TELCO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 25 filings
Turnover
≈ €1.3m
Estimated: probably between €1.0m and €1.5m
EBIT margin
Not included in this filing
Net result
€1.5m▲ 251%
2024 · €421,010
Working capital
-€196,891▲ 82.3%
2024 · -€1.1m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€208,242
▼ 30.9%
2025
20182025
Net result
€1.5m
▲ 251%
2025
highest quarter of the sector
20182025
Equity
€3.5m
▲ 49.9%
2025
middle half of the sector
20182025
Total assets
€5.6m
▼ 1.8%
2025
middle half of the sector
20182025
Debt
€2.1m
▼ 37.9%
2025
20182025
Working capital
-€196,891
▲ 82.3%
2025
middle half of the sector
20182025
Solvency
62.7%
▲ 21.7pp
2025
middle half of the sector
20182025
Current ratio
0.79
▲ 0.45
2025
middle half of the sector
20182025
Return on assets (ROA)
26.5%
▲ 19.1pp
2025
highest quarter of the sector
20182025
Staff (FTE)
5.7
▲ 11.8%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.1m--€0.03m€0.1m-€0.05m-€0.2m▼ 302%-€0.005m▲ 97.6%€0.3m€0.2m▼ 30.9%
Net result€0.07m-€1.5m▲ 20×€0.05mwithin the sector's middle half▼ 96.6%€0.1mwithin the sector's middle half▲ 120%-€0.2mbelow the sector's middle half-€0.05mbelow the sector's middle half▲ 78.5%€0.4mabove the sector's middle half€1.5mabove the sector's middle half▲ 251%
Equity€1.8m-€1.9m▲ 7.4%€1.9mabove the sector's middle half▲ 2.7%€2.0mabove the sector's middle half▲ 5.8%€1.8mabove the sector's middle half▼ 10.7%€1.8mabove the sector's middle half▼ 2.6%€2.3mabove the sector's middle half▲ 31.2%€3.5mwithin the sector's middle half▲ 49.9%
Total assets€4.1m-€6.6m▲ 61.6%€5.6mabove the sector's middle half▼ 15.4%€6.0mabove the sector's middle half▲ 8.8%€5.7mabove the sector's middle half▼ 5.4%€5.7mabove the sector's middle half▲ 0.5%€5.7mabove the sector's middle half▼ 1.1%€5.6mwithin the sector's middle half▼ 1.8%
Debt€2.3m-€4.7m▲ 103%€3.6m▼ 22.7%€4.0m▲ 10.3%€3.9m▼ 2.6%€4.0m▲ 1.9%€3.4m▼ 15.6%€2.1m▼ 37.9%
Working capital-€0.4m--€1.6m▼ 254%-€1.2mbelow the sector's middle half▲ 24.5%-€1.4mbelow the sector's middle half▼ 15.2%-€1.2mbelow the sector's middle half▲ 9.1%-€1.3mbelow the sector's middle half▼ 7.1%-€1.1mbelow the sector's middle half▲ 15.7%-€0.2mwithin the sector's middle half▲ 82.3%
Solvency43.1%-28.6%▼ 14.5pp34.7%within the sector's middle half▲ 6.1pp33.8%within the sector's middle half▼ 0.9pp31.9%within the sector's middle half▼ 1.9pp30.9%within the sector's middle half▼ 1.0pp41.1%within the sector's middle half▲ 10.1pp62.7%within the sector's middle half▲ 21.7pp
Current ratio0.66-0.54▼ 0.120.11below the sector's middle half▼ 0.440.24below the sector's middle half▲ 0.130.15below the sector's middle half▼ 0.090.26below the sector's middle half▲ 0.120.34below the sector's middle half▲ 0.080.79within the sector's middle half▲ 0.45
Return on assets (ROA)1.8%-22.8%▲ 21.0pp0.9%within the sector's middle half▼ 21.9pp1.9%within the sector's middle half▲ 0.9pp-3.8%below the sector's middle half▼ 5.7pp-0.8%within the sector's middle half▲ 3.0pp7.4%above the sector's middle half▲ 8.2pp26.5%above the sector's middle half▲ 19.1pp
Staff (FTE)6.5-5.9▼ 9.2%6above the sector's middle half▲ 1.7%5.9above the sector's middle half▼ 1.7%5.8above the sector's middle half▼ 1.7%5.8above the sector's middle half=5.1above the sector's middle half▼ 12.1%5.7above the sector's middle half▲ 11.8%
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 31% lower than in 2024.
Large changes and their cause
- 2025 Net result +251% on 2024. The accounts now follow the full format, last year the abbreviated format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.6m
Fixed assets
€4.8m ▼ 5.3%
Current assets
€746,919 ▲ 28.9%
Equity and liabilities €5.6m
Equity
€3.5m ▲ 49.9%
Debt
€2.1m ▼ 37.9%
Debt's share of the balance-sheet total falls from 58.9% to 37.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€591,681▼
2024 · €739,506
Cash flow
€1.9m▲
2024 · €859,151
Debt to equity
0.59▼
2024 · 1.44
ROE
42.2%▲
2024 · 18.0%
Interest coverage
11.87▲
2024 · 10.74
Debt ≤ 1 year
€943,810▼
2024 · €1.7m
Debt > 1 year
€1.1m▼
2024 · €1.7m
Income taxes
€41,247▲
2024 · €692
Staff costs
€432,432▲
2024 · €374,782
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 7 | 7 | 7 | 6 | 7 |
| full-time | 2 | 2 | 2 | 3 | 3 |
| part-time | 5 | 5 | 5 | 3 | 4 |
| in full-time equivalents | 5.8 | 5.8 | 5.8 | 5.2 | 6.3 |
| Average over the year, in full-time equivalents | 5.9 | 5.8 | 5.8 | 5.1 | 5.7 |
| On a permanent contract | 7 | 7 | 7 | 6 | 7 |
| Joined | 0 | - | - | 0 | 2 |
| Left | 1 | - | - | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €573,124 | €305,262 | €198,963 | €247,121 | €128,155 |
| Intangible fixed assets | €24,967 | - | - | - | - |
| Depreciation and write-downs of the year | €355,098 | €421,986 | €433,210 | €438,141 | €383,439 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €13,272 awarded · €5,698 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €12,994 | €5,420 |
| 2023 | 1 | €278 | €278 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.03m | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.4m | €0.4m | €0.5m | €0.4m | €0.4m | ▲ 15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.2m | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 12.5% |
| Other operating charges640/8 | - | - | - | €0.02m | €0.02m | €0.003m | €0.06m | €0.007m | ▼ 88.5% |
| Non-recurring operating charges66A | - | - | - | €0.06m | - | - | - | - | - |
| Gross operating margin9900 | €0.7m | €0.6m | €0.8m | €0.8m | €0.6m | €0.9m | €1.2m | €1.0m | ▼ 12.0% |
| Operating profit (loss)9901 | €0.1m | -€0.03m | €0.1m | -€0.05m | -€0.2m | -€0.005m | €0.3m | €0.2m | ▼ 30.9% |
| Financial income75/76B | - | - | - | €0.2m | €0.03m | €0.02m | €0.2m | €1.4m | ▲ 619% |
| Recurring financial income75 | €0.002m | €1.5m | €0.02m | €0.2m | €0.03m | €0.02m | €0.2m | €1.3m | ▲ 598% |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €0.04m | - |
| Financial charges65/66B | - | - | - | €0.04m | €0.06m | €0.06m | €0.07m | €0.05m | ▼ 27.3% |
| Recurring financial charges65 | €0.003m | €0.02m | €0.08m | €0.04m | €0.06m | €0.06m | €0.07m | €0.05m | ▼ 27.6% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €203 | - |
| Profit (loss) for the period before taxes9903 | €0.1m | €1.5m | €0.07m | €0.1m | -€0.2m | -€0.05m | €0.4m | €1.5m | ▲ 260% |
| Income taxes67/77 | €0.04m | €0.001m | €0.01m | €0.02m | €0.001m | €0.001m | €0.001m | €0.04m | ▲ 60× |
| Profit (loss) for the period9904 | €0.07m | €1.5m | €0.05m | €0.1m | -€0.2m | -€0.05m | €0.4m | €1.5m | ▲ 251% |
| Profit (loss) for the period to be appropriated9905 | €0.07m | €1.5m | €0.05m | €0.1m | -€0.2m | -€0.05m | €0.4m | €1.5m | ▲ 251% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.1m | €6.6m | €5.6m | €6.0m | €5.7m | €5.7m | €5.7m | €5.6m | ▼ 1.8% |
| Formation expenses20 | €0.03m | €0.02m | €0.009m | €0.002m | - | - | - | - | - |
| Fixed assets21/28 | €3.2m | €4.7m | €5.4m | €5.6m | €5.5m | €5.3m | €5.1m | €4.8m | ▼ 5.3% |
| Intangible fixed assets21 | €0.03m | €0.02m | €0.03m | €0.04m | €0.03m | €0.02m | €0.01m | €0.005m | ▼ 62.2% |
| Tangible fixed assets22/27 | €0.9m | €2.4m | €3.1m | €3.3m | €3.2m | €3.0m | €2.8m | €2.6m | ▼ 8.8% |
| Plant, machinery and equipment23 | - | - | - | €0.08m | €0.09m | €0.07m | €0.04m | €0.02m | ▼ 54.6% |
| Furniture and vehicles24 | - | - | - | €0.4m | €0.3m | €0.2m | €0.1m | €0.2m | ▲ 18.3% |
| Other tangible fixed assets26 | - | - | - | €2.8m | €2.8m | €2.7m | €2.6m | €2.4m | ▼ 9.5% |
| Financial fixed assets28 | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | ▼ 0.7% |
| Current assets29/58 | €0.9m | €1.8m | €0.1m | €0.4m | €0.2m | €0.5m | €0.6m | €0.7m | ▲ 28.9% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | - | €0.2m | - |
| Other amounts receivable291 | - | - | - | - | - | - | - | €0.2m | - |
| Amounts receivable within one year40/41 | €0.8m | €1.8m | €0.1m | €0.4m | €0.2m | €0.4m | €0.5m | €0.5m | ▼ 9.4% |
| Trade receivables40 | - | - | - | €0.4m | €0.2m | €0.4m | €0.5m | €0.1m | ▼ 81.1% |
| Other amounts receivable41 | - | - | - | €294 | €0.003m | - | €185 | €0.4m | ▲ 1,951× |
| Cash at bank and in hand54/58 | €0.05m | €0.04m | €0.03m | €0.01m | €0.005m | €0.05m | €0.005m | €0.03m | ▲ 446% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.03m | €0.04m | €0.07m | €0.06m | ▼ 9.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.1m | €6.6m | €5.6m | €6.0m | €5.7m | €5.7m | €5.7m | €5.6m | ▼ 1.8% |
| Equity10/15 | €1.8m | €1.9m | €1.9m | €2.0m | €1.8m | €1.8m | €2.3m | €3.5m | ▲ 49.9% |
| Contributions10/11 | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | €2.2m | €2.2m | = |
| Capital10 | - | - | - | €1.7m | €1.7m | €1.7m | €2.2m | €2.2m | = |
| Issued capital100 | - | - | - | €1.7m | €1.7m | €1.7m | €2.2m | €2.2m | = |
| Reserves13 | €0.03m | €0.2m | €0.2m | €0.3m | €0.1m | €0.1m | €0.1m | €1.2m | ▲ 838% |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 57.7% |
| Legal reserve130 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 57.7% |
| Distributable reserves133 | - | - | - | €0.2m | €0.01m | - | - | €1.0m | - |
| Profit (loss) carried forward14 | €253 | €0.004m | €0.003m | €0.01m | €0.001m | -€0.03m | €0.001m | €0.09m | ▲ 62× |
| Investment grants15 | - | - | - | €0.007m | €0.004m | - | - | - | - |
| Amounts payable17/49 | €2.3m | €4.7m | €3.6m | €4.0m | €3.9m | €4.0m | €3.4m | €2.1m | ▼ 37.9% |
| Amounts payable after more than one year17 | €1.0m | €1.3m | €2.3m | €2.2m | €2.5m | €2.2m | €1.7m | €1.1m | ▼ 31.4% |
| Financial debts170/4 | - | - | - | €2.2m | €2.0m | €1.7m | €1.4m | €1.1m | ▼ 19.1% |
| Other amounts payable178/9 | - | - | - | - | €0.5m | €0.5m | €0.3m | - | - |
| Amounts payable within one year42/48 | €1.3m | €3.4m | €1.3m | €1.8m | €1.4m | €1.8m | €1.7m | €0.9m | ▼ 44.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 2.4% |
| Trade debts44 | €0.2m | €1.0m | €0.6m | €0.9m | €0.9m | €0.8m | €0.5m | €0.3m | ▼ 46.6% |
| Suppliers440/4 | - | - | - | €0.9m | €0.9m | €0.8m | €0.5m | €0.3m | ▼ 46.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.07m | €0.1m | €0.1m | €0.1m | ▼ 12.7% |
| Taxes450/3 | - | - | - | €0.07m | €0.02m | €0.05m | €0.07m | €0.05m | ▼ 27.6% |
| Remuneration and social security454/9 | - | - | - | €0.07m | €0.06m | €0.09m | €0.06m | €0.06m | ▲ 5.1% |
| Other amounts payable47/48 | - | - | - | €0.5m | €0.2m | €0.5m | €0.8m | €0.3m | ▼ 61.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | €93 | - | €0.005m | €0.003m | ▼ 46.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.07m | €1.5m | €0.05m | €0.1m | -€0.2m | -€0.05m | €0.4m | €1.5m | ▲ 251% |
| + Depreciation and write-downs630 | €0.1m | €0.2m | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 12.5% |
| Operating cash flow (approximation) | €0.2m | €1.7m | €0.3m | €0.5m | €0.2m | €0.4m | €0.9m | €1.9m | ▲ 117% |
| Investment in fixed assets (approximation) | - | -€1.8m | -€1.0m | -€0.6m | -€0.3m | -€0.2m | -€0.3m | -€0.1m | ▲ 58.0% |
| Change in cash | - | -€0.005m | -€0.02m | -€0.01m | -€0.01m | €0.04m | -€0.04m | €0.02m | - |
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, 31,368 companies had the same profile as TELCO has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TELCO 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 31,368 companies, not a prediction for TELCO. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 24-06-2026 | 2026-00193426 | |
| 31-12-2024 | abbreviated format | 31-07-2025 | 2025-00346873 | |
| 31-12-2023 | abbreviated format | 18-06-2024 | 2024-00142528 | |
| 31-12-2022 | abbreviated format | 31-07-2023 | 2023-00307170 | |
| 31-12-2021 | abbreviated format | 12-07-2022 | 2022-20181479 | |
| 31-12-2020 | abbreviated format | 05-07-2021 | 2021-32400083 | |
| 31-12-2019 | abbreviated format | 25-07-2020 | 2020-35300482 | |
| 31-12-2018 | abbreviated format | 25-07-2019 | 2019-39100006 | |
| 31-12-2017 | abbreviated format | 28-06-2018 | 2018-25000128 | |
| 31-12-2016 | abbreviated format | 06-07-2017 | 2017-28900136 |