FORMECA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 24 filings
Turnover
≈ €280,000
Estimated: probably between €190,000 and €490,000
Total assets
€186,898▲ 16.1%
2024 · €161,027
Net result
€53,148▲ 17.2%
2024 · €45,353
Working capital
€71,330▲ 69.5%
2024 · €42,079
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€74,590
▲ 44.8%
2025
20182025
Net result
€53,148
▲ 17.2%
2025
highest quarter of the sector
20182025
Equity
€123,096
▲ 15.3%
2025
middle half of the sector
20182025
Total assets
€186,898
▲ 16.1%
2025
middle half of the sector
20182025
Debt
€63,801
▲ 17.6%
2025
20182025
Working capital
€71,330
▲ 69.5%
2025
middle half of the sector
20182025
Solvency
65.9%
▼ 0.5pp
2025
highest quarter of the sector
20182025
Current ratio
2.12
▲ 0.31
2025
middle half of the sector
20182025
Return on assets (ROA)
28.4%
▲ 0.3pp
2025
highest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€22,520-€14,093▼ 37.4%€53,709▲ 281%€78,887▲ 46.9%€63,423▼ 19.6%-€18,468€51,516€74,590▲ 44.8%
Net result€17,679-€10,511▼ 40.5%€49,153above the sector's middle half▲ 368%€56,464above the sector's middle half▲ 14.9%€44,844above the sector's middle half▼ 20.6%-€18,217below the sector's middle half€45,353above the sector's middle half€53,148above the sector's middle half▲ 17.2%
Equity€44,431-€53,102▲ 19.5%€75,416within the sector's middle half▲ 42.0%€106,040within the sector's middle half▲ 40.6%€119,045within the sector's middle half▲ 12.3%€98,988within the sector's middle half▼ 16.8%€106,788within the sector's middle half▲ 7.9%€123,096within the sector's middle half▲ 15.3%
Total assets€145,819-€131,397▼ 9.9%€168,780within the sector's middle half▲ 28.5%€181,855within the sector's middle half▲ 7.7%€202,806within the sector's middle half▲ 11.5%€120,113within the sector's middle half▼ 40.8%€161,027within the sector's middle half▲ 34.1%€186,898within the sector's middle half▲ 16.1%
Debt€101,387-€78,295▼ 22.8%€93,364▲ 19.2%€75,815▼ 18.8%€83,762▲ 10.5%€21,125▼ 74.8%€54,239▲ 157%€63,801▲ 17.6%
Working capital-€10,040--€2,448▲ 75.6%€23,019within the sector's middle half€34,600within the sector's middle half▲ 50.3%€46,687within the sector's middle half▲ 34.9%€24,989within the sector's middle half▼ 46.5%€42,079within the sector's middle half▲ 68.4%€71,330within the sector's middle half▲ 69.5%
Solvency30.5%-40.4%▲ 9.9pp44.7%within the sector's middle half▲ 4.3pp58.3%within the sector's middle half▲ 13.6pp58.7%within the sector's middle half▲ 0.4pp82.4%above the sector's middle half▲ 23.7pp66.3%within the sector's middle half▼ 16.1pp65.9%above the sector's middle half▼ 0.5pp
Current ratio0.69-0.91▲ 0.211.46within the sector's middle half▲ 0.561.69within the sector's middle half▲ 0.231.61within the sector's middle half▼ 0.082.18within the sector's middle half▲ 0.581.81within the sector's middle half▼ 0.382.12within the sector's middle half▲ 0.31
Return on assets (ROA)12.1%-8.0%▼ 4.1pp29.1%above the sector's middle half▲ 21.1pp31.0%above the sector's middle half▲ 1.9pp22.1%above the sector's middle half▼ 8.9pp-15.2%below the sector's middle half▼ 37.3pp28.2%above the sector's middle half▲ 43.3pp28.4%above the sector's middle half▲ 0.3pp
Staff (FTE)0.8-
above
within
below
The sector band is the middle half of the companies in Manufacture of basic metals (NACE 24). 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 45% higher than in 2024. It is the second rise in a row, after the fall in 2023.
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 €186,898
Fixed assets
€51,766 ▼ 22.4%
Current assets
€135,132 ▲ 43.3%
Equity and liabilities €186,898
Equity
€123,096 ▲ 15.3%
Debt
€63,801 ▲ 17.6%
Debt's share of the balance-sheet total rises from 33.7% to 34.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€90,217▲
2024 · €68,924
Cash flow
€68,776▲
2024 · €62,762
Quick ratio
2.10▲
2024 · 1.74
Debt to equity
0.52▲
2024 · 0.51
ROE
43.2%▲
2024 · 42.5%
Interest coverage
27.04▼
2024 · 57.85
Debt ≤ 1 year
€63,801▲
2024 · €52,227
Income taxes
€20,624▲
2024 · €7,473
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €18,436 | - | €11,174 | €10,259 | €674 |
| Depreciation and write-downs of the year | €17,363 | €17,757 | €16,306 | €17,409 | €15,628 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,109 | €15,320 | €15,222 | €17,363 | €17,757 | €16,306 | €17,409 | €15,628 | ▼ 10.2% |
| Other operating charges640/8 | - | - | - | €3,385 | €3,454 | €3,881 | €3,834 | €3,970 | ▲ 3.6% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €100 | - |
| Gross operating margin9900 | €66,547 | €32,463 | €72,300 | €99,636 | €84,634 | €1,720 | €72,758 | €94,288 | ▲ 29.6% |
| Operating profit (loss)9901 | €22,520 | €14,093 | €53,709 | €78,887 | €63,423 | -€18,468 | €51,516 | €74,590 | ▲ 44.8% |
| Financial income75/76B | - | - | - | €2,398 | €2,010 | €2,083 | €2,501 | €2,518 | ▲ 0.7% |
| Recurring financial income75 | €1,841 | €1,840 | €2,062 | €2,398 | €2,010 | €2,083 | €2,501 | €2,518 | ▲ 0.7% |
| Financial charges65/66B | - | - | - | €3,973 | €2,925 | €1,832 | €1,191 | €3,336 | ▲ 180% |
| Recurring financial charges65 | €6,682 | €5,422 | €4,877 | €3,973 | €2,925 | €1,832 | €1,191 | €3,336 | ▲ 180% |
| Profit (loss) for the period before taxes9903 | €17,679 | €10,511 | €50,894 | €77,312 | €62,508 | -€18,217 | €52,826 | €73,772 | ▲ 39.7% |
| Income taxes67/77 | - | - | €1,741 | €20,848 | €17,664 | - | €7,473 | €20,624 | ▲ 176% |
| Profit (loss) for the period9904 | €17,679 | €10,511 | €49,153 | €56,464 | €44,844 | -€18,217 | €45,353 | €53,148 | ▲ 17.2% |
| Profit (loss) for the period to be appropriated9905 | €17,679 | €10,511 | €49,153 | €56,464 | €44,844 | -€18,217 | €45,353 | €53,148 | ▲ 17.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €145,819 | €131,397 | €168,780 | €181,855 | €202,806 | €120,113 | €161,027 | €186,898 | ▲ 16.1% |
| Fixed assets21/28 | €122,965 | €107,895 | €95,815 | €96,888 | €79,131 | €73,999 | €66,720 | €51,766 | ▼ 22.4% |
| Tangible fixed assets22/27 | €122,835 | €107,765 | €95,686 | €96,759 | €79,002 | €73,870 | €66,720 | €51,766 | ▼ 22.4% |
| Land and buildings22 | - | - | - | €75,672 | €64,391 | €55,120 | €45,850 | €36,579 | ▼ 20.2% |
| Plant, machinery and equipment23 | - | - | - | €19,434 | €13,835 | €18,614 | €14,077 | €11,065 | ▼ 21.4% |
| Furniture and vehicles24 | - | - | - | €1,652 | €776 | €136 | €6,794 | €4,123 | ▼ 39.3% |
| Financial fixed assets28 | €129 | €129 | €129 | €129 | €129 | €129 | - | - | - |
| Current assets29/58 | €22,854 | €23,503 | €72,965 | €84,967 | €123,675 | €46,114 | €94,307 | €135,132 | ▲ 43.3% |
| Stocks and contracts in progress3 | €1,741 | €2,352 | €3,213 | €4,655 | €4,325 | €3,147 | €3,286 | €1,174 | ▼ 64.3% |
| Stocks30/36 | - | - | - | €4,655 | €4,325 | €3,147 | €3,286 | €1,174 | ▼ 64.3% |
| Amounts receivable within one year40/41 | €14,865 | €15,934 | €47,958 | €26,322 | €94,242 | €42,375 | €63,478 | €41,315 | ▼ 34.9% |
| Trade receivables40 | - | - | - | €12,392 | €91,387 | €31,236 | €31,849 | €36,214 | ▲ 13.7% |
| Other amounts receivable41 | - | - | - | €13,930 | €2,855 | €11,139 | €31,629 | €5,100 | ▼ 83.9% |
| Cash at bank and in hand54/58 | €5,932 | €4,938 | €20,748 | €53,597 | €24,911 | €394 | €26,804 | €91,869 | ▲ 243% |
| Deferred charges and accrued income490/1 | - | - | - | €393 | €198 | €198 | €739 | €774 | ▲ 4.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €145,819 | €131,397 | €168,780 | €181,855 | €202,806 | €120,113 | €161,027 | €186,898 | ▲ 16.1% |
| Equity10/15 | €44,431 | €53,102 | €75,416 | €106,040 | €119,045 | €98,988 | €106,788 | €123,096 | ▲ 15.3% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €20,610 | €20,610 | €40,260 | €72,724 | €87,568 | €69,351 | €78,990 | €97,138 | ▲ 23.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €18,750 | €18,750 | €18,750 | €18,750 | €18,750 | = |
| Distributable reserves133 | - | - | - | €52,114 | €66,958 | €48,741 | €60,240 | €78,388 | ▲ 30.1% |
| Profit (loss) carried forward14 | -€15,013 | -€4,503 | - | - | - | - | - | - | - |
| Investment grants15 | - | - | - | €14,716 | €12,877 | €11,037 | €9,198 | €7,358 | ▼ 20.0% |
| Amounts payable17/49 | €101,387 | €78,295 | €93,364 | €75,815 | €83,762 | €21,125 | €54,239 | €63,801 | ▲ 17.6% |
| Amounts payable after more than one year17 | €68,493 | €52,344 | €43,418 | €25,448 | €6,773 | - | €2,012 | - | - |
| Financial debts170/4 | - | - | - | €25,448 | €6,773 | - | €2,012 | - | - |
| Amounts payable within one year42/48 | €32,894 | €25,951 | €49,946 | €50,367 | €76,988 | €21,125 | €52,227 | €63,801 | ▲ 22.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €17,970 | €18,675 | €6,773 | €3,883 | €2,012 | ▼ 48.2% |
| Financial debts43 | - | - | - | - | - | €6,431 | - | - | - |
| Credit institutions430/8 | - | - | - | - | - | €6,431 | - | - | - |
| Trade debts44 | €2,982 | €4,568 | €3,812 | €4,971 | €9,230 | €6,583 | €5,158 | €10,693 | ▲ 107% |
| Suppliers440/4 | - | - | - | €4,971 | €9,230 | €6,583 | €5,158 | €10,693 | ▲ 107% |
| Taxes, remuneration and social security45 | - | - | - | €3,246 | €19,084 | €1,338 | €7,473 | €16,097 | ▲ 115% |
| Taxes450/3 | - | - | - | €3,246 | €19,084 | €1,338 | €7,473 | €16,097 | ▲ 115% |
| Other amounts payable47/48 | - | - | - | €24,179 | €30,000 | - | €35,714 | €35,000 | ▼ 2.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,679 | €10,511 | €49,153 | €56,464 | €44,844 | -€18,217 | €45,353 | €53,148 | ▲ 17.2% |
| + Depreciation and write-downs630 | €17,109 | €15,320 | €15,222 | €17,363 | €17,757 | €16,306 | €17,409 | €15,628 | ▼ 10.2% |
| Operating cash flow (approximation) | €34,788 | €25,831 | €64,375 | €73,827 | €62,601 | -€1,911 | €62,762 | €68,776 | ▲ 9.6% |
| Investment in fixed assets (approximation) | - | -€250 | -€3,143 | -€18,436 | €0 | -€11,174 | -€10,130 | -€674 | ▲ 93.3% |
| Change in cash | - | -€995 | €15,810 | €32,849 | -€28,687 | -€24,516 | €26,409 | €65,065 | ▲ 146% |
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, 31,368 companies had the same profile as FORMECA has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FORMECA 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 31,368 companies, not a prediction for FORMECA. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00353119 | |
| 31-12-2024 | micro format | 21-07-2025 | 2025-00289904 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00453247 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00428969 | |
| 31-12-2021 | micro format | 13-07-2022 | 2022-20198238 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-65900542 | |
| 31-12-2019 | micro format | 28-10-2020 | 2020-65200500 | |
| 31-12-2018 | micro format | 04-07-2019 | 2019-30600404 | |
| 31-12-2017 | micro format | 30-09-2018 | 2018-68300130 | |
| 31-12-2016 | micro format | 30-06-2017 | 2017-26700226 |