Financials · financial year 2025, full format
Annual accounts 2025 filed on 22-07-2026 at the NBB all 18 filings
Turnover
€3.9m▲ 156%
2024 · €1.5m
EBIT margin
21.2%▲ 14.5pp
2024 · 6.7%
Net result
€578,738▼ 87.1%
2024 · €4.5m
Working capital
-€2.6m
2024 · €397,834
In the rankings
#3 company by equity in East Flanders, Repair and installation of machinery sector#3 company by total assets in Zulte, Manufacturing sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€3.9m
▲ 156%
2025
20182025
Operating result
€829,211
▲ 711%
2025
20182025
Net result
€578,738
▼ 87.1%
2025
highest quarter of the sector
20182025
EBIT margin
21.2%
▲ 14.5pp
2025
20182025
Equity
€17.3m
▲ 2.5%
2025
highest quarter of the sector
20182025
Total assets
€34.0m
▲ 90.1%
2025
highest quarter of the sector
20182025
Debt
€16.7m
▲ 16×
2025
20182025
Working capital
-€2.6m
2025
lowest quarter of the sector
20182025
Solvency
50.9%
▼ 43.5pp
2025
middle half of the sector
20182025
Current ratio
0.41
▼ 0.98
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
1.7%
▼ 23.3pp
2025
middle half of the sector
20182025
Staff (FTE)
5.8
▲ 87.1%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.3m€1.5m▲ 510%€3.9m▲ 156%
Operating result€0.1m-€0.04m▼ 66.5%€0.08m▲ 118%€0.2m▲ 145%€0.09m▼ 58.0%-€0.01m€0.1m€0.8m▲ 711%
Net result€1.6m-€0.2m▼ 86.9%€0.1mwithin the sector's middle half▼ 40.9%€0.2mabove the sector's middle half▲ 69.3%€0.5mabove the sector's middle half▲ 131%€0.1mwithin the sector's middle half▼ 78.8%€4.5mabove the sector's middle half▲ 43×€0.6mabove the sector's middle half▼ 87.1%
EBIT margin-5.1%6.7%▲ 11.8pp21.2%▲ 14.5pp
Equity€12.0m-€12.2m▲ 1.8%€12.3mabove the sector's middle half▲ 1.0%€12.0mabove the sector's middle half▼ 2.4%€12.4mabove the sector's middle half▲ 3.0%€12.4mabove the sector's middle half=€16.9mabove the sector's middle half▲ 36.0%€17.3mabove the sector's middle half▲ 2.5%
Total assets€12.8m-€13.4m▲ 4.4%€13.4mabove the sector's middle half▼ 0.1%€13.3mabove the sector's middle half▼ 0.4%€13.6mabove the sector's middle half▲ 1.8%€13.6mabove the sector's middle half▲ 0.3%€17.9mabove the sector's middle half▲ 31.4%€34.0mabove the sector's middle half▲ 90.1%
Debt€0.8m-€1.2m▲ 41.6%€1.0m▼ 12.0%€1.3m▲ 22.6%€1.2m▼ 8.9%€1.2m▲ 3.9%€1.0m▼ 16.1%€16.7m▲ 16×
Working capital€3.7m-€3.9m▲ 5.8%€4.0mabove the sector's middle half▲ 3.6%€3.9mabove the sector's middle half▼ 3.9%€4.2mabove the sector's middle half▲ 8.5%€4.0mabove the sector's middle half▼ 4.5%€0.4mwithin the sector's middle half▼ 90.1%-€2.6mbelow the sector's middle half
Solvency93.5%-91.2%▼ 2.3pp92.2%above the sector's middle half▲ 1.0pp90.4%above the sector's middle half▼ 1.8pp91.4%above the sector's middle half▲ 1.0pp91.1%above the sector's middle half▼ 0.3pp94.3%above the sector's middle half▲ 3.2pp50.9%within the sector's middle half▼ 43.5pp
Current ratio5.40-4.29▼ 1.114.87above the sector's middle half▲ 0.584.04above the sector's middle half▼ 0.844.62above the sector's middle half▲ 0.584.33above the sector's middle half▼ 0.291.39within the sector's middle half▼ 2.930.41below the sector's middle half▼ 0.98
Return on assets (ROA)12.5%-1.6%▼ 11.0pp0.9%within the sector's middle half▼ 0.6pp1.6%within the sector's middle half▲ 0.7pp3.6%within the sector's middle half▲ 2.0pp0.8%within the sector's middle half▼ 2.8pp25.0%above the sector's middle half▲ 24.2pp1.7%within the sector's middle half▼ 23.3pp
Staff (FTE)3.9-4.3▲ 10.3%5.4within the sector's middle half▲ 25.6%4.4within the sector's middle half▼ 18.5%4.4within the sector's middle half=2.4below the sector's middle half▼ 45.5%3.1below the sector's middle half▲ 29.2%5.8within the sector's middle half▲ 87.1%
above
within
below
The sector band is the middle half of the companies in Repair, maintenance and installation of machinery and equipment (NACE 33). 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 8.1 times that of 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Large changes and their cause
- 2025 Turnover +156%, Net result -87%, Total assets +90% on 2024. Part of LOCQUET TECHNICAL SUPPLIES received in a demerger, Official Gazette 15-01-2025.
- 2023 Net result -79% on 2022. The accounts now follow the full format, last year the abbreviated format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €34.0m
Fixed assets
€32.2m ▲ 95.4%
Current assets
€1.8m ▲ 28.0%
Equity and liabilities €34.0m
Equity
€17.3m ▲ 2.5%
Debt
€16.7m ▲ 16×
Debt's share of the balance-sheet total rises from 5.7% to 49.1%. Equity and debt are higher.
Key figures and ratios
ROE
3.3%▼
2024 · 26.5%
Debt ≤ 1 year
€4.4m▲
2024 · €1.0m
Debt > 1 year
€12.3m
Income taxes
€149,004▲
2024 · €39,333
Staff costs
€478,268▲
2024 · €308,677
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 | 5 | 3 | 5 | 7 |
| full-time | 3 | 3 | 1 | 4 | 4 |
| part-time | 2 | 2 | 2 | 1 | 3 |
| in full-time equivalents | 4.4 | 4.4 | 2.4 | 4.5 | 5.8 |
| Average over the year, in full-time equivalents | 4.3 | 4.4 | 2.4 | 3.1 | 5.8 |
| On a permanent contract | 5 | 5 | 3 | 5 | 7 |
| Joined | 1 | - | 0 | 2 | 5 |
| Left | 2 | - | 2 | 0 | 3 |
| Training hours | 241 | 205 | 110 | 202 | 233 |
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 | - | - | - | - | €10.9m |
| Pledge on other assets, amount secured | - | - | - | - | €10.9m |
| Carrying value of the other pledged assets | - | - | - | - | €12.5m |
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 | €29,444 | €21,851 | €785 | €18.7m | €3.1m |
| Financial fixed assets | - | - | €203,100 | €10.1m | €14.6m |
| Depreciation and write-downs of the year | €6,550 | €16,924 | €14,729 | €723,892 | €1.7m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €310 awarded · €223 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €115 | €62 |
| 2024 | 1 | €114 | €80 |
| 2023 | 1 | €0 | €81 |
| 2022 | 1 | €81 | €0 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | - | €0.3m | €1.6m | €4.0m | ▲ 146% |
| Turnover70 | - | - | - | - | - | €0.3m | €1.5m | €3.9m | ▲ 156% |
| Other operating income74 | - | - | - | - | - | €0.02m | €0.1m | €0.05m | ▼ 46.4% |
| Non-recurring operating income76A | - | - | - | €0.003m | €0 | €0.003m | €0.002m | €0.04m | ▲ 27× |
| Operating charges60/66A | - | - | - | - | - | €0.3m | €1.5m | €3.2m | ▲ 108% |
| Services and other goods61 | - | - | - | - | - | €0.07m | €0.5m | €0.9m | ▲ 94.4% |
| Remuneration, social security and pensions62 | - | - | - | €0.3m | €0.3m | €0.2m | €0.3m | €0.5m | ▲ 54.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.02m | €0.02m | €0.007m | €0.02m | €0.01m | €0.7m | €1.7m | ▲ 141% |
| Other operating charges640/8 | - | - | - | €0.005m | €0.003m | €0.003m | €0.009m | €0.01m | ▲ 10.8% |
| Gross operating margin9900 | €0.4m | €0.3m | €0.4m | €0.5m | €0.4m | - | - | - | - |
| Operating profit (loss)9901 | €0.1m | €0.04m | €0.08m | €0.2m | €0.09m | -€0.01m | €0.1m | €0.8m | ▲ 711% |
| Financial income75/76B | - | - | - | €0.06m | €0.5m | €0.2m | €4.6m | €0.1m | ▼ 97.1% |
| Recurring financial income75 | €1.7m | €0.2m | €0.1m | €0.06m | €0.5m | €0.2m | €0.5m | €0.01m | ▼ 97.3% |
| Income from financial fixed assets750 | - | - | - | - | - | €0 | €0.3m | €0 | ▼ 100% |
| Income from current assets751 | - | - | - | - | - | €0.2m | €0.1m | €0.01m | ▼ 89.6% |
| Other financial income752/9 | - | - | - | - | - | €10 | €1 | €4 | ▲ 380% |
| Non-recurring financial income76B | - | - | - | - | - | - | €4.1m | €0.1m | ▼ 97.1% |
| Financial charges65/66B | - | - | - | €0.04m | €0.04m | €0.05m | €0.2m | €0.2m | ▲ 53.3% |
| Recurring financial charges65 | €0.007m | €0.04m | €0.04m | €0.04m | €0.04m | €0.05m | €0.08m | €0.2m | ▲ 210% |
| Debt charges650 | - | - | - | - | - | €0.05m | €0.05m | €0.2m | ▲ 320% |
| Other financial charges652/9 | - | - | - | - | - | €0.002m | €0.03m | €0.03m | ▲ 3.2% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €0.08m | €0 | ▼ 100% |
| Profit (loss) for the period before taxes9903 | €1.8m | €0.2m | €0.2m | €0.2m | €0.6m | €0.1m | €4.5m | €0.7m | ▼ 83.9% |
| Income taxes67/77 | €0.2m | €0.03m | €0.03m | €0.01m | €0.07m | €0.04m | €0.04m | €0.1m | ▲ 279% |
| Taxes670/3 | - | - | - | - | - | €0.04m | €0.04m | €0.1m | ▲ 279% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | €0.001m | €0 | - | - |
| Profit (loss) for the period9904 | €1.6m | €0.2m | €0.1m | €0.2m | €0.5m | €0.1m | €4.5m | €0.6m | ▼ 87.1% |
| Profit (loss) for the period to be appropriated9905 | €1.6m | €0.2m | €0.1m | €0.2m | €0.5m | €0.1m | €4.5m | €0.6m | ▼ 87.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €12.8m | €13.4m | €13.4m | €13.3m | €13.6m | €13.6m | €17.9m | €34.0m | ▲ 90.1% |
| Fixed assets21/28 | €8.3m | €8.3m | €8.3m | €8.2m | €8.2m | €8.4m | €16.5m | €32.2m | ▲ 95.4% |
| Tangible fixed assets22/27 | €0.03m | €0.03m | €0.01m | €0.03m | €0.06m | €0.05m | €3.8m | €5.1m | ▲ 32.3% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €0 | - | €3.0m | €3.7m | ▲ 25.9% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.06m | €0.05m | €0.8m | €1.4m | ▲ 68.7% |
| Assets under construction and advance payments27 | - | - | - | - | - | - | €0.08m | €0 | ▼ 100% |
| Financial fixed assets28 | €8.3m | €8.3m | €8.3m | €8.1m | €8.1m | €8.3m | €12.6m | €27.1m | ▲ 115% |
| Affiliated companies280/1 | - | - | - | - | - | €8.2m | €12.5m | €27.1m | ▲ 117% |
| Participating interests280 | - | - | - | - | - | €8.2m | €12.5m | €27.1m | ▲ 117% |
| Other financial fixed assets284/8 | - | - | - | - | - | €0.2m | €0.2m | €0 | ▼ 100% |
| Shares284 | - | - | - | - | - | €0.2m | €0.2m | €0 | ▼ 100% |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | - | €0 | - | - | - |
| Current assets29/58 | €4.5m | €5.1m | €5.1m | €5.2m | €5.4m | €5.2m | €1.4m | €1.8m | ▲ 28.0% |
| Amounts receivable after more than one year29 | - | - | - | €0.2m | €0 | €0.2m | €0 | - | - |
| Other amounts receivable291 | - | - | - | €0.2m | €0 | €0.2m | €0 | - | - |
| Stocks and contracts in progress3 | - | - | - | - | - | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €4.3m | €4.7m | €3.8m | €3.5m | €3.5m | €3.4m | €0.8m | €1.6m | ▲ 104% |
| Trade receivables40 | - | - | - | €0.03m | €0.04m | €0.1m | €0.4m | €0.9m | ▲ 147% |
| Other amounts receivable41 | - | - | - | €3.4m | €3.5m | €3.3m | €0.4m | €0.7m | ▲ 67.9% |
| Cash at bank and in hand54/58 | €0.2m | €0.3m | €1.2m | €1.5m | €1.9m | €1.6m | €0.6m | €0.2m | ▼ 70.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.005m | €0.002m | €0.003m | €0.02m | ▲ 717% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €12.8m | €13.4m | €13.4m | €13.3m | €13.6m | €13.6m | €17.9m | €34.0m | ▲ 90.1% |
| Equity10/15 | €12.0m | €12.2m | €12.3m | €12.0m | €12.4m | €12.4m | €16.9m | €17.3m | ▲ 2.5% |
| Contributions10/11 | €5.9m | €5.9m | - | €5.9m | €5.9m | €5.9m | €5.9m | €5.9m | = |
| Reserves13 | €6.0m | €6.2m | €6.4m | €5.9m | €6.2m | €6.5m | €11.0m | €11.4m | ▲ 3.8% |
| Non-distributable reserves130/1 | - | - | - | €0.6m | €0.6m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.6m | €0.6m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €5.3m | €5.6m | €6.5m | €11.0m | €11.4m | ▲ 3.8% |
| Profit (loss) carried forward14 | €0.09m | €0.09m | €0.09m | €0.3m | €0.3m | €0 | - | - | - |
| Amounts payable17/49 | €0.8m | €1.2m | €1.0m | €1.3m | €1.2m | €1.2m | €1.0m | €16.7m | ▲ 16× |
| Amounts payable after more than one year17 | - | - | - | - | - | - | - | €12.3m | - |
| Financial debts170/4 | - | - | - | - | - | - | - | €10.4m | - |
| Credit institutions173 | - | - | - | - | - | - | - | €10.4m | - |
| Other amounts payable178/9 | - | - | - | - | - | - | - | €1.9m | - |
| Amounts payable within one year42/48 | €0.8m | €1.2m | €1.0m | €1.3m | €1.2m | €1.2m | €1.0m | €4.4m | ▲ 334% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €0.5m | - |
| Trade debts44 | €0.02m | €0.2m | €0.02m | €0.02m | €0.01m | €0.009m | €0.3m | €0.2m | ▼ 14.7% |
| Suppliers440/4 | - | - | - | €0.02m | €0.01m | €0.009m | €0.3m | €0.2m | ▼ 14.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.1m | €0.06m | €0.07m | €0.2m | ▲ 116% |
| Taxes450/3 | - | - | - | €0.003m | €0.05m | €0.03m | €0.01m | €0.07m | ▲ 473% |
| Remuneration and social security454/9 | - | - | - | €0.03m | €0.05m | €0.04m | €0.06m | €0.08m | ▲ 36.7% |
| Other amounts payable47/48 | - | - | - | €1.2m | €1.1m | €1.1m | €0.7m | €3.5m | ▲ 435% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €320 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.6m | €0.2m | €0.1m | €0.2m | €0.5m | €0.1m | €4.5m | €0.6m | ▼ 87.1% |
| + Depreciation and write-downs630 | €0.01m | €0.02m | €0.02m | €0.007m | €0.02m | €0.01m | €0.7m | €1.7m | ▲ 141% |
| Operating cash flow (approximation) | €1.6m | €0.2m | €0.1m | €0.2m | €0.5m | €0.1m | €5.2m | €2.3m | ▼ 55.3% |
| Investment in fixed assets (approximation) | - | -€0.01m | €0 | €0.1m | -€0.04m | -€0.2m | -€8.8m | -€17.5m | ▼ 97.9% |
| Change in cash | - | €0.2m | €0.9m | €0.2m | €0.4m | -€0.3m | -€1.0m | -€0.4m | ▲ 54.0% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 22-07-2026 | 2026-00330466 | |
| 31-12-2024 | full format | 11-06-2025 | 2025-00138388 | |
| 31-12-2023 | full format | 21-05-2024 | 2024-00095689 | |
| 31-12-2022 | abbreviated format | 07-06-2023 | 2023-00117052 | |
| 31-12-2021 | abbreviated format | 06-06-2022 | 2022-20051401 | |
| 31-12-2020 | abbreviated format | 18-06-2021 | 2021-22300268 | |
| 31-12-2019 | abbreviated format | 02-06-2020 | 2020-14000361 | |
| 31-12-2018 | abbreviated format | 07-06-2019 | 2019-16800118 | |
| 31-12-2017 | abbreviated format | 07-06-2018 | 2018-16700511 | |
| 31-12-2016 | abbreviated format | 30-05-2017 | 2017-14000348 |