INTERMETAL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-11-2025 PDF all 30 filings
Turnover
€43,168▼ 14.6%
2024 · €50,548
EBIT margin
57.6%▼ 10.8pp
2024 · 68.5%
Net result
€16,798▼ 30.7%
2024 · €24,247
Working capital
€74,203▲ 27.5%
2024 · €58,210
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€43,168
▼ 14.6%
2025
20192025
Operating result
€24,885
▼ 28.1%
2025
20192025
Net result
€16,798
▼ 30.7%
2025
middle half of the sector
20192025
EBIT margin
57.6%
▼ 10.8pp
2025
20192025
Equity
€134,849
▲ 14.2%
2025
middle half of the sector
20192025
Total assets
€187,991
▲ 9.5%
2025
middle half of the sector
20192025
Debt
€44,442
▼ 1.2%
2025
20192025
Working capital
€74,203
▲ 27.5%
2025
middle half of the sector
20192025
Solvency
71.7%
▲ 3.0pp
2025
highest quarter of the sector
20192025
Current ratio
2.67
▲ 0.38
2025
middle half of the sector
20192025
Return on assets (ROA)
8.9%
▼ 5.2pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€34,349-€11,946▼ 65.2%€13,992▲ 17.1%€33,609▲ 140%€20,952▼ 37.7%€50,548▲ 141%€43,168▼ 14.6%
Operating result€4,750-€76▼ 98.4%-€1,815€10,305€3,281▼ 68.2%€34,616▲ 955%€24,885▼ 28.1%
Net result€1,960--€1,346below the sector's middle half€3,564within the sector's middle half€6,660within the sector's middle half▲ 86.9%€1,194within the sector's middle half▼ 82.1%€24,247within the sector's middle half▲ 20×€16,798within the sector's middle half▼ 30.7%
EBIT margin13.8%-0.6%▼ 13.2pp-13.0%▼ 13.6pp30.7%▲ 43.6pp15.7%▼ 15.0pp68.5%▲ 52.8pp57.6%▼ 10.8pp
Equity€83,732-€82,386within the sector's middle half▼ 1.6%€85,950within the sector's middle half▲ 4.3%€92,610within the sector's middle half▲ 7.7%€93,804within the sector's middle half▲ 1.3%€118,051within the sector's middle half▲ 25.8%€134,849within the sector's middle half▲ 14.2%
Total assets€177,593-€174,810within the sector's middle half▼ 1.6%€170,728within the sector's middle half▼ 2.3%€174,559within the sector's middle half▲ 2.2%€173,448within the sector's middle half▼ 0.6%€171,748within the sector's middle half▼ 1.0%€187,991within the sector's middle half▲ 9.5%
Debt€93,861-€92,424▼ 1.5%€84,778▼ 8.3%€73,249▼ 13.6%€70,944▼ 3.1%€44,997▼ 36.6%€44,442▼ 1.2%
Working capital€6,428-€8,451within the sector's middle half▲ 31.5%€15,384within the sector's middle half▲ 82.0%€32,415within the sector's middle half▲ 111%€33,786within the sector's middle half▲ 4.2%€58,210within the sector's middle half▲ 72.3%€74,203within the sector's middle half▲ 27.5%
Solvency47.1%-47.1%within the sector's middle half=50.3%within the sector's middle half▲ 3.2pp53.1%within the sector's middle half▲ 2.7pp54.1%within the sector's middle half▲ 1.0pp68.7%within the sector's middle half▲ 14.7pp71.7%above the sector's middle half▲ 3.0pp
Current ratio1.07-1.09within the sector's middle half▲ 0.021.18within the sector's middle half▲ 0.091.44within the sector's middle half▲ 0.261.48within the sector's middle half▲ 0.032.29within the sector's middle half▲ 0.822.67within the sector's middle half▲ 0.38
Return on assets (ROA)1.1%--0.8%below the sector's middle half▼ 1.9pp2.1%within the sector's middle half▲ 2.9pp3.8%within the sector's middle half▲ 1.7pp0.7%within the sector's middle half▼ 3.1pp14.1%within the sector's middle half▲ 13.4pp8.9%within the sector's middle half▼ 5.2pp
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 28% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €187,991
Fixed assets
€69,346 ▲ 1.2%
Current assets
€118,645 ▲ 15.0%
Equity and liabilities €187,991
Equity
€134,849 ▲ 14.2%
Provisions
€8,700 =
Debt
€44,442 ▼ 1.2%
Debt's share of the balance-sheet total falls from 26.2% to 23.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€25,261▼
2024 · €34,793
Cash flow
€17,174▼
2024 · €24,424
Debt to equity
0.33▼
2024 · 0.38
ROE
12.5%▼
2024 · 20.5%
Interest coverage
31.46▼
2024 · 63.84
Debt ≤ 1 year
€44,442▼
2024 · €44,997
Income taxes
€7,284▼
2024 · €9,824
Customer credit
837 days▲
2024 · 724 days
Supplier credit
300 days▼
2024 · 730 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €1,181 |
| Depreciation and write-downs of the year | €1,671 | €177 | €177 | €376 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €34,349 | €11,946 | €13,992 | €33,609 | €20,952 | €50,548 | €43,168 | ▼ 14.6% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €6,880 | €11,400 | €7,956 | €9,912 | ▲ 24.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,552 | €3,369 | €3,369 | €1,671 | €177 | €177 | €376 | ▲ 112% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €8,700 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €6,053 | €6,094 | €7,799 | €7,995 | ▲ 2.5% |
| Gross operating margin9900 | €11,915 | €7,429 | €6,034 | €26,729 | €9,552 | €42,592 | €33,256 | ▼ 21.9% |
| Operating profit (loss)9901 | €4,750 | €76 | -€1,815 | €10,305 | €3,281 | €34,616 | €24,885 | ▼ 28.1% |
| Recurring financial income75 | - | €3 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €1,149 | €1,099 | €545 | €803 | ▲ 47.3% |
| Recurring financial charges65 | €1,230 | €1,425 | €1,210 | €1,149 | €1,099 | €545 | €803 | ▲ 47.3% |
| Profit (loss) for the period before taxes9903 | €3,520 | -€1,346 | €4,775 | €9,156 | €2,182 | €34,071 | €24,082 | ▼ 29.3% |
| Income taxes67/77 | €1,560 | - | €1,211 | €2,496 | €988 | €9,824 | €7,284 | ▼ 25.9% |
| Profit (loss) for the period9904 | €1,960 | -€1,346 | €3,564 | €6,660 | €1,194 | €24,247 | €16,798 | ▼ 30.7% |
| Profit (loss) for the period to be appropriated9905 | €1,960 | -€1,346 | €3,564 | €6,660 | €1,194 | €24,247 | €16,798 | ▼ 30.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €177,593 | €174,810 | €170,728 | €174,559 | €173,448 | €171,748 | €187,991 | ▲ 9.5% |
| Fixed assets21/28 | €77,304 | €73,935 | €70,566 | €68,895 | €68,718 | €68,541 | €69,346 | ▲ 1.2% |
| Tangible fixed assets22/27 | €77,304 | €73,935 | €70,566 | €68,895 | €68,718 | €68,541 | €69,346 | ▲ 1.2% |
| Land and buildings22 | - | - | - | €68,895 | €68,718 | €68,541 | €68,365 | ▼ 0.3% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €981 | - |
| Current assets29/58 | €100,289 | €100,875 | €100,162 | €105,664 | €104,730 | €103,207 | €118,645 | ▲ 15.0% |
| Amounts receivable within one year40/41 | €98,973 | €99,210 | €99,995 | €103,419 | €104,688 | €100,211 | €117,379 | ▲ 17.1% |
| Trade receivables40 | - | - | - | €103,243 | €104,534 | €100,211 | €98,949 | ▼ 1.3% |
| Other amounts receivable41 | - | - | - | €176 | €154 | - | €18,430 | - |
| Cash at bank and in hand54/58 | €1,316 | €1,665 | €167 | €2,245 | €42 | €2,996 | €993 | ▼ 66.9% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €273 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €177,593 | €174,810 | €170,728 | €174,559 | €173,448 | €171,748 | €187,991 | ▲ 9.5% |
| Equity10/15 | €83,732 | €82,386 | €85,950 | €92,610 | €93,804 | €118,051 | €134,849 | ▲ 14.2% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €44,478 | €44,478 | €44,478 | €44,478 | €44,478 | €44,478 | €44,478 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | - | €42,619 | €42,619 | €42,619 | €42,619 | = |
| Profit (loss) carried forward14 | €20,662 | €19,316 | €22,880 | €29,540 | €30,734 | €54,981 | €71,779 | ▲ 30.6% |
| Provisions and deferred taxes16 | - | - | - | €8,700 | €8,700 | €8,700 | €8,700 | = |
| Provisions for liabilities and charges160/5 | - | - | - | €8,700 | €8,700 | €8,700 | €8,700 | = |
| Major repairs and maintenance162 | - | - | - | €8,700 | €8,700 | €8,700 | €8,700 | = |
| Amounts payable17/49 | €93,861 | €92,424 | €84,778 | €73,249 | €70,944 | €44,997 | €44,442 | ▼ 1.2% |
| Amounts payable within one year42/48 | €93,861 | €92,424 | €84,778 | €73,249 | €70,944 | €44,997 | €44,442 | ▼ 1.2% |
| Financial debts43 | - | - | - | €5,032 | €2,629 | - | €10,108 | - |
| Credit institutions430/8 | - | - | - | €5,032 | €2,629 | - | €10,108 | - |
| Trade debts44 | €63,673 | €59,455 | €51,664 | €48,208 | €46,161 | €15,911 | €8,150 | ▼ 48.8% |
| Suppliers440/4 | - | - | - | €48,208 | €46,161 | €15,911 | €8,150 | ▼ 48.8% |
| Taxes, remuneration and social security45 | - | - | - | €2,496 | €3,483 | €10,415 | €7,284 | ▼ 30.1% |
| Taxes450/3 | - | - | - | €2,496 | €3,483 | €10,415 | €7,284 | ▼ 30.1% |
| Other amounts payable47/48 | - | - | - | €17,513 | €18,671 | €18,671 | €18,900 | ▲ 1.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,960 | -€1,346 | €3,564 | €6,660 | €1,194 | €24,247 | €16,798 | ▼ 30.7% |
| + Depreciation and write-downs630 | €3,552 | €3,369 | €3,369 | €1,671 | €177 | €177 | €376 | ▲ 112% |
| Operating cash flow (approximation) | €5,512 | €2,023 | €6,933 | €8,331 | €1,371 | €24,424 | €17,174 | ▼ 29.7% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | -€1,181 | - |
| Change in cash | - | €349 | -€1,498 | €2,078 | -€2,203 | €2,954 | -€2,003 | - |
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 INTERMETAL 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 INTERMETAL 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 31,368 companies, not a prediction for INTERMETAL. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 03-11-2025 | 2025-00561895 | |
| 30-06-2024 | micro format | 06-11-2024 | 2024-00530625 | |
| 30-06-2023 | micro format | 26-10-2023 | 2023-00495306 | |
| 30-06-2022 | micro format | 03-03-2023 | 2023-00036033 | |
| 30-06-2021 | micro format | 20-12-2021 | 2021-80800176 | |
| 30-06-2020 | micro format | 29-12-2020 | 2020-77300568 | |
| 30-06-2019 | micro format | 28-11-2019 | 2019-74500538 | |
| 30-06-2018 | micro format | 07-12-2018 | 2018-73900012 | |
| 30-06-2017 | micro format | 22-01-2018 | 2018-01900153 | |
| 30-06-2016 | abbreviated format | 01-02-2017 | 2017-03600167 |