Summary
FELCOM is a financial institution. The bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2026 annual accounts show equity of €577,985 and a net result of €68,088. Equity has been growing by about 20% per year since 2024. Its solvency ranks better than 39% of 396 sector peers (NACE 64, financial year 2026). The company has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Overview
Official details
Source: KBO- Status
- Active since 25-04-2023 Normal situation
- Activity
- Activities of holding companies NACE 64210
- Establishment unit
- 2.345.154.350 8560 Wevelgem, since 25-04-2023
- Financial year end
- 31 March
- Peppol
- Reachable since 30-10-2023
Board and ownership
Board
- Michaël VandaeleDirector · since 25-04-2023
- Holdings
- Shares in 1 company Topglass
Financial position
Financial institution: outside the modelBankruptcy probability: sector outside the model
Annual accounts to 31-03-2026
- Profit
- €68,088
- ▼ 49.5%
- Equity
- €577,985
- ▲ 13.4%
- Total assets
- €1.2m
- ▲ 1.6%
SignalsneutralLatest accounts filed on timeShow the evidence
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score measures liquidity, leverage and margins against the norms for trading and manufacturing companies. A bank, insurer or financial holding has a very different balance sheet. Those ratios and the score mean nothing here. So there is no financial strength either.
Bankruptcy probability within 12 months
The company is a financial institution: a bank, insurer or financial holding. Its balance sheet works differently from that of a trading or manufacturing company. A bankruptcy probability from the general model would mislead here.
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Signals
1 signal.
neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2026 was due by 31-10-2026 and was filed on 09-07-2026, 114 days ahead of the deadline.
NBB · 3 filingsDeviation from the deadline
2026
114 days early
2025
11 days early
2024
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 3 accounts on average 42 days before the deadline. In the sector (NACE 64), the median for financial year 2024 was 14 days before the deadline, and 28% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-03-2027 and is due by 31-10-2027. Nothing is late today. The company usually files around 20 October (3 of the last 3 accounts filed within 103 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
03-11-2026 today31-03-2027 year end31-10-2027 deadline
Financials
Financials · financial year 2026, micro format
Annual accounts 2026 filed on 09-07-2026 at the NBB all 3 filings
Equity
€577,985▲ 13.4%
2025 · €509,897
Net result
€68,088▼ 49.5%
2025 · €134,694
Total assets
€1.2m▲ 1.6%
2025 · €1.2m
Solvency
47.5%▲ 4.9pp
2025 · 42.6%
Multi-year overview
2024 to 2026, 3 financial yearsOperating result
€112,663
▲ 41.3%
2026
20242026
Net result
€68,088
▼ 49.5%
2026
20242026
Equity
€577,985
▲ 13.4%
2026
20242026
Total assets
€1.2m
▲ 1.6%
2026
20242026
Debt
€637,713
▼ 7.2%
2026
20242026
Working capital
-€40,053
▲ 32.9%
2026
20242026
Solvency
47.5%
▲ 4.9pp
2026
20242026
Current ratio
0.68
▲ 0.26
2026
20242026
Return on assets (ROA)
5.6%
▼ 5.7pp
2026
20242026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202420252026
Operating result€0.1m-€0.08m▼ 36.9%€0.1m▲ 41.3%
Net result€0.3mabove the sector's middle half-€0.1mabove the sector's middle half▼ 61.0%€0.07m▼ 49.5%
Equity€0.4mwithin the sector's middle half-€0.5mabove the sector's middle half▲ 35.9%€0.6m▲ 13.4%
Total assets€1.3mabove the sector's middle half-€1.2mabove the sector's middle half▼ 8.0%€1.2m▲ 1.6%
Debt€0.9m-€0.7m▼ 25.8%€0.6m▼ 7.2%
Working capital-€0.07mbelow the sector's middle half--€0.06mbelow the sector's middle half▲ 13.1%-€0.04m▲ 32.9%
Solvency28.8%within the sector's middle half-42.6%within the sector's middle half▲ 13.8pp47.5%▲ 4.9pp
Current ratio0.65below the sector's middle half-0.42below the sector's middle half▼ 0.230.68▲ 0.26
Return on assets (ROA)26.5%above the sector's middle half-11.3%within the sector's middle half▼ 15.3pp5.6%▼ 5.7pp
above
within
below
The sector band is the middle half of the companies in Financial service activities, except insurance and pension funding (NACE 64). 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 41% higher than in 2025. It is a recovery after the fall in 2025.
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 €1.2m
Fixed assets
€1.1m ▼ 2.1%
Current assets
€86,130 ▲ 96.5%
Equity and liabilities €1.2m
Equity
€577,985 ▲ 13.4%
Debt
€637,713 ▼ 7.2%
Debt's share of the balance-sheet total falls from 57.4% to 52.5%. Equity is higher and debt is lower.
Key figures and ratios
ROE
11.8%▼
2025 · 26.4%
Debt ≤ 1 year
€126,183▲
2025 · €103,512
Debt > 1 year
€508,468▼
2025 · €577,196
Income taxes
€23,453▲
2025 · €13,597
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|
| Debts guaranteed by Belgian public bodies | €379,464 | €318,750 | €318,750 |
| Pledge on other assets, amount secured | €700,000 | €700,000 | €700,000 |
| Carrying value of the other pledged assets | €1.2m | €1.2m | €1.1m |
Source: notes to the 2024 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|
| Tangible fixed assets | €2,341 | - | - |
| Financial fixed assets | €1.2m | - | - |
| Depreciation and write-downs of the year | €1,616 | €780 | €780 |
Source: notes to the 2024 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,616 | €780 | €780 | = |
| Other operating charges640/8 | €528 | €941 | €668 | ▼ 29.1% |
| Gross operating margin9900 | €128,520 | €81,450 | €114,111 | ▲ 40.1% |
| Operating profit (loss)9901 | €126,376 | €79,728 | €112,663 | ▲ 41.3% |
| Financial income75/76B | €275,000 | €96,490 | €114 | ▼ 99.9% |
| Recurring financial income75 | €275,000 | €96,490 | €114 | ▼ 99.9% |
| Financial charges65/66B | €31,965 | €27,927 | €21,237 | ▼ 24.0% |
| Recurring financial charges65 | €31,965 | €27,927 | €21,237 | ▼ 24.0% |
| Profit (loss) for the period before taxes9903 | €369,411 | €148,291 | €91,541 | ▼ 38.3% |
| Income taxes67/77 | €24,207 | €13,597 | €23,453 | ▲ 72.5% |
| Profit (loss) for the period9904 | €345,204 | €134,694 | €68,088 | ▼ 49.5% |
| Profit (loss) for the period to be appropriated9905 | €345,204 | €134,694 | €68,088 | ▼ 49.5% |
| Line | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €1.3m | €1.2m | €1.2m | ▲ 1.6% |
| Fixed assets21/28 | €1.2m | €1.2m | €1.1m | ▼ 2.1% |
| Tangible fixed assets22/27 | €0.002m | €0.001m | €485 | ▼ 61.7% |
| Furniture and vehicles24 | €0.002m | €0.001m | €485 | ▼ 61.7% |
| Financial fixed assets28 | €1.2m | €1.2m | €1.1m | ▼ 2.0% |
| Current assets29/58 | €0.1m | €0.04m | €0.09m | ▲ 96.5% |
| Amounts receivable within one year40/41 | €0.1m | €0.04m | €0.02m | ▼ 39.3% |
| Trade receivables40 | €0.02m | €0.04m | €0.02m | ▼ 39.3% |
| Other amounts receivable41 | €0.08m | €0 | - | - |
| Current investments50/53 | - | - | €0.03m | - |
| Cash at bank and in hand54/58 | €0.02m | €0.004m | €0.03m | ▲ 660% |
| Deferred charges and accrued income490/1 | €0.001m | €238 | €0.001m | ▲ 357% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €1.3m | €1.2m | €1.2m | ▲ 1.6% |
| Equity10/15 | €0.4m | €0.5m | €0.6m | ▲ 13.4% |
| Contributions10/11 | €0.03m | €0.03m | €0.03m | = |
| Reserves13 | €0.3m | €0.5m | €0.5m | ▲ 14.2% |
| Distributable reserves133 | €0.3m | €0.5m | €0.5m | ▲ 14.2% |
| Amounts payable17/49 | €0.9m | €0.7m | €0.6m | ▼ 7.2% |
| Amounts payable after more than one year17 | €0.7m | €0.6m | €0.5m | ▼ 11.9% |
| Financial debts170/4 | €0.6m | €0.5m | €0.5m | ▼ 15.9% |
| Other amounts payable178/9 | €0.1m | €0.04m | €0.06m | ▲ 43.7% |
| Amounts payable within one year42/48 | €0.2m | €0.1m | €0.1m | ▲ 21.9% |
| Current portion of amounts payable after more than one year42 | €0.08m | €0.08m | €0.09m | ▲ 0.9% |
| Financial debts43 | €0.08m | €0 | - | - |
| Credit institutions430/8 | €0.08m | €0 | - | - |
| Trade debts44 | €0.001m | €35 | €0.004m | ▲ 112× |
| Suppliers440/4 | €0.001m | €35 | €0.004m | ▲ 112× |
| Taxes, remuneration and social security45 | €0.04m | €0.02m | €0.04m | ▲ 96.7% |
| Taxes450/3 | €0.04m | €0.02m | €0.04m | ▲ 96.7% |
| Accrued charges and deferred income492/3 | €0.004m | €0.006m | €0.003m | ▼ 52.5% |
| Line | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €345,204 | €134,694 | €68,088 | ▼ 49.5% |
| + Depreciation and write-downs630 | €1,616 | €780 | €780 | = |
| Operating cash flow (approximation) | €346,820 | €135,474 | €68,868 | ▼ 49.2% |
| Investment in fixed assets (approximation) | - | €19,313 | €22,883 | ▲ 18.5% |
| Change in cash | - | -€16,790 | €26,971 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Board & ownership
Directors
Directors
1 director, no change since 2023
Michaël Vandaele
Current
Director (not named in the articles) · since 25-04-2023 · term without a fixed end · listed in the 2026 annual accounts, filed on 09-07-2026
Signing authorityThe articles say who may bind the company, for example by signing a contract.
Each director alone
deed of 27-04-2023Owners and capital
Shareholders
At incorporation
act of 27-04-2023 ↗
- VANDAELE Michael Axel founder
- Michael Vandaele
Capital transactions
Capital over time
- 27-04-2023 Incorporation · €30,000 · 30,000 shares
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Met of zonder beperking van duur, 1”
Articles of association, deed of 27-04-2023 (in Dutch)
Network & group
Holdings and subsidiaries
1 holdingHoldings 1
- Equity €181,137 Profit of €412 in 2025 (profit of €466 in 2024) Checked score 8650%
Board mandates elsewhere
1 board mandateBoard mandates of FELCOMFELCOM sits on their board1
1 location
Connections & network
1 current directorThe board mandates are listed under Board mandates elsewhere. The network lets you explore the same ties.
This company
Company
Director
Shareholding
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Timeline
Acts, filings and financial milestones
Deadline for the 2027 accounts:
2026
09-07
micro format · 114 days before the deadline
31-03
Financial
Weakest financial yearnet €68,088 ▼49.5%
The net result drops to €68,088, the lowest from 2024 to 2026.
2025
20-10
micro format · 11 days before the deadline
31-03
Financial
Equity above €500,000equity €509,897 ▲35.9%
With a profit in every financial year since 2024, equity grows to €509,897.
2024
31-10
micro format · on the deadline day
2023
27-04
Gazette deed
IncorporationStarting capital €30,000 · Appointment: VANDAELE Michael Axel (director) · Founder5 points ▸
Gazette deed
Incorporation
Starting capital €30,000 · Appointment: VANDAELE Michael Axel (director) · Founder5 points ▸
- Incorporation, 25-04-2023
- Founder, VANDAELE Michael Axel
- Founding capital, €30,000
- Director appointment, VANDAELE Michael Axel (director (not named in the articles))
- Pre-incorporation commitments, “takeover, alle verbintenissen en alle verplichtingen die eruit voortvloeien en alle activiteiten ondernomen in naam en voor rekening van vennootschap in opricht…” (deed in Dutch)
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
FELCOM in Dutch
Enterprise number
0801.122.208
LEI code
6488IBBJ0Z1N942C0230
live in the LEI register
Legal form
Private limited company
Status
Active, normale toestand
Founded
25-04-2023
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 27-04-2023 (in Dutch)Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Vlaamse Gewest, Nelson Mandelastraat 1”
deed of 27-04-2023 (in Dutch)Registered office and establishments
Registered office
Nelson Mandelastraat 1, 8560 Wevelgem, Belgium
Establishment unit
FELCOM, Nelson Mandelastraat 1, 8560 Wevelgem since 25-04-2023 · unit number 2.345.154.350
Activities
NACEBEL 202564210
Activities of holding companies main activity
Codes under NACEBEL 2008
64200
Holdings main activity
Invoicing and payment
VAT number
BE 0801.122.208
Financial year and general meeting
Accounts at the NBBFinancial year end
31-03
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Last Saturday of September at 15:00
deed of 27-04-2023 (in Dutch)Sites & property
Location
Buildings and parcels at the address
Ground area
357 m²
Building footprint
85 m²
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 34041C0227/00C002 | Flanders | 357 m² | 1 · 85 m² | - |