Noeltech
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 13 filings
Turnover
≈ €160,000
Estimated: probably between €150,000 and €220,000
Total assets
€278,187▲ 27.3%
2024 · €218,449
Net result
€59,483▲ 81.8%
2024 · €32,715
Working capital
€90,054▲ 122%
2024 · €40,591
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€82,953
▲ 68.6%
2025
20182025
Net result
€59,483
▲ 81.8%
2025
highest quarter of the sector
20182025
Equity
€258,369
▲ 26.1%
2025
highest quarter of the sector
20182025
Total assets
€278,187
▲ 27.3%
2025
highest quarter of the sector
20182025
Debt
€19,817
▲ 46.1%
2025
20182025
Working capital
€90,054
▲ 122%
2025
middle half of the sector
20182025
Solvency
92.9%
▼ 0.9pp
2025
highest quarter of the sector
20182025
Current ratio
5.54
▲ 1.55
2025
highest quarter of the sector
20182025
Return on assets (ROA)
21.4%
▲ 6.4pp
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
Operating result€60,682-€60,465▼ 0.4%€66,447▲ 9.9%€51,549▼ 22.4%€38,958▼ 24.4%€17,465▼ 55.2%€49,202▲ 182%€82,953▲ 68.6%
Net result€41,936-€51,247▲ 22.2%€48,251above the sector's middle half▼ 5.8%€35,452within the sector's middle half▼ 26.5%€25,926within the sector's middle half▼ 26.9%€10,198within the sector's middle half▼ 60.7%€32,715within the sector's middle half▲ 221%€59,483above the sector's middle half▲ 81.8%
Equity€166,722-€212,969▲ 27.7%€245,735above the sector's middle half▲ 15.4%€279,188above the sector's middle half▲ 13.6%€222,067above the sector's middle half▼ 20.5%€210,107above the sector's middle half▼ 5.4%€204,887above the sector's middle half▼ 2.5%€258,369above the sector's middle half▲ 26.1%
Total assets€295,315-€250,638▼ 15.1%€285,412above the sector's middle half▲ 13.9%€311,671above the sector's middle half▲ 9.2%€250,345within the sector's middle half▼ 19.7%€232,663within the sector's middle half▼ 7.1%€218,449within the sector's middle half▼ 6.1%€278,187above the sector's middle half▲ 27.3%
Debt€128,593-€37,669▼ 70.7%€39,677▲ 5.3%€32,483▼ 18.1%€28,278▼ 12.9%€22,556▼ 20.2%€13,562▼ 39.9%€19,817▲ 46.1%
Working capital€134,333-€212,201▲ 58.0%€229,682above the sector's middle half▲ 8.2%€265,074above the sector's middle half▲ 15.4%€209,893above the sector's middle half▼ 20.8%€43,873within the sector's middle half▼ 79.1%€40,591within the sector's middle half▼ 7.5%€90,054within the sector's middle half▲ 122%
Solvency56.5%-85.0%▲ 28.5pp86.1%above the sector's middle half▲ 1.1pp89.6%above the sector's middle half▲ 3.5pp88.7%above the sector's middle half▼ 0.9pp90.3%above the sector's middle half▲ 1.6pp93.8%above the sector's middle half▲ 3.5pp92.9%above the sector's middle half▼ 0.9pp
Current ratio4.67-6.63▲ 1.966.79above the sector's middle half▲ 0.169.16above the sector's middle half▲ 2.378.42above the sector's middle half▼ 0.742.95within the sector's middle half▼ 5.483.99within the sector's middle half▲ 1.055.54above the sector's middle half▲ 1.55
Return on assets (ROA)14.2%-20.4%▲ 6.2pp16.9%within the sector's middle half▼ 3.5pp11.4%within the sector's middle half▼ 5.5pp10.4%within the sector's middle half▼ 1.0pp4.4%within the sector's middle half▼ 6.0pp15.0%within the sector's middle half▲ 10.6pp21.4%within the sector's middle half▲ 6.4pp
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 69% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €278,187
Fixed assets
€168,315 ▲ 2.4%
Current assets
€109,871 ▲ 103%
Equity and liabilities €278,187
Equity
€258,369 ▲ 26.1%
Debt
€19,817 ▲ 46.1%
Debt's share of the balance-sheet total rises from 6.2% to 7.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€85,582▲
2024 · €51,141
Cash flow
€62,111▲
2024 · €34,655
Debt to equity
0.08▲
2024 · 0.07
ROE
23.0%▲
2024 · 16.0%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€19,817▲
2024 · €13,562
Income taxes
€23,741▲
2024 · €16,503
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 | - | - | €177,383 | - | €6,648 |
| Depreciation and write-downs of the year | €1,939 | €1,939 | €23,323 | €1,939 | €2,628 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €2,597 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,259 | €192 | €791 | €1,939 | €1,939 | €23,323 | €1,939 | €2,628 | ▲ 35.5% |
| Other operating charges640/8 | - | - | - | €1,669 | €978 | €1,186 | €687 | €951 | ▲ 38.3% |
| Gross operating margin9900 | €66,373 | €62,108 | €68,085 | €55,157 | €41,875 | €41,974 | €51,828 | €86,532 | ▲ 67.0% |
| Operating profit (loss)9901 | €60,682 | €60,465 | €66,447 | €51,549 | €38,958 | €17,465 | €49,202 | €82,953 | ▲ 68.6% |
| Financial income75/76B | - | - | - | €0 | €154 | €406 | €241 | €340 | ▲ 40.9% |
| Recurring financial income75 | €1 | - | €125 | €0 | €154 | €406 | €241 | €340 | ▲ 40.9% |
| Financial charges65/66B | - | - | - | €367 | €387 | €298 | €225 | €70 | ▼ 68.9% |
| Recurring financial charges65 | €2,690 | €1,761 | €75 | €367 | €387 | €298 | €225 | €70 | ▼ 68.9% |
| Profit (loss) for the period before taxes9903 | €57,993 | €71,376 | €66,497 | €51,182 | €38,725 | €17,573 | €49,218 | €83,223 | ▲ 69.1% |
| Income taxes67/77 | €16,057 | €20,129 | €18,246 | €15,729 | €12,799 | €7,376 | €16,503 | €23,741 | ▲ 43.9% |
| Profit (loss) for the period9904 | €41,936 | €51,247 | €48,251 | €35,452 | €25,926 | €10,198 | €32,715 | €59,483 | ▲ 81.8% |
| Profit (loss) for the period to be appropriated9905 | €41,936 | €51,247 | €48,251 | €35,452 | €25,926 | €10,198 | €32,715 | €59,483 | ▲ 81.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €295,315 | €250,638 | €285,412 | €311,671 | €250,345 | €232,663 | €218,449 | €278,187 | ▲ 27.3% |
| Fixed assets21/28 | €124,413 | €768 | €16,053 | €14,114 | €12,174 | €166,235 | €164,295 | €168,315 | ▲ 2.4% |
| Tangible fixed assets22/27 | €124,413 | €768 | €16,053 | €14,114 | €12,174 | €166,235 | €164,295 | €168,315 | ▲ 2.4% |
| Land and buildings22 | - | - | - | - | - | €156,000 | €156,000 | €156,000 | = |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €259 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €1,350 | €987 | €623 | - | €5,719 | - |
| Other tangible fixed assets26 | - | - | - | €12,763 | €11,188 | €9,612 | €8,036 | €6,596 | ▼ 17.9% |
| Current assets29/58 | €170,902 | €249,870 | €269,359 | €297,558 | €238,171 | €66,428 | €54,154 | €109,871 | ▲ 103% |
| Amounts receivable within one year40/41 | €27,160 | €24,958 | €31,406 | €76,109 | €12,282 | €9,057 | €15,362 | €22,264 | ▲ 44.9% |
| Trade receivables40 | - | - | - | €14,387 | €12,282 | €9,057 | €15,362 | €22,264 | ▲ 44.9% |
| Other amounts receivable41 | - | - | - | €61,722 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €143,742 | €224,913 | €237,792 | €221,233 | €225,661 | €57,143 | €38,546 | €86,852 | ▲ 125% |
| Deferred charges and accrued income490/1 | - | - | - | €216 | €228 | €228 | €246 | €756 | ▲ 207% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €295,315 | €250,638 | €285,412 | €311,671 | €250,345 | €232,663 | €218,449 | €278,187 | ▲ 27.3% |
| Equity10/15 | €166,722 | €212,969 | €245,735 | €279,188 | €222,067 | €210,107 | €204,887 | €258,369 | ▲ 26.1% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €154,322 | €200,569 | €233,335 | €266,788 | €209,667 | €197,707 | €192,487 | €245,969 | ▲ 27.8% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €264,928 | €207,807 | €197,707 | €192,487 | €245,969 | ▲ 27.8% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €128,593 | €37,669 | €39,677 | €32,483 | €28,278 | €22,556 | €13,562 | €19,817 | ▲ 46.1% |
| Amounts payable after more than one year17 | €92,025 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €36,569 | €37,669 | €39,677 | €32,483 | €28,278 | €22,556 | €13,562 | €19,817 | ▲ 46.1% |
| Financial debts43 | - | - | - | - | - | - | - | €100 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €100 | - |
| Trade debts44 | €723 | €332 | €462 | €574 | €826 | €655 | €805 | €279 | ▼ 65.4% |
| Suppliers440/4 | - | - | - | €574 | €826 | €655 | €805 | €279 | ▼ 65.4% |
| Taxes, remuneration and social security45 | - | - | - | €21,243 | €19,021 | €13,325 | €8,671 | €9,176 | ▲ 5.8% |
| Taxes450/3 | - | - | - | €21,243 | €19,021 | €13,325 | €8,671 | €9,176 | ▲ 5.8% |
| Other amounts payable47/48 | - | - | - | €10,667 | €8,431 | €8,576 | €4,086 | €10,262 | ▲ 151% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €41,936 | €51,247 | €48,251 | €35,452 | €25,926 | €10,198 | €32,715 | €59,483 | ▲ 81.8% |
| + Depreciation and write-downs630 | €4,259 | €192 | €791 | €1,939 | €1,939 | €23,323 | €1,939 | €2,628 | ▲ 35.5% |
| Operating cash flow (approximation) | €46,196 | €51,439 | €49,042 | €37,392 | €27,866 | €33,520 | €34,655 | €62,111 | ▲ 79.2% |
| Investment in fixed assets (approximation) | - | €123,453 | -€16,076 | €0 | €0 | -€177,383 | €0 | -€6,648 | - |
| Change in cash | - | €81,171 | €12,879 | -€16,559 | €4,428 | -€168,518 | -€18,597 | €48,306 | - |
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, 34,693 companies had the same profile as Noeltech has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Noeltech 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 34,693 companies, not a prediction for Noeltech. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 01-07-2026 | 2026-00230456 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00441459 | |
| 31-12-2023 | micro format | 27-06-2024 | 2024-00179284 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00435545 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20414035 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-65500531 | |
| 31-12-2019 | micro format | 30-09-2020 | 2020-58400276 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-60600017 | |
| 31-12-2017 | micro format | 14-08-2018 | 2018-46100236 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-58700381 |