Polytek
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 14 filings
Turnover
≈ €5.7m
Estimated: probably between €4.3m and €8.3m
Total assets
€2.7m▲ 4.8%
2024 · €2.6m
Net result
€5,169▼ 86.5%
2024 · €38,345
Working capital
-€401,567▼ 50.2%
2024 · -€267,303
In the rankings
#3 company by staff growth in Flemish Brabant, Office administrative support sector#3 company by total assets in Tienen, Administrative and support services sector#9 company by equity in Tienen, Administrative and support services sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€134,230
▼ 0.3%
2025
20182025
Net result
€5,169
▼ 86.5%
2025
middle half of the sector
20182025
Equity
€390,091
▲ 1.3%
2025
middle half of the sector
20182025
Total assets
€2.7m
▲ 4.8%
2025
highest quarter of the sector
20182025
Debt
€2.3m
▲ 5.4%
2025
20182025
Working capital
-€401,567
▼ 50.2%
2025
lowest quarter of the sector
20182025
Solvency
14.5%
▼ 0.5pp
2025
middle half of the sector
20182025
Current ratio
0.78
▼ 0.06
2025
middle half of the sector
20182025
Return on assets (ROA)
0.2%
▼ 1.3pp
2025
middle half of the sector
20182025
Staff (FTE)
37.5
▲ 6.5%
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
Operating result€0.1m-€0.05m▼ 47.8%-€0.05m€0.05m€0.04m▼ 13.6%€0.4m▲ 756%€0.1m▼ 63.2%€0.1m▼ 0.3%
Net result€0.07m-€0.03m▼ 57.3%-€0.1mbelow the sector's middle half€0.03mwithin the sector's middle half-€0.01mbelow the sector's middle half€0.2mabove the sector's middle half€0.04mwithin the sector's middle half▼ 79.9%€0.005mwithin the sector's middle half▼ 86.5%
Equity€0.2m-€0.2m▲ 18.2%€0.1mwithin the sector's middle half▼ 40.8%€0.2mwithin the sector's middle half▲ 19.3%€0.2mwithin the sector's middle half▼ 8.0%€0.3mwithin the sector's middle half▲ 122%€0.4mwithin the sector's middle half▲ 11.1%€0.4mwithin the sector's middle half▲ 1.3%
Total assets€0.5m-€0.5m▼ 7.4%€0.7mwithin the sector's middle half▲ 30.4%€0.8mwithin the sector's middle half▲ 27.1%€1.8mwithin the sector's middle half▲ 115%€2.5mwithin the sector's middle half▲ 38.8%€2.6mwithin the sector's middle half▲ 3.9%€2.7mabove the sector's middle half▲ 4.8%
Debt€0.3m-€0.3m▼ 22.8%€0.5m▲ 95.9%€0.7m▲ 29.2%€1.6m▲ 147%€2.1m▲ 30.8%€2.2m▲ 2.7%€2.3m▲ 5.4%
Working capital€0.1m-€0.1m▼ 5.5%€0.2mwithin the sector's middle half▲ 51.8%€0.1mwithin the sector's middle half▼ 23.9%-€0.3mbelow the sector's middle half-€0.3mbelow the sector's middle half▲ 8.0%-€0.3mbelow the sector's middle half▲ 11.4%-€0.4mbelow the sector's middle half▼ 50.2%
Solvency37.5%-47.9%▲ 10.4pp21.7%within the sector's middle half▼ 26.2pp20.4%within the sector's middle half▼ 1.3pp8.7%below the sector's middle half▼ 11.7pp14.0%below the sector's middle half▲ 5.3pp15.0%below the sector's middle half▲ 1.0pp14.5%within the sector's middle half▼ 0.5pp
Current ratio1.46-1.58▲ 0.131.48within the sector's middle half▼ 0.101.23within the sector's middle half▼ 0.250.71within the sector's middle half▼ 0.520.80within the sector's middle half▲ 0.090.84within the sector's middle half▲ 0.040.78within the sector's middle half▼ 0.06
Return on assets (ROA)13.3%-6.1%▼ 7.2pp-15.0%below the sector's middle half▼ 21.1pp3.3%within the sector's middle half▲ 18.3pp-0.8%below the sector's middle half▼ 4.1pp7.7%within the sector's middle half▲ 8.5pp1.5%within the sector's middle half▼ 6.2pp0.2%within the sector's middle half▼ 1.3pp
Staff (FTE)4.9-7.9▲ 61.2%11above the sector's middle half▲ 39.2%13.6above the sector's middle half▲ 23.6%22.1above the sector's middle half▲ 62.5%32.4above the sector's middle half▲ 46.6%35.2above the sector's middle half▲ 8.6%37.5above the sector's middle half▲ 6.5%
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 0% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated or 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 €2.7m
Fixed assets
€1.3m ▲ 4.8%
Current assets
€1.4m ▲ 4.8%
Equity and liabilities €2.7m
Equity
€390,091 ▲ 1.3%
Debt
€2.3m ▲ 5.4%
Debt's share of the balance-sheet total rises from 85.0% to 85.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€411,675▼
2024 · €435,208
Cash flow
€282,613▼
2024 · €338,983
Debt to equity
5.91▲
2024 · 5.68
ROE
1.3%▼
2024 · 10.0%
Interest coverage
4.77▼
2024 · 5.37
Debt ≤ 1 year
€1.8m▲
2024 · €1.6m
Debt > 1 year
€461,417▼
2024 · €543,009
Income taxes
€49,921▲
2024 · €31,052
Staff costs
€3.2m▲
2024 · €2.9m
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 | 16 | 28 | 36 | 33 | 40 |
| full-time | 15 | 28 | 36 | 33 | 37 |
| part-time | 1 | - | - | - | 3 |
| in full-time equivalents | 15.4 | 28 | 36 | 33 | 39.4 |
| Average over the year, in full-time equivalents | 13.6 | 22.1 | 32.4 | 35.2 | 37.5 |
| On a permanent contract | 16 | 28 | 36 | 33 | 40 |
| Joined | 6 | 18 | 11 | 4 | 11 |
| Left | 2 | 5 | 3 | 7 | 4 |
| Training hours | 149 | 12 | 1,104 | 132 | 170 |
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 | €137,666 | €875,636 | €1.9m | €1.1m | €899,817 |
| Pledge on the business | €200,000 | €200,000 | €200,000 | €200,000 | €200,000 |
| Mandates to pledge the business | €200,000 | - | - | - | - |
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 | €31,351 | €976,686 | €429,764 | €226,465 | €262,383 |
| Intangible fixed assets | €25,000 | €31,077 | €74,213 | - | €1,350 |
| Financial fixed assets | - | - | €16,485 | €32,259 | €71,553 |
| Depreciation and write-downs of the year | €46,903 | €139,176 | €248,278 | €300,638 | €277,445 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €9,462 awarded · €9,462 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €1,245 | €1,245 |
| 2024 | 1 | €1,363 | €1,363 |
| 2022 | 2 | €6,854 | €6,854 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €0.8m | €1.5m | €2.7m | €2.9m | €3.2m | ▲ 10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.04m | €0.04m | €0.05m | €0.05m | €0.1m | €0.2m | €0.3m | €0.3m | ▼ 7.7% |
| Other operating charges640/8 | - | - | - | €0.004m | €0.008m | €0.03m | €0.03m | €0.04m | ▲ 13.2% |
| Gross operating margin9900 | €0.4m | €0.5m | €0.6m | €0.9m | €1.7m | €3.3m | €3.4m | €3.7m | ▲ 8.4% |
| Operating profit (loss)9901 | €0.1m | €0.05m | -€0.05m | €0.05m | €0.04m | €0.4m | €0.1m | €0.1m | ▼ 0.3% |
| Financial income75/76B | - | - | - | €0.002m | €2 | €0.01m | €0.02m | €0.007m | ▼ 55.0% |
| Recurring financial income75 | €1 | €21 | €84 | €0.002m | €2 | €0.01m | €0.02m | €0.007m | ▼ 55.0% |
| Financial charges65/66B | - | - | - | €0.009m | €0.03m | €0.08m | €0.08m | €0.09m | ▲ 6.4% |
| Recurring financial charges65 | €0.003m | €0.005m | €0.009m | €0.009m | €0.03m | €0.08m | €0.08m | €0.09m | ▲ 6.4% |
| Profit (loss) for the period before taxes9903 | €0.1m | €0.05m | -€0.1m | €0.04m | €0.02m | €0.3m | €0.07m | €0.06m | ▼ 20.6% |
| Income taxes67/77 | €0.02m | €0.02m | €0.001m | €0.02m | €0.03m | €0.1m | €0.03m | €0.05m | ▲ 60.8% |
| Profit (loss) for the period9904 | €0.07m | €0.03m | -€0.1m | €0.03m | -€0.01m | €0.2m | €0.04m | €0.005m | ▼ 86.5% |
| Profit (loss) for the period to be appropriated9905 | €0.07m | €0.03m | -€0.1m | €0.03m | -€0.01m | €0.2m | €0.04m | €0.005m | ▼ 86.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.5m | €0.5m | €0.7m | €0.8m | €1.8m | €2.5m | €2.6m | €2.7m | ▲ 4.8% |
| Fixed assets21/28 | €0.1m | €0.2m | €0.1m | €0.1m | €1.0m | €1.3m | €1.2m | €1.3m | ▲ 4.8% |
| Intangible fixed assets21 | €0.01m | €0.05m | €0.03m | €0.04m | €0.04m | €0.08m | €0.04m | €0.009m | ▼ 73.9% |
| Tangible fixed assets22/27 | €0.04m | €0.03m | €0.08m | €0.08m | €0.9m | €1.2m | €1.1m | €1.1m | ▲ 1.1% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €0.003m | €0.003m | €0.002m | €0.001m | ▼ 44.4% |
| Furniture and vehicles24 | - | - | - | €0.08m | €0.1m | €0.1m | €0.1m | €0.09m | ▼ 18.5% |
| Leasing and similar rights25 | - | - | - | - | €0.6m | €0.8m | €0.8m | €0.8m | ▲ 1.2% |
| Other tangible fixed assets26 | - | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 11.5% |
| Financial fixed assets28 | €0.1m | €0.1m | - | - | - | €0.02m | €0.05m | €0.1m | ▲ 147% |
| Current assets29/58 | €0.4m | €0.3m | €0.5m | €0.7m | €0.8m | €1.2m | €1.4m | €1.4m | ▲ 4.8% |
| Stocks and contracts in progress3 | €0.03m | €0.01m | €0.05m | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.1m | €0.2m | €0.4m | €0.6m | €0.6m | €0.8m | €1.1m | €0.8m | ▼ 24.0% |
| Trade receivables40 | - | - | - | €0.6m | €0.6m | €0.6m | €0.7m | €0.7m | ▲ 10.1% |
| Other amounts receivable41 | - | - | - | - | €0.002m | €0.2m | €0.4m | €0.08m | ▼ 81.0% |
| Cash at bank and in hand54/58 | €0.2m | €0.08m | €0.08m | €0.1m | €0.1m | €0.3m | €0.1m | €0.4m | ▲ 370% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.03m | €0.06m | €0.2m | €0.2m | ▼ 14.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.5m | €0.5m | €0.7m | €0.8m | €1.8m | €2.5m | €2.6m | €2.7m | ▲ 4.8% |
| Equity10/15 | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | ▲ 1.3% |
| Contributions10/11 | €0.01m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.3m | €0.4m | €0.4m | ▲ 1.4% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | - | €0 | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | - | €0 | - |
| Distributable reserves133 | - | - | - | €0.1m | €0.1m | €0.3m | €0.4m | €0.4m | ▲ 1.4% |
| Profit (loss) carried forward14 | - | - | -€0.1m | - | - | - | - | - | - |
| Amounts payable17/49 | €0.3m | €0.3m | €0.5m | €0.7m | €1.6m | €2.1m | €2.2m | €2.3m | ▲ 5.4% |
| Amounts payable after more than one year17 | €0.07m | €0.06m | €0.1m | €0.08m | €0.5m | €0.6m | €0.5m | €0.5m | ▼ 15.0% |
| Financial debts170/4 | - | - | - | €0.08m | €0.5m | €0.6m | €0.5m | €0.5m | ▼ 15.0% |
| Amounts payable within one year42/48 | €0.3m | €0.2m | €0.4m | €0.6m | €1.1m | €1.5m | €1.6m | €1.8m | ▲ 12.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.05m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 5.1% |
| Financial debts43 | - | - | - | - | €0.2m | €0.2m | €0.3m | €0.1m | ▼ 60.8% |
| Credit institutions430/8 | - | - | - | - | €0.2m | €0.2m | €0.3m | €0.1m | ▼ 60.8% |
| Trade debts44 | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | ▲ 22.2% |
| Suppliers440/4 | - | - | - | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | ▲ 22.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.5m | €0.7m | €0.7m | €0.9m | ▲ 36.1% |
| Taxes450/3 | - | - | - | €0.08m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 30.2% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.3m | €0.5m | €0.5m | €0.7m | ▲ 38.3% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.02m | - | - | €0.04m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.07m | €0.03m | -€0.1m | €0.03m | -€0.01m | €0.2m | €0.04m | €0.005m | ▼ 86.5% |
| + Depreciation and write-downs630 | €0.04m | €0.04m | €0.05m | €0.05m | €0.1m | €0.2m | €0.3m | €0.3m | ▼ 7.7% |
| Operating cash flow (approximation) | €0.1m | €0.07m | -€0.05m | €0.07m | €0.1m | €0.4m | €0.3m | €0.3m | ▼ 16.6% |
| Investment in fixed assets (approximation) | - | -€0.07m | €0.03m | -€0.06m | -€1.0m | -€0.5m | -€0.2m | -€0.3m | ▼ 41.3% |
| Change in cash | - | -€0.1m | €0.001m | €0.03m | €0.01m | €0.2m | -€0.3m | €0.4m | - |
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, 4,107 companies had the same profile as Polytek has now. Two years later, 98.0% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
98.0%
was still going
0.9%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Polytek itself: 0.4% 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 4,107 companies, not a prediction for Polytek. 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 | 27-07-2026 | 2026-00336460 | |
| 31-12-2024 | abbreviated format | 25-06-2025 | 2025-00173687 | |
| 31-12-2023 | abbreviated format | 26-06-2024 | 2024-00166204 | |
| 31-12-2022 | abbreviated format | 28-11-2023 | 2023-00518098 | |
| 31-12-2021 | abbreviated format | 29-08-2022 | 2022-20356914 | |
| 31-12-2020 | abbreviated format | 23-08-2021 | 2021-52000147 | |
| 31-12-2019 | micro format | 30-12-2020 | 2020-77500290 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-61400089 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-54700014 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-51800095 |