SOLITEC
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-04-2026 PDF all 5 filings
Turnover
≈ €860,000
Estimated: probably between €750,000 and €1.1m
Total assets
€1.1m▼ 10.8%
2024 · €1.2m
Net result
€33,386
2024 · -€142,763
Working capital
€30,697
2024 · -€17,757
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€73,641
2025
20212025
Net result
€33,386
2025
middle half of the sector
20212025
Equity
€45,106
▲ 285%
2025
lowest quarter of the sector
20212025
Total assets
€1.1m
▼ 10.8%
2025
middle half of the sector
20212025
Debt
€1.0m
▼ 13.7%
2025
20212025
Working capital
€30,697
2025
middle half of the sector
20212025
Solvency
4.1%
▲ 3.2pp
2025
lowest quarter of the sector
20212025
Current ratio
1.04
▲ 0.06
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
3.1%
▲ 14.8pp
2025
middle half of the sector
20212025
Staff (FTE)
5.7
▼ 58.4%
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€0.003m-€0.1m▲ 41×€0.09m▼ 29.6%-€0.1m€0.07m
Net result€0.002mwithin the sector's middle half-€0.1mabove the sector's middle half▲ 41×€0.05mabove the sector's middle half▼ 52.2%-€0.1mbelow the sector's middle half€0.03mwithin the sector's middle half
Equity€0.008mbelow the sector's middle half-€0.1mwithin the sector's middle half▲ 13×€0.2mabove the sector's middle half▲ 44.0%€0.01mbelow the sector's middle half▼ 92.4%€0.05mbelow the sector's middle half▲ 285%
Total assets€0.01mbelow the sector's middle half-€0.2mwithin the sector's middle half▲ 22×€1.1mabove the sector's middle half▲ 392%€1.2mabove the sector's middle half▲ 13.9%€1.1mwithin the sector's middle half▼ 10.8%
Debt€0.001m-€0.1m▲ 77×€0.9m▲ 729%€1.2m▲ 31.8%€1.0m▼ 13.7%
Working capital€0.006mwithin the sector's middle half-€0.08mwithin the sector's middle half▲ 15×€0.07mwithin the sector's middle half▼ 20.3%-€0.02mbelow the sector's middle half€0.03mwithin the sector's middle half
Solvency85.4%above the sector's middle half-49.2%within the sector's middle half▼ 36.2pp14.4%below the sector's middle half▼ 34.8pp1.0%below the sector's middle half▼ 13.5pp4.1%below the sector's middle half▲ 3.2pp
Current ratio4.87above the sector's middle half-2.09within the sector's middle half▼ 2.791.10within the sector's middle half▼ 0.990.98below the sector's middle half▼ 0.121.04below the sector's middle half▲ 0.06
Return on assets (ROA)24.5%above the sector's middle half-45.4%above the sector's middle half▲ 20.9pp4.4%within the sector's middle half▼ 40.9pp-11.7%below the sector's middle half▼ 16.1pp3.1%within the sector's middle half▲ 14.8pp
Staff (FTE)0.112.6▲ 126×13.7▲ 8.7%5.7within the sector's middle half▼ 58.4%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 a profit of €73,641, after a loss of €113,894 in 2024.
Large changes and their cause
- 2025 Staff (FTE) -58% on 2024. The accounts now follow the abbreviated format, last year the micro format.
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 €1.1m
Fixed assets
€245,023 ▼ 27.2%
Current assets
€843,464 ▼ 4.6%
Equity and liabilities €1.1m
Equity
€45,106 ▲ 285%
Debt
€1.0m ▼ 13.7%
Debt's share of the balance-sheet total falls from 99.0% to 95.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€171,396▲
2024 · -€23,815
Cash flow
€131,142▲
2024 · -€52,683
Quick ratio
0.69▼
2024 · 0.72
Debt to equity
23.13
ROE
74.0%
Interest coverage
6.05▲
2024 · -0.83
Debt ≤ 1 year
€812,767▼
2024 · €902,108
Debt > 1 year
€230,614▼
2024 · €306,799
Income taxes
€16,077▲
2024 · €5,462
Staff costs
€195,026▼
2024 · €599,168
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 15 | - | 3 |
| full-time | 4 | 14 | - | 3 |
| part-time | - | 1 | - | - |
| in full-time equivalents | 4 | 14.8 | - | 3 |
| Average over the year, in full-time equivalents | 0.1 | 12.6 | 13.7 | 5.7 |
| On a permanent contract | 2 | 8 | - | 3 |
| Joined | 4 | 44 | - | 9 |
| Left | 0 | 33 | - | 15 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €999 | €62,428 | €399,494 | €79,256 | €6,258 |
| Intangible fixed assets | €1,667 | - | €12,434 | - | - |
| Financial fixed assets | - | €1,800 | €11,359 | €100 | - |
| Depreciation and write-downs of the year | €2,376 | €7,610 | €47,836 | €90,079 | €97,756 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €2,423 awarded · €2,183 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €480 | €240 |
| 2024 | 1 | €0 | €694 |
| 2023 | 1 | €1,388 | €979 |
| 2022 | 1 | €555 | €270 |
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €384 | - | - |
| Remuneration, social security and pensions62 | - | €4,683 | €443,693 | €599,168 | €195,026 | ▼ 67.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,376 | €7,610 | €47,836 | €90,079 | €97,756 | ▲ 8.5% |
| Other operating charges640/8 | €54 | €1,826 | €17,865 | €44,044 | €18,105 | ▼ 58.9% |
| Non-recurring operating charges66A | - | - | €2,529 | - | - | - |
| Gross operating margin9900 | €5,397 | €135,432 | €597,279 | €619,397 | €384,527 | ▼ 37.9% |
| Operating profit (loss)9901 | €2,968 | €121,313 | €85,357 | -€113,894 | €73,641 | - |
| Financial income75/76B | €1 | €465 | €2,575 | €5,204 | €4,136 | ▼ 20.5% |
| Recurring financial income75 | €1 | €465 | €2,575 | €5,204 | €4,136 | ▼ 20.5% |
| Financial charges65/66B | €53 | €1,030 | €11,112 | €28,610 | €28,314 | ▼ 1.0% |
| Recurring financial charges65 | €53 | €1,030 | €11,112 | €28,610 | €28,314 | ▼ 1.0% |
| Profit (loss) for the period before taxes9903 | €2,916 | €120,749 | €76,820 | -€137,300 | €49,463 | - |
| Income taxes67/77 | €508 | €21,909 | €29,585 | €5,462 | €16,077 | ▲ 194% |
| Profit (loss) for the period9904 | €2,408 | €98,840 | €47,235 | -€142,763 | €33,386 | - |
| Profit (loss) for the period to be appropriated9905 | €2,408 | €98,840 | €47,235 | -€142,763 | €33,386 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €0.01m | €0.2m | €1.1m | €1.2m | €1.1m | ▼ 10.8% |
| Formation expenses20 | €423 | - | - | - | - | - |
| Fixed assets21/28 | €0.002m | €0.06m | €0.4m | €0.3m | €0.2m | ▼ 27.2% |
| Intangible fixed assets21 | €0.001m | €0.001m | €0.01m | €0.01m | €0.007m | ▼ 28.5% |
| Tangible fixed assets22/27 | €0.001m | €0.06m | €0.3m | €0.3m | €0.2m | ▼ 28.3% |
| Plant, machinery and equipment23 | - | €0.002m | €0.004m | €0.01m | €0.009m | ▼ 22.0% |
| Furniture and vehicles24 | €0.001m | €0.004m | €0.3m | €0.3m | €0.2m | ▼ 28.1% |
| Leasing and similar rights25 | - | €0.05m | €0.04m | €0.01m | €0.009m | ▼ 38.0% |
| Financial fixed assets28 | - | €0.002m | €0.01m | €0.01m | €0.01m | = |
| Current assets29/58 | €0.007m | €0.2m | €0.7m | €0.9m | €0.8m | ▼ 4.6% |
| Stocks and contracts in progress3 | - | €0.02m | €0.07m | €0.2m | €0.3m | ▲ 19.4% |
| Stocks30/36 | - | €0.004m | €0.07m | €0.2m | €0.1m | ▼ 34.8% |
| Contracts in progress37 | - | €0.01m | - | €0.05m | €0.2m | ▲ 222% |
| Amounts receivable within one year40/41 | €0.005m | €0.03m | €0.3m | €0.5m | €0.4m | ▼ 7.4% |
| Trade receivables40 | €0.004m | €0.02m | €0.2m | €0.4m | €0.4m | ▼ 3.4% |
| Other amounts receivable41 | €0.001m | €0.01m | €0.06m | €0.05m | €0.03m | ▼ 38.0% |
| Cash at bank and in hand54/58 | €0.002m | €0.1m | €0.4m | €0.2m | €0.1m | ▼ 28.0% |
| Deferred charges and accrued income490/1 | - | €0.003m | - | €0.007m | €0.006m | ▼ 26.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €0.01m | €0.2m | €1.1m | €1.2m | €1.1m | ▼ 10.8% |
| Equity10/15 | €0.008m | €0.1m | €0.2m | €0.01m | €0.05m | ▲ 285% |
| Contributions10/11 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves13 | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Distributable reserves133 | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | €0.002m | €0.002m | €0.002m | -€0.1m | -€0.1m | ▲ 23.8% |
| Amounts payable17/49 | €0.001m | €0.1m | €0.9m | €1.2m | €1.0m | ▼ 13.7% |
| Amounts payable after more than one year17 | - | €0.03m | €0.3m | €0.3m | €0.2m | ▼ 24.8% |
| Financial debts170/4 | - | €0.03m | €0.3m | €0.3m | €0.2m | ▼ 24.8% |
| Amounts payable within one year42/48 | €0.001m | €0.08m | €0.6m | €0.9m | €0.8m | ▼ 9.9% |
| Current portion of amounts payable after more than one year42 | - | €0.009m | €0.09m | €0.2m | €0.1m | ▼ 4.1% |
| Financial debts43 | - | - | - | €0.2m | €0.1m | ▼ 8.4% |
| Credit institutions430/8 | - | - | - | €0.2m | €0.1m | ▼ 8.4% |
| Trade debts44 | €0.001m | €0.03m | €0.4m | €0.5m | €0.4m | ▼ 5.9% |
| Suppliers440/4 | €0.001m | €0.03m | €0.4m | €0.5m | €0.4m | ▼ 5.9% |
| Taxes, remuneration and social security45 | €0.001m | €0.03m | €0.1m | €0.1m | €0.09m | ▼ 31.3% |
| Taxes450/3 | €0.001m | €0.02m | €0.05m | €0.008m | €0.06m | ▲ 623% |
| Remuneration and social security454/9 | - | €0.006m | €0.09m | €0.1m | €0.04m | ▼ 72.5% |
| Other amounts payable47/48 | - | €0.01m | €0.02m | €0.007m | €0.006m | ▼ 12.5% |
| Accrued charges and deferred income492/3 | - | - | €332 | €244 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,408 | €98,840 | €47,235 | -€142,763 | €33,386 | - |
| + Depreciation and write-downs630 | €2,376 | €7,610 | €47,836 | €90,079 | €97,756 | ▲ 8.5% |
| Operating cash flow (approximation) | €4,784 | €106,450 | €95,071 | -€52,683 | €131,142 | - |
| Investment in fixed assets (approximation) | - | -€64,651 | -€355,501 | -€59,491 | -€6,258 | ▲ 89.5% |
| Change in cash | - | €108,229 | €261,034 | -€189,586 | -€50,869 | ▲ 73.2% |
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, 1,251 companies had the same profile as SOLITEC has now. Two years later, 94.4% were still going and 2.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit under 5% of the balance sheet
94.4%
was still going
2.7%
stopped otherwise
2.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of SOLITEC itself is higher: 3.3% within 12 months. It rests on far more data about SOLITEC than the profile alone.
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 1,251 companies, not a prediction for SOLITEC. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 30-04-2026 | 2026-00103338 | |
| 30-09-2024 | micro format | 30-04-2025 | 2025-00082476 | |
| 30-09-2023 | micro format | 14-05-2024 | 2024-00089869 | |
| 30-09-2022 | micro format | 18-05-2023 | 2023-00090633 | |
| 30-09-2021 | micro format | 20-05-2022 | 2022-20033300 |