TECMA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 14 filings
Turnover
≈ €190,000
Estimated: probably between €160,000 and €220,000
Total assets
€395,071▲ 7.8%
2024 · €366,393
Net result
€69,414▼ 28.1%
2024 · €96,512
Working capital
€364,462▲ 14.7%
2024 · €317,655
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€95,524
▼ 29.8%
2025
20192025
Net result
€69,414
▼ 28.1%
2025
highest quarter of the sector
20192025
Equity
€383,282
▲ 10.7%
2025
highest quarter of the sector
20192025
Total assets
€395,071
▲ 7.8%
2025
middle half of the sector
20192025
Debt
€11,788
▼ 41.3%
2025
20192025
Working capital
€364,462
▲ 14.7%
2025
highest quarter of the sector
20192025
Solvency
97.0%
▲ 2.5pp
2025
highest quarter of the sector
20192025
Current ratio
31.92
▲ 15.10
2025
highest quarter of the sector
20192025
Return on assets (ROA)
17.6%
▼ 8.8pp
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
Operating result€41,959-€91,301▲ 118%€65,628▼ 28.1%€57,438▼ 12.5%€64,800▲ 12.8%€136,047▲ 110%€95,524▼ 29.8%
Net result€32,444-€68,762above the sector's middle half▲ 112%€48,196within the sector's middle half▼ 29.9%€39,784within the sector's middle half▼ 17.5%€46,354within the sector's middle half▲ 16.5%€96,512above the sector's middle half▲ 108%€69,414above the sector's middle half▼ 28.1%
Equity€100,231-€168,993within the sector's middle half▲ 68.6%€217,188within the sector's middle half▲ 28.5%€256,973above the sector's middle half▲ 18.3%€303,327above the sector's middle half▲ 18.0%€346,312above the sector's middle half▲ 14.2%€383,282above the sector's middle half▲ 10.7%
Total assets€111,679-€184,827within the sector's middle half▲ 65.5%€235,015within the sector's middle half▲ 27.2%€271,084within the sector's middle half▲ 15.3%€317,126within the sector's middle half▲ 17.0%€366,393within the sector's middle half▲ 15.5%€395,071within the sector's middle half▲ 7.8%
Debt€11,448-€15,834▲ 38.3%€17,827▲ 12.6%€14,111▼ 20.8%€13,799▼ 2.2%€20,081▲ 45.5%€11,788▼ 41.3%
Working capital€98,257-€166,178above the sector's middle half▲ 69.1%€190,412above the sector's middle half▲ 14.6%€202,011above the sector's middle half▲ 6.1%€263,489above the sector's middle half▲ 30.4%€317,655above the sector's middle half▲ 20.6%€364,462above the sector's middle half▲ 14.7%
Solvency89.7%-91.4%above the sector's middle half▲ 1.7pp92.4%above the sector's middle half▲ 1.0pp94.8%above the sector's middle half▲ 2.4pp95.6%above the sector's middle half▲ 0.9pp94.5%above the sector's middle half▼ 1.1pp97.0%above the sector's middle half▲ 2.5pp
Current ratio9.58-11.49above the sector's middle half▲ 1.9111.68above the sector's middle half▲ 0.1915.32above the sector's middle half▲ 3.6320.09above the sector's middle half▲ 4.7816.82above the sector's middle half▼ 3.2831.92above the sector's middle half▲ 15.10
Return on assets (ROA)29.1%-37.2%above the sector's middle half▲ 8.2pp20.5%within the sector's middle half▼ 16.7pp14.7%within the sector's middle half▼ 5.8pp14.6%within the sector's middle half▼ 0.1pp26.3%within the sector's middle half▲ 11.7pp17.6%within the sector's middle half▼ 8.8pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 30% lower than in 2024.
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 €395,071
Fixed assets
€18,821 ▼ 34.3%
Current assets
€376,250 ▲ 11.4%
Equity and liabilities €395,071
Equity
€383,282 ▲ 10.7%
Debt
€11,788 ▼ 41.3%
Debt's share of the balance-sheet total falls from 5.5% to 3.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€107,686▼
2024 · €154,395
Cash flow
€81,577▼
2024 · €114,859
Debt to equity
0.03▼
2024 · 0.06
ROE
18.1%▼
2024 · 27.9%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€11,788▼
2024 · €20,081
Income taxes
€27,929▼
2024 · €41,732
Staff costs
€1,749▲
2024 · €403
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €47,203 | €4,500 | €7,167 | €2,774 |
| Depreciation and write-downs of the year | €18,806 | €19,363 | €18,348 | €12,162 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €1,437 | €238 | €403 | €1,749 | ▲ 334% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,244 | €1,352 | €3,395 | €18,806 | €19,363 | €18,348 | €12,162 | ▼ 33.7% |
| Other operating charges640/8 | - | - | - | €655 | €961 | €586 | €807 | ▲ 37.6% |
| Non-recurring operating charges66A | - | - | - | - | €261 | €0 | €447 | - |
| Gross operating margin9900 | €43,762 | €93,259 | €71,152 | €78,337 | €85,623 | €155,384 | €110,689 | ▼ 28.8% |
| Operating profit (loss)9901 | €41,959 | €91,301 | €65,628 | €57,438 | €64,800 | €136,047 | €95,524 | ▼ 29.8% |
| Financial income75/76B | - | - | - | €0 | €1,859 | €2,316 | €2,067 | ▼ 10.8% |
| Recurring financial income75 | €3,737 | €4,648 | €2,126 | €0 | €1,859 | €2,316 | €2,067 | ▼ 10.8% |
| Financial charges65/66B | - | - | - | €114 | €122 | €120 | €248 | ▲ 107% |
| Recurring financial charges65 | €116 | €98 | €117 | €114 | €122 | €120 | €248 | ▲ 107% |
| Profit (loss) for the period before taxes9903 | €45,579 | €95,852 | €67,637 | €57,325 | €66,537 | €138,244 | €97,343 | ▼ 29.6% |
| Income taxes67/77 | €13,135 | €27,089 | €19,441 | €17,540 | €20,183 | €41,732 | €27,929 | ▼ 33.1% |
| Profit (loss) for the period9904 | €32,444 | €68,762 | €48,196 | €39,784 | €46,354 | €96,512 | €69,414 | ▼ 28.1% |
| Profit (loss) for the period to be appropriated9905 | €32,444 | €68,762 | €48,196 | €39,784 | €46,354 | €96,512 | €69,414 | ▼ 28.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €111,679 | €184,827 | €235,015 | €271,084 | €317,126 | €366,393 | €395,071 | ▲ 7.8% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €1,974 | €2,815 | €26,776 | €54,962 | €39,838 | €28,657 | €18,821 | ▼ 34.3% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €1,974 | €2,815 | €26,776 | €54,962 | €39,838 | €28,657 | €18,821 | ▼ 34.3% |
| Plant, machinery and equipment23 | - | - | - | - | - | €6,305 | €4,871 | ▼ 22.7% |
| Furniture and vehicles24 | - | - | - | €54,962 | €39,838 | €22,353 | €13,950 | ▼ 37.6% |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - |
| Current assets29/58 | €109,705 | €182,012 | €208,239 | €216,121 | €277,289 | €337,736 | €376,250 | ▲ 11.4% |
| Amounts receivable after more than one year29 | - | - | - | - | €102,000 | €72,000 | €22,000 | ▼ 69.4% |
| Other amounts receivable291 | - | - | - | - | €102,000 | €72,000 | €22,000 | ▼ 69.4% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €59,114 | €58,108 | €50,427 | €3,200 | €9,217 | €4,576 | €12,577 | ▲ 175% |
| Trade receivables40 | - | - | - | €200 | €0 | €4,255 | €11,224 | ▲ 164% |
| Other amounts receivable41 | - | - | - | €3,000 | €9,217 | €322 | €1,352 | ▲ 320% |
| Current investments50/53 | €0 | - | - | - | - | - | €300,000 | - |
| Cash at bank and in hand54/58 | €50,591 | €123,641 | €157,812 | €210,813 | €162,313 | €258,201 | €35,803 | ▼ 86.1% |
| Deferred charges and accrued income490/1 | - | - | - | €2,109 | €3,759 | €2,958 | €5,870 | ▲ 98.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €111,679 | €184,827 | €235,015 | €271,084 | €317,126 | €366,393 | €395,071 | ▲ 7.8% |
| Equity10/15 | €100,231 | €168,993 | €217,188 | €256,973 | €303,327 | €346,312 | €383,282 | ▲ 10.7% |
| Contributions10/11 | €12,400 | - | - | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €87,831 | €156,593 | €204,788 | €244,573 | €290,927 | €333,912 | €370,882 | ▲ 11.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €242,713 | €290,927 | €333,912 | €370,882 | ▲ 11.1% |
| Profit (loss) carried forward14 | €0 | - | - | - | - | €0 | €0 | - |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - |
| Amounts payable17/49 | €11,448 | €15,834 | €17,827 | €14,111 | €13,799 | €20,081 | €11,788 | ▼ 41.3% |
| Amounts payable after more than one year17 | €0 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €11,448 | €15,834 | €17,827 | €14,111 | €13,799 | €20,081 | €11,788 | ▼ 41.3% |
| Trade debts44 | €596 | €1,190 | €286 | €1,962 | €2,507 | €896 | €3,644 | ▲ 307% |
| Suppliers440/4 | - | - | - | €1,962 | €2,507 | €896 | €3,644 | ▲ 307% |
| Taxes, remuneration and social security45 | - | - | - | €11,606 | €11,292 | €19,181 | €8,006 | ▼ 58.3% |
| Taxes450/3 | - | - | - | €11,606 | €11,292 | €19,181 | €8,006 | ▼ 58.3% |
| Other amounts payable47/48 | - | - | - | €542 | €0 | €4 | €138 | ▲ 32× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32,444 | €68,762 | €48,196 | €39,784 | €46,354 | €96,512 | €69,414 | ▼ 28.1% |
| + Depreciation and write-downs630 | €1,244 | €1,352 | €3,395 | €18,806 | €19,363 | €18,348 | €12,162 | ▼ 33.7% |
| Operating cash flow (approximation) | €33,688 | €70,115 | €51,590 | €58,590 | €65,717 | €114,859 | €81,577 | ▼ 29.0% |
| Investment in fixed assets (approximation) | - | -€2,194 | -€27,356 | -€46,992 | -€4,239 | -€7,167 | -€2,326 | ▲ 67.5% |
| Change in cash | - | €73,050 | €34,171 | €53,001 | -€48,500 | €95,889 | -€222,398 | - |
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 TECMA 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 TECMA 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 TECMA. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 30-01-2026 | 2026-00019961 | |
| 30-06-2024 | micro format | 09-12-2024 | 2024-00611934 | |
| 30-06-2023 | micro format | 17-01-2024 | 2024-00002541 | |
| 30-06-2022 | micro format | 23-12-2022 | 2022-20544703 | |
| 30-06-2021 | micro format | 10-11-2021 | 2021-77000438 | |
| 30-06-2020 | micro format | 10-02-2021 | 2021-05200216 | |
| 30-06-2019 | micro format | 21-10-2019 | 2019-70800251 | |
| 30-06-2018 | micro format | 31-10-2018 | 2018-71000517 | |
| 30-06-2017 | micro format | 24-10-2017 | 2017-67600164 | |
| 30-06-2016 | abbreviated format | 14-11-2016 | 2016-67800548 |