SEMACON
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-02-2026 PDF all 15 filings
Turnover
≈ €160,000
Estimated: probably between €83,000 and €340,000
Total assets
€303,811▲ 6.2%
2024 · €286,024
Net result
€32,486▲ 52.1%
2024 · €21,356
Working capital
€186,008▲ 11.2%
2024 · €167,291
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€47,465
▲ 53.8%
2025
20192025
Net result
€32,486
▲ 52.1%
2025
middle half of the sector
20192025
Equity
€208,842
▲ 7.7%
2025
middle half of the sector
20192025
Total assets
€303,811
▲ 6.2%
2025
middle half of the sector
20192025
Debt
€94,969
▲ 3.2%
2025
20192025
Working capital
€186,008
▲ 11.2%
2025
highest quarter of the sector
20192025
Solvency
68.7%
▲ 0.9pp
2025
highest quarter of the sector
20192025
Current ratio
3.49
▼ 0.18
2025
highest quarter of the sector
20192025
Return on assets (ROA)
10.7%
▲ 3.2pp
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€28,401-€41,675▲ 46.7%€49,848▲ 19.6%€13,662▼ 72.6%€30,474▲ 123%€30,872▲ 1.3%€47,465▲ 53.8%
Net result€17,682-€27,823within the sector's middle half▲ 57.4%€33,677above the sector's middle half▲ 21.0%€7,396within the sector's middle half▼ 78.0%€20,761within the sector's middle half▲ 181%€21,356within the sector's middle half▲ 2.9%€32,486within the sector's middle half▲ 52.1%
Equity€134,478-€162,301within the sector's middle half▲ 20.7%€164,688within the sector's middle half▲ 1.5%€162,615within the sector's middle half▼ 1.3%€180,609within the sector's middle half▲ 11.1%€193,980within the sector's middle half▲ 7.4%€208,842within the sector's middle half▲ 7.7%
Total assets€192,915-€224,825within the sector's middle half▲ 16.5%€281,844within the sector's middle half▲ 25.4%€246,724within the sector's middle half▼ 12.5%€231,541within the sector's middle half▼ 6.2%€286,024within the sector's middle half▲ 23.5%€303,811within the sector's middle half▲ 6.2%
Debt€58,437-€62,524▲ 7.0%€117,156▲ 87.4%€84,109▼ 28.2%€50,933▼ 39.4%€92,043▲ 80.7%€94,969▲ 3.2%
Working capital€124,666-€160,160above the sector's middle half▲ 28.5%€162,906above the sector's middle half▲ 1.7%€160,688above the sector's middle half▼ 1.4%€178,132above the sector's middle half▲ 10.9%€167,291above the sector's middle half▼ 6.1%€186,008above the sector's middle half▲ 11.2%
Solvency69.7%-72.2%above the sector's middle half▲ 2.5pp58.4%within the sector's middle half▼ 13.8pp65.9%above the sector's middle half▲ 7.5pp78.0%above the sector's middle half▲ 12.1pp67.8%above the sector's middle half▼ 10.2pp68.7%above the sector's middle half▲ 0.9pp
Current ratio3.13-3.62above the sector's middle half▲ 0.492.41within the sector's middle half▼ 1.212.96above the sector's middle half▲ 0.544.50above the sector's middle half▲ 1.553.67above the sector's middle half▼ 0.843.49above the sector's middle half▼ 0.18
Return on assets (ROA)9.2%-12.4%above the sector's middle half▲ 3.2pp11.9%above the sector's middle half▼ 0.4pp3.0%within the sector's middle half▼ 9.0pp9.0%above the sector's middle half▲ 6.0pp7.5%within the sector's middle half▼ 1.5pp10.7%above the sector's middle half▲ 3.2pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 54% higher than in 2024. It is the third rise in a row, after the fall in 2022.
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 €303,811
Fixed assets
€43,084 ▼ 23.1%
Current assets
€260,727 ▲ 13.3%
Equity and liabilities €303,811
Equity
€208,842 ▲ 7.7%
Debt
€94,969 ▲ 3.2%
Debt's share of the balance-sheet total falls from 32.2% to 31.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€60,781▲
2024 · €39,655
Cash flow
€45,801▲
2024 · €30,140
Debt to equity
0.45▼
2024 · 0.47
ROE
15.6%▲
2024 · 11.0%
Interest coverage
21.31▼
2024 · 21.43
Debt ≤ 1 year
€74,718▲
2024 · €62,736
Debt > 1 year
€20,251▼
2024 · €28,474
Income taxes
€13,577▲
2024 · €9,322
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,436 | €2,615 | €692 | €62,200 | €402 |
| Depreciation and write-downs of the year | €2,261 | €2,397 | €2,122 | €8,783 | €13,315 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €4,780 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,477 | €8,413 | €2,261 | €2,397 | €2,122 | €8,783 | €13,315 | ▲ 51.6% |
| Other operating charges640/8 | - | - | €470 | €850 | €888 | €3,004 | €1,229 | ▼ 59.1% |
| Gross operating margin9900 | €39,114 | €51,842 | €52,579 | €16,909 | €33,484 | €42,659 | €62,009 | ▲ 45.4% |
| Operating profit (loss)9901 | €28,401 | €41,675 | €49,848 | €13,662 | €30,474 | €30,872 | €47,465 | ▲ 53.8% |
| Financial income75/76B | - | - | €1 | €0 | €711 | €1,657 | €1,449 | ▼ 12.5% |
| Recurring financial income75 | €124 | - | €1 | €0 | €711 | €1,657 | €1,449 | ▼ 12.5% |
| Financial charges65/66B | - | - | €2,211 | €2,232 | €1,228 | €1,850 | €2,852 | ▲ 54.2% |
| Recurring financial charges65 | €2,135 | €1,624 | €2,211 | €2,232 | €1,228 | €1,850 | €2,852 | ▲ 54.2% |
| Profit (loss) for the period before taxes9903 | €26,389 | €40,051 | €47,637 | €11,430 | €29,957 | €30,678 | €46,062 | ▲ 50.1% |
| Income taxes67/77 | €8,708 | €12,228 | €13,961 | €4,034 | €9,196 | €9,322 | €13,577 | ▲ 45.6% |
| Profit (loss) for the period9904 | €17,682 | €27,823 | €33,677 | €7,396 | €20,761 | €21,356 | €32,486 | ▲ 52.1% |
| Profit (loss) for the period to be appropriated9905 | €17,682 | €27,823 | €33,677 | €7,396 | €20,761 | €21,356 | €32,486 | ▲ 52.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €192,915 | €224,825 | €281,844 | €246,724 | €231,541 | €286,024 | €303,811 | ▲ 6.2% |
| Fixed assets21/28 | €9,813 | €3,619 | €3,793 | €4,011 | €2,580 | €55,997 | €43,084 | ▼ 23.1% |
| Tangible fixed assets22/27 | €9,813 | €3,619 | €3,793 | €4,011 | €2,580 | €55,997 | €43,084 | ▼ 23.1% |
| Plant, machinery and equipment23 | - | - | €2,161 | €1,302 | €444 | €2,512 | €1,844 | ▼ 26.6% |
| Furniture and vehicles24 | - | - | €1,632 | €2,709 | €2,137 | €53,485 | €41,240 | ▼ 22.9% |
| Other tangible fixed assets26 | - | - | €0 | - | - | - | - | - |
| Current assets29/58 | €183,102 | €221,206 | €278,051 | €242,713 | €228,961 | €230,027 | €260,727 | ▲ 13.3% |
| Amounts receivable within one year40/41 | €18,140 | €21,318 | €20,781 | €25,753 | €25,772 | €53,609 | €26,022 | ▼ 51.5% |
| Trade receivables40 | - | - | €20,781 | €19,784 | €22,610 | €50,298 | €26,022 | ▼ 48.3% |
| Other amounts receivable41 | - | - | €0 | €5,969 | €3,162 | €3,311 | €0 | ▼ 100% |
| Current investments50/53 | - | - | - | €199,441 | - | - | - | - |
| Cash at bank and in hand54/58 | €162,653 | €198,739 | €249,211 | €9,590 | €194,834 | €168,714 | €233,472 | ▲ 38.4% |
| Deferred charges and accrued income490/1 | - | - | €8,059 | €7,929 | €8,355 | €7,704 | €1,233 | ▼ 84.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €192,915 | €224,825 | €281,844 | €246,724 | €231,541 | €286,024 | €303,811 | ▲ 6.2% |
| Equity10/15 | €134,478 | €162,301 | €164,688 | €162,615 | €180,609 | €193,980 | €208,842 | ▲ 7.7% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €128,278 | €156,101 | €158,488 | €156,415 | €174,409 | €187,780 | €202,642 | ▲ 7.9% |
| Non-distributable reserves130/1 | - | - | €1,855 | €1,855 | €1,855 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | €1,855 | €1,855 | €1,855 | €0 | - | - |
| Distributable reserves133 | - | - | €156,633 | €154,560 | €172,554 | €187,780 | €202,642 | ▲ 7.9% |
| Profit (loss) carried forward14 | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €58,437 | €62,524 | €117,156 | €84,109 | €50,933 | €92,043 | €94,969 | ▲ 3.2% |
| Amounts payable after more than one year17 | - | - | - | - | - | €28,474 | €20,251 | ▼ 28.9% |
| Financial debts170/4 | - | - | - | - | - | €28,474 | €20,251 | ▼ 28.9% |
| Amounts payable within one year42/48 | €58,437 | €61,046 | €115,144 | €82,026 | €50,829 | €62,736 | €74,718 | ▲ 19.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €7,894 | €8,223 | ▲ 4.2% |
| Financial debts43 | - | - | - | - | €1,383 | €2,614 | €1,246 | ▼ 52.3% |
| Credit institutions430/8 | - | - | - | - | - | - | €1,246 | - |
| Other loans439 | - | - | - | - | €1,383 | €2,614 | - | - |
| Trade debts44 | €4,061 | €1,972 | €10,326 | €3,776 | €4,667 | €9,043 | €3,435 | ▼ 62.0% |
| Suppliers440/4 | - | - | €10,326 | €3,776 | €4,667 | €9,043 | €3,435 | ▼ 62.0% |
| Taxes, remuneration and social security45 | - | - | €20,711 | €14,963 | €18,344 | €18,152 | €24,698 | ▲ 36.1% |
| Taxes450/3 | - | - | €20,711 | €14,963 | €18,344 | €18,152 | €24,698 | ▲ 36.1% |
| Other amounts payable47/48 | - | - | €84,108 | €63,287 | €26,434 | €25,033 | €37,116 | ▲ 48.3% |
| Accrued charges and deferred income492/3 | - | - | €2,012 | €2,083 | €104 | €834 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,682 | €27,823 | €33,677 | €7,396 | €20,761 | €21,356 | €32,486 | ▲ 52.1% |
| + Depreciation and write-downs630 | €8,477 | €8,413 | €2,261 | €2,397 | €2,122 | €8,783 | €13,315 | ▲ 51.6% |
| Operating cash flow (approximation) | €26,158 | €36,236 | €35,938 | €9,793 | €22,883 | €30,140 | €45,801 | ▲ 52.0% |
| Investment in fixed assets (approximation) | - | -€2,220 | -€2,436 | -€2,615 | -€692 | -€62,200 | -€402 | ▲ 99.4% |
| Change in cash | - | €36,085 | €50,472 | -€239,621 | €185,244 | -€26,120 | €64,757 | - |
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 SEMACON 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 SEMACON 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 SEMACON. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 18-02-2026 | 2026-00040047 | |
| 30-09-2024 | micro format | 18-03-2025 | 2025-00050375 | |
| 30-09-2023 | micro format | 29-02-2024 | 2024-00038796 | |
| 30-09-2022 | micro format | 10-02-2023 | 2023-00026079 | |
| 30-09-2021 | micro format | 31-05-2022 | 2022-20045686 | |
| 30-09-2020 | micro format | 10-03-2021 | 2021-07400209 | |
| 30-09-2019 | micro format | 24-02-2020 | 2020-05600340 | |
| 30-09-2018 | micro format | 08-02-2019 | 2019-04900012 | |
| 30-09-2017 | micro format | 02-03-2018 | 2018-06300024 | |
| 30-09-2016 | abbreviated format | 28-02-2017 | 2017-05700026 |