Falch
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 6 filings
Turnover
≈ €340,000
Estimated: probably between €210,000 and €640,000
Total assets
€554,799▼ 44.1%
2024 · €992,186
Net result
€18,372▼ 73.4%
2024 · €68,979
Working capital
€159,205▲ 30.0%
2024 · €122,451
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€43,677
▼ 58.4%
2025
20202025
Net result
€18,372
▼ 73.4%
2025
middle half of the sector
20202025
Equity
€258,638
▲ 7.6%
2025
middle half of the sector
20202025
Total assets
€554,799
▼ 44.1%
2025
middle half of the sector
20202025
Debt
€296,162
▼ 59.8%
2025
20202025
Working capital
€159,205
▲ 30.0%
2025
middle half of the sector
20202025
Solvency
46.6%
▲ 22.4pp
2025
middle half of the sector
20202025
Current ratio
1.54
▲ 0.37
2025
middle half of the sector
20202025
Return on assets (ROA)
3.3%
▼ 3.6pp
2025
middle half of the sector
20202025
Staff (FTE)
1.1
▼ 8.3%
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result-€10,596-€53,953€85,209▲ 57.9%€221,321▲ 160%€105,030▼ 52.5%€43,677▼ 58.4%
Net result-€23,036below the sector's middle half-€19,464within the sector's middle half€29,286within the sector's middle half▲ 50.5%€125,574within the sector's middle half▲ 329%€68,979within the sector's middle half▼ 45.1%€18,372within the sector's middle half▼ 73.4%
Equity-€3,036below the sector's middle half-€16,427below the sector's middle half€45,713below the sector's middle half▲ 178%€171,287within the sector's middle half▲ 275%€240,266within the sector's middle half▲ 40.3%€258,638within the sector's middle half▲ 7.6%
Total assets€521,430within the sector's middle half-€623,071within the sector's middle half▲ 19.5%€638,210within the sector's middle half▲ 2.4%€951,547within the sector's middle half▲ 49.1%€992,186within the sector's middle half▲ 4.3%€554,799within the sector's middle half▼ 44.1%
Debt€524,466-€606,644▲ 15.7%€592,496▼ 2.3%€765,260▲ 29.2%€736,921▼ 3.7%€296,162▼ 59.8%
Working capital-€211,853below the sector's middle half--€148,274below the sector's middle half▲ 30.0%-€79,153within the sector's middle half▲ 46.6%€21,730within the sector's middle half€122,451within the sector's middle half▲ 464%€159,205within the sector's middle half▲ 30.0%
Solvency-0.6%below the sector's middle half-2.6%below the sector's middle half▲ 3.2pp7.2%below the sector's middle half▲ 4.5pp18.0%within the sector's middle half▲ 10.8pp24.2%within the sector's middle half▲ 6.2pp46.6%within the sector's middle half▲ 22.4pp
Current ratio0.60below the sector's middle half-0.76within the sector's middle half▲ 0.160.87within the sector's middle half▲ 0.111.03within the sector's middle half▲ 0.161.17within the sector's middle half▲ 0.141.54within the sector's middle half▲ 0.37
Return on assets (ROA)-4.4%below the sector's middle half-3.1%within the sector's middle half▲ 7.5pp4.6%within the sector's middle half▲ 1.5pp13.2%above the sector's middle half▲ 8.6pp7.0%within the sector's middle half▼ 6.2pp3.3%within the sector's middle half▼ 3.6pp
Staff (FTE)1.6below the sector's middle half-1.8within the sector's middle half▲ 12.5%1below the sector's middle half▼ 44.4%1within the sector's middle half=1.2within the sector's middle half▲ 20.0%1.1within the sector's middle half▼ 8.3%
above
within
below
The sector band is the middle half of the companies in Rental and leasing activities (NACE 77). 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 58% lower than in 2024 and the lowest since 2020. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €554,799
Fixed assets
€99,736 ▼ 25.2%
Current assets
€455,064 ▼ 47.0%
Equity and liabilities €554,799
Equity
€258,638 ▲ 7.6%
Provisions
€0 ▼ 100%
Debt
€296,162 ▼ 59.8%
Debt's share of the balance-sheet total falls from 74.3% to 53.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€73,197▼
2024 · €137,770
Cash flow
€47,892▼
2024 · €101,719
Quick ratio
0.17▼
2024 · 0.55
Debt to equity
1.15▼
2024 · 3.07
ROE
7.1%▼
2024 · 28.7%
Interest coverage
4.75▼
2024 · 5.85
Debt ≤ 1 year
€295,859▼
2024 · €736,362
Income taxes
€9,897▼
2024 · €12,485
Staff costs
€91,677▼
2024 · €97,948
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 | 1 | 1 | - | 1 | 1 |
| full-time | - | 1 | - | - | 1 |
| part-time | 1 | - | - | 1 | - |
| in full-time equivalents | 0.9 | 1 | - | 0.9 | 1 |
| Average over the year, in full-time equivalents | 1.8 | 1 | 1 | 1.2 | 1.1 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
| Joined | 0 | - | - | 1 | 2 |
| Left | 1 | - | - | 1 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €8,300 | €46,335 | €115,261 | €69,900 | - |
| Depreciation and write-downs of the year | €52,377 | €74,372 | €52,022 | €32,740 | €29,520 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €33,703 | €49,253 | €65,185 | €15,595 | ▼ 76.1% |
| Remuneration, social security and pensions62 | - | €190,354 | €76,545 | €93,273 | €97,948 | €91,677 | ▼ 6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €46,306 | €52,377 | €74,372 | €52,022 | €32,740 | €29,520 | ▼ 9.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €125,788 | €145,312 | -€29,277 | -€37,153 | ▼ 26.9% |
| Other operating charges640/8 | - | €734 | €752 | €1,633 | €1,267 | €1,328 | ▲ 4.8% |
| Non-recurring operating charges66A | - | - | - | - | - | €4,118 | - |
| Gross operating margin9900 | €206,260 | €297,417 | €362,666 | €513,560 | €207,708 | €133,167 | ▼ 35.9% |
| Operating profit (loss)9901 | -€10,596 | €53,953 | €85,209 | €221,321 | €105,030 | €43,677 | ▼ 58.4% |
| Financial charges65/66B | - | €34,489 | €45,370 | €31,372 | €23,567 | €15,408 | ▼ 34.6% |
| Recurring financial charges65 | €12,440 | €34,489 | €45,370 | €31,372 | €23,567 | €15,408 | ▼ 34.6% |
| Profit (loss) for the period before taxes9903 | -€23,036 | €19,464 | €39,839 | €189,950 | €81,463 | €28,269 | ▼ 65.3% |
| Income taxes67/77 | - | - | €10,553 | €64,376 | €12,485 | €9,897 | ▼ 20.7% |
| Profit (loss) for the period9904 | -€23,036 | €19,464 | €29,286 | €125,574 | €68,979 | €18,372 | ▼ 73.4% |
| Profit (loss) for the period to be appropriated9905 | -€23,036 | €19,464 | €29,286 | €125,574 | €68,979 | €18,372 | ▼ 73.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €521,430 | €623,071 | €638,210 | €951,547 | €992,186 | €554,799 | ▼ 44.1% |
| Fixed assets21/28 | €208,817 | €164,740 | €127,605 | €165,648 | €133,373 | €99,736 | ▼ 25.2% |
| Tangible fixed assets22/27 | €203,177 | €159,100 | €121,965 | €160,008 | €127,733 | €94,096 | ▼ 26.3% |
| Plant, machinery and equipment23 | - | €97,835 | €75,789 | €125,187 | €99,676 | €72,616 | ▼ 27.1% |
| Furniture and vehicles24 | - | €42,935 | €30,343 | €21,486 | €17,220 | €13,140 | ▼ 23.7% |
| Other tangible fixed assets26 | - | €18,331 | €15,833 | €13,335 | €10,837 | €8,339 | ▼ 23.0% |
| Financial fixed assets28 | €5,640 | €5,640 | €5,640 | €5,640 | €5,640 | €5,640 | = |
| Current assets29/58 | €312,613 | €458,331 | €510,604 | €785,899 | €858,813 | €455,064 | ▼ 47.0% |
| Stocks and contracts in progress3 | €237,836 | €287,296 | €304,031 | €400,372 | €454,941 | €405,519 | ▼ 10.9% |
| Stocks30/36 | - | €287,296 | €304,031 | €400,372 | €454,941 | €405,519 | ▼ 10.9% |
| Amounts receivable within one year40/41 | €49,369 | €115,715 | €162,261 | €339,844 | €372,719 | €27,834 | ▼ 92.5% |
| Trade receivables40 | - | €111,780 | €158,665 | €338,976 | €371,852 | €27,334 | ▼ 92.6% |
| Other amounts receivable41 | - | €3,935 | €3,596 | €868 | €868 | €500 | ▼ 42.4% |
| Cash at bank and in hand54/58 | €25,408 | €52,158 | €38,900 | €44,318 | €30,885 | €21,711 | ▼ 29.7% |
| Deferred charges and accrued income490/1 | - | €3,162 | €5,413 | €1,366 | €268 | - | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €521,430 | €623,071 | €638,210 | €951,547 | €992,186 | €554,799 | ▼ 44.1% |
| Equity10/15 | -€3,036 | €16,427 | €45,713 | €171,287 | €240,266 | €258,638 | ▲ 7.6% |
| Contributions10/11 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | - | - | - | €151,287 | €220,266 | €238,638 | ▲ 8.3% |
| Distributable reserves133 | - | - | - | €151,287 | €220,266 | €238,638 | ▲ 8.3% |
| Profit (loss) carried forward14 | -€23,036 | -€3,573 | €25,713 | - | - | - | - |
| Provisions and deferred taxes16 | - | - | - | €15,000 | €15,000 | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €15,000 | €15,000 | - | - |
| Environmental obligations163 | - | - | - | €15,000 | €15,000 | - | - |
| Amounts payable17/49 | €524,466 | €606,644 | €592,496 | €765,260 | €736,921 | €296,162 | ▼ 59.8% |
| Amounts payable within one year42/48 | €524,466 | €606,605 | €589,758 | €764,169 | €736,362 | €295,859 | ▼ 59.8% |
| Trade debts44 | €426,992 | €444,601 | €462,696 | €523,393 | €170,162 | €128,637 | ▼ 24.4% |
| Suppliers440/4 | - | €444,601 | €462,696 | €523,393 | €170,162 | €128,637 | ▼ 24.4% |
| Advances received on contracts in progress46 | - | - | - | - | €216,881 | - | - |
| Taxes, remuneration and social security45 | - | €79,404 | €74,572 | €161,309 | €248,145 | €52,443 | ▼ 78.9% |
| Taxes450/3 | - | €68,829 | €62,973 | €143,350 | €233,152 | €37,746 | ▼ 83.8% |
| Remuneration and social security454/9 | - | €10,575 | €11,599 | €17,959 | €14,993 | €14,697 | ▼ 2.0% |
| Other amounts payable47/48 | - | €82,601 | €52,490 | €79,468 | €101,175 | €114,779 | ▲ 13.4% |
| Accrued charges and deferred income492/3 | - | €39 | €2,739 | €1,091 | €559 | €303 | ▼ 45.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€23,036 | €19,464 | €29,286 | €125,574 | €68,979 | €18,372 | ▼ 73.4% |
| + Depreciation and write-downs630 | €46,306 | €52,377 | €74,372 | €52,022 | €32,740 | €29,520 | ▼ 9.8% |
| Operating cash flow (approximation) | €23,270 | €71,840 | €103,658 | €177,595 | €101,719 | €47,892 | ▼ 52.9% |
| Investment in fixed assets (approximation) | - | -€8,300 | -€37,237 | -€90,064 | -€465 | €4,118 | - |
| Change in cash | - | €26,750 | -€13,259 | €5,418 | -€13,433 | -€9,174 | ▲ 31.7% |
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, 5,047 companies had the same profile as Falch has now. Two years later, 93.9% were still going and 2.2% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
93.9%
was still going
3.8%
stopped otherwise
2.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Falch itself: 0.6% 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 5,047 companies, not a prediction for Falch. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-06-2026 | 2026-00223068 | |
| 31-12-2024 | abbreviated format | 03-07-2025 | 2025-00227866 | |
| 31-12-2023 | abbreviated format | 31-07-2024 | 2024-00311407 | |
| 31-12-2022 | abbreviated format | 05-07-2023 | 2023-00203062 | |
| 31-12-2021 | abbreviated format | 24-06-2022 | 2022-20089018 | |
| 31-12-2020 | abbreviated format | 30-07-2021 | 2021-44900221 |