KORLAM
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 35 filings
Turnover
≈ €2.1m
Estimated: probably between €1.5m and €2.5m
Total assets
€6.4m▲ 1,241,536×
2024 · €5
Net result
€212,660
2024 · -€1,794
Working capital
€581,543
2024 · -€6,066
In the rankings
#1 company by total assets in Moorslede, Construction sector#2 company by equity in Moorslede, Construction sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€173,359
▼ 9,812%
2025
20182025
Net result
€212,660
2025
highest quarter of the sector
20182025
Equity
€1.8m
2025
highest quarter of the sector
20182025
Total assets
€6.4m
▲ 1,241,536×
2025
highest quarter of the sector
20182025
Debt
€4.6m
▲ 763×
2025
20182025
Working capital
€581,543
2025
highest quarter of the sector
20182025
Solvency
27.7%
2025
middle half of the sector
20182025
Current ratio
1.38
2025
middle half of the sector
20182025
Return on assets (ROA)
3.3%
2025
middle half of the sector
20182025
Staff (FTE)
9.6
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
Operating result-€0.009m--€0.003m▲ 71.9%-€0.001m▲ 64.7%-€0.004m▼ 348%-€0.005m▼ 14.7%-€0.002m▲ 52.7%-€0.002m▲ 21.7%-€0.2m▼ 9,812%
Net result-€0.008m--€0.002m▲ 76.3%-€430below the sector's middle half▲ 78.1%-€0.004mbelow the sector's middle half▼ 821%-€0.005mbelow the sector's middle half▼ 19.2%-€0.002mbelow the sector's middle half▲ 51.7%-€0.002mbelow the sector's middle half▲ 21.3%€0.2mabove the sector's middle half
Equity€0.009m-€0.007m▼ 21.6%€0.007mbelow the sector's middle half▼ 6.0%€0.003mbelow the sector's middle half▼ 59.2%-€0.002mbelow the sector's middle half-€0.004mbelow the sector's middle half▼ 114%-€0.006mbelow the sector's middle half▼ 42.0%€1.8mabove the sector's middle half
Total assets€0.01m-€0.008m▼ 37.8%€0.01mbelow the sector's middle half▲ 31.1%€0.005mbelow the sector's middle half▼ 55.0%€94below the sector's middle half▼ 98.1%€5below the sector's middle half▼ 94.2%€5below the sector's middle half▼ 5.3%€6.4mabove the sector's middle half▲ 1,241,536×
Debt€0.005m-€0.001m▼ 69.9%€0.004m▲ 224%€0.002m▼ 48.5%€0.002m▼ 8.7%€0.004m▲ 105%€0.006m▲ 41.9%€4.6m▲ 763×
Working capital€0.009m-€0.007m▼ 21.6%€0.007mwithin the sector's middle half▼ 6.0%€0.003mbelow the sector's middle half▼ 59.2%-€0.002mbelow the sector's middle half-€0.004mbelow the sector's middle half▼ 114%-€0.006mbelow the sector's middle half▼ 42.0%€0.6mabove the sector's middle half
Solvency66.6%-83.8%▲ 17.3pp60.1%within the sector's middle half▼ 23.7pp54.4%within the sector's middle half▼ 5.7pp27.7%within the sector's middle half
Current ratio2.99-6.18▲ 3.192.51within the sector's middle half▼ 3.682.19within the sector's middle half▼ 0.311.38within the sector's middle half
Return on assets (ROA)-60.8%--23.2%▲ 37.6pp-3.9%below the sector's middle half▲ 19.3pp-79.0%below the sector's middle half▼ 75.1pp3.3%within the sector's middle half
Staff (FTE)9.6above the sector's middle half
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 a loss of €173,359, larger than the loss of €1,749 in 2024. It is the lowest result since 2018.
Large changes and their cause
- 2025 Total assets +124,153,477% on 2024. Branch of activity received from Terryn Timber Products, Official Gazette 30-09-2025.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
Assets €6.4m
Fixed assets
€4.3m
Current assets
€2.1m
Equity and liabilities €6.4m
Equity
€1.8m
Debt
€4.6m
Debt's share of the balance-sheet total is 72.3%.
Key figures and ratios
EBITDA
€157,048
Cash flow
€543,067
Quick ratio
0.83
Debt to equity
2.61
ROE
12.0%
Interest coverage
8.33
Debt ≤ 1 year
€1.5m▲
2024 · €6,072
Debt > 1 year
€2.8m
Income taxes
€79,130
Staff costs
€509,558
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2025 |
|---|---|
| Employees at the balance-sheet date | 31 |
| full-time | 26 |
| part-time | 5 |
| in full-time equivalents | 29.8 |
| Average over the year, in full-time equivalents | 9.6 |
| On a permanent contract | 31 |
| Joined | 34 |
| Left | 3 |
Source: social balance sheet in the 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | - | €2.9m |
| Mortgages, amount registered | - | - | - | - | €25,000 |
| Mortgage mandates | - | - | - | - | €4.4m |
| Carrying value of the mortgaged assets | - | - | - | - | €3.6m |
| Pledge on the business | - | - | - | - | €1.5m |
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 | - | - | - | - | €4.6m |
| Intangible fixed assets | - | - | - | - | €21,300 |
| Depreciation and write-downs of the year | - | - | - | - | €330,407 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | - | - | €509,558 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | - | - | - | €330,407 | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €31,091 | - |
| Other operating charges640/8 | - | - | - | €496 | €112 | €115 | €0 | €1,925 | - |
| Gross operating margin9900 | -€7,775 | -€2,497 | -€810 | -€3,624 | -€4,616 | -€2,120 | -€1,749 | €699,622 | - |
| Operating profit (loss)9901 | -€9,273 | -€2,604 | -€919 | -€4,120 | -€4,728 | -€2,235 | -€1,749 | -€173,359 | ▼ 9,812% |
| Financial income75/76B | - | - | - | €286 | €54 | €0 | - | €484,002 | - |
| Recurring financial income75 | €1,019 | €687 | €539 | €286 | €54 | €0 | - | €484,002 | - |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €484,002 | - |
| Financial charges65/66B | - | - | - | €123 | €44 | €45 | €45 | €18,853 | ▲ 419× |
| Recurring financial charges65 | €36 | €49 | €50 | €123 | €44 | €45 | €45 | €18,853 | ▲ 419× |
| Profit (loss) for the period before taxes9903 | -€8,290 | -€1,965 | -€430 | -€3,957 | -€4,717 | -€2,280 | -€1,794 | €291,790 | - |
| Income taxes67/77 | - | - | - | - | - | - | - | €79,130 | - |
| Profit (loss) for the period9904 | -€8,290 | -€1,965 | -€430 | -€3,957 | -€4,717 | -€2,280 | -€1,794 | €212,660 | - |
| Profit (loss) for the period to be appropriated9905 | -€8,290 | -€1,965 | -€430 | -€3,957 | -€4,717 | -€2,280 | -€1,794 | €212,660 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.01m | €0.008m | €0.01m | €0.005m | €94 | €5 | €5 | €6.4m | ▲ 1,241,536× |
| Fixed assets21/28 | - | - | - | - | - | - | - | €4.3m | - |
| Intangible fixed assets21 | - | - | - | - | - | - | - | €0.02m | - |
| Tangible fixed assets22/27 | - | - | - | - | - | - | - | €4.3m | - |
| Land and buildings22 | - | - | - | - | - | - | - | €3.6m | - |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €0.5m | - |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €0.2m | - |
| Current assets29/58 | €0.01m | €0.008m | €0.01m | €0.005m | €94 | €5 | €5 | €2.1m | ▲ 409,786× |
| Stocks and contracts in progress3 | - | - | - | - | - | - | - | €0.8m | - |
| Stocks30/36 | - | - | - | - | - | - | - | €0.8m | - |
| Amounts receivable within one year40/41 | €0.01m | €0.008m | €0.009m | €0.005m | €86 | €0 | - | €0.9m | - |
| Trade receivables40 | - | - | - | €0.002m | €0 | - | - | €0.9m | - |
| Other amounts receivable41 | - | - | - | €0.003m | €86 | €0 | - | - | - |
| Cash at bank and in hand54/58 | €0.001m | €0.001m | €0.002m | €423 | €8 | €5 | €5 | €0.4m | ▲ 74,406× |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €0.005m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.01m | €0.008m | €0.01m | €0.005m | €94 | €5 | €5 | €6.4m | ▲ 1,241,536× |
| Equity10/15 | €0.009m | €0.007m | €0.007m | €0.003m | -€0.002m | -€0.004m | -€0.006m | €1.8m | - |
| Contributions10/11 | €0.007m | €0.007m | - | €0.007m | €0.007m | €0.007m | €0.007m | €1.6m | ▲ 242× |
| Profit (loss) carried forward14 | €0.003m | €0.001m | €175 | -€0.004m | -€0.008m | -€0.01m | -€0.01m | €0.2m | - |
| Amounts payable17/49 | €0.005m | €0.001m | €0.004m | €0.002m | €0.002m | €0.004m | €0.006m | €4.6m | ▲ 763× |
| Amounts payable after more than one year17 | - | - | - | - | - | - | - | €2.8m | - |
| Financial debts170/4 | - | - | - | - | - | - | - | €2.8m | - |
| Amounts payable within one year42/48 | €0.005m | €0.001m | €0.004m | €0.002m | €0.002m | €0.004m | €0.006m | €1.5m | ▲ 252× |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €0.1m | - |
| Trade debts44 | €0.004m | €0.001m | €0.004m | €0.002m | €0.001m | €0.002m | €236 | €0.5m | ▲ 2,178× |
| Suppliers440/4 | - | - | - | €0.002m | €0.001m | €0.002m | €236 | €0.5m | ▲ 2,178× |
| Taxes, remuneration and social security45 | - | - | - | €0 | - | - | - | €0.3m | - |
| Taxes450/3 | - | - | - | €0 | - | - | - | €0.2m | - |
| Remuneration and social security454/9 | - | - | - | - | - | - | - | €0.1m | - |
| Other amounts payable47/48 | - | - | - | - | €0.001m | €0.003m | €0.006m | €0.5m | ▲ 91× |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €0.3m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,290 | -€1,965 | -€430 | -€3,957 | -€4,717 | -€2,280 | -€1,794 | €212,660 | - |
| + Depreciation and write-downs630 | - | - | - | - | - | - | - | €330,407 | - |
| Operating cash flow (approximation) | -€8,290 | -€1,965 | -€430 | -€3,957 | -€4,717 | -€2,280 | -€1,794 | €543,067 | - |
| Change in cash | - | -€516 | €875 | -€1,325 | -€415 | -€2 | -€0 | €383,931 | - |
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, 3,984 companies had the same profile as KORLAM has now. Two years later, 96.5% were still going and 1.1% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.5%
was still going
2.3%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of KORLAM itself: 0.7% 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 3,984 companies, not a prediction for KORLAM. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-06-2026 | 2026-00243266 | |
| 31-12-2024 | micro format | 09-07-2025 | 2025-00252011 | |
| 31-12-2023 | micro format | 18-07-2024 | 2024-00268488 | |
| 31-12-2022 | micro format | 13-07-2023 | 2023-00234798 | |
| 31-12-2021 | micro format | 28-06-2022 | 2022-20118440 | |
| 31-12-2020 | micro format | 16-08-2021 | 2021-49200160 | |
| 31-12-2019 | micro format | 31-07-2020 | 2020-38500560 | |
| 31-12-2018 | micro format | 26-08-2019 | 2019-52200557 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-57800121 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-49700129 |