Normec BTV
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 20 filings
Turnover
€48.3m▼ 5.3%
2024 · €51.0m
EBIT margin
5.5%=
2024 · 5.5%
Net result
€1.5m▼ 1.9%
2024 · €1.6m
Working capital
€4.5m▲ 70.0%
2024 · €2.6m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€48.3m
▼ 5.3%
2025
20182025
Operating result
€2.7m
▼ 4.6%
2025
20182025
Net result
€1.5m
▼ 1.9%
2025
highest quarter of the sector
20182025
EBIT margin
5.5%
=
2025
20182025
Equity
€6.0m
▲ 34.5%
2025
highest quarter of the sector
20182025
Total assets
€15.0m
▲ 23.7%
2025
highest quarter of the sector
20182025
Debt
€9.0m
▲ 17.2%
2025
20182025
Working capital
€4.5m
▲ 70.0%
2025
highest quarter of the sector
20182025
Solvency
40.2%
▲ 3.2pp
2025
middle half of the sector
20182025
Current ratio
1.51
▲ 0.15
2025
middle half of the sector
20182025
Return on assets (ROA)
10.3%
▼ 2.7pp
2025
middle half of the sector
20182025
Staff (FTE)
313.1
▼ 10.7%
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€31.8m-€35.7m▲ 12.4%€34.4m▼ 3.7%€34.6m▲ 0.7%€39.3m▲ 13.3%€48.0m▲ 22.2%€51.0m▲ 6.4%€48.3m▼ 5.3%
Operating result€0.2m-€1.1m▲ 539%€0.7m▼ 35.5%-€1.2m-€1.2m▲ 2.2%€2.3m€2.8m▲ 19.5%€2.7m▼ 4.6%
Net result€0.004m-€0.01m▲ 183%-€0.1mbelow the sector's middle half-€1.3mbelow the sector's middle half▼ 875%-€1.3mbelow the sector's middle half▼ 0.5%€1.6mabove the sector's middle half€1.6mabove the sector's middle half▲ 0.6%€1.5mabove the sector's middle half▼ 1.9%
EBIT margin0.6%-3.2%▲ 2.6pp2.1%▼ 1.1pp-3.4%▼ 5.6pp-3.0%▲ 0.5pp4.9%▲ 7.8pp5.5%▲ 0.6pp5.5%=
Equity€4.1m-€4.1m▲ 0.2%€4.0mabove the sector's middle half▼ 3.3%€2.7mabove the sector's middle half▼ 33.1%€1.3mabove the sector's middle half▼ 49.8%€2.9mabove the sector's middle half▲ 117%€4.5mabove the sector's middle half▲ 54.2%€6.0mabove the sector's middle half▲ 34.5%
Total assets€14.0m-€13.4m▼ 4.0%€13.8mabove the sector's middle half▲ 3.1%€11.5mabove the sector's middle half▼ 17.3%€15.4mabove the sector's middle half▲ 34.3%€13.5mabove the sector's middle half▼ 12.1%€12.1mabove the sector's middle half▼ 10.1%€15.0mabove the sector's middle half▲ 23.7%
Debt€8.8m-€9.2m▲ 4.5%€9.8m▲ 6.0%€8.7m▼ 10.8%€14.0m▲ 60.2%€10.6m▼ 24.3%€7.7m▼ 27.8%€9.0m▲ 17.2%
Working capital€1.2m-€1.1m▼ 9.8%€1.1mabove the sector's middle half▼ 0.2%€1.3mabove the sector's middle half▲ 13.3%-€0.5mbelow the sector's middle half€1.1mabove the sector's middle half€2.6mabove the sector's middle half▲ 148%€4.5mabove the sector's middle half▲ 70.0%
Solvency29.6%-30.8%▲ 1.3pp28.9%within the sector's middle half▼ 1.9pp23.4%within the sector's middle half▼ 5.6pp8.7%below the sector's middle half▼ 14.6pp21.6%below the sector's middle half▲ 12.8pp37.0%within the sector's middle half▲ 15.4pp40.2%within the sector's middle half▲ 3.2pp
Current ratio1.15-1.13▼ 0.021.12within the sector's middle half▼ 0.011.18within the sector's middle half▲ 0.050.96below the sector's middle half▼ 0.221.10below the sector's middle half▲ 0.141.35within the sector's middle half▲ 0.251.51within the sector's middle half▲ 0.15
Return on assets (ROA)0.0%-0.1%▲ 0.1pp-1.0%below the sector's middle half▼ 1.1pp-11.6%below the sector's middle half▼ 10.6pp-8.7%below the sector's middle half▲ 2.9pp11.6%within the sector's middle half▲ 20.3pp13.0%within the sector's middle half▲ 1.4pp10.3%within the sector's middle half▼ 2.7pp
Staff (FTE)308.6-332.1▲ 7.6%331.2above the sector's middle half▼ 0.3%329.9above the sector's middle half▼ 0.4%339.9above the sector's middle half▲ 3.0%339.1above the sector's middle half▼ 0.2%350.6above the sector's middle half▲ 3.4%313.1above the sector's middle half▼ 10.7%
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 5% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €15.0m
Fixed assets
€1.7m ▼ 16.8%
Current assets
€13.4m ▲ 31.7%
Equity and liabilities €15.0m
Equity
€6.0m ▲ 34.5%
Provisions
€12,500
Debt
€9.0m ▲ 17.2%
Debt's share of the balance-sheet total falls from 63.0% to 59.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€3.4m▼
2024 · €3.5m
Cash flow
€2.2m▼
2024 · €2.3m
Debt to equity
1.48▼
2024 · 1.70
ROE
25.6%▼
2024 · 35.2%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€8.9m▲
2024 · €7.5m
Debt > 1 year
€91,034▼
2024 · €144,536
Income taxes
€1.1m▼
2024 · €1.1m
Customer credit
96 days▲
2024 · 68 days
Supplier credit
13558 days▲
2024 · 9964 days
Staff costs
€25.6m▼
2024 · €27.3m
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 | 343 | 338 | 362 | 335 | 301 |
| full-time | 325 | 326 | 350 | 321 | 279 |
| part-time | 18 | 12 | 12 | 14 | 22 |
| in full-time equivalents | 337.4 | 334.6 | 359.2 | 331.8 | 296.2 |
| Average over the year, in full-time equivalents | 329.9 | 339.9 | 339.1 | 350.6 | 313.1 |
| On a permanent contract | 343 | 338 | 362 | 335 | 301 |
| Joined | 64 | 72 | 73 | 27 | 13 |
| Left | 54 | 77 | 49 | 54 | 47 |
| Agency workers, average number | - | - | - | - | 0 |
| Training hours | 1,860 | 1,140 | 576 | 16,530 | 25,251 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Pledge on the business | €5.0m | €5.0m | €5.0m | €5.0m | €5.0m |
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 | €141,234 | €120,888 | €290,072 | €640,565 | €360,169 |
| Intangible fixed assets | €118,876 | €82,639 | - | - | - |
| Depreciation and write-downs of the year | €860,412 | €803,960 | €704,788 | €701,438 | €697,799 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €19,770 | €18,572 | €76,000 | €96,620 | €109,095 |
| Other work by the auditor | - | €3,000 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2024 · 4 entries · €21,860 awarded · €21,860 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 2 | €13,367 | €13,367 |
| 2023 | 1 | €3,679 | €3,679 |
| 2022 | 1 | €4,814 | €4,814 |
Public contracts
50 awards · 2018 to 2026
Marché public de services à bordereau de prix ayant pour but le contrôle périodique, pendant 48 mois, des équipements de la Ville de Bruxelles par un service externe agréé: Overheidsopdracht voor diensten tegen prijslijst met het doel de periodieke keuring, gedurende 48 maanden, van de uitrustingen van de Stad Brussel door een erkende externe dienst.
Uitvoeren van technische controles op installaties en arbeidsmiddelen
Technische keuringen
Services externes de différents contrôles techniques par organisme agréé (4 ans): Contrôle technique par organisme agréé des installations électriques communales non-domestiques Haute Tension
Services externes de différents contrôles techniques par organisme agréé (4 ans): Contrôle technique par organisme externe agréé des engins de levage ou similaires communaux et du CPAS
Show 45 more contracts
Services externes de différents contrôles techniques par organisme agréé (4 ans): Contrôle technique par organisme externe agréé des ancrages des filins servant à l'accroche des décorations communales de Noël
Services externes de différents contrôles techniques par organisme agréé (4 ans): Contrôle technique par organisme externe agréé des aires de jeux communales
Services externes de différents contrôles techniques par organisme agréé (4 ans): Contrôle technique par organisme externe agréé des détections d'incendie
Services externes de différents contrôles techniques par organisme agréé (4 ans): Lot 9 (Contrôle technique par organisme externe agréé des salles de gymnastique)
Services externes de différents contrôles techniques par organisme agréé (4 ans): Contrôle technique par organisme externe agréé des citernes à mazout aériennes et souterraines
Services externes de différents contrôles techniques par organisme agréé (4 ans): Contrôle technique par organisme agréé des installations électriques communales non-domestiques Haute Tension
Services externes de différents contrôles techniques par organisme agréé (4 ans): Contrôle technique par organisme externe agréé des engins de levage ou similaires communaux et du CPAS
Services externes de différents contrôles techniques par organisme agréé (4 ans): Contrôle technique par organisme externe agréé des ancrages des filins servant à l'accroche des décorations communales de Noël
Services externes de différents contrôles techniques par organisme agréé (4 ans): Contrôle technique par organisme externe agréé des aires de jeux communales
Services externes de différents contrôles techniques par organisme agréé (4 ans): Contrôle technique par organisme externe agréé des détections d'incendie
Services externes de différents contrôles techniques par organisme agréé (4 ans): Lot 9 (Contrôle technique par organisme externe agréé des salles de gymnastique)
Services externes de différents contrôles techniques par organisme agréé (4 ans): Contrôle technique par organisme externe agréé des citernes à mazout aériennes et souterraines
Uitvoeren van wettelijke technische keuringen aan materialen en machines: Hef- en hijstoestellen
Services externes de différents contrôles techniques par organisme agréé (4 ans): Contrôle technique par organisme agréé des installations électriques non-domestiques basse tension
Services externes de différents contrôles techniques par organisme agréé (4 ans): Contrôle technique par organisme agréé des installations électriques non-domestiques basse tension
CONTRÔLES ET INSPECTIONS D’INSTALLATIONS TECHNIQUES ET D’ÉQUIPEMENTS: S/24/0418 - 4
CONTRÔLES ET INSPECTIONS D’INSTALLATIONS TECHNIQUES ET D’ÉQUIPEMENTS: S/24/0418 - 5
Opdracht van aanneming van diensten voor het keuren van de branddetectie- en gasdetectiecentrales en keuren van alle gasinstallaties
Ensemble des contrôles techniques périodiques y compris toutes sujétions y liées, des lieux de travail et assimilés ou bâtiments gérés par Bruxelles-Environnement: Contrôle des installations haute-tension et basse-tension
Ensemble des contrôles techniques périodiques y compris toutes sujétions y liées, des lieux de travail et assimilés ou bâtiments gérés par Bruxelles-Environnement: Contrôle gaz et mazout
Ensemble des contrôles techniques périodiques y compris toutes sujétions y liées, des lieux de travail et assimilés ou bâtiments gérés par Bruxelles-Environnement: Contrôle équipements de lutte contre l’incendie
Ensemble des contrôles techniques périodiques y compris toutes sujétions y liées, des lieux de travail et assimilés ou bâtiments gérés par Bruxelles-Environnement: EPI et engins de levage et assimilés, non incorporés aux bâtiments
**GEGUNDE OPDRACHT** Raamovereenkomst voor het uitvoeren van (technische) controles op installaties en toestellen in het beheer van afnemers van de aankoopcentrale CREAT: CREAT-ALL-24-001 - 1
**GEGUNDE OPDRACHT** Raamovereenkomst voor het uitvoeren van (technische) controles op installaties en toestellen in het beheer van afnemers van de aankoopcentrale CREAT: CREAT-ALL-24-001 - 1
Contrôles périodiques des installations électriques, de gaz, de levage, d'ancrages et de sécurité de bâtiments communaux et d'accueillantes conventionnées pour les années 2024 à 2028: Cabines électriques haute tension
Contrôles périodiques des installations électriques, de gaz, de levage, d'ancrages et de sécurité de bâtiments communaux et d'accueillantes conventionnées pour les années 2024 à 2028: Installations et équipements bâtiments communaux
Contrôles périodiques des installations électriques, de gaz, de levage, d'ancrages et de sécurité de bâtiments communaux et d'accueillantes conventionnées pour les années 2024 à 2028: Equipements et contrôles espaces publics
Wettelijke technische controles en studies
Raamovereenkomst voor keuring van technische installaties en toestellen in diverse stads-, ocmw-, politie,- en brandweergebouwen: liften/heftoestellen/ladders/brandtrappen/poorten
Contrôles périodiques SECT Ville-CPAS-RCA 2024-2029: Contrôles périodiques SECT
RO tem 31/12/2028 voor het uitvoeren van wettelijke technische keuringen: Brandveiligheid
Dienst Werken: Raamovereenkomst periodieke keuringen en risicoanalyses gemeente, OCMW en AGB Maasmechelen door EDTC van 2024 tem 2028
Technische controle van het materiaal van de operationele eenheden van de Civiele Bescherming door een erkende Externe Dienst voor de Technische Controles (EDTC): MAT32-482-23 - 1
Technische controle van het materiaal van de operationele eenheden van de Civiele Bescherming door een erkende Externe Dienst voor de Technische Controles (EDTC): MAT32-482-23 - 2
Raamovereenkomst keuringen voor de Groep Mechelen: diverse gebouwen op het grondgebied Mechelen
Raamovereenkomst keuringen voor de Groep Mechelen: verplichte keuringen arbeidsmaterialen en hijstoestellen
Raamcontract Ankerkeuringen: Regio West
MARCHÉ PUBLIC DE SERVICES AYANT POUR OBJET LES SERVICES EXTERNES POUR LES CONTRÔLES TECHNIQUES SUR LE LIEU DE TRAVAIL: PERCEEL 1 Periodieke controles van de uitrustingen betreffende het wagenpark en de centrale garage: Het betreft voornamelijk hefapparatuur en -elementen en ander specifiek gereedschap dat ons person
MARCHÉ PUBLIC DE SERVICES AYANT POUR OBJET LES SERVICES EXTERNES POUR LES CONTRÔLES TECHNIQUES SUR LE LIEU DE TRAVAIL: LOT 2 Contrôles périodiques d’équipements et installations liés à l’infrastructure du bâtiment : ce sont tous les équipements et installations qui touchent directement aux infrastructures du bâtimen
Contrôles périodiques par organisme agréé des installations de la Ville de Liège
Marché de services visant la désignation d’un Service externe pour les contrôles techniques (SECT) pour l’ensemble des sites du Forem: SECT
Uitvoeren van wettelijke technische keuringen aan materialen en machines van Sint-Niklaas en Zwijndrecht: Elektrische installaties
Uitvoeren van wettelijke technische keuringen aan materialen en machines van Sint-Niklaas en Zwijndrecht: Hef- en hijstoestellen
Uitvoeren van wettelijke technische keuringen aan materialen en machines van Sint-Niklaas en Zwijndrecht: Gasinstallaties
Uitvoeren van wettelijke technische keuringen aan materialen en machines van Sint-Niklaas en Zwijndrecht: Brandveiligheid
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 | - | - | - | €35.5m | €40.3m | €49.2m | €52.4m | €49.3m | ▼ 5.9% |
| Turnover70 | €31.8m | €35.7m | €34.4m | €34.6m | €39.3m | €48.0m | €51.0m | €48.3m | ▼ 5.3% |
| Other operating income74 | - | - | - | €0.8m | €1.0m | €1.3m | €1.4m | €1.0m | ▼ 27.6% |
| Operating charges60/66A | - | - | - | €36.7m | €41.5m | €46.9m | €49.7m | €46.7m | ▼ 6.0% |
| Goods for resale, raw materials and consumables60 | - | - | - | €0.2m | €0.1m | €0.1m | €0.05m | €0.06m | ▲ 22.8% |
| Purchases600/8 | - | - | - | €0.2m | €0.09m | €0.1m | €0.04m | €0.04m | ▲ 4.8% |
| Change in stocks: decrease (increase)609 | - | - | - | €0.02m | €0.01m | €0.02m | €0.009m | €0.02m | ▲ 96.0% |
| Services and other goods61 | - | - | - | €15.0m | €15.9m | €20.7m | €21.5m | €20.3m | ▼ 5.4% |
| Remuneration, social security and pensions62 | - | - | - | €20.6m | €24.6m | €25.3m | €27.3m | €25.6m | ▼ 6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.9m | €1.0m | €0.9m | €0.9m | €0.8m | €0.7m | €0.7m | €0.7m | ▼ 0.5% |
| Other operating charges640/8 | - | - | - | €0.02m | €0.02m | €0.07m | €0.07m | €0.01m | ▼ 86.0% |
| Non-recurring operating charges66A | - | - | - | - | €0.005m | - | - | - | - |
| Operating profit (loss)9901 | €0.2m | €1.1m | €0.7m | -€1.2m | -€1.2m | €2.3m | €2.8m | €2.7m | ▼ 4.6% |
| Financial income75/76B | - | - | - | €0.02m | €0.001m | €201 | €212 | €46 | ▼ 78.4% |
| Recurring financial income75 | €0.007m | €0.01m | €0.01m | €0.02m | €0.001m | €201 | €212 | €46 | ▼ 78.4% |
| Income from financial fixed assets750 | - | - | - | €0.01m | - | - | - | - | - |
| Income from current assets751 | - | - | - | €0.01m | - | - | - | - | - |
| Other financial income752/9 | - | - | - | €219 | €0.001m | €201 | €212 | €46 | ▼ 78.4% |
| Financial charges65/66B | - | - | - | €0.1m | €0.09m | €0.1m | €0.07m | €0.05m | ▼ 20.3% |
| Recurring financial charges65 | €0.1m | €0.1m | €0.1m | €0.1m | €0.09m | €0.1m | €0.07m | €0.05m | ▼ 20.3% |
| Debt charges650 | €0.03m | €0.03m | €0.03m | €0.03m | €0.01m | €0.008m | €0.005m | €0.004m | ▼ 19.1% |
| Other financial charges652/9 | - | - | - | €0.08m | €0.08m | €0.09m | €0.06m | €0.05m | ▼ 20.4% |
| Profit (loss) for the period before taxes9903 | €0.06m | €1.0m | €0.6m | -€1.3m | -€1.3m | €2.2m | €2.7m | €2.6m | ▼ 4.3% |
| Income taxes67/77 | - | - | €0.7m | €0.05m | €0.08m | €0.7m | €1.1m | €1.1m | ▼ 7.5% |
| Taxes670/3 | - | - | - | €0.05m | €0.08m | €0.7m | €1.1m | €1.1m | ▼ 7.5% |
| Profit (loss) for the period9904 | €0.004m | €0.01m | -€0.1m | -€1.3m | -€1.3m | €1.6m | €1.6m | €1.5m | ▼ 1.9% |
| Profit (loss) for the period to be appropriated9905 | €0.004m | €0.01m | -€0.1m | -€1.3m | -€1.3m | €1.6m | €1.6m | €1.5m | ▼ 1.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €14.0m | €13.4m | €13.8m | €11.5m | €15.4m | €13.5m | €12.1m | €15.0m | ▲ 23.7% |
| Fixed assets21/28 | €4.5m | €3.8m | €3.7m | €3.1m | €2.5m | €2.1m | €2.0m | €1.7m | ▼ 16.8% |
| Intangible fixed assets21 | €3.6m | €2.5m | €2.4m | €2.0m | €1.7m | €1.2m | €0.9m | €0.5m | ▼ 37.4% |
| Tangible fixed assets22/27 | €0.9m | €1.3m | €1.3m | €1.0m | €0.8m | €0.8m | €1.1m | €1.1m | ▼ 1.2% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 3.4% |
| Furniture and vehicles24 | - | - | - | €0.3m | €0.2m | €0.3m | €0.6m | €0.7m | ▲ 2.7% |
| Other tangible fixed assets26 | - | - | - | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 8.0% |
| Financial fixed assets28 | €0.02m | €0.02m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Other financial fixed assets284/8 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Current assets29/58 | €9.5m | €9.6m | €10.2m | €8.4m | €12.9m | €11.4m | €10.1m | €13.4m | ▲ 31.7% |
| Stocks and contracts in progress3 | €0.6m | €0.6m | €0.1m | - | - | - | - | €0 | - |
| Amounts receivable within one year40/41 | €8.4m | €8.4m | €9.0m | €7.4m | €11.4m | €10.2m | €9.6m | €12.7m | ▲ 33.0% |
| Trade receivables40 | - | - | - | €6.7m | €10.7m | €10.0m | €9.5m | €12.7m | ▲ 33.5% |
| Other amounts receivable41 | - | - | - | €0.6m | €0.8m | €0.2m | €0.04m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €0.4m | €0.4m | €0.9m | €0.8m | €1.3m | €0.9m | €0.3m | €0.4m | ▲ 26.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.1m | €0.1m | €0.3m | €0.2m | €0.2m | ▼ 10.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €14.0m | €13.4m | €13.8m | €11.5m | €15.4m | €13.5m | €12.1m | €15.0m | ▲ 23.7% |
| Equity10/15 | €4.1m | €4.1m | €4.0m | €2.7m | €1.3m | €2.9m | €4.5m | €6.0m | ▲ 34.5% |
| Reserves13 | - | - | - | €2.7m | €1.3m | €2.9m | €4.5m | €6.0m | ▲ 34.5% |
| Provisions and deferred taxes16 | €1.0m | €0.04m | €0.04m | €0.04m | €0.04m | - | - | €0.01m | - |
| Provisions for liabilities and charges160/5 | - | - | - | €0.04m | €0.04m | - | - | €0.01m | - |
| Other liabilities and charges164/5 | - | - | - | €0.04m | €0.04m | - | - | €0.01m | - |
| Amounts payable17/49 | €8.8m | €9.2m | €9.8m | €8.7m | €14.0m | €10.6m | €7.7m | €9.0m | ▲ 17.2% |
| Amounts payable after more than one year17 | €0.4m | €0.5m | €0.5m | €0.4m | €0.3m | €0.2m | €0.1m | €0.09m | ▼ 37.0% |
| Financial debts170/4 | - | - | - | €0.4m | €0.3m | €0.2m | €0.1m | €0.09m | ▼ 37.0% |
| Credit institutions173 | - | - | - | €0.4m | €0.3m | €0.2m | €0.1m | €0.09m | ▼ 37.0% |
| Amounts payable within one year42/48 | €8.2m | €8.5m | €9.0m | €7.1m | €13.4m | €10.4m | €7.5m | €8.9m | ▲ 18.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.09m | €0.06m | €0.05m | ▼ 15.7% |
| Trade debts44 | €2.7m | €1.7m | €1.5m | €1.8m | €6.6m | €4.9m | €1.3m | €2.2m | ▲ 67.1% |
| Suppliers440/4 | - | - | - | €1.8m | €6.6m | €4.9m | €1.3m | €2.2m | ▲ 67.1% |
| Taxes, remuneration and social security45 | - | - | - | €5.2m | €6.7m | €5.4m | €6.1m | €6.6m | ▲ 8.2% |
| Taxes450/3 | - | - | - | €1.6m | €0.9m | €0.7m | €2.2m | €2.8m | ▲ 27.5% |
| Remuneration and social security454/9 | - | - | - | €3.6m | €5.8m | €4.7m | €4.0m | €3.9m | ▼ 2.3% |
| Accrued charges and deferred income492/3 | - | - | - | €1.2m | €0.3m | €0.009m | €0.005m | €0.005m | ▲ 2.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.004m | €0.01m | -€0.1m | -€1.3m | -€1.3m | €1.6m | €1.6m | €1.5m | ▼ 1.9% |
| + Depreciation and write-downs630 | €0.9m | €1.0m | €0.9m | €0.9m | €0.8m | €0.7m | €0.7m | €0.7m | ▼ 0.5% |
| Operating cash flow (approximation) | €0.9m | €1.1m | €0.7m | -€0.5m | -€0.5m | €2.3m | €2.3m | €2.2m | ▼ 1.5% |
| Investment in fixed assets (approximation) | - | -€0.4m | -€0.7m | -€0.3m | -€0.2m | -€0.3m | -€0.6m | -€0.4m | ▲ 43.8% |
| Change in cash | - | €0.04m | €0.4m | -€0.04m | €0.5m | -€0.4m | -€0.6m | €0.09m | - |
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, 321 companies had the same profile as Normec BTV has now. Two years later, 97.5% were still going and 0.0% had gone bankrupt.
- Large
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
97.5%
was still going
2.5%
stopped otherwise
0.0%
went bankrupt
That fits the bankruptcy probability of Normec BTV 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 321 companies, not a prediction for Normec BTV. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 01-07-2026 | 2026-00231383 | |
| 31-12-2024 | abbreviated format | 16-07-2025 | 2025-00273242 | |
| 31-12-2023 | abbreviated format | 26-07-2024 | 2024-00317789 | |
| 31-12-2022 | abbreviated format | 18-07-2023 | 2023-00245025 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20367440 | |
| 31-12-2020 | abbreviated format | 15-07-2021 | 2021-35300237 | |
| 31-12-2019 | abbreviated format | 30-07-2020 | 2020-35800434 | |
| 31-12-2018 | abbreviated format | 25-07-2019 | 2019-37300448 | |
| 31-12-2017 | abbreviated format | 30-07-2018 | 2018-39100540 | |
| 31-12-2016 | abbreviated format | 20-07-2017 | 2017-33000511 |