Normec BTV
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 20 filings
Every figure per financial year
The operating result for 2025 is 5% lower than in 2024.
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
Show 45 more contracts
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.
| 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
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 |