Telecom-Makelaars
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-04-2026 PDF all 15 filings
Turnover
≈ €1.9m
Estimated: probably between €1.3m and €3.1m
Total assets
€1.6m▲ 7.6%
2024 · €1.5m
Net result
€399,725▲ 23.6%
2024 · €323,375
Working capital
€829,599▲ 8.9%
2024 · €761,590
In the rankings
#5 company by equity in West Flanders, Telecommunications sector#8 company by total assets in West Flanders, Telecommunications sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€492,967
▲ 15.7%
2025
20182025
Net result
€399,725
▲ 23.6%
2025
highest quarter of the sector
20182025
Equity
€934,491
▲ 19.1%
2025
highest quarter of the sector
20182025
Total assets
€1.6m
▲ 7.6%
2025
middle half of the sector
20182025
Debt
€635,041
▼ 5.7%
2025
20182025
Working capital
€829,599
▲ 8.9%
2025
highest quarter of the sector
20182025
Solvency
59.5%
▲ 5.7pp
2025
middle half of the sector
20182025
Current ratio
2.54
▼ 0.01
2025
middle half of the sector
20182025
Return on assets (ROA)
25.5%
▲ 3.3pp
2025
highest quarter of the sector
20182025
Staff (FTE)
8
▼ 17.5%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.05m-€0.1m▲ 173%€0.2m▲ 30.0%€0.05m▼ 70.2%€0.2m▲ 354%€0.4m▲ 77.2%€0.4m▲ 9.9%€0.5m▲ 15.7%
Net result€0.03m-€0.08m▲ 166%€0.1mabove the sector's middle half▲ 26.5%€0.02mwithin the sector's middle half▼ 82.8%€0.1mabove the sector's middle half▲ 707%€0.3mabove the sector's middle half▲ 94.1%€0.3mabove the sector's middle half▲ 12.8%€0.4mabove the sector's middle half▲ 23.6%
Equity€0.08m-€0.1m▲ 81.4%€0.2mwithin the sector's middle half▲ 60.4%€0.2mwithin the sector's middle half▲ 8.0%€0.4mwithin the sector's middle half▲ 59.7%€0.6mwithin the sector's middle half▲ 53.6%€0.8mwithin the sector's middle half▲ 29.3%€0.9mabove the sector's middle half▲ 19.1%
Total assets€0.4m-€0.5m▲ 33.1%€0.6mwithin the sector's middle half▲ 20.2%€0.7mwithin the sector's middle half▲ 18.3%€0.8mwithin the sector's middle half▲ 10.0%€1.0mwithin the sector's middle half▲ 35.5%€1.5mwithin the sector's middle half▲ 39.9%€1.6mwithin the sector's middle half▲ 7.6%
Debt€0.3m-€0.3m▲ 20.0%€0.4m▲ 3.8%€0.5m▲ 24.8%€0.4m▼ 17.2%€0.4m▲ 16.4%€0.7m▲ 54.7%€0.6m▼ 5.7%
Working capital€0.04m-€0.1m▲ 174%€0.2mwithin the sector's middle half▲ 93.3%€0.2mwithin the sector's middle half▲ 16.8%€0.4mwithin the sector's middle half▲ 62.2%€0.6mabove the sector's middle half▲ 58.1%€0.8mabove the sector's middle half▲ 28.2%€0.8mabove the sector's middle half▲ 8.9%
Solvency21.3%-29.0%▲ 7.7pp38.7%within the sector's middle half▲ 9.7pp35.4%within the sector's middle half▼ 3.4pp51.4%within the sector's middle half▲ 16.0pp58.2%within the sector's middle half▲ 6.9pp53.8%within the sector's middle half▼ 4.4pp59.5%within the sector's middle half▲ 5.7pp
Current ratio1.13-1.30▲ 0.171.55within the sector's middle half▲ 0.261.52within the sector's middle half▼ 0.032.01within the sector's middle half▲ 0.492.36within the sector's middle half▲ 0.362.55within the sector's middle half▲ 0.192.54within the sector's middle half▼ 0.01
Return on assets (ROA)8.6%-17.1%▲ 8.5pp18.0%above the sector's middle half▲ 0.9pp2.6%within the sector's middle half▼ 15.4pp19.2%above the sector's middle half▲ 16.6pp27.5%above the sector's middle half▲ 8.3pp22.2%above the sector's middle half▼ 5.3pp25.5%above the sector's middle half▲ 3.3pp
Staff (FTE)5.8-7.7▲ 32.8%11.8within the sector's middle half▲ 53.2%11.3within the sector's middle half▼ 4.2%9.2within the sector's middle half▼ 18.6%8.4within the sector's middle half▼ 8.7%9.7above the sector's middle half▲ 15.5%8within the sector's middle half▼ 17.5%
above
within
below
The sector band is the middle half of the companies in Telecommunications (NACE 61). 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 16% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
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 €1.6m
Fixed assets
€201,178 ▼ 2.6%
Current assets
€1.4m ▲ 9.3%
Equity and liabilities €1.6m
Equity
€934,491 ▲ 19.1%
Debt
€635,041 ▼ 5.7%
Debt's share of the balance-sheet total falls from 46.2% to 40.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€542,275▲
2024 · €434,853
Cash flow
€449,033▲
2024 · €332,067
Debt to equity
0.68▼
2024 · 0.86
ROE
42.8%▲
2024 · 41.2%
Interest coverage
25.01▲
2024 · 19.76
Debt ≤ 1 year
€538,755▲
2024 · €490,286
Debt > 1 year
€92,651▼
2024 · €183,287
Income taxes
€71,682▼
2024 · €81,319
Staff costs
€545,917▼
2024 · €689,056
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 | 11 | 10 | 9 | 7 | 10 |
| full-time | 9 | 9 | 6 | 5 | 7 |
| part-time | 2 | 1 | 3 | 2 | 3 |
| in full-time equivalents | 10.5 | 9.7 | 8.4 | 6.7 | 9.3 |
| Average over the year, in full-time equivalents | 11.3 | 9.2 | 8.4 | 9.7 | 8 |
| On a permanent contract | 11 | 10 | 9 | 7 | 10 |
| Joined | 1 | 2 | 1 | 4 | 6 |
| Left | 4 | 3 | 2 | 6 | 3 |
| Training hours | - | - | - | - | 135 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €11,521 | - | €202,492 | €34,023 |
| Financial fixed assets | - | - | - | - | €10,000 |
| Depreciation and write-downs of the year | €12,223 | €8,153 | €7,012 | €8,692 | €49,307 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 7 entries · €23,893 awarded · €23,938 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €14,263 | €14,263 |
| 2024 | 2 | €9,105 | €9,105 |
| 2023 | 1 | €0 | €45 |
| 2022 | 1 | €525 | €525 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €0.02m | €0 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.6m | €0.6m | €0.6m | €0.7m | €0.5m | ▼ 20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.02m | €0.02m | €0.01m | €0.008m | €0.007m | €0.009m | €0.05m | ▲ 467% |
| Other operating charges640/8 | - | - | - | €0.005m | €0.006m | €0.006m | €0.01m | €0.006m | ▼ 54.3% |
| Non-recurring operating charges66A | - | - | - | €209 | - | €103 | €0 | - | - |
| Gross operating margin9900 | €0.5m | €0.7m | €0.8m | €0.7m | €0.8m | €1.0m | €1.1m | €1.1m | ▼ 3.7% |
| Operating profit (loss)9901 | €0.05m | €0.1m | €0.2m | €0.05m | €0.2m | €0.4m | €0.4m | €0.5m | ▲ 15.7% |
| Financial income75/76B | - | - | - | €0.003m | €53 | €400 | €0.001m | €127 | ▼ 76.3% |
| Recurring financial income75 | €0.001m | €0.001m | €427 | €0.003m | €53 | €400 | €0.001m | €127 | ▼ 76.3% |
| Financial charges65/66B | - | - | - | €0.005m | €0.005m | €0.01m | €0.02m | €0.02m | ▼ 1.4% |
| Recurring financial charges65 | €0.003m | €0.003m | €0.005m | €0.005m | €0.005m | €0.01m | €0.02m | €0.02m | ▼ 1.4% |
| Profit (loss) for the period before taxes9903 | €0.04m | €0.1m | €0.2m | €0.05m | €0.2m | €0.4m | €0.4m | €0.5m | ▲ 16.5% |
| Income taxes67/77 | €0.01m | €0.04m | €0.05m | €0.03m | €0.07m | €0.09m | €0.08m | €0.07m | ▼ 11.9% |
| Profit (loss) for the period9904 | €0.03m | €0.08m | €0.1m | €0.02m | €0.1m | €0.3m | €0.3m | €0.4m | ▲ 23.6% |
| Profit (loss) for the period to be appropriated9905 | €0.03m | €0.08m | €0.1m | €0.02m | €0.1m | €0.3m | €0.3m | €0.4m | ▲ 23.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.4m | €0.5m | €0.6m | €0.7m | €0.8m | €1.0m | €1.5m | €1.6m | ▲ 7.6% |
| Fixed assets21/28 | €0.04m | €0.04m | €0.03m | €0.02m | €0.02m | €0.01m | €0.2m | €0.2m | ▼ 2.6% |
| Intangible fixed assets21 | €0.003m | €0.002m | €0.001m | €265 | €0 | - | - | - | - |
| Tangible fixed assets22/27 | €0.04m | €0.04m | €0.03m | €0.02m | €0.02m | €0.01m | €0.2m | €0.2m | ▼ 7.5% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €444 | €139 | €0.003m | €0.003m | ▼ 10.3% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.02m | €0.01m | €0.03m | €0.03m | ▲ 8.6% |
| Other tangible fixed assets26 | - | - | - | €0.004m | €0.001m | €0 | €0.2m | €0.2m | ▼ 10.1% |
| Financial fixed assets28 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.01m | ▲ 500% |
| Current assets29/58 | €0.3m | €0.4m | €0.6m | €0.7m | €0.7m | €1.0m | €1.3m | €1.4m | ▲ 9.3% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €0.001m | €0.002m | ▲ 63.7% |
| Other amounts receivable291 | - | - | - | - | - | - | €0.001m | €0.002m | ▲ 63.7% |
| Amounts receivable within one year40/41 | €0.2m | €0.4m | €0.4m | €0.6m | €0.7m | €0.9m | €1.1m | €1.2m | ▲ 11.6% |
| Trade receivables40 | - | - | - | €0.6m | €0.7m | €0.9m | €1.0m | €1.1m | ▲ 8.7% |
| Other amounts receivable41 | - | - | - | €0.009m | €0.008m | €0.08m | €0.06m | €0.1m | ▲ 58.4% |
| Current investments50/53 | - | €0.03m | €0.07m | €9 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.09m | €0.02m | €0.05m | €0.09m | €0.08m | €0.08m | €0.1m | €0.1m | ▲ 2.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.006m | €0.01m | €0.05m | €0.04m | ▼ 23.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.4m | €0.5m | €0.6m | €0.7m | €0.8m | €1.0m | €1.5m | €1.6m | ▲ 7.6% |
| Equity10/15 | €0.08m | €0.1m | €0.2m | €0.2m | €0.4m | €0.6m | €0.8m | €0.9m | ▲ 19.1% |
| Contributions10/11 | €0.01m | €0.01m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.07m | €0.1m | €0.2m | €0.2m | €0.4m | €0.6m | €0.8m | €0.9m | ▲ 19.4% |
| Distributable reserves133 | - | - | - | €0.2m | €0.4m | €0.6m | €0.8m | €0.9m | ▲ 19.4% |
| Profit (loss) carried forward14 | - | - | -€133 | €0 | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €0.3m | €0.3m | €0.4m | €0.5m | €0.4m | €0.4m | €0.7m | €0.6m | ▼ 5.7% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €0.2m | €0.09m | ▼ 49.5% |
| Financial debts170/4 | - | - | - | - | - | - | €0.2m | €0.09m | ▼ 49.5% |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | ▲ 9.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €0.04m | €0.04m | ▲ 20.7% |
| Financial debts43 | - | - | - | €0.2m | €0.2m | €0.2m | €0.02m | €0.02m | ▲ 1.8% |
| Credit institutions430/8 | - | - | - | €0.2m | €0.2m | €0.2m | €0.02m | €0.02m | ▲ 1.8% |
| Trade debts44 | €0.04m | €0.07m | €0.03m | €0.1m | €0.08m | €0.09m | €0.2m | €0.09m | ▼ 42.2% |
| Suppliers440/4 | - | - | - | €0.1m | €0.08m | €0.09m | €0.2m | €0.09m | ▼ 42.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 6.8% |
| Taxes450/3 | - | - | - | €0.03m | €0.008m | €0.01m | €0.03m | €0.04m | ▲ 58.1% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.09m | €0.1m | €0.1m | €0.09m | ▼ 7.4% |
| Other amounts payable47/48 | - | - | - | €0.01m | €0 | €0.08m | €0.2m | €0.3m | ▲ 66.7% |
| Accrued charges and deferred income492/3 | - | - | - | €0.005m | €293 | €0 | - | €0.004m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,626 | €84,106 | €106,424 | €18,299 | €147,757 | €286,733 | €323,375 | €399,725 | ▲ 23.6% |
| + Depreciation and write-downs630 | €10,672 | €15,726 | €17,546 | €12,223 | €8,153 | €7,012 | €8,692 | €49,307 | ▲ 467% |
| Operating cash flow (approximation) | €42,298 | €99,833 | €123,970 | €30,522 | €155,909 | €293,746 | €332,067 | €449,033 | ▲ 35.2% |
| Investment in fixed assets (approximation) | - | -€16,886 | -€8,001 | €0 | -€7,228 | €0 | -€202,492 | -€44,023 | ▲ 78.3% |
| Change in cash | - | -€66,417 | €32,913 | €40,941 | -€9,964 | -€2,512 | €48,102 | €2,562 | ▼ 94.7% |
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 Telecom-Makelaars 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 Telecom-Makelaars itself: 0.3% 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 Telecom-Makelaars. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-04-2026 | 2026-00097957 | |
| 31-12-2024 | abbreviated format | 27-06-2025 | 2025-00208037 | |
| 31-12-2023 | abbreviated format | 24-06-2024 | 2024-00155562 | |
| 31-12-2022 | abbreviated format | 15-03-2023 | 2023-00039795 | |
| 31-12-2021 | abbreviated format | 17-06-2022 | 2022-20070226 | |
| 31-12-2020 | abbreviated format | 21-06-2021 | 2021-24000448 | |
| 31-12-2019 | abbreviated format | 26-06-2020 | 2020-21700419 | |
| 31-12-2018 | abbreviated format | 04-06-2019 | 2019-15900192 | |
| 31-12-2017 | micro format | 22-06-2018 | 2018-22400197 | |
| 31-12-2016 | abbreviated format | 16-06-2017 | 2017-18500266 |