F-Technic
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 15 filings
Turnover
≈ €300,000
Estimated: probably between €200,000 and €460,000
Total assets
€547,886▲ 11.1%
2024 · €493,230
Net result
€1,009▼ 96.7%
2024 · €30,729
Working capital
€151,106▼ 20.2%
2024 · €189,253
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€17,952
▼ 62.1%
2025
20182025
Net result
€1,009
▼ 96.7%
2025
lowest quarter of the sector
20182025
Equity
€250,849
▲ 0.4%
2025
highest quarter of the sector
20182025
Total assets
€547,886
▲ 11.1%
2025
highest quarter of the sector
20182025
Debt
€297,038
▲ 22.0%
2025
20182025
Working capital
€151,106
▼ 20.2%
2025
highest quarter of the sector
20182025
Solvency
45.8%
▼ 4.9pp
2025
middle half of the sector
20182025
Current ratio
1.59
▼ 0.19
2025
middle half of the sector
20182025
Return on assets (ROA)
0.2%
▼ 6.0pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€30,297-€2,482▼ 91.8%€53,521▲ 22×€27,309▼ 49.0%€76,231▲ 179%€49,674▼ 34.8%€47,353▼ 4.7%€17,952▼ 62.1%
Net result€24,918-€1,695▼ 93.2%€43,468above the sector's middle half▲ 26×€21,211within the sector's middle half▼ 51.2%€51,624above the sector's middle half▲ 143%€33,300within the sector's middle half▼ 35.5%€30,729within the sector's middle half▼ 7.7%€1,009below the sector's middle half▼ 96.7%
Equity€67,813-€69,508▲ 2.5%€112,977above the sector's middle half▲ 62.5%€134,187above the sector's middle half▲ 18.8%€185,812above the sector's middle half▲ 38.5%€219,111above the sector's middle half▲ 17.9%€249,840above the sector's middle half▲ 14.0%€250,849above the sector's middle half▲ 0.4%
Total assets€219,002-€205,042▼ 6.4%€238,300within the sector's middle half▲ 16.2%€259,084within the sector's middle half▲ 8.7%€274,375within the sector's middle half▲ 5.9%€303,459above the sector's middle half▲ 10.6%€493,230above the sector's middle half▲ 62.5%€547,886above the sector's middle half▲ 11.1%
Debt€151,188-€135,533▼ 10.4%€125,324▼ 7.5%€124,897▼ 0.3%€88,563▼ 29.1%€84,348▼ 4.8%€243,390▲ 189%€297,038▲ 22.0%
Working capital€17,595-€30,558▲ 73.7%€86,561above the sector's middle half▲ 183%€39,521within the sector's middle half▼ 54.3%€115,928above the sector's middle half▲ 193%€154,185above the sector's middle half▲ 33.0%€189,253above the sector's middle half▲ 22.7%€151,106above the sector's middle half▼ 20.2%
Solvency31.0%-33.9%▲ 2.9pp47.4%within the sector's middle half▲ 13.5pp51.8%within the sector's middle half▲ 4.4pp67.7%above the sector's middle half▲ 15.9pp72.2%above the sector's middle half▲ 4.5pp50.7%within the sector's middle half▼ 21.6pp45.8%within the sector's middle half▼ 4.9pp
Current ratio1.12-1.23▲ 0.111.69within the sector's middle half▲ 0.471.32within the sector's middle half▼ 0.372.31within the sector's middle half▲ 0.992.83within the sector's middle half▲ 0.521.78within the sector's middle half▼ 1.051.59within the sector's middle half▼ 0.19
Return on assets (ROA)11.4%-0.8%▼ 10.6pp18.2%within the sector's middle half▲ 17.4pp8.2%within the sector's middle half▼ 10.1pp18.8%within the sector's middle half▲ 10.6pp11.0%within the sector's middle half▼ 7.8pp6.2%within the sector's middle half▼ 4.7pp0.2%below the sector's middle half▼ 6.0pp
above
within
below
The sector band is the middle half of the companies in Repair, maintenance and installation of machinery and equipment (NACE 33). 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 62% lower than in 2024 and the lowest since 2021. It is the third fall 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
2025 in colour, 2024 as the grey bar beneath
Assets €547,886
Fixed assets
€138,852 ▲ 129%
Current assets
€409,034 ▼ 5.5%
Equity and liabilities €547,886
Equity
€250,849 ▲ 0.4%
Debt
€297,038 ▲ 22.0%
Debt's share of the balance-sheet total rises from 49.3% to 54.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€74,686▼
2024 · €75,201
Cash flow
€57,744▼
2024 · €58,577
Debt to equity
1.18▲
2024 · 0.97
ROE
0.4%▼
2024 · 12.3%
Interest coverage
41.60▼
2024 · over 100
Debt ≤ 1 year
€257,928▲
2024 · €243,390
Debt > 1 year
€39,110
Income taxes
€15,151▼
2024 · €16,486
Staff costs
€2,711▲
2024 · €1,253
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €87,632 | €1,562 | €22,140 | €23,509 | €135,000 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €19,382 | €26,344 | €27,097 | €27,848 | €56,735 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €383 | €0 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €756 | €1,250 | €1,370 | €1,253 | €2,711 | ▲ 116% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,472 | €14,148 | €4,617 | €19,382 | €26,344 | €27,097 | €27,848 | €56,735 | ▲ 104% |
| Other operating charges640/8 | - | - | - | €2,655 | €1,402 | €2,352 | €1,830 | €42,407 | ▲ 23× |
| Gross operating margin9900 | €51,742 | €19,305 | €63,948 | €50,101 | €105,226 | €80,493 | €78,284 | €119,805 | ▲ 53.0% |
| Operating profit (loss)9901 | €30,297 | €2,482 | €53,521 | €27,309 | €76,231 | €49,674 | €47,353 | €17,952 | ▼ 62.1% |
| Financial income75/76B | - | - | - | €0 | €3 | €17 | €0 | €4 | ▲ 406× |
| Recurring financial income75 | €137 | €1 | €7 | €0 | €3 | €17 | €0 | €4 | ▲ 406× |
| Non-recurring financial income76B | - | - | - | €0 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €287 | €157 | €135 | €138 | €1,795 | ▲ 13× |
| Recurring financial charges65 | €91 | €103 | €257 | €287 | €157 | €135 | €138 | €1,795 | ▲ 13× |
| Profit (loss) for the period before taxes9903 | €30,344 | €2,380 | €59,455 | €27,021 | €76,076 | €49,555 | €47,215 | €16,160 | ▼ 65.8% |
| Income taxes67/77 | €5,426 | €685 | €15,987 | €5,810 | €24,452 | €16,256 | €16,486 | €15,151 | ▼ 8.1% |
| Profit (loss) for the period9904 | €24,918 | €1,695 | €43,468 | €21,211 | €51,624 | €33,300 | €30,729 | €1,009 | ▼ 96.7% |
| Profit (loss) for the period to be appropriated9905 | €24,918 | €1,695 | €43,468 | €21,211 | €51,624 | €33,300 | €30,729 | €1,009 | ▼ 96.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €219,002 | €205,042 | €238,300 | €259,084 | €274,375 | €303,459 | €493,230 | €547,886 | ▲ 11.1% |
| Fixed assets21/28 | €50,218 | €38,951 | €26,416 | €94,666 | €69,884 | €64,927 | €60,587 | €138,852 | ▲ 129% |
| Tangible fixed assets22/27 | €50,218 | €38,951 | €26,416 | €94,666 | €69,884 | €64,927 | €60,587 | €138,852 | ▲ 129% |
| Plant, machinery and equipment23 | - | - | - | €29,914 | €18,782 | €10,038 | €5,756 | €113,740 | ▲ 20× |
| Furniture and vehicles24 | - | - | - | €64,752 | €51,102 | €54,889 | €54,831 | €25,113 | ▼ 54.2% |
| Current assets29/58 | €168,784 | €166,091 | €211,884 | €164,418 | €204,491 | €238,533 | €432,643 | €409,034 | ▼ 5.5% |
| Stocks and contracts in progress3 | - | €65,518 | €0 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €120,519 | €60,706 | €116,197 | €93,626 | €140,370 | €119,306 | €288,508 | €350,307 | ▲ 21.4% |
| Trade receivables40 | - | - | - | €93,436 | €140,370 | €115,561 | €288,508 | €350,307 | ▲ 21.4% |
| Other amounts receivable41 | - | - | - | €190 | €0 | €3,744 | €0 | - | - |
| Cash at bank and in hand54/58 | €48,265 | €38,252 | €91,320 | €69,052 | €63,033 | €118,139 | €143,135 | €57,727 | ▼ 59.7% |
| Deferred charges and accrued income490/1 | - | - | - | €1,740 | €1,088 | €1,088 | €1,000 | €1,000 | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €219,002 | €205,042 | €238,300 | €259,084 | €274,375 | €303,459 | €493,230 | €547,886 | ▲ 11.1% |
| Equity10/15 | €67,813 | €69,508 | €112,977 | €134,187 | €185,812 | €219,111 | €249,840 | €250,849 | ▲ 0.4% |
| Contributions10/11 | €12,400 | €12,400 | - | €14,260 | €14,260 | €14,260 | €14,260 | €14,260 | = |
| Reserves13 | €1,860 | €1,860 | €0 | €21,211 | €72,835 | €106,135 | €136,863 | €137,872 | ▲ 0.7% |
| Distributable reserves133 | - | - | - | €21,211 | €72,835 | €106,135 | €136,863 | €137,872 | ▲ 0.7% |
| Profit (loss) carried forward14 | €53,553 | €55,248 | €98,717 | €98,717 | €98,717 | €98,717 | €98,717 | €98,717 | = |
| Amounts payable17/49 | €151,188 | €135,533 | €125,324 | €124,897 | €88,563 | €84,348 | €243,390 | €297,038 | ▲ 22.0% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | - | €39,110 | - |
| Financial debts170/4 | - | - | - | - | - | - | - | €39,110 | - |
| Amounts payable within one year42/48 | €151,188 | €135,533 | €125,324 | €124,897 | €88,563 | €84,348 | €243,390 | €257,928 | ▲ 6.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €11,547 | - |
| Trade debts44 | €39,724 | €42,482 | €3,518 | €38,422 | €2,435 | €3,844 | €139,321 | €148,420 | ▲ 6.5% |
| Suppliers440/4 | - | - | - | €38,422 | €2,435 | €3,844 | €139,321 | €148,420 | ▲ 6.5% |
| Taxes, remuneration and social security45 | - | - | - | €393 | €9,762 | €4,168 | €28,263 | €16,854 | ▼ 40.4% |
| Taxes450/3 | - | - | - | €393 | €7,387 | €4,168 | €25,863 | €14,479 | ▼ 44.0% |
| Remuneration and social security454/9 | - | - | - | €0 | €2,375 | €0 | €2,400 | €2,375 | ▼ 1.0% |
| Other amounts payable47/48 | - | - | - | €86,082 | €76,366 | €76,336 | €75,806 | €81,107 | ▲ 7.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,918 | €1,695 | €43,468 | €21,211 | €51,624 | €33,300 | €30,729 | €1,009 | ▼ 96.7% |
| + Depreciation and write-downs630 | €18,472 | €14,148 | €4,617 | €19,382 | €26,344 | €27,097 | €27,848 | €56,735 | ▲ 104% |
| Operating cash flow (approximation) | €43,390 | €15,843 | €48,085 | €40,593 | €77,969 | €60,397 | €58,577 | €57,744 | ▼ 1.4% |
| Investment in fixed assets (approximation) | - | -€2,880 | €7,918 | -€87,632 | -€1,562 | -€22,140 | -€23,509 | -€135,000 | ▼ 474% |
| Change in cash | - | -€10,013 | €53,068 | -€22,268 | -€6,019 | €55,106 | €24,996 | -€85,408 | - |
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, 6,049 companies had the same profile as F-Technic has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of F-Technic itself: 0.2% 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 6,049 companies, not a prediction for F-Technic. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-06-2026 | 2026-00187012 | |
| 31-12-2024 | micro format | 23-06-2025 | 2025-00163033 | |
| 31-12-2023 | micro format | 20-06-2024 | 2024-00144231 | |
| 31-12-2022 | micro format | 24-06-2023 | 2023-00157059 | |
| 31-12-2021 | micro format | 22-06-2022 | 2022-20081598 | |
| 31-12-2020 | micro format | 09-08-2021 | 2021-47200284 | |
| 31-12-2019 | micro format | 11-08-2020 | 2020-40500583 | |
| 31-12-2018 | micro format | 13-06-2019 | 2019-18700064 | |
| 31-12-2017 | micro format | 02-07-2018 | 2018-27800147 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-53700448 |