Equity
TELCOMA has made a profit in every financial year since 2016.
TELCOMA has made a profit in every financial year since 2016.
Turnover rose in 2025 from €129,324 to €180,683.
Of this, €343,765 falls due within a year.
Green is investment, beige is depreciation.
The last five annual accounts were filed 60 to 90 days before the end of the period.
Higher net result than 88% of companies in office administrative support. Sector median €16,240 · 9,678 companies.
The dashed line is the sector median: 0.2% across 12,669 companies (NACE 82, micro).
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 82, micro). It does better than 25% of them on solvency, 30% on liquidity, 57% on profitability and 81% on growth.
The bankruptcy probability was computed on 05-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Liquidity is insufficient, with a current ratio of 0.04 (0.09 in 2024), below 1. Short-term debt is 18.1% and cash 0.7% of total assets. 84.3% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 82 days before the deadline. In the sector (NACE 82), the median for financial year 2024 was 7 days before the deadline, and 35% of those companies filed late.
| Company | Total assets | Gross margin | Solvency | Staff |
|---|---|---|---|---|
| TELCOMA Zandhoven | €1.9m | €148,146 | 15.7% | - |
| HEPAAZ Merelbeke-Melle | €1.9m | €135,324 | 11.9% | - |
| De mandarijnen Leuven | €2.0m | €160,527 | 23.7% | 3.7 |
| Brawo Sint-Laureins | €2.1m | €128,770 | 89.7% | - |
| Fiduciaire Baert Ingelmunster | €2.1m | €135,065 | 81.2% | - |
| P2P MIC Ghent | €1.9m | €128,227 | 63.4% | - |
| PLFA Roeselare | €1.7m | €158,229 | 69.6% | - |
These companies have the same main activity as TELCOMA: other business support services (NACE 82990). They are comparable in size and age: total assets between €1.7m and €2.1m, founded between 2015 and 2017.
TELCOMA has existed since 2016. Turnover grew from €113,288 in 2016 to €180,683 in 2025.
Solvency fell in 2025 from 37.7% to 15.7% because of higher long-term debts.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Higher than 24% of 9,682 companies in 2025.
Lower than 95% of 9,302 companies in 2025.
Higher than 36% of 9,426 companies in 2025.
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||
Total assets20/58 |
1.9m | 552,682 | 546,100 | 294,079 | 301,104 | 93,913 | 49,873 | 52,112 | 43,974 | 29,394 | |
Fixed assets21/28 |
1.9m | 540,689 | 534,658 | 269,362 | 271,755 | 20,218 | 17,157 | 17,383 | 11,898 | - | |
Tangible fixed assets22/27 |
59,707 | 20,889 | 14,858 | 16,362 | 18,755 | 20,218 | 17,157 | 17,383 | 11,898 | - | |
Land and buildings22 |
44,641 | - | - | 14,209 | 15,187 | 16,166 | 16,804 | 16,716 | 10,564 | - | |
Plant, machinery and equipment23 |
11,272 | 12,251 | 13,230 | - | - | - | - | - | - | - | |
Furniture and vehicles24 |
3,794 | 8,638 | 1,628 | 2,153 | 3,568 | 4,052 | 353 | 199 | 397 | - | |
Other tangible fixed assets26 |
- | - | - | - | - | - | - | 469 | - | - | |
Assets under construction and advance payments27 |
- | - | - | - | - | - | - | - | 937 | - | |
Financial fixed assets28 |
1.8m | 519,800 | 519,800 | 253,000 | 253,000 | - | - | - | - | - | |
Current assets29/58 |
14,379 | 11,993 | 11,442 | 24,717 | 29,349 | 73,695 | 32,716 | 34,729 | 32,076 | 29,394 | |
Amounts receivable within one year40/41 |
- | 50 | - | 11,778 | 12,736 | 19,381 | 10,821 | 13,105 | 10,372 | 287 | |
Trade receivables40 |
- | 50 | - | 9,680 | 9,983 | 17,424 | 10,164 | 11,489 | 9,716 | 36 | |
Other amounts receivable41 |
- | - | - | 2,098 | 2,753 | 1,957 | 657 | 1,617 | 656 | 251 | |
Cash at bank and in hand54/58 |
13,602 | 11,943 | 10,721 | 12,218 | 15,892 | 53,593 | 21,895 | 21,624 | 21,079 | 28,493 | |
Deferred charges and accrued income490/1 |
777 | - | 721 | 721 | 721 | 721 | - | - | 625 | 613 | |
| Balance sheet: equity and liabilities | |||||||||||
Total equity and liabilities10/49 |
1.9m | 552,682 | 546,100 | 294,079 | 301,104 | 93,913 | 49,873 | 52,112 | 43,974 | 29,394 | |
Equity10/15 |
298,087 | 208,329 | 163,572 | 104,240 | 83,216 | 73,428 | 46,279 | 41,138 | 30,988 | 17,896 | |
Contributions10/11 |
3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | |
Issued capital100 |
- | - | - | - | - | - | 3,000 | 3,000 | 3,000 | 3,000 | |
Reserves13 |
96,487 | 96,487 | 51,730 | 51,730 | 31,730 | 31,730 | 21,730 | 16,730 | 7,017 | 3,724 | |
Non-distributable reserves130/1 |
9,730 | 9,730 | 9,730 | 9,730 | 9,730 | 9,730 | - | - | - | - | |
Legal reserve130 |
- | - | - | - | - | - | 9,730 | 9,730 | 7,017 | 3,724 | |
Reserves not available under the articles1311 |
9,730 | 9,730 | 9,730 | 9,730 | 9,730 | 9,730 | - | - | - | - | |
Distributable reserves133 |
86,757 | 86,757 | 42,000 | 42,000 | 22,000 | 22,000 | 12,000 | 7,000 | - | - | |
Profit (loss) carried forward14 |
198,600 | 108,842 | 108,842 | 49,510 | 48,486 | 38,698 | 21,549 | 21,409 | 20,971 | 11,172 | |
Amounts payable17/49 |
1.6m | 344,353 | 382,528 | 189,839 | 217,888 | 20,485 | 3,594 | 10,974 | 12,986 | 11,498 | |
Amounts payable after more than one year17 |
1.3m | 212,942 | 268,267 | 127,752 | 155,465 | - | - | - | - | - | |
Financial debts170/4 |
1.3m | 212,942 | 268,267 | 127,752 | 155,465 | - | - | - | - | - | |
Amounts payable within one year42/48 |
343,765 | 131,411 | 114,261 | 59,492 | 59,828 | 20,485 | 3,594 | 10,974 | 12,986 | 11,498 | |
Current portion of amounts payable after more than one year42 |
267,810 | 55,326 | 53,468 | 27,713 | 26,940 | - | - | - | - | - | |
Trade debts44 |
600 | 2,202 | 595 | 5,024 | 825 | 2,106 | 3,313 | 6,302 | 8,155 | 3,417 | |
Suppliers440/4 |
600 | 2,202 | 595 | 5,024 | 825 | 2,106 | 3,313 | 6,302 | 8,155 | 3,417 | |
Taxes, remuneration and social security45 |
50,499 | 51,030 | 37,307 | 16,755 | 22,063 | 18,379 | 281 | 4,671 | 4,831 | 8,081 | |
Taxes450/3 |
50,499 | 51,030 | 37,307 | 16,755 | 22,063 | 18,379 | 281 | 4,671 | 4,831 | 5,842 | |
Remuneration and social security454/9 |
- | - | - | - | - | - | - | - | - | 2,239 | |
Other amounts payable47/48 |
24,856 | 22,853 | 22,891 | 10,000 | 10,000 | - | - | - | - | - | |
Accrued charges and deferred income492/3 |
2,055 | - | - | 2,595 | 2,595 | - | - | - | - | - | |
| Income statement | |||||||||||
Turnover70 |
180,683 | 129,324 | 143,918 | 105,696 | 92,915 | 103,319 | 107,647 | 107,835 | 109,363 | 113,288 | |
Non-recurring operating income76A |
7,865 | 9,278 | 11,861 | - | - | - | 16,000 | - | - | - | |
Gross operating margin9900 |
148,146 | 87,267 | 99,742 | 41,756 | 21,497 | 44,492 | 28,795 | 17,199 | 21,090 | 22,791 | |
Goods, raw materials, services and sundry goods60/61 |
40,402 | 51,335 | 56,037 | 63,940 | 71,418 | 58,827 | 94,852 | 90,635 | 88,273 | 90,497 | |
Remuneration, social security and pensions62 |
6,896 | 422 | 5,455 | - | - | - | - | - | - | - | |
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 |
6,451 | 3,250 | 2,429 | 2,394 | 2,205 | 1,779 | 1,746 | 1,576 | 1,223 | - | |
Other operating charges640/8 |
1,028 | 613 | 580 | 1,287 | 1,349 | 1,346 | 3,712 | 1,339 | 1,499 | 1,805 | |
Non-recurring operating charges66A |
- | - | - | - | - | - | 14,215 | - | - | - | |
Operating profit (loss)9901 |
133,771 | 82,982 | 91,278 | 38,075 | 17,943 | 41,367 | 9,122 | 14,284 | 18,368 | 20,986 | |
Financial income75/76B |
- | - | - | - | 12 | - | - | - | - | - | |
Recurring financial income75 |
- | - | - | - | 12 | - | - | - | - | - | |
Financial charges65/66B |
11,498 | 11,865 | 8,426 | 4,833 | 4,063 | 686 | 697 | 402 | 582 | 892 | |
Recurring financial charges65 |
11,498 | 11,865 | 7,388 | 4,833 | 4,063 | 686 | 697 | 402 | 582 | 892 | |
Non-recurring financial charges66B |
- | - | 1,038 | - | - | - | - | - | - | - | |
Profit (loss) for the period before taxes9903 |
122,273 | 71,117 | 82,852 | 33,242 | 13,892 | 40,681 | 8,425 | 13,882 | 17,786 | 20,094 | |
Income taxes67/77 |
32,515 | 26,360 | 23,520 | 12,218 | 4,104 | 13,532 | 3,285 | 3,732 | 4,694 | 5,198 | |
Profit (loss) for the period9904 |
89,758 | 44,757 | 59,332 | 21,024 | 9,788 | 27,149 | 5,140 | 10,150 | 13,092 | 14,896 | |
Profit (loss) for the period to be appropriated9905 |
89,758 | 44,757 | 59,332 | 21,024 | 9,788 | 27,149 | 5,140 | 10,150 | 13,092 | 14,896 | |
| Appropriation of the result | |||||||||||
Profit (loss) to be appropriated9906 |
198,600 | 153,599 | 108,842 | 69,510 | 48,486 | 48,698 | 26,549 | 31,121 | 24,264 | 14,896 | |
Profit (loss) brought forward from the previous period14P |
108,842 | 108,842 | 49,510 | 48,486 | 38,698 | - | - | - | - | - | |
Transfer to equity691/2 |
- | 44,757 | - | 20,000 | - | 10,000 | 5,000 | 9,713 | 3,293 | 3,724 | |
To the legal reserve6920 |
- | - | - | - | - | - | - | 2,713 | 3,293 | 3,724 | |
To other reserves6921 |
- | 44,757 | - | 20,000 | - | 10,000 | 5,000 | 7,000 | - | - | |
| Document | |||||||||||
The notes to these accounts have 9 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 02-05-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-05-2026 | 2026-00099305 | |
| 31-12-2024 | micro format | 01-06-2025 | 2025-00112156 | |
| 31-12-2023 | micro format | 30-05-2024 | 2024-00101289 | |
| 31-12-2022 | micro format | 08-05-2023 | 2023-00082233 | |
| 31-12-2021 | micro format | 24-05-2022 | 2022-20035062 | |
| 31-12-2020 | micro format | 21-04-2021 | 2021-10800293 | |
| 31-12-2019 | micro format | 15-04-2020 | 2020-09100527 | |
| 31-12-2018 | micro format | 29-04-2019 | 2019-11400483 | |
| 31-12-2017 | micro format | 18-04-2018 | 2018-10200249 | |
| 31-12-2016 | micro format | 03-04-2017 | 2017-08600392 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 140,222 | 86,232 | 93,707 | 40,469 | 20,148 | 43,146 | 10,868 | 15,860 | 19,591 | - | |
| Cash flow | 96,209 | 48,007 | 61,761 | 23,418 | 11,993 | 28,928 | 6,886 | 11,726 | 14,315 | - | |
| Investment in fixed assets (approximation) | 1.3m | 9,281 | 267,725 | 1 | 253,743 | 4,840 | 1,520 | 7,061 | 13,121 | - | |
| Change in cash | 1,659 | 1,222 | -1,497 | -3,674 | -37,701 | 31,698 | 271 | 545 | -7,414 | - | |
| Working capital | -329,386 | -119,418 | -102,819 | -34,775 | -30,479 | 53,210 | 29,122 | 23,755 | 19,090 | 17,896 | |
| EBIT margin | 74.0% | 64.2% | 63.4% | 36.0% | 19.3% | 40.0% | 8.5% | 13.2% | 16.8% | 18.5% | |
| Solvency | 15.7% | 37.7% | 30.0% | 35.4% | 27.6% | 78.2% | 92.8% | 78.9% | 70.5% | 60.9% | |
| Current ratio | 0.04 | 0.09 | 0.10 | 0.42 | 0.49 | 3.60 | 9.10 | 3.16 | 2.47 | 2.56 | |
| Debt to equity | 5.36 | 1.65 | 2.34 | 1.82 | 2.62 | 0.28 | 0.08 | 0.27 | 0.42 | 0.64 | |
| ROE | 30.1% | 21.5% | 36.3% | 20.2% | 11.8% | 37.0% | 11.1% | 24.7% | 42.2% | 83.2% | |
| ROA | 4.7% | 8.1% | 10.9% | 7.1% | 3.3% | 28.9% | 10.3% | 19.5% | 29.8% | 50.7% | |
| Interest coverage | 12.20 | 7.27 | 12.68 | 8.37 | 4.96 | - | - | - | - | - | |
| Customer credit | - | 0 days | - | 33 days | 39 days | 62 days | 34 days | 39 days | 32 days | 0 days | |
| Supplier credit | 5 days | 16 days | 4 days | 29 days | 4 days | 13 days | 13 days | 25 days | 34 days | 14 days |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €45,270 | €9,281 | €925 | - | €743 |
| Financial fixed assets | €1.3m | - | €266,800 | - | €253,000 |
| Depreciation and write-downs of the year | €6,451 | €3,250 | €2,429 | €2,394 | €2,205 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 61% higher than in 2024 and the highest since 2016. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total rises from 62.3% to 84.3%. Equity and debt are higher.
The board mandates are listed under Board mandates elsewhere. The network lets you explore the same ties.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Rusthuislaan 1 B000 registered office 2242 Zandhoven | ||
| Rusthuislaan 1B 2242 Zandhoven | 12-01-2016 | 2.249.115.343 |
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