BELTEAM
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 40 days after the deadline Filed on 9 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00509014.
Annual accounts 2025 filed on 09-09-2026 at the NBB all 5 filings
Turnover
≈ €260,000
Estimated: probably between €200,000 and €530,000
Total assets
€124,217▲ 44.6%
2024 · €85,883
Net result
€27,608▲ 10.5%
2024 · €24,984
Working capital
€61,025▲ 70.2%
2024 · €35,858
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€45,007
▲ 20.7%
2025
20212025
Net result
€27,608
▲ 10.5%
2025
middle half of the sector
20212025
Equity
€70,132
▲ 64.9%
2025
middle half of the sector
20212025
Total assets
€124,217
▲ 44.6%
2025
middle half of the sector
20212025
Debt
€54,084
▲ 24.7%
2025
20212025
Working capital
€61,025
▲ 70.2%
2025
middle half of the sector
20212025
Solvency
56.5%
▲ 6.9pp
2025
middle half of the sector
20212025
Current ratio
2.51
▲ 0.06
2025
middle half of the sector
20212025
Return on assets (ROA)
22.2%
▼ 6.9pp
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€5,395--€1,784€20,562€37,285▲ 81.3%€45,007▲ 20.7%
Net result€3,955within the sector's middle half--€2,725below the sector's middle half€14,811within the sector's middle half€24,984within the sector's middle half▲ 68.7%€27,608within the sector's middle half▲ 10.5%
Equity€5,455below the sector's middle half-€2,730below the sector's middle half▼ 50.0%€17,541below the sector's middle half▲ 542%€42,524within the sector's middle half▲ 142%€70,132within the sector's middle half▲ 64.9%
Total assets€39,054below the sector's middle half-€32,127below the sector's middle half▼ 17.7%€50,245below the sector's middle half▲ 56.4%€85,883within the sector's middle half▲ 70.9%€124,217within the sector's middle half▲ 44.6%
Debt€33,599-€29,397▼ 12.5%€32,704▲ 11.3%€43,359▲ 32.6%€54,084▲ 24.7%
Working capital-€512below the sector's middle half-€809below the sector's middle half€16,683within the sector's middle half▲ 21×€35,858within the sector's middle half▲ 115%€61,025within the sector's middle half▲ 70.2%
Solvency14.0%below the sector's middle half-8.5%below the sector's middle half▼ 5.5pp34.9%within the sector's middle half▲ 26.4pp49.5%within the sector's middle half▲ 14.6pp56.5%within the sector's middle half▲ 6.9pp
Current ratio0.96below the sector's middle half-1.05below the sector's middle half▲ 0.091.72within the sector's middle half▲ 0.662.45within the sector's middle half▲ 0.732.51within the sector's middle half▲ 0.06
Return on assets (ROA)10.1%within the sector's middle half--8.5%below the sector's middle half▼ 18.6pp29.5%above the sector's middle half▲ 38.0pp29.1%above the sector's middle half▼ 0.4pp22.2%above the sector's middle half▼ 6.9pp
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 21% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Turnover and EBIT margin are not published. The micro 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 €124,217
Fixed assets
€22,792 ▼ 9.9%
Current assets
€101,424 ▲ 67.4%
Equity and liabilities €124,217
Equity
€70,132 ▲ 64.9%
Debt
€54,084 ▲ 24.7%
Debt's share of the balance-sheet total falls from 50.5% to 43.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€50,822▲
2024 · €41,179
Cash flow
€33,423▲
2024 · €28,878
Debt to equity
0.77▼
2024 · 1.02
ROE
39.4%▼
2024 · 58.8%
Interest coverage
47.91▲
2024 · 39.70
Debt ≤ 1 year
€40,399▲
2024 · €24,737
Debt > 1 year
€13,685▼
2024 · €18,622
Income taxes
€16,344▲
2024 · €11,265
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €27,928 | €521 | - | €28,453 | €3,319 |
| Depreciation and write-downs of the year | €3,386 | €9,523 | €6,207 | €3,894 | €5,815 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €8,624 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,386 | €9,523 | €6,207 | €3,894 | €5,815 | ▲ 49.3% |
| Other operating charges640/8 | €597 | €344 | €177 | €878 | €654 | ▼ 25.5% |
| Gross operating margin9900 | €9,378 | €8,083 | €26,946 | €42,057 | €51,476 | ▲ 22.4% |
| Operating profit (loss)9901 | €5,395 | -€1,784 | €20,562 | €37,285 | €45,007 | ▲ 20.7% |
| Financial income75/76B | - | €0 | €1 | €1 | €6 | ▲ 12× |
| Recurring financial income75 | - | €0 | €1 | €1 | €6 | ▲ 12× |
| Financial charges65/66B | €289 | €1,014 | €782 | €1,037 | €1,061 | ▲ 2.3% |
| Recurring financial charges65 | €289 | €1,014 | €782 | €1,037 | €1,061 | ▲ 2.3% |
| Profit (loss) for the period before taxes9903 | €5,106 | -€2,798 | €19,782 | €36,248 | €43,952 | ▲ 21.3% |
| Income taxes67/77 | €1,151 | -€73 | €4,971 | €11,265 | €16,344 | ▲ 45.1% |
| Profit (loss) for the period9904 | €3,955 | -€2,725 | €14,811 | €24,984 | €27,608 | ▲ 10.5% |
| Profit (loss) for the period to be appropriated9905 | €3,955 | -€2,725 | €14,811 | €24,984 | €27,608 | ▲ 10.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €39,054 | €32,127 | €50,245 | €85,883 | €124,217 | ▲ 44.6% |
| Formation expenses20 | €33 | - | - | - | - | - |
| Fixed assets21/28 | €25,510 | €16,541 | €10,334 | €25,288 | €22,792 | ▼ 9.9% |
| Tangible fixed assets22/27 | €25,510 | €16,541 | €10,334 | €25,288 | €22,792 | ▼ 9.9% |
| Plant, machinery and equipment23 | €2,055 | €1,297 | €539 | - | €2,038 | - |
| Furniture and vehicles24 | €23,455 | €15,244 | €9,795 | €25,288 | €20,754 | ▼ 17.9% |
| Current assets29/58 | €13,511 | €15,586 | €39,911 | €60,595 | €101,424 | ▲ 67.4% |
| Amounts receivable within one year40/41 | €2,159 | €8,659 | €34,428 | €40,219 | €59,740 | ▲ 48.5% |
| Trade receivables40 | €1,002 | €8,237 | €34,104 | €39,240 | €57,712 | ▲ 47.1% |
| Other amounts receivable41 | €1,157 | €421 | €324 | €979 | €2,028 | ▲ 107% |
| Cash at bank and in hand54/58 | €11,099 | €6,777 | €5,363 | €19,911 | €41,597 | ▲ 109% |
| Deferred charges and accrued income490/1 | €254 | €150 | €120 | €465 | €88 | ▼ 81.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €39,054 | €32,127 | €50,245 | €85,883 | €124,217 | ▲ 44.6% |
| Equity10/15 | €5,455 | €2,730 | €17,541 | €42,524 | €70,132 | ▲ 64.9% |
| Contributions10/11 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | = |
| Reserves13 | - | - | €14,500 | €39,000 | €66,608 | ▲ 70.8% |
| Distributable reserves133 | - | - | €14,500 | €39,000 | €66,608 | ▲ 70.8% |
| Profit (loss) carried forward14 | €3,955 | €1,230 | €1,541 | €2,024 | €2,024 | = |
| Amounts payable17/49 | €33,599 | €29,397 | €32,704 | €43,359 | €54,084 | ▲ 24.7% |
| Amounts payable after more than one year17 | €19,576 | €14,620 | €9,476 | €18,622 | €13,685 | ▼ 26.5% |
| Financial debts170/4 | €19,576 | €14,620 | €9,476 | €18,622 | €13,685 | ▼ 26.5% |
| Amounts payable within one year42/48 | €14,023 | €14,777 | €23,229 | €24,737 | €40,399 | ▲ 63.3% |
| Current portion of amounts payable after more than one year42 | €4,775 | €4,956 | €5,144 | €4,748 | €4,937 | ▲ 4.0% |
| Trade debts44 | €97 | €3,331 | €483 | €33 | €6,082 | ▲ 186× |
| Suppliers440/4 | €97 | €3,331 | €483 | €33 | €6,082 | ▲ 186× |
| Taxes, remuneration and social security45 | €2,063 | €3,307 | €11,659 | €19,957 | €28,749 | ▲ 44.1% |
| Taxes450/3 | €2,063 | €3,307 | €6,379 | €17,807 | €28,749 | ▲ 61.4% |
| Remuneration and social security454/9 | - | - | €5,280 | €2,150 | - | - |
| Other amounts payable47/48 | €7,088 | €3,183 | €5,943 | - | €632 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,955 | -€2,725 | €14,811 | €24,984 | €27,608 | ▲ 10.5% |
| + Depreciation and write-downs630 | €3,386 | €9,523 | €6,207 | €3,894 | €5,815 | ▲ 49.3% |
| Operating cash flow (approximation) | €7,341 | €6,798 | €21,018 | €28,878 | €33,423 | ▲ 15.7% |
| Investment in fixed assets (approximation) | - | -€554 | €0 | -€18,849 | -€3,319 | ▲ 82.4% |
| Change in cash | - | -€4,321 | -€1,415 | €14,548 | €21,686 | ▲ 49.1% |
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 BELTEAM 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 BELTEAM itself: 1.0% 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 BELTEAM. 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 | micro format | 09-09-2026 | 2026-00509014 | |
| 31-12-2024 | micro format | 22-06-2025 | 2025-00164190 | |
| 31-12-2023 | micro format | 16-08-2024 | 2024-00348159 | |
| 31-12-2022 | micro format | 29-06-2023 | 2023-00170881 | |
| 31-12-2021 | micro format | 22-08-2022 | 2022-20304091 |