TELIKA
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 4 days after the deadline Filed on 4 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00386027.
Annual accounts 2025 filed on 04-08-2026 at the NBB all 31 filings
Turnover
≈ €870,000
Estimated: probably between €780,000 and €970,000
EBIT margin
Not included in this filing
Net result
€824,219▼ 15.9%
2024 · €979,510
Working capital
-€546,816▼ 212%
2024 · -€175,466
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€99,743
▼ 56.8%
2025
20182025
Net result
€824,219
▼ 15.9%
2025
highest quarter of the sector
20182025
Equity
€1.6m
▲ 107%
2025
middle half of the sector
20182025
Total assets
€7.8m
▲ 1.4%
2025
middle half of the sector
20182025
Debt
€5.7m
▼ 15.4%
2025
20182025
Working capital
-€546,816
▼ 212%
2025
lowest quarter of the sector
20182025
Solvency
20.5%
▲ 10.4pp
2025
middle half of the sector
20182025
Current ratio
0.27
▼ 0.40
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
10.6%
▼ 2.2pp
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-€0.003m-€0.2m€0.2m▼ 13.4%€0.4m▲ 114%-€0.03m€0.2m€0.2m▲ 45.0%€0.1m▼ 56.8%
Net result-€0.2m-€0.4m€0.3mabove the sector's middle half▼ 22.6%€0.3mabove the sector's middle half▲ 15.3%-€0.3mbelow the sector's middle half-€0.2mbelow the sector's middle half▲ 35.1%€1.0mabove the sector's middle half€0.8mabove the sector's middle half▼ 15.9%
Equity-€0.6m--€0.2m▲ 58.8%€0.03mbelow the sector's middle half€0.3mwithin the sector's middle half▲ 13×€0.009mbelow the sector's middle half▼ 97.5%-€0.2mbelow the sector's middle half€0.8mwithin the sector's middle half€1.6mwithin the sector's middle half▲ 107%
Total assets€14.6m-€15.1m▲ 3.4%€13.7mabove the sector's middle half▼ 9.5%€10.8mabove the sector's middle half▼ 21.2%€10.0mabove the sector's middle half▼ 7.0%€8.3mwithin the sector's middle half▼ 17.5%€7.7mwithin the sector's middle half▼ 7.0%€7.8mwithin the sector's middle half▲ 1.4%
Debt€15.2m-€15.4m▲ 1.0%€13.6m▼ 11.1%€10.4m▼ 23.5%€10.0m▼ 4.0%€8.5m▼ 15.4%€6.8m▼ 19.9%€5.7m▼ 15.4%
Working capital-€0.7m-€0.5m€1.8mabove the sector's middle half▲ 294%€0.2mwithin the sector's middle half▼ 91.5%-€0.2mwithin the sector's middle half-€0.4mbelow the sector's middle half▼ 128%-€0.2mwithin the sector's middle half▲ 52.6%-€0.5mbelow the sector's middle half▼ 212%
Solvency-4.1%--1.6%▲ 2.5pp0.2%below the sector's middle half▲ 1.8pp3.2%below the sector's middle half▲ 3.0pp0.1%below the sector's middle half▼ 3.1pp-2.5%below the sector's middle half▼ 2.6pp10.0%within the sector's middle half▲ 12.6pp20.5%within the sector's middle half▲ 10.4pp
Current ratio0.79-1.13▲ 0.341.82within the sector's middle half▲ 0.701.09within the sector's middle half▼ 0.730.91within the sector's middle half▼ 0.190.41below the sector's middle half▼ 0.500.67within the sector's middle half▲ 0.270.27below the sector's middle half▼ 0.40
Return on assets (ROA)-1.6%-2.3%▲ 3.9pp2.0%within the sector's middle half▼ 0.3pp2.9%within the sector's middle half▲ 0.9pp-3.3%below the sector's middle half▼ 6.3pp-2.6%below the sector's middle half▲ 0.7pp12.7%above the sector's middle half▲ 15.4pp10.6%above the sector's middle half▼ 2.2pp
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 57% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.8m
Fixed assets
€7.6m ▲ 3.5%
Current assets
€204,812 ▼ 42.7%
Equity and liabilities €7.8m
Equity
€1.6m ▲ 107%
Provisions
€454,607 ▲ 261%
Debt
€5.7m ▼ 15.4%
Debt's share of the balance-sheet total falls from 88.3% to 73.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€670,843▼
2024 · €756,440
Cash flow
€1.4m▼
2024 · €1.5m
Debt to equity
3.60▼
2024 · 8.80
ROE
51.7%▼
2024 · 127.0%
Interest coverage
2.17▼
2024 · 2.74
Debt ≤ 1 year
€751,628▲
2024 · €532,624
Debt > 1 year
€5.0m▼
2024 · €6.3m
Income taxes
€939
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €131,377 | €116,847 | €240,745 | €99,969 | €1.1m |
| Financial fixed assets | - | - | - | €454 | €4,667 |
| Depreciation and write-downs of the year | €569,774 | €568,400 | €562,945 | €525,502 | €571,099 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.8m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | €0.6m | ▲ 8.7% |
| Other operating charges640/8 | - | - | - | €0.09m | €0.09m | €0.1m | €0.1m | €0.1m | ▼ 3.5% |
| Gross operating margin9900 | €0.8m | €0.9m | €0.9m | €1.1m | €0.6m | €0.8m | €0.9m | €0.8m | ▼ 10.3% |
| Operating profit (loss)9901 | -€0.003m | €0.2m | €0.2m | €0.4m | -€0.03m | €0.2m | €0.2m | €0.1m | ▼ 56.8% |
| Financial income75/76B | - | - | - | €0.2m | €0.006m | €0.07m | €1.2m | €1.4m | ▲ 18.5% |
| Recurring financial income75 | €0.01m | €0.009m | €0.009m | €0.005m | €0 | €0.002m | €0.002m | €0.002m | ▲ 2.3% |
| Non-recurring financial income76B | - | - | - | €0.2m | €0.006m | €0.07m | €1.1m | €1.4m | ▲ 18.5% |
| Financial charges65/66B | - | - | - | €0.3m | €0.3m | €0.4m | €0.3m | €0.3m | ▲ 12.1% |
| Recurring financial charges65 | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 12.1% |
| Non-recurring financial charges66B | - | - | - | - | - | €0.1m | - | €100 | - |
| Profit (loss) for the period before taxes9903 | -€0.2m | €0.4m | €0.3m | €0.3m | -€0.3m | -€0.2m | €1.1m | €1.2m | ▲ 4.4% |
| Transfer from deferred taxes780 | - | - | - | - | - | - | - | €0.01m | - |
| Transfer to deferred taxes680 | - | - | - | - | - | - | €0.1m | €0.3m | ▲ 170% |
| Income taxes67/77 | - | - | - | - | - | - | - | €0.001m | - |
| Profit (loss) for the period9904 | -€0.2m | €0.4m | €0.3m | €0.3m | -€0.3m | -€0.2m | €1.0m | €0.8m | ▼ 15.9% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | - | €0.03m | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €0.4m | €1.0m | ▲ 170% |
| Profit (loss) for the period to be appropriated9905 | -€0.2m | €0.4m | €0.3m | €0.3m | -€0.3m | -€0.2m | €0.6m | -€0.2m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €14.6m | €15.1m | €13.7m | €10.8m | €10.0m | €8.3m | €7.7m | €7.8m | ▲ 1.4% |
| Fixed assets21/28 | €12.0m | €11.0m | €9.6m | €8.9m | €8.5m | €8.0m | €7.3m | €7.6m | ▲ 3.5% |
| Tangible fixed assets22/27 | €11.3m | €10.3m | €8.9m | €8.5m | €8.0m | €7.6m | €6.9m | €7.1m | ▲ 3.7% |
| Land and buildings22 | - | - | - | €8.5m | €8.0m | €7.6m | €6.9m | €7.1m | ▲ 3.7% |
| Financial fixed assets28 | €0.7m | €0.7m | €0.7m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 1.1% |
| Current assets29/58 | €2.6m | €4.1m | €4.0m | €1.9m | €1.6m | €0.3m | €0.4m | €0.2m | ▼ 42.7% |
| Stocks and contracts in progress3 | €2.0m | €3.3m | €3.3m | €0.4m | - | - | - | - | - |
| Stocks30/36 | - | - | - | €0.4m | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.4m | €0.6m | €0.3m | €0.06m | €0.07m | €0.06m | €0.06m | €0.06m | ▼ 0.2% |
| Trade receivables40 | - | - | - | - | €0.007m | - | - | €336 | - |
| Other amounts receivable41 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | ▼ 0.7% |
| Cash at bank and in hand54/58 | €0.2m | €0.2m | €0.4m | €1.3m | €1.5m | €0.2m | €0.3m | €0.1m | ▼ 51.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €14.6m | €15.1m | €13.7m | €10.8m | €10.0m | €8.3m | €7.7m | €7.8m | ▲ 1.4% |
| Equity10/15 | -€0.6m | -€0.2m | €0.03m | €0.3m | €0.009m | -€0.2m | €0.8m | €1.6m | ▲ 107% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Revaluation surpluses12 | - | - | - | €3.8m | €3.8m | €3.6m | €3.2m | €2.9m | ▼ 11.5% |
| Reserves13 | - | - | - | - | - | €0.2m | €1.0m | €2.3m | ▲ 141% |
| Tax-exempt reserves132 | - | - | - | - | - | - | €0.4m | €1.4m | ▲ 261% |
| Distributable reserves133 | - | - | - | - | - | €0.2m | €0.6m | €1.0m | ▲ 63.1% |
| Profit (loss) carried forward14 | -€4.6m | -€4.3m | -€4.0m | -€3.7m | -€4.0m | -€4.2m | -€3.6m | -€3.8m | ▼ 4.5% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €0.1m | €0.5m | ▲ 261% |
| Deferred taxes168 | - | - | - | - | - | - | €0.1m | €0.5m | ▲ 261% |
| Amounts payable17/49 | €15.2m | €15.4m | €13.6m | €10.4m | €10.0m | €8.5m | €6.8m | €5.7m | ▼ 15.4% |
| Amounts payable after more than one year17 | €11.9m | €11.7m | €11.4m | €8.7m | €8.3m | €7.9m | €6.3m | €5.0m | ▼ 20.2% |
| Financial debts170/4 | - | - | - | €8.3m | €7.9m | €7.4m | €5.8m | €4.6m | ▼ 21.6% |
| Other amounts payable178/9 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 0.3% |
| Amounts payable within one year42/48 | €3.3m | €3.7m | €2.2m | €1.7m | €1.7m | €0.6m | €0.5m | €0.8m | ▲ 41.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 34.4% |
| Trade debts44 | €0.004m | €0.5m | €0.002m | €0.001m | €0.002m | €0.001m | €167 | - | - |
| Suppliers440/4 | - | - | - | €0.001m | €0.002m | €0.001m | €167 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.002m | €0.002m | €0.003m | €0.001m | €0.005m | ▲ 291% |
| Taxes450/3 | - | - | - | €0.002m | €0.002m | €0.003m | €0.001m | €0.005m | ▲ 291% |
| Other amounts payable47/48 | - | - | - | €1.3m | €1.3m | €0.2m | €0.1m | €0.5m | ▲ 261% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.2m | €0.4m | €0.3m | €0.3m | -€0.3m | -€0.2m | €1.0m | €0.8m | ▼ 15.9% |
| + Depreciation and write-downs630 | €0.8m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | €0.6m | ▲ 8.7% |
| Operating cash flow (approximation) | €0.5m | €1.0m | €0.8m | €0.9m | €0.2m | €0.3m | €1.5m | €1.4m | ▼ 7.3% |
| Investment in fixed assets (approximation) | - | €0.5m | €0.8m | €0.1m | -€0.1m | -€0.1m | €0.2m | -€0.8m | - |
| Change in cash | - | -€0.02m | €0.2m | €1.0m | €0.1m | -€1.3m | €0.1m | -€0.2m | - |
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, 378 companies had the same profile as TELIKA has now. Two years later, 97.4% were still going and 0.3% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.4%
was still going
2.4%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of TELIKA 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 378 companies, not a prediction for TELIKA. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 04-08-2026 | 2026-00386027 | |
| 31-12-2024 | full format | 19-06-2025 | 2025-00159830 | |
| 31-12-2023 | full format | 18-06-2024 | 2024-00142427 | |
| 31-12-2022 | full format | 30-05-2023 | 2023-00104479 | |
| 31-12-2021 | full format | 25-08-2022 | 2022-20328451 | |
| 31-12-2020 | full format | 15-06-2021 | 2021-20300089 | |
| 31-12-2019 | full format | 21-08-2020 | 2020-43500204 | |
| 31-12-2018 | full format | 13-01-2020 | 2020-01000043 | |
| 31-12-2017 | full format | 31-07-2018 | 2018-43200060 | |
| 31-12-2016 | full format | 30-08-2017 | 2017-57600071 |