SOLARECYCLE
ActiveSummary
SOLARECYCLE has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €450,879 and a net result of -€6,802. Equity is growing by ~6.6% per year across the filed fiscal years. Its solvency ranks better than 93% of 2083 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability78▲+17
Solvency100=
Growth35▼-17
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €19,000 at 30 days acceptable
Liquidity ample (current ratio 7.47 against 5.4 in 2024; short-term debt: 13.2% and cash: 29.7% of total assets), and 13.2% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
86.8%
Return on assets
-1.3%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1920212223232425
2019 to 2025 · latest year -€6,802
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 23-07-2026, 8 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
8 d early
2024
8 d early
2023
30 d early
2023
42 d early
2022
63 d early
2021
56 d early
2020
53 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 37 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 23 July (3 of the last 3 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
€190,461▼ 57.1%
2020 · €443,837
EBIT margin
4.3%▼ 13.1pp
2020 · 17.4%
Net result
-€6,802▲ 79.6%
2024 · -€33,359
Working capital
€443,673▲ 39.3%
2024 · €318,443
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20222023202320242025
Turnover€190,461
Operating result€82,607▼ 5.7%€116,556▲ 41.1%-€90,086--€33,463▲ 62.9%€8,169
Net result€66,469within the sector's middle half▲ 12.6%€103,219within the sector's middle half▲ 55.3%-€92,023below the sector's middle half--€33,359below the sector's middle half▲ 63.7%-€6,802below the sector's middle half▲ 79.6%
EBIT margin4.3%
Equity€479,845within the sector's middle half▲ 16.1%€583,064within the sector's middle half▲ 21.5%€491,040within the sector's middle half-€457,681within the sector's middle half▼ 6.8%€450,879within the sector's middle half▼ 1.5%
Total assets€1.1mwithin the sector's middle half▼ 14.6%€823,946within the sector's middle half▼ 27.9%€691,994within the sector's middle half-€530,029within the sector's middle half▼ 23.4%€519,464within the sector's middle half▼ 2.0%
Debt€663,223▼ 28.3%€240,882▼ 63.7%€200,954-€72,348▼ 64.0%€68,585▼ 5.2%
Working capital-€132,973below the sector's middle half▲ 45.7%€75,185within the sector's middle half€94,695within the sector's middle half-€318,443within the sector's middle half▲ 236%€443,673within the sector's middle half▲ 39.3%
Solvency42.0%within the sector's middle half▲ 11.1pp70.8%above the sector's middle half▲ 28.8pp71.0%above the sector's middle half-86.4%above the sector's middle half▲ 15.4pp86.8%above the sector's middle half▲ 0.4pp
Current ratio0.75below the sector's middle half▲ 0.171.31within the sector's middle half▲ 0.571.47within the sector's middle half-5.40above the sector's middle half▲ 3.937.47above the sector's middle half▲ 2.07
Return on assets (ROA)5.8%within the sector's middle half▲ 1.4pp12.5%above the sector's middle half▲ 6.7pp-13.3%below the sector's middle half--6.3%below the sector's middle half▲ 7.0pp-1.3%below the sector's middle half▲ 5.0pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
Multiple fiscal year ends fall in the same calendar year; an annual trend is not displayed.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €519,464
Fixed assets
€7,206 ▼ 94.8%
Current assets
€512,258 ▲ 31.1%
Equity and liabilities €519,464
Equity
€450,879 ▼ 1.5%
Debt
€68,585 ▼ 5.2%
Debt's share of the balance-sheet total falls from 13.6% to 13.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€140,201▼
2024 · €223,644
Cash flow
€125,231▼
2024 · €223,748
Debt to equity
0.15▼
2024 · 0.16
ROE
-1.5%▲
2024 · -7.3%
Interest coverage
459.68▲
2024 · 207.74
Debt ≤ 1 year
€68,585▼
2024 · €72,348
Income taxes
€22,017
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,687 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 94% are still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a small loss
0.6%
went bankrupt
5.4%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,687 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | €190,461 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €50,260 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €254,931 | €254,934 | €131,501 | €257,107 | €132,033 | ▼ 48.6% |
| Other operating charges640/8 | €868 | €521 | €960 | €968 | €0 | ▼ 100% |
| Gross operating margin9900 | €338,406 | €372,011 | €42,375 | €224,612 | €140,201 | ▼ 37.6% |
| Operating profit (loss)9901 | €82,607 | €116,556 | -€90,086 | -€33,463 | €8,169 | ▲ 124% |
| Financial income75/76B | €7,263 | €2,850 | €70 | €1,180 | €7,352 | ▲ 523% |
| Recurring financial income75 | €7,263 | €2,850 | €70 | €1,180 | €7,352 | ▲ 523% |
| Financial charges65/66B | €23,402 | €16,187 | €2,007 | €1,077 | €305 | ▼ 71.7% |
| Recurring financial charges65 | €23,402 | €16,187 | €2,007 | €1,077 | €305 | ▼ 71.7% |
| Profit (loss) for the period before taxes9903 | €66,469 | €103,219 | -€92,023 | -€33,359 | €15,215 | ▲ 146% |
| Income taxes67/77 | - | - | - | - | €22,017 | - |
| Profit (loss) for the period9904 | €66,469 | €103,219 | -€92,023 | -€33,359 | -€6,802 | ▲ 79.6% |
| Profit (loss) for the period to be appropriated9905 | €66,469 | €103,219 | -€92,023 | -€33,359 | -€6,802 | ▲ 79.6% |
| Line | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.1m | €823,946 | €691,994 | €530,029 | €519,464 | ▼ 2.0% |
| Fixed assets21/28 | €752,113 | €507,879 | €396,345 | €139,238 | €7,206 | ▼ 94.8% |
| Intangible fixed assets21 | - | €10,697 | €27,676 | €17,427 | €7,206 | ▼ 58.7% |
| Tangible fixed assets22/27 | €752,113 | €497,182 | €368,669 | €121,811 | €0 | ▼ 100% |
| Other tangible fixed assets26 | €752,113 | €497,182 | €368,669 | €121,811 | €0 | ▼ 100% |
| Current assets29/58 | €390,955 | €316,067 | €295,649 | €390,790 | €512,258 | ▲ 31.1% |
| Amounts receivable within one year40/41 | €365,804 | €280,798 | €248,073 | €306,130 | €354,999 | ▲ 16.0% |
| Trade receivables40 | €200,388 | €264,733 | €244,036 | €105,582 | €23,350 | ▼ 77.9% |
| Other amounts receivable41 | €165,416 | €16,065 | €4,038 | €200,548 | €331,649 | ▲ 65.4% |
| Cash at bank and in hand54/58 | €21,493 | €31,366 | €44,068 | €82,441 | €154,522 | ▲ 87.4% |
| Deferred charges and accrued income490/1 | €3,658 | €3,903 | €3,507 | €2,220 | €2,737 | ▲ 23.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.1m | €823,946 | €691,994 | €530,029 | €519,464 | ▼ 2.0% |
| Equity10/15 | €479,845 | €583,064 | €491,040 | €457,681 | €450,879 | ▼ 1.5% |
| Contributions10/11 | €200,000 | €200,000 | €200,000 | €200,000 | €200,000 | = |
| Capital10 | €200,000 | €200,000 | €200,000 | €200,000 | €200,000 | = |
| Issued capital100 | €200,000 | €200,000 | €200,000 | €200,000 | €200,000 | = |
| Reserves13 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Non-distributable reserves130/1 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Legal reserve130 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Profit (loss) carried forward14 | €259,845 | €363,064 | €271,040 | €237,681 | €230,879 | ▼ 2.9% |
| Amounts payable17/49 | €663,223 | €240,882 | €200,954 | €72,348 | €68,585 | ▼ 5.2% |
| Amounts payable after more than one year17 | €139,295 | €0 | - | - | - | - |
| Financial debts170/4 | €139,295 | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €523,928 | €240,882 | €200,954 | €72,348 | €68,585 | ▼ 5.2% |
| Current portion of amounts payable after more than one year42 | €209,515 | €139,295 | €70,168 | €0 | - | - |
| Financial debts43 | €200,000 | €0 | - | - | - | - |
| Credit institutions430/8 | €200,000 | €0 | - | - | - | - |
| Trade debts44 | €110,217 | €91,983 | €126,805 | €63,408 | €59,499 | ▼ 6.2% |
| Suppliers440/4 | €110,217 | €91,983 | €126,805 | €63,408 | €59,499 | ▼ 6.2% |
| Taxes, remuneration and social security45 | €4,196 | €9,603 | €3,980 | €8,940 | €9,086 | ▲ 1.6% |
| Taxes450/3 | €4,196 | €9,603 | €3,980 | €8,940 | €9,086 | ▲ 1.6% |
| Line | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €66,469 | €103,219 | -€92,023 | -€33,359 | -€6,802 | ▲ 79.6% |
| + Depreciation and write-downs630 | €254,931 | €254,934 | €131,501 | €257,107 | €132,033 | ▼ 48.6% |
| Operating cash flow (approximation) | €321,399 | €358,153 | €39,477 | €223,748 | €125,231 | ▼ 44.0% |
| Investment in fixed assets (approximation) | - | -€10,700 | - | €0 | €0 | - |
| Change in cash | - | €9,873 | - | €38,372 | €72,082 | ▲ 87.8% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
15-09
State Gazette act
Appointment: BDO Réviseurs d'entreprises SRL (commissaire aux comptes)Permanent representative: Christophe PELZER5 facts ▸
State Gazette act
Appointment: BDO Réviseurs d'entreprises SRL (commissaire aux comptes)
Permanent representative: Christophe PELZER5 facts ▸
- Auditor appointment, BDO Réviseurs d'entreprises SRL (commissaire aux comptes)
- Permanent representative, Christophe PELZER (représentant permanent chargé d'exécuter le mandat de commissaire)
- General meeting, 19/02/26
- Auditor appointment, BDO Réviseurs d'entreprises SRL (commissaire aux comptes)
- Auditor appointment, BDO Réviseurs d'entreprises SRL (commissaire aux comptes)
23-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
23-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Liquidity quadruplescurrent ratio 5.40
Current ratio from 1.47 to 5.40; short-term debt falls from €200,954 to €72,348.
01-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Weakest financial yearnet -€92,023
Net result drops to -€92,023, the lowest in the series; recovery starts the following year.
20-12
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
30-06
Financial
Highest result since 2019net €103,219 ▲55.3%
Operating result €116,556, net result €103,219, both a record.
30-06
Financial
Equity above €500,000Eq €583,064 ▲21.5%
5 profitable years in a row build equity to €583,064.
2022
29-11
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2021
06-12
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2020
09-12
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
Show earlier events
2019
25-11
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2018
20-12
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2017
15-12
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 12 acts read
About the unread acts
Of the 12 Belgian State Gazette acts we know for this company, 1 has been read. The other 11 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
Statutory auditor 1
BDO Réviseurs d'Entreprises SRL
CurrentCommissaire aux comptes · since 15-09-2026 · perm. rep.: Christophe PELZER
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Location & real-estate footprint
Registered office, Soumagne · 1 establishment unit since 2008
Ground area
1.4 ha
Building footprint
1,017 m²
Volume, LiDAR
6,712 m³
2 parcels, Wallonia · tallest building 8.1 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
CE+T SOLAR
since 20082.173.841.957
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62021A0212/00A000 | Wallonia | 1.1 ha | - | - |
| 63027B0719/00Z007 | Wallonia | 2,796 m² | 1 · 1,016 m² | 8.1 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
1 person since 2026, 1 in office
- Statutory auditor
| Name | Functions and periods |
|---|---|
| BDO Réviseurs d'Entreprises SRL |
|
Structure & network
Owners and holdings
1 ownerChain of control
- ECOSTAL GROUP
- SOLARECYCLE
Highest known parent: ECOSTAL GROUP. The sources do not say who stands above it.
Owners 1
-
100%
Holdings 0
The accounts to 31-12-2025 list no holdings, and no other source names one.
According to the 2025 annual accounts of SOLARECYCLE and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 22,827 companies in sector 43211 we hold annual accounts for 10,338. 6,732 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded15-07-2008
Fiscal year end31-12
Activities, NACEBEL 2025
43211General electrical installation work
43212Electrical installation work in industrial facilities
43230Insulation installation
43240Other construction installation
43410Roofing work
71121Engineering and related technical consultancy, excluding land surveyors
E-invoicing
Reachable via Peppol
Peppol ID
0208:0899286307
Registered
31-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.