INVECON
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00461681.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 22 filings
Turnover
€2,945
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
€29,472▲ 17×
2024 · €1,766
Working capital
€3,504
2024 · -€43,694
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€33,473
▲ 358%
2025
20182025
Net result
€29,472
▲ 17×
2025
middle half of the sector
20182025
Equity
€145,374
▼ 26.5%
2025
middle half of the sector
20182025
Total assets
€191,541
▼ 41.7%
2025
middle half of the sector
20182025
Debt
€46,167
▼ 64.6%
2025
20182025
Working capital
€3,504
2025
middle half of the sector
20182025
Solvency
75.9%
▲ 15.6pp
2025
highest quarter of the sector
20182025
Current ratio
1.08
▲ 0.60
2025
middle half of the sector
20182025
Return on assets (ROA)
15.4%
▲ 14.8pp
2025
middle half of the sector
20182025
Staff (FTE)
0.3
▼ 92.3%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€2,945
Operating result€105,153--€6,725-€114,306▼ 1,600%-€3,609▲ 96.8%-€25,567▼ 608%€12,730€7,314▼ 42.5%€33,473▲ 358%
Net result€82,006--€8,155-€111,563below the sector's middle half▼ 1,268%-€11,995below the sector's middle half▲ 89.2%-€30,833below the sector's middle half▼ 157%€6,125within the sector's middle half€1,766within the sector's middle half▼ 71.2%€29,472within the sector's middle half▲ 17×
Equity€352,558-€344,402▼ 2.3%€232,839within the sector's middle half▼ 32.4%€220,844above the sector's middle half▼ 5.2%€190,011within the sector's middle half▼ 14.0%€196,136above the sector's middle half▲ 3.2%€197,902above the sector's middle half▲ 0.9%€145,374within the sector's middle half▼ 26.5%
Total assets€395,282-€365,843▼ 7.4%€291,622below the sector's middle half▼ 20.3%€511,758above the sector's middle half▲ 75.5%€435,824within the sector's middle half▼ 14.8%€457,061within the sector's middle half▲ 4.9%€328,373within the sector's middle half▼ 28.2%€191,541within the sector's middle half▼ 41.7%
Debt€42,724-€21,441▼ 49.8%€58,783▲ 174%€290,914▲ 395%€245,813▼ 15.5%€260,924▲ 6.1%€130,471▼ 50.0%€46,167▼ 64.6%
Working capital€211,429-€67,819▼ 67.9%-€3,249within the sector's middle half€4,211within the sector's middle half€9,301within the sector's middle half▲ 121%-€73,307below the sector's middle half-€43,694below the sector's middle half▲ 40.4%€3,504within the sector's middle half
Solvency89.2%-94.1%▲ 4.9pp79.8%above the sector's middle half▼ 14.3pp43.2%within the sector's middle half▼ 36.7pp43.6%within the sector's middle half▲ 0.4pp42.9%within the sector's middle half▼ 0.7pp60.3%within the sector's middle half▲ 17.4pp75.9%above the sector's middle half▲ 15.6pp
Current ratio5.95-4.16▼ 1.790.94below the sector's middle half▼ 3.221.05within the sector's middle half▲ 0.101.11within the sector's middle half▲ 0.070.58below the sector's middle half▼ 0.530.47below the sector's middle half▼ 0.111.08within the sector's middle half▲ 0.60
Return on assets (ROA)20.7%--2.2%▼ 23.0pp-38.3%below the sector's middle half▼ 36.0pp-2.3%below the sector's middle half▲ 35.9pp-7.1%below the sector's middle half▼ 4.7pp1.3%within the sector's middle half▲ 8.4pp0.5%within the sector's middle half▼ 0.8pp15.4%within the sector's middle half▲ 14.8pp
Staff (FTE)1-3.24.5▲ 40.6%4▼ 11.1%3.9▼ 2.5%0.3▼ 92.3%
above
within
below
The sector band is the middle half of the companies in Warehousing and support activities for transportation (NACE 52). 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 nearly 4.6 times that of 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €191,541
Fixed assets
€141,871 ▼ 50.9%
Current assets
€49,670 ▲ 26.7%
Equity and liabilities €191,541
Equity
€145,374 ▼ 26.5%
Debt
€46,167 ▼ 64.6%
Debt's share of the balance-sheet total falls from 39.7% to 24.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€60,123▲
2024 · €45,774
Cash flow
€56,122▲
2024 · €40,226
Debt to equity
0.32▼
2024 · 0.66
ROE
20.3%▲
2024 · 0.9%
Interest coverage
20.02▲
2024 · 10.26
Debt ≤ 1 year
€46,167▼
2024 · €82,888
Income taxes
€1,000▼
2024 · €1,085
Staff costs
€1,516▼
2024 · €50,753
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 | 5 | 4 | 4 | 3 | - |
| part-time | 5 | 4 | 4 | 3 | - |
| in full-time equivalents | 1.1 | 1 | 0.9 | 0.4 | - |
| Average over the year, in full-time equivalents | 0.7 | 1.1 | 1 | 0.9 | 0.1 |
| On a permanent contract | 5 | 4 | 4 | 3 | - |
| Joined | 7 | 0 | 1 | 0 | 1 |
| Left | 4 | 1 | 1 | 1 | 4 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €491,897 | €9,547 | €114,524 | €35,513 | €2,778 |
| Intangible fixed assets | €20,798 | €21,000 | - | - | - |
| Depreciation and write-downs of the year | €36,904 | €32,744 | €31,810 | €38,460 | €26,650 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 2 entries · €4,000 awarded · €4,000 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €2,000 | €2,000 |
| 2022 | 1 | €2,000 | €2,000 |
Schemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | €2,945 | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €20,182 | - | €1,624 | €13,222 | €31,563 | ▲ 139% |
| Remuneration, social security and pensions62 | - | - | - | €23,624 | €59,107 | €64,534 | €50,753 | €1,516 | ▼ 97.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,606 | €37,946 | €6,830 | €36,904 | €32,744 | €31,810 | €38,460 | €26,650 | ▼ 30.7% |
| Other operating charges640/8 | - | - | - | €11,754 | €7,975 | €7,413 | €5,270 | €4,464 | ▼ 15.3% |
| Non-recurring operating charges66A | - | - | - | - | €6,847 | €195 | - | - | - |
| Gross operating margin9900 | €197,929 | €35,617 | -€83,696 | €68,673 | €81,106 | €116,682 | €101,797 | €66,103 | ▼ 35.1% |
| Operating profit (loss)9901 | €105,153 | -€6,725 | -€114,306 | -€3,609 | -€25,567 | €12,730 | €7,314 | €33,473 | ▲ 358% |
| Financial income75/76B | - | - | - | €3 | €2 | €10 | - | €2 | - |
| Recurring financial income75 | €276 | €562 | €3,627 | €3 | €2 | €10 | - | €2 | - |
| Financial charges65/66B | - | - | - | €8,189 | €4,952 | €5,784 | €4,463 | €3,003 | ▼ 32.7% |
| Recurring financial charges65 | €13,990 | €592 | €125 | €8,189 | €4,952 | €5,784 | €4,463 | €3,003 | ▼ 32.7% |
| Profit (loss) for the period before taxes9903 | €91,440 | -€6,755 | -€110,804 | -€11,796 | -€30,518 | €6,955 | €2,851 | €30,472 | ▲ 969% |
| Income taxes67/77 | €9,433 | €1,401 | €759 | €199 | €315 | €830 | €1,085 | €1,000 | ▼ 7.8% |
| Profit (loss) for the period9904 | €82,006 | -€8,155 | -€111,563 | -€11,995 | -€30,833 | €6,125 | €1,766 | €29,472 | ▲ 17× |
| Profit (loss) for the period to be appropriated9905 | €82,006 | -€8,155 | -€111,563 | -€11,995 | -€30,833 | €6,125 | €1,766 | €29,472 | ▲ 17× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €395,282 | €365,843 | €291,622 | €511,758 | €435,824 | €457,061 | €328,373 | €191,541 | ▼ 41.7% |
| Fixed assets21/28 | €141,129 | €276,583 | €236,088 | €416,856 | €344,762 | €353,905 | €289,179 | €141,871 | ▼ 50.9% |
| Intangible fixed assets21 | - | - | - | €18,718 | €37,638 | €33,459 | €29,279 | €25,099 | ▼ 14.3% |
| Tangible fixed assets22/27 | €141,129 | €126,583 | €26,588 | €398,138 | €307,123 | €320,446 | €259,900 | €116,772 | ▼ 55.1% |
| Plant, machinery and equipment23 | - | - | - | €376,598 | €291,922 | €200,347 | €127,285 | €5,507 | ▼ 95.7% |
| Furniture and vehicles24 | - | - | - | €5,160 | €1,162 | €108,400 | €92,449 | €76,821 | ▼ 16.9% |
| Other tangible fixed assets26 | - | - | - | €16,380 | €14,040 | €11,700 | €40,166 | €34,444 | ▼ 14.2% |
| Financial fixed assets28 | - | €150,000 | €209,500 | - | - | - | - | - | - |
| Current assets29/58 | €254,153 | €89,260 | €55,534 | €94,902 | €91,062 | €103,156 | €39,194 | €49,670 | ▲ 26.7% |
| Amounts receivable within one year40/41 | €43,927 | €21,596 | €25,143 | €30,405 | €28,545 | €21,024 | €6,982 | €5,378 | ▼ 23.0% |
| Trade receivables40 | - | - | - | €7,205 | €2,270 | €18,623 | €6,362 | €5,039 | ▼ 20.8% |
| Other amounts receivable41 | - | - | - | €23,200 | €26,275 | €2,401 | €620 | €338 | ▼ 45.4% |
| Cash at bank and in hand54/58 | €207,540 | €66,437 | €29,264 | €51,877 | €54,886 | €77,872 | €27,972 | €41,465 | ▲ 48.2% |
| Deferred charges and accrued income490/1 | - | - | - | €12,620 | €7,631 | €4,260 | €4,240 | €2,827 | ▼ 33.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €395,282 | €365,843 | €291,622 | €511,758 | €435,824 | €457,061 | €328,373 | €191,541 | ▼ 41.7% |
| Equity10/15 | €352,558 | €344,402 | €232,839 | €220,844 | €190,011 | €196,136 | €197,902 | €145,374 | ▼ 26.5% |
| Contributions10/11 | €137,450 | €137,450 | - | €137,450 | €137,450 | €137,450 | €137,450 | €137,450 | = |
| Reserves13 | €569,518 | €569,518 | €88,599 | €88,599 | €88,599 | €88,599 | €88,599 | €6,599 | ▼ 92.6% |
| Non-distributable reserves130/1 | - | - | - | - | - | €1,875 | €1,875 | €1,875 | = |
| Reserves not available under the articles1311 | - | - | - | - | - | €1,875 | €1,875 | €1,875 | = |
| Tax-exempt reserves132 | - | - | - | €4,724 | €4,724 | €4,724 | €4,724 | €4,724 | = |
| Distributable reserves133 | - | - | - | €83,875 | €83,875 | €82,000 | €82,000 | - | - |
| Profit (loss) carried forward14 | -€354,410 | -€362,565 | €6,790 | -€5,205 | -€36,038 | -€29,912 | -€28,147 | €1,325 | - |
| Amounts payable17/49 | €42,724 | €21,441 | €58,783 | €290,914 | €245,813 | €260,924 | €130,471 | €46,167 | ▼ 64.6% |
| Amounts payable after more than one year17 | - | - | - | €200,223 | €164,051 | €84,461 | €47,583 | - | - |
| Financial debts170/4 | - | - | - | €200,223 | €164,051 | €84,461 | €47,583 | - | - |
| Amounts payable within one year42/48 | €42,724 | €21,441 | €58,783 | €90,690 | €81,761 | €176,463 | €82,888 | €46,167 | ▼ 44.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €35,633 | €36,172 | €22,418 | €9,980 | - | - |
| Financial debts43 | - | - | - | €15,000 | €15,000 | €15,000 | €15,000 | €25,000 | ▲ 66.7% |
| Credit institutions430/8 | - | - | - | €15,000 | €15,000 | €15,000 | €15,000 | €25,000 | ▲ 66.7% |
| Trade debts44 | €11,516 | €19,334 | €50,917 | €27,862 | €8,371 | €19,818 | €6,653 | €777 | ▼ 88.3% |
| Suppliers440/4 | - | - | - | €27,862 | €8,371 | €19,818 | €6,653 | €777 | ▼ 88.3% |
| Taxes, remuneration and social security45 | - | - | - | €12,195 | €22,218 | €49,678 | €28,054 | €18,294 | ▼ 34.8% |
| Taxes450/3 | - | - | - | €10,285 | €10,590 | €37,508 | €17,432 | €18,294 | ▲ 4.9% |
| Remuneration and social security454/9 | - | - | - | €1,911 | €11,628 | €12,170 | €10,622 | - | - |
| Other amounts payable47/48 | - | - | - | - | - | €69,548 | €23,201 | €2,096 | ▼ 91.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €82,006 | -€8,155 | -€111,563 | -€11,995 | -€30,833 | €6,125 | €1,766 | €29,472 | ▲ 17× |
| + Depreciation and write-downs630 | €35,606 | €37,946 | €6,830 | €36,904 | €32,744 | €31,810 | €38,460 | €26,650 | ▼ 30.7% |
| Operating cash flow (approximation) | €117,612 | €29,791 | -€104,733 | €24,909 | €1,912 | €37,935 | €40,226 | €56,122 | ▲ 39.5% |
| Investment in fixed assets (approximation) | - | -€173,400 | €33,665 | -€217,672 | €39,350 | -€40,953 | €26,265 | €120,659 | ▲ 359% |
| Change in cash | - | -€141,103 | -€37,173 | €22,613 | €3,009 | €22,986 | -€49,900 | €13,494 | - |
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 INVECON 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 INVECON itself: 0.3% 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 INVECON. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00461681 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00449814 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00406526 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00410723 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20357200 | |
| 31-12-2020 | abbreviated format | 29-08-2021 | 2021-61900384 | |
| 31-12-2019 | abbreviated format | 30-09-2020 | 2020-57400530 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-58300057 | |
| 31-12-2017 | abbreviated format | 30-08-2018 | 2018-61300555 | |
| 31-12-2016 | abbreviated format | 31-07-2017 | 2017-41200205 |