FLEETCO
ActiveFinancials · financial year 2026, full format
Annual accounts 2026 filed on 30-09-2026 at the NBB all 44 filings
Turnover
€85.9m▲ 2.7%
2025 · €83.6m
EBIT margin
6.6%▼ 0.7pp
2025 · 7.3%
Net result
€1.9m▼ 13.6%
2025 · €2.2m
Working capital
-€52.3m
2025 · €11.6m
In the rankings
#1 company by total assets in Halle, Administrative and support services sector#1 company by equity in Halle, Administrative and support services sector#4 oldest company in Halle, Administrative and support services sector
Multi-year overview
2019 to 2026, 8 financial yearsTurnover
€85.9m
▲ 2.7%
2026
20192026
Operating result
€5.7m
▼ 6.6%
2026
20192026
Net result
€1.9m
▼ 13.6%
2026
20192026
EBIT margin
6.6%
▼ 0.7pp
2026
20192026
Equity
€57.0m
▲ 3.4%
2026
20192026
Total assets
€189.7m
▲ 2.3%
2026
20192026
Debt
€132.7m
▲ 1.8%
2026
20192026
Working capital
-€52.3m
2026
20192026
Solvency
30.1%
▲ 0.3pp
2026
20192026
Current ratio
0.35
▼ 1.10
2026
20192026
Return on assets (ROA)
1.0%
▼ 0.2pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Turnover€26.0m-€31.8m▲ 22.3%€37.4m▲ 17.9%€61.8m▲ 65.1%€71.5m▲ 15.7%€74.1m▲ 3.6%€83.6m▲ 12.9%€85.9m▲ 2.7%
Operating result€0.4m-€1.9m▲ 430%€3.6m▲ 93.8%€7.8m▲ 113%€10.6m▲ 36.2%€5.5m▼ 48.0%€6.1m▲ 11.3%€5.7m▼ 6.6%
Net result€0.2m-€1.2m▲ 525%€2.6mabove the sector's middle half▲ 110%€5.6mabove the sector's middle half▲ 119%€7.4mabove the sector's middle half▲ 31.1%€2.1mabove the sector's middle half▼ 72.2%€2.2mabove the sector's middle half▲ 6.8%€1.9m▼ 13.6%
EBIT margin1.4%-5.9%▲ 4.5pp9.7%▲ 3.8pp12.5%▲ 2.8pp14.8%▲ 2.2pp7.4%▼ 7.4pp7.3%▼ 0.1pp6.6%▼ 0.7pp
Equity€34.0m-€35.3m▲ 3.6%€37.8mabove the sector's middle half▲ 7.3%€43.5mabove the sector's middle half▲ 14.9%€50.9mabove the sector's middle half▲ 17.0%€52.9mabove the sector's middle half▲ 4.0%€55.1mabove the sector's middle half▲ 4.2%€57.0m▲ 3.4%
Total assets€61.1m-€72.2m▲ 18.2%€91.7mabove the sector's middle half▲ 27.1%€111.1mabove the sector's middle half▲ 21.2%€123.1mabove the sector's middle half▲ 10.8%€145.0mabove the sector's middle half▲ 17.8%€185.5mabove the sector's middle half▲ 28.0%€189.7m▲ 2.3%
Debt€27.0m-€36.9m▲ 36.6%€53.9m▲ 45.9%€67.6m▲ 25.5%€72.2m▲ 6.8%€92.0m▲ 27.5%€130.4m▲ 41.7%€132.7m▲ 1.8%
Working capital-€23.5m--€32.8m▼ 39.7%-€45.2mbelow the sector's middle half▼ 37.7%-€53.3mbelow the sector's middle half▼ 17.9%-€57.2mbelow the sector's middle half▼ 7.3%-€20.4mbelow the sector's middle half▲ 64.4%€11.6mabove the sector's middle half-€52.3m
Solvency55.7%-48.9%▼ 6.9pp41.3%within the sector's middle half▼ 7.6pp39.1%within the sector's middle half▼ 2.1pp41.3%within the sector's middle half▲ 2.2pp36.5%within the sector's middle half▼ 4.8pp29.7%within the sector's middle half▼ 6.8pp30.1%▲ 0.3pp
Current ratio0.13-0.11▼ 0.020.16below the sector's middle half▲ 0.050.21below the sector's middle half▲ 0.050.21below the sector's middle half=0.42below the sector's middle half▲ 0.221.45within the sector's middle half▲ 1.020.35▼ 1.10
Return on assets (ROA)0.3%-1.7%▲ 1.4pp2.8%within the sector's middle half▲ 1.1pp5.1%within the sector's middle half▲ 2.3pp6.0%within the sector's middle half▲ 0.9pp1.4%within the sector's middle half▼ 4.6pp1.2%within the sector's middle half▼ 0.2pp1.0%▼ 0.2pp
above
within
below
The sector band is the middle half of the companies in Rental and leasing activities (NACE 77). 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 7% lower than in 2025.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €189.7m
Fixed assets
€161.6m ▲ 9.1%
Current assets
€28.1m ▼ 25.0%
Equity and liabilities €189.7m
Equity
€57.0m ▲ 3.4%
Provisions
€46,467 ▼ 10.5%
Debt
€132.7m ▲ 1.8%
Debt's share of the balance-sheet total falls from 70.3% to 69.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€45.2m▼
2025 · €52.8m
Cash flow
€41.4m▼
2025 · €48.9m
Debt to equity
2.33▼
2025 · 2.36
ROE
3.3%▼
2025 · 4.0%
Interest coverage
12.98▼
2025 · 16.30
Debt ≤ 1 year
€80.4m▲
2025 · €25.9m
Debt > 1 year
€52.3m▼
2025 · €104.5m
Income taxes
€474,655▼
2025 · €704,092
Customer credit
66 days▲
2025 · 65 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €145.6m | €48.1m | €74.3m | €67.2m | €57.2m |
| Depreciation and write-downs of the year | €33.5m | €35.6m | €40.2m | €46.7m | €39.5m |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Auditor
The auditor is Ernst et Young Reviseurs d'Entreprises.
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Fee for the audit | €1,210 | €1,210 | €1,378 | €2,440 | €2,600 |
Source: notes to the 2022 to 2026 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2024 · 1 entry · €4,375 awarded · €4,375 paidSchemes
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €65.3m | €76.4m | €82.2m | €91.6m | €87.1m | ▼ 4.9% |
| Turnover70 | €26.0m | €31.8m | €37.4m | €61.8m | €71.5m | €74.1m | €83.6m | €85.9m | ▲ 2.7% |
| Other operating income74 | - | - | - | €3.5m | €4.9m | €8.1m | €8.0m | €1.2m | ▼ 84.6% |
| Operating charges60/66A | - | - | - | €57.5m | €65.8m | €76.7m | €85.5m | €81.4m | ▼ 4.8% |
| Services and other goods61 | - | - | - | €20.3m | €27.4m | €33.1m | €35.7m | €39.6m | ▲ 10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17.9m | €22.0m | €26.3m | €33.5m | €35.6m | €40.2m | €46.7m | €39.5m | ▼ 15.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.006m | €0.03m | €0.04m | -€0.04m | -€0.02m | ▲ 46.5% |
| Other operating charges640/8 | - | - | - | €3.7m | €2.8m | €3.4m | €3.1m | €2.4m | ▼ 23.3% |
| Non-recurring operating charges66A | - | - | - | - | - | €0 | €0 | €0 | ▼ 83.3% |
| Operating profit (loss)9901 | €0.4m | €1.9m | €3.6m | €7.8m | €10.6m | €5.5m | €6.1m | €5.7m | ▼ 6.6% |
| Financial income75/76B | - | - | - | €0.003m | €0.002m | €341 | €0.03m | €0.1m | ▲ 425% |
| Recurring financial income75 | €0.007m | €0.01m | €0.005m | €0.003m | €0.002m | €341 | €0.03m | €0.1m | ▲ 425% |
| Income from financial fixed assets750 | - | - | - | - | - | €341 | - | - | - |
| Income from current assets751 | - | - | - | - | - | - | €0.03m | €0.1m | ▲ 425% |
| Other financial income752/9 | - | - | - | €0.003m | €0.002m | - | - | - | - |
| Financial charges65/66B | - | - | - | €0.3m | €0.9m | €2.8m | €3.2m | €3.5m | ▲ 7.4% |
| Recurring financial charges65 | €0.1m | €0.1m | €0.2m | €0.3m | €0.9m | €2.8m | €3.2m | €3.5m | ▲ 7.4% |
| Debt charges650 | €0.1m | €0.1m | €0.2m | €0.3m | €0.9m | €2.8m | €3.2m | €3.5m | ▲ 7.4% |
| Other financial charges652/9 | - | - | - | €197 | €262 | €0.001m | €253 | €261 | ▲ 3.1% |
| Profit (loss) for the period before taxes9903 | €0.2m | €1.7m | €3.5m | €7.5m | €9.7m | €2.6m | €2.9m | €2.4m | ▼ 18.3% |
| Transfer from deferred taxes780 | - | - | - | - | - | €0.003m | €0.003m | €0.005m | ▲ 80.7% |
| Transfer to deferred taxes680 | - | - | - | €0.02m | €0.04m | - | - | - | - |
| Income taxes67/77 | €0.04m | €0.5m | €0.9m | €1.8m | €2.2m | €0.6m | €0.7m | €0.5m | ▼ 32.6% |
| Taxes670/3 | - | - | - | €1.8m | €2.2m | €0.6m | €0.7m | €0.6m | ▼ 18.2% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.02m | €0.007m | - | - | €0.1m | - |
| Profit (loss) for the period9904 | €0.2m | €1.2m | €2.6m | €5.6m | €7.4m | €2.1m | €2.2m | €1.9m | ▼ 13.6% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | €0.008m | €0.009m | €0.02m | ▲ 80.7% |
| Transfer to tax-exempt reserves689 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 22.3% |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €1.2m | €2.6m | €5.5m | €7.2m | €1.9m | €2.1m | €1.8m | ▼ 12.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €61.1m | €72.2m | €91.7m | €111.1m | €123.1m | €145.0m | €185.5m | €189.7m | ▲ 2.3% |
| Fixed assets21/28 | €57.6m | €68.1m | €83.1m | €96.8m | €108.1m | €129.9m | €148.1m | €161.6m | ▲ 9.1% |
| Tangible fixed assets22/27 | €57.6m | €68.1m | €83.1m | €96.8m | €108.1m | €129.9m | €148.1m | €161.6m | ▲ 9.1% |
| Plant, machinery and equipment23 | - | - | - | €0.9m | €1.6m | €2.6m | €3.6m | €6.0m | ▲ 66.7% |
| Furniture and vehicles24 | - | - | - | €95.8m | €106.4m | €118.3m | €137.0m | €149.7m | ▲ 9.3% |
| Leasing and similar rights25 | - | - | - | - | - | €9.0m | €7.5m | €5.9m | ▼ 20.8% |
| Assets under construction and advance payments27 | - | - | - | €0.2m | €0.2m | €0.03m | €0.03m | - | - |
| Financial fixed assets28 | €181 | €181 | €181 | €181 | €181 | €181 | €181 | €181 | = |
| Affiliated companies280/1 | - | - | - | €181 | €181 | €181 | €181 | €181 | = |
| Participating interests280 | - | - | - | €181 | €181 | €181 | €181 | €181 | = |
| Current assets29/58 | €3.5m | €4.1m | €8.6m | €14.3m | €14.9m | €15.1m | €37.5m | €28.1m | ▼ 25.0% |
| Amounts receivable within one year40/41 | €2.6m | €3.0m | €7.0m | €13.2m | €13.4m | €13.6m | €15.5m | €15.7m | ▲ 1.1% |
| Trade receivables40 | - | - | - | €12.3m | €13.4m | €13.0m | €14.8m | €15.6m | ▲ 5.1% |
| Other amounts receivable41 | - | - | - | €0.9m | €0.001m | €0.6m | €0.6m | €0.06m | ▼ 90.1% |
| Cash at bank and in hand54/58 | - | - | - | - | - | - | €20.9m | €11.6m | ▼ 44.3% |
| Deferred charges and accrued income490/1 | - | - | - | €1.1m | €1.6m | €1.4m | €1.1m | €0.8m | ▼ 24.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €61.1m | €72.2m | €91.7m | €111.1m | €123.1m | €145.0m | €185.5m | €189.7m | ▲ 2.3% |
| Equity10/15 | €34.0m | €35.3m | €37.8m | €43.5m | €50.9m | €52.9m | €55.1m | €57.0m | ▲ 3.4% |
| Contributions10/11 | €20.8m | €20.8m | €20.8m | €20.8m | €20.8m | €20.8m | €20.8m | €20.8m | = |
| Capital10 | - | - | - | €20.8m | €20.8m | €20.8m | €20.8m | €20.8m | = |
| Issued capital100 | - | - | - | €20.8m | €20.8m | €20.8m | €20.8m | €20.8m | = |
| Reserves13 | €0.2m | €0.3m | €0.4m | €0.8m | €1.4m | €1.7m | €1.9m | €2.1m | ▲ 9.6% |
| Non-distributable reserves130/1 | - | - | - | €0.7m | €1.0m | €1.1m | €1.2m | €1.3m | ▲ 7.3% |
| Legal reserve130 | - | - | - | €0.7m | €1.0m | €1.1m | €1.2m | €1.3m | ▲ 7.3% |
| Tax-exempt reserves132 | - | - | - | €0.2m | €0.4m | €0.5m | €0.7m | €0.8m | ▲ 13.8% |
| Profit (loss) carried forward14 | €13.0m | €14.2m | €16.6m | €21.8m | €28.7m | €30.4m | €32.4m | €34.1m | ▲ 5.3% |
| Investment grants15 | - | - | - | €0.002m | - | - | - | - | - |
| Provisions and deferred taxes16 | - | - | - | €0.02m | €0.06m | €0.05m | €0.05m | €0.05m | ▼ 10.5% |
| Deferred taxes168 | - | - | - | €0.02m | €0.06m | €0.05m | €0.05m | €0.05m | ▼ 10.5% |
| Amounts payable17/49 | €27.0m | €36.9m | €53.9m | €67.6m | €72.2m | €92.0m | €130.4m | €132.7m | ▲ 1.8% |
| Amounts payable after more than one year17 | - | - | - | - | - | €56.6m | €104.5m | €52.3m | ▼ 50.0% |
| Financial debts170/4 | - | - | - | - | - | €56.6m | €104.5m | €52.3m | ▼ 50.0% |
| Leasing and similar obligations172 | - | - | - | - | - | €6.6m | €4.5m | €2.3m | ▼ 49.0% |
| Other loans174 | - | - | - | - | - | €50.0m | €100.0m | €50.0m | ▼ 50.0% |
| Amounts payable within one year42/48 | €27.0m | €36.9m | €53.9m | €67.6m | €72.2m | €35.4m | €25.9m | €80.4m | ▲ 210% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €2.0m | €2.1m | €52.2m | ▲ 25× |
| Financial debts43 | - | - | - | €56.5m | €58.5m | €17.1m | - | - | - |
| Credit institutions430/8 | - | - | - | €56.5m | €58.5m | €17.1m | - | - | - |
| Trade debts44 | €3.0m | €6.6m | €7.1m | €11.1m | €12.7m | €16.3m | €23.8m | €28.2m | ▲ 18.4% |
| Suppliers440/4 | - | - | - | €11.1m | €12.7m | €16.3m | €23.8m | €28.2m | ▲ 18.4% |
| Taxes, remuneration and social security45 | - | - | - | - | €1.0m | - | - | - | - |
| Taxes450/3 | - | - | - | - | €1.0m | - | - | - | - |
| Other amounts payable47/48 | - | - | - | - | - | €0.01m | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.2m | €1.2m | €2.6m | €5.6m | €7.4m | €2.1m | €2.2m | €1.9m | ▼ 13.6% |
| + Depreciation and write-downs630 | €17.9m | €22.0m | €26.3m | €33.5m | €35.6m | €40.2m | €46.7m | €39.5m | ▼ 15.5% |
| Operating cash flow (approximation) | €18.1m | €23.2m | €28.9m | €39.1m | €43.0m | €42.3m | €48.9m | €41.4m | ▼ 15.4% |
| Investment in fixed assets (approximation) | - | -€32.5m | -€41.2m | -€47.3m | -€46.9m | -€62.0m | -€64.9m | -€53.0m | ▲ 18.3% |
| Change in cash | - | - | - | - | - | - | - | -€9.3m | - |
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, 513 companies had the same profile as FLEETCO has now. Two years later, 96.1% were still going and 0.8% had gone bankrupt.
- Large
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.1%
was still going
3.1%
stopped otherwise
0.8%
went bankrupt
That fits the bankruptcy probability of FLEETCO 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 513 companies, not a prediction for FLEETCO. 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 44 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | full format | 30-09-2026 | 2026-00540799 | |
| 31-03-2025 | full format | 23-09-2025 | 2025-00503760 | |
| 31-03-2024 | full format | 18-10-2024 | 2024-00510634 | |
| 31-03-2023 | full format | 19-09-2023 | 2023-00451946 | |
| 31-03-2022 | full format | 26-09-2022 | 2022-20446844 | |
| 31-03-2021 | full format | 23-09-2021 | 2021-68900021 | |
| 31-03-2020 | full format | 25-09-2020 | 2020-56300373 | |
| 31-03-2019 | full format | 18-09-2019 | 2019-65300073 | |
| 31-03-2018 | full format | 25-09-2018 | 2018-66200346 | |
| 31-03-2017 | full format | 19-09-2017 | 2017-61800052 |