FLASH ELEC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-04-2026 PDF all 17 filings
Turnover
≈ €240,000
Estimated: probably between €150,000 and €380,000
Total assets
€150,139▼ 30.5%
2024 · €216,058
Net result
€3,241▼ 85.3%
2024 · €22,098
Working capital
€71,713▲ 6.3%
2024 · €67,451
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€6,682
▼ 81.8%
2025
20192025
Net result
€3,241
▼ 85.3%
2025
middle half of the sector
20192025
Equity
€90,313
▲ 3.7%
2025
middle half of the sector
20192025
Total assets
€150,139
▼ 30.5%
2025
middle half of the sector
20192025
Debt
€59,826
▼ 53.6%
2025
20192025
Working capital
€71,713
▲ 6.3%
2025
middle half of the sector
20192025
Solvency
60.2%
▲ 19.9pp
2025
middle half of the sector
20192025
Current ratio
2.57
▲ 0.89
2025
middle half of the sector
20192025
Return on assets (ROA)
2.2%
▼ 8.1pp
2025
middle half of the sector
20192025
Staff (FTE)
1.5
▲ 50.0%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€11,450-€21,204▲ 85.2%€12,742▼ 39.9%€5,529▼ 56.6%€25,354▲ 359%€36,804▲ 45.2%€6,682▼ 81.8%
Net result€5,922-€9,714within the sector's middle half▲ 64.0%€6,299within the sector's middle half▼ 35.2%€15,355within the sector's middle half▲ 144%€18,885within the sector's middle half▲ 23.0%€22,098within the sector's middle half▲ 17.0%€3,241within the sector's middle half▼ 85.3%
Equity€49,422-€59,135within the sector's middle half▲ 19.7%€65,434within the sector's middle half▲ 10.7%€65,089within the sector's middle half▼ 0.5%€64,974within the sector's middle half▼ 0.2%€87,072within the sector's middle half▲ 34.0%€90,313within the sector's middle half▲ 3.7%
Total assets€124,415-€103,944within the sector's middle half▼ 16.5%€109,690within the sector's middle half▲ 5.5%€158,390within the sector's middle half▲ 44.4%€208,798within the sector's middle half▲ 31.8%€216,058within the sector's middle half▲ 3.5%€150,139within the sector's middle half▼ 30.5%
Debt€74,993-€44,809▼ 40.2%€44,256▼ 1.2%€93,301▲ 111%€143,824▲ 54.2%€128,986▼ 10.3%€59,826▼ 53.6%
Working capital€40,695-€49,751within the sector's middle half▲ 22.3%€56,671within the sector's middle half▲ 13.9%€40,352within the sector's middle half▼ 28.8%€39,393within the sector's middle half▼ 2.4%€67,451within the sector's middle half▲ 71.2%€71,713within the sector's middle half▲ 6.3%
Solvency39.7%-56.9%within the sector's middle half▲ 17.2pp59.7%within the sector's middle half▲ 2.8pp41.1%within the sector's middle half▼ 18.6pp31.1%within the sector's middle half▼ 10.0pp40.3%within the sector's middle half▲ 9.2pp60.2%within the sector's middle half▲ 19.9pp
Current ratio1.59-2.11within the sector's middle half▲ 0.532.28within the sector's middle half▲ 0.171.61within the sector's middle half▼ 0.671.39within the sector's middle half▼ 0.231.68within the sector's middle half▲ 0.292.57within the sector's middle half▲ 0.89
Return on assets (ROA)4.8%-9.3%within the sector's middle half▲ 4.6pp5.7%within the sector's middle half▼ 3.6pp9.7%within the sector's middle half▲ 4.0pp9.0%within the sector's middle half▼ 0.6pp10.2%within the sector's middle half▲ 1.2pp2.2%within the sector's middle half▼ 8.1pp
Staff (FTE)1.5-0.311.5▲ 50.0%
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 82% lower than in 2024 and the lowest since 2022.
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
2025 in colour, 2024 as the grey bar beneath
Assets €150,139
Fixed assets
€32,793 ▼ 33.8%
Current assets
€117,346 ▼ 29.5%
Equity and liabilities €150,139
Equity
€90,313 ▲ 3.7%
Debt
€59,826 ▼ 53.6%
Debt's share of the balance-sheet total falls from 59.7% to 39.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€25,265▼
2024 · €55,071
Cash flow
€21,824▼
2024 · €40,365
Quick ratio
2.52▲
2024 · 1.68
Debt to equity
0.66▼
2024 · 1.48
ROE
3.6%▼
2024 · 25.4%
Interest coverage
15.24▼
2024 · 27.00
Debt ≤ 1 year
€45,633▼
2024 · €99,083
Debt > 1 year
€14,193▼
2024 · €28,084
Income taxes
€2,053▼
2024 · €13,241
Staff costs
€34,254▲
2024 · €7,034
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | - | 1 | 2 |
| full-time | - | 1 | 2 |
| in full-time equivalents | - | 1 | 2 |
| Average over the year, in full-time equivalents | 0.3 | 1 | 1.5 |
| Joined | 2 | - | 1 |
| Left | 3 | - | 0 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,901 | €59,522 | €29,991 | - | €1,852 |
| Depreciation and write-downs of the year | €7,521 | €15,985 | €14,500 | €18,267 | €18,583 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €5,438 | €6,468 | €3,393 | €7,034 | €34,254 | ▲ 387% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,829 | €6,101 | €7,521 | €15,985 | €14,500 | €18,267 | €18,583 | ▲ 1.7% |
| Other operating charges640/8 | - | - | €3,519 | €2,120 | €1,657 | €2,881 | €2,699 | ▼ 6.3% |
| Gross operating margin9900 | €87,421 | €48,337 | €29,220 | €30,102 | €44,904 | €64,986 | €62,217 | ▼ 4.3% |
| Operating profit (loss)9901 | €11,450 | €21,204 | €12,742 | €5,529 | €25,354 | €36,804 | €6,682 | ▼ 81.8% |
| Financial income75/76B | - | - | €59 | €13,891 | €583 | €574 | €271 | ▼ 52.9% |
| Recurring financial income75 | €9,451 | €22 | €59 | €193 | €583 | €574 | €271 | ▼ 52.9% |
| Non-recurring financial income76B | - | - | - | €13,698 | - | - | - | - |
| Financial charges65/66B | - | - | €1,848 | €717 | €1,395 | €2,040 | €1,658 | ▼ 18.7% |
| Recurring financial charges65 | €11,450 | €4,707 | €1,848 | €717 | €1,395 | €2,040 | €1,658 | ▼ 18.7% |
| Profit (loss) for the period before taxes9903 | €9,450 | €16,519 | €10,953 | €18,703 | €24,542 | €35,338 | €5,294 | ▼ 85.0% |
| Income taxes67/77 | €3,528 | €6,805 | €4,654 | €3,348 | €5,657 | €13,241 | €2,053 | ▼ 84.5% |
| Profit (loss) for the period9904 | €5,922 | €9,714 | €6,299 | €15,355 | €18,885 | €22,098 | €3,241 | ▼ 85.3% |
| Profit (loss) for the period to be appropriated9905 | €5,922 | €9,714 | €6,299 | €15,355 | €18,885 | €22,098 | €3,241 | ▼ 85.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €124,415 | €103,944 | €109,690 | €158,390 | €208,798 | €216,058 | €150,139 | ▼ 30.5% |
| Fixed assets21/28 | €14,174 | €9,384 | €8,763 | €52,300 | €67,791 | €49,524 | €32,793 | ▼ 33.8% |
| Tangible fixed assets22/27 | €14,174 | €9,384 | €8,763 | €52,300 | €67,791 | €49,524 | €32,793 | ▼ 33.8% |
| Furniture and vehicles24 | - | - | €8,763 | €52,300 | €67,791 | €49,524 | €32,793 | ▼ 33.8% |
| Current assets29/58 | €110,241 | €94,561 | €100,927 | €106,089 | €141,006 | €166,534 | €117,346 | ▼ 29.5% |
| Stocks and contracts in progress3 | €1,418 | €1,418 | €1,418 | €500 | €500 | €500 | €2,500 | ▲ 400% |
| Stocks30/36 | - | - | €1,418 | €500 | €500 | €500 | €2,500 | ▲ 400% |
| Amounts receivable within one year40/41 | €104,175 | €85,429 | €80,751 | €92,856 | €126,839 | €154,453 | €98,961 | ▼ 35.9% |
| Trade receivables40 | - | - | €57,450 | €63,418 | €115,164 | €150,130 | €94,087 | ▼ 37.3% |
| Other amounts receivable41 | - | - | €23,301 | €29,437 | €11,676 | €4,323 | €4,874 | ▲ 12.8% |
| Cash at bank and in hand54/58 | €1,597 | €3,804 | €13,029 | €2,617 | €6,203 | €7,881 | €11,372 | ▲ 44.3% |
| Deferred charges and accrued income490/1 | - | - | €5,728 | €10,117 | €7,464 | €3,701 | €4,513 | ▲ 22.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €124,415 | €103,944 | €109,690 | €158,390 | €208,798 | €216,058 | €150,139 | ▼ 30.5% |
| Equity10/15 | €49,422 | €59,135 | €65,434 | €65,089 | €64,974 | €87,072 | €90,313 | ▲ 3.7% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | €18,600 | - | - | - | - | - |
| Issued capital100 | - | - | €18,600 | - | - | - | - | - |
| Contributions outside capital11 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Other1109/19 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €27,260 | €39,960 | €45,960 | €46,260 | €46,260 | €68,260 | €71,260 | ▲ 4.4% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Legal reserve130 | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | €44,100 | €44,400 | €44,400 | €68,260 | €71,260 | ▲ 4.4% |
| Profit (loss) carried forward14 | €3,562 | €575 | €874 | €229 | €114 | €212 | €453 | ▲ 114% |
| Amounts payable17/49 | €74,993 | €44,809 | €44,256 | €93,301 | €143,824 | €128,986 | €59,826 | ▼ 53.6% |
| Amounts payable after more than one year17 | €5,447 | - | - | €27,563 | €41,614 | €28,084 | €14,193 | ▼ 49.5% |
| Financial debts170/4 | - | - | - | €27,563 | €41,614 | €28,084 | €14,193 | ▼ 49.5% |
| Amounts payable within one year42/48 | €69,546 | €44,809 | €44,256 | €65,738 | €101,613 | €99,083 | €45,633 | ▼ 53.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,879 | €13,183 | €14,067 | €13,891 | ▼ 1.2% |
| Trade debts44 | €35,176 | €23,387 | €31,510 | €38,640 | €61,129 | €68,604 | €20,242 | ▼ 70.5% |
| Suppliers440/4 | - | - | €31,510 | €38,640 | €61,129 | €68,604 | €20,242 | ▼ 70.5% |
| Taxes, remuneration and social security45 | - | - | €6,024 | €3,518 | €7,770 | €16,411 | €11,500 | ▼ 29.9% |
| Taxes450/3 | - | - | €3,553 | €3,336 | €5,695 | €13,323 | €3,060 | ▼ 77.0% |
| Remuneration and social security454/9 | - | - | €2,472 | €182 | €2,075 | €3,089 | €8,440 | ▲ 173% |
| Other amounts payable47/48 | - | - | €6,721 | €15,700 | €19,531 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €596 | €1,819 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,922 | €9,714 | €6,299 | €15,355 | €18,885 | €22,098 | €3,241 | ▼ 85.3% |
| + Depreciation and write-downs630 | €5,829 | €6,101 | €7,521 | €15,985 | €14,500 | €18,267 | €18,583 | ▲ 1.7% |
| Operating cash flow (approximation) | €11,751 | €15,815 | €13,820 | €31,340 | €33,385 | €40,365 | €21,824 | ▼ 45.9% |
| Investment in fixed assets (approximation) | - | -€1,311 | -€6,901 | -€59,522 | -€29,991 | €0 | -€1,852 | - |
| Change in cash | - | €2,207 | €9,225 | -€10,411 | €3,586 | €1,677 | €3,491 | ▲ 108% |
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, 10,904 companies had the same profile as FLASH ELEC has now. Two years later, 95.2% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.2%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of FLASH ELEC itself: 0.4% 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 10,904 companies, not a prediction for FLASH ELEC. 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 |
|---|---|---|---|---|
| 30-09-2025 | micro format | 28-04-2026 | 2026-00090958 | |
| 30-09-2024 | micro format | 28-04-2025 | 2025-00078019 | |
| 30-09-2023 | micro format | 29-04-2024 | 2024-00072950 | |
| 30-09-2022 | micro format | 24-04-2023 | 2023-00065075 | |
| 30-09-2021 | micro format | 21-04-2022 | 2022-20005677 | |
| 30-09-2020 | micro format | 30-04-2021 | 2021-12400036 | |
| 30-09-2019 | micro format | 28-04-2020 | 2020-10100300 | |
| 30-09-2018 | micro format | 25-04-2019 | 2019-11000343 | |
| 30-09-2017 | micro format | 27-04-2018 | 2018-11400342 | |
| 30-09-2016 | full format | 19-04-2017 | 2017-09600479 |