TIMCO
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 23 days after the deadline Filed on 23 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00044571.
Annual accounts 2025 filed on 23-02-2026 PDF all 7 filings
Turnover
≈ €560,000
Estimated: probably between €440,000 and €670,000
Total assets
€332,686▲ 3.8%
2024 · €320,488
Net result
€3,673▼ 80.9%
2024 · €19,224
Working capital
€106,650▼ 7.1%
2024 · €114,793
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€9,023
▼ 70.3%
2025
20192025
Net result
€3,673
▼ 80.9%
2025
middle half of the sector
20192025
Equity
€134,961
▼ 11.4%
2025
middle half of the sector
20192025
Total assets
€332,686
▲ 3.8%
2025
highest quarter of the sector
20192025
Debt
€197,725
▲ 17.6%
2025
20192025
Working capital
€106,650
▼ 7.1%
2025
highest quarter of the sector
20192025
Solvency
40.6%
▼ 7.0pp
2025
middle half of the sector
20192025
Current ratio
1.58
▼ 0.19
2025
middle half of the sector
20192025
Return on assets (ROA)
1.1%
▼ 4.9pp
2025
middle half of the sector
20192025
Staff (FTE)
2.6
▲ 62.5%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€6,568-€71,143▲ 983%€40,314▼ 43.3%€21,710▼ 46.1%€67,476▲ 211%€30,352▼ 55.0%€9,023▼ 70.3%
Net result€3,371-€49,180within the sector's middle half▲ 15×€26,718within the sector's middle half▼ 45.7%€17,434within the sector's middle half▼ 34.7%€50,162within the sector's middle half▲ 188%€19,224within the sector's middle half▼ 61.7%€3,673within the sector's middle half▼ 80.9%
Equity€9,571-€58,751below the sector's middle half▲ 514%€65,469below the sector's middle half▲ 11.4%€82,902below the sector's middle half▲ 26.6%€133,065within the sector's middle half▲ 60.5%€152,288within the sector's middle half▲ 14.4%€134,961within the sector's middle half▼ 11.4%
Total assets€143,015-€218,763below the sector's middle half▲ 53.0%€189,867below the sector's middle half▼ 13.2%€205,626below the sector's middle half▲ 8.3%€304,060below the sector's middle half▲ 47.9%€320,488below the sector's middle half▲ 5.4%€332,686above the sector's middle half▲ 3.8%
Debt€133,444-€160,012▲ 19.9%€124,399▼ 22.3%€122,724▼ 1.3%€170,996▲ 39.3%€168,200▼ 1.6%€197,725▲ 17.6%
Working capital€2,624-€65,685within the sector's middle half▲ 25×€40,716within the sector's middle half▼ 38.0%€63,543within the sector's middle half▲ 56.1%€100,458within the sector's middle half▲ 58.1%€114,793within the sector's middle half▲ 14.3%€106,650above the sector's middle half▼ 7.1%
Solvency6.7%-26.9%within the sector's middle half▲ 20.2pp34.5%within the sector's middle half▲ 7.6pp40.3%within the sector's middle half▲ 5.8pp43.8%within the sector's middle half▲ 3.4pp47.5%within the sector's middle half▲ 3.8pp40.6%within the sector's middle half▼ 7.0pp
Current ratio1.02-1.66within the sector's middle half▲ 0.631.41within the sector's middle half▼ 0.241.59within the sector's middle half▲ 0.181.72within the sector's middle half▲ 0.121.77within the sector's middle half▲ 0.051.58within the sector's middle half▼ 0.19
Return on assets (ROA)2.4%-22.5%above the sector's middle half▲ 20.1pp14.1%above the sector's middle half▼ 8.4pp8.5%within the sector's middle half▼ 5.6pp16.5%above the sector's middle half▲ 8.0pp6.0%within the sector's middle half▼ 10.5pp1.1%within the sector's middle half▼ 4.9pp
Staff (FTE)1-1below the sector's middle half1.8below the sector's middle half▲ 80.0%2.5within the sector's middle half▲ 38.9%1.6below the sector's middle half▼ 36.0%2.6▲ 62.5%
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 70% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated or 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 €332,686
Fixed assets
€41,486 ▼ 26.4%
Current assets
€291,200 ▲ 10.2%
Equity and liabilities €332,686
Equity
€134,961 ▼ 11.4%
Debt
€197,725 ▲ 17.6%
Debt's share of the balance-sheet total rises from 52.5% to 59.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€27,982▼
2024 · €53,226
Cash flow
€22,632▼
2024 · €42,097
Quick ratio
1.24▲
2024 · 1.15
Debt to equity
1.47▲
2024 · 1.10
ROE
2.7%▼
2024 · 12.6%
Interest coverage
18.80▼
2024 · 22.40
Debt ≤ 1 year
€184,550▲
2024 · €149,360
Debt > 1 year
€13,174▼
2024 · €18,840
Income taxes
€3,886▼
2024 · €9,358
Staff costs
€148,199▲
2024 · €79,121
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 3 | 2 | 3 |
| full-time | 1 | 1 | - | 1 |
| part-time | 1 | 2 | 2 | 2 |
| in full-time equivalents | 1.8 | 2.1 | 1.8 | 2.8 |
| Average over the year, in full-time equivalents | 1.8 | 2.5 | 1.6 | 2.6 |
| On a permanent contract | 2 | 1 | 2 | 2 |
| Joined | - | 2 | 2 | 2 |
| Left | - | 1 | 1 | 3 |
| Training hours | - | - | - | 769 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €5,219 | €53,148 | €48,838 | €3,538 |
| Financial fixed assets | - | - | - | €571 |
| Depreciation and write-downs of the year | €21,238 | €24,483 | €22,873 | €18,959 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 7 entries · €34,478 awarded · €34,478 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €10,729 | €10,729 |
| 2024 | 2 | €8,290 | €8,290 |
| 2023 | 1 | €6,180 | €6,180 |
| 2022 | 2 | €9,279 | €9,279 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €7,500 | - | €5,851 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €77,572 | €61,417 | €79,121 | €148,199 | ▲ 87.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,139 | €21,071 | €19,788 | €21,238 | €24,483 | €22,873 | €18,959 | ▼ 17.1% |
| Other operating charges640/8 | - | - | - | €1,476 | €3,840 | €1,011 | €1,795 | ▲ 77.6% |
| Gross operating margin9900 | €54,167 | €93,030 | €95,040 | €121,996 | €157,216 | €133,357 | €177,976 | ▲ 33.5% |
| Operating profit (loss)9901 | €6,568 | €71,143 | €40,314 | €21,710 | €67,476 | €30,352 | €9,023 | ▼ 70.3% |
| Financial income75/76B | - | - | - | €1,259 | €213 | €605 | €24 | ▼ 96.0% |
| Recurring financial income75 | €1,880 | €286 | €3,819 | €1,259 | €213 | €605 | €24 | ▼ 96.0% |
| Financial charges65/66B | - | - | - | €1,512 | €1,191 | €2,376 | €1,489 | ▼ 37.3% |
| Recurring financial charges65 | €1,357 | €1,269 | €1,816 | €1,512 | €1,191 | €2,376 | €1,489 | ▼ 37.3% |
| Profit (loss) for the period before taxes9903 | €6,121 | €70,160 | €39,141 | €21,457 | €66,498 | €28,581 | €7,558 | ▼ 73.6% |
| Income taxes67/77 | €2,750 | €20,980 | €12,423 | €4,023 | €16,336 | €9,358 | €3,886 | ▼ 58.5% |
| Profit (loss) for the period9904 | €3,371 | €49,180 | €26,718 | €17,434 | €50,162 | €19,224 | €3,673 | ▼ 80.9% |
| Profit (loss) for the period to be appropriated9905 | €3,371 | €49,180 | €26,718 | €17,434 | €50,162 | €19,224 | €3,673 | ▼ 80.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €143,015 | €218,763 | €189,867 | €205,626 | €304,060 | €320,488 | €332,686 | ▲ 3.8% |
| Formation expenses20 | €725 | €502 | €279 | €56 | - | - | - | - |
| Fixed assets21/28 | €32,414 | €52,366 | €50,185 | €34,389 | €63,110 | €56,336 | €41,486 | ▼ 26.4% |
| Intangible fixed assets21 | - | €1,000 | €1,646 | €636 | €126 | - | - | - |
| Tangible fixed assets22/27 | €32,414 | €51,366 | €48,539 | €33,753 | €62,984 | €56,336 | €40,915 | ▼ 27.4% |
| Plant, machinery and equipment23 | - | - | - | €14,022 | €18,637 | €22,012 | €15,581 | ▼ 29.2% |
| Furniture and vehicles24 | - | - | - | €4,361 | €2,750 | €8,177 | €7,442 | ▼ 9.0% |
| Leasing and similar rights25 | - | - | - | €15,369 | €41,597 | €26,147 | €17,892 | ▼ 31.6% |
| Financial fixed assets28 | - | - | - | - | - | - | €571 | - |
| Current assets29/58 | €109,876 | €165,895 | €139,403 | €171,182 | €240,950 | €264,153 | €291,200 | ▲ 10.2% |
| Stocks and contracts in progress3 | €22,250 | €23,700 | €27,900 | €57,125 | €59,375 | €92,648 | €61,574 | ▼ 33.5% |
| Stocks30/36 | - | - | - | €57,125 | €59,375 | €92,648 | €61,574 | ▼ 33.5% |
| Amounts receivable within one year40/41 | €62,532 | €76,318 | €78,192 | €63,907 | €54,524 | €80,498 | €150,102 | ▲ 86.5% |
| Trade receivables40 | - | - | - | €56,666 | €43,093 | €64,332 | €134,932 | ▲ 110% |
| Other amounts receivable41 | - | - | - | €7,241 | €11,431 | €16,166 | €15,171 | ▼ 6.2% |
| Cash at bank and in hand54/58 | €20,426 | €58,980 | €25,843 | €44,988 | €116,997 | €81,130 | €74,202 | ▼ 8.5% |
| Deferred charges and accrued income490/1 | - | - | - | €5,162 | €10,054 | €9,877 | €5,322 | ▼ 46.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €143,015 | €218,763 | €189,867 | €205,626 | €304,060 | €320,488 | €332,686 | ▲ 3.8% |
| Equity10/15 | €9,571 | €58,751 | €65,469 | €82,902 | €133,065 | €152,288 | €134,961 | ▼ 11.4% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €620 | €620 | €620 | €620 | €620 | €620 | €128,761 | ▲ 208× |
| Non-distributable reserves130/1 | - | - | - | €620 | €620 | €620 | €620 | = |
| Reserves not available under the articles1311 | - | - | - | €620 | €620 | €620 | €620 | = |
| Distributable reserves133 | - | - | - | - | - | - | €128,141 | - |
| Profit (loss) carried forward14 | €2,751 | €51,931 | €58,649 | €76,082 | €126,245 | €145,468 | €0 | ▼ 100% |
| Amounts payable17/49 | €133,444 | €160,012 | €124,399 | €122,724 | €170,996 | €168,200 | €197,725 | ▲ 17.6% |
| Amounts payable after more than one year17 | €19,948 | €37,888 | €24,534 | €15,085 | €30,504 | €18,840 | €13,174 | ▼ 30.1% |
| Financial debts170/4 | - | - | - | €15,085 | €30,504 | €18,840 | €13,174 | ▼ 30.1% |
| Amounts payable within one year42/48 | €107,252 | €100,210 | €98,687 | €107,639 | €140,492 | €149,360 | €184,550 | ▲ 23.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,449 | €12,455 | €14,799 | €5,666 | ▼ 61.7% |
| Trade debts44 | €92,294 | €60,940 | €49,694 | €88,856 | €119,707 | €126,972 | €143,648 | ▲ 13.1% |
| Suppliers440/4 | - | - | - | €88,856 | €119,707 | €126,972 | €143,648 | ▲ 13.1% |
| Advances received on contracts in progress46 | - | - | - | €1,552 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €7,783 | €8,330 | €7,588 | €23,316 | ▲ 207% |
| Taxes450/3 | - | - | - | €1,198 | €6,698 | €198 | €7,069 | ▲ 36× |
| Remuneration and social security454/9 | - | - | - | €6,585 | €1,632 | €7,390 | €16,246 | ▲ 120% |
| Other amounts payable47/48 | - | - | - | - | - | - | €11,921 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,371 | €49,180 | €26,718 | €17,434 | €50,162 | €19,224 | €3,673 | ▼ 80.9% |
| + Depreciation and write-downs630 | €23,139 | €21,071 | €19,788 | €21,238 | €24,483 | €22,873 | €18,959 | ▼ 17.1% |
| Operating cash flow (approximation) | €26,510 | €70,251 | €46,505 | €38,672 | €74,645 | €42,097 | €22,632 | ▼ 46.2% |
| Investment in fixed assets (approximation) | - | -€41,023 | -€17,607 | -€5,442 | -€53,204 | -€16,098 | -€4,109 | ▲ 74.5% |
| Change in cash | - | €38,554 | -€33,137 | €19,145 | €72,009 | -€35,867 | -€6,928 | ▲ 80.7% |
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, 5,047 companies had the same profile as TIMCO has now. Two years later, 93.9% were still going and 2.2% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
93.9%
was still going
3.8%
stopped otherwise
2.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of TIMCO itself is lower: 0.3% within 12 months. It rests on far more data about TIMCO than the profile alone.
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 5,047 companies, not a prediction for TIMCO. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 23-02-2026 | 2026-00044571 | |
| 30-06-2024 | abbreviated format | 29-01-2025 | 2025-00013903 | |
| 30-06-2023 | abbreviated format | 24-01-2024 | 2024-00005501 | |
| 30-06-2022 | abbreviated format | 21-01-2023 | 2023-00001241 | |
| 30-06-2021 | abbreviated format | 27-01-2022 | 2022-02300064 | |
| 30-06-2020 | abbreviated format | 29-01-2021 | 2021-02400586 | |
| 30-06-2019 | abbreviated format | 14-02-2020 | 2020-05000027 |