EDEC
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 38 filings
Turnover
€203,877
EBIT margin
0.5%
Net result
€8,228▲ 76.0%
2024 · €4,675
Working capital
€166,480▼ 4.3%
2024 · €174,002
Multi-year overview
2018 to 2025, 7 financial yearsTurnover
no figure
2025
20182025
Operating result
€13,491
▲ 7.2%
2025
20182025
Net result
€8,228
▲ 76.0%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€185,754
▲ 4.6%
2025
middle half of the sector
20182025
Total assets
€238,915
▲ 10.0%
2025
middle half of the sector
20182025
Debt
€53,161
▲ 34.1%
2025
20182025
Working capital
€166,480
▼ 4.3%
2025
middle half of the sector
20182025
Solvency
77.7%
▼ 4.0pp
2025
highest quarter of the sector
20182025
Current ratio
4.13
▼ 1.26
2025
highest quarter of the sector
20182025
Return on assets (ROA)
3.4%
▲ 1.3pp
2025
middle half of the sector
20182025
Staff (FTE)
4
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202022202320242025
Turnover€203,877-
Operating result€9,931--€5,214-€3,183▲ 39.0%€1,055-€10,083▲ 856%€12,587▲ 24.8%€13,491▲ 7.2%
Net result€7,150--€10,329€1,172below the sector's middle half€863below the sector's middle half-€6,097within the sector's middle half▲ 607%€4,675within the sector's middle half▼ 23.3%€8,228within the sector's middle half▲ 76.0%
EBIT margin0.5%-
Equity€171,047-€160,718▼ 6.0%€161,891within the sector's middle half▲ 0.7%€162,190within the sector's middle half-€172,851within the sector's middle half▲ 6.6%€177,526within the sector's middle half▲ 2.7%€185,754within the sector's middle half▲ 4.6%
Total assets€257,357-€202,629▼ 21.3%€209,937within the sector's middle half▲ 3.6%€778,060within the sector's middle half-€795,756within the sector's middle half▲ 2.3%€217,180below the sector's middle half▼ 72.7%€238,915within the sector's middle half▲ 10.0%
Debt€86,310-€41,911▼ 51.4%€48,046▲ 14.6%€615,870-€622,905▲ 1.1%€39,654▼ 93.6%€53,161▲ 34.1%
Working capital€214,474-€157,175▼ 26.7%€158,367within the sector's middle half▲ 0.8%€158,666within the sector's middle half-€169,327within the sector's middle half▲ 6.7%€174,002within the sector's middle half▲ 2.8%€166,480within the sector's middle half▼ 4.3%
Solvency66.5%-79.3%▲ 12.9pp77.1%above the sector's middle half▼ 2.2pp20.8%below the sector's middle half-21.7%within the sector's middle half▲ 0.9pp81.7%above the sector's middle half▲ 60.0pp77.7%above the sector's middle half▼ 4.0pp
Current ratio6.45-4.75▼ 1.704.30above the sector's middle half▼ 0.451.26within the sector's middle half-1.27within the sector's middle half▲ 0.015.39above the sector's middle half▲ 4.124.13above the sector's middle half▼ 1.26
Return on assets (ROA)2.8%--5.1%▼ 7.9pp0.6%within the sector's middle half▲ 5.7pp0.1%below the sector's middle half-0.8%within the sector's middle half▲ 0.7pp2.2%within the sector's middle half▲ 1.4pp3.4%within the sector's middle half▲ 1.3pp
Staff (FTE)2.8-3.1▲ 10.7%1below the sector's middle half▼ 67.7%4within the sector's middle half-4within the sector's middle half=4within the sector's middle half=4within the sector's middle half=
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 7% higher than in 2024 and the highest since 2020. It is the third rise in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €238,915
Fixed assets
€19,274 ▲ 447%
Current assets
€219,642 ▲ 2.8%
Equity and liabilities €238,915
Equity
€185,754 ▲ 4.6%
Debt
€53,161 ▲ 34.1%
Debt's share of the balance-sheet total rises from 18.3% to 22.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€18,741
Cash flow
€13,478
Debt to equity
0.29▲
2024 · 0.22
ROE
4.4%▲
2024 · 2.6%
Interest coverage
over 100
Debt ≤ 1 year
€53,161▲
2024 · €39,654
Income taxes
€5,177▼
2024 · €7,648
Staff costs
€204,306▲
2024 · €193,035
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 | 4 | 4 | 4 | 4 |
| full-time | 4 | 4 | 4 | 4 |
| in full-time equivalents | 4 | 4 | 4 | 4 |
| Average over the year, in full-time equivalents | 4 | 4 | 4 | 4 |
| On a permanent contract | 4 | 4 | 4 | 4 |
| Training hours | - | 8 | 2 | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €263,620 | - | - | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €21,000 |
| Depreciation and write-downs of the year | - | - | - | €5,250 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €203,877 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €60,578 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €138,772 | €180,673 | €193,035 | €204,306 | ▲ 5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €19 | - | - | - | €5,250 | - |
| Other operating charges640/8 | - | - | - | €348 | €1,448 | €6,216 | €1,976 | ▼ 68.2% |
| Non-recurring operating charges66A | - | - | - | €3,124 | - | - | - | - |
| Gross operating margin9900 | €150,512 | €105,587 | €104,326 | €143,299 | €192,203 | €211,838 | €225,022 | ▲ 6.2% |
| Operating profit (loss)9901 | €9,931 | -€5,214 | -€3,183 | €1,055 | €10,083 | €12,587 | €13,491 | ▲ 7.2% |
| Financial charges65/66B | - | - | - | €192 | €45 | €264 | €85 | ▼ 67.7% |
| Recurring financial charges65 | €118 | €141 | €216 | €192 | €45 | €264 | €85 | ▼ 67.7% |
| Profit (loss) for the period before taxes9903 | €9,813 | -€5,355 | €1,172 | €863 | €10,037 | €12,323 | €13,406 | ▲ 8.8% |
| Income taxes67/77 | €2,663 | €4,974 | - | - | €3,940 | €7,648 | €5,177 | ▼ 32.3% |
| Profit (loss) for the period9904 | €7,150 | -€10,329 | €1,172 | €863 | €6,097 | €4,675 | €8,228 | ▲ 76.0% |
| Profit (loss) for the period to be appropriated9905 | €7,150 | -€10,329 | €1,172 | €863 | €6,097 | €4,675 | €8,228 | ▲ 76.0% |
| Line | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €257,357 | €202,629 | €209,937 | €778,060 | €795,756 | €217,180 | €238,915 | ▲ 10.0% |
| Fixed assets21/28 | €3,543 | €3,543 | €3,524 | €3,524 | €3,524 | €3,524 | €19,274 | ▲ 447% |
| Tangible fixed assets22/27 | €19 | €19 | - | - | - | - | €15,750 | - |
| Furniture and vehicles24 | - | - | - | - | - | - | €15,750 | - |
| Financial fixed assets28 | €3,524 | €3,524 | €3,524 | €3,524 | €3,524 | €3,524 | €3,524 | = |
| Current assets29/58 | €253,814 | €199,086 | €206,413 | €774,536 | €792,233 | €213,656 | €219,642 | ▲ 2.8% |
| Amounts receivable within one year40/41 | €177,103 | €169,699 | €185,406 | €678,142 | €448,577 | €30,667 | €214,420 | ▲ 599% |
| Trade receivables40 | - | - | - | €267,965 | €40,965 | €22,422 | €16,730 | ▼ 25.4% |
| Other amounts receivable41 | - | - | - | €410,177 | €407,612 | €8,245 | €197,690 | ▲ 24× |
| Cash at bank and in hand54/58 | €2,262 | €3,594 | €1,007 | €592 | €2,730 | €1,257 | €5,222 | ▲ 315% |
| Deferred charges and accrued income490/1 | - | - | - | €95,802 | €340,926 | €181,732 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €257,357 | €202,629 | €209,937 | €778,060 | €795,756 | €217,180 | €238,915 | ▲ 10.0% |
| Equity10/15 | €171,047 | €160,718 | €161,891 | €162,190 | €172,851 | €177,526 | €185,754 | ▲ 4.6% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | - | - | - | €18,592 | - | - | - | - |
| Issued capital100 | - | - | - | €18,592 | - | - | - | - |
| Reserves13 | €125,859 | €125,859 | €125,859 | €141,859 | €141,859 | €141,859 | €141,859 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Legal reserve130 | - | - | - | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | - | €140,000 | €140,000 | €140,000 | €140,000 | = |
| Profit (loss) carried forward14 | €26,596 | €16,267 | €17,440 | €1,739 | €12,400 | €17,074 | €25,303 | ▲ 48.2% |
| Amounts payable17/49 | €86,310 | €41,911 | €48,046 | €615,870 | €622,905 | €39,654 | €53,161 | ▲ 34.1% |
| Amounts payable within one year42/48 | €39,340 | €41,911 | €48,046 | €615,870 | €622,905 | €39,654 | €53,161 | ▲ 34.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €263,620 | €263,620 | - | - | - |
| Trade debts44 | €9,478 | €11,156 | €5,599 | €7,107 | €5,389 | €2,254 | €17,276 | ▲ 666% |
| Suppliers440/4 | - | - | - | €7,107 | €5,389 | €2,254 | €17,276 | ▲ 666% |
| Taxes, remuneration and social security45 | - | - | - | €24,220 | €32,974 | €37,400 | €35,886 | ▼ 4.0% |
| Taxes450/3 | - | - | - | €1,183 | €4,987 | €8,033 | €9,777 | ▲ 21.7% |
| Remuneration and social security454/9 | - | - | - | €23,037 | €27,987 | €29,367 | €26,108 | ▼ 11.1% |
| Other amounts payable47/48 | - | - | - | €320,923 | €320,923 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,150 | -€10,329 | €1,172 | €863 | €6,097 | €4,675 | €8,228 | ▲ 76.0% |
| + Depreciation and write-downs630 | - | - | €19 | - | - | - | €5,250 | - |
| Operating cash flow (approximation) | €7,150 | -€10,329 | €1,191 | €863 | €6,097 | €4,675 | €13,478 | ▲ 188% |
| Investment in fixed assets (approximation) | - | €0 | €0 | - | €0 | €0 | -€21,000 | - |
| Change in cash | - | €1,332 | -€2,587 | - | €2,138 | -€1,473 | €3,964 | - |
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 EDEC 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 EDEC itself: 0.5% 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 EDEC. 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 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 01-07-2026 | 2026-00249013 | |
| 31-12-2024 | full format | 18-06-2025 | 2025-00176113 | |
| 31-12-2023 | full format | 19-07-2024 | 2024-00275649 | |
| 31-12-2022 | abbreviated format | 10-08-2023 | 2023-00331060 | |
| 31-12-2020 | full format | 20-09-2021 | 2021-67700372 | |
| 31-12-2019 | full format | 30-09-2020 | 2020-58900279 | |
| 31-12-2018 | full format | 31-08-2019 | 2019-63400115 | |
| 31-12-2017 | full format | 31-08-2018 | 2018-58700547 | |
| 31-12-2016 | full format | 29-08-2017 | 2017-57300570 | |
| 31-12-2015 | full format | 30-08-2016 | 2016-56300395 |