NECA
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 27 days after the deadline Filed on 27 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00431712.
Annual accounts 2025 filed on 27-08-2026 at the NBB all 14 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€27,701
2024 · €3,278
Working capital
€452,839▼ 9.7%
2024 · €501,490
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€27,397
2025
20182025
Net result
-€27,701
2025
lowest quarter of the sector
20182025
Equity
€418,787
▼ 6.2%
2025
middle half of the sector
20182025
Total assets
€465,272
▼ 9.1%
2025
lowest quarter of the sector
20182025
Debt
€16,433
▲ 13.4%
2025
20182025
Working capital
€452,839
▼ 9.7%
2025
highest quarter of the sector
20182025
Solvency
90.0%
▲ 2.8pp
2025
highest quarter of the sector
20182025
Current ratio
37.42
▼ 11.39
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-6.0%
▼ 6.6pp
2025
lowest 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€0.3m-€0.5m▲ 58.0%€0.004m▼ 99.1%-€0.001m-€0.02m▼ 1,741%€0.08m€0.005m▼ 93.8%-€0.03m
Net result€0.2m-€0.3m▲ 57.0%-€0.003mwithin the sector's middle half-€0.008mwithin the sector's middle half▼ 162%-€0.02mbelow the sector's middle half▼ 223%€0.06mwithin the sector's middle half€0.003mwithin the sector's middle half▼ 94.8%-€0.03mbelow the sector's middle half
Equity€2.7m-€0.8m▼ 69.6%€0.8mwithin the sector's middle half▼ 0.4%€0.8mwithin the sector's middle half▼ 0.9%€0.8mwithin the sector's middle half▼ 3.1%€0.8mwithin the sector's middle half▲ 8.0%€0.4mwithin the sector's middle half▼ 47.0%€0.4mwithin the sector's middle half▼ 6.2%
Total assets€3.5m-€2.0m▼ 44.1%€1.9mwithin the sector's middle half▼ 3.0%€1.8mwithin the sector's middle half▼ 2.8%€0.9mwithin the sector's middle half▼ 51.2%€1.0mwithin the sector's middle half▲ 6.7%€0.5mbelow the sector's middle half▼ 46.6%€0.5mbelow the sector's middle half▼ 9.1%
Debt€0.7m-€1.0m▲ 48.7%€0.9m▼ 4.5%€0.9m▼ 2.5%€0.02m▼ 98.0%€0.04m▲ 120%€0.01m▼ 64.6%€0.02m▲ 13.4%
Working capital€2.8m-€1.0m▼ 62.9%€1.0mabove the sector's middle half▼ 5.8%€0.9mabove the sector's middle half▼ 3.0%€0.9mwithin the sector's middle half▼ 6.8%€0.9mwithin the sector's middle half▲ 4.5%€0.5mwithin the sector's middle half▼ 45.5%€0.5mabove the sector's middle half▼ 9.7%
Solvency76.8%-41.8%▼ 35.1pp42.9%within the sector's middle half▲ 1.2pp43.8%within the sector's middle half▲ 0.8pp86.9%above the sector's middle half▲ 43.1pp88.0%above the sector's middle half▲ 1.1pp87.2%above the sector's middle half▼ 0.8pp90.0%above the sector's middle half▲ 2.8pp
Current ratio5.45-2.13▼ 3.322.06within the sector's middle half▼ 0.072.05within the sector's middle half▼ 0.0148.28above the sector's middle half▲ 46.2324.63above the sector's middle half▼ 23.6548.82above the sector's middle half▲ 24.1937.42above the sector's middle half▼ 11.39
Return on assets (ROA)6.1%-17.1%▲ 11.0pp-0.2%within the sector's middle half▼ 17.3pp-0.4%within the sector's middle half▼ 0.3pp-2.7%below the sector's middle half▼ 2.3pp6.5%above the sector's middle half▲ 9.3pp0.6%within the sector's middle half▼ 5.9pp-6.0%below the sector's middle half▼ 6.6pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 €27,397, after a profit of €4,698 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €465,272
Equity
€418,787 ▼ 6.2%
Provisions
€30,052 ▼ 41.1%
Debt
€16,433 ▲ 13.4%
Debt's share of the balance-sheet total rises from 2.8% to 3.5%. Equity is lower and debt is higher.
Key figures and ratios
Quick ratio
13.18▼
2024 · 20.08
Debt to equity
0.04▲
2024 · 0.03
ROE
-6.6%▼
2024 · 0.7%
Debt ≤ 1 year
€12,433▲
2024 · €10,488
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €29 | - | €388 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,215 | - | - | - | - | - | - | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€21,950 | -€22,450 | -€24,950 | -€23,450 | -€20,950 | ▲ 10.7% |
| Other operating charges640/8 | - | - | - | €867 | €993 | €1,587 | €1,621 | €2,250 | ▲ 38.8% |
| Non-recurring operating charges66A | - | - | - | €17,047 | €34,172 | €29,014 | €6,461 | €35,559 | ▲ 450% |
| Gross operating margin9900 | €308,507 | €629,582 | €82,983 | -€5,245 | -€9,542 | €81,341 | -€10,670 | -€10,537 | ▲ 1.2% |
| Operating profit (loss)9901 | €306,822 | €484,901 | €4,333 | -€1,209 | -€22,257 | €75,691 | €4,698 | -€27,397 | - |
| Financial charges65/66B | - | - | - | €6,426 | €2,404 | €802 | €294 | €304 | ▲ 3.6% |
| Recurring financial charges65 | €5,036 | €1,612 | €1,249 | €6,426 | €2,404 | €802 | €294 | €304 | ▲ 3.6% |
| Profit (loss) for the period before taxes9903 | €301,785 | €473,334 | €3,084 | -€7,634 | -€24,661 | €74,888 | €4,404 | -€27,701 | - |
| Income taxes67/77 | €88,959 | €139,159 | €5,997 | - | - | €12,202 | €1,126 | - | - |
| Profit (loss) for the period9904 | €212,826 | €334,175 | -€2,913 | -€7,634 | -€24,661 | €62,686 | €3,278 | -€27,701 | - |
| Profit (loss) for the period to be appropriated9905 | €212,826 | €334,175 | -€2,913 | -€7,634 | -€24,661 | €62,686 | €3,278 | -€27,701 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.5m | €2.0m | €1.9m | €1.8m | €0.9m | €1.0m | €0.5m | €0.5m | ▼ 9.1% |
| Fixed assets21/28 | €0.07m | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.07m | - | - | - | - | - | - | - | - |
| Current assets29/58 | €3.4m | €2.0m | €1.9m | €1.8m | €0.9m | €1.0m | €0.5m | €0.5m | ▼ 9.1% |
| Stocks and contracts in progress3 | €2.2m | €0.9m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | = |
| Stocks30/36 | - | - | - | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | = |
| Amounts receivable within one year40/41 | €0.1m | €0.2m | €0.2m | €0.1m | €0.07m | €0.07m | €0.06m | €0.06m | ▼ 4.0% |
| Trade receivables40 | - | - | - | €0.09m | €0.05m | €0.05m | €0.04m | €0.04m | ▼ 13.8% |
| Other amounts receivable41 | - | - | - | €0.04m | €0.01m | €0.01m | €0.02m | €0.02m | ▲ 17.8% |
| Cash at bank and in hand54/58 | €1.1m | €0.8m | €1.3m | €1.3m | €0.4m | €0.6m | €0.1m | €0.1m | ▼ 29.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.5m | €2.0m | €1.9m | €1.8m | €0.9m | €1.0m | €0.5m | €0.5m | ▼ 9.1% |
| Equity10/15 | €2.7m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.4m | €0.4m | ▼ 6.2% |
| Contributions10/11 | €0.7m | €0.7m | - | €0.7m | €0.7m | €0.7m | €0.4m | €0.4m | = |
| Reserves13 | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Non-distributable reserves130/1 | - | - | - | €0.07m | €0.07m | €0.07m | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.07m | €0.07m | €0.07m | - | - | - |
| Distributable reserves133 | - | - | - | - | - | - | €0.07m | €0.07m | = |
| Profit (loss) carried forward14 | €1.9m | €0.04m | €0.04m | €0.03m | €0.008m | €0.07m | €0.007m | -€0.02m | - |
| Provisions and deferred taxes16 | €0.1m | €0.2m | €0.1m | €0.1m | €0.1m | €0.07m | €0.05m | €0.03m | ▼ 41.1% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.1m | €0.1m | €0.07m | €0.05m | €0.03m | ▼ 41.1% |
| Other liabilities and charges164/5 | - | - | - | €0.1m | €0.1m | €0.07m | €0.05m | €0.03m | ▼ 41.1% |
| Amounts payable17/49 | €0.7m | €1.0m | €0.9m | €0.9m | €0.02m | €0.04m | €0.01m | €0.02m | ▲ 13.4% |
| Amounts payable within one year42/48 | €0.6m | €0.9m | €0.9m | €0.9m | €0.02m | €0.04m | €0.01m | €0.01m | ▲ 18.5% |
| Trade debts44 | €0.03m | €0.05m | €0.06m | €0.03m | €0.02m | €0.03m | €0.01m | €0.01m | ▲ 18.5% |
| Suppliers440/4 | - | - | - | €0.03m | €0.02m | €0.03m | €0.01m | €0.01m | ▲ 18.5% |
| Taxes, remuneration and social security45 | - | - | - | - | - | €0.01m | - | - | - |
| Taxes450/3 | - | - | - | - | - | €0.01m | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.9m | - | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | - | €0.002m | €0.004m | €0.004m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €212,826 | €334,175 | -€2,913 | -€7,634 | -€24,661 | €62,686 | €3,278 | -€27,701 | - |
| + Depreciation and write-downs630 | €2,215 | - | - | - | - | - | - | - | - |
| Operating cash flow (approximation) | €215,041 | €334,175 | -€2,913 | -€7,634 | -€24,661 | €62,686 | €3,278 | -€27,701 | - |
| Change in cash | - | -€246,777 | €467,633 | -€3,497 | -€872,085 | €182,671 | -€443,909 | -€44,215 | ▲ 90.0% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,686 companies had the same profile as NECA has now. Two years later, 93.7% were still going and 0.6% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a small loss
93.7%
was still going
5.4%
stopped otherwise
0.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of NECA 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 2,686 companies, not a prediction for NECA. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 27-08-2026 | 2026-00431712 | |
| 31-12-2024 | full format | 19-09-2025 | 2025-00497845 | |
| 31-12-2023 | full format | 13-08-2024 | 2024-00341448 | |
| 31-12-2022 | full format | 24-08-2023 | 2023-00347611 | |
| 31-12-2021 | full format | 29-09-2022 | 2022-20439106 | |
| 31-12-2020 | full format | 29-09-2021 | 2021-69500122 | |
| 31-12-2019 | full format | 18-09-2020 | 2020-54200205 | |
| 31-12-2018 | full format | 29-08-2019 | 2019-56200339 | |
| 31-12-2017 | full format | 31-08-2018 | 2018-59300414 | |
| 31-12-2016 | full format | 28-08-2017 | 2017-49800266 |