DANELEC
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 6 days after the deadline Filed on 6 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00387612.
Annual accounts 2025 filed on 06-08-2026 at the NBB all 30 filings
Turnover
≈ €540,000
Estimated: probably between €360,000 and €660,000
Total assets
€357,429▼ 5.7%
2024 · €379,215
Net result
€9,394▼ 43.7%
2024 · €16,681
Working capital
€213,270▲ 14.7%
2024 · €185,975
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€18,815
▼ 36.3%
2025
20182025
Net result
€9,394
▼ 43.7%
2025
middle half of the sector
20182025
Equity
€248,154
▲ 3.9%
2025
highest quarter of the sector
20182025
Total assets
€357,429
▼ 5.7%
2025
highest quarter of the sector
20182025
Debt
€109,275
▼ 22.2%
2025
20182025
Working capital
€213,270
▲ 14.7%
2025
highest quarter of the sector
20182025
Solvency
69.4%
▲ 6.5pp
2025
middle half of the sector
20182025
Current ratio
4.20
▲ 0.83
2025
highest quarter of the sector
20182025
Return on assets (ROA)
2.6%
▼ 1.8pp
2025
middle half of the sector
20182025
Staff (FTE)
2
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€40,290-€59,195▲ 46.9%€53,021▼ 10.4%€52,699▼ 0.6%€45,737▼ 13.2%€25,462▼ 44.3%€29,536▲ 16.0%€18,815▼ 36.3%
Net result€24,406-€42,107▲ 72.5%€37,789above the sector's middle half▼ 10.3%€34,025above the sector's middle half▼ 10.0%€34,406above the sector's middle half▲ 1.1%€10,357within the sector's middle half▼ 69.9%€16,681within the sector's middle half▲ 61.1%€9,394within the sector's middle half▼ 43.7%
Equity€168,396-€200,502▲ 19.1%€198,291above the sector's middle half▼ 1.1%€192,316above the sector's middle half▼ 3.0%€211,721above the sector's middle half▲ 10.1%€222,079above the sector's middle half▲ 4.9%€238,760above the sector's middle half▲ 7.5%€248,154above the sector's middle half▲ 3.9%
Total assets€242,109-€300,552▲ 24.1%€332,218above the sector's middle half▲ 10.5%€355,213above the sector's middle half▲ 6.9%€312,289above the sector's middle half▼ 12.1%€412,292above the sector's middle half▲ 32.0%€379,215above the sector's middle half▼ 8.0%€357,429above the sector's middle half▼ 5.7%
Debt€73,713-€100,050▲ 35.7%€133,926▲ 33.9%€162,897▲ 21.6%€100,568▼ 38.3%€190,213▲ 89.1%€140,455▼ 26.2%€109,275▼ 22.2%
Working capital€154,347-€188,022▲ 21.8%€184,630above the sector's middle half▼ 1.8%€180,965above the sector's middle half▼ 2.0%€193,059above the sector's middle half▲ 6.7%€192,831above the sector's middle half▼ 0.1%€185,975above the sector's middle half▼ 3.6%€213,270above the sector's middle half▲ 14.7%
Solvency69.6%-66.7%▼ 2.8pp59.7%within the sector's middle half▼ 7.0pp54.1%within the sector's middle half▼ 5.5pp67.8%above the sector's middle half▲ 13.7pp53.9%within the sector's middle half▼ 13.9pp63.0%within the sector's middle half▲ 9.1pp69.4%within the sector's middle half▲ 6.5pp
Current ratio3.24-3.25▲ 0.012.76within the sector's middle half▼ 0.492.28within the sector's middle half▼ 0.493.24above the sector's middle half▲ 0.962.84within the sector's middle half▼ 0.403.37above the sector's middle half▲ 0.534.20above the sector's middle half▲ 0.83
Return on assets (ROA)10.1%-14.0%▲ 3.9pp11.4%within the sector's middle half▼ 2.6pp9.6%within the sector's middle half▼ 1.8pp11.0%within the sector's middle half▲ 1.4pp2.5%within the sector's middle half▼ 8.5pp4.4%within the sector's middle half▲ 1.9pp2.6%within the sector's middle half▼ 1.8pp
Staff (FTE)2-2=2within the sector's middle half=2=2=2=2=2=
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 36% lower than in 2024 and the lowest since 2021.
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 €357,429
Fixed assets
€77,549 ▼ 32.5%
Current assets
€279,879 ▲ 5.9%
Equity and liabilities €357,429
Equity
€248,154 ▲ 3.9%
Debt
€109,275 ▼ 22.2%
Debt's share of the balance-sheet total falls from 37.0% to 30.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€56,126▼
2024 · €65,046
Cash flow
€46,705▼
2024 · €52,190
Debt to equity
0.44▼
2024 · 0.59
ROE
3.8%▼
2024 · 7.0%
Interest coverage
14.92▲
2024 · 14.43
Debt ≤ 1 year
€66,610▼
2024 · €78,379
Debt > 1 year
€39,560▼
2024 · €58,994
Income taxes
€6,827▼
2024 · €8,782
Staff costs
€121,493▲
2024 · €109,864
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 | 2 | 2 | 2 | 2 | 2 |
| full-time | 2 | 2 | 2 | 2 | 2 |
| in full-time equivalents | 2 | 2 | 2 | 2 | 2 |
| Average over the year, in full-time equivalents | 2 | 2 | 2 | 2 | 2 |
| On a permanent contract | 2 | 2 | 2 | 2 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Carrying value of the other pledged assets | €23,639 | €11,327 | - | €77,816 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,596 | €20,799 | €107,180 | €35,723 | - |
| Depreciation and write-downs of the year | €15,908 | €20,506 | €11,309 | €35,509 | €37,311 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €96,702 | €98,872 | €102,201 | €109,864 | €121,493 | ▲ 10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,845 | €15,597 | €15,112 | €15,908 | €20,506 | €11,309 | €35,509 | €37,311 | ▲ 5.1% |
| Other operating charges640/8 | - | - | - | €4,290 | €2,431 | €16,271 | €2,909 | €2,836 | ▼ 2.5% |
| Gross operating margin9900 | €147,941 | €168,091 | €137,962 | €169,599 | €167,545 | €155,243 | €177,818 | €180,455 | ▲ 1.5% |
| Operating profit (loss)9901 | €40,290 | €59,195 | €53,021 | €52,699 | €45,737 | €25,462 | €29,536 | €18,815 | ▼ 36.3% |
| Financial income75/76B | - | - | - | €118 | €533 | €2,032 | €435 | €1,167 | ▲ 168% |
| Recurring financial income75 | €617 | €48 | €10 | €118 | €533 | €2,032 | €435 | €1,167 | ▲ 168% |
| Financial charges65/66B | - | - | - | €1,426 | €665 | €9,793 | €4,508 | €3,761 | ▼ 16.6% |
| Recurring financial charges65 | €2,616 | €335 | €1,825 | €1,426 | €665 | €9,793 | €4,508 | €3,761 | ▼ 16.6% |
| Profit (loss) for the period before taxes9903 | €38,291 | €58,908 | €51,206 | €51,391 | €45,605 | €17,700 | €25,463 | €16,221 | ▼ 36.3% |
| Income taxes67/77 | €13,885 | €16,801 | €13,417 | €17,367 | €11,199 | €7,343 | €8,782 | €6,827 | ▼ 22.3% |
| Profit (loss) for the period9904 | €24,406 | €42,107 | €37,789 | €34,025 | €34,406 | €10,357 | €16,681 | €9,394 | ▼ 43.7% |
| Profit (loss) for the period to be appropriated9905 | €24,406 | €42,107 | €37,789 | €34,025 | €34,406 | €10,357 | €16,681 | €9,394 | ▼ 43.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €242,109 | €300,552 | €332,218 | €355,213 | €312,289 | €412,292 | €379,215 | €357,429 | ▼ 5.7% |
| Fixed assets21/28 | €18,990 | €29,005 | €42,899 | €32,587 | €32,881 | €114,647 | €114,860 | €77,549 | ▼ 32.5% |
| Tangible fixed assets22/27 | €18,876 | €28,891 | €42,785 | €32,473 | €32,767 | €114,533 | €114,747 | €77,435 | ▼ 32.5% |
| Furniture and vehicles24 | - | - | - | €24,676 | €27,000 | €110,778 | €108,386 | €73,631 | ▼ 32.1% |
| Other tangible fixed assets26 | - | - | - | €7,797 | €5,767 | €3,755 | €6,360 | €3,805 | ▼ 40.2% |
| Financial fixed assets28 | €114 | €114 | €114 | €114 | €114 | €114 | €114 | €114 | = |
| Current assets29/58 | €223,119 | €271,548 | €289,319 | €322,626 | €279,409 | €297,645 | €264,354 | €279,879 | ▲ 5.9% |
| Amounts receivable within one year40/41 | €135,566 | €160,700 | €160,701 | €180,008 | €131,037 | €157,263 | €127,319 | €167,822 | ▲ 31.8% |
| Trade receivables40 | - | - | - | €57,549 | €45,770 | €62,197 | €52,341 | €85,624 | ▲ 63.6% |
| Other amounts receivable41 | - | - | - | €122,459 | €85,267 | €95,066 | €74,978 | €82,198 | ▲ 9.6% |
| Cash at bank and in hand54/58 | €83,876 | €107,262 | €125,107 | €139,183 | €144,550 | €134,021 | €129,303 | €106,641 | ▼ 17.5% |
| Deferred charges and accrued income490/1 | - | - | - | €3,434 | €3,821 | €6,361 | €7,733 | €5,416 | ▼ 30.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €242,109 | €300,552 | €332,218 | €355,213 | €312,289 | €412,292 | €379,215 | €357,429 | ▼ 5.7% |
| Equity10/15 | €168,396 | €200,502 | €198,291 | €192,316 | €211,721 | €222,079 | €238,760 | €248,154 | ▲ 3.9% |
| Contributions10/11 | €12,395 | €12,395 | €12,395 | €12,395 | €12,395 | €15,493 | €15,493 | €15,493 | = |
| Capital10 | - | - | - | €12,395 | €12,395 | - | - | - | - |
| Issued capital100 | - | - | - | €30,987 | €30,987 | - | - | - | - |
| Uncalled capital101 | - | - | - | €18,592 | €18,592 | - | - | - | - |
| Reserves13 | €67,427 | €67,427 | €67,427 | €67,427 | €67,427 | €64,328 | €64,328 | €64,328 | = |
| Non-distributable reserves130/1 | - | - | - | €3,099 | €3,099 | - | - | - | - |
| Legal reserve130 | - | - | - | €3,099 | €3,099 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €64,328 | €64,328 | €64,328 | €64,328 | €64,328 | = |
| Profit (loss) carried forward14 | €88,574 | €120,681 | €118,469 | €112,494 | €131,900 | €142,257 | €158,938 | €168,332 | ▲ 5.9% |
| Amounts payable17/49 | €73,713 | €100,050 | €133,926 | €162,897 | €100,568 | €190,213 | €140,455 | €109,275 | ▼ 22.2% |
| Amounts payable after more than one year17 | €2,398 | €13,986 | €26,572 | €15,414 | €9,602 | €82,470 | €58,994 | €39,560 | ▼ 32.9% |
| Financial debts170/4 | - | - | - | €15,414 | €9,602 | €82,470 | €58,994 | €39,560 | ▼ 32.9% |
| Amounts payable within one year42/48 | €68,772 | €83,526 | €104,689 | €141,660 | €86,350 | €104,814 | €78,379 | €66,610 | ▼ 15.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €11,157 | €5,813 | €22,664 | €23,476 | €19,434 | ▼ 17.2% |
| Trade debts44 | €32,613 | €37,783 | €18,740 | €46,434 | €24,198 | €47,504 | €40,197 | €31,534 | ▼ 21.5% |
| Suppliers440/4 | - | - | - | €46,434 | €24,198 | €47,504 | €40,197 | €31,534 | ▼ 21.5% |
| Taxes, remuneration and social security45 | - | - | - | €24,069 | €21,340 | €14,647 | €14,706 | €15,641 | ▲ 6.4% |
| Taxes450/3 | - | - | - | €14,080 | €8,643 | €899 | €2,900 | €5,272 | ▲ 81.8% |
| Remuneration and social security454/9 | - | - | - | €9,990 | €12,697 | €13,748 | €11,806 | €10,369 | ▼ 12.2% |
| Other amounts payable47/48 | - | - | - | €60,000 | €35,000 | €20,000 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €5,822 | €4,616 | €2,929 | €3,082 | €3,106 | ▲ 0.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,406 | €42,107 | €37,789 | €34,025 | €34,406 | €10,357 | €16,681 | €9,394 | ▼ 43.7% |
| + Depreciation and write-downs630 | €13,845 | €15,597 | €15,112 | €15,908 | €20,506 | €11,309 | €35,509 | €37,311 | ▲ 5.1% |
| Operating cash flow (approximation) | €38,250 | €57,703 | €52,901 | €49,932 | €54,911 | €21,666 | €52,190 | €46,705 | ▼ 10.5% |
| Investment in fixed assets (approximation) | - | -€25,612 | -€29,006 | -€5,596 | -€20,799 | -€93,075 | -€35,723 | €0 | - |
| Change in cash | - | €23,386 | €17,845 | €14,076 | €5,367 | -€10,530 | -€4,718 | -€22,662 | ▼ 380% |
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 DANELEC 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 DANELEC 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 17,041 companies, not a prediction for DANELEC. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 06-08-2026 | 2026-00387612 | |
| 31-12-2024 | micro format | 04-08-2025 | 2025-00359664 | |
| 31-12-2023 | micro format | 28-07-2024 | 2024-00304865 | |
| 31-12-2022 | micro format | 02-08-2023 | 2023-00311033 | |
| 31-12-2021 | micro format | 01-08-2022 | 2022-20263819 | |
| 31-12-2020 | micro format | 12-08-2021 | 2021-48000590 | |
| 31-12-2019 | micro format | 07-08-2020 | 2020-39800315 | |
| 31-12-2018 | micro format | 29-07-2019 | 2019-39600308 | |
| 31-12-2017 | micro format | 14-08-2018 | 2018-45500466 | |
| 31-12-2016 | micro format | 28-07-2017 | 2017-37300404 |