FC CONCEPT
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 27 days after the deadline Filed on 27 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00434977.
Annual accounts 2025 filed on 27-08-2026 at the NBB all 21 filings
Turnover
€361,634▼ 0.9%
2021 · €364,816
EBIT margin
2.8%▲ 3.6pp
2021 · -0.8%
Net result
€2,252▲ 175%
2024 · €819
Working capital
€95,909▲ 2.9%
2024 · €93,187
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€2,774
▲ 51.0%
2025
20182025
Net result
€2,252
▲ 175%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€97,404
▲ 2.4%
2025
middle half of the sector
20182025
Total assets
€117,191
▲ 13.7%
2025
middle half of the sector
20182025
Debt
€19,787
▲ 150%
2025
20182025
Working capital
€95,909
▲ 2.9%
2025
highest quarter of the sector
20182025
Solvency
83.1%
▼ 9.2pp
2025
highest quarter of the sector
20182025
Current ratio
5.85
▼ 6.95
2025
highest quarter of the sector
20182025
Return on assets (ROA)
1.9%
▲ 1.1pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€364,816€361,634▼ 0.9%
Operating result€5,765--€12,484€5,479-€2,819€10,080€602▼ 94.0%€1,838▲ 205%€2,774▲ 51.0%
Net result€3,689--€12,772€4,993within the sector's middle half-€3,747below the sector's middle half€9,335within the sector's middle half-€8below the sector's middle half€819within the sector's middle half€2,252within the sector's middle half▲ 175%
EBIT margin-0.8%2.8%▲ 3.6pp
Equity€96,532-€83,760▼ 13.2%€88,753within the sector's middle half▲ 6.0%€85,006within the sector's middle half▼ 4.2%€94,341within the sector's middle half▲ 11.0%€94,333within the sector's middle half=€95,152within the sector's middle half▲ 0.9%€97,404within the sector's middle half▲ 2.4%
Total assets€122,203-€102,389▼ 16.2%€128,292within the sector's middle half▲ 25.3%€109,980within the sector's middle half▼ 14.3%€132,340within the sector's middle half▲ 20.3%€115,050within the sector's middle half▼ 13.1%€103,054within the sector's middle half▼ 10.4%€117,191within the sector's middle half▲ 13.7%
Debt€25,671-€18,628▼ 27.4%€39,539▲ 112%€24,974▼ 36.8%€37,998▲ 52.2%€20,717▼ 45.5%€7,902▼ 61.9%€19,787▲ 150%
Working capital€82,395-€75,087▼ 8.9%€79,165within the sector's middle half▲ 5.4%€76,353within the sector's middle half▼ 3.6%€85,645within the sector's middle half▲ 12.2%€92,027above the sector's middle half▲ 7.5%€93,187above the sector's middle half▲ 1.3%€95,909above the sector's middle half▲ 2.9%
Solvency79.0%-81.8%▲ 2.8pp69.2%above the sector's middle half▼ 12.6pp77.3%above the sector's middle half▲ 8.1pp71.3%above the sector's middle half▼ 6.0pp82.0%above the sector's middle half▲ 10.7pp92.3%above the sector's middle half▲ 10.3pp83.1%above the sector's middle half▼ 9.2pp
Current ratio4.52-5.03▲ 0.514.48above the sector's middle half▼ 0.556.35above the sector's middle half▲ 1.873.57above the sector's middle half▼ 2.786.72above the sector's middle half▲ 3.1512.79above the sector's middle half▲ 6.075.85above the sector's middle half▼ 6.95
Return on assets (ROA)3.0%--12.5%▼ 15.5pp3.9%within the sector's middle half▲ 16.4pp-3.4%below the sector's middle half▼ 7.3pp7.1%within the sector's middle half▲ 10.5pp0.0%below the sector's middle half▼ 7.1pp0.8%within the sector's middle half▲ 0.8pp1.9%within the sector's middle half▲ 1.1pp
Staff (FTE)1-0.8▼ 20.0%
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 51% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €117,191
Fixed assets
€1,495 ▼ 23.9%
Current assets
€115,696 ▲ 14.4%
Equity and liabilities €117,191
Equity
€97,404 ▲ 2.4%
Debt
€19,787 ▲ 150%
Debt's share of the balance-sheet total rises from 7.7% to 16.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€3,921▼
2024 · €7,331
Cash flow
€3,399▼
2024 · €6,312
Quick ratio
5.65▼
2024 · 12.29
Debt to equity
0.20▲
2024 · 0.08
ROE
2.3%▲
2024 · 0.9%
Interest coverage
8.39▼
2024 · 10.13
Debt ≤ 1 year
€19,787▲
2024 · €7,902
Income taxes
€1,098▲
2024 · €510
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 | €865 | €2,001 | €1,192 | €526 | €677 |
| Depreciation and write-downs of the year | €7,729 | €8,033 | €7,582 | €5,493 | €1,147 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €364,816 | €361,634 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €363,746 | €345,081 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,625 | €7,236 | €8,741 | €7,729 | €8,033 | €7,582 | €5,493 | €1,147 | ▼ 79.1% |
| Other operating charges640/8 | - | - | - | €476 | €656 | €371 | €717 | €482 | ▼ 32.7% |
| Gross operating margin9900 | €35,159 | €38,788 | €14,973 | €5,387 | €18,769 | €8,555 | €8,048 | €4,403 | ▼ 45.3% |
| Operating profit (loss)9901 | €5,765 | -€12,484 | €5,479 | -€2,819 | €10,080 | €602 | €1,838 | €2,774 | ▲ 51.0% |
| Financial income75/76B | - | - | - | €316 | €1,097 | €407 | €214 | €1,043 | ▲ 387% |
| Recurring financial income75 | €50 | €431 | €735 | €316 | €1,097 | €407 | €214 | €1,043 | ▲ 387% |
| Financial charges65/66B | - | - | - | €1,081 | €891 | €631 | €724 | €467 | ▼ 35.4% |
| Recurring financial charges65 | €713 | €546 | €1,059 | €1,081 | €891 | €631 | €724 | €467 | ▼ 35.4% |
| Profit (loss) for the period before taxes9903 | €5,101 | -€12,599 | €5,156 | -€3,584 | €10,286 | €379 | €1,328 | €3,350 | ▲ 152% |
| Income taxes67/77 | €1,412 | €173 | €162 | €163 | €951 | €386 | €510 | €1,098 | ▲ 115% |
| Profit (loss) for the period9904 | €3,689 | -€12,772 | €4,993 | -€3,747 | €9,335 | -€8 | €819 | €2,252 | ▲ 175% |
| Profit (loss) for the period to be appropriated9905 | €3,689 | -€12,772 | €4,993 | -€3,747 | €9,335 | -€8 | €819 | €2,252 | ▲ 175% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €122,203 | €102,389 | €128,292 | €109,980 | €132,340 | €115,050 | €103,054 | €117,191 | ▲ 13.7% |
| Fixed assets21/28 | €16,424 | €8,673 | €26,408 | €19,354 | €13,322 | €6,932 | €1,965 | €1,495 | ▼ 23.9% |
| Tangible fixed assets22/27 | €16,235 | €8,484 | €26,219 | €19,354 | €13,322 | €6,932 | €1,965 | €1,495 | ▼ 23.9% |
| Plant, machinery and equipment23 | - | - | - | €1,537 | €1,878 | €1,796 | €1,576 | €996 | ▼ 36.8% |
| Furniture and vehicles24 | - | - | - | €17,817 | €11,443 | €5,136 | €389 | €499 | ▲ 28.1% |
| Financial fixed assets28 | €189 | €189 | €189 | - | - | - | - | - | - |
| Current assets29/58 | €105,779 | €93,716 | €101,885 | €90,626 | €119,018 | €108,118 | €101,089 | €115,696 | ▲ 14.4% |
| Stocks and contracts in progress3 | €7,372 | €1,500 | €1,500 | €3,619 | €6,962 | €6,962 | €4,000 | €4,000 | = |
| Stocks30/36 | - | - | - | €3,619 | €6,962 | €6,962 | €4,000 | €4,000 | = |
| Amounts receivable within one year40/41 | €82,406 | €62,656 | €94,949 | €64,169 | €101,968 | €60,235 | €93,225 | €89,853 | ▼ 3.6% |
| Trade receivables40 | - | - | - | €57,840 | €100,184 | €59,896 | €92,005 | €81,207 | ▼ 11.7% |
| Other amounts receivable41 | - | - | - | €6,329 | €1,784 | €339 | €1,221 | €8,646 | ▲ 608% |
| Cash at bank and in hand54/58 | €14,593 | €28,202 | €4,169 | €16,092 | €7,416 | €39,922 | €2,909 | €20,178 | ▲ 594% |
| Deferred charges and accrued income490/1 | - | - | - | €6,747 | €2,672 | €999 | €955 | €1,665 | ▲ 74.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €122,203 | €102,389 | €128,292 | €109,980 | €132,340 | €115,050 | €103,054 | €117,191 | ▲ 13.7% |
| Equity10/15 | €96,532 | €83,760 | €88,753 | €85,006 | €94,341 | €94,333 | €95,152 | €97,404 | ▲ 2.4% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €13,860 | €13,860 | €13,860 | €13,860 | €13,860 | €13,860 | €13,860 | €13,860 | = |
| 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 | - | - | - | €12,000 | €12,000 | €12,000 | €12,000 | €12,000 | = |
| Profit (loss) carried forward14 | €64,072 | €51,300 | €56,293 | €52,546 | €61,881 | €61,873 | €62,692 | €64,944 | ▲ 3.6% |
| Amounts payable17/49 | €25,671 | €18,628 | €39,539 | €24,974 | €37,998 | €20,717 | €7,902 | €19,787 | ▲ 150% |
| Amounts payable after more than one year17 | €2,287 | - | €16,673 | €10,701 | €4,625 | €4,625 | - | - | - |
| Financial debts170/4 | - | - | - | €10,701 | €4,625 | €4,625 | - | - | - |
| Amounts payable within one year42/48 | €23,384 | €18,628 | €22,719 | €14,273 | €33,373 | €16,092 | €7,902 | €19,787 | ▲ 150% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,972 | €6,075 | - | - | - | - |
| Financial debts43 | - | - | - | - | - | €383 | - | - | - |
| Credit institutions430/8 | - | - | - | - | - | €383 | - | - | - |
| Trade debts44 | €13,777 | €11,409 | €4,539 | €1,705 | €20,703 | €10,122 | €1,006 | €12,884 | ▲ 13× |
| Suppliers440/4 | - | - | - | €1,705 | €20,703 | €10,122 | €1,006 | €12,884 | ▲ 13× |
| Taxes, remuneration and social security45 | - | - | - | €4,363 | €1,714 | €2,538 | €6,896 | €1,698 | ▼ 75.4% |
| Taxes450/3 | - | - | - | €763 | €1,714 | €2,538 | €1,496 | €1,698 | ▲ 13.5% |
| Remuneration and social security454/9 | - | - | - | €3,600 | - | - | €5,400 | - | - |
| Other amounts payable47/48 | - | - | - | €2,233 | €4,881 | €3,049 | - | €5,205 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,689 | -€12,772 | €4,993 | -€3,747 | €9,335 | -€8 | €819 | €2,252 | ▲ 175% |
| + Depreciation and write-downs630 | €9,625 | €7,236 | €8,741 | €7,729 | €8,033 | €7,582 | €5,493 | €1,147 | ▼ 79.1% |
| Operating cash flow (approximation) | €13,314 | -€5,536 | €13,734 | €3,983 | €17,368 | €7,574 | €6,312 | €3,399 | ▼ 46.2% |
| Investment in fixed assets (approximation) | - | €515 | -€26,476 | -€675 | -€2,001 | -€1,192 | -€526 | -€677 | ▼ 28.6% |
| Change in cash | - | €13,608 | -€24,032 | €11,922 | -€8,675 | €32,506 | -€37,013 | €17,269 | - |
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 FC CONCEPT 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 FC CONCEPT 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 FC CONCEPT. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-08-2026 | 2026-00434977 | |
| 31-12-2024 | micro format | 30-08-2025 | 2025-00448562 | |
| 31-12-2023 | micro format | 26-07-2024 | 2024-00286799 | |
| 31-12-2022 | micro format | 19-06-2023 | 2023-00135280 | |
| 31-12-2021 | micro format | 11-08-2022 | 2022-20282905 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-44000154 | |
| 31-12-2019 | micro format | 08-07-2020 | 2020-27100527 | |
| 31-12-2018 | micro format | 31-07-2019 | 2019-40800119 | |
| 31-12-2017 | micro format | 21-06-2018 | 2018-20900454 | |
| 31-12-2016 | full format | 28-07-2017 | 2017-36700038 |