KECON
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 7 filings
Turnover
≈ €110,000
Estimated: probably between €53,000 and €210,000
Total assets
€56,135▲ 2.3%
2024 · €54,883
Net result
€3,730▲ 2.6%
2024 · €3,634
Working capital
€17,552▲ 13.4%
2024 · €15,477
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€7,636
▼ 86.4%
2025
20192025
Net result
€3,730
▲ 2.6%
2025
lowest quarter of the sector
20192025
Equity
€37,702
▲ 11.0%
2025
middle half of the sector
20192025
Total assets
€56,135
▲ 2.3%
2025
lowest quarter of the sector
20192025
Debt
€18,433
▼ 11.9%
2025
20192025
Working capital
€17,552
▲ 13.4%
2025
middle half of the sector
20192025
Solvency
67.2%
▲ 5.3pp
2025
middle half of the sector
20192025
Current ratio
1.95
▲ 0.19
2025
middle half of the sector
20192025
Return on assets (ROA)
6.6%
=
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
Operating result€8,964-€8,595▼ 4.1%€3,694▼ 57.0%€6,777▲ 83.5%-€4,596€56,302€7,636▼ 86.4%
Net result€5,856-€6,846within the sector's middle half▲ 16.9%€2,493below the sector's middle half▼ 63.6%€3,828within the sector's middle half▲ 53.6%-€1,086below the sector's middle half€3,634below the sector's middle half€3,730below the sector's middle half▲ 2.6%
Equity€18,256-€25,102below the sector's middle half▲ 37.5%€27,595below the sector's middle half▲ 9.9%€31,424within the sector's middle half▲ 13.9%€30,337within the sector's middle half▼ 3.5%€33,972within the sector's middle half▲ 12.0%€37,702within the sector's middle half▲ 11.0%
Total assets€26,044-€48,969below the sector's middle half▲ 88.0%€73,087within the sector's middle half▲ 49.3%€72,982within the sector's middle half▼ 0.1%€97,423within the sector's middle half▲ 33.5%€54,883below the sector's middle half▼ 43.7%€56,135below the sector's middle half▲ 2.3%
Debt€7,788-€23,867▲ 206%€45,492▲ 90.6%€41,559▼ 8.6%€8,207▼ 80.3%€20,911▲ 155%€18,433▼ 11.9%
Working capital€13,485-€3,352below the sector's middle half▼ 75.1%-€13,674below the sector's middle half-€10,612below the sector's middle half▲ 22.4%€57,585within the sector's middle half€15,477within the sector's middle half▼ 73.1%€17,552within the sector's middle half▲ 13.4%
Solvency70.1%-51.3%within the sector's middle half▼ 18.8pp37.8%within the sector's middle half▼ 13.5pp43.1%within the sector's middle half▲ 5.3pp31.1%below the sector's middle half▼ 11.9pp61.9%within the sector's middle half▲ 30.8pp67.2%within the sector's middle half▲ 5.3pp
Current ratio2.73-1.14below the sector's middle half▼ 1.590.70below the sector's middle half▼ 0.440.74below the sector's middle half▲ 0.058.91above the sector's middle half▲ 8.161.77within the sector's middle half▼ 7.141.95within the sector's middle half▲ 0.19
Return on assets (ROA)22.5%-14.0%within the sector's middle half▼ 8.5pp3.4%below the sector's middle half▼ 10.6pp5.2%within the sector's middle half▲ 1.8pp-1.1%below the sector's middle half▼ 6.4pp6.6%within the sector's middle half▲ 7.7pp6.6%within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 86% lower than in 2024.
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 €56,135
Fixed assets
€20,150 ▲ 5.1%
Current assets
€35,985 ▲ 0.8%
Equity and liabilities €56,135
Equity
€37,702 ▲ 11.0%
Debt
€18,433 ▼ 11.9%
Debt's share of the balance-sheet total falls from 38.1% to 32.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€19,574▼
2024 · €69,678
Cash flow
€15,668▼
2024 · €17,010
Debt to equity
0.49▼
2024 · 0.62
ROE
9.9%▼
2024 · 10.7%
Interest coverage
13.05▲
2024 · 1.41
Debt ≤ 1 year
€18,433▼
2024 · €20,228
Income taxes
€2,852▼
2024 · €3,639
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 | €27,181 | €11,635 | €3,668 | - | €12,910 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €7,661 | €10,870 | €13,149 | €13,376 | €11,938 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €921 | €2,963 | €7,661 | €10,870 | €13,149 | €13,376 | €11,938 | ▼ 10.8% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | €58,879 | -€58,879 | €0 | - |
| Other operating charges640/8 | - | - | €2,028 | €19,106 | €904 | €926 | €950 | ▲ 2.6% |
| Gross operating margin9900 | €9,943 | €11,740 | €13,383 | €36,753 | €68,336 | €11,725 | €20,524 | ▲ 75.0% |
| Operating profit (loss)9901 | €8,964 | €8,595 | €3,694 | €6,777 | -€4,596 | €56,302 | €7,636 | ▼ 86.4% |
| Financial income75/76B | - | - | - | €366 | €55 | €321 | €446 | ▲ 39.2% |
| Recurring financial income75 | €18 | - | - | €366 | €55 | €321 | €446 | ▲ 39.2% |
| Financial charges65/66B | - | - | €39 | €819 | €997 | €49,349 | €1,500 | ▼ 97.0% |
| Recurring financial charges65 | €43 | €51 | €39 | €819 | €997 | €49,349 | €1,500 | ▼ 97.0% |
| Profit (loss) for the period before taxes9903 | €8,939 | €8,544 | €3,655 | €6,324 | -€5,538 | €7,273 | €6,583 | ▼ 9.5% |
| Income taxes67/77 | €3,083 | €1,698 | €1,162 | €2,496 | -€4,451 | €3,639 | €2,852 | ▼ 21.6% |
| Profit (loss) for the period9904 | €5,856 | €6,846 | €2,493 | €3,828 | -€1,086 | €3,634 | €3,730 | ▲ 2.6% |
| Profit (loss) for the period to be appropriated9905 | €5,856 | €6,846 | €2,493 | €3,828 | -€1,086 | €3,634 | €3,730 | ▲ 2.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €26,044 | €48,969 | €73,087 | €72,982 | €97,423 | €54,883 | €56,135 | ▲ 2.3% |
| Formation expenses20 | €1,486 | €1,115 | €743 | €372 | - | - | - | - |
| Fixed assets21/28 | €3,285 | €20,635 | €40,526 | €41,664 | €32,554 | €19,178 | €20,150 | ▲ 5.1% |
| Tangible fixed assets22/27 | €3,285 | €20,635 | €40,526 | €41,664 | €32,554 | €19,178 | €20,150 | ▲ 5.1% |
| Land and buildings22 | - | - | - | - | - | - | €9,716 | - |
| Plant, machinery and equipment23 | - | - | €1,811 | - | - | - | €583 | - |
| Furniture and vehicles24 | - | - | €38,715 | €36,571 | €28,243 | €15,649 | €7,103 | ▼ 54.6% |
| Other tangible fixed assets26 | - | - | - | €5,093 | €4,311 | €3,530 | €2,748 | ▼ 22.1% |
| Current assets29/58 | €21,273 | €27,219 | €31,818 | €30,947 | €64,869 | €35,705 | €35,985 | ▲ 0.8% |
| Stocks and contracts in progress3 | - | - | - | - | €4,366 | - | - | - |
| Contracts in progress37 | - | - | - | - | €4,366 | - | - | - |
| Amounts receivable within one year40/41 | €11,135 | €4,973 | €19,566 | €6,423 | €28,871 | €26,142 | €34,107 | ▲ 30.5% |
| Trade receivables40 | - | - | €19,566 | €2,338 | €25,931 | €17,549 | €15,603 | ▼ 11.1% |
| Other amounts receivable41 | - | - | - | €4,085 | €2,940 | €8,593 | €18,504 | ▲ 115% |
| Cash at bank and in hand54/58 | €10,138 | €22,246 | €12,252 | €23,859 | €30,189 | €8,509 | €0 | ▼ 100% |
| Deferred charges and accrued income490/1 | - | - | - | €664 | €1,442 | €1,054 | €1,878 | ▲ 78.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €26,044 | €48,969 | €73,087 | €72,982 | €97,423 | €54,883 | €56,135 | ▲ 2.3% |
| Equity10/15 | €18,256 | €25,102 | €27,595 | €31,424 | €30,337 | €33,972 | €37,702 | ▲ 11.0% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Capital10 | - | - | €12,400 | - | - | - | - | - |
| Issued capital100 | - | - | €12,400 | - | - | - | - | - |
| Reserves13 | €5,856 | €12,702 | €15,195 | €19,024 | €19,024 | €21,572 | €25,302 | ▲ 17.3% |
| Distributable reserves133 | - | - | €15,195 | €19,024 | €19,024 | €21,572 | €25,302 | ▲ 17.3% |
| Profit (loss) carried forward14 | - | - | - | - | -€1,086 | - | - | - |
| Provisions and deferred taxes16 | - | - | - | - | €58,879 | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | €58,879 | - | - | - |
| Other liabilities and charges164/5 | - | - | - | - | €58,879 | - | - | - |
| Amounts payable17/49 | €7,788 | €23,867 | €45,492 | €41,559 | €8,207 | €20,911 | €18,433 | ▼ 11.9% |
| Amounts payable within one year42/48 | €7,788 | €23,867 | €45,492 | €41,559 | €7,283 | €20,228 | €18,433 | ▼ 8.9% |
| Financial debts43 | - | - | - | - | - | - | €3,484 | - |
| Credit institutions430/8 | - | - | - | - | - | - | €3,484 | - |
| Trade debts44 | €3,158 | €2,481 | €3,720 | €3,629 | €5,589 | €8,512 | €6,453 | ▼ 24.2% |
| Suppliers440/4 | - | - | €3,720 | €3,629 | €5,589 | €8,512 | €6,453 | ▼ 24.2% |
| Taxes, remuneration and social security45 | - | - | €7,364 | €22,263 | €1,695 | €11,715 | €8,496 | ▼ 27.5% |
| Taxes450/3 | - | - | €7,364 | €5,858 | €49 | €11,715 | €8,496 | ▼ 27.5% |
| Remuneration and social security454/9 | - | - | - | €16,406 | €1,646 | - | - | - |
| Other amounts payable47/48 | - | - | €34,408 | €15,667 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €924 | €684 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,856 | €6,846 | €2,493 | €3,828 | -€1,086 | €3,634 | €3,730 | ▲ 2.6% |
| + Depreciation and write-downs630 | €921 | €2,963 | €7,661 | €10,870 | €13,149 | €13,376 | €11,938 | ▼ 10.8% |
| Operating cash flow (approximation) | €6,777 | €9,809 | €10,154 | €14,698 | €12,063 | €17,010 | €15,668 | ▼ 7.9% |
| Investment in fixed assets (approximation) | - | -€20,313 | -€27,552 | -€12,008 | -€4,039 | €0 | -€12,910 | - |
| Change in cash | - | €12,108 | -€9,994 | €11,607 | €6,330 | -€21,680 | -€8,509 | ▲ 60.8% |
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, 26,972 companies had the same profile as KECON has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of KECON itself: 0.5% 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 26,972 companies, not a prediction for KECON. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-07-2026 | 2026-00266310 | |
| 31-12-2024 | micro format | 26-06-2025 | 2025-00180029 | |
| 31-12-2023 | micro format | 17-06-2024 | 2024-00132484 | |
| 31-12-2022 | micro format | 07-07-2023 | 2023-00213077 | |
| 31-12-2021 | micro format | 01-09-2022 | 2022-20386383 | |
| 31-12-2020 | micro format | 18-08-2021 | 2021-49800256 | |
| 31-12-2019 | micro format | 05-08-2020 | 2020-39400222 |