CALORTECH
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 4 filings
Turnover
≈ €1.5m
Estimated: probably between €1.2m and €1.9m
EBIT margin
Not included in this filing
Net result
€178,295▼ 27.9%
2024 · €247,416
Working capital
€1.5m▲ 11.3%
2024 · €1.4m
In the rankings
#6 company by equity in Evere, Construction sector
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€238,721
▼ 27.7%
2025
20222025
Net result
€178,295
▼ 27.9%
2025
highest quarter of the sector
20222025
Equity
€1.6m
▲ 12.7%
2025
highest quarter of the sector
20222025
Total assets
€1.7m
▲ 9.0%
2025
highest quarter of the sector
20222025
Debt
€131,990
▼ 22.1%
2025
20222025
Working capital
€1.5m
▲ 11.3%
2025
highest quarter of the sector
20222025
Solvency
92.3%
▲ 3.1pp
2025
highest quarter of the sector
20222025
Current ratio
12.65
▲ 3.50
2025
highest quarter of the sector
20222025
Return on assets (ROA)
10.4%
▼ 5.3pp
2025
middle half of the sector
20222025
Staff (FTE)
3.9
▲ 30.0%
2025
middle half of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€0.8m-€0.5m▼ 33.9%€0.3m▼ 39.8%€0.2m▼ 27.7%
Net result€0.6mabove the sector's middle half-€0.4mabove the sector's middle half▼ 36.0%€0.2mabove the sector's middle half▼ 38.4%€0.2mabove the sector's middle half▼ 27.9%
Equity€0.8mabove the sector's middle half-€1.2mabove the sector's middle half▲ 53.4%€1.4mabove the sector's middle half▲ 21.4%€1.6mabove the sector's middle half▲ 12.7%
Total assets€0.9mabove the sector's middle half-€1.3mwithin the sector's middle half▲ 48.4%€1.6mwithin the sector's middle half▲ 19.7%€1.7mabove the sector's middle half▲ 9.0%
Debt€0.1m-€0.2m▲ 20.0%€0.2m▲ 7.1%€0.1m▼ 22.1%
Working capital€0.7mabove the sector's middle half-€1.1mabove the sector's middle half▲ 51.9%€1.4mabove the sector's middle half▲ 23.3%€1.5mabove the sector's middle half▲ 11.3%
Solvency85.1%above the sector's middle half-87.9%above the sector's middle half▲ 2.9pp89.2%above the sector's middle half▲ 1.3pp92.3%above the sector's middle half▲ 3.1pp
Current ratio6.60above the sector's middle half-8.09above the sector's middle half▲ 1.499.16above the sector's middle half▲ 1.0712.65above the sector's middle half▲ 3.50
Return on assets (ROA)71.0%above the sector's middle half-30.6%above the sector's middle half▼ 40.4pp15.7%above the sector's middle half▼ 14.8pp10.4%within the sector's middle half▼ 5.3pp
Staff (FTE)3.4-3.1below the sector's middle half▼ 8.8%3below the sector's middle half▼ 3.2%3.9within the sector's middle half▲ 30.0%
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 28% lower than in 2024 and the lowest since 2022. It is the third fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.7m
Fixed assets
€41,698 ▲ 117%
Current assets
€1.7m ▲ 7.6%
Equity and liabilities €1.7m
Equity
€1.6m ▲ 12.7%
Debt
€131,990 ▼ 22.1%
Debt's share of the balance-sheet total falls from 10.8% to 7.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€250,742▼
2024 · €343,982
Cash flow
€190,316▼
2024 · €261,005
Quick ratio
12.06▲
2024 · 7.75
Debt to equity
0.08▼
2024 · 0.12
ROE
11.3%▼
2024 · 17.7%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€131,990▼
2024 · €169,500
Income taxes
€59,619▼
2024 · €83,028
Staff costs
€315,652▲
2024 · €181,101
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 3 | 3 | 5 |
| full-time | 3 | 3 | 3 | 5 |
| in full-time equivalents | 3 | 3 | 3 | 5 |
| Average over the year, in full-time equivalents | 3.4 | 3.1 | 3 | 3.9 |
| On a permanent contract | 3 | 3 | 3 | 5 |
| Joined | 4 | 1 | - | 3 |
| Left | 5 | 1 | - | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €25,001 | €29,358 | - | - |
| Intangible fixed assets | - | - | - | €34,500 |
| Depreciation and write-downs of the year | €10,406 | €11,143 | €13,590 | €12,021 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Non-recurring operating income76A | €0.006m | €115 | - | €180 | - |
| Remuneration, social security and pensions62 | €0.3m | €0.2m | €0.2m | €0.3m | ▲ 74.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.01m | €0.01m | €0.01m | ▼ 11.5% |
| Other operating charges640/8 | €0.001m | €455 | €0.001m | €0.001m | ▲ 17.7% |
| Gross operating margin9900 | €1.2m | €0.7m | €0.5m | €0.6m | ▲ 7.9% |
| Operating profit (loss)9901 | €0.8m | €0.5m | €0.3m | €0.2m | ▼ 27.7% |
| Financial income75/76B | €0.001m | - | €115 | - | - |
| Recurring financial income75 | €0.001m | - | €115 | - | - |
| Financial charges65/66B | €50 | €113 | €63 | €0.001m | ▲ 13× |
| Recurring financial charges65 | €50 | €113 | €63 | €0.001m | ▲ 13× |
| Profit (loss) for the period before taxes9903 | €0.8m | €0.5m | €0.3m | €0.2m | ▼ 28.0% |
| Income taxes67/77 | €0.2m | €0.1m | €0.08m | €0.06m | ▼ 28.2% |
| Profit (loss) for the period9904 | €0.6m | €0.4m | €0.2m | €0.2m | ▼ 27.9% |
| Profit (loss) for the period to be appropriated9905 | €0.6m | €0.4m | €0.2m | €0.2m | ▼ 27.9% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €0.9m | €1.3m | €1.6m | €1.7m | ▲ 9.0% |
| Fixed assets21/28 | €0.01m | €0.03m | €0.02m | €0.04m | ▲ 117% |
| Intangible fixed assets21 | - | - | - | €0.03m | - |
| Tangible fixed assets22/27 | €0.01m | €0.03m | €0.02m | €0.01m | ▼ 49.1% |
| Furniture and vehicles24 | €0.01m | €0.03m | €0.02m | €0.01m | ▼ 49.1% |
| Current assets29/58 | €0.9m | €1.3m | €1.6m | €1.7m | ▲ 7.6% |
| Stocks and contracts in progress3 | €0.1m | €0.1m | €0.2m | €0.08m | ▼ 67.3% |
| Stocks30/36 | €0.1m | €0.1m | €0.2m | €0.08m | ▼ 67.3% |
| Amounts receivable within one year40/41 | €0.3m | €0.6m | €0.7m | €0.6m | ▼ 7.3% |
| Trade receivables40 | €0.3m | €0.6m | €0.6m | €0.5m | ▼ 15.4% |
| Other amounts receivable41 | €0.01m | €0.02m | €0.02m | €0.07m | ▲ 296% |
| Cash at bank and in hand54/58 | €0.5m | €0.6m | €0.7m | €1.0m | ▲ 49.5% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €0.9m | €1.3m | €1.6m | €1.7m | ▲ 9.0% |
| Equity10/15 | €0.8m | €1.2m | €1.4m | €1.6m | ▲ 12.7% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | €0.6m | €1.0m | €1.3m | €1.5m | ▲ 14.0% |
| Amounts payable17/49 | €0.1m | €0.2m | €0.2m | €0.1m | ▼ 22.1% |
| Amounts payable within one year42/48 | €0.1m | €0.2m | €0.2m | €0.1m | ▼ 22.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.01m | - |
| Trade debts44 | €0.02m | - | €0.09m | €0.07m | ▼ 17.4% |
| Suppliers440/4 | €0.02m | - | €0.09m | €0.07m | ▼ 17.4% |
| Taxes, remuneration and social security45 | €0.1m | €0.2m | €0.08m | €0.04m | ▼ 43.6% |
| Taxes450/3 | €0.1m | €0.2m | €0.07m | €0.02m | ▼ 72.3% |
| Remuneration and social security454/9 | €0.002m | €0.007m | €0.008m | €0.02m | ▲ 223% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €627,635 | €401,566 | €247,416 | €178,295 | ▼ 27.9% |
| + Depreciation and write-downs630 | €10,406 | €11,143 | €13,590 | €12,021 | ▼ 11.5% |
| Operating cash flow (approximation) | €638,041 | €412,709 | €261,005 | €190,316 | ▼ 27.1% |
| Investment in fixed assets (approximation) | - | -€29,358 | €0 | -€34,500 | - |
| Change in cash | - | €75,838 | €90,913 | €326,569 | ▲ 259% |
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 CALORTECH 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.
The bankruptcy probability of CALORTECH itself is lower: 0.1% within 12 months. It rests on far more data about CALORTECH 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 26,972 companies, not a prediction for CALORTECH. 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.