ELEKTRO SARRAZIJN
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 08-09-2026 at the NBB all 25 filings
Turnover
≈ €650,000
Estimated: probably between €560,000 and €790,000
Total assets
€686,088▲ 4.8%
2025 · €654,427
Net result
€118,221▲ 1.9%
2025 · €115,990
Working capital
€328,194▼ 9.6%
2025 · €363,047
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€167,498
▲ 1.4%
2026
20192026
Net result
€118,221
▲ 1.9%
2026
20192026
Equity
€524,436
▼ 5.5%
2026
20192026
Total assets
€686,088
▲ 4.8%
2026
20192026
Debt
€161,652
▲ 62.6%
2026
20192026
Working capital
€328,194
▼ 9.6%
2026
20192026
Solvency
76.4%
▼ 8.4pp
2026
20192026
Current ratio
3.03
▼ 2.15
2026
20192026
Return on assets (ROA)
17.2%
▼ 0.5pp
2026
20192026
Staff (FTE)
0.9
=
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€102,432-€86,527▼ 15.5%€138,042▲ 59.5%€119,060▼ 13.8%€123,387▲ 3.6%€154,353▲ 25.1%€165,156▲ 7.0%€167,498▲ 1.4%
Net result€76,724-€53,447▼ 30.3%€89,756above the sector's middle half▲ 67.9%€78,214above the sector's middle half▼ 12.9%€82,694above the sector's middle half▲ 5.7%€103,029above the sector's middle half▲ 24.6%€115,990above the sector's middle half▲ 12.6%€118,221▲ 1.9%
Equity€217,903-€271,350▲ 24.5%€361,106above the sector's middle half▲ 33.1%€329,336above the sector's middle half▼ 8.8%€386,008above the sector's middle half▲ 17.2%€489,037above the sector's middle half▲ 26.7%€555,027above the sector's middle half▲ 13.5%€524,436▼ 5.5%
Total assets€455,085-€480,303▲ 5.5%€533,778above the sector's middle half▲ 11.1%€599,817above the sector's middle half▲ 12.4%€558,912above the sector's middle half▼ 6.8%€627,528above the sector's middle half▲ 12.3%€654,427above the sector's middle half▲ 4.3%€686,088▲ 4.8%
Debt€237,182-€208,953▼ 11.9%€172,672▼ 17.4%€270,481▲ 56.6%€172,903▼ 36.1%€138,491▼ 19.9%€99,400▼ 28.2%€161,652▲ 62.6%
Working capital€61,969-€120,082▲ 93.8%€210,989above the sector's middle half▲ 75.7%€192,991above the sector's middle half▼ 8.5%€262,308above the sector's middle half▲ 35.9%€277,855above the sector's middle half▲ 5.9%€363,047above the sector's middle half▲ 30.7%€328,194▼ 9.6%
Solvency47.9%-56.5%▲ 8.6pp67.7%above the sector's middle half▲ 11.2pp54.9%within the sector's middle half▼ 12.7pp69.1%above the sector's middle half▲ 14.2pp77.9%above the sector's middle half▲ 8.9pp84.8%above the sector's middle half▲ 6.9pp76.4%▼ 8.4pp
Current ratio1.63-2.28▲ 0.653.60above the sector's middle half▲ 1.311.97within the sector's middle half▼ 1.633.23above the sector's middle half▲ 1.273.63above the sector's middle half▲ 0.395.18above the sector's middle half▲ 1.553.03▼ 2.15
Return on assets (ROA)16.9%-11.1%▼ 5.7pp16.8%within the sector's middle half▲ 5.7pp13.0%within the sector's middle half▼ 3.8pp14.8%within the sector's middle half▲ 1.8pp16.4%within the sector's middle half▲ 1.6pp17.7%within the sector's middle half▲ 1.3pp17.2%▼ 0.5pp
Staff (FTE)1-1=1=1=1=1=0.9▼ 10.0%0.9=
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 2026 is 1% higher than in 2025 and the highest since 2022. It is the fourth rise in a row.
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
2026 in colour, 2025 as the grey bar beneath
Assets €686,088
Fixed assets
€196,242 ▼ 4.0%
Current assets
€489,846 ▲ 8.9%
Equity and liabilities €686,088
Equity
€524,436 ▼ 5.5%
Debt
€161,652 ▲ 62.6%
Debt's share of the balance-sheet total rises from 15.2% to 23.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€220,064▲
2025 · €216,159
Cash flow
€170,787▲
2025 · €166,993
Quick ratio
2.97▼
2025 · 4.91
Debt to equity
0.31▲
2025 · 0.18
ROE
22.5%▲
2025 · 20.9%
Interest coverage
over 100
2025 · over 100
Debt ≤ 1 year
€161,652▲
2025 · €86,867
Debt > 1 year
€0▼
2025 · €12,533
Income taxes
€50,496▲
2025 · €49,541
Staff costs
€52,115▼
2025 · €52,917
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 0 | 1 |
| part-time | 0 | 0 | 0 | 1 | 0 |
| in full-time equivalents | 1 | 1 | 1 | 0.8 | 0 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 0.9 | - |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2022 to 2026 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €9,600 | €17,037 | €108,680 | €18,291 | €64,470 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €44,232 | €44,780 | €43,909 | €51,003 | €52,566 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €15,837 | €2,809 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €48,561 | €54,777 | €62,343 | €52,917 | €52,115 | ▼ 1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €53,100 | €48,599 | €42,357 | €44,232 | €44,780 | €43,909 | €51,003 | €52,566 | ▲ 3.1% |
| Other operating charges640/8 | - | - | - | €1,256 | €2,796 | €3,159 | €2,131 | €5,680 | ▲ 166% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €10,175 | - |
| Gross operating margin9900 | €205,402 | €189,228 | €233,686 | €213,109 | €225,740 | €263,764 | €271,208 | €288,033 | ▲ 6.2% |
| Operating profit (loss)9901 | €102,432 | €86,527 | €138,042 | €119,060 | €123,387 | €154,353 | €165,156 | €167,498 | ▲ 1.4% |
| Financial income75/76B | - | - | - | €731 | €1,378 | €1,248 | €1,994 | €2,505 | ▲ 25.6% |
| Recurring financial income75 | €76 | €515 | €128 | €731 | €1,378 | €1,248 | €1,994 | €2,505 | ▲ 25.6% |
| Financial charges65/66B | - | - | - | €3,779 | €2,472 | €1,938 | €1,620 | €1,285 | ▼ 20.7% |
| Recurring financial charges65 | €4,183 | €3,630 | €3,480 | €3,779 | €2,472 | €1,938 | €1,620 | €1,285 | ▼ 20.7% |
| Profit (loss) for the period before taxes9903 | €98,326 | €83,412 | €134,690 | €116,012 | €122,293 | €153,664 | €165,531 | €168,718 | ▲ 1.9% |
| Transfer from deferred taxes780 | - | - | - | €0 | - | - | - | - | - |
| Income taxes67/77 | €21,602 | €29,965 | €44,934 | €37,797 | €39,599 | €50,635 | €49,541 | €50,496 | ▲ 1.9% |
| Profit (loss) for the period9904 | €76,724 | €53,447 | €89,756 | €78,214 | €82,694 | €103,029 | €115,990 | €118,221 | ▲ 1.9% |
| Profit (loss) for the period to be appropriated9905 | €76,724 | €53,447 | €95,366 | €78,214 | €82,694 | €103,029 | €115,990 | €118,221 | ▲ 1.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €455,085 | €480,303 | €533,778 | €599,817 | €558,912 | €627,528 | €654,427 | €686,088 | ▲ 4.8% |
| Fixed assets21/28 | €294,672 | €266,642 | €241,580 | €206,949 | €179,205 | €243,976 | €204,513 | €196,242 | ▼ 4.0% |
| Tangible fixed assets22/27 | €294,362 | €266,332 | €241,270 | €206,639 | €178,895 | €243,666 | €204,338 | €196,067 | ▼ 4.0% |
| Land and buildings22 | - | - | - | €6,287 | €6,492 | €6,963 | €21,900 | €17,446 | ▼ 20.3% |
| Plant, machinery and equipment23 | - | - | - | €16,736 | €14,109 | €24,266 | €17,616 | €11,503 | ▼ 34.7% |
| Furniture and vehicles24 | - | - | - | €16,473 | €16,864 | €91,784 | €64,886 | €87,103 | ▲ 34.2% |
| Leasing and similar rights25 | - | - | - | €53,161 | €42,197 | €36,168 | €30,140 | €24,112 | ▼ 20.0% |
| Other tangible fixed assets26 | - | - | - | €113,982 | €99,233 | €84,484 | €69,796 | €55,903 | ▼ 19.9% |
| Financial fixed assets28 | €310 | €310 | €310 | €310 | €310 | €310 | €175 | €175 | = |
| Current assets29/58 | €160,413 | €213,661 | €292,197 | €392,869 | €379,707 | €383,553 | €449,914 | €489,846 | ▲ 8.9% |
| Stocks and contracts in progress3 | €5,182 | €4,784 | €3,918 | €1,238 | €24,965 | €23,833 | €23,525 | €9,865 | ▼ 58.1% |
| Stocks30/36 | - | - | - | €1,238 | €24,965 | €23,833 | €23,525 | €9,865 | ▼ 58.1% |
| Amounts receivable within one year40/41 | €104,799 | €98,358 | €93,171 | €85,592 | €142,331 | €100,720 | €151,730 | €115,689 | ▼ 23.8% |
| Trade receivables40 | - | - | - | €71,443 | €43,740 | €38,483 | €35,982 | €47,996 | ▲ 33.4% |
| Other amounts receivable41 | - | - | - | €14,149 | €98,591 | €62,237 | €115,748 | €67,692 | ▼ 41.5% |
| Current investments50/53 | - | - | - | - | - | - | - | €250,000 | - |
| Cash at bank and in hand54/58 | €45,203 | €107,379 | €190,997 | €303,436 | €207,248 | €255,375 | €268,303 | €106,496 | ▼ 60.3% |
| Deferred charges and accrued income490/1 | - | - | - | €2,602 | €5,162 | €3,625 | €6,357 | €7,795 | ▲ 22.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €455,085 | €480,303 | €533,778 | €599,817 | €558,912 | €627,528 | €654,427 | €686,088 | ▲ 4.8% |
| Equity10/15 | €217,903 | €271,350 | €361,106 | €329,336 | €386,008 | €489,037 | €555,027 | €524,436 | ▼ 5.5% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €193,475 | €246,921 | €336,677 | €310,736 | €367,408 | €470,437 | €536,427 | €505,836 | ▼ 5.7% |
| 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 | - | - | - | €308,876 | €365,548 | €468,577 | €534,567 | €503,976 | ▼ 5.7% |
| Profit (loss) carried forward14 | €5,828 | €5,828 | €5,828 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €237,182 | €208,953 | €172,672 | €270,481 | €172,903 | €138,491 | €99,400 | €161,652 | ▲ 62.6% |
| Amounts payable after more than one year17 | €138,738 | €113,817 | €91,463 | €70,603 | €51,905 | €32,794 | €12,533 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €70,603 | €51,905 | €32,794 | €12,533 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €98,444 | €93,578 | €81,209 | €199,878 | €117,399 | €105,697 | €86,867 | €161,652 | ▲ 86.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €20,860 | €18,698 | €19,111 | €20,261 | €13,276 | ▼ 34.5% |
| Financial debts43 | - | - | - | €3,051 | €3,050 | €3,055 | €3,082 | €6,071 | ▲ 97.0% |
| Credit institutions430/8 | - | - | - | €3,051 | €3,050 | €3,055 | €3,082 | €6,071 | ▲ 97.0% |
| Trade debts44 | €42,488 | €62,890 | €45,652 | €59,315 | €65,305 | €61,647 | €55,157 | €29,464 | ▼ 46.6% |
| Suppliers440/4 | - | - | - | €59,315 | €65,305 | €61,647 | €55,157 | €29,464 | ▼ 46.6% |
| Advances received on contracts in progress46 | - | - | - | €0 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €6,669 | €4,323 | €21,143 | €8,367 | €22,244 | ▲ 166% |
| Taxes450/3 | - | - | - | €5,797 | €3,306 | €20,146 | €7,541 | €21,293 | ▲ 182% |
| Remuneration and social security454/9 | - | - | - | €871 | €1,017 | €997 | €827 | €950 | ▲ 15.0% |
| Other amounts payable47/48 | - | - | - | €109,983 | €26,021 | €742 | €0 | €90,597 | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €3,600 | €0 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €76,724 | €53,447 | €89,756 | €78,214 | €82,694 | €103,029 | €115,990 | €118,221 | ▲ 1.9% |
| + Depreciation and write-downs630 | €53,100 | €48,599 | €42,357 | €44,232 | €44,780 | €43,909 | €51,003 | €52,566 | ▲ 3.1% |
| Operating cash flow (approximation) | €129,824 | €102,046 | €132,113 | €122,446 | €127,474 | €146,938 | €166,993 | €170,787 | ▲ 2.3% |
| Investment in fixed assets (approximation) | - | -€20,569 | -€17,296 | -€9,600 | -€17,037 | -€108,680 | -€11,541 | -€44,295 | ▼ 284% |
| Change in cash | - | €62,176 | €83,618 | €112,439 | -€96,188 | €48,126 | €12,928 | -€161,806 | - |
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, 31,368 companies had the same profile as ELEKTRO SARRAZIJN has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ELEKTRO SARRAZIJN 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 31,368 companies, not a prediction for ELEKTRO SARRAZIJN. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 08-09-2026 | 2026-00509616 | |
| 31-03-2025 | micro format | 10-09-2025 | 2025-00489257 | |
| 31-03-2024 | micro format | 09-09-2024 | 2024-00460091 | |
| 31-03-2023 | micro format | 05-09-2023 | 2023-00437573 | |
| 31-03-2022 | micro format | 28-10-2022 | 2022-20475882 | |
| 31-03-2021 | micro format | 08-09-2021 | 2021-66600472 | |
| 31-03-2020 | micro format | 29-10-2020 | 2020-65400510 | |
| 31-03-2019 | micro format | 04-10-2019 | 2019-68500071 | |
| 31-03-2018 | micro format | 24-09-2018 | 2018-63900036 | |
| 31-03-2017 | micro format | 26-10-2017 | 2017-67700290 |