TRACKONNECT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 05-06-2026 PDF all 11 filings
Turnover
≈ €250,000
Estimated: probably between €150,000 and €400,000
Total assets
€422,702▼ 3.1%
2024 · €436,248
Net result
€14,687▲ 146%
2024 · €5,967
Working capital
€109,024▲ 14.4%
2024 · €95,306
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€27,631
▲ 35.1%
2025
20182025
Net result
€14,687
▲ 146%
2025
middle half of the sector
20182025
Equity
€55,844
▲ 30.4%
2025
middle half of the sector
20182025
Total assets
€422,702
▼ 3.1%
2025
highest quarter of the sector
20182025
Debt
€366,858
▼ 6.8%
2025
20182025
Working capital
€109,024
▲ 14.4%
2025
highest quarter of the sector
20182025
Solvency
13.2%
▲ 3.4pp
2025
lowest quarter of the sector
20182025
Current ratio
4.05
▲ 0.76
2025
highest quarter of the sector
20182025
Return on assets (ROA)
3.5%
▲ 2.1pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€257-€4,014-€819€35,368€26,132▼ 26.1%€9,627▼ 63.2%€20,453▲ 112%€27,631▲ 35.1%
Net result-€296-€3,973-€854below the sector's middle half€28,283above the sector's middle half€15,149within the sector's middle half▼ 46.4%€5,744within the sector's middle half▼ 62.1%€5,967within the sector's middle half▲ 3.9%€14,687within the sector's middle half▲ 146%
Equity-€5,471--€1,499▲ 72.6%-€2,352below the sector's middle half▼ 57.0%€24,330within the sector's middle half€37,880within the sector's middle half▲ 55.7%€40,292within the sector's middle half▲ 6.4%€42,823within the sector's middle half▲ 6.3%€55,844within the sector's middle half▲ 30.4%
Total assets€582-€7,305▲ 13×€2,542below the sector's middle half▼ 65.2%€82,057within the sector's middle half▲ 32×€113,136within the sector's middle half▲ 37.9%€450,660above the sector's middle half▲ 298%€436,248above the sector's middle half▼ 3.2%€422,702above the sector's middle half▼ 3.1%
Debt€6,053-€8,803▲ 45.4%€4,895▼ 44.4%€57,726▲ 12×€75,256▲ 30.4%€410,368▲ 445%€393,426▼ 4.1%€366,858▼ 6.8%
Working capital-€5,471--€1,499▲ 72.6%-€2,352below the sector's middle half▼ 57.0%€14,434within the sector's middle half€9,269within the sector's middle half▼ 35.8%€88,371within the sector's middle half▲ 853%€95,306above the sector's middle half▲ 7.8%€109,024above the sector's middle half▲ 14.4%
Solvency-20.5%29.7%within the sector's middle half33.5%within the sector's middle half▲ 3.8pp8.9%below the sector's middle half▼ 24.5pp9.8%below the sector's middle half▲ 0.9pp13.2%below the sector's middle half▲ 3.4pp
Current ratio0.831.40within the sector's middle half1.23within the sector's middle half▼ 0.173.40above the sector's middle half▲ 2.173.29within the sector's middle half▼ 0.114.05above the sector's middle half▲ 0.76
Return on assets (ROA)54.4%34.5%above the sector's middle half13.4%within the sector's middle half▼ 21.1pp1.3%within the sector's middle half▼ 12.1pp1.4%within the sector's middle half▲ 0.1pp3.5%within the sector's middle half▲ 2.1pp
Staff (FTE)1
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 35% higher than in 2024. It is the second rise in a row, after the fall in 2023.
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 €422,702
Fixed assets
€277,950 ▼ 7.2%
Current assets
€144,752 ▲ 5.7%
Equity and liabilities €422,702
Equity
€55,844 ▲ 30.4%
Debt
€366,858 ▼ 6.8%
Debt's share of the balance-sheet total falls from 90.2% to 86.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€59,604▲
2024 · €51,395
Cash flow
€46,660▲
2024 · €36,909
Quick ratio
3.38▲
2024 · 2.73
Debt to equity
6.57▼
2024 · 9.19
ROE
26.3%▲
2024 · 13.9%
Interest coverage
4.65▲
2024 · 3.04
Debt ≤ 1 year
€35,728▼
2024 · €41,583
Debt > 1 year
€330,247▼
2024 · €351,843
Income taxes
€4,068▲
2024 · €2,172
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 |
|---|---|
| Employees at the balance-sheet date | 1 |
| part-time | 1 |
| in full-time equivalents | 0.4 |
| Average over the year, in full-time equivalents | 0.4 |
Source: social balance sheet in the 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €33,430 | €45,440 | €278,043 | €4,760 | €10,563 |
| Depreciation and write-downs of the year | €1,854 | €12,645 | €16,872 | €30,943 | €31,973 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €3,000 awarded · €3,000 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €6,120 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €1,854 | €12,645 | €16,872 | €30,943 | €31,973 | ▲ 3.3% |
| Other operating charges640/8 | - | - | - | €274 | €606 | €1,808 | €5,113 | €4,745 | ▼ 7.2% |
| Gross operating margin9900 | €259 | €4,423 | -€703 | €37,496 | €45,503 | €28,308 | €56,509 | €64,350 | ▲ 13.9% |
| Operating profit (loss)9901 | -€257 | €4,014 | -€819 | €35,368 | €26,132 | €9,627 | €20,453 | €27,631 | ▲ 35.1% |
| Financial income75/76B | - | - | - | €0 | €0 | €0 | €4,597 | €3,929 | ▼ 14.5% |
| Recurring financial income75 | - | - | - | €0 | €0 | €0 | €4,597 | €3,929 | ▼ 14.5% |
| Financial charges65/66B | - | - | - | €637 | €1,856 | €1,391 | €16,911 | €12,805 | ▼ 24.3% |
| Recurring financial charges65 | €39 | €41 | €35 | €637 | €1,856 | €1,391 | €16,911 | €12,805 | ▼ 24.3% |
| Profit (loss) for the period before taxes9903 | -€296 | €3,973 | -€854 | €34,732 | €24,276 | €8,236 | €8,138 | €18,755 | ▲ 130% |
| Income taxes67/77 | - | - | - | €6,449 | €9,127 | €2,492 | €2,172 | €4,068 | ▲ 87.3% |
| Profit (loss) for the period9904 | -€296 | €3,973 | -€854 | €28,283 | €15,149 | €5,744 | €5,967 | €14,687 | ▲ 146% |
| Profit (loss) for the period to be appropriated9905 | -€296 | €3,973 | -€854 | €28,283 | €15,149 | €5,744 | €5,967 | €14,687 | ▲ 146% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €582 | €7,305 | €2,542 | €82,057 | €113,136 | €450,660 | €436,248 | €422,702 | ▼ 3.1% |
| Fixed assets21/28 | - | - | - | €31,575 | €64,371 | €325,542 | €299,360 | €277,950 | ▼ 7.2% |
| Tangible fixed assets22/27 | - | - | - | €31,575 | €64,371 | €325,542 | €299,360 | €277,950 | ▼ 7.2% |
| Land and buildings22 | - | - | - | - | - | €275,737 | €261,929 | €255,405 | ▼ 2.5% |
| Plant, machinery and equipment23 | - | - | - | - | €6,629 | €6,514 | €8,589 | €5,963 | ▼ 30.6% |
| Furniture and vehicles24 | - | - | - | €31,575 | €57,742 | €43,292 | €28,841 | €16,583 | ▼ 42.5% |
| Current assets29/58 | €582 | €7,305 | €2,542 | €50,481 | €48,764 | €125,118 | €136,888 | €144,752 | ▲ 5.7% |
| Stocks and contracts in progress3 | - | - | - | - | - | - | €23,570 | €24,099 | ▲ 2.2% |
| Stocks30/36 | - | - | - | - | - | - | €23,570 | €24,099 | ▲ 2.2% |
| Amounts receivable within one year40/41 | - | €6,126 | €1,358 | €24,631 | €23,439 | €93,972 | €91,989 | €99,007 | ▲ 7.6% |
| Trade receivables40 | - | - | - | €22,490 | €22,865 | €16,076 | €18,022 | €28,138 | ▲ 56.1% |
| Other amounts receivable41 | - | - | - | €2,141 | €574 | €77,896 | €73,967 | €70,869 | ▼ 4.2% |
| Cash at bank and in hand54/58 | €582 | €1,179 | €1,184 | €24,474 | €23,159 | €29,003 | €11,758 | €14,187 | ▲ 20.7% |
| Deferred charges and accrued income490/1 | - | - | - | €1,376 | €2,166 | €2,143 | €9,572 | €7,459 | ▼ 22.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €582 | €7,305 | €2,542 | €82,057 | €113,136 | €450,660 | €436,248 | €422,702 | ▼ 3.1% |
| Equity10/15 | -€5,471 | -€1,499 | -€2,352 | €24,330 | €37,880 | €40,292 | €42,823 | €55,844 | ▲ 30.4% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | - | €1,860 | €1,860 | €18,130 | €31,680 | €34,092 | €36,623 | €49,644 | ▲ 35.6% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €16,270 | €29,820 | €34,092 | €36,623 | €49,644 | ▲ 35.6% |
| Profit (loss) carried forward14 | -€11,671 | -€9,559 | -€10,412 | - | - | - | - | - | - |
| Amounts payable17/49 | €6,053 | €8,803 | €4,895 | €57,726 | €75,256 | €410,368 | €393,426 | €366,858 | ▼ 6.8% |
| Amounts payable after more than one year17 | - | - | - | €21,080 | €35,761 | €373,621 | €351,843 | €330,247 | ▼ 6.1% |
| Financial debts170/4 | - | - | - | €21,080 | €35,761 | €373,621 | €351,843 | €330,247 | ▼ 6.1% |
| Amounts payable within one year42/48 | €6,053 | €8,803 | €4,895 | €36,047 | €39,496 | €36,747 | €41,583 | €35,728 | ▼ 14.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €13,780 | €11,246 | €19,912 | €22,368 | €21,021 | ▼ 6.0% |
| Financial debts43 | - | - | - | - | - | - | €822 | €138 | ▼ 83.2% |
| Credit institutions430/8 | - | - | - | - | - | - | €822 | €138 | ▼ 83.2% |
| Trade debts44 | - | €2,403 | €2,038 | €2,052 | €10,049 | €3,745 | €7,770 | €6,398 | ▼ 17.7% |
| Suppliers440/4 | - | - | - | €2,052 | €10,049 | €3,745 | €7,770 | €6,398 | ▼ 17.7% |
| Taxes, remuneration and social security45 | - | - | - | €9,571 | €10,350 | €10,257 | €7,702 | €6,755 | ▼ 12.3% |
| Taxes450/3 | - | - | - | €9,571 | €9,530 | €8,891 | €7,702 | €6,755 | ▼ 12.3% |
| Remuneration and social security454/9 | - | - | - | - | €820 | €1,367 | - | - | - |
| Other amounts payable47/48 | - | - | - | €10,644 | €7,850 | €2,832 | €2,921 | €1,416 | ▼ 51.5% |
| Accrued charges and deferred income492/3 | - | - | - | €600 | - | - | - | €883 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€296 | €3,973 | -€854 | €28,283 | €15,149 | €5,744 | €5,967 | €14,687 | ▲ 146% |
| + Depreciation and write-downs630 | - | - | - | €1,854 | €12,645 | €16,872 | €30,943 | €31,973 | ▲ 3.3% |
| Operating cash flow (approximation) | -€296 | €3,973 | -€854 | €30,137 | €27,794 | €22,617 | €36,909 | €46,660 | ▲ 26.4% |
| Investment in fixed assets (approximation) | - | - | - | - | -€45,440 | -€278,043 | -€4,760 | -€10,563 | ▼ 122% |
| Change in cash | - | €598 | €5 | €23,290 | -€1,315 | €5,844 | -€17,246 | €2,429 | - |
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 TRACKONNECT 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 TRACKONNECT itself: 0.4% 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 TRACKONNECT. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 05-06-2026 | 2026-00145735 | |
| 31-12-2024 | micro format | 23-04-2025 | 2025-00074163 | |
| 31-12-2023 | micro format | 11-07-2024 | 2024-00233786 | |
| 31-12-2022 | micro format | 27-07-2023 | 2023-00290852 | |
| 31-12-2021 | micro format | 22-08-2022 | 2022-20301186 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-60600557 | |
| 31-12-2019 | micro format | 07-07-2020 | 2020-27300321 | |
| 31-12-2018 | micro format | 24-08-2019 | 2019-51000579 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-61300552 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-59400150 |