TOTAL CONCEPT
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 19 days after the deadline Filed on 19 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00407369.
Annual accounts 2025 filed on 19-08-2026 at the NBB all 8 filings
Turnover
≈ €1.5m
Estimated: probably between €930,000 and €2.0m
Total assets
€474,482▲ 20.5%
2024 · €393,663
Net result
€83,452▲ 151%
2024 · €33,233
Working capital
€110,451▲ 31.5%
2024 · €84,022
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€121,544
▲ 99.9%
2025
20182025
Net result
€83,452
▲ 151%
2025
highest quarter of the sector
20182025
Equity
€211,444
▲ 65.2%
2025
highest quarter of the sector
20182025
Total assets
€474,482
▲ 20.5%
2025
highest quarter of the sector
20182025
Debt
€263,037
▼ 1.0%
2025
20182025
Working capital
€110,451
▲ 31.5%
2025
highest quarter of the sector
20182025
Solvency
44.6%
▲ 12.0pp
2025
middle half of the sector
20182025
Current ratio
1.51
▲ 0.04
2025
middle half of the sector
20182025
Return on assets (ROA)
17.6%
▲ 9.1pp
2025
middle half of the sector
20182025
Staff (FTE)
5.7
▲ 35.7%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€6,492-€6,104▼ 6.0%-€9,661€25,895€37,709▲ 45.6%€60,760▲ 61.1%€60,809▲ 0.1%€121,544▲ 99.9%
Net result€4,844-€4,316▼ 10.9%-€10,565below the sector's middle half€24,296within the sector's middle half€30,407above the sector's middle half▲ 25.2%€35,262above the sector's middle half▲ 16.0%€33,233above the sector's middle half▼ 5.8%€83,452above the sector's middle half▲ 151%
Equity€11,044-€15,359▲ 39.1%€4,794below the sector's middle half▼ 68.8%€29,090within the sector's middle half▲ 507%€59,497within the sector's middle half▲ 105%€94,759within the sector's middle half▲ 59.3%€127,993within the sector's middle half▲ 35.1%€211,444above the sector's middle half▲ 65.2%
Total assets€17,628-€49,034▲ 178%€88,970within the sector's middle half▲ 81.4%€96,895within the sector's middle half▲ 8.9%€195,104within the sector's middle half▲ 101%€326,539above the sector's middle half▲ 67.4%€393,663above the sector's middle half▲ 20.6%€474,482above the sector's middle half▲ 20.5%
Debt€6,585-€33,675▲ 411%€84,176▲ 150%€67,805▼ 19.4%€135,607▲ 100.0%€231,779▲ 70.9%€265,670▲ 14.6%€263,037▼ 1.0%
Working capital€3,965-€8,477▲ 114%-€6,332below the sector's middle half€15,524within the sector's middle half€19,893within the sector's middle half▲ 28.1%-€30,047below the sector's middle half€84,022within the sector's middle half€110,451above the sector's middle half▲ 31.5%
Solvency62.6%-31.3%▼ 31.3pp5.4%below the sector's middle half▼ 25.9pp30.0%within the sector's middle half▲ 24.6pp30.5%within the sector's middle half▲ 0.5pp29.0%within the sector's middle half▼ 1.5pp32.5%within the sector's middle half▲ 3.5pp44.6%within the sector's middle half▲ 12.0pp
Current ratio1.60-1.63▲ 0.020.73below the sector's middle half▼ 0.891.49within the sector's middle half▲ 0.761.37within the sector's middle half▼ 0.120.69below the sector's middle half▼ 0.681.47within the sector's middle half▲ 0.781.51within the sector's middle half▲ 0.04
Return on assets (ROA)27.5%-8.8%▼ 18.7pp-11.9%below the sector's middle half▼ 20.7pp25.1%above the sector's middle half▲ 36.9pp15.6%within the sector's middle half▼ 9.5pp10.8%within the sector's middle half▼ 4.8pp8.4%within the sector's middle half▼ 2.4pp17.6%within the sector's middle half▲ 9.1pp
Staff (FTE)0.3-1▲ 233%0.7below the sector's middle half▼ 30.0%0.3▼ 57.1%0.9▲ 200%1.6▲ 77.8%4.2▲ 163%5.7▲ 35.7%
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 100% 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 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 €474,482
Fixed assets
€145,437 ▲ 11.2%
Current assets
€329,044 ▲ 25.2%
Equity and liabilities €474,482
Equity
€211,444 ▲ 65.2%
Debt
€263,037 ▼ 1.0%
Debt's share of the balance-sheet total falls from 67.5% to 55.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€164,262▲
2024 · €103,881
Cash flow
€126,170▲
2024 · €76,305
Debt to equity
1.24▼
2024 · 2.08
ROE
39.5%▲
2024 · 26.0%
Interest coverage
14.21▲
2024 · 6.02
Debt ≤ 1 year
€218,594▲
2024 · €178,885
Debt > 1 year
€44,444▼
2024 · €85,975
Income taxes
€28,244▲
2024 · €10,962
Staff costs
€276,173▲
2024 · €176,537
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 | 3 | 3 | 5 |
| full-time | - | 1 | 3 | 3 | 5 |
| part-time | - | 0 | 0 | 0 | 0 |
| in full-time equivalents | - | 1 | 3 | 3 | 5 |
| Average over the year, in full-time equivalents | 0.3 | 0.9 | 1.6 | 4.2 | 5.7 |
| On a permanent contract | - | 1 | 1 | 3 | 5 |
| Joined | 1 | 4 | 3 | 7 | 7 |
| Left | 1 | 3 | 1 | 7 | 5 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,855 | €127,309 | €189,352 | €22,901 | €57,265 |
| Financial fixed assets | - | €1,900 | - | - | €135 |
| Depreciation and write-downs of the year | €16,988 | €46,450 | €44,402 | €43,072 | €42,718 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €3,255 awarded · €3,255 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €1,155 | €3,255 |
| 2022 | 1 | €2,100 | €0 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | €10,364 | €0 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €11,263 | €25,683 | €54,428 | €176,537 | €276,173 | ▲ 56.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,096 | €9,066 | €15,540 | €16,988 | €46,450 | €44,402 | €43,072 | €42,718 | ▼ 0.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | -€57 | €0 | - |
| Other operating charges640/8 | - | - | - | €2,783 | €4,737 | €30,429 | €19,566 | €39,421 | ▲ 101% |
| Non-recurring operating charges66A | - | - | - | €3,393 | €0 | €5,354 | €18,489 | €2,802 | ▼ 84.8% |
| Gross operating margin9900 | €16,368 | €28,710 | €15,915 | €60,321 | €114,578 | €195,373 | €318,416 | €482,658 | ▲ 51.6% |
| Operating profit (loss)9901 | €6,492 | €6,104 | -€9,661 | €25,895 | €37,709 | €60,760 | €60,809 | €121,544 | ▲ 99.9% |
| Financial income75/76B | - | - | - | €24 | €64 | €325 | €638 | €1,715 | ▲ 169% |
| Recurring financial income75 | €0 | €473 | €2 | €24 | €64 | €325 | €638 | €1,715 | ▲ 169% |
| Financial charges65/66B | - | - | - | €1,294 | €5,820 | €10,060 | €17,252 | €11,563 | ▼ 33.0% |
| Recurring financial charges65 | €242 | €512 | €1,398 | €1,294 | €5,820 | €10,060 | €17,252 | €11,563 | ▼ 33.0% |
| Profit (loss) for the period before taxes9903 | €6,250 | €6,066 | -€10,565 | €24,625 | €31,953 | €51,025 | €44,195 | €111,696 | ▲ 153% |
| Income taxes67/77 | €1,407 | €1,750 | - | €329 | €1,546 | €15,763 | €10,962 | €28,244 | ▲ 158% |
| Profit (loss) for the period9904 | €4,844 | €4,316 | -€10,565 | €24,296 | €30,407 | €35,262 | €33,233 | €83,452 | ▲ 151% |
| Profit (loss) for the period to be appropriated9905 | €4,844 | €4,316 | -€10,565 | €24,296 | €30,407 | €35,262 | €33,233 | €83,452 | ▲ 151% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €17,628 | €49,034 | €88,970 | €96,895 | €195,104 | €326,539 | €393,663 | €474,482 | ▲ 20.5% |
| Fixed assets21/28 | €7,078 | €27,008 | €71,683 | €49,845 | €121,848 | €259,928 | €130,756 | €145,437 | ▲ 11.2% |
| Tangible fixed assets22/27 | €7,078 | €27,008 | €71,683 | €49,845 | €120,198 | €259,928 | €130,756 | €145,302 | ▲ 11.1% |
| Plant, machinery and equipment23 | - | - | - | €3,860 | €33,405 | €37,401 | €32,502 | €38,251 | ▲ 17.7% |
| Furniture and vehicles24 | - | - | - | €45,985 | €86,792 | €222,527 | €98,254 | €107,051 | ▲ 9.0% |
| Financial fixed assets28 | - | - | - | - | €1,650 | €0 | - | €135 | - |
| Current assets29/58 | €10,550 | €22,026 | €17,287 | €47,050 | €73,257 | €66,611 | €262,907 | €329,044 | ▲ 25.2% |
| Amounts receivable within one year40/41 | €6,983 | €11,024 | €10,392 | €21,560 | €51,065 | €52,696 | €207,860 | €301,421 | ▲ 45.0% |
| Trade receivables40 | - | - | - | €15,809 | €44,023 | €36,952 | €180,971 | €215,541 | ▲ 19.1% |
| Other amounts receivable41 | - | - | - | €5,751 | €7,042 | €15,744 | €26,889 | €85,880 | ▲ 219% |
| Cash at bank and in hand54/58 | €2,691 | €10,535 | €4,772 | €24,498 | €18,044 | €5,305 | €42,694 | €5,135 | ▼ 88.0% |
| Deferred charges and accrued income490/1 | - | - | - | €992 | €4,148 | €8,610 | €12,352 | €22,489 | ▲ 82.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €17,628 | €49,034 | €88,970 | €96,895 | €195,104 | €326,539 | €393,663 | €474,482 | ▲ 20.5% |
| Equity10/15 | €11,044 | €15,359 | €4,794 | €29,090 | €59,497 | €94,759 | €127,993 | €211,444 | ▲ 65.2% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €4,844 | €9,159 | €1,860 | €22,890 | €53,297 | €88,559 | €121,793 | €205,244 | ▲ 68.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €21,030 | €51,437 | €86,699 | €119,933 | €203,384 | ▲ 69.6% |
| Profit (loss) carried forward14 | - | - | -€3,266 | €0 | - | - | - | - | - |
| Amounts payable17/49 | €6,585 | €33,675 | €84,176 | €67,805 | €135,607 | €231,779 | €265,670 | €263,037 | ▼ 1.0% |
| Amounts payable after more than one year17 | - | €19,991 | €60,556 | €36,279 | €81,442 | €135,121 | €85,975 | €44,444 | ▼ 48.3% |
| Financial debts170/4 | - | - | - | €36,279 | €81,442 | €135,121 | €85,975 | €44,444 | ▼ 48.3% |
| Amounts payable within one year42/48 | €6,585 | €13,549 | €23,619 | €31,526 | €53,364 | €96,658 | €178,885 | €218,594 | ▲ 22.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €14,778 | €31,985 | €56,331 | €49,146 | €41,531 | ▼ 15.5% |
| Financial debts43 | - | - | - | €1,938 | €0 | €399 | €40,000 | €40,000 | = |
| Credit institutions430/8 | - | - | - | €1,938 | €0 | €399 | €40,000 | €40,000 | = |
| Trade debts44 | €1,030 | €5,467 | €4,415 | €6,735 | €4,700 | €6,906 | €57,427 | €98,649 | ▲ 71.8% |
| Suppliers440/4 | - | - | - | €6,735 | €4,700 | €6,906 | €57,427 | €98,649 | ▲ 71.8% |
| Taxes, remuneration and social security45 | - | - | - | €6,698 | €16,679 | €33,023 | €32,312 | €38,413 | ▲ 18.9% |
| Taxes450/3 | - | - | - | €3,698 | €14,585 | €30,421 | €23,984 | €32,668 | ▲ 36.2% |
| Remuneration and social security454/9 | - | - | - | €3,000 | €2,093 | €2,601 | €8,328 | €5,745 | ▼ 31.0% |
| Other amounts payable47/48 | - | - | - | €1,379 | €0 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €801 | €0 | €810 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,844 | €4,316 | -€10,565 | €24,296 | €30,407 | €35,262 | €33,233 | €83,452 | ▲ 151% |
| + Depreciation and write-downs630 | €5,096 | €9,066 | €15,540 | €16,988 | €46,450 | €44,402 | €43,072 | €42,718 | ▼ 0.8% |
| Operating cash flow (approximation) | €9,939 | €13,381 | €4,975 | €41,284 | €76,856 | €79,664 | €76,305 | €126,170 | ▲ 65.4% |
| Investment in fixed assets (approximation) | - | -€28,996 | -€60,215 | €4,850 | -€118,452 | -€182,482 | €86,101 | -€57,400 | - |
| Change in cash | - | €7,844 | -€5,763 | €19,726 | -€6,455 | -€12,739 | €37,390 | -€37,560 | - |
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, 26,972 companies had the same profile as TOTAL CONCEPT has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TOTAL CONCEPT itself: 0.5% 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 26,972 companies, not a prediction for TOTAL CONCEPT. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 19-08-2026 | 2026-00407369 | |
| 31-12-2024 | micro format | 24-06-2025 | 2025-00176422 | |
| 31-12-2023 | micro format | 02-07-2024 | 2024-00196756 | |
| 31-12-2022 | micro format | 16-08-2023 | 2023-00333564 | |
| 31-12-2021 | micro format | 14-06-2022 | 2022-20061402 | |
| 31-12-2020 | micro format | 24-06-2021 | 2021-24200597 | |
| 31-12-2019 | micro format | 02-07-2020 | 2020-25000466 | |
| 31-12-2018 | micro format | 29-06-2019 | 2019-25900113 |