BLEKO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 24-04-2026 PDF all 34 filings
Turnover
€1.4m▲ 23.4%
2020 · €1.2m
EBIT margin
15.8%▲ 5.6pp
2020 · 10.2%
Net result
-€2.2m▼ 227%
2024 · -€662,028
Working capital
-€2.5m▼ 522%
2024 · -€401,757
In the rankings
#3 company by equity in Zwevegem, Real estate sector#7 company by total assets in Zwevegem, Real estate sector
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€294,075
▲ 57.2%
2025
20192025
Net result
-€2.2m
▼ 227%
2025
lowest quarter of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€10.4m
▼ 17.4%
2025
highest quarter of the sector
20192025
Total assets
€19.9m
▼ 11.1%
2025
highest quarter of the sector
20192025
Debt
€9.2m
▼ 3.0%
2025
20192025
Working capital
-€2.5m
▼ 522%
2025
lowest quarter of the sector
20192025
Solvency
52.1%
▼ 4.0pp
2025
middle half of the sector
20192025
Current ratio
0.70
▼ 0.25
2025
middle half of the sector
20192025
Return on assets (ROA)
-10.9%
▼ 7.9pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€1.1m-€1.2m▲ 2.0%€1.4m▲ 23.4%
Operating result€0.08m-€0.1m▲ 42.7%€0.2m▲ 91.9%€0.3m▲ 42.8%€0.4m▲ 30.1%€0.2m▼ 55.3%€0.3m▲ 57.2%
Net result-€0.005m-€0.02mwithin the sector's middle half€0.09mwithin the sector's middle half▲ 336%€0.2mabove the sector's middle half▲ 102%€0.4mabove the sector's middle half▲ 139%-€0.7mbelow the sector's middle half-€2.2mbelow the sector's middle half▼ 227%
EBIT margin7.3%-10.2%▲ 2.9pp15.8%▲ 5.6pp
Equity€13.6m-€13.6mabove the sector's middle half=€13.7mabove the sector's middle half▲ 0.5%€13.8mabove the sector's middle half▲ 1.2%€14.2mabove the sector's middle half▲ 3.0%€12.5mabove the sector's middle half▼ 11.8%€10.4mabove the sector's middle half▼ 17.4%
Total assets€23.4m-€24.2mabove the sector's middle half▲ 3.4%€22.8mabove the sector's middle half▼ 5.5%€22.4mabove the sector's middle half▼ 1.9%€23.5mabove the sector's middle half▲ 4.9%€22.4mabove the sector's middle half▼ 4.9%€19.9mabove the sector's middle half▼ 11.1%
Debt€9.4m-€10.2m▲ 8.7%€8.8m▼ 13.5%€8.2m▼ 6.6%€8.9m▲ 8.7%€9.5m▲ 6.2%€9.2m▼ 3.0%
Working capital-€1.8m--€1.5mbelow the sector's middle half▲ 13.6%-€1.3mbelow the sector's middle half▲ 18.3%-€0.3mbelow the sector's middle half▲ 75.5%€1.1mabove the sector's middle half-€0.4mbelow the sector's middle half-€2.5mbelow the sector's middle half▼ 522%
Solvency58.1%-56.2%within the sector's middle half▼ 1.9pp59.8%within the sector's middle half▲ 3.6pp61.7%within the sector's middle half▲ 1.9pp60.5%within the sector's middle half▼ 1.2pp56.1%within the sector's middle half▼ 4.4pp52.1%within the sector's middle half▼ 4.0pp
Current ratio0.80-0.85within the sector's middle half▲ 0.040.85within the sector's middle half▲ 0.010.96within the sector's middle half▲ 0.101.15within the sector's middle half▲ 0.190.95within the sector's middle half▼ 0.200.70within the sector's middle half▼ 0.25
Return on assets (ROA)0.0%-0.1%within the sector's middle half▲ 0.1pp0.4%within the sector's middle half▲ 0.3pp0.8%within the sector's middle half▲ 0.4pp1.8%within the sector's middle half▲ 1.0pp-3.0%below the sector's middle half▼ 4.8pp-10.9%below the sector's middle half▼ 7.9pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 57% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €19.9m
Fixed assets
€14.1m ▼ 1.9%
Current assets
€5.8m ▼ 27.7%
Equity and liabilities €19.9m
Equity
€10.4m ▼ 17.4%
Provisions
€312,286 ▼ 5.0%
Debt
€9.2m ▼ 3.0%
Debt's share of the balance-sheet total rises from 42.4% to 46.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€722,192▲
2024 · €620,288
Cash flow
-€1.7m▼
2024 · -€228,841
Quick ratio
0.70▼
2024 · 0.95
Debt to equity
0.89▲
2024 · 0.76
ROE
-20.9%▼
2024 · -5.3%
Interest coverage
0.26▼
2024 · 0.41
Debt ≤ 1 year
€8.3m▼
2024 · €8.4m
Debt > 1 year
€900,000▼
2024 · €1.0m
Income taxes
€114,844▼
2024 · €204,426
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Overdue debts
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Overdue tax debts | - | - | - | €547,882 | €217,056 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Securities and guarantees
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €6.6m | €7.0m | €6.9m | €6.8m | €6.7m |
| Mortgages, amount registered | €8.0m | €8.0m | €8.0m | €8.0m | €8.0m |
| Carrying value of the mortgaged assets | €5.7m | €5.5m | €5.3m | €5.3m | €5.1m |
| Pledge on the business | €5.5m | €5.5m | €5.5m | €5.5m | €5.5m |
| Carrying value of the other pledged assets | €985,635 | €796,658 | €566,648 | €401,561 | €323,862 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €240,837 | €189,774 | €37,060 | €228,806 | €165,259 |
| Depreciation and write-downs of the year | €522,219 | €528,777 | €456,310 | €433,187 | €428,117 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is VRC BEDRIJFSREVISOREN.
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Fee for the audit | €4,197 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | €1.5m | - | - | - | - | - |
| Turnover70 | €1.1m | €1.2m | €1.4m | - | - | - | - | - |
| Other operating income74 | - | - | €0.1m | - | - | - | - | - |
| Operating charges60/66A | - | - | €1.3m | - | - | - | - | - |
| Goods for resale, raw materials and consumables60 | - | - | €0.2m | - | - | - | - | - |
| Purchases600/8 | - | - | €0.2m | - | - | - | - | - |
| Change in stocks: decrease (increase)609 | - | - | -€0.005m | - | - | - | - | - |
| Services and other goods61 | - | - | €0.5m | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | €0.001m | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | ▼ 1.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | -€0.003m | -€498 | - | - |
| Other operating charges640/8 | - | - | €0.1m | €0.1m | €0.2m | €0.4m | €0.2m | ▼ 44.2% |
| Non-recurring operating charges66A | - | - | - | €0.04m | - | - | €0.002m | - |
| Gross operating margin9900 | - | - | - | €1.0m | €1.0m | €1.0m | €0.9m | ▼ 5.9% |
| Operating profit (loss)9901 | €0.08m | €0.1m | €0.2m | €0.3m | €0.4m | €0.2m | €0.3m | ▲ 57.2% |
| Financial income75/76B | - | - | €0.09m | €0.1m | €0.6m | €0.9m | €0.4m | ▼ 47.6% |
| Recurring financial income75 | €0.1m | €0.1m | €0.09m | €0.1m | €0.6m | €0.9m | €0.4m | ▼ 47.6% |
| Income from current assets751 | - | - | €0.07m | - | - | - | - | - |
| Other financial income752/9 | - | - | €0.01m | - | - | - | - | - |
| Financial charges65/66B | - | - | €0.2m | €0.2m | €0.4m | €1.5m | €2.8m | ▲ 84.9% |
| Recurring financial charges65 | €0.2m | €0.2m | €0.2m | €0.2m | €0.4m | €1.5m | €2.8m | ▲ 84.9% |
| Debt charges650 | €0.2m | €0.2m | €0.2m | - | - | - | - | - |
| Other financial charges652/9 | - | - | €0.009m | - | - | - | - | - |
| Non-recurring financial charges66B | - | - | - | - | - | - | €149 | - |
| Profit (loss) for the period before taxes9903 | €0.002m | €0.04m | €0.1m | €0.2m | €0.6m | -€0.5m | -€2.1m | ▼ 335% |
| Transfer from deferred taxes780 | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Income taxes67/77 | €0.03m | €0.04m | €0.05m | €0.06m | €0.2m | €0.2m | €0.1m | ▼ 43.8% |
| Taxes670/3 | - | - | €0.05m | - | - | - | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | €0.002m | - | - | - | - | - |
| Profit (loss) for the period9904 | -€0.005m | €0.02m | €0.09m | €0.2m | €0.4m | -€0.7m | -€2.2m | ▼ 227% |
| Transfer from tax-exempt reserves789 | - | - | €0.05m | €0.05m | €0.02m | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.04m | €0.07m | €0.1m | €0.2m | €0.4m | -€0.7m | -€2.2m | ▼ 227% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €23.4m | €24.2m | €22.8m | €22.4m | €23.5m | €22.4m | €19.9m | ▼ 11.1% |
| Fixed assets21/28 | €16.1m | €15.7m | €15.4m | €15.0m | €14.6m | €14.4m | €14.1m | ▼ 1.9% |
| Tangible fixed assets22/27 | €7.4m | €7.0m | €6.7m | €6.3m | €5.9m | €5.7m | €5.4m | ▼ 4.7% |
| Land and buildings22 | - | - | €5.7m | €5.5m | €5.3m | €5.3m | €5.1m | ▼ 3.5% |
| Plant, machinery and equipment23 | - | - | €1.0m | €0.8m | €0.6m | €0.4m | €0.3m | ▼ 19.3% |
| Financial fixed assets28 | €8.7m | €8.7m | €8.7m | €8.7m | €8.7m | €8.7m | €8.7m | = |
| Affiliated companies280/1 | - | - | €8.7m | - | - | - | - | - |
| Participating interests280 | - | - | €0.002m | - | - | - | - | - |
| Amounts receivable281 | - | - | €8.7m | - | - | - | - | - |
| Current assets29/58 | €7.3m | €8.5m | €7.5m | €7.4m | €8.9m | €8.0m | €5.8m | ▼ 27.7% |
| Stocks and contracts in progress3 | €0.01m | €0.01m | €0.02m | €0.04m | €0.02m | €0.02m | €0.02m | ▼ 26.9% |
| Stocks30/36 | - | - | €0.02m | €0.04m | €0.02m | €0.02m | €0.02m | ▼ 26.9% |
| Raw materials and consumables30/31 | - | - | €0.02m | - | - | - | - | - |
| Amounts receivable within one year40/41 | €6.6m | €8.0m | €6.9m | €6.7m | €8.5m | €7.5m | €5.5m | ▼ 26.0% |
| Trade receivables40 | - | - | €0.4m | €0.1m | €0.008m | €0.2m | €0.07m | ▼ 52.1% |
| Other amounts receivable41 | - | - | €6.5m | €6.6m | €8.4m | €7.3m | €5.5m | ▼ 25.4% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.6m | €0.5m | €0.5m | €0.6m | €0.4m | €0.5m | €0.2m | ▼ 53.3% |
| Deferred charges and accrued income490/1 | - | - | €0.009m | €0.09m | €0.08m | €0.03m | €0.009m | ▼ 72.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €23.4m | €24.2m | €22.8m | €22.4m | €23.5m | €22.4m | €19.9m | ▼ 11.1% |
| Equity10/15 | €13.6m | €13.6m | €13.7m | €13.8m | €14.2m | €12.5m | €10.4m | ▼ 17.4% |
| Contributions10/11 | €7.0m | €7.0m | €7.0m | €7.0m | €7.0m | €7.0m | €7.0m | = |
| Capital10 | - | - | €7.0m | €7.0m | €7.0m | €7.0m | €7.0m | = |
| Issued capital100 | - | - | €7.0m | €7.0m | €7.0m | €7.0m | €7.0m | = |
| Revaluation surpluses12 | - | - | €2.4m | €2.4m | €2.4m | €2.4m | €2.4m | = |
| Reserves13 | €0.4m | €0.4m | €4.1m | €4.3m | €4.7m | €3.1m | €0.9m | ▼ 70.5% |
| Non-distributable reserves130/1 | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Legal reserve130 | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Tax-exempt reserves132 | - | - | €0.07m | €0.02m | - | - | - | - |
| Distributable reserves133 | - | - | €3.8m | €4.0m | €4.4m | €2.7m | €0.6m | ▼ 78.7% |
| Profit (loss) carried forward14 | €3.6m | €3.6m | - | - | - | - | - | - |
| Investment grants15 | - | - | €0.06m | €0.05m | €0.03m | €0.02m | €0.005m | ▼ 74.8% |
| Provisions and deferred taxes16 | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | ▼ 5.0% |
| Provisions for liabilities and charges160/5 | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Environmental obligations163 | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Deferred taxes168 | - | - | €0.1m | €0.1m | €0.1m | €0.08m | €0.06m | ▼ 20.9% |
| Amounts payable17/49 | €9.4m | €10.2m | €8.8m | €8.2m | €8.9m | €9.5m | €9.2m | ▼ 3.0% |
| Amounts payable after more than one year17 | €0.3m | €0.05m | - | €0.4m | €1.0m | €1.0m | €0.9m | ▼ 11.6% |
| Financial debts170/4 | - | - | - | €0.4m | €0.2m | €0.1m | - | - |
| Other amounts payable178/9 | - | - | - | - | €0.8m | €0.9m | €0.9m | = |
| Amounts payable within one year42/48 | €9.1m | €10.0m | €8.7m | €7.7m | €7.8m | €8.4m | €8.3m | ▼ 1.4% |
| Current portion of amounts payable after more than one year42 | - | - | €0.05m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Financial debts43 | - | - | €6.5m | €6.5m | €6.6m | €6.6m | €6.6m | = |
| Credit institutions430/8 | - | - | €6.5m | €6.5m | €6.6m | €6.6m | €6.6m | = |
| Trade debts44 | €0.2m | €0.3m | €0.6m | €0.2m | €0.4m | €0.4m | €0.5m | ▲ 15.4% |
| Suppliers440/4 | - | - | €0.6m | €0.2m | €0.4m | €0.4m | €0.5m | ▲ 15.4% |
| Taxes, remuneration and social security45 | - | - | €0.05m | €0.07m | €0.2m | €0.8m | €0.3m | ▼ 58.0% |
| Taxes450/3 | - | - | €0.05m | €0.07m | €0.2m | €0.8m | €0.3m | ▼ 58.0% |
| Other amounts payable47/48 | - | - | €1.5m | €0.8m | €0.5m | €0.5m | €0.8m | ▲ 54.7% |
| Accrued charges and deferred income492/3 | - | - | €0.09m | €0.2m | €0.1m | €0.09m | €0.04m | ▼ 56.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.005m | €0.02m | €0.09m | €0.2m | €0.4m | -€0.7m | -€2.2m | ▼ 227% |
| + Depreciation and write-downs630 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | ▼ 1.2% |
| Operating cash flow (approximation) | €0.5m | €0.5m | €0.6m | €0.7m | €0.9m | -€0.2m | -€1.7m | ▼ 658% |
| Investment in fixed assets (approximation) | - | -€0.08m | -€0.2m | -€0.1m | -€0.04m | -€0.2m | -€0.2m | ▲ 29.4% |
| Change in cash | - | -€0.1m | €0.05m | €0.06m | -€0.2m | €0.1m | -€0.2m | - |
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, 147 companies had the same profile as BLEKO has now. Two years later, 91.8% were still going and 2.0% had gone bankrupt.
- Medium-sized
- solvency 30% or more
- a loss of 10% of the balance sheet or more
- without age
91.8%
was still going
5.4%
stopped otherwise
2.0%
went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of BLEKO itself is lower: 0.2% within 12 months. It rests on far more data about BLEKO than the profile alone.
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 147 companies, not a prediction for BLEKO. 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 |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 24-04-2026 | 2026-00091672 | |
| 30-09-2024 | abbreviated format | 29-04-2025 | 2025-00090674 | |
| 30-09-2023 | abbreviated format | 24-04-2024 | 2024-00069400 | |
| 30-09-2022 | abbreviated format | 18-04-2023 | 2023-00067449 | |
| 30-09-2021 | full format | 25-04-2022 | 2022-20010186 | |
| 30-09-2020 | full format | 01-04-2021 | 2021-09700432 | |
| 30-09-2019 | full format | 30-04-2020 | 2020-11400332 | |
| 30-09-2018 | full format | 29-04-2019 | 2019-11900516 | |
| 30-09-2017 | full format | 27-04-2018 | 2018-10800453 | |
| 30-09-2016 | full format | 15-03-2017 | 2017-06300553 |