FELECON
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 17 filings
Turnover
≈ €550,000
Estimated: probably between €340,000 and €1.0m
EBIT margin
Not included in this filing
Net result
€142,892▼ 12.1%
2024 · €162,636
Working capital
€390,089▼ 2.0%
2024 · €398,002
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€161,857
▼ 12.0%
2025
20182025
Net result
€142,892
▼ 12.1%
2025
middle half of the sector
20182025
Equity
€367,503
▲ 9.8%
2025
lowest quarter of the sector
20182025
Total assets
€658,316
▼ 12.5%
2025
lowest quarter of the sector
20182025
Debt
€290,812
▼ 30.3%
2025
20182025
Working capital
€390,089
▼ 2.0%
2025
middle half of the sector
20182025
Solvency
55.8%
▲ 11.3pp
2025
middle half of the sector
20182025
Current ratio
3.62
▲ 1.05
2025
highest quarter of the sector
20182025
Return on assets (ROA)
21.7%
▲ 0.1pp
2025
highest quarter of the sector
20182025
Staff (FTE)
1
=
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€179,933-€157,310▼ 12.6%€142,304▼ 9.5%€156,561▲ 10.0%€157,533▲ 0.6%€169,287▲ 7.5%€183,892▲ 8.6%€161,857▼ 12.0%
Net result€150,493-€130,776▼ 13.1%€122,949within the sector's middle half▼ 6.0%€140,169within the sector's middle half▲ 14.0%€142,533within the sector's middle half▲ 1.7%€150,235within the sector's middle half▲ 5.4%€162,636within the sector's middle half▲ 8.3%€142,892within the sector's middle half▼ 12.1%
Equity€150,313-€176,088▲ 17.1%€204,038within the sector's middle half▲ 15.9%€234,207within the sector's middle half▲ 14.8%€266,739within the sector's middle half▲ 13.9%€301,975within the sector's middle half▲ 13.2%€334,611within the sector's middle half▲ 10.8%€367,503below the sector's middle half▲ 9.8%
Total assets€746,133-€667,746▼ 10.5%€605,914below the sector's middle half▼ 9.3%€561,593below the sector's middle half▼ 7.3%€579,932below the sector's middle half▲ 3.3%€610,788below the sector's middle half▲ 5.3%€752,128within the sector's middle half▲ 23.1%€658,316below the sector's middle half▼ 12.5%
Debt€595,820-€491,658▼ 17.5%€401,876▼ 18.3%€327,387▼ 18.5%€313,192▼ 4.3%€308,814▼ 1.4%€417,517▲ 35.2%€290,812▼ 30.3%
Working capital€188,176-€203,398▲ 8.1%€244,141within the sector's middle half▲ 20.0%€212,819within the sector's middle half▼ 12.8%€255,507within the sector's middle half▲ 20.1%€316,761within the sector's middle half▲ 24.0%€398,002within the sector's middle half▲ 25.6%€390,089within the sector's middle half▼ 2.0%
Solvency20.1%-26.4%▲ 6.2pp33.7%within the sector's middle half▲ 7.3pp41.7%within the sector's middle half▲ 8.0pp46.0%within the sector's middle half▲ 4.3pp49.4%within the sector's middle half▲ 3.4pp44.5%within the sector's middle half▼ 5.0pp55.8%within the sector's middle half▲ 11.3pp
Current ratio1.77-1.98▲ 0.212.43within the sector's middle half▲ 0.452.19within the sector's middle half▼ 0.232.51within the sector's middle half▲ 0.322.84within the sector's middle half▲ 0.332.57within the sector's middle half▼ 0.273.62above the sector's middle half▲ 1.05
Return on assets (ROA)20.2%-19.6%▼ 0.6pp20.3%above the sector's middle half▲ 0.7pp25.0%above the sector's middle half▲ 4.7pp24.6%above the sector's middle half▼ 0.4pp24.6%above the sector's middle half=21.6%above the sector's middle half▼ 3.0pp21.7%above the sector's middle half▲ 0.1pp
Staff (FTE)2.7-1.8▼ 33.3%2below the sector's middle half▲ 11.1%2below the sector's middle half=1.6below the sector's middle half▼ 20.0%1.8below the sector's middle half▲ 12.5%1below the sector's middle half▼ 44.4%1below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Manufacture of machinery and equipment not elsewhere classified (NACE 28). 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 12% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €658,316
Fixed assets
€119,299 ▲ 18.9%
Current assets
€539,016 ▼ 17.3%
Equity and liabilities €658,316
Equity
€367,503 ▲ 9.8%
Debt
€290,812 ▼ 30.3%
Debt's share of the balance-sheet total falls from 55.5% to 44.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€188,388▼
2024 · €206,890
Cash flow
€169,423▼
2024 · €185,634
Quick ratio
3.10▲
2024 · 2.08
Debt to equity
0.79▼
2024 · 1.25
ROE
38.9%▼
2024 · 48.6%
Interest coverage
19.45▼
2024 · 19.78
Debt ≤ 1 year
€148,927▼
2024 · €253,775
Debt > 1 year
€132,580▲
2024 · €124,640
Income taxes
€9,954▼
2024 · €11,587
Staff costs
€22,005▼
2024 · €54,890
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 | 2 | 2 | 2 | 1 | 1 |
| full-time | 2 | 1 | 1 | 1 | 1 |
| part-time | - | 1 | 1 | - | - |
| in full-time equivalents | 2 | 1.6 | 1.8 | 1 | 1 |
| Average over the year, in full-time equivalents | 2 | 1.6 | 1.8 | 1 | 1 |
| On a permanent contract | 2 | 2 | 2 | 1 | 1 |
| Joined | 8 | 1 | - | 15 | 2 |
| Left | 8 | 1 | - | 16 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €24,959 | €24,788 | €3,481 | €7,379 | €45,480 |
| Depreciation and write-downs of the year | €45,270 | €39,690 | €36,883 | €22,998 | €26,531 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €401 awarded · €401 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €149 | €149 |
| 2022 | 1 | €252 | €252 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €300 | - | €5,000 | €1,446 | ▼ 71.1% |
| Remuneration, social security and pensions62 | - | - | - | €109,338 | €88,721 | €117,188 | €54,890 | €22,005 | ▼ 59.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €90,283 | €76,741 | €65,967 | €45,270 | €39,690 | €36,883 | €22,998 | €26,531 | ▲ 15.4% |
| Other operating charges640/8 | - | - | - | €5,356 | €4,995 | €5,356 | €6,814 | €5,557 | ▼ 18.4% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €4,869 | - | - |
| Gross operating margin9900 | €399,471 | €334,828 | €315,354 | €316,524 | €290,939 | €328,713 | €273,463 | €215,950 | ▼ 21.0% |
| Operating profit (loss)9901 | €179,933 | €157,310 | €142,304 | €156,561 | €157,533 | €169,287 | €183,892 | €161,857 | ▼ 12.0% |
| Financial income75/76B | - | - | - | €748 | €461 | €700 | €792 | €675 | ▼ 14.7% |
| Recurring financial income75 | €508 | €1,153 | €585 | €748 | €461 | €700 | €792 | €675 | ▼ 14.7% |
| Financial charges65/66B | - | - | - | €7,203 | €5,369 | €7,438 | €10,460 | €9,686 | ▼ 7.4% |
| Recurring financial charges65 | €18,240 | €16,479 | €10,214 | €7,203 | €5,369 | €7,438 | €10,460 | €9,686 | ▼ 7.4% |
| Profit (loss) for the period before taxes9903 | €162,202 | €141,984 | €132,675 | €150,105 | €152,625 | €162,549 | €174,223 | €152,846 | ▼ 12.3% |
| Income taxes67/77 | €11,708 | €11,208 | €9,726 | €9,936 | €10,092 | €12,314 | €11,587 | €9,954 | ▼ 14.1% |
| Profit (loss) for the period9904 | €150,493 | €130,776 | €122,949 | €140,169 | €142,533 | €150,235 | €162,636 | €142,892 | ▼ 12.1% |
| Profit (loss) for the period to be appropriated9905 | €150,493 | €130,776 | €122,949 | €140,169 | €142,533 | €150,235 | €162,636 | €142,892 | ▼ 12.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €746,133 | €667,746 | €605,914 | €561,593 | €579,932 | €610,788 | €752,128 | €658,316 | ▼ 12.5% |
| Fixed assets21/28 | €312,543 | €256,556 | €190,589 | €170,278 | €155,375 | €121,974 | €100,350 | €119,299 | ▲ 18.9% |
| Tangible fixed assets22/27 | €312,408 | €256,421 | €190,454 | €170,143 | €155,240 | €121,839 | €100,350 | €119,299 | ▲ 18.9% |
| Land and buildings22 | - | - | - | €147,586 | €131,376 | €104,826 | €89,634 | €74,443 | ▼ 16.9% |
| Plant, machinery and equipment23 | - | - | - | €17,956 | €13,795 | €8,359 | €6,098 | €5,671 | ▼ 7.0% |
| Furniture and vehicles24 | - | - | - | €4,600 | €10,070 | €8,653 | €4,618 | €39,186 | ▲ 749% |
| Financial fixed assets28 | €135 | €135 | €135 | €135 | €135 | €135 | - | - | - |
| Current assets29/58 | €433,590 | €411,190 | €415,325 | €391,316 | €424,556 | €488,815 | €651,778 | €539,016 | ▼ 17.3% |
| Amounts receivable after more than one year29 | - | - | - | €57,260 | €57,260 | €65,573 | €65,573 | €65,573 | = |
| Other amounts receivable291 | - | - | - | €57,260 | €57,260 | €65,573 | €65,573 | €65,573 | = |
| Stocks and contracts in progress3 | €59,869 | €52,752 | €51,251 | €80,263 | €52,243 | €60,986 | €124,610 | €77,332 | ▼ 37.9% |
| Stocks30/36 | - | - | - | €80,263 | €52,243 | €60,986 | €124,610 | €77,332 | ▼ 37.9% |
| Amounts receivable within one year40/41 | €180,999 | €145,190 | €119,710 | €152,070 | €151,061 | €177,548 | €279,319 | €156,988 | ▼ 43.8% |
| Trade receivables40 | - | - | - | €124,087 | €148,661 | €159,463 | €179,268 | €156,169 | ▼ 12.9% |
| Other amounts receivable41 | - | - | - | €27,983 | €2,400 | €18,085 | €100,051 | €819 | ▼ 99.2% |
| Cash at bank and in hand54/58 | €191,041 | €210,784 | €241,829 | €95,814 | €161,384 | €182,785 | €178,254 | €235,027 | ▲ 31.8% |
| Deferred charges and accrued income490/1 | - | - | - | €5,908 | €2,608 | €1,924 | €4,022 | €4,096 | ▲ 1.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €746,133 | €667,746 | €605,914 | €561,593 | €579,932 | €610,788 | €752,128 | €658,316 | ▼ 12.5% |
| Equity10/15 | €150,313 | €176,088 | €204,038 | €234,207 | €266,739 | €301,975 | €334,611 | €367,503 | ▲ 9.8% |
| Contributions10/11 | €50,000 | €50,000 | - | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Contributions outside capital11 | - | - | - | - | - | - | - | €50,000 | - |
| Other1109/19 | - | - | - | - | - | - | - | €50,000 | - |
| Reserves13 | €100,313 | €126,088 | €154,038 | €184,207 | €216,739 | €251,975 | €284,611 | €317,503 | ▲ 11.6% |
| Non-distributable reserves130/1 | - | - | - | €5,000 | €5,000 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €5,000 | €5,000 | - | - | - | - |
| Distributable reserves133 | - | - | - | €179,207 | €211,739 | €251,975 | €284,611 | €317,503 | ▲ 11.6% |
| Amounts payable17/49 | €595,820 | €491,658 | €401,876 | €327,387 | €313,192 | €308,814 | €417,517 | €290,812 | ▼ 30.3% |
| Amounts payable after more than one year17 | €336,399 | €270,439 | €221,391 | €139,835 | €133,269 | €128,251 | €124,640 | €132,580 | ▲ 6.4% |
| Financial debts170/4 | - | - | - | €26,250 | €17,500 | €8,750 | - | - | - |
| Other amounts payable178/9 | - | - | - | €113,585 | €115,769 | €119,501 | €124,640 | €132,580 | ▲ 6.4% |
| Amounts payable within one year42/48 | €245,414 | €207,792 | €171,184 | €178,497 | €169,049 | €172,054 | €253,775 | €148,927 | ▼ 41.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8,750 | €8,750 | €8,750 | €8,750 | - | - |
| Trade debts44 | €51,023 | €44,188 | €28,846 | €50,106 | €41,466 | €36,127 | €107,830 | €35,982 | ▼ 66.6% |
| Suppliers440/4 | - | - | - | €50,106 | €41,466 | €36,127 | €107,830 | €35,982 | ▼ 66.6% |
| Taxes, remuneration and social security45 | - | - | - | €9,640 | €8,833 | €12,177 | €7,195 | €2,945 | ▼ 59.1% |
| Taxes450/3 | - | - | - | €25 | €92 | €2,403 | €3,679 | €1,441 | ▼ 60.8% |
| Remuneration and social security454/9 | - | - | - | €9,615 | €8,741 | €9,774 | €3,516 | €1,504 | ▼ 57.2% |
| Other amounts payable47/48 | - | - | - | €110,000 | €110,000 | €115,000 | €130,000 | €110,000 | ▼ 15.4% |
| Accrued charges and deferred income492/3 | - | - | - | €9,056 | €10,875 | €8,509 | €39,102 | €9,305 | ▼ 76.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €150,493 | €130,776 | €122,949 | €140,169 | €142,533 | €150,235 | €162,636 | €142,892 | ▼ 12.1% |
| + Depreciation and write-downs630 | €90,283 | €76,741 | €65,967 | €45,270 | €39,690 | €36,883 | €22,998 | €26,531 | ▲ 15.4% |
| Operating cash flow (approximation) | €240,776 | €207,517 | €188,916 | €185,439 | €182,223 | €187,118 | €185,634 | €169,423 | ▼ 8.7% |
| Investment in fixed assets (approximation) | - | -€20,754 | €0 | -€24,959 | -€24,788 | -€3,481 | -€1,374 | -€45,480 | ▼ 3,209% |
| Change in cash | - | €19,743 | €31,045 | -€146,015 | €65,570 | €21,400 | -€4,531 | €56,773 | - |
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, 34,693 companies had the same profile as FELECON has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of FELECON 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 34,693 companies, not a prediction for FELECON. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-07-2026 | 2026-00358220 | |
| 31-12-2024 | abbreviated format | 15-07-2025 | 2025-00272163 | |
| 31-12-2023 | abbreviated format | 10-07-2024 | 2024-00240753 | |
| 31-12-2022 | abbreviated format | 12-07-2023 | 2023-00228715 | |
| 31-12-2021 | abbreviated format | 12-07-2022 | 2022-20175560 | |
| 31-12-2020 | abbreviated format | 02-08-2021 | 2021-44700164 | |
| 31-12-2019 | abbreviated format | 03-07-2020 | 2020-25800017 | |
| 31-12-2018 | abbreviated format | 26-06-2019 | 2019-22800460 | |
| 31-12-2017 | abbreviated format | 18-06-2018 | 2018-19800315 | |
| 31-12-2016 | abbreviated format | 29-05-2017 | 2017-13300256 |