TB TEC
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 12-06-2026 at the NBB all 4 filings
Turnover
≈ €380,000
Estimated: probably between €230,000 and €720,000
Total assets
€531,046▼ 1.5%
2024 · €538,904
Net result
€78,509▼ 9.4%
2024 · €86,679
Working capital
€136,084▲ 13.5%
2024 · €119,900
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€108,075
▼ 8.8%
2025
20222025
Net result
€78,509
▼ 9.4%
2025
middle half of the sector
20222025
Equity
€237,308
▲ 6.8%
2025
middle half of the sector
20222025
Total assets
€531,046
▼ 1.5%
2025
middle half of the sector
20222025
Debt
€293,738
▼ 7.2%
2025
20222025
Working capital
€136,084
▲ 13.5%
2025
middle half of the sector
20222025
Solvency
44.7%
▲ 3.4pp
2025
middle half of the sector
20222025
Current ratio
2.19
▲ 0.19
2025
middle half of the sector
20222025
Return on assets (ROA)
14.8%
▼ 1.3pp
2025
highest quarter of the sector
20222025
Staff (FTE)
no figure
2025
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€128,613-€70,677▼ 45.0%€118,562▲ 67.8%€108,075▼ 8.8%
Net result€109,880within the sector's middle half-€49,741within the sector's middle half▼ 54.7%€86,679within the sector's middle half▲ 74.3%€78,509within the sector's middle half▼ 9.4%
Equity€115,880within the sector's middle half-€165,621within the sector's middle half▲ 42.9%€222,299within the sector's middle half▲ 34.2%€237,308within the sector's middle half▲ 6.8%
Total assets€369,541below the sector's middle half-€463,064below the sector's middle half▲ 25.3%€538,904within the sector's middle half▲ 16.4%€531,046within the sector's middle half▼ 1.5%
Debt€253,661-€297,444▲ 17.3%€316,605▲ 6.4%€293,738▼ 7.2%
Working capital€38,908within the sector's middle half-€40,591within the sector's middle half▲ 4.3%€119,900within the sector's middle half▲ 195%€136,084within the sector's middle half▲ 13.5%
Solvency31.4%within the sector's middle half-35.8%within the sector's middle half▲ 4.4pp41.3%within the sector's middle half▲ 5.5pp44.7%within the sector's middle half▲ 3.4pp
Current ratio1.76within the sector's middle half-1.38within the sector's middle half▼ 0.382.00within the sector's middle half▲ 0.622.19within the sector's middle half▲ 0.19
Return on assets (ROA)29.7%above the sector's middle half-10.7%within the sector's middle half▼ 19.0pp16.1%above the sector's middle half▲ 5.3pp14.8%above the sector's middle half▼ 1.3pp
Staff (FTE)0.1below the sector's middle half
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 9% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €531,046
Fixed assets
€280,560 ▼ 6.4%
Current assets
€250,486 ▲ 4.7%
Equity and liabilities €531,046
Equity
€237,308 ▲ 6.8%
Debt
€293,738 ▼ 7.2%
Debt's share of the balance-sheet total falls from 58.7% to 55.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€142,414▼
2024 · €150,171
Cash flow
€112,848▼
2024 · €118,288
Quick ratio
2.02▲
2024 · 1.96
Debt to equity
1.24▼
2024 · 1.42
ROE
33.1%▼
2024 · 39.0%
Interest coverage
13.27▼
2024 · 15.15
Debt ≤ 1 year
€114,402▼
2024 · €119,396
Debt > 1 year
€179,335▼
2024 · €197,209
Income taxes
€19,564▼
2024 · €22,435
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2024 |
|---|---|
| Employees at the balance-sheet date | 1 |
| full-time | 1 |
| in full-time equivalents | 1 |
| Average over the year, in full-time equivalents | 0.1 |
| Joined | 1 |
| Left | 0 |
Source: social balance sheet in the 2024 annual accounts
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €292,202 | €58,379 | €15,374 | €20,802 |
| Depreciation and write-downs of the year | €12,941 | €21,652 | €31,609 | €34,339 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2024 · 2 entries · €367 awarded · €367 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €297 | €297 |
| 2023 | 1 | €70 | €70 |
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €250 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,941 | €21,652 | €31,609 | €34,339 | ▲ 8.6% |
| Other operating charges640/8 | €950 | €676 | €1,941 | €2,000 | ▲ 3.0% |
| Non-recurring operating charges66A | - | - | €145 | €5,511 | ▲ 38× |
| Gross operating margin9900 | €142,504 | €93,004 | €152,507 | €149,925 | ▼ 1.7% |
| Operating profit (loss)9901 | €128,613 | €70,677 | €118,562 | €108,075 | ▼ 8.8% |
| Financial income75/76B | €7 | €101 | €465 | €732 | ▲ 57.5% |
| Recurring financial income75 | €7 | €101 | €465 | €732 | ▲ 57.5% |
| Financial charges65/66B | €4,442 | €9,555 | €9,914 | €10,733 | ▲ 8.3% |
| Recurring financial charges65 | €4,442 | €9,555 | €9,914 | €10,733 | ▲ 8.3% |
| Profit (loss) for the period before taxes9903 | €124,178 | €61,222 | €109,113 | €98,073 | ▼ 10.1% |
| Income taxes67/77 | €14,298 | €11,481 | €22,435 | €19,564 | ▼ 12.8% |
| Profit (loss) for the period9904 | €109,880 | €49,741 | €86,679 | €78,509 | ▼ 9.4% |
| Profit (loss) for the period to be appropriated9905 | €109,880 | €49,741 | €86,679 | €78,509 | ▼ 9.4% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €369,541 | €463,064 | €538,904 | €531,046 | ▼ 1.5% |
| Fixed assets21/28 | €279,261 | €315,988 | €299,608 | €280,560 | ▼ 6.4% |
| Tangible fixed assets22/27 | €279,261 | €315,988 | €299,608 | €280,560 | ▼ 6.4% |
| Land and buildings22 | €244,674 | €241,075 | €232,591 | €221,710 | ▼ 4.7% |
| Plant, machinery and equipment23 | €6,009 | €12,366 | €13,128 | €9,148 | ▼ 30.3% |
| Furniture and vehicles24 | €28,577 | €62,547 | €53,889 | €49,701 | ▼ 7.8% |
| Current assets29/58 | €90,280 | €147,076 | €239,296 | €250,486 | ▲ 4.7% |
| Stocks and contracts in progress3 | - | - | €5,209 | €19,637 | ▲ 277% |
| Stocks30/36 | - | - | €5,209 | €19,637 | ▲ 277% |
| Amounts receivable within one year40/41 | €68,973 | €66,630 | €48,758 | €56,448 | ▲ 15.8% |
| Trade receivables40 | €18,964 | €66,630 | €48,758 | €56,448 | ▲ 15.8% |
| Other amounts receivable41 | €50,009 | - | - | - | - |
| Cash at bank and in hand54/58 | €19,200 | €76,082 | €177,772 | €167,412 | ▼ 5.8% |
| Deferred charges and accrued income490/1 | €2,107 | €4,364 | €7,558 | €6,989 | ▼ 7.5% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €369,541 | €463,064 | €538,904 | €531,046 | ▼ 1.5% |
| Equity10/15 | €115,880 | €165,621 | €222,299 | €237,308 | ▲ 6.8% |
| Contributions10/11 | €6,000 | €6,000 | €6,000 | €6,000 | = |
| Contributions outside capital11 | €6,000 | - | - | - | - |
| Other1109/19 | €6,000 | - | - | - | - |
| Profit (loss) carried forward14 | €109,880 | €159,621 | €216,299 | €231,308 | ▲ 6.9% |
| Amounts payable17/49 | €253,661 | €297,444 | €316,605 | €293,738 | ▼ 7.2% |
| Amounts payable after more than one year17 | €202,289 | €190,958 | €197,209 | €179,335 | ▼ 9.1% |
| Financial debts170/4 | €202,289 | €190,958 | €197,209 | €179,335 | ▼ 9.1% |
| Amounts payable within one year42/48 | €51,372 | €106,485 | €119,396 | €114,402 | ▼ 4.2% |
| Current portion of amounts payable after more than one year42 | €10,932 | €11,331 | €17,219 | €17,874 | ▲ 3.8% |
| Trade debts44 | €1,909 | €59,203 | €18,996 | €13,559 | ▼ 28.6% |
| Suppliers440/4 | €1,909 | €59,203 | €18,996 | €13,559 | ▼ 28.6% |
| Taxes, remuneration and social security45 | €16,933 | €17,105 | €40,829 | €23,166 | ▼ 43.3% |
| Taxes450/3 | €16,933 | €17,105 | €40,586 | €23,166 | ▼ 42.9% |
| Remuneration and social security454/9 | - | - | €244 | - | - |
| Other amounts payable47/48 | €21,597 | €18,845 | €42,351 | €59,804 | ▲ 41.2% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €109,880 | €49,741 | €86,679 | €78,509 | ▼ 9.4% |
| + Depreciation and write-downs630 | €12,941 | €21,652 | €31,609 | €34,339 | ▲ 8.6% |
| Operating cash flow (approximation) | €122,820 | €71,393 | €118,288 | €112,848 | ▼ 4.6% |
| Investment in fixed assets (approximation) | - | -€58,379 | -€15,229 | -€15,291 | ▼ 0.4% |
| Change in cash | - | €56,882 | €101,690 | -€10,360 | - |
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, 6,782 companies had the same profile as TB TEC has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of TB TEC itself: 0.2% 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 6,782 companies, not a prediction for TB TEC. 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.