BENELEC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 25-07-2026 at the NBB all 24 filings
Turnover
≈ €53,000
Estimated: probably between €35,000 and €110,000
Total assets
€64,413▼ 48.0%
2024 · €123,792
Net result
-€6,247
2024 · €10,574
Working capital
-€2,015
2024 · €34,585
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€5,513
2025
20182025
Net result
-€6,247
2025
lowest quarter of the sector
20182025
Equity
€8,583
▼ 42.1%
2025
lowest quarter of the sector
20182025
Total assets
€64,413
▼ 48.0%
2025
lowest quarter of the sector
20182025
Debt
€55,830
▼ 48.8%
2025
20182025
Working capital
-€2,015
2025
lowest quarter of the sector
20182025
Solvency
13.3%
▲ 1.3pp
2025
lowest quarter of the sector
20182025
Current ratio
0.96
▼ 0.54
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-9.7%
▼ 18.2pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€18,215--€11,158▲ 38.7%-€8,438▲ 24.4%-€10,270▼ 21.7%-€9,361▲ 8.9%€25,704€11,465▼ 55.4%-€5,513
Net result-€16,958--€7,115▲ 58.0%-€8,185below the sector's middle half▼ 15.0%-€11,564below the sector's middle half▼ 41.3%-€10,925below the sector's middle half▲ 5.5%€24,832within the sector's middle half€10,574within the sector's middle half▼ 57.4%-€6,247below the sector's middle half
Equity€17,212-€10,097▼ 41.3%€1,912below the sector's middle half▼ 81.1%-€9,652below the sector's middle half-€20,577below the sector's middle half▼ 113%€4,256below the sector's middle half€14,830below the sector's middle half▲ 248%€8,583below the sector's middle half▼ 42.1%
Total assets€123,725-€110,800▼ 10.4%€115,019below the sector's middle half▲ 3.8%€91,508below the sector's middle half▼ 20.4%€76,223within the sector's middle half▼ 16.7%€138,389within the sector's middle half▲ 81.6%€123,792within the sector's middle half▼ 10.5%€64,413below the sector's middle half▼ 48.0%
Debt€106,513-€100,703▼ 5.5%€113,106▲ 12.3%€101,160▼ 10.6%€96,800▼ 4.3%€134,133▲ 38.6%€108,963▼ 18.8%€55,830▼ 48.8%
Working capital€20,562-€18,039▼ 12.3%€8,626below the sector's middle half▼ 52.2%-€6,369below the sector's middle half-€12,534below the sector's middle half▼ 96.8%€17,447within the sector's middle half€34,585within the sector's middle half▲ 98.2%-€2,015below the sector's middle half
Solvency13.9%-9.1%▼ 4.8pp1.7%below the sector's middle half▼ 7.5pp-10.5%below the sector's middle half▼ 12.2pp-27.0%below the sector's middle half▼ 16.4pp3.1%below the sector's middle half▲ 30.1pp12.0%below the sector's middle half▲ 8.9pp13.3%below the sector's middle half▲ 1.3pp
Current ratio1.46-1.38▼ 0.081.18within the sector's middle half▼ 0.200.86below the sector's middle half▼ 0.320.75below the sector's middle half▼ 0.121.19within the sector's middle half▲ 0.451.50within the sector's middle half▲ 0.310.96below the sector's middle half▼ 0.54
Return on assets (ROA)-13.7%--6.4%▲ 7.3pp-7.1%below the sector's middle half▼ 0.7pp-12.6%below the sector's middle half▼ 5.5pp-14.3%below the sector's middle half▼ 1.7pp17.9%above the sector's middle half▲ 32.3pp8.5%within the sector's middle half▼ 9.4pp-9.7%below the sector's middle half▼ 18.2pp
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 a loss of €5,513, after a profit of €11,465 in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €64,413
Fixed assets
€10,598 ▼ 47.7%
Current assets
€53,815 ▼ 48.0%
Equity and liabilities €64,413
Equity
€8,583 ▼ 42.1%
Debt
€55,830 ▼ 48.8%
Debt's share of the balance-sheet total falls from 88.0% to 86.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€2,585▼
2024 · €22,874
Cash flow
€1,850▼
2024 · €21,983
Quick ratio
0.72▼
2024 · 1.31
Debt to equity
6.51▼
2024 · 7.35
ROE
-72.8%▼
2024 · 71.3%
Interest coverage
4.94▼
2024 · 28.59
Debt ≤ 1 year
€55,830▼
2024 · €68,963
Debt > 1 year
€0▼
2024 · €40,000
Income taxes
€248▲
2024 · €222
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 | €1,984 | - | - | €1,850 | €0 |
| Financial fixed assets | - | - | €1,550 | - | €0 |
| Depreciation and write-downs of the year | €10,987 | €11,252 | €11,252 | €11,409 | €8,097 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €500 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,705 | €12,705 | €13,988 | €10,987 | €11,252 | €11,252 | €11,409 | €8,097 | ▼ 29.0% |
| Other operating charges640/8 | - | - | - | €2,118 | €1,430 | €1,538 | €2,101 | €3,866 | ▲ 84.0% |
| Gross operating margin9900 | -€2,224 | €3,080 | €9,449 | €2,835 | €3,322 | €38,494 | €24,974 | €6,450 | ▼ 74.2% |
| Operating profit (loss)9901 | -€18,215 | -€11,158 | -€8,438 | -€10,270 | -€9,361 | €25,704 | €11,465 | -€5,513 | - |
| Financial income75/76B | - | - | - | €88 | €1 | €68 | €131 | €36 | ▼ 72.4% |
| Recurring financial income75 | €2,111 | €4,707 | €1,503 | €88 | €1 | €68 | €131 | €36 | ▼ 72.4% |
| Financial charges65/66B | - | - | - | €1,121 | €1,336 | €709 | €800 | €523 | ▼ 34.6% |
| Recurring financial charges65 | €611 | €430 | €1,020 | €1,121 | €1,336 | €709 | €800 | €523 | ▼ 34.6% |
| Profit (loss) for the period before taxes9903 | -€16,715 | -€6,880 | -€7,954 | -€11,303 | -€10,695 | €25,063 | €10,796 | -€5,999 | - |
| Income taxes67/77 | €243 | €235 | €230 | €261 | €229 | €230 | €222 | €248 | ▲ 11.4% |
| Profit (loss) for the period9904 | -€16,958 | -€7,115 | -€8,185 | -€11,564 | -€10,925 | €24,832 | €10,574 | -€6,247 | - |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | - | €9,500 | - |
| Profit (loss) for the period to be appropriated9905 | -€16,958 | -€7,115 | -€8,185 | -€11,564 | -€10,925 | €24,832 | €10,574 | €3,253 | ▼ 69.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €123,725 | €110,800 | €115,019 | €91,508 | €76,223 | €138,389 | €123,792 | €64,413 | ▼ 48.0% |
| Fixed assets21/28 | €57,993 | €45,288 | €59,761 | €50,758 | €39,506 | €29,803 | €20,245 | €10,598 | ▼ 47.7% |
| Tangible fixed assets22/27 | €57,993 | €45,288 | €59,761 | €50,758 | €39,506 | €28,253 | €18,695 | €10,598 | ▼ 43.3% |
| Land and buildings22 | - | - | - | €29,512 | €24,613 | €19,714 | €14,816 | €9,917 | ▼ 33.1% |
| Plant, machinery and equipment23 | - | - | - | €1,016 | €721 | €427 | €1,431 | €681 | ▼ 52.4% |
| Furniture and vehicles24 | - | - | - | €1,588 | €926 | €265 | €0 | - | - |
| Leasing and similar rights25 | - | - | - | €18,643 | €13,245 | €7,847 | €2,448 | €0 | ▼ 100% |
| Financial fixed assets28 | - | - | - | - | - | €1,550 | €1,550 | €0 | ▼ 100% |
| Current assets29/58 | €65,731 | €65,511 | €55,257 | €40,750 | €36,717 | €108,585 | €103,547 | €53,815 | ▼ 48.0% |
| Stocks and contracts in progress3 | €10,494 | €9,880 | €7,340 | €13,613 | €17,123 | €63,160 | €13,483 | €13,373 | ▼ 0.8% |
| Stocks30/36 | - | - | - | €6,532 | €8,057 | €14,280 | €13,483 | €13,373 | ▼ 0.8% |
| Contracts in progress37 | - | - | - | €7,081 | €9,066 | €48,880 | €0 | - | - |
| Amounts receivable within one year40/41 | €49,125 | €35,675 | €30,934 | €17,065 | €10,054 | €28,677 | €81,447 | €22,106 | ▼ 72.9% |
| Trade receivables40 | - | - | - | €11,077 | €5,278 | €19,926 | €78,789 | €20,178 | ▼ 74.4% |
| Other amounts receivable41 | - | - | - | €5,988 | €4,776 | €8,751 | €2,658 | €1,927 | ▼ 27.5% |
| Cash at bank and in hand54/58 | €5,619 | €10,772 | €9,885 | €10,071 | €6,922 | €14,312 | €6,607 | €15,288 | ▲ 131% |
| Deferred charges and accrued income490/1 | - | - | - | - | €2,619 | €2,436 | €2,009 | €3,049 | ▲ 51.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €123,725 | €110,800 | €115,019 | €91,508 | €76,223 | €138,389 | €123,792 | €64,413 | ▼ 48.0% |
| Equity10/15 | €17,212 | €10,097 | €1,912 | -€9,652 | -€20,577 | €4,256 | €14,830 | €8,583 | ▼ 42.1% |
| Contributions10/11 | €12,200 | €12,200 | €12,200 | €12,200 | €12,200 | €12,200 | €12,200 | €12,200 | = |
| Capital10 | - | - | - | €12,200 | - | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | - | - | - | - | - |
| Uncalled capital101 | - | - | - | €6,400 | - | - | - | - | - |
| Reserves13 | €74,813 | €74,813 | €74,813 | €74,813 | €74,813 | €16,501 | €16,501 | €7,001 | ▼ 57.6% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Legal reserve130 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,860 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €9,500 | €9,500 | €9,500 | €9,500 | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | €63,453 | €63,453 | €7,001 | €7,001 | €7,001 | = |
| Profit (loss) carried forward14 | -€69,802 | -€76,917 | -€85,101 | -€96,665 | -€107,590 | -€24,445 | -€13,871 | -€10,618 | ▲ 23.5% |
| Amounts payable17/49 | €106,513 | €100,703 | €113,106 | €101,160 | €96,800 | €134,133 | €108,963 | €55,830 | ▼ 48.8% |
| Amounts payable after more than one year17 | €61,273 | €53,231 | €66,476 | €52,042 | €47,548 | €42,995 | €40,000 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €52,042 | €47,548 | €42,995 | €40,000 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €45,169 | €47,472 | €46,631 | €47,118 | €49,251 | €91,138 | €68,963 | €55,830 | ▼ 19.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4,434 | €4,493 | €4,554 | €2,995 | €0 | ▼ 100% |
| Trade debts44 | €32,076 | €38,529 | €33,895 | €41,865 | €40,273 | €56,474 | €17,592 | €23,710 | ▲ 34.8% |
| Suppliers440/4 | - | - | - | €41,865 | €40,273 | €56,474 | €17,592 | €23,710 | ▲ 34.8% |
| Taxes, remuneration and social security45 | - | - | - | €394 | €491 | €175 | €221 | €221 | = |
| Taxes450/3 | - | - | - | €394 | €491 | €175 | €221 | €221 | = |
| Other amounts payable47/48 | - | - | - | €425 | €3,994 | €29,935 | €48,154 | €31,899 | ▼ 33.8% |
| Accrued charges and deferred income492/3 | - | - | - | €2,000 | €0 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€16,958 | -€7,115 | -€8,185 | -€11,564 | -€10,925 | €24,832 | €10,574 | -€6,247 | - |
| + Depreciation and write-downs630 | €12,705 | €12,705 | €13,988 | €10,987 | €11,252 | €11,252 | €11,409 | €8,097 | ▼ 29.0% |
| Operating cash flow (approximation) | -€4,253 | €5,590 | €5,804 | -€577 | €328 | €36,085 | €21,983 | €1,850 | ▼ 91.6% |
| Investment in fixed assets (approximation) | - | €0 | -€28,461 | -€1,984 | €0 | -€1,550 | -€1,850 | €1,550 | - |
| Change in cash | - | €5,153 | -€887 | €186 | -€3,149 | €7,390 | -€7,705 | €8,680 | - |
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, 2,450 companies had the same profile as BENELEC has now. Two years later, 93.3% were still going and 1.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a small loss
93.3%
was still going
5.1%
stopped otherwise
1.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BENELEC itself: 0.7% 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 2,450 companies, not a prediction for BENELEC. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-07-2026 | 2026-00332208 | |
| 31-12-2024 | micro format | 05-07-2025 | 2025-00234264 | |
| 31-12-2023 | micro format | 29-06-2024 | 2024-00184510 | |
| 31-12-2022 | micro format | 22-07-2023 | 2023-00260069 | |
| 31-12-2021 | abbreviated format | 21-06-2022 | 2022-20086277 | |
| 31-12-2020 | abbreviated format | 31-08-2021 | 2021-65300192 | |
| 31-12-2019 | abbreviated format | 27-10-2020 | 2020-63900418 | |
| 31-12-2018 | abbreviated format | 23-07-2019 | 2019-39000051 | |
| 31-12-2017 | abbreviated format | 30-08-2018 | 2018-58200598 | |
| 31-12-2016 | abbreviated format | 23-05-2017 | 2017-13200181 |