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 63% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €212,683
Fixed assets
€3,600 ▲ 18.0%
Current assets
€209,083 ▼ 5.3%
Equity and liabilities €212,683
Equity
€43,468 ▲ 0.6%
Debt
€169,216 ▼ 6.3%
Debt's share of the balance-sheet total falls from 80.7% to 79.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€352
Cash flow
€275
Quick ratio
1.18▲
2024 · 1.17
Debt to equity
3.89▼
2024 · 4.18
ROE
0.6%▼
2024 · 2.1%
Interest coverage
0.94
Debt ≤ 1 year
€169,216▼
2024 · €180,652
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 | 11 | 4 | 4 | 4 | 4 |
| full-time | 10 | 4 | 4 | 4 | 4 |
| part-time | 1 | - | - | - | - |
| in full-time equivalents | 10.5 | 4 | 4 | 4 | 4 |
| Average over the year, in full-time equivalents | 9.9 | 4.2 | 4 | 4 | 4 |
| On a permanent contract | 11 | 4 | 4 | 4 | 4 |
| Joined | 7 | 1 | - | - | - |
| Left | 6 | 1 | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €561 |
| Depreciation and write-downs of the year | €5,187 | - | - | - | €11 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €172,130 | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | - | - | - | €340 | - |
| Remuneration, social security and pensions62 | - | - | - | €39,111 | €16,930 | €40 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,040 | €5,630 | €5,437 | €5,187 | - | - | - | €11 | - |
| Other operating charges640/8 | - | - | - | €233 | €316 | €255 | €308 | €273 | ▼ 11.3% |
| Gross operating margin9900 | €129,498 | €80,110 | €60,222 | €29,953 | €21,010 | €5,729 | €1,224 | €626 | ▼ 48.9% |
| Operating profit (loss)9901 | €8,397 | €2,303 | €930 | -€14,578 | €3,764 | €5,434 | €916 | €342 | ▼ 62.7% |
| Financial income75/76B | - | - | - | €903 | €113 | €770 | €371 | €298 | ▼ 19.8% |
| Recurring financial income75 | €2,634 | €932 | €693 | €903 | €113 | €770 | €371 | €298 | ▼ 19.8% |
| Financial charges65/66B | - | - | - | €597 | €635 | €428 | €389 | €375 | ▼ 3.5% |
| Recurring financial charges65 | €1,027 | €526 | €252 | €597 | €635 | €428 | €389 | €375 | ▼ 3.5% |
| Profit (loss) for the period before taxes9903 | €10,831 | €2,435 | €1,371 | -€14,273 | €3,242 | €5,776 | €899 | €264 | ▼ 70.6% |
| Income taxes67/77 | - | - | - | - | €51 | €132 | - | - | - |
| Profit (loss) for the period9904 | €10,831 | €2,435 | €1,371 | -€14,273 | €3,191 | €5,645 | €899 | €264 | ▼ 70.6% |
| Profit (loss) for the period to be appropriated9905 | €10,831 | €2,435 | €1,371 | -€14,273 | €3,191 | €5,645 | €899 | €264 | ▼ 70.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €337,356 | €322,537 | €320,648 | €307,914 | €258,153 | €235,642 | €223,855 | €212,683 | ▼ 5.0% |
| Fixed assets21/28 | €21,277 | €14,989 | €9,552 | €4,365 | €4,365 | €4,365 | €3,050 | €3,600 | ▲ 18.0% |
| Tangible fixed assets22/27 | €16,527 | €10,624 | €5,187 | - | - | - | - | €550 | - |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €550 | - |
| Financial fixed assets28 | €4,750 | €4,365 | €4,365 | €4,365 | €4,365 | €4,365 | €3,050 | €3,050 | = |
| Current assets29/58 | €316,078 | €307,548 | €311,096 | €303,548 | €253,788 | €231,277 | €220,805 | €209,083 | ▼ 5.3% |
| Stocks and contracts in progress3 | €11,328 | €10,986 | €11,236 | €9,778 | €8,915 | €9,350 | €9,673 | €8,764 | ▼ 9.4% |
| Stocks30/36 | - | - | - | €9,778 | €8,915 | €9,350 | €9,673 | €8,764 | ▼ 9.4% |
| Amounts receivable within one year40/41 | €141,978 | €165,929 | €163,653 | €82,094 | €86,300 | €57,078 | €44,347 | €32,795 | ▼ 26.0% |
| Trade receivables40 | - | - | - | €80,945 | €85,965 | €56,379 | €44,347 | €32,795 | ▼ 26.0% |
| Other amounts receivable41 | - | - | - | €1,149 | €335 | €698 | - | - | - |
| Cash at bank and in hand54/58 | €49,286 | €18,593 | €43,516 | €85,946 | €63,649 | €93,497 | €95,486 | €99,494 | ▲ 4.2% |
| Deferred charges and accrued income490/1 | - | - | - | €125,730 | €94,924 | €71,351 | €71,299 | €68,030 | ▼ 4.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €337,356 | €322,537 | €320,648 | €307,914 | €258,153 | €235,642 | €223,855 | €212,683 | ▼ 5.0% |
| Equity10/15 | €43,935 | €46,369 | €47,741 | €33,468 | €36,659 | €42,304 | €43,203 | €43,468 | ▲ 0.6% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | €23,483 | €25,918 | €27,289 | €13,017 | €16,208 | €21,853 | €22,752 | €23,016 | ▲ 1.2% |
| Amounts payable17/49 | €293,421 | €276,168 | €272,907 | €274,446 | €221,493 | €193,338 | €180,652 | €169,216 | ▼ 6.3% |
| Amounts payable within one year42/48 | €293,421 | €276,168 | €272,907 | €273,946 | €219,993 | €193,338 | €180,652 | €169,216 | ▼ 6.3% |
| Trade debts44 | €55,441 | €32,262 | €23,889 | €12,361 | €9,762 | €6,769 | €2,509 | €5,393 | ▲ 115% |
| Suppliers440/4 | - | - | - | €12,361 | €9,762 | €6,769 | €2,509 | €5,393 | ▲ 115% |
| Taxes, remuneration and social security45 | - | - | - | €133,075 | €85,555 | €69,999 | €64,956 | €46,663 | ▼ 28.2% |
| Taxes450/3 | - | - | - | - | €51 | €182 | €139 | €963 | ▲ 591% |
| Remuneration and social security454/9 | - | - | - | €133,075 | €85,504 | €69,817 | €64,817 | €45,700 | ▼ 29.5% |
| Other amounts payable47/48 | - | - | - | €128,510 | €124,676 | €116,569 | €113,188 | €117,160 | ▲ 3.5% |
| Accrued charges and deferred income492/3 | - | - | - | €500 | €1,500 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,831 | €2,435 | €1,371 | -€14,273 | €3,191 | €5,645 | €899 | €264 | ▼ 70.6% |
| + Depreciation and write-downs630 | €6,040 | €5,630 | €5,437 | €5,187 | - | - | - | €11 | - |
| Operating cash flow (approximation) | €16,870 | €8,064 | €6,809 | -€9,086 | €3,191 | €5,645 | €899 | €275 | ▼ 69.4% |
| Investment in fixed assets (approximation) | - | €659 | €0 | €0 | €0 | €0 | €1,315 | -€561 | - |
| Change in cash | - | -€30,693 | €24,923 | €42,430 | -€22,296 | €29,848 | €1,989 | €4,008 | ▲ 102% |
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, 3,984 companies had the same profile as BEFELEC has now. Two years later, 96.5% were still going and 1.1% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.5%
was still going
2.3%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of BEFELEC itself: 0.2% 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 3,984 companies, not a prediction for BEFELEC. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 09-07-2026 | 2026-00273926 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00326384 | |
| 31-12-2023 | micro format | 29-07-2024 | 2024-00308087 | |
| 31-12-2022 | micro format | 26-07-2023 | 2023-00271796 | |
| 31-12-2021 | micro format | 27-07-2022 | 2022-20228129 | |
| 31-12-2020 | micro format | 28-07-2021 | 2021-41400207 | |
| 31-12-2019 | micro format | 29-07-2020 | 2020-35600592 | |
| 31-12-2018 | micro format | 24-07-2019 | 2019-37100037 | |
| 31-12-2017 | micro format | 26-07-2018 | 2018-38100532 | |
| 31-12-2016 | micro format | 07-08-2017 | 2017-41400232 |