SILMACO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 04-12-2025 PDF all 37 filings
Turnover
€27.5m▼ 0.1%
2024 · €27.5m
EBIT margin
17.0%▼ 4.6pp
2024 · 21.6%
Net result
€4.0m▼ 26.4%
2024 · €5.4m
Working capital
€11.1m▲ 19.6%
2024 · €9.3m
In the rankings
#5 employer in Lanaken, Manufacturing sector#5 company by equity in Lanaken, Manufacturing sector#6 company by total assets in Lanaken, Manufacturing sector
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€27.5m
▼ 0.1%
2025
20192025
Operating result
€4.7m
▼ 21.4%
2025
20192025
Net result
€4.0m
▼ 26.4%
2025
highest quarter of the sector
20192025
EBIT margin
17.0%
▼ 4.6pp
2025
20192025
Equity
€32.9m
▲ 11.0%
2025
middle half of the sector
20192025
Total assets
€36.9m
▲ 10.1%
2025
middle half of the sector
20192025
Debt
€4.0m
▲ 3.5%
2025
20192025
Working capital
€11.1m
▲ 19.6%
2025
middle half of the sector
20192025
Solvency
89.3%
▲ 0.7pp
2025
highest quarter of the sector
20192025
Current ratio
3.99
▲ 0.28
2025
highest quarter of the sector
20192025
Return on assets (ROA)
10.9%
▼ 5.4pp
2025
highest quarter of the sector
20192025
Staff (FTE)
40.2
▲ 4.4%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€23.4m-€21.2m▼ 9.6%€21.2m▼ 0.2%€30.6m▲ 44.4%€35.7m▲ 16.9%€27.5m▼ 23.0%€27.5m▼ 0.1%
Operating result€3.5m-€3.9m▲ 12.0%€4.5m▲ 14.1%€6.9m▲ 54.2%€5.9m▼ 14.7%€5.9m▲ 0.5%€4.7m▼ 21.4%
Net result€2.5m-€2.8mabove the sector's middle half▲ 10.3%€3.7mwithin the sector's middle half▲ 33.2%€6.6mabove the sector's middle half▲ 77.8%€5.3mabove the sector's middle half▼ 19.5%€5.4mabove the sector's middle half▲ 2.8%€4.0mabove the sector's middle half▼ 26.4%
EBIT margin15.0%-18.6%▲ 3.6pp21.3%▲ 2.7pp22.7%▲ 1.4pp16.6%▼ 6.1pp21.6%▲ 5.1pp17.0%▼ 4.6pp
Equity€8.7m-€11.5mwithin the sector's middle half▲ 31.8%€14.5mwithin the sector's middle half▲ 26.0%€20.3mwithin the sector's middle half▲ 40.5%€24.9mwithin the sector's middle half▲ 22.5%€29.7mwithin the sector's middle half▲ 19.0%€32.9mwithin the sector's middle half▲ 11.0%
Total assets€14.5m-€16.5mwithin the sector's middle half▲ 13.2%€20.4mwithin the sector's middle half▲ 23.7%€28.0mwithin the sector's middle half▲ 37.3%€29.4mwithin the sector's middle half▲ 5.3%€33.5mwithin the sector's middle half▲ 13.7%€36.9mwithin the sector's middle half▲ 10.1%
Debt€3.9m-€3.1m▼ 21.2%€4.2m▲ 36.6%€6.1m▲ 45.0%€4.5m▼ 26.4%€3.8m▼ 15.5%€4.0m▲ 3.5%
Working capital€10.4m-€4.9mwithin the sector's middle half▼ 53.4%€5.4mwithin the sector's middle half▲ 11.2%€9.6mwithin the sector's middle half▲ 77.8%€7.5mwithin the sector's middle half▼ 21.8%€9.3mwithin the sector's middle half▲ 23.1%€11.1mwithin the sector's middle half▲ 19.6%
Solvency60.0%-69.8%above the sector's middle half▲ 9.8pp71.1%above the sector's middle half▲ 1.3pp72.8%above the sector's middle half▲ 1.7pp84.6%above the sector's middle half▲ 11.9pp88.6%above the sector's middle half▲ 3.9pp89.3%above the sector's middle half▲ 0.7pp
Current ratio5.01-3.67above the sector's middle half▼ 1.342.53within the sector's middle half▼ 1.142.78within the sector's middle half▲ 0.252.84within the sector's middle half▲ 0.063.70above the sector's middle half▲ 0.863.99above the sector's middle half▲ 0.28
Return on assets (ROA)17.3%-16.8%above the sector's middle half▼ 0.4pp18.1%above the sector's middle half▲ 1.3pp23.5%above the sector's middle half▲ 5.4pp17.9%above the sector's middle half▼ 5.5pp16.2%above the sector's middle half▼ 1.7pp10.9%above the sector's middle half▼ 5.4pp
Staff (FTE)41-40.7within the sector's middle half▼ 0.7%39.8within the sector's middle half▼ 2.2%37.7within the sector's middle half▼ 5.3%38.7within the sector's middle half▲ 2.7%38.5within the sector's middle half▼ 0.5%40.2within the sector's middle half▲ 4.4%
above
within
below
The sector band is the middle half of the companies in Manufacture of chemicals and chemical products (NACE 20). 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 21% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €36.9m
Fixed assets
€22.1m ▲ 6.2%
Current assets
€14.8m ▲ 16.6%
Equity and liabilities €36.9m
Equity
€32.9m ▲ 11.0%
Debt
€4.0m ▲ 3.5%
Debt's share of the balance-sheet total falls from 11.4% to 10.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€5.2m▼
2024 · €6.3m
Cash flow
€4.5m▼
2024 · €5.8m
Quick ratio
3.39▲
2024 · 3.23
Debt to equity
0.12▼
2024 · 0.13
ROE
12.2%▼
2024 · 18.3%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€3.7m▲
2024 · €3.4m
Income taxes
€608,504▼
2024 · €900,250
Customer credit
53 days▼
2024 · 53 days
Supplier credit
84 days▲
2024 · 83 days
Staff costs
€3.3m▲
2024 · €3.2m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 38 | 41 | 40 | 41 |
| full-time | 32 | 35 | 34 | 35 |
| part-time | 6 | 6 | 6 | 6 |
| in full-time equivalents | 36.1 | 39.1 | 38.3 | 39.3 |
| Average over the year, in full-time equivalents | 37.7 | 38.7 | 38.5 | 40.2 |
| On a permanent contract | 38 | 41 | 40 | 41 |
| Joined | 9 | 12 | 8 | 13 |
| Left | 12 | 9 | 9 | 12 |
| Agency workers, average number | 4.9 | 4.5 | 4.3 | 4.9 |
| Training hours | 1,377 | 464 | 586 | 1,173 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €474,092 | €1.7m | €3.6m | €1.1m |
| Depreciation and write-downs of the year | €218,625 | €220,380 | €388,016 | €498,309 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Fee for the audit | €16,316 | €20,000 | €20,660 | €22,360 |
| Other work by the auditor | - | - | €4,000 | €4,000 |
Source: notes to the 2022 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 8 entries · €344,875 awarded · €344,875 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €140,569 | €141,520 |
| 2024 | 2 | €107,092 | €106,141 |
| 2023 | 3 | €94,849 | €94,849 |
| 2022 | 1 | €2,365 | €2,365 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €31.7m | €35.8m | €27.6m | €28.5m | ▲ 3.4% |
| Turnover70 | €23.4m | €21.2m | €21.2m | €30.6m | €35.7m | €27.5m | €27.5m | ▼ 0.1% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €0.9m | -€0.2m | -€0.4m | €0.6m | - |
| Other operating income74 | - | - | - | €0.2m | €0.3m | €0.4m | €0.4m | ▼ 9.3% |
| Non-recurring operating income76A | - | - | - | €0.03m | €0 | - | €0.04m | - |
| Operating charges60/66A | - | - | - | €24.8m | €29.9m | €21.6m | €23.8m | ▲ 10.2% |
| Goods for resale, raw materials and consumables60 | - | - | - | €13.0m | €19.4m | €9.2m | €10.6m | ▲ 16.1% |
| Purchases600/8 | - | - | - | €13.3m | €19.2m | €9.1m | €10.7m | ▲ 16.7% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.3m | €0.2m | €0.04m | -€0.007m | - |
| Services and other goods61 | - | - | - | €9.0m | €8.7m | €8.8m | €9.3m | ▲ 5.9% |
| Remuneration, social security and pensions62 | - | - | - | €2.7m | €2.9m | €3.2m | €3.3m | ▲ 3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.4m | €0.5m | ▲ 28.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €0.01m | €0 | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€0.2m | -€1.5m | €0 | - | - |
| Other operating charges640/8 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 5.4% |
| Non-recurring operating charges66A | - | - | - | - | - | €0.001m | €0 | ▼ 100% |
| Operating profit (loss)9901 | €3.5m | €3.9m | €4.5m | €6.9m | €5.9m | €5.9m | €4.7m | ▼ 21.4% |
| Financial income75/76B | - | - | - | €0.6m | €0.6m | €0.6m | €0.8m | ▲ 29.3% |
| Recurring financial income75 | €0.5m | €0.06m | €0.3m | €0.6m | €0.6m | €0.6m | €0.8m | ▲ 29.3% |
| Income from financial fixed assets750 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 5.9% |
| Income from current assets751 | - | - | - | - | €0.009m | €0.07m | €0.07m | ▼ 7.5% |
| Other financial income752/9 | - | - | - | €0.3m | €0.3m | €0.2m | €0.4m | ▲ 102% |
| Financial charges65/66B | - | - | - | €0.04m | €0.5m | €0.2m | €0.8m | ▲ 308% |
| Recurring financial charges65 | €0.5m | €0.05m | €0.06m | €0.04m | €0.5m | €0.2m | €0.8m | ▲ 308% |
| Debt charges650 | €0.001m | €0.002m | €0.005m | €0.007m | €0.01m | €0.02m | €0.02m | ▲ 34.4% |
| Other financial charges652/9 | - | - | - | €0.03m | €0.4m | €0.2m | €0.8m | ▲ 334% |
| Profit (loss) for the period before taxes9903 | €3.6m | €4.0m | €4.7m | €7.5m | €6.1m | €6.3m | €4.6m | ▼ 27.2% |
| Income taxes67/77 | €1.1m | €1.2m | €1.0m | €0.9m | €0.8m | €0.9m | €0.6m | ▼ 32.4% |
| Taxes670/3 | - | - | - | €1.0m | €0.8m | €0.9m | €0.6m | ▼ 32.4% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.07m | €0 | - | - | - |
| Profit (loss) for the period9904 | €2.5m | €2.8m | €3.7m | €6.6m | €5.3m | €5.4m | €4.0m | ▼ 26.4% |
| Profit (loss) for the period to be appropriated9905 | €2.9m | €2.8m | €3.7m | €6.6m | €5.3m | €5.4m | €4.0m | ▼ 26.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €14.5m | €16.5m | €20.4m | €28.0m | €29.4m | €33.5m | €36.9m | ▲ 10.1% |
| Fixed assets21/28 | €1.5m | €9.8m | €11.4m | €12.9m | €17.8m | €20.8m | €22.1m | ▲ 6.2% |
| Intangible fixed assets21 | €0.004m | €0.001m | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €1.5m | €1.3m | €1.0m | €1.3m | €2.8m | €4.3m | €4.9m | ▲ 13.7% |
| Land and buildings22 | - | - | - | €0.8m | €0.9m | €0.8m | €2.4m | ▲ 211% |
| Plant, machinery and equipment23 | - | - | - | €0.1m | €0.1m | €1.9m | €2.1m | ▲ 8.4% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.04m | €0.07m | €0.1m | ▲ 70.0% |
| Leasing and similar rights25 | - | - | - | €0.04m | €0.02m | €0 | €0 | = |
| Assets under construction and advance payments27 | - | - | - | €0.4m | €1.8m | €1.5m | €0.3m | ▼ 81.2% |
| Financial fixed assets28 | €0.02m | €8.5m | €10.4m | €11.6m | €15.0m | €16.5m | €17.2m | ▲ 4.2% |
| Affiliated companies280/1 | - | - | - | €11.6m | €15.0m | €16.5m | €17.2m | ▲ 4.2% |
| Amounts receivable281 | - | - | - | €11.6m | €15.0m | €16.5m | €17.2m | ▲ 4.2% |
| Other financial fixed assets284/8 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 9.7% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 9.7% |
| Current assets29/58 | €13.1m | €6.7m | €8.9m | €15.0m | €11.6m | €12.7m | €14.8m | ▲ 16.6% |
| Stocks and contracts in progress3 | €1.4m | €1.2m | €1.3m | €2.5m | €2.0m | €1.6m | €2.2m | ▲ 37.1% |
| Stocks30/36 | - | - | - | €2.5m | €2.0m | €1.6m | €2.2m | ▲ 37.1% |
| Raw materials and consumables30/31 | - | - | - | €0.7m | €0.5m | €0.5m | €0.5m | ▲ 1.3% |
| Finished goods33 | - | - | - | €1.8m | €1.5m | €1.1m | €1.7m | ▲ 52.6% |
| Amounts receivable within one year40/41 | €3.6m | €2.5m | €3.8m | €6.4m | €4.6m | €4.8m | €4.8m | ▲ 1.6% |
| Trade receivables40 | - | - | - | €5.6m | €4.0m | €4.0m | €4.0m | ▼ 0.3% |
| Other amounts receivable41 | - | - | - | €0.8m | €0.7m | €0.8m | €0.9m | ▲ 11.2% |
| Current investments50/53 | €0 | - | - | - | €1.9m | €3.4m | €1.3m | ▼ 62.1% |
| Other investments51/53 | - | - | - | - | €1.9m | €3.4m | €1.3m | ▼ 62.1% |
| Cash at bank and in hand54/58 | €7.9m | €3.0m | €3.8m | €6.1m | €3.0m | €2.9m | €6.2m | ▲ 114% |
| Deferred charges and accrued income490/1 | - | - | - | €0.04m | €0.06m | €0.04m | €0.3m | ▲ 477% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €14.5m | €16.5m | €20.4m | €28.0m | €29.4m | €33.5m | €36.9m | ▲ 10.1% |
| Equity10/15 | €8.7m | €11.5m | €14.5m | €20.3m | €24.9m | €29.7m | €32.9m | ▲ 11.0% |
| Contributions10/11 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Capital10 | - | - | - | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Issued capital100 | - | - | - | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Reserves13 | €7.6m | €10.4m | €13.3m | €19.2m | €23.8m | €28.5m | €31.8m | ▲ 11.4% |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Legal reserve130 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Distributable reserves133 | - | - | - | €19.1m | €23.7m | €28.4m | €31.7m | ▲ 11.4% |
| Investment grants15 | - | - | - | €0.02m | €0.01m | €0.009m | €0.005m | ▼ 44.0% |
| Provisions and deferred taxes16 | €1.9m | €1.9m | €1.6m | €1.5m | €0 | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €1.5m | €0 | - | - | - |
| Major repairs and maintenance162 | - | - | - | €1.5m | €0 | - | - | - |
| Other liabilities and charges164/5 | - | - | - | €0 | - | - | - | - |
| Amounts payable17/49 | €3.9m | €3.1m | €4.2m | €6.1m | €4.5m | €3.8m | €4.0m | ▲ 3.5% |
| Amounts payable after more than one year17 | €0.08m | €0.06m | €0.04m | €0.02m | €0 | - | - | - |
| Financial debts170/4 | - | - | - | €0.02m | €0 | - | - | - |
| Leasing and similar obligations172 | - | - | - | €0.02m | €0 | - | - | - |
| Amounts payable within one year42/48 | €2.6m | €1.8m | €3.5m | €5.4m | €4.1m | €3.4m | €3.7m | ▲ 8.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.02m | €0 | - | - |
| Trade debts44 | €1.9m | €1.2m | €2.2m | €4.1m | €2.6m | €2.1m | €2.4m | ▲ 18.0% |
| Suppliers440/4 | - | - | - | €4.1m | €2.6m | €2.1m | €2.4m | ▲ 18.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.6m | €0.7m | €0.7m | €0.5m | ▼ 21.6% |
| Taxes450/3 | - | - | - | €0 | €0.09m | €0.03m | €0.04m | ▲ 18.2% |
| Remuneration and social security454/9 | - | - | - | €0.6m | €0.6m | €0.6m | €0.5m | ▼ 23.5% |
| Other amounts payable47/48 | - | - | - | €0.7m | €0.7m | €0.7m | €0.8m | ▲ 7.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.7m | €0.4m | €0.4m | €0.2m | ▼ 37.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2.5m | €2.8m | €3.7m | €6.6m | €5.3m | €5.4m | €4.0m | ▼ 26.4% |
| + Depreciation and write-downs630 | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.4m | €0.5m | ▲ 28.4% |
| Operating cash flow (approximation) | €2.8m | €3.0m | €3.9m | €6.8m | €5.5m | €5.8m | €4.5m | ▼ 22.7% |
| Investment in fixed assets (approximation) | - | -€8.6m | -€1.9m | -€1.7m | -€5.1m | -€3.3m | -€1.8m | ▲ 46.7% |
| Change in cash | - | -€5.0m | €0.8m | €2.3m | -€3.1m | -€0.06m | €3.3m | - |
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, 20,136 companies had the same profile as SILMACO has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of SILMACO 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 20,136 companies, not a prediction for SILMACO. 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 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 04-12-2025 | 2025-00579322 | |
| 30-06-2024 | full format | 25-06-2025 | 2025-00211891 | |
| 30-06-2023 | full format | 25-01-2024 | 2024-00007865 | |
| 30-06-2022 | full format | 27-01-2023 | 2023-00020392 | |
| 30-06-2021 | full format | 25-01-2022 | 2022-01800521 | |
| 30-06-2020 | full format | 04-01-2021 | 2021-00400104 | |
| 30-06-2019 | full format | 25-06-2020 | 2020-21000279 | |
| 30-06-2018 | full format | 10-06-2020 | 2020-15800598 | |
| 30-06-2017 | full format | 30-01-2018 | 2018-04200143 | |
| 30-06-2016 | full format | 30-01-2017 | 2017-02900218 |