FLAMACO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 23 filings
Turnover
€1.7m
EBIT margin
2.1%
Net result
€31,281▲ 13.2%
2024 · €27,638
Working capital
€66,414▲ 62.6%
2024 · €40,847
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€22,836
▼ 0.9%
2025
20182025
Net result
€31,281
▲ 13.2%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€113,342
▲ 38.1%
2025
middle half of the sector
20182025
Total assets
€1.1m
▼ 6.0%
2025
middle half of the sector
20182025
Debt
€1.0m
▼ 9.3%
2025
20182025
Working capital
€66,414
▲ 62.6%
2025
middle half of the sector
20182025
Solvency
10.2%
▲ 3.2pp
2025
lowest quarter of the sector
20182025
Current ratio
1.07
▲ 0.03
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
2.8%
▲ 0.5pp
2025
middle half of the sector
20182025
Staff (FTE)
0.8
▼ 20.0%
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
Turnover€1.7m
Operating result€0.006m-€0.03m▲ 461%-€0.07m-€0.08m▼ 11.8%-€0.02m▲ 73.6%€0.006m€0.02m▲ 272%€0.02m▼ 0.9%
Net result€0.003m-€0.007m▲ 141%-€0.08mbelow the sector's middle half-€0.07mbelow the sector's middle half▲ 15.8%-€0.02mbelow the sector's middle half▲ 75.9%€0.01mwithin the sector's middle half€0.03mwithin the sector's middle half▲ 141%€0.03mwithin the sector's middle half▲ 13.2%
EBIT margin2.1%
Equity-€0.001m-€0.007m€0.1mwithin the sector's middle half▲ 18×€0.06mbelow the sector's middle half▼ 53.3%€0.04mbelow the sector's middle half▼ 27.5%€0.05mbelow the sector's middle half▲ 26.7%€0.08mbelow the sector's middle half▲ 50.8%€0.1mwithin the sector's middle half▲ 38.1%
Total assets€0.7m-€0.9m▲ 22.1%€1.3mwithin the sector's middle half▲ 48.0%€1.4mwithin the sector's middle half▲ 8.3%€1.4mwithin the sector's middle half▲ 0.9%€1.2mwithin the sector's middle half▼ 17.8%€1.2mwithin the sector's middle half▲ 0.8%€1.1mwithin the sector's middle half▼ 6.0%
Debt€0.7m-€0.9m▲ 21.0%€1.2m▲ 34.7%€1.4m▲ 14.9%€1.4m▲ 2.1%€1.1m▼ 19.2%€1.1m▼ 1.6%€1.0m▼ 9.3%
Working capital-€0.02m--€0.04m▼ 75.9%€0.05mwithin the sector's middle half-€0.007mbelow the sector's middle half-€0.04mbelow the sector's middle half▼ 473%-€0.005mbelow the sector's middle half▲ 87.8%€0.04mbelow the sector's middle half€0.07mwithin the sector's middle half▲ 62.6%
Solvency-0.1%-0.8%▲ 0.8pp9.7%below the sector's middle half▲ 8.9pp4.2%below the sector's middle half▼ 5.5pp3.0%below the sector's middle half▼ 1.2pp4.6%below the sector's middle half▲ 1.6pp6.9%below the sector's middle half▲ 2.3pp10.2%below the sector's middle half▲ 3.2pp
Current ratio0.97-0.95▼ 0.021.04below the sector's middle half▲ 0.091.00below the sector's middle half▼ 0.050.97below the sector's middle half▼ 0.021.00below the sector's middle half▲ 0.021.04below the sector's middle half▲ 0.041.07below the sector's middle half▲ 0.03
Return on assets (ROA)0.4%-0.8%▲ 0.4pp-6.1%below the sector's middle half▼ 7.0pp-4.8%below the sector's middle half▲ 1.4pp-1.1%below the sector's middle half▲ 3.6pp1.0%within the sector's middle half▲ 2.1pp2.3%within the sector's middle half▲ 1.4pp2.8%within the sector's middle half▲ 0.5pp
Staff (FTE)0.6-1below the sector's middle half1below the sector's middle half=1below the sector's middle half=1within the sector's middle half=1within the sector's middle half=0.8below the sector's middle half▼ 20.0%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 1% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€46,928 ▲ 13.9%
Current assets
€1.1m ▼ 6.7%
Equity and liabilities €1.1m
Equity
€113,342 ▲ 38.1%
Debt
€1.0m ▼ 9.3%
Debt's share of the balance-sheet total falls from 93.1% to 89.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€31,931▼
2024 · €40,827
Cash flow
€40,376▼
2024 · €45,425
Quick ratio
0.93▲
2024 · 0.84
Debt to equity
8.83▼
2024 · 13.45
ROE
27.6%▼
2024 · 33.7%
Interest coverage
over 100▲
2024 · 24.92
Debt ≤ 1 year
€1.0m▼
2024 · €1.1m
Income taxes
€226▲
2024 · €224
Staff costs
€86,001▼
2024 · €95,678
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 | 1 |
| full-time | 1 | 1 | 1 | 1 | 0 |
| part-time | - | - | - | - | 1 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 0.8 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 | 0.8 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €5,206 | - | - | - | - |
| Pledge on the business | €1.0m | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €40,908 | - | - | €31,397 |
| Depreciation and write-downs of the year | €18,250 | €26,208 | €21,481 | €17,787 | €9,095 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €1,631 awarded · €1,631 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | €1.7m | - | - | - | - | - | - | - |
| Turnover70 | - | €1.7m | - | - | - | - | - | - | - |
| Other operating income74 | - | €312 | - | - | - | - | - | - | - |
| Operating charges60/66A | - | €1.6m | - | - | - | - | - | - | - |
| Goods for resale, raw materials and consumables60 | - | €1.2m | - | - | - | - | - | - | - |
| Purchases600/8 | - | €1.6m | - | - | - | - | - | - | - |
| Change in stocks: decrease (increase)609 | - | -€0.4m | - | - | - | - | - | - | - |
| Services and other goods61 | - | €0.3m | - | - | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | €0.08m | - | €0.08m | €0.08m | €0.09m | €0.1m | €0.09m | ▼ 10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.005m | €0.01m | €0.02m | €0.02m | €0.03m | €0.02m | €0.02m | €0.009m | ▼ 48.9% |
| Other operating charges640/8 | - | €0.002m | - | €0.02m | €0.03m | €0.02m | €0.02m | €0.02m | ▼ 4.3% |
| Non-recurring operating charges66A | - | €0.001m | - | - | - | - | - | - | - |
| Gross operating margin9900 | €0.05m | - | €0.03m | €0.04m | €0.1m | €0.1m | €0.2m | €0.1m | ▼ 12.5% |
| Operating profit (loss)9901 | €0.006m | €0.03m | -€0.07m | -€0.08m | -€0.02m | €0.006m | €0.02m | €0.02m | ▼ 0.9% |
| Financial income75/76B | - | €0.002m | - | €0.02m | €0.008m | €0.006m | €0.006m | €0.009m | ▲ 38.9% |
| Recurring financial income75 | €0.001m | €0.002m | €0.004m | €0.02m | €0.008m | €0.006m | €0.006m | €0.009m | ▲ 38.9% |
| Income from current assets751 | - | €0.002m | - | - | - | - | - | - | - |
| Other financial income752/9 | - | €118 | - | - | - | - | - | - | - |
| Financial charges65/66B | - | €0.02m | - | €0.004m | €0.004m | €441 | €0.002m | €301 | ▼ 81.6% |
| Recurring financial charges65 | €0.001m | €0.02m | €0.02m | €0.004m | €0.004m | €441 | €0.002m | €301 | ▼ 81.6% |
| Debt charges650 | - | €0.02m | - | - | - | - | - | - | - |
| Other financial charges652/9 | - | €0.003m | - | - | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.006m | €0.01m | -€0.08m | -€0.06m | -€0.02m | €0.01m | €0.03m | €0.03m | ▲ 13.1% |
| Income taxes67/77 | €0.003m | €0.006m | €164 | €0.003m | - | €216 | €224 | €226 | ▲ 0.9% |
| Taxes670/3 | - | €0.006m | - | - | - | - | - | - | - |
| Tax adjustments and reversals of tax provisions77 | - | €441 | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €0.003m | €0.007m | -€0.08m | -€0.07m | -€0.02m | €0.01m | €0.03m | €0.03m | ▲ 13.2% |
| Profit (loss) for the period to be appropriated9905 | €0.003m | €0.007m | -€0.08m | -€0.07m | -€0.02m | €0.01m | €0.03m | €0.03m | ▲ 13.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.7m | €0.9m | €1.3m | €1.4m | €1.4m | €1.2m | €1.2m | €1.1m | ▼ 6.0% |
| Fixed assets21/28 | €0.04m | €0.08m | €0.08m | €0.07m | €0.08m | €0.06m | €0.04m | €0.05m | ▲ 13.9% |
| Tangible fixed assets22/27 | €0.02m | €0.06m | €0.06m | €0.05m | €0.06m | €0.04m | €0.02m | €0.03m | ▲ 26.6% |
| Plant, machinery and equipment23 | - | - | - | €0.02m | €0.01m | €0.007m | €0.002m | - | - |
| Furniture and vehicles24 | - | €0.06m | - | €0.02m | €0.04m | €0.03m | €0.02m | €0.03m | ▲ 64.2% |
| Other tangible fixed assets26 | - | - | - | €0.005m | €0.004m | €0.004m | €0.003m | - | - |
| Financial fixed assets28 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Affiliated companies280/1 | - | €0.02m | - | - | - | - | - | - | - |
| Participating interests280 | - | €0.02m | - | - | - | - | - | - | - |
| Other financial fixed assets284/8 | - | €0.003m | - | - | - | - | - | - | - |
| Amounts receivable and cash guarantees285/8 | - | €0.003m | - | - | - | - | - | - | - |
| Current assets29/58 | €0.7m | €0.8m | €1.2m | €1.4m | €1.3m | €1.1m | €1.1m | €1.1m | ▼ 6.7% |
| Stocks and contracts in progress3 | - | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | €0.2m | €0.1m | ▼ 35.2% |
| Stocks30/36 | - | €0.4m | - | €0.4m | €0.3m | €0.3m | €0.2m | €0.1m | ▼ 35.2% |
| Goods purchased for resale34 | - | €0.4m | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.7m | €0.4m | €0.7m | €0.7m | €1.0m | €0.8m | €0.9m | €0.8m | ▼ 6.3% |
| Trade receivables40 | - | €0.2m | - | €0.2m | €0.4m | €0.3m | €0.2m | €0.4m | ▲ 62.5% |
| Other amounts receivable41 | - | €0.2m | - | €0.5m | €0.7m | €0.5m | €0.7m | €0.5m | ▼ 30.5% |
| Cash at bank and in hand54/58 | €0.007m | €0.01m | €0.2m | €0.2m | €0.008m | €0.04m | €0.02m | €0.08m | ▲ 249% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.003m | €0.005m | €0.007m | €0.006m | ▼ 9.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.7m | €0.9m | €1.3m | €1.4m | €1.4m | €1.2m | €1.2m | €1.1m | ▼ 6.0% |
| Equity10/15 | -€0.001m | €0.007m | €0.1m | €0.06m | €0.04m | €0.05m | €0.08m | €0.1m | ▲ 38.1% |
| Contributions10/11 | €0.006m | €0.006m | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | €0.006m | - | - | - | - | - | - | - |
| Issued capital100 | - | €0.02m | - | - | - | - | - | - | - |
| Uncalled capital101 | - | €0.01m | - | - | - | - | - | - | - |
| Reserves13 | - | €25 | €25 | €25 | €25 | €25 | €25 | €25 | = |
| Legal reserve130 | - | €25 | - | - | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €25 | €25 | €25 | €25 | €25 | = |
| Profit (loss) carried forward14 | -€0.007m | €440 | -€0.08m | -€0.1m | -€0.2m | -€0.2m | -€0.1m | -€0.09m | ▲ 25.2% |
| Amounts payable17/49 | €0.7m | €0.9m | €1.2m | €1.4m | €1.4m | €1.1m | €1.1m | €1.0m | ▼ 9.3% |
| Amounts payable after more than one year17 | €0.01m | €0.03m | €0.005m | - | - | - | - | - | - |
| Financial debts170/4 | - | €0.03m | - | - | - | - | - | - | - |
| Credit institutions173 | - | €0.03m | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.7m | €0.8m | €1.2m | €1.4m | €1.4m | €1.1m | €1.1m | €1.0m | ▼ 9.3% |
| Current portion of amounts payable after more than one year42 | - | €0.02m | - | €0.005m | - | - | - | - | - |
| Financial debts43 | - | €0.5m | - | - | - | - | - | - | - |
| Credit institutions430/8 | - | €0.5m | - | - | - | - | - | - | - |
| Trade debts44 | €0.2m | €0.02m | €0.08m | €0.2m | €0.08m | €0.07m | €0.09m | €0.1m | ▲ 60.2% |
| Suppliers440/4 | - | €0.02m | - | €0.2m | €0.08m | €0.07m | €0.09m | €0.1m | ▲ 60.2% |
| Taxes, remuneration and social security45 | - | €0.03m | - | €0.02m | €0.03m | €0.03m | €0.02m | €0.03m | ▲ 22.9% |
| Taxes450/3 | - | €0.01m | - | €0.008m | €0.009m | €0.005m | €0.004m | €0.01m | ▲ 217% |
| Remuneration and social security454/9 | - | €0.02m | - | €0.01m | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 19.2% |
| Other amounts payable47/48 | - | €0.3m | - | €1.2m | €1.3m | €1.0m | €1.0m | €0.8m | ▼ 16.0% |
| Accrued charges and deferred income492/3 | - | €0.002m | - | - | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,073 | €7,399 | -€80,159 | -€67,476 | -€16,286 | €11,480 | €27,638 | €31,281 | ▲ 13.2% |
| + Depreciation and write-downs630 | €4,950 | €11,357 | €16,265 | €18,250 | €26,208 | €21,481 | €17,787 | €9,095 | ▼ 48.9% |
| Operating cash flow (approximation) | €8,023 | €18,756 | -€63,894 | -€49,226 | €9,922 | €32,961 | €45,425 | €40,376 | ▼ 11.1% |
| Investment in fixed assets (approximation) | - | -€53,824 | -€21,727 | -€1 | -€40,908 | €0 | €0 | -€14,809 | - |
| Change in cash | - | €5,698 | €165,542 | €32,229 | -€202,268 | €29,579 | -€15,613 | €55,847 | - |
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, 3,984 companies had the same profile as FLAMACO has now. Two years later, 96.5% were still going and 1.1% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.5%
was still going
2.3%
stopped otherwise
1.1%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FLAMACO itself: 0.8% 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 3,984 companies, not a prediction for FLAMACO. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 26-06-2026 | 2026-00204502 | |
| 31-12-2024 | abbreviated format | 10-07-2025 | 2025-00255920 | |
| 31-12-2023 | abbreviated format | 16-07-2024 | 2024-00249468 | |
| 31-12-2022 | abbreviated format | 05-07-2023 | 2023-00202061 | |
| 31-12-2021 | abbreviated format | 01-06-2022 | 2022-20046748 | |
| 31-12-2020 | abbreviated format | 16-08-2021 | 2021-48900047 | |
| 31-12-2019 | full format | 17-07-2020 | 2020-31300006 | |
| 31-12-2018 | micro format | 19-07-2019 | 2019-35500478 | |
| 31-12-2017 | micro format | 15-04-2019 | 2019-10200493 | |
| 31-12-2016 | abbreviated format | 17-03-2017 | 2017-06900163 |