Q.E.M.
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 28 days after the deadline Filed on 28 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00046782.
Annual accounts 2025 filed on 28-02-2026 PDF all 7 filings
Turnover
≈ €170,000
Estimated: probably between €110,000 and €300,000
Total assets
€355,991▲ 97.8%
2024 · €180,020
Net result
€10,866▼ 47.5%
2024 · €20,691
Working capital
€108,376▲ 20.5%
2024 · €89,924
Multi-year overview
2019 to 2025, 6 financial yearsOperating result
€22,925
▼ 25.0%
2025
20192025
Net result
€10,866
▼ 47.5%
2025
middle half of the sector
20192025
Equity
€123,159
▲ 8.9%
2025
middle half of the sector
20192025
Total assets
€355,991
▲ 97.8%
2025
highest quarter of the sector
20192025
Debt
€227,683
▲ 240%
2025
20192025
Working capital
€108,376
▲ 20.5%
2025
highest quarter of the sector
20192025
Solvency
34.6%
▼ 28.2pp
2025
middle half of the sector
20192025
Current ratio
4.61
▲ 1.08
2025
highest quarter of the sector
20192025
Return on assets (ROA)
3.1%
▼ 8.4pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201920212022202320242025
Operating result€23,526-€33,939-€6,712▼ 80.2%€33,352▲ 397%€30,570▼ 8.3%€22,925▼ 25.0%
Net result€17,021-€24,584within the sector's middle half-€3,726within the sector's middle half▼ 84.8%€23,198within the sector's middle half▲ 523%€20,691within the sector's middle half▼ 10.8%€10,866within the sector's middle half▼ 47.5%
Equity€43,364-€80,878within the sector's middle half-€83,804within the sector's middle half▲ 3.6%€106,202within the sector's middle half▲ 26.7%€113,092within the sector's middle half▲ 6.5%€123,159within the sector's middle half▲ 8.9%
Total assets€146,505-€153,554within the sector's middle half-€143,877within the sector's middle half▼ 6.3%€167,749within the sector's middle half▲ 16.6%€180,020within the sector's middle half▲ 7.3%€355,991above the sector's middle half▲ 97.8%
Debt€103,141-€72,676-€60,073▼ 17.3%€61,548▲ 2.5%€66,927▲ 8.7%€227,683▲ 240%
Working capital€38,713-€51,846within the sector's middle half-€61,576within the sector's middle half▲ 18.8%€84,622above the sector's middle half▲ 37.4%€89,924above the sector's middle half▲ 6.3%€108,376above the sector's middle half▲ 20.5%
Solvency29.6%-52.7%within the sector's middle half-58.2%within the sector's middle half▲ 5.6pp63.3%within the sector's middle half▲ 5.1pp62.8%within the sector's middle half▼ 0.5pp34.6%within the sector's middle half▼ 28.2pp
Current ratio2.45-2.62within the sector's middle half-3.74above the sector's middle half▲ 1.134.13above the sector's middle half▲ 0.393.53above the sector's middle half▼ 0.604.61above the sector's middle half▲ 1.08
Return on assets (ROA)11.6%-16.0%within the sector's middle half-2.6%within the sector's middle half▼ 13.4pp13.8%within the sector's middle half▲ 11.2pp11.5%within the sector's middle half▼ 2.3pp3.1%within the sector's middle half▼ 8.4pp
above
within
below
The sector band is the middle half of the companies in Repair, maintenance and installation of machinery and equipment (NACE 33). 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 25% lower than in 2024. It is the second fall in a row.
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 €355,991
Fixed assets
€217,614 ▲ 299%
Current assets
€138,377 ▲ 10.3%
Equity and liabilities €355,991
Equity
€123,159 ▲ 8.9%
Provisions
€5,150
Debt
€227,683 ▲ 240%
Debt's share of the balance-sheet total rises from 37.2% to 64.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€55,908▲
2024 · €34,232
Cash flow
€43,850▲
2024 · €24,353
Quick ratio
4.56▲
2024 · 3.53
Debt to equity
1.85▲
2024 · 0.59
ROE
8.8%▼
2024 · 18.3%
Interest coverage
8.28▲
2024 · 7.79
Debt ≤ 1 year
€30,001▼
2024 · €35,565
Debt > 1 year
€197,682▲
2024 · €31,239
Income taxes
€158▼
2024 · €5,490
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Overdue debts
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Overdue tax debts | - | - | €4,474 | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts)
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Mortgages, amount registered | €55,000 | - | - | - |
| Mortgage mandates | - | €55,000 | €55,000 | €55,000 |
| Carrying value of the mortgaged assets | €54,182 | - | €51,273 | €208,891 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2,490 | - | €2,085 | €247,340 |
| Depreciation and write-downs of the year | €12,281 | €3,735 | €3,662 | €32,983 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €98 awarded · €98 paidAnnual accounts
| Line | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €496 | €0 | €28,227 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,726 | €12,890 | €12,281 | €3,735 | €3,662 | €32,983 | ▲ 801% |
| Other operating charges640/8 | - | - | €1,398 | €1,967 | €1,701 | €1,816 | ▲ 6.8% |
| Gross operating margin9900 | €57,783 | €47,596 | €20,390 | €39,054 | €35,932 | €57,724 | ▲ 60.6% |
| Operating profit (loss)9901 | €23,526 | €33,939 | €6,712 | €33,352 | €30,570 | €22,925 | ▼ 25.0% |
| Financial income75/76B | - | - | €82 | €8 | €3 | €4 | ▲ 29.0% |
| Recurring financial income75 | €32 | €25 | €82 | €8 | €3 | €4 | ▲ 29.0% |
| Financial charges65/66B | - | - | €1,900 | €3,556 | €4,392 | €6,755 | ▲ 53.8% |
| Recurring financial charges65 | €2,054 | €2,129 | €1,900 | €3,556 | €4,392 | €6,755 | ▲ 53.8% |
| Profit (loss) for the period before taxes9903 | €21,505 | €31,835 | €4,894 | €29,804 | €26,181 | €16,174 | ▼ 38.2% |
| Transfer from deferred taxes780 | - | - | - | - | - | €72 | - |
| Transfer to deferred taxes680 | - | - | - | - | - | €5,222 | - |
| Income taxes67/77 | €4,483 | €7,252 | €1,168 | €6,607 | €5,490 | €158 | ▼ 97.1% |
| Profit (loss) for the period9904 | €17,021 | €24,584 | €3,726 | €23,198 | €20,691 | €10,866 | ▼ 47.5% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | €290 | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | €20,889 | - |
| Profit (loss) for the period to be appropriated9905 | €17,021 | €24,584 | €3,726 | €23,198 | €20,691 | -€9,732 | - |
| Line | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €146,505 | €153,554 | €143,877 | €167,749 | €180,020 | €355,991 | ▲ 97.8% |
| Fixed assets21/28 | €81,161 | €69,632 | €59,841 | €56,107 | €54,530 | €217,614 | ▲ 299% |
| Tangible fixed assets22/27 | €81,161 | €69,632 | €59,841 | €56,107 | €54,530 | €217,614 | ▲ 299% |
| Land and buildings22 | - | - | €54,182 | €52,727 | €51,273 | €208,891 | ▲ 307% |
| Plant, machinery and equipment23 | - | - | €249 | - | - | €4,484 | - |
| Furniture and vehicles24 | - | - | €5,410 | €3,379 | €3,257 | €2,500 | ▼ 23.3% |
| Other tangible fixed assets26 | - | - | - | - | - | €1,739 | - |
| Current assets29/58 | €65,343 | €83,922 | €84,036 | €111,643 | €125,490 | €138,377 | ▲ 10.3% |
| Stocks and contracts in progress3 | - | - | - | - | - | €1,598 | - |
| Stocks30/36 | - | - | - | - | - | €1,598 | - |
| Amounts receivable within one year40/41 | €50,338 | €37,106 | €49,440 | €79,851 | €93,132 | €95,507 | ▲ 2.5% |
| Trade receivables40 | - | - | €37,677 | €67,064 | €67,004 | €56,629 | ▼ 15.5% |
| Other amounts receivable41 | - | - | €11,763 | €12,787 | €26,128 | €38,879 | ▲ 48.8% |
| Cash at bank and in hand54/58 | €11,400 | €42,829 | €30,021 | €25,813 | €26,747 | €34,625 | ▲ 29.5% |
| Deferred charges and accrued income490/1 | - | - | €4,575 | €5,978 | €5,610 | €6,647 | ▲ 18.5% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €146,505 | €153,554 | €143,877 | €167,749 | €180,020 | €355,991 | ▲ 97.8% |
| Equity10/15 | €43,364 | €80,878 | €83,804 | €106,202 | €113,092 | €123,159 | ▲ 8.9% |
| Contributions10/11 | €12,400 | - | €12,400 | €12,400 | €18,600 | €18,600 | = |
| Reserves13 | €30,964 | €66,860 | €66,860 | €91,860 | €91,860 | €102,459 | ▲ 11.5% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €0 | - | - |
| Tax-exempt reserves132 | - | - | - | - | - | €20,599 | - |
| Distributable reserves133 | - | - | €65,000 | €90,000 | €91,860 | €81,860 | ▼ 10.9% |
| Profit (loss) carried forward14 | - | €1,618 | €4,544 | €1,942 | €2,632 | €2,100 | ▼ 20.2% |
| Provisions and deferred taxes16 | - | - | - | - | - | €5,150 | - |
| Deferred taxes168 | - | - | - | - | - | €5,150 | - |
| Amounts payable17/49 | €103,141 | €72,676 | €60,073 | €61,548 | €66,927 | €227,683 | ▲ 240% |
| Amounts payable after more than one year17 | €76,427 | €40,581 | €37,539 | €34,425 | €31,239 | €197,682 | ▲ 533% |
| Financial debts170/4 | - | - | €37,539 | €34,425 | €31,239 | €197,682 | ▲ 533% |
| Amounts payable within one year42/48 | €26,631 | €32,077 | €22,459 | €27,020 | €35,565 | €30,001 | ▼ 15.6% |
| Current portion of amounts payable after more than one year42 | - | - | €3,043 | €3,114 | €3,186 | €9,520 | ▲ 199% |
| Financial debts43 | - | - | - | - | - | €10 | - |
| Credit institutions430/8 | - | - | - | - | - | €10 | - |
| Trade debts44 | €5,765 | €7,907 | €15,781 | €14,015 | €6,159 | €14,058 | ▲ 128% |
| Suppliers440/4 | - | - | €15,781 | €14,015 | €6,159 | €14,058 | ▲ 128% |
| Taxes, remuneration and social security45 | - | - | €2,836 | €9,091 | €6,221 | €5,613 | ▼ 9.8% |
| Taxes450/3 | - | - | €2,238 | €8,494 | €5,623 | €5,015 | ▼ 10.8% |
| Remuneration and social security454/9 | - | - | €598 | €598 | €598 | €598 | = |
| Other amounts payable47/48 | - | - | €800 | €800 | €20,000 | €800 | ▼ 96.0% |
| Accrued charges and deferred income492/3 | - | - | €75 | €102 | €123 | €0 | ▼ 100% |
| Line | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,021 | €24,584 | €3,726 | €23,198 | €20,691 | €10,866 | ▼ 47.5% |
| + Depreciation and write-downs630 | €17,726 | €12,890 | €12,281 | €3,735 | €3,662 | €32,983 | ▲ 801% |
| Operating cash flow (approximation) | €34,747 | €37,473 | €16,007 | €26,932 | €24,353 | €43,850 | ▲ 80.1% |
| Investment in fixed assets (approximation) | - | - | -€2,490 | €0 | -€2,085 | -€196,068 | ▼ 9,304% |
| Change in cash | - | - | -€12,808 | -€4,207 | €934 | €7,878 | ▲ 744% |
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, 5,047 companies had the same profile as Q.E.M. has now. Two years later, 93.9% were still going and 2.2% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
93.9%
was still going
3.8%
stopped otherwise
2.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Q.E.M. itself: 1.1% 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 5,047 companies, not a prediction for Q.E.M.. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 28-02-2026 | 2026-00046782 | |
| 30-06-2024 | micro format | 27-02-2025 | 2025-00040743 | |
| 30-06-2023 | micro format | 29-02-2024 | 2024-00039507 | |
| 30-06-2022 | micro format | 28-02-2023 | 2023-00036916 | |
| 30-06-2021 | micro format | 28-02-2022 | 2022-06500275 | |
| 30-06-2019 | micro format | 28-02-2020 | 2020-05800328 | |
| 30-06-2018 | micro format | 31-01-2019 | 2019-04300243 |