CONCOORD
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 12-06-2026 PDF all 33 filings
Turnover
€2.7m▲ 33.8%
2024 · €2.0m
EBIT margin
4.9%▼ 5.4pp
2024 · 10.3%
Net result
€126,129▼ 38.0%
2024 · €203,365
Working capital
€55,791▲ 4.1%
2024 · €53,589
In the rankings
#8 oldest company in Ciney, Manufacturing sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€2.7m
▲ 33.8%
2025
20182025
Operating result
€131,252
▼ 36.1%
2025
20182025
Net result
€126,129
▼ 38.0%
2025
middle half of the sector
20182025
EBIT margin
4.9%
▼ 5.4pp
2025
20182025
Equity
€88,361
▼ 4.2%
2025
lowest quarter of the sector
20182025
Total assets
€867,141
▼ 35.3%
2025
lowest quarter of the sector
20182025
Debt
€778,780
▼ 37.6%
2025
20182025
Working capital
€55,791
▲ 4.1%
2025
lowest quarter of the sector
20182025
Solvency
10.2%
▲ 3.3pp
2025
lowest quarter of the sector
20182025
Current ratio
1.07
▲ 0.03
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
14.5%
▼ 0.6pp
2025
highest quarter of the sector
20182025
Staff (FTE)
12
▲ 14.3%
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
Turnover€0.9m€2.4m▲ 160%€1.9m▼ 22.3%€2.0m▲ 7.5%€2.7m▲ 33.8%
Operating result-€0.003m--€0.002m▲ 46.4%-€0.001m▲ 15.2%€0.008m€0.3m▲ 33×€0.2m▼ 16.2%€0.2m▼ 12.9%€0.1m▼ 36.1%
Net result-€0.003m--€0.002m▲ 45.5%-€0.002mbelow the sector's middle half▲ 12.8%€0.008mwithin the sector's middle half€0.3mwithin the sector's middle half▲ 34×€0.2mwithin the sector's middle half▼ 15.8%€0.2mwithin the sector's middle half▼ 13.6%€0.1mwithin the sector's middle half▼ 38.0%
EBIT margin0.9%11.8%▲ 10.9pp12.7%▲ 0.9pp10.3%▼ 2.4pp4.9%▼ 5.4pp
Equity-€0.006m--€0.008m▼ 29.5%-€0.009mbelow the sector's middle half▼ 19.9%-€0.001mbelow the sector's middle half▲ 90.0%€0.08mbelow the sector's middle half€0.09mbelow the sector's middle half▲ 13.0%€0.09mbelow the sector's middle half▲ 3.8%€0.09mbelow the sector's middle half▼ 4.2%
Total assets€0.2m-€0.2m▼ 0.9%€0.2mbelow the sector's middle half▼ 0.8%€1.2mwithin the sector's middle half▲ 504%€1.2mwithin the sector's middle half▲ 2.7%€0.7mbelow the sector's middle half▼ 40.8%€1.3mwithin the sector's middle half▲ 91.2%€0.9mbelow the sector's middle half▼ 35.3%
Debt€0.2m-€0.2m=€0.2m=€1.2m▲ 477%€1.1m▼ 4.2%€0.6m▼ 44.6%€1.2m▲ 104%€0.8m▼ 37.6%
Working capital-€0.006m--€0.008m▼ 29.5%-€0.009mbelow the sector's middle half▼ 19.9%-€0.001mbelow the sector's middle half▲ 90.0%€0.08mbelow the sector's middle half€0.08mbelow the sector's middle half▲ 0.3%€0.05mbelow the sector's middle half▼ 32.1%€0.06mbelow the sector's middle half▲ 4.1%
Solvency-3.0%--4.0%▼ 0.9pp-4.8%below the sector's middle half▼ 0.8pp-0.1%below the sector's middle half▲ 4.7pp6.6%below the sector's middle half▲ 6.7pp12.7%below the sector's middle half▲ 6.0pp6.9%below the sector's middle half▼ 5.8pp10.2%below the sector's middle half▲ 3.3pp
Current ratio0.97-0.96▼ 0.010.95below the sector's middle half▼ 0.011.00below the sector's middle half▲ 0.041.07below the sector's middle half▲ 0.071.13below the sector's middle half▲ 0.061.04below the sector's middle half▼ 0.091.07below the sector's middle half▲ 0.03
Return on assets (ROA)-1.6%--0.9%▲ 0.7pp-0.8%below the sector's middle half▲ 0.1pp0.7%within the sector's middle half▲ 1.5pp23.6%above the sector's middle half▲ 22.9pp33.6%above the sector's middle half▲ 9.9pp15.2%above the sector's middle half▼ 18.4pp14.5%above the sector's middle half▼ 0.6pp
Staff (FTE)5.1below the sector's middle half11.6within the sector's middle half▲ 127%10.6within the sector's middle half▼ 8.6%10.5within the sector's middle half▼ 0.9%12within the sector's middle half▲ 14.3%
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 36% lower than in 2024. It is the third fall in a row.
Large changes and their cause
- 2024 Total assets +91% on 2023. Capital increase of €402,827 (Official Gazette 01-02-2024).
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €867,141
Fixed assets
€46,736 ▼ 21.4%
Current assets
€820,405 ▼ 35.9%
Equity and liabilities €867,141
Equity
€88,361 ▼ 4.2%
Debt
€778,780 ▼ 37.6%
Debt's share of the balance-sheet total falls from 93.1% to 89.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€155,293▼
2024 · €221,756
Cash flow
€150,170▼
2024 · €219,670
Quick ratio
1.06▲
2024 · 1.04
Debt to equity
8.81▼
2024 · 13.53
ROE
142.7%▼
2024 · 220.5%
Interest coverage
38.94▼
2024 · over 100
Debt ≤ 1 year
€764,614▼
2024 · €1.2m
Debt > 1 year
€14,166▼
2024 · €20,815
Income taxes
€475▲
2024 · €231
Customer credit
107 days▼
2024 · 231 days
Supplier credit
3967 days
Staff costs
€770,727▲
2024 · €655,713
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 8 | 11 | 10 | 12 | 12 |
| full-time | 8 | 11 | 10 | 12 | 12 |
| part-time | - | - | 0 | - | - |
| in full-time equivalents | 8 | 11 | 10 | 12 | 12 |
| Average over the year, in full-time equivalents | 5.1 | 11.4 | 10.6 | 10.5 | 12 |
| On a permanent contract | 8 | 11 | 10 | 12 | 12 |
| Joined | 9 | 7 | 1 | 3 | - |
| Left | 1 | 4 | 2 | 1 | - |
| Agency workers, average number | 3.8 | 0.5 | 0.1 | 1.4 | 1.3 |
| Training hours | 186 | 309 | 325 | 428 | 685 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €38,792 | €38,582 | €11,320 |
| Depreciation and write-downs of the year | - | - | €1,611 | €16,305 | €24,041 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €1,000 | €1,000 | €1,126 | €2,000 | €2,065 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €0.9m | €2.4m | €1.9m | €2.0m | €2.7m | ▲ 34.4% |
| Turnover70 | - | - | - | €0.9m | €2.4m | €1.9m | €2.0m | €2.7m | ▲ 33.8% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €0.001m | -€0.001m | - | - | - | - |
| Other operating income74 | - | - | - | €0.004m | €0.02m | €0.02m | €0.01m | €0.03m | ▲ 137% |
| Operating charges60/66A | - | - | - | €0.9m | €2.1m | €1.6m | €1.8m | €2.6m | ▲ 42.5% |
| Goods for resale, raw materials and consumables60 | - | - | - | - | - | - | - | €0.05m | - |
| Purchases600/8 | - | - | - | - | - | - | - | €0.06m | - |
| Change in stocks: decrease (increase)609 | - | - | - | - | - | - | - | -€0.006m | - |
| Services and other goods61 | - | - | - | €0.7m | €1.3m | €1.0m | €1.1m | €1.7m | ▲ 52.6% |
| Remuneration, social security and pensions62 | - | - | - | €0.3m | €0.8m | €0.7m | €0.7m | €0.8m | ▲ 17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | - | €0.002m | €0.02m | €0.02m | ▲ 47.4% |
| Other operating charges640/8 | - | - | - | €348 | €348 | €0.001m | €0.001m | €0.001m | ▼ 29.6% |
| Operating profit (loss)9901 | -€0.003m | -€0.002m | -€0.001m | €0.008m | €0.3m | €0.2m | €0.2m | €0.1m | ▼ 36.1% |
| Financial charges65/66B | - | - | - | €174 | €0.002m | €297 | €0.002m | €0.005m | ▲ 151% |
| Recurring financial charges65 | €197 | €135 | €156 | €174 | €0.002m | €297 | €0.002m | €0.005m | ▲ 151% |
| Debt charges650 | - | - | - | - | - | - | €0.001m | €0.004m | ▲ 209% |
| Other financial charges652/9 | - | - | - | €174 | €0.002m | €297 | €0.001m | €0.001m | ▲ 17.2% |
| Profit (loss) for the period before taxes9903 | -€0.003m | -€0.002m | -€0.002m | €0.008m | €0.3m | €0.2m | €0.2m | €0.1m | ▼ 37.8% |
| Income taxes67/77 | - | - | - | - | - | €381 | €231 | €475 | ▲ 106% |
| Taxes670/3 | - | - | - | - | - | €381 | €231 | €475 | ▲ 106% |
| Profit (loss) for the period9904 | -€0.003m | -€0.002m | -€0.002m | €0.008m | €0.3m | €0.2m | €0.2m | €0.1m | ▼ 38.0% |
| Profit (loss) for the period to be appropriated9905 | -€0.003m | -€0.002m | -€0.002m | €0.008m | €0.3m | €0.2m | €0.2m | €0.1m | ▼ 38.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.2m | €0.2m | €0.2m | €1.2m | €1.2m | €0.7m | €1.3m | €0.9m | ▼ 35.3% |
| Fixed assets21/28 | - | - | - | - | - | €0.04m | €0.06m | €0.05m | ▼ 21.4% |
| Tangible fixed assets22/27 | - | - | - | - | - | €0.04m | €0.06m | €0.05m | ▼ 21.4% |
| Plant, machinery and equipment23 | - | - | - | - | - | €0.005m | €0.01m | €0.007m | ▼ 42.8% |
| Furniture and vehicles24 | - | - | - | - | - | €0.03m | €0.05m | €0.04m | ▼ 16.0% |
| Current assets29/58 | €0.2m | €0.2m | €0.2m | €1.2m | €1.2m | €0.7m | €1.3m | €0.8m | ▼ 35.9% |
| Stocks and contracts in progress3 | - | - | - | €0.001m | - | €0.005m | €0.004m | €0.01m | ▲ 130% |
| Stocks30/36 | - | - | - | - | - | €0.005m | €0.004m | €0.01m | ▲ 130% |
| Raw materials and consumables30/31 | - | - | - | - | - | €0.005m | €0.004m | €0.01m | ▲ 130% |
| Contracts in progress37 | - | - | - | €0.001m | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.2m | €1.1m | €1.1m | €0.6m | €1.3m | €0.8m | ▼ 36.7% |
| Trade receivables40 | - | - | - | €1.1m | €1.1m | €0.6m | €1.3m | €0.8m | ▼ 38.2% |
| Other amounts receivable41 | - | - | - | €0.007m | €0.004m | €0.03m | €0.007m | €0.02m | ▲ 209% |
| Cash at bank and in hand54/58 | €0.01m | €0.01m | €0.01m | €0.05m | €0.05m | €0.08m | €0.009m | €0.009m | ▼ 3.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.2m | €0.2m | €0.2m | €1.2m | €1.2m | €0.7m | €1.3m | €0.9m | ▼ 35.3% |
| Equity10/15 | -€0.006m | -€0.008m | -€0.009m | -€0.001m | €0.08m | €0.09m | €0.09m | €0.09m | ▼ 4.2% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | €0.02m | €0.02m | €0.02m | = |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €0.001m | €0.001m | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | -€0.08m | -€0.08m | -€0.08m | -€0.07m | €0.009m | €0.005m | €0.008m | €0.005m | ▼ 45.6% |
| Amounts payable17/49 | €0.2m | €0.2m | €0.2m | €1.2m | €1.1m | €0.6m | €1.2m | €0.8m | ▼ 37.6% |
| Amounts payable after more than one year17 | - | - | - | - | - | €0.03m | €0.02m | €0.01m | ▼ 31.9% |
| Financial debts170/4 | - | - | - | - | - | €0.03m | €0.02m | €0.01m | ▼ 31.9% |
| Credit institutions173 | - | - | - | - | - | €0.03m | €0.02m | €0.01m | ▼ 31.9% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | €1.2m | €1.1m | €0.6m | €1.2m | €0.8m | ▼ 37.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €0.006m | €0.006m | €0.007m | ▲ 4.3% |
| Trade debts44 | €95 | - | - | €0.5m | €0.8m | €0.08m | €0.7m | €0.5m | ▼ 24.0% |
| Suppliers440/4 | - | - | - | €0.5m | €0.8m | €0.08m | €0.7m | €0.5m | ▼ 24.0% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €0.03m | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.1m | €0.08m | €0.04m | €0.09m | ▲ 101% |
| Taxes450/3 | - | - | - | - | €0.004m | €0.008m | €231 | €0.007m | ▲ 30× |
| Remuneration and social security454/9 | - | - | - | €0.06m | €0.1m | €0.07m | €0.04m | €0.08m | ▲ 85.6% |
| Other amounts payable47/48 | - | - | - | €0.6m | €0.2m | €0.4m | €0.4m | €0.1m | ▼ 69.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,189 | -€1,739 | -€1,517 | €8,232 | €279,532 | €235,252 | €203,365 | €126,129 | ▼ 38.0% |
| + Depreciation and write-downs630 | - | - | - | - | - | €1,611 | €16,305 | €24,041 | ▲ 47.4% |
| Operating cash flow (approximation) | -€3,189 | -€1,739 | -€1,517 | €8,232 | €279,532 | €236,863 | €219,670 | €150,170 | ▼ 31.6% |
| Investment in fixed assets (approximation) | - | - | - | - | - | - | -€38,582 | -€11,320 | ▲ 70.7% |
| Change in cash | - | €218 | -€1,685 | €36,867 | -€3,364 | €30,392 | -€66,855 | -€322 | ▲ 99.5% |
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, 2,613 companies had the same profile as CONCOORD has now. Two years later, 97.3% were still going and 0.7% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
2.0%
stopped otherwise
0.7%
went bankrupt
The bankruptcy probability of CONCOORD itself is higher: 1.1% within 12 months. It rests on far more data about CONCOORD 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 2,613 companies, not a prediction for CONCOORD. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 12-06-2026 | 2026-00156365 | |
| 31-12-2024 | full format | 26-06-2025 | 2025-00191135 | |
| 31-12-2023 | full format | 20-06-2024 | 2024-00166302 | |
| 31-12-2022 | full format | 06-07-2023 | 2023-00214741 | |
| 31-12-2021 | full format | 22-08-2022 | 2022-20308440 | |
| 31-12-2020 | full format | 01-07-2021 | 2021-29400506 | |
| 31-12-2019 | full format | 11-06-2020 | 2020-16300535 | |
| 31-12-2018 | full format | 05-07-2019 | 2019-30500263 | |
| 31-12-2017 | full format | 14-06-2018 | 2018-18900500 | |
| 31-12-2016 | full format | 31-07-2017 | 2017-39400179 |