Blankedale
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-05-2026 PDF all 20 filings
Every figure per financial year
The operating result for 2025 is 72% lower than in 2024.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 958 | 938 | 915 | 900 | 893 |
| full-time | 614 | 578 | 580 | 577 | 567 |
| part-time | 344 | 360 | 335 | 323 | 326 |
| in full-time equivalents | 825.8 | 807.3 | 790.5 | 778.9 | 775.6 |
| Average over the year, in full-time equivalents | 825.8 | 807.3 | 790.5 | 778.9 | 775.6 |
| On a permanent contract | 897 | 866 | 852 | 870 | 863 |
| Joined | 111 | 113 | 88 | 99 | 85 |
| Left | 98 | 133 | 111 | 114 | 92 |
| Agency workers, average number | 55.4 | 3.5 | 0.5 | 0.5 | 1.1 |
| Training hours | 13,685 | 13,844 | 15,834 | 11,742 | 11,840 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €841,108 | €1.6m | €2.8m | €3.5m | €1.2m |
| Intangible fixed assets | €33,662 | €10,675 | - | €31,105 | €16,350 |
| Financial fixed assets | - | - | - | €1,000 | - |
| Depreciation and write-downs of the year | €1.3m | €1.3m | €1.3m | €1.4m | €1.6m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is VGD Bedrijfsrevisoren.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €19,080 | €20,168 | €23,500 | €24,307 | €24,568 |
| Other work by the auditor | €678 | €2,350 | €1,363 | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 22 entries · €55.8m awarded · €55.8m paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 7 | €14.8m | €14.8m |
| 2024 | 6 | €14.1m | €14.0m |
| 2023 | 5 | €14.7m | €14.8m |
| 2022 | 4 | €12.3m | €12.1m |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €25.8m | €28.1m | €28.4m | €30.1m | €30.3m | ▲ 0.5% |
| Turnover70 | €14.1m | €13.7m | €11.2m | €10.9m | €11.4m | €11.8m | €12.9m | €12.9m | ▲ 0.5% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €0.005m | €0.02m | -€0.01m | €0.03m | €0.007m | ▼ 76.9% |
| Own construction capitalised72 | - | - | - | €0.02m | €0.1m | €0.1m | €0.1m | €0.05m | ▼ 57.0% |
| Membership fees, donations, legacies and grants73 | - | - | - | €14.2m | €15.8m | €15.8m | €16.5m | €16.5m | ▲ 0.5% |
| Other operating income74 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.8m | ▲ 15.0% |
| Non-recurring operating income76A | - | - | - | €0.002m | €0.01m | €0.09m | €0.008m | €413 | ▼ 95.1% |
| Operating charges60/66A | - | - | - | €25.4m | €28.0m | €28.1m | €29.5m | €30.1m | ▲ 2.1% |
| Goods for resale, raw materials and consumables60 | - | - | - | €1.0m | €1.0m | €0.9m | €1.1m | €1.0m | ▼ 9.9% |
| Purchases600/8 | - | - | - | €1.0m | €1.1m | €0.9m | €1.0m | €1.0m | ▼ 4.1% |
| Change in stocks: decrease (increase)609 | - | - | - | €0.07m | -€0.03m | €0.004m | €0.02m | -€0.04m | - |
| Services and other goods61 | - | - | - | €2.8m | €2.8m | €2.9m | €3.0m | €3.2m | ▲ 6.8% |
| Remuneration, social security and pensions62 | - | - | - | €20.2m | €22.8m | €22.8m | €24.0m | €24.6m | ▲ 2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.3m | €1.5m | €1.4m | €1.3m | €1.3m | €1.3m | €1.4m | €1.6m | ▲ 11.2% |
| Other operating charges640/8 | - | - | - | €0.08m | €0.1m | €0.1m | €0.09m | €0.09m | ▲ 8.8% |
| Non-recurring operating charges66A | - | - | - | €0.001m | €0.001m | €0.002m | €0.001m | €0.001m | ▼ 34.5% |
| Operating profit (loss)9901 | €0.3m | €0.2m | €0.1m | €0.4m | €0.02m | €0.3m | €0.6m | €0.2m | ▼ 72.5% |
| Financial income75/76B | - | - | - | €0.7m | €0.1m | €0.8m | €0.5m | €0.3m | ▼ 33.9% |
| Recurring financial income75 | €0.3m | €0.5m | €0.8m | €0.7m | €0.1m | €0.8m | €0.5m | €0.3m | ▼ 33.9% |
| Income from current assets751 | - | - | - | €0.7m | €0.1m | €0.8m | €0.4m | €0.3m | ▼ 34.6% |
| Other financial income752/9 | - | - | - | €0.02m | €0.02m | €0.01m | €0.01m | €0.01m | ▼ 8.7% |
| Non-recurring financial income76B | - | - | - | €0.01m | €0 | - | - | - | - |
| Financial charges65/66B | - | - | - | €0.02m | €0.6m | €0.1m | €0.04m | €0.08m | ▲ 82.3% |
| Recurring financial charges65 | €0.2m | €0.04m | €0.8m | €0.02m | €0.6m | €0.1m | €0.04m | €0.08m | ▲ 82.3% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | €0.009m | €0.6m | €0.09m | €0.03m | €0.07m | ▲ 103% |
| Other financial charges652/9 | - | - | - | €0.009m | €0.01m | €0.008m | €0.009m | €0.009m | ▲ 2.8% |
| Profit (loss) for the period before taxes9903 | €0.4m | €0.7m | €0.2m | €1.1m | -€0.4m | €1.0m | €1.0m | €0.4m | ▼ 62.0% |
| Income taxes67/77 | - | - | - | - | - | €0.02m | €0.02m | €0.006m | ▼ 71.1% |
| Taxes670/3 | - | - | - | - | - | €0.02m | €0.02m | €0.006m | ▼ 71.1% |
| Profit (loss) for the period9904 | €0.4m | €0.7m | €0.2m | €1.1m | -€0.4m | €1.0m | €1.0m | €0.4m | ▼ 61.8% |
| Profit (loss) for the period to be appropriated9905 | €0.4m | €0.7m | €0.2m | €1.1m | -€0.4m | €1.0m | €1.0m | €0.4m | ▼ 61.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €31.5m | €31.9m | €30.8m | €32.3m | €31.4m | €33.2m | €33.9m | €34.2m | ▲ 0.9% |
| Fixed assets21/28 | €12.8m | €12.7m | €11.9m | €11.4m | €11.4m | €12.8m | €14.8m | €14.2m | ▼ 4.3% |
| Intangible fixed assets21 | €0.008m | €0.02m | €0.01m | €0.03m | €0.03m | €0.01m | €0.03m | €0.04m | ▲ 14.1% |
| Tangible fixed assets22/27 | €11.5m | €11.4m | €10.7m | €10.2m | €10.2m | €11.7m | €13.7m | €13.1m | ▼ 4.4% |
| Land and buildings22 | - | - | - | €8.6m | €8.7m | €8.2m | €12.0m | €11.5m | ▼ 4.0% |
| Plant, machinery and equipment23 | - | - | - | €1.0m | €1.0m | €0.9m | €0.9m | €0.9m | ▼ 2.8% |
| Furniture and vehicles24 | - | - | - | €0.3m | €0.4m | €0.5m | €0.6m | €0.7m | ▲ 11.6% |
| Assets under construction and advance payments27 | - | - | - | €0.3m | €0.1m | €2.1m | €0.2m | €0.01m | ▼ 93.6% |
| Financial fixed assets28 | €1.3m | €1.3m | €1.2m | €1.2m | €1.1m | €1.1m | €1.1m | €1.0m | ▼ 3.7% |
| Other financial fixed assets284/8 | - | - | - | €1.2m | €1.1m | €1.1m | €1.1m | €1.0m | ▼ 3.7% |
| Shares284 | - | - | - | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €1.1m | €1.1m | €1.0m | €1.0m | €0.9m | ▼ 4.1% |
| Current assets29/58 | €18.7m | €19.2m | €18.9m | €20.9m | €20.0m | €20.4m | €19.0m | €20.0m | ▲ 5.0% |
| Stocks and contracts in progress3 | €0.6m | €0.7m | €0.6m | €0.5m | €0.5m | €0.5m | €0.5m | €0.6m | ▲ 9.6% |
| Stocks30/36 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.6m | ▲ 9.6% |
| Raw materials and consumables30/31 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 8.0% |
| Work in progress32 | - | - | - | €0.03m | €0.02m | €0.02m | €0.009m | €0.03m | ▲ 208% |
| Finished goods33 | - | - | - | €0.01m | €0.03m | €0.03m | €0.04m | €0.03m | ▼ 17.9% |
| Amounts receivable within one year40/41 | €4.5m | €3.5m | €3.4m | €3.5m | €3.3m | €2.5m | €2.7m | €3.2m | ▲ 18.2% |
| Trade receivables40 | - | - | - | €3.5m | €3.2m | €2.4m | €2.6m | €3.1m | ▲ 19.6% |
| Other amounts receivable41 | - | - | - | €0.03m | €0.09m | €0.04m | €0.04m | €0.01m | ▼ 69.6% |
| Current investments50/53 | €12.1m | €12.6m | €12.7m | €13.4m | €12.9m | €15.5m | €14.0m | €13.2m | ▼ 5.7% |
| Cash at bank and in hand54/58 | €0.8m | €2.2m | €1.9m | €3.0m | €2.4m | €1.4m | €1.1m | €2.8m | ▲ 156% |
| Deferred charges and accrued income490/1 | - | - | - | €0.5m | €0.9m | €0.5m | €0.8m | €0.3m | ▼ 63.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €31.5m | €31.9m | €30.8m | €32.3m | €31.4m | €33.2m | €33.9m | €34.2m | ▲ 0.9% |
| Equity10/15 | €25.6m | €26.3m | €26.5m | €27.5m | €27.1m | €28.0m | €29.1m | €29.4m | ▲ 1.2% |
| Reserves13 | - | - | - | €7.7m | €7.7m | €7.7m | €7.7m | €7.7m | = |
| Profit (loss) carried forward14 | €17.7m | €18.4m | €18.6m | €19.7m | €19.3m | €20.3m | €21.3m | €21.7m | ▲ 1.8% |
| Investment grants15 | - | - | - | €0.1m | €0.08m | €0.07m | €0.09m | €0.05m | ▼ 45.6% |
| Provisions and deferred taxes16 | €0.2m | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | €0.3m | ▼ 49.8% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.4m | €0.4m | €0.5m | €0.5m | €0.3m | ▼ 49.8% |
| Major repairs and maintenance162 | - | - | - | €0.4m | €0.4m | €0.5m | €0.5m | €0.2m | ▼ 53.5% |
| Other liabilities and charges164/5 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | ▲ 4.3% |
| Amounts payable17/49 | €5.6m | €5.3m | €3.9m | €4.3m | €3.9m | €4.7m | €4.3m | €4.5m | ▲ 5.3% |
| Amounts payable after more than one year17 | €0.01m | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 0.5% |
| Advances received on contracts in progress176 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Other amounts payable178/9 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 0.5% |
| Amounts payable within one year42/48 | €5.5m | €4.9m | €3.7m | €3.9m | €3.6m | €4.0m | €4.0m | €4.2m | ▲ 6.1% |
| Trade debts44 | €1.8m | €1.3m | €1.0m | €1.1m | €0.3m | €0.9m | €0.6m | €0.8m | ▲ 17.1% |
| Suppliers440/4 | - | - | - | €1.1m | €0.3m | €0.9m | €0.6m | €0.8m | ▲ 17.1% |
| Taxes, remuneration and social security45 | - | - | - | €2.7m | €3.3m | €3.1m | €3.3m | €3.5m | ▲ 4.0% |
| Taxes450/3 | - | - | - | €0.3m | €0.4m | €0.3m | €0.3m | €0.4m | ▲ 5.9% |
| Remuneration and social security454/9 | - | - | - | €2.4m | €3.0m | €2.8m | €3.0m | €3.1m | ▲ 3.8% |
| Accrued charges and deferred income492/3 | - | - | - | €0.4m | €0.3m | €0.6m | €0.3m | €0.2m | ▼ 7.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.4m | €0.7m | €0.2m | €1.1m | -€0.4m | €1.0m | €1.0m | €0.4m | ▼ 61.8% |
| + Depreciation and write-downs630 | €1.3m | €1.5m | €1.4m | €1.3m | €1.3m | €1.3m | €1.4m | €1.6m | ▲ 11.2% |
| Operating cash flow (approximation) | €1.7m | €2.2m | €1.7m | €2.4m | €0.9m | €2.3m | €2.4m | €2.0m | ▼ 19.6% |
| Investment in fixed assets (approximation) | - | -€1.4m | -€0.6m | -€0.8m | -€1.3m | -€2.7m | -€3.5m | -€0.9m | ▲ 73.3% |
| Change in cash | - | €1.3m | -€0.2m | €1.1m | -€0.6m | -€0.9m | -€0.3m | €1.7m | - |
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, 513 companies had the same profile as Blankedale has now. Two years later, 96.1% were still going and 0.8% had gone bankrupt.
- Large
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
That fits the bankruptcy probability of Blankedale 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 513 companies, not a prediction for Blankedale. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-05-2026 | 2026-00130210 | |
| 31-12-2024 | abbreviated format | 03-06-2025 | 2025-00118570 | |
| 31-12-2023 | abbreviated format | 13-06-2024 | 2024-00134757 | |
| 31-12-2022 | abbreviated format | 25-03-2024 | 2024-00048915 | |
| 31-12-2021 | abbreviated format | 01-06-2022 | 2022-20055698 | |
| 31-12-2020 | abbreviated format | 04-06-2021 | 2021-17500499 | |
| 31-12-2019 | abbreviated format | 28-05-2020 | 2020-13400177 | |
| 31-12-2018 | abbreviated format | 16-05-2019 | 2019-13300531 | |
| 31-12-2017 | abbreviated format | 14-05-2018 | 2018-12600152 | |
| 31-12-2016 | abbreviated format | 17-05-2017 | 2017-12300484 |