TELECTRICS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 9 filings
Turnover
≈ €450,000
Estimated: probably between €360,000 and €540,000
Total assets
€276,392▲ 3.7%
2024 · €266,471
Net result
€10,413▼ 28.0%
2024 · €14,463
Working capital
€9,368
2024 · -€8,863
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€19,857
▼ 16.5%
2025
20182025
Net result
€10,413
▼ 28.0%
2025
middle half of the sector
20182025
Equity
€77,307
▲ 15.6%
2025
middle half of the sector
20182025
Total assets
€276,392
▲ 3.7%
2025
middle half of the sector
20182025
Debt
€199,084
▼ 0.2%
2025
20182025
Working capital
€9,368
2025
middle half of the sector
20182025
Solvency
28.0%
▲ 2.9pp
2025
middle half of the sector
20182025
Current ratio
1.10
▲ 0.22
2025
middle half of the sector
20182025
Return on assets (ROA)
3.8%
▼ 1.7pp
2025
middle half of the sector
20182025
Staff (FTE)
1.8
▲ 80.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€9,604-€20,818▲ 117%€1,639▼ 92.1%-€17,095€26,814€6,062▼ 77.4%€23,790▲ 292%€19,857▼ 16.5%
Net result€7,249-€16,055▲ 121%-€608below the sector's middle half-€16,611below the sector's middle half▼ 2,633%€26,707within the sector's middle half€1,679within the sector's middle half▼ 93.7%€14,463within the sector's middle half▲ 761%€10,413within the sector's middle half▼ 28.0%
Equity€30,085-€45,329▲ 50.7%€44,721within the sector's middle half▼ 1.3%€28,110within the sector's middle half▼ 37.1%€60,167within the sector's middle half▲ 114%€53,265within the sector's middle half▼ 11.5%€66,894within the sector's middle half▲ 25.6%€77,307within the sector's middle half▲ 15.6%
Total assets€123,247-€202,605▲ 64.4%€163,528within the sector's middle half▼ 19.3%€159,106within the sector's middle half▼ 2.7%€292,618within the sector's middle half▲ 83.9%€282,284within the sector's middle half▼ 3.5%€266,471within the sector's middle half▼ 5.6%€276,392within the sector's middle half▲ 3.7%
Debt€93,162-€157,276▲ 68.8%€118,807▼ 24.5%€130,996▲ 10.3%€232,451▲ 77.4%€229,020▼ 1.5%€199,576▼ 12.9%€199,084▼ 0.2%
Working capital€13,001-€21,626▲ 66.3%€27,979within the sector's middle half▲ 29.4%€1,982below the sector's middle half▼ 92.9%€3,479below the sector's middle half▲ 75.5%-€2,060below the sector's middle half-€8,863below the sector's middle half▼ 330%€9,368within the sector's middle half
Solvency24.4%-22.4%▼ 2.0pp27.3%within the sector's middle half▲ 5.0pp17.7%below the sector's middle half▼ 9.7pp20.6%below the sector's middle half▲ 2.9pp18.9%below the sector's middle half▼ 1.7pp25.1%within the sector's middle half▲ 6.2pp28.0%within the sector's middle half▲ 2.9pp
Current ratio1.15-1.17▲ 0.011.28within the sector's middle half▲ 0.111.02below the sector's middle half▼ 0.261.03below the sector's middle half▲ 0.010.98below the sector's middle half▼ 0.050.88below the sector's middle half▼ 0.101.10within the sector's middle half▲ 0.22
Return on assets (ROA)5.9%-7.9%▲ 2.0pp-0.4%below the sector's middle half▼ 8.3pp-10.4%below the sector's middle half▼ 10.1pp9.1%within the sector's middle half▲ 19.6pp0.6%within the sector's middle half▼ 8.5pp5.4%within the sector's middle half▲ 4.8pp3.8%within the sector's middle half▼ 1.7pp
Staff (FTE)2.7-3▲ 11.1%1.6within the sector's middle half▼ 46.7%1.1▼ 31.3%1.6▲ 45.5%1.7▲ 6.3%1▼ 41.2%1.8▲ 80.0%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 17% 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 €276,392
Fixed assets
€170,863 ▼ 15.3%
Current assets
€105,529 ▲ 63.1%
Equity and liabilities €276,392
Equity
€77,307 ▲ 15.6%
Debt
€199,084 ▼ 0.2%
Debt's share of the balance-sheet total falls from 74.9% to 72.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€49,698▼
2024 · €51,257
Cash flow
€40,254▼
2024 · €41,930
Quick ratio
0.93▲
2024 · 0.74
Debt to equity
2.58▼
2024 · 2.98
ROE
13.5%▼
2024 · 21.6%
Interest coverage
8.21▼
2024 · 8.29
Debt ≤ 1 year
€96,160▲
2024 · €73,582
Debt > 1 year
€102,924▼
2024 · €125,607
Income taxes
€5,240▲
2024 · €5,181
Staff costs
€92,523▲
2024 · €55,745
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 | 1 | 2 | 1 | 1 | 2 |
| full-time | 1 | 2 | 1 | 1 | 2 |
| part-time | 0 | 0 | 0 | 0 | 0 |
| in full-time equivalents | 1 | 2 | 1 | 1 | 2 |
| Average over the year, in full-time equivalents | 1.1 | 1.6 | 1.7 | 1 | 1.8 |
| On a permanent contract | 1 | 1 | 1 | 1 | 2 |
| Joined | 15 | 15 | 6 | 0 | 1 |
| Left | 16 | 14 | 7 | 0 | 0 |
| Training hours | - | - | 264 | 0 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €38,887 | €141,693 | €36,331 | €48,261 | €0 |
| Depreciation and write-downs of the year | €15,744 | €19,553 | €28,171 | €27,467 | €29,841 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €465 awarded · €465 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €51,782 | €64,803 | €68,070 | €55,745 | €92,523 | ▲ 66.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €24,252 | €23,810 | €17,929 | €15,744 | €19,553 | €28,171 | €27,467 | €29,841 | ▲ 8.6% |
| Other operating charges640/8 | - | - | - | €3,134 | €15,224 | €7,308 | €1,542 | €1,578 | ▲ 2.3% |
| Non-recurring operating charges66A | - | - | - | €1,200 | €0 | - | - | - | - |
| Gross operating margin9900 | €123,915 | €169,798 | €85,701 | €54,764 | €126,393 | €109,611 | €108,544 | €143,799 | ▲ 32.5% |
| Operating profit (loss)9901 | €9,604 | €20,818 | €1,639 | -€17,095 | €26,814 | €6,062 | €23,790 | €19,857 | ▼ 16.5% |
| Financial income75/76B | - | - | - | €1,378 | €2,730 | €1,794 | €2,035 | €1,853 | ▼ 9.0% |
| Recurring financial income75 | €1,863 | €1,977 | €630 | €1,378 | €2,730 | €1,794 | €2,035 | €1,853 | ▼ 9.0% |
| Financial charges65/66B | - | - | - | €894 | €2,044 | €5,701 | €6,181 | €6,056 | ▼ 2.0% |
| Recurring financial charges65 | €1,510 | €2,623 | €2,867 | €894 | €2,044 | €5,701 | €6,181 | €6,056 | ▼ 2.0% |
| Profit (loss) for the period before taxes9903 | €9,957 | €20,171 | -€599 | -€16,611 | €27,499 | €2,155 | €19,644 | €15,653 | ▼ 20.3% |
| Income taxes67/77 | €2,708 | €4,116 | €9 | €0 | €792 | €476 | €5,181 | €5,240 | ▲ 1.1% |
| Profit (loss) for the period9904 | €7,249 | €16,055 | -€608 | -€16,611 | €26,707 | €1,679 | €14,463 | €10,413 | ▼ 28.0% |
| Profit (loss) for the period to be appropriated9905 | €7,249 | €16,055 | -€608 | -€16,611 | €26,707 | €1,679 | €14,463 | €10,413 | ▼ 28.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €123,247 | €202,605 | €163,528 | €159,106 | €292,618 | €282,284 | €266,471 | €276,392 | ▲ 3.7% |
| Fixed assets21/28 | €26,191 | €52,232 | €35,225 | €55,068 | €177,208 | €180,958 | €201,751 | €170,863 | ▼ 15.3% |
| Intangible fixed assets21 | €400 | €200 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €25,791 | €52,032 | €35,225 | €55,068 | €177,208 | €180,958 | €201,751 | €170,863 | ▼ 15.3% |
| Land and buildings22 | - | - | - | - | €104,022 | €98,772 | €137,677 | €126,864 | ▼ 7.9% |
| Plant, machinery and equipment23 | - | - | - | €384 | €1,204 | €6,547 | €8,529 | €8,478 | ▼ 0.6% |
| Furniture and vehicles24 | - | - | - | €50,743 | €65,369 | €69,759 | €50,398 | €31,106 | ▼ 38.3% |
| Other tangible fixed assets26 | - | - | - | €3,941 | €6,613 | €5,880 | €5,148 | €4,415 | ▼ 14.2% |
| Current assets29/58 | €97,056 | €150,373 | €128,303 | €104,038 | €115,410 | €101,327 | €64,719 | €105,529 | ▲ 63.1% |
| Stocks and contracts in progress3 | €8,763 | €28,763 | €32,500 | €39,750 | €34,000 | €30,000 | €10,000 | €15,850 | ▲ 58.5% |
| Stocks30/36 | - | - | - | €39,750 | €34,000 | €30,000 | €10,000 | €15,850 | ▲ 58.5% |
| Amounts receivable within one year40/41 | €57,745 | €101,882 | €41,685 | €49,975 | €68,802 | €55,684 | €41,274 | €78,931 | ▲ 91.2% |
| Trade receivables40 | - | - | - | €37,491 | €48,173 | €50,746 | €35,910 | €57,930 | ▲ 61.3% |
| Other amounts receivable41 | - | - | - | €12,483 | €20,629 | €4,939 | €5,364 | €21,001 | ▲ 292% |
| Cash at bank and in hand54/58 | €29,353 | €16,679 | €51,970 | €12,659 | €7,800 | €12,508 | €8,808 | €3,822 | ▼ 56.6% |
| Deferred charges and accrued income490/1 | - | - | - | €1,655 | €4,809 | €3,135 | €4,637 | €6,925 | ▲ 49.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €123,247 | €202,605 | €163,528 | €159,106 | €292,618 | €282,284 | €266,471 | €276,392 | ▲ 3.7% |
| Equity10/15 | €30,085 | €45,329 | €44,721 | €28,110 | €60,167 | €53,265 | €66,894 | €77,307 | ▲ 15.6% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €17,685 | €32,929 | €32,929 | €32,929 | €41,617 | €34,715 | €48,344 | €58,757 | ▲ 21.5% |
| Non-distributable reserves130/1 | - | - | - | €1,855 | €1,855 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,855 | €1,855 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €31,074 | €39,762 | €34,715 | €48,344 | €58,757 | ▲ 21.5% |
| Profit (loss) carried forward14 | - | - | -€608 | -€17,219 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €93,162 | €157,276 | €118,807 | €130,996 | €232,451 | €229,020 | €199,576 | €199,084 | ▼ 0.2% |
| Amounts payable after more than one year17 | €8,476 | €28,529 | €17,214 | €28,833 | €120,247 | €125,360 | €125,607 | €102,924 | ▼ 18.1% |
| Financial debts170/4 | - | - | - | €28,833 | €120,247 | €125,360 | €125,607 | €102,924 | ▼ 18.1% |
| Amounts payable within one year42/48 | €84,055 | €128,747 | €100,324 | €102,056 | €111,931 | €103,387 | €73,582 | €96,160 | ▲ 30.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €16,011 | €24,127 | €22,787 | €27,925 | €22,683 | ▼ 18.8% |
| Financial debts43 | - | - | - | - | €18 | €0 | - | - | - |
| Credit institutions430/8 | - | - | - | - | €18 | €0 | - | - | - |
| Trade debts44 | €6,003 | €21,628 | €10,776 | €11,550 | €27,308 | €49,684 | €34,344 | €52,875 | ▲ 54.0% |
| Suppliers440/4 | - | - | - | €11,550 | €27,308 | €49,684 | €34,344 | €52,875 | ▲ 54.0% |
| Taxes, remuneration and social security45 | - | - | - | €5,529 | €7,904 | €9,172 | €10,480 | €19,770 | ▲ 88.6% |
| Taxes450/3 | - | - | - | €225 | €1,017 | €1,493 | €4,432 | €9,421 | ▲ 113% |
| Remuneration and social security454/9 | - | - | - | €5,304 | €6,887 | €7,679 | €6,048 | €10,349 | ▲ 71.1% |
| Other amounts payable47/48 | - | - | - | €68,968 | €52,575 | €21,744 | €833 | €833 | = |
| Accrued charges and deferred income492/3 | - | - | - | €107 | €273 | €273 | €387 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,249 | €16,055 | -€608 | -€16,611 | €26,707 | €1,679 | €14,463 | €10,413 | ▼ 28.0% |
| + Depreciation and write-downs630 | €24,252 | €23,810 | €17,929 | €15,744 | €19,553 | €28,171 | €27,467 | €29,841 | ▲ 8.6% |
| Operating cash flow (approximation) | €31,500 | €39,865 | €17,321 | -€867 | €46,261 | €29,850 | €41,930 | €40,254 | ▼ 4.0% |
| Investment in fixed assets (approximation) | - | -€49,851 | -€922 | -€35,586 | -€141,693 | -€31,921 | -€48,261 | €1,047 | - |
| Change in cash | - | -€12,674 | €35,291 | -€39,312 | -€4,859 | €4,708 | -€3,699 | -€4,986 | ▼ 34.8% |
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, 4,508 companies had the same profile as TELECTRICS has now. Two years later, 96.9% were still going and 1.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.6%
stopped otherwise
1.4%
went bankrupt
That fits the bankruptcy probability of TELECTRICS itself: 0.7% 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 4,508 companies, not a prediction for TELECTRICS. 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.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-06-2026 | 2026-00191800 | |
| 31-12-2024 | micro format | 26-07-2025 | 2025-00312515 | |
| 31-12-2023 | micro format | 29-07-2024 | 2024-00296006 | |
| 31-12-2022 | micro format | 08-07-2023 | 2023-00217247 | |
| 31-12-2021 | micro format | 18-07-2022 | 2022-20194236 | |
| 31-12-2020 | micro format | 28-06-2021 | 2021-25700319 | |
| 31-12-2019 | micro format | 08-06-2020 | 2020-15100539 | |
| 31-12-2018 | micro format | 14-02-2019 | 2019-05000495 | |
| 31-12-2017 | micro format | 08-06-2018 | 2018-17400257 |