BELCOTEX
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 22-06-2026 at the NBB all 5 filings
Turnover
≈ €1.9m
Estimated: probably between €1.1m and €3.2m
Total assets
€1.6m▼ 43.2%
2024 · €2.8m
Net result
€191,771▼ 15.5%
2024 · €227,035
Working capital
€59,172▼ 41.0%
2024 · €100,287
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€243,897
▼ 27.3%
2025
20212025
Net result
€191,771
▼ 15.5%
2025
highest quarter of the sector
20212025
Equity
€994,449
▲ 23.9%
2025
middle half of the sector
20212025
Total assets
€1.6m
▼ 43.2%
2025
middle half of the sector
20212025
Debt
€619,138
▼ 69.6%
2025
20212025
Working capital
€59,172
▼ 41.0%
2025
middle half of the sector
20212025
Solvency
61.6%
▲ 33.4pp
2025
middle half of the sector
20212025
Current ratio
1.14
▲ 0.09
2025
middle half of the sector
20212025
Return on assets (ROA)
11.9%
▲ 3.9pp
2025
highest quarter of the sector
20212025
Staff (FTE)
1.8
▲ 80.0%
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€0.06m-€0.2m▲ 200%€0.3m▲ 49.2%€0.3m▲ 24.0%€0.2m▼ 27.3%
Net result€0.05mwithin the sector's middle half-€0.2mwithin the sector's middle half▲ 212%€0.2mwithin the sector's middle half▲ 14.3%€0.2mwithin the sector's middle half▲ 17.7%€0.2mabove the sector's middle half▼ 15.5%
Equity€0.2mwithin the sector's middle half-€0.4mwithin the sector's middle half▲ 78.8%€0.6mwithin the sector's middle half▲ 50.4%€0.8mwithin the sector's middle half▲ 39.4%€1.0mwithin the sector's middle half▲ 23.9%
Total assets€0.7mbelow the sector's middle half-€1.1mwithin the sector's middle half▲ 59.0%€1.3mwithin the sector's middle half▲ 20.7%€2.8mwithin the sector's middle half▲ 116%€1.6mwithin the sector's middle half▼ 43.2%
Debt€0.5m-€0.7m▲ 50.0%€0.7m▲ 4.6%€2.0m▲ 176%€0.6m▼ 69.6%
Working capital€0.2mwithin the sector's middle half--€0.1mbelow the sector's middle half€0.05mwithin the sector's middle half€0.1mwithin the sector's middle half▲ 98.4%€0.06mwithin the sector's middle half▼ 41.0%
Solvency31.2%within the sector's middle half-35.1%within the sector's middle half▲ 3.9pp43.7%within the sector's middle half▲ 8.6pp28.2%within the sector's middle half▼ 15.5pp61.6%within the sector's middle half▲ 33.4pp
Current ratio4.12above the sector's middle half-0.43below the sector's middle half▼ 3.701.20within the sector's middle half▲ 0.771.06within the sector's middle half▼ 0.141.14within the sector's middle half▲ 0.09
Return on assets (ROA)7.9%within the sector's middle half-15.5%above the sector's middle half▲ 7.6pp14.7%above the sector's middle half▼ 0.8pp8.0%within the sector's middle half▼ 6.7pp11.9%above the sector's middle half▲ 3.9pp
Staff (FTE)1below the sector's middle half1below the sector's middle half=1below the sector's middle half=1.8within the sector's middle half▲ 80.0%
above
within
below
The sector band is the middle half of the companies in Waste collection, recovery and disposal activities (NACE 38). 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 27% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €1.6m
Fixed assets
€1.1m ▲ 23.7%
Current assets
€472,310 ▼ 75.4%
Equity and liabilities €1.6m
Equity
€994,449 ▲ 23.9%
Debt
€619,138 ▼ 69.6%
Debt's share of the balance-sheet total falls from 71.8% to 38.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€650,169▼
2024 · €666,096
Cash flow
€598,043▲
2024 · €557,670
Quick ratio
1.08▲
2024 · 1.05
Debt to equity
0.62▼
2024 · 2.54
ROE
19.3%▼
2024 · 28.3%
Interest coverage
51.31▲
2024 · 33.54
Debt ≤ 1 year
€413,138▼
2024 · €1.8m
Debt > 1 year
€200,000▼
2024 · €210,456
Income taxes
€39,454▼
2024 · €88,568
Staff costs
€120,290▲
2024 · €70,072
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 2 |
| full-time | 1 | 1 | 1 | 2 |
| part-time | 0 | 0 | 0 | 0 |
| in full-time equivalents | 1 | 1 | 1 | 2 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1.8 |
| On a permanent contract | 1 | 1 | 1 | 2 |
| Joined | - | - | - | 1 |
| Left | - | - | - | 0 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €458,456 | €757,675 | €299,275 | €246,806 | €625,074 |
| Financial fixed assets | €600 | €810 | €3,175 | - | €0 |
| Depreciation and write-downs of the year | €49,100 | €179,528 | €284,324 | €330,635 | €406,272 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €16,500 awarded · €16,500 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | -€25,000 | €0 |
| 2023 | 2 | €29,500 | €4,500 |
| 2022 | 1 | €12,000 | €12,000 |
Public contracts
6 awards · 2024 to 2026
Inzameling textiel via textielcontainers: AK19_251022 - 4 - 235 locaties
Het verwerven en verwerken van textiel ingezameld aan huis via het OPTIMO-systeem: AK20_251022 - 1
Concessie inzake de inzameling en verwerking van textiel: IVM/2025/26 - 1
Concessie inzake de inzameling en verwerking van textiel: IVM/2025/26 - 2
Concessie voor de inzameling en verwerking van gebruikt textiel door middel van straatcontainers in het werkingsgebied van MIWA: Textiel2023/001 - 1
Show 1 more contract
Het verwerven en verwerken van textiel ingezameld aan huis via het OPTIMO-systeem: AK25_230927 - 1
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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €1,267 | €57,269 | €70,553 | €70,072 | €120,290 | ▲ 71.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €49,100 | €179,528 | €284,324 | €330,635 | €406,272 | ▲ 22.9% |
| Other operating charges640/8 | €1,559 | €6,235 | €10,521 | €13,270 | €18,492 | ▲ 39.4% |
| Gross operating margin9900 | €112,381 | €424,375 | €635,988 | €749,438 | €788,952 | ▲ 5.3% |
| Operating profit (loss)9901 | €60,456 | €181,343 | €270,591 | €335,461 | €243,897 | ▼ 27.3% |
| Financial income75/76B | €108 | €29 | €22 | €0 | - | - |
| Recurring financial income75 | €108 | €29 | €22 | €0 | - | - |
| Financial charges65/66B | €5,570 | €12,624 | €19,762 | €19,858 | €12,673 | ▼ 36.2% |
| Recurring financial charges65 | €5,570 | €12,624 | €19,762 | €19,858 | €12,673 | ▼ 36.2% |
| Profit (loss) for the period before taxes9903 | €54,993 | €168,747 | €250,852 | €315,603 | €231,225 | ▼ 26.7% |
| Income taxes67/77 | €950 | -€3 | €58,002 | €88,568 | €39,454 | ▼ 55.5% |
| Profit (loss) for the period9904 | €54,043 | €168,750 | €192,850 | €227,035 | €191,771 | ▼ 15.5% |
| Profit (loss) for the period to be appropriated9905 | €54,043 | €168,750 | €192,850 | €227,035 | €191,771 | ▼ 15.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €0.7m | €1.1m | €1.3m | €2.8m | €1.6m | ▼ 43.2% |
| Fixed assets21/28 | €0.4m | €1.0m | €1.0m | €0.9m | €1.1m | ▲ 23.7% |
| Tangible fixed assets22/27 | €0.4m | €1.0m | €1.0m | €0.9m | €1.1m | ▲ 23.8% |
| Plant, machinery and equipment23 | €0.07m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 10.5% |
| Furniture and vehicles24 | €0.3m | €0.6m | €0.5m | €0.5m | €0.8m | ▲ 51.3% |
| Leasing and similar rights25 | - | €0.09m | €0.1m | €0.1m | €0.04m | ▼ 62.5% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.004m | €0.004m | €0.004m | = |
| Current assets29/58 | €0.3m | €0.1m | €0.3m | €1.9m | €0.5m | ▼ 75.4% |
| Stocks and contracts in progress3 | €0.01m | €0.01m | €0.01m | €0.02m | €0.02m | ▲ 45.9% |
| Stocks30/36 | €0.01m | €0.01m | €0.01m | €0.02m | €0.02m | ▲ 45.9% |
| Amounts receivable within one year40/41 | €0.1m | €0.06m | €0.2m | €1.7m | €0.2m | ▼ 85.3% |
| Trade receivables40 | €0.1m | €0.04m | €0.2m | €1.6m | €0.2m | ▼ 87.0% |
| Other amounts receivable41 | €0.007m | €0.02m | €0.02m | €0.02m | €0.03m | ▲ 55.0% |
| Cash at bank and in hand54/58 | €0.1m | €0.03m | €0.1m | €0.2m | €0.2m | ▼ 16.8% |
| Deferred charges and accrued income490/1 | €0.001m | €0.002m | €0.002m | €0.004m | €0.006m | ▲ 60.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €0.7m | €1.1m | €1.3m | €2.8m | €1.6m | ▼ 43.2% |
| Equity10/15 | €0.2m | €0.4m | €0.6m | €0.8m | €1.0m | ▲ 23.9% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.05m | €0.2m | €0.4m | €0.6m | €0.8m | ▲ 29.8% |
| Non-distributable reserves130/1 | €0.02m | €0 | - | - | - | - |
| Reserves not available under the articles1311 | €0.02m | €0 | - | - | - | - |
| Distributable reserves133 | €0.04m | €0.2m | €0.4m | €0.6m | €0.8m | ▲ 29.8% |
| Amounts payable17/49 | €0.5m | €0.7m | €0.7m | €2.0m | €0.6m | ▼ 69.6% |
| Amounts payable after more than one year17 | €0.4m | €0.5m | €0.5m | €0.2m | €0.2m | ▼ 5.0% |
| Financial debts170/4 | - | €0.06m | €0.07m | €0.01m | €0 | ▼ 100% |
| Other amounts payable178/9 | €0.4m | €0.4m | €0.4m | €0.2m | €0.2m | = |
| Amounts payable within one year42/48 | €0.07m | €0.2m | €0.3m | €1.8m | €0.4m | ▼ 77.3% |
| Current portion of amounts payable after more than one year42 | - | €0.03m | €0.06m | €0.06m | €0.01m | ▼ 82.2% |
| Trade debts44 | €0.07m | €0.2m | €0.2m | €1.7m | €0.4m | ▼ 78.4% |
| Suppliers440/4 | €0.07m | €0.2m | €0.2m | €1.7m | €0.4m | ▼ 78.4% |
| Taxes, remuneration and social security45 | €0.001m | €0.01m | €0.03m | €0.03m | €0.03m | ▲ 2.7% |
| Taxes450/3 | €0.001m | €0.003m | €0.02m | €0.02m | €0.009m | ▼ 46.3% |
| Remuneration and social security454/9 | €138 | €0.007m | €0.01m | €0.01m | €0.02m | ▲ 74.2% |
| Accrued charges and deferred income492/3 | €0.005m | €0.01m | €0.01m | €0.01m | €0.006m | ▼ 37.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €54,043 | €168,750 | €192,850 | €227,035 | €191,771 | ▼ 15.5% |
| + Depreciation and write-downs630 | €49,100 | €179,528 | €284,324 | €330,635 | €406,272 | ▲ 22.9% |
| Operating cash flow (approximation) | €103,143 | €348,278 | €477,173 | €557,670 | €598,043 | ▲ 7.2% |
| Investment in fixed assets (approximation) | - | -€757,885 | -€302,315 | -€246,806 | -€625,074 | ▼ 153% |
| Change in cash | - | -€96,472 | €85,742 | €121,749 | -€39,704 | - |
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, 26,972 companies had the same profile as BELCOTEX has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BELCOTEX itself: 0.4% 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 26,972 companies, not a prediction for BELCOTEX. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 22-06-2026 | 2026-00180500 | |
| 31-12-2024 | abbreviated format | 17-07-2025 | 2025-00281549 | |
| 31-12-2023 | abbreviated format | 24-06-2024 | 2024-00163882 | |
| 31-12-2022 | abbreviated format | 22-06-2023 | 2023-00148696 | |
| 31-12-2021 | abbreviated format | 21-06-2022 | 2022-20083178 |