CALELEC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 49 filings
Turnover
≈ €230,000
Estimated: probably between €120,000 and €420,000
Total assets
€141,810▲ 49.7%
2024 · €94,711
Net result
€293
2024 · -€7
Working capital
€53,483▲ 22.9%
2024 · €43,521
In the rankings
#3 oldest company in Ath, Construction sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€6,275
2025
20182025
Net result
€293
2025
middle half of the sector
20182025
Equity
€68,865
▲ 0.4%
2025
middle half of the sector
20182025
Total assets
€141,810
▲ 49.7%
2025
middle half of the sector
20182025
Debt
€72,945
▲ 179%
2025
20182025
Working capital
€53,483
▲ 22.9%
2025
middle half of the sector
20182025
Solvency
48.6%
▼ 23.8pp
2025
middle half of the sector
20182025
Current ratio
1.75
▼ 1.03
2025
middle half of the sector
20182025
Return on assets (ROA)
0.2%
▲ 0.2pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€8,560--€14,227€5,850€1,241▼ 78.8%€10,169▲ 719%€14,666▲ 44.2%-€4,080€6,275
Net result€7,654--€9,260€6,092within the sector's middle half€10,443within the sector's middle half▲ 71.4%€7,305within the sector's middle half▼ 30.1%€9,292within the sector's middle half▲ 27.2%-€7within the sector's middle half€293within the sector's middle half
Equity€44,707-€35,447▼ 20.7%€41,539within the sector's middle half▲ 17.2%€51,982within the sector's middle half▲ 25.1%€59,287within the sector's middle half▲ 14.1%€68,580within the sector's middle half▲ 15.7%€68,572within the sector's middle half=€68,865within the sector's middle half▲ 0.4%
Total assets€112,972-€96,779▼ 14.3%€111,788within the sector's middle half▲ 15.5%€144,384within the sector's middle half▲ 29.2%€118,029within the sector's middle half▼ 18.3%€107,205within the sector's middle half▼ 9.2%€94,711within the sector's middle half▼ 11.7%€141,810within the sector's middle half▲ 49.7%
Debt€68,264-€61,332▼ 10.2%€70,248▲ 14.5%€92,402▲ 31.5%€58,742▼ 36.4%€38,625▼ 34.2%€26,139▼ 32.3%€72,945▲ 179%
Working capital€57,654-€30,710▼ 46.7%€39,836within the sector's middle half▲ 29.7%€48,062within the sector's middle half▲ 20.7%€54,972within the sector's middle half▲ 14.4%€36,368within the sector's middle half▼ 33.8%€43,521within the sector's middle half▲ 19.7%€53,483within the sector's middle half▲ 22.9%
Solvency39.6%-36.6%▼ 2.9pp37.2%within the sector's middle half▲ 0.5pp36.0%within the sector's middle half▼ 1.2pp50.2%within the sector's middle half▲ 14.2pp64.0%within the sector's middle half▲ 13.7pp72.4%above the sector's middle half▲ 8.4pp48.6%within the sector's middle half▼ 23.8pp
Current ratio2.48-1.54▼ 0.941.58within the sector's middle half▲ 0.041.53within the sector's middle half▼ 0.053.09above the sector's middle half▲ 1.562.01within the sector's middle half▼ 1.082.78within the sector's middle half▲ 0.771.75within the sector's middle half▼ 1.03
Return on assets (ROA)6.8%--9.6%▼ 16.3pp5.4%within the sector's middle half▲ 15.0pp7.2%within the sector's middle half▲ 1.8pp6.2%within the sector's middle half▼ 1.0pp8.7%within the sector's middle half▲ 2.5pp0.0%within the sector's middle half▼ 8.7pp0.2%within the sector's middle half▲ 0.2pp
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 profit of €6,275, after a loss of €4,080 in 2024.
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 €141,810
Fixed assets
€17,094 ▼ 36.1%
Current assets
€124,715 ▲ 83.5%
Equity and liabilities €141,810
Equity
€68,865 ▲ 0.4%
Debt
€72,945 ▲ 179%
Debt's share of the balance-sheet total rises from 27.6% to 51.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€17,704▲
2024 · €8,095
Cash flow
€11,722▼
2024 · €12,168
Debt to equity
1.06▲
2024 · 0.38
ROE
0.4%▲
2024 · 0.0%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€71,232▲
2024 · €24,426
Debt > 1 year
€1,713=
2024 · €1,713
Income taxes
€1,093▲
2024 · €556
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 | €28,612 | €37,634 | €8,938 | €4,046 | €1,760 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €2,918 | €6,522 | €10,790 | €12,175 | €11,429 |
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 | - | - | - | - | €1,800 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,369 | €10,534 | €7,602 | €2,918 | €6,522 | €10,790 | €12,175 | €11,429 | ▼ 6.1% |
| Other operating charges640/8 | - | - | - | €680 | €555 | €207 | €1,312 | €1,241 | ▼ 5.4% |
| Gross operating margin9900 | €23,276 | €1,056 | €15,486 | €4,839 | €17,246 | €25,663 | €9,408 | €18,945 | ▲ 101% |
| Operating profit (loss)9901 | €8,560 | -€14,227 | €5,850 | €1,241 | €10,169 | €14,666 | -€4,080 | €6,275 | - |
| Financial income75/76B | - | - | - | €16,849 | €419 | €147 | €6,127 | €249 | ▼ 95.9% |
| Recurring financial income75 | €46 | €46 | €30 | €5 | €12 | €42 | €33 | €184 | ▲ 463% |
| Non-recurring financial income76B | - | - | - | €16,844 | €407 | €105 | €6,094 | €65 | ▼ 98.9% |
| Financial charges65/66B | - | - | - | €3,536 | €285 | €1,845 | €1,499 | €5,139 | ▲ 243% |
| Recurring financial charges65 | €810 | €407 | €228 | €3,536 | -€98 | €126 | €81 | €118 | ▲ 45.6% |
| Non-recurring financial charges66B | - | - | - | -€0 | €383 | €1,719 | €1,418 | €5,021 | ▲ 254% |
| Profit (loss) for the period before taxes9903 | €8,299 | -€8,936 | €7,212 | €14,554 | €10,304 | €12,968 | €548 | €1,385 | ▲ 153% |
| Income taxes67/77 | €645 | €325 | €1,119 | €4,111 | €2,999 | €3,676 | €556 | €1,093 | ▲ 96.6% |
| Profit (loss) for the period9904 | €7,654 | -€9,260 | €6,092 | €10,443 | €7,305 | €9,292 | -€7 | €293 | - |
| Profit (loss) for the period to be appropriated9905 | €7,654 | -€9,260 | €6,092 | €10,443 | €7,305 | €9,292 | -€7 | €293 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €112,972 | €96,779 | €111,788 | €144,384 | €118,029 | €107,205 | €94,711 | €141,810 | ▲ 49.7% |
| Fixed assets21/28 | €16,414 | €9,053 | €3,416 | €5,633 | €36,745 | €34,893 | €26,764 | €17,094 | ▼ 36.1% |
| Tangible fixed assets22/27 | €16,414 | €9,053 | €3,416 | €5,633 | €36,745 | €34,893 | €26,764 | €17,094 | ▼ 36.1% |
| Plant, machinery and equipment23 | - | - | - | €1,439 | €2,016 | €2,170 | €2,245 | €1,013 | ▼ 54.9% |
| Furniture and vehicles24 | - | - | - | €4,194 | €34,729 | €32,723 | €24,519 | €16,081 | ▼ 34.4% |
| Current assets29/58 | €96,557 | €87,726 | €108,371 | €138,751 | €81,284 | €72,312 | €67,947 | €124,715 | ▲ 83.5% |
| Amounts receivable within one year40/41 | €51,634 | €37,269 | €38,752 | €64,342 | €37,145 | €46,551 | €47,610 | €97,677 | ▲ 105% |
| Trade receivables40 | - | - | - | €58,294 | €29,134 | €38,523 | €28,822 | €77,197 | ▲ 168% |
| Other amounts receivable41 | - | - | - | €6,048 | €8,011 | €8,028 | €18,789 | €20,480 | ▲ 9.0% |
| Cash at bank and in hand54/58 | €44,924 | €34,362 | €48,079 | €40,996 | €16,662 | €18,874 | €20,337 | €25,830 | ▲ 27.0% |
| Deferred charges and accrued income490/1 | - | - | - | €33,413 | €27,476 | €6,887 | - | €1,208 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €112,972 | €96,779 | €111,788 | €144,384 | €118,029 | €107,205 | €94,711 | €141,810 | ▲ 49.7% |
| Equity10/15 | €44,707 | €35,447 | €41,539 | €51,982 | €59,287 | €68,580 | €68,572 | €68,865 | ▲ 0.4% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Contributions outside capital11 | - | - | - | €18,592 | €18,592 | €18,592 | - | - | - |
| Other1109/19 | - | - | - | €18,592 | €18,592 | €18,592 | - | - | - |
| Reserves13 | €18,462 | €18,462 | €22,947 | €33,390 | €40,695 | €49,988 | €49,980 | €50,273 | ▲ 0.6% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €31,530 | €38,835 | €48,127 | €48,120 | €48,413 | ▲ 0.6% |
| Profit (loss) carried forward14 | €7,654 | -€1,607 | - | - | - | - | - | - | - |
| Amounts payable17/49 | €68,264 | €61,332 | €70,248 | €92,402 | €58,742 | €38,625 | €26,139 | €72,945 | ▲ 179% |
| Amounts payable after more than one year17 | €8,140 | €4,315 | €1,713 | €1,713 | €1,713 | €1,713 | €1,713 | €1,713 | = |
| Other amounts payable178/9 | - | - | - | €1,713 | €1,713 | €1,713 | €1,713 | €1,713 | = |
| Amounts payable within one year42/48 | €38,903 | €57,017 | €68,535 | €90,689 | €26,312 | €35,944 | €24,426 | €71,232 | ▲ 192% |
| Trade debts44 | €11,036 | €13,691 | €13,951 | €49,810 | €8,483 | €11,848 | €16,223 | €30,701 | ▲ 89.2% |
| Suppliers440/4 | - | - | - | €49,810 | €8,483 | €11,848 | €16,223 | €30,701 | ▲ 89.2% |
| Advances received on contracts in progress46 | - | - | - | €35,716 | €5,465 | €7,300 | - | €29,758 | - |
| Taxes, remuneration and social security45 | - | - | - | €1,111 | €3,305 | €3,605 | - | - | - |
| Taxes450/3 | - | - | - | €1,111 | €730 | €730 | - | - | - |
| Remuneration and social security454/9 | - | - | - | - | €2,575 | €2,875 | - | - | - |
| Other amounts payable47/48 | - | - | - | €4,052 | €9,058 | €13,190 | €8,203 | €10,773 | ▲ 31.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | €30,717 | €968 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,654 | -€9,260 | €6,092 | €10,443 | €7,305 | €9,292 | -€7 | €293 | - |
| + Depreciation and write-downs630 | €10,369 | €10,534 | €7,602 | €2,918 | €6,522 | €10,790 | €12,175 | €11,429 | ▼ 6.1% |
| Operating cash flow (approximation) | €18,022 | €1,273 | €13,694 | €13,361 | €13,827 | €20,082 | €12,168 | €11,722 | ▼ 3.7% |
| Investment in fixed assets (approximation) | - | -€3,172 | -€1,965 | -€5,134 | -€37,634 | -€8,938 | -€4,046 | -€1,760 | ▲ 56.5% |
| Change in cash | - | -€10,562 | €13,717 | -€7,083 | -€24,334 | €2,212 | €1,462 | €5,493 | ▲ 276% |
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, 17,041 companies had the same profile as CALELEC has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CALELEC itself: 0.2% 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 17,041 companies, not a prediction for CALELEC. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00369914 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00352921 | |
| 31-12-2023 | micro format | 13-08-2024 | 2024-00345778 | |
| 31-12-2022 | micro format | 20-07-2023 | 2023-00258482 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20338158 | |
| 31-12-2020 | micro format | 14-07-2021 | 2021-35500583 | |
| 31-12-2019 | micro format | 24-07-2020 | 2020-34700216 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-58300116 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-57000267 | |
| 31-12-2016 | micro format | 24-08-2017 | 2017-46900210 |