KLINKENBERG
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 32 filings
Turnover
€27.4m▼ 3.1%
2024 · €28.3m
EBIT margin
2.0%▼ 6.9pp
2024 · 8.9%
Net result
€529,985▼ 74.1%
2024 · €2.0m
Working capital
€5.1m▲ 6.1%
2024 · €4.8m
In the rankings
#1 company by equity in Herstal, Construction sector#2 employer in Herstal, Construction sector#6 company by total assets in Herstal, Construction sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€27.4m
▼ 3.1%
2025
20182025
Operating result
€546,389
▼ 78.2%
2025
20182025
Net result
€529,985
▼ 74.1%
2025
highest quarter of the sector
20182025
EBIT margin
2.0%
▼ 6.9pp
2025
20182025
Equity
€7.9m
▲ 9.1%
2025
highest quarter of the sector
20182025
Total assets
€13.3m
▼ 30.0%
2025
highest quarter of the sector
20182025
Debt
€5.2m
▼ 55.0%
2025
20182025
Working capital
€5.1m
▲ 6.1%
2025
highest quarter of the sector
20182025
Solvency
59.8%
▲ 21.4pp
2025
middle half of the sector
20182025
Current ratio
1.99
▲ 0.57
2025
middle half of the sector
20182025
Return on assets (ROA)
4.0%
▼ 6.8pp
2025
middle half of the sector
20182025
Staff (FTE)
174.8
▼ 10.4%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€25.3m-€25.5m▲ 0.6%€20.0m▼ 21.5%€24.6m▲ 23.0%€27.9m▲ 13.6%€36.7m▲ 31.4%€28.3m▼ 22.8%€27.4m▼ 3.1%
Operating result€0.1m-€1.1m▲ 646%€1.8m▲ 68.5%€1.4m▼ 24.0%€1.9m▲ 35.8%€5.3m▲ 186%€2.5m▼ 52.7%€0.5m▼ 78.2%
Net result€0.2m-€0.8m▲ 325%€1.2mabove the sector's middle half▲ 57.3%€1.1mabove the sector's middle half▼ 11.2%€1.5mabove the sector's middle half▲ 31.0%€4.0mabove the sector's middle half▲ 178%€2.0mabove the sector's middle half▼ 49.2%€0.5mabove the sector's middle half▼ 74.1%
EBIT margin0.6%-4.2%▲ 3.6pp9.0%▲ 4.8pp5.6%▼ 3.4pp6.6%▲ 1.1pp14.5%▲ 7.8pp8.9%▼ 5.6pp2.0%▼ 6.9pp
Equity€4.6m-€4.9m▲ 6.0%€6.1mabove the sector's middle half▲ 25.3%€6.7mabove the sector's middle half▲ 9.9%€7.1mabove the sector's middle half▲ 6.7%€11.3mabove the sector's middle half▲ 58.5%€7.3mabove the sector's middle half▼ 35.8%€7.9mabove the sector's middle half▲ 9.1%
Total assets€10.5m-€9.5m▼ 9.7%€11.1mabove the sector's middle half▲ 16.7%€12.3mabove the sector's middle half▲ 11.4%€14.2mabove the sector's middle half▲ 15.0%€18.0mabove the sector's middle half▲ 26.5%€19.0mabove the sector's middle half▲ 5.5%€13.3mabove the sector's middle half▼ 30.0%
Debt€5.8m-€4.5m▼ 22.9%€4.8m▲ 7.9%€5.2m▲ 8.2%€6.6m▲ 26.4%€6.5m▼ 2.3%€11.5m▲ 78.4%€5.2m▼ 55.0%
Working capital€3.7m-€3.9m▲ 5.9%€5.0mabove the sector's middle half▲ 27.0%€5.7mabove the sector's middle half▲ 14.5%€6.2mabove the sector's middle half▲ 7.9%€9.3mabove the sector's middle half▲ 50.8%€4.8mabove the sector's middle half▼ 48.5%€5.1mabove the sector's middle half▲ 6.1%
Solvency43.6%-51.1%▲ 7.6pp54.9%within the sector's middle half▲ 3.8pp54.2%within the sector's middle half▼ 0.7pp50.3%within the sector's middle half▼ 3.9pp63.0%above the sector's middle half▲ 12.7pp38.3%within the sector's middle half▼ 24.7pp59.8%within the sector's middle half▲ 21.4pp
Current ratio1.67-1.89▲ 0.222.04within the sector's middle half▲ 0.152.11within the sector's middle half▲ 0.081.95within the sector's middle half▼ 0.162.46within the sector's middle half▲ 0.511.42within the sector's middle half▼ 1.041.99within the sector's middle half▲ 0.57
Return on assets (ROA)1.8%-8.4%▲ 6.6pp11.3%within the sector's middle half▲ 2.9pp9.0%within the sector's middle half▼ 2.3pp10.2%within the sector's middle half▲ 1.2pp22.5%above the sector's middle half▲ 12.2pp10.8%within the sector's middle half▼ 11.7pp4.0%within the sector's middle half▼ 6.8pp
Staff (FTE)187.3-180.2▼ 3.8%176.1above the sector's middle half▼ 2.3%178.5above the sector's middle half▲ 1.4%190above the sector's middle half▲ 6.4%199.9above the sector's middle half▲ 5.2%195.1above the sector's middle half▼ 2.4%174.8above the sector's middle half▼ 10.4%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 78% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €13.3m
Fixed assets
€3.0m ▲ 12.4%
Current assets
€10.3m ▼ 37.0%
Equity and liabilities €13.3m
Equity
€7.9m ▲ 9.1%
Provisions
€142,861 ▼ 0.2%
Debt
€5.2m ▼ 55.0%
Debt's share of the balance-sheet total falls from 60.9% to 39.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€847,841▼
2024 · €2.8m
Cash flow
€831,438▼
2024 · €2.4m
Quick ratio
1.68▲
2024 · 1.27
Debt to equity
0.66▼
2024 · 1.59
ROE
6.7%▼
2024 · 28.2%
Interest coverage
16.73▼
2024 · 69.61
Debt ≤ 1 year
€5.2m▼
2024 · €11.5m
Debt > 1 year
€25,092▼
2024 · €62,402
Income taxes
€231,732▼
2024 · €732,389
Customer credit
74 days▲
2024 · 62 days
Supplier credit
85 days▼
2024 · 86 days
Staff costs
€10.6m▼
2024 · €10.8m
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 | 184 | 204 | 206 | 195 | 180 |
| full-time | 177 | 192 | 187 | 175 | 160 |
| part-time | 7 | 12 | 19 | 20 | 20 |
| in full-time equivalents | 181.4 | 200.1 | 198.9 | 187.8 | 173.2 |
| Average over the year, in full-time equivalents | 178.5 | 190 | 199.9 | 195.1 | 174.8 |
| On a permanent contract | 155 | 159 | 191 | 189 | 165 |
| Joined | 65 | 101 | 82 | 55 | 63 |
| Left | 55 | 81 | 80 | 66 | 78 |
| Agency workers, average number | 1.5 | 0.7 | 2.2 | 3.2 | 0.9 |
| Training hours | 23,003 | 33,583 | 43,363 | 36,462 | 40,880 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €254,839 | €213,169 | €138,828 | €102,324 | €157,368 |
| Pledge on the business | €1.0m | €502,893 | €502,893 | €502,893 | €2.2m |
| Mandates to pledge the business | - | €500,000 | €500,000 | €500,000 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €420,566 | €309,874 | €1.1m | €627,304 | €609,224 |
| Intangible fixed assets | €135,351 | €105,459 | €34,000 | €66,271 | €34,563 |
| Depreciation and write-downs of the year | €328,633 | €351,772 | €360,781 | €327,804 | €301,452 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €22,542 | €23,669 | €26,265 | €26,402 | €27,722 |
| Other work by the auditor | - | - | - | €2,823 | €330 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Public contracts
10 awards · 2018 to 2026
ACCORD-CADRE DE FOURNITURES D’INSTALLATIONS PHOTOVOLTAÏQUES
Travaux AC Piqueray (V2bis): Lot 3 Electricité - installation photovoltaïque
Construction d'un Pôle des Savoirs et d'une Pépinière d'Entreprises sur le site de Bavière - Travaux de parachèvements divers et abords: Electricité et HVAC
DMP1800143 — Marché de services: contrôle et remplacement des éclairages de secours de tous les sites du Forem: Région de Charleroi
DMP1800143 — Marché de services: contrôle et remplacement des éclairages de secours de tous les sites du Forem: Région de Mons
Show 5 more contracts
DMP1800143 — Marché de services: contrôle et remplacement des éclairages de secours de tous les sites du Forem: Région de La Louvière et Nivelles
DMP1800143 — Marché de services: contrôle et remplacement des éclairages de secours de tous les sites du Forem: Région de Huy et Liège
DMP1800143 — Marché de services: contrôle et remplacement des éclairages de secours de tous les sites du Forem: Région de Verviers
DMP1800143 — Marché de services: contrôle et remplacement des éclairages de secours de tous les sites du Forem: Région de Arlon et Namur
DMP1800143 — Marché de services: contrôle et remplacement des éclairages de secours de tous les sites du Forem: Région de Tournai et Mouscron
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €25.4m | €29.0m | €37.4m | €29.4m | €28.7m | ▼ 2.4% |
| Turnover70 | €25.3m | €25.5m | €20.0m | €24.6m | €27.9m | €36.7m | €28.3m | €27.4m | ▼ 3.1% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €0.02m | €0.4m | -€0.4m | €0.03m | €0.2m | ▲ 640% |
| Own construction capitalised72 | - | - | - | €0.01m | €0.008m | €0.4m | €0.09m | €0.2m | ▲ 181% |
| Other operating income74 | - | - | - | €0.7m | €0.7m | €0.7m | €0.9m | €0.7m | ▼ 19.7% |
| Non-recurring operating income76A | - | - | - | - | €0.001m | - | - | - | - |
| Operating charges60/66A | - | - | - | €24.0m | €27.1m | €32.1m | €26.8m | €28.1m | ▲ 4.7% |
| Goods for resale, raw materials and consumables60 | - | - | - | €12.8m | €14.7m | €17.5m | €11.5m | €12.6m | ▲ 9.5% |
| Purchases600/8 | - | - | - | €12.9m | €15.5m | €17.2m | €11.9m | €12.3m | ▲ 2.8% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.1m | -€0.7m | €0.3m | -€0.4m | €0.3m | - |
| Services and other goods61 | - | - | - | €2.6m | €3.2m | €3.6m | €4.2m | €4.5m | ▲ 7.2% |
| Remuneration, social security and pensions62 | - | - | - | €8.0m | €8.5m | €10.3m | €10.8m | €10.6m | ▼ 1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 8.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.004m | €0.2m | €0.4m | €0.01m | €0.08m | ▲ 481% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0.3m | €0.03m | -€0.3m | -€0.03m | -€305 | ▲ 99.1% |
| Other operating charges640/8 | - | - | - | €0.06m | €0.1m | €0.1m | €0.08m | €0.07m | ▼ 12.3% |
| Non-recurring operating charges66A | - | - | - | €0.003m | €0.004m | €0.01m | €0.006m | €0.01m | ▲ 134% |
| Operating profit (loss)9901 | €0.1m | €1.1m | €1.8m | €1.4m | €1.9m | €5.3m | €2.5m | €0.5m | ▼ 78.2% |
| Financial income75/76B | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▼ 9.3% |
| Recurring financial income75 | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▼ 9.3% |
| Income from current assets751 | - | - | - | €0.003m | €0.001m | €0.01m | €0.004m | €0.01m | ▲ 254% |
| Other financial income752/9 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▼ 12.5% |
| Financial charges65/66B | - | - | - | €0.03m | €0.07m | €0.05m | €0.06m | €0.09m | ▲ 42.3% |
| Recurring financial charges65 | €0.09m | €0.05m | €0.03m | €0.03m | €0.07m | €0.05m | €0.06m | €0.08m | ▲ 40.6% |
| Debt charges650 | €0.04m | €0.03m | €0.008m | €0.008m | €0.01m | €0.04m | €0.04m | €0.05m | ▲ 24.4% |
| Other financial charges652/9 | - | - | - | €0.03m | €0.06m | €0.01m | €0.02m | €0.03m | ▲ 75.2% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €0.001m | - |
| Profit (loss) for the period before taxes9903 | €0.3m | €1.2m | €1.9m | €1.5m | €2.0m | €5.5m | €2.8m | €0.8m | ▼ 72.6% |
| Income taxes67/77 | €0.1m | €0.4m | €0.6m | €0.4m | €0.5m | €1.5m | €0.7m | €0.2m | ▼ 68.4% |
| Taxes670/3 | - | - | - | €0.4m | €0.5m | €1.5m | €0.7m | €0.2m | ▼ 68.4% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.004m | €69 | €189 | €89 | €34 | ▼ 61.6% |
| Profit (loss) for the period9904 | €0.2m | €0.8m | €1.2m | €1.1m | €1.5m | €4.0m | €2.0m | €0.5m | ▼ 74.1% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | €0.3m | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.8m | €1.0m | €1.1m | €1.5m | €4.3m | €2.0m | €0.5m | ▼ 74.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €10.5m | €9.5m | €11.1m | €12.3m | €14.2m | €18.0m | €19.0m | €13.3m | ▼ 30.0% |
| Formation expenses20 | €19 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €1.2m | €1.1m | €1.3m | €1.5m | €1.5m | €2.3m | €2.7m | €3.0m | ▲ 12.4% |
| Intangible fixed assets21 | €0.05m | €0.05m | €0.1m | €0.2m | €0.2m | €0.1m | €0.09m | €0.07m | ▼ 23.9% |
| Tangible fixed assets22/27 | €0.8m | €0.7m | €0.8m | €1.0m | €1.1m | €1.8m | €2.2m | €2.6m | ▲ 15.8% |
| Plant, machinery and equipment23 | - | - | - | €0.07m | €0.05m | €0.06m | €0.07m | €0.05m | ▼ 31.5% |
| Furniture and vehicles24 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 13.3% |
| Leasing and similar rights25 | - | - | - | - | €0.01m | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €0.5m | €0.5m | €0.5m | €0.6m | €0.7m | ▲ 29.1% |
| Assets under construction and advance payments27 | - | - | - | €0.3m | €0.4m | €1.1m | €1.4m | €1.6m | ▲ 16.7% |
| Financial fixed assets28 | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Other financial fixed assets284/8 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Shares284 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 4.7% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 0.3% |
| Current assets29/58 | €9.3m | €8.4m | €9.8m | €10.9m | €12.7m | €15.7m | €16.3m | €10.3m | ▼ 37.0% |
| Stocks and contracts in progress3 | €0.6m | €0.5m | €0.5m | €0.9m | €2.0m | €1.2m | €1.7m | €1.6m | ▼ 6.6% |
| Stocks30/36 | - | - | - | €0.7m | €1.4m | €1.1m | €1.5m | €1.2m | ▼ 22.8% |
| Goods purchased for resale34 | - | - | - | €0.7m | €1.4m | €1.1m | €1.5m | €1.2m | ▼ 22.8% |
| Contracts in progress37 | - | - | - | €0.2m | €0.6m | €0.1m | €0.2m | €0.4m | ▲ 132% |
| Amounts receivable within one year40/41 | €6.6m | €4.9m | €4.1m | €5.9m | €5.9m | €5.5m | €5.4m | €5.9m | ▲ 9.4% |
| Trade receivables40 | - | - | - | €5.4m | €5.5m | €5.2m | €4.8m | €5.5m | ▲ 15.8% |
| Other amounts receivable41 | - | - | - | €0.5m | €0.4m | €0.3m | €0.6m | €0.3m | ▼ 43.5% |
| Current investments50/53 | - | - | - | - | €3.0m | €6.5m | €6.8m | €1.0m | ▼ 85.2% |
| Other investments51/53 | - | - | - | - | €3.0m | €6.5m | €6.8m | €1.0m | ▼ 85.2% |
| Cash at bank and in hand54/58 | €0.7m | €2.3m | €5.0m | €4.1m | €1.7m | €2.4m | €2.4m | €1.8m | ▼ 25.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.05m | €0.09m | €0.08m | €0.04m | ▼ 55.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €10.5m | €9.5m | €11.1m | €12.3m | €14.2m | €18.0m | €19.0m | €13.3m | ▼ 30.0% |
| Equity10/15 | €4.6m | €4.9m | €6.1m | €6.7m | €7.1m | €11.3m | €7.3m | €7.9m | ▲ 9.1% |
| Contributions10/11 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Capital10 | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Issued capital100 | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Reserves13 | €0.2m | €0.2m | €0.5m | €0.5m | €0.5m | €0.2m | €0.2m | €0.2m | = |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Legal reserve130 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Tax-exempt reserves132 | - | - | - | €0.3m | €0.3m | €0.05m | €0.05m | €0.05m | = |
| Distributable reserves133 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Profit (loss) carried forward14 | €3.3m | €3.6m | €4.1m | €4.7m | €5.1m | €9.4m | €5.4m | €5.9m | ▲ 9.8% |
| Investment grants15 | - | - | - | €0.5m | €0.5m | €0.7m | €0.7m | €0.8m | ▲ 20.1% |
| Provisions and deferred taxes16 | €0.1m | €0.1m | €0.2m | €0.4m | €0.4m | €0.2m | €0.1m | €0.1m | ▼ 0.2% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.4m | €0.4m | €0.2m | €0.1m | €0.1m | ▼ 0.2% |
| Other liabilities and charges164/5 | - | - | - | €0.4m | €0.4m | €0.2m | €0.1m | €0.1m | ▼ 0.2% |
| Amounts payable17/49 | €5.8m | €4.5m | €4.8m | €5.2m | €6.6m | €6.5m | €11.5m | €5.2m | ▼ 55.0% |
| Amounts payable after more than one year17 | €0.3m | €0.05m | €0.02m | €0.1m | €0.1m | €0.1m | €0.06m | €0.03m | ▼ 59.8% |
| Financial debts170/4 | - | - | - | €0.1m | €0.1m | €0.1m | €0.06m | €0.03m | ▼ 59.8% |
| Credit institutions173 | - | - | - | €0.1m | €0.1m | €0.1m | €0.06m | €0.03m | ▼ 59.8% |
| Amounts payable within one year42/48 | €5.6m | €4.4m | €4.8m | €5.1m | €6.5m | €6.4m | €11.5m | €5.2m | ▼ 55.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | ▲ 1.0% |
| Financial debts43 | - | - | - | €0.1m | €0.03m | - | - | €0.09m | - |
| Credit institutions430/8 | - | - | - | €0.1m | €0.03m | - | - | €0.09m | - |
| Trade debts44 | €2.2m | €2.1m | €2.7m | €2.8m | €2.6m | €3.6m | €2.7m | €2.9m | ▲ 7.4% |
| Suppliers440/4 | - | - | - | €2.8m | €2.6m | €3.6m | €2.7m | €2.9m | ▲ 7.4% |
| Advances received on contracts in progress46 | - | - | - | €0.4m | €1.7m | €0.6m | €0.5m | €0.6m | ▲ 19.5% |
| Taxes, remuneration and social security45 | - | - | - | €1.3m | €1.2m | €2.2m | €2.1m | €1.3m | ▼ 39.8% |
| Taxes450/3 | - | - | - | €0.4m | €0.2m | €1.1m | €1.2m | €0.2m | ▼ 82.7% |
| Remuneration and social security454/9 | - | - | - | €0.9m | €0.9m | €1.1m | €1.0m | €1.1m | ▲ 10.9% |
| Other amounts payable47/48 | - | - | - | €0.5m | €1.0m | €363 | €6.1m | €0.2m | ▼ 95.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.007m | - | - | €0.001m | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.2m | €0.8m | €1.2m | €1.1m | €1.5m | €4.0m | €2.0m | €0.5m | ▼ 74.1% |
| + Depreciation and write-downs630 | €0.3m | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 8.0% |
| Operating cash flow (approximation) | €0.5m | €1.0m | €1.5m | €1.4m | €1.8m | €4.4m | €2.4m | €0.8m | ▼ 65.0% |
| Investment in fixed assets (approximation) | - | -€0.2m | -€0.4m | -€0.6m | -€0.4m | -€1.1m | -€0.7m | -€0.6m | ▲ 11.7% |
| Change in cash | - | €1.5m | €2.7m | -€0.9m | -€2.3m | €0.7m | €0.02m | -€0.6m | - |
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, 1,887 companies had the same profile as KLINKENBERG has now. Two years later, 97.9% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
97.9%
was still going
2.0%
stopped otherwise
0.1%
went bankrupt
That fits the bankruptcy probability of KLINKENBERG 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 1,887 companies, not a prediction for KLINKENBERG. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-06-2026 | 2026-00234304 | |
| 31-12-2024 | full format | 12-06-2025 | 2025-00136947 | |
| 31-12-2023 | full format | 08-06-2024 | 2024-00124344 | |
| 31-12-2022 | full format | 08-06-2023 | 2023-00123765 | |
| 31-12-2021 | full format | 04-07-2022 | 2022-20139642 | |
| 31-12-2020 | full format | 15-06-2021 | 2021-20300056 | |
| 31-12-2019 | full format | 10-07-2020 | 2020-29500094 | |
| 31-12-2018 | full format | 19-07-2019 | 2019-35500591 | |
| 31-12-2017 | full format | 12-07-2018 | 2018-32000073 | |
| 31-12-2016 | full format | 05-07-2017 | 2017-28300353 |